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Shareholders' Equity
6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Shareholders' Equity
V. SHAREHOLDERS’ EQUITY
Stock Repurchase Program
In January 2018, Teradyne’s Board of Directors cancelled the December 2016 stock repurchase program and authorized a new stock repurchase program for up to $1.5 billion of common stock. Teradyne intends to repurchase $500 million in 2019.
During the six months ended June 30, 2019, Teradyne repurchased 6.5 million shares of common stock for $247.2 million at an average price of $38.20 per share. The cumulative repurchases under the $1.5 billion stock repurchase program as of June 30, 2019 totaled 28.1 million shares of common stock for $1.1 billion at an average price per share of $38.09.
During the six months ended July 1, 2018, Teradyne repurchased 8.8 million shares of common stock for $360.8 million at an average price of $40.82 per share.
The total price includes commissions and is recorded as a reduction to retained earnings.
 
Dividend
Holders of Teradyne’s common stock are entitled to receive dividends when they are declared by Teradyne’s Board of Directors.
In January 2019 and May 2019, Teradyne’s Board of Directors declared a quarterly cash dividend of $0.09 per share. Dividend payments for the three and six months ended June 30, 2019 were $15.4 million and $31.0 million, respectively.
 
In January 2018 and May 2018, Teradyne’s Board of Directors declared a quarterly cash dividend of $0.09 per share. Dividend payments for the three and six months ended July 1, 2018 were $17.1 million and $34.7 million, respectively.
 
While Teradyne declared a quarterly cash dividend and authorized a share repurchase program, it may reduce or eliminate the cash dividend or share repurchase program in the future. Future cash dividends and stock repurchases are subject to the discretion of Teradyne’s Board of Directors, which will consider, among other things, Teradyne’s earnings, capital requirements and financial condition.