| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| (State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) | |
| |
||
(Address of Principal Executive Offices) |
(Zip Code) | |
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| |
| ☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer |
☐ | Emerging growth company | ||||
| Smaller reporting company | ||||||
Page No. |
||||||
| Item 1. |
||||||
1 |
||||||
2 |
||||||
3 |
||||||
4 |
||||||
5 |
||||||
6 |
||||||
| Item 2. |
28 |
|||||
| Item 3. |
38 |
|||||
| Item 4. |
39 |
|||||
| Item 1. |
39 |
|||||
| Item 1A. |
39 |
|||||
| Item 2. |
40 |
|||||
| Item 4. |
40 |
|||||
| Item 6. |
40 |
|||||
Item 1: |
Financial Statements |
July 3, 2022 |
December 31, 2021 |
|||||||
| (in thousands, except per share amount) |
||||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | $ | ||||||
| Marketable securities |
||||||||
| Accounts receivable, less allowance for credit losses of $ |
||||||||
| Inventories, net |
||||||||
| Prepayments |
||||||||
| Other current assets |
||||||||
| |
|
|
|
|||||
| Total current assets |
||||||||
| Property, plant and equipment, net |
||||||||
| Operating lease right-of-use |
||||||||
| Marketable securities |
||||||||
| Deferred tax assets |
||||||||
| Retirement plans assets |
||||||||
| Other assets |
||||||||
| Acquired intangible assets, net |
||||||||
| Goodwill |
||||||||
| |
|
|
|
|||||
| Total assets |
$ | $ | ||||||
| |
|
|
|
|||||
| LIABILITIES |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | $ | ||||||
| Accrued employees’ compensation and withholdings |
||||||||
| Deferred revenue and customer advances |
||||||||
| Other accrued liabilities |
||||||||
| Operating lease liabilities |
||||||||
| Income taxes payable |
||||||||
| Current debt |
||||||||
| |
|
|
|
|||||
| Total current liabilities |
||||||||
| Retirement plans liabilities |
||||||||
| Long-term deferred revenue and customer advances |
||||||||
| Long-term other accrued liabilities |
||||||||
| Deferred tax liabilities |
||||||||
| Long-term operating lease liabilities |
||||||||
| Long-term incomes taxes payable |
||||||||
| Debt |
||||||||
| |
|
|
|
|||||
| Total liabilities |
||||||||
| |
|
|
|
|||||
| Commitments and contingencies (Note Q) |
||||||||
| Mezzanine equity: |
||||||||
| Convertible common shares |
— | |||||||
| SHAREHOLDERS’ EQUITY |
||||||||
| Common stock, $ |
||||||||
| Additional paid-in capital |
||||||||
| Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
| Retained earnings |
||||||||
| |
|
|
|
|||||
| Total shareholders’ equity |
||||||||
| |
|
|
|
|||||
| Total liabilities, convertible common shares and shareholders’ equity |
$ | $ | ||||||
| |
|
|
|
|||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
July 3, |
July 4, |
July 3, |
July 4, |
|||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(in thousands, except per share amount) |
||||||||||||||||
| Revenues: |
||||||||||||||||
| Products |
$ | $ | $ | $ | ||||||||||||
| Services |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total revenues |
||||||||||||||||
| Cost of revenues: |
||||||||||||||||
| Cost of products |
||||||||||||||||
| Cost of services |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Gross profit |
||||||||||||||||
| Operating expenses: |
||||||||||||||||
| Selling and administrative |
||||||||||||||||
| Engineering and development |
||||||||||||||||
| Acquired intangible assets amortization |
||||||||||||||||
| Restructuring and other |
( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Income from operations |
||||||||||||||||
| Non-operating (income) expense: |
||||||||||||||||
| Interest income |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Interest expense |
||||||||||||||||
| Other (income) expense, net |
( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Income before income taxes |
||||||||||||||||
| Income tax provision |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net income |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Net income per common share: |
||||||||||||||||
| Basic |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Weighted average common shares—basic |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Weighted average common shares—diluted |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
July 3, |
July 4, |
July 3, |
July 4, |
|||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(in thousands) |
||||||||||||||||
| Net income |
$ | $ | $ | $ | ||||||||||||
| Other comprehensive income, net of tax: |
||||||||||||||||
| Foreign currency translation adjustment, net of tax of $ |
( |
) | ( |
) | ( |
) | ||||||||||
| Available-for-sale |
||||||||||||||||
| Unrealized (losses) gains on marketable securities arising during period, net of tax of $( |
( |
) | ( |
) | ( |
) | ||||||||||
| Less: Reclassification adjustment for losses (gains) included in net income, net of tax of $ |
( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| ( |
) | ( |
) | ( |
) | |||||||||||
| Defined benefit post-retirement plan: |
||||||||||||||||
| Amortization of prior service credit, net of tax of $ |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Other comprehensive (loss) income |
( |
) | ( |
) | ( |
) | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Comprehensive income |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Shareholders’ Equity |
||||||||||||||||||||||||||||
Convertible Common Shares Value |
Common Stock Shares |
Common Stock Par Value |
Additional Paid-in Capital |
Accumulated Other Comprehensive (Loss) Income |
Retained Earnings |
Total Shareholders’ Equity |
||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||
For the Three Months Ended July 3, 2022 |
||||||||||||||||||||||||||||
Balance, April 3, 2022 |
$ | $ | $ | $ | ( |
) | $ | $ | ||||||||||||||||||||
Net issuance of common stock under stock-based plans |
( |
) | ( |
) | ||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||
Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
Settlements of convertible notes |
( |
) | ( |
) | ||||||||||||||||||||||||
Exercise of convertible notes hedge call options |
( |
) | ( |
) | ||||||||||||||||||||||||
Cumulative-effect of change in accounting principle related to convertible debt |
||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||||||||||
Balance, July 3, 2022 |
$ | $ | $ | $ | ( |
) | $ | $ | ||||||||||||||||||||
For the Three Months Ended July 4, 2021 |
||||||||||||||||||||||||||||
Balance, April 4, 2021 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Net issuance of common stock under stock-based plans |
||||||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||
Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
Settlements of convertible notes |
||||||||||||||||||||||||||||
Exercise of convertible notes hedge call options |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Convertible common shares |
( |
) | ( |
) | ||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||
Balance, July 4, 2021 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
For the Six Months Ended July 3, 2022 |
||||||||||||||||||||||||||||
Balance, December 31, 2021 |
$ | $ | $ | $ | ( |
) | $ | $ | ||||||||||||||||||||
Net issuance of common stock under stock-based plans |
( |
) | ( |
) | ||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||
Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
Settlements of convertible notes |
( |
) | ( |
) | ||||||||||||||||||||||||
Exercise of convertible notes hedge call options |
( |
) | ( |
) | ||||||||||||||||||||||||
Cumulative-effect of change in accounting principle related to convertible debt |
( |
) |
( |
) | ( |
) | ||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||||||||||
Balance, July 3, 2022 |
$ | $ | $ | $ | ( |
) | $ | $ | ||||||||||||||||||||
For the Six Months Ended July 4, 2021 |
||||||||||||||||||||||||||||
Balance, December 31, 2020 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Net issuance of common stock under stock-based plans |
||||||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||
Repurchase of common stock |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Cash dividends ($ |
( |
) | ( |
) | ||||||||||||||||||||||||
Settlements of convertible notes |
||||||||||||||||||||||||||||
Exercise of convertible notes hedge call options |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Convertible common shares |
( |
) | ( |
) | ||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) | ( |
) | ||||||||||||||||||||||||
Balance, July 4, 2021 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
For the Six Months Ended |
||||||||
July 3, |
July 4, |
|||||||
2022 |
2021 |
|||||||
(in thousands) |
||||||||
| Cash flows from operating activities: |
||||||||
| Net income |
$ | $ | ||||||
| Adjustments to reconcile net income from operations to net cash provided by operating activities: |
||||||||
| Depreciation |
||||||||
| Stock-based compensation |
||||||||
| Amortization |
||||||||
| Losses (gains) on investments |
( |
) | ||||||
| Provision for excess and obsolete inventory |
||||||||
| Deferred taxes |
( |
) | ( |
) | ||||
| Contingent consideration fair value adjustments |
( |
) | ||||||
| Loss on convertible debt conversions |
||||||||
| Retirement plans actuarial gains |
( |
) | ||||||
| Other |
||||||||
| Changes in operating assets and liabilities |
||||||||
| Accounts receivable |
( |
) | ( |
) | ||||
| Inventories |
( |
) | ||||||
| Prepayments and other assets |
( |
) | ( |
) | ||||
| Accounts payable and other liabilities |
( |
) | ||||||
| Deferred revenue and customer advances |
||||||||
| Retirement plans contributions |
( |
) | ( |
) | ||||
| Income taxes |
( |
) | ||||||
| |
|
|
|
|||||
| Net cash provided by operating activities |
||||||||
| |
|
|
|
|||||
| Cash flows from investing activities: |
||||||||
| Purchases of property, plant and equipment |
( |
) | ( |
) | ||||
| Purchases of marketable securities |
( |
) | ( |
) | ||||
| Proceeds from maturities of marketable securities |
||||||||
| Proceeds from sales of marketable securities |
||||||||
| Purchase of investment |
( |
) | ||||||
| |
|
|
|
|||||
| Net cash (used for) provided by investing activities |
( |
) | ||||||
| |
|
|
|
|||||
| Cash flows from financing activities: |
||||||||
| Issuance of common stock under stock purchase and stock option plans |
||||||||
| Repurchase of common stock |
( |
) | ( |
) | ||||
| Payments of convertible debt principal |
( |
) | ( |
) | ||||
| Dividend payments |
( |
) | ( |
) | ||||
| Payments related to net settlement of employee stock compensation awards |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Net cash used for financing activities |
( |
) | ( |
) | ||||
| |
|
|
|
|||||
| Effects of exchange rate changes on cash and cash equivalents |
( |
) | ||||||
| (Decrease) increase in cash and cash equivalents |
( |
) | ||||||
| Cash and cash equivalents at beginning of period |
||||||||
| |
|
|
|
|||||
| Cash and cash equivalents at end of period |
$ | $ | ||||||
| |
|
|
|
|||||
| Non-cash investing activities: |
||||||||
| Capital expenditures incurred but not yet paid: |
$ | $ | ||||||
• |
semiconductor test (“Semiconductor Test”) systems; |
• |
storage and system level test (“Storage Test”) systems, defense/aerospace (“Defense/Aerospace”) test instrumentation and systems, and circuit-board test and inspection (“Production Board Test”) systems (collectively these products represent “System Test”); |
• |
wireless test (“Wireless Test”) systems; and |
• |
industrial automation (“Industrial Automation”) products. |
Semiconductor Test |
Industrial Automation |
|||||||||||||||||||||||||||||||||||
System on-a-Chip |
Memory |
System Test |
Universal Robots |
Mobile Industrial Robots |
AutoGuide |
Wireless Test |
Corporate and Eliminations |
Total |
||||||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||||||||||
| For the Three Months Ended July 3, 2022 (1) |
|
|||||||||||||||||||||||||||||||||||
| Timing of Revenue Recognition |
||||||||||||||||||||||||||||||||||||
| Point in Time |
$ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||
| Over Time |
||||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Geographical Market |
||||||||||||||||||||||||||||||||||||
| Asia Pacific |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| Americas |
( |
) | ||||||||||||||||||||||||||||||||||
| Europe, Middle East and Africa |
||||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| For the Three Months Ended July 4, 2021 (1) |
|
|||||||||||||||||||||||||||||||||||
| Timing of Revenue Recognition |
||||||||||||||||||||||||||||||||||||
| Point in Time |
$ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||
| Over Time |
||||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Geographical Market |
||||||||||||||||||||||||||||||||||||
| Asia Pacific |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| Americas |
( |
) | ||||||||||||||||||||||||||||||||||
| Europe, Middle East and Africa |
||||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| For the Six Months Ended July 3, 2022 (2) |
|
|||||||||||||||||||||||||||||||||||
| Timing of Revenue Recognition |
||||||||||||||||||||||||||||||||||||
| Point in Time |
$ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||
| Over Time |
||||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Geographical Market |
||||||||||||||||||||||||||||||||||||
| Asia Pacific |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| Americas |
( |
) | ||||||||||||||||||||||||||||||||||
| Europe, Middle East and Africa |
||||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| For the Six Months Ended July 4, 2021 (2) |
|
|||||||||||||||||||||||||||||||||||
| Timing of Revenue Recognition |
||||||||||||||||||||||||||||||||||||
| Point in Time |
$ | $ | $ | $ | $ | $ | ( |
) | $ | $ | ( |
) | $ | |||||||||||||||||||||||
| Over Time |
||||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Geographical Market |
||||||||||||||||||||||||||||||||||||
| Asia Pacific |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| Americas |
( |
) | ||||||||||||||||||||||||||||||||||
| Europe, Middle East and Africa |
||||||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
$ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| (1) | Includes $ “Revenue from Contracts with Customers.” |
| (2) | Includes $ “Revenue from Contracts with Customers.” |
July 3, |
December 31, |
|||||||
2022 |
2021 |
|||||||
(in thousands) |
||||||||
| Maintenance, service and training |
$ | $ | ||||||
| Extended warranty |
||||||||
| Customer advances, undelivered elements and other |
||||||||
| |
|
|
|
|||||
| Total deferred revenue and customer advances |
$ | $ | ||||||
| |
|
|
|
|||||
July 3, |
December 31, |
|||||||
2022 |
2021 |
|||||||
(in thousands) |
||||||||
| Raw material |
$ | $ | ||||||
| Work-in-process |
||||||||
| Finished goods |
||||||||
| |
|
|
|
|||||
| $ | $ | |||||||
| |
|
|
|
|||||
July 3, 2022 |
||||||||||||||||
Quoted Prices in Active Markets for Identical Instruments (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
| Assets |
||||||||||||||||
| Cash |
$ |
$ |
$ |
$ |
||||||||||||
| Cash equivalents |
||||||||||||||||
| Available-for-sale |
||||||||||||||||
| Commercial paper |
||||||||||||||||
| U.S. Treasury securities |
||||||||||||||||
| Corporate debt securities |
||||||||||||||||
| Debt mutual funds |
||||||||||||||||
| U.S. government agency securities |
||||||||||||||||
| Certificates of deposit and time deposits |
||||||||||||||||
| Non-U.S. government securities |
||||||||||||||||
| Equity securities: |
||||||||||||||||
| Mutual funds |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
$ |
$ |
$ |
|||||||||||||
| Derivative assets |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Derivative liabilities |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
(Level 1) |
(Level 2) |
(Level 3) |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
| Assets |
||||||||||||||||
| Cash and cash equivalents |
$ |
$ |
$ |
$ |
||||||||||||
| Marketable securities |
||||||||||||||||
| Long-term marketable securities |
||||||||||||||||
| Prepayments and other current assets |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Liabilities |
. |
|||||||||||||||
| Other current liabilities |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
December 31, 2021 |
||||||||||||||||
Quoted Prices in Active Markets for Identical Instruments (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
| Assets |
||||||||||||||||
| Cash |
$ |
$ |
$ |
$ |
||||||||||||
| Cash equivalents |
||||||||||||||||
| Available-for-sale |
— |
|||||||||||||||
| Commercial paper |
||||||||||||||||
| U.S. Treasury securities |
||||||||||||||||
| Corporate debt securities |
||||||||||||||||
| Debt mutual funds |
||||||||||||||||
| U.S. government agency securities |
||||||||||||||||
| Certificates of deposit and time deposits |
||||||||||||||||
| Non-U.S. government securities |
||||||||||||||||
| Equity securities: |
||||||||||||||||
| Mutual Funds |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
$ |
$ |
$ |
|||||||||||||
| Derivative assets |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Derivative liabilities |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
(Level 1) |
(Level 2) |
(Level 3) |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
| Assets |
||||||||||||||||
| Cash and cash equivalents |
$ |
$ |
$ |
$ |
||||||||||||
| Marketable securities |
||||||||||||||||
| Long-term marketable securities |
||||||||||||||||
| Prepayments and other current assets |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Other current liabilities |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
July 3, |
July 4, |
July 3, |
July 4, |
|||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(in thousands) |
||||||||||||||||
| Balance at beginning of period |
$ |
$ |
$ |
$ |
||||||||||||
| Fair value adjustment (a) |
( |
) | ||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Balance at end of period |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| (a) | In the six months ended July 4, 2021, the fair value of contingent consideration for the earn-outs in connection with the acquisition of AutoGuide was reduced to zero, which resulted in a benefit of $ |
July 3, 2022 |
December 31, 2021 |
|||||||||||||||
Carrying Value |
Fair Value |
Carrying Value |
Fair Value |
|||||||||||||
(in thousands) |
||||||||||||||||
| Assets |
||||||||||||||||
| Cash and cash equivalents |
$ | $ | $ | $ | ||||||||||||
| Marketable securities |
||||||||||||||||
| Derivative assets |
||||||||||||||||
| Liabilities |
||||||||||||||||
| Derivative liabilities |
||||||||||||||||
| Convertible debt |
||||||||||||||||
July 3, 2022 |
||||||||||||||||||||
Available-for-Sale |
||||||||||||||||||||
Cost |
Unrealized Gain |
Unrealized (Loss) |
Fair Market Value |
Fair Market Value of Investments with Unrealized Losses |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Commercial paper |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
| U.S. Treasury securities |
( |
) |
||||||||||||||||||
| Corporate debt securities |
( |
) |
||||||||||||||||||
| Debt mutual funds |
— |
( |
) |
|||||||||||||||||
| U.S. government agency securities |
— |
( |
) |
|||||||||||||||||
| Certificates of deposit and time deposits |
— |
— |
— |
|||||||||||||||||
| Non-U.S. government securities |
— |
— |
— |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
$ |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
Cost |
Unrealized Gain |
Unrealized (Loss) |
Fair Market Value |
Fair Market Value of Investments with Unrealized Losses |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
| Marketable securities |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
| Long-term marketable securities |
( |
) |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
$ |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
December 31, 2021 |
||||||||||||||||||||
Available-for-Sale |
||||||||||||||||||||
Cost |
Unrealized Gain |
Unrealized (Loss) |
Fair Market Value |
Fair Market Value of Investments with Unrealized Losses |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
Commercial paper |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||
U.S. Treasury securities |
( |
) | ||||||||||||||||||
Corporate debt securities |
( |
) | ||||||||||||||||||
Debt mutual funds |
— | — | ||||||||||||||||||
U.S. government agency securities |
( |
) | ||||||||||||||||||
Certificates of deposit and time deposits |
— | — | — | |||||||||||||||||
Non-U.S. government securities |
— | — | — | |||||||||||||||||
| $ | $ | $ | ( |
) | $ | $ | ||||||||||||||
Cost |
Unrealized Gain |
Unrealized (Loss) |
Fair Market Value |
Fair Market Value of Investments with Unrealized Losses |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
Marketable securities |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||
Long-term marketable securities |
( |
) | ||||||||||||||||||
| $ | $ | $ | ( |
) | $ | $ | ||||||||||||||
July 3, 2022 |
||||||||
Cost |
Fair Market Value |
|||||||
(in thousands) |
||||||||
