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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
[1] Includes $3.8 million and $1.7 million in 2021 and 2020, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.
[2] Includes $11.1 million and $6.1 million in 2021 and 2020, respectively, for leases of Teradyne’s systems recognized outside ASC 606 “Revenue from Contracts with Customers.
[3] 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 $10.1 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.