Segment Information

9 Months Ended

Sep. 29, 2025

Segment Reporting [Abstract]

Segment Information

(4) Segment Information

During the quarter ended June 30, 2025, in connection with the Company's change in organizational structure to enhance clarity in sector performance, accountability, and operating costs, the Company’s management finalized its assessment of the Company's operating segments and concluded that the Company now has three reportable segments: A&D, Commercial, and RF&S Components. In prior periods, the Company had two reportable segments: PCB and RF&S Components. As a result, certain prior period amounts have been reclassified to conform with this new presentation.

The reportable segments shown 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 (CODM), who is the President and Chief Executive Officer, to assess performance and to allocate resources. The CODM uses segment operating income to allocate resources such as employees and capital resources for each segment during the Company’s annual budgeting and forecasting process. Total sales and operating profit by segment include intersegment sales which are generally recorded at cost-plus a specified fee or at a negotiated fixed price. Separate segment asset measures are not used as a basis for the CODM to evaluate the performance of or to allocate resources to the segments.

The A&D reportable segment consists of PCBs, value-added assemblies, microelectronics, RF/microwave components and assemblies, and integrated mission systems. These highly engineered electronics products include the manufacture and test of customer‑supplied designs as well as long-term contracts to design, develop, manufacture, and test new products. The products in the A&D reportable segment support surveillance, intelligence, communications, and other critical missions for customers in the aerospace and defense industry. The Commercial reportable segment consists of PCBs using customer-supplied engineering and design plans supporting customers in the automotive, medical, industrial, and instrumentation, networking, and data center computing end markets. The RF&S Components reportable segment consists of TTM designed RF components for commercial customers in the telecommunications, industrial, and instrumentation markets, as well as commercial off-the-shelf (COTS) components for certain aerospace and defense customers.

Reconciliations of net sales and segment operating income were as follows:

	For the Quarter Ended September 29, 2025
	A&D			Commercial			RF&S Components			Eliminations			Total
	(In thousands, except margin rates)
Net sales	$	333,556		$	408,736		$	10,444		$	—		$	752,736
Intersegment sales		3,285			184			—			(3,469	)		—
Segment sales	$	336,841		$	408,920		$	10,444		$	(3,469	)	$	752,736
	Net Sales			Cost of Goods Sold			Operating Expenses			Operating Income			Operating Margin
A&D	$	336,841		$	(255,033	)	$	(28,924	)	$	52,884			15.7	%
Commercial		408,920			(330,183	)		(18,706	)		60,031			14.7
RF&S Components		10,444			(5,032	)		(2,286	)		3,126			29.9
Total segment		756,205			(590,248	)		(49,916	)		116,041			15.3
Eliminations		(3,469	)								—
Unallocated amounts:
Restructuring											(509	)
Acquisition-related and other charges											(15	)
Stock-based compensation											(11,611	)
Other corporate expenses											(22,775	)
Amortization of definite-lived intangibles											(9,225	)
Consolidated	$	752,736									71,906			9.6	%
Interest expense											(10,399	)
Other, net											306
Income before income taxes										$	61,813

	For the Quarter Ended September 30, 2024
	A&D			Commercial			RF&S Components			Eliminations			Total
	(In thousands, except margin rates)
Net sales	$	277,604		$	329,189		$	9,745		$	—		$	616,538
Intersegment sales		1,929			193			35			(2,157	)		—
Segment sales	$	279,533		$	329,382		$	9,780		$	(2,157	)	$	616,538
	Net Sales			Cost of Goods Sold			Operating Expenses			Operating Income			Operating Margin
A&D	$	279,533		$	(211,536	)	$	(27,718	)	$	40,279			14.4	%
Commercial		329,382			(262,147	)		(16,130	)		51,105			15.5
RF&S Components		9,780			(4,871	)		(2,483	)		2,426			24.8
Total segment		618,695			(478,554	)		(46,331	)		93,810			15.2
Eliminations		(2,157	)								—
Unallocated amounts:
Restructuring											(1,393	)
Acquisition-related and other charges											(2,867	)
Stock-based compensation											(8,330	)
Other corporate expenses											(20,972	)
Amortization of definite-lived intangibles											(9,286	)
Consolidated	$	616,538									50,962			8.3	%
Interest expense											(11,768	)
Other, net											(14,177	)
Income before income taxes										$	25,017

	For the Three Quarters Ended September 29, 2025
	A&D			Commercial			RF&S Components			Eliminations			Total
	(In thousands, except margin rates)
Net sales	$	966,066		$	1,136,647		$	29,312		$	—		$	2,132,025
Intersegment sales		8,487			602			30			(9,119	)		—
Segment sales	$	974,553		$	1,137,249		$	29,342		$	(9,119	)	$	2,132,025
	Net Sales			Cost of Goods Sold			Operating Expenses			Operating Income			Operating Margin
A&D	$	974,553		$	(745,008	)	$	(90,602	)	$	138,943			14.3	%
Commercial		1,137,249			(916,920	)		(56,580	)		163,749			14.4
RF&S Components		29,342			(14,665	)		(7,096	)		7,581			25.8
Total segment		2,141,144			(1,676,593	)		(154,278	)		310,273			14.5
Eliminations		(9,119	)								—
Unallocated amounts:
Restructuring											(2,631	)
Acquisition-related and other charges											(15	)
Stock-based compensation											(29,586	)
Other corporate expenses											(66,433	)
Amortization of definite-lived intangibles											(27,673	)
Consolidated	$	2,132,025									183,935			8.6	%
Interest expense											(32,958	)
Other, net											(2,648	)
Income before income taxes										$	148,329

	For the Three Quarters Ended September 30, 2024
	A&D			Commercial			RF&S Components			Eliminations			Total
	(In thousands, except margin rates)
Net sales	$	828,908		$	935,833		$	27,047		$	—		$	1,791,788
Intersegment sales		4,890			607			149			(5,646	)		—
Segment sales	$	833,798		$	936,440		$	27,196		$	(5,646	)	$	1,791,788
	Net Sales			Cost of Goods Sold			Operating Expenses			Operating Income			Operating Margin
A&D	$	833,798		$	(648,883	)	$	(84,663	)	$	100,252			12.0	%
Commercial		936,440			(755,231	)		(50,351	)		130,858			14.0
RF&S Components		27,196			(13,861	)		(7,196	)		6,139			22.6
Total segment		1,797,434			(1,417,975	)		(142,210	)		237,249			13.2
Eliminations		(5,646	)								—
Unallocated amounts:
Restructuring											(6,367	)
Gain on sale of property, plant, and equipment											14,420
Acquisition-related and other charges											(12,939	)
Stock-based compensation											(21,697	)
Other corporate expenses											(68,009	)
Amortization of definite-lived intangibles											(35,642	)
Consolidated	$	1,791,788									107,015			6.0	%
Interest expense											(36,311	)
Other, net											(1,086	)
Income before income taxes										$	69,618

Amortization of definite-lived intangibles relates to the A&D, Commercial, and RF&S Components reportable segments, but is not reviewed separately by the CODM. For the quarter and three quarters ended September 29, 2025, amortization expense of $2,336 and $7,007, respectively, is included in cost of goods sold for the A&D reportable segment. For the quarter and three quarters ended September 30, 2024, amortization expense of $2,335 and $7,006, respectively, is included in cost of goods sold for the A&D reportable segment.

Depreciation expense by reportable segment was as follows:

	For the Quarter Ended				For the Three Quarters Ended
	September 29, 2025		September 30, 2024		September 29, 2025		September 30, 2024
	(In thousands)
A&D	$	7,985	$	8,868	$	25,718	$	27,882
Commercial		17,536		14,938		50,881		42,902
RF&S Components		453		404		1,319		1,290
Segment total		25,974		24,210		77,918		72,074
Corporate		1,606		3,620		4,217		6,635
Total	$	27,580	$	27,830	$	82,135	$	78,709

The Company markets and sells its products in approximately 50 countries. For the quarter and three quarters ended September 29, 2025, the Company did not conduct business in any country other than the United States in which its net sales in that country exceeded 10% of the Company’s total net sales. For the quarter and three quarters ended September 30, 2024, net sales in Taiwan also exceeded 10% of the Company’s total net sales. Net sales are attributed to countries by the invoiced location and were as follows:

	For the Quarter Ended				For the Three Quarters Ended
	September 29, 2025		September 30, 2024		September 29, 2025		September 30, 2024
	(In thousands)
United States	$	407,222	$	316,508	$	1,146,649	$	926,241
Taiwan		62,384		63,607		167,396		206,462
Other		283,130		236,423		817,980		659,085
Total net sales	$	752,736	$	616,538	$	2,132,025	$	1,791,788