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Financial Instruments and Derivatives | 3 Months Ended
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Apr. 05, 2015
Financial Instruments and Derivatives | E. Financial Instruments and Derivatives Cash Equivalents Teradyne considers all highly liquid investments with maturities of three months or less at the date of acquisition to be cash equivalents. Marketable Securities Teradyne accounts for its investments in debt and equity securities in accordance with the provisions of Accounting Standards Codification (“ASC”) 320-10, “Investments—Debt and Equity Securities.” ASC 320-10 requires that certain debt and equity securities be classified into one of three categories; trading, available-for-sale or held-to-maturity securities. As of April 5, 2015, Teradyne’s investments in debt and equity securities were classified as available-for-sale and recorded at their fair market value. On a quarterly basis, Teradyne reviews its investments to identify and evaluate those that have an indication of a potential other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include:
| • |  | The length of time and the extent to which the market value has been less than cost;
| • |  | The financial condition and near-term prospects of the issuer; and
| • |  | The intent and ability to retain the investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value.
Teradyne uses the market and income approach techniques to value its financial instruments and there were no changes in valuation techniques during the three months ended April 5, 2015. As defined in ASC 820-10 “Fair Value Measurements and Disclosures,” fair value is the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. ASC 820-10 requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1: Quoted prices in active markets for identical assets as of the reporting date. Level 2: Inputs other than Level 1, that are observable either directly or indirectly as of the reporting date. For example, a common approach for valuing fixed income securities is the use of matrix pricing. Matrix pricing is a mathematical technique used to value securities by relying on the securities’ relationship to other benchmark quoted prices, and is considered a Level 2 input. Level 3: Unobservable inputs that are not supported by market data. Unobservable inputs are developed based on the best information available, which might include Teradyne’s own data. Teradyne’s available-for-sale fixed income securities are classified as Level 2. Contingent consideration is classified as Level 3. The vast majority of Level 2 securities are priced by third party pricing vendors. These pricing vendors utilize the most recent observable market information in pricing these securities or, if specific prices are not available, use other observable inputs like market transactions involving identical or comparable securities. There were no realized losses recorded in the three months ended April 5, 2015 and March 30, 2014. Realized gains recorded in the three months ended April 5, 2015 and March 30, 2014, were $0.5 million and $0.3 million, respectively. Realized gains are included in interest income. Unrealized gains and losses are included in accumulated other comprehensive income (loss). The cost of securities sold is based on the specific identification method. During the three months ended April 5, 2015 and March 30, 2014, there were no transfers in or out of Level 1, Level 2 or Level 3 financial instruments. The following table sets forth by fair value hierarchy Teradyne’s financial assets and liabilities that were measured at fair value on a recurring basis as of April 5, 2015 and December 31, 2014.
|  | April 5, 2015 |
