XML 69 R50.htm IDEA: XBRL DOCUMENT
v3.20.4

Supplementary Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Consolidated Quarterly Statements of Operations | The following sets forth certain unaudited consolidated quarterly statements of operations data for each of Teradyne’s last eight quarters. In management’s opinion, this quarterly information reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement for the periods presented. Such quarterly results are not necessarily indicative of future results of operations and should be read in conjunction with the audited consolidated financial statements of Teradyne and the notes thereto included elsewhere herein.
|  | 2020 |
|  | 1st Quarter |  |  | 2nd Quarter |  |  | 3rd Quarter |  |  | 4th Quarter |
|  | (1) |  |  | (2)(5) |  |  | (3)(5) |  |  | (4)(5) |
|  | (in thousands, except per share amounts) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products |  | $ | 610,906 |  |  | $ | 734,630 |  |  | $ | 697,745 |  |  | $ | 647,625 |
Services |  |  | 93,449 |  |  |  | 104,031 |  |  |  | 121,739 |  |  |  | 111,343 |
Total revenues |  |  | 704,355 |  |  |  | 838,661 |  |  |  | 819,484 |  |  |  | 758,968 |
Cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of products |  |  | 259,996 |  |  |  | 322,732 |  |  |  | 300,174 |  |  |  | 274,574 |
Cost of services |  |  | 38,809 |  |  |  | 44,456 |  |  |  | 60,382 |  |  |  | 34,605 |
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) |  |  | 298,805 |  |  |  | 367,188 |  |  |  | 360,556 |  |  |  | 309,179 |
Gross profit |  |  | 405,550 |  |  |  | 471,473 |  |  |  | 458,928 |  |  |  | 449,789 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling and administrative |  |  | 111,388 |  |  |  | 113,259 |  |  |  | 115,840 |  |  |  | 124,279 |
Engineering and development |  |  | 85,159 |  |  |  | 94,102 |  |  |  | 94,909 |  |  |  | 100,795 |
Acquired intangible assets amortization |  |  | 9,891 |  |  |  | 8,941 |  |  |  | 6,219 |  |  |  | 5,752 |
Restructuring and other |  |  | (7,606 | ) |  |  | 37,222 |  |  |  | (27,701 | ) |  |  | (15,117 | )
Total operating expenses |  |  | 198,832 |  |  |  | 253,524 |  |  |  | 189,267 |  |  |  | 215,709 |
Income from operations |  |  | 206,718 |  |  |  | 217,949 |  |  |  | 269,661 |  |  |  | 234,080 |
Non-operating (income) expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (2,751 | ) |  |  | (1,368 | ) |  |  | (1,071 | ) |  |  | (793 | )
Interest expense |  |  | 5,551 |  |  |  | 6,043 |  |  |  | 6,237 |  |  |  | 6,351 |
Other (income) expense, net |  |  | 6,849 |  |  |  | (4,017 | ) |  |  | 764 |  |  |  | 5,597 |
Income before income taxes |  |  | 197,069 |  |  |  | 217,291 |  |  |  | 263,731 |  |  |  | 222,925 |
Income tax provision |  |  | 20,878 |  |  |  | 28,383 |  |  |  | 41,013 |  |  |  | 26,595 |
Net income |  | $ | 176,191 |  |  | $ | 188,908 |  |  | $ | 222,718 |  |  | $ | 196,330 |
Net income per common share—basic |  | $ | 1.06 |  |  | $ | 1.14 |  |  | $ | 1.34 |  |  | $ | 1.18 |
Net income per common share—diluted |  | $ | 0.97 |  |  | $ | 1.05 |  |  | $ | 1.21 |  |  | $ | 1.05 |
Cash dividend declared per common share |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |
(1) | Restructuring and other includes a $10.0 million gain for the decrease in the fair value of the AutoGuide and MiR contingent consideration liabilities, partially offset by $1.4 million of acquisition related compensation and expenses and $0.7 million of severance charges related to headcount reductions primarily in Industrial Automation and Semiconductor Test.
(2) | Restructuring and other includes a $29.9 million charge for the increase in the fair value of the AutoGuide contingent consideration liability, a $4.0 million contract termination settlement charge, $3.1 million of
| acquisition related compensation and expense and $0.8 million of other expenses, partially offset by a $0.6 million gain for the decrease in the fair value of MiR contingent consideration liability.
(3) | Restructuring and other includes a $27.2 million gain for the decrease in the fair value of AutoGuide contingent consideration liability, and a $1.1 million gain for the decrease in acquisition related compensation liability, partially offset by $0.5 million recorded for employee severance charges primarily in Industrial Automation.
(4) | Restructuring and other includes a $15.3 million gain for the decrease in the fair value adjustment to the AutoGuide acquisition contingent consideration liability, and a $0.9 million gain for the decrease in acquisition related compensation liability, partially offset by $1.1 million of employee severance charges primarily in Industrial Automation.
