TTM TECHNOLOGIES INC Goodwill & Intangibles Disclosure
Goodwill
In connection with the Company’s assessment of its operating segments, effective during the quarter ended June 30, 2025, the Company determined that its operating segments were also its reporting units and reallocated its PCB goodwill between A&D and Commercial based on the estimated relative fair values of the reporting units. In connection with the reallocation of goodwill, management performed a goodwill impairment assessment for each segment and concluded no impairment indicators existed as of June 30, 2025.
Goodwill by reportable segment was as follows:
|
|
A&D |
|
|
Commercial |
|
|
RF&S Components |
|
|
Total |
|
||||
|
|
(In thousands) |
|
|||||||||||||
As of December 29, 2025 and December 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Goodwill |
|
$ |
256,199 |
|
|
$ |
382,636 |
|
|
$ |
177,200 |
|
|
$ |
816,035 |
|
Accumulated impairment losses |
|
|
— |
|
|
|
— |
|
|
|
(145,900 |
) |
|
|
(145,900 |
) |
Carrying amount |
|
$ |
256,199 |
|
|
$ |
382,636 |
|
|
$ |
31,300 |
|
|
$ |
670,135 |
|
In the fourth quarter of 2025, the Company performed its annual goodwill impairment test qualitatively and concluded that it was more likely than not that there was no impairment to goodwill.
Definite-lived Intangibles
The components of definite-lived intangibles were as follows:
|
|
Gross |
|
|
Accumulated |
|
|
Net |
|
|
Weighted |
|
||||
|
|
(In thousands) |
|
|
(In years) |
|
||||||||||
As of December 29, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Customer relationships |
|
$ |
323,500 |
|
|
$ |
(189,264 |
) |
|
$ |
134,236 |
|
|
|
11.8 |
|
Technology |
|
|
66,650 |
|
|
|
(45,964 |
) |
|
|
20,686 |
|
|
|
8.2 |
|
Total |
|
$ |
390,150 |
|
|
$ |
(235,228 |
) |
|
$ |
154,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
As of December 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Customer relationships |
|
$ |
323,500 |
|
|
$ |
(161,710 |
) |
|
$ |
161,790 |
|
|
|
11.8 |
|
Technology |
|
|
66,650 |
|
|
|
(36,621 |
) |
|
|
30,029 |
|
|
|
8.2 |
|
Total |
|
$ |
390,150 |
|
|
$ |
(198,331 |
) |
|
$ |
191,819 |
|
|
|
|
|
Amortization expense was $36,897, $44,892, and $61,576 for the years ended December 29, 2025, December 30, 2024, and January 1, 2024, respectively. For the years ended December 29, 2025, December 30, 2024, and January 1, 2024, $9,343, $9,342, and $12,901, respectively, of amortization expense was included in cost of goods sold.
In connection with the finalization of acquired identifiable intangible asset valuation during the second quarter of 2023 related to the Company's acquisition in 2022 of Telephonics, the Company recorded amortization expense of $24,877 related to the acquired identifiable intangible assets during the year ended January 1, 2024. For the year ended January 1, 2024, $8,850 of amortization expense related to the acquired identifiable intangible assets was included in cost of goods sold.
Estimated aggregate amortization for definite-lived intangible assets for the next five years and thereafter is as follows:
|
|
(In thousands) |
|
|
2026 |
|
$ |
36,897 |
|
2027 |
|
|
34,543 |
|
2028 |
|
|
30,997 |
|
2029 |
|
|
22,355 |
|
2030 |
|
|
18,178 |
|
Thereafter |
|
|
11,952 |
|
Total |
|
$ |
154,922 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 27, 2024 | |
| 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 Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.