QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) | |
(Address of Principal Executive Offices) |
(Zip Code) | |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| ☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer |
☐ | Emerging growth company | ||||
| Smaller reporting company | ||||||
Item 1: |
Financial Statements |
October 3, 2021 |
December 31, 2020 |
|||||||
(in thousands, except per share amount) |
||||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ |
$ |
||||||
| Marketable securities |
||||||||
| Accounts receivable, less allowance for credit losses of $ |
||||||||
| Inventories, net |
||||||||
| Prepayments and other current assets |
||||||||
| |
|
|
|
|||||
| Total current assets |
||||||||
| Property, plant and equipment, net |
||||||||
| Operating lease right-of-use |
||||||||
| Marketable securities |
||||||||
| Deferred tax assets |
||||||||
| Retirement plans assets |
||||||||
| Other assets |
||||||||
| Acquired intangible assets, net |
||||||||
| Goodwill |
||||||||
| |
|
|
|
|||||
| Total assets |
$ |
$ |
||||||
| |
|
|
|
|||||
| LIABILITIES |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ |
$ |
||||||
| Accrued employees’ compensation and withholdings |
||||||||
| Deferred revenue and customer advances |
||||||||
| Other accrued liabilities |
||||||||
| Operating lease liabilities |
||||||||
| Income taxes payable |
||||||||
| Current debt |
||||||||
| |
|
|
|
|||||
| Total current liabilities |
||||||||
| Retirement plans liabilities |
||||||||
| Long-term deferred revenue and customer advances |
||||||||
| Long-term contingent consideration |
||||||||
| Long-term other accrued liabilities |
||||||||
| Deferred tax liabilities |
||||||||
| Long-term operating lease liabilities |
||||||||
| Long-term incomes taxes payable |
||||||||
| Debt |
||||||||
| |
|
|
|
|||||
| Total liabilities |
||||||||
| |
|
|
|
|||||
| Commitments and contingencies |
||||||||
| Mezzanine equity: |
||||||||
| Convertible common shares |
||||||||
| SHAREHOLDERS’ EQUITY |
||||||||
| Common stock, $ |
||||||||
| Additional paid-in capital |
||||||||
| Accumulated other comprehensive income |
||||||||
| Retained earnings |
||||||||
| |
|
|
|
|||||
| Total shareholders’ equity |
||||||||
| |
|
|
|
|||||
| Total liabilities, convertible common shares and shareholders’ equity |
$ |
$ |
||||||
| |
|
|
|
|||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands, except per share amount) |
||||||||||||||||
| Revenues: |
||||||||||||||||
| Products |
$ | $ | $ | $ | ||||||||||||
| Services |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total revenues |
||||||||||||||||
| Cost of revenues: |
||||||||||||||||
| Cost of products |
||||||||||||||||
| Cost of services |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Gross profit |
||||||||||||||||
| Operating expenses: |
||||||||||||||||
| Selling and administrative |
||||||||||||||||
| Engineering and development |
||||||||||||||||
| Acquired intangible assets amortization |
||||||||||||||||
| Restructuring and other |
( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Income from operations |
||||||||||||||||
| Non-operating (income) expense: |
||||||||||||||||
| Interest income |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Interest expense |
||||||||||||||||
| Other (income) expense, net |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Income before income taxes |
||||||||||||||||
| Income tax provision |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net income |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net income per common share: |
||||||||||||||||
| Basic |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Weighted average common shares—basic |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Weighted average common shares—diluted |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
| Net income |
$ | $ | $ | $ | ||||||||||||
| Other comprehensive income, net of tax: |
||||||||||||||||
| Foreign currency translation adjustment, net of tax of $ |
( |
) | ( |
) | ||||||||||||
| Available-for-sale |
||||||||||||||||
| Unrealized (losses) gains on marketable securities arising during period, net of tax of $( |
( |
) | ( |
) | ||||||||||||
| Less: Reclassification adjustment for gains included in net income, net of tax of $( |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| ( |
) | ( |
) | ( |
) | |||||||||||
| Defined benefit post-retirement plan: |
||||||||||||||||
| Amortization of prior service credit, net of tax of $ |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Other comprehensive (loss) income |
( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Comprehensive income |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Shareholders’ Equity |
||||||||||||||||||||||||||||
Convertible Common Share s Value |
Common Stock Shares |
Common Stock Par Value |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings (Accumulated Deficit) |
Total Shareholders’ Equity |
||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||
| For the Three Months Ended October 3, 2021 |
||||||||||||||||||||||||||||
| Balance, July 4, 2021 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
| Net issuance of common stock under stock-based plans |
( |
) | ( |
) | ||||||||||||||||||||||||
| Stock-based compensation expense |
||||||||||||||||||||||||||||
| Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
| Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
| Settlements of convertible notes |
||||||||||||||||||||||||||||
| Exercise of convertible notes hedge call options |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
| Convertible common shares |
( |
) | ||||||||||||||||||||||||||
| Net income |
||||||||||||||||||||||||||||
| Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance, October 3, 2021 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| For the Three Months Ended September 27, 2020 |
||||||||||||||||||||||||||||
| Balance, June 28, 2020 |
$ | — | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||
| Net issuance of common stock under stock-based plans |
||||||||||||||||||||||||||||
| Stock-based compensation expense |
||||||||||||||||||||||||||||
| Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
| Net income |
||||||||||||||||||||||||||||
| Other comprehensive income |
||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance, September 27, 2020 |
$ | — | $ | $ | $ | $ | $ | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| For the Nine Months Ended October 3, 2021 |
||||||||||||||||||||||||||||
| Balance, December 31, 2020 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
| Net issuance of common stock under stock-based plans |
( |
) | ||||||||||||||||||||||||||
| Stock-based compensation expense |
||||||||||||||||||||||||||||
| Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
| Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
| Settlements of convertible notes |
||||||||||||||||||||||||||||
| Exercise of convertible notes hedge call options |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
| Convertible common shares |
( |
) | ||||||||||||||||||||||||||
| Net income |
||||||||||||||||||||||||||||
| Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance, October 3, 2021 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| For the Nine Months Ended September 27, 2020 |
||||||||||||||||||||||||||||
| Balance, December 31, 2019 |
$ | — | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||
| Net issuance of common stock under stock-based plans |
||||||||||||||||||||||||||||
| Stock-based compensation expense |
||||||||||||||||||||||||||||
| Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
| Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
| Net income |
||||||||||||||||||||||||||||
| Other comprehensive income |
||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance, September 27, 2020 |
$ | — | $ | $ | $ | $ | $ | |||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the Nine Months Ended |
||||||||
October 3, 2021 |
September 27, 2020 |
|||||||
(in thousands) |
||||||||
| Cash flows from operating activities: |
||||||||
| Net income |
$ | $ | ||||||
| Adjustments to reconcile net income from operations to net cash provided by operating activities: |
||||||||
| Depreciation |
||||||||
| Stock-based compensation |
||||||||
| Amortization |
||||||||
| Loss on convertible debt conversion |
— | |||||||
| Provision for excess and obsolete inventory |
||||||||
| Deferred taxes |
( |
) | ( |
) | ||||
| Contingent consideration adjustment |
( |
) | ( |
) | ||||
| Gains on investments |
( |
) | ( |
) | ||||
| Retirement plan actuarial (gains) losses |
( |
) | ||||||
| Other |
||||||||
| Changes in operating assets and liabilities, net of businesses acquired: |
||||||||
| Accounts receivable |
( |
) | ( |
) | ||||
| Inventories |
||||||||
| Prepayments and other assets |
( |
) | ( |
) | ||||
| Accounts payable and other liabilities |
||||||||
| Deferred revenue and customer advances |
||||||||
| Retirement plans contributions |
( |
) | ( |
) | ||||
| Income taxes |
( |
) | ||||||
| |
|
|
|
|||||
| Net cash provided by operating activities |
||||||||
| |
|
|
|
|||||
| Cash flows from investing activities: |
||||||||
| Purchases of property, plant and equipment |
( |
) | ( |
) | ||||
| Purchases of marketable securities |
( |
) | ( |
) | ||||
| Proceeds from maturities of marketable securities |
||||||||
| Proceeds from sales of marketable securities |
||||||||
| Purchase of investment and acquisition of business |
( |
) | ||||||
| Proceeds from life insurance |
— | |||||||
| |
|
|
|
|||||
| Net cash provided by (used for) investing activities |
( |
) | ||||||
| |
|
|
|
|||||
| Cash flows from financing activities: |
||||||||
| Issuance of common stock under stock purchase and stock option plans |
||||||||
| Repurchase of common stock |
( |
) | ( |
) | ||||
| Payments of convertible debt principal |
( |
) | — | |||||
| Dividend payments |
( |
) | ( |
) | ||||
| Payments related to net settlement of employee stock compensation awards |
( |
) | ( |
) | ||||
| Payments of contingent consideration |
— | ( |
) | |||||
| |
|
|
|
|||||
| Net cash used for financing activities |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Effects of exchange rate changes on cash and cash equivalents |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Increase in cash and cash equivalents |
||||||||
| Cash and cash equivalents at beginning of period |
||||||||
| |
|
|
|
|||||
| Cash and cash equivalents at end of period |
$ | $ | ||||||
| |
|
|
|
|||||
| Non-cash investing activities: |
||||||||
| Capital expenditures incurred but not yet paid: |
$ | $ | ||||||
| • | semiconductor test (“Semiconductor Test”) systems; |
| • | storage and system level test (“Storage Test”) systems, defense/aerospace (“Defense/Aerospace”) test instrumentation and systems, and circuit-board test and inspection (“Production Board Test”) systems (collectively these products represent “System Test”); |
| • | wireless test (“Wireless Test”) systems; and |
| • | industrial automation (“Industrial Automation”) products. |
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 October 3, 2021 (1) |
||||||||||||||||||||||||||||||||||||
| Timing of Revenue Recognition |
||||||||||||||||||||||||||||||||||||
| Point in Time |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| Over Time |
— |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Geographical Market |
||||||||||||||||||||||||||||||||||||
| Asia Pacific |
$ |
$ |
$ |
$ |
$ |
$ |
— |
$ |
$ |
— |
$ |
|||||||||||||||||||||||||
| Americas |
( |
) |
||||||||||||||||||||||||||||||||||
| Europe, Middle East and Africa |
— |
— |
||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| For the Three Months Ended September 27, 2020 (1) |
||||||||||||||||||||||||||||||||||||
| Timing of Revenue Recognition |
||||||||||||||||||||||||||||||||||||
| Point in Time |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| Over Time |
— |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Geographical Market |
||||||||||||||||||||||||||||||||||||
| Asia Pacific |
$ |
$ |
$ |
$ |
$ |
$ |
— |
$ |
$ |
— |
$ |
|||||||||||||||||||||||||
| Americas |
( |
) |
||||||||||||||||||||||||||||||||||
| Europe, Middle East and Africa |
— |
— |
||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| For the Nine Months Ended October 3, 2021 (2) |
||||||||||||||||||||||||||||||||||||
| Timing of Revenue Recognition |
||||||||||||||||||||||||||||||||||||
| Point in Time |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| Over Time |
— |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Geographical Market |
||||||||||||||||||||||||||||||||||||
| Asia Pacific |
$ |
$ |
$ |
$ |
$ |
$ |
— |
$ |
$ |
— |
$ |
|||||||||||||||||||||||||
| Americas |
( |
) |
||||||||||||||||||||||||||||||||||
| Europe, Middle East and Africa |
— |
— |
||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| For the Nine Months Ended September 27, 2020 (2) |
||||||||||||||||||||||||||||||||||||
| Timing of Revenue Recognition |
||||||||||||||||||||||||||||||||||||
| Point in Time |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| Over Time |
— |
|||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Geographical Market |
||||||||||||||||||||||||||||||||||||
| Asia Pacific |
$ |
$ |
$ |
$ |
$ |
$ |
— |
$ |
$ |
— |
$ |
|||||||||||||||||||||||||
| Americas |
( |
) |
||||||||||||||||||||||||||||||||||
| Europe, Middle East and Africa |
— |
— |
||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| (1) | Includes $ “Revenue from Contracts with Customers.” |
| (2) | Includes $ Revenue from Contracts with Customers |
October 3, 2021 |
December 31, 2020 |
|||||||
(in thousands) |
||||||||
| Raw material |
$ | $ | ||||||
| Work-in-process |
||||||||
| Finished goods |
||||||||
| |
|
|
|
|||||
| $ | $ | |||||||
| |
|
|
|
|||||
October 3, 2021 |
||||||||||||||||
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 |
$ | $ | — | $ | — | $ | ||||||||||
| Cash equivalents |
— | |||||||||||||||
| Available-for-sale |
||||||||||||||||
| Commercial paper |
— | — | ||||||||||||||
| U.S. Treasury securities |
— | — | ||||||||||||||
| Corporate debt securities |
— | — | ||||||||||||||
| Debt mutual funds |
— | — | ||||||||||||||
| U.S. government agency securities |
— | — | ||||||||||||||
| Certificates of deposit and time deposits |
— | — | ||||||||||||||
| Non-U.S. government securities |
— | — | ||||||||||||||
| Equity securities: |
||||||||||||||||
| Mutual funds |
— | — | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| $ | $ | $ | — | $ | ||||||||||||
| Derivative assets |
— | — | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ | $ | $ | — | $ | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Derivative liabilities |
— | — | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ | — | $ | $ | — | $ | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Reported as follows: | ||||||||||||||||
(Level 1) |
(Level 2) |
(Level 3) |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
| Assets |
||||||||||||||||
| Cash and cash equivalents |
$ | $ | $ | — | $ | |||||||||||
| Marketable securities |
— | — | ||||||||||||||
| Long-term marketable securities |
— | |||||||||||||||
| Prepayments and other current assets |
— | — | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ | $ | $ | — | $ | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Other current liabilities |
$ | — | $ | $ | — | $ | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ | — | $ | $ | — | $ | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
December 31, 2020 |
||||||||||||||||
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 |
$ | $ | — | $ | — | $ | ||||||||||
Cash equivalents |
— | |||||||||||||||
Available-for-sale |
— | |||||||||||||||
U.S. Treasury securities |
— | — | ||||||||||||||
Commercial paper |
— | — | ||||||||||||||
Corporate debt securities |
— | — | ||||||||||||||
Debt mutual funds |
— | — | ||||||||||||||
U.S. government agency securities |
— | — | ||||||||||||||
Certificates of deposit and time deposits |
— | — | ||||||||||||||
Non-U.S. government securities |
— | — | ||||||||||||||
Equity securities: |
||||||||||||||||
Equity mutual funds |
— | — | ||||||||||||||
| $ | $ | $ | — | $ | ||||||||||||
Derivative assets |
— | — | ||||||||||||||
Total |
$ | $ | $ | — | $ | |||||||||||
Liabilities |
||||||||||||||||
Contingent consideration |
$ | — | $ | — | $ | $ | ||||||||||
Derivative liabilities |
— | — | ||||||||||||||
Total |
$ | — | $ | $ | $ | |||||||||||
Reported as follows: |
||||||||||||||||
(Level 1) |
(Level 2) |
(Level 3) |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
Assets |
||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | — | $ | |||||||||||
Marketable securities |
— | — | ||||||||||||||
Long-term marketable securities |
— | |||||||||||||||
Prepayments and other current assets |
— | — | ||||||||||||||
Total |
$ | $ | $ | — | $ | |||||||||||
Liabilities |
||||||||||||||||
Other accrued liabilities |
$ | — | $ | $ | — | $ | ||||||||||
Long-term contingent consideration |
— | — | ||||||||||||||
Total |
$ | — | $ | $ | $ | |||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
Balance at beginning of period |
$ | $ | $ | $ | ||||||||||||
Fair value adjustment (a)(b)(c) |
( |
) | ( |
) | ( |
) | ||||||||||
Foreign currency impact |
( |
) | ||||||||||||||
Payments (d) |
— | — | — | ( |
) | |||||||||||
Balance at end of period |
$ | $ | $ | $ | ||||||||||||
| (a) | In the nine months ended October 3, 2021, the fair value of contingent consideration for the earn-outs in connection with the acquisition of AutoGuide was reduced to zero, which resulted in a benefit of $ earn-out periods end on December 31, 2021 and December 31, 2022. The sellers of AutoGuide have filed an arbitration claim against Teradyne related to allegations of non-compliance with its earn-out obligations. The ultimate amount of contingent consideration for the earn-outs in connection with the acquisition of AutoGuide may be affected by the outcome of the arbitration (see Note R: “Commitments and Contingencies”). |
| (b) | In the three and nine months ended September 27, 2020, the fair value of contingent consideration for the earn-outs in connection with the acquisition of AutoGuide decreased by $ |
| (c) | In the nine months ended September 27, 2020, the fair value of contingent consideration for the earn-outs in connection with the acquisition of Mobile Industrial Robots (“MiR”) decreased by $ |
| (d) | In the nine months ended September 27, 2020, Teradyne paid $ earn-out in connection with the acquisition of MiR. |
October 3, 2021 |
December 31, 2020 |
|||||||||||||||
Carrying Value |
Fair Value |
Carrying Value |
Fair Value |
|||||||||||||
(in thousands) |
||||||||||||||||
Assets |
||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | $ | ||||||||||||
Marketable securities |
||||||||||||||||
Derivative assets |
||||||||||||||||
Liabilities |
||||||||||||||||
Contingent consideration |
— | — | ||||||||||||||
Derivative liabilities |
||||||||||||||||
Convertible debt (1) |
||||||||||||||||
| (1) | The carrying value represents the bifurcated debt component only, while the level 2 fair value is based on quoted market prices for the convertible note, which includes the equity conversion features. |
October 3, 2021 |
||||||||||||||||||||
Available-for-Sale |
||||||||||||||||||||
Cost |
Unrealized Gain |
Unrealized (Loss) |
Fair Market Value |
Fair Market Value of Investments with Unrealized Losses |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Commercial paper |
$ | $ | $ | $ | $ | |||||||||||||||
| U.S. Treasury securities |
( |
) | ||||||||||||||||||
| Corporate debt securities |
( |
) | ||||||||||||||||||
| Debt mutual funds |
— | — | ||||||||||||||||||
| U.S. government agency securities |
( |
) | ||||||||||||||||||
| Certificates of deposit and time deposits |
— | — | ||||||||||||||||||
| Non-U.S. government securities |
— | — | — | |||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | $ | $ | ( |
) | $ | $ | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
Cost |
Unrealized Gain |
Unrealized (Loss) |
Fair Market Value |
Fair Market Value of Investments with Unrealized Losses |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Marketable securities |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||
| Long-term marketable securities |
( |
) | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | $ | $ | ( |
) | $ | $ | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
December 31, 2020 |
||||||||||||||||||||
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 |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||
| Commercial paper |
( |
) | ||||||||||||||||||
| Corporate debt securities |
( |
) | ||||||||||||||||||
| Debt mutual funds |
— | — | ||||||||||||||||||
| U.S. government agency securities |
( |
) | ||||||||||||||||||
| Certificates of deposit and time deposits |
— | — | — | |||||||||||||||||
| Non-U.S. government securities |
— | — | — | |||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | $ | $ | ( |
) | $ | $ | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
Cost |
Unrealized Gain |
Unrealized (Loss) |
Fair Market Value |
Fair Market Value of Investments with Unrealized Losses |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Marketable securities |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||
| Long-term marketable securities |
( |
) | ||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | $ | $ | ( |
) | $ | $ | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
October 3, 2021 |
||||||||
Cost |
Fair Market Value |
|||||||
(in thousands) |
||||||||
| Due within one year |
$ | $ | ||||||
| Due after 1 year through 5 years |
||||||||
| Due after 5 years through 10 years |
||||||||
| Due after 10 years |
||||||||
| |
|
|
|
|||||
| Total |
$ | $ | ||||||
| |
|
|
|
|||||
Balance Sheet Location |
October 3, 2021 |
December 31, 2020 |
||||||||||
(in thousands) |
||||||||||||
| Derivatives not designated as hedging instruments: |
||||||||||||
| Foreign exchange contracts |
Prepayments | $ | $ | |||||||||
| Foreign exchange contracts |
Other current liabilities | ( |
) | ( |
) | |||||||
| |
|
|
|
|||||||||
| Total derivatives |
$ | ( |
) | $ | ( |
) | ||||||
| |
|
|
|
|||||||||
Location of Losses (Gains) Recognized in Statement of Operations |
For the Three Months Ended |
For the Nine Months Ended |
||||||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Derivatives not designated as hedging instruments: |
||||||||||||||||||||
| Foreign exchange contracts |
Other (income) expense, net | $ | $ | ( |
) | $ | $ | |||||||||||||
| (1) | The table does not reflect the corresponding gains and losses from the remeasurement of the monetary assets and liabilities denominated in foreign currencies. |
| (2) | For the three and nine months ended October 3, 2021, net gains from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $ |
| (3) | For the three months ended September 27, 2020, net losses from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $ |
October 3, 2021 |
December 31, 2020 |
|||||||
(in thousands) |
||||||||
| Debt principal |
$ | $ | ||||||
| Unamortized discount |
||||||||
| |
|
|
|
|||||
| Net Carrying amount of convertible debt |
$ | $ | ||||||
| |
|
|
|
|||||
October 3, 2021 |
December 31, 2020 |
|||||||
(in thousands) |
||||||||
| Current debt |
$ | $ | ||||||
| Long-term debt |
||||||||
| |
|
|
|
|||||
| Net carrying amount of convertible debt |
$ | $ | ||||||
| |
|
|
|
|||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
Contractual interest expense on the coupon |
$ | $ | $ | $ | ||||||||||||
Amortization of the discount component and debt issue fees recognized as interest expense |
||||||||||||||||
Total interest expense on the convertible debt |
$ | $ | $ | $ | ||||||||||||
October 3, 2021 |
December 31, 2020 |
|||||||
(in thousands) |
||||||||
Contract manufacturer and supplier prepayments |
$ | $ | ||||||
Prepaid maintenance and other services |
||||||||
Prepaid taxes |
||||||||
Other prepayments |
||||||||
Total prepayments |
$ | $ | ||||||
October 3, 2021 |
December 31, 2020 |
|||||||
(in thousands) |
||||||||
Maintenance, service and training |
$ | $ | ||||||
Extended warranty |
||||||||
Customer advances, undelivered elements and other |
||||||||
Total deferred revenue and customer advances |
$ | $ | ||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
Balance at beginning of period |
$ | $ | $ | $ | ||||||||||||
Accruals for warranties issued during the period |
||||||||||||||||
Accruals related to pre-existing warranties |
( |
) | ( |
) | ||||||||||||
Settlements made during the period |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Balance at end of period |
$ | $ | $ | $ | ||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
Balance at beginning of period |
$ | $ | $ | $ | ||||||||||||
Deferral of new extended warranty revenue |
||||||||||||||||
Recognition of extended warranty deferred revenue |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Balance at end of period |
$ | $ | $ | $ | ||||||||||||
For the Nine Months Ended | ||||
October 3, 2021 |
September 27, 2020 | |||
| Risk-free interest rate |
|
| ||
| Teradyne volatility-historical |
||||
| NYSE Composite Index volatility-historical |
||||
| Dividend yield |
|
| ||
For the Nine Months Ended | ||||
October 3, 2021 |
September 27, 2020 | |||
| Expected life (years) |
|
| ||
| Risk-free interest rate |
||||
| Volatility-historical |
||||
| Dividend yield |
||||
Foreign Currency Translation Adjustment |
Unrealized Gains (Losses) on Marketable Securities |
Retirement Plans Prior Service Credit |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
| Nine Months Ended October 3, 2021 |
||||||||||||||||
| Balance at December 31, 2020, net of tax of $ |
$ | $ | $ | $ | ||||||||||||
| Other comprehensive loss before reclassifications, net of tax of $ |
( |
) | ( |
) | ( |
) | ||||||||||
| Amounts reclassified from accumulated other comprehensive income, net of tax of $ |
( |
) | ( |
) | ( |
) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net current period other comprehensive loss, net of tax of $ , $( ( |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at October 3, 2021, net of tax of $ |
$ | ( |
) | $ | $ | $ | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Nine Months Ended September 27, 2020 |
||||||||||||||||
| Balance at December 31, 2019, net of tax of $ |
$ | ( |
) | $ | $ | $ | ( |
) | ||||||||
| Other comprehensive income before reclassifications, net of tax of $ |
||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income, net of tax of $ ( ), respectively |
( |
) | ( |
) | ( |
) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net current period other comprehensive income (loss), net of tax of $ |
( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at September 27, 2020, net of tax of $ |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Details about Accumulated Other Comprehensive Income Components |
For the Three Months Ended |
For the Nine Months Ended |
Affected Line Item in the Statements of Operations |
|||||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Available-for-sale |
||||||||||||||||||||
| Unrealized gains, net of tax of $ |
$ | $ | $ | $ | Other (income) expense, net |
| ||||||||||||||
| Defined benefit postretirement plan: |
||||||||||||||||||||
| Amortization of prior service credit, net of tax of $ |
(a) | |||||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||
| Total reclassifications, net of tax of $ |
$ | $ | $ | $ | Net income | |||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||||||
Industrial Automation |
System Test |
Wireless Test |
Semiconductor Test |
Total |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Balance at December 31, 2020 |
||||||||||||||||||||
| Goodwill |
$ | $ | $ | $ | $ | |||||||||||||||
| Accumulated impairment losses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Foreign currency translation adjustment |
( |
) | ( |
) | ( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Balance at October 3, 2021 |
||||||||||||||||||||
| Goodwill |
||||||||||||||||||||
| Accumulated impairment losses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | $ | $ | $ | $ | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Carrying Amount |
Accumulated Amortization |
Foreign Currency Translation Adjustment |
Net Carrying Amount |
|||||||||||||
| Balance at October 3, 2021 |
(in thousands) |
|||||||||||||||
| Developed technology |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
| Customer relationships |
( |
) | ||||||||||||||
| Tradenames and trademarks |
( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total intangible assets |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance, December 31, 2020 |
||||||||||||||||
| Developed technology |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
| Customer relationships |
( |
) | ||||||||||||||
| Tradenames and trademarks |
( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total intangible assets |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Year |
Amortization Expense |
|||
(in thousands) |
||||
| 2021 (remainder) |
$ | |||
| 2022 |
||||
| 2023 |
||||
| 2024 |
||||
| 2025 |
||||
| Thereafter |
||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands, except per share amounts) |
||||||||||||||||
Net income for basic and diluted net income per share |
$ | $ | $ | $ | ||||||||||||
Weighted average common shares-basic |
||||||||||||||||
Effect of dilutive potential common shares: |
||||||||||||||||
Convertible note hedge warrant shares (1) |
||||||||||||||||
Incremental shares from assumed conversion of convertible notes (2) |
||||||||||||||||
Restricted stock units |
||||||||||||||||
Stock options |
||||||||||||||||
Employee stock purchase plan |
||||||||||||||||
Dilutive potential common shares |
||||||||||||||||
Weighted average common shares-diluted |
||||||||||||||||
Net income per common share-basic |
$ | $ | $ | $ | ||||||||||||
Net income per common share-diluted |
$ | $ | $ | $ | ||||||||||||
| (1) | Convertible notes hedge warrant shares were calculated using the difference between the average Teradyne stock price for the period and the warrant price of $ and $ million shares and |
| (2) | Incremental shares from assumed conversion of the convertible notes were calculated using the difference between the average Teradyne stock price for the period and the conversion price of $ and $ million shares and |
For the Three Months Ended |
||||||||||||||||
October 3, 2021 |
September 27, 2020 |
|||||||||||||||
United States |
Foreign |
United States |
Foreign |
|||||||||||||
(in thousands) |
||||||||||||||||
Service cost |
$ | $ | $ | $ | ||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net actuarial loss |
— | — | — | |||||||||||||
Settlement loss |
— | — | — | |||||||||||||
Total net periodic pension cost |
$ | $ | $ | $ | ||||||||||||
For the Nine Months Ended |
||||||||||||||||
October 3, 2021 |
September 27, 2020 |
|||||||||||||||
United States |
Foreign |
United States |
Foreign |
|||||||||||||
(in thousands) |
||||||||||||||||
Service cost |
$ | $ | $ | $ | ||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net actuarial (gain) loss |
( |
) | — | — | ||||||||||||
Settlement loss |
— | — | — | |||||||||||||
Total net periodic pension cost |
$ | $ | $ | $ | ||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
Service cost |
$ | $ | $ | $ | ||||||||||||
Interest cost |
||||||||||||||||
Amortization of prior service credit |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net actuarial gain |
( |
) | ( |
) | ||||||||||||
Total net periodic postretirement benefit cost (credit) |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
U.S. statutory federal tax rate |
% | % | % | % | ||||||||||||
Foreign taxes |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Tax credits |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
International provisions of the U.S. Tax Cuts and Jobs Act of 2017 |
( |
) | ( |
) | ||||||||||||
Discrete benefit related to equity compensation |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other, net |
||||||||||||||||
Effective tax rate |
% | % | % | % | ||||||||||||
Semiconductor Test |
System Test |
Industrial Automation |
Wireless Test |
Corporate and Other |
Consolidated |
|||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
Three Months Ended October 3, 2021 |
||||||||||||||||||||||||
Revenues |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
Income (loss) before income taxes (1)(2) |
( |
) | ( |
) | ||||||||||||||||||||
Total assets (3) |
||||||||||||||||||||||||
Three Months Ended September 27, 2020 |
||||||||||||||||||||||||
Revenues |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
Income (loss) before income taxes (1)(2) |
( |
) | ||||||||||||||||||||||
Total assets (3) |
||||||||||||||||||||||||
Nine Months Ended October 3, 2021 (4) |
||||||||||||||||||||||||
Revenues |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
Income (loss) before income taxes (1)(2) |
( |
) | ( |
) | ||||||||||||||||||||
Total assets (3) |
||||||||||||||||||||||||
Nine Months Ended September 27, 2020 |
||||||||||||||||||||||||
Revenues |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
Income (loss) before income taxes (1)(2) |
( |
) | ( |
) | ||||||||||||||||||||
Total assets (3) |
||||||||||||||||||||||||
| (1) | Included in Corporate and Other are: contingent consideration adjustments, loss on convertible debt conversions, interest income, interest expense, net foreign exchange gains (losses), pension, intercompany eliminations and acquisition related: (a) charges; (b) legal fees; (c) compensation. |
| (2) | Included in income (loss) before taxes are charges and credits related to restructuring and other, loss on convertible debt conversions 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. |
(4) |
The (loss) before income taxes for the nine months ended October 3, 2021 for Industrial Automation has been decreased and Corporate and Other has been increased to correctly eliminate a $ million immaterial error in the three and six months ended July 4, 2021 related to intercompany charges. The error is not material to any historical periods. |
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, 2021 |
September 27, 2020 |
October 3, 2021 |
September 27, 2020 |
|||||||||||||
(in thousands) |
||||||||||||||||
Semiconductor Test: |
||||||||||||||||
Cost of revenues—inventory charge |
$ | $ | $ | $ | ||||||||||||
Restructuring and other—Contract termination settlement charge |
— | — | — | |||||||||||||
Industrial Automation: |
||||||||||||||||
Cost of revenues—inventory charge |
$ | $ | — | $ | $ | |||||||||||
Restructuring and other—employee severance |
— | |||||||||||||||
Restructuring and other—acquisition related expenses and compensation |
— | — | ||||||||||||||
Wireless: |
||||||||||||||||
Cost of revenues—inventory charge |
$ | $ | $ | $ | ||||||||||||
System Test: |
||||||||||||||||
Cost of revenues—inventory charge |
$ | — | $ | — | $ | $ | ||||||||||
Corporate and Other: |
||||||||||||||||
Other (income) expense, net—loss on convertible debt conversion |
$ | $ | — | $ | $ | — | ||||||||||
Restructuring and other—other |
— | — | — | |||||||||||||
Restructuring and other—AutoGuide contingent consideration adjustment |
— | ( |
) | ( |
) | ( |
) | |||||||||
Restructuring and other—acquisition related expenses and compensation |
— | ( |
) | ( |
) | |||||||||||
Restructuring and other—MiR contingent consideration adjustment |
— | — | — | ( |
) | |||||||||||
Item 2: |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| • | semiconductor test (“Semiconductor Test”) systems; |
| • | storage and system level test (“Storage Test”) systems, defense/aerospace (“Defense/Aerospace”) test instrumentation and systems and circuit-board test and inspection (“Production Board Test”) systems (collectively these products represent “System Test”); |
| • | wireless test (“Wireless Test”) systems; and |
| • | industrial automation (“Industrial Automation”) products. |
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
October 3, |
September 27, |
October 3, |
September 27, |
|||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
| Percentage of revenues: |
||||||||||||||||
| Revenues: |
||||||||||||||||
| Products |
87 | % | 85 | % | 87 | % | 86 | % | ||||||||
| Services |
13 | 15 | 13 | 14 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total revenues |
100 | 100 | 100 | 100 | ||||||||||||
| Cost of revenues: |
||||||||||||||||
| Cost of products |
35 | 37 | 35 | 37 | ||||||||||||
| Cost of services |
5 | 7 | 5 | 6 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) |
40 | 44 | 40 | 43 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Gross profit |
60 | 56 | 60 | 57 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Selling and administrative |
14 | 14 | 14 | 14 | ||||||||||||
| Engineering and development |
11 | 12 | 11 | 12 | ||||||||||||
| Acquired intangible assets amortization |
1 | 1 | 1 | 1 | ||||||||||||
| Restructuring and other |
— | (3 | ) | — | — | |||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
26 | 23 | 26 | 27 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Income from operations |
34 | 33 | 34 | 29 | ||||||||||||
| Non-operating (income) expense: |
||||||||||||||||
| Interest income |
— | — | — | — | ||||||||||||
| Interest expense |
— | 1 | 1 | 1 | ||||||||||||
| Other (income) expense, net |
2 | — | 1 | — | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Income before income taxes |
31 | 32 | 32 | 29 | ||||||||||||
| Income tax provision |
4 | 5 | 4 | 4 | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net income |
27 | % | 27 | % | 28 | % | 25 | % | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
For the Three Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Semiconductor Test |
$ | 688.2 | $ | 592.1 | $ | 96.1 | ||||||
| System Test |
102.6 | 118.2 | (15.6 | ) | ||||||||
| Industrial Automation |
91.0 | 68.7 | 22.3 | |||||||||
| Wireless Test |
68.7 | 40.5 | 28.2 | |||||||||
| Corporate and Other |
(0.1 | ) | — | (0.1 | ) | |||||||
| |
|
|
|
|
|
|||||||
| $ | 950.5 | $ | 819.5 | $ | 131.0 | |||||||
| |
|
|
|
|
|
|||||||
For the Three Months Ended |
||||||||
October 3, |
September 27, |
|||||||
2021 |
2020 |
|||||||
| Taiwan |
27 | % | 37 | % | ||||
| China |
19 | 15 | ||||||
| United States |
11 | 10 | ||||||
| Korea |
8 | 16 | ||||||
| Europe |
8 | 6 | ||||||
| Malaysia |
6 | 2 | ||||||
| Japan |
5 | 2 | ||||||
| Singapore |
5 | 2 | ||||||
| Philippines |
5 | 2 | ||||||
| Thailand |
3 | 5 | ||||||
| Rest of World |
3 | 3 | ||||||
| |
|
|
|
|||||
| 100 | % | 100 | % | |||||
| |
|
|
|
|||||
| (1) | Revenues attributable to a country are based on location of customer site. |
For the Three Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar/Point |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Gross profit |
$ | 571.0 | $ | 458.9 | $ | 112.1 | ||||||
| Percent of total revenues |
60.1 | % | 56.0 | % | 4.1 | |||||||
For the Three Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Selling and administrative |
$ | 134.8 | $ | 115.8 | $ | 19.0 | ||||||
| Percent of total revenues |
14.2 | % | 14.1 | % | ||||||||
For the Three Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Engineering and development |
$ | 107.2 | $ | 94.9 | $ | 12.3 | ||||||
| Percent of total revenues |
11.3 | % | 11.6 | % | ||||||||
For the Three Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Interest income |
$ | (0.6 | ) | $ | (1.1 | ) | $ | 0.5 | ||||
| Interest expense |
3.8 | 6.2 | $ | (2.4 | ) | |||||||
| Other (income) expense, net |
21.5 | 0.8 | $ | 20.7 | ||||||||
For the Three Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Semiconductor Test |
$ | 265.0 | $ | 189.1 | $ | 75.9 | ||||||
| System Test |
31.8 | 47.4 | (15.6 | ) | ||||||||
| Wireless Test |
31.7 | 10.9 | 20.8 | |||||||||
| Industrial Automation |
(4.2 | ) | (5.3 | ) | 1.1 | |||||||
| Corporate and Other (1) |
(26.5 | ) | 21.6 | (48.1 | ) | |||||||
| |
|
|
|
|
|
|||||||
| $ | 297.8 | $ | 263.7 | $ | 34.1 | |||||||
| |
|
|
|
|
|
|||||||
| (1) | Included in Corporate and Other are: contingent consideration adjustments, loss on convertible debt conversions, interest income, interest expense, net foreign exchange gains (losses), pension, intercompany eliminations and acquisition related: (a) charges; (b) legal fees; (c) compensation. |
For the Nine Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Semiconductor Test |
$ | 2,050.3 | $ | 1,735.8 | $ | 314.5 | ||||||
| System Test |
340.3 | 306.1 | 34.2 | |||||||||
| Industrial Automation |
263.2 | 187.8 | 75.4 | |||||||||
| Wireless Test |
164.5 | 133.2 | 31.3 | |||||||||
| Corporate and Other |
(0.4 | ) | (0.3 | ) | (0.1 | ) | ||||||
| |
|
|
|
|
|
|||||||
| $ | 2,817.8 | $ | 2,362.5 | $ | 455.3 | |||||||
| |
|
|
|
|
|
|||||||
For the Nine Months Ended |
||||||||
October 3, |
September 27, |
|||||||
2021 |
2020 |
|||||||
| Taiwan |
36 | % | 40 | % | ||||
| China |
18 | 15 | ||||||
| United States |
10 | 9 | ||||||
| Korea |
8 | 12 | ||||||
| Europe |
7 | 6 | ||||||
| Philippines |
5 | 2 | ||||||
| Japan |
4 | 5 | ||||||
| Thailand |
4 | 4 | ||||||
| Malaysia |
4 | 2 | ||||||
| Singapore |
3 | 2 | ||||||
| Rest of World |
1 | 3 | ||||||
| |
|
|
|
|||||
| 100 | % | 100 | % | |||||
| |
|
|
|
|||||
| (1) | Revenues attributable to a country are based on location of customer site. |
For the Nine Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar/Point |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Gross profit |
$ | 1,679.6 | $ | 1,336.0 | $ | 343.6 | ||||||
| Percent of total revenues |
59.6 | % | 56.5 | % | 3.1 | |||||||
For the Nine Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Selling and administrative |
$ | 404.8 | $ | 340.5 | $ | 64.3 | ||||||
| Percent of total revenues |
14.4 | % | 14.4 | % | ||||||||
For the Nine Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Engineering and development |
$ | 317.6 | $ | 274.2 | $ | 43.4 | ||||||
| Percent of total revenues |
11.3 | % | 11.6 | % | ||||||||
For the Nine Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Interest income |
$ | (2.1 | ) | $ | (5.2 | ) | $ | 3.1 | ||||
| Interest expense |
15.4 | 17.8 | (2.4 | ) | ||||||||
| Other (income) expense, net |
25.2 | 3.6 | 21.6 | |||||||||
For the Nine Months Ended |
||||||||||||
October 3, |
September 27, |
Dollar |
||||||||||
| 2021 |
2020 |
Change |
||||||||||
(in millions) |
||||||||||||
| Semiconductor Test |
$ | 778.7 | $ | 571.7 | $ | 207.0 | ||||||
| System Test |
116.8 | 115.0 | 1.8 | |||||||||
| Wireless Test |
63.8 | 35.6 | 28.2 | |||||||||
| Industrial Automation |
(14.6 | ) | (32.0 | ) | 17.4 | |||||||
| Corporate and Other (1) |
(38.9 | ) | (12.2 | ) | (26.7 | ) | ||||||
| |
|
|
|
|
|
|||||||
| $ | 905.8 | $ | 678.1 | $ | 227.7 | |||||||
| |
|
|
|
|
|
|||||||
| (1) | Included in Corporate and Other are contingent consideration adjustments, loss on convertible debt conversions, interest income, interest expense, net foreign exchange gains (losses), pension, intercompany eliminations, and acquisition related: (a) charges; (b) legal fees; (c) compensation. |
Item 3: |
Quantitative and Qualitative Disclosures about Market Risks |
| Hypothetical Change in Teradyne Stock Price |
Fair Value |
Estimated change in fair value |
Hypothetical percentage increase (decrease) in fair value |
|||||||||
| 10% Increase |
$ | 601,331 | $ | 54,867 | 10.0 | % | ||||||
| No Change |
546,464 | — | — | |||||||||
| 10% Decrease |
491,600 | (54,864 | ) | (10.0 | ) | |||||||
Item 4: |
Controls and Procedures |
Item 1: |
Legal Proceedings |
Item 1A: |
Risk Factors |
Item 2: |
Unregistered Sales of Equity Securities and Use of Proceeds |
| Period |
(a) Total Number of Shares (or Units) Purchased |
(b) Average Price Paid per Share (or Unit) |
(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that may Yet Be Purchased Under the Plans or Programs |
||||||||||||||||||||
| July 5, 2021 - August 1, 2021 |
501 | $ | 125.31 | 500 | $ | 1,740,717 | ||||||||||||||||||
| August 2, 2021 – August 29, 2021 |
545 | 121.08 | 545 | 1,674,719 | ||||||||||||||||||||
| August 30, 2021 – October 3, 2021 |
679 | 119.22 | 679 | 1,593,820 | ||||||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
| 1,725 | (1 | ) | $ | 121.58 | (1 | ) | 1,724 | |||||||||||||||||
| |
|
|
|
|
|
|||||||||||||||||||
| (1) | Includes approximately two thousand shares at an average price of $125.40 withheld from employees for the payment of taxes. |
Item 4: |
Mine Safety Disclosures |
Item 6: |
Exhibits |
| * | Management Contract or Compensatory Plan |
TERADYNE, INC. |
| Registrant |
| / S / SANJAY MEHTA |
| Sanjay Mehta Vice President, Chief Financial Officer and Treasurer (Duly Authorized Officer and Principal Financial Officer) |
November 5, 2021 |
Exhibit 4.1
TERADYNE, INC.
and
WILMINGTON TRUST, NATIONAL ASSOCIATION
as Trustee
FIRST SUPPLEMENTAL INDENTURE
Dated as of November 4, 2021
Supplementing the
INDENTURE
Dated as of December 12, 2016
1.25% Senior Convertible Notes due 2023
FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of November 4, 2021, between Teradyne, Inc., a Massachusetts corporation, as issuer (the “Company”), and Wilmington Trust, National Association, as trustee (the “Trustee”).
