Financial Instruments (Tables)
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6 Months Ended |
Jun. 28, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Realized and Unrealized Gains and Loss |
For the Three Months
Ended For the Six Months
Ended June 28,
2026 June 29,
2025 June 28,
2026 June 29,
2025 (in millions) (in millions) Realized gains and losses included in ‘Other (income) expense, net’ in the condensed consolidated statement of operations Realized gains $ 0.2 $ 0.4 $ 0.9 $ 1.2 Realized losses 0.1 0.1 0.2 1.4 Unrealized gains and losses on equity securities included in ‘Other (income) expense, net’ in the condensed consolidated statement of operations Unrealized gains on equity securities 8.1 4.1 8.1 4.4 Unrealized losses on equity securities — — 4.0 3.1
|
| Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis |
The following tables set forth by fair value hierarchy Teradyne’s financial assets and liabilities that were measured at fair value on a recurring basis as of June 28, 2026, and December 31, 2025.
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June 28, 2026 |
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December 31, 2025 |
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Quoted Prices
in Active
Markets for
Identical
Instruments
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Total (1) |
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Quoted Prices
in Active
Markets for
Identical
Instruments
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Total (1) |
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(in thousands) |
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Assets |
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Cash |
|
$ |
178,364 |
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|
$ |
— |
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|
$ |
178,364 |
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|
$ |
214,712 |
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|
$ |
— |
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|
$ |
214,712 |
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Cash equivalents |
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|
170,150 |
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|
1,024 |
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171,174 |
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78,068 |
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|
971 |
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79,039 |
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Available-for-sale securities: |
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U.S. Treasury securities |
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— |
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13,459 |
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13,459 |
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— |
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44,143 |
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44,143 |
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Corporate debt securities |
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— |
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58,836 |
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58,836 |
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— |
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36,384 |
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|
36,384 |
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Debt mutual funds |
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|
13,057 |
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|
— |
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13,057 |
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|
14,331 |
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— |
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14,331 |
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Certificates of deposit and time deposits |
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— |
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1,177 |
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1,177 |
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— |
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1,354 |
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1,354 |
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Non-U.S. government securities |
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— |
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14,155 |
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14,155 |
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— |
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|
924 |
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|
924 |
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Equity securities: |
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Mutual funds |
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66,881 |
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— |
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66,881 |
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57,367 |
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— |
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57,367 |
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$ |
428,452 |
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$ |
88,651 |
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$ |
517,103 |
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$ |
364,478 |
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$ |
83,776 |
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$ |
448,254 |
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Derivative assets |
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— |
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|
823 |
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823 |
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— |
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1,175 |
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1,175 |
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Total |
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$ |
428,452 |
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$ |
89,474 |
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$ |
517,926 |
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$ |
364,478 |
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$ |
84,951 |
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$ |
449,429 |
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Liabilities |
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Derivative liabilities |
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— |
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2,045 |
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$ |
2,045 |
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— |
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|
928 |
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$ |
928 |
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Total |
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$ |
— |
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$ |
2,045 |
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$ |
2,045 |
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$ |
— |
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$ |
928 |
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$ |
928 |
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Reported as follows: |
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(Level 1) |
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(Level 2) |
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Total (1) |
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(Level 1) |
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(Level 2) |
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Total (1) |
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(in thousands) |
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Assets |
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Cash and cash equivalents |
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$ |
348,514 |
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$ |
1,024 |
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349,538 |
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$ |
292,780 |
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$ |
971 |
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293,751 |
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Long-term marketable securities |
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79,938 |
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82,336 |
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162,274 |
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71,698 |
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54,558 |
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126,256 |
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Marketable securities |
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— |
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5,291 |
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5,291 |
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— |
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28,247 |
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28,247 |
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Prepayments |
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— |
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|
823 |
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|
823 |
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— |
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1,175 |
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1,175 |
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Total |
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$ |
428,452 |
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$ |
89,474 |
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$ |
517,926 |
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$ |
364,478 |
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$ |
84,951 |
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$ |
449,429 |
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Liabilities |
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Other current liabilities |
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$ |
— |
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$ |
2,045 |
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$ |
2,045 |
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$ |
— |
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$ |
928 |
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$ |
928 |
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Total |
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$ |
— |
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$ |
2,045 |
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$ |
2,045 |
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$ |
— |
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$ |
928 |
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$ |
928 |
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(1)There were no financial assets or liabilities measured using significant unobservable inputs (Level 3) as of June 28, 2026 and December 31, 2025.
