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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2022

Defined Benefit Pension and Postretirement Benefit Plan Assets and Obligations

The December 31 balances of these defined benefit pension plans assets and obligations are shown below:

		2022								2021
		United States				Foreign				United States				Foreign
		(in thousands)
Assets and Obligations
Change in benefit obligation:
Projected benefit obligation:
Beginning of year		$	192,472			$	45,774			$	202,233			$	50,988
Service cost			1,588				784				1,784				941
Interest cost			4,886				482				4,427				337
Actuarial (gain) loss			(45,932	)			(13,181	)			(6,432	)			(2,257	)
Benefits paid			(9,200	)			(863	)			(9,337	)			(925	)
Liability (gain) loss due to settlement			—				—				(204	)			—
Non-U.S. currency movement			—				(3,061	)			—				(3,310	)
End of year			143,814				29,935				192,472				45,774
Change in plan assets:
Fair value of plan assets:
Beginning of year			149,578				2,017				158,855				1,856
Actual return on plan assets			(31,835	)			153				(3,217	)			33
Company contributions			3,217				949				3,276				1,022
Benefits paid			(9,200	)			(863	)			(9,337	)			(925	)
Non-U.S. currency movement			—				(169	)			—				31
End of year			111,760				2,087				149,578				2,017
Funded status		$	(32,054	)		$	(27,848	)		$	(42,894	)		$	(43,757	)

Amounts Recorded within Statement of Financial Position

The following table provides amounts recorded within the account line items of the statements of financial position as of December 31:

		2022								2021
		United States				Foreign				United States				Foreign
		(in thousands)
Retirement plans assets		$	11,761			$	—			$	15,110			$	—
Accrued employees’ compensation and withholdings			(3,055	)			(1,191	)			(3,288	)			(936	)
Retirement plans liabilities			(40,760	)			(26,657	)			(54,716	)			(42,821	)
Funded status		$	(32,054	)		$	(27,848	)		$	(42,894	)		$	(43,757	)

Pension Plans with Accumulated Benefit Obligation and Projected Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets as of December 31:

		2022								2021
		United States				Foreign				United States				Foreign
		(in millions)
Projected benefit obligation		$	43.8			$	29.9			$	58.0			$	45.8
Accumulated benefit obligation			42.3				28.6				55.7				42.5
Fair value of plan assets			—				2.1				—				2.0

Net Periodic Pension and Postretirement Benefit Costs

Expense

For the years ended December 31, 2022, 2021, and 2020, Teradyne’s net periodic pension (income) cost was comprised of the following:

		2022								2021								2020
		United States				Foreign				United States				Foreign				United States				Foreign
		(in thousands)
Components of Net Periodic Pension (Income) Cost:
Service cost		$	1,588			$	784			$	1,784			$	941			$	1,773			$	907
Interest cost			4,886				482				4,427				337				5,770				516
Expected return on plan assets			(2,927	)			(75	)			(3,858	)			(67	)			(4,840	)			(65	)
Net actuarial(gain) loss			(11,170	)			(13,259	)			643				(2,223	)			6,463				2,949
Settlement (gain) loss			—				—				(204	)			—				451				—
Total net periodic pension (income) cost		$	(7,623	)		$	(12,068	)		$	2,792			$	(1,012	)		$	9,617			$	4,307

Weighted Average Assumptions to Determine Net Periodic Cost and Benefit Obligation

Weighted Average Assumptions to Determine Net Periodic Pension Cost at January 1:

		2022								2021								2020
		United States				Foreign				United States				Foreign				United States				Foreign
Discount rate			2.5	%			1.1	%			2.2	%			0.7	%			2.8	%			1.1	%
Expected return on plan assets			2.0				4.0				2.4				3.5				3.0				3.8
Salary progression rate			2.4				2.2				2.4				2.3				2.6				2.5

Weighted Average Assumptions to Determine Pension Obligations at December 31:

		2022								2021
		United States				Foreign				United States				Foreign
Discount rate			4.9	%			3.5	%			2.6	%			1.1	%
Salary progression rate			2.5				2.1				2.4				2.2

Weighted Average Pension Asset Allocations by Category

The following table provides weighted average pension asset allocation by asset category at December 31, 2022 and 2021:

		2022								2021
		United States				Foreign				United States				Foreign
Fixed income securities			94.0	%			—	%			94.0	%			—	%
Equity securities			5.0				—				5.0				—
Other			1.0				100.0				1.0				100.0
			100.0	%			100.0	%			100.0	%			100.0	%

Target Asset Allocation and Index for Each Asset Category

The target asset allocation and the index for each asset category for the U.S. Plan, per the investment policy, are as follows:

Asset Category:		Policy Index:		Target Allocation
U.S. corporate fixed income		Bloomberg Barclays U.S. Corporate A or Better Index			75	%
U.S. government fixed income		Bloomberg Barclays U.S. Long Government Bond Index			14
Global equity		MSCI World Minimum Volatility Index			5
High yield fixed income		Bloomberg Barclays U.S. Corporate High Yield Index			5
Cash		Citigroup Three Month U.S. Treasury Bill Index			1