Due within one year |
$ | $ | ||||||
Due after 1 year through 5 years |
||||||||
Due after 5 years through 10 years |
||||||||
Due after 10 years |
||||||||
Total |
$ | $ | ||||||
July 3, 2022 |
December 31, 2021 |
|||||||||||||||||||||||
Buy Position |
Sell Position |
Net Total |
Buy Position |
Sell Position |
Net Total |
|||||||||||||||||||
(in millions) |
||||||||||||||||||||||||
Japanese Yen |
$ | ( |
) | $ | — | $ | ( |
) | $ | ( |
) | $ | — | $ | ( |
) | ||||||||
Taiwan Dollar |
( |
) | — | ( |
) | ( |
) | — | ( |
) | ||||||||||||||
Korean Won |
( |
) | — | ( |
) | ( |
) | — | ( |
) | ||||||||||||||
British Pound Sterling |
( |
) | — | ( |
) | ( |
) | — | ( |
) | ||||||||||||||
Singapore Dollar |
— | — | ||||||||||||||||||||||
Euro |
— | — | ||||||||||||||||||||||
Philippine Peso |
— | — | ||||||||||||||||||||||
Chinese Yuan |
— | — | ||||||||||||||||||||||
Total |
$ | ( |
) | $ | $ | $ | ( |
) | $ | $ | ||||||||||||||
Balance Sheet Location |
July 3, 2022 |
December 31, 2021 |
||||||||
(in thousands) |
||||||||||
Derivatives not designated as hedging instruments: |
||||||||||
Foreign exchange contracts |
Prepayments | $ | $ | |||||||
Foreign exchange contracts |
Other current liabilities | ( |
) | ( |
) | |||||
Total derivatives |
$ | ( |
) | $ | ( |
) | ||||
Location of (Gains) Losses |
For the Three Months Ended |
For the Six Months Ended |
||||||||||||||||
Recognized in |
July 3, |
July 4, |
July 3, |
July 4, |
||||||||||||||
Statement of Operations |
2022 |
2021 |
2022 |
2021 |
||||||||||||||
(in thousands) |
||||||||||||||||||
Derivatives not designated as hedging instruments: |
||||||||||||||||||
Foreign exchange contracts |
Other (income) expense, net | $ | ( |
) | $ | $ | ( |
) | $ | |||||||||
July 3, 2022 |
December 31, 2021 |
|||||||
(in thousands) |
||||||||
Debt principal |
$ | $ | ||||||
Unamortized debt issuance fees (1) |
||||||||
Net Carrying amount of convertible debt |
$ | $ | ||||||
July 3, 2022 |
December 31, 2021 |
|||||||
(in thousands) |
||||||||
Current debt |
$ | $ | ||||||
Long-term debt |
||||||||
Net carrying amount of convertible debt |
$ | $ | ||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
July 3, 2022 |
July 4, 2021 |
July 3, 2022 |
July 4, 2021 |
|||||||||||||
(in thousands) |
||||||||||||||||
Contractual interest expense on the coupon |
$ | $ | $ | $ | ||||||||||||
Amortization of debt issuance fees recognized as interest expense (2) |
||||||||||||||||
Total interest expense on the convertible debt |
$ | $ | $ | $ | ||||||||||||
| (1) | Unamortized debt issuance fees as of December 31, 2021 include unamortized debt discount of $ 2020-6 on January 1, 2022. |
| (2) | Three and six months ended July 4, 2021 includes the amortization of debt discount component, which was eliminated with the adoption of ASU 2020-06 on January 1, 2022. |
July 3, |
December 31, |
|||||||
2022 |
2021 |
|||||||
(in thousands) |
||||||||
Contract manufacturer and supplier prepayments |
$ | $ | ||||||
Prepaid maintenance and other services |
||||||||
Prepaid taxes |
||||||||
Other prepayments |
||||||||
Total prepayments |
$ | $ | ||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
July 3, |
July 4, |
July 3, |
July 4, |
|||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(in thousands) |
||||||||||||||||
Balance at beginning of period |
$ | $ | $ | $ | ||||||||||||
Accruals for warranties issued during the period |
||||||||||||||||
Accruals related to pre-existing warranties |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Settlements made during the period |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Balance at end of period |
$ | $ | $ | $ | ||||||||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
July 3, |
July 4, |
July 3, |
July 4, |
|||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(in thousands) |
||||||||||||||||
Balance at beginning of period |
$ | $ | $ | $ | ||||||||||||
Deferral of new extended warranty revenue |
||||||||||||||||
Recognition of extended warranty deferred revenue |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Balance at end of period |
$ | $ | $ | $ | ||||||||||||
For the Six Months Ended |
||||||||
July 3, 2022 |
July 4, 2021 |
|||||||
Risk-free interest rate |
% | % | ||||||
Teradyne volatility-historical |
% | % | ||||||
NYSE Composite Index volatility-historical |
% | % | ||||||
Dividend yield |
% | % | ||||||
For the Six Months Ended |
||||||||
July 3, 2022 |
July 4, 2021 |
|||||||
Expected life (years) |
||||||||
Risk-free interest rate |
% | % | ||||||
Volatility-historical |
% | % | ||||||
Dividend yield |
% | % | ||||||
Foreign Currency Translation Adjustment |
Unrealized Gains (Losses) on Marketable Securities |
Retirement Plans Prior Service Credit |
Total |
|||||||||||||
(in thousands) |
||||||||||||||||
Six Months Ended July 3, 2022 |
||||||||||||||||
Balance at December 31, 2021, net of tax of $ |
$ | ( |
) | $ | $ | $ | ( |
) | ||||||||
Other comprehensive loss before reclassifications, net of tax of $ |
( |
) | ( |
) | $ | ( |
) | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax of $ |
( |
) | ||||||||||||||
Net current period other comprehensive loss, net of tax of $ |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Balance at July 3, 2022, net of tax of $ |
$ | ( |
) | $ | ( |
) | $ | $ | ( |
) | ||||||
Six Months Ended July 4, 2021 |
||||||||||||||||
Balance at December 31, 2020, net of tax of $ |
$ | $ | $ | $ | ||||||||||||
Other comprehensive loss before reclassifications, net of tax of $ |
( |
) | ( |
) | — | ( |
) | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax of $ |
( |
) | ( |
) | ( |
) | ||||||||||
Net current period other comprehensive loss, net of tax of $ |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Balance at July 4, 2021, net of tax of $ |
$ | $ | $ | $ | ||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components |
For the Three Months Ended |
For the Six Months Ended |
Affected Line Item in the Statements of Operations | |||||||||||||||
July 3, 2022 |
July 4, 2021 |
July 3, 2022 |
July 4, 2021 |
|||||||||||||||
(in thousands) |
||||||||||||||||||
Available-for-sale |
||||||||||||||||||
Unrealized (losses) gains, net of tax of $( |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | Other (income) | |||||||
Defined benefit postretirement plan: |
||||||||||||||||||
Amortization of prior service credit, net of tax of $ |
(a) | |||||||||||||||||
Total reclassifications, net of tax of $( |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | Net income | |||||||
| (a) | The amortization of prior service credit is included in the computation of net periodic postretirement benefit cost. See Note P: “Retirement Plans.” |
Industrial Automation |
Wireless Test |
Semiconductor Test |
System Test |
Total |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
Balance at December 31, 2021 |
||||||||||||||||||||
Goodwill |
$ | $ | $ | $ | $ | |||||||||||||||
Accumulated impairment losses |
— | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
Total Goodwill |
||||||||||||||||||||
Foreign currency translation adjustment |
( |
) | ( |
) | ( |
) | ||||||||||||||
Balance at July 3, 2022 |
||||||||||||||||||||
Goodwill |
||||||||||||||||||||
Accumulated impairment losses |
— | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
Total Goodwill |
$ | $ | $ | $ | $ | |||||||||||||||
Gross Carrying Amount |
Accumulated Amortization |
Foreign Currency Translation Adjustment |
Net Carrying Amount |
|||||||||||||
Balance at July 3, 2022 |
(in thousands) |
|||||||||||||||
Developed technology |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
Customer relationships |
( |
) | ||||||||||||||
Tradenames and trademarks |
( |
) | ( |
) | ||||||||||||
Total intangible assets |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
Balance, December 31, 2021 |
||||||||||||||||
Developed technology |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
Customer relationships |
( |
) | ||||||||||||||
Tradenames and trademarks |
( |
) | ( |
) | ||||||||||||
Total intangible assets |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
Year |
Amortization Expense |
|||
(in thousands) |
||||
2022 |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
Thereafter |
||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
July 3, 2022 |
July 4, 2021 |
July 3, 2022 |
July 4, 2021 |
|||||||||||||
(in thousands, except per share amounts) |
||||||||||||||||
Net income for basic and diluted net income per share |
$ | $ | $ | $ | ||||||||||||
Weighted average common shares-basic |
||||||||||||||||
Effect of dilutive potential common shares: |
||||||||||||||||
Convertible note hedge warrant shares (1) |
||||||||||||||||
Incremental shares from assumed conversion of convertible notes (2) |
||||||||||||||||
Restricted stock units |
||||||||||||||||
Stock options |
||||||||||||||||
Employee stock purchase plan |
||||||||||||||||
Dilutive potential common shares |
||||||||||||||||
Weighted average common shares-diluted |
||||||||||||||||
Net income per common share-basic |
$ | $ | $ | $ | ||||||||||||
Net income per common share-diluted |
$ | $ | $ | $ | ||||||||||||
| (1) | Convertible notes hedge warrant shares were calculated using the difference between the average Teradyne stock price for the period and the warrant price, multiplied by the number of warrant shares. The result of this calculation, representing the total intrinsic value of the warrant, was divided by the average Teradyne stock price for the period. |
| (2) | Incremental shares from assumed conversion of the convertible notes were calculated using the difference between the average Teradyne stock price for the period and the conversion price, multiplied by the number of convertible notes shares. The result of this calculation, representing the total intrinsic value of the convertible debt, was divided by the average Teradyne stock price for the period. |
For the Three Months Ended |
||||||||||||||||
July 3, 2022 |
July 4, 2021 |
|||||||||||||||
United States |
Foreign |
United States |
Foreign |
|||||||||||||
(in thousands) |
||||||||||||||||
| Service cost |
$ | $ | $ | $ | ||||||||||||
| Interest cost |
||||||||||||||||
| Expected return on plan assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Net actuarial gain |
( |
) | — | ( |
) | — | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total net periodic pension cost |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
For the Six Months Ended |
||||||||||||||||
July 3, 2022 |
July 4, 2021 |
|||||||||||||||
United States |
Foreign |
United States |
Foreign |
|||||||||||||
(in thousands) |
||||||||||||||||
| Service cost |
$ | $ | $ | $ | ||||||||||||
| Interest cost |
||||||||||||||||
| Expected return on plan assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Net actuarial gain |
( |
) | — | ( |
) | — | ||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total net periodic pension cost |
$ | $ | $ | $ | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
July 3, 2022 |
July 4, 2021 |
July 3, 2022 |
July 4, 2021 |
|||||||||||||
(in thousands) |
||||||||||||||||
| Service cost |
$ | $ | $ | $ | ||||||||||||
| Interest cost |
||||||||||||||||
| Amortization of prior service credit |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Net actuarial loss (gain) |
( |
) | ( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Total net periodic postretirement benefit cost (credit) |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
| |
|
|
|
|
|
|
|
|||||||||
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
July 3, 2022 |
July 4, 2021 |
July 3, 2022 |
July 4, 2021 |
|||||||||||||
| U.S. statutory federal tax rate |
% | % | % | % | ||||||||||||
| Non-deductible officers’ compensation |
||||||||||||||||
| Foreign taxes |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Tax credits |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| International provisions of the U.S. Tax Cuts and Jobs Act of 2017 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Discrete benefit related to equity compensation |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Other, net |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
| Effective tax rate |
% | % | % | % | ||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
Semiconductor Test |
System Test |
Industrial Automation |
Wireless Test |
Corporate and Eliminations |
Consolidated |
|||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
| Three Months Ended July 3, 2022 |
||||||||||||||||||||||||
| Revenues |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
| Income (loss) before income taxes (1)(2) |
( |
) | ( |
) | ||||||||||||||||||||
| Total assets (3) |
||||||||||||||||||||||||
| Three Months Ended July 4, 2021 |
||||||||||||||||||||||||
| Revenues |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
| Income (loss) before income taxes (1)(2) |
( |
) | ||||||||||||||||||||||
| Total assets (3) |
||||||||||||||||||||||||
| Six Months Ended July 3, 2022 |
||||||||||||||||||||||||
| Revenues |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
| Income (loss) before income taxes (1)(2) |
( |
) | ( |
) | ||||||||||||||||||||
| Total assets (3) |
||||||||||||||||||||||||
| Six Months Ended July 4, 2021 |
||||||||||||||||||||||||
| Revenues |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
| Income (loss) before income taxes (1)(2) |
( |
) | ||||||||||||||||||||||
| Total assets (3) |
||||||||||||||||||||||||
| (1) | Included in Corporate and Eliminations are: legal and environmental fees, contingent consideration fair value adjustments, interest income, interest expense, severance charges, net foreign exchange gains (losses), acquisition related charges and compensation, pension, intercompany eliminations and for the three and six months ended July 4, 2021, loss on convertible debt conversions. |
| (2) | Included in income (loss) before taxes are charges and credits related to restructuring and other, inventory charges and, for the three and six months ended July 4, 2021, loss on convertible debt conversions. |
| (3) | Total assets are attributable to each segment. Corporate assets consist of cash and cash equivalents, marketable securities, and certain other assets. |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
July 3, 2022 |
July 4, 2021 |
July 3, 2022 |
July 4, 2021 |
|||||||||||||
(in thousands) |
||||||||||||||||
| Semiconductor Test: |
||||||||||||||||
| Cost of revenues—inventory charge |
$ | $ | — | $ | $ | |||||||||||
| Industrial Automation: |
||||||||||||||||
| Cost of revenues—inventory charge |
$ | $ | — | $ | $ | |||||||||||
| Restructuring and other—acquisition related expenses and compensation |
— | — | — | |||||||||||||
| Wireless: |
||||||||||||||||
| Cost of revenues—inventory charge |
$ | $ | — | $ | $ | |||||||||||
| Corporate and Eliminations: |
||||||||||||||||
| Restructuring and other—other |
$ | $ | $ | $ | ||||||||||||
| Restructuring and other—legal settlement charge |
||||||||||||||||
| Other (income) expense, net—loss on convertible debt conversions |
||||||||||||||||
| Restructuring and other—AutoGuide contingent consideration adjustment |
( |
) | ||||||||||||||
| Restructuring and other—acquisition related expenses and compensation |
( |
) | ||||||||||||||
Item 2: |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| • | semiconductor test (“Semiconductor Test”) systems; |
| • | storage and system level test (“Storage Test”) systems, defense/aerospace (“Defense/Aerospace”) test instrumentation and systems and circuit-board test and inspection (“Production Board Test”) systems (collectively these products represent “System Test”); |
| • | wireless test (“Wireless Test”) systems; and |
| • | industrial automation (“Industrial Automation”) products. |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
July 3, 2022 |
July 4, 2021 |
July 3, 2022 |
July 4, 2021 |
|||||||||||||
Percentage of revenues: |
||||||||||||||||
Revenues: |
||||||||||||||||
Products |
83 | % | 88 | % | 83 | % | 86 | % | ||||||||
Services |
17 | 12 | 17 | 14 | ||||||||||||
Total revenues |
100 | 100 | 100 | 100 | ||||||||||||
Cost of revenues: |
||||||||||||||||
Cost of products |
33 | 36 | 32 | 35 | ||||||||||||
Cost of services |
7 | 5 | 7 | 5 | ||||||||||||
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) |
40 | 40 | 40 | 41 | ||||||||||||
Gross profit |
60 | 60 | 60 | 59 | ||||||||||||
Operating expenses: |
||||||||||||||||
Selling and administrative |
17 | 13 | 18 | 14 | ||||||||||||
Engineering and development |
13 | 10 | 14 | 11 | ||||||||||||
Acquired intangible assets amortization |
— | — | 1 | 1 | ||||||||||||
Restructuring and other |
— | — | 1 | — | ||||||||||||
Total operating expenses |
31 | 24 | 33 | 26 | ||||||||||||
Income from operations |
29 | 36 | 27 | 33 | ||||||||||||
Non-operating (income) expense: |
||||||||||||||||
Interest income |
— | — | — | — | ||||||||||||
Interest expense |
— | 1 | — | 1 | ||||||||||||
Other (income) expense, net |
1 | — | 1 | — | ||||||||||||
Income before income taxes |
28 | 35 | 26 | 33 | ||||||||||||
Income tax provision |
5 | 5 | 4 | 4 | ||||||||||||
Net income |
24 | % | 30 | % | 23 | % | 29 | % | ||||||||
For the Three Months Ended |
||||||||||||
July 3, 2022 |
July 4, 2021 |
Dollar Change |
||||||||||
(in millions) |
||||||||||||
Semiconductor Test |
$ | 541.3 | $ | 834.0 | $ | (292.7 | ) | |||||
System Test |
134.7 | 104.8 | 29.9 | |||||||||
Industrial Automation |
101.1 | 92.2 | 8.9 | |||||||||
Wireless Test |
63.9 | 54.9 | 9.0 | |||||||||
Corporate and Eliminations |
(0.2 | ) | (0.1 | ) | (0.1 | ) | ||||||
| $ | 840.8 | $ | 1,085.7 | $ | (244.9 | ) | ||||||
For the Three Months Ended |
||||||||
July 3, 2022 |
July 4, 2021 |
|||||||
Taiwan |
25 | % | 44 | % | ||||
Korea |
17 | 9 | ||||||
United States |
14 | 9 | ||||||
China |
13 | 15 | ||||||
Europe |
8 | 5 | ||||||
Thailand |
6 | 3 | ||||||
Malaysia |
5 | 2 | ||||||
Japan |
5 | 5 | ||||||
Philippines |
3 | 6 | ||||||
Singapore |
2 | 1 | ||||||
Rest of World |
2 | 1 | ||||||
| 100 | % | 100 | % | |||||
| (1) | Revenues attributable to a country are based on location of customer site. |
For the Three Months Ended |
||||||||||||
July 3, 2022 |
July 4, 2021 |
Dollar/Point Change |
||||||||||
(in millions) |
||||||||||||
Gross profit |
$ | 506.4 | $ | 647.0 | $ | (140.6 | ) | |||||
Percent of total revenues |
60.2 | % | 59.6 | % | 0.6 | |||||||
For the Three Months Ended |
||||||||||||
July 3, 2022 |
July 4, 2021 |
Dollar Change |
||||||||||
(in millions) |
||||||||||||
Selling and administrative |
$ | 139.5 | $ | 140.2 | $ | (0.7 | ) | |||||
Percent of total revenues |
16.6 | % | 12.9 | % | ||||||||
For the Three Months Ended |
||||||||||||
July 3, 2022 |
July 4, 2021 |
Dollar Change |
||||||||||
(in millions) |
||||||||||||
Engineering and development |
$ | 112.0 | $ | 110.0 | $ | 2.0 | ||||||
Percent of total revenues |
13.3 | % | 10.1 | % | ||||||||
For the Three Months Ended |
||||||||||||
July 3, 2022 |
July 4, 2021 |
Dollar Change |
||||||||||
(in millions) |
||||||||||||
Interest income |
$ | (1.0 | ) | $ | (0.6 | ) | $ | (0.4 | ) | |||
Interest expense |
0.9 | 5.6 | $ | (4.7 | ) | |||||||
Other (income) expense, net |
9.4 | (0.1 | ) | $ | 9.5 | |||||||
For the Three Months Ended |
||||||||||||
July 3, 2022 |
July 4, 2021 |
Dollar Change |
||||||||||
(in millions) |
||||||||||||
Semiconductor Test |
$ | 177.8 | $ | 337.3 | $ | (159.5 | ) | |||||
System Test |
54.0 | 34.0 | 20.0 | |||||||||
Wireless Test |
25.4 | 21.5 | 3.9 | |||||||||
Industrial Automation |
(6.4 | ) | (9.8 | ) | 3.4 | |||||||
Corporate and Eliminations (1) |
(12.2 | ) | 1.1 | (13.3 | ) | |||||||
| $ | 238.6 | $ | 384.0 | $ | (145.4 | ) | ||||||
| (1) | Included in Corporate and Eliminations are legal and environmental fees, interest income, interest expense, net foreign exchange gains (losses), pension, intercompany eliminations, acquisition related charges and compensation and for the three months ended July 4, 2021, loss on convertible debt conversions. |
For the Six Months Ended |
||||||||||||
July 3, 2022 |
July 4, 2021 |
Dollar Change |
||||||||||
(in millions) |
||||||||||||
Semiconductor Test |
$ | 1,023.7 | $ | 1,362.0 | $ | (338.3 | ) | |||||
System Test |
253.4 | 237.7 | 15.7 | |||||||||
Industrial Automation |
204.2 | 172.1 | 32.1 | |||||||||
Wireless Test |
115.4 | 95.8 | 19.6 | |||||||||
Corporate and Eliminations |
(0.5 | ) | (0.3 | ) | (0.2 | ) | ||||||
| $ | 1,596.1 | $ | 1,867.3 | $ | (271.1 | ) | ||||||
For the Six Months Ended |
||||||||
July 3, 2022 |
July 4, 2021 |
|||||||
Taiwan |
22 | % | 40 | % | ||||
China |
16 | 17 | ||||||
Korea |
15 | 9 | ||||||
United States |
15 | 9 | ||||||
Europe |
9 | 6 | ||||||
Thailand |
5 | 5 | ||||||
Japan |
5 | 4 | ||||||
Malaysia |
5 | 3 | ||||||
Philippines |
3 | 5 | ||||||
Singapore |
3 | 2 | ||||||
Rest of World |
2 | — | ||||||
| 100 | % | 100 | % | |||||
| (1) | Revenues attributable to a country are based on location of customer site. |
For the Six Months Ended |
||||||||||||
July 3, |
July 4, |
Dollar/Point |
||||||||||
2022 |
2021 |
Change |