WHEREAS, the Company and the Trustee have executed and delivered that certain indenture (the “Existing Indenture,” and the Existing Indenture, as supplemented by this Supplemental Indenture, the “Indenture”), dated as of December 12, 2016, relating to the Company’s 1.25% Senior Convertible Notes due 2023 (the “Notes”); and
WHEREAS, the execution and delivery of this Supplemental Indenture without the consent of Holders is authorized by Section 9.01(k) of the Existing Indenture.
NOW, THEREFORE, each party to this Supplemental Indenture agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Notes.
Capitalized terms used in this Supplemental Indenture without definition have the respective meanings given to them in the Existing Indenture.
Article 1. AMENDMENTS
Notwithstanding anything to the contrary in Section 10.02(b) of the Existing Indenture, the following Settlement Methods will in no event apply to the conversion of any Note with a Conversion Date that is on or after the date of this Supplemental Indenture: (A) Physical Settlement; or (B) Combination Settlement with a Specified Dollar Amount that is less than $1,000 per $1,000 principal amount of Notes.
Article 2. MISCELLANEOUS
SECTION 2.01. INCORPORATION BY REFERENCE OF CERTAIN PROVISIONS OF THE EXISTING INDENTURE.
The provisions of Sections 11.01 and 11.08 to 11.17 of the Existing Indenture will apply to this Supplemental Indenture with the same force and effect as if such Sections were reproduced in this Supplemental Indenture, mutatis mutandis.
SECTION 2.02. RECITALS.
The Recitals set forth in this Supplemental Indenture are set forth exclusively by the Company, and the Trustee will not have any liability or responsibility with respect to such Recitals.
SECTION 2.03. THE TRUSTEE.
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the statements contained herein, all of which are made solely by the Issuer, and the Trustee assumes no responsibility for their correctness.
SECTION 2.04. CONTINUING EFFECT.
Except as expressly supplemented and amended by this Supplemental Indenture, the Existing Indenture shall continue in full force and effect in accordance with the provisions thereof, and the Existing Indenture (as supplemented and amended by this Supplemental Indenture) is in all respects hereby ratified and confirmed. This Supplemental Indenture and all the terms and conditions of this Supplemental Indenture, with respect to the Notes, shall be and be deemed to be part of the terms and conditions of the Indenture for any and all purposes.
[The Remainder of This Page Intentionally Left Blank; Signature Page Follows]
3
IN WITNESS WHEREOF, the parties to this Supplemental Indenture have caused this Supplemental Indenture to be duly executed as of the date first written above.
| TERADYNE, INC. | ||
| By: | /s/ Sanjay Mehta | |
| Name: Sanjay Mehta | ||
| Title: Chief Financial Officer | ||
| WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE | ||
| By: | /s/ Arlene Thelwell | |
| Name: Arlene Thelwell | ||
| Title: Vice President | ||
[Signature Page to First Supplemental Indenture]
Exhibit 10.1
Teradyne, Inc.
Deferral Plan for Non-Employee Directors
(Restated Effective January 1, 2005)
WHEREAS, Teradyne, Inc. (the “Company”) has established the Teradyne, Inc. Deferral Plan for Non-Employee Directors, effective January 1, 2001, and amended as of March 1, 2003, (the “Prior Plan”) which provides each Non-Employee Director of the Company with an election to defer receipt of his or her Compensation from the Company; and
WHEREAS, the Company wishes to amend and restate such Prior Plan to comply with Section 409A with respect to Compensation deferred after December 31, 2004 and expand the elections permitted under the Prior Plan.
NOW, THEREFORE, the Company hereby amends and restates the Prior Plan to read in its entirety as set forth below, as so amended and restated (the “Plan”). The Plan has been operated in compliance with Section 409A since January 1, 2005 with respect to amounts subject to Section 409A. This amendment and restatement is intended to memorialize any changes in operation of the Plan as of that date as required by Section 409A. All other changes are effective as otherwise provided herein.
| 1. | Eligibility. |
Each person who is a Non-Employee Director on December 1, 2004 is eligible to participate in the Plan for the Plan Year beginning January 1, 2005. All other persons who are Non-Employee Directors on December 1 of any calendar year beginning in or after December 1, 2005 are eligible to participate in the Plan Year beginning the immediately following January 1. A Non-Employee Director who is eligible to participate may become a Participant by making a deferral election with respect to Compensation payable in the following Plan Year under Section 2. Eligibility to participate in the Plan for any Non-Employee Director automatically ends upon the termination of the individual’s status as a member of the Board of Directors. If the Non-Employee Director becomes an Employee then any deferral election for Compensation payable in the Plan Year in which such employment commences shall remain in effect for the balance of the Plan Year but no further deferral elections may be made under the Plan.
| 2. | Participation. |
A. Each Non-Employee Director who makes an election to defer the receipt of Compensation for any Plan Year must complete a Deferral Election Form, no later than the December 1 prior to the first day of the Plan Year with respect to which it is intended to be effective and deliver such completed form to the Company’s HR director or other designated Company Employee. A Deferral Election Form may be modified or withdrawn by the Participant prior to December 1 preceding the Plan Year to which it relates. The last completed form delivered to the HR director prior to or on December 1 and not withdrawn as of that date, shall be considered the Deferral Election Form for the upcoming Plan Year and shall be irrevocable after such December 1.
B. Each Non-Employee Director who does not timely complete and deliver a Deferral Election Form for any Plan Year shall not defer receipt of any Compensation for such Plan Year and shall receive any and all Compensation to which he or she is entitled during such Plan Year in accordance with the Company’s customary practices.
| 3. | Elections. |
The Deferral Election Form for each Plan Year Deferral shall include the following elections:
A. An election to defer all the cash Compensation or, effective for Plan Years beginning January 1, 2007, all the Shares or both that are otherwise payable to the Non-Employee Director in the next Plan Year.
B. An election of the manner in which the cash portion of the Plan Year Deferral shall be allocated under the terms of Section 4(B)(1), as amended from time to time.
C. An election as to whether the Plan Year Deferral is payable, on distribution, in a lump sum or, effective for Plan Years beginning on or after January 1, 2007, such number of annual installments (up to a maximum of 15) as the Non-Employee Director elects.
| 4. | Accounting. |
A. The Company or its designee shall establish an account for each Participant for recordkeeping purposes only, including sufficient subaccounts to reflect all of Participant’s elections in Section 3 for all such Participant’s Plan Year Deferrals. The account and subaccounts are intended only for the purposes of determining the amounts to be distributed to the Participant under the Plan. Grandfathered Accounts shall be subject only to the terms of the Plan which were in effect under the Prior Plan, unless the Board elects at any time, to make them subject to the terms of the amended and restated Plan by a resolution to that effect.
B. The account and subaccount shall be adjusted as follows:
1. Cash deferred by any Participant will be allocated, in accordance with the Participant’s election, to either (a) a notional account, or (b) a Deferred Stock Unit account (“DSU Account”).
a. Notional Account. Any amount which the Participant has allocated to a notional account, shall be credited with earnings, quarterly, at the rate in effect at the beginning of each Plan Year on 10 year Treasury Notes.
b. DSU Account. Any amount which the Participant has allocated to the DSU Account will be converted into a number of Deferred Stock Units on the date the cash amounts deferred would have been paid to the Participant. The number of Deferred Stock Units credited to the Participant’s DSU Account with respect to each cash deferral shall be determined by dividing the cash amount deferred by the Fair Market Value of the Common Stock on such date. If any cash dividends are subsequently declared with respect to the Common Stock then the cash that would have been paid to the Participant as dividends if he or she had owned the number of whole shares of Common Stock represented by the Deferred Stock Units shall, on the date such dividend is paid, be
2
deemed to be invested in Deferred Stock Units. The number of Deferred Stock Units credited to the Participant’s DSU Account with respect to each dividend shall be determined by dividing the amount of the cash dividend by the Fair Market Value of the Common Stock on the date the dividend would have been paid.
2. Any Shares deferred by the Participant shall be separately accounted for under this Section 4(B)(2), in a subaccount of the DSU Account. The number of Shares deferred shall also be converted into Deferred Stock Units, crediting the Participant with one Deferred Stock Unit for each Share deferred. Any Shares which are not vested at the time they are credited to the DSU Account shall continue to vest in accordance with the terms of the applicable agreement evidencing the award of such Shares. Any cash dividends payable with respect to the deferred Shares shall be treated as specified in Section 4(B)(1)(b) and shall vest in accordance with the terms applicable to the Shares.
| 5. | Voting Rights in Deferred Stock Units. |
No Participant shall be entitled to any voting rights with respect to any amounts or Shares treated as converted into Deferred Stock Units.
| 6. | Distributions. |
A. Generally. Distributions of each Plan Year Deferral shall be made as a lump sum, or in installments, in accordance with the terms of the Deferral Election Form the Participant has completed with respect to the Plan Year Deferral. A Participant shall become entitled to distributions following his or her separation from service as defined in Section 409A. Such distributions shall be made or commence within 90 days after the date of the Participant’s separation from service, subject to the provisions of Section 6(F). If distributions are to be made in installments then each annual installment shall be made within 30 days before or after the anniversary of the first installment distribution, except that if the first installment is delayed in accordance with Section 6(F), then each successive annual installment will be made within 90 days day following the anniversary of the Participant’s separation from service.
B. Lump Sum. Any distributions of a Plan Year Deferral to be made in a lump sum shall consist of (i) cash, which is an amount equal to the aggregate balance in the Participant’s notional account with respect to such Plan Year Deferral on the distribution date, and (ii) that number of shares of Common Stock equal to the aggregate number of vested Deferred Stock Units with respect to such Plan Year Deferral in the Participant’s DSU Account on the distribution date. Any unvested Deferred Stock Units shall be forfeited upon the Participant’s termination of service as a member of the Board of Directors. The cash and the shares of Common Stock may be distributed separately and at different times within the 90 day payment period.
C. Installments. Each installment distribution of any Plan Year Deferral shall consist of (i) such amount of cash as is determined by dividing the aggregate balance in the Participant’s notional account with respect to such Plan Year Deferral on the date of such installment distribution by the total number of remaining installment distributions elected by the Participant in his or her Deferral Election Form with respect to such Plan Year Deferral and (ii) that number of shares of Common Stock equal to the aggregate number
3
of vested Deferred Stock Units in the Participant’s DSU Account with respect to such Plan Year Deferral on the date of such installment distribution divided by the total number of remaining installment distributions elected by the Participant in his or her Deferral Election Form with respect to such Plan Year Deferral; provided that the number of shares of Common Stock distributed may be rounded up or down to the nearest one share for ease of administration.
D. Form of Distribution. Amounts allocated to the notional account shall be distributed in cash and amounts allocated to DSU Account shall be distributed in shares of Common Stock. Shares of Common Stock distributed under the Plan shall be issued from either the 2006 Equity and Cash Compensation Incentive Plan of the Company (the “2006 Compensation Plan”) with respect to any Shares deferred subsequent to the adoption of the 2006 Compensation Plan by the Company’s shareholders, or the Company’s 1997 Employee Stock Option Plan with respect to any Shares deferred prior to the adoption of the 2006 Compensation Plan by the Company’s shareholders. Distribution shall be made to the Participant, or if the Participant has died to the Participant’s Beneficiary. The Company may distribute the value of any fractional Deferred Stock Unit in cash, based on the Fair Market Value on the date any shares of Common Stock are distributed.
E. Death. If the Participant dies prior to the total distribution of his or her account then the vested balance that is undistributed at the time of the Participant’s death, notwithstanding any prior election by the Participant for installment distributions, shall be distributed to the Participant’s Beneficiary, in a lump sum, within 90 days following the Participant’s death.
F. Specified Employee. If at the time of separation from service the Participant is considered a specified employee as defined in Section 409A then, notwithstanding the foregoing, the distribution of his or her account shall not be made, or commence, until six months and one day after such separation from service, but installments shall thereafter be distributed as if the initial installment had been made on the date of separation.
G. Special 2008 Election. Notwithstanding the foregoing terms of the Plan, in accordance with the transition provisions of IRS Notice 2007-86, the Participants who have previously made a proper election to defer Compensation for 2005, 2006, 2007 and 2008 may designate, in such manner as the HR director determines, prior to December 31, 2008, whether such Plan Year Deferrals shall be distributed in a lump sum or in installments, and if in installments, the number of such installments.
| 7. | Amendments and Termination. |
The Board of Directors may amend or terminate the Plan at any time, which may include, without limitation, action to prohibit any future deferral under the Plan; provided that no such action shall decrease the value of the Participant’s account with respect to Deferral Elections made prior to such termination or amendment and such amendment or termination shall be consistent with Section 409A.
| 8. | Definitions. |
As used in the Plan, the following terms shall have the following meanings:
A. “Beneficiary” means the person designated or determined under Section 10(C).
4
B. “Board of Directors” means the Board of Directors of the Company.
C. “Committee” means the Compensation Committee, or any successor to such Compensation Committee, or any other Committee of the Board of Directors authorized by the Board of Directors to administer the Plan.
D. “Common Stock” means the common stock, $0.125 par value per share, of the Company.
E. “Compensation” means any meetings fees, retainer or other amounts (except for reimbursed expenses), whether in cash or, effective January 1, 2007, in Shares, payable to the Non-Employee Director for services as such Non-Employee Director.
F. “Deferral Election Form” means the document or other communication by which the HR Director has Non-Employee Directors elect to defer receipt of Compensation under the Plan.
G. “Deferred Stock Units”, which are expressed as a number in the DSU account of a Participant refer to the number of shares of Common Stock that a Participant will become entitled to receive upon distribution of his or her Plan Year Deferrals in accordance with Section 6.
H. “Employee” means a common law employee of Teradyne, Inc. or any of its subsidiaries.
I. “Fair Market Value” of the Common Stock means, prior to June 1, 2006, the opening price for the date it is being determined, as officially quoted by the New York Stock Exchange. Effective June 1, 2006, Fair Market Value shall have the meaning set forth in the 2006 Compensation Plan.
J. “Grandfathered Accounts” mean those accounts for Participants which were established with respect to deferrals prior to December 31, 2004 which had not been distributed on such date.
K. “Non-Employee Director” means any person who is (i) a member of the Board of Directors but who is not an Employee of the Company, and (ii) is eligible to receive awards under the 2006 Compensation Plan (or, prior to its approval by the Company’s shareholders, was eligible to receive awards under the Company’s 1997 Employee Stock Option Plan).
L. “Participant” means a Non-Employee Director who is eligible to defer receipt of Compensation under Section 1 and who has delivered a completed Deferral Election Form in accordance with Section 2.
M. “Plan Year” means the calendar year. The first plan year of the Plan, as amended and restated, begins January 1, 2005.
N. “Plan Year Deferral” means cash or Shares deferred for any Plan Year in accordance with a Non-Employee Director’s Deferral Election Form.
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O. “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and guidance issued thereunder from time to time.
P. “Shares” means either Restricted Stock or Restricted Stock Units granted under the 2006 Compensation Plan of the Company.
| 9. | Dilutions and Other Adjustments. |
In the event of any change in the outstanding shares of the Common Stock by reason of any stock dividend or split, recapitalization, merger, consolidation, spin-off, reorganization, combination or exchange of shares or other similar corporate change, then the Board of Directors or the Committee shall determine, in their sole discretion, that such change equitably requires an adjustment in the number or kind of shares then held in a Participant’s DSU account, then such adjustments shall be made and such determination shall be conclusive and binding for all purposes.
| 10. | Miscellaneous Provisions. |
A. The Plan shall be administered by the Committee, which shall have the exclusive right and full discretion to interpret the Plan and make all determinations necessary or advisable for its administration, including, without limitation, the authority to remedy ambiguities inconsistencies or omissions. All determinations by the Committee shall be final and binding on all persons.
B. The Plan shall be an unfunded plan and a Participant’s rights and interest under the Plan may not be anticipated, mortgaged, assigned or otherwise encumbered, transferred, or conveyed in advance of actual receipt and any attempt so to do shall be null and void. No part of the amounts payable shall, prior to actual payment be subject to seizure, attachment, garnishment or sequestration for the payment of any debts or judgments of any kind. Any amounts deferred under the Plan shall remain the assets of the Company until paid in accordance with the provisions of the Plan, and in the event of the Company’s insolvency, will be subject to the claims of the Company’s general creditors. In the event of the Company’s insolvency, a Participant shall be a general creditor of the Company with respect to his or her claim for benefits hereunder.
C. Each Participant shall have the right to designate, from time to time, a beneficiary, primary as well as contingent, to receive benefits payable in accordance with the terms of the Plan. If the HR director has not received a completed beneficiary designation form during the Participant’s life then the Participant’s beneficiary under the Plan shall be his or her spouse, if any, and if none, his or her estate. The delivery of a completed beneficiary designation form to the HR Director shall replace any prior form.
D. The Company may establish one or more trusts pursuant to one or more trust agreements between the Company and a trustee named in such agreement, and as amended from time to time, on such terms as the Company shall determine (the “Trust”). The Company may transfer assets to said Trust, as it determines in its sole discretion, for purposes of providing for the payment of its liabilities under the Plan. The provisions of
6
the Plan shall govern the rights of a Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall govern the rights of the Company, the Participants and any creditors of the Company to the assets of the Trust. To the extent any distributions are made from said Trust to any Participant for purposes of satisfying any obligation the Company may have under the Plan that distribution shall reduce the Company’s obligation hereunder.
E. The Plan is intended to comply with Section 409A with respect to those accounts which are subject to its terms and to such extent shall be administered in accordance with its terms and that intention; provided that the Company shall have no obligation to any Participant or his or her beneficiary if there is any failure to comply with Section 409A or with respect to any liability incurred by such Participant or any other person as a result of such failure.
F. The Plan is established and shall be construed in accordance with the laws of the Commonwealth of Massachusetts.
G. The provisions of the Plan shall bind and inure to the benefit of the Company and its successors and assigns, or any Participant and his or her beneficiaries.
H. Distributions hereunder shall be subject to any applicable tax withholding and the Company shall have the discretion to withhold cash for such purpose to the extent available to satisfy any withholding obligation with respect to any cash or Common Stock distributed under the Plan.
I. If any distribution is to be made to any person who is a minor or is declared incompetent or to a person the Board of Directors determines in good faith to be incapable of handling the disposition of such person’s property (which the Board of Directors shall have no obligation to determine), the Board of Directors may direct payment to the guardian, legal representative or person having the care and custody of such person and such payment shall discharge the Company’s obligations hereunder to the extent of such payment.
Approved by the Teradyne, Inc. Board of Directors May 24, 2006.
Amended by the Teradyne, Inc. Board of Directors on November 4, 2008.
Amended by the Teradyne, Inc. Board of Directors on August 18, 2021.
