0001193125-23-203780 10-Q 107 20230702 20230804 20230804 TERADYNE, INC 0000097210 3825 042272148 MA 1231 10-Q 34 001-06462 231143663 600 RIVERPARK DRIVE NORTH READING MA 01864 978-370-2700 600 RIVERPARK DRIVE NORTH READING MA 01864 TERADYNE INC 19920703 10-Q 1 d417157d10q.htm 10-Q 10-Q
Table of Contents
false0000097210Q2--12-31truehttp://fasb.org/us-gaap/2023#DeferredTaxAndOtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#DeferredTaxAndOtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#DeferredTaxAndOtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#DeferredTaxAndOtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrentIncludes $1.3 million and $1.9 million in 2023 and 2022, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.”Includes $2.5 million and $4.2 million in 2023 and 2022, respectively, for leases of Teradyne’s systems recognized outside ASC 606 “Revenue from Contracts with Customers.”Included in Corporate and Eliminations are: interest income, interest expense, net foreign exchange gains (losses), intercompany eliminations, legal and environmental fees, severance charges, pension, and an expense for the modification of Teradyne’s former chief executive officer’s outstanding equity awards.Included in income (loss) before taxes are charges related to restructuring and other, and inventory charges.Total assets are attributable to each segment. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSIO
N
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 2, 2023
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
    
    
    
    
to
    
    
    
    
Commission File
No. 001-06462
 
 
TERADYNE, INC.
(Exact name of registrant as specified in its charter)
 
 
 
Massachusetts
 
04-2272148
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
   
600 Riverpark Drive, North Reading,
Massachusetts
 
01864
(Address of Principal Executive Offices)
 
(Zip Code)
978-370-2700
(Registrant’s Telephone Number, Including Area Code)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock, par value $0.125
per share
 
TER
 
Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to
Rule 405 of Regulation
S-T
(232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in
Rule 12b-2
of the Exchange Act (check one):
 
Large accelerated filer      Accelerated filer  
       
Non-accelerated
filer
     Emerging growth company  
       
Smaller reporting company           
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  ☐    No  
The number of shares outstanding of the registrant’s only class of Common Stock as of July 31, 2023
,
was 154,013,736 shares.





TERADYNE, INC.
INDE
X
 
        
Page No.
 
  
Item 1.
  Financial Statements (Unaudited):      1  
  Condensed Consolidated Balance Sheets as of July 2, 2023 and December 31, 2022      1  
  Condensed Consolidated Statements of Operations for the Three and Six Months ended July 2, 2023 and July 3, 2022      2  
  Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months ended July 2, 2023 and July 3, 2022      3  
  Condensed Statements of Convertible Common Shares and Shareholders’ Equity for the Three and Six Months Ended July 2, 2023 and July 3, 2022      4  
  Condensed Consolidated Statements of Cash Flows for the Six Months Ended July 2, 2023 and July 3, 2022      5  
  Notes to Condensed Consolidated Financial Statements      6  
Item 2.
  Management’s Discussion and Analysis of Financial Condition and Results of Operations      28  
Item 3.
  Quantitative and Qualitative Disclosures about Market Risk      37  
Item 4.
  Controls and Procedures      38  
  
Item 1.
  Legal Proceedings      38  
Item 1A.
  Risk Factors      38  
Item 2.
  Unregistered Sales of Equity Securities and Use of Proceeds      39  
Item 4.
  Mine Safety Disclosures      39  
Item 5.
  Other Information     
39
 
Item 6.
  Exhibits      40  

PART I
 
Item 1:
Financial Statements
TERADYNE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
  
July 2,

2023
 
 
December 31,
2022
 
 
  
 
 
 
 
 
 
  
(in thousands,
except per share amount)
 
ASSETS
                
Current assets:
                
Cash and cash equivalents
   $ 613,208     $ 854,773  
Marketable securities
     95,199       39,612  
Accounts receivable, less allowance for credit losses of $2,232 and $1,955 at July 2, 2023 and December 31, 2022, respectively
     493,234       491,145  
Inventories, net
     347,295       325,019  
Prepayments
     560,682       532,962  
Other current assets
     14,222       14,404  
    
