Leases

12 Months Ended

Dec. 31, 2024

Leases, Operating [Abstract]

Leases

J.LEASES

Teradyne has facility and auto leases, which are accounted for as operating leases. Teradyne’s facility leases are primarily used for administrative functions, research and development, manufacturing, and storage and distribution. Remaining lease terms range from less than one year to twelve years.

For the years ended December 31, 2024, 2023 and 2022, total lease expense was $43.6 million, $42.7 million, and $40.1 million, respectively, and included $15.9 million, $15.5 million, and $14.1 million, respectively, of variable lease costs and $1.3 million, $1.3 million, and $2.0 million, respectively, of costs related to short-term leases, which are not recorded on the consolidated balance sheets.

At December 31, 2024, the weighted average remaining lease term and weighted average discount rate for operating leases was 5.8 years and 5.5%, respectively. At December 31, 2023, the weighted average remaining lease term and weighted average discount rate for operating leases was 6.3 years and 5.2%, respectively.

Supplemental cash flows information related to leases was as follows:

	For the Years Ended
	December 31, 2024		December 31, 2023		December 31, 2022
	(in thousands)
Cash paid for amounts included in the measurement of lease     liabilities included in operating cash flows	$	23,990	$	26,059	$	20,775
Right-of-use assets obtained in exchange for new lease obligations		18,358		17,987		26,149

Maturities of lease liabilities as of December 31, 2024 were as follows:

	Operating Lease
	(in thousands)
2025	$	21,872
2026		17,729
2027		13,991
2028		9,608
2029		7,332
Thereafter		20,760
Total lease payments		91,292
Less imputed interest		(14,671	)
Total lease liabilities	$	76,621