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Segment Information | 6 Months Ended
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Jun. 28, 2020
Segment Reporting [Abstract] |
Segment Information | S. SEGMENT INFORMATIO N 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 and distribution channels. 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 and system level 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, 2019. Segment information for the three and six months ended June 28, 2020 and June 30, 2019 is as follows:
|  | Semiconductor Test |  |  | System Test |  |  | Industrial Automation |  |  | Wireless Test |  |  | Corporate and Other |  |  | Consolidated |
|  | (in thousands) |
Three Months Ended June 28, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 659,147 |  |  | $ | 71,806 |  |  | $ | 58,776 |  |  | $ | 49,185 |  |  | $ | (253 | ) |  | $ | 838,661 |
Income (loss) before income taxes (1)(2) |  |  | 228,787 |  |  |  | 19,193 |  |  |  | (11,403 | ) |  |  | 14,482 |  |  |  | (33,768 | ) |  |  | 217,291 |
Total assets (3) |  |  | 1,192,355 |  |  |  | 126,164 |  |  |  | 662,103 |  |  |  | 108,066 |  |  |  | 1,160,501 |  |  |  | 3,249,189 |
Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 374,898 |  |  | $ | 73,407 |  |  | $ | 74,726 |  |  | $ | 41,236 |  |  | $ | (89 | ) |  | $ | 564,178 |
Income before income taxes (1)(2) |  |  | 91,355 |  |  |  | 23,535 |  |  |  | (3,730 | ) |  |  | 10,930 |  |  |  | 9,087 |  |  |  | 131,177 |
Total assets (3) |  |  | 745,073 |  |  |  | 123,460 |  |  |  | 601,676 |  |  |  | 93,232 |  |  |  | 1,108,073 |  |  |  | 2,671,514 |
Six Months Ended June 28, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 1,143,636 |  |  | $ | 187,882 |  |  | $ | 119,081 |  |  | $ | 92,670 |  |  | $ | (253 | ) |  | $ | 1,543,016 |
Income (loss) before income taxes (1)(2) |  |  | 382,603 |  |  |  | 67,600 |  |  |  | (26,738 | ) |  |  | 24,702 |  |  |  | (33,808 | ) |  |  | 414,359 |
Total assets (3) |  |  | 1,192,355 |  |  |  | 126,164 |  |  |  | 662,103 |  |  |  | 108,066 |  |  |  | 1,160,501 |  |  |  | 3,249,189 |
Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 715,751 |  |  | $ | 131,627 |  |  | $ | 140,862 |  |  | $ | 70,277 |  |  | $ | (240 | ) |  | $ | 1,058,277 |
Income (loss) before income taxes (1)(2) |  |  | 174,404 |  |  |  | 38,875 |  |  |  | (9,025 | ) |  |  | 14,558 |  |  |  | 6,344 |  |  |  | 225,156 |
Total assets (3) |  |  | 745,073 |  |  |  | 123,460 |  |  |  | 601,676 |  |  |  | 93,232 |  |  |  | 1,108,073 |  |  |  | 2,671,514 |
(1) | Included in Corporate and Other are: contingent consideration adjustments, severance charges, interest income, interest expense, net foreign exchange gains (losses), pension and postretirement plans actuarial (gains) losses, intercompany eliminations and acquisition related charges.
(2) | Included in income (loss) before taxes are charges and credits related to restructuring and other, and inventory charges.
(3) | Total assets are attributable to each segment. Corporate assets consist of cash and cash equivalents, marketable securities and certain other assets.
Included in each segment are charges and credits in the following line items in the statements of operations:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 28, 2020 |  |  | June 30, 2019 |  |  | June 28, 2020 |  |  | June 30, 2019 |
|  | (in thousands) |  |  | (in thousands) |
Semiconductor Test: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract termination settlement charge |  | $ | 4,000 |  |  | $ | — |  |  | $ | 4,000 |  |  | $ | — |
Cost of revenues—inventory charge |  |  | 3,799 |  |  |  | 2,278 |  |  |  | 6,825 |  |  |  | 3,452 |
Restructuring and other—employee severance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 924 |
Wireless Test: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues—inventory charge |  |  | 1,582 |  |  |  | 829 |  |  |  | 2,155 |  |  |  | 1,168 |
Industrial Automation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and other—acquisition related expenses and compensation |  |  | — |  |  |  | — |  |  |  | 790 |  |  |  | 1,695 |
System Test: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues—inventory charge |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 763 |
Corporate and Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and other—AutoGuide contingent consideration adjustment |  |  | 29,927 |  |  |  | — |  |  |  | 22,785 |  |  |  | — |
Restructuring and other—acquisition related expenses and compensation |  |  | 2,974 |  |  |  | — |  |  |  | 3,715 |  |  |  | — |
Restructuring and other – other |  |  | 750 |  |  |  | — |  |  |  | 750 |  |  |  | — |
Restructuring and other—MiR contingent consideration adjustment |  |  | (668 | ) |  |  | (11,671 | ) |  |  | (3,546 | ) |  |  | (8,668 | )

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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 + Details
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