|  | Quoted Prices in Active Markets for Identical Instruments (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 115,982 |  |  | $ | — |  |  | $ | — |  |  | $ | 115,982 |
Cash equivalents |  |  | 100,794 |  |  |  | 2,169 |  |  |  | — |  |  |  | 102,963 |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | — |  |  |  | 427,119 |  |  |  | — |  |  |  | 427,119 |
U.S. government agency securities |  |  | — |  |  |  | 232,187 |  |  |  | — |  |  |  | 232,187 |
Corporate debt securities |  |  | — |  |  |  | 160,877 |  |  |  | — |  |  |  | 160,877 |
Commercial paper |  |  | — |  |  |  | 130,298 |  |  |  | — |  |  |  | 130,298 |
Certificates of deposit and time deposits |  |  | — |  |  |  | 87,052 |  |  |  | — |  |  |  | 87,052 |
Equity and debt mutual funds |  |  | 13,962 |  |  |  | — |  |  |  | — |  |  |  | 13,962 |
Non-U.S. government securities |  |  | — |  |  |  | 446 |  |  |  | — |  |  |  | 446 |
Total |  | $ | 230,738 |  |  | $ | 1,040,148 |  |  | $ | — |  |  | $ | 1,270,886 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | — |  |  | $ | 3,350 |  |  | $ | 3,350 |
Derivatives |  |  | — |  |  |  | 19 |  |  |  | — |  |  |  | 19 |
Total |  | $ | — |  |  | $ | 19 |  |  | $ | 3,350 |  |  | $ | 3,369 |
Reported as follows:
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 216,776 |  |  | $ | 2,169 |  |  | $ | — |  |  | $ | 218,945 |
Marketable securities |  |  | — |  |  |  | 649,219 |  |  |  | — |  |  |  | 649,219 |
Long-term marketable securities |  |  | 13,962 |  |  |  | 388,760 |  |  |  | — |  |  |  | 402,722 |
|  | $ | 230,738 |  |  | $ | 1,040,148 |  |  | $ | — |  |  | $ | 1,270,886 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other accrued liabilities |  | $ | — |  |  | $ | 19 |  |  | $ | 3,350 |  |  | $ | 3,369 |
|  | $ | — |  |  | $ | 19 |  |  | $ | 3,350 |  |  | $ | 3,369 |
|  | December 31, 2014 |
|  | Quoted Prices in Active Markets for Identical Instruments (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 111,471 |  |  | $ | — |  |  | $ | — |  |  | $ | 111,471 |
Cash equivalents |  |  | 160,218 |  |  |  | 22,567 |  |  |  | — |  |  |  | 182,785 |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | — |  |  |  | 402,154 |  |  |  | — |  |  |  | 402,154 |
U.S. government agency securities |  |  | — |  |  |  | 258,502 |  |  |  | — |  |  |  | 258,502 |
Corporate debt securities |  |  | — |  |  |  | 141,467 |  |  |  | — |  |  |  | 141,467 |
Commercial paper |  |  | — |  |  |  | 140,638 |  |  |  | — |  |  |  | 140,638 |
Certificates of deposit and time deposits |  |  | — |  |  |  | 49,036 |  |  |  | — |  |  |  | 49,036 |
Equity and debt mutual funds |  |  | 12,333 |  |  |  | — |  |  |  | — |  |  |  | 12,333 |
Non-U.S. government securities |  |  | — |  |  |  | 446 |  |  |  | — |  |  |  | 446 |
Total |  | $ | 284,022 |  |  | $ | 1,014,810 |  |  | $ | — |  |  | $ | 1,298,832 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | — |  |  | $ | 3,350 |  |  | $ | 3,350 |
Derivatives |  |  | — |  |  |  | 149 |  |  |  | — |  |  |  | 149 |
Total |  | $ | — |  |  | $ | 149 |  |  | $ | 3,350 |  |  | $ | 3,499 |
Reported as follows:
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 271,689 |  |  | $ | 22,567 |  |  | $ | — |  |  | $ | 294,256 |
Marketable securities |  |  | — |  |  |  | 533,787 |  |  |  | — |  |  |  | 533,787 |
Long-term marketable securities |  |  | 12,333 |  |  |  | 458,456 |  |  |  | — |  |  |  | 470,789 |
|  | $ | 284,022 |  |  | $ | 1,014,810 |  |  | $ | — |  |  | $ | 1,298,832 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | — |  |  | $ | 149 |  |  | $ | 1,750 |  |  | $ | 1,899 |
Long-term other accrued liabilities |  |  | — |  |  |  | — |  |  |  | 1,600 |  |  |  | 1,600 |
|  | $ | — |  |  | $ | 149 |  |  | $ | 3,350 |  |  | $ | 3,499 |
Changes in the fair value of Level 3 contingent consideration for the three months ended April 5, 2015 and March 30, 2014 were as follows:
|  | Contingent Consideration |
|  | (in thousands) |
Balance at December 31, 2013 |  | $ | 2,230 |
Payments |  |  | — |
Balance at March 30, 2014 |  |  | 2,230 |
Payments |  |  | — |
Balance at June 29, 2014 |  |  | 2,230 |
Fair value adjustment |  |  | (630 | )
Balance at September 28, 2014 |  |  | 1,600 |
Acquisition of AIT |  |  | 1,750 |
Balance at December 31, 2014 |  |  | 3,350 |
Payments |  |  | — |
Balance at April 5, 2015 |  | $ | 3,350 |
The following table provides quantitative information associated with the fair value measurement of Teradyne’s Level 3 financial instruments:
Liability |  | April 5, 2015 Fair Value |  |  | Valuation Technique |  | Unobservable Inputs |  | Weighted Average |
|  | (in thousands) |  |  |  |  |  |  |  |
Contingent consideration (ZTEC) |  | $ | 1,600 |  |  | Income approach- discounted cash flow |  | Revenue earn-out-probability for calendar year 2015 revenue |  |  | 0 | %
|  |  |  |  |  |  |  | Customer orders-probability of achievement during earn-out period (acquisition date through December 31, 2015) |  |  | 40 | %
|  |  |  |  |  |  |  | Discount rate for revenue earn-out |  |  | N/A |
|  |  |  |  |  |  |  | Discount rate for customer orders |  |  | 5.2 | %
Contingent consideration (AIT) |  | $ | 1,750 |  |  | Income approach- discounted cash flow |  | Revenue earn-out-probability for calendar year 2015 and 2016 |  |  | 90 | %
|  |  |  |  |  |  |  | Discount rate for revenue earn-out |  |  | 4.7 | %
The significant unobservable inputs used in the ZTEC Instruments, Inc. (“ZTEC”) fair value measurement of contingent consideration are the probabilities of successful achievement of calendar year 2015 revenue and customer orders, and a discount rate. Increases or decreases in the revenue and customer order probabilities and the period in which results will be achieved would result in a higher or lower fair value measurement. The maximum amount of contingent consideration in connection with the acquisition of ZTEC that could be paid is $5.0 million. The earn-out period in connection with the ZTEC acquisition ends on December 31, 2015. The significant unobservable inputs used in the AIT fair value measurement of contingent considerations are the probabilities of successful achievement of calendar year 2015 and 2016 revenue, and a discount rate. Increases or decreases in the revenue probabilities and the period in which results will be achieved would result in a higher or lower fair value measurement. The maximum amount of contingent consideration in connection with the acquisition of AIT that could be paid is $2.1 million. The earn-out periods in connection with the AIT acquisition end on December 31, 2015 and December 31, 2016, respectively. The carrying amounts and fair values of Teradyne’s financial instruments at April 5, 2015 and December 31, 2014 were as follows:
|  | April 5, 2015 |  |  | December 31, 2014 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
|  | (in thousands) |
Cash and cash equivalents |  | $ | 218,945 |  |  | $ | 218,945 |  |  | $ | 294,256 |  |  | $ | 294,256 |
Marketable securities |  |  | 1,051,941 |  |  |  | 1,051,941 |  |  |  | 1,004,576 |  |  |  | 1,004,576 |
Contingent consideration |  |  | 3,350 |  |  |  | 3,350 |  |  |  | 3,350 |  |  |  | 3,350 |
Derivatives |  |  | 19 |  |  |  | 19 |  |  |  | 149 |  |  |  | 149 |
The fair values of accounts receivable, net and accounts payable approximate the carrying amount due to the short-term nature of these instruments. The following tables summarize the composition of available-for-sale marketable securities at April 5, 2015 and December 31, 2014:
|  | April 5, 2015 |
|  | Available-for-Sale |  |  | Fair Market Value of Investments with Unrealized Losses |
|  | Cost |  |  | Unrealized Gain |  |  | Unrealized (Loss) |  |  | Fair Market Value |  |
