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VENTURE CAPITAL AND STRATEGIC EQUITY INVESTMENTS | 6 Months Ended
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Jul. 01, 2023
Equity Method Investments and Joint Ventures [Abstract] |
VENTURE CAPITAL AND STRATEGIC EQUITY INVESTMENTS | VENTURE CAPITAL AND STRATEGIC EQUITY INVESTMENTS Venture capital investments are summarized below:
| Six Months Ended
| July 1, 2023 |  | June 25, 2022
| (in thousands)
Beginning balance | $ | 129,012 |  |  | $ | 149,640 |
Capital contributions | 8,702 |  |  | 6,384 |
Distributions | (9,679) |  |  | (4,042) |
Losses | (8,429) |  |  | (23,050) |
Foreign currency translation | 466 |  |  | (1,065) |
Ending balance | $ | 120,072 |  |  | $ | 127,867 |
The Company also invests, with minority positions, directly in equity of predominantly privately held companies. Strategic investments are summarized below:
| Six Months Ended
| July 1, 2023 |  | June 25, 2022
| (in thousands)
Beginning balance | $ | 182,590 |  |  | $ | 51,712 |
Purchase of investments | 13,710 |  |  | 102,220 |
Distributions | (4,146) |  |  | (151) |
Gain (loss) | 3,253 |  |  | (465) |
Reduction for acquisition of entity | (12,635) |  |  | — |
Foreign currency translation | (2,563) |  |  | (2,112) |
Ending balance | $ | 180,209 |  |  | $ | 151,204 |
In April 2022, the Company acquired a 49% equity interest in a supplier supporting the DSA reportable segment (the Investee) for $90.0 million up front and an additional future contingent payment of up to $5.0 million based upon the Investee’s future performance. The total allocable basis of the investment exceeds the proportional interest in the Investee’s underlying net assets by $86.7 million, which has been allocated primarily to goodwill, intangible assets (client relationships and backlog), and deferred tax liabilities in the amount of $26.2 million, $71.2 million, and $10.7 million respectively. On July 28, 2023, the Company signed an agreement to acquire an additional 41% equity stake in the supplier, which upon closing, will result in ownership of 90%. The preliminary purchase price for the 41% equity is $143 million in cash, subject to customary closing adjustments, with additional contingent payments of up to $55 million based on future performance over a 3-year period. The Company will have the call option right to purchase the remaining 10% equity up until one month after the sixth anniversary of closing. On the first anniversary of the expiration of the call option, a 12-month put option will be triggered giving the seller the right to require the Company to acquire shares of the Investee from the seller. The consummation of the acquisition of the additional 41% equity is subject to regulatory approval and closing conditions being satisfied. Accordingly, the timing of close is uncertain.

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