XML 23 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2017
[1],[2]
Oct. 01, 2017
[3]
Jul. 02, 2017
[2],[4]
Apr. 02, 2017
[5]
Dec. 31, 2016
Oct. 02, 2016
[7],[8]
Jul. 03, 2016
[7],[9]
Apr. 03, 2016
[7],[10]
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:                      
Products $ 388,282 $ 412,854 $ 610,356 $ 373,204 $ 303,667 [6],[7] $ 334,610 $ 456,832 $ 358,139 $ 1,784,695 $ 1,453,248 $ 1,340,566
Services 91,133 90,524 86,545 83,709 76,322 [6],[7] 75,865 74,960 72,855 351,911 300,002 299,012
Total revenues 479,415 503,378 696,901 456,913 379,989 [6],[7] 410,475 531,792 430,994 2,136,606 [11] 1,753,250 [11] 1,639,578 [11]
Cost of revenues:                      
Cost of products 166,667 169,744 267,171 154,966 127,481 [6],[7] 148,266 215,795 167,555 758,548 659,097 591,772
Cost of services 39,813 38,848 38,511 37,014 33,502 [6],[7] 34,850 33,127 33,107 154,186 134,586 132,163
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 206,480 208,592 305,682 191,980 160,983 [6],[7] 183,116 248,922 200,662 912,734 793,683 723,935
Gross profit 272,935 294,786 391,219 264,933 219,006 [6],[7] 227,359 282,870 230,332 1,223,872 959,567 915,643
Operating expenses:                      
Selling and administrative 88,006 86,244 89,131 84,906 76,289 [6],[7] 78,794 81,425 79,174 348,287 315,682 306,313
Engineering and development 70,564 77,190 81,728 76,182 70,052 [6],[7] 71,400 76,109 73,464 305,665 291,025 292,250
Acquired intangible assets amortization 7,384 7,028 8,166 7,952 7,923 [6],[7] 8,487 16,244 19,994 30,530 52,648 69,031
Restructuring and other 8,970 (4,407) 2,288 2,511 5,570 [6],[7] 12,177 2,608 1,587 9,362 21,942 5,080
Goodwill impairment         0   254,946   0 254,946  
Acquired intangible assets impairment             83,339     83,339  
Total operating expenses 174,924 166,055 181,313 171,551 159,834 [6],[7] 170,858 514,671 174,219 693,844 1,019,582 672,674
Income (loss) from operations 98,011 128,731 209,906 93,382 59,172 [6],[7] 56,501 (231,801) 56,113 530,028 (60,015) 242,969
Non-operating (income) expenses:                      
Interest income (6,476) (4,517) (3,292) (3,520) (3,095) [6],[7] (2,892) (1,666) (1,642) (17,805) (9,296) (7,214)
Interest expense 5,380 5,372 5,509 5,402 1,604 [6],[7] 633 691 710 21,663 3,637 1,876
Other (income) expense, net 1,023 439 812 (516) 1,779 [6],[7] (921) (9) (147) 1,758 704 (4,817)
Income (loss) before income taxes 98,084 127,437 206,877 92,016 58,884 [6],[7] 59,681 (230,817) 57,192 524,412 (55,060) 253,124
Income tax provision (benefit) 204,007 24,017 31,901 6,795 (7,461) [6],[7] (4,113) (7,271) 7,206 266,720 (11,639) 46,647
Net income (loss) $ (105,923) $ 103,420 $ 174,976 $ 85,221 $ 66,345 [6],[7] $ 63,794 $ (223,546) $ 49,986 $ 257,692 $ (43,421) $ 206,477
Net income (loss) per common share:                      
Basic $ (0.54) $ 0.52 $ 0.88 $ 0.43 $ 0.33 [6],[7] $ 0.32 $ (1.10) $ 0.24 $ 1.30 $ (0.21) $ 0.98
Diluted (0.54) 0.52 0.87 0.42 0.33 [6],[7] 0.31 (1.10) 0.24 $ 1.28 $ (0.21) $ 0.97
Weighted average common shares-basic                 198,069 202,578 211,544
Weighted average common shares-diluted                 201,641 202,578 213,321
Cash dividend declared per common share $ 0.07 $ 0.07 $ 0.07 $ 0.07 $ 0.06 [6],[7] $ 0.06 $ 0.06 $ 0.06 $ 0.28 $ 0.24 $ 0.24
[1] Restructuring and other includes a $6.0 million fair value adjustment to increase the Universal Robots acquisition contingent consideration, $1.8 million of employee severance charges, and $1.1 million of charges for impairment of fixed assets.
[2] Teradyne recorded pension and post retirement net actuarial gains of $2.5 million and $3.8 million for the second and fourth quarter in 2017, respectively. See Note B: "Accounting Policies" for a discussion of Teradyne's accounting policy.
[3] Restructuring and other includes $5.1 million of property insurance recovery related to the Japan earthquake, a $0.4 million credit related to previously impaired lease termination of a Wireless Test facility in Sunnyvale, CA, and a $0.3 million credit for the decrease in the fair value of the Universal Robots contingent consideration liability, partially offset by $0.8 million of Japan earthquake related expenses and $0.6 million of employee severance charges.
[4] Restructuring and other includes a $1.5 million charge for a fair value adjustment to increase the Universal Robots acquisition contingent consideration, and $0.8 million of employee severance charges.
[5] Restructuring and other includes a $1.3 million charge for a lease impairment of a Wireless Test facility in Sunnyvale, CA, a $0.6 million fair value adjustment to increase the Universal Robots acquisition contingent consideration, and $0.6 million of employee severance charges.
[6] Restructuring and other includes a $5.4 million fair value adjustment to increase the Universal Robots acquisition contingent consideration.
[7] Teradyne recorded pension and post retirement net actuarial (gains) losses of $(1.2) million, $(0.7) million, $0.7 million and $(2.0) million for the first, second, third, and fourth quarter in 2016, respectively. See Note B: "Accounting Policies" for a discussion of Teradyne's accounting policy.
[8] Restructuring and other includes an $8.0 million fair value adjustment to increase the Universal Robots acquisition contingent consideration.
[9] Restructuring and other includes $4.2 million for an impairment of fixed assets, $0.9 million for expenses related to an earthquake in Kumamoto, Japan, and a $1.4 million fair value adjustment to increase contingent consideration liability, of which $0.8 million was related to Universal Robots and $0.6 million was related to AIT, partially offset by $5.1 million of property insurance recovery related to the Japan earthquake.
[10] Restructuring and other includes a $1.2 million fair value adjustment to increase the Universal Robots acquisition contingent consideration.
[11] Revenues attributable to a country are based on location of customer site.