Company: TTMI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024839
Chunk: 151

Company: TTM TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 151
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 Company's application for an incentive was approved. The incentive provided by MIDA is for a special tax rate of 0% for three, five-year periods (totaling 15 years) as long as the Malaysian operations meet specific requirements outlined in the notice. Starting in 2024, the Company's Malaysian operations will be subject to a 0% tax rate (absent any applicable impact from the global minimum tax of 15% under the Organization for Economic Co-operation and Development’s (OECD) Pillar Two). No tax benefit was recognized for the year ended December 30, 2024.A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of accrued interest and penalties, were as follows: 

        For the Year Ended

        December 30, 2024

        January 1, 2024

        January 2, 2023

        (In thousands)

        Balance at beginning of year
         
        $
        10,363

        $
        9,778

        $
        9,442

        Additions based on tax positions related to the current year

        1,220

        934

        820

        Additions for tax positions of prior years

        —

        13

        —

        Reductions for tax positions of prior years

        (3
        )

        —

        (72
        )

        Lapse of statute of limitations

        (941
        )

        (362
        )

        (412
        )

        Balance at end of year
         
        $
        10,639

        $
        10,363

        $
        9,778

84

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

During the year ended December 30, 2024, the Company increased uncertain tax positions by $276 due to U.S. R&D credit generation in 2024, offset by the release of uncertain tax positions due to the statute of limitations expiration.As of December 30, 2024 and January 1, 2024, the Company recorded unrecognized tax benefits of $446 and $449, respectively, as well as interest and penalties of $475 and $434, respectively, to other current liabilities and other long-term liabilities. The Company has also recorded unrecognized tax benefits of $10,193 and $9,914 against certain deferred tax assets as of December 30, 2024 and January 1