 
 
   
 
 
 
Total current assets
     2,123,840       2,257,915  
Property, plant and equipment, net
     437,077       418,683  
Operating lease
right-of-use
assets, net
     75,889       73,734  
Marketable securities
     104,685       110,777  
Deferred tax assets
     152,471       142,784  
Retirement plans assets
     11,514       11,761  
Other assets
     32,699       28,925  
Acquired intangible assets, net
     44,611       53,478  
Goodwill
     412,110       403,195  
    
 
 
   
 
 
 
Total assets
   $ 3,394,896     $ 3,501,252  
    
 
 
   
 
 
 
LIABILITIES
                
Current liabilities:
                
Accounts payable
   $ 153,157     $ 139,722  
Accrued employees’ compensation and withholdings
     163,653       212,266  
Deferred revenue and customer advances
     120,085       148,285  
Other accrued liabilities
     114,435       112,271  
Operating lease liabilities
     20,212       18,594  
Income taxes payable
     65,437       65,010  
Current debt
     32,806       50,115  
    
 
 
   
 
 
 
Total current liabilities
     669,785       746,263  
Retirement plans liabilities
     124,040       116,005  
Long-term deferred revenue and customer advances
     38,999       45,131  
Long-term other accrued liabilities
     16,475       15,981  
Deferred tax liabilities
     1,304       3,267  
Long-term operating lease liabilities
     65,079       64,176  
Long-term incomes taxes payable
     44,331       59,135  
    
 
 
   
 
 
 
Total liabilities
     960,013       1,049,958  
    
 
 
   
 
 
 
Commitments and contingencies (Note P)
            
SHAREHOLDERS’ EQUITY
                
Common stock, $0.125 par value, 1,000,000 shares authorized; 154,148 and 155,759 shares issued and outstanding at July 2, 2023 and December 31, 2022, respectively
     19,269       19,470  
Additional
paid-in
capital
     1,784,590       1,755,963  
Accumulated other comprehensive loss
     (30,472     (49,868
Retained earnings
     661,496       725,729  
    
 
 
   
 
 
 
Total shareholders’ equity
     2,434,883       2,451,294  
    
 
 
   
 
 
 
Total liabilities and shareholders’ equity
  
$
3,394,896
 
 
$
3,501,252
 


  
 
 
 
 
 
 
 
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form
10-K
for the year ended December 31, 2022, are an integral part of the condensed consolidated financial statements.
 
1

TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
 
  
For the Three Months

Ended
 
 
For the Six Months

Ended
 
 
  
July 2,
2023
 
 
July 3,
2022
 
 
July 2,

2023
 
 
July 3,

2022
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
  
(in thousands, except per share amount)
 
Revenues:
                                
Products
   $ 540,375     $ 697,954     $ 1,013,793     $ 1,323,829  
Services
     144,062       142,812       288,173       272,307  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total revenues
     684,437       840,766       1,301,966       1,596,136  
Cost of revenues:
                                
Cost of products
     217,011       274,674       415,675       517,690  
Cost of services
     64,934       59,703       127,379       117,124  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below)
     281,945       334,377       543,054       634,814  
    
 
 
   
 
 
   
 
 
   
 
 
 
Gross profit
     402,492       506,389       758,912       961,322  
Operating expenses:
                                
Selling and administrative
     145,695       139,533       296,650       279,718  
Engineering and development
     105,706       111,951       211,468       220,067  
Acquired intangible assets amortization
     4,825       4,871       9,627       9,934  
Restructuring and other
     6,358       2,044       8,395       17,758  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
     262,584       258,399       526,140       527,477  
    
 
 
   
 
 
   
 
 
   
 
 
 
Income from operations
     139,908       247,990       232,772       433,845  
Non-operating
(income) expense:
                                
Interest income
     (6,354     (951     (11,613     (1,653
Interest expense
     1,045       913       2,031       1,925  
Other (income) expense, net
     815       9,436       868       14,622  
    
 
 
   
 