|  | (in thousands) |
U.S. Treasury securities |  | $ | 426,637 |  |  | $ | 625 |  |  | $ | (143 | ) |  | $ | 427,119 |  |  | $ | 217,722 |
U.S. government agency securities |  |  | 231,747 |  |  |  | 443 |  |  |  | (3 | ) |  |  | 232,187 |  |  |  | 15,032 |
Corporate debt securities |  |  | 158,051 |  |  |  | 2,986 |  |  |  | (160 | ) |  |  | 160,877 |  |  |  | 51,495 |
Commercial paper |  |  | 130,227 |  |  |  | 72 |  |  |  | (1 | ) |  |  | 130,298 |  |  |  | 8,945 |
Certificates of deposit and time deposits |  |  | 87,043 |  |  |  | 24 |  |  |  | (15 | ) |  |  | 87,052 |  |  |  | 25,705 |
Equity and debt mutual funds |  |  | 11,823 |  |  |  | 2,147 |  |  |  | (8 | ) |  |  | 13,962 |  |  |  | 161 |
Non-U.S. government securities |  |  | 446 |  |  |  | — |  |  |  | — |  |  |  | 446 |  |  |  | — |
|  | $ | 1,045,974 |  |  | $ | 6,297 |  |  | $ | (330 | ) |  | $ | 1,051,941 |  |  | $ | 319,060 |
Reported as follows:
|  | Cost |  |  | Unrealized Gain |  |  | Unrealized (Loss) |  |  | Fair Market Value |  |  | Fair Market Value of Investments with Unrealized Losses |
|  | (in thousands) |
Marketable securities |  | $ | 649,066 |  |  | $ | 224 |  |  | $ | (71 | ) |  | $ | 649,219 |  |  | $ | 223,414 |
Long-term marketable securities |  |  | 396,908 |  |  |  | 6,073 |  |  |  | (259 | ) |  |  | 402,722 |  |  |  | 95,646 |
|  | $ | 1,045,974 |  |  | $ | 6,297 |  |  | $ | (330 | ) |  | $ | 1,051,941 |  |  | $ | 319,060 |
|  | December 31, 2014 |
|  | Available-for-Sale |  |  | Fair Market Value of Investments with Unrealized Losses |
|  | Cost |  |  | Unrealized Gain |  |  | Unrealized (Loss) |  |  | Fair Market Value |  |
|  | (in thousands) |
U.S. Treasury securities |  | $ | 402,197 |  |  | $ | 362 |  |  | $ | (405 | ) |  | $ | 402,154 |  |  | $ | 317,771 |
U.S. government agency securities |  |  | 258,452 |  |  |  | 135 |  |  |  | (85 | ) |  |  | 258,502 |  |  |  | 104,642 |
Corporate debt securities |  |  | 139,374 |  |  |  | 2,414 |  |  |  | (321 | ) |  |  | 141,467 |  |  |  | 96,998 |
Commercial paper |  |  | 140,616 |  |  |  | 26 |  |  |  | (4 | ) |  |  | 140,638 |  |  |  | 41,747 |
Certificates of deposit and time deposits |  |  | 49,048 |  |  |  | 11 |  |  |  | (23 | ) |  |  | 49,036 |  |  |  | 20,684 |
Equity and debt mutual funds |  |  | 10,492 |  |  |  | 1,870 |  |  |  | (29 | ) |  |  | 12,333 |  |  |  | 1,234 |
Non-U.S. government securities |  |  | 446 |  |  |  | — |  |  |  | — |  |  |  | 446 |  |  |  | — |
|  | $ | 1,000,625 |  |  | $ | 4,818 |  |  | $ | (867 | ) |  | $ | 1,004,576 |  |  | $ | 583,076 |
Reported as follows:
|  | Cost |  |  | Unrealized Gain |  |  | Unrealized (Loss) |  |  | Fair Market Value |  |  | Fair Market Value of Investments with Unrealized Losses |
|  | (in thousands) |
Marketable securities |  | $ | 533,833 |  |  | $ | 99 |  |  | $ | (145 | ) |  | $ | 533,787 |  |  | $ | 240,234 |
Long-term marketable securities |  |  | 466,792 |  |  |  | 4,719 |  |  |  | (722 | ) |  |  | 470,789 |  |  |  | 342,842 |
|  | $ | 1,000,625 |  |  | $ | 4,818 |  |  | $ | (867 | ) |  | $ | 1,004,576 |  |  | $ | 583,076 |
As of April 5, 2015, the fair market value of investments with unrealized losses was $319.1 million. Of this value, $0.3 million had unrealized losses greater than one year and $318.8 million had unrealized losses less than one year. As of December 31, 2014, the fair market value of investments with unrealized losses was $583.1 million. Of this value, $2.3 million had unrealized losses greater than one year and $580.8 million had unrealized losses less than one year. Teradyne reviews its investments to identify and evaluate investments that have an indication of possible impairment. Based on this review, Teradyne determined that the unrealized losses related to these investments, at April 5, 2015 and December 31, 2014, were temporary. The contractual maturities of investments held at April 5, 2015 were as follows:
