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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 6 Months Ended
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Jun. 29, 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 |  | Six Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
| (in thousands)
Timing of Revenue Recognition: |  |  |  |  |  |  |
RMS |  |  |  |  |  |  |
Services and products transferred over time | $ | 95,299 |  |  | $ | 94,458 |  |  | $ | 192,348 |  |  | $ | 188,097 |
Services and products transferred at a point in time | 111,090 |  |  | 115,490 |  |  | 234,948 |  |  | 221,617 |
Total RMS revenue | 206,389 |  |  | 209,948 |  |  | 427,296 |  |  | 409,714 |
DSA |  |  |  |  |  |  |
Services and products transferred over time | 626,785 |  |  | 662,653 |  |  | 1,230,910 |  |  | 1,324,489 |
Services and products transferred at a point in time | 634 |  |  | 804 |  |  | 1,961 |  |  | 1,321 |
Total DSA revenue | 627,419 |  |  | 663,457 |  |  | 1,232,871 |  |  | 1,325,810 |
Manufacturing |  |  |  |  |  |  |
Services and products transferred over time | 104,481 |  |  | 100,460 |  |  | 204,539 |  |  | 186,546 |
Services and products transferred at a point in time | 87,828 |  |  | 86,072 |  |  | 172,971 |  |  | 167,240 |
Total Manufacturing revenue | 192,309 |  |  | 186,532 |  |  | 377,510 |  |  | 353,786 |
Total revenue | $ | 1,026,117 |  |  | $ | 1,059,937 |  |  | $ | 2,037,677 |  |  | $ | 2,089,310 |
Revenue by geographic area is as follows:
| U.S. |  | Europe |  | Canada |  | Asia Pacific |  | Other |  | Consolidated
| (in thousands)
Three Months Ended: |  |  |  |  |  |  |  |  |  |  |
June 29, 2024 | $ | 571,427 |  |  | $ | 271,377 |  |  | $ | 125,244 |  |  | $ | 50,387 |  |  | $ | 7,682 |  |  | $ | 1,026,117 |
July 1, 2023 | 606,775 |  |  | 272,976 |  |  | 117,647 |  |  | 59,864 |  |  | 2,675 |  |  | 1,059,937 |
Six Months Ended: |  |  |  |  |  |  |  |  |  |  |
June 29, 2024 | $ | 1,133,744 |  |  | $ | 547,696 |  |  | $ | 235,645 |  |  | $ | 96,159 |  |  | $ | 24,433 |  |  | $ | 2,037,677 |
July 1, 2023 | 1,212,216 |  |  | 540,679 |  |  | 228,253 |  |  | 102,677 |  |  | 5,485 |  |  | 2,089,310 |
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:
| June 29, 2024 |  | December 30, 2023
| (in thousands)
Assets from contracts with customers |  |  |
Client receivables | $ | 568,283 |  |  | $ | 578,077 |
Unbilled revenue | 218,889 |  |  | 228,020 |
Total | 787,172 |  |  | 806,097 |
Less: Allowance for credit losses | (24,951) |  |  | (25,722) |
Trade receivables and contract assets, net | $ | 762,221 |  |  | $ | 780,375 |
Liabilities from contracts with customers |  |  |
Current deferred revenue | $ | 247,177 |  |  | $ | 241,820 |
Long-term deferred revenue (included in Other long-term liabilities) | 29,139 |  |  | 30,919 |
Customer contract deposits (included in Other current liabilities) | 92,032 |  |  | 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 |  | Six Months Ended |  |
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023 |  |
| (in thousands) | Affected Line Item in the Unaudited Condensed Consolidated Statements of Income
Lease revenue | $ | 16,716 |  |  | $ | 23,891 |  |  | $ | 37,690 |  |  | $ | 47,981 |  |  | Service revenue
Schedule of Allowance for Credit Losses | The following is a summary of the activity of the Company’s allowance for credit losses:
|  |  | Six Months Ended
|  |  |  |  | June 29, 2024 |  | July 1, 2023
|  |  |  |  | (in thousands)
Beginning balance |  |  |  |  | $ | 25,722 |  |  | $ | 11,278 |
Provisions |  |  |  |  | 4,719 |  |  | 9,849 |
Reductions |  |  |  |  | (5,490) |  |  | (3,087) |
Ending balance |  |  |  |  | $ | 24,951 |  |  | $ | 18,040 |

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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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