Company: TTMI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024839
Chunk: 142

Company: TTM TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 142
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 accounted for approximately 11%, 13%, and 10% of the Company’s net sales for the years ended December 30, 2024, January 1, 2024, and January 2, 2023, respectively.

74

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

(4)LeasesThe Company leases some of its manufacturing and assembly plants, sales offices, and equipment under non-cancellable operating leases and finance leases that expire at various dates through 2043. The majority of the Company’s lease arrangements are comprised of fixed payments, and certain leases consist of variable payments based on equipment usage. These variable payments are not included in the measurement of the ROU asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Certain leases contain renewal provisions at the Company’s option. Most of the leases require the Company to pay for certain other costs such as property taxes and maintenance. Certain leases also contain rent escalation clauses (step rents) that require additional rental amounts in the later years of the term. Rent expense for leases with step rents is recognized on a straight-line basis over the minimum lease term. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.The components of lease expense were as follows: 

        For the Year Ended

        December 30, 2024

        January 1, 2024

        January 2, 2023

        (In thousands)

        Operating lease cost
         
        $
        14,933

        $
        9,527

        $
        7,751

        Variable lease cost

        1,055

        930

        1,140

        Short-term lease cost

        409

        311

        708

        Finance lease costs:

        Amortization of right-of-use assets

        1,372

        1,374

        1,374

        Interest on lease liabilities

        354

        373

        392

      Supplemental cash flow information related to leases was as follows: 

        For the Year Ended

        December 30, 2024

        January 1, 2024

        January 2, 2023

        (In thousands)

        Cash paid for amounts included in the measurement of lease liabilities:

        Operating cash flows for operating leases
         
        $