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| Schedule of Carrying Values and Fair Values of Financial Instruments |
The carrying values and fair values of Teradyne’s financial instruments at June 28, 2026, and December 31, 2025, were as follows:
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June 28, 2026 |
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December 31, 2025 |
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Carrying Value |
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Fair Value |
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Carrying Value |
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Fair Value |
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(in thousands) |
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Assets |
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Cash and cash equivalents |
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$ |
349,538 |
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$ |
349,538 |
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$ |
293,751 |
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$ |
293,751 |
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Marketable securities |
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|
167,565 |
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|
167,565 |
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|
154,503 |
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154,503 |
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Derivative assets |
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|
823 |
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|
823 |
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|
1,175 |
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1,175 |
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Liabilities |
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Derivative liabilities |
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|
2,045 |
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|
2,045 |
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|
928 |
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|
928 |
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| Schedule of Available-for-Sale Marketable Securities |
The following table summarizes the composition of available-for-sale marketable securities at June 28, 2026:
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June 28, 2026 |
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Available-for-Sale |
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Cost |
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Unrealized
Gain |
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Unrealized
(Loss) |
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Fair
Market
Value |
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Fair Market
Value of
Investments
with Unrealized
Losses |
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(in thousands) |
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U.S. Treasury securities |
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$ |
18,120 |
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$ |
13 |
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$ |
(4,674 |
) |
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$ |
13,459 |
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$ |
12,949 |
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Corporate debt securities |
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|
62,262 |
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|
658 |
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(4,084 |
) |
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58,836 |
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|
25,637 |
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Debt mutual funds |
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|
13,243 |
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|
— |
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(186 |
) |
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|
13,057 |
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|
3,057 |
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Certificates of deposit and time deposits |
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|
1,177 |
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|
— |
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— |
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|
1,177 |
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|
— |
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Non-U.S. government securities |
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|
14,154 |
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|
153 |
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(152 |
) |
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|
14,155 |
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|
3,760 |
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$ |
108,956 |
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$ |
824 |
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$ |
(9,096 |
) |
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$ |
100,684 |
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$ |
45,403 |
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Reported as follows:
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Cost |
|
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Unrealized
Gain |
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Unrealized
(Loss) |
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Fair
Market
Value |
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Fair Market
Value of
Investments
with Unrealized
Losses |
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(in thousands) |
|
Marketable securities |
|
$ |
5,315 |
|
|
$ |
— |
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|
$ |
(24 |
) |
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$ |
5,291 |
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|
$ |
3,739 |
|
Long-term marketable securities |
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|
103,641 |
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|
824 |
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|
(9,072 |
) |
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|
95,393 |
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|
41,664 |
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$ |
108,956 |
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|
$ |
824 |
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|
$ |
(9,096 |
) |
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$ |
100,684 |
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$ |
45,403 |
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The following table summarizes the composition of available-for-sale marketable securities at December 31, 2025:
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December 31, 2025 |
