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Segment, Geographic and Significant Customer Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment, Geographic and Significant Customer Information | U. SEGMENT, GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION Teradyne historically has had four reportable segments (Semiconductor Test, System Test, Wireless Test and Robotics). Each of the reportable segments represented an individual operating segment. In the fourth quarter of 2024, Teradyne observed a shift in forecasted revenue generating activities within Integrated System Test, a historical component of System Test, to activities that more closely align with the Semiconductor Test segment. In response, beginning in the fourth quarter of 2024, Teradyne made changes to the operational structure of the business to better align the components within the operating segments based on the chief operating decision maker’s ("CODM") conclusion that it would be more appropriate to include Integrated System Test results within Semiconductor Test results. This was a primary consideration for including Integrated System Test within Semiconductor Test and will allow for better informed decisions related to evaluating segment performance. This change does not result in a change in the identified operating segments. However, the System Test segment no longer meets the requirements for individual disclosure. Wireless Test also does not meet the requirements for individual disclosure. As such, System Test and Wireless Test will be included within the “All other” segments category. As of December 31, 2024, Teradyne has two reportable segments (Semiconductor Test and Robotics). Each of the reportable segments continues to represent an individual operating segment. The Semiconductor Test segment includes operations related to the design, manufacturing and marketing of semiconductor test products and services inclusive of storage and system level test products. The Robotics segment includes operations related to the design, manufacturing and marketing of collaborative robotic arms and autonomous mobile robots. Each reportable segment has a segment manager who is accountable to and maintains regular contact with Teradyne’s CODM (Teradyne’s chief executive officer) to discuss operating activities, financial results, forecasts, and plans for the segment. The CODM uses business segment income (loss) before income taxes predominantly in the annual budgeting and forecasting process. The CODM also uses this measure when making decisions about the allocation of operating and capital resources to each segment. 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, 2024, 2023 and 2022 is as follows:
| Semiconductor Test |  |  | Robotics |  |  | Reportable Segments |  |  | All Other |  |  | Corporate and Eliminations |  |  | Consolidated |
| (in thousands) |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 2,123,920 |  |  | $ | 364,848 |  |  | $ | 2,488,768 |  |  | $ | 331,112 |  |  | $ | — |  |  | $ | 2,819,880 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues |  | 866,353 |  |  |  | 155,080 |  |  |  | 1,021,433 |  |  |  | 120,400 |  |  |  | — |  |  |  | 1,141,833 |
Engineering and development |  | 295,614 |  |  |  | 67,306 |  |  |  | 362,920 |  |  |  | 46,556 |  |  |  | — |  |  |  | 409,476 |
Selling and marketing |  | 187,384 |  |  |  | 113,327 |  |  |  | 300,711 |  |  |  | 50,317 |  |  |  | — |  |  |  | 351,028 |
General and administrative |  | 89,952 |  |  |  | 54,328 |  |  |  | 144,280 |  |  |  | 21,282 |  |  |  | — |  |  |  | 165,562 |
Other segment items (1)(2) |  | 126,449 |  |  |  | 52,359 |  |  |  | 178,808 |  |  |  | 26,833 |  |  |  | (62,746 | ) |  |  | 142,895 |
Income (loss) before taxes (2) |  | 558,168 |  |  |  | (77,552 | ) |  |  | 480,616 |  |  |  | 65,724 |  |  |  | 62,746 |  |  |  | 609,086 |
Total assets (3) |  | 1,287,219 |  |  |  | 742,017 |  |  |  | 2,029,236 |  |  |  | 213,749 |  |  |  | 1,465,730 |  |  |  | 3,708,714 |
Property additions |  | 168,130 |  |  |  | 22,275 |  |  |  | 190,405 |  |  |  | 7,690 |  |  |  | — |  |  |  | 198,095 |
Depreciation and amortization expense |  | 85,737 |  |  |  | 27,668 |  |  |  | 113,405 |  |  |  | 6,336 |  |  |  | — |  |  |  | 119,741 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 1,957,188 |  |  | $ | 375,183 |  |  | $ | 2,332,371 |  |  | $ | 343,927 |  |  | $ | — |  |  | $ | 2,676,298 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues |  | 846,570 |  |  |  | 151,833 |  |  |  | 998,403 |  |  |  | 118,040 |  |  |  | — |  |  |  | 1,116,443 |
Engineering and development |  | 257,387 |  |  |  | 68,668 |  |  |  | 326,055 |  |  |  | 44,538 |  |  |  | — |  |  |  | 370,593 |
Selling and marketing |  | 162,068 |  |  |  | 107,157 |  |  |  | 269,225 |  |  |  | 50,131 |  |  |  | — |  |  |  | 319,356 |
General and administrative |  | 77,786 |  |  |  | 56,483 |  |  |  | 134,269 |  |  |  | 25,104 |  |  |  | — |  |  |  | 159,373 |
Other segment items (1)(2) |  | 114,873 |  |  |  | 45,294 |  |  |  | 160,167 |  |  |  | 26,657 |  |  |  | (1,863 | ) |  |  | 184,961 |
