Revenue

3 Months Ended

Apr. 04, 2021

Revenue from Contract with Customer [Abstract]

Revenue

D. REVENUE

Disaggregation of Revenue

The following table provides information about disaggregated revenue by timing of revenue recognition, primary geographical market, and major product lines.

	Semiconductor Test						Industrial Automation
	System on-a-Chip		Memory		System Test		Universal Robots		Mobile Industrial Robots		AutoGuide			Wireless Test		Corporate and Other			Total
	(in thousands)
For the Three Months Ended April 4, 2021 (1)
Timing of Revenue Recognition
Point in Time	$	364,190	$	101,892	$	119,314	$	64,007	$	14,064	$	(120	)	$	37,880	$	(143	)	$	701,084
Over Time		56,040		5,941		13,523		1,594		67		339			3,018		—			80,522
Total	$	420,230	$	107,833	$	132,837	$	65,601	$	14,131	$	219		$	40,898	$	(143	)	$	781,606
Geographical Market
Asia Pacific	$	387,236	$	104,049	$	99,520	$	17,833	$	3,447	$	—		$	33,532	$	—		$	645,617
Americas		20,779		3,420		27,659		18,153		5,153		219			5,769		(143	)		81,010
Europe, Middle East and Africa		12,215		364		5,658		29,615		5,531		—			1,597		—			54,980
Total	$	420,230	$	107,833	$	132,837	$	65,601	$	14,131	$	219		$	40,898	$	(143	)	$	781,606
For the Three Months Ended March 29, 2020 (1)
Timing of Revenue Recognition
Point in Time	$	348,044	$	79,398	$	100,712	$	47,502	$	9,097	$	1,124		$	41,056	$	—		$	626,933
Over Time		52,095		4,952		15,364		2,195		41		346			2,429		—			77,422
Total	$	400,139	$	84,350	$	116,076	$	49,697	$	9,138	$	1,470		$	43,485	$	—		$	704,355
Geographical Market
Asia Pacific	$	362,732	$	76,110	$	80,017	$	10,917	$	1,593	$	—		$	37,805	$	—		$	569,174
Americas		17,386		6,896		28,291		14,743		3,465		1,470			4,688		—			76,939
Europe, Middle East and Africa		20,021		1,344		7,768		24,037		4,080		—			992		—			58,242
Total	$	400,139	$	84,350	$	116,076	$	49,697	$	9,138	$	1,470		$	43,485	$	—		$	704,355

(1) Includes $3.1 million and $1.8 million in 2021 and 2020, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.”

Contract Balances

For the three months ended April 4, 2021 and March 29, 2020, Teradyne recognized $27.8 million and $39.5 million, respectively, that was previously included within the deferred revenue and customer advances balances at the beginning of the period. This revenue primarily relates to undelivered hardware, extended warranties, training, application support, and post contract support. Each of these represents a distinct performance obligation. As of April 4, 2021, Teradyne has $1,456.0 million of unsatisfied performance obligations. Teradyne expects to recognize 95% of the remaining performance obligations in the next 12 months, 4% in 1-3 years, and the remainder thereafter.

Accounts Receivable

Teradyne sells certain trade accounts receivables on a non-recourse basis to third-party financial institutions pursuant to factoring agreements. Teradyne accounts for these transactions as sales of receivables and presents cash proceeds as cash provided by operating activities in the consolidated statements of cash flows. Total trade accounts receivable sold under the factoring agreements were $7.3 million and $46.8 million for the three months ended April 4, 2021 and March 29, 2020, respectively. Factoring fees for the sales of receivables were recorded in interest expense and were not material.