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Segment Information | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Information | T. SEGMENT 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” in Teradyne’s Annual Report on Form 10-K for the year ended December 31, 2023. Segment information for the three and six months ended June 30, 2024, and July 2, 2023, is as follows:
|  | Semiconductor Test |  |  | System Test |  |  | Robotics |  |  | Wireless Test |  |  | Segment Total |  |  | Corporate and Eliminations |  |  | Consolidated |
|  | (in thousands) |
Three Months Ended June 30, 2024 |
Revenues |  | $ | 542,564 |  |  | $ | 60,801 |  |  | $ | 90,247 |  |  | $ | 36,267 |  |  | $ | 729,879 |  |  | $ | — |  |  | $ | 729,879 |
Income (loss) before income taxes (1)(2) |  |  | 158,284 |  |  |  | 5,224 |  |  |  | (17,916 | ) |  |  | 9,970 |  |  | $ | 155,562 |  |  |  | 63,841 |  |  | $ | 219,403 |
Total assets (3) |  |  | 1,306,390 |  |  |  | 175,567 |  |  |  | 731,264 |  |  |  | 83,262 |  |  | $ | 2,296,483 |  |  |  | 1,335,223 |  |  | $ | 3,631,706 |
Three Months Ended July 2, 2023 |
Revenues |  | $ | 474,708 |  |  | $ | 94,272 |  |  | $ | 71,634 |  |  | $ | 43,823 |  |  | $ | 684,437 |  |  | $ | — |  |  | $ | 684,437 |
Income (loss) before income taxes (1)(2) |  |  | 129,040 |  |  |  | 28,599 |  |  |  | (26,401 | ) |  |  | 12,020 |  |  | $ | 143,258 |  |  |  | 1,144 |  |  | $ | 144,402 |
Total assets (3) |  |  | 1,416,109 |  |  |  | 191,002 |  |  |  | 685,132 |  |  |  | 88,869 |  |  | $ | 2,381,112 |  |  |  | 1,013,784 |  |  | $ | 3,394,896 |
Six Months Ended June 30, 2024 |
Revenues |  | $ | 954,817 |  |  | $ | 136,123 |  |  | $ | 177,901 |  |  | $ | 60,856 |  |  | $ | 1,329,698 |  |  | $ | — |  |  | $ | 1,329,698 |
Income (loss) before income taxes (1)(2) |  |  | 237,698 |  |  |  | 23,615 |  |  |  | (31,892 | ) |  |  | 9,076 |  |  | $ | 238,497 |  |  |  | 53,808 |  |  | $ | 292,305 |
Total assets (3) |  |  | 1,306,390 |  |  |  | 175,567 |  |  |  | 731,264 |  |  |  | 83,262 |  |  | $ | 2,296,483 |  |  |  | 1,335,223 |  |  | $ | 3,631,706 |
Six Months Ended July 2, 2023 |
Revenues |  | $ | 889,717 |  |  | $ | 168,903 |  |  | $ | 160,848 |  |  | $ | 82,498 |  |  | $ | 1,301,966 |  |  | $ | — |  |  | $ | 1,301,966 |
Income (loss) before income taxes (1)(2) |  |  | 225,225 |  |  |  | 43,874 |  |  |  | (44,891 | ) |  |  | 21,372 |  |  | $ | 245,580 |  |  |  | (4,094 | ) |  | $ | 241,486 |
Total assets (3) |  |  | 1,416,109 |  |  |  | 191,002 |  |  |  | 685,132 |  |  |  | 88,869 |  |  | $ | 2,381,112 |  |  |  | 1,013,784 |  |  | $ | 3,394,896 |
(1) Included in Corporate and Eliminations are: interest income, interest expense, net foreign exchange gains (losses), intercompany eliminations, severance charges, pension, acquisition and divestiture related fees, and an expense for the modification of outstanding equity awards. (2) Included in income (loss) before taxes are charges related to restructuring and other, expense for the modification of outstanding equity awards, and inventory charges. (3) Total assets are attributable to each segment. 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 Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, 2024 |  |  | July 2, 2023 |  |  | June 30, 2024 |  |  | July 2, 2023 |
|  | (in thousands) |  |  | (in thousands) |
Semiconductor Test: |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues—inventory charge |  | $ | 2,408 |  |  | $ | 4,184 |  |  | $ | 7,364 |  |  | $ | 7,952 |
Restructuring and other—employee severance |  |  | — |  |  |  | 2,485 |  |  |  | 1,130 |  |  |  | 3,279 |
System Test: |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues—inventory charge |  | $ | — |  |  | $ | — |  |  | $ | 720 |  |  | $ | 1,113 |
Restructuring and other—employee severance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 642 |
Robotics: |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and other—employee severance |  | $ | 1,308 |  |  | $ | 1,638 |  |  | $ | 1,537 |  |  | $ | 2,071 |
Cost of revenues—inventory charge |  |  | — |  |  |  | 769 |  |  |  | 534 |  |  |  | 1,551 |
Wireless Test: |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues—inventory charge |  | $ | — |  |  | $ | — |  |  | $ | 820 |  |  | $ | 725 |
Corporate and Eliminations: |  |  |  |  |  |  |  |  |  |  |  |
Restructuring and other—acquisition & divestiture related expenses |  | $ | — |  |  | $ | — |  |  | $ | 2,214 |  |  | $ | — |
Selling and administrative —equity modification |  |  | — |  |  |  | — |  |  |  | 1,469 |  |  |  | 5,889 |
Restructuring and other—other |  |  | — |  |  |  | 1,100 |  |  |  | — |  |  |  | 1,100 |
Restructuring and other—employee severance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,124 |

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