||||||||||
(in millions) |
||||||||||||
Gross profit |
$ | 961.3 | $ | 1,108.6 | $ | (147.3 | ) | |||||
Percent of total revenues |
60.2 | % | 59.4 | % | 0.8 | |||||||
For the Six Months Ended |
||||||||||||
July 3, |
July 4, |
Dollar |
||||||||||
2022 |
2021 |
Change |
||||||||||
(in millions) |
||||||||||||
Selling and administrative |
$ | 279.7 | $ | 270.0 | $ | 9.7 | ||||||
Percent of total revenues |
17.5 | % | 14.5 | % | ||||||||
For the Six Months Ended |
||||||||||||
July 3, |
July 4, |
Dollar |
||||||||||
2022 |
2021 |
Change |
||||||||||
(in millions) |
||||||||||||
Engineering and development |
$ | 220.1 | $ | 210.4 | $ | 9.7 | ||||||
Percent of total revenues |
13.8 | % | 11.3 | % | ||||||||
For the Six Months Ended |
||||||||||||
July 3, |
July 4, |
Dollar |
||||||||||
2022 |
2021 |
Change |
||||||||||
(in millions) |
||||||||||||
| Interest income |
$ | (1.7 | ) | $ | (1.4 | ) | $ | (0.3 | ) | |||
| Interest expense |
1.9 | 11.6 | (9.7 | ) | ||||||||
| Other (income) expense, net |
14.6 | 3.7 | 10.9 | |||||||||
For the Six Months Ended |
||||||||||||
July 3, |
July 4, |
Dollar |
||||||||||
2022 |
2021 |
Change |
||||||||||
(in millions) |
||||||||||||
| Semiconductor Test |
$ | 327.5 | $ | 513.7 | $ | (186.2 | ) | |||||
| System Test |
95.4 | 85.0 | 10.4 | |||||||||
| Wireless Test |
44.0 | 31.1 | 12.9 | |||||||||
| Industrial Automation |
(11.5 | ) | (22.8 | ) | 11.3 | |||||||
| Corporate and Eliminations (1) |
(36.4 | ) | 1.1 | (37.5 | ) | |||||||
| |
|
|
|
|
|
|||||||
| $ | 419.0 | $ | 608.0 | $ | (189.0 | ) | ||||||
| |
|
|
|
|
|
|||||||
| (1) | Included in Corporate and Eliminations are legal and environmental fees, contingent consideration adjustments, interest income, interest expense, net foreign exchange gains (losses), pension, intercompany eliminations, acquisition related charges and compensation and for the six months ended July 4, 2021, loss on convertible debt conversions. |
Item 3: |
Quantitative and Qualitative Disclosures about Market Risks |
Hypothetical Change in Teradyne Stock Price |
Fair Value |
Estimated change in fair value |
Hypothetical percentage increase (decrease) in fair value |
|||||||||
| 10% Increase |
$ | 253,683 | $ | 20,344 | 8.7 | % | ||||||
| No Change |
233,339 | — | — | |||||||||
| 10% Decrease |
212,995 | (20,344 | ) | (8.7 | ) | |||||||
Item 4: |
Controls and Procedures |
Item 1: |
Legal Proceedings |
Item 1A: |
Risk Factors |
Item 2: |
Unregistered Sales of Equity Securities and Use of Proceeds |
| Period |
(a) Total Number of Shares (or Units) Purchased |
(b) Average Price Paid per Share (or Unit) |
(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that may Yet Be Purchased Under the Plans or Programs |
||||||||||||
| April 4, 2022 - May 1, 2022 |
853 | $ | 111.53 | 852 | $ | 1,103,537 | ||||||||||
| May 2, 2022 - May 29, 2022 |
989 | $ | 104.60 | 974 | $ | 1,001,700 | ||||||||||
| May 30, 2022 - July 3, 2022 |
1,381 | $ | 97.45 | 1,380 | $ | 867,202 | ||||||||||
| |
|
|
|
|
|
|||||||||||
| 3,223 | (1) | $ | 103.37 | (1) | 3,206 | |||||||||||
| |
|
|
|
|
|
|||||||||||
| (1) | Includes approximately seventeen thousand shares at an average price of $109.12 withheld from employees for the payment of taxes. |
Item 4: |
Mine Safety Disclosures |
Item 6: |
Exhibits |
Exhibit Number |
Description | |
| 32.1 | Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) | |
| 32.2 | Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) | |
| 101.INS | Inline XBRL Instance Document | |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL, and contained in Exhibit 101) | |
TERADYNE, INC. |
| Registrant |
| /s/ S ANJAY MEHTA |
| Sanjay Mehta Vice President, Chief Financial Officer and Treasurer (Duly Authorized Officer and Principal Financial Officer) August 5, 2022 |
Exhibit 31.1
CERTIFICATIONS
I, Mark E. Jagiela, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Teradyne, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2022
| By: | /s/ MARK E. JAGIELA | |
| Mark E. Jagiela | ||
| Chief Executive Officer |
Exhibit 31.2
CERTIFICATIONS
I, Sanjay Mehta, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Teradyne, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 5, 2022
| By: | /s/ SANJAY MEHTA | |
| Sanjay Mehta | ||
| Chief Financial Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Teradyne, Inc. (the “Company”) on Form 10-Q for the period ended July 3, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark E. Jagiela, Chief Executive Officer of the Company, certify pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
| /s/ MARK E. JAGIELA |
| Mark E. Jagiela |
| Chief Executive Officer |
| August 5, 2022 |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Teradyne, Inc. (the “Company”) on Form 10-Q for the period ended July 3, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sanjay Mehta, Chief Financial Officer of the Company, certify pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
| /s/ SANJAY MEHTA |
| Sanjay Mehta |
| Chief Financial Officer |
| August 5, 2022 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Accounts receivable, less allowance for credit losses | $ 1,849 | $ 2,012 |
| Common stock, par value | $ 0.125 | $ 0.125 |
| Common stock, shares authorized | 1,000,000 | 1,000,000 |
| Common stock, shares issued | 157,880 | 162,251 |
| Common stock, shares outstanding | 157,880 | 162,251 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|||||||||||||
| Revenues: | ||||||||||||||||
| Total revenues | $ 840,766 | [1] | $ 1,085,728 | [1] | $ 1,596,136 | [2] | $ 1,867,334 | [2] | ||||||||
| Cost of revenues: | ||||||||||||||||
| Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) | 334,377 | 438,739 | 634,814 | 758,727 | ||||||||||||
| Gross profit | 506,389 | 646,989 | 961,322 | 1,108,607 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling and administrative | 139,533 | 140,187 | 279,718 | 269,984 | ||||||||||||
| Engineering and development | 111,951 | 110,021 | 220,067 | 210,423 | ||||||||||||
| Acquired intangible assets amortization | 4,871 | 5,402 | 9,934 | 10,938 | ||||||||||||
| Restructuring and other | 2,044 | 2,507 | 17,758 | (4,623) | ||||||||||||
| Total operating expenses | 258,399 | 258,117 | 527,477 | 486,722 | ||||||||||||
| Income from operations | 247,990 | 388,872 | 433,845 | 621,885 | ||||||||||||
| Non-operating (income) expense: | ||||||||||||||||
| Interest income | (951) | (633) | (1,653) | (1,441) | ||||||||||||
| Interest expense | 913 | 5,566 | 1,925 | 11,569 | ||||||||||||
| Other (income) expense, net | 9,436 | (87) | 14,622 | 3,738 | ||||||||||||
| Income before income taxes | [3],[4] | 238,592 | 384,026 | 418,951 | 608,019 | |||||||||||
| Income tax provision | 40,805 | 55,707 | 59,236 | 74,188 | ||||||||||||
| Net income | $ 197,787 | $ 328,319 | $ 359,715 | $ 533,831 | ||||||||||||
| Net income per common share: | ||||||||||||||||
| Basic | $ 1.24 | $ 1.98 | $ 2.24 | $ 3.21 | ||||||||||||
| Diluted | $ 1.16 | $ 1.76 | $ 2.07 | $ 2.85 | ||||||||||||
| Weighted average common shares—basic | 159,563 | 165,995 | 160,805 | 166,243 | ||||||||||||
| Weighted average common shares—diluted | 171,159 | 186,750 | 173,367 | 187,245 | ||||||||||||
| Product [Member] | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Total revenues | $ 697,954 | $ 951,945 | $ 1,323,829 | $ 1,612,453 | ||||||||||||
| Cost of revenues: | ||||||||||||||||
| Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) | 274,674 | 388,845 | 517,690 | 656,629 | ||||||||||||
| Service [Member] | ||||||||||||||||
| Revenues: | ||||||||||||||||
| Total revenues | 142,812 | 133,783 | 272,307 | 254,881 | ||||||||||||
| Cost of revenues: | ||||||||||||||||
| Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) | $ 59,703 | $ 49,894 | $ 117,124 | $ 102,098 | ||||||||||||
| ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Net income | $ 197,787 | $ 328,319 | $ 359,715 | $ 533,831 |
| Other comprehensive income, net of tax: | ||||
| Foreign currency translation adjustment, net of tax of $0, $0, $0, $0, respectively | (29,230) | 5,150 | (37,307) | (15,974) |
| Available-for-sale marketable securities: | ||||
| Unrealized (losses) gains on marketable securities arising during period, net of tax of $(1,240), $436, $(2,573), and $(472), respectively | (4,522) | 1,494 | (9,910) | (1,776) |
| Less: Reclassification adjustment for losses (gains) included in net income, net of tax of $77, $2, $59, $(121), respectively | 274 | 3 | 209 | (441) |
| Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Total | (4,248) | 1,497 | (9,701) | (2,217) |
| Defined benefit post-retirement plan: | ||||
| Amortization of prior service credit, net of tax of $0, $0, $(1), $(1), respectively | (2) | (2) | (3) | (3) |
| Other comprehensive (loss) income | (33,480) | 6,645 | (47,011) | (18,194) |
| Comprehensive income | $ 164,307 | $ 334,964 | $ 312,704 | $ 515,637 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Foreign currency translation adjustment, net of tax | $ 0 | $ 0 | $ 0 | $ 0 |
| Unrealized (losses) gains on marketable securities arising during period | 1,240 | 436 | 2,573 | 472 |
| Reclassification adjustment for gains included in net income | 77 | 2 | 59 | 121 |
| Amortization of prior service credit, net of tax | $ 0 | $ 0 | $ 1 | $ 1 |
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE COMMON SHARES AND SHAREHOLDERS'' EQUITY - USD ($) shares in Thousands, $ in Thousands |
Total |
Convertible Common Shares |
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive (Loss) Income |
Retained Earnings (Accumulated Deficit) |
|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2020 | $ 2,207,018 | $ 20,765 | $ 1,765,323 | $ 33,516 | $ 387,414 | |
| Balance, Shares at Dec. 31, 2020 | 3,787 | 166,123 | ||||
| Net issuance of common stock under stock-based plans | 322 | $ 111 | 211 | |||
| Net issuance of common stock under stock-based plans (in shares) | 885 | |||||
| Stock-based compensation expense | 25,874 | 25,874 | ||||
| Repurchase of common stock | $ (203,184) | $ (196) | (202,988) | |||
| Repurchase of common stock (in shares) | 1,600 | (1,564) | ||||
| Cash dividends | $ (33,305) | (33,305) | ||||
| Settlements of convertible notes | 203,706 | $ 199 | 203,507 | |||
| Settlement of convertible debt (in shares) | 1,589 | |||||
| Exercise of convertible notes hedge call options | (205,213) | $ (199) | (205,014) | |||
| Exercise of convertible notes hedge call options (in shares) | (1,589) | |||||
| Convertible common shares | (17,599) | (17,599) | ||||
| Convertible common shares (in shares) | 17,599 | |||||
| Net income | 533,831 | 533,831 | ||||
| Other comprehensive income (loss) | (18,194) | (18,194) | ||||
| Balance at Jul. 04, 2021 | 2,493,256 | $ 20,680 | 1,772,302 | 15,322 | 684,952 | |
| Balance, Shares at Jul. 04, 2021 | 21,386 | 165,444 | ||||
| Balance at Apr. 04, 2021 | 2,324,553 | $ 20,802 | 1,765,971 | 8,677 | 529,103 | |
| Balance, Shares at Apr. 04, 2021 | 1,233 | 166,419 | ||||
| Net issuance of common stock under stock-based plans | 14,310 | $ 27 | 14,283 | |||
| Net issuance of common stock under stock-based plans (in shares) | 215 | |||||
| Stock-based compensation expense | 12,515 | 12,515 | ||||
| Repurchase of common stock | (155,995) | $ (149) | (155,846) | |||
| Repurchase of common stock (in shares) | (1,190) | |||||
| Cash dividends | (16,624) | (16,624) | ||||
| Settlements of convertible notes | 46,023 | $ 46 | 45,977 | |||
| Settlement of convertible debt (in shares) | 367 | |||||
| Exercise of convertible notes hedge call options | (46,337) | $ (46) | (46,291) | |||
| Exercise of convertible notes hedge call options (in shares) | (367) | |||||
| Convertible common shares | (20,153) | (20,153) | ||||
| Convertible common shares (in shares) | 20,153 | |||||
| Net income | 328,319 | 328,319 | ||||
| Other comprehensive income (loss) | 6,645 | 6,645 | ||||
| Balance at Jul. 04, 2021 | 2,493,256 | $ 20,680 | 1,772,302 | 15,322 | 684,952 | |
| Balance, Shares at Jul. 04, 2021 | 21,386 | 165,444 | ||||
| Balance at Dec. 31, 2021 | 2,562,444 | $ 20,281 | 1,811,545 | (5,948) | 736,566 | |
| Balance, Shares at Dec. 31, 2021 | 1,512 | 162,251 | ||||
| Net issuance of common stock under stock-based plans | (16,245) | $ 73 | (16,318) | |||
| Net issuance of common stock under stock-based plans (in shares) | 585 | |||||
| Stock-based compensation expense | 25,862 | 25,862 | ||||
| Repurchase of common stock | $ (545,798) | $ (619) | (545,179) | |||
| Repurchase of common stock (in shares) | 5,000 | (4,956) | ||||
| Cash dividends | $ (35,470) | (35,470) | ||||
| Settlements of convertible notes | (181) | $ 125 | (306) | |||
| Settlement of convertible debt (in shares) | 1,004 | |||||
| Exercise of convertible notes hedge call options | 0 | $ (125) | 125 | |||
| Exercise of convertible notes hedge call options (in shares) | (1,004) | |||||
| Cumulative-effect of change in accounting principle related to convertible debt | (4,720) | $ (1,512) | (99,322) | 94,602 | ||
| Net income | 359,715 | 359,715 | ||||
| Other comprehensive income (loss) | (47,011) | (47,011) | ||||
| Balance at Jul. 03, 2022 | 2,298,596 | $ 19,735 | 1,721,586 | (52,959) | 610,234 | |
| Balance, Shares at Jul. 03, 2022 | 0 | 157,880 | ||||
| Balance at Apr. 03, 2022 | 2,474,532 | $ 20,132 | 1,711,690 | (19,479) | 762,189 | |
| Balance, Shares at Apr. 03, 2022 | 0 | 161,053 | ||||
| Net issuance of common stock under stock-based plans | (1,671) | $ 4 | (1,675) | |||
| Net issuance of common stock under stock-based plans (in shares) | 33 | |||||
| Stock-based compensation expense | 11,658 | 11,658 | ||||
| Repurchase of common stock | (334,334) | $ (401) | (333,933) | |||
| Repurchase of common stock (in shares) | (3,206) | |||||
| Cash dividends | (17,561) | (17,561) | ||||
| Settlements of convertible notes | (87) | $ 62 | (149) | |||
| Settlement of convertible debt (in shares) | 495 | |||||
| Exercise of convertible notes hedge call options | 0 | $ (62) | 62 | |||
| Exercise of convertible notes hedge call options (in shares) | (495) | |||||
| Cumulative-effect of change in accounting principle related to convertible debt | 1,752 | 1,752 | ||||
| Net income | 197,787 | 197,787 | ||||
| Other comprehensive income (loss) | (33,480) | (33,480) | ||||
| Balance at Jul. 03, 2022 | $ 2,298,596 | $ 19,735 | $ 1,721,586 | $ (52,959) | $ 610,234 | |
| Balance, Shares at Jul. 03, 2022 | 0 | 157,880 |
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE COMMON SHARES AND SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Common Stock, Dividends, Per Share, Cash Paid | $ 0.11 | $ 0.1 | $ 0.22 | $ 0.2 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Cash flows from operating activities: | ||
| Net income | $ 359,715 | $ 533,831 |
| Adjustments to reconcile net income from operations to net cash provided by operating activities: | ||
| Depreciation | 44,460 | 45,848 |
| Stock-based compensation | 25,122 | 23,231 |
| Amortization | 10,095 | 19,343 |
| Deferred taxes | (23,597) | (800) |
| Losses (gains) on investments | 8,973 | (4,650) |
| Provision for excess and obsolete inventory | 6,695 | 3,625 |
| Contingent consideration fair value adjustments | 0 | (7,227) |
| Loss on convertible debt conversions | 0 | 5,244 |
| Retirement plan actuarial (gains) losses | 0 | (627) |
| Other | 522 | 199 |
| Changes in operating assets and liabilities, net of businesses acquired: | ||
| Accounts receivable | (146,384) | (372,698) |
| Inventories | (46,682) | 19,908 |
| Prepayments and other assets | (94,751) | (117,416) |
| Accounts payable and other liabilities | (43,611) | 86,790 |
| Deferred revenue and customer advances | 14,163 | 15,189 |
| Retirement plans contributions | (2,618) | (2,739) |
| Income taxes | 10,815 | (2,628) |
| Net cash provided by operating activities | 122,917 | 244,423 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (89,743) | (73,957) |
| Purchases of marketable securities | (247,881) | (398,086) |
| Proceeds from maturities of marketable securities | 139,652 | 460,213 |
| Proceeds from sales of marketable securities | 143,642 | 116,112 |
| Purchase of investment | 0 | (12,000) |
| Net cash provided by (used for) investing activities | (54,330) | 92,282 |
| Cash flows from financing activities: | ||
| Issuance of common stock under stock purchase and stock option plans | 16,536 | 32,581 |
| Repurchase of common stock | (532,799) | (196,584) |
| Payments related to net settlement of employee stock compensation awards | (32,780) | (31,794) |
| Payments of convertible debt principal | (42,292) | (66,828) |
| Dividend payments | (35,442) | (33,271) |
| Net cash used for financing activities | (626,777) | (295,896) |
| Effects of exchange rate changes on cash and cash equivalents | 8,014 | (489) |
| (Decrease) increase in cash and cash equivalents | (550,176) | 40,320 |
| Cash and cash equivalents at beginning of period | 1,122,199 | 914,121 |
| Cash and cash equivalents at end of period | 572,023 | 954,441 |
| Non-cash investing activities: | ||
| Capital expenditures incurred but not yet paid | $ 1,855 | $ 4,503 |
The Company |
6 Months Ended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 | |||||||||||||||||
| The Company | A. THE COMPANY Teradyne, Inc. (“Teradyne”) is a leading global supplier of automation equipment for test and industrial applications. Teradyne designs, develops, manufactures and sells automatic test systems used to test semiconductors, wireless products, data storage and complex electronics systems in many industries including consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries. Teradyne’s industrial automation products include collaborative robotic arms, autonomous mobile robots, and advanced robotic control software used by global manufacturing, logistics and light industrial customers to improve quality, increase manufacturing and material handling efficiency and decrease manufacturing and logistics costs. Teradyne’s automatic test equipment and industrial automation products and services include:
|
Accounting Policies |
6 Months Ended |
|---|---|
Jul. 03, 2022 | |
| Accounting Policies | B. ACCOUNTING POLICIES Basis of Presentation The consolidated interim financial statements include the accounts of Teradyne and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These interim financial statements are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair statement of such interim financial statements. Certain prior year amounts may have been reclassified to conform to the current year presentation. The December 31, 2021 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The accompanying financial information should be read in conjunction with the consolidated financial statements and notes thereto contained in Teradyne’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 23, 2022, for the year ended December 31, 2021. Preparation of Financial Statements and Use of Estimates The preparation of consolidated financial statements requires management to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent liabilities. On an on-going basis, management evaluates its estimates, including those related to inventories, investments, goodwill, intangible and other long-lived assets, accounts receivable, income taxes, deferred tax assets and liabilities, pensions, warranties, and loss contingencies. Management bases its estimates on historical experience and on appropriate and customary assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and our markets. Management is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained. Actual results may differ significantly from these estimates under different assumptions or conditions. Convertible Debt Teradyne adopted Accounting Standards Update (“ASU”) ASU
2020-06 – “Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity,” . 2020-06, Teradyne accounts for a convertible debt instrument as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. Unsettled shares are recorded in current debt, and there is no recognition of a debt discount, which was previously amortized to interest expense. Teradyne uses the if-converted method in the diluted earnings per share (“EPS”) calculation for convertible instruments. As a result of adoption, Teradyne recorded an increase of $1.4 million to current debt for unsettled shares, an increase of $6.6 million to long-term debt for unamortized debt discount, an increase of $1.8 million to deferred tax assets and an increase to retained earnings of $94.6 million for the reclassification of the equity component. Mezzanine equity representing unsettled shares value was reduced to zero and additional paid-in capital was reduced by $99.3 million. |
Recently Issued Accounting Pronouncements |
3 Months Ended |
|---|---|
Apr. 03, 2022 | |
| Recently Issued Accounting Pronouncements | C. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS For the six months ended July 3, 2022, there were no recently issued accounting pronouncements that had, or are expected to have, a material impact to Teradyne’s consolidated financial statements.
