Company: CRL
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001100682-25-000011
Chunk: 158

Company: CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 158
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 Liabilities from contracts with customersCurrent deferred revenue$248,322 $241,820 Long term deferred revenue (included in Other long-term liabilities)34,291 30,919 Customer contract deposits (included in Other current liabilities)89,446 85,554 Approximately 90% of unbilled revenue as of December 30, 2023, which was $228 million, was billed during fiscal year 2024. Approximately 95% of unbilled revenue as of December 31, 2022, which was $204 million, was billed during fiscal year 2023.Approximately 80% of contract liabilities as of December 30, 2023, which was $273 million were recognized as revenue during fiscal year 2024. Approximately 85% of contract liabilities as of December 31, 2022, which was $290 million, were recognized as revenue during fiscal year 2023.When the Company does not have the unconditional right to advanced billings, both advanced client payments and unpaid advanced client billings are excluded from deferred revenue, with the advanced billings also being excluded from client receivables. The Company excluded approximately $38 million and $41 million of unpaid advanced client billings from both client receivables and deferred revenue in the accompanying consolidated balance sheets as of December 28, 2024 and December 30, 2023, respectively.Allowance for Credit LossesThe following is a summary of the activity of the Company’s allowance for credit losses: Fiscal YearDecember 28, 2024December 30, 2023December 31, 2022(in thousands)Beginning balance$25,722 $11,278 $7,180 Provisions14,774 18,225 6,706 Reductions(22,195)(3,781)(2,608)Ending balance$18,301 $25,722 $11,278 Net provision expenses were $12.9 million, $18.2 million, and $6.7 million in fiscal years 2024, 2023, and 2022, respectively and include recoveries of balances previously written off, which are excluded from the table above.Transaction Price Allocated to Future Performance ObligationsThe Company discloses the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of December 28, 2024. Excluded from the disclosure is the value of unsatisfied performance obligations for contracts