XML 45 R38.htm IDEA: XBRL DOCUMENT v3.25.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table sets forth by fair value hierarchy Teradyne’s financial assets and liabilities that were measured at fair value on a recurring basis as of March 30, 2025 and December 31, 2024.

 

 

 

March 30, 2025

 

 

 

Quoted Prices
in Active
Markets for
Identical
Instruments
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

213,718

 

 

$

—

 

 

$

—

 

 

$

213,718

 

Cash equivalents

 

 

260,940

 

 

 

974

 

 

 

—

 

 

 

261,914

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

—

 

 

 

41,950

 

 

 

—

 

 

 

41,950

 

Corporate debt securities

 

 

—

 

 

 

35,933

 

 

 

—

 

 

 

35,933

 

Debt mutual funds

 

 

8,890

 

 

 

—

 

 

 

—

 

 

 

8,890

 

U.S. government agency securities

 

 

—

 

 

 

4,151

 

 

 

—

 

 

 

4,151

 

Certificates of deposit and time deposits

 

 

—

 

 

 

1,484

 

 

 

—

 

 

 

1,484

 

Non-U.S. government securities

 

 

—

 

 

 

782

 

 

 

—

 

 

 

782

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

52,709

 

 

 

—

 

 

 

—

 

 

 

52,709

 

 

$

536,257

 

 

$

85,274

 

 

$

—

 

 

$

621,531

 

Derivative assets

 

 

—

 

 

 

1,216

 

 

 

—

 

 

 

1,216

 

Total

 

$

536,257

 

 

$

86,490

 

 

$

—

 

 

$

622,747

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

 

 

—

 

 

 

1,052

 

 

 

—

 

 

$

1,052

 

Total

 

$

—

 

 

$

1,052

 

 

$

—

 

 

$

1,052

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

474,658

 

 

$

974

 

 

$

—

 

 

$

475,632

 

Marketable securities

 

 

—

 

 

 

32,145

 

 

 

—

 

 

 

32,145

 

Long-term marketable securities

 

 

61,599

 

 

 

52,155

 

 

 

—

 

 

 

113,754

 

Prepayments

 

 

—

 

 

 

1,216

 

 

 

—

 

 

 

1,216

 

Total

 

$

536,257

 

 

$

86,490

 

 

$

—

 

 

$

622,747

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

—

 

 

$

1,052

 

 

$

—

 

 

$

1,052

 

     Total

 

$

—

 

 

$

1,052

 

 

$

—

 

 

$

1,052

 

 

 

 

December 31, 2024

 

 

 

Quoted Prices
in Active
Markets for
Identical
Instruments
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

261,176

 

 

$

—

 

 

$

—

 

 

$

261,176

 

Cash equivalents

 

 

283,037

 

 

 

9,141

 

 

 

—

 

 

 

292,178

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

—

 

 

 

44,942

 

 

 

—

 

 

 

44,942

 

Corporate debt securities

 

 

—

 

 

 

35,696

 

 

 

—

 

 

 

35,696

 

Certificates of deposit and time deposits

 

 

—

 

 

 

21,689

 

 

 

—

 

 

 

21,689

 

Debt mutual funds

 

 

8,951

 

 

 

—

 

 

 

—

 

 

 

8,951

 

U.S. government agency securities

 

 

—

 

 

 

3,970

 

 

 

—

 

 

 

3,970

 

Non-U.S. government securities

 

 

—

 

 

 

773

 

 

 

—

 

 

 

773

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Mutual Funds

 

 

54,412

 

 

 

—

 

 

 

—

 

 

 

54,412

 

 

$

607,576

 

 

$

116,211

 

 

$

—

 

 

$

723,787

 

Derivative assets

 

 

—

 

 

 

1,665

 

 

 

—

 

 

 

1,665

 

Total

 

$

607,576

 

 

$

117,876

 

 

$

—

 

 

$

725,452

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

 

 

—

 

 

 

1,324

 

 

 

—

 

 

 

1,324

 

Total

 

$

—

 

 

$

1,324

 

 

$

—

 

 

$

1,324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Total

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

544,213

 

 

$

9,141

 

 

$

—

 

 

$

553,354

 

Marketable securities

 

 

—

 

 

 

46,312

 

 

 

—

 

 

 

46,312

 

Long-term marketable securities

 

 

63,363

 

 

 

60,758

 

 

 

—

 

 

 

124,121

 

Prepayments

 

 

—

 

 

 

1,665

 

 

 

—

 

 

 

1,665

 

Total

 

$

607,576

 

 

$

117,876

 

 

$

—

 

 

$

725,452

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

—

 

 

$

1,324

 

 

$

—

 

 

$

1,324

 

Total

 

$

—

 

 

$

1,324

 

 

$

—

 

 