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Exhibit 31.1
CERTIFICATIONS
I, Mark E. Jagiela, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Teradyne, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 5, 2021
| By: | /S/ MARK E. JAGIELA | |
|
| ||
| Mark E. Jagiela | ||
| Chief Executive Officer |
Exhibit 31.2
CERTIFICATIONS
I, Sanjay Mehta, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Teradyne, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 5, 2021
| By: | /S/ SANJAY MEHTA | |
|
| ||
| Sanjay Mehta | ||
| Chief Financial Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Teradyne, Inc. (the “Company”) on Form 10-Q for the period ended October 3, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark E. Jagiela, Chief Executive Officer of the Company, certify pursuant to 18 U.S.C (S) 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
| /S/ MARK E. JAGIELA |
| Mark E. Jagiela |
| Chief Executive Officer |
| November 5, 2021 |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Teradyne, Inc. (the “Company”) on Form 10-Q for the period ended October 3, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sanjay Mehta, Chief Financial Officer of the Company, certify pursuant to 18 U.S.C (S) 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
| /S/ SANJAY MEHTA |
| Sanjay Mehta |
| Chief Financial Officer |
| November 5, 2021 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Oct. 03, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Accounts receivable, less allowance for credit losses | $ 1,913 | $ 2,034 |
| Common stock, par value | $ 0.125 | $ 0.125 |
| Common stock, shares authorized | 1,000,000 | 1,000,000 |
| Common stock, shares issued | 163,728 | 166,123 |
| Common stock, shares outstanding | 163,728 | 166,123 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|||||||||||
| Revenues: | ||||||||||||||
| Total revenues | $ 950,501 | [1] | $ 819,484 | [1] | $ 2,817,835 | [2],[3] | $ 2,362,500 | [2] | ||||||
| Cost of revenues: | ||||||||||||||
| Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) | 379,500 | 360,556 | 1,138,227 | 1,026,549 | ||||||||||
| Gross profit | 571,001 | 458,928 | 1,679,608 | 1,335,951 | ||||||||||
| Operating expenses: | ||||||||||||||
| Selling and administrative | 134,829 | 115,840 | 404,812 | 340,488 | ||||||||||
| Engineering and development | 107,220 | 94,909 | 317,644 | 274,170 | ||||||||||
| Acquired intangible assets amortization | 5,355 | 6,219 | 16,293 | 25,052 | ||||||||||
| Restructuring and other | 1,197 | (27,701) | (3,426) | 1,915 | ||||||||||
| Total operating expenses | 248,601 | 189,267 | 735,323 | 641,625 | ||||||||||
| Income from operations | 322,400 | 269,661 | 944,285 | 694,326 | ||||||||||
| Non-operating (income) expense: | ||||||||||||||
| Interest income | (626) | (1,071) | (2,066) | (5,189) | ||||||||||
| Interest expense | 3,785 | 6,237 | 15,354 | 17,831 | ||||||||||
| Other (income) expense, net | 21,486 | 764 | 25,223 | 3,595 | ||||||||||
| Income before income taxes | 297,755 | 263,731 | 905,774 | 678,089 | ||||||||||
| Income tax provision | 41,037 | 41,013 | 115,225 | 90,274 | ||||||||||
| Net income | $ 256,718 | $ 222,718 | $ 790,549 | $ 587,815 | ||||||||||
| Net income per common share: | ||||||||||||||
| Basic | $ 1.56 | $ 1.34 | $ 4.77 | $ 3.54 | ||||||||||
| Diluted | $ 1.41 | $ 1.21 | $ 4.26 | $ 3.23 | ||||||||||
| Weighted average common shares—basic | 164,583 | 166,014 | 165,690 | 166,131 | ||||||||||
| Weighted average common shares—diluted | 181,987 | 184,338 | 185,492 | 181,777 | ||||||||||
| Product [Member] | ||||||||||||||
| Revenues: | ||||||||||||||
| Total revenues | $ 825,448 | $ 697,745 | $ 2,437,901 | $ 2,043,281 | ||||||||||
| Cost of revenues: | ||||||||||||||
| Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) | 333,229 | 300,174 | 989,859 | 882,902 | ||||||||||
| Service [Member] | ||||||||||||||
| Revenues: | ||||||||||||||
| Total revenues | 125,053 | 121,739 | 379,934 | 319,219 | ||||||||||
| Cost of revenues: | ||||||||||||||
| Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) | $ 46,271 | $ 60,382 | $ 148,368 | $ 143,647 | ||||||||||
| ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Net income | $ 256,718 | $ 222,718 | $ 790,549 | $ 587,815 |
| Other comprehensive income, net of tax: | ||||
| Foreign currency translation adjustment, net of tax of $0, $0, $0, $0, respectively | (10,698) | 17,104 | (26,672) | 24,131 |
| Available-for-sale marketable securities: | ||||
| Unrealized (losses) gains on marketable securities arising during period, net of tax of $(44), $139, $(516), and $1,410, respectively | (176) | 335 | (1,952) | 5,165 |
| Less: Reclassification adjustment for gains included in net income, net of tax of $(65), $(194), $(186), $(615), respectively | (229) | (689) | (670) | (2,188) |
| Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Total | (405) | (354) | (2,622) | 2,977 |
| Defined benefit post-retirement plan: | ||||
| Amortization of prior service credit, net of tax of $0, $0, $(2), $(1), respectively | (2) | (2) | (5) | (6) |
| Other comprehensive (loss) income | (11,105) | 16,748 | (29,299) | 27,102 |
| Comprehensive income | $ 245,613 | $ 239,466 | $ 761,250 | $ 614,917 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Foreign currency translation adjustment, net of tax | $ 0 | $ 0 | $ 0 | $ 0 |
| Unrealized (losses) gains on marketable securities arising during period | (44) | 139 | (516) | 1,410 |
| Reclassification adjustment for gains included in net income | (65) | (194) | (186) | (615) |
| Amortization of prior service credit, net of tax | $ 0 | $ 0 | $ (2) | $ (1) |
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE COMMON SHARES AND SHAREHOLDERS'' EQUITY - USD ($) shares in Thousands, $ in Thousands |
Total |
Convertible Common Shares |
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings (Accumulated Deficit) |
|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2019 | $ 1,480,158 | $ 20,801 | $ 1,720,129 | $ (18,854) | $ (241,918) | |
| Balance, Shares at Dec. 31, 2019 | 166,410 | |||||
| Net issuance of common stock under stock-based plans | 3,163 | $ 144 | 3,019 | |||
| Net issuance of common stock under stock-based plans (in shares) | 1,150 | |||||
| Stock-based compensation expense | 33,683 | 33,683 | ||||
| Repurchase of common stock | $ (88,465) | $ (190) | (88,275) | |||
| Repurchase of common stock (in shares) | 1,500 | (1,517) | ||||
| Cash dividends | $ (49,912) | (49,912) | ||||
| Net income | 587,815 | 587,815 | ||||
| Other comprehensive income (loss) | 27,102 | 27,102 | ||||
| Balance at Sep. 27, 2020 | 1,993,544 | $ 20,755 | 1,756,831 | 8,248 | 207,710 | |
| Balance, Shares at Sep. 27, 2020 | 166,043 | |||||
| Balance at Jun. 28, 2020 | 1,744,551 | $ 20,725 | 1,730,716 | (8,500) | 1,610 | |
| Balance, Shares at Jun. 28, 2020 | 165,806 | |||||
| Net issuance of common stock under stock-based plans | 13,545 | $ 30 | 13,515 | |||
| Net issuance of common stock under stock-based plans (in shares) | 237 | |||||
| Stock-based compensation expense | 12,600 | 12,600 | ||||
| Cash dividends | (16,618) | (16,618) | ||||
| Net income | 222,718 | 222,718 | ||||
| Other comprehensive income (loss) | 16,748 | 16,748 | ||||
| Balance at Sep. 27, 2020 | 1,993,544 | $ 20,755 | 1,756,831 | 8,248 | 207,710 | |
| Balance, Shares at Sep. 27, 2020 | 166,043 | |||||
| Balance at Dec. 31, 2020 | 2,207,018 | $ 20,765 | 1,765,323 | 33,516 | 387,414 | |
| Balance, Shares at Dec. 31, 2020 | 3,787 | 166,123 | ||||
| Net issuance of common stock under stock-based plans | 64 | $ 112 | (48) | |||
| Net issuance of common stock under stock-based plans (in shares) | 893 | |||||
| Stock-based compensation expense | 35,915 | 35,915 | ||||
| Repurchase of common stock | $ (416,180) | $ (411) | (415,769) | |||
| Repurchase of common stock (in shares) | 3,300 | (3,288) | ||||
| Cash dividends | $ (49,757) | (49,757) | ||||
| Settlements of convertible notes | 841,202 | $ 897 | 840,305 | |||
| Settlement of convertible debt (in shares) | 7,178 | |||||
| Exercise of convertible notes hedge call options | (842,925) | $ (897) | (842,028) | |||
| Exercise of convertible notes hedge call options (in shares) | (7,178) | |||||
| Convertible common shares | 906 | 906 | ||||
| Convertible common shares (in shares) | (906) | |||||
| Net income | 790,549 | 790,549 | ||||
| Other comprehensive income (loss) | (29,299) | (29,299) | ||||
| Balance at Oct. 03, 2021 | 2,537,493 | $ 20,466 | 1,800,373 | 4,217 | 712,437 | |
| Balance, Shares at Oct. 03, 2021 | 2,881 | 163,728 | ||||
| Balance at Jul. 04, 2021 | 2,493,256 | $ 20,680 | 1,772,302 | 15,322 | 684,952 | |
| Balance, Shares at Jul. 04, 2021 | 21,386 | 165,444 | ||||
| Net issuance of common stock under stock-based plans | (258) | $ 1 | (259) | |||
| Net issuance of common stock under stock-based plans (in shares) | 8 | |||||
| Stock-based compensation expense | 10,042 | 10,042 | ||||
| Repurchase of common stock | (212,996) | $ (215) | (212,781) | |||
| Repurchase of common stock (in shares) | (1,724) | |||||
| Cash dividends | (16,452) | (16,452) | ||||
| Settlements of convertible notes | 637,497 | $ 699 | 636,798 | |||
| Settlement of convertible debt (in shares) | 5,589 | |||||
| Exercise of convertible notes hedge call options | (637,714) | $ (699) | (637,015) | |||
| Exercise of convertible notes hedge call options (in shares) | (5,589) | |||||
| Convertible common shares | 18,505 | 18,505 | ||||
| Convertible common shares (in shares) | (18,505) | |||||
| Net income | 256,718 | 256,718 | ||||
| Other comprehensive income (loss) | (11,105) | (11,105) | ||||
| Balance at Oct. 03, 2021 | $ 2,537,493 | $ 20,466 | $ 1,800,373 | $ 4,217 | $ 712,437 | |
| Balance, Shares at Oct. 03, 2021 | 2,881 | 163,728 |
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE COMMON SHARES AND SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Cash flows from operating activities: | ||
| Net income | $ 790,549 | $ 587,815 |
| Adjustments to reconcile net income from operations to net cash provided by operating activities: | ||
| Depreciation | 67,866 | 58,111 |
| Stock-based compensation | 34,649 | 33,028 |
| Amortization | 27,626 | 36,577 |
| Loss on convertible debt conversion | 25,397 | |
| Provision for excess and obsolete inventory | 11,775 | 13,116 |
| Deferred taxes | (10,732) | (4,547) |
| Contingent consideration adjustment | (7,227) | (7,967) |
| Gains on investments | (4,750) | (3,515) |
| Retirement plan actuarial (gains) losses | (627) | 2,589 |
| Other | 243 | 750 |
| Changes in operating assets and liabilities, net of businesses acquired: | ||
| Accounts receivable | (103,299) | (222,015) |
| Inventories | 21,943 | 16,998 |
| Prepayments and other assets | (138,564) | (40,751) |
| Accounts payable and other liabilities | 65,064 | 81,557 |
| Deferred revenue and customer advances | 8,699 | 36,589 |
| Retirement plans contributions | (4,123) | (3,884) |
| Income taxes | (17,406) | 24,060 |
| Net cash provided by operating activities | 767,083 | 608,511 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (103,162) | (146,872) |
| Purchases of marketable securities | (509,470) | (488,428) |
| Proceeds from maturities of marketable securities | 571,277 | 309,407 |
| Proceeds from sales of marketable securities | 209,437 | 32,611 |
| Purchase of investment and acquisition of businesses | (12,000) | 149 |
| Proceeds from life insurance | 546 | |
| Net cash provided by (used for) investing activities | 156,082 | (292,587) |
| Cash flows from financing activities: | ||
| Issuance of common stock under stock purchase and stock option plans | 32,590 | 26,528 |
| Repurchase of common stock | (406,180) | (88,465) |
| Payments of convertible debt principal | (301,997) | |
| Dividend payments | (49,711) | (49,870) |
| Payments related to net settlement of employee stock compensation awards | (32,045) | (22,735) |
| Payments of contingent consideration | (8,852) | |
| Net cash used for financing activities | (757,343) | (143,394) |
| Effects of exchange rate changes on cash and cash equivalents | (489) | (1,274) |
| Increase in cash and cash equivalents | 165,333 | 171,256 |
| Cash and cash equivalents at beginning of period | 914,121 | 773,924 |
| Cash and cash equivalents at end of period | 1,079,454 | 945,180 |
| Non-cash investing activities: | ||
| Capital expenditures incurred but not yet paid | $ 2,286 | $ 3,119 |
The Company |
9 Months Ended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | |||||||||||||||||
| The Company | A. THE COMPANY Teradyne, Inc. (“Teradyne”) is a leading global supplier of automation equipment for test and industrial applications. Teradyne designs, develops, manufactures and sells automatic test systems used to test semiconductors, wireless products, data storage and complex electronics systems in many industries including consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries. Teradyne’s industrial automation products include collaborative robotic arms, autonomous mobile robots, and advanced robotic control software used by global manufacturing, logistics and light industrial customers to improve quality, increase manufacturing and material handling efficiency and decrease manufacturing and logistics costs. Teradyne’s automatic test equipment and industrial automation products and services include:
|
Accounting Policies |
9 Months Ended |
|---|---|
Oct. 03, 2021 | |
| Accounting Policies | B. ACCOUNTING POLICIES Basis of Presentation The consolidated interim financial statements include th e accounts of Teradyne and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These interim financial statements are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair statement of such interim financial statements. Certain prior year amounts were reclassified to conform to the current year presentation. The December 31, 2020 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The accompanying financial information should be read in conjunction with the consolidated financial statements and notes thereto contained in Teradyne’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 22, 2021, for the year ended December 31, 2020. Preparation of Financial Statements and Use of Estimates The preparation of consolidated financial statements requires management to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent liabilities. On an
on-going basis, management evaluates its estimates, including those related to inventories, investments, goodwill, intangible and other long-lived assets, accounts receivable, income taxes, deferred tax assets and liabilities, pensions, warranties, contingent consideration liabilities, and loss contingencies. Management bases its estimates on historical experience and on appropriate and customary assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and our markets. Management is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of November 5, 2021, the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained. Actual results may differ significantly from these estimates under different assumptions or conditions. |
Recently Issued Accounting Pronouncements |
9 Months Ended |
|---|---|
Oct. 03, 2021 | |
| Recently Issued Accounting Pronouncements | C. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06 – “Debt—Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity,” which simplifies the accounting for convertible debt instruments by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. This ASU requires a convertible debt instrument to be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. This ASU requires an entity to use the if-converted method in the diluted earnings per share calculation for convertible instruments. This ASU will be effective for Teradyne on January 1, 2022. This ASU permits the use of either the modified retrospective or fully retrospective method of transition. Teradyne is evaluating the effects of the adoption of this ASU on its financial statements. On November
4 , 2021, Teradyne made an irrevocable election under the indenture entered into between Teradyne and Wilmington Trust, National Association, as trustee (the “Indenture”) for the issuance of the 1.25% convertible senior unsecured notes (the “Notes”) due December 15, 2023 to require the principal portion of the remaining Notes to be settled in cash. Upon adoption of ASU 2020-06, only the amounts settled in excess of the principal will be considered in diluted earnings per share under the if-converted method. |
Investment In Other Company |
9 Months Ended |
|---|---|
Oct. 03, 2021 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| Investment In Other Company | D. INVESTMENT IN OTHER COMPANY On June |
Revenue |
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| Revenue | E. REVENUE Disaggregation of Revenue The following table provides information about disaggregated revenue by timing of revenue recognition, primary geographical market, and major product lines.
Contract Balances During the three and nine months ended October 3, 2021, Teradyne recognized $32.9 million and $82.5 million, respectively, that was previously included within the deferred revenue and customer advances balances at the beginning of the period. During the three and nine months ended September 27, 2020, Teradyne recognized $17.6 million and $78.2 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 October 3, 2021, Teradyne has $1,293.0 million of unsatisfied performance obligations. Teradyne expects to recognize 94% of the remaining performance obligations in the next 12 months, 5% in 1-3 years and 1% beyond 3 years. 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 $66.9 million and $16.5 million for the three months ended October 3, 2021 and September 27, 2020, respectively, and $81.7 million and $113.5 million for the nine months ended October 3, 2021 and September 27, 2020, respectively. Factoring fees for the sales of receivables were recorded in interest expense and were not material. |
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Inventories |
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| Inventories | F. INVENTORIES Inventories, net consisted of th e following at October 3, 2021 and December 31, 2020:
Inventory reserves at October 3, 2021 and December 31, 2020 were $112.5 million and $110.6 million, respectively.
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| Financial Instruments | G. FINANCIAL INSTRUMENTS Cash Equivalents Teradyne considers all highly liquid investments with maturities of three months or less at the date of acquisition to be cash equivalents. Marketable Securities Teradyne’s available-for-sale During the three and nine months ended October 3, 2021 and September 27, 2020, there were no transfers in or out of Level 1, Level 2, or Level 3 financial instruments. Realized gains recorded in the three and nine months ended October 3, 2021 were $0.5 million and $2.6 million, respectively. Realized gains recorded in the three and nine months ended September 27, 2020 were $1.1 million and $4.1 million, respectively. No realized losses were recorded in the three and nine months ended October 3, 2021. Realized losses recorded in the three and nine months ended September 27, 2020 were $0.1 million and $0.3 million, respectively. Realized gains and losses are included in other (income) expense, net. Unrealized gains on equity securities recorded in the nine months ended October 3, 2021 were $3.3 million. Unrealized losses on equity securities recorded in the three and nine months ended October 3, 2021 were $0.4 million and $1.1 million, respectively. Unrealized gains on equity securities recorded in the three and nine months ended September 27, 2020 were $2.0 million and $5.7 million, respectively. Unrealized losses on equity securities recorded in the nine months ended September 27, 2020 were $6.0 million. Unrealized gains and losses on equity securities are included in other (income) expense, net. Unrealized gains and losses on available-for-sale The cost of securities sold is based on average cost. 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 October 3, 2021 and December 31, 2020.
Changes in the fair value of Level 3 contingent consideration for the three and nine months ended October 3, 2021 and September 27, 2020 were as follows:
The carrying amounts and fair values of Teradyne’s financial instruments at October 3, 2021 and December 31, 2020 were as follows:
The fair values of accounts receivable, net and accounts payable approximate the carrying value due to the short-term nature of these instruments. The following table summarizes the composition of available-for-sale
Reported as follows:
The following table summarizes the composition of available-for-sale
Reported as follows:
As of October 3, 2021 and December 31, 2020, the fair market value of investments with unrealized losses less than one year totaled $57.3 million and $70.4 million, respectively. As of October 3, 2021, the fair market value of investments with unrealized losses for greater than one year totaled $6.2 million. Teradyne reviews its investments to identify and evaluate investments that have an indication of possible impairment. Based on this review, Teradyne determined that the unrealized losses related to these investments at October 3, 2021 and December 31, 2020 were not other than temporary. The contractual maturities of investments in available-for-sale
Contractual maturities of investments in available-for-sale Derivatives Teradyne conducts business in a number of foreign countries with certain transactions denominated in local currencies. The purpose of Teradyne’s foreign currency management is to minimize the effect of exchange rate fluctuations on certain foreign currency denominated monetary assets and liabilities. Teradyne does not use derivative financial instruments for trading or speculative purposes. To minimize the effect of exchange rate fluctuations associated with the remeasurement of monetary assets and liabilities denominated in foreign currencies, Teradyne enters into foreign currency forward contracts. The change in fair value of these derivatives is recorded directly in earnings and is used to offset the change in value of monetary assets and liabilities denominated in foreign currencies. The notional amount of foreign currency forward contracts at October 3, 2021 and December 31, 2020 was $181.8 million and $152.9 million, respectively. Gains and losses on foreign currency forward contracts and foreign currency remeasurement gains and losses on monetary assets and liabilities are included in other (income) expense, net. The following table summarizes the fair value of derivative instruments as of October 3, 2021 and December 31, 2020:
The following table summarizes the effect of derivative instruments recognized in the statement of operations for the three and nine months ended October 3, 2021 and September 27, 2020:
See Note H: “Debt” regarding derivatives related to the convertible senior notes.
