Analysis of Debt
Total Debt (Carrying Amount)
Teradyne Inc., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
An analysis of the carrying amount of debt reveals a significant deleveraging trend between 2019 and 2022. The total convertible debt experienced a substantial reduction, decreasing from a peak of 410,111 thousand US$ in 2020 to 50,115 thousand US$ by the end of 2022. This trajectory indicates a concerted reduction in the company's reliance on convertible debt instruments over the observed period.
- Total Convertible Debt Trajectory
- The total convertible debt remained relatively stable between 2019 and 2020, with a slight increase to 410,111 thousand US$. However, a sharp decline occurred in 2021, where the balance fell to 108,426 thousand US$, representing a reduction of approximately 73.6% in a single year. This downward trend continued into 2022, ending at 50,115 thousand US$.
- Debt Maturity and Composition
- There is a visible shift in the composition of debt from long-term to current obligations. In 2019 and 2020, the debt profile was dominated by long-term debt, which stood at 394,687 thousand US$ and 376,768 thousand US$, respectively. By 2021, long-term debt dropped precipitously to 89,244 thousand US$. By 2022, long-term debt was no longer reported, and the entirety of the total convertible debt (50,115 thousand US$) was classified as current debt, indicating that all remaining obligations had moved into the short-term repayment window.
- Current Debt Volatility
- Current debt exhibited fluctuations, appearing at 33,343 thousand US$ in 2020, decreasing to 19,182 thousand US$ in 2021, and then increasing to 50,115 thousand US$ in 2022. This final increase aligns with the reclassification of the remaining total convertible debt into current liabilities.
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Total Debt (Fair Value)
| Dec 31, 2023 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Total convertible debt (fair value) | —) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | — |
Based on: 10-K (reporting date: 2023-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: —
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | —) | —) | |
| — | |||
Based on: 10-K (reporting date: 2023-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 0 ÷ 0 = —