 
   
 
 
   
 
 
 
Income before income taxes
     144,402       238,592       241,486       418,951  
Income tax provision
     24,352       40,805       37,905       59,236  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income
   $ 120,050     $ 197,787     $ 203,581     $ 359,715  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income per common share:
                                
Basic
   $ 0.78     $ 1.24     $ 1.31     $ 2.24  
    
 
 
   
 
 
   
 
 
   
 
 
 
Diluted
   $ 0.73     $ 1.16     $ 1.23     $ 2.07  
    
 
 
   
 
 
   
 
 
   
 
 
 
Weighted average common shares—basic
     154,760       159,563       155,332       160,805  
    
 
 
   
 
 
   
 
 
   
 
 
 
Weighted average common shares—diluted
     164,751       171,159       165,530       173,367  
    
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form
10-K
for the year ended December 31, 2022, are an integral part of the condensed consolidated financial statements.
 
2

TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 
 
  
For the Three Months

Ended
 
 
For the Six Months

Ended
 
 
  
July 2,
2023
 
 
July 3,
2022
 
 
July 2,
2023
 
 
July 3,
2022
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
  
(in thousands)
 
Net income
   $ 120,050     $ 197,787     $ 203,581     $ 359,715  
Other comprehensive income, net of tax:
                                
Foreign currency translation adjustment, net of tax of $0, $0, $0, $0, respectively
     2,943       (29,230     12,250       (37,307
Available-for-sale
marketable securities:
                                
Unrealized (losses) gains on marketable securities arising during period, net of tax of $(180), $(1,240), $323, and $(2,573), respectively
     (568     (4,522     1,726       (9,910
Less: Reclassification adjustment for losses included in net income, net of tax of $8, $77, $10,
$59, respectively
     28       274       33       209  
    
 
 
   
 
 
   
 
 
   
 
 
 
       (540     (4,248     1,759       (9,701
Cash flow hedges:
                                
Unrealized gains arising during period, net
of 
tax of $920, $0, $1,088, $
0
respectively
     3,270                3,866           
Less: Reclassification adjustment for losses included in net income, net of tax of $91, $0, $428, $0 respectively
     323                1,524           
    
 
 
   
 
 
   
 
 
   
 
 
 
       3,593                5,390           
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 income (loss)
     5,994       (33,480     19,396       (47,011
    
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive income
   $ 126,044     $ 164,307     $ 222,977     $ 312,704  
    
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form
10-K
for the year ended December 31, 2022, are an integral part of the condensed consolidated financial statements.
 
3

TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE COMMON SHARES
AND SHAREHOLDERS’ EQUITY
(Unaudited)
 
 
  
 
 
 
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 2, 2023
  
 
 
 
 
 
 
Balance, April 2, 2023
  
$
  
 
 
 
155,445
 
 
$
19,431
 
 
$
1,772,352
 
 
$
(36,466
 
$
694,145
 
 
$
2,449,462
 
Net issuance of common stock under stock-based plans
  
 
 
52
 
 
 
7
 
 
 
161
 
 
 
 
 
168
 
Stock-based compensation expense
  
 
 
 
 
12,077
 
 
 
 
 
12,077
 
Repurchase of common stock
  
 
 
(1,349
 
 
(169
 
 
 
 
(135,668
 
 
(135,837
Cash dividends ($0.11 per share)
  
 
 
 
 
 
 
(17,031
 
 
(17,031
Settlements of convertible notes
  
 
 
50
 
 
 
6
 
 
 
(6
 
 
 
 
  
 
Exercise of convertible notes hedge call options
  
 
 
(50
 
 
(6
 
 
6
 
 
 
 
 
  
 
Net income
  
 
 
 
 
 
 
120,050
 
 
 
120,050
 
Other comprehensive income
  
 
 
 
 
 
5,994
 
 
 
 
5,994
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 2, 2023
  
$
  
 
 
 
154,148
 
 
$
19,269
 
 
$
1,784,590
 
 
$
(30,472
 
$
661,496
 
 
$
2,434,883
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended July 3, 2022
  
