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Revenue

6 Months Ended

Jun. 28, 2020

Revenue from Contract with Customer [Abstract]

Revenue

D. REVENUE

Disaggregation of Revenue

The following table provides information about disaggregated revenue by timing of revenue recognition, primary geographical market, and major product lines.

		Semiconductor Test												Industrial Automation
		System on a Chip				Memory				System Test				Universal Robots				Mobile Industrial Robots				AutoGuide				Wireless Test				Corporate and Other				Total
		(in thousands)
For the Three Months Ended June 28, 2020 (1)
Timing of Revenue Recognition
Point in Time		$	520,496			$	80,032			$	57,741			$	41,804			$	11,196			$	3,408			$	46,347			$	(253	)		$	760,771
Over Time			54,077				4,542				14,065				1,747				76				545				2,838				—				77,890
Total		$	574,573			$	84,574			$	71,806			$	43,551			$	11,272			$	3,953			$	49,185			$	(253	)		$	838,661
Geographical Market
Asia Pacific		$	547,700			$	82,492			$	38,656			$	14,279			$	1,232			$	—			$	41,907			$	—			$	726,266
Americas			16,251				855				28,494				11,364				2,390				3,953				5,353				(253	)			68,407
Europe, Middle East and Africa			10,622				1,227				4,656				17,908				7,650				—				1,925				—				43,988
Total		$	574,573			$	84,574			$	71,806			$	43,551			$	11,272			$	3,953			$	49,185			$	(253	)		$	838,661
For the Three Months Ended June 30, 2019 (1)
Timing of Revenue Recognition
Point in Time		$	265,130			$	53,984			$	60,137			$	62,015			$	10,505			$	—			$	39,236			$	(89	)		$	490,918
Over Time			51,483				4,301				13,270				2,206				—				—				2,000				—				73,260
Total		$	316,613			$	58,285			$	73,407			$	64,221			$	10,505			$	—			$	41,236			$	(89	)		$	564,178
Geographical Market
Asia Pacific		$	285,981			$	47,202			$	38,191			$	18,820			$	2,681			$	—			$	34,642			$	—			$	427,517
Americas			15,601				8,783				29,911				17,980				2,783				—				5,926				(89	)			80,895
Europe, Middle East and Africa			15,031				2,300				5,305				27,421				5,041				—				668				—				55,766
Total		$	316,613			$	58,285			$	73,407			$	64,221			$	10,505			$	—			$	41,236			$	(89	)		$	564,178
For the Six Months Ended June 28, 2020 (2)
Timing of Revenue Recognition
Point in Time		$	868,542			$	159,429			$	158,453			$	89,306			$	20,293			$	4,532			$	87,403			$	(253	)		$	1,387,705
Over Time			106,171				9,494				29,429				3,942				117				891				5,267				—				155,311
Total		$	974,713			$	168,923			$	187,882			$	93,248			$	20,410			$	5,423			$	92,670			$	(253	)		$	1,543,016
Geographical Market
Asia Pacific		$	910,433			$	158,601			$	118,674			$	25,195			$	2,825			$	—			$	79,711			$	—			$	1,295,439
Americas			33,637				7,751				56,784				26,108				5,855				5,423				10,041				(253	)			145,346
Europe, Middle East and Africa			30,643				2,571				12,424				41,945				11,730				—				2,918				—				102,231
Total		$	974,713			$	168,923			$	187,882			$	93,248			$	20,410			$	5,423			$	92,670			$	(253	)		$	1,543,016
For the Six Months Ended June 30, 2019 (2)
Timing of Revenue Recognition
Point in Time		$	503,952			$	97,693			$	105,373			$	117,392			$	19,613			$	—			$	66,691			$	(240	)		$	910,474
Over Time			105,534				8,572				26,254				3,857				—				—				3,586				—				147,803
Total		$	609,486			$	106,265			$	131,627			$	121,249			$	19,613			$	—			$	70,277			$	(240	)		$	1,058,277
Geographical Market
Asia Pacific		$	546,374			$	85,988			$	62,478			$	33,437			$	4,408			$	—			$	60,661			$	—			$	793,346
Americas			31,768				17,546				56,718				33,783				6,322				—				8,167				(240	)			154,064
Europe, Middle East and Africa			31,344				2,731				12,431				54,029				8,883				—				1,449				—				110,867
Total		$	609,486			$	106,265			$	131,627			$	121,249			$	19,613			$	—			$	70,277			$	(240	)		$	1,058,277

(1) Includes $2.5 million and $1.7 million in 2020 and 2019, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.”

(2) Includes $4.3 million and $3.4 million in 2020 and 2019, respectively, for leases of Teradyne’s systems recognized outside ASC 606 “Revenue from Contracts with Customers.”

Contract Balances

During the three and six months ended June 28, 2020, Teradyne recognized $21.1 million and $60.6 million, respectively, that was previously included within the deferred revenue and customer advances balances. During the three and six months ended June 30, 2019, Teradyne recognized $13.3 million and $33.4 million, respectively, that was previously included within the deferred revenue and customer advances balances. This revenue primarily relates to undelivered hardware, extended warranties, training, application support, and post contract support. Each of these represents a distinct performance obligation. Teradyne expects to recognize 69% of the remaining performance obligation in the next 12 months, 26% in 1-3 years, and the remainder thereafter.

Accounts Receivable

Teradyne sells certain trade accounts receivables on a non-recourse basis to third-party financial institutions pursuant to factoring agreements. Teradyne accounts for these transactions as sales of receivables and presents cash proceeds as cash provided by operating activities in the consolidated statements of cash flows. Total trade accounts receivable sold under the factoring agreements were $50.0 million and $40.4 million for the three months ended June 28, 2020 and June 30, 2019, respectively and $96.8 million and $82.1 million for the six months ended June 28, 2020 and June 30, 2019, respectively. Factoring fees for the sales of receivables were recorded in interest expense and were not material.

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- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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