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Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Deferred Revenue and Customer Advances | As of December 31, 2020 and 2019, deferred revenue and customer advances consisted of the following and are included in the short and long-term deferred revenue and customer advances:
|  | 2020 |  |  | 2019 |
|  | (in thousands) |
Maintenance, service and training |  | $ | 77,654 |  |  | $ | 63,815 |
Customer advances, undelivered elements and other |  |  | 63,438 |  |  |  | 56,358 |
Extended warranty |  |  | 51,929 |  |  |  | 30,677 |
Total deferred revenue and customer advances |  | $ | 193,021 |  |  | $ | 150,850 |
Other Accrued Liabilities | The balance below is included in other accrued liabilities:
|  | Amount |
|  | (in thousands) |
Balance at December 31, 2017 |  | $ | 8,200 |
Acquisition |  |  | 41 |
Accruals for warranties issued during the period |  |  | 13,045 |
Accruals related to pre-existing warranties |  |  | 921 |
Settlements made during the period |  |  | (14,298 | )
Balance at December 31, 2018 |  |  | 7,909 |
Acquisition |  |  | 14 |
Accruals for warranties issued during the period |  |  | 14,106 |
Accruals related to pre-existing warranties |  |  | 4,026 |
Settlements made during the period |  |  | (17,059 | )
Balance at December 31, 2019 |  |  | 8,996 |
Accruals for warranties issued during the period |  |  | 28,490 |
Accruals related to pre-existing warranties |  |  | 821 |
Settlements made during the period |  |  | (21,674 | )
Balance at December 31, 2020 |  | $ | 16,633 |
Extended Product Warranty of Short and Long-Term Deferred Revenue and Customer Advances | The balance below is included in short and long-term deferred revenue and customer advances:
|  | Amount |
|  | (in thousands) |
Balance at December 31, 2017 |  | $ | 24,438 |
Deferral of new extended warranty revenue |  |  | 23,753 |
Recognition of extended warranty deferred revenue |  |  | (20,769 | )
Balance at December 31, 2018 |  |  | 27,422 |
Deferral of new extended warranty revenue |  |  | 23,271 |
Recognition of extended warranty deferred revenue |  |  | (20,016 | )
Balance at December 31, 2019 |  |  | 30,677 |
Deferral of new extended warranty revenue |  |  | 41,694 |
Recognition of extended warranty deferred revenue |  |  | (20,442 | )
Balance at December 31, 2020 |  | $ | 51,929 |
Schedule of Prepayments and Other Current Assets | Prepayments consist of the following and are included in prepayments and other current assets on the balance sheet:
|  | 2020 |  |  | 2019 |
|  | (in thousands) |
Contract manufacturer and supplier prepayments |  | $ | 212,286 |  |  | $ | 143,392 |
Prepaid taxes |  |  | 9,361 |  |  |  | 8,046 |
Prepaid maintenance and other services |  |  | 13,116 |  |  |  | 8,503 |
Other prepayments |  |  | 15,329 |  |  |  | 16,753 |
Total prepayments |  | $ | 250,092 |  |  | $ | 176,694 |
Useful Lives of Assets | Teradyne provides for depreciation of its assets principally on the straight-line method with the cost of the assets being charged to expense over their useful lives as follows:
Buildings |  | 40 years
Building improvements |  | 5 to 10 years
Leasehold improvements |  | Lesser of lease term or 10 years
Furniture and fixtures |  | 10 years
Test systems manufactured internally |  | 6 years
Machinery, equipment and software |  | 3 to 5 years

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