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Leases | 12 Months Ended
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Dec. 31, 2022
Leases, Operating [Abstract] |
Leases |
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. For the year ended December 31, 2022, 2021 and 2020, total lease expense was $40.1 million, $39.2 million, and $38.5 million respectively, and included $14.1 million, $12.6 million, and $12.1 million, respectively, of variable lease costs and $2.0 million, $1.8 million, and $3.4 million, respectively, of costs related to short-term leases, which are not recorded on the consolidated balance sheets. At December 31, 2022, the weighted average remaining lease term and weighted average discount rate for operating leases was 5.9 years and 4.7%, respectively. At December 31, 2021, the weighted average remaining lease term and weighted average discount rate for operating leases was 5.3 years and 4.1%, respectively. Supplemental cash flows information related to leases was as follows:
|  | For the Years Ended |
|  | December 31, 2022 |  |  | December 31, 2021 |  |  | December 31, 2020 |
|  | (in thousands) |
Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows: |  | $ | 20,775 |  |  | $ | 24,593 |  |  | $ | 24,136 |
Right-of-use assets obtained in exchange for new lease obligations |  |  | 26,149 |  |  |  | 34,246 |  |  |  | 14,801 |
Maturities of lease liabilities as of December 31, 2022 were as follows:
|  | Operating Lease |
|  | (in thousands) |
2023 |  | $ | 20,120 |
2024 |  |  | 18,239 |
2025 |  |  | 15,308 |
2026 |  |  | 10,635 |
2027 |  |  | 8,117 |
Thereafter |  |  | 17,963 |
Total lease payments |  |  | 90,382 |
Less imputed interest |  |  | (7,612 | )
Total lease liabilities |  | $ | 82,770 |

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