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Teradyne Inc. (NASDAQ:TER)

This company has been moved to the archive! The financial data has not been updated since May 3, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Teradyne Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable 5.17 3.99 4.02 3.66 4.54
Accrued employees’ compensation and withholdings 5.50 6.06 6.66 6.03 5.88
Deferred revenue and customer advances 2.86 4.24 3.84 3.69 3.76
Other accrued liabilities 3.29 3.21 3.26 2.12 2.54
Current operating lease liabilities 0.50 0.53 0.52 0.56 0.70
Contingent consideration 0.00 0.00 0.00 0.00 0.33
Income taxes payable 1.40 1.86 2.33 2.21 1.59
Current debt 0.00 1.43 0.50 0.91 0.00
Current liabilities held for sale 0.21 0.00 0.00 0.00 0.00
Current liabilities 18.93% 21.31% 21.13% 19.19% 19.34%
Retirement plans liabilities 3.79 3.31 3.97 4.14 4.82
Long-term deferred revenue and customer advances 1.07 1.29 1.44 1.60 1.65
Long-term contingent consideration 0.00 0.00 0.00 0.20 1.10
Deferred tax liabilities 0.01 0.09 0.17 0.30 0.50
Long-term other accrued liabilities 0.57 0.46 0.41 0.53 0.70
Long-term operating lease liabilities 1.87 1.83 1.47 1.15 1.65
Long-term income taxes payable 1.27 1.69 1.76 2.05 2.97
Long-term debt 0.00 0.00 2.34 10.32 14.16
Long-term liabilities held for sale 0.06 0.00 0.00 0.00 0.00
Long-term liabilities 8.63% 8.67% 11.56% 20.28% 27.55%
Total liabilities 27.56% 29.99% 32.69% 39.47% 46.89%
Convertible common shares 0.00 0.00 0.04 0.10 0.00
Mezzanine equity 0.00% 0.00% 0.04% 0.10% 0.00%
Common stock, $0.125 par value 0.55 0.56 0.53 0.57 0.75
Additional paid-in capital 52.41 50.15 47.55 48.33 61.72
Accumulated other comprehensive income (loss) -0.77 -1.42 -0.16 0.92 -0.68
Retained earnings (accumulated deficit) 20.26 20.73 19.34 10.61 -8.68
Shareholders’ equity 72.44% 70.01% 67.27% 60.43% 53.11%
Total liabilities, convertible common shares and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

A significant shift in the capital structure is observed between 2019 and 2023, characterized by a steady reduction in the proportion of total liabilities and a corresponding increase in shareholders' equity. Total liabilities decreased from 46.89% to 27.56% of the total balance sheet, while shareholders' equity rose from 53.11% to 72.44% over the same period.

Liability Trends
A substantial contraction in long-term liabilities is evident, falling from 27.55% in 2019 to 8.63% in 2023. This decline is primarily driven by the reduction and eventual elimination of long-term debt, which shifted from 14.16% in 2019 to negligible levels by 2022. In contrast, current liabilities remained relatively stable, fluctuating within a narrow range between 18.93% and 21.31%.
Equity Composition and Profitability
The most prominent change within the equity section is the reversal of retained earnings from an accumulated deficit of -8.68% in 2019 to a positive 20.26% in 2023, indicating a period of sustained profitability and internal capital accumulation. Additional paid-in capital remained a primary funding source, although its relative weight decreased from 61.72% to 52.41% as retained earnings grew.
Operational Obligations
Current operating liabilities show mixed trends. Accounts payable increased to 5.17% in 2023 after hovering between 3.66% and 4.54% in previous years. Accrued employees' compensation and withholdings remained consistent, averaging approximately 6% of the total structure. Deferred revenue and customer advances showed a gradual decline, moving from 3.76% in 2019 to 2.86% in 2023.
Other Long-term Obligations
Non-debt long-term liabilities experienced various trajectories. Long-term income taxes payable decreased from 2.97% to 1.27%, while long-term operating lease liabilities showed a slight increase from 1.65% in 2019 to 1.87% in 2023. Deferred tax liabilities effectively disappeared as a percentage of the balance sheet, dropping from 0.50% to 0.01%.

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