Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 02, 2018 | May 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 2, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TTMI | |
Entity Registrant Name | TTM TECHNOLOGIES INC | |
Entity Central Index Key | 1,116,942 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 103,445,382 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) | Apr. 02, 2018 | Jan. 01, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 352,576,000 | $ 409,326,000 |
Accounts receivable, net | 504,914,000 | 483,903,000 |
Contract assets | 275,022,000 | 0 |
Inventories | 82,116,000 | 294,588,000 |
Prepaid expenses and other current assets | 32,966,000 | 33,490,000 |
Total current assets | 1,247,594,000 | 1,221,307,000 |
Property, plant and equipment, net | 1,039,751,000 | 1,056,845,000 |
Goodwill | 372,571,000 | 372,571,000 |
Definite-lived intangibles, net | 97,088,000 | 102,950,000 |
Deposits and other non-current assets | 29,345,000 | 28,209,000 |
Assets, Total | 2,786,349,000 | 2,781,882,000 |
Current liabilities: | ||
Short-term debt, including current portion of long-term debt | 4,616,000 | 4,578,000 |
Accounts payable | 487,818,000 | 497,455,000 |
Accrued salaries, wages and benefits | 82,932,000 | 103,638,000 |
Other accrued expenses | 102,162,000 | 114,685,000 |
Total current liabilities | 677,528,000 | 720,356,000 |
Long-term debt, net of discount and issuance costs | 977,413,000 | 975,479,000 |
Other long-term liabilities | 77,078,000 | 74,667,000 |
Total long-term liabilities | 1,054,491,000 | 1,050,146,000 |
Commitments and contingencies (Note 11) | ||
Equity: | ||
Common stock, $0.001 par value; 300,000 shares authorized, 103,445 and 101,820 shares issued and outstanding in 2018 and 2017, respectively | 103,000 | 102,000 |
Additional paid-in capital | 780,646,000 | 777,025,000 |
Retained earnings | 232,013,000 | 193,342,000 |
Statutory surplus reserve | 37,508,000 | 37,508,000 |
Accumulated other comprehensive income | 4,060,000 | 3,403,000 |
Total TTM Technologies, Inc. stockholders’ equity | 1,054,330,000 | 1,011,380,000 |
Liabilities and Equity, Total | $ 2,786,349,000 | $ 2,781,882,000 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Apr. 02, 2018 | Jan. 01, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000 | 300,000 |
Common stock, shares issued | 103,445 | 101,820 |
Common stock, shares outstanding | 103,445 | 101,820 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 663,582 | $ 625,247 |
Cost of goods sold | 574,904 | 520,228 |
Gross profit | 88,678 | 105,019 |
Operating expenses: | ||
Selling and marketing | 17,628 | 16,655 |
General and administrative | 35,188 | 29,882 |
Amortization of definite-lived intangibles | 5,861 | 5,912 |
Total operating expenses | 58,677 | 52,449 |
Operating income | 30,001 | 52,570 |
Other income (expense): | ||
Interest expense | (13,747) | (13,596) |
Other, net | (1,107) | (1,710) |
Total other expense, net | (14,854) | (15,306) |
Income before income taxes | 15,147 | 37,264 |
Income tax provision | (5,050) | (4,139) |
Net income | 10,097 | 33,125 |
Less: Net income attributable to the noncontrolling interest | (166) | |
Net income attributable to TTM Technologies, Inc. stockholders | $ 10,097 | $ 32,959 |
Earnings per share attributable to TTM Technologies, Inc. stockholders: | ||
Basic earnings per share | $ 0.10 | $ 0.33 |
Diluted earnings per share | $ 0.09 | $ 0.28 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 10,097 | $ 33,125 |
Other comprehensive income: | ||
Foreign currency translation adjustments, net of tax | 622 | 6,619 |
Net unrealized gains (losses) on cash flow hedges: | ||
Unrealized (loss) gain on effective cash flow hedges during the period, net | (6) | 68 |
Loss realized in net earnings | 41 | 44 |
Net | 35 | 112 |
Other comprehensive income, net of tax | 657 | 6,731 |
Comprehensive income | 10,754 | 39,856 |
Less: Comprehensive income attributable to the noncontrolling interest | (166) | |
Comprehensive income attributable to TTM Technologies, Inc. stockholders | $ 10,754 | $ 39,690 |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 10,097 | $ 33,125 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property, plant and equipment | 39,775 | 36,077 |
Amortization of definite-lived intangible assets | 5,861 | 5,912 |
Amortization of debt discount and issuance costs | 3,029 | 2,601 |
Stock-based compensation | 3,622 | 3,628 |
Other | (439) | 394 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (12,840) | 13,448 |
Contract Assets | (14,368) | |
Inventories | (11,104) | (5,880) |
Prepaid expenses and other current assets | 1,015 | (3,582) |
Accounts payable | 8,657 | (9,475) |
Accrued salaries, wages and benefits and other accrued expenses | (47,566) | (26,664) |
Net cash (used in) provided by operating activities | (14,261) | 49,584 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment and equipment deposits | (42,192) | (33,259) |
Proceeds from sale of property, plant and equipment and assets held for sale | 53 | 9,881 |
Net cash used in investing activities | (42,139) | (23,378) |
Cash flows from financing activities: | ||
Repayment of long-term debt borrowing | (875) | |
Proceeds from exercise of stock options | 74 | |
Net cash (used in) provided by financing activities | (875) | 74 |
Effect of foreign currency exchange rates on cash and cash equivalents | 525 | 314 |
Net (decrease) increase in cash and cash equivalents | (56,750) | 26,594 |
Cash and cash equivalents at beginning of period | 409,326 | 256,277 |
Cash and cash equivalents at end of period | 352,576 | 282,871 |
Noncash transactions: | ||
Property, plant and equipment recorded in accounts payable | $ 65,927 | $ 44,560 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Apr. 02, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | (1) Nature of Operations and Basis of Presentation TTM Technologies, Inc. (the Company or TTM) is a leading global printed circuit board (PCB) manufacturer, focusing on quick-turn and volume production of technologically complex PCBs and electro-mechanical solutions (E-M Solutions). The Company provides time-to-market and volume production of advanced technology products and offers a one-stop manufacturing solution to customers from engineering support to prototype development through final mass production. This one-stop manufacturing solution enables the Company to align technology developments with the diverse needs of the Company’s customers and to enable them to reduce the time required to develop new products and bring them to market. The Company serves a diversified customer base in various markets throughout the world, including aerospace and defense, automotive components, smartphones and touchscreen tablets, high-end computing, medical, industrial and instrumentation related products, as well as networking/communications infrastructure products. The Company’s customers include both original equipment manufacturers (OEMs) and electronic manufacturing services (EMS) providers. The accompanying consolidated condensed financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. These consolidated condensed financial statements reflect all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position, the results of operations and cash flows of the Company for the periods presented. It is suggested that these consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s most recent Annual Report on Form 10-K. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated condensed financial statements and accompanying notes. Actual results could differ materially from those estimates. The Company uses a 13-week fiscal quarter accounting period with the fourth quarter ending on the Monday nearest December 31. Recently Adopted and Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ( Revenue from Contracts with Customers (Topic 606) The Company assessed the new guidance and adopted the new revenue standard on January 2, 2018, which resulted in a change to the timing of revenue recognition for the Company’s revenue stream from “point in time” upon physical delivery to an “over time” model. Additionally, the Company has elected the cumulative effect transition method with adjustment to the opening balance of retained earnings at January 2, 2018 for all open contracts as of January 1, 2018. Therefore, comparative information has not been adjusted and continues to be reported under previous U.S. GAAP guidance for the consolidated balance sheet at January 1, 2018 and the consolidated condensed statement of operations for the quarter ended April 3, 2017. The cumulative effect of the changes made to the Company’s January 2, 2018 consolidated condensed balance sheet for the adoption of the new revenue standard were as follows: Balance at January 1, 2018 New Revenue Standard Adjustment Balance at January 2, 2018 (In thousands) Balance Sheet Assets Accounts receivable, net $ 483,903 $ 8,171 $ 492,074 Contract assets — 260,654 260,654 Inventories 294,588 (223,576 ) 71,012 Liabilities Other accrued expenses 114,685 13,384 128,069 Other long-term liabilities 74,667 3,291 77,958 Equity Retained earnings 193,342 28,574 221,916 As part of adoption of the new revenue standard, the Company recorded an estimated sales returns and allowance as well as a noncurrent deferred tax liability in the amount of $5,213 and $3,291, respectively, as of January 2, 2018. Additionally, the Company reclassified its sales returns and allowance balance of $8,171 as of January 1, 2018, from trade accounts receivable to other accrued liabilities. Sales returns and allowances are recorded as a reduction of revenue and a component of accrued liabilities on the condensed consolidated balance sheet. Additionally, the below disclosure summarizes the impact of the adoption of new revenue standard on the Company’s consolidated condensed balance sheet, statement of operations and statement of cash flows for the quarter ended April 2, 2018 for which the As Reported Balances without New Revenue Standard Adjustment April 2, 2018 As reported Effect of Change Increase (Decrease) Balances without New Revenue Standard Adjustment (In thousands) Balance Sheet Assets Accounts receivable, net $ 504,914 $ 8,171 $ 496,743 Contract assets 275,022 275,022 — Inventories 82,116 (235,557 ) 317,673 Liabilities Other accrued expenses 102,162 13,671 88,491 Other long-term liabilities 77,078 3,163 73,915 Equity Retained earnings 232,013 30,801 201,212 April 2, 2018 As reported Effect of Change Increase Balances without New Revenue Standard Adjustment (In thousands) Net sales $ 663,582 $ 14,081 $ 649,501 Cost of goods sold 574,904 11,981 562,923 Gross profit 88,678 2,100 86,578 Net income 10,097 2,227 7,870 April 2, 2018 As reported Effect of Change Increase (Decrease) Balances without New Revenue Standard Adjustment (In thousands) Cash flows from operating activities: Net income $ 10,097 $ 2,227 $ 7,870 Adjustments to reconcile net income to net cash used in operating activities: Other (439 ) (127 ) (312 ) Changes in operating assets and liabilities: Accounts receivable, net (12,840 ) — (12,840 ) Contract assets (14,368 ) (14,368 ) — Inventories (11,104 ) 11,981 (23,085 ) Accrued salaries, wages and benefits and other accrued expenses (47,566 ) 287 (47,853 ) In August 2017, the FASB issued ASU 2017- Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 02, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Revenue Recognition The Company derives revenues primarily from the sale of PCBs and custom electronic assemblies using customer-supplied engineering and design plans. Orders for products generally correspond to the production schedules of the Company’s customers and are supported with firm purchase orders. The Company’s customers have continuous transfer of control of the work in progress and finished goods as PCBs are being manufactured, as PCBs are built to customer specifications and do not have an alternative use. The customer typically controls the work in progress and finished goods as evidenced either by contractual termination clauses or by the Company’s rights to payment for work performed to date, plus a reasonable profit. As a result, in light of the Company’s adoption of the “over time” revenue standard as discussed in Note 1 Nature of Operations and Basis of Presentation─ Recently Adopted and Issued Accounting Standards , The selection of the method to measure progress toward completion requires judgment and is based on the type of PCB or customized electronic assemblies being manufactured. The Company uses the cost-to-cost method as it best depicts the transfer of control to the customer which takes place as we incur costs. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. The Company provides customers a limited right of return for defective PCBs and backplane assemblies. The Company accrues an estimate for sales returns and allowances progressively over time based on the extent of progress towards completion of the performance obligation using the Company’s judgment based on historical results and anticipated returns. To the extent actual experience varies from our historical experience, revisions to the sales returns and allowances accrual may be required. Sales returns and allowances are recorded as a reduction of revenue and included as a component of accrued liabilities on the condensed consolidated balance sheet. The Company has two revenue streams which coincide with the Company’s reportable segments of PCB and E-M Solutions. See Note 14 Segment Information. |
Contract Asset
Contract Asset | 3 Months Ended |
Apr. 02, 2018 | |
Contractors [Abstract] | |
Contract Asset | (3) Contract Asset A contract asset is recognized when the Company has recognized revenue, but not issued an invoice for payment. Contract assets are classified as current assets and transferred to receivables when the entitlement to payment becomes unconditional. All of the Company’s contract assets are generally converted to trade account receivables within 90 days, at which time the Company is entitled to payment of the fixed price upon delivery of the finished product. Contract assets were $275,022 as of April 2, 2108 and represent unbilled amounts for work performed to date, plus a reasonable profit. There were no contract assets as of January 1, 2018. |
Goodwill
Goodwill | 3 Months Ended |
Apr. 02, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | (4) Goodwill As of April 2, 2018 and January 1, 2018, goodwill was as follows: Total (In thousands) Balance as of January 1, 2018 and April 2, 2018 Goodwill $ 543,971 Accumulated impairment losses (171,400 ) $ 372,571 All goodwill relates to the Company’s PCB reportable segment. |
Definite-lived Intangibles
Definite-lived Intangibles | 3 Months Ended |
Apr. 02, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Definite-lived Intangibles | (5) Definite-lived Intangibles As of April 2, 2018 and January 1, 2018, the components of definite-lived intangibles were as follows: Gross Amount Accumulated Amortization Foreign Currency Translation Adjustment Net Carrying Amount Weighted Average Amortization Period (In thousands) (years) April 2, 2018 Customer relationships $ 203,634 $ (106,700 ) $ — $ 96,934 8.1 Technology 3,000 (2,846 ) — 154 3 $ 206,634 $ (109,546 ) $ — $ 97,088 January 1, 2018: Customer relationships $ 203,563 $ (101,089 ) $ 72 $ 102,546 8.1 Technology 3,000 (2,596 ) — 404 3 $ 206,563 $ (103,685 ) $ 72 $ 102,950 The January 1, 2018 definite-lived intangible balances include foreign currency translation adjustments related to foreign subsidiaries with functional currencies other than the U.S. Dollar. Definite-lived intangibles are generally amortized using the straight line method of amortization over the useful life, with the exception of certain customer relationship intangibles, which are amortized using an accelerated method of amortization based on estimated cash flows. Amortization expense was $5,861 and $5,912 for the quarters ended April 2, 2018 and April 3, 2017, respectively. Estimated aggregate amortization for definite-lived intangible assets for the next five years and thereafter is as follows: (In thousands) Remaining 2018 $ 17,001 2019 18,746 2020 18,746 2021 14,921 2022 12,329 Thereafter 15,345 $ 97,088 |
Long-term Debt and Letters of C
Long-term Debt and Letters of Credit | 3 Months Ended |
Apr. 02, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Letters of Credit | (6) Long-term Debt and Letters of Credit The following table summarizes the long-term debt of the Company as of April 2, 2018 and January 1, 2018: Interest Rate as of April 2, 2018 Principal Outstanding as of April 2, 2018 Interest Rate as of January 1, 2018 Principal Outstanding as of January 1, 2018 (In thousands) Term Loan due September 2024 4.38% $ 348,250 4.06% $ 349,125 Senior Notes due October 2025 5.63% 375,000 5.63% 375,000 Convertible Senior Notes due December 2020 1.75% 249,985 1.75% 249,985 U.S. ABL Revolving Loan due May 2020 3.13% 17,000 3.06% 17,000 Asia ABL Revolving Loan due May 2020 3.28% 30,000 2.96% 30,000 Capital Lease 6.43% 1,987 6.43% 1,919 1,022,222 1,023,029 Less: Long-term debt unamortized discount (28,225 ) (30,513 ) Long-term debt unamortized debt issuance costs (11,968 ) (12,459 ) 982,029 980,057 Less: current maturities (4,616 ) (4,578 ) Long-term debt, less current maturities $ 977,413 $ 975,479 Term Loan Facility During the fiscal year 2017, the Company entered into a $350,000 Term Loan Facility due 2024. The Term Loan Facility, of which $3,500 is included in short-term debt and $344,750 is included in long-term debt, was issued at a discount at 99.5% and bears interest, at the Company’s option, at a floating rate of LIBOR, plus an applicable interest margin of 2.5%, or an alternate base rate, (defined as the greater of the JP Morgan prime, the New York Fed bank rate plus 0.9% or LIBOR plus 1.0%), subject to a 1.0% floor plus an applicable margin of 1.5%. At April 2, 2018 the The Company is required to make scheduled payments of the outstanding Term Loan Facility on a quarterly basis beginning January 1, 2018. Based on certain parameters defined in the Term Loan Facility, including a First Lien Leverage Ratio, the Company may be required to make an additional principal payment on an annual basis beginning after fiscal year 2018, if the Company’s First Lien Leverage Ratio is greater than 2.0. Any additional annual payments or prepayments would reduce future required scheduled payments. Any remaining outstanding balance under the Term Loan Facility are due at the maturity date of September 28, 2024. Borrowings under the Term Loan Facility are subject to certain affirmative and negative covenants, including limitations on indebtedness, corporate transactions, investments and dispositions, and share payments. Senior Notes The $375,000 of Senior Notes, which is included in long-term debt, bear interest at a rate of 5.63% per annum. Interest is payable semiannually in arrears on April 1 and October 1 of each year beginning April 1, 2018. The Senior Notes will mature on October 1, 2025. Borrowings under the Senior Notes are subject to certain affirmative and negative covenants, including limitations on indebtedness, corporate transactions, investments, dispositions, and share payments. Convertible Senior Notes due 2020 The Company maintains 1.75% convertible senior notes in the amount of $249,985 due December 15, 2020. The convertible senior notes bear interest at a rate of 1.75% per annum. Interest is payable semiannually in arrears on June 15 and December 15 of each year. The convertible senior notes are senior unsecured obligations and rank equally to the Company’s future unsecured senior indebtedness and are senior in right of payment to any of the Company’s future subordinated indebtedness. As of April 2, 2018 and January 1, 2018, the following summarizes the equity components of the convertible senior notes included in additional paid-in capital: As of April 2, 2018 and January 1, 2018 Embedded conversion option — Convertible Senior Notes Embedded conversion option — Convertible Senior Notes Issuance Costs Total (in thousands) Convertible senior notes due 2020 $ 60,216 $ (1,916 ) $ 58,300 The components of interest expense resulting from the convertible senior notes for the quarters ended April 2, 2018 and April 3, 2017 Quarter Ended April 2, April 3, 2018 2017 (In thousands) Contractual coupon interest $ 1,094 $ 1,094 Amortization of debt discount $ 2,230 $ 2,091 Amortization of debt issuance costs $ 224 $ 209 Asset-Based Lending Agreements The Company maintains a $200,000 U.S. Asset-Based Lending Credit Agreement (U.S. ABL), and a $150,000 Asia Asset-Based Lending Credit Agreement (Asia ABL) (collectively the ABL Revolving Loans). The U.S. ABL consists of three tranches comprised of a revolving credit facility for up to $200,000, a letter of credit facility for up to $50,000, and swingline loans for up to $30,000, provided that at no time may amounts outstanding under the tranches exceed in aggregate $200,000 or the applicable borrowing base, which is a percentage of the principal amount of Eligible Accounts, as defined in the U.S. ABL agreement. Borrowings under the U.S. ABL bear interest at either a floating rate of LIBOR plus a margin of 125 basis points or JP Morgan Chase Bank’s prime rate plus a margin of 25 basis points, at the Company’s option. At April 2, 2018, the interest rate on the outstanding borrowings under the U.S. ABL was 3.13%. The applicable margin can vary based on the remaining availability of the facility, from 125 to 175 basis points for LIBOR-based loans and from 25 to 75 basis points for JP Morgan Chase Bank’s prime rate-based loans. Other than availability and an event of default, there are no other provisions for the interest margin to increase. The U.S. ABL will mature on May 31, 2020. Loans made under the U.S. ABL are secured first by all of the Company’s domestic cash, receivables and certain inventories as well as by a second position against a significant amount of the domestic assets of the Company and a pledge of 65% of the voting stock of the Company’s first tier foreign subsidiaries and are structurally senior to the Company’s Senior Notes and Convertible Senior Notes. See Senior Notes and Convertible Senior Notes above. At April 2, 2018, $17,000 of the U.S. ABL was outstanding and classified as long-term debt, which is consistent with its maturity date. The Asia ABL consists of two tranches comprised of a revolving credit facility for up to $150,000 and a letter of credit facility for up to $100,000, provided that at no time may amounts outstanding under both tranches exceed in aggregate $150,000 or the applicable borrowing base, which is a percentage of the principal amount of Eligible Accounts, as defined in the Asia ABL agreement. Borrowings under the Asia ABL bear interest at a floating rate of LIBOR plus 140 basis points. At April 2, 2018, the interest rate on the