 
 
 
 
 
 
Balance, April 3, 2022
  
$
  
 
 
 
161,053
 
 
$
20,132
 
 
$
1,711,690
 
 
$
(19,479
 
$
762,189
 
 
$
2,474,532
 
Net issuance of common stock under stock-based plans
  
 
 
33
 
 
 
4
 
 
 
(1,675
 
 
 
 
(1,671
Stock-based compensation expense
  
 
 
 
 
11,658
 
 
 
 
 
11,658
 
Repurchase of common stock
  
 
 
(3,206
 
 
(401
 
 
 
 
(333,933
 
 
(334,334
Cash dividends ($0.11 per share)
  
 
 
 
 
 
 
(17,561
 
 
(17,561
Settlements of convertible notes
  
 
 
495
 
 
 
62
 
 
 
(149
 
 
 
 
(87
Exercise of convertible notes hedge call options
  
 
 
(495
 
 
(62
 
 
62
 
 
 
 
 
  
 
Cumulative-effect of change in accounting principle related to convertible debt
  
 
 
 
 
 
 
1,752
 
 
 
1,752
 
Net income
  
 
 
 
 
 
 
197,787
 
 
 
197,787
 
Other comprehensive loss
  
 
 
 
 
 
(33,480
 
 
 
(33,480
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 3, 2022
  
$
  
 
 
 
157,880
 
 
$
19,735
 
 
$
1,721,586
 
 
$
(52,959
 
$
610,234
 
 
$
2,298,596
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended July 2, 2023
  
 
 
 
 
 
 
Balance, December 31, 2022
  
$
  
 
 
 
155,759
 
 
$
19,470
 
 
$
1,755,963
 
 
$
(49,868
 
$
725,729
 
 
$
2,451,294
 
Net issuance of common stock under stock-based plans
  
 
 
631
 
 
 
79
 
 
 
(3,782
 
 
 
 
(3,703
Stock-based compensation expense
  
 
 
 
 
32,409
 
 
 
 
 
32,409
 
Repurchase of common stock
  
 
 
(2,242
 
 
(280
 
 
 
 
(233,604
 
 
(233,884
Cash dividends ($0.22 per share)
  
 
 
 
 
 
 
(34,210
 
 
(34,210
Settlements of convertible notes
  
 
 
375
 
 
 
47
 
 
 
(47
 
 
 
 
  
 
Exercise of convertible notes hedge call options
  
 
 
(375
 
 
(47
 
 
47
 
 
 
 
 
  
 
Net income
  
 
 
 
 
 
 
203,581
 
 
 
203,581
 
Other comprehensive income
  
 
 
 
 
 
19,396
 
 
 
 
19,396
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 2, 2023
  
$
  
 
 
 
154,148
 
 
$
19,269
 
 
$
1,784,590
 
 
$
(30,472
 
$
661,496
 
 
$
2,434,883
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended July 3, 2022
  
 
 
 
 
 
 
Balance, December 31, 2021
  
$
1,512
 
 
 
162,251
 
 
$
20,281
 
 
$
1,811,545
 
 
$
(5,948
 
$
736,566
 
 
$
2,562,444
 
Net issuance of common stock under stock-based plans
  
 
 
585
 
 
 
73
 
 
 
(16,318
 
 
 
 
(16,245
Stock-based compensation expense
  
 
 
 
 
25,862
 
 
 
 
 
25,862
 
Repurchase of common stock
  
 
 
(4,956
 
 
(619
 
 
 
 
(545,179
 
 
(545,798
Cash dividends ($0.22 per share)
  
 
 
 
 
 
 
(35,470
 
 
(35,470
Settlements of convertible notes
  
 
 
1,004
 
 
 
125
 
 
 
(306
 
 
 
 
(181
Exercise of convertible notes hedge call options
  
 
 
(1,004
 
 
(125
 
 
125
 
 
 
 
 
  
 
Cumulative-effect of change in accounting principle related to convertible debt
  
 
(1,512
 
 
 
 
(99,322
 
 
 
94,602
 
 
 
(4,720
Net income
  
 
 
 
 
 
 
359,715
 
 
 
359,715
 
Other comprehensive loss
  
 
 
 
 
 
(47,011
 
 
 
(47,011
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 3, 2022
  
$
  
 
 
 
157,880
 
 
$
19,735
 
 
$
1,721,586
 
 
$
(52,959
 
$
610,234
 
 
$
2,298,596
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form
10-K
for the year ended December 31, 2022, are an integral part of the condensed consolidated financial statements.
 
