TTM TECHNOLOGIES INC Fair Value Disclosure
The carrying amount and estimated fair value of the Company’s financial instruments were as follows:
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As of December 29, 2025 |
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As of December 30, 2024 |
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Carrying Amount |
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Fair Value |
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Carrying Amount |
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Fair Value |
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(In thousands) |
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$ |
5,212 |
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|
$ |
5,212 |
|
|
$ |
1,765 |
|
|
$ |
1,765 |
|
|
|
|
— |
|
|
|
— |
|
|
|
1,326 |
|
|
|
1,326 |
|
|
|
|
31 |
|
|
|
31 |
|
|
|
667 |
|
|
|
667 |
|
|
|
|
382 |
|
|
|
382 |
|
|
|
— |
|
|
|
— |
|
|
Senior Notes due March 2029 |
|
|
497,392 |
|
|
|
488,325 |
|
|
|
496,638 |
|
|
|
464,325 |
|
Term Loan due May 2030 |
|
|
336,778 |
|
|
|
345,806 |
|
|
|
339,205 |
|
|
|
346,930 |
|
ABL Revolving Loans |
|
|
80,000 |
|
|
|
80,000 |
|
|
|
80,000 |
|
|
|
80,000 |
|
Other loan |
|
|
1,981 |
|
|
|
1,981 |
|
|
|
2,311 |
|
|
|
2,311 |
|
The fair value of the derivative instruments was determined using pricing models developed based on the 1-month CME Term SOFR swap rate, foreign currency exchange rates, and other observable market data, including quoted market prices, as appropriate using Level 2 inputs. The values were adjusted to reflect non-performance risk of both the counterparty and the Company, as necessary.
The fair value of the long-term debt was estimated based on quoted market prices, where available, as of December 29, 2025 and December 30, 2024, which are considered Level 2 inputs.
The fair value of plan assets in the defined benefit plan of $23,229 and $23,297 as of December 29, 2025 and December 30, 2024, respectively, was not included in the table above and was estimated based on quoted market prices of the securities that are actively traded and price quotes that are readily available, which are considered Level 1 inputs.
As of December 29, 2025 and December 30, 2024, the Company’s other financial instruments included cash and cash equivalents, accounts receivable, contract assets, accounts payable, and contract liabilities. The carrying amount of these instruments approximates fair value.
As of December 30, 2024, the Company’s goodwill balance related to its RF&S Components reporting unit of $31,300 was measured at fair value on a nonrecurring basis. The Company recorded a non-cash goodwill impairment charge of $32,600 related to its RF&S Components reporting unit during the year ended December 30, 2024. The fair value of goodwill was determined using both a DCF and a market approach, which are considered Level 3 inputs. The Company used a risk adjusted discount rate of 12% to discount the expected future cash flows in 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Mar 3, 2023 | |
| 2022 | Mar 1, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 24, 2017 | |
| 2015 | Feb 25, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.