outstanding borrowings under the Asia ABL was 3.28%. There is no provision, other than an event of default, for the interest margin to increase. The Asia ABL will mature on May 22, 2020. Loans made under the Asia ABL are secured by a portion of the Company’s Asia Pacific cash and receivables and are structurally senior to the Company’s domestic obligations, including the Senior Notes and Convertible Senior Notes. See Senior Notes and Convertible Senior Notes above. At April 2, 2018, $30,000 of the Asia ABL was outstanding and classified as long-term debt, which is consistent with its maturity date. The Company has up to $50,000 and $100,000 Letters of Credit Facilities under the U.S. ABL and the Asia ABL, respectively. As of April 2, 2018, letters of credit in the amount of $7,252 were outstanding under the U.S. ABL and $26,976 were outstanding under the Asia ABL with various expiration dates through June 2019. Available borrowing capacity under the U.S. ABL and the Asia ABL was $175,748 and $93,024, respectively, which considers letters of credit outstanding at April 2, 2018. The Company is required to pay a commitment fee of 0.25% to 0.375% per annum on any unused portion of the U.S. ABL or Asia ABL. The Company incurred total commitment fees related to unused borrowing availability of $241 and $187 for the quarters ended April 2, 2018 and April 3, 2017 Other Credit Facility Additionally, the Company is party to a revolving loan credit facility (Chinese Revolver) with a lender in China. Under this arrangement, the lender has made available to the Company approximately $33,400 in unsecured borrowing with all terms of the borrowing to be negotiated at the time the Chinese Revolver is drawn upon. There are no commitment fees on the unused portion of the Chinese Revolver, and this arrangement expires in January 2019. As of April 2, 2018, the Chinese Revolver had not been drawn upon. Debt Issuance and Debt Discount As of April 2, 2018 As of April 2, 2018 As of January 1, 2018 Debt Issuance Costs Debt Discount Effective Interest Rate Debt Issuance Costs Debt Discount Effective Interest Rate (in thousands) Term Loan due September 2024 $ 2,695 $ 1,636 3.96 % $ 2,788 $ 1,691 3.96 % Senior Notes due October 2025 6,608 — 5.92 % 6,782 — 5.92 % Convertible Senior Notes 2,665 26,589 6.48 % 2,889 28,822 6.48 % $ 11,968 $ 28,225 $ 12,459 $ 30,513 The above debt discount and debt issuance costs are recorded as a reduction of the debt and are amortized into interest expense using an effective interest rate over the duration of the debt. Remaining unamortized debt issuance costs for the ABL Revolving Loans of $2,171 and $2,421 as of April 2, 2018 At April 2, 2018 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 02, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (7) Income Taxes The Company’s effective tax rate is impacted by tax rates in China and Hong Kong, the U.S. federal income tax rate, apportioned state income tax rates, generation of other credits and deductions available to the Company as well as changes in valuation allowances and certain non-deductible items. During the quarter ended April 2, 2018, the Company’s effective tax rate was impacted by a net discrete expense of $746 related to accrued interest expense on existing uncertain tax positions. Additionally, no tax benefit was recorded on the losses incurred in certain foreign jurisdictions as a result of corresponding increases in the valuation allowances in these jurisdictions. The Company expects its earnings attributable to foreign subsidiaries will be indefinitely reinvested outside of the U.S., except as noted below and, therefore, no deferred tax liabilities for U.S. income taxes on undistributed earnings are recorded. Foreign earnings from certain subsidiaries may be repatriated to the parent holding company located in the Cayman Islands, and therefore, a deferred tax liability has been recorded on the undistributed earnings of these subsidiaries. Effects of the Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act (Tax Act) was enacted. Accounting Standard Codification (ASC) 740, Accounting for Income Taxes Given the timing of enactment of the Tax Act and the significance of the legislation, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), which allows registrants to record provisional amounts during a one year “measurement period” similar to that used when accounting for business combinations. However, the measurement period should not extend beyond one year from the Tax Act enactment date and is deemed to have ended when the registrant has obtained, prepared and analyzed the information necessary to finalize its accounting. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. More specifically, SAB 118 summarizes a three-step process to be applied at each reporting period to account for and disclose the tax effects of the Tax Act. The steps are (1) to record the effects of the change in tax law for which accounting is complete; (2) to record provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but for which a reasonable estimate has been determined; and (3) where a reasonable estimate cannot yet be made, to continue to apply ASC 740 based on the tax law in effect prior to enactment of the Tax Act. Amounts recorded where accounting is complete for the year ended January 1, 2018 primarily relate to the reduction in the U.S. corporate income tax rate to 21 percent. The Company revalued its ending gross deferred tax items, previously recorded at 35 percent, using the enacted 21 percent corporate tax rate. This change caused a reduction to the Company’s U.S. federal deferred tax assets fully offset by a reduction of its valuation allowance. Effects of tax law changes where a reasonable estimate of the accounting effects cannot yet been made include the one-time mandatory repatriation transition tax on the net accumulated earnings and profits of the Company’s foreign subsidiaries earned post 1986. The Company has performed a preliminary earnings and profits analysis with consideration given to foreign loss carryforwards acquired as a result of the Company’s acquisitions and determined on a provisional basis that there should be no income tax effect in the current or any future period. The Company will continue to identify and evaluate data to more thoroughly identify the tax impact and record adjustments, if any, within the measurement period. The Company has determined that the following provisions that are effective January 1, 2018 and relevant to the Company will not impact the current quarter tax expense, primarily as a result of the full valuation allowance in the U.S.: limitations on certain entertainment expenses, the inclusion of commissions and performance based compensation in determining the excessive compensation limitation, limitation on the current deductibility of net interest expense in excess of 30 percent of adjusted taxable income, and a minimum tax on certain foreign earnings in excess of 10 percent of the foreign subsidiaries tangible assets (i.e., global intangible low-taxed income or GILTI). The Company is still evaluating whether to make a policy election to treat the GILTI tax as a period expense or to provide U.S. deferred taxes on foreign earnings that are expected to generate GILTI income when they reverse in future years. For the quarter ended April 2, 2018, the Company has not made any changes to its previously provisional estimate of the impact U.S. Tax Reform and the Company continues to analyze and model the impact and will record said impact as it becomes more certain. This includes the mandatory repatriation tax, indefinite criterion assertion on foreign earnings, and deferred taxes on foreign earnings expected to generate GILTI. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Apr. 02, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | (8) Accumulated Other Comprehensive Income The following provides a summary of the components of accumulated other comprehensive income as of April 2, 2018 and January 1, 2018: Foreign Currency Translation Gains (Losses) on Cash Flow Hedges Total (In thousands) Ending balance at January 1, 2018 $ 4,145 $ (742 ) $ 3,403 Other comprehensive income (loss) before reclassifications 622 (6 ) 616 Amounts reclassified from accumulated other comprehensive income — 41 41 Other comprehensive income 622 35 657 Ending balance at April 2, 2018 $ 4,767 $ (707 ) $ 4,060 For the quarters ended April 2, 2018 and April 3, 2017 |
Significant Customers and Conce
Significant Customers and Concentration of Credit Risk | 3 Months Ended |
Apr. 02, 2018 | |
Risks And Uncertainties [Abstract] | |
Significant Customers and Concentration of Credit Risk | (9) Significant Customers and Concentration of Credit Risk In the normal course of business, the Company extends credit to its customers. Most customers to which the Company extends credit are located outside the United States. The Company performs ongoing credit evaluations of customers, does not require collateral, and considers the credit risk profile of the entity from which the receivable is due in further evaluating collection risk. The Company’s customers include both OEMs and EMS companies. The Company’s OEM customers often direct a significant portion of their purchases through EMS companies. While the Company’s customers include both OEM and EMS providers, the Company measures customer concentration based on OEM companies, as they are the ultimate end customers. For both the quarters ended April 2, 2018 and April 3, 2017 April 3, 2017 |
Fair Value Measures
Fair Value Measures | 3 Months Ended |
Apr. 02, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measures | (10) Fair Value Measures The Company measures at fair value its financial and non-financial assets by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The carrying amount and estimated fair value of the Company’s financial instruments at April 2, 2018 and January 1, 2018 were as follows: April 2, 2018 January 1, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Term Loan due September 2024 $ 343,919 $ 349,556 $ 344,646 $ 346,943 Senior Notes due October 2025 368,392 374,130 368,218 384,769 Convertible Senior Notes 220,731 409,300 218,274 429,199 ABL Revolving Loans 47,000 47,000 47,000 47,000 Capital Lease 1,987 1,987 1,919 1,919 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 April 2, 2018 and January 1, 2018, which are considered Level 1 and Level 2 inputs. The fair value of the convertible senior notes was estimated based on quoted market prices of the securities on an active exchange, which are considered Level 1 and Level 2 inputs. As of April 2, 2018 and January 1, 2018, the Company’s other financial instruments also included cash and cash equivalents, accounts receivable, and accounts payable. Due to short-term maturities, the carrying amount of these instruments approximates fair value. The Company’s cash and cash equivalents at April 2, 2018 consisted of $187,748 held in the U.S., with the remaining $164,828 held by foreign subsidiaries. 