(5) | Teradyne recorded pension and post retirement net actuarial (gains) losses of $(0.1) million, $2.7 million, $7.7 million for the second, third and fourth quarter in 2020, respectively. See Note B: “Accounting Policies” for a discussion of Teradyne’s accounting policy.
|  | 2019 |
|  | 1st Quarter |  |  | 2nd Quarter |  |  | 3rd Quarter |  |  | 4th Quarter |
|  | (1) |  |  | (2) |  |  | (3) |  |  | (4)(5)(6) |
|  | (in thousands, except per share amounts) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products |  | $ | 393,442 |  |  | $ | 457,511 |  |  | $ | 488,170 |  |  | $ | 548,552 |
Services |  |  | 100,657 |  |  |  | 106,667 |  |  |  | 93,868 |  |  |  | 106,098 |
Total revenues |  |  | 494,099 |  |  |  | 564,178 |  |  |  | 582,038 |  |  |  | 654,650 |
Cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of products |  |  | 165,368 |  |  |  | 193,299 |  |  |  | 197,196 |  |  |  | 226,184 |
Cost of services |  |  | 41,096 |  |  |  | 46,961 |  |  |  | 39,804 |  |  |  | 45,228 |
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) |  |  | 206,464 |  |  |  | 240,260 |  |  |  | 237,000 |  |  |  | 271,412 |
Gross profit |  |  | 287,635 |  |  |  | 323,918 |  |  |  | 345,038 |  |  |  | 383,238 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling and administrative |  |  | 102,013 |  |  |  | 108,811 |  |  |  | 109,166 |  |  |  | 117,092 |
Engineering and development |  |  | 76,791 |  |  |  | 81,434 |  |  |  | 77,804 |  |  |  | 86,794 |
Acquired intangible assets amortization |  |  | 10,634 |  |  |  | 10,083 |  |  |  | 9,647 |  |  |  | 9,784 |
Restructuring and other |  |  | 5,112 |  |  |  | (10,404 | ) |  |  | (6,500 | ) |  |  | (2,088 | )
Total operating expenses |  |  | 194,550 |  |  |  | 189,924 |  |  |  | 190,117 |  |  |  | 211,582 |
Income from operations |  |  | 93,085 |  |  |  | 133,994 |  |  |  | 154,921 |  |  |  | 171,656 |
Non-operating (income) expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | (4,989 | ) |  |  | (4,384 | ) |  |  | (4,433 | ) |  |  | (3,185 | )
Interest expense |  |  | 5,520 |  |  |  | 5,800 |  |  |  | 5,463 |  |  |  | 5,441 |
Other (income) expense, net |  |  | (1,425 | ) |  |  | 1,401 |  |  |  | 2,158 |  |  |  | 20,514 |
Income before income taxes |  |  | 93,979 |  |  |  | 131,177 |  |  |  | 151,733 |  |  |  | 148,886 |
Income tax provision (benefit) |  |  | (15,159 | ) |  |  | 33,780 |  |  |  | 15,873 |  |  |  | 23,811 |
Net income |  | $ | 109,138 |  |  | $ | 97,397 |  |  | $ | 135,860 |  |  | $ | 125,075 |
Net income per common share—basic |  | $ | 0.63 |  |  | $ | 0.57 |  |  | $ | 0.80 |  |  | $ | 0.75 |
Net income per common share—diluted |  | $ | 0.62 |  |  | $ | 0.55 |  |  | $ | 0.75 |  |  | $ | 0.69 |
Cash dividend declared per common share |  | $ | 0.09 |  |  | $ | 0.09 |  |  | $ | 0.09 |  |  | $ | 0.09 |
(1) | Restructuring and other includes a $3.0 million fair value adjustment to increase the MiR acquisition contingent consideration, $1.3 million of acquisition related expenses and compensation and $0.8 million of employee severance charges.
(2) | Restructuring and other includes a $11.7 million gain for the decrease in the fair value of the MiR contingent consideration liability, partially offset by $0.8 million of employee severance charges and $0.5 million of acquisition related expenses and compensation.
(3) | Restructuring and other includes a $7.8 million gain for the decrease in the fair value of MiR contingent consideration liability, partially offset by $0.8 million of employee severance charges and $0.5 million of acquisition related expenses and compensation.
(4) | Restructuring and other includes a $5.8 million gain for the decrease in the fair value adjustment to the MiR acquisition contingent consideration, partially offset by a $3.0 million fair value adjustment to increase the AutoGuide acquisition contingent consideration, $0.5 million of employee severance charges and $0.2 million of acquisition related expenses and compensation.
(5) | Teradyne recorded pension and post retirement net actuarial losses of $7.7 million for the fourth quarter in 2019. See Note B: “Accounting Policies” for a discussion of Teradyne’s accounting policy.
(6) | Other (income) expense, net includes a $15.0 million charge for the impairment of the investment in RealWear.

X
- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121640914&loc=d3e1280-108306 + Details
Name: | us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration