Revenue |
Disaggregation of Revenue The following table provides information about disaggregated revenue by timing of revenue recognition, primary geographical market, and major product lines.
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For the Three Months Ended July 3, 2022 (1) |
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Timing of Revenue Recognition |
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Point in Time |
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$ |
395,211 |
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$ |
74,790 |
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$ |
118,692 |
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$ |
80,409 |
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$ |
16,730 |
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$ |
1,071 |
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$ |
60,765 |
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$ |
(193 |
) |
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$ |
747,475 |
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Over Time |
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64,253 |
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7,094 |
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16,010 |
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2,104 |
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668 |
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73 |
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3,089 |
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— |
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93,291 |
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$ |
459,464 |
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$ |
81,884 |
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$ |
134,702 |
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$ |
82,513 |
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$ |
17,398 |
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$ |
1,144 |
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$ |
63,854 |
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$ |
(193 |
) |
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$ |
840,766 |
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Asia Pacific |
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$ |
413,537 |
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$ |
78,996 |
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$ |
95,584 |
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$ |
17,357 |
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$ |
5,317 |
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$ |
— |
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$ |
44,106 |
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$ |
— |
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$ |
654,897 |
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Americas |
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28,714 |
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2,552 |
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33,409 |
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27,732 |
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6,085 |
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1,144 |
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17,460 |
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(193 |
) |
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116,903 |
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Europe, Middle East and Africa |
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17,213 |
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336 |
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5,709 |
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37,424 |
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5,996 |
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— |
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2,288 |
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— |
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68,966 |
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$ |
459,464 |
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$ |
81,884 |
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$ |
134,702 |
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$ |
82,513 |
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$ |
17,398 |
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$ |
1,144 |
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$ |
63,854 |
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$ |
(193 |
) |
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$ |
840,766 |
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For the Three Months Ended July 4, 2021 (1) |
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Timing of Revenue Recognition |
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Point in Time |
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$ |
675,958 |
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$ |
84,232 |
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$ |
88,197 |
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$ |
74,412 |
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$ |
15,091 |
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$ |
— |
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$ |
51,619 |
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$ |
(146 |
) |
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$ |
989,363 |
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Over Time |
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65,712 |
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8,074 |
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16,622 |
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1,665 |
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809 |
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209 |
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3,274 |
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— |
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96,365 |
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$ |
741,670 |
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$ |
92,306 |
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$ |
104,819 |
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$ |
76,077 |
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$ |
15,900 |
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$ |
209 |
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$ |
54,893 |
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$ |
(146 |
) |
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$ |
1,085,728 |
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Asia Pacific |
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$ |
710,995 |
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$ |
87,151 |
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$ |
61,230 |
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$ |
18,044 |
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$ |
2,439 |
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$ |
— |
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$ |
45,802 |
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$ |
— |
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$ |
925,661 |
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Americas |
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21,664 |
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3,672 |
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36,256 |
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24,808 |
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6,897 |
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209 |
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7,107 |
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(146 |
) |
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100,467 |
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Europe, Middle East and Africa |
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9,011 |
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1,483 |
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7,333 |
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33,225 |
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6,564 |
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— |
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1,984 |
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— |
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59,600 |
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$ |
741,670 |
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$ |
92,306 |
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$ |
104,819 |
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$ |
76,077 |
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$ |
15,900 |
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$ |
209 |
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$ |
54,893 |
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$ |
(146 |
) |
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$ |
1,085,728 |
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For the Six Months Ended July 3, 2022 (2) |
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Timing of Revenue Recognition |
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Point in Time |
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$ |
