Company: TTMI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024839
Chunk: 159

Company: TTM TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 159
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 as necessary.The fair value of the long-term debt was estimated based on quoted market prices or discounting the debt over its life using current market rates for similar debt as of December 30, 2024 and January 1, 2024, which are considered Level 2 inputs.The fair value of plan assets in the defined benefit plan of $23,297 and $23,249 as of December 30, 2024 and January 1, 2024, respectively, were 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 30, 2024 and January 1, 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.

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

The majority of the Company’s non-financial assets and liabilities, which include goodwill, intangible assets, inventories, and property, plant, and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or are tested at least annually in the case of goodwill) such that a non-financial instrument is required to be evaluated for impairment, based upon a comparison of the non-financial instrument’s fair value to its carrying value, an impairment is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value.As of December 30, 2024 and January 1, 2024, the Company’s goodwill balance related to its RF&S Components reporting unit of $31,300 and $63,900, respectively, was measured at fair value on a nonrecurring basis. The Company recorded a non-cash goodwill impairment charge of $32,600 and $44,100 related to its RF&S Components reporting unit during the years ended December 30, 2024 and January 1, 2024, respectively. The fair value of goodwill was determined using both a DCF and a market approach, which are considered Level 3 inputs. The Company used risk adjusted discount rate of 12% to discount the expected future cash flows in both 2024 and 2023. There was no impairment of long-lived assets recognized for the years ended December 30, 2024,