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ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended
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Dec. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Purchase Price Allocation | The purchase price allocation for acquisitions during fiscal years 2023 and 2022 was as follows:
| Noveprim Group(1) |  | SAMDI Tech, Inc. |  | Explora BioLabs
| November 30, 2023 |  | January 27, 2023 |  | April 5, 2022
| (in thousands)
Trade receivables | $ | 1,308 |  |  | $ | 513 |  |  | $ | 7,679 |
Inventories | 66,500 |  |  | — |  |  | — |
Other current assets (excluding cash) | 3,965 |  |  | 75 |  |  | 1,067 |
Property, plant and equipment | 35,831 |  |  | 593 |  |  | 37,369 |
Operating lease right-of-use asset, net | 104 |  |  | — |  |  | 48,613 |
Goodwill (2) | 172,349 |  |  | 37,129 |  |  | 215,752 |
Definite-lived intangible assets | 9,500 |  |  | 33,070 |  |  | 70,100 |
Other long-term assets (3) | 167,907 |  |  | 6 |  |  | 556 |
Deferred revenue | — |  |  | (43) |  |  | (3,507) |
Other current liabilities | (16,378) |  |  | (351) |  |  | (15,507) |
Operating lease right-of-use liabilities (Long-term) | (97) |  |  | — |  |  | (57,193) |
Deferred tax liabilities | (12,984) |  |  | (8,191) |  |  | (18,601) |
Other long-term liabilities | (7,797) |  |  | — |  |  | (1,807) |
Redeemable noncontrolling interest (4) | (45,374) |  |  | — |  |  | — |
Total purchase price allocation | $ | 374,834 |  |  | $ | 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, obligations, and finalization of any working capital adjustments. 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 or synergies to be realized from acquiring an internal supplier servicing the DSA business 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.
(3) Other long-term assets acquired from the Noveprim acquisition include $167.8 million of biological assets, which will be amortized over an estimated eight year useful life.
(4) Refer to Note 12. Equity and Noncontrolling Interests for further a description of the 10% noncontrolling interest fair value.
The purchase price allocation for acquisitions during fiscal years 2021 was as follows:
| Vigene |  | Retrogenix |  | Cognate |  | Distributed Bio
| June 28, 2021 |  | March 30, 2021 |  | March 29, 2021 |  | December 31, 2020
| (in thousands)
Trade receivables | $ | 3,548 |  |  | $ | 2,266 |  |  | $ | 18,566 |  |  | $ | 2,722 |
Other current assets (excluding cash) | 1,657 |  |  | 209 |  |  | 14,128 |  |  | 221 |
Property, plant and equipment | 7,649 |  |  | 400 |  |  | 52,082 |  |  | 2,382 |
Operating lease right-of-use asset, net | 22,507 |  |  | 1,385 |  |  | 34,349 |  |  | 1,586 |
Goodwill (1) | 239,681 |  |  | 34,489 |  |  | 611,555 |  |  | 71,585 |
Definite-lived intangible assets | 93,900 |  |  | 22,126 |  |  | 270,900 |  |  | 24,540 |
Other long-term assets | 694 |  |  | — |  |  | 6,098 |  |  | 469 |
Deferred revenue | (4,260) |  |  | (434) |  |  | (20,539) |  |  | (1,319) |
Other current liabilities (2) | (6,319) |  |  | (1,141) |  |  | (45,388) |  |  | (1,504) |
Operating lease right-of-use liabilities (Long-term) | (21,220) |  |  | (1,205) |  |  | (31,383) |  |  | (1,123) |
Deferred tax liabilities | (13,958) |  |  | (4,174) |  |  | (32,503) |  |  | (2,529) |
Total purchase price allocation | $ | 323,879 |  |  | $ | 53,921 |  |  | $ | 877,865 |  |  | $ | 97,030 |
(1) 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.
