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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended
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Sep. 28, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table disaggregates the Company’s revenue by reportable segment and timing of transfer of products or services:
| Three Months Ended |  | Nine Months Ended
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
| (in thousands)
Timing of Revenue Recognition: |  |  |  |  |  |  |
RMS |  |  |  |  |  |  |
Services and products transferred over time | $ | 93,446 |  |  | $ | 94,883 |  |  | $ | 285,794 |  |  | $ | 282,980 |
Services and products transferred at a point in time | 104,378 |  |  | 91,965 |  |  | 339,326 |  |  | 313,582 |
Total RMS revenue | 197,824 |  |  | 186,848 |  |  | 625,120 |  |  | 596,562 |
DSA |  |  |  |  |  |  |
Services and products transferred over time | 613,388 |  |  | 663,128 |  |  | 1,844,298 |  |  | 1,987,617 |
Services and products transferred at a point in time | 1,672 |  |  | 900 |  |  | 3,633 |  |  | 2,221 |
Total DSA revenue | 615,060 |  |  | 664,028 |  |  | 1,847,931 |  |  | 1,989,838 |
Manufacturing |  |  |  |  |  |  |
Services and products transferred over time | 107,284 |  |  | 94,446 |  |  | 311,823 |  |  | 280,992 |
Services and products transferred at a point in time | 89,595 |  |  | 81,301 |  |  | 262,566 |  |  | 248,541 |
Total Manufacturing revenue | 196,879 |  |  | 175,747 |  |  | 574,389 |  |  | 529,533 |
Total revenue | $ | 1,009,763 |  |  | $ | 1,026,623 |  |  | $ | 3,047,440 |  |  | $ | 3,115,933 |
Revenue by geographic area is as follows:
| U.S. |  | Europe |  | Canada |  | Asia Pacific |  | Other (1) |  | Consolidated
| (in thousands)
Three Months Ended: |  |  |  |  |  |  |  |  |  |  |
September 28, 2024 | $ | 559,277 |  |  | $ | 267,123 |  |  | $ | 127,088 |  |  | $ | 45,009 |  |  | $ | 11,266 |  |  | $ | 1,009,763 |
September 30, 2023 | 590,316 |  |  | 264,787 |  |  | 129,023 |  |  | 40,233 |  |  | 2,264 |  |  | 1,026,623 |
Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |
September 28, 2024 | $ | 1,693,021 |  |  | $ | 814,819 |  |  | $ | 362,733 |  |  | $ | 141,168 |  |  | $ | 35,699 |  |  | $ | 3,047,440 |
September 30, 2023 | 1,802,532 |  |  | 805,466 |  |  | 357,276 |  |  | 142,910 |  |  | 7,749 |  |  | 3,115,933 |
(1) The Other category represents operations located in Brazil, Israel, and Mauritius.
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:
| September 28, 2024 |  | December 30, 2023
| (in thousands)
Assets from contracts with customers |  |  |
Client receivables | $ | 557,761 |  |  | $ | 578,077 |
Unbilled revenue | 220,323 |  |  | 228,020 |
Total | 778,084 |  |  | 806,097 |
Less: Allowance for credit losses | (23,877) |  |  | (25,722) |
Trade receivables and contract assets, net | $ | 754,207 |  |  | $ | 780,375 |
Liabilities from contracts with customers |  |  |
Current deferred revenue | $ | 251,968 |  |  | $ | 241,820 |
Long-term deferred revenue (included in Other long-term liabilities) | 34,915 |  |  | 30,919 |
Customer contract deposits (included in Other current liabilities) | 99,455 |  |  | 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 |  | Nine Months Ended |  |
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023 |  | Affected Line Item in the Unaudited Condensed Consolidated Statements of Income
| (in thousands) |  |
Lease revenue | $ | 16,622 |  |  | $ | 22,254 |  |  | $ | 54,312 |  |  | $ | 70,235 |  |  | Service revenue
Schedule of Allowance for Credit Losses | The following is a summary of the activity of the Company’s allowance for credit losses:
|  |  | Nine Months Ended
|  |  |  |  | September 28, 2024 |  | September 30, 2023
|  |  |  |  | (in thousands)
Beginning balance |  |  |  |  | $ | 25,722 |  |  | $ | 11,278 |
Provisions |  |  |  |  | 8,223 |  |  | 11,030 |
Reductions |  |  |  |  | (10,068) |  |  | (1,121) |
Ending balance |  |  |  |  | $ | 23,877 |  |  | $ | 21,187 |

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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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