|  | April 5, 2015 |
|  | Cost |  |  | Fair Market Value |
|  | (in thousands) |
Due within one year |  | $ | 649,066 |  |  | $ | 649,219 |
Due after 1 year through 5 years |  |  | 343,120 |  |  |  | 343,744 |
Due after 5 years through 10 years |  |  | 5,663 |  |  |  | 5,952 |
Due after 10 years |  |  | 36,302 |  |  |  | 39,064 |
Total |  | $ | 1,034,151 |  |  | $ | 1,037,979 |
Contractual maturities of investments held at April 5, 2015 exclude equity and debt mutual funds as they do not have contractual maturity dates. Derivatives Teradyne conducts business in a number of foreign countries, with certain transactions denominated in local currencies. The purpose of Teradyne’s foreign currency management is to minimize the effect of exchange rate fluctuations on certain foreign currency denominated monetary assets and liabilities. Teradyne does not use derivative financial instruments for trading or speculative purposes. To minimize the effect of exchange rate fluctuations associated with the remeasurement of monetary assets and liabilities denominated in foreign currencies, Teradyne enters into foreign currency forward contracts. The change in fair value of these derivatives is recorded directly in earnings, and is used to offset the change in value of the monetary assets and liabilities denominated in foreign currencies. The notional amount of foreign currency forward contracts was $96.2 million and $73.0 million at April 5, 2015 and December 31, 2014, respectively. The fair value of the outstanding contracts was $0.0 million and a loss of $0.1 million at April 5, 2015 and December 31, 2014, respectively. In the three months ended April 5, 2015 and March 30, 2014, Teradyne recorded net realized losses of $3.4 million and $0.7 million, respectively, related to foreign currency forward contracts hedging net monetary positions. Gains and losses on foreign currency forward contracts and foreign currency remeasurement gains and losses on monetary assets and liabilities are included in other (income) expense, net. The following table summarizes the fair value of derivative instruments at April 5, 2015 and December 31, 2014:
|  | Balance Sheet Location |  | April 5, 2015 |  |  | December 31, 2014 |
|  |  |  | (in thousands) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current liabilities |  | $ | 19 |  |  | $ | 149 |
Total derivatives |  |  |  | $ | 19 |  |  | $ | 149 |
Teradyne had no offsetting foreign exchange contracts at April 5, 2015 and December 31, 2014. The following table summarizes the effect of derivative instruments recognized in the statement of operations during the three months ended April 5, 2015 and March 30, 2014. The table does not reflect the corresponding gains from the remeasurement of the monetary assets and liabilities denominated in foreign currencies. For the three months ended April 5, 2015 and March 30, 2014, gains from the remeasurement of the monetary assets and liabilities denominated in foreign currencies were $4.3 million and $0.6 million, respectively.
|  |  |  | For the Three Months Ended |
| Location of Losses (Gains) Recognized in Statements of Operations |  | April 5, 2015 |  |  | March 30, 2014 |
|  |  |  | (in thousands) |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other (income) expense, net |  | $ | 3,425 |  |  | $ | 747 |
Total derivatives |  |  |  | $ | 3,425 |  |  | $ | 747 |
See Note F: “Debt” regarding derivatives related to the convertible senior notes.

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13537-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13504-108611 + Details
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