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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues:      
Total revenues [1],[2] $ 3,702,881 $ 3,121,469 $ 2,294,965
Cost of revenues:      
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 1,496,225 1,335,728 955,136
Gross profit 2,206,656 1,785,741 1,339,829
Operating expenses:      
Selling and administrative 547,559 464,769 437,084
Engineering and development 427,609 374,964 322,824
Acquired intangible assets amortization 21,456 30,803 40,147
Restructuring and other 9,312 (13,202) (13,880)
Total operating expenses 1,005,936 857,334 786,175
Income from operations 1,200,720 928,407 553,654
Non-operating (income) expenses:      
Interest income (2,627) (5,982) (16,990)
Interest expense 17,820 24,182 22,224
Other (income) expense, net 24,572 9,192 22,648
Income before income taxes [3],[4] 1,160,955 901,015 525,772
Income tax provision 146,366 116,868 58,304
Net income $ 1,014,589 $ 784,147 $ 467,468
Net income per common share:      
Basic $ 6.15 $ 4.72 $ 2.74
Diluted $ 5.53 $ 4.28 $ 2.60
Weighted average common shares—basic 164,960 166,120 170,425
Weighted average common shares—diluted 183,625 183,042 179,459
Product [Member]      
Revenues:      
Total revenues $ 3,196,575 $ 2,690,906 $ 1,887,674
Cost of revenues:      
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) 1,300,106 1,157,476 782,047
Service [Member]      
Revenues:      
Total revenues 506,306 430,563 407,291
Cost of revenues:      
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) $ 196,119 $ 178,252 $ 173,089
[1] Includes $13.2 million, $10.0 million and $8.4 million in 2021, 2020 and 2019, 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 Other are: loss on convertible debt conversions, contingent consideration adjustments, investment impairment, interest income, interest expense, pension and postretirement plan actuarial gains (losses), severance charges, net foreign exchange gains (losses), intercompany eliminations and acquisition related: (a) charges; (b) legal fees; (c) compensation.
[4] Included in income (loss) before taxes are charges and credits related to restructuring and other, loss on convertible debt conversions and inventory charges.