718,666 |
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$ |
163,513 |
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$ |
223,981 |
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$ |
163,591 |
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$ |
33,264 |
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$ |
1,281 |
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$ |
109,194 |
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$ |
(539 |
) |
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$ |
1,412,951 |
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Over Time |
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127,382 |
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14,127 |
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29,390 |
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4,206 |
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1,342 |
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|
560 |
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6,178 |
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— |
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183,185 |
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$ |
846,048 |
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$ |
177,640 |
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$ |
253,371 |
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$ |
167,797 |
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$ |
34,606 |
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$ |
1,841 |
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$ |
115,372 |
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$ |
(539 |
) |
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$ |
1,596,136 |
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Asia Pacific |
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$ |
754,277 |
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$ |
172,147 |
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$ |
169,369 |
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$ |
35,978 |
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$ |
7,909 |
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$ |
— |
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$ |
79,052 |
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$ |
— |
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$ |
1,218,732 |
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Americas |
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|
58,428 |
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4,598 |
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70,017 |
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55,880 |
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13,952 |
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1,841 |
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27,147 |
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(539 |
) |
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231,324 |
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Europe, Middle East and Africa |
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33,343 |
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|
895 |
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13,985 |
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75,939 |
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12,745 |
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— |
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9,173 |
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— |
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146,080 |
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$ |
846,048 |
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$ |
177,640 |
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$ |
253,371 |
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$ |
167,797 |
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$ |
34,606 |
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$ |
1,841 |
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$ |
115,372 |
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$ |
(539 |
) |
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$ |
1,596,136 |
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For the Six Months Ended July 4, 2021 (2) |
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Timing of Revenue Recognition |
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Point in Time |
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$ |
1,040,148 |
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$ |
186,124 |
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$ |
207,511 |
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$ |
138,419 |
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$ |
29,155 |
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|
$ |
(120 |
) |
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$ |
89,499 |
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|
$ |
(289 |
) |
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$ |
1,690,447 |
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Over Time |
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|
121,752 |
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|
14,015 |
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|
30,145 |
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|
|
3,259 |
|
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|
876 |
|
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|
548 |
|
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|
6,292 |
|
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|
— |
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|
176,887 |
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$ |
1,161,900 |
|
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$ |
200,139 |
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$ |
237,656 |
|
|
$ |
141,678 |
|
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$ |
30,031 |
|
|
$ |
428 |
|
|
$ |
95,791 |
|
|
$ |
(289 |
) |
|
$ |
1,867,334 |
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|
Asia Pacific |
|
$ |
1,098,231 |
|
|
$ |
191,200 |
|
|
$ |
160,750 |
|
|
$ |
35,877 |
|
|
$ |
5,886 |
|
|
$ |
— |
|
|
$ |
79,334 |
|
|
$ |
— |
|
|
$ |
1,571,278 |
|
Americas |
|
|
42,443 |
|
|
|
7,092 |
|
|
|
63,915 |
|
|
|
42,961 |
|
|
|
12,050 |
|
|
|
428 |
|
|
|
12,876 |
|
|
|
(289 |
) |
|
|
181,476 |
|
Europe, Middle East and Africa |
|
|
21,226 |
|
|
|
1,847 |
|
|
|
12,991 |
|
|
|
62,840 |
|
|
|
12,095 |
|
|
|
— |
|
|
|
3,581 |
|
|
|
— |
|
|
|
114,580 |
|
|
|
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|
|
$ |
1,161,900 |
|
|
$ |
200,139 |
|
|
$ |
237,656 |
|
|
$ |
141,678 |
|
|
$ |
30,031 |
|
|
$ |
428 |
|
|
$ |
95,791 |
|
|
$ |
(289 |
) |
|
$ |
1,867,334 |
|
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(1) |
Includes $1.9 million and $4.2 million in 2022 and 2021, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.” |
(2) |
Includes $4.2 million and $7.3 million in 2022 and 2021, respectively, for leases of Teradyne’s systems recognized outside ASC 606 “Revenue from Contracts with Customers.” | During the three and six months ended July 3, 2022, Teradyne recognized $25.1 million and $60.2 million, respectively, that was previously included within the deferred revenue and customer advances balances at the beginning of the period. During the three and six months ended July 4, 2021, Teradyne recognized $22.0 million and $49.6 million, respectively, that was previously included within the deferred revenue and customer advances balances. 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 July 3, 2022, Teradyne has $1,574 million of unsatisfied performance obligations. Teradyne expects to recognize 90% of the remaining performance obligations in the next 12 months and 10% in 1-3 years. Deferred revenue and customer advances consist of the following at July 3, 2022 and December 31, 2021, and are included in short and long-term deferred revenue and customer advances on the balance sheet:
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| |
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|
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|
Maintenance, service and training |
|
$ |
83,464 |
|
|
$ |
81,826 |
|
Extended warranty |
|
|
65,791 |
|
|
|
64,168 |
|
Customer advances, undelivered elements and other |
|
|
64,229 |
|
|
|
55,112 |
|
|
|
|
|
|
|
|
|
|
Total deferred revenue and customer advances |
|
$ |
213,484 |
|
|
$ |
201,106 |
|
|
|
|
|
|
|
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| During the three and six months ended July 3, 2022 and July 4, 2021, Teradyne sold certain trade accounts receivables on a non-recourse basis to third-party financial institutions pursuant to factoring agreements. During the three months ended July 3, 2022 and July 4, 2021, total trade accounts receivable sold under the factoring agreements were $37.6 million and $7.6 million, respectively. During the six months ended July 3, 2022 and July 4, 2021, total trade accounts receivable sold under the factoring agreements were $57.1 million and $14.9 million, respectively. Factoring fees for the sales of receivables were recorded in interest expense and were not material. Teradyne accounted for these transactions as sales of receivables and presented cash proceeds as cash provided by operating activities in the consolidated statements of cash flows.
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