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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 02, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (11) Commitments and Contingencies Legal Matters The Company is subject to various legal matters, which it considers normal for its business activities. While the Company currently believes that the amount of any reasonably possible loss for known matters would not be material to the Company’s financial condition, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate potential loss could have a material adverse effect on the Company’s financial condition or results of operations in a particular period. The Company has accrued amounts for its loss contingencies which are probable and estimable as of April 2, 2018 and January 1, 2018. However, these amounts are not material to the consolidated condensed financial statements of the Company. Environmental Matters The process to manufacture PCBs requires adherence to city, county, state, federal, and foreign environmental regulations regarding the storage, use, handling and disposal of chemicals, solid wastes and other hazardous materials, as well as compliance with air quality standards and chemical use reporting. The Company believes that its facilities in the United States and Canada comply in all material respects with applicable environmental laws and regulations. In China, governmental authorities have adopted new rules and regulations governing environmental issues. An update to the Chinese environmental waste water law was issued in late 2012, allowing for an interim period in which plants subject to such law may install equipment that meets the new regulatory regime. Some of the Company’s plants in China are not yet in full compliance with the updated environmental regulations. The Company has established and enacted an investment plan related to the efforts to come into full compliance with the new regulations. The 2018 capital expenditure costs expected for these plans are included in the Company’s capital expenditure projections. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 02, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (12) Earnings Per Share The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the quarters ended April 2, 2018 and April 3, 2017: Quarter Ended April 2, 2018 April 3, 2017 (In thousands, except per share amounts) Basic earnings: Basic earnings $ 10,097 $ 32,959 Diluted earnings: Net income attributable to TTM Technologies, Inc. stockholders $ 10,097 $ 32,959 Interest expense from convertible senior notes, net of tax — 3,394 Diluted earnings $ 10,097 $ 36,353 Basic weighted average shares 102,508 100,932 Dilutive effect of performance-based restricted stock units, restricted stock units and stock options 1,829 1,867 Dilutive effect of outstanding warrants 3,180 2,183 Dilutive effect of assumed conversion of convertible senior notes outstanding — 25,940 Diluted shares 107,517 130,922 Earnings per share attributable to TTM Technologies, Inc. stockholders: Basic $ 0.10 $ 0.33 Diluted $ 0.09 $ 0.28 For the quarters ended April 2, 2018 and For the quarter ended April 2, 2018 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 02, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | (13) Stock-Based Compensation Stock-based compensation expense is recognized in the accompanying consolidated condensed statements of operations as follows: Quarter Ended April 2, April 3, 2018 2017 (In thousands) Cost of goods sold $ 529 $ 394 Selling and marketing 374 253 General and administrative 2,719 2,981 Stock-based compensation expense recognized $ 3,622 $ 3,628 Performance-based Restricted Stock Units The Company maintains a long-term incentive program for executives that provides for the issuance of PRUs, representing hypothetical shares of the Company’s common stock that may be issued. Under the PRU program, a target number of PRUs is awarded at the beginning of each three-year performance period. The number of shares of common stock released at the end of the performance period will range from zero to 2.4 times the target number depending on performance during the period. The performance metrics of the PRU program are based on (a) annual financial targets, which are based on revenue and EBITDA (earnings before interest, tax, depreciation, and amortization expense), each equally weighted, and (b) an overall modifier based on the Company’s total stockholder return (TSR) relative to a group of peer companies selected by the Company’s compensation committee, over the three-year performance period. The Company records stock-based compensation expense for PRU awards granted based on management’s periodic assessment of the annual financial performance goals to be achieved. For the quarter ended April 2, 2018, management determined that vesting of the PRU awards was probable. PRUs activity for the quarter ended April 2, 2018 was as follows: Shares Weighted Average Fair Value (In thousands) Outstanding target shares at January 1, 2018 409 $ 16.39 Granted 331 19.60 Outstanding target shares at April 2, 2018 740 $ 17.83 The fair value for PRUs granted is calculated using a Monte Carlo simulation model, as the TSR modifier contains a market condition. For the quarters ended April 2, 2018 and April 3, 2017 the following assumptions were used in determining the fair value: April 2, April 3, 2018 (1) 2017 (2) Weighted-average fair value $ 19.60 $ 22.90 Risk-free interest rate 2.13 % 1.20 % Dividend yield — — Expected volatility 40 % 43 % Expected term in years 1.5 1.8 (1) Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2016, second year of the three-year performance period applicable to PRUs granted in 2017 and first year of the three-year performance period applicable to PRUs granted in 2018. (2) Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2015, second year of the three-year performance period applicable to PRUs granted in 2016 and first year of the three-year performance period applicable to PRUs granted in 2017. Restricted Stock Units The Company granted 830 and 946 RSUs during the quarters ended April 2, 2018 and April 3, 2017, respectively. The RSUs granted have a weighted-average fair value per unit of $15.29 and $15.78 for the quarters ended April 2, 2018 and April 3, 2017, respectively. The fair value for RSUs granted is based on the closing share price of the Company’s common stock on the date of grant. Stock Options The Company did not grant any stock option awards during the quarters ended April 2, 2018 and April 3, 2017. Summary of Unrecognized Compensation Costs The following is a summary of total unrecognized compensation costs as of April 2, 2018: Unrecognized Stock- Based Compensation Cost Remaining Weighted Average Recognition Period (In thousands) (In years) RSU awards $ 25,679 1.6 PRU awards 9,393 1.3 Stock options 86 1.7 $ 35,158 |
Segment Information
Segment Information | 3 Months Ended |
Apr. 02, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | (14) Segment Information The reportable segments reported below are the Company’s segments for which separate financial information is available and upon which operating results are evaluated by the chief operating decision maker to assess performance and to allocate resources. The Company has two reportable segments: PCB and E-M Solutions. The PCB reportable segment is comprised of multiple operating segments. Factors considered to determine whether operating segments can be aggregated into reportable segments included similarity regarding economic characteristics, products, production processes, type or classes of customers, distribution methods, and regulatory environments. The Company, including the chief operating decision maker, evaluates segment performance based on reportable segment income, which is operating income before amortization of intangibles. Interest expense and interest income are not presented by segment since they are not included in the measure of segment profitability reviewed by the chief operating decision maker. All inter-segment transactions have been eliminated. The inter-segment sales for the quarters ended April 2, 2018 and April 3, 2017, are sales primarily from the PCB to the E-M Solutions operating segment. For the Quarter Ended April 2, 2018 April 3, 2017 (In thousands) Net Sales: PCB $ 619,329 $ 586,695 E-M Solutions 47,151 41,669 Total sales 666,480 628,364 Inter-segment sales (2,898 ) (3,117 ) Total net sales $ 663,582 $ 625,247 Operating Segment Income (Loss): PCB $ 63,464 $ 82,256 E-M Solutions 40 (1,642 ) Corporate (27,642 ) (22,132 ) Total operating segment income 35,862 58,482 Amortization of definite-lived intangibles (5,861 ) (5,912 ) Total operating income 30,001 52,570 Total other expense (14,854 ) (15,306 ) Income before income taxes $ 15,147 $ 37,264 The Corporate category includes operating expenses that are not included in the segment operating performance measures. Corporate consists primarily of corporate governance functions such as finance, accounting, corporate sales, information technology, facilities, corporate operations and human resources personnel. Bank fees and legal, accounting, and other professional service costs associated with the acquisition of Anaren Holdings Corp. in the amount of $3,973 for the quarter ended April 2, 2018 are included in Corporate. See Note 16 Subsequent Event. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Apr. 02, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (15) Related Party Transactions In the normal course of business, the Company’s foreign subsidiaries purchase laminate and prepreg from related parties in which a significant shareholder of the Company holds an equity interest. For the quarters ended April 2, 2018 and April 3, 2017, the Company’s foreign subsidiaries purchased $12,708 and $13,540, respectively, of laminate and prepreg from these related parties. As of April 2, 2018 and January 1, 2018, the Company’s consolidated condensed balance sheets included $16,095 and $14,452, respectively, in accounts payable due to related parties primarily for purchases of laminate and prepreg and such balances are included as a component of accounts payable on the consolidated condensed balance sheets. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Apr. 02, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | (16) Subsequent Event On April 18, 2018, the Company completed its acquisition of all of the issued and outstanding common stock of Anaren Holding Corp. for total consideration of $775,000 in cash subject to customary working capital and certain other adjustments. Other than the equity interests of Anaren, Inc. (Anaren), Anaren Holding Corp. has no material assets or liabilities and has no material independent operations. Anaren is a leading provider of mission-critical radio frequency (RF) solutions, microelectronics, and microwave components and assemblies for the wireless infrastructure and space and defense electronics markets. Additionally, the Company closed its $600,000 commitment of incremental loans concurrent with the completion of its acquisition of Anaren. The Company used the proceeds of the incremental loan, along with cash on hand to fund the purchase price of the Anaren acquisition and to pay related fees and expenses. The acquisition will be accounted for using the acquisition method; however the accounting was incomplete at the time these financial statements were issued. As a result, the purchase price allocation and pro-forma income statement disclosures have not been provided. The first periodic report that will include results of operations for Anaren will be the Company’s Form 10-Q for the quarter ended July 2, 2018. |
Nature of Operations and Basi23
Nature of Operations and Basis of Presentation (Policies) | 3 Months Ended |
