Company: TTMI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024839
Chunk: 150

Company: TTM TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 150
---
895
        )

        —

        Other deferred income tax liabilities

        (465
        )

        (5,149
        )

        Net deferred income tax liabilities (included in other   long-term liabilities and deposits and other non-current assets)
         
        $
        (40,419
        )
         
        $
        (42,141
        )
       
       As of December 30, 2024, the Company had the following net operating loss (NOLs) carryforwards: $78,492 in the U.S. for federal, $24,132 in various U.S. states, $33,344 in China, $23,582 in Hong Kong, and $26,008 in Malaysia. The U.S. federal NOLs expire in 2029 through 2032, the various U.S. states’ NOLs expire in 2025 through 2044, the China NOLs expire in 2029 through 2034, and the Hong Kong and Malaysia NOLs carryforward indefinitely. Further, the Company’s tax credits were approximately $43,752, of which $5,849 carryforward indefinitely.

83

TTM TECHNOLOGIES, INC. Notes to Consolidated Financial Statements — (Continued)

In connection with the Company’s acquisition of Viasystems during 2015, there was more than a 50% change in ownership under Section 382 of the Internal Revenue Code of 1986, as amended, and regulations issued there under. As a consequence, the utilization of the remaining Viasystems U.S. NOLs is limited to approximately $9,826 per year and total $78,492.A valuation allowance is provided when it is more likely than not that all or some portion of the deferred income tax assets will not be realized. The Company established a valuation allowance on its U.S. net deferred tax assets in the current year mainly due to cumulative book losses in the U.S. In addition, certain subsidiaries in various tax jurisdictions continue to have NOL carryforwards, which the Company has determined are not more likely than not to be utilized. As a result, a full valuation allowance has been recorded for these subsidiaries as of December 30, 2024. For the remaining net deferred income tax assets, management has determined that it is more likely than not that the results of future operations will generate sufficient income to realize the net deferred tax assets.A summary of the activity in the Company’s valuation allowance was as follows: