Name: Teradyne Inc. (NASDAQ:TER) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Teradyne Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash and cash equivalents	757,571)	854,773)	1,122,199)	914,121)	773,924)
Marketable securities	62,154)	39,612)	244,231)	522,280)	137,303)
Accounts receivable, less allowance for credit losses	422,124)	491,145)	550,749)	497,506)	362,368)
Inventories, net	309,974)	325,019)	243,330)	222,189)	196,691)
Contract manufacturer and supplier prepayments	502,257)	491,105)	364,478)	212,286)	143,392)
Prepaid maintenance and other services	17,592)	14,545)	13,660)	13,116)	8,503)
Prepaid taxes	16,083)	18,625)	15,090)	9,361)	8,046)
Other prepayments	13,038)	8,687)	13,038)	15,329)	16,753)
Prepayments	548,970)	532,962)	406,266)	250,092)	176,694)
Other current assets	37,992)	14,404)	9,452)	9,246)	11,904)
Current assets held for sale	23,250)	—)	—)	—)	—)
Current assets	2,162,035)	2,257,915)	2,576,227)	2,415,434)	1,658,884)
Property, plant and equipment, net	445,492)	418,683)	387,240)	394,800)	320,216)
Operating lease right-of-use assets, net	73,417)	73,734)	68,807)	54,569)	57,539)
Marketable securities	117,434)	110,777)	133,858)	117,980)	104,490)
Deferred tax assets	175,775)	142,784)	102,428)	87,913)	75,185)
Retirement plans assets	11,504)	11,761)	15,110)	17,468)	18,457)
Other assets	38,580)	28,925)	24,096)	9,384)	10,332)
Acquired intangible assets, net	35,404)	53,478)	75,635)	100,939)	125,480)
Goodwill	415,652)	403,195)	426,024)	453,859)	416,431)
Long-term assets held for sale	11,531)	—)	—)	—)	—)
Long-term assets	1,324,789)	1,243,337)	1,233,198)	1,236,912)	1,128,130)
Total assets	3,486,824)	3,501,252)	3,809,425)	3,652,346)	2,787,014)

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).

Total assets exhibited a period of growth between 2019 and 2021, peaking at approximately $3.81 billion before moderating to $3.49 billion by the end of 2023. This trajectory suggests an initial expansion in the asset base followed by a phase of consolidation and shifts in liquidity management.

Liquidity and Cash Management: A fluctuating trend is observed in highly liquid assets. Cash and cash equivalents reached a peak of $1.12 billion in 2021 but declined to $757.6 million by 2023. Similarly, short-term marketable securities experienced significant volatility, peaking in 2020 at $522.3 million before dropping to $62.2 million by 2023. This indicates a reduction in immediate cash reserves and a shift in the short-term investment strategy.
Working Capital and Operational Assets: There is a pronounced upward trend in prepayments, specifically those directed toward contract manufacturers and suppliers, which grew from $143.4 million in 2019 to $502.3 million in 2023. Total prepayments more than tripled over the five-year period. Inventories also increased from 2019 levels, peaking in 2022 at $325.0 million. Accounts receivable peaked in 2021 at $550.7 million before trending downward to $422.1 million in 2023, suggesting a tightening of credit or improved collection cycles in recent years.
Fixed and Long-Term Asset Composition: Property, plant, and equipment (net) demonstrated consistent growth, increasing from $320.2 million in 2019 to $445.5 million in 2023, reflecting ongoing investment in physical infrastructure. Conversely, acquired intangible assets showed a steady downward trend, falling from $125.5 million to $35.4 million, which is consistent with regular amortization. Goodwill remained relatively stable, fluctuating between $403.2 million and $453.9 million throughout the period.
Other Long-Term Financial Trends: A significant increase is observed in deferred tax assets, which grew from $75.2 million in 2019 to $175.8 million in 2023. Additionally, the emergence of assets held for sale in 2023, totaling $34.8 million across current and long-term categories, indicates a strategic move toward divesting certain business segments or assets.

Overall, the asset structure has transitioned from a high-cash position toward increased operational commitments, as evidenced by the surge in supplier prepayments and the steady growth of fixed assets, while simultaneously reducing the book value of intangible assets.

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