|
Investment In Other Company |
3 Months Ended |
|---|---|
Apr. 03, 2022 | |
| Equity Method Investments and Joint Ventures [Abstract] | |
| Investment In Other Company | D. INVESTMENT IN OTHER COMPANY On June 1, 2021, Teradyne invested $12.0 million in MachineMetrics, Inc. (“MachineMetrics”), a private company that develops and sells products to improve manufacturing performance through automated machine data collection, alerting, and analytics. Teradyne’s investment in MachineMetrics aligns with its strategy of providing and investing in leading edge products for automating industrial production processes in growing markets. The investment was recorded at cost and is evaluated for impairment or an indication of changes in fair value resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer on a quarterly basis. At July 3, 2022, the value of the investment was $12.0 million, and there were no changes during the three and six months ended July 3, 2022.
|
Revenue |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 03, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | E. REVENUE Disaggregation of Revenue The following table provides information about disaggregated revenue by timing of revenue recognition, primary geographical market, and major product lines.
Contract Balances 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:
Accounts Receivable 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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Inventories |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Inventories | F. INVENTORIES Inventories, net consisted of the following at July 3, 2022 and December 31, 2021:
Inventory reserves at July 3, 2022 and December 31, 2021 were $115.5 million and $114.1 million, respectively.
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Financial Instruments |
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| Financial Instruments | G. FINANCIAL INSTRUMENTS Cash Equivalents Teradyne considers all highly liquid investments with maturities of three months or less at the date of acquisition to be cash equivalents. Marketable Securities Teradyne’s equity and debt mutual funds are classified as Level 1 and available-for-sale During the three and six months ended July 3, 2022 and July 4, 2021, there were no transfers in or out of Level 1, Level 2, or Level 3 financial instruments. R Unrealized losses on equity securities recorded in the three and six months ended July 3, 2022 were $6.6 million and $8.8 million, respectively. No unrealized gains on equity securities were recorded in the three and six months ended July 3, 2022. Unrealized gains on equity securities recorded in the three and six months ended July 4, 2021 wer Unrealized gains and losses on available-for-sale The cost of securities sold is based on average cost. The following table sets forth by fair value hierarchy Teradyne’s financial assets and liabilities that were measured at fair value on a recurring basis as of July 3, 2022 and December 31, 2021.
Reported as follows:
Reported as follows:
Changes in the fair value of Level 3 contingent consideration for the six months ended July 3, 2022, and July 4, 2021 were as follows:
On March 25, 2022, the arbitration claim filed by Industrial Automation LLC, sellers of AutoGuide, against Teradyne alleging or $26.7 million. As a result, Teradyne has no remaining non-compliance with the earn-out provisions of the Membership Interests Purchase Agreement, dated as of October 18, 2019, among Industrial Automation LLC, Teradyne and AutoGuide was settled fearn-out obligations. The carrying amounts and fair values of Teradyne’s financial instruments at July 3, 2022 and December 31, 2021 were as follows:
The fair values of accounts receivable, net and accounts payable approximate the carrying value due to the short-term nature of these instruments. The following table summarizes the composition of available-for-sale
Reported as follows:
The following table summarizes the composition of available-for-sale
Reported as follows:
As of July 3, 2022, the fair ma Teradyne reviews its investments to identify and evaluate investments that have an indication of possible impairment. Based on this review, Teradyne determined that the unrealized losses related to these investments at July 3, 2022 and December 31, 2021 were not other than temporary. The contractual maturities of investments in available-for-sale
Contractual maturities of investments in available-for-sale Derivatives Teradyne conducts business in a number of foreign countries, with certain transactions denominated in local currencies. The purpose of Teradyne’s foreign currency management is to minimize the effect of exchange rate fluctuations on certain foreign currency denominated monetary assets and liabilities. Teradyne does not use derivative financial instruments for trading or speculative purposes. To minimize the effect of exchange rate fluctuations associated with the remeasurement of monetary assets and liabilities denominated in foreign currencies, Teradyne enters into foreign currency forward contracts. The change in fair value of these derivatives is recorded directly in earnings and is used to offset the change in value of monetary assets and liabilities denominated in foreign currencies. At July 3, 2022 and December 31, 2021, Teradyne had the following contracts to buy and sell non-U.S. currencies for U.S. dollars and other non-U.S. currencies with the following notional amounts:
The fair value of the outstanding contracts was a loss of $0.1 million and $0.1 million, respectively, at July 3, 2022 and December 31, 2021. Gains and losses on foreign currency forward contracts and foreign currency remeasurement gains and losses on monetary assets and liabilities are included in other (income) expense, net. The following table summarizes the fair value of derivative instruments as of July 3, 2022 and December 31, 2021:
The following table summarizes the effect of derivative instruments recognized in the statement of operations for the three and six months ended July 3, 2022 and July 4, 2021:
The above table does not reflect the corresponding gains and losses from the remeasurement of the monetary assets and liabilities denominated in foreign currencies. For the three and six months ended July 3, 2022, net losses from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $3.7 million and $8.0 million, respectively. For the three and six months ended July 4, 2021, net gains from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $0.1 million and $0.3 million, respectively. See Note H: “Debt” regarding derivatives related to the convertible senior notes. |
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| Debt | H. DEBT Convertible Senior Notes On December 12, 2016, Teradyne completed a private offering of $ 460.0 million aggregate principal amount of 1.25% convertible senior unsecured notes (the “Notes”) due December 15, 2023 and received net proceeds, after issuance costs, of approximately $ 450.8 million, $ 33.0 million of which was used to pay the net cost of the convertible note hedge transactions an d $ 50.1 million of which was used to repurchase 2.0 million shares of Teradyne’s common stock under its existing stock repurchase program from purchasers of the Notes in privately negotiated transactions effected through one of the initial purchasers or its affiliates conducted concurrently with the pricing of the Note offering. The Notes will mature on December 15, 2023, unless earlier repurchased or converted. The Notes bear interest at a rate of 1.25% per year payable semiannually in arrears on June 15 and December 15 of each year. The Notes will be convertible at the option of the noteholders at any time prior to the close of business on the business day immediately preceding September 15, 2023, only under the following circumstances: (1) during any calendar quarter beginning after March 31, 2017 (and only during such calendar quarter), if the closing sale price of Teradyne’s common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $ 1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the closing sale price of the Teradyne’s common stock and the conversion rate on each such trading day; and (3) upon the occurrence of specified corporate events. On or after September 15, 2023 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes at any time, regardless of the foregoing circumstances. Teradyne may satisfy its future conversion obligation by paying cash for the principal amount of the Notes and paying or delivering cash, shares of its common stock or a combination of cash and shares of its common stock, at Teradyne’s election for the amount in excess of principal. As of July 3, 2022, the conversion price was approximately $ 31.49 per share of Teradyne’s common stock. The conversion rate is subject to adjustment under certain circumstances. As of August 5, 2022, one hundred and six holders had exercised the option to convert $ 386.4 million worth of notes. Concurrent with the offering of the Notes, Teradyne entered into convertible note hedge transactions (the “Note Hedge Transactions”) with the initial purchasers or their affiliates (the “Option Counterparties”). The Note Hedge Transactions cover, subject to customary anti-dilution adjustments, the number of shares of the common stock that underlie the Notes, with a strike price equal to the conversion price of the Notes of $31.49. Separately and concurrent with the pricing of the Notes, Teradyne entered into warrant transactions with the Option Counterparties (the “Warrant Transactions”) in which it sold net-share-settled (or, at its election subject to certain conditions, cash-settled) warrants to the Option Counterparties. The Warrant Transactions currently cover, subject to customary anti-dilution adjustments, approximately 14.6 million shares of common stock. As of July 3, 2022, the strike price of the warrants was approximately $39.52 per share. The strike price is subject to adjustment under certain circumstances. The Warrant Transactions could have a dilutive effect to Teradyne’s common stock to the extent that the market price per share of Teradyne’s common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants. The Note Hedge Transactions are expected to reduce the potential dilution to Teradyne’s common stock upon any conversion of the Notes. However, the Warrant Transactions could separately have a dilutive effect to the extent that the market value per share of Teradyne’s common stock exceeds the applicable strike price of the warrant. The net cost of the Note Hedge Transactions, after being partially offset by the proceeds from the sale of the warrants, was approximately $33.0 million. In connection with establishing their initial hedge of these convertible note hedge and warrant transactions, the Option Counterparties have entered into various derivative transactions with respect to Teradyne’s common stock and/or purchased shares of Teradyne’s common stock or other securities, including the Notes, concurrent with, or shortly after, the pricing of the Notes. In addition, the Option Counterparties may modify their hedge positions by entering into or unwinding various derivative transactions with respect to Teradyne’s common stock or by selling Teradyne’s common stock or other securities, including the Notes, in secondary market transactions (and may do so during any observation period related to the conversion of the Notes). These activities could adversely affect the value of Teradyne’s common stock and the Notes. Originally, Teradyne allocated $100.8 million of the $460.0 million principal amount of the Notes to the equity component, which represented a discount to the debt and was amortized to interest expense using the effective interest method through December 2023. Effective January 1, 2022, Teradyne adopted ASC 2020-06 using the modified retrospective method of transition and accounts for the debt as a single liability measured at its amortized cost. As a result of the adoption, Teradyne recorded an increase of $1.4 million to current debt for unsettled shares, an increase of $1.8 million to deferred tax assets, an increase of $6.6 million to long-term debt for unamortized debt discount, and an increase to retained earnings of $94.6 million for the reclassification of the equity component. Mezzanine equity representing unsettled shares value was reduced to zero and additional paid-in capital was reduced by $99.3 million. On November 4, 2021, Teradyne made an irrevocable election under the Indenture to require the principal portion of the remaining Notes to be settled in cash. Debt issuance fees of approximately $0.3 million, at July 3, 2022, are being amortized to interest expense using the effective interest method over the seven-year term of the Notes. The below tables represent the key components of Teradyne’s convertible senior notes:
Reported as follows:
As of July 3, 2022, the conversion price was approximately $31.49 per share and the if-converted value of the notes was $203.5 million. During the six months ended July 3, 2022, twenty-five debt holders elected to convert $42.3 million of debt principal. The conversion of the debt was settled in cash for principal amount and in shares for the excess of conversion value over principal amount. The 1.0 million shares issued to the debt holders were received from exercising the convertible notes hedge call options. Additional conversions of approximately $9.6 million of debt principal will occur in the third quarter of 2022 and the liability is included in current debt. Teradyne expects to make principal interest payments of $0.9 million in the next 12 months and $0.5 million thereafter. Revolving Credit Facility On May 1, 2020, Teradyne entered into a credit agreement (the “Credit Agreement”) with Truist Bank, as administrative agent and collateral agent, and the lenders party thereto. The Credit Agreement provided for a three-year, senior secured revolving credit facility of $400.0 million (the “Credit Facility”). On December 10, 2021, the Credit Agreement was amended to extend maturity date of the Credit Facility to December 10, 2026. The amended Credit Agreement provides that, subject to customary conditions, Teradyne may seek to obtain from existing or new lenders the available incremental amount under the Credit Facility, not to exceed the greater of $200.0 million or 15% of consolidated EBIDTA. The interest rate applicable to loans under the Credit Facility are, at Teradyne’s option, equal to either a base rate plus a margin ranging from 0.00% to 0.75% per annum or LIBOR plus a margin ranging from 1.00% to 1.75% per annum, based on the consolidated leverage ratio of Teradyne. In addition, Teradyne will pay a commitment fee on the unused portion of the commitments under the Credit Facility ranging from 0.15% to 0.25% per annum, based on the then applicable consolidated leverage ratio. Teradyne is not required to repay any loans under the Credit Facility prior to maturity, subject to certain customary exceptions. Teradyne is permitted to prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, other than customary LIBOR breakage costs. The Credit Agreement contains customary events of default, representations, warranties and affirmative and negative covenants that, among other things, limit Teradyne’s ability to sell assets, grant liens on assets, incur other secured indebtedness and make certain investments and restricted payments, all subject to exceptions set forth in the Credit Agreement. The Credit Agreement also requires Teradyne to satisfy two financial ratios measured as of the end of each fiscal quarter a consolidated leverage ratio and an interest coverage ratio. The Credit Facility is guaranteed by certain of Teradyne’s domestic subsidiaries and collateralized by assets of Teradyne and such subsidiaries, including a pledge of 65% of the capital stock of certain foreign subsidiaries. As of August 5, 2022, Teradyne has not borrowed any funds under the credit facility and was in compliance with all covenants.
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Prepayments |
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| Prepayments | I. PREPAYMENTS Prepayments consist of the following:
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Product Warranty |
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| Product Warranty | J. PRODUCT WARRANTY Teradyne generally provides a one-year warranty on its products, commencing upon installation, acceptance or shipment. A provision is recorded upon revenue recognition to cost of revenues for estimated warranty expense based on historical experience. Related costs are charged to the warranty accrual as incurred. The balance below is included in other accrued liabilities.
When Teradyne receives revenue for extended warranties, beyond one year, it is deferred and recognized on a straight-line basis over the contract period. Related costs are expensed as incurred. The balance below is included in short and long-term deferred revenue and customer advances.
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Stock-Based Compensation |
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| Stock-Based Compensation | K. STOCK-BASED COMPENSATION Under Teradyne’s stock compensation plans, Teradyne grants service-based restricted stock units, performance-based restricted stock units and stock options, and employees are eligible to purchase Teradyne’s common stock through its Employee Stock Purchase Plan (“ESPP”). Service-based restricted stock unit awards granted to employees vest in equal annual installments over four years. Restricted stock unit awards granted to non-employee directors vest after a one-year period, with 100% of the award vesting on the earlier of (a) the first anniversary of the grant date or (b) the date of the following year’s Annual Meeting of Shareholders. Teradyne expenses the cost of the restricted stock unit awards subject to service-based vesting, which is determined to be the fair market value of the shares at the date of grant, ratably over the period during which the restrictions lapse. Performance-based restricted stock units (“PRSUs”) granted to Teradyne’s executive officers may have a performance metric based on relative total shareholder return (“TSR”). Teradyne’s three-year TSR performance is measured against the New York Stock Exchange (“NYSE”) Composite Index. The final number of TSR PRSUs that vest will vary based upon the level of performance achieved from 0% to 200% of the target shares. The TSR PRSUs will vest upon the three-year anniversary of the grant date. The TSR PRSUs are valued using a Monte Carlo simulation model. The number of units expected to be earned, based upon the achievement of the TSR market condition, is factored into the grant date Monte Carlo valuation. Compensation expense is recognized on a straight-line basis over the shorter of the three-year service period or the period from the grant to the date described in the retirement provisions below. Compensation expense for executive officers meeting the retirement provisions prior to the grant date is recognized during the year following the grant. Compensation expense is recognized regardless of the eventual number of units that are earned based upon the market condition, provided the executive officer remains an employee at the end of the three-year period. Compensation expense is reversed if at any time during the three-year service period the executive officer is no longer an employee, subject to the retirement and termination eligibility provisions noted below. PRSUs granted to Teradyne’s executive officers may also have a performance metric based on three-year cumulative non-GAAP profit before interest and tax (“PBIT”) as a percent of Teradyne’s revenue. Non-GAAP PBIT is a financial measure equal to GAAP income from operations less restructuring and other, amortization of acquired intangible assets; acquisition and divestiture related charges or credits; pension actuarial gains and losses; and other non-recurring gains and charges. The final number of PBIT PRSUs that vest will vary based upon the level of performance achieved from 0% to 200% of the target shares. The PBIT PRSUs will vest upon the three-year anniversary of the grant date. Compensation expense is recognized on a straight-line basis over the shorter of the three-year service period or the period from the grant date to the date described in the retirement provisions below. Compensation expense for executive officers meeting the retirement provisions prior to the grant date is recognized during the year following the grant. Compensation expense is recognized based on the number of units that are earned based upon the three-year Teradyne PBIT as a percent of Teradyne’s revenue, provided the executive officer remains an employee at the end of the three-year period subject to the retirement and termination eligibility provisions noted below. If a PRSU recipient’s employment ends prior to the determination of the performance percentage due to (1) permanent disability or death or (2) retirement or termination other than for cause, after attaining both at least age and at least ten years of service, then all or a portion of the recipient’s PRSUs (based on the actual performance percentage achieved on the determination date) will vest on the date the performance percentage is determined. Except as set forth in the preceding sentence, no PRSUs will vest if the executive officer is no longer an employee at the end of the three-year period. Stock options to purchase Teradyne’s common stock at 100% of the fair market value on the grant date vest in equal annual installments over four years from the grant date and have a maximum term of seven years. During the six months ended July 3, 2022 and July 4, 2021, Teradyne granted 0.4 million and 0.3 million of service-based restricted stock unit awards to employees at a weighted average grant date fair value of $111.21 and $113.23, respectively, and $0.1 million of service-based restricted stock unit awards to non-employee directors at a weighted average grant date fair value of $106.91 and $127.77, respectively. During the six months ended July 3, 2022 and July 4, 2021, Teradyne granted 0.1 million of PBIT PRSUs with a grant date fair value of $110.84 and $113.65, respectively. During the six months ended July 3, 2022 and July 4, 2021, Teradyne granted 0.1 million of TSR PRSUs, with a grant date fair value of $101.06 and $125.02, respectively. The fair value was estimated using the Monte Carlo simulation model with the following assumptions:
Expected volatility was based on the historical volatility of Teradyne’s stock and the NYSE Composite Index over the most recent three-year period. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.44 per share divided by Teradyne’s stock price on the grant date of $112.12 for the 2022 grant and an estimated annual dividend amount of $0.40 per share divided by Teradyne’s stock price on the grant date of $113.48 for the 2021 grant. During the six months ended July 3, 2022 and July 4, 2021, Teradyne granted 0.1 million of service-based stock options to executive officers at a weighted average grant date fair value of $39.01 and $36.60, respectively. The fair value of stock options was estimated using the Black-Scholes option-pricing model with the following assumptions:
Teradyne determined the stock options’ expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant. Volatility was determined using historical volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.44 per share divided by Teradyne’s stock price on the grant date of $112.12 for the 2022 grant and an estimated annual dividend amount of $0.40 per share divided by Teradyne’s stock price on the grant date of $113.48 for the 2021 grant. |
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Accumulated Other Comprehensive Income |
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| Accumulated Other Comprehensive Income (Loss) | L. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in accumulated other comprehensive income (loss), which are presented net of tax, consist of the following:
Reclassifications out of accumulated other comprehensive income (loss) to the statement of operations for the three and six months ended July 3, 2022 and July 4, 2021 were as follows:
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Goodwill and Acquired Intangible Assets |
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| Goodwill and Acquired Intangible Assets | M. GOODWILL AND ACQUIRED INTANGIBLE ASSETS Goodwill Teradyne performs its annual goodwill impairment test as required under the provisions of ASC 350-10, “Intangibles—Goodwill and Other” The changes in the carrying amount of goodwill by reportable segments for the six months ended July 3, 2022, were as follows:
Intangible Assets Teradyne reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Amortizable intangible assets consist of the following and are included in intangible assets, net on the balance sheet:
Aggregate intangible asset amortization expense was $4.9 million and $9.9 million, respectively, for the three and six months ended July 3, 2022 and $5.4 million and $10.9 million, respectively, for the three and six months ended July 4, 2021. Estimated intangible asset amortization expense for each of the five succeeding fiscal years and thereafter is as follows:
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Net Income Per Common Share |
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| Net Income per Common Share | N. NET INCOME PER COMMON SHARE The following table sets forth the computation of basic and diluted net income per common share:
The computation of diluted net income per common share for the three and six months ended July 3, 2022 excludes the effect of the potential vesting of 0.1 million and 0.2 million, respectively, of restricted stock units because the effect would have been anti-dilutive. The computation of diluted net income per common share for the three and six months ended July 4, 2021 excludes the effect of the potential vesting of 0.1 million and 0.1 million, respectively, of restricted stock units because the effect would have been anti-dilutive.
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Restructuring and Other |
6 Months Ended |
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Jul. 03, 2022 | |
| Restructuring and Related Activities [Abstract] | |
| Restructuring and Other | O. RESTRUCTURING AND OTHER During the three months ended July 3, 2022 and July 4, 2021, Teradyne recorded a charge of $1.5 million and $1.7 million, respectively, for an increase in environmental and legal liabilities. During the six months ended July 3, 2022, Teradyne recorded a charge of $14.7 million related to the arbitration claim filed against Teradyne and AutoGuide related to an earn-out dispute, which was settled on March 25, 2022 for $26.7 million, and a charge of $2.0 million for an increase in environmental and legal liabilities. Previously, in the three months ended December 31, 2021, Teradyne recorded a charge of $12 million related to this earn-out dispute. During the six months ended July 4, 2021, Teradyne recorded a gain of $7.2 million for the decrease in the fair value of the AutoGuide contingent consideration liability, partially offset by a charge of $1.7 million for an increase in environmental and legal liabilities. |
Retirement Plans |
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| Retirement Plans | P. RETIREMENT PLANS ASC 715, “Compensation—Retirement Benefits,” requires an employer with defined benefit plans or other postretirement benefit plans to recognize an asset or a liability on its balance sheet for the overfunded or underfunded status of the plans as defined by ASC 715. The pension asset or liability represents a difference between the fair value of the pension plan’s assets and the projected benefit obligation at December 31. Teradyne uses a December 31 measurement date for all its plans. Defined Benefit Pension Plans Teradyne has defined benefit pension plans covering a portion of domestic employees and employees of certain non-U.S. subsidiaries. Benefits under these plans are based on employees’ years of service and compensation. Teradyne’s funding policy is to make contributions to these plans in accordance with local laws and to the extent that such contributions are tax deductible. The assets of the U.S. qualified pension plan consist primarily of fixed income and equity securities. In addition, Teradyne has an unfunded supplemental executive defined benefit plan in the United States to provide retirement benefits in excess of levels allowed by the Employment Retirement Income Security Act (“ERISA”) and the Internal Revenue Code (the “IRC”), as well as unfunded qualified foreign plans. In the six months ended July 3, 2022 and July 4, 2021, Teradyne contributed $1.6 million and $1.7 million, respectively, to the U.S. supplemental executive defined benefit pension plan, and $0.5 million and $0.5 million, respectively, to certain qualified pension plans for non-U.S. subsidiaries. For the three and six months ended July 3, 2022 and July 4, 2021, Teradyne’s net periodic pension cost was comprised of the following:
Postretirement Benefit Plan In addition to receiving pension benefits, Teradyne employees in the United States who meet early retirement eligibility requirements as of their termination dates may participate in Teradyne’s Welfare Plan, which includes medical and dental benefits up to age 65. Death benefits provide a fixed sum to retirees’ survivors and are available to all retirees. Substantially all of Teradyne’s current U.S. employees could become eligible for these benefits, and the existing benefit obligation relates primarily to those employees. For the three and six months ended July 3, 2022 and July 4, 2021, Teradyne’s net periodic postretirement benefit cost (credit) was comprised of the following:
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Commitments and Contingencies |
6 Months Ended |
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Jul. 03, 2022 | |
| Commitments and Contingencies | Q. COMMITMENTS AND CONTINGENCIES Purchase Commitments As of July 3, 2022, Teradyne had entered into purchase commitments for certain components and materials. The purchase commitments covered by the agreements aggregate to approximately $1,006.8 million, of which $870.5 million is for less than one year. Legal Claims Teradyne is subject to various legal proceedings and claims which have arisen in the ordinary course of business such as, but not limited to, patent, employment, commercial and environmental matters. Teradyne believes that it has meritorious defenses against all pending claims and intends to vigorously contest them. While it is not possible to predict or determine the outcomes of any pending claims or to provide possible ranges of losses that may arise, Teradyne believes the potential losses associated with all of these actions are unlikely to have a material adverse effect on its business, financial position or results of operations. On March 8, 2021, Industrial Automation LLC, sellers of AutoGuide, submitted a demand for arbitration against Teradyne and AutoGuide in Wilmington, Delaware alleging that Teradyne and AutoGuide breached certain provisions of the Membership Interests Purchase Agreement (the “Purchase Agreement”), dated as of October 18, 2019, among Industrial Automation LLC, Teradyne and AutoGuide. The arbitration demand sought full acceleration of the maximum earn-out amount payable under the Purchase Agreement, or $106.9 million, for the alleged breach of the earn-out provisions of the Purchase Agreement. On March 25 , 2022, the arbitration claim was settled for $26.7 million. As a result, Teradyne has no remaining earn-out obligations. Guarantees and Indemnification Obligations Teradyne provides indemnification, to the extent permitted by law, to its officers, directors, employees and agents for liabilities arising from certain events or occurrences, while the officer, director, employee, or agent, is or was serving, at Teradyne’s request in such capacity. Teradyne may enter into indemnification agreements with certain of its officers and directors. With respect to acquisitions, Teradyne provides indemnifications to or assumes indemnification obligations for the current and former directors, officers and employees of the acquired companies in accordance with the acquired companies’ by-laws and charters. As a matter of practice, Teradyne has maintained directors’ and officers’ liability insurance coverage, including coverage for directors and officers of acquired companies. Teradyne enters into agreements in the ordinary course of business with customers, resellers, distributors, integrators and suppliers. Most of these agreements require Teradyne to defend and/or indemnify the other party against intellectual property infringement claims brought by a third party with respect to Teradyne’s products. From time to time, Teradyne also indemnifies customers and business partners for damages, losses and liabilities they may suffer or incur relating to personal injury, personal property damage, product liability, breach of confidentiality obligations and environmental claims relating to the use of Teradyne’s products and services or resulting from the acts or omissions of Teradyne, its employees, authorized agents or subcontractors. On occasion, Teradyne has also provided guarantees to customers regarding the delivery and performance of its products, in addition to the warranty described below. As a matter of ordinary course of business, Teradyne warrants that its products will substantially perform in accordance with its standard published specifications in effect at the time of delivery. Most warranties have a Teradyne had a product warranty accrual of $16.0 million and $24.6 million, respectively, included in other accrued liabilities, and revenue deferrals related to extended warranties of $65.8 million and $64.2 million, respectively, included in short and long-term deferred revenue and customer advances. one-year duration commencing from installation. A provision is recorded upon revenue recognition to cost of revenues for estimated warranty expense based upon historical experience. When Teradyne receives revenue for extended warranties beyond the standard duration, the revenue is deferred and recognized on a straight-line basis over the contract period. Related costs are expensed as incurred. As of July 3, 2022 and December 31, 2021, In addition, in the ordinary course of business, Teradyne provides minimum purchase guarantees to certain vendors to ensure continuity of supply against the market demand. Although some of these guarantees provide penalties for cancellations and/or modifications to the purchase commitments as the market demand decreases, most of the guarantees do not. Therefore, as the market demand decreases, Teradyne re-evaluates these guarantees and determines what charges, if any, should be recorded. With respect to its agreements covering product, business or entity divestitures and acquisitions, Teradyne provides certain representations, warranties and covenants to purchasers and agrees to indemnify and hold such purchasers harmless against breaches of such representations, warranties and covenants. Many of the indemnification claims have a definite expiration date while some remain in force indefinitely. With respect to its acquisitions, Teradyne may, from time to time, assume the liability for certain events or occurrences that took place prior to the date of acquisition. As a matter of ordinary course of business, Teradyne occasionally guarantees certain indebtedness obligations of its subsidiary companies, limited to the borrowings from financial institutions, purchase commitments to certain vendors, and lease commitments to landlords. Based on historical experience and information known as of July 3, 2022 and December 31, 2021, except for product warranty, Teradyne has not recorded any liabilities for these guarantees and obligations because the amount would be immaterial.
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Income Taxes |
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| Income Taxes | R. INCOME TAXES A reconciliation of the United States federal statutory corporate tax rate to Teradyne’s effective tax rate was as follows:
On a quarterly basis, Teradyne evaluates the realizability of the deferred tax assets by jurisdiction and assesses the need for a valuation allowance. As of July 3, 2022, Teradyne believes that it will ultimately realize the deferred tax assets recorded on the condensed consolidated balance sheet. However, should Teradyne believe that it is more-likely-than-not that the deferred tax assets would not be realized, the tax provision would increase in the period in which Teradyne determined that the realizability was not likely. Teradyne considers the probability of future taxable income and historical profitability, among other factors, in assessing the realizability of the deferred tax assets. As of July 3, 2022 and December 31, 2021, Teradyne had $14.6 million and $14.5 million, respectively, of reserves for uncertain tax positions. The $0.1 million net increase in reserves for uncertain tax positions consists of an increase related to U.S. federal research and development credits generated in the current year partially offset by the release of reserves related to prior year loss carryforwards. As of July 3, 2022, Teradyne does not anticipate a material change in the balance of unrecognized tax benefits during the next twelve months. Teradyne recognizes interest and penalties related to income tax matters in income tax expense. As of July 3, 2022 and December 31, 2021, $0.3 million and $0.3 million, respectively, of interest and penalties were accrued for uncertain tax positions. For the six months ended July 3, 2022 and July 4, 2021, an expense of $0.1 million and $0.2 million, respectively, was recorded for interest and penalties related to income tax items. Teradyne qualifies for a tax holiday in Singapore by fulfilling the requirements of an agreement with the Singapore Economic Development Board under which certain headcount and spending requirements must be met. The tax savings due to the tax holiday for the six months ended July 3, 2022 was $8.3 million, or $0.05 per diluted share. The tax savings due to the tax holiday for the six months ended July 4, 2021 was $15.9 million, or $0.08 per diluted share. In November 2020, Teradyne entered into an agreement with the Singapore Economic Development Board which extended
its Singapore tax holiday under substantially similar terms to the agreement which expired on December 31, 2020. The new tax holiday is scheduled to expire on December 31, 2025. |
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | S. SEGMENT INFORMATION Teradyne has four reportable segments (Semiconductor Test, System Test, Industrial Automation and Wireless Test). Each of the reportable segments is also an individual operating segment. The Semiconductor Test segment includes operations related to the design, manufacturing and marketing of semiconductor test products and services. The System Test segment includes operations related to the design, manufacturing and marketing of products and services for defense/aerospace instrumentation test, storage and system level test, and circuit-board test. The Industrial Automation segment includes operations related to the design, manufacturing and marketing of collaborative robotic arms, autonomous mobile robots and advanced robotic control software. The Wireless Test segment includes operations related to the design, manufacturing and marketing of wireless test products and services. Each operating segment has a segment manager who is accountable to and maintains regular contact with Teradyne’s chief operating decision maker (Teradyne’s chief executive officer) to discuss operating activities, financial results, forecasts, and plans for the segment. Teradyne evaluates performance based on several factors, of which the primary financial measure is business segment income (loss) before income taxes. The accounting policies of the business segments in effect are described in Note B: “Accounting Policies” in Teradyne’s Annual Report on Form 10-K for the year ended December 31, 2021. Segment information for the three and six months ended July 3, 2022 and July 4, 2021 is as follows:
Included in each segment are charges and credits in the following line items in the statements of operations:
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Shareholders' Equity |
6 Months Ended |
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Jul. 03, 2022 | |
| Equity [Abstract] | |
| Shareholders' Equity | T. SHAREHOLDERS’ EQUITY Stock Repurchase Program In January 2021, Teradyne’s Board of Directors cancelled the January 2020 repurchase program and approved a new repurchase program for up to $2.0 billion of common stock. Teradyne intends to repurchase a minimum of $750.0 million of its common stock in 2022. During the six months ended July 3, 2022, Teradyne repurchased 5.0 million shares of common stock for $532.8 million at an average price of $107.50 per share. During the six months ended July 4, 2021, Teradyne repurchased 1.6 million shares of common stock for $196.6 million at an average price of $125.69 per share. The cumulative repurchases under the $2.0 billion common stock repurchase program as of July 3, 2022 were 9.7 million shares of common stock for $1,132.8 million at an average price per share of $116.45. The total price includes commissions and is recorded as a reduction to retained earnings. Dividend Holders of Teradyne’s common stock are entitled to receive dividends when they are declared by Teradyne’s Board of Directors. In January 2022 and May 2022, Teradyne’s Board of Directors declared a quarterly cash dividend of $0.11 per share. Dividend payments for the three and six months ended July 3, 2022 were $17.5 million and $35.4 million, respectively. In January 2021 and May 2021, Teradyne’s Board of Directors declared a quarterly cash dividend of $0.10 per share. Dividend payments for the three and six months ended July 4, 2021 were $16.6 million and $33.3 million, respectively. While Teradyne declared a quarterly cash dividend and authorized a share repurchase program, it may reduce or eliminate the cash dividend or share repurchase program in the future. Future cash dividends and stock repurchases are subject to the discretion of Teradyne’s Board of Directors which will consider, among other things, Teradyne’s earnings, capital requirements and financial condition. |
Accounting Policies (Policies) |
6 Months Ended |
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Jul. 03, 2022 | |
| Basis of Presentation | Basis of Presentation The consolidated interim financial statements include the accounts of Teradyne and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These interim financial statements are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair statement of such interim financial statements. Certain prior year amounts may have been reclassified to conform to the current year presentation. The December 31, 2021 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The accompanying financial information should be read in conjunction with the consolidated financial statements and notes thereto contained in Teradyne’s Annual Report on Form
10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 23, 2022, for the year ended December 31, 2021. |
| Preparation of Financial Statements and Use of Estimates | Preparation of Financial Statements and Use of Estimates The preparation of consolidated financial statements requires management to make estimates and judgments that affect the amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent liabilities. On an
on-going basis, management evaluates its estimates, including those related to inventories, investments, goodwill, intangible and other long-lived assets, accounts receivable, income taxes, deferred tax assets and liabilities, pensions, warranties, and loss contingencies. Management bases its estimates on historical experience and on appropriate and customary assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and our markets. Management is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change, as new events occur and additional information is obtained. Actual results may differ significantly from these estimates under different assumptions or conditions. |
| Convertible Debt | Convertible Debt Teradyne adopted Accounting Standards Update (“ASU”) ASU
2020-06 – “Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity,” . 2020-06, Teradyne accounts for a convertible debt instrument as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. Unsettled shares are recorded in current debt, and there is no recognition of a debt discount, which was previously amortized to interest expense. Teradyne uses the if-converted method in the diluted earnings per share (“EPS”) calculation for convertible instruments. As a result of adoption, Teradyne recorded an increase of $1.4 million to current debt for unsettled shares, an increase of $6.6 million to long-term debt for unamortized debt discount, an increase of $1.8 million to deferred tax assets and an increase to retained earnings of $94.6 million for the reclassification of the equity component. Mezzanine equity representing unsettled shares value was reduced to zero and additional paid-in capital was reduced by $99.3 million. |
Revenue (Tables) |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregated Revenue by Primary Geographical Market, Major Product Line and Timing of Revenue Recognition | The following table provides information about disaggregated revenue by timing of revenue recognition, primary geographical market, and major product lines.
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| Deferred Revenue and Customer Advances | 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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Inventories (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Composition of Inventories, Net | Inventories, net consisted of the following at July 3, 2022 and December 31, 2021:
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Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table sets forth by fair value hierarchy Teradyne’s financial assets and liabilities that were measured at fair value on a recurring basis as of July 3, 2022 and December 31, 2021.
Reported as follows:
Reported as follows:
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| Schedule of Changes in Fair Value of Level 3 Contingent Consideration | Changes in the fair value of Level 3 contingent consideration for the six months ended July 3, 2022, and July 4, 2021 were as follows:
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| Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of Teradyne’s financial instruments at July 3, 2022 and December 31, 2021 were as follows:
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| Schedule of Available-for-Sale Marketable Securities | The following table summarizes the composition of available-for-sale
Reported as follows:
The following table summarizes the composition of available-for-sale
Reported as follows:
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| Contractual Maturities of Investments Held | The contractual maturities of investments in available-for-sale
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| Schedule of Notional Amount of Derivatives | At July 3, 2022 and December 31, 2021, Teradyne had the following contracts to buy and sell non-U.S. currencies for U.S. dollars and other non-U.S. currencies with the following notional amounts:
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| Schedule of Derivative Instruments in Statement of Financial Position at Fair Value | The following table summarizes the fair value of derivative instruments as of July 3, 2022 and December 31, 2021:
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| Schedule of Effect of Derivative Instruments on Statement of Operations Recognized | The following table summarizes the effect of derivative instruments recognized in the statement of operations for the three and six months ended July 3, 2022 and July 4, 2021:
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Convertible Senior Notes | The below tables represent the key components of Teradyne’s convertible senior notes:
Reported as follows:
|
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Prepayments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prepayments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Prepayments and other assets | Prepayments consist of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Accrued Liabilities | Related costs are charged to the warranty accrual as incurred. The balance below is included in other accrued liabilities.
|
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| Extended Product Warranty of Short and Long-Term Deferred Revenue and Customer Advances | Related costs are expensed as incurred. The balance below is included in short and long-term deferred revenue and customer advances.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Estimated Fair Value of TSR Performance-Based Restricted Stock Unit Awards Assumptions | The fair value was estimated using the Monte Carlo simulation model with the following assumptions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Stock Options Using Assumptions | The fair value of stock options was estimated using the Black-Scholes option-pricing model with the following assumptions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Accumulated Other Comprehensive Income | Changes in accumulated other comprehensive income (loss), which are presented net of tax, consist of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reclassifications Out of Accumulated Other Comprehensive Income to Statements of Operations | Reclassifications out of accumulated other comprehensive income (loss) to the statement of operations for the three and six months ended July 3, 2022 and July 4, 2021 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Acquired Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by reportable segments for the six months ended July 3, 2022, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Amortizable Intangible Assets | Amortizable intangible assets consist of the following and are included in intangible assets, net on the balance sheet:
|
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| Schedule of Estimated Intangible Assets Amortization Expense | Estimated intangible asset amortization expense for each of the five succeeding fiscal years and thereafter is as follows:
|
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Net Income Per Common Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Computation of Basic and Diluted Net Income (Loss) Per Common Share | The following table sets forth the computation of basic and diluted net income per common share:
|
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Retirement Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Pension Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Periodic Pension and Postretirement Benefit Costs | For the three and six months ended July 3, 2022 and July 4, 2021, Teradyne’s net periodic pension cost was comprised of the following:
|
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| Postretirement Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Periodic Pension and Postretirement Benefit Costs | For the three and six months ended July 3, 2022 and July 4, 2021, Teradyne’s net periodic postretirement benefit cost (credit) was comprised of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Effective Tax Rate | A reconciliation of the United States federal statutory corporate tax rate to Teradyne’s effective tax rate was as follows:
|
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Information | Segment information for the three and six months ended July 3, 2022 and July 4, 2021 is as follows:
|
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| Schedule of Segment Reporting Information by Segment Charges | Included in each segment are charges and credits in the following line items in the statements of operations:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands |
Jan. 01, 2022 |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Summary Of Significant Accounting Policies [Line Items] | |||
| Debt | $ 64,796 | $ 89,244 | |
| Retained earnings | 610,234 | 736,566 | |
| Mezzanine equity | 1,512 | ||
| Additional paid-in capital | $ 1,721,586 | $ 1,811,545 | |
| Increase Decrease in deferred tax assets | $ 1,800 | ||
| Teradyne Member [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Current debt, | 1,400 | ||
| Debt | 6,600 | ||
| Retained earnings | 94,600 | ||
| Mezzanine equity | 99,300 | ||
| Additional paid-in capital | 99,300 | ||
| Teradyne Member [Member] | Accounting Standards Update 2020-06 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Mezzanine equity | $ 0 |
Investment In Other Company - Additional Information (Details) - MachineMetrics, Inc [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Jul. 03, 2022 |
Jul. 03, 2022 |
Jun. 01, 2021 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Long-term Investments | $ 12.0 | $ 12.0 | $ 12.0 |
| Unrealized Gain (Loss) on Investments | $ 0.0 | $ 0.0 |
Revenue - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Deferred Revenue And Customer Advances | $ 25.1 | $ 22.0 | $ 60.2 | $ 49.6 |
| Deferred Revenue and Trade Accounts Receivable | 37.6 | $ 7.6 | 57.1 | $ 14.9 |
| Revenue, Remaining Performance Obligation, Amount | $ 1,574.0 | $ 1,574.0 | ||
| Short-term Contract with Customer [Member] | ||||
| Revenue, Remaining Performance Obligation, Percentage | 90.00% | 90.00% | ||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction Period | 12 months | |||
| Long-term Contract with Customer [Member] | ||||
| Revenue, Remaining Performance Obligation, Percentage | 10.00% | 10.00% | ||
| Long-term Contract with Customer [Member] | Maximum [Member] | ||||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction Period | 3 years | |||
| Long-term Contract with Customer [Member] | Minimum [Member] | ||||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction Period | 1 year | |||
Disaggregated Revenue by Primary Geographical Market, Major Product Line and Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | $ 840,766 | [1] | $ 1,085,728 | [1] | $ 1,596,136 | [2] | $ 1,867,334 | [2] | ||||
| Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 541,348 | 833,976 | 1,023,688 | 1,362,039 | ||||||||
| System Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 134,702 | [1] | 104,819 | [1] | 253,371 | [2] | 237,656 | [2] | ||||
| Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 101,055 | 92,186 | 204,244 | 172,137 | ||||||||
| Wireless Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 63,854 | [1] | 54,893 | [1] | 115,372 | [2] | 95,791 | [2] | ||||
| Corporate and Eliminations | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | (193) | [1] | (146) | [1] | (539) | [2] | (289) | [2] | ||||
| Point in Time | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 747,475 | [1] | 989,363 | [1] | 1,412,951 | [2] | 1,690,447 | [2] | ||||
| Point in Time | System Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 118,692 | [1] | 88,197 | [1] | 223,981 | [2] | 207,511 | [2] | ||||
| Point in Time | Wireless Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 60,765 | [1] | 51,619 | [1] | 109,194 | [2] | 89,499 | [2] | ||||
| Point in Time | Corporate and Eliminations | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | (193) | [1] | (146) | [1] | (539) | [2] | (289) | [2] | ||||
| Over Time | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 93,291 | [1] | 96,365 | [1] | 183,185 | [2] | 176,887 | [2] | ||||
| Over Time | System Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 16,010 | [1] | 16,622 | [1] | 29,390 | [2] | 30,145 | [2] | ||||
| Over Time | Wireless Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 3,089 | [1] | 3,274 | [1] | 6,178 | [2] | 6,292 | [2] | ||||
| Over Time | Corporate and Eliminations | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
| Americas | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 116,903 | [1] | 100,467 | [1] | 231,324 | [2] | 181,476 | [2] | ||||
| Americas | System Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 33,409 | [1] | 36,256 | [1] | 70,017 | [2] | 63,915 | [2] | ||||
| Americas | Wireless Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 17,460 | [1] | 7,107 | [1] | 27,147 | [2] | 12,876 | [2] | ||||
| Americas | Corporate and Eliminations | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | (193) | [1] | (146) | [1] | (539) | [2] | (289) | [2] | ||||
| Europe, Middle East and Africa | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 68,966 | [1] | 59,600 | [1] | 146,080 | [2] | 114,580 | [2] | ||||
| Europe, Middle East and Africa | System Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 5,709 | [1] | 7,333 | [1] | 13,985 | [2] | 12,991 | [2] | ||||
| Europe, Middle East and Africa | Wireless Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 2,288 | [1] | 1,984 | [1] | 9,173 | [2] | 3,581 | [2] | ||||
| Europe, Middle East and Africa | Corporate and Eliminations | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
| Asia Pacific | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 654,897 | [1] | 925,661 | [1] | 1,218,732 | [2] | 1,571,278 | [2] | ||||
| Asia Pacific | System Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 95,584 | [1] | 61,230 | [1] | 169,369 | [2] | 160,750 | [2] | ||||
| Asia Pacific | Wireless Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 44,106 | [1] | 45,802 | [1] | 79,052 | [2] | 79,334 | [2] | ||||
| Asia Pacific | Corporate and Eliminations | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
| SOC | Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 459,464 | [1] | 741,670 | [1] | 846,048 | [2] | 1,161,900 | [2] | ||||
| SOC | Point in Time | Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 395,211 | [1] | 675,958 | [1] | 718,666 | [2] | 1,040,148 | [2] | ||||
| SOC | Over Time | Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 64,253 | [1] | 65,712 | [1] | 127,382 | [2] | 121,752 | [2] | ||||
| SOC | Americas | Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 28,714 | [1] | 21,664 | [1] | 58,428 | [2] | 42,443 | [2] | ||||
| SOC | Europe, Middle East and Africa | Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 17,213 | [1] | 9,011 | [1] | 33,343 | [2] | 21,226 | [2] | ||||
| SOC | Asia Pacific | Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 413,537 | [1] | 710,995 | [1] | 754,277 | [2] | 1,098,231 | [2] | ||||
| Memory | Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 81,884 | [1] | 92,306 | [1] | 177,640 | [2] | 200,139 | [2] | ||||
| Memory | Point in Time | Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 74,790 | [1] | 84,232 | [1] | 163,513 | [2] | 186,124 | [2] | ||||
| Memory | Over Time | Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 7,094 | [1] | 8,074 | [1] | 14,127 | [2] | 14,015 | [2] | ||||
| Memory | Americas | Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 2,552 | [1] | 3,672 | [1] | 4,598 | [2] | 7,092 | [2] | ||||
| Memory | Europe, Middle East and Africa | Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 336 | [1] | 1,483 | [1] | 895 | [2] | 1,847 | [2] | ||||
| Memory | Asia Pacific | Semiconductor Test | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 78,996 | [1] | 87,151 | [1] | 172,147 | [2] | 191,200 | [2] | ||||
| Universal Robots (UR) | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 82,513 | [1] | 76,077 | [1] | 167,797 | [2] | 141,678 | [2] | ||||
| Universal Robots (UR) | Point in Time | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 80,409 | [1] | 74,412 | [1] | 163,591 | [2] | 138,419 | [2] | ||||
| Universal Robots (UR) | Over Time | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 2,104 | [1] | 1,665 | [1] | 4,206 | [2] | 3,259 | [2] | ||||
| Universal Robots (UR) | Americas | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 27,732 | [1] | 24,808 | [1] | 55,880 | [2] | 42,961 | [2] | ||||
| Universal Robots (UR) | Europe, Middle East and Africa | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 37,424 | [1] | 33,225 | [1] | 75,939 | [2] | 62,840 | [2] | ||||
| Universal Robots (UR) | Asia Pacific | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 17,357 | [1] | 18,044 | [1] | 35,978 | [2] | 35,877 | [2] | ||||
| MiR | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 17,398 | [1] | 15,900 | [1] | 34,606 | [2] | 30,031 | [2] | ||||
| MiR | Point in Time | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 16,730 | [1] | 15,091 | [1] | 33,264 | [2] | 29,155 | [2] | ||||
| MiR | Over Time | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 668 | [1] | 809 | [1] | 1,342 | [2] | 876 | [2] | ||||
| MiR | Americas | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 6,085 | [1] | 6,897 | [1] | 13,952 | [2] | 12,050 | [2] | ||||
| MiR | Europe, Middle East and Africa | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 5,996 | [1] | 6,564 | [1] | 12,745 | [2] | 12,095 | [2] | ||||
| MiR | Asia Pacific | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 5,317 | [1] | 2,439 | [1] | 7,909 | [2] | 5,886 | [2] | ||||
| Autoguide LLC [Member] | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 1,144 | [1] | 209 | [1] | 1,841 | [2] | 428 | [2] | ||||
| Autoguide LLC [Member] | Point in Time | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 1,071 | [1] | 0 | [1] | 1,281 | [2] | (120) | [2] | ||||
| Autoguide LLC [Member] | Over Time | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 73 | [1] | 209 | [1] | 560 | [2] | 548 | [2] | ||||
| Autoguide LLC [Member] | Americas | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 1,144 | [1] | 209 | [1] | 1,841 | [2] | 428 | [2] | ||||
| Autoguide LLC [Member] | Europe, Middle East and Africa | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||||
| Autoguide LLC [Member] | Asia Pacific | Industrial Automation | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Total | $ 0 | [1] | $ 0 | [1] | $ 0 | [2] | $ 0 | [2] | ||||
| ||||||||||||
Disaggregated Revenue by Primary Geographical Market, Major Product Line and Timing of Revenue Recognition (Parenthetical) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Accounting Policies [Abstract] | ||||
| Revenue on leases | $ 1.9 | $ 4.2 | $ 4.2 | $ 7.3 |
Deferred Revenue and Customer Advances (Detail) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Apr. 03, 2022 |
Dec. 31, 2021 |
Jul. 04, 2021 |
Apr. 04, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|---|---|
| Deferred Revenue Arrangement | ||||||
| Maintenance, service and training | $ 83,464 | $ 81,826 | ||||
| Extended warranty | 65,791 | $ 65,726 | 64,168 | $ 63,525 | $ 53,908 | $ 51,929 |
| Customer advances, undelivered elements and other | 64,229 | 55,112 | ||||
| Total deferred revenue and customer advances | $ 213,484 | $ 201,106 |
Composition of Inventories, Net (Detail) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Raw material | $ 193,907 | $ 155,641 |
| Work-in-process | 36,184 | 37,740 |
| Finished goods | 65,534 | 49,949 |
| Inventories, net | $ 295,625 | $ 243,330 |
Inventories - Additional Information (Detail) - USD ($) $ in Millions |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Inventory [Line Items] | ||
| Inventory reserves | $ 115.5 | $ 114.1 |
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Mar. 25, 2022 |
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
Dec. 31, 2021 |
|
| Financial Instruments and Fair Value [Line Items] | ||||||
| Available-for-sale securities, realized gain | $ 0.1 | $ 0.9 | $ 0.5 | $ 2.0 | ||
| Fair market value of investments with unrealized losses greater than one year | 10.9 | 10.9 | $ 6.5 | |||
| Fair market value of investments with unrealized losses less than one year | 252.4 | 252.4 | 85.4 | |||
| Unrealized Gain (loss) on contracts | 3.7 | 0.1 | 8.0 | 0.3 | ||
| Equity securities unrealized gain | 0.0 | 2.0 | 0.0 | 3.3 | ||
| Equity securities unrealized loss | 6.6 | 0.7 | 8.8 | 0.7 | ||
| Available For Sale Securities Gross Realized Loss | 0.4 | $ 0.0 | 0.6 | $ 0.0 | ||
| Debt Mutual Funds | ||||||
| Financial Instruments and Fair Value [Line Items] | ||||||
| Available for sale securities with out contractual maturity date | 6.5 | $ 6.5 | ||||
| TER Auto Guide Llc [Member] | Dispute In Respect Of Contingent Consideration [Member] | ||||||
| Financial Instruments and Fair Value [Line Items] | ||||||
| Litigation Settlement, Amount settled between parties | $ 26.7 | |||||
| Foreign Exchange Contracts | ||||||
| Financial Instruments and Fair Value [Line Items] | ||||||
| Unrealized Gain (loss) on contracts | $ (0.1) | $ (0.1) | ||||
Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | $ 285,901 | $ 338,836 |
| U.S. Treasury Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 73,100 | 77,789 |
| Commercial Paper | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 150,443 | 189,620 |
| Corporate Debt Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 49,344 | 56,901 |
| Certificates of Deposit and Time Deposits | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 1,261 | 1,356 |
| U.S. Government Agency Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 4,693 | 4,610 |
| Debt Mutual Funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 6,514 | 7,971 |
| Non-U.S. Government Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 546 | 589 |
| Fair Value, Measurements, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Total | 893,868 | 1,500,288 |
| Derivative assets | 103 | 92 |
| Total | 893,971 | 1,500,380 |
| Derivative liabilities | 233 | 118 |
| Total | 233 | 118 |
| Fair Value, Measurements, Recurring | Cash | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 447,312 | 628,740 |
| Fair Value, Measurements, Recurring | Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 124,711 | 493,459 |
| Fair Value, Measurements, Recurring | U.S. Treasury Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 73,100 | 77,789 |
| Fair Value, Measurements, Recurring | Commercial Paper | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 150,443 | 189,620 |
| Fair Value, Measurements, Recurring | Corporate Debt Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 49,344 | 56,901 |
| Fair Value, Measurements, Recurring | Certificates of Deposit and Time Deposits | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 1,261 | 1,356 |
| Fair Value, Measurements, Recurring | U.S. Government Agency Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 4,693 | 4,610 |
| Fair Value, Measurements, Recurring | Debt Mutual Funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 6,514 | 7,971 |
| Fair Value, Measurements, Recurring | Non-U.S. Government Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 546 | 589 |
| Fair Value, Measurements, Recurring | Mutual funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale equity securities | 35,944 | 39,253 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Total | 584,838 | 1,088,176 |
| Derivative assets | 0 | 0 |
| Total | 584,838 | 1,088,176 |
| Derivative liabilities | 0 | 0 |
| Total | 0 | 0 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Cash | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 447,312 | 628,740 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 95,068 | 412,212 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | U.S. Treasury Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Commercial Paper | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Corporate Debt Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Certificates of Deposit and Time Deposits | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | U.S. Government Agency Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Debt Mutual Funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 6,514 | 7,971 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Non-U.S. Government Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Mutual funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale equity securities | 35,944 | 39,253 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Total | 309,030 | 412,112 |
| Derivative assets | 103 | 92 |
| Total | 309,133 | 412,204 |
| Derivative liabilities | 233 | 118 |
| Total | 233 | 118 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Cash | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 0 | 0 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 29,643 | 81,247 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. Treasury Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 73,100 | 77,789 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Commercial Paper | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 150,443 | 189,620 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Corporate Debt Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 49,344 | 56,901 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Certificates of Deposit and Time Deposits | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 1,261 | 1,356 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. Government Agency Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 4,693 | 4,610 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Debt Mutual Funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Non-U.S. Government Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 546 | 589 |
| Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Mutual funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale equity securities | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Total | 0 | 0 |
| Derivative assets | 0 | 0 |
| Total | 0 | 0 |
| Derivative liabilities | 0 | 0 |
| Total | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Cash | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Cash and cash equivalents | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | U.S. Treasury Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Commercial Paper | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Corporate Debt Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Certificates of Deposit and Time Deposits | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | U.S. Government Agency Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Debt Mutual Funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Non-U.S. Government Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale securities | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Mutual funds | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Available for sale equity securities | $ 0 | $ 0 |
Schedule of Reported Financial Assets and Liabilities (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | $ 893,971 | $ 1,500,380 |
| Liabilities | 233 | 118 |
| Other Current Liabilities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Liabilities | 233 | 118 |
| Cash and Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 572,023 | 1,122,199 |
| Marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 209,846 | 244,231 |
| Long-term marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 111,999 | 133,858 |
| Prepayments and other current assets | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 103 | 92 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 584,838 | 1,088,176 |
| Liabilities | 0 | 0 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Other Current Liabilities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Liabilities | 0 | 0 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Cash and Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 542,380 | 1,040,952 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 0 | 0 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Long-term marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 42,458 | 47,224 |
| Quoted Prices in Active Markets for Identical Instruments (Level 1) | Prepayments and other current assets | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 0 | 0 |
| Significant Other Observable Inputs (Level 2) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 309,133 | 412,204 |
| Liabilities | 233 | 118 |
| Significant Other Observable Inputs (Level 2) | Other Current Liabilities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Liabilities | 233 | 118 |
| Significant Other Observable Inputs (Level 2) | Cash and Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 29,643 | 81,247 |
| Significant Other Observable Inputs (Level 2) | Marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 209,846 | 244,231 |
| Significant Other Observable Inputs (Level 2) | Long-term marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 69,541 | 86,634 |
| Significant Other Observable Inputs (Level 2) | Prepayments and other current assets | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 103 | 92 |
| Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 0 | 0 |
| Liabilities | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Other Current Liabilities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Liabilities | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Long-term marketable securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | Prepayments and other current assets | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Assets | $ 0 | $ 0 |
Schedule of Changes in Fair Value of Level 3 Contingent Consideration (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
| Balance at beginning of period | $ 0 | $ 0 | $ 0 | $ 7,227 | ||
| Fair value adjustment | [1] | 0 | 0 | 0 | (7,227) | |
| Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 | ||
| ||||||
Schedule of Changes in Fair Value of Level 3 Contingent Consideration (Parenthetical) (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Increase (decrease) in contingent consideration | $ 0 | $ (7,227) |
| Autoguide LLC [Member] | Dispute In Respect Of Contingent Consideration [Member] | ||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Increase (decrease) in contingent consideration | $ 7,200 | |
Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
| Marketable securities | $ 285,901 | $ 338,836 |
| Carrying Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
| Cash and cash equivalents | 572,023 | 1,122,199 |
| Marketable securities | 321,845 | 378,089 |
| Derivative assets | 103 | 92 |
| Derivative liabilities | 233 | 118 |
| Convertible debt | 74,428 | 108,426 |
| Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
| Cash and cash equivalents | 572,023 | 1,122,199 |
| Marketable securities | 321,845 | 378,089 |
| Derivative assets | 103 | 92 |
| Derivative liabilities | 233 | 118 |
| Convertible debt | $ 233,339 | $ 604,648 |
Schedule of Available for Sale Marketable Securities (Detail) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | $ 293,307 | $ 334,077 |
| Available-for-sale marketable securities, Unrealized Gain | 197 | 5,477 |
| Available-for-sale marketable securities, Unrealized (Loss) | (7,603) | (718) |
| Available-for-sale marketable securities, Fair Market Value | 285,901 | 338,836 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 263,250 | 91,937 |
| U.S. Treasury Securities | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 75,962 | 77,707 |
| Available-for-sale marketable securities, Unrealized Gain | 42 | 551 |
| Available-for-sale marketable securities, Unrealized (Loss) | (2,904) | (470) |
| Available-for-sale marketable securities, Fair Market Value | 73,100 | 77,789 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 71,861 | 46,435 |
| Commercial Paper | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 150,695 | 189,614 |
| Available-for-sale marketable securities, Unrealized Gain | 8 | 15 |
| Available-for-sale marketable securities, Unrealized (Loss) | (260) | (9) |
| Available-for-sale marketable securities, Fair Market Value | 150,443 | 189,620 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 137,162 | 22,784 |
| Corporate Debt Securities | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 53,274 | 52,266 |
| Available-for-sale marketable securities, Unrealized Gain | 147 | 4,863 |
| Available-for-sale marketable securities, Unrealized (Loss) | (4,077) | (227) |
| Available-for-sale marketable securities, Fair Market Value | 49,344 | 56,901 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 46,289 | 19,422 |
| Certificates of Deposit and Time Deposits | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 1,261 | 1,356 |
| Available-for-sale marketable securities, Fair Market Value | 1,261 | 1,356 |
| U.S. Government Agency Securities | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 4,786 | 4,617 |
| Available-for-sale marketable securities, Unrealized Gain | 5 | |
| Available-for-sale marketable securities, Unrealized (Loss) | (93) | (12) |
| Available-for-sale marketable securities, Fair Market Value | 4,693 | 4,610 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 4,693 | 3,296 |
| Debt Mutual Funds | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 6,783 | 7,928 |
| Available-for-sale marketable securities, Unrealized Gain | 43 | |
| Available-for-sale marketable securities, Unrealized (Loss) | (269) | |
| Available-for-sale marketable securities, Fair Market Value | 6,514 | 7,971 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 3,245 | |
| Non-U.S. Government Securities | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 546 | 589 |
| Available-for-sale marketable securities, Fair Market Value | $ 546 | $ 589 |
Schedule of Reported Available for Sale Marketable Securities (Detail) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | $ 293,307 | $ 334,077 |
| Available-for-sale marketable securities, Unrealized Gain | 197 | 5,477 |
| Available-for-sale marketable securities, Unrealized (Loss) | (7,603) | (718) |
| Available-for-sale marketable securities, Fair Market Value | 285,901 | 338,836 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 263,250 | 91,937 |
| Marketable securities | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 210,598 | 244,213 |
| Available-for-sale marketable securities, Unrealized Gain | 8 | 64 |
| Available-for-sale marketable securities, Unrealized (Loss) | (760) | (46) |
| Available-for-sale marketable securities, Fair Market Value | 209,846 | 244,231 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 195,003 | 54,798 |
| Long-term marketable securities | ||
| Schedule of Available-for-sale Securities | ||
| Available-for-sale marketable securities, Cost | 82,709 | 89,864 |
| Available-for-sale marketable securities, Unrealized Gain | 189 | 5,413 |
| Available-for-sale marketable securities, Unrealized (Loss) | (6,843) | (672) |
| Available-for-sale marketable securities, Fair Market Value | 76,055 | 94,605 |
| Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | $ 68,247 | $ 37,139 |
Contractual Maturities of Investments in Debt Securities Held (Detail) $ in Thousands |
Jul. 03, 2022
USD ($)
|
|---|---|
| Schedule of Available-for-sale Securities | |
| Due within one year, cost | $ 210,598 |
| Due after 1 year through 5 years, cost | 32,283 |
| Due after 5 years through 10 years, cost | 5,055 |
| Due after 10 years, cost | 38,588 |
| Total, cost | 286,524 |
| Due within one year, fair market value | 209,846 |
| Due after 1 year through 5 years, fair market value | 31,069 |
| Due after 5 years through 10 years, fair market value | 4,736 |
| Due after 10 years, fair maket value | 33,736 |
| Total, fair market value | $ 279,387 |
Schedule of Notional Amount of Derivatives (Detail) - USD ($) $ in Millions |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Asset, Notional amounts | $ 22.0 | $ 41.0 |
| Buy Position | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Liability, Notional amounts | (63.8) | (72.5) |
| Sell Position | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Asset, Notional amounts | 85.8 | 113.5 |
| Japanese Yen | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Liability, Notional amounts | (32.5) | (31.4) |
| Japanese Yen | Buy Position | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Liability, Notional amounts | (32.5) | (31.4) |
| Taiwan Dollar | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Liability, Notional amounts | (27.2) | (35.1) |
| Taiwan Dollar | Buy Position | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Liability, Notional amounts | (27.2) | (35.1) |
| Korean Won | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Liability, Notional amounts | (3.1) | (4.2) |
| Korean Won | Buy Position | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Liability, Notional amounts | (3.1) | (4.2) |
| British Pound Sterling | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Liability, Notional amounts | (1.0) | (1.8) |
| British Pound Sterling | Buy Position | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Liability, Notional amounts | (1.0) | (1.8) |
| Euro | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Asset, Notional amounts | 39.8 | 44.9 |
| Euro | Sell Position | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Asset, Notional amounts | 39.8 | 44.9 |
| Singapore Dollar | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Asset, Notional amounts | 40.0 | 61.9 |
| Singapore Dollar | Sell Position | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Asset, Notional amounts | 40.0 | 61.9 |
| Philippines, Pesos | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Asset, Notional amounts | 3.2 | 3.9 |
| Philippines, Pesos | Sell Position | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Asset, Notional amounts | 3.2 | 3.9 |
| China, Yuan Renminbi | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Asset, Notional amounts | 2.8 | 2.8 |
| China, Yuan Renminbi | Sell Position | ||
| Intercompany Foreign Currency Balance [Line Items] | ||
| Derivative Asset, Notional amounts | $ 2.8 | $ 2.8 |
Schedule of Derivative Instruments in Statement of Financial Position at Fair Value (Detail) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Derivative assets (liabilities), net | $ (130) | $ (26) |
| Not Designated as Hedging Instrument | Foreign currency forward contracts | Prepayments | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative assets | 103 | 92 |
| Not Designated as Hedging Instrument | Foreign currency forward contracts | Other Current Liabilities | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative liabilities | $ (233) | $ (118) |
Schedule of Effect of Derivative Instruments in Statement of Operations Recognized (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Other (income) expense, net | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Losses (Gains) on derivatives recognized in statements of operations | $ (1,703) | $ 1,531 | $ (3,455) | $ 3,650 |
Debt - Additional Information (Detail) $ / shares in Units, $ in Thousands, shares in Millions |
6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Aug. 05, 2022
USD ($)
|
May 01, 2020
USD ($)
|
Dec. 12, 2016
USD ($)
Day
$ / shares
shares
|
Jul. 03, 2022
USD ($)
$ / shares
shares
|
Jul. 04, 2021
USD ($)
shares
|
Jan. 01, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Debt Instrument | ||||||||
| Repurchase of common stock | $ 532,799 | $ 196,584 | ||||||
| Repurchase of stock, shares | shares | 5.0 | 1.6 | ||||||
| Trading days measurement period | Day | 5 | |||||||
| Debt issuance costs, amortization period | 7 years | |||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | |||||||
| Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 200,000 | |||||||
| Line of Credit Facility, Interest Rate Description | The interest rate applicable to loans under the Credit Facility are, at Teradyne’s option, equal to either a base rate plus a margin ranging from 0.00% to 0.75% per annum or LIBOR plus a margin ranging from 1.00% to 1.75% per annum, based on the consolidated leverage ratio of Teradyne. In addition, Teradyne will pay a commitment fee on the unused portion of the commitments under the Credit Facility ranging from 0.15% to 0.25% per annum, based on the then applicable consolidated leverage ratio. | |||||||
| Term of revolving credit facility | 3 years | |||||||
| Current debt, Conversion | 9,632 | $ 19,182 | ||||||
| Mezzanine equity | 1,512 | |||||||
| Convertible common shares | 42,300 | |||||||
| Debt | 64,796 | 89,244 | ||||||
| Retained earnings | 610,234 | 736,566 | ||||||
| Long Term Debt Maturities Repayments Of Principal Interest Payments In Next Twelve Months | 900 | |||||||
| Long Term Debt Maturities Repayments Of Principal Intereat Payments Thereafter | $ 500 | |||||||
| Available Incremental Amount Under The Credit Facility Not To Exceed Percentage Of Consolidated EBIDTA | 15.00% | |||||||
| Convertible Common Shares [Member] | ||||||||
| Debt Instrument | ||||||||
| Mezzanine equity | $ 9,600 | |||||||
| Shares Issued, Stock Options Exercised | 1,000 | |||||||
| Subsequent Event [Member] | ||||||||
| Debt Instrument | ||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 0 | |||||||
| Collateral Pledged [Member] | ||||||||
| Debt Instrument | ||||||||
| Line of Credit Facility, Interest Rate Description | 65 | |||||||
| 1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | ||||||||
| Debt Instrument | ||||||||
| Aggregate principal amount | $ 460,000 | $ 460,000 | ||||||
| Debt instrument, interest rate, stated percentage | 1.25% | |||||||
| Debt instrument, net proceeds after issuance costs | $ 450,800 | |||||||
| Payment for net cost of convertible note hedges net of warrant proceeds | 33,000 | $ 33,000 | ||||||
| Repurchase of common stock | $ 50,100 | |||||||
| Repurchase of stock, shares | shares | 2.0 | |||||||
| Debt instrument, frequency of periodic payment | payable semiannually in arrears on June 15 and December 15 of each year | |||||||
| Debt instrument, date of first required payment | Mar. 31, 2017 | |||||||
| Debt instrument, conversion option expiration date | Sep. 15, 2023 | |||||||
| Consecutive trading days measurement period | Day | 5 | |||||||
| Debt instrument conversion price | $ / shares | $ 31.49 | $ 31.49 | ||||||
| Shares that would be issued upon conversion | shares | 14.6 | |||||||
| Strike price per share of warrant | $ / shares | $ 39.52 | |||||||
| Debt instrument, convertible, carrying amount of equity component | $ 100,800 | |||||||
| Debt issuance fees | $ 300 | |||||||
| Value of notes converted | $ 203,500 | |||||||
| 1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | Subsequent Event [Member] | ||||||||
| Debt Instrument | ||||||||
| Debt instrument conversion converted instrument amount | $ 386,400 | |||||||
| 1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | Conversion option one | ||||||||
| Debt Instrument | ||||||||
| Trading days measurement period | Day | 20 | |||||||
| Consecutive trading days measurement period | Day | 30 | |||||||
| Percentage of conversion price | 130.00% | |||||||
| 1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | Conversion option two | ||||||||
| Debt Instrument | ||||||||
| Aggregate principal amount | $ 1,000 | |||||||
| Percentage of closing sale price of common stock and conversion rate product | 98.00% | |||||||
| Teradyne [Member] | ||||||||
| Debt Instrument | ||||||||
| Current debt, Conversion | $ 1,400 | |||||||
| Mezzanine equity | 99,300 | |||||||
| Debt | 6,600 | |||||||
| Retained earnings | 94,600 | |||||||
| Teradyne [Member] | Accounting Standards Update 2020-06 [Member] | ||||||||
| Debt Instrument | ||||||||
| Deferred Tax Assets | 1,800 | |||||||
| Teradyne [Member] | Accounting Standards Update 2020-06 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ||||||||
| Debt Instrument | ||||||||
| Mezzanine equity | $ 0 | |||||||
Components of Convertible Senior Notes (Detail) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Debt Instrument | ||
| Current debt | $ 9,632 | $ 19,182 |
| Long-term debt | 64,796 | 89,244 |
| Net carrying amount of convertible debt | 74,428 | 108,426 |
| Convertible Senior Notes [Member] | ||
| Debt Instrument | ||
| Debt principal | 74,688 | 116,980 |
| Unamortized debt issuance fees | 260 | 8,554 |
| Net carrying amount of convertible debt | $ 74,428 | $ 108,426 |
Interest Expense on Convertible Senior Notes (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Debt Instrument | ||||
| Contractual interest expense on the coupon | $ 121 | $ 1,072 | $ 432 | $ 2,311 |
| Amortization of debt issuance fees recognized as interest expense | 64 | 3,511 | 130 | 7,347 |
| Total interest expense on the convertible debt | $ 185 | $ 4,583 | $ 562 | $ 9,658 |
Interest Expense on Convertible Senior Notes (Parenthetical) (Detail) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| Debt Instrument [Line Items] | |
| Unamortized debt discount | $ 8.1 |
Prepayments (Detail) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Prepaid And Other Current Assets [Line Items] | ||
| Contract manufacturer and supplier prepayments | $ 460,727 | $ 364,478 |
| Prepaid maintenance and other services | 17,421 | 13,660 |
| Prepaid taxes | 8,675 | 15,090 |
| Other prepayments | 11,270 | 13,038 |
| Total prepayments | $ 498,093 | $ 406,266 |
Product Warranty (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Product Warranty Liability [Line Items] | ||||
| Balance at beginning of period | $ 20,105 | $ 23,893 | $ 24,577 | $ 16,633 |
| Accruals for warranties issued during the period | 6,429 | 10,197 | 10,530 | 22,078 |
| Accruals related to pre-existing warranties | (1,611) | (3,450) | (4,370) | (3,003) |
| Settlements made during the period | (8,887) | (4,964) | (14,701) | (10,032) |
| Balance at end of period | $ 16,036 | $ 25,676 | $ 16,036 | $ 25,676 |
Extended Product Warranty of Short and Long-Term Deferred Revenue and Customer Advances (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Product Warranty Liability [Line Items] | ||||
| Balance at beginning of period | $ 65,726 | $ 53,908 | $ 64,168 | $ 51,929 |
| Deferral of new extended warranty revenue | 9,788 | 16,290 | 21,563 | 23,805 |
| Recognition of extended warranty deferred revenue | (9,723) | (6,673) | (19,940) | (12,209) |
| Balance at end of period | $ 65,791 | $ 63,525 | $ 65,791 | $ 63,525 |
Stock-Based Compensation - Additional Information (Detail) - $ / shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 04, 2021 |
|
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Stock price | $ 112.12 | $ 112.12 | $ 113.48 | $ 113.48 |
| Stock Options | Measurement Input, Expected Dividend Payment [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Estimated annual dividend amount per share | $ 0.44 | 0.4 | ||
| Restricted Stock Units | Employees | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Period of stock granted to employees and executive officers vest in equal annual installments | 4 years | |||
| Percentage of awards vesting on the first anniversary of grant date | 100.00% | |||
| Restricted Stock Units | Director | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Period of stock granted to employees and executive officers vest in equal annual installments | 1 year | |||
| TSR Performance-Based Restricted Stock Units | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Total shareholder return performance measurement period | 3 years | |||
| Minimum age of retirement to be eligible for PRSUs | 60 years | |||
| Minimum years of service for retirement to be eligible for PRSUs | 10 years | |||
| Restricted stock unit awards granted | 0.1 | |||
| Weighted average grant date fair value of restricted stock units granted | $ 101.06 | 125.02 | ||
| Stock price | $ 112.12 | $ 112.12 | 113.48 | 113.48 |
| TSR Performance-Based Restricted Stock Units | Share-based Compensation Award, Tranche One | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Percentage of vesting of target shares upon performance achieved | 0.00% | |||
| TSR Performance-Based Restricted Stock Units | Share-based Compensation Award, Tranche Two | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Percentage of vesting of target shares upon performance achieved | 200.00% | |||
| Employee Stock Purchase Plan | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Percentage of common stock price paid | 100.00% | |||
| PBIT Performance-Based Restricted Stock Units | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Restricted stock unit awards granted | 0.1 | |||
| Weighted average grant date fair value of restricted stock units granted | $ 110.84 | $ 113.65 | ||
| Service-Based Restricted Stock Units | Measurement Input, Expected Dividend Payment [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Estimated annual dividend amount per share | $ 0.44 | $ 0.4 | ||
| Service-Based Restricted Stock Units | Employees | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Restricted stock unit awards granted | 0.4 | 0.3 | ||
| Weighted average grant date fair value of restricted stock units granted | $ 111.21 | $ 113.23 | ||
| Service-Based Restricted Stock Units | Executive Officer | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Restricted stock unit awards granted | 0.1 | |||
| Service-Based Restricted Stock Units | Non Employee Directors | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Restricted stock unit awards granted | 0.1 | |||
| Weighted average grant date fair value of restricted stock units granted | $ 106.91 | 127.77 | ||
| Service Based Stock Options | Executive Officer | ||||
| Share-based Compensation Arrangement by Share-based Payment Award | ||||
| Weighted average grant date fair value of restricted stock units granted | $ 39.01 | $ 36.6 | ||
Schedule of Estimated Fair Value of TSR Performance-Based Restricted Stock Unit Awards Assumptions (Detail) |
6 Months Ended | |
|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| New York Stock Exchange Composite Index | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Expected historical volatility | 22.70% | 22.90% |
| TSR Performance-Based Restricted Stock Units | ||
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Risk-free interest rate | 1.40% | 0.20% |
| Expected historical volatility | 47.10% | 43.90% |
| Dividend yield | 0.40% | 0.40% |
Schedule of Estimated Fair Value of Stock Options Grant Using Black Scholes Option Pricing Model (Detail) - Stock Options |
6 Months Ended | |
|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Share-based Compensation Arrangement by Share-based Payment Award | ||
| Expected life (years) | 4 years | 5 years |
| Risk-free interest rate | 1.60% | 0.40% |
| Volatility-historical | 43.70% | 37.80% |
| Dividend yield | 0.40% | 0.40% |
Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 04, 2021 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Balance | $ 2,474,532 | $ 2,324,553 | $ 2,562,444 | $ 2,207,018 | ||
| Other comprehensive (loss) income | (33,480) | 6,645 | (47,011) | (18,194) | ||
| Balance | 2,298,596 | 2,493,256 | $ 2,298,596 | 2,298,596 | 2,493,256 | $ 2,493,256 |
| Foreign Currency Translation Reclassification Adjustments | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Balance | (10,818) | 25,389 | ||||
| Other comprehensive (loss) income before reclassifications, net of tax | (37,307) | (15,974) | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | ||||
| Other comprehensive (loss) income | (37,307) | (15,974) | ||||
| Balance | (48,125) | 9,415 | (48,125) | (48,125) | 9,415 | 9,415 |
| Unrealized Gains (Losses) on Marketable Securities | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Balance | 3,704 | 6,954 | ||||
| Other comprehensive (loss) income before reclassifications, net of tax | (9,910) | (1,776) | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 209 | (441) | ||||
| Other comprehensive (loss) income | (9,701) | (2,217) | ||||
| Balance | (5,997) | 4,737 | (5,997) | (5,997) | 4,737 | 4,737 |
| Retirement Plans Prior Service Credit | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Balance | 1,166 | 1,173 | ||||
| Other comprehensive (loss) income before reclassifications, net of tax | 0 | |||||
| Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (2) | (2) | (3) | (3) | (3) | (3) |
| Other comprehensive (loss) income | (3) | (3) | ||||
| Balance | 1,163 | 1,170 | 1,163 | 1,163 | 1,170 | 1,170 |
| Accumulated Other Comprehensive Income (Loss) | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Balance | (19,479) | 8,677 | (5,948) | 33,516 | ||
| Other comprehensive (loss) income before reclassifications, net of tax | (47,217) | (17,750) | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 272 | 1 | 206 | 206 | (444) | (444) |
| Other comprehensive (loss) income | (33,480) | 6,645 | (47,011) | (18,194) | ||
| Balance | $ (52,959) | $ 15,322 | $ (52,959) | $ (52,959) | $ 15,322 | $ 15,322 |
Changes in Accumulated Other Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Amounts reclassified from accumulated other comprehensive income (loss), tax | $ 77 | $ 2 | $ 58 | $ 122 | ||
| Foreign currency translation adjustments, tax | 0 | 0 | $ 0 | $ 0 | ||
| Unrealized (losses) gains on marketable securities, tax | 1,317 | 1,317 | 1,055 | 1,910 | ||
| Retirement plans prior service benefit, tax | 1,127 | 1,127 | $ 1,128 | $ 1,126 | ||
| Foreign Currency Translation Reclassification Adjustments | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Other comprehensive income (loss) before reclassifications, tax | 0 | 0 | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), tax | 0 | 0 | ||||
| Other comprehensive income (loss), tax | 0 | 0 | ||||
| Foreign currency translation adjustments, tax | 0 | 0 | ||||
| Unrealized (Losses) Gains on Marketable Securities | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Other comprehensive income (loss) before reclassifications, tax | 2,573 | 472 | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), tax | 77 | 2 | 59 | 121 | ||
| Other comprehensive income (loss), tax | 2,514 | 593 | ||||
| Unrealized (losses) gains on marketable securities, tax | 1,459 | 1,459 | ||||
| Retirement Plans Prior Service Credit | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Other comprehensive income (loss) before reclassifications, tax | 0 | 0 | ||||
| Amounts reclassified from accumulated other comprehensive income (loss), tax | 0 | $ 0 | 1 | 1 | ||
| Other comprehensive income (loss), tax | 1 | $ 1 | ||||
| Retirement plans prior service benefit, tax | $ 1,129 | $ 1,129 | ||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) to Statements of Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 04, 2021 |
|
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
| Interest income (expense) | $ (274) | $ (3) | $ (209) | $ (209) | $ 441 | $ 441 |
| Retirement Plans Prior Service Credit | ||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
| Reclassifications, net of tax | 2 | 2 | 3 | 3 | 3 | 3 |
| Accumulated Other Comprehensive Income (Loss) | ||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
| Reclassifications, net of tax | $ (272) | $ (1) | $ (206) | $ (206) | $ 444 | $ 444 |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) to Statements of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Reclassifications, tax | $ 77 | $ 2 | $ 58 | $ 122 |
| Unrealized (Losses) Gains on Marketable Securities | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Reclassifications, tax | 77 | 2 | 59 | 121 |
| Amortization of Prior Service Credit | ||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
| Reclassifications, tax | $ 0 | $ 0 | $ 1 | $ 1 |
Goodwill and Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Goodwill and Intangible Assets Disclosure [Line Items] | ||||
| Acquired intangible assets amortization | $ 4,871 | $ 5,402 | $ 9,934 | $ 10,938 |
Changes in Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jul. 03, 2022 |
Dec. 31, 2021 |
|
| Goodwill [Line Items] | ||
| Goodwill | $ 1,160,299 | $ 1,188,590 |
| Accumulated impairment losses | (762,566) | (762,566) |
| Total goodwill | 397,733 | 426,024 |
| Foreign currency translation adjustment | (28,291) | |
| Industrial Automation | ||
| Goodwill [Line Items] | ||
| Goodwill | 377,746 | 405,971 |
| Total goodwill | 377,746 | 405,971 |
| Foreign currency translation adjustment | (28,225) | |
| Wireless Test | ||
| Goodwill [Line Items] | ||
| Goodwill | 361,819 | 361,819 |
| Accumulated impairment losses | (353,843) | (353,843) |
| Total goodwill | 7,976 | 7,976 |
| Foreign currency translation adjustment | 0 | |
| Semiconductor Test | ||
| Goodwill [Line Items] | ||
| Goodwill | 262,035 | 262,101 |
| Accumulated impairment losses | (260,540) | (260,540) |
| Total goodwill | 1,495 | 1,561 |
| Foreign currency translation adjustment | (66) | |
| System Test | ||
| Goodwill [Line Items] | ||
| Goodwill | 158,699 | 158,699 |
| Accumulated impairment losses | (148,183) | (148,183) |
| Total goodwill | 10,516 | $ 10,516 |
| Foreign currency translation adjustment | $ 0 |
Schedule of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jul. 03, 2022 |
Dec. 31, 2021 |
|
| Finite-Lived Intangible Assets | ||
| Gross Carrying Amount | $ 389,673 | $ 389,673 |
| Accumulated Amortization | (319,530) | (309,571) |
| Foreign Currency Translation Adjustment | (7,634) | (4,467) |
| Net Carrying Amount | 62,509 | 75,635 |
| Developed technology | ||
| Finite-Lived Intangible Assets | ||
| Gross Carrying Amount | 272,547 | 272,547 |
| Accumulated Amortization | (229,766) | (223,413) |
| Foreign Currency Translation Adjustment | (6,182) | (4,093) |
| Net Carrying Amount | 36,599 | 45,041 |
| Customer Relationships | ||
| Finite-Lived Intangible Assets | ||
| Gross Carrying Amount | 57,739 | 57,739 |
| Accumulated Amortization | (50,058) | (48,921) |
| Foreign Currency Translation Adjustment | 149 | 209 |
| Net Carrying Amount | 7,830 | 9,027 |
| Trademarks and tradenames | ||
| Finite-Lived Intangible Assets | ||
| Gross Carrying Amount | 59,387 | 59,387 |
| Accumulated Amortization | (39,706) | (37,237) |
| Foreign Currency Translation Adjustment | (1,601) | (583) |
| Net Carrying Amount | $ 18,080 | $ 21,567 |
Schedule of Estimated Intangible Asset Amortization Expense (Detail) $ in Thousands |
Jul. 03, 2022
USD ($)
|
|---|---|
| Finite-Lived Intangible Assets | |
| 2022 | $ 9,547 |
| 2023 | 18,642 |
| 2024 | 18,336 |
| 2025 | 11,154 |
| 2026 | 2,333 |
| Thereafter | $ 2,497 |
Computation of Basic and Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Net Income Loss Per Common Share | ||||
| Net income for basic and diluted net income per share | $ 197,787 | $ 328,319 | $ 359,715 | $ 533,831 |
| Weighted average common shares-basic | 159,563 | 165,995 | 160,805 | 166,243 |
| Convertible note hedge warrant shares | 9,029 | 10,073 | 9,528 | 9,751 |
| Incremental shares from assumed conversion of convertible notes | 1,900 | 9,578 | 2,220 | 9,944 |
| Employee stock purchase plan | 32 | 11 | 23 | 9 |
| Dilutive potential common shares | 11,596 | 20,755 | 12,562 | 21,002 |
| Weighted average common shares-diluted | 171,159 | 186,750 | 173,367 | 187,245 |
| Net income per common share-basic | $ 1.24 | $ 1.98 | $ 2.24 | $ 3.21 |
| Net income per common share-diluted | $ 1.16 | $ 1.76 | $ 2.07 | $ 2.85 |
| Restricted Stock Units | ||||
| Net Income Loss Per Common Share | ||||
| Incremental shares attributable to share based payment arrangements | 581 | 1,015 | 730 | 1,205 |
| Stock Options | ||||
| Net Income Loss Per Common Share | ||||
| Incremental shares attributable to share based payment arrangements | 54 | 78 | 61 | 93 |
Net Income Per Common Share - Additional Information (Detail) - shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Net Income Loss Per Common Share | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.1 | 0.1 | 0.2 | 0.1 |
Restructuring and Other - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Mar. 25, 2022 |
Jul. 03, 2022 |
Dec. 31, 2021 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Restructuring Cost and Reserve | ||||||
| Increase Decrease in environmental and legal liabilities | $ 1,500,000 | $ 1,700,000 | $ 2,000,000 | $ 1,700,000 | ||
| Contingent consideration adjustment | $ 0 | (7,227,000) | ||||
| Settled Litigation [Member] | ||||||
| Restructuring Cost and Reserve | ||||||
| Legal settlement charges | $ 14,700,000 | $ 12,000,000 | ||||
| Mobile Industrial Robots (MiR) | ||||||
| Restructuring Cost and Reserve | ||||||
| Contingent consideration adjustment | $ 7,200,000 | |||||
| TER Corporate And Eliminations | TER Dispute In Respect Of Contingent Consideration [Member] | ||||||
| Restructuring Cost and Reserve | ||||||
| Litigation Settlement, Amount settled between parties | $ 26,700 | |||||
Retirement Plans - Additional Information (Detail) - United States Plans - Annuity Plan For Participants In The US Qualified Pension Plan [Member] - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Defined Benefit Plan Disclosure | ||
| Pension benefit obligation acturial gain loss | $ 1.6 | $ 1.7 |
| Defined benefit obligation increase decrease for remeasurement due to settlement | $ 0.5 | $ 0.5 |
Schedule of Net Periodic Pension and Postretirement (income) Cost (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Defined Benefit Plan Disclosure | ||||
| Net actuarial loss (gain) | $ 0 | $ (627) | ||
| UNITED STATES | ||||
| Defined Benefit Plan Disclosure | ||||
| Service cost | $ 397 | $ 452 | 794 | 905 |
| Interest cost | 1,221 | 1,096 | 2,443 | 2,196 |
| Expected return on plan assets | (732) | (936) | (1,463) | (1,872) |
| Net actuarial loss (gain) | (45) | (400) | (45) | (400) |
| Total net periodic pension cost | 841 | 212 | 1,729 | 829 |
| Foreign Pension Plans, Defined Benefit | ||||
| Defined Benefit Plan Disclosure | ||||
| Service cost | 180 | 245 | 386 | 491 |
| Interest cost | 120 | 88 | 238 | 175 |
| Expected return on plan assets | (18) | (17) | (38) | (33) |
| Total net periodic pension cost | 282 | 316 | 586 | 633 |
| Postretirement Benefit Plans | ||||
| Defined Benefit Plan Disclosure | ||||
| Service cost | 15 | 17 | 32 | 33 |
| Interest cost | 45 | 41 | 88 | 85 |
| Amortization of prior service cost | (2) | (2) | (4) | (4) |
| Net actuarial loss (gain) | 54 | (228) | 54 | (228) |
| Total net periodic pension cost | $ 112 | $ (172) | $ 170 | $ (114) |
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions |
1 Months Ended | 6 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Mar. 08, 2021 |
Mar. 31, 2022 |
Jul. 03, 2022 |
Dec. 31, 2021 |
|
| Purchase Commitment, Excluding Long-term Commitment | ||||
| Aggregate purchase commitments | $ 1,006.8 | |||
| Purchase commitments less than one year | 870.5 | |||
| Product warranty accrual | 16.0 | $ 24.6 | ||
| Revenue deferrals related to extended warranties | $ 65.8 | $ 64.2 | ||
| Auto Guide Llc [Member] | Dispute In Respect Of Contingent Consideration [Member] | ||||
| Purchase Commitment, Excluding Long-term Commitment | ||||
| Legal claims, damage sought by party | $ 106.9 | |||
| Litigation Settlement, Amount settled between parties | $ 26.7 |
Schedule of Reconciliation of Effective Tax Rate (Detail) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Income Tax Disclosure [Line Items] | ||||
| U.S. statutory federal tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
| Non-deductible officers' compensation | 1.40% | 0.80% | 1.30% | 0.80% |
| Foreign taxes | (3.20%) | (4.30%) | (3.30%) | (4.50%) |
| Tax credits | (2.00%) | (1.20%) | (1.80%) | (1.20%) |
| International provisions of the U.S. Tax Cuts and Jobs Act of 2017 | (1.00%) | (1.70%) | (1.20%) | (1.60%) |
| Discrete benefit related to equity compensation | (0.20%) | (0.20%) | (2.90%) | (2.40%) |
| Other, net | 1.10% | 0.10% | 1.00% | 0.10% |
| Effective tax rate | 17.10% | 14.50% | 14.10% | 12.20% |
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | ||
|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Dec. 31, 2021 |
|
| Income Taxes [Line Items] | |||
| Tax savings due to the tax holiday | $ 8.3 | $ 15.9 | |
| Tax savings due to the tax holiday, per share | $ 0.05 | $ 0.08 | |
| Accrued interest and penalties | $ 0.3 | $ 0.3 | |
| Interest and penalties related to income tax, expense (benefit) | 0.1 | $ 0.2 | |
| Uncertain tax positions | 14.6 | $ 14.5 | |
| Net decrease in reserves for uncertain tax positions | $ 0.1 | ||
Segment Information - Additional Information (Detail) |
6 Months Ended |
|---|---|
|
Jul. 03, 2022
Segment
| |
| Segment Reporting Information [Line Items] | |
| Number of Operating Segments | 4 |
Schedule of Segment Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
Dec. 31, 2021 |
|||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Revenues | $ 840,766 | [1] | $ 1,085,728 | [1] | $ 1,596,136 | [2] | $ 1,867,334 | [2] | |||||||||||
| Income (loss) before income taxes | [3],[4] | 238,592 | 384,026 | 418,951 | 608,019 | ||||||||||||||
| Total assets | 3,488,426 | [5] | 4,000,922 | [5] | 3,488,426 | [5] | 4,000,922 | [5] | $ 3,809,425 | ||||||||||
| Semiconductor Test | |||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Revenues | 541,348 | 833,976 | 1,023,688 | 1,362,039 | |||||||||||||||
| Income (loss) before income taxes | [3],[4] | 177,782 | 337,302 | 327,487 | 513,670 | ||||||||||||||
| Total assets | [5] | 1,449,878 | 1,518,941 | 1,449,878 | 1,518,941 | ||||||||||||||
| System Test | |||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Revenues | 134,702 | [1] | 104,819 | [1] | 253,371 | [2] | 237,656 | [2] | |||||||||||
| Income (loss) before income taxes | [3],[4] | 54,042 | 33,954 | 95,365 | 85,015 | ||||||||||||||
| Total assets | [5] | 229,359 | 146,296 | 229,359 | 146,296 | ||||||||||||||
| Industrial Automation | |||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Revenues | 101,055 | 92,186 | 204,244 | 172,137 | |||||||||||||||
| Income (loss) before income taxes | [3],[4] | (6,406) | (9,837) | (11,504) | (22,804) | ||||||||||||||
| Total assets | [5] | 644,099 | 687,022 | 644,099 | 687,022 | ||||||||||||||
| Wireless Test | |||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Revenues | 63,854 | [1] | 54,893 | [1] | 115,372 | [2] | 95,791 | [2] | |||||||||||
| Income (loss) before income taxes | [3],[4] | 25,393 | 21,472 | 44,012 | 31,088 | ||||||||||||||
| Total assets | [5] | 118,445 | 117,702 | 118,445 | 117,702 | ||||||||||||||
| Corporate And Eliminations | |||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Revenues | (193) | (146) | (539) | (289) | |||||||||||||||
| Income (loss) before income taxes | [3],[4] | (12,219) | 1,135 | (36,409) | 1,050 | ||||||||||||||
| Total assets | [5] | $ 1,046,645 | $ 1,530,961 | $ 1,046,645 | $ 1,530,961 | ||||||||||||||
| |||||||||||||||||||
Schedule of Segment Reporting Information by Segment Charges (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
|
| Segment Reporting Information [Line Items] | ||||
| Other (income) expense, net - loss on convertible debt conversion | $ (9,436) | $ 87 | $ (14,622) | $ (3,738) |
| Restructuring and other—AutoGuide contingent consideration adjustment | 0 | (7,227) | ||
| Semiconductor Test | ||||
| Segment Reporting Information [Line Items] | ||||
| Cost of revenues - inventory charge | 2,071 | 2,315 | 1,234 | |
| Industrial Automation | ||||
| Segment Reporting Information [Line Items] | ||||
| Cost of revenues - inventory charge | 831 | 1,197 | 1,285 | |
| Restructuring and other—acquisition related expenses and compensation | 550 | |||
| Wireless Test | ||||
| Segment Reporting Information [Line Items] | ||||
| Cost of revenues - inventory charge | 2,099 | 2,976 | 672 | |
| Corporate And Eliminations | ||||
| Segment Reporting Information [Line Items] | ||||
| Restructuring and other | 1,500 | 1,700 | 2,000 | 1,846 |
| Corporate And Eliminations | Restructuring and other | ||||
| Segment Reporting Information [Line Items] | ||||
| Restructuring and other—legal settlement charge | 0 | 0 | 14,700 | 0 |
| Other (income) expense, net - loss on convertible debt conversion | 0 | 1,175 | 0 | 5,244 |
| Restructuring and other—AutoGuide contingent consideration adjustment | 0 | 0 | 0 | (7,227) |
| Restructuring and other—acquisition related expenses and compensation | $ 0 | $ 0 | $ 0 | $ (513) |
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jul. 03, 2022 |
Jul. 04, 2021 |
Jul. 03, 2022 |
Jul. 04, 2021 |
Jan. 01, 2022 |
Jan. 31, 2021 |
|
| Treasury Stock Amount Due To Be Repurchased | $ 1,132,800 | |||||
| Cumulative repurchases, shares | 5.0 | 1.6 | ||||
| Common stock average price | $ 107.5 | $ 125.69 | ||||
| Dividends Payable, Amount Per Share | $ 0.11 | $ 0.1 | ||||
| Dividend payment | $ 17,500 | $ 16,600 | $ 35,442 | $ 33,271 | ||
| Share Repurchase Program [Member] | ||||||
| Treasury Stock Amount Due To Be Repurchased | 532,800 | $ 196,600 | ||||
| Two Thousand And Twenty One Share Purchase Programme [Member] | ||||||
| Stock repurchase program, authorized amount | $ 2,000,000 | |||||
| Treasury Stock Amount Due To Be Repurchased | $ 750,000 | |||||
| Common stock average price | $ 116.45 | |||||
| Treasury Stock, Value | $ 2,000,000 | $ 2,000,000 | ||||
| Treasury Stock, Shares | 9.7 | 9.7 | ||||