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.

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).

The analysis of the financial data over the five-year period indicates several patterns and trends across various asset categories.

Cash and Cash Equivalents: Cash and cash equivalents increased steadily from 2019 to 2021, reaching a peak in 2021. However, there was a significant decline in 2022 and a further decrease in 2023, suggesting reduced liquidity or increased usage of cash resources in recent years.
Marketable Securities (Current): Current marketable securities displayed high volatility, with a substantial increase in 2020 followed by a decline through 2021 and 2022, then a slight recovery in 2023. This indicates active management of short-term investments with fluctuations in allocation.
Accounts Receivable, Net: Accounts receivable increased noticeably from 2019 to 2021, reflecting rising sales or extended credit terms. There was a decrease in 2022 and 2023, which may indicate improved collections or reduced sales volume.
Inventories, Net: Inventories grew steadily from 2019 through 2022, peaking in 2022 before a slight reduction in 2023. This trend suggests increased stock levels possibly tied to supply chain strategies or demand forecasting efforts, with some inventory optimization in the final year.
Prepayments (Including Various Categories): Total prepayments increased significantly over the period, more than tripling from 2019 to 2023. This rise was driven mainly by contract manufacturer and supplier prepayments, which nearly quadrupled, indicating greater advance payments to suppliers or expansion of contractual commitments.
Other Current Assets: Other current assets experienced fluctuations with a decline from 2019 to 2020, stability through 2021, and a marked increase by 2023, highlighting an atypical build-up in miscellaneous current resources.
Current Assets Held for Sale: This category was introduced in 2023, reporting a value of 23,250, which may point to a strategic divestment of assets intended for disposal.
Total Current Assets: Total current assets increased robustly from 2019 to 2021, before contracting notably in 2022 and 2023. Despite this decrease, 2023 levels remained higher than 2019, indicating some moderation in short-term resource accumulation after earlier growth.
Property, Plant and Equipment, Net: Property, plant and equipment showed consistent growth annually, reflecting ongoing investment in fixed assets and capacity expansion.
Operating Lease Right-of-Use Assets: These assets declined slightly in 2020, then increased through 2022, followed by a minor decrease in 2023, indicating some variability in leased asset recognition and utilization.
Marketable Securities (Long-term): The long-term segment of marketable securities showed steady growth until 2021, followed by a decline in 2022 and a slight recovery in 2023, mirroring trends observed in current securities but with less volatility.
Deferred Tax Assets: Deferred tax assets grew substantially year-over-year, more than doubling from 2019 to 2023, suggesting increasing temporary differences or tax loss carryforwards recognized over the period.
Retirement Plans Assets: Retirement plans assets decreased gradually each year, which might indicate benefit payments exceeding contributions or changes in plan valuations.
Other Assets: Other assets rose moderately over the period, more than tripling from 2019 to 2023, reflecting an increase in miscellaneous long-term resources or investments.
Acquired Intangible Assets, Net: There was a marked annual decline in acquired intangible assets, dropping by over 70% from 2019 to 2023, consistent with amortization or impairment activities.
Goodwill: Goodwill values fluctuated moderately, peaking in 2020, declining until 2022, and slightly increasing in 2023, which may result from acquisitions, disposals, or revaluations.
Long-Term Assets Held for Sale: Introduced in 2023 with a value of 11,531, this indicates potential plans to divest long-term assets.
Total Long-Term Assets: Long-term assets showed moderate growth from 2019 through 2023, consistent with the trends in property, plant, equipment, deferred tax assets, and other asset categories.
Total Assets: Total assets expanded significantly from 2019 to 2021, reflecting strong asset accumulation. However, a decline occurred in 2022 and 2023, driven primarily by reductions in current assets, while long-term assets remained relatively stable or expanded slightly.

Assets: Selected Items

Download chart

Current Assets: Selected Items

Download chart

Teradyne Inc. (NASDAQ:TER)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items