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Operating Segment, Geographic and Significant Customer Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Operating Segment, Geographic and Significant Customer Information | T. OPERATING SEGMENT, GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION Teradyne has four reportable segments (Semiconductor Test, System Test, Wireless Test and Robotics). Each of the reportable segments represents an individual operating segment. The Semiconductor Test segment includes operations related to the design, manufacturing and marketing of semiconductor test products and services. The System Test segment includes operations related to the design, manufacturing and marketing of products and services for storage and system level test, defense/aerospace instrumentation test, and circuit-board test. The Wireless Test segment includes operations related to the design, manufacturing and marketing of wireless test products and services. The Robotics segment includes operations related to the design, manufacturing and marketing of collaborative robotic arms, autonomous mobile robots and advanced robotic control software. Each operating segment has a segment manager who is accountable to and maintains regular contract with Teradyne’s chief operating decision maker (Teradyne’s chief executive officer) to discuss operating activities, financial results, forecasts, and plans for the segment. Teradyne evaluates performance based on several factors, of which the primary financial measure is business segment income (loss) before income taxes. The accounting policies of the business segments are the same as those described in Note B: “Accounting Policies.” Segment information for the years ended December 31, 2023, 2022 and 2021 is as follows:
| Semiconductor Test |  |  | System Test |  |  | Robotics |  |  | Wireless Test |  |  | Segment Total |  |  | Corporate and Eliminations |  |  | Consolidated |
| (in thousands) |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 1,818,636 |  |  | $ | 338,197 |  |  | $ | 375,183 |  |  | $ | 144,282 |  |  | $ | 2,676,298 |  |  | $ | — |  |  | $ | 2,676,298 |
Income (loss) before taxes (1)(2) |  | 453,320 |  |  |  | 94,073 |  |  |  | (54,251 | ) |  |  | 30,568 |  |  |  | 523,710 |  |  |  | 1,862 |  |  |  | 525,572 |
Total assets (3) |  | 1,329,522 |  |  |  | 182,084 |  |  |  | 737,323 |  |  |  | 68,291 |  |  |  | 2,317,220 |  |  |  | 1,169,604 |  |  |  | 3,486,824 |
Property additions |  | 113,415 |  |  |  | 3,643 |  |  |  | 40,739 |  |  |  | 1,845 |  |  |  | 159,642 |  |  |  | — |  |  |  | 159,642 |
Depreciation and amortization expense |  | 77,745 |  |  |  | 3,801 |  |  |  | 25,527 |  |  |  | 4,043 |  |  |  | 111,116 |  |  |  | (230 | ) |  |  | 110,886 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 2,080,590 |  |  | $ | 469,346 |  |  | $ | 403,138 |  |  | $ | 201,720 |  |  | $ | 3,154,794 |  |  | $ | 251 |  |  | $ | 3,155,045 |
Income (loss) before taxes (1)(2) |  | 634,488 |  |  |  | 166,879 |  |  |  | (16,244 | ) |  |  | 66,820 |  |  |  | 851,943 |  |  |  | (11,558 | ) |  |  | 840,385 |
Total assets (3) |  | 1,382,623 |  |  |  | 165,925 |  |  |  | 665,638 |  |  |  | 94,298 |  |  |  | 2,308,484 |  |  |  | 1,192,768 |  |  |  | 3,501,252 |
Property additions |  | 126,898 |  |  |  | 7,275 |  |  |  | 25,712 |  |  |  | 3,364 |  |  |  | 163,249 |  |  |  | — |  |  |  | 163,249 |
Depreciation and amortization expense |  | 76,532 |  |  |  | 3,235 |  |  |  | 25,339 |  |  |  | 4,991 |  |  |  | 110,097 |  |  |  | 578 |  |  |  | 110,675 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 2,642,342 |  |  | $ | 467,739 |  |  | $ | 375,905 |  |  | $ | 216,895 |  |  | $ | 3,702,881 |  |  | $ | — |  |  | $ | 3,702,881 |
Income (loss) before taxes (1)(2) |  | 976,988 |  |  |  | 163,064 |  |  |  | (8,167 | ) |  |  | 83,543 |  |  |  | 1,215,428 |  |  |  | (54,473 | ) |  |  | 1,160,955 |
Total assets (3) |  | 1,245,596 |  |  |  | 170,954 |  |  |  | 701,196 |  |  |  | 107,513 |  |  |  | 2,225,259 |  |  |  | 1,584,166 |  |  |  | 3,809,425 |
Property additions |  | 115,618 |  |  |  | 3,905 |  |  |  | 9,821 |  |  |  | 3,128 |  |  |  | 132,472 |  |  |  | — |  |  |  | 132,472 |
Depreciation and amortization expense |  | 75,982 |  |  |  | 3,156 |  |  |  | 27,336 |  |  |  | 6,055 |  |  |  | 112,529 |  |  |  | 12,956 |  |  |  | 125,485 |
(1) Included in Corporate and Eliminations are interest income, interest expense, net foreign exchange gains (losses), intercompany eliminations, pension and postretirement plan actuarial gains (losses), legal and environmental fees, contingent consideration adjustments, acquisition and divestiture related expenses, contract termination settlement charge, an expense for the modification of Teradyne's former chief executive officer's outstanding equity awards, and loss on convertible debt conversions in 2021. (2) Included in income (loss) before taxes are charges and credits related to restructuring and other, inventory charges and loss on convertible debt conversions in 2021. (3) Total assets are attributable to each segment. Semiconductor Test includes $34.8 million of total assets classified as assets held for sale. See Note E: “Assets held for sale” for additional information. Corporate assets consist of cash and cash equivalents, marketable securities and certain other assets. Included in each segment are charges and credits in the following line items in the statements of operations:
