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ACQUISITIONS AND DIVESTITURES (Tables) | 6 Months Ended
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Jul. 01, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Purchase Price Allocation and Transaction and Integration Costs | The purchase price allocation was as follows:
| SAMDI (1) |  | Explora BioLabs
| January 27, 2023 |  | April 5, 2022
| (in thousands)
Trade receivables | $ | 513 |  |  | $ | 7,679 |
Other current assets (excluding cash) | 75 |  |  | 1,067 |
Property, plant and equipment | 593 |  |  | 37,369 |
Operating lease right-of-use asset, net | — |  |  | 48,613 |
Goodwill (2) | 37,129 |  |  | 215,752 |
Definite-lived intangible assets | 33,070 |  |  | 70,100 |
Other long-term assets | 6 |  |  | 556 |
Deferred revenue | (43) |  |  | (3,507) |
Other current liabilities | (351) |  |  | (15,507) |
Operating lease right-of-use liabilities (Long-term) | — |  |  | (57,193) |
Deferred tax liabilities | (8,191) |  |  | (18,601) |
Other long-term liabilities | — |  |  | (1,807) |
Total purchase price allocation | $ | 62,801 |  |  | $ | 284,521 |
(1) Purchase price allocation is preliminary and subject to change as additional information becomes available concerning the fair value and tax basis of the assets acquired and liabilities assumed, including certain contracts and obligations. Any additional adjustments to the purchase price allocation will be made as soon as practicable but no later than one year from the date of acquisition.
(2) The goodwill resulting from these transactions is primarily attributable to the potential growth of the Company’s segments from new customers introduced to the acquired businesses and the assembled workforce of the acquirees, thus is not deductible for tax purposes. Explora BioLabs had $5.0 million of goodwill due to a prior asset acquisition that is deductible for tax purposes.
Schedule of Definite-Lived Intangible Assets Acquired as Part of Business Combination | The definite-lived intangible assets acquired were as follows:
| SAMDI | Explora BioLabs |  |  |  |  |  |  |  |
Definite-Lived Intangible Assets | (in thousands) |  |  |  |  |  |  |  |
Client relationships | $ | 23,400 |  | $ | 64,000 |  |  |  |  |  |  |  |  |
Other intangible assets | 9,670 |  | 6,100 |  |  |  |  |  |  |  |  |
Total definite-lived intangible assets | $ | 33,070 |  | $ | 70,100 |  |  |  |  |  |  |  |  |
Weighted Average Amortization Life | (in years) |  |  |  |  |  |  |  |
Client relationships | 15 | 13 |  |  |  |  |  |  |  |
Other intangible assets | 7 | 4 |  |  |  |  |  |  |  |
Total definite-lived intangible assets | 12 | 12 |  |  |  |  |  |  |  |
| Three Months Ended |  | Six Months Ended
| July 1, 2023 |  | June 25, 2022 |  | July 1, 2023 |  | June 25, 2022
| (in thousands)
Transaction and Integration Costs |  |  |  |  |  |  |
Selling, general and administrative expenses | $ | 1,224 |  |  | $ | 4,426 |  |  | $ | 2,288 |  |  | $ | 11,539 |
Schedule of Major Classes of Assets and Liabilities Associated with Divestitures | The carrying amounts of the major classes of assets and liabilities associated with the divestitures of the businesses were as follows:
| December 19, 2022
| Avian
| (in thousands)
Assets |
Current assets | $ | 30,545 |
Property, plant, and equipment, net | 24,602 |
Operating lease right-of-use assets, net | 611 |
Goodwill | 3,168 |
Intangible assets, net | 1,629 |
Other assets | 10 |
Total assets | $ | 60,565 |
Liabilities |
Current liabilities | $ | 8,139 |
Operating lease right-of-use liabilities | 331 |
Total liabilities | $ | 8,470 |

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