4

TERADYNE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 
 
  
For the Six Months Ended
 
 
  
July 2,

2023
 
 
July 3,

2022
 
 
  
 
 
 
 
 
 
  
(in thousands)
 
Cash flows from operating activities:
                
Net income
   $ 203,581     $ 359,715  
Adjustments to reconcile net income from operations to net cash provided by operating activities:
                
Depreciation
     45,231       44,460  
Stock-based compensation
     32,449       25,122  
Provision for excess and obsolete inventory
     11,341       6,695  
Amortization
     9,580       10,095  
Deferred taxes
     (13,571     (23,597
(Gains) losses on investments
     (4,745     8,973  
Other
     (92     522  
Changes in operating assets and liabilities
                
Accounts receivable
     (2,693     (146,384
Inventories
     (13,845     (46,682
Prepayments and other assets
     (29,584     (94,751
Accounts payable and other liabilities
     (24,514     (43,611
Deferred revenue and customer advances
     (34,938     14,163  
Retirement plans contributions
     (2,482     (2,618
Income taxes
     (13,614     10,815  
    
 
 
   
 
 
 
Net cash provided by operating activities
     162,104       122,917  
    
 
 
   
 
 
 
Cash flows from investing activities:
                
Purchases of property, plant and equipment
     (80,702     (89,743
Purchases of marketable securities
     (99,018     (247,881
Proceeds from sales of marketable securities
     35,577       143,642  
Proceeds from maturities of marketable securities
     21,997       139,652  
Proceeds from life insurance
     460           
    
 
 
   
 
 
 
Net cash used for investing activities
     (121,686     (54,330
    
 
 
   
 
 
 
Cash flows from financing activities:
                
Repurchase of common stock
     (227,845     (532,799
Dividend payments
     (34,184     (35,442
Payments related to net settlement of employee stock compensation awards
     (20,308     (32,780
Payments of convertible debt principal
     (17,458     (42,292
Issuance of common stock under stock purchase and stock option plans
     16,599       16,536  
    
 
 
   
 
 
 
Net cash used for financing activities
     (283,196     (626,777
    
 
 
   
 
 
 
Effects of exchange rate changes on cash and cash equivalents
     1,213       8,014  
    
 
 
   
 
 
 
Decrease in cash and cash equivalents
     (241,565     (550,176
Cash and cash equivalents at beginning of period
     854,773       1,122,199  
    
 
 
   
 
 
 
Cash and cash equivalents at end of period
   $ 613,208     $ 572,023  
    
 
 
   
 
 
 
Non-cash
investing activities:
                
Capital expenditures incurred but not yet paid:
   $ 1,741     $ 1,855  
The accompanying notes, together with the Notes to Consolidated Financial Statements included in Teradyne’s Annual Report on Form
10-K
for the year ended December 31, 2022, are an integral part of the condensed consolidated financial statements.
 
5

TERADYNE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
A. THE COMPANY
Teradyne, Inc. (“Teradyne”) is a leading global supplier of automated test equipment and robotics solutions. Teradyne designs, develops, manufactures and sells automatic test systems and robotics products. Teradyne’s automatic test systems are 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 robotics products include collaborative robotic arms and autonomous mobile robots (“AMRs”) used by global manufacturing, logistics and industrial customers to improve quality, increase manufacturing and material handling efficiency and decrease manufacturing and logistics costs. Teradyne’s automatic test equipment and robotics products and services include:
 
   
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
 
   
robotics (“Robotics”) products.
B. ACCOUNTING POLICIES
Basis of Presentation
The consolidated interim financial statements include t