|  | For the Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Semiconductor Test: |  |  |  |  |  |  |  |  |
Cost of revenues—inventory charge |  | $ | 22,482 |  |  | $ | 21,456 |  |  | $ | 6,661 |
Restructuring and other—employee severance |  |  | 5,666 |  |  |  | — |  |  |  | — |
System Test: |  |  |  |  |  |  |  |  |
Cost of revenues—inventory charge |  | $ | 1,855 |  |  | $ | 1,730 |  |  | $ | 641 |
Restructuring and other—employee severance |  |  | 1,541 |  |  | $ | — |  |  | $ | — |
Robotics: |  |  |  |  |  |  |  |  |
Cost of revenues—inventory charge |  | $ | 2,275 |  |  | $ | 3,668 |  |  | $ | 6,403 |
Restructuring and other—employee severance |  |  | 3,707 |  |  |  | 2,115 |  |  |  | 1,210 |
Restructuring and other—acquisition & divestiture related expenses |  |  | — |  |  |  | — |  |  |  | 1,000 |
Wireless: |  |  |  |  |  |  |  |  |
Cost of revenues—inventory charge |  | $ | 1,746 |  |  | $ | 4,598 |  |  | $ | 1,770 |
Corporate and Eliminations: |  |  |  |  |  |  |  |  |
Selling and administrative—equity modification charge |  | $ | 5,889 |  |  | $ | — |  |  | $ | — |
Restructuring and other—employee severance |  |  | 3,599 |  |  |  | — |  |  |  | — |
Restructuring and other—acquisition & divestiture related expenses |  |  | 3,562 |  |  |  | — |  |  |  | (513 | )
Restructuring and other—contract termination |  |  | 1,511 |  |  |  | — |  |  |  | — |
Restructuring and other—environmental and legal liabilities |  |  | 1,100 |  |  |  | 2,700 |  |  |  | 1,971 |
Other (income) expense, net—gain on foreign exchange option |  |  | (7,464 | ) |  |  | — |  |  |  | — |
Restructuring and other—legal settlement charge |  |  | — |  |  |  | 14,700 |  |  |  | 12,000 |
Restructuring and other—gain on sale of asset |  |  | — |  |  |  | (3,410 | ) |  |  | — |
Other (income) expense, net—loss on convertible debt conversion |  |  | — |  |  |  | — |  |  |  | 28,828 |
Restructuring and other—AutoGuide contingent consideration adjustment |  |  | — |  |  |  | — |  |  |  | (7,227 | )
Information as to Teradyne’s revenues by country is as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Revenues from customers (1): |  |  |  |  |  |  |  |  |
United States |  | $ | 433,661 |  |  | $ | 469,948 |  |  | $ | 392,626 |
Korea |  |  | 394,690 |  |  |  | 544,816 |  |  |  | 502,167 |
Taiwan |  |  | 384,842 |  |  |  | 626,424 |  |  |  | 1,117,874 |
China |  |  | 314,899 |  |  |  | 491,798 |  |  |  | 631,963 |
Japan |  |  | 281,742 |  |  |  | 162,920 |  |  |  | 166,231 |
Europe |  |  | 273,784 |  |  |  | 268,384 |  |  |  | 259,954 |
Philippines |  |  | 189,419 |  |  |  | 124,107 |  |  |  | 166,838 |
Singapore |  |  | 116,969 |  |  |  | 99,503 |  |  |  | 121,582 |
Thailand |  |  | 91,818 |  |  |  | 137,356 |  |  |  | 138,812 |
Malaysia |  |  | 89,197 |  |  |  | 142,203 |  |  |  | 136,774 |
Rest of the World |  |  | 105,277 |  |  |  | 87,586 |  |  |  | 68,060 |
|  | $ | 2,676,298 |  |  | $ | 3,155,045 |  |  | $ | 3,702,881 |
(1) Revenues attributable to a country are based on location of customer site. In 2023, revenues from Texas Instruments Inc., a customer of our Semiconductor Test segment, accounted for 10% of our consolidated revenues. In 2021, revenues from Taiwan Semiconductor Manufacturing Company Ltd., a customer of Teradyne’s Semiconductor Test segment, accounted for 12%, of Teradyne’s consolidated revenues. Teradyne estimates consolidated revenues driven by Qualcomm, a customer of our Semiconductor Test, System Test, and Wireless Test segments, combining direct and indirect sales, accounted for approximately 11% of its consolidated revenues in 2022. Teradyne estimates consolidated revenues driven by one OEM customer, of our Semiconductor Test and Wireless Test segments, combining direct sales to that customer with sales to the customer’s OSATs (which include Taiwan Semiconductor Manufacturing Company Ltd.), accounted for 19% in 2021. Long-lived assets by geographic area:
|  | United States |  |  | Foreign (1) |  |  | Total |
|  | (in thousands) |
December 31, 2023 (2) |  | $ | 322,445 |  |  | $ | 207,995 |  |  | $ | 530,440 |
December 31, 2022 |  | $ | 328,341 |  |  | $ | 164,076 |  |  | $ | 492,417 |
(1) As of December 31, 2023 and December 31, 2022, long-lived assets attributable to Denmark were $78.1 million and $42.5 million, respectively. (2) Includes $11.5 million of long-lived assets classified as assets held for sale. See Note E: “Assets held for sale” for additional information.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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