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Segment Information

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Information

U. SEGMENT INFORMATION

Teradyne has four reportable segments (Semiconductor Test, System Test, Industrial Automation and Wireless Test). Each of the Semiconductor Test, System Test, and Wireless Test segments is also an individual operating segment. The Industrial Automation reportable segment consists of operating segments with discrete financial information, which have been combined into one reportable segment as they share similar economic characteristics, types of products, production processes, distribution channels, and currency risks. The Semiconductor Test segment includes operations related to the design, manufacturing and marketing of semiconductor test products and services. The System Test segment includes operations related to the design, manufacturing and marketing of products and services for defense/aerospace instrumentation test, storage test and circuit-board test. The Industrial Automation segment includes operations related to the design, manufacturing and marketing of collaborative robotic arms, autonomous mobile robots and advanced robotic control software. The Wireless Test segment includes operations related to the design, manufacturing and marketing of wireless test products and services.

Teradyne evaluates performance based on several factors, of which the primary financial measure is business segment income (loss) before income taxes. The accounting policies of the business segments in effect are described in Note B: “Accounting Policies” in Teradyne’s Annual Report on Form 10-K for the year ended December 31, 2018.

Segment information for the three months ended March 31, 2019 and April 1, 2018 is as follows:

		Semiconductor Test				Industrial Automation				System Test				Wireless Test				Corporate and Other				Consolidated
		(in thousands)
Three Months Ended March 31, 2019
Revenues		$	340,853			$	66,136			$	58,220			$	29,041			$	(151	)		$	494,099
Income (loss) before income taxes (1)(2)			83,049				5,295				15,340				3,628				2,743				93,979
Total assets (3)			770,967				596,899				98,916				73,066				1,076,795				2,616,643
Three Months Ended April 1, 2018
Revenues		$	373,328			$	48,834			$	43,019			$	22,507			$	(221	)		$	487,467
Income before income taxes (1)(2)			88,079				784				5,888				464				605				95,820
Total assets (3)			758,737				406,557				90,785				59,739				1,679,375				2,995,193

(1)	Included in Corporate and Other are: contingent consideration adjustments, severance charges, interest income, interest expense, net foreign exchange gains (losses), intercompany eliminations and acquisition related charges.
(2)	Included in the income (loss) before income taxes for each of the segments are charges and credits related to restructuring and other and inventory charges.
(3)	Total business assets are directly attributable to each business. Corporate assets consist of cash and cash equivalents, marketable securities and certain other assets.

Included in the Semiconductor Test segment are charges in the following line items in the statements of operations:

		For the Three Months  Ended
		March 31, 2019				April 1, 2018
		(in thousands)
Cost of revenues—inventory charge		$	1,174			$	2,166
Restructuring and other—employee severance			567				3,761

Included in the Industrial Automation segment are charges in the following line items in the statements of operations:

		For the Three Months Ended
		March 31, 2019				April 1, 2018
		(in thousands)
Restructuring and other—acquisition related expenses and compensation		$	1,261			$	—
Cost of revenues—inventory charge			416				200

Included in the System Test segment are charges in the following line item in the statements of operations:

		For the Three Months Ended
		March 31, 2019				April 1, 2018
		(in thousands)
Cost of revenues—inventory charge		$	468			$	320

 Included in the Wireless Test segment are charges in the following line items in the statements of operations:

		For the Three Months  Ended
		March 31, 2019				April 1, 2018
		(in thousands)
Cost of revenues—inventory charge		$	339			$	836

Included in Corporate and Other are charges and credits in the following line items in the statements of operations:  

		For the Three Months  Ended
		March 31, 2019				April 1, 2018
		(in thousands)
Restructuring and other—MiR contingent consideration adjustment		$	3,003			$	—
Restructuring and other—Universal Robots contingent consideration adjustment			—				(4,968	)
Restructuring and other—acquisition related expenses			—				774

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- References

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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