$

1,324

 
Schedule of Carrying Amounts and Fair Values of Financial Instruments

The carrying amounts and fair values of Teradyne’s financial instruments at March 30, 2025 and December 31, 2024, were as follows:

 

 

 

March 30, 2025

 

 

December 31, 2024

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

475,632

 

 

$

475,632

 

 

$

553,354

 

 

$

553,354

 

Marketable securities

 

 

145,899

 

 

 

145,899

 

 

 

170,433

 

 

 

170,433

 

Derivative assets

 

 

1,216

 

 

 

1,216

 

 

 

1,665

 

 

 

1,665

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liabilities

 

 

1,052

 

 

 

1,052

 

 

 

1,324

 

 

 

1,324

 
Schedule of Available-for-Sale Marketable Securities

The following table summarizes the composition of available-for-sale marketable securities at March 30, 2025:

 

 

 

March 30, 2025

 

 

 

Available-for-Sale

 

 

 

Cost

 

 

Unrealized
Gain

 

 

Unrealized
(Loss)

 

 

Fair
Market
Value

 

 

Fair Market
Value of
Investments
with Unrealized
Losses

 

 

 

(in thousands)

 

U.S. Treasury securities

 

$

46,506

 

 

$

32

 

 

$

(4,588

)

 

$

41,950

 

 

$

29,698

 

Corporate debt securities

 

 

40,249

 

 

 

138

 

 

 

(4,454

)

 

 

35,933

 

 

 

26,551

 

Debt mutual funds

 

 

9,152

 

 

 

—

 

 

 

(262

)

 

 

8,890

 

 

 

3,138

 

U.S. government agency securities

 

 

4,149

 

 

 

2

 

 

 

—

 

 

 

4,151

 

 

 

2,147

 

Certificates of deposit and time deposits

 

 

1,484

 

 

 

—

 

 

 

—

 

 

 

1,484

 

 

 

—

 

Non-U.S. government securities

 

 

782

 

 

 

—

 

 

 

—

 

 

 

782

 

 

 

—

 

 

$

102,322

 

 

$

172

 

 

$

(9,304

)

 

$

93,190

 

 

$

61,534

 

 

Reported as follows:

 

 

 

Cost

 

 

Unrealized
Gain

 

 

Unrealized
(Loss)

 

 

Fair
Market
Value

 

 

Fair Market
Value of
Investments
with Unrealized
Losses

 

 

 

(in thousands)

 

Marketable securities

 

$

32,213

 

 

$

15

 

 

$

(83

)

 

$

32,145

 

 

$

18,090

 

Long-term marketable securities

 

 

70,109

 

 

 

157

 

 

 

(9,221

)

 

 

61,045

 

 

 

43,444

 

 

$

102,322

 

 

$

172

 

 

$

(9,304

)

 

$

93,190

 

 

$

61,534

 

The following table summarizes the composition of available-for-sale marketable securities at December 31, 2024:

 

 

 

December 31, 2024

 

 

 

Available-for-Sale

 

 

 

Cost

 

 

Unrealized
Gain

 

 

Unrealized
(Loss)

 

 

Fair
Market
Value

 

 

Fair Market
Value of
Investments
with Unrealized
Losses

 

 

 

(in thousands)

 

U.S. Treasury securities

 

$

49,879

 

 

$

14

 

 

$

(4,951

)

 

$

44,942

 

 

$

30,530

 

Corporate debt securities

 

 

40,395

 

 

 

79

 

 

 

(4,778

)

 

 

35,696

 

 

 

27,824

 

Certificates of deposit and time deposits

 

 

21,689

 

 

 

—

 

 

 

—

 

 

 

21,689

 

 

 

—

 

Debt mutual funds

 

 

9,299

 

 

 

—

 

 

 

(348

)

 

 

8,951

 

 

 

3,238

 

U.S. government agency securities

 

 

3,966

 

 

 

5

 

 

 

(1

)

 

 

3,970

 

 

 

1,946

 

Commercial paper

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Non-U.S. government securities

 

 

773

 

 

 

—

 

 

 

—

 

 

 

773

 

 

 

—

 

 

$

126,001

 

 

$

98

 

 

$

(10,078

)

 

$

116,021

 

 

$

63,538

 

 

Reported as follows:

 

 

 

Cost

 

 

Unrealized
Gain

 

 

Unrealized
(Loss)

 

 

Fair
Market
Value

 

 

Fair Market
Value of
Investments
with Unrealized
Losses

 

 

 

(in thousands)

 

Marketable securities

 

$

46,349

 

 

$

16

 

 

$

(53

)

 

 

46,312

 

 

$

10,454

 

Long-term marketable securities

 

 

79,652

 

 

 

82

 

 

 

(10,025

)

 

 

69,709

 

 

 

53,084

 

 

$

126,001

 

 

$

98

 

 

$

(10,078

)

 

$

116,021

 

