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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Total revenues [1],[2] $ 2,676,298 $ 3,155,045 $ 3,702,881
Cost of revenues:      
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 1,139,550 1,287,894 1,496,225
Gross profit 1,536,748 1,867,151 2,206,656
Operating expenses:      
Selling and administrative 577,315 558,103 547,559
Engineering and development 418,089 440,591 427,609
Acquired intangible assets amortization 18,999 19,333 21,456
Restructuring and other 21,277 17,185 9,312
Total operating expenses 1,035,680 1,035,212 1,005,936
Income from operations 501,068 831,939 1,200,720
Non-operating (income) expenses:      
Interest income (27,348) (6,379) (2,627)
Interest expense 3,806 3,719 17,820
Other (income) expense, net (962) (5,786) 24,572
Income before income taxes [3],[4] 525,572 840,385 1,160,955
Income tax provision 76,820 124,884 146,366
Net income $ 448,752 $ 715,501 $ 1,014,589
Net income per common share:      
Basic $ 2.91 $ 4.52 $ 6.15
Diluted $ 2.73 $ 4.22 $ 5.53
Weighted average common shares—basic 154,310 158,434 164,960
Weighted average common shares—diluted 164,304 169,734 183,625
Product [Member]      
Revenues:      
Total revenues $ 2,096,286 $ 2,591,572 $ 3,196,575
Cost of revenues:      
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 882,892 1,042,555 1,300,106
Service [Member]      
Revenues:      
Total revenues 580,012 563,473 506,306
Cost of revenues:      
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) $ 256,658 $ 245,339 $ 196,119
[1] Includes $5.2 million, $8.2 million and $13.2 million in 2023, 2022 and 2021, respectively, for leases of Teradyne’s systems recognized outside of ASC 606: “Revenue from Contracts with Customers.”
[2] Revenues attributable to a country are based on location of customer site.
[3] Included in Corporate and Eliminations are interest income, interest expense, net foreign exchange gains (losses), intercompany eliminations, pension and postretirement plan actuarial gains (losses), legal and environmental fees, contingent consideration adjustments, acquisition and divestiture related expenses, contract termination settlement charge, an expense for the modification of Teradyne's former chief executive officer's outstanding equity awards, and loss on convertible debt conversions in 2021.
[4] Included in income (loss) before taxes are charges and credits related to restructuring and other, inventory charges and loss on convertible debt conversions in 2021.