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Leases

12 Months Ended

Dec. 31, 2020

Lease

I.    LEASES

Teradyne has facility and auto leases, which are accounted for as operating leases. Teradyne’s facility leases are primarily used for administrative functions, research and development, manufacturing, and storage and distribution. Remaining lease terms range from less than one year to twelve years.

Total lease expense for the year ended December 31, 2020 was $38.5 million and included $12.1 million of variable lease costs and $3.4 million of costs related to short-term leases, which are not recorded on the consolidated balance sheets.

Total lease expense for the year ended December 31, 2019 was $35.6 million and included $11.1 million of variable lease costs and $2.6 million of costs related to short-term leases, which are not recorded on the consolidated balance sheets.

At December 31, 2020, the weighted average remaining lease term and weighted average discount rate for operating leases was 4.2 years and 4.8%, respectively. At December 31, 2019, the weighted average remaining lease term and weighted average discount rate for operating leases was 4.5 years and 5.0%, respectively.

Supplemental cash flows information related to leases was as follows:

		For the Year Ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows:		$	24,136
Right-of-use assets obtained in exchange for new lease obligations			14,801

Maturities of lease liabilities as of December 31, 2020 were as follows:

		Operating Lease
		(in thousands)
2021		$	22,451
2022			16,798
2023			9,727
2024			7,215
2025			5,715
Thereafter			6,149
Total lease payments			68,055
Less imputed interest			(5,409	)
Total lease liabilities		$	62,646

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- Definition

Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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