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Available-for-Sale |
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|
Cost |
|
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Unrealized
Gain |
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Unrealized
(Loss) |
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Fair
Market
Value |
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|
Fair Market
Value of
Investments
with Unrealized
Losses |
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|
(in thousands) |
|
U.S. Treasury securities |
|
$ |
48,723 |
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|
$ |
90 |
|
|
$ |
(4,670 |
) |
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$ |
44,143 |
|
|
$ |
13,891 |
|
Corporate debt securities |
|
|
40,090 |
|
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|
293 |
|
|
|
(3,999 |
) |
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|
36,384 |
|
|
|
22,941 |
|
Debt mutual funds |
|
|
14,508 |
|
|
|
— |
|
|
|
(177 |
) |
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|
14,331 |
|
|
|
3,020 |
|
Certificates of deposit and time deposits |
|
|
1,354 |
|
|
|
— |
|
|
|
— |
|
|
|
1,354 |
|
|
|
— |
|
Non-U.S. government securities |
|
|
924 |
|
|
|
— |
|
|
|
— |
|
|
|
924 |
|
|
|
— |
|
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|
$ |
105,599 |
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$ |
383 |
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|
$ |
(8,846 |
) |
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$ |
97,136 |
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$ |
39,852 |
|
Reported as follows:
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Cost |
|
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Unrealized
Gain |
|
|
Unrealized
(Loss) |
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|
Fair
Market
Value |
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Fair Market
Value of
Investments
with Unrealized
Losses |
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|
(in thousands) |
|
Marketable securities |
|
$ |
28,213 |
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$ |
41 |
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|
$ |
(7 |
) |
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$ |
28,247 |
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$ |
2,293 |
|
Long-term marketable securities |
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|
77,386 |
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|
|
342 |
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|
(8,839 |
) |
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|
68,889 |
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|
|
37,559 |
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$ |
105,599 |
|
|
$ |
383 |
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|
$ |
(8,846 |
) |
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$ |
97,136 |
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|
$ |
39,852 |
|
|
| Contractual Maturities of Investments Held |
The contractual maturities of investments in available-for-sale securities held at June 28, 2026, were as follows:
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June 28, 2026 |
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Cost |
|
|
Fair Market
Value |
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(in thousands) |
|
Due within one year |
|
$ |
5,315 |
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|
$ |
5,291 |
|
Due after 1 year through 5 years |
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|
8,997 |
|
|
|
8,828 |
|
Due after 5 years through 10 years |
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|
16,095 |
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|
16,225 |
|
Due after 10 years |
|
|
65,306 |
|
|
|
57,283 |
|
Total |
|
$ |
95,713 |
|
|
$ |
87,627 |
|
|
| Schedule of Notional Amount of Derivatives |
At June 28, 2026, and December 31, 2025, 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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Gross Notional Value |
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June 28,
2026 |
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December 31,
2025 |
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(in millions) |
|
Currency Hedged (Buy/Sell) |
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U.S. dollar/Taiwan dollar |
|
|
17.0 |
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|
27.0 |
|
U.S. dollar/Euro |
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|
6.7 |
|
|
|
— |
|
U.S. dollar/Japanese yen |
|
|
5.8 |
|
|
|
16.9 |
|
U.S. dollar/Korean won |
|
|
3.8 |
|
|
|
7.7 |
|
U.S. dollar/British pound sterling |
|
|
1.8 |
|
|
|
1.9 |
|
Singapore dollar/U.S. dollar |
|
|
95.6 |
|
|
|
62.6 |
|
Philippine peso/U.S. dollar |
|
|
1.7 |
|
|
|
1.8 |
|
Chinese yuan/U.S. dollar |
|
|
1.2 |
|
|
|
0.7 |
|
Euro/U.S. dollar |
|
|
— |
|
|
|
20.4 |
|
Total |
|
$ |
133.6 |
|
|
$ |
139.0 |
|
|
| Schedule of Derivative Instruments in Statement of Financial Position at Fair Value |
The following table summarizes the fair value of derivative instruments as of June 28, 2026, and December 31, 2025:
|
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|
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|
|
|
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|
|
Balance Sheet Location |
|
June 28,
2026 |
|
|
December 31,
2025 |
|
|
|
|
|
(in thousands) |
|
Derivatives not designated as hedging instruments: |
|
Foreign exchange forward contracts |
|
Other current assets |
|
|
823 |
|
|
|
1,175 |
|
Foreign exchange forward contracts |
|
Other current liabilities |
|
|
(2,045 |
) |
|
|
(928 |
) |
Total derivatives |
|
|
|
$ |
(1,222 |
) |
|
$ |
247 |
|
|
| 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 June 28, 2026, and June 29, 2025:
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|
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|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended |
|
|
For the Six Months
Ended |
|
|
|
Location of (Gains) Losses
Recognized in Statement
of Operations |
|
June 28,
2026 |
|
|
June 29,
2025 |
|
|
June 28,
2026 |
|
|
June 29,
2025 |
|
|
|
|
|
(in thousands) |
|
|
(in thousands) |
|
Derivatives not designated as hedging instruments: |
|
Foreign exchange forward contracts (1) |
|
Other (income) expense, net |
|
$ |
1,522 |
|
|
$ |
122 |
|
|
$ |
2,608 |
|
|
$ |
(45 |
) |
Derivatives designated as hedging instruments: |
|
Foreign exchange forward and option contracts |
|
Revenue |
|
|
— |
|
|
|
298 |
|
|
|
— |
|
|
|
(449 |
) |
Total Derivatives |
|
|
|
$ |
1,522 |
|
|
$ |
420 |
|
|
$ |
2,608 |
|
|
$ |
(494 |
) |
(1)The 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 June 28, 2026, net losses from remeasurement of monetary assets and liabilities denominated in foreign currencies were $0.7 million and $2.1 million, respectively. For the three and six months ended June 29, 2025, net losses from remeasurement of monetary assets and liabilities denominated in foreign currencies were $1.2 million and $3.4 million, respectively.
|