Apr. 02, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recently Adopted and Issued Accounting Standards | Recently Adopted and Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ( Revenue from Contracts with Customers (Topic 606) The Company assessed the new guidance and adopted the new revenue standard on January 2, 2018, which resulted in a change to the timing of revenue recognition for the Company’s revenue stream from “point in time” upon physical delivery to an “over time” model. Additionally, the Company has elected the cumulative effect transition method with adjustment to the opening balance of retained earnings at January 2, 2018 for all open contracts as of January 1, 2018. Therefore, comparative information has not been adjusted and continues to be reported under previous U.S. GAAP guidance for the consolidated balance sheet at January 1, 2018 and the consolidated condensed statement of operations for the quarter ended April 3, 2017. The cumulative effect of the changes made to the Company’s January 2, 2018 consolidated condensed balance sheet for the adoption of the new revenue standard were as follows: Balance at January 1, 2018 New Revenue Standard Adjustment Balance at January 2, 2018 (In thousands) Balance Sheet Assets Accounts receivable, net $ 483,903 $ 8,171 $ 492,074 Contract assets — 260,654 260,654 Inventories 294,588 (223,576 ) 71,012 Liabilities Other accrued expenses 114,685 13,384 128,069 Other long-term liabilities 74,667 3,291 77,958 Equity Retained earnings 193,342 28,574 221,916 As part of adoption of the new revenue standard, the Company recorded an estimated sales returns and allowance as well as a noncurrent deferred tax liability in the amount of $5,213 and $3,291, respectively, as of January 2, 2018. Additionally, the Company reclassified its sales returns and allowance balance of $8,171 as of January 1, 2018, from trade accounts receivable to other accrued liabilities. Sales returns and allowances are recorded as a reduction of revenue and a component of accrued liabilities on the condensed consolidated balance sheet. Additionally, the below disclosure summarizes the impact of the adoption of new revenue standard on the Company’s consolidated condensed balance sheet, statement of operations and statement of cash flows for the quarter ended April 2, 2018 for which the As Reported Balances without New Revenue Standard Adjustment April 2, 2018 As reported Effect of Change Increase (Decrease) Balances without New Revenue Standard Adjustment (In thousands) Balance Sheet Assets Accounts receivable, net $ 504,914 $ 8,171 $ 496,743 Contract assets 275,022 275,022 — Inventories 82,116 (235,557 ) 317,673 Liabilities Other accrued expenses 102,162 13,671 88,491 Other long-term liabilities 77,078 3,163 73,915 Equity Retained earnings 232,013 30,801 201,212 April 2, 2018 As reported Effect of Change Increase Balances without New Revenue Standard Adjustment (In thousands) Net sales $ 663,582 $ 14,081 $ 649,501 Cost of goods sold 574,904 11,981 562,923 Gross profit 88,678 2,100 86,578 Net income 10,097 2,227 7,870 April 2, 2018 As reported Effect of Change Increase (Decrease) Balances without New Revenue Standard Adjustment (In thousands) Cash flows from operating activities: Net income $ 10,097 $ 2,227 $ 7,870 Adjustments to reconcile net income to net cash used in operating activities: Other (439 ) (127 ) (312 ) Changes in operating assets and liabilities: Accounts receivable, net (12,840 ) — (12,840 ) Contract assets (14,368 ) (14,368 ) — Inventories (11,104 ) 11,981 (23,085 ) Accrued salaries, wages and benefits and other accrued expenses (47,566 ) 287 (47,853 ) In August 2017, the FASB issued ASU 2017- Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Revenue Recognition | Revenue Recognition The Company derives revenues primarily from the sale of PCBs and custom electronic assemblies using customer-supplied engineering and design plans. Orders for products generally correspond to the production schedules of the Company’s customers and are supported with firm purchase orders. The Company’s customers have continuous transfer of control of the work in progress and finished goods as PCBs are being manufactured, as PCBs are built to customer specifications and do not have an alternative use. The customer typically controls the work in progress and finished goods as evidenced either by contractual termination clauses or by the Company’s rights to payment for work performed to date, plus a reasonable profit. As a result, in light of the Company’s adoption of the “over time” revenue standard as discussed in Note 1 Nature of Operations and Basis of Presentation─ Recently Adopted and Issued Accounting Standards , The selection of the method to measure progress toward completion requires judgment and is based on the type of PCB or customized electronic assemblies being manufactured. The Company uses the cost-to-cost method as it best depicts the transfer of control to the customer which takes place as we incur costs. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. The Company provides customers a limited right of return for defective PCBs and backplane assemblies. The Company accrues an estimate for sales returns and allowances progressively over time based on the extent of progress towards completion of the performance obligation using the Company’s judgment based on historical results and anticipated returns. To the extent actual experience varies from our historical experience, revisions to the sales returns and allowances accrual may be required. Sales returns and allowances are recorded as a reduction of revenue and included as a component of accrued liabilities on the condensed consolidated balance sheet. The Company has two revenue streams which coincide with the Company’s reportable segments of PCB and E-M Solutions. See Note 14 Segment Information. |
Nature of Operations and Basi24
Nature of Operations and Basis of Presentation (Tables) | 3 Months Ended |
Apr. 02, 2018 | |
New Revenue Standard | |
Schedule of Cumulative Effect of Changes Made to Consolidated Condensed Balance Sheet, Statement of Operations and Statement of Cash Flows | The cumulative effect of the changes made to the Company’s January 2, 2018 consolidated condensed balance sheet for the adoption of the new revenue standard were as follows: Balance at January 1, 2018 New Revenue Standard Adjustment Balance at January 2, 2018 (In thousands) Balance Sheet Assets Accounts receivable, net $ 483,903 $ 8,171 $ 492,074 Contract assets — 260,654 260,654 Inventories 294,588 (223,576 ) 71,012 Liabilities Other accrued expenses 114,685 13,384 128,069 Other long-term liabilities 74,667 3,291 77,958 Equity Retained earnings 193,342 28,574 221,916 As part of adoption of the new revenue standard, the Company recorded an estimated sales returns and allowance as well as a noncurrent deferred tax liability in the amount of $5,213 and $3,291, respectively, as of January 2, 2018. Additionally, the Company reclassified its sales returns and allowance balance of $8,171 as of January 1, 2018, from trade accounts receivable to other accrued liabilities. Sales returns and allowances are recorded as a reduction of revenue and a component of accrued liabilities on the condensed consolidated balance sheet. Additionally, the below disclosure summarizes the impact of the adoption of new revenue standard on the Company’s consolidated condensed balance sheet, statement of operations and statement of cash flows for the quarter ended April 2, 2018 for which the As Reported Balances without New Revenue Standard Adjustment April 2, 2018 As reported Effect of Change Increase (Decrease) Balances without New Revenue Standard Adjustment (In thousands) Balance Sheet Assets Accounts receivable, net $ 504,914 $ 8,171 $ 496,743 Contract assets 275,022 275,022 — Inventories 82,116 (235,557 ) 317,673 Liabilities Other accrued expenses 102,162 13,671 88,491 Other long-term liabilities 77,078 3,163 73,915 Equity Retained earnings 232,013 30,801 201,212 April 2, 2018 As reported Effect of Change Increase Balances without New Revenue Standard Adjustment (In thousands) Net sales $ 663,582 $ 14,081 $ 649,501 Cost of goods sold 574,904 11,981 562,923 Gross profit 88,678 2,100 86,578 Net income 10,097 2,227 7,870 April 2, 2018 As reported Effect of Change Increase (Decrease) Balances without New Revenue Standard Adjustment (In thousands) Cash flows from operating activities: Net income $ 10,097 $ 2,227 $ 7,870 Adjustments to reconcile net income to net cash used in operating activities: Other (439 ) (127 ) (312 ) Changes in operating assets and liabilities: Accounts receivable, net (12,840 ) — (12,840 ) Contract assets (14,368 ) (14,368 ) — Inventories (11,104 ) 11,981 (23,085 ) Accrued salaries, wages and benefits and other accrued expenses (47,566 ) 287 (47,853 ) |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Apr. 02, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | As of April 2, 2018 and January 1, 2018, goodwill was as follows: Total (In thousands) Balance as of January 1, 2018 and April 2, 2018 Goodwill $ 543,971 Accumulated impairment losses (171,400 ) $ 372,571 |
Definite-lived Intangibles (Tab
Definite-lived Intangibles (Tables) | 3 Months Ended |
Apr. 02, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Definite Lived Intangibles | As of April 2, 2018 and January 1, 2018, the components of definite-lived intangibles were as follows: Gross Amount Accumulated Amortization Foreign Currency Translation Adjustment Net Carrying Amount Weighted Average Amortization Period (In thousands) (years) April 2, 2018 Customer relationships $ 203,634 $ (106,700 ) $ — $ 96,934 8.1 Technology 3,000 (2,846 ) — 154 3 $ 206,634 $ (109,546 ) $ — $ 97,088 January 1, 2018: Customer relationships $ 203,563 $ (101,089 ) $ 72 $ 102,546 8.1 Technology 3,000 (2,596 ) — 404 3 $ 206,563 $ (103,685 ) $ 72 $ 102,950 |
Estimated Aggregate Amortization for Definite-Lived Intangible Assets | Estimated aggregate amortization for definite-lived intangible assets for the next five years and thereafter is as follows: (In thousands) Remaining 2018 $ 17,001 2019 18,746 2020 18,746 2021 14,921 2022 12,329 Thereafter 15,345 $ 97,088 |
Long-term Debt and Letters of27
Long-term Debt and Letters of Credit (Tables) | 3 Months Ended |
Apr. 02, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | The following table summarizes the long-term debt of the Company as of April 2, 2018 and January 1, 2018: Interest Rate as of April 2, 2018 Principal Outstanding as of April 2, 2018 Interest Rate as of January 1, 2018 Principal Outstanding as of January 1, 2018 (In thousands) Term Loan due September 2024 4.38% $ 348,250 4.06% $ 349,125 Senior Notes due October 2025 5.63% 375,000 5.63% 375,000 Convertible Senior Notes due December 2020 1.75% 249,985 1.75% 249,985 U.S. ABL Revolving Loan due May 2020 3.13% 17,000 3.06% 17,000 Asia ABL Revolving Loan due May 2020 3.28% 30,000 2.96% 30,000 Capital Lease 6.43% 1,987 6.43% 1,919 1,022,222 1,023,029 Less: Long-term debt unamortized discount (28,225 ) (30,513 ) Long-term debt unamortized debt issuance costs (11,968 ) (12,459 ) 982,029 980,057 Less: current maturities (4,616 ) (4,578 ) Long-term debt, less current maturities $ 977,413 $ 975,479 |
Schedule of Liability and Equity Components of Convertible Senior Notes Included in Additional Paid-in Capital | As of April 2, 2018 and January 1, 2018, the following summarizes the equity components of the convertible senior notes included in additional paid-in capital: As of April 2, 2018 and January 1, 2018 Embedded conversion option — Convertible Senior Notes Embedded conversion option — Convertible Senior Notes Issuance Costs Total (in thousands) Convertible senior notes due 2020 $ 60,216 $ (1,916 ) $ 58,300 |
