Company: TTMI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000950170-25-063937
Chunk: 11

Company: TTM TECHNOLOGIES INC
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 3
Chunk 11
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 During the quarters ended March 31, 2025 and April 1, 2024, the interest rate swap decreased interest expense by $0.5 million and $1.2 million, respectively.

See Liquidity and Capital Resources and Long-term Debt and Letters of Credit appearing in Part I, Item 2 of this Quarterly Report on Form 10-Q for further discussion of our financing facilities and capital structure. As of March 31, 2025, approximately 81.1% of our total debt was based on fixed rates. Based on our borrowings as of March 31, 2025, an assumed 100 basis point change in variable rates would cause our annual interest cost to change by $1.7 million.

Foreign Currency Exchange Rate Risks 

In the normal course of business, we are exposed to risks associated with fluctuations in foreign currency exchange rates related to transactions that are denominated in currencies other than our functional currencies, as well as the effects of translating amounts denominated in a foreign currency to the U.S. Dollar as a normal part of our financial reporting process. Most of our foreign operations have the U.S. Dollar as their functional currency. However, one of our China facilities utilizes the Renminbi (RMB), which results in recognition of translation adjustments included as a component of other comprehensive income. Our foreign exchange exposure results primarily from employee-related and other costs of running our operations in foreign countries, foreign currency denominated purchases, and translation of balance sheet accounts denominated in foreign currencies. We do not engage in hedging to manage this foreign currency risk. However, we may consider the use of derivatives in the future. Our primary foreign exchange exposure is to the RMB and Malaysian Ringgit (MYR).

Debt Instruments

The fiscal calendar maturities of our debt instruments for the next five years and thereafter were as follows:

     As of March 31, 2025

     Remaining2025

     2026

     2027

     2028

     2029

     Thereafter

     Total

     Fair Value

     WeightedAverageInterest Rate

     (In thousands)

     US$ Variable Rate (1)
      
     $
     2,599

     $
     3,465

     $
     4,331

     $
     83,465

     $
     2,599

     $
     328,309

     $
     424,768

     $
     426,278