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.