(2) In connection with its acquisitions of businesses, the Company routinely records liabilities related to indirect state and local taxes for preacquisition periods when such liabilities are estimable and deemed probable. The Company may or may not be indemnified for such indirect tax liabilities under terms of the acquisitions. As these indirect tax contingencies are resolved, actual obligations, and any indemnifications, may differ from the recorded amounts and any differences are reflected in reported results in the period in which these are resolved. Specifically for Cognate, as of March 29, 2021, the Company recorded an estimated liability of $17 million pertaining to indirect state sales taxes. During fiscal year 2022, the Company received a favorable ruling from the applicable state in which the indirect state sales tax liability arose and, accordingly, this liability was reduced in full, resulting in a gain recorded through selling, general and administrative expenses in the period.
Schedule of Finite-Lived Intangible Assets Acquired | The definite-lived intangible assets acquired during fiscal years 2023 and 2022 were as follows:
| Noveprim Group |  | SAMDI Tech, Inc. |  | Explore BioLabs
Definite-Lived Intangible Assets | (in thousands)
Client relationships | $ | — |  |  | $ | 23,400 |  |  | $ | 64,000 |
Other intangible assets | 9,500 |  |  | 9,670 |  |  | 6,100 |
Total definite-lived intangible assets | $ | 9,500 |  |  | $ | 33,070 |  |  | $ | 70,100 |
Weighted Average Amortization Life | (in years)
Client relationships | — |  |  | 15 |  | 13
Other intangible assets | 7 |  | 7 |  | 4
Total definite-lived intangible assets | 7 |  | 12 |  | 12
The definite-lived intangible assets acquired during fiscal years 2021 were as follows:
| Vigene |  | Retrogenix |  | Cognate |  | Distributed Bio
Definite-Lived Intangible Assets | (in thousands)
Client relationships | $ | 87,500 |  |  | $ | 17,340 |  |  | $ | 257,200 |  |  | $ | 16,080 |
Other intangible assets | 6,400 |  |  | 4,786 |  |  | 13,700 |  |  | 8,460 |
Total definite-lived intangible assets | $ | 93,900 |  |  | $ | 22,126 |  |  | $ | 270,900 |  |  | $ | 24,540 |
Weighted Average Amortization Life | (in years)
Client relationships | 12 |  | 13 |  | 13 |  | 9
Other intangible assets | 2 |  | 3 |  | 2 |  | 4
Total definite-lived intangible assets | 11 |  | 11 |  | 13 |  | 7
The transaction and integration costs incurred for fiscal years 2023, 2022 and 2021 were as follows:
| 2023 |  | 2022 |  | 2021
| (in thousands)
Transaction and Integration Costs |  |  |  |  |
Selling, general and administrative expenses | $ | 12,379 |  |  | $ | 8,470 |  |  | $ | 39,099 |
Schedule of Major Classes of Assets and Liabilities Associated with Divestitures | The carrying amounts of the major classes of assets and liabilities associated with these divestitures were as follows:
| December 19, 2022 |  | October 12, 2021
| Avian |  | RMS Japan |  | CDMO Sweden
| (in thousands)
Assets |  |  |  |  |
Current assets | $ | 30,545 |  |  | $ | 26,524 |  |  | $ | 8,187 |
Property, plant, and equipment, net | 24,602 |  |  | 17,379 |  |  | 14,339 |
Operating lease right-of-use assets, net | 611 |  |  | — |  |  | 19,733 |
Goodwill | 3,168 |  |  | 4,129 |  |  | 27,764 |
Client relationships, net | 1,629 |  |  | — |  |  | 14,089 |
Other assets | 10 |  |  | 3,695 |  |  | — |
Total assets | $ | 60,565 |  |  | $ | 51,727 |  |  | $ | 84,112 |
Liabilities |  |  |  |  |
Current liabilities | $ | 8,139 |  |  | $ | 8,705 |  |  | $ | 6,386 |
Operating lease right-of-use liabilities | 331 |  |  | — |  |  | 18,221 |
Long-term liabilities | — |  |  | 94 |  |  | — |
Total liabilities | $ | 8,470 |  |  | $ | 8,799 |  |  | $ | 24,607 |

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