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| Debt | H. DEBT Convertible Senior Notes On December 12, 2016, Teradyne completed a private offering of $460.0 million aggregate principal amount of 1.25% convertible senior unsecured notes (the “Notes”) due December 15, 2023 and received net proceeds, after issuance costs, of approximately $450.8 million, $33.0 million of which was used to pay the net cost of the convertible note hedge transactions and $50.1 million of which was used to repurchase 2.0 million shares of Teradyne’s common stock under its existing stock repurchase program from purchasers of the Notes in privately negotiated transactions effected through one of the initial purchasers or its affiliates conducted concurrently with the pricing of the Note offering. The Notes will mature on December 15, 2023, unless earlier repurchased or converted. The Notes bear interest from December 12, 2016 at a rate of 1.25% per year payable semiannually in arrears on and December 15 of each year. The Notes will be convertible at the option of the noteholders at any time prior to the close of business on the business day immediately preceding September 15, 2023, only under the following circumstances: (1) during any calendar quarter beginning after March 31, 2017 (and only during such calendar quarter), if the closing sale price of Teradyne’s common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the indenture dated as of December 12, 2016 between Teradyne and Wilmington Trust, National Association, as trustee (the “Indenture”)) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the closing sale price of the Teradyne’s common stock and the conversion rate on each such trading day; and (3) upon the occurrence of specified corporate events. On or after September 15, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes at any time, regardless of the foregoing circumstances. Teradyne may satisfy its conversion obligation by paying or delivering cash, shares of its common stock or a combination of cash and shares of its common stock, at Teradyne’s election. As of October 3, 2021, the conversion price was approximately $31.53 per share of Teradyne’s common stock. The conversion rate is subject to adjustment under certain circumstances. As of November 5, 2021, seventy- nine holders had exercised the option to convert $343.0 million worth of Notes. On November 4 , 2021, Teradyne made an irrevocable election under the Indenture to require the principal portion of the remaining Notes to be settled in cash. Concurrent with the offering of the Notes, Teradyne entered into convertible note hedge transactions (the “Note Hedge Transactions”) with the initial purchasers or their affiliates (the “Option Counterparties”). The Note Hedge Transactions cover, subject to customary anti-dilution adjustments, the number of shares of the common stock that underlie the Notes, with a strike price equal to the conversion price of the Notes of $31.53. The Note Hedge Transactions cover, subject to customary anti-dilution adjustments, approximately 8.7 million shares of Teradyne’s common stock. Separately and concurrent with the pricing of the Notes, Teradyne entered into warrant transactions with the Option Counterparties (the “Warrant Transactions”) in which it sold net-share-settled (or, at its election subject to certain conditions, cash-settled) warrants to the Option Counterparties. The Warrant Transactions currently cover, subject to customary anti-dilution adjustments, approximately 14.6 million shares of common stock. As of October 3, 2021, the strike price of the warrants was approximately $39.56 per share. The strike price is subject to adjustment under certain circumstances. The Warrant Transactions could have a dilutive effect to Teradyne’s common stock to the extent that the market price per share of Teradyne’s common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants. The Note Hedge Transactions are expected to reduce the potential dilution to Teradyne’s common stock upon any conversion of the Notes. However, the Warrant Transactions could separately have a dilutive effect to the extent that the market value per share of Teradyne’s common stock exceeds the applicable strike price of the warrant. The net cost of the Note Hedge Transactions, after being partially offset by the proceeds from the sale of the warrants, was approximately $33.0 million. In connection with establishing their initial hedge of these convertible note hedge and warrant transactions, the Option Counterparties have entered into various derivative transactions with respect to Teradyne’s common stock and/or purchased shares of Teradyne’s common stock or other securities, including the Notes, concurrent with, or shortly after, the pricing of the Notes. In addition, the Option Counterparties may modify their hedge positions by entering into or unwinding various derivative transactions with respect to Teradyne’s common stock or by selling Teradyne’s common stock or other securities, including the Notes, in secondary market transactions (and may do so during any observation period related to the conversion of the Notes). These activities could adversely affect the value of Teradyne’s common stock and the Notes. Teradyne considered the guidance of ASC 815-40, “Derivatives and Hedging—Contracts in Entity’s Own Equity,” fixed-for-fixed Teradyne assessed whether the convertible note hedge should be classified as equity under ASC 815-40. In the Note Hedge Transactions contract the settlement terms permit net cash settlement or net share settlement, at the option of Teradyne. Therefore, the criteria as set forth in ASC 815-40 were evaluated by Teradyne. In reviewing the criteria, Teradyne noted the following: (1) the convertible note hedge does not require Teradyne to issue shares; (2) there is no requirement to net cash settle the convertible note hedge for failure to make timely filings with the SEC; (3) in the case of termination, the convertible note hedge is settled in the same consideration as the holders of the underlying stock; (4) the counterparty does not have rights that rank higher than those of a shareholder of the stock underlying the convertible note hedge; and (5) there is no requirement to post collateral. Based on its analysis of those criteria, Teradyne concluded that the convertible note hedge should be recorded in equity and no further adjustment should be made in future periods to adjust the value of the convertible note hedge. Teradyne analyzed the Warrant Transactions under ASC 815-40, “Derivatives and Hedging—Contracts in Entity’s Own Equity,” paid-in capital. Teradyne does not recognize subsequent changes in fair value of the warrants in its financial statements. The provisions of ASC 470-20, “Debt with Conversion and Other Options, 470-20 requires Teradyne to separately account for the liability (debt) and equity (conversion feature) components of the Notes in a manner that reflects Teradyne’s nonconvertible debt borrowing rate at the date of issuance when interest cost is recognized in subsequent periods. Teradyne allocated $100.8 million of the $460.0 million principal amount of the Notes to the equity component, which represents a discount to the debt and will be amortized to interest expense using the effective interest method through December 2023. Accordingly, Teradyne’s effective annual interest rate on the Notes will be approximately 5.0%. The Notes are classified as long-term debt in the balance sheet based on their December 15, 2023 maturity date, except for the conversions that occurred during the third quarter of 2021, which are included in current debt. Debt issuance costs of approximately $7.2 million initially are amortized to interest expense using the effective interest method over the seven-year term of the Notes. As of October 3, 2021, unamortized debt issuance costs were approximately $0.9 million. The below tables represent the key components of Teradyne’s convertible senior notes:
Reported as follows:
As of October 3, 2021, the remaining unamortized discount was $13.0 million, which will be amortized over 2.3 years using the effective interest rate method. The carrying amount of the equity component was $100.8 million. As of October 3, 2021, the conversion price was approximately $31.53 per share and the if-converted value of the notes was $1,364.6 million. During the three and nine months ended October 3, 2021, certain debt holders elected to convert $235.2 million and $302.0 million, respectively, of debt principal. The conversions in the three and nine months ended October 3, 2021 resulted in a loss of $20.2 million and $25.4 million, respectively, recorded to other (income) expense, net in the consolidated statement of operations. The conversion of the debt was settled in cash for principal amount and in shares for the excess of conversion value over principal amount. The 7.2 million shares issued to the debt holders were received from exercising the convertible notes hedge call options. Additional conversions of approximately $41.0 million of debt principal will occur in the fourth quarter of 2021. The liability component is included in current debt and the equity component is included in convertible common shares. Revolving Credit Facility On May 1, 2020, Teradyne entered into a credit agreement (the “Credit Agreement”) with Truist Bank, as administrative agent and collateral agent, and the lenders party thereto. The Credit Agreement provides for a three-year, senior secured revolving credit facility of $400.0 million (the “Credit Facility”). The Credit Agreement further provides that, subject to customary conditions, Teradyne may seek to obtain from existing or new lenders incremental commitments under the Credit Facility in an aggregate principal amount not to exceed $150.0 million. Proceeds from the Credit Facility may be used for general corporate purposes and working capital. Teradyne incurred $3.5 million in costs related to the revolving credit facility. These costs are being amortized over the three-year term of the revolving credit facility and are included in interest expense in the statement of operations. As of November 5, 2021, Teradyne has not borrowed any funds under the Credit Facility. The interest rates applicable to loans under the Credit Facility are, at Teradyne’s option, equal to either a base rate plus a margin ranging from 0.50% to 1.25% per annum or LIBOR, a minimum of 0.75%, plus a margin ranging from 1.50% to 2.25% per annum, based on the consolidated leverage ratio of Teradyne. In addition, Teradyne will pay a commitment fee on the unused portion of the commitments under the Credit Facility ranging from 0.25% to 0.40% per annum, based on the then applicable consolidated leverage ratio. Teradyne is not required to repay any loans under the Credit Facility prior to maturity, subject to certain customary exceptions. Teradyne is permitted to prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, other than customary LIBOR breakage costs. The Credit Agreement contains customary events of default, representations, warranties and affirmative and negative covenants that, among other things, limit Teradyne’s ability to sell assets, grant liens on assets, incur other secured indebtedness and make certain investments and restricted payments, all subject to exceptions set forth in the Credit Agreement. The Credit Agreement also requires Teradyne to satisfy two financial ratios measured as of the end of each fiscal quarter: a consolidated leverage ratio and an interest coverage ratio. The Credit Facility is guaranteed by certain of Teradyne’s domestic subsidiaries and collateralized by assets of Teradyne and such subsidiaries, including a pledge of 65% of the capital stock of certain foreign subsidiaries. As of November 5, 2021, Teradyne was in compliance with all covenants.
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Prepayments |
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| Prepayments | I. PREPAYMENTS Prepayments consist of the following and are included in prepayments and other assets on the balance sheet:
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Deferred Revenue and Customer Advances |
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| Deferred Revenue and Customer Advances | J. DEFERRED REVENUE AND CUSTOMER ADVANCES Deferred revenue and customer advances consist of the following and are included in short and long-term deferred revenue and customer advances on the balance sheet:
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Product Warranty |
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| Product Warranties Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product Warranty | K. PRODUCT WARRANTY Teradyne generally provides a one-year warranty on its products, commencing upon installation, acceptance or shipment. A provision is recorded upon revenue recognition to cost of revenues for estimated warranty expense based on historical experience. Related costs are charged to the warranty accrual as incurred. The balance below is included in other accrued liabilities.
When Teradyne receives revenue for extended warranties, beyond one year, it is deferred and recognized on a straight-line basis over the contract period. Related costs are expensed as incurred. The balance below is included in short and long-term deferred revenue and customer advances.
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Stock-Based Compensation |
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| Stock-Based Compensation | L. STOCK-BASED COMPENSATION Under Teradyne’s stock compensation plans, Teradyne grants service-based restricted stock units, performance-based restricted stock units and stock options, and employees are eligible to purchase Teradyne’s common stock through its Employee Stock Purchase Plan (“ESPP”). Service-based restricted stock unit awards granted to employees vest in equal annual installments over four years. Restricted stock unit awards granted to non-employee directors vest after a one-year period, with 100% of the award vesting on the earlier of (a) the first anniversary of the grant date or (b) the date of the following year’s annual meeting of shareholders. Teradyne expenses the cost of the restricted stock unit awards subject to service-based vesting, which is determined to be the fair market value of the shares at the date of grant, ratably over the period during which the restrictions lapse. Performance-based restricted stock units (“PRSUs”) granted to Teradyne’s executive officers may have a performance metric based on relative total shareholder return (“TSR”). Teradyne’s three-year TSR performance is measured against the New York Stock Exchange (“NYSE”) Composite Index. The final number of TSR PRSUs that vest will vary based upon the level of performance achieved from 0% to 200% of the target shares. The TSR PRSUs will vest upon the three-year anniversary of the grant date. The TSR PRSUs are valued using a Monte Carlo simulation model. The number of units expected to be earned, based upon the achievement of the TSR market condition, is factored into the grant date Monte Carlo valuation. Compensation expense is recognized on a straight-line basis over the shorter of the three-year service period or the period from the grant to the date described in the retirement provisions below. Compensation expense for executive officers meeting the retirement provisions prior to the grant date is recognized during the year following the grant. Compensation expense is recognized regardless of the eventual number of units that are earned based upon the market condition, provided the executive officer remains an employee at the end of the three-year period. Compensation expense is reversed if at any time during the three-year service period the executive officer is no longer an employee, subject to the retirement and termination eligibility provisions noted below. PRSUs granted to Teradyne’s executive officers may also have a performance metric based on three-year cumulative non-GAAP profit before interest and tax (“PBIT”) as a percent of Teradyne’s revenue. Non-GAAP PBIT is a financial measure equal to GAAP income from operations less restructuring and other, net; amortization of acquired intangible assets; acquisition and divestiture related charges or credits; pension actuarial gains and losses; non-cash convertible debt interest expense; and other non-recurring gains and charges. The final number of PBIT PRSUs that vest will vary based upon the level of performance achieved from 0% to 200% of the target shares. The PBIT PRSUs will vest upon the three-year anniversary of the grant date. Compensation expense is recognized on a straight-line basis over the shorter of the three-year service period or the period from the grant date to the date described in the retirement provisions below. Compensation expense for executive officers meeting the retirement provisions prior to the grant date is recognized during the year following the grant. Compensation expense is recognized based on the number of units that are earned based upon the three-year Teradyne PBIT as a percent of Teradyne’s revenue, provided the executive officer remains an employee at the end of the three-year period subject to the retirement and termination eligibility provisions noted below. If a PRSU recipient’s employment ends prior to the determination of the performance percentage due to (1) permanent disability or death or (2) retirement or termination other than for cause, after attaining both at least age and at least ten years of service, then all or a portion of the recipient’s PRSUs (based on the actual performance percentage achieved on the determination date) will vest on the date the performance percentage is determined. Except as set forth in the preceding sentence, no PRSUs will vest if the executive officer is no longer an employee at the end of the three-year period. Stock options to purchase Teradyne’s common stock at 100% of the fair market value on the grant date vest in equal annual installments over four years from the grant date and have a maximum term of seven years. During the nine months ended October 3, 2021 and September 27, 2020, Teradyne granted 0.3 million and 0.4 million of service-based restricted stock unit awards to employees at a weighted average grant date fair value of $113.76 and $70.76, respectively, and 0.1 million of service-based restricted stock unit awards to non-employee directors at a weighted average grant date fair value of $127.77 and $64.99, respectively. During the nine months ended October 3, 2021 and September 27, 2020, Teradyne granted 0.1 million of PBIT PRSUs with a grant date fair value of $113.65 and $70.94, respectively. During the nine months ended October 3, 2021 and September 27, 2020, Teradyne granted 0.1 million of TSR PRSUs, with a grant date fair value of $125.02 and $89.93, respectively. The fair value was estimated using the Monte Carlo simulation model with the following assumptions:
Expected volatility was based on the historical volatility of Teradyne’s stock and the NYSE Composite Index over the most recent three-year period. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.40 per share divided by Teradyne’s stock price on the grant date of $113.48 for the 2021 grant and an estimated annual dividend amount of $0.40 per share divided by Teradyne’s stock price on the grant date of $72.10 for the 2020 grant. During the nine months ended October 3, 2021 and September 27, 2020, Teradyne granted 0.1 million of service-based stock options to executive officers at a weighted average grant date fair value of $36.60 and $20.67, respectively. The fair value of stock options was estimated using the Black-Scholes option-pricing model with the following assumptions:
Teradyne determined the stock options’ expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant. Volatility was determined using historical volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.40 per share divided by Teradyne’s stock price on the grant date of $113.48 for the 2021 grant and an estimated annual dividend amount of $0.40 per share divided by Teradyne’s stock price on the grant date of $72.10 for the 2020 grant.
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Accumulated Other Comprehensive Income |
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| Accumulated Other Comprehensive Income | M. ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in accumulated other comprehensive income, which are presented net of tax, consist of the following:
Reclassifications out of accumulated other comprehensive income to the statement of operations for the three and nine months ended October 3, 2021 and September 27, 2020 were as follows:
(a) The amortization of prior service credit is included in the computation of net periodic postretirement benefit cost. See Note Q: “Retirement Plans.”
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Goodwill and Acquired Intangible Assets |
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| Goodwill and Intangible Assets | N. GOODWILL AND ACQUIRED INTANGIBLE ASSETS Goodwill Teradyne performs its annual goodwill impairment test as required under the provisions of ASC 350-10, “Intangibles—Goodwill and Other” The changes in the carrying amount of goodwill by reportable segments for the nine months ended October 3, 2021, were as follows:
Intangible Assets Teradyne reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Amortizable intangible assets consist of the following and are included in intangible assets, net on the balance sheet:
Aggregate intangible asset amortization expense was $5.4 million and $16.3 million, respectively, for the three and nine months ended October 3, 2021 and $6.2 million and $25.1 million, respectively, for the three and nine months ended September 27, 2020. Estimated intangible asset amortization expense for each of the five succeeding fiscal years is as follows:
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Net Income Per Common Share |
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| Net Income per Common Share | O. NET INCOME PER COMMON SHARE The following table sets forth the computation of basic and diluted net income per common share:
The computation of diluted net income per common share for the three and nine months ended October 3, 2021 excludes the effect of the potential vesting of 0.1 million and 0.1 million, respectively, of restricted stock units because the effect would have been anti-dilutive. The computation of diluted net income per common share for the three and nine months ended September 27, 2020 excludes the effect of the potential vesting of 0.1 million and 0.2 million, respectively, of restricted stock units because the effect would have been anti-dilutive.
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Restructuring and Other |
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Oct. 03, 2021 | |
| Restructuring and Related Activities [Abstract] | |
| Restructuring and Other | P. RESTRUCTURING AND OTHER During the three months ended October 3, 2021, Teradyne recorded $0.6 million of severance charges primarily in Industrial Automation, $0.3 million of acquisition related compensation expenses and $0.3 million for other expenses. During the three months ended September 27, 2020, Teradyne recorded a $27.2 million gain for the decrease in the fair value of the AutoGuide contingent consideration liability, a $1.1 million gain for the decrease in acquisition related compensation liability, partially offset by $0.5 million recorded for employee severance charges primarily in Industrial Automation. During the nine months ended October 3, 2021, Teradyne recorded a gain of $7.2 million for the decrease in the fair value of the AutoGuide contingent consideration liability, partially offset by a charge of $1.7 million for an increase in environmental and legal liabilities, $1.2 million of severance charges primarily in Industrial Automation, $0.6 million for other expenses and $0.3 million of acquisition related compensation expenses. During the nine months ended September 27, 2020, Teradyne recorded a $4.0 million contract termination settlement charge, $3.4 million of acquisition related compensation and expenses, $1.2 million of severance charges primarily in Industrial Automation, and $1.2 million of other expenses, partially offset by a $4.4 million gain for the decrease in the fair value of the AutoGuide contingent consideration liabilities, and a $3.5 million gain for the decrease in the fair value of the MiR contingent consideration liability.
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Retirement Plans |
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| Retirement Plans | Q. RETIREMENT PLANS ASC 715, “Compensation—Retirement Benefits” Defined Benefit Pension Plans Teradyne has defined benefit pension plans covering a portion of domestic employees and employees of certain non-U.S. subsidiaries. Benefits under these plans are based on employees’ years of service and compensation. Teradyne’s funding policy is to make contributions to these plans in accordance with local laws and to the extent that such contributions are tax deductible. The assets of the U.S. qualified pension plan consist primarily of fixed income and equity securities. In addition, Teradyne has unfunded qualified foreign plans as well as an unfunded supplemental executive defined benefit plan in the United States to provide retirement benefits in excess of levels allowed by the Employment Retirement Income Security Act (“ERISA”) and the Internal Revenue Code (“IRC”). In the nine months ended October 3, 2021, and September 27, 2020, Teradyne contributed $2.5 million and $2.2 million, respectively, to the U.S. supplemental executive defined benefit pension plan and $0.8 million and $0.7 million, respectively, to certain qualified pension plans for non-U.S. subsidiaries. For the three and nine months ended October 3, 2021 and September 27, 2020, Teradyne’s net periodic pension cost was comprised of the following components:
The net periodic pension cost components other than service cost were recorded in other (income) expense, net in the statement of operations. Postretirement Benefit Plan In addition to receiving pension benefits, Teradyne employees in the United States who meet early retirement eligibility requirements as of their termination dates may participate in Teradyne’s Welfare Plan, which includes medical and dental benefits up to age 65. Death benefits provide a fixed sum to retirees’ survivors and are available to all retirees. Substantially all of Teradyne’s current U.S. employees could become eligible for these benefits, and the existing benefit obligation relates primarily to those employees. For the three and nine months ended October 3, 2021 and September 27, 2020, Teradyne’s net periodic postretirement benefit cost (credit) was comprised of the following components:
The net periodic postretirement benefit cost (credit) components other than service cost were recorded in other (income) expense, net in the statement of operations. |
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Commitments and Contingencies |
9 Months Ended |
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Oct. 03, 2021 | |
| Commitments and Contingencies | R. COMMITMENTS AND CONTINGENCIES Purchase Commitments As of October 3, 2021, Teradyne had entered into purchase commitments for certain components and materials. The purchase commitments covered by the agreements aggregate to approximately $811.9 million, of which $777.8 million is for less than one year. Legal Claims Teradyne is subject to various legal proceedings and claims which have arisen in the ordinary course of business such as, but not limited to, patent, employment, commercial and environmental matters. Teradyne believes that it has meritorious defenses against all pending claims and intends to vigorously contest them. While it is not possible to predict or determine the outcomes of any pending claims or to provide possible ranges of losses that may arise, Teradyne believes the potential losses associated with all of these actions are unlikely to have a material adverse effect on its business, financial position or results of operations. On March 8, 2021, Industrial Automation LLC submitted a demand for arbitration against Teradyne and AutoGuide in Wilmington, Delaware alleging that Teradyne and AutoGuide breached certain provisions of the Membership Interests Purchase Agreement (the “Purchase Agreement”), dated as of October 18, 2019, among Industrial Automation LLC, Teradyne and AutoGuide. The arbitration demand seeks full acceleration of the maximum earnout amount payable under the Purchase Agreement, or $106.9 million, for the alleged breach of the earnout provisions of the Purchase Agreement. On March 26, 2021, Teradyne and AutoGuide filed an answer denying that Teradyne and AutoGuide breached any provisions of the Purchase Agreement. The arbitration hearing is scheduled for March 21, 2022. While it is not possible at this stage to predict the outcome of the arbitration, Teradyne and AutoGuide intend to vigorously defend against the Industrial Automation LLC claims.
