Company: TTMI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024839
Chunk: 136

Company: TTM TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 136
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 invoiced when applicable contract terms, such as the achievement of specified milestones or product delivery, are met. Contract assets represent unbilled amounts for work performed to date and are transferred to receivables when the entitlement to payment becomes unconditional. As of December 30, 2024, total contract assets were $386,817, of which $381,382 are expected to be collected within one year and recorded as contract assets and $5,435 are expected to be collected after one year and included as a component of deposits and other non-current assets on the consolidated balance sheets. As of January 1, 2024, total contract assets were $303,307, of which $292,050 were expected to be collected within one year and recorded as contract assets and $11,257 were expected to be collected after one year and included as a component of deposits and other non-current assets on the consolidated balance sheets. The increase in total contract assets in 2024 is primarily due to an increase in unbilled receivables. In 2024, there were no material impairment losses on contract assets.A contract liability is recognized when the Company has received payment in advance for the future transfer of goods or services. The Company’s contract liabilities are reduced as the contract requirements are fulfilled. Contract liabilities were $170,915 and $126,508 as of December 30, 2024 and January 1, 2024, respectively, and represent customer advances for work yet to be performed. The contract liabilities increased by $44,407 due to timing of customer billings and/or payments. Revenue recognized for the year ended December 30, 2024 from amounts recorded as contract liabilities as of January 1, 2024 was $37,457.The Company has elected to account for shipping and handling activities as a fulfillment cost as permitted by the standard. All incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration.Disaggregated RevenueRevenue from products and services transferred to customers over time and at a point in time accounted for 96% and 4%, respectively, of the Company’s revenue in both 2024 and 2023. Revenue from products and services transferred to customers over time and at a point in time accounted for 97% and 3%, respectively, of the Company’s revenue in 2022.Disaggregated revenue by principal end markets within reportable segments was as follows for the periods shown: