VENTURE CAPITAL AND STRATEGIC EQUITY INVESTMENTS |
VENTURE CAPITAL AND STRATEGIC EQUITY INVESTMENTS Venture capital investments are summarized below: | | | | | | | | | | | | | | | | | | | December 31, 2022 | | December 25, 2021 | | December 26, 2020 | | (in thousands) | Beginning balance | $ | 149,640 | | | $ | 197,100 | | | $ | 108,983 | | Capital contributions | 14,485 | | | 18,023 | | | 14,456 | | Distributions | (9,861) | | | (40,205) | | | (27,586) | | Gain (loss) | (24,398) | | | (23,201) | | | 101,288 | | Foreign currency translation | (854) | | | (2,077) | | | (41) | | | | | | | | Ending balance | $ | 129,012 | | | $ | 149,640 | | | $ | 197,100 | |
The Company also invests, with minority positions, directly in equity of predominantly privately-held companies. Strategic investments are summarized below: | | | | | | | | | | | | | | | | | | | December 31, 2022 | | December 25, 2021 | | December 26, 2020 | | (in thousands) | Beginning balance | $ | 51,712 | | | $ | 24,704 | | | $ | 13,996 | | Acquired investments | 142,477 | | | 35,540 | | | 10,748 | | Distributions | (2,732) | | | (789) | | | — | | Gain (loss) | (2,377) | | | (7,219) | | | (427) | | Foreign currency translation | (6,490) | | | (524) | | | 387 | | Ending balance | $ | 182,590 | | | $ | 51,712 | | | $ | 24,704 | |
In April 2022, the Company acquired a 49% equity interest in a supplier supporting the DSA reportable segment (the Investee) for $90.0 million up front and an additional future contingent payment of up to $5.0 million based upon the Investee’s future performance. The total allocable basis of the investment exceeds the proportional interest in the Investee’s underlying net assets by $86.7 million, which has been allocated primarily to goodwill, intangible assets (client relationships and backlog), and deferred tax liabilities in the amount of $26.2 million, $71.2 million, and $10.7 million respectively.
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