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Income Taxes |
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| Income Taxes | S. INCOME TAXES A reconciliation of the United States federal statutory corporate tax rate to Teradyne’s effective tax rate was as follows:
On a quarterly basis, Teradyne evaluates the realizability of the deferred tax assets by jurisdiction and assesses the need for a valuation allowance. As of October 3, 2021, Teradyne believes that it will ultimately realize the deferred tax assets recorded on the condensed consolidated balance sheet. However, should Teradyne believe that it is more-likely-than-not that the deferred tax assets would not be realized, the tax provision would increase in the period in which Teradyne determined that the realizability was not likely. Teradyne considers the probability of future taxable income and historical profitability, among other factors, in assessing the realizability of the deferred tax assets. As of October 3, 2021, and December 31, 2020, Teradyne had $16.8 million and $17.9 million, respectively, of reserves for uncertain tax positions. The $1.1 million net decrease in reserves for uncertain tax positions is primarily related to U.S. state research and development credits generated in prior years, as well as U.S. federal research and development credits generated in the current year. As of October 3, 2021, Teradyne estimates that it is reasonably possible that the balance of unrecognized tax benefits may decrease approximately $1.6 million in the next twelve months because of a lapse of statutes of limitation. The estimated decrease relates to loss carryforwards, research credits and U.S. manufacturing activities deductions. Teradyne recognizes interest and penalties related to income tax matters in income tax expense. As of October 3, 2021, and December 31, 2020, $1.5 million and $1.2 million, respectively, of interest and penalties were accrued for uncertain tax positions. For the nine months ended October 3, 2021 and September 27, 2020, expense of $0.3 million and $0.0 million, respectively, was recorded for interest and penalties related to income tax items. Teradyne qualifies for a tax holiday in Singapore by fulfilling the requirements of an agreement with the Singapore Economic Development Board under which certain headcount and spending requirements must be met. The tax savings due to the tax holiday for the nine months ended October 3, 2021 was $23.9 million, or $0.13 per diluted share. The tax savings due to the tax holiday for the nine months ended September 27, 2020 was $24.9 million, or $0.14 per diluted share. In November 2020, Teradyne entered into an agreement with the Singapore Economic Development Board which extended its Singapore tax holiday under substantially similar terms to the agreement which expired on December 31, 2020. The new tax holiday is scheduled to expire on December 31, 2025.
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Segment Information |
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| Segment Information | T. SEGMENT INFORMATION Teradyne has four reportable segments (Semiconductor Test, System Test, Industrial Automation and Wireless Test). Each of the reportable segments is also 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 defense/aerospace instrumentation test, storage and system level test, and circuit-board test. The Industrial Automation segment includes operations related to the design, manufacturing and marketing of collaborative robotic arms, autonomous mobile robots and advanced robotic control software. The Wireless Test segment includes operations related to the design, manufacturing and marketing of wireless test products and services. Each operating segment has a segment manager who is directly accountable to and maintains regular contact 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 in effect are described in Note B: “Accounting Policies” in Teradyne’s Annual Report on Form 10-K for the year ended December 31, 2020. Segment information for th e three and nine months ended October 3, 2021 and September 27, 2020 is as follows:
Included in each segment are charges and credits in the following line items in the statements of operations:
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Shareholders' Equity |
9 Months Ended |
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Oct. 03, 2021 | |
| Equity [Abstract] | |
| Shareholders' Equity | U. SHAREHOLDERS’ EQUITY Stock Repurchase Program In January 2021, Teradyne’s Board of Directors cancelled the January 2020 repurchase program and approved a new repurchase program for up to $2.0 billion of common stock. Teradyne intends to repurchase a minimum of $600 million in 2021. During the nine months ended October 3, 2021, Teradyne repurchased 3.3 million shares of common stock for $406.2 million at an average price of $123.53 per share. During the nine months ended September 27, 2020, Teradyne repurchased 1.5 million shares of common stock for $88.5 million at an average price of $58.33 per share. The total price includes commissions and is recorded as a reduction to retained earnings. Dividend Holders of Teradyne’s common stock are entitled to receive dividends when they are declared by Teradyne’s Board of Directors. In January 2021, May 2021 and August 2021, Teradyne’s Board of Directors declared a quarterly cash dividend of $0.10 per share. Dividend payments for the three and nine months ended October 3, 2021 were $16.4 million and $49.7 million, respectively. In January 2020, May 2020 and August 2020, Teradyne’s Board of Directors declared a quarterly cash dividend of $0.10 per share. Dividend payments for the three and nine months ended September 27, 2020 were $16.6 million and $49.9 million, respectively. While Teradyne declared a quarterly cash dividend and authorized a share repurchase program, it may reduce or eliminate the cash dividend or share repurchase program in the future. Future cash dividends and stock repurchases are subject to the discretion of Teradyne’s Board of Directors, which will consider, among other things, Teradyne’s earnings, capital requirements and financial condition.
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Accounting Policies (Policies) |
9 Months Ended |
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Oct. 03, 2021 | |
| Basis of Presentation | Basis of Presentation The consolidated interim financial statements include th
e accounts of Teradyne and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These interim financial statements are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair statement of such interim financial statements. Certain prior year amounts were reclassified to conform to the current year presentation. The December 31, 2020 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The accompanying financial information should be read in conjunction with the consolidated financial statements and notes thereto contained in Teradyne’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 22, 2021, for the year ended December 31, 2020. |
| Preparation of Financial Statements and Use of Estimates | Preparation of Financial Statements and Use of Estimates The preparation of consolidated financial statements requires management to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent liabilities. On an
on-going basis, management evaluates its estimates, including those related to inventories, investments, goodwill, intangible and other long-lived assets, accounts receivable, income taxes, deferred tax assets and liabilities, pensions, warranties, contingent consideration liabilities, and loss contingencies. Management bases its estimates on historical experience and on appropriate and customary assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and our markets. Management is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of November 5, 2021, the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained. Actual results may differ significantly from these estimates under different assumptions or conditions. |
Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregated Revenue by Primary Geographical Market, Major Product Line and Timing of Revenue Recognition | The following table provides information about disaggregated revenue by timing of revenue recognition, primary geographical market, and major product lines.
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Composition of Inventories, Net | Inventories, net consisted of th e following at October 3, 2021 and December 31, 2020:
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Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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 October 3, 2021 and December 31, 2020.
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| Schedule of Changes in Fair Value of Level 3 Contingent Consideration | Changes in the fair value of Level 3 contingent consideration for the three and nine months ended October 3, 2021 and September 27, 2020 were as follows:
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| Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of Teradyne’s financial instruments at October 3, 2021 and December 31, 2020 were as follows:
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| Schedule of Available-for-Sale Marketable Securities | The following table summarizes the composition of available-for-sale
Reported as follows:
The following table summarizes the composition of available-for-sale
Reported as follows:
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| Contractual Maturities of Investments Held | The contractual maturities of investments in available-for-sale
|
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| Schedule of Derivative Instruments in Statement of Financial Position at Fair Value | The following table summarizes the fair value of derivative instruments as of October 3, 2021 and December 31, 2020:
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| 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 and nine months ended October 3, 2021 and September 27, 2020:
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Convertible Senior Notes | The below tables represent the key components of Teradyne’s convertible senior notes:
Reported as follows:
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Prepayments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prepayments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Prepayments and other assets | Prepayments consist of the following and are included in prepayments and other assets on the balance sheet:
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Deferred Revenue and Customer Advances (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Revenue and Customer Advances | Deferred revenue and customer advances consist of the following and are included in short and long-term deferred revenue and customer advances on the balance sheet:
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Product Warranty (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Accrued Liabilities | Related costs are charged to the warranty accrual as incurred. The balance below is included in other accrued liabilities.
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| Extended Product Warranty of Short and Long-Term Deferred Revenue and Customer Advances | Related costs are expensed as incurred. The balance below is included in short and long-term deferred revenue and customer advances.
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||
| Schedule of Estimated Fair Value of TSR Performance-Based Restricted Stock Unit Awards Assumptions | The fair value was estimated using the Monte Carlo simulation model with the following assumptions:
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| Fair Value of Stock Options Using Assumptions | The fair value of stock options was estimated using the Black-Scholes option-pricing model with the following assumptions:
|
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Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Accumulated Other Comprehensive Income | Changes in accumulated other comprehensive income, which are presented net of tax, consist of the following:
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| Reclassifications Out of Accumulated Other Comprehensive Income to Statements of Operations | Reclassifications out of accumulated other comprehensive income to the statement of operations for the three and nine months ended October 3, 2021 and September 27, 2020 were as follows:
(a) The amortization of prior service credit is included in the computation of net periodic postretirement benefit cost. See Note Q: “Retirement Plans.”
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Goodwill and Acquired Intangible Assets (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by reportable segments for the nine months ended October 3, 2021, were as follows:
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| Schedule of Estimated Intangible Assets Amortization Expense | Estimated intangible asset amortization expense for each of the five succeeding fiscal years is as follows:
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| Wireless Test | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Amortizable Intangible Assets | Amortizable intangible assets consist of the following and are included in intangible assets, net on the balance sheet:
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Net Income Per Common Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Computation of Basic and Diluted Net Income (Loss) Per Common Share | The following table sets forth the computation of basic and diluted net income per common share:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plans (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Pension Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Periodic Pension and Postretirement Benefit Costs | For the three and nine months ended October 3, 2021 and September 27, 2020, Teradyne’s net periodic pension cost was comprised of the following components:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Postretirement Benefit Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Periodic Pension and Postretirement Benefit Costs | For the three and nine months ended October 3, 2021 and September 27, 2020, Teradyne’s net periodic postretirement benefit cost (credit) was comprised of the following components:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Effective Tax Rate | A reconciliation of the United States federal statutory corporate tax rate to Teradyne’s effective tax rate was as follows:
|
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment information for th e three and nine months ended October 3, 2021 and September 27, 2020 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information by Segment Charges | Included in each segment are charges and credits in the following line items in the statements of operations:
|
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Recently Issued Accounting Pronouncements - Additional Information (Detail) |
Nov. 04, 2021 |
Dec. 12, 2016 |
|---|---|---|
| 1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | ||
| Debt instrument, interest rate, stated percentage | 1.25% | 1.25% |
Investment In Other Company - Additional Information (Details) - MachineMetrics, Inc [Member] - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Oct. 03, 2021 |
Jun. 01, 2021 |
|
| Schedule of Equity Method Investments [Line Items] | ||
| Long-term Investments | $ 12.0 | $ 12.0 |
| Unrealized Gain (Loss) on Investments | $ 0.0 |
Revenue - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Deferred Revenue And Customer Advances | $ 32.9 | $ 17.6 | $ 82.5 | $ 78.2 |
| Deferred Revenue and Trade Accounts Receivable | 66.9 | $ 16.5 | 81.7 | $ 113.5 |
| Revenue, Remaining Performance Obligation, Amount | $ 1,293.0 | $ 1,293.0 | ||
| Short-term Contract with Customer [Member] | ||||
| Revenue, Remaining Performance Obligation, Percentage | 94.00% | 94.00% | ||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction Period | 12 months | |||
| Long-term Contract with Customer [Member] | ||||
| Revenue, Remaining Performance Obligation, Percentage | 5.00% | 5.00% | ||
| Long-term Contract with Customer [Member] | Revenue Remaining Performance Obligation Percentage Two [Member] | ||||
| Revenue, Remaining Performance Obligation, Percentage | 1.00% | 1.00% | ||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction Period | 3 years | |||
| Long-term Contract with Customer [Member] | Maximum [Member] | ||||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction Period | 3 years | |||
| Long-term Contract with Customer [Member] | Minimum [Member] | ||||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction Period | 1 year | |||
Disaggregated Revenue by Primary Geographical Market, Major Product Line and Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | $ 950,501 | [1] | $ 819,484 | [1] | $ 2,817,835 | [2],[3] | $ 2,362,500 | [2] | ||||||
| Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 688,232 | 592,141 | 2,050,271 | [3] | 1,735,777 | |||||||||
| System Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 102,605 | [1] | 118,169 | [1] | 340,261 | [2],[3] | 306,051 | [2] | ||||||
| Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 91,014 | 68,711 | 263,151 | [3] | 187,792 | |||||||||
| Wireless Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 68,713 | [1] | 40,504 | [1] | 164,504 | [2],[3] | 133,174 | [2] | ||||||
| Corporate and Other | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | (63) | [1] | (41) | [1] | (352) | [2] | (294) | [2] | ||||||
| Point in Time | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 856,287 | [1] | 736,325 | [1] | 2,546,734 | [2] | 2,124,031 | [2] | ||||||
| Point in Time | System Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 88,155 | [1] | 101,045 | [1] | 295,666 | [2] | 259,498 | [2] | ||||||
| Point in Time | Wireless Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 65,409 | [1] | 37,901 | [1] | 154,908 | [2] | 125,304 | [2] | ||||||
| Point in Time | Corporate and Other | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | (63) | [1] | (41) | [1] | (352) | [2] | (294) | [2] | ||||||
| Over Time | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 94,214 | [1] | 83,159 | [1] | 271,101 | [2] | 238,469 | [2] | ||||||
| Over Time | System Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 14,450 | [1] | 17,124 | [1] | 44,595 | [2] | 46,553 | [2] | ||||||
| Over Time | Wireless Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 3,304 | [1] | 2,603 | [1] | 9,596 | [2] | 7,870 | [2] | ||||||
| Americas | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 105,999 | [1] | 87,494 | [1] | 287,475 | [2] | 232,840 | [2] | ||||||
| Americas | System Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 34,560 | [1] | 35,140 | [1] | 98,475 | [2] | 91,924 | [2] | ||||||
| Americas | Wireless Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 11,352 | [1] | 5,211 | [1] | 24,228 | [2] | 15,253 | [2] | ||||||
| Americas | Corporate and Other | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | (63) | [1] | (41) | [1] | (352) | [2] | (294) | [2] | ||||||
| Europe, Middle East and Africa | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 74,711 | [1] | 45,447 | [1] | 189,291 | [2] | 147,678 | [2] | ||||||
| Europe, Middle East and Africa | System Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 5,288 | [1] | 4,495 | [1] | 18,279 | [2] | 16,919 | [2] | ||||||
| Europe, Middle East and Africa | Wireless Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 3,017 | [1] | 1,428 | [1] | 6,598 | [2] | 4,345 | [2] | ||||||
| Asia Pacific | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 769,791 | [1] | 686,543 | [1] | 2,341,069 | [2] | 1,981,982 | [2] | ||||||
| Asia Pacific | System Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 62,757 | [1] | 78,534 | [1] | 223,507 | [2] | 197,208 | [2] | ||||||
| Asia Pacific | Wireless Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 54,344 | [1] | 33,865 | [1] | 133,678 | [2] | 113,576 | [2] | ||||||
| SOC | Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 575,017 | [1] | 449,705 | [1] | 1,736,917 | [2] | 1,423,627 | [2] | ||||||
| SOC | Point in Time | Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 508,747 | [1] | 393,717 | [1] | 1,548,895 | [2] | 1,261,468 | [2] | ||||||
| SOC | Over Time | Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 66,270 | [1] | 55,988 | [1] | 188,022 | [2] | 162,159 | [2] | ||||||
| SOC | Americas | Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 29,119 | [1] | 17,678 | [1] | 71,562 | [2] | 51,315 | [2] | ||||||
| SOC | Europe, Middle East and Africa | Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 26,012 | [1] | 11,206 | [1] | 47,238 | [2] | 41,849 | [2] | ||||||
| SOC | Asia Pacific | Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 519,886 | [1] | 420,821 | [1] | 1,618,117 | [2] | 1,330,463 | [2] | ||||||
| Memory | Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 113,215 | [1] | 142,436 | [1] | 313,354 | [2] | 312,150 | [2] | ||||||
| Memory | Point in Time | Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 105,454 | [1] | 137,929 | [1] | 291,578 | [2] | 298,150 | [2] | ||||||
| Memory | Over Time | Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 7,761 | [1] | 4,507 | [1] | 21,776 | [2] | 14,000 | [2] | ||||||
| Memory | Americas | Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 2,281 | [1] | 3,730 | [1] | 9,373 | [2] | 11,481 | [2] | ||||||
| Memory | Europe, Middle East and Africa | Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 572 | [1] | 1,420 | [1] | 2,419 | [2] | 3,990 | [2] | ||||||
| Memory | Asia Pacific | Semiconductor Test | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 110,362 | [1] | 137,286 | [1] | 301,562 | [2] | 296,679 | [2] | ||||||
| Universal Robots (UR) | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 77,750 | [1] | 53,209 | [1] | 219,428 | [2] | 146,457 | [2] | ||||||
| Universal Robots (UR) | Point in Time | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 76,008 | [1] | 51,523 | [1] | 214,427 | [2] | 140,829 | [2] | ||||||
| Universal Robots (UR) | Over Time | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 1,742 | [1] | 1,686 | [1] | 5,001 | [2] | 5,628 | [2] | ||||||
| Universal Robots (UR) | Americas | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 23,429 | [1] | 16,527 | [1] | 66,390 | [2] | 42,634 | [2] | ||||||
| Universal Robots (UR) | Europe, Middle East and Africa | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 34,667 | [1] | 22,211 | [1] | 97,507 | [2] | 64,158 | [2] | ||||||
| Universal Robots (UR) | Asia Pacific | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 19,654 | [1] | 14,471 | [1] | 55,531 | [2] | 39,665 | [2] | ||||||
| MiR | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 12,958 | [1] | 10,234 | [1] | 42,989 | [2] | 30,644 | [2] | ||||||
| MiR | Point in Time | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 12,351 | [1] | 10,175 | [1] | 41,506 | [2] | 30,468 | [2] | ||||||
| MiR | Over Time | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 607 | [1] | 59 | [1] | 1,483 | [2] | 176 | [2] | ||||||
| MiR | Americas | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 5,015 | [1] | 3,981 | [1] | 17,065 | [2] | 9,836 | [2] | ||||||
| MiR | Europe, Middle East and Africa | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 5,155 | [1] | 4,687 | [1] | 17,250 | [2] | 16,417 | [2] | ||||||
| MiR | Asia Pacific | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 2,788 | [1] | 1,566 | [1] | 8,674 | [2] | 4,391 | [2] | ||||||
| Autoguide LLC [Member] | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 306 | [1] | 5,268 | [1] | 734 | [2] | 10,691 | [2] | ||||||
| Autoguide LLC [Member] | Point in Time | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 226 | [1] | 4,076 | [1] | 106 | [2] | 8,608 | [2] | ||||||