Income (loss) before taxes (2) |  | 498,504 |  |  |  | (54,252 | ) |  |  | 444,252 |  |  |  | 79,457 |  |  |  | 1,863 |  |  |  | 525,572 |
Total assets (3) |  | 1,388,842 |  |  |  | 737,323 |  |  |  | 2,126,165 |  |  |  | 191,055 |  |  |  | 1,169,605 |  |  |  | 3,486,824 |
Property additions |  | 113,664 |  |  |  | 40,739 |  |  |  | 154,403 |  |  |  | 5,239 |  |  |  | — |  |  |  | 159,642 |
Depreciation and amortization expense |  | 78,568 |  |  |  | 25,527 |  |  |  | 104,095 |  |  |  | 7,021 |  |  |  | (230 | ) |  |  | 110,886 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues | $ | 2,350,603 |  |  | $ | 403,138 |  |  | $ | 2,753,741 |  |  | $ | 401,053 |  |  | $ | 251 |  |  | $ | 3,155,045 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of revenues |  | 970,972 |  |  |  | 161,383 |  |  |  | 1,132,355 |  |  |  | 125,522 |  |  |  | — |  |  |  | 1,257,877 |
Engineering and development |  | 272,296 |  |  |  | 64,670 |  |  |  | 336,966 |  |  |  | 44,111 |  |  |  | — |  |  |  | 381,077 |
Selling and marketing |  | 156,520 |  |  |  | 101,584 |  |  |  | 258,104 |  |  |  | 51,888 |  |  |  | — |  |  |  | 309,992 |
General and administrative |  | 75,544 |  |  |  | 57,845 |  |  |  | 133,389 |  |  |  | 20,785 |  |  |  | — |  |  |  | 154,174 |
Other segment items (1)(2) |  | 131,464 |  |  |  | 33,785 |  |  |  | 165,249 |  |  |  | 34,587 |  |  |  | 11,704 |  |  |  | 211,540 |
Income (loss) before taxes (2) |  | 743,807 |  |  |  | (16,129 | ) |  |  | 727,678 |  |  |  | 124,160 |  |  |  | (11,453 | ) |  |  | 840,385 |
Total assets (3) |  | 1,435,766 |  |  |  | 665,638 |  |  |  | 2,101,403 |  |  |  | 207,079 |  |  |  | 1,192,769 |  |  |  | 3,501,252 |
Property additions |  | 126,899 |  |  |  | 25,711 |  |  |  | 152,610 |  |  |  | 10,639 |  |  |  | — |  |  |  | 163,249 |
Depreciation and amortization expense |  | 76,922 |  |  |  | 25,339 |  |  |  | 102,261 |  |  |  | 7,836 |  |  |  | 578 |  |  |  | 110,675 |
(1) For each reportable segment, the other segment items category includes equity and variable compensation, acquired intangible assets amortization, and restructuring and other charges. (2) Included in Corporate and Eliminations are interest income, interest expense, net foreign exchange gains (losses), intercompany eliminations, acquired intangible amortization, gain on the sale of a business, pension and postretirement plan actuarial gains (losses), legal and environmental fees, contingent consideration adjustments, acquisition and divestiture related expenses, contract termination settlement charge, and an expense for the modification of Teradyne's former chief executive officer's outstanding equity awards. (3) Total assets are attributable to each segment. In 2023, Semiconductor Test includes $34.8 million of total assets classified as assets held for sale. See Note E: "Dispositions" for additional information. Corporate assets consist of cash and cash equivalents, marketable securities and certain other assets. Information as to Teradyne’s revenues by country is as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Revenues from customers (1): |  |  |  |  |  |  |  |  |
Korea |  | $ | 695,669 |  |  | $ | 394,690 |  |  | $ | 544,816 |
Taiwan |  |  | 601,997 |  |  |  | 384,842 |  |  |  | 626,424 |
China |  |  | 375,186 |  |  |  | 314,899 |  |  |  | 491,798 |
United States |  |  | 374,333 |  |  |  | 433,661 |  |  |  | 469,948 |
Europe |  |  | 251,285 |  |  |  | 273,784 |  |  |  | 268,384 |
Japan |  |  | 159,827 |  |  |  | 281,742 |  |  |  | 162,920 |
Singapore |  |  | 90,113 |  |  |  | 116,969 |  |  |  | 99,503 |
Malaysia |  |  | 62,376 |  |  |  | 89,197 |  |  |  | 142,203 |
Philippines |  |  | 53,636 |  |  |  | 189,419 |  |  |  | 124,107 |
Thailand |  |  | 49,268 |  |  |  | 91,818 |  |  |  | 137,356 |
Rest of the World |  |  | 106,190 |  |  |  | 105,277 |  |  |  | 87,586 |
|  | $ | 2,819,880 |  |  | $ | 2,676,298 |  |  | $ | 3,155,045 |
(1) Revenues attributable to a country are based on location of customer site. In 2024, revenues from Samsung, a customer of our Semiconductor Test segment, accounted for 12.5% of our consolidated revenues. In 2023, revenues from Texas Instruments Inc., a customer of our Semiconductor Test segment, accounted for 10% of our 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. Long-lived assets by geographic area:
|  | United States |  |  | Foreign (1) |  |  | Total |
|  | (in thousands) |
December 31, 2024 |  | $ | 328,733 |  |  | $ | 249,623 |  |  | $ | 578,356 |
December 31, 2023 (2) |  | $ | 322,445 |  |  | $ | 207,995 |  |  | $ | 530,440 |
(1) As of December 31, 2024 and December 31, 2023, long-lived assets attributable to Denmark were $85.1 million and $78.1 million, respectively. Long-lived assets attributable to Singapore were $74.8 million as of December 31, 2024. (2) Includes $11.5 million of long-lived assets classified as assets held for sale. See Note E: "Dispositions" for additional information.

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- Definition The entire disclosure for reporting segments including data and tables. 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