 

$

63,538

 

 
Contractual Maturities of Investments Held

The contractual maturities of investments in available-for-sale securities held at March 30, 2025, were as follows:

 

 

 

March 30, 2025

 

 

 

Cost

 

 

Fair Market
Value

 

 

 

(in thousands)

 

Due within one year

 

$

32,213

 

 

$

32,145

 

Due after 1 year through 5 years

 

 

16,469

 

 

 

16,395

 

Due after 5 years through 10 years

 

 

9,054

 

 

 

8,795

 

Due after 10 years

 

 

35,434

 

 

 

26,965

 

Total

 

$

93,170

 

 

$

84,300

 
Schedule of Notional Amount of Derivatives

At March 30, 2025 and December 31, 2024, Teradyne had the following contracts to buy and sell non-U.S. currencies for U.S. dollars and other non-U.S. currencies with the following notional amounts:

 

 

 

Net Notional Value

 

 

 

March 30,
2025

 

 

December 31,
2024

 

 

 

(in millions)

 

Currency Hedged (Buy/Sell)

 

 

 

 

 

 

U.S. dollar/Japanese yen

 

$

19.8

 

 

$

12.6

 

U.S. dollar/Taiwan dollar

 

 

15.7

 

 

 

14.5

 

U.S. dollar/Korean won

 

 

9.3

 

 

 

4.2

 

Danish krone/Chinese yuan

 

 

4.2

 

 

 

10.5

 

U.S. dollar/Danish krone

 

 

4.0

 

 

 

—

 

U.S. dollar/British pound sterling

 

 

1.3

 

 

 

1.2

 

Singapore dollar/U.S. dollar

 

 

46.0

 

 

 

28.9

 

Euro/U.S. dollar

 

 

23.8

 

 

 

22.3

 

Philippine peso/U.S. dollar

 

 

1.8

 

 

 

9.4

 

Chinese yuan/U.S. dollar

 

 

1.3

 

 

 

1.6

 

Danish krone/U.S. dollar

 

 

0.7

 

 

 

16.9

 

Total

 

$

127.9

 

 

$

122.1

 
Schedule of Foreign Currency Cash Flow Hedges

At March 30, 2025 and December 31, 2024, Teradyne had the following cash flow hedge contracts to buy and sell non-U.S. currencies for U.S. dollars with the following notional amounts:

 

 

 

Net Notional Value

 

 

 

March 30,
2025

 

 

December 31,
2024

 

 

 

(in millions)

 

Currency Hedged (Buy/Sell)

 

 

 

 

 

 

U.S. dollar/Japanese yen

 

$

6.1

 

 

$

15.6

 

Total

 

$

6.1

 

 

$

15.6

 
Schedule of Derivative Instruments in Statement of Financial Position at Fair Value

The following table summarizes the fair value of derivative instruments as of March 30, 2025 and December 31, 2024:

 

 

 

Balance Sheet Location

 

March 30,
2025

 

 

December 31,
2024

 

 

 

 

 

(in thousands)

 

Derivatives not designated as hedging instruments:

 

Foreign exchange forward contracts

 

Other current assets

 

$

1,216

 

 

$

725

 

Foreign exchange forward contracts

 

Other current liabilities

 

 

(984

)

 

 

(1,324

)

Derivatives designated as hedging instruments:

 

Foreign exchange forward contracts

 

Other current assets

 

 

—

 

 

 

940

 

Foreign exchange forward contracts

 

Other current liabilities

 

 

(68

)

 

 

—

 

Total derivatives

 

 

 

$

164

 

 

$

341

 
Schedule of Effect of Derivative Instruments on Statement of Operations Recognized

The following table summarizes the effect of derivative instruments recognized in the statement of operations for the three months ended March 30, 2025 and March 31, 2024:

 

 

 

 

 

For the Three Months
 Ended

 

 

 

Location of (Gains) Losses
Recognized in Statement
of Operations

 

March 30,
2025

 

 

March 31,
2024

 

 

 

 

 

(in thousands)

 

Derivatives not designated as hedging instruments:

 

Foreign exchange forward contracts (1)

 

Other (income) expense, net

 

$

(166

)

 

$

(1,699

)

Foreign exchange option contracts

 

Other (income) expense, net

 

 

—

 

 

 

13,918

 

Derivatives designated as hedging instruments:

 

Foreign exchange forward and option contracts

 

Revenue

 

 

(747

)

 

 

(2,280

)

Total Derivatives

 

 

 

$

(913

)

 

$

9,939

 

 

(1)
The table does not reflect the corresponding gains and losses from the remeasurement of the monetary assets and liabilities denominated in foreign currencies. For the three months ended March 30, 2025 and March 31, 2024, net losses from remeasurement of monetary assets and liabilities denominated in foreign currencies were $2.2 million and $2.7 million, respectively.