| Autoguide LLC [Member] | Over Time | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | 80 | [1] | 1,192 | [1] | 628 | [2] | 2,083 | [2] | ||||||
| Autoguide LLC [Member] | Americas | Industrial Automation | ||||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||||
| Total | $ 306 | [1] | $ 5,268 | [1] | $ 734 | [2] | $ 10,691 | [2] | ||||||
| ||||||||||||||
Disaggregated Revenue by Primary Geographical Market, Major Product Line and Timing of Revenue Recognition (Parenthetical) (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Accounting Policies [Abstract] | ||||
| Revenue on leases | $ 3.8 | $ 1.7 | $ 11.1 | $ 6.1 |
Composition of Inventories, Net (Detail) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Raw material | $ 131,807 | $ 114,133 |
| Work-in-process | 34,911 | 25,408 |
| Finished goods | 57,524 | 82,648 |
| Inventories, net | $ 224,242 | $ 222,189 |
Inventories - Additional Information (Detail) - USD ($) $ in Millions |
Oct. 03, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Inventory [Line Items] | ||
| Inventory reserves | $ 112.5 | $ 110.6 |
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
Dec. 31, 2020 |
|
| Financial Instruments and Fair Value [Line Items] | |||||
| Available-for-sale securities, realized gain | $ 0.5 | $ 1.1 | $ 2.6 | $ 4.1 | |
| Available-for-sale securities, realized loss | 0.0 | 0.1 | 0.0 | 0.3 | |
| Aggregate loss of investments with unrealized losses greater than one year | 6.2 | 6.2 | |||
| Fair market value of investments with unrealized losses less than one year | 57.3 | 57.3 | $ 70.4 | ||
| Unrealized Gain (loss) on contracts | 1.0 | 1.2 | 1.3 | 0.4 | |
| Equity securities unrealized gain | $ 2.0 | 3.3 | 5.7 | ||
| Equity securities unrealized loss | 0.4 | 1.1 | $ 6.0 | ||
| Debt Mutual Funds | |||||
| Financial Instruments and Fair Value [Line Items] | |||||
| Available for sale securities with out contractual maturity date | $ 8.9 | 8.9 | |||
| Foreign Exchange Contracts | |||||
| Financial Instruments and Fair Value [Line Items] | |||||
| Unrealized Gain (loss) on contracts | $ 181.8 | $ 152.9 | |||
Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | $ 334,285 | $ 610,840 |
| U.S. Treasury Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 80,519 | 258,304 |
| Commercial Paper | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 179,629 | 254,413 |
| Corporate Debt Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 58,648 | 83,615 |
| Certificates of Deposit and Time Deposits | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 1,346 | 979 |
| U.S. Government Agency Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 4,616 | 4,339 |
| Debt Mutual Funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 8,937 | 8,565 |
| Non-U.S. Government Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 590 | 625 |
| Fair Value, Measurements, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Total | 1,449,515 | 1,554,381 |
| Derivative assets | 93 | 95 |
| Total | 1,449,608 | 1,554,476 |
| Contingent consideration | 7,227 | |
| Derivative liabilities | 433 | 504 |
| Total | 433 | 7,731 |
| Fair Value, Measurements, Recurring | Cash | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 577,752 | 443,166 |
| Fair Value, Measurements, Recurring | Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 501,702 | 470,955 |
| Fair Value, Measurements, Recurring | U.S. Treasury Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 80,519 | 258,304 |
| Fair Value, Measurements, Recurring | Commercial Paper | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 179,629 | 254,413 |
| Fair Value, Measurements, Recurring | Corporate Debt Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 58,648 | 83,615 |
| Fair Value, Measurements, Recurring | Certificates of Deposit and Time Deposits | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 1,346 | 979 |
| Fair Value, Measurements, Recurring | U.S. Government Agency Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 4,616 | 4,339 |
| Fair Value, Measurements, Recurring | Debt Mutual Funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 8,937 | 8,565 |
| Fair Value, Measurements, Recurring | Non-U.S. Government Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 590 | 625 |
| Fair Value, Measurements, Recurring | Equity Mutual Funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale equity securities | 35,776 | 29,420 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Total | 799,168 | 828,919 |
| Total | 799,168 | 828,919 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Cash | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 577,752 | 443,166 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 176,703 | 347,768 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Debt Mutual Funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 8,937 | 8,565 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Equity Mutual Funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale equity securities | 35,776 | 29,420 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Total | 650,347 | 725,462 |
| Derivative assets | 93 | 95 |
| Total | 650,440 | 725,557 |
| Derivative liabilities | 433 | 504 |
| Total | 433 | 504 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 324,999 | 123,187 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. Treasury Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 80,519 | 258,304 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Commercial Paper | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 179,629 | 254,413 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Corporate Debt Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 58,648 | 83,615 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Certificates of Deposit and Time Deposits | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 1,346 | 979 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. Government Agency Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 4,616 | 4,339 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Non-U.S. Government Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | $ 590 | 625 |
| Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Contingent consideration | 7,227 | |
| Total | $ 7,227 |
Schedule of Reported Financial Assets and Liabilities (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Oct. 03, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | $ 1,449,608 | $ 1,554,476 |
| Liabilities | 433 | 7,731 |
| Other Current Liabilities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Liabilities | 433 | 504 |
| Cash and Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 1,079,454 | 914,121 |
| Marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 233,397 | 522,280 |
| Long-term marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 136,664 | 117,980 |
| Prepayments and other current assets | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 93 | 95 |
| Long Term Contingent Consideration | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Liabilities | 7,227 | |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 799,168 | 828,919 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Cash and Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 754,455 | 790,934 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Long-term marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 44,713 | 37,985 |
| Significant Other Observable Inputs (Level 2) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 650,440 | 725,557 |
| Liabilities | 433 | 504 |
| Significant Other Observable Inputs (Level 2) | Other Current Liabilities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Liabilities | 433 | 504 |
| Significant Other Observable Inputs (Level 2) | Cash and Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 324,999 | 123,187 |
| Significant Other Observable Inputs (Level 2) | Marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 233,397 | 522,280 |
| Significant Other Observable Inputs (Level 2) | Long-term marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 91,951 | 79,995 |
| Significant Other Observable Inputs (Level 2) | Prepayments and other current assets | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | $ 93 | 95 |
| Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Liabilities | 7,227 | |
| Significant Unobservable Inputs (Level 3) | Long Term Contingent Consideration | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Liabilities | $ 7,227 |
Schedule of Changes in Fair Value of Level 3 Contingent Consideration (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|||||||||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
| Balance at beginning of period | $ 0 | $ 49,737 | $ 7,227 | $ 39,705 | ||||||||
| Fair value adjustment | [1],[2],[3] | 0 | (27,206) | (7,227) | (7,967) | |||||||
| Foreign currency impact | 0 | 0 | 0 | (355) | ||||||||
| Payments | [4] | (8,852) | ||||||||||
| Balance at end of period | $ 0 | $ 22,531 | $ 0 | $ 22,531 | ||||||||
| ||||||||||||
Schedule of Changes in Fair Value of Level 3 Contingent Consideration (Parenthetical) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
|---|---|---|---|
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Payments of contingent consideration | $ 8,852 | ||
| Increase (decrease) in contingent consideration | $ (7,227) | (7,967) | |
| Maximum amount of contingent consideration paid for acquisition | 8,852 | ||
| Avionics Interface Technologies, LLC | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Payments of contingent consideration | 8,900 | ||
| Maximum amount of contingent consideration paid for acquisition | 8,900 | ||
| MiR | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Payments of contingent consideration | $ 27,200 | 4,400 | |
| Maximum amount of contingent consideration paid for acquisition | $ 27,200 | 4,400 | |
| Autoguide LLC [Member] | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Payments of contingent consideration | 100,200 | 3,500 | |
| Maximum amount of contingent consideration paid for acquisition | 100,200 | $ 3,500 | |
| Autoguide LLC [Member] | Dispute In Respect Of Contingent Consideration [Member] | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Increase (decrease) in contingent consideration | $ 7,200 | ||
Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Dec. 31, 2020 |
||
|---|---|---|---|---|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||||
| Marketable securities | $ 334,285 | $ 610,840 | ||
| Carrying Value | ||||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||||
| Cash and cash equivalents | 1,079,454 | 914,121 | ||
| Marketable securities | 370,061 | 640,260 | ||
| Derivative assets | 93 | 95 | ||
| Contingent consideration | 7,227 | |||
| Derivative liabilities | 433 | 504 | ||
| Convertible debt | [1] | 145,003 | 410,111 | |
| Fair Value | ||||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||||
| Cash and cash equivalents | 1,079,454 | 914,121 | ||
| Marketable securities | 370,061 | 640,260 | ||
| Derivative assets | 93 | 95 | ||
| Contingent consideration | 7,227 | |||
| Derivative liabilities | 433 | 504 | ||
| Convertible debt | [1] | $ 546,464 | $ 1,739,553 | |
| ||||
Schedule of Available for Sale Marketable Securities (Detail) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | $ 328,741 | $ 601,976 |
| Available-for-sale marketable securities, Unrealized Gain | 6,138 | 9,077 |
| Available-for-sale marketable securities, Unrealized (Loss) | (594) | (213) |
| Available-for-sale marketable securities, Fair Market Value | 334,285 | 610,840 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 63,447 | 70,418 |
| U.S. Treasury Securities | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 80,370 | 257,132 |
| Available-for-sale marketable securities, Unrealized Gain | 636 | 1,330 |
| Available-for-sale marketable securities, Unrealized (Loss) | (487) | (158) |
| Available-for-sale marketable securities, Fair Market Value | 80,519 | 258,304 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 17,336 | 17,243 |
| Commercial Paper | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 179,624 | 254,404 |
| Available-for-sale marketable securities, Unrealized Gain | 5 | 10 |
| Available-for-sale marketable securities, Unrealized (Loss) | 0 | (1) |
| Available-for-sale marketable securities, Fair Market Value | 179,629 | 254,413 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 20,799 | 12,173 |
| Corporate Debt Securities | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 53,329 | 76,129 |
| Available-for-sale marketable securities, Unrealized Gain | 5,421 | 7,539 |
| Available-for-sale marketable securities, Unrealized (Loss) | (102) | (53) |
| Available-for-sale marketable securities, Fair Market Value | 58,648 | 83,615 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 22,010 | 39,896 |
| Certificates of Deposit and Time Deposits | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 1,346 | 979 |
| Available-for-sale marketable securities, Unrealized Gain | 0 | |
| Available-for-sale marketable securities, Fair Market Value | 1,346 | 979 |
| U.S. Government Agency Securities | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 4,610 | 4,294 |
| Available-for-sale marketable securities, Unrealized Gain | 11 | 46 |
| Available-for-sale marketable securities, Unrealized (Loss) | (5) | (1) |
| Available-for-sale marketable securities, Fair Market Value | 4,616 | 4,339 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 3,302 | 1,106 |
| Debt Mutual Funds | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 8,872 | 8,413 |
| Available-for-sale marketable securities, Unrealized Gain | 65 | 152 |
| Available-for-sale marketable securities, Fair Market Value | 8,937 | 8,565 |
| Non-U.S. Government Securities | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 590 | 625 |
| Available-for-sale marketable securities, Fair Market Value | $ 590 | $ 625 |
Schedule of Reported Available for Sale Marketable Securities (Detail) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | $ 328,741 | $ 601,976 |
| Available-for-sale marketable securities, Unrealized Gain | 6,138 | 9,077 |
| Available-for-sale marketable securities, Unrealized (Loss) | (594) | (213) |
| Available-for-sale marketable securities, Fair Market Value | 334,285 | 610,840 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 63,447 | 70,418 |
| Marketable securities | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 233,327 | 522,228 |
| Available-for-sale marketable securities, Unrealized Gain | 92 | 92 |
| Available-for-sale marketable securities, Unrealized (Loss) | (22) | (40) |
| Available-for-sale marketable securities, Fair Market Value | 233,397 | 522,280 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 28,773 | 61,806 |
| Long-term marketable securities | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 95,414 | 79,748 |
| Available-for-sale marketable securities, Unrealized Gain | 6,046 | 8,985 |
| Available-for-sale marketable securities, Unrealized (Loss) | (572) | (173) |
| Available-for-sale marketable securities, Fair Market Value | 100,888 | 88,560 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | $ 34,674 | $ 8,612 |
Contractual Maturities of Investments in Debt Securities Held (Detail) $ in Thousands |
Oct. 03, 2021
USD ($)
|
|---|---|
| Schedule of Available-for-sale Securities | |
| Due within one year, cost | $ 233,327 |
| Due after 1 year through 5 years, cost | 46,460 |
| Due after 5 years through 10 years, cost | 6,120 |
| Due after 10 years, cost | 33,962 |
| Total, cost | 319,869 |
| Due within one year, fair market value | 233,397 |
| Due after 1 year through 5 years, fair market value | 46,744 |
| Due after 5 years through 10 years, fair market value | 6,586 |
| Due after 10 years, fair maket value | 38,621 |
| Total, fair market value | $ 325,348 |
Schedule of Derivative Instruments in Statement of Financial Position at Fair Value (Detail) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Derivative assets (liabilities), net | $ (340) | $ (409) |
| Not Designated as Hedging Instrument | Foreign currency forward contracts | Prepayments | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative assets | 93 | 95 |
| Not Designated as Hedging Instrument | Foreign currency forward contracts | Other Current Liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative liabilities | $ (433) | $ (504) |
Schedule of Effect of Derivative Instruments in Statement of Operations Recognized (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Other (income) expense, net | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Losses (Gains) on derivatives recognized in statements of operations | $ 2,288 | $ (551) | $ 5,937 | $ 3,930 |
Schedule of Effect of Derivative Instruments in Statement of Operations Recognized (Parenthetical) (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Gains (losses) on foreign currency transactions | $ 1.0 | $ 1.2 | $ 1.3 | $ 0.4 |
Debt - Additional Information (Detail) $ / shares in Units, shares in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|
|
Nov. 05, 2021
USD ($)
|
May 01, 2020
USD ($)
|
Dec. 12, 2016
USD ($)
Customer
$ / shares
shares
|
Dec. 31, 2021
USD ($)
|
Oct. 03, 2021
USD ($)
$ / shares
|
Oct. 03, 2021
USD ($)
$ / shares
shares
|
Sep. 27, 2020
USD ($)
shares
|
Dec. 31, 2020
USD ($)
|
Nov. 04, 2021 |
|
| Debt Instrument | |||||||||
| Repurchase of common stock | $ 406,180,000 | $ 88,465,000 | |||||||
| Repurchase of stock, shares | shares | 3.3 | 1.5 | |||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000.0 | ||||||||
| Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 150,000,000.0 | ||||||||
| Line of Credit Facility, Interest Rate Description | The interest rates applicable to loans under the Credit Facility are, at Teradyne’s option, equal to either a base rate plus a margin ranging from 0.50% to 1.25% per annum or LIBOR, a minimum of 0.75%, plus a margin ranging from 1.50% to 2.25% per annum, based on the consolidated leverage ratio of Teradyne. In addition, Teradyne will pay a commitment fee on the unused portion of the commitments under the Credit Facility ranging from 0.25% to 0.40% per annum, based on the then applicable consolidated leverage ratio. | ||||||||
| Term of revolving credit facility | 3 years | ||||||||
| Convertible common shares | $ 235,200,000 | $ 302,000,000.0 | |||||||
| Other (income) expense [Member] | |||||||||
| Debt Instrument | |||||||||
| Gain loss on debt conversion | 20,200,000 | 25,400,000 | |||||||
| Convertible Common Shares [Member] | |||||||||
| Debt Instrument | |||||||||
| Shares Issued, Stock Options Exercised | 7,200,000 | ||||||||
| Subsequent Event [Member] | Convertible Common Shares [Member] | |||||||||
| Debt Instrument | |||||||||
| Increase in debt principal, Additional conversion | $ 41,000,000.0 | ||||||||
| Collateral Pledged [Member] | |||||||||
| Debt Instrument | |||||||||
| Line of Credit Facility, Interest Rate Description | 65 | ||||||||
| 1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | |||||||||
| Debt Instrument | |||||||||
| Aggregate principal amount | $ 460,000,000.0 | $ 157,972,000 | 157,972,000 | $ 459,971,000 | |||||
| Debt instrument, interest rate, stated percentage | 1.25% | 1.25% | |||||||
| Debt instrument, net proceeds after issuance costs | $ 450,800,000 | ||||||||
| Payment for net cost of convertible note hedges net of warrant proceeds | 33,000,000.0 | $ 33,000,000.0 | |||||||
| Repurchase of common stock | $ 50,100,000 | ||||||||
| Repurchase of stock, shares | shares | 2.0 | ||||||||
| Senior notes maturity date | Dec. 15, 2023 | ||||||||
| Debt instrument, frequency of periodic payment | payable semiannually in arrears on June 15 and December 15 of each year | ||||||||
| Debt instrument, date of first required payment | Jun. 15, 2017 | ||||||||
| Debt instrument, conversion option expiration date | Sep. 15, 2023 | ||||||||
| Debt instrument conversion price | $ / shares | $ 31.53 | $ 31.53 | $ 31.53 | ||||||
| Shares that would be issued upon conversion | shares | 14.6 | 8.7 | |||||||
| Strike price per share of warrant | $ / shares | $ 39.56 | ||||||||
| Debt instrument, convertible, carrying amount of equity component | $ 100,800,000 | $ 100,800,000 | $ 100,800,000 | ||||||
| Debt instrument, effective annual interest rate | 5.00% | 5.00% | |||||||
| Financing cost | $ 900,000 | $ 900,000 | $ 7,200,000 | ||||||
| Debt issuance costs, amortization period | 7 years | ||||||||
| Unamortized discount | 13,000,000.0 | 13,000,000.0 | |||||||
| Debt Instrument, convertible, remaining discount amortization period | 2 years 3 months 18 days | ||||||||
| Value of notes converted | 1,364,600,000 | ||||||||
| 1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | Subsequent Event [Member] | |||||||||
| Debt Instrument | |||||||||
| Debt instrument conversion converted instrument amount | $ 343,000,000.0 | ||||||||
| 1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | Conversion option one | |||||||||
| Debt Instrument | |||||||||
| Trading days measurement period | Customer | 20 | ||||||||
| Consecutive trading days measurement period | Customer | 30 | ||||||||
| Percentage of conversion price | 130.00% | ||||||||
| 1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | Conversion option two | |||||||||
| Debt Instrument | |||||||||
| Aggregate principal amount | $ 1,000 | ||||||||
| Trading days measurement period | Customer | 5 | ||||||||
| Consecutive trading days measurement period | Customer | 5 | ||||||||
| Percentage of closing sale price of common stock and conversion rate product | 98.00% | ||||||||
| Revolving Credit Facility | |||||||||
| Debt Instrument | |||||||||
| Revolving credit facility costs incurred | $ 3,500,000 | $ 3,500,000 | |||||||
Components of Convertible Senior Notes (Detail) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Dec. 31, 2020 |
Dec. 12, 2016 |
|---|---|---|---|
| Debt Instrument | |||
| Current debt | $ 32,219 | $ 33,343 | |
| Long-term debt | 112,784 | 376,768 | |
| Net carrying amount of convertible debt | 145,003 | 410,111 | |
| 1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | |||
| Debt Instrument | |||
| Debt principal | 157,972 | 459,971 | $ 460,000 |
| Unamortized discount | 12,969 | 49,860 | |
| Net carrying amount of convertible debt | $ 145,003 | $ 410,111 |
Interest Expense on Convertible Senior Notes (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Debt Instrument | ||||
| Contractual interest expense on the coupon | $ 355 | $ 1,438 | $ 2,666 | $ 4,313 |
| Amortization of the discount component and debt issue fees recognized as interest expense | 2,424 | 3,887 | 9,771 | 11,518 |
| Total interest expense on the convertible debt | $ 2,779 | $ 5,325 | $ 12,437 | $ 15,831 |
Prepayments (Detail) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Prepaid And Other Current Assets [Line Items] | ||
| Contract manufacturer and supplier prepayments | $ 334,660 | $ 212,286 |
| Prepaid maintenance and other services | 13,574 | 13,116 |
| Prepaid taxes | 13,822 | 9,361 |
| Other prepayments | 12,093 | 15,329 |
| Total prepayments | $ 374,149 | $ 250,092 |
Deferred Revenue and Customer Advances (Detail) - USD ($) $ in Thousands |
Oct. 03, 2021 |
Jul. 04, 2021 |
Dec. 31, 2020 |
Sep. 27, 2020 |
Jun. 28, 2020 |
Dec. 31, 2019 |
|---|---|---|---|---|---|---|
| Deferred Revenue Arrangement | ||||||
| Maintenance, service and training | $ 83,046 | $ 77,654 | ||||
| Extended warranty | 67,482 | $ 63,525 | 51,929 | $ 48,703 | $ 40,178 | $ 30,677 |
| Customer advances, undelivered elements and other | 49,874 | 63,438 | ||||
| Total deferred revenue and customer advances | $ 200,402 | $ 193,021 |
Product Warranty (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Product Warranty Liability [Line Items] | ||||
| Balance at beginning of period | $ 25,676 | $ 13,016 | $ 16,633 | $ 8,996 |
| Accruals for warranties issued during the period | 6,641 | 8,255 | 28,719 | 19,522 |
| Accruals related to pre-existing warranties | (963) | 158 | (3,966) | 1,569 |
| Settlements made during the period | (5,233) | (6,272) | (15,265) | (14,930) |
| Balance at end of period | $ 26,121 | $ 15,157 | $ 26,121 | $ 15,157 |
