| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||||||||||||||
| Quarter Ended | Nine Months Ended | ||||||||||||||||||
|
September 30,
2018 |
October 1,
2017 |
September 30,
2018 |
October 1,
2017 | ||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||
| Net income | $ | 119,981 | $ | 103,420 | $ | 307,991 | $ | 363,616 | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||
| Depreciation | 16,774 | 16,769 | 49,930 | 49,243 | |||||||||||||||
| Amortization | 12,732 | 9,901 | 32,909 | 32,313 | |||||||||||||||
| Stock-based compensation | 7,702 | 8,308 | 25,327 | 25,620 | |||||||||||||||
| Deferred taxes | 7,130 | 2,884 | 24,442 | (679 | ) | ||||||||||||||
| Provision for excess and obsolete inventory | 3,347 | 1,859 | 9,522 | 7,154 | |||||||||||||||
| Contingent consideration adjustment | (768 | ) | (286 | ) | (9,236 | ) | 1,847 | ||||||||||||
| Retirement plan actuarial losses | 267 | - | 196 | (2,504 | ) | ||||||||||||||
| Property insurance recovery | - | (4,309 | ) | - | (4,309 | ) | |||||||||||||
| Other | (652 | ) | 36 | 516 | 429 | ||||||||||||||
| Changes in operating assets and liabilities, net of businesses acquired: | |||||||||||||||||||
| Accounts receivable | 101,596 | 137,807 | (77,807 | ) | (75,623 | ) | |||||||||||||
| Inventories | (12,834 | ) | 31,919 | (34,117 | ) | 23,770 | |||||||||||||
| Prepayments and other assets | (30,360 | ) | 2,937 | (28,719 | ) | 7,362 | |||||||||||||
| Accounts payable and other accrued expenses | 24,279 | (27,778 | ) | 16,124 | 5,298 | ||||||||||||||
| Deferred revenue and customer advances | (695 | ) | 29,223 | 9,823 | 34,535 | ||||||||||||||
| Retirement plans contributions | (1,071 | ) | (2,875 | ) | (3,244 | ) | (4,858 | ) | |||||||||||
| Income taxes | (6,844 | ) | 15 | (33,152 | ) | 15,808 | |||||||||||||
| Net cash provided by operating activities | 240,584 | 309,830 | 290,505 | 479,022 | |||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||
| Purchases of property, plant and equipment | (25,606 | ) | (27,280 | ) | (88,269 | ) | (73,247 | ) | |||||||||||
| Proceeds from government subsidy for property, plant and equipment | 7,920 | - | 7,920 | - | |||||||||||||||
| Purchases of marketable securities | (162,450 | ) | (701,704 | ) | (809,521 | ) | (1,036,523 | ) | |||||||||||
| Proceeds from sales of marketable securities | 14,111 | 129,915 | 843,164 | 443,169 | |||||||||||||||
| Proceeds from maturities of marketable securities | 464,238 | 165,648 | 934,100 | 473,255 | |||||||||||||||
| Proceed from property insurance | - | 5,064 | - | 5,064 | |||||||||||||||
| Proceed from life insurance | 1,126 | - | 1,126 | - | |||||||||||||||
| Acquisition of businesses, net of cash acquired | 1,158 | - | (169,474 | ) | - | ||||||||||||||
| Net cash provided by (used for) investing activities | 300,497 | (428,357 | ) | 719,046 | (188,282 | ) | |||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||
| Issuance of common stock under stock purchase and stock option plans | 10,278 | 9,247 | 20,959 | 24,462 | |||||||||||||||
| Repurchase of common stock | (201,468 | ) | (57,493 | ) | (562,263 | ) | (151,821 | ) | |||||||||||
| Dividend payments | (16,638 | ) | (13,805 | ) | (51,320 | ) | (41,730 | ) | |||||||||||
| Payment related to net settlement of employee stock compensation awards | (90 | ) | (146 | ) | (19,841 | ) | (12,584 | ) | |||||||||||
| Payment of contingent consideration | - | - | (13,571 | ) | (1,050 | ) | |||||||||||||
| Net cash used for financing activities | (207,918 | ) | (62,197 | ) | (626,036 | ) | (182,723 | ) | |||||||||||
| Effects of exchange rate changes on cash and cash equivalents | 472 | 1,052 | 661 | 2,776 | |||||||||||||||
| Increase (decrease) in cash and cash equivalents | 333,635 | (179,672 | ) | 384,176 | 110,793 | ||||||||||||||
| Cash and cash equivalents at beginning of period | 480,384 | 598,349 | 429,843 | 307,884 | |||||||||||||||
| Cash and cash equivalents at end of period | $ | 814,019 | $ | 418,677 | $ | 814,019 | $ | 418,677 | |||||||||||
Teradyne Reports Third Quarter 2018 Results
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