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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 3 Months Ended
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Mar. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table disaggregates the Company’s revenue by major business line and timing of transfer of products or services:
|  |  | Three Months Ended
|  |  |  |  | March 30, 2024 |  | April 1, 2023
|  |  |  |  | (in thousands)
Timing of Revenue Recognition: |  |  |  |  |  |  |
RMS |  |  |  |  |  |  |
Services and products transferred over time |  |  |  |  | $ | 97,049 |  |  | $ | 93,639 |
Services and products transferred at a point in time |  |  |  |  | 123,858 |  |  | 106,127 |
Total RMS revenue |  |  |  |  | 220,907 |  |  | 199,766 |
DSA |  |  |  |  |  |  |
Services and products transferred over time |  |  |  |  | 604,125 |  |  | 661,836 |
Services and products transferred at a point in time |  |  |  |  | 1,327 |  |  | 517 |
Total DSA revenue |  |  |  |  | 605,452 |  |  | 662,353 |
Manufacturing |  |  |  |  |  |  |
Services and products transferred over time |  |  |  |  | 100,058 |  |  | 86,086 |
Services and products transferred at a point in time |  |  |  |  | 85,143 |  |  | 81,168 |
Total Manufacturing revenue |  |  |  |  | 185,201 |  |  | 167,254 |
Total revenue |  |  |  |  | $ | 1,011,560 |  |  | $ | 1,029,373 |
Revenue by geographic area is as follows:
| U.S. |  | Europe |  | Canada |  | Asia Pacific |  | Other |  | Consolidated
| (in thousands)
Three Months Ended: |  |  |  |  |  |  |  |  |  |  |
March 30, 2024 | $ | 562,317 |  |  | $ | 276,319 |  |  | $ | 110,401 |  |  | $ | 45,772 |  |  | $ | 16,751 |  |  | $ | 1,011,560 |
April 1, 2023 | 605,441 |  |  | 267,703 |  |  | 110,606 |  |  | 42,813 |  |  | 2,810 |  |  | 1,029,373 |
Schedule of Client Receivables, Contract Assets and Contract Liabilities | The following table provides information about client receivables, contract assets, and contract liabilities from contracts with customers:
| March 30, 2024 |  | December 30, 2023
| (in thousands)
Assets from contracts with customers |  |  |
Client receivables | $ | 590,594 |  |  | $ | 578,077 |
Unbilled revenue | 221,793 |  |  | 228,020 |
Total | 812,387 |  |  | 806,097 |
Less: Allowance for credit losses | (25,407) |  |  | (25,722) |
Trade receivables and contract assets, net | $ | 786,980 |  |  | $ | 780,375 |
Liabilities from contracts with customers |  |  |
Current deferred revenue | $ | 256,383 |  |  | $ | 241,820 |
Long-term deferred revenue (included in Other long-term liabilities) | 32,448 |  |  | 30,919 |
Customer contract deposits (included in Other current liabilities) | 90,589 |  |  | 85,554 |
The associated revenue is recognized on a straight-line basis over the term of the lease, which is generally less than one year.
|  |  | Three Months Ended |  |
|  |  |  |  | March 30, 2024 |  | April 1, 2023 |  |
|  |  |  |  | (in thousands) | Affected Line Item in the Unaudited Condensed Consolidated Statements of Income
Lease revenue |  |  |  |  | $ | 20,974 |  |  | $ | 24,090 |  |  | Service revenue
Schedule of Allowance for Credit Losses | The following is a summary of the activity of the Company’s allowance for credit losses:
| Three Months Ended
| March 30, 2024 |  | April 1, 2023
| (in thousands)
Beginning balance | $ | 25,722 |  |  | $ | 11,278 |
Additions | 934 |  |  | 5,731 |
Deductions | (1,249) |  |  | (315) |
Ending balance | $ | 25,407 |  |  | $ | 16,694 |

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- Definition Tabular disclosure of allowance for credit loss on accounts receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 + Details
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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
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