Extended Product Warranty of Short and Long-Term Deferred Revenue and Customer Advances (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Product Warranty Liability [Line Items] | ||||
| Balance at beginning of period | $ 63,525 | $ 40,178 | $ 51,929 | $ 30,677 |
| Deferral of new extended warranty revenue | 12,728 | 13,674 | 36,533 | 32,724 |
| Recognition of extended warranty deferred revenue | (8,771) | (5,149) | (20,980) | (14,698) |
| Balance at end of period | $ 67,482 | $ 48,703 | $ 67,482 | $ 48,703 |
Stock-Based Compensation - Additional Information (Detail) - $ / shares shares in Millions |
9 Months Ended | |
|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Stock price | $ 72.10 | $ 113.48 |
| Stock Options | Measurement Input, Expected Dividend Payment [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Estimated annual dividend amount per share | $ 0.40 | $ 0.40 |
| Restricted Stock Units | Employees | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Period of stock granted to employees and executive officers vest in equal annual installments | 4 years | |
| Percentage of awards vesting on the first anniversary of grant date | 100.00% | |
| Restricted Stock Units | Director | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Period of stock granted to employees and executive officers vest in equal annual installments | 1 year | |
| TSR Performance-Based Restricted Stock Units | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Total shareholder return performance measurement period | 3 years | 3 years |
| Minimum age of retirement to be eligible for PRSUs | 60 years | |
| Minimum years of service for retirement to be eligible for PRSUs | 10 years | |
| Restricted stock unit awards granted | 0.1 | |
| Weighted average grant date fair value of restricted stock units granted | $ 125.02 | $ 89.93 |
| Stock price | 0.40 | 72.10 |
| TSR Performance-Based Restricted Stock Units | Measurement Input, Expected Dividend Payment [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Estimated annual dividend amount per share | $ 0.40 | 113.48 |
| TSR Performance-Based Restricted Stock Units | Share-based Compensation Award, Tranche One | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Percentage of vesting of target shares upon performance achieved | 0.00% | |
| TSR Performance-Based Restricted Stock Units | Share-based Compensation Award, Tranche Two | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Percentage of vesting of target shares upon performance achieved | 200.00% | |
| Employee Stock Purchase Plan | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Percentage of common stock price paid | 100.00% | |
| PBIT Performance-Based Restricted Stock Units | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Restricted stock unit awards granted | 0.1 | |
| Weighted average grant date fair value of restricted stock units granted | $ 113.65 | $ 70.94 |
| Service-Based Restricted Stock Units | Employees | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Restricted stock unit awards granted | 0.3 | 0.4 |
| Weighted average grant date fair value of restricted stock units granted | $ 113.76 | $ 70.76 |
| Service-Based Restricted Stock Units | Executive Officer | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Restricted stock unit awards granted | 0.1 | |
| Weighted average grant date fair value of restricted stock units granted | $ 36.60 | 20.67 |
| Service-Based Restricted Stock Units | Non Employee Directors | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Restricted stock unit awards granted | 0.1 | |
| Weighted average grant date fair value of restricted stock units granted | $ 127.77 | $ 64.99 |
Schedule of Estimated Fair Value of TSR Performance-Based Restricted Stock Unit Awards Assumptions (Detail) |
9 Months Ended | |
|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Expected historical volatility | 37.80% | 31.60% |
| New York Stock Exchange Composite Index | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Expected historical volatility | 22.90% | 11.40% |
| TSR Performance-Based Restricted Stock Units | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Risk-free interest rate | 0.20% | 1.50% |
| Expected historical volatility | 43.90% | 34.90% |
| Dividend yield | 0.40% | 0.60% |
Schedule of Estimated Fair Value of Stock Options Grant Using Black Scholes Option Pricing Model (Detail) |
9 Months Ended | |
|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Volatility-historical | 37.80% | 31.60% |
| Stock Options | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Expected life (years) | 5 years | 5 years |
| Risk-free interest rate | 0.40% | 1.60% |
| Dividend yield | 0.40% | 0.60% |
Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Balance | $ 2,493,256 | $ 1,744,551 | $ 2,207,018 | $ 1,480,158 | ||
| Other comprehensive (loss) income | (11,105) | 16,748 | (29,299) | 27,102 | ||
| Balance | 2,537,493 | 1,993,544 | 2,537,493 | 1,993,544 | ||
| Foreign Currency Translation Reclassification Adjustments | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Balance | 25,389 | (23,514) | ||||
| Other comprehensive (loss) income before reclassifications, net of tax | (26,672) | 24,131 | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | ||||
| Other comprehensive (loss) income | (26,672) | 24,131 | ||||
| Balance | (1,283) | 617 | (1,283) | 617 | ||
| Unrealized Gains (Losses) on Marketable Securities | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Balance | 6,954 | 3,480 | ||||
| Other comprehensive (loss) income before reclassifications, net of tax | (1,952) | 5,165 | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (670) | (2,188) | ||||
| Other comprehensive (loss) income | (2,622) | 2,977 | ||||
| Balance | 4,332 | 6,457 | 4,332 | 6,457 | ||
| Retirement Plans Prior Service Credit | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Balance | 1,173 | 1,180 | ||||
| Other comprehensive (loss) income before reclassifications, net of tax | 0 | 0 | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), net of tax | [1] | (2) | (2) | (5) | (6) | |
| Other comprehensive (loss) income | (5) | (6) | ||||
| Balance | 1,168 | 1,174 | 1,168 | 1,174 | ||
| Accumulated Other Comprehensive Income (Loss) | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Balance | 15,322 | (8,500) | 33,516 | (18,854) | ||
| Other comprehensive (loss) income before reclassifications, net of tax | (28,624) | 29,296 | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (231) | (691) | (675) | (2,194) | ||
| Other comprehensive (loss) income | (11,105) | 16,748 | (29,299) | 27,102 | ||
| Balance | $ 4,217 | $ 8,248 | $ 4,217 | $ 8,248 | ||
| ||||||
Changes in Accumulated Other Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Amounts reclassified from accumulated other comprehensive income (loss), tax | $ (65) | $ (194) | $ (188) | $ (616) | ||
| Foreign currency translation adjustments, tax | 0 | 0 | 0 | 0 | $ 0 | $ 0 |
| Unrealized (losses) gains on marketable securities, tax | 1,208 | 1,741 | 1,208 | 1,741 | 1,910 | 946 |
| Retirement plans prior service benefit, tax | (1,128) | (1,125) | (1,128) | (1,125) | $ (1,126) | $ (1,124) |
| Foreign Currency Translation Reclassification Adjustments | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Other comprehensive income (loss) before reclassifications, tax | 0 | 0 | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), tax | 0 | 0 | ||||
| Other comprehensive income (loss), tax | 0 | 0 | ||||
| Unrealized (Losses) Gains on Marketable Securities | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Other comprehensive income (loss) before reclassifications, tax | (516) | 1,410 | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), tax | (65) | (194) | (186) | (615) | ||
| Other comprehensive income (loss), tax | (702) | 795 | ||||
| Retirement Plans Prior Service Credit | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Other comprehensive income (loss) before reclassifications, tax | 0 | 0 | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), tax | $ 0 | $ 0 | (2) | (1) | ||
| Other comprehensive income (loss), tax | $ (2) | $ (1) | ||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) to Statements of Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
| Interest income (expense) | $ 229 | $ 689 | $ 670 | $ 2,188 | ||
| Retirement Plans Prior Service Credit | ||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
| Reclassifications, net of tax | [1] | 2 | 2 | 5 | 6 | |
| Accumulated Other Comprehensive Income (Loss) | ||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
| Reclassifications, net of tax | $ 231 | $ 691 | $ 675 | $ 2,194 | ||
| ||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) to Statements of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Reclassifications, tax | $ 65 | $ 194 | $ 188 | $ 616 |
| Unrealized (Losses) Gains on Marketable Securities | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Reclassifications, tax | 65 | 194 | 186 | 615 |
| Amortization of Prior Service Credit | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Reclassifications, tax | $ 0 | $ 0 | $ 2 | $ 1 |
Goodwill and Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Goodwill and Intangible Assets Disclosure [Line Items] | ||||
| Acquired intangible assets amortization | $ 5,355 | $ 6,219 | $ 16,293 | $ 25,052 |
Changes in Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Oct. 03, 2021 |
Dec. 31, 2020 |
|
| Goodwill [Line Items] | ||
| Goodwill | $ 1,195,964 | $ 1,216,425 |
| Accumulated impairment losses | (762,566) | (762,566) |
| Foreign currency translation adjustment | (20,461) | |
| Goodwill | 433,398 | 453,859 |
| Industrial Automation | ||
| Goodwill [Line Items] | ||
| Goodwill | 413,379 | 433,752 |
| Accumulated impairment losses | 0 | 0 |
| Foreign currency translation adjustment | (20,373) | |
| Goodwill | 413,379 | 433,752 |
| Wireless Test | ||
| Goodwill [Line Items] | ||
| Goodwill | 361,819 | 361,819 |
| Accumulated impairment losses | (353,843) | (353,843) |
| Foreign currency translation adjustment | 0 | |
| Goodwill | 7,976 | 7,976 |
| Semiconductor Test | ||
| Goodwill [Line Items] | ||
| Goodwill | 262,067 | 262,155 |
| Accumulated impairment losses | (260,540) | (260,540) |
| Foreign currency translation adjustment | (88) | |
| Goodwill | 1,527 | 1,615 |
| System Test | ||
| Goodwill [Line Items] | ||
| Goodwill | 158,699 | 158,699 |
| Accumulated impairment losses | (148,183) | (148,183) |
| Foreign currency translation adjustment | 0 | |
| Goodwill | $ 10,516 | $ 10,516 |
Schedule of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
|---|---|---|
Oct. 03, 2021 |
Dec. 31, 2020 |
|
| Finite-Lived Intangible Assets | ||
| Gross Carrying Amount | $ 400,406 | $ 408,906 |
| Accumulated Amortization | (315,141) | (307,347) |
| Foreign Currency Translation Adjustment | (3,588) | (620) |
| Net Carrying Amount | 81,677 | 100,939 |
| Developed technology | ||
| Finite-Lived Intangible Assets | ||
| Gross Carrying Amount | 272,547 | 272,547 |
| Accumulated Amortization | (220,147) | (210,479) |
| Foreign Currency Translation Adjustment | (3,489) | (1,610) |
| Net Carrying Amount | 48,911 | 60,458 |
| Customer Relationships | ||
| Finite-Lived Intangible Assets | ||
| Gross Carrying Amount | 57,739 | 66,239 |
| Accumulated Amortization | (48,351) | (54,524) |
| Foreign Currency Translation Adjustment | 174 | 305 |
| Net Carrying Amount | 9,562 | 12,020 |
| Trademarks and tradenames | ||
| Finite-Lived Intangible Assets | ||
| Gross Carrying Amount | 70,120 | 70,120 |
| Accumulated Amortization | (46,643) | (42,344) |
| Foreign Currency Translation Adjustment | (273) | 685 |
| Net Carrying Amount | $ 23,204 | $ 28,461 |
Schedule of Estimated Intangible Asset Amortization Expense (Detail) $ in Thousands |
Oct. 03, 2021
USD ($)
|
|---|---|
| Finite-Lived Intangible Assets | |
| 2021 (remainder) | $ 5,199 |
| 2022 | 20,299 |
| 2023 | 19,815 |
| 2024 | 19,507 |
| 2025 | 11,645 |
| Thereafter | $ 5,212 |
Computation of Basic and Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|||||
| Net Income Loss Per Common Share | ||||||||
| Net income for basic and diluted net income per share | $ 256,718 | $ 222,718 | $ 790,549 | $ 587,815 | ||||
| Weighted average common shares-basic | 164,583 | 166,014 | 165,690 | 166,131 | ||||
| Convertible note hedge warrant shares | [1] | 9,819 | 7,775 | 9,774 | 6,364 | |||
| Incremental shares from assumed conversion of convertible notes | [2] | 6,464 | 9,156 | 8,784 | 8,029 | |||
| Employee stock purchase plan | 13 | 15 | 10 | 13 | ||||
| Dilutive potential common shares | 17,404 | 18,324 | 19,802 | 15,646 | ||||
| Weighted average common shares-diluted | 181,987 | 184,338 | 185,492 | 181,777 | ||||
| Net income per common share-basic | $ 1.56 | $ 1.34 | $ 4.77 | $ 3.54 | ||||
| Net income per common share-diluted | $ 1.41 | $ 1.21 | $ 4.26 | $ 3.23 | ||||
| Restricted Stock Units | ||||||||
| Net Income Loss Per Common Share | ||||||||
| Incremental shares attributable to share based payment arrangements | 1,035 | 1,237 | 1,147 | 1,104 | ||||
| Stock Options | ||||||||
| Net Income Loss Per Common Share | ||||||||
| Incremental shares attributable to share based payment arrangements | 73 | 141 | 87 | 136 | ||||
| ||||||||
Computation of Basic and Diluted Net Income Per Common Share (Parenthetical) (Detail) - $ / shares shares in Millions |
3 Months Ended | 9 Months Ended |
|---|---|---|
Oct. 03, 2021 |
Oct. 03, 2021 |
|
| Convertible Notes | ||
| Net Income Loss Per Common Share | ||
| Debt instrument, convertible, stock price trigger | $ 31.53 | $ 31.54 |
| Shares that would be issued upon conversion | 8.7 | 11.7 |
| Convertible Notes Hedge Warrant | ||
| Net Income Loss Per Common Share | ||
| Debt instrument, convertible, stock price trigger | $ 39.56 | $ 39.58 |
| Shares that would be issued upon conversion | 14.6 | 14.6 |
Net Income Per Common Share - Additional Information (Detail) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Net Income Loss Per Common Share | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.1 | 0.1 | 0.1 | 0.2 |
Restructuring and Other - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Restructuring Cost and Reserve | ||||
| Severance benefit and charges | $ 600 | $ 1,200 | ||
| Contingent consideration adjustment | (7,227) | $ (7,967) | ||
| Restructuring and other | 300 | 600 | ||
| Increase Decrease in environmental and legal liabilities | 1,700 | |||
| Acquisition related costs | $ 300 | 300 | ||
| MiR Contingent Consideration Liability [Member] | ||||
| Restructuring Cost and Reserve | ||||
| Contingent consideration adjustment | 3,500 | |||
| Semiconductor Test | ||||
| Restructuring Cost and Reserve | ||||
| Severance benefit and charges | $ 500 | 1,200 | ||
| Gain for the decrease in acquisition related comepnsation liability | 1,100 | |||
| Acquisition related costs | 3,400 | |||
| Loss on Contract Termination | 4,000 | |||
| Semiconductor Test, Industrial Automation and Corporate | ||||
| Restructuring Cost and Reserve | ||||
| Restructuring and other | 1,200 | |||
| Semiconductor Test, Industrial Automation and Corporate | Mobile Industrial Robots (MiR) | ||||
| Restructuring Cost and Reserve | ||||
| Contingent consideration adjustment | $ 27,200 | $ 7,200 | $ 4,400 | |
Retirement Plans - Additional Information (Detail) - United States Plans - Annuity Plan For Participants In The US Qualified Pension Plan [Member] - USD ($) $ in Millions |
9 Months Ended | |
|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Defined Benefit Plan Disclosure | ||
| Pension benefit obligation acturial gain loss | $ 2.5 | $ 2.2 |
| Defined benefit obligation increase decrease for remeasurement due to settlement | $ 0.8 | $ 0.7 |
Schedule of Net Periodic Pension and Postretirement (income) Cost (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Defined Benefit Plan Disclosure | ||||
| Net actuarial loss (gain) | $ (627) | $ 2,589 | ||
| UNITED STATES | ||||
| Defined Benefit Plan Disclosure | ||||
| Service cost | $ 452 | $ 417 | 1,357 | 1,283 |
| Interest cost | 1,098 | 1,460 | 3,295 | 4,505 |
| Expected return on plan assets | (936) | (1,170) | (2,809) | (3,634) |
| Net actuarial loss (gain) | 2,238 | (400) | 2,418 | |
| Settlement loss | 450 | 450 | ||
| Total net periodic pension cost | 614 | 3,395 | 1,443 | 5,022 |
| Foreign Pension Plans, Defined Benefit | ||||
| Defined Benefit Plan Disclosure | ||||
| Service cost | 240 | 216 | 720 | 648 |
| Interest cost | 86 | 123 | 257 | 369 |
| Expected return on plan assets | (17) | (16) | (50) | (47) |
| Total net periodic pension cost | 309 | 323 | 927 | 970 |
| Postretirement Benefit Plans | ||||
| Defined Benefit Plan Disclosure | ||||
| Service cost | 16 | 14 | 48 | 43 |
| Interest cost | 43 | 60 | 128 | 180 |
| Net actuarial loss (gain) | 0 | 0 | (228) | (279) |
| Amortization of prior service cost | (2) | (2) | (7) | (7) |
| Total net periodic pension cost | $ 57 | $ 72 | $ (59) | $ (63) |
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions |
Oct. 18, 2019 |
Oct. 03, 2021 |
|---|---|---|
| Purchase Commitment, Excluding Long-term Commitment | ||
| Aggregate purchase commitments | $ 811.9 | |
| Purchase commitments less than one year | $ 777.8 | |
| Legal claims, damage sought by party | $ 106.9 |
Schedule of Reconciliation of Effective Tax Rate (Detail) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Income Tax Disclosure [Line Items] | ||||
| US statutory federal tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
| Foreign taxes | (4.40%) | (6.90%) | (4.40%) | (5.80%) |
| Tax credits | (1.90%) | (1.60%) | (1.40%) | (1.60%) |
| International provisions of the U.S. Tax Cuts and Jobs Act of 2017 | (1.50%) | 3.00% | (1.60%) | 0.50% |
| Discrete benefit related to equity compensation | (0.10%) | (0.40%) | (1.60%) | (1.40%) |
| Other, net | 0.70% | 0.50% | 0.70% | 0.60% |
| Effective tax rate | 13.80% | 15.60% | 12.70% | 13.30% |
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions |
9 Months Ended | ||
|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Dec. 31, 2020 |
|
| Income Taxes [Line Items] | |||
| Tax savings due to the tax holiday | $ 23.9 | $ 24.9 | |
| Tax savings due to the tax holiday, per share | $ 0.13 | $ 0.14 | |
| Accrued interest and penalties | $ 1.5 | $ 1.2 | |
| Interest and penalties related to income tax, expense (benefit) | 0.3 | $ 0.0 | |
| Uncertain tax positions | 16.8 | $ 17.9 | |
| Net decrease in reserves for uncertain tax positions | (1.1) | ||
| Possible Lapse Of Statutes Of Limitations [Member] | |||
| Income Taxes [Line Items] | |||
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 1.6 | ||
Segment Information - Additional Information (Detail) |
9 Months Ended |
|---|---|
|
Oct. 03, 2021
Segment
| |
| Segment Reporting Information [Line Items] | |
| Number of Operating Segments | 4 |
Schedule of Segment Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
[3] | Sep. 27, 2020 |
Dec. 31, 2020 |
||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Revenues | $ 950,501 | [1] | $ 819,484 | [1] | $ 2,817,835 | [2] | $ 2,362,500 | [2] | |||||||||||||
| Income (loss) before income taxes | [4],[5] | 297,755 | 263,731 | 905,774 | 678,089 | ||||||||||||||||
| Total assets | 3,762,182 | [3],[6] | 3,436,512 | [6] | 3,762,182 | [6] | 3,436,512 | [6] | $ 3,652,346 | ||||||||||||
| Semiconductor Test | |||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Revenues | 688,232 | 592,141 | 2,050,271 | 1,735,777 | |||||||||||||||||
| Income (loss) before income taxes | [4],[5] | 265,017 | 189,116 | 778,687 | 571,719 | ||||||||||||||||
| Total assets | [6] | 1,251,549 | [3] | 1,069,830 | 1,251,549 | 1,069,830 | |||||||||||||||
| System Test | |||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Revenues | 102,605 | [1] | 118,169 | [1] | 340,261 | [2] | 306,051 | [2] | |||||||||||||
| Income (loss) before income taxes | [4],[5] | 31,773 | 47,368 | 116,788 | 114,968 | ||||||||||||||||
| Total assets | [6] | 147,970 | [3] | 155,642 | 147,970 | 155,642 | |||||||||||||||
| Industrial Automation | |||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Revenues | 91,014 | 68,711 | 263,151 | 187,792 | |||||||||||||||||
| Income (loss) before income taxes | [4],[5] | (4,226) | (5,302) | (14,586) | (32,041) | ||||||||||||||||
| Total assets | [6] | 696,792 | [3] | 667,132 | 696,792 | 667,132 | |||||||||||||||
| Wireless Test | |||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Revenues | 68,713 | [1] | 40,504 | [1] | 164,504 | [2] | 133,174 | [2] | |||||||||||||
| Income (loss) before income taxes | [4],[5] | 31,726 | 10,938 | 63,810 | 35,640 | ||||||||||||||||
| Total assets | [6] | 119,568 | [3] | 108,671 | 119,568 | 108,671 | |||||||||||||||
| Corporate And Others [Member] | |||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||
| Revenues | (63) | (41) | (352) | (294) | |||||||||||||||||
| Income (loss) before income taxes | [4],[5] | (26,535) | 21,611 | (38,925) | (12,197) | ||||||||||||||||
| Total assets | [6] | $ 1,546,303 | [3] | $ 1,435,237 | $ 1,546,303 | $ 1,435,237 | |||||||||||||||
| |||||||||||||||||||||
Schedule of Segment Information (Parenthetical) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jul. 04, 2021 |
Jul. 04, 2021 |
|
| Segment Reporting [Abstract] | ||
| Immaterial error correction amount | $ 10.1 | $ 10.1 |
Schedule of Segment Reporting Information by Segment Charges (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
|
| Segment Reporting Information [Line Items] | ||||
| Restructuring and other | $ 300 | $ 600 | ||
| Acquisition related costs | 300 | 300 | ||
| Restructuring and other—employee severance | 1,197 | $ (27,701) | (3,426) | $ 1,915 |
| Other (income) expense, net - loss on convertible debt conversion | (21,486) | (764) | (25,223) | (3,595) |
| Contingent consideration adjustment | (7,227) | (7,967) | ||
| Semiconductor Test | ||||
| Segment Reporting Information [Line Items] | ||||
| Cost of revenues - inventory charge | 3,725 | 1,131 | 4,959 | 7,956 |
| Restructuring and other—Contract termination settlement charge | 4,000 | |||
| Acquisition related costs | 3,400 | |||
| Industrial Automation | ||||
| Segment Reporting Information [Line Items] | ||||
| Cost of revenues - inventory charge | 3,656 | 4,941 | 505 | |
| Acquisition related costs | 825 | 790 | ||
| Restructuring and other—employee severance | 476 | 965 | 664 | |
| System Test | ||||
| Segment Reporting Information [Line Items] | ||||
| Cost of revenues - inventory charge | 524 | 698 | ||
| Wireless Test | ||||
| Segment Reporting Information [Line Items] | ||||
| Cost of revenues - inventory charge | 679 | 1,802 | 1,351 | 3,957 |
| Corporate And Eliminations | ||||
| Segment Reporting Information [Line Items] | ||||
| Restructuring and other | 1,846 | |||
| Corporate And Eliminations | Restructuring and other | ||||
| Segment Reporting Information [Line Items] | ||||
| Acquisition related costs | (1,086) | (513) | 2,629 | |
| Other (income) expense, net - loss on convertible debt conversion | $ 20,153 | 25,397 | ||
| Corporate And Eliminations | Universal Robots (UR) | Restructuring and other | ||||
| Segment Reporting Information [Line Items] | ||||
| Contingent consideration adjustment | $ (27,206) | $ (7,227) | (4,421) | |
| Corporate And Eliminations | Mobile Industrial Robots (MiR) | Restructuring and other | ||||
| Segment Reporting Information [Line Items] | ||||
| Contingent consideration adjustment | $ (3,546) | |||
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions |
3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Oct. 03, 2021 |
Sep. 27, 2020 |
Oct. 03, 2021 |
Sep. 27, 2020 |
Jan. 31, 2021 |
Jan. 01, 2021 |
Jan. 31, 2020 |
|
| Cumulative repurchases, shares | 3.3 | 1.5 | |||||
| Common stock average price | $ 123.53 | $ 58.33 | |||||
| Dividends Payable, Amount Per Share | $ 0.10 | $ 0.10 | |||||
| Dividend payment | $ 16,400 | $ 16,600 | $ 49,711 | $ 49,870 | |||
| Treasury Stock, Value | $ 600,000 | ||||||
| Treasury Stock, Shares | 2,000.0 | ||||||
| Share Repurchase Program [Member] | |||||||
| Cumulative repurchases, value | $ 406,200 | $ 88,500 | |||||
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