Changes in Fair Value of Pension Assets

The fair value of pension plan assets by asset category and by level at December 31, 2022 and December 31, 2021 were as follows:

		December 31, 2022
		United States																Foreign
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
		(in thousands)
Fixed income securities:
Corporate debt securities		$	—			$	89,403			$	—			$	89,403			$	—			$	—			$	—			$	—
U.S. government securities			—				15,631				—				15,631				—				—				—				—
Global equity			—				5,579				—				5,579				—				—				—				—
Other			—				—				—				—				—				2,087				—				2,087
Cash and cash equivalents			1,147				—				—				1,147				—				—				—				—
Total		$	1,147			$	110,613			$	—			$	111,760			$	—			$	2,087			$	—			$	2,087

		December 31, 2021
		United States																Foreign
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
			(in thousands)
Fixed income securities:
Corporate debt securities		$	—			$	119,805			$	—			$	119,805			$	—			$	—			$	—			$	—
U.S. government securities			—				20,847				—				20,847				—				—				—				—
Global equity			—				7,426				—				7,426				—				—				—				—
Other			—				—				—				—				—				2,017				—				2,017
Cash and cash equivalents			1,500				—				—				1,500				—				—				—				—
Total		$	1,500			$	148,078			$	—			$	149,578			$	—			$	2,017			$	—			$	2,017

Expected Future Benefit Payments

Expected Future Pension Benefit Payments

Future benefit payments are expected to be paid as follows:

		United States				Foreign
		(in thousands)
2023		$	10,323			$	1,239
2024			9,274				1,055
2025			9,912				1,014
2026			9,971				1,130
2027			10,742				1,239
2028-2031			52,877				8,216

Postretirement Benefit Plans

Defined Benefit Pension and Postretirement Benefit Plan Assets and Obligations

The December 31 balances of the postretirement assets and obligations are shown below:

		2022				2021
		(in thousands)
Assets and Obligations
Change in benefit obligation:
Projected benefit obligation:
Beginning of year		$	7,210			$	8,515
Service cost			64				64
Interest cost			177				170
Actuarial gain			(1,155	)			(433	)
Benefits paid			(950	)			(1,107	)
End of year			5,345				7,210
Change in plan assets:
Fair value of plan assets:
Beginning of year			—				—
Company contributions			950				1,107
Benefits paid			(950	)			(1,107	)
End of year			—				—
Funded status		$	(5,345	)		$	(7,210	)

Amounts Recorded within Statement of Financial Position

The following table provides amounts recorded within the account line items of financial position as of December 31:

		2022				2021
		(in thousands)
Accrued employees’ compensation and withholdings		$	(853	)		$	(930	)
Retirement plans liability			(4,492	)			(6,280	)
Funded status		$	(5,345	)		$	(7,210	)

Amounts Recognized in Accumulated Other Comprehensive Income (loss)

The following table provides amounts recognized in accumulated other comprehensive income (loss) as of December 31:

		2022				2021
		(in thousands)
Prior service credit, before tax		$	(31	)		$	(40	)
Deferred taxes			(1,689	)			(1,688	)
Total recognized in other comprehensive income (loss), net of tax		$	(1,720	)		$	(1,728	)

Net Periodic Pension and Postretirement Benefit Costs

For the years ended December 31, 2022, 2021, and 2020, Teradyne’s net periodic postretirement benefit (income) cost was comprised of the following:

		2022				2021				2020
		(in thousands)
Components of Net Periodic Postretirement Benefit Income (cost ):
Service cost		$	64			$	64			$	57
Interest cost			177				170				240
Amortization of prior service credit			(9	)			(9	)			(9	)
Net actuarial (gain) loss			(1,155	)			(433	)			421
Total net periodic postretirement benefit (income) cost			(923	)			(208	)			709
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
Reversal of amortization items:
Prior service credit			9				9				9
Total recognized in other comprehensive income			9				9				9
Total recognized in net periodic postretirement (income) cost and other comprehensive income		$	(914	)		$	(199	)		$	718

Weighted Average Assumptions to Determine Net Periodic Cost and Benefit Obligation

Weighted Average Assumptions to Determine Net Periodic Postretirement Benefit Income as of January 1:

		2022				2021				2020
Discount rate			2.6	%			2.2	%			3.0	%
Initial health care cost trend rate			7.3				7.3				7.1
Ultimate health care cost trend rate			4.5				4.5				4.5
Year in which ultimate health care cost trend rate is reached			2029				2029				2026

Weighted Average Assumptions to Determine Postretirement Benefit Obligation as of December 31:

		2022				2021				2020
Discount rate			5.0	%			2.6	%			2.2	%
Initial medical trend			7.2				7.3				7.3
Ultimate health care trend			4.5				4.5				4.5
Medical cost trend rate decrease to ultimate rate in year			2032				2029				2029

Expected Future Benefit Payments

Future benefit payments are expected to be paid as follows:

		Benefit Payments
		(in thousands)
2023		$	853
2023			688
2024			573
2025			436
2027			386
2028-2031			1,291

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