Components of Interest Expense from Convertible Senior Notes | The components of interest expense resulting from the convertible senior notes for the quarters ended April 2, 2018 and April 3, 2017 Quarter Ended April 2, April 3, 2018 2017 (In thousands) Contractual coupon interest $ 1,094 $ 1,094 Amortization of debt discount $ 2,230 $ 2,091 Amortization of debt issuance costs $ 224 $ 209 |
Schedule of Remaining Unamortized Debt Discount and Debt Issuance Costs | As of April 2, 2018 As of April 2, 2018 As of January 1, 2018 Debt Issuance Costs Debt Discount Effective Interest Rate Debt Issuance Costs Debt Discount Effective Interest Rate (in thousands) Term Loan due September 2024 $ 2,695 $ 1,636 3.96 % $ 2,788 $ 1,691 3.96 % Senior Notes due October 2025 6,608 — 5.92 % 6,782 — 5.92 % Convertible Senior Notes 2,665 26,589 6.48 % 2,889 28,822 6.48 % $ 11,968 $ 28,225 $ 12,459 $ 30,513 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Apr. 02, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following provides a summary of the components of accumulated other comprehensive income as of April 2, 2018 and January 1, 2018: Foreign Currency Translation Gains (Losses) on Cash Flow Hedges Total (In thousands) Ending balance at January 1, 2018 $ 4,145 $ (742 ) $ 3,403 Other comprehensive income (loss) before reclassifications 622 (6 ) 616 Amounts reclassified from accumulated other comprehensive income — 41 41 Other comprehensive income 622 35 657 Ending balance at April 2, 2018 $ 4,767 $ (707 ) $ 4,060 |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 3 Months Ended |
Apr. 02, 2018 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair value of the Company’s financial instruments at April 2, 2018 and January 1, 2018 were as follows: April 2, 2018 January 1, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Term Loan due September 2024 $ 343,919 $ 349,556 $ 344,646 $ 346,943 Senior Notes due October 2025 368,392 374,130 368,218 384,769 Convertible Senior Notes 220,731 409,300 218,274 429,199 ABL Revolving Loans 47,000 47,000 47,000 47,000 Capital Lease 1,987 1,987 1,919 1,919 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Apr. 02, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator Used to Calculate Basic Earnings (Loss) per Share and Diluted Earnings (Loss) per Share | The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the quarters ended April 2, 2018 and April 3, 2017: Quarter Ended April 2, 2018 April 3, 2017 (In thousands, except per share amounts) Basic earnings: Basic earnings $ 10,097 $ 32,959 Diluted earnings: Net income attributable to TTM Technologies, Inc. stockholders $ 10,097 $ 32,959 Interest expense from convertible senior notes, net of tax — 3,394 Diluted earnings $ 10,097 $ 36,353 Basic weighted average shares 102,508 100,932 Dilutive effect of performance-based restricted stock units, restricted stock units and stock options 1,829 1,867 Dilutive effect of outstanding warrants 3,180 2,183 Dilutive effect of assumed conversion of convertible senior notes outstanding — 25,940 Diluted shares 107,517 130,922 Earnings per share attributable to TTM Technologies, Inc. stockholders: Basic $ 0.10 $ 0.33 Diluted $ 0.09 $ 0.28 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 02, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Amounts Recognized in Consolidated Financial Statements of Operations with Respect to Stock Based Compensation Plan | Stock-based compensation expense is recognized in the accompanying consolidated condensed statements of operations as follows: Quarter Ended April 2, April 3, 2018 2017 (In thousands) Cost of goods sold $ 529 $ 394 Selling and marketing 374 253 General and administrative 2,719 2,981 Stock-based compensation expense recognized $ 3,622 $ 3,628 |
Performance-Based Restricted Stock Units Activity | PRUs activity for the quarter ended April 2, 2018 was as follows: Shares Weighted Average Fair Value (In thousands) Outstanding target shares at January 1, 2018 409 $ 16.39 Granted 331 19.60 Outstanding target shares at April 2, 2018 740 $ 17.83 |
Assumptions Used in Determining Fair Value | For the quarters ended April 2, 2018 and April 3, 2017 the following assumptions were used in determining the fair value: April 2, April 3, 2018 (1) 2017 (2) Weighted-average fair value $ 19.60 $ 22.90 Risk-free interest rate 2.13 % 1.20 % Dividend yield — — Expected volatility 40 % 43 % Expected term in years 1.5 1.8 (1) Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2016, second year of the three-year performance period applicable to PRUs granted in 2017 and first year of the three-year performance period applicable to PRUs granted in 2018. (2) Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2015, second year of the three-year performance period applicable to PRUs granted in 2016 and first year of the three-year performance period applicable to PRUs granted in 2017. |
Summary of Unrecognized Compensation Costs | The following is a summary of total unrecognized compensation costs as of April 2, 2018: Unrecognized Stock- Based Compensation Cost Remaining Weighted Average Recognition Period (In thousands) (In years) RSU awards $ 25,679 1.6 PRU awards 9,393 1.3 Stock options 86 1.7 $ 35,158 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 02, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Income (Loss) from Segments to Consolidated | The inter-segment sales for the quarters ended April 2, 2018 and April 3, 2017, are sales primarily from the PCB to the E-M Solutions operating segment. For the Quarter Ended April 2, 2018 April 3, 2017 (In thousands) Net Sales: PCB $ 619,329 $ 586,695 E-M Solutions 47,151 41,669 Total sales 666,480 628,364 Inter-segment sales (2,898 ) (3,117 ) Total net sales $ 663,582 $ 625,247 Operating Segment Income (Loss): PCB $ 63,464 $ 82,256 E-M Solutions 40 (1,642 ) Corporate (27,642 ) (22,132 ) Total operating segment income 35,862 58,482 Amortization of definite-lived intangibles (5,861 ) (5,912 ) Total operating income 30,001 52,570 Total other expense (14,854 ) (15,306 ) Income before income taxes $ 15,147 $ 37,264 |
Nature of Operations and Basi33
Nature of Operations and Basis of Presentation - Cumulative Effect of Changes to Consolidated Condensed Balance Sheet For Adoption of New Revenue Standard (Detail) - USD ($) | Apr. 02, 2018 | Jan. 02, 2018 | Jan. 01, 2018 |
Assets | |||
Accounts receivable, net | $ 504,914,000 | $ 483,903,000 | |
Contract assets | 275,022,000 | 0 | |
Inventories | 82,116,000 | 294,588,000 | |
Liabilities | |||
Other accrued expenses | 102,162,000 | 114,685,000 | |
Other long-term liabilities | 77,078,000 | 74,667,000 | |
Equity | |||
Retained earnings | 232,013,000 | $ 193,342,000 | |
New Revenue Standard | |||
Assets | |||
Accounts receivable, net | $ 492,074,000 | ||
Contract assets | 260,654,000 | ||
Inventories | 71,012,000 | ||
Liabilities | |||
Other accrued expenses | 128,069,000 | ||
Other long-term liabilities | 77,958,000 | ||
Equity | |||
Retained earnings | 221,916,000 | ||
New Revenue Standard Adjustment | New Revenue Standard | |||
Assets | |||
Accounts receivable, net | 8,171,000 | 8,171,000 | |
Contract assets | 275,022,000 | 260,654,000 | |
Inventories | (235,557,000) | (223,576,000) | |
Liabilities | |||
Other accrued expenses | 13,671,000 | 13,384,000 | |
Other long-term liabilities | 3,163,000 | 3,291,000 | |
Equity | |||
Retained earnings | 30,801,000 | $ 28,574,000 | |
Balances without New Revenue Standard Adjustment | New Revenue Standard | |||
Assets | |||
Accounts receivable, net | 496,743,000 | ||
Inventories | 317,673,000 | ||
Liabilities | |||
Other accrued expenses | 88,491,000 | ||
Other long-term liabilities | 73,915,000 | ||
Equity | |||
Retained earnings | $ 201,212,000 |
Nature of Operations and Basi34
Nature of Operations and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 02, 2018 | Jan. 01, 2018 |
Summary Of Significant Accounting Policies [Line Items] | ||
Sales returns and allowance | $ 8,171 | |
New Revenue Standard | New Revenue Standard Adjustment | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Sales returns and allowance | $ 5,213 | |
Noncurrent deferred tax liability | $ 3,291 |
Nature of Operations and Basi35
Nature of Operations and Basis of Presentation - Cumulative Effect of Changes to Consolidated Condensed Statement of Operations For Adoption of New Revenue Standard (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net sales | $ 663,582 | $ 625,247 |
Cost of goods sold | 574,904 | 520,228 |
Gross profit | 88,678 | 105,019 |
Net income | 10,097 | $ 33,125 |
Effect of Change Increase (Decrease) | New Revenue Standard | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net sales | 14,081 | |
Cost of goods sold | 11,981 | |
Gross profit | 2,100 | |
Net income | 2,227 | |
Balances without New Revenue Standard Adjustment | New Revenue Standard | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Net sales | 649,501 | |
Cost of goods sold | 562,923 | |
Gross profit | 86,578 | |
Net income | $ 7,870 |
Nature of Operations and Basi36
Nature of Operations and Basis of Presentation - Cumulative Effect of Changes to Consolidated Condensed Statement of Cash Flows For Adoption of New Revenue Standard (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 10,097 | $ 33,125 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Other | (439) | 394 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (12,840) | 13,448 |
Contract assets | (14,368) | |
Inventories | (11,104) | (5,880) |
Accrued salaries, wages and benefits and other accrued expenses | (47,566) | $ (26,664) |
Effect of Change Increase (Decrease) | New Revenue Standard | ||
Cash flows from operating activities: | ||
Net income | 2,227 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Other | (127) | |
Changes in operating assets and liabilities: | ||
Contract assets | (14,368) | |
Inventories | 11,981 | |
Accrued salaries, wages and benefits and other accrued expenses | 287 | |
Balances without New Revenue Standard Adjustment | New Revenue Standard | ||
Cash flows from operating activities: | ||
Net income | 7,870 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Other | (312) | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (12,840) | |
Inventories | (23,085) | |
Accrued salaries, wages and benefits and other accrued expenses | $ (47,853) |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Apr. 02, 2018Segment | |
Accounting Policies [Abstract] | |
Number of revenue streams coincide with reportable segments | 2 |
Contract Asset - Additional Inf
Contract Asset - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Apr. 02, 2018 | Jan. 01, 2018 | |
Contractors [Abstract] | ||
Contract assets converted to trade account receivables, threshold period | 90 days | |
Contract assets | $ 275,022,000 | $ 0 |
Goodwill (Detail)
Goodwill (Detail) - USD ($) $ in Thousands | Apr. 02, 2018 | Jan. 01, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 543,971 | $ 543,971 |
Accumulated impairment losses | (171,400) | (171,400) |
Goodwill, net | $ 372,571 | $ 372,571 |
Definite-lived Intangibles (Det
Definite-lived Intangibles (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 02, 2018 | Jan. 01, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 206,634 | $ 206,563 |
