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Acquisitions | 6 Months Ended
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Jun. 29, 2025
Business Combinations [Abstract] |
Acquisitions | D. ACQUISITIONS Quantifi Photonics On May 31, 2025, Teradyne acquired all of the issued and outstanding shares of Quantifi Photonics ("Quantifi"), a privately held company in New Zealand and a leader in photonic integrated circuit ("PIC") test solutions for a total purchase price of approximately $127.2 million, subject to customary working capital adjustments. The acquisition of Quantifi is expected to enable Teradyne to deliver scalable PIC test solutions. Teradyne's allocation of the purchase price was goodwill of $83.1 million, which is not deductible for tax purposes, acquired intangible assets of $43.6 million with a weighted average estimated useful life of 10.0 years, and $0.6 million of net tangible assets. The goodwill is attributable to cost synergies, assembled workforce and anticipated incremental revenue streams. Teradyne's estimates and assumptions used in determining the estimated fair values of certain assets and liabilities are subject to change within the measurement period (up to one year from the acquisition date) as a result of additional information obtained with regards to facts and circumstances that existed as of the acquisition date. The results of Quantifi have been included in Teradyne's Product Test segment from the date of acquisition. Based upon a preliminary valuation, the total purchase price was allocated as follows:
|  | Purchase Price Allocation |
|  | (in thousands) |
Goodwill |  | $ | 83,068 |
Intangible Assets |  |  | 43,600 |
Tangible assets acquired and liabilities assumed: |  |  |
Current assets |  |  | 6,148 |
Long-term deferred tax assets |  |  | 6,271 |
Other non-current assets |  |  | 2,516 |
Accounts payable and current liabilities |  |  | (1,609 | )
Long-term deferred tax liabilities |  |  | (12,208 | )
Other long-term liabilities |  |  | (548 | )
Total purchase price |  | $ | 127,238 |
Teradyne estimated the fair value of intangible assets using the income and cost approaches. The fair value of Developed technology was estimated using the Multi-Period Excess Earnings Method. Acquired intangible assets are amortized on a straight-line basis over their estimated useful lives. Components of these intangible assets and their estimated useful lives at the acquisition date are as follows:
|  | Fair Value |  |  | Estimated Useful Life |
|  | (in thousands) |  |  | (in years) |
Developed technology |  | $ | 38,600 |  |  |  | 10.0 |
Trademarks and tradenames |  |  | 4,400 |  |  |  | 10.0 |
Customer relationships |  |  | 600 |  |  |  | 8.0 |
Total Intangible Assets |  | $ | 43,600 |  |  |  | 10.0 |
Teradyne has not included Quantifi's contribution to total company revenue or income from operations before income taxes or pro forma financial information as the impact of the acquisition on the condensed consolidated financial statements is not material. Automated Test Equipment Technology On January 31, 2025, Teradyne acquired from Infineon Technologies AG ("Infineon") its automated test equipment technology and associated development team ("AET") based in Regensburg, Germany for a total purchase price of 17.6 million Euros, equivalent to $18.3 million, subject to customary adjustments. AET adds resources and expertise to Teradyne and strengthens the relationship between Teradyne and Infineon. The AET acquisition was accounted for as a business combination and, accordingly, the results have been included in Teradyne's Semiconductor Test segment from the date of acquisition. As of the acquisition date, Teradyne's purchase price allocation was goodwill of $1.3 million for expected synergies from combining operations, acquired intangible assets of $6.4 million, consisting of developed technology and customer relationships, with a weighted average estimated useful life of 4.6 years, and $10.7 million of net tangible assets, including $11.7 million of inventory. The fair values of the tangible and identifiable intangible assets acquired and liabilities assumed are based on management's estimates and assumptions. The acquisition was not material to Teradyne's condensed consolidated financial statements.

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