Accumulated Amortization | (109,546) | (103,685) |
Foreign Currency Translation Adjustment | 72 | |
Net Carrying Amount | 97,088 | 102,950 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 203,634 | 203,563 |
Accumulated Amortization | (106,700) | (101,089) |
Foreign Currency Translation Adjustment | 72 | |
Net Carrying Amount | $ 96,934 | $ 102,546 |
Weighted Average Amortization Period | 8 years 1 month 6 days | 8 years 1 month 6 days |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 3,000 | $ 3,000 |
Accumulated Amortization | (2,846) | (2,596) |
Net Carrying Amount | $ 154 | $ 404 |
Weighted Average Amortization Period | 3 years | 3 years |
Definite-lived Intangibles - Ad
Definite-lived Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization of definite-lived intangibles | $ 5,861 | $ 5,912 |
Estimated Aggregate Amortizatio
Estimated Aggregate Amortization for Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Apr. 02, 2018 | Jan. 01, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Remaining 2,018 | $ 17,001 | |
2,019 | 18,746 | |
2,020 | 18,746 | |
2,021 | 14,921 | |
2,022 | 12,329 | |
Thereafter | 15,345 | |
Net Carrying Amount | $ 97,088 | $ 102,950 |
Long-term Debt (Detail)
Long-term Debt (Detail) - USD ($) | Jan. 01, 2018 | Apr. 02, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,023,029,000 | $ 1,022,222,000 |
Less: Long-term debt unamortized discount | (30,513,000) | (28,225,000) |
Long-term debt unamortized debt issuance costs | (12,459,000) | (11,968,000) |
Long-term debt, Carrying Amount | 980,057,000 | 982,029,000 |
Less: current maturities | (4,578,000) | (4,616,000) |
Long-term debt, less current maturities | 975,479,000 | 977,413,000 |
1.75% Convertible Senior Notes due December 15, 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 249,985,000 | 249,985,000 |
Less: Long-term debt unamortized discount | $ (28,822,000) | $ (26,589,000) |
Debt instrument, interest rate | 1.75% | 1.75% |
Term Loan Due September 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 349,125,000 | $ 348,250,000 |
Less: Long-term debt unamortized discount | $ (1,691,000) | $ (1,636,000) |
Interest rate at period end | 4.06% | 4.38% |
Senior Notes Due October 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 375,000,000 | $ 375,000,000 |
Debt instrument, interest rate | 5.63% | 5.63% |
U.S. Asset Based Lending Revolving Loan Due May 2020 | ||
Debt Instrument [Line Items] | ||
Revolving loan | $ 17,000,000 | $ 17,000,000 |
Long-term debt unamortized debt issuance costs | $ (2,421,000) | $ (2,171,000) |
Interest rate at period end | 3.06% | 3.13% |
Asia Asset Based Lending Revolving Loan Due May 2020 | ||
Debt Instrument [Line Items] | ||
Revolving loan | $ 30,000,000 | $ 30,000,000 |
Interest rate at period end | 2.96% | 3.28% |
Capital Lease | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,919,000 | $ 1,987,000 |
Debt instrument, interest rate | 6.43% | 6.43% |
Long-term Debt (Parenthetical)
Long-term Debt (Parenthetical) (Detail) | 3 Months Ended |
Apr. 02, 2018 | |
1.75% Convertible Senior Notes due December 15, 2020 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2020-12 |
Term Loan Due September 2024 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2024-09 |
Senior Notes Due October 2025 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2025-10 |
U.S. Asset Based Lending Revolving Loan Due May 2020 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2020-05 |
Asia Asset Based Lending Revolving Loan Due May 2020 | |
Debt Instrument [Line Items] | |
Long-term debt, maturity month and year | 2020-05 |
Long-term Debt and Letters of45
Long-term Debt and Letters of Credit - Additional Information (Detail) | Apr. 02, 2018USD ($)Tranche | Jan. 01, 2018USD ($) | Apr. 02, 2018USD ($)Tranche | Apr. 03, 2017USD ($) | Jan. 01, 2018USD ($) |
Debt Instrument [Line Items] | |||||
Short-term debt | $ 4,616,000 | $ 4,578,000 | $ 4,616,000 | $ 4,578,000 | |
Long-term debt, gross | 1,022,222,000 | 1,023,029,000 | 1,022,222,000 | 1,023,029,000 | |
Line of credit unused portion of commitment fee | 241,000 | $ 187,000 | |||
Remaining unamortized debt issuance costs | 11,968,000 | $ 12,459,000 | 11,968,000 | $ 12,459,000 | |
Revolving Credit Facility | CHINA | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maximum borrowing capacity | 33,400,000 | 33,400,000 | |||
Line of credit unused portion of commitment fee | $ 0 | ||||
Long-term debt, maturity month and year | 2019-01 | ||||
Senior Notes Due October 2025 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument amount | $ 375,000,000 | $ 375,000,000 | |||
Long-term debt, maturity date | Oct. 1, 2025 | ||||
Debt instrument, interest rate | 5.63% | 5.63% | |||
1.75% Convertible Senior Notes due December 15, 2020 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, maturity date | Dec. 15, 2020 | ||||
Debt instrument, interest rate | 1.75% | 1.75% | 1.75% | 1.75% | |
Long-term debt, gross | $ 249,985,000 | $ 249,985,000 | $ 249,985,000 | $ 249,985,000 | |
Long-term debt, maturity month and year | 2020-12 | ||||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Commitment fee under credit agreement | 0.25% | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Secured leverage ratio, less than or equals, limit | 2 | 2 | |||
Commitment fee under credit agreement | 0.375% | ||||
Maximum | Letters of Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Letters of credit outstanding under U.S. ABL and Asia ABL, expiration period | 2019-06 | ||||
Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt discount and debt issuance costs, amortization period | 3 years 9 months 18 days | ||||
Term Loan Due September 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument amount | 350,000,000 | 350,000,000 | |||
Short-term debt | 3,500,000 | 3,500,000 | |||
Long-term debt | $ 344,750,000 | 344,750,000 | |||
Interest rate at period end | 4.06% | 4.38% | |||
Long-term debt, maturity date | Sep. 28, 2024 | ||||
Debt instrument, percentage of voting stock pledged as security | 65.00% | ||||
Long-term debt, gross | $ 348,250,000 | $ 349,125,000 | $ 348,250,000 | $ 349,125,000 | |
Long-term debt, maturity month and year | 2024-09 | ||||
Term Loan Due September 2024 | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, discount percentage | 99.50% | 99.50% | |||
Debt instrument, basis spread on variable rate | 2.50% | ||||
Term Loan Due September 2024 | Alternate Base Rate, New York Fed Bank Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.90% | ||||
Term Loan Due September 2024 | Alternate Base Rate, LIBOR Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
Term Loan Due September 2024 | Alternate Base Rate | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.50% | ||||
Base rate description | Defined as the greater of the JP Morgan prime, the New York Fed bank rate plus 0.9% or LIBOR plus 1.0% | ||||
Term Loan Due September 2024 | Alternate Base Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
U.S. Asset Based Lending Revolving Loan Due May 2020 | |||||
Debt Instrument [Line Items] | |||||
Interest rate at period end | 3.06% | 3.13% | |||
Long-term debt, maturity date | May 31, 2020 | ||||
Debt instrument, percentage of voting stock pledged as security | 65.00% | ||||
Debt instrument, maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | |||
Number of tranches | Tranche | 3 | 3 | |||
Long-term debt | $ 17,000,000 | $ 17,000,000 | |||
Long-term debt, maturity month and year | 2020-05 | ||||
Remaining unamortized debt issuance costs | 2,171,000 | $ 2,421,000 | $ 2,171,000 | $ 2,421,000 | |
U.S. Asset Based Lending Revolving Loan Due May 2020 | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maximum borrowing capacity | 200,000,000 | 200,000,000 | |||
U.S. Asset Based Lending Revolving Loan Due May 2020 | Letters of Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maximum borrowing capacity | 50,000,000 | 50,000,000 | |||
Letter of credit outstanding | 7,252,000 | 7,252,000 | |||
Debt instrument, available borrowing capacity | 175,748,000 | 175,748,000 | |||
U.S. Asset Based Lending Revolving Loan Due May 2020 | Swingline Loans | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maximum borrowing capacity | $ 30,000,000 | $ 30,000,000 | |||
U.S. Asset Based Lending Revolving Loan Due May 2020 | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.25% | ||||
U.S. Asset Based Lending Revolving Loan Due May 2020 | London Interbank Offered Rate (LIBOR) | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.25% | ||||
U.S. Asset Based Lending Revolving Loan Due May 2020 | London Interbank Offered Rate (LIBOR) | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.75% | ||||
U.S. Asset Based Lending Revolving Loan Due May 2020 | Prime Rate | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.25% | ||||
U.S. Asset Based Lending Revolving Loan Due May 2020 | Prime Rate | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.25% | ||||
U.S. Asset Based Lending Revolving Loan Due May 2020 | Prime Rate | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.75% | ||||
Asia Asset Based Revolving Loan | |||||
Debt Instrument [Line Items] | |||||
Interest rate at period end | 3.28% | ||||
Long-term debt, maturity date | May 22, 2020 | ||||
Debt instrument, maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | |||
Number of tranches | Tranche | 2 | 2 | |||
Long-term debt | $ 30,000,000 | $ 30,000,000 | |||
Asia Asset Based Revolving Loan | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maximum borrowing capacity | 150,000,000 | 150,000,000 | |||
Asia Asset Based Revolving Loan | Letters of Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maximum borrowing capacity | 100,000,000 | 100,000,000 | |||
Letter of credit outstanding | 26,976,000 | 26,976,000 | |||
Debt instrument, available borrowing capacity | $ 93,024,000 | $ 93,024,000 | |||
Asia Asset Based Revolving Loan | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.40% |
Schedule of Liability and Equit
Schedule of Liability and Equity Components of Convertible Senior Notes Included in Additional Paid-in Capital (Detail) - 1.75% Convertible Senior Notes due December 15, 2020 - USD ($) $ in Thousands | Apr. 02, 2018 | Jan. 01, 2018 |
Schedule of Convertible Notes [Line Items] | ||
Embedded conversion option - Convertible Senior Notes | $ 60,216 | $ 60,216 |
Embedded conversion option - Convertible Senior Notes Issuance Costs | (1,916) | (1,916) |
Total | $ 58,300 | $ 58,300 |
Components of Interest Expense
Components of Interest Expense from Convertible Senior Notes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Debt Disclosure [Abstract] | ||
Contractual coupon interest | $ 1,094 | $ 1,094 |
Amortization of debt discount | 2,230 | 2,091 |
Amortization of debt issuance costs | $ 224 | $ 209 |
Long-term Debt and Letters of48
Long-term Debt and Letters of Credit - Schedule of Remaining Unamortized Debt Discount and Debt Issuance Costs (Detail) - USD ($) $ in Thousands | Apr. 02, 2018 | Jan. 01, 2018 |
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 11,968 | $ 12,459 |
Debt Discount | 28,225 | 30,513 |
1.75% Convertible Senior Notes due December 15, 2020 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | 2,665 | 2,889 |
Debt Discount | $ 26,589 | $ 28,822 |
Effective Interest Rate | 6.48% | 6.48% |
Term Loan Due September 2024 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 2,695 | $ 2,788 |
Debt Discount | $ 1,636 | $ 1,691 |
Effective Interest Rate | 3.96% | 3.96% |
Senior Notes Due October 2025 | ||
Debt Instrument [Line Items] | ||
Debt Issuance Costs | $ 6,608 | $ 6,782 |
Effective Interest Rate | 5.92% | 5.92% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Apr. 02, 2018 | Jan. 01, 2018 | |
Income Tax Disclosure [Abstract] | ||
Net discrete tax benefit | $ 746,000 | |
Change in valuation allowance | 0 | |
Tax on undistributed earnings | $ 0 | |
U.S. corporate income tax rate | 21.00% | 35.00% |
Transition tax for accumulated foreign earnings, provisional income tax effect | $ 0 |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income, net of tax | $ 657 | $ 6,731 |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 4,145 | |
Other comprehensive income (loss) before reclassifications | 622 | |
Other comprehensive income, net of tax | 622 | |
Ending balance | 4,767 | |
Gains (Losses) on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (742) | |
Other comprehensive income (loss) before reclassifications | (6) | |
Amounts reclassified from accumulated other comprehensive income | 41 | |
Other comprehensive income, net of tax | 35 | |
Ending balance | (707) | |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 3,403 | |
Other comprehensive income (loss) before reclassifications | 616 | |
Amounts reclassified from accumulated other comprehensive income | 41 | |
Other comprehensive income, net of tax | 657 | |
Ending balance | $ 4,060 |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Loss realized in net earnings | $ 41 | $ 44 |
Significant Customers and Con52
Significant Customers and Concentration of Credit Risk - Additional Information (Detail) | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Net Sales | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Percentage of net sales, accounted by one customer | 16.00% | 16.00% |
Carrying Amount and Estimated F
Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Apr. 02, 2018 | Jan. 01, 2018 |
Carrying Amount | 1.75% Convertible Senior Notes due December 15, 2020 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 220,731 | $ 218,274 |
Fair Value | 1.75% Convertible Senior Notes due December 15, 2020 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 409,300 | 429,199 |
Term Loan Due September 2024 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 343,919 | 344,646 |
Term Loan Due September 2024 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 349,556 | 346,943 |
Senior Notes Due October 2025 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 368,392 | 368,218 |
Senior Notes Due October 2025 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 374,130 | 384,769 |
ABL Revolving Loans | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 47,000 | 47,000 |
ABL Revolving Loans | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 47,000 | 47,000 |
Capital Lease | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,987 | 1,919 |
Capital Lease | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 1,987 | $ 1,919 |
Fair Value Measures - Additiona
Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 02, 2018 | Jan. 01, 2018 | Apr. 03, 2017 | Jan. 02, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 352,576 | $ 409,326 | $ 282,871 | $ 256,277 |
Domestic Subsidiaries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 187,748 | |||
Foreign Subsidiaries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 164,828 |
Reconciliation of Numerator and
Reconciliation of Numerator and Denominator Used to Calculate Basic Earnings (Loss) per Share and Diluted Earnings (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Basic earnings: | ||
Basic earnings | $ 10,097 | $ 32,959 |
Diluted earnings: | ||
Net income attributable to TTM Technologies, Inc. stockholders | 10,097 | 32,959 |
Interest expense from convertible senior notes, net of tax | 3,394 | |
Diluted earnings | $ 10,097 | $ 36,353 |
Basic weighted average shares | 102,508 | 100,932 |
Dilutive effect of performance-based restricted stock units, restricted stock units and stock options | 1,829 | 1,867 |
Dilutive effect of outstanding warrants | 3,180 | 2,183 |
Dilutive effect of assumed conversion of convertible senior notes outstanding | 25,940 | |
Diluted shares | 107,517 | 130,922 |
Earnings per share attributable to TTM Technologies, Inc. stockholders: | ||
Basic | $ 0.10 | $ 0.33 |
Diluted | $ 0.09 | $ 0.28 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Earnings Per Share [Abstract] | ||
Shares excluded from calculating diluted earnings per share | 931 | 179 |
Amounts Recognized in Consolida
Amounts Recognized in Consolidated Financial Statements with Respect to Stock-Based Compensation Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense recognized | $ 3,622 | $ 3,628 |
Cost of goods sold | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense recognized | 529 | 394 |
Selling and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense recognized | 374 | 253 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense recognized | $ 2,719 | $ 2,981 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | 3 Months Ended | |||
Apr. 02, 2018Time$ / sharesshares | Apr. 03, 2017$ / sharesshares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option granted | 0 | 0 | ||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of times common stock released at end of the period exceeds the target number | Time | 0 | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of times common stock released at end of the period exceeds the target number | Time | 2.4 | |||
Performance-Based Restricted Stock Units (PRUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units granted | 331,000 | |||
Weighted Average Grant-Date Fair Value Granted | $ / shares | $ 19.60 | [1] | $ 22.90 | [2] |
Performance-Based Restricted Stock Units (PRUs) | Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options vesting period (in years) | 3 years | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units granted | 830,000 | 946,000 | ||
Weighted Average Grant-Date Fair Value Granted | $ / shares | $ 15.29 | $ 15.78 | ||
[1] | Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2016, second year of the three-year performance period applicable to PRUs granted in 2017 and first year of the three-year performance period applicable to PRUs granted in 2018. | |||
[2] | Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2015, second year of the three-year performance period applicable to PRUs granted in 2016 and first year of the three-year performance period applicable to PRUs granted in 2017. |
Performance-Based Restricted St
Performance-Based Restricted Stock Units Activity (Detail) - Performance-Based Restricted Stock Units (PRUs) - $ / shares shares in Thousands | 3 Months Ended | |||
Apr. 02, 2018 | Apr. 03, 2017 | [2] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding target shares at January 1, 2018 | 409 | |||
Granted | 331 | |||
Outstanding target shares at April 2, 2018 | 740 | |||
Weighted Average Grant-Date Fair Value | ||||
Beginning balance, January 1, 2018 | $ 16.39 | |||
Granted | 19.60 | [1] | $ 22.90 | |
Ending balance, April 2, 2018 | $ 17.83 | |||
[1] | Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2016, second year of the three-year performance period applicable to PRUs granted in 2017 and first year of the three-year performance period applicable to PRUs granted in 2018. | |||
[2] | Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2015, second year of the three-year performance period applicable to PRUs granted in 2016 and first year of the three-year performance period applicable to PRUs granted in 2017. |
Assumptions Used in Determining
Assumptions Used in Determining Fair Value (Detail) - Performance-Based Restricted Stock Units (PRUs) - $ / shares | 3 Months Ended | |||
Apr. 02, 2018 | [1] | Apr. 03, 2017 | [2] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average fair value | $ 19.60 | $ 22.90 | ||
Risk-free interest rate | 2.13% | 1.20% | ||
Expected volatility | 40.00% | 43.00% | ||
Expected term in years | 1 year 6 months | 1 year 9 months 18 days | ||
[1] | Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2016, second year of the three-year performance period applicable to PRUs granted in 2017 and first year of the three-year performance period applicable to PRUs granted in 2018. | |||
[2] | Reflects the weighted-averages for the third year of the three-year performance period applicable to PRUs granted in 2015, second year of the three-year performance period applicable to PRUs granted in 2016 and first year of the three-year performance period applicable to PRUs granted in 2017. |
Summary of Unrecognized Compens
Summary of Unrecognized Compensation Costs (Detail) $ in Thousands | 3 Months Ended |
Apr. 02, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock- Based Compensation Cost | $ 35,158 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock- Based Compensation Cost | $ 25,679 |
Remaining Weighted Average Recognition Period (years) | 1 year 7 months 6 days |
Performance-Based Restricted Stock Units (PRUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock- Based Compensation Cost | $ 9,393 |
Remaining Weighted Average Recognition Period (years) | 1 year 3 months 18 days |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Stock- Based Compensation Cost | $ 86 |
Remaining Weighted Average Recognition Period (years) | 1 year 8 months 12 days |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Apr. 02, 2018USD ($)Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | Segment | 2 |
Anaren Holdings Corp. | |
Segment Reporting Information [Line Items] | |
Business combination, acquisition related costs | $ | $ 3,973 |
Reconciliation of Operating Inc
Reconciliation of Operating Income (Loss) from Segments to Consolidated By Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2018 | Apr. 03, 2017 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 663,582 | $ 625,247 |
Operating income (loss) | 30,001 | 52,570 |
Amortization of definite-lived intangibles | (5,861) | (5,912) |
Total other expense | (14,854) | (15,306) |
Income before income taxes | 15,147 | 37,264 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 666,480 | 628,364 |
Operating income (loss) | 35,862 | 58,482 |
Operating Segments | Printed Circuit Board | ||
Segment Reporting Information [Line Items] | ||
Net sales | 619,329 | 586,695 |
Operating income (loss) | 63,464 | 82,256 |
Operating Segments | E-M Solutions | ||
Segment Reporting Information [Line Items] | ||
Net sales | 47,151 | 41,669 |
Operating income (loss) | 40 | (1,642) |
Operating Segments | Corporate | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | (27,642) | (22,132) |
Intersegment Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ (2,898) | $ (3,117) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 02, 2018 | Apr. 03, 2017 | Jan. 01, 2018 | |
Related Party Transaction [Line Items] | |||
Accounts payable due to related parties | $ 16,095 | $ 14,452 | |
Foreign Subsidiaries | |||
Related Party Transaction [Line Items] | |||
Purchases from related party | $ 12,708 | $ 13,540 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Anaren Holding Corp. - USD ($) $ in Thousands | Apr. 18, 2018 | Apr. 02, 2018 |
Subsequent Event [Line Items] | ||
Business acquisition agreement date | Apr. 18, 2018 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Total consideration | $ 775,000 | |
Allocated portion of commitments from lenders closed | $ 600,000 |