View Filing Data

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 29, 2019	Jul. 26, 2019
Document and Entity Information
Entity Registrant Name	CRA INTERNATIONAL, INC.
Entity Central Index Key	0001053706
Document Type	10-Q
Document Period End Date	Jun. 29, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-28
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		7,875,587
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited)
Revenues	$ 110,573	$ 105,538	$ 216,422	$ 205,014
Costs of services (exclusive of depreciation and amortization)	75,972	69,705	149,607	139,096
Selling, general and administrative expenses	23,737	23,739	46,480	45,389
Depreciation and amortization	2,553	2,433	5,169	4,664
Income from operations	8,311	9,661	15,166	15,865
Interest expense, net	(519)	(301)	(530)	(338)
Other income (expense), net	155	377	(589)	136
Income before provision for income taxes	7,947	9,737	14,047	15,663
Provision for income taxes	2,367	2,898	3,802	3,938
Net income	$ 5,580	$ 6,839	$ 10,245	$ 11,725
Net income per share :
Basic (in dollars per share)	$ 0.70	$ 0.84	$ 1.28	$ 1.43
Diluted (in dollars per share)	$ 0.68	$ 0.79	$ 1.23	$ 1.35
Weighted average number of shares outstanding:
Basic (in shares)	7,925	8,053	7,970	8,169
Diluted (in shares)	8,218	8,550	8,282	8,649

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Net income	$ 5,580	$ 6,839	$ 10,245	$ 11,725
Other comprehensive income
Foreign currency translation adjustments	(653)	(2,603)	59	(1,285)
Comprehensive income	$ 4,927	$ 4,236	$ 10,304	$ 10,440

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 29, 2019	Dec. 29, 2018
Current assets:
Cash and cash equivalents	$ 15,588	$ 38,028
Accounts receivable, net of allowances of $3,510 at June 29, 2019 and $3,764 at December 29, 2018	87,763	94,525
Unbilled services, net of allowances of $1,149 at June 29, 2019 and $415 at December 29, 2018	44,334	36,060
Prepaid expenses and other current assets	9,795	6,423
Forgivable loans	7,978	6,104
Total current assets	165,458	181,140
Property and equipment, net	52,003	48,088
Goodwill	88,208	88,208
Intangible assets, net	7,161	7,846
Right-of-Use Assets	114,704
Deferred income taxes	9,286	9,330
Forgivable loans, net of current portion	45,599	34,190
Other assets	3,508	2,044
Total assets	485,927	370,846
Current liabilities:
Accounts payable	21,486	21,938
Accrued expenses	72,394	108,233
Deferred revenue and other liabilities	4,996	6,866
Current portion of lease liabilities	10,898
Current portion of deferred rent		1,810
Current portion of deferred compensation	2,019	3,650
Revolving line of credit	41,000
Total current liabilities	152,793	142,497
Non-current liabilities:
Deferred compensation and other non-current liabilities	8,961	7,957
Deferred rent and facility-related non-current liabilities	1,710	23,618
Non-current portion of lease liabilities	127,281
Deferred income taxes	302	302
Total non-current liabilities	138,254	31,877
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred stock, no par value; 1,000,000 shares authorized; none issued and outstanding
Common stock, no par value; 25,000,000 shares authorized; 7,829,310 and 8,010,480 shares issued and outstanding at June 29, 2019 and December 29, 2018, respectively	14,224	22,837
Retained earnings	193,191	186,229
Accumulated other comprehensive loss	(12,535)	(12,594)
Total shareholders' equity	194,880	196,472
Total liabilities and shareholders' equity	$ 485,927	$ 370,846

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 29, 2019	Dec. 29, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
Allowance for accounts receivable (in dollars)	$ 3,510	$ 3,764
Allowance for unbilled services (in dollars)	$ 1,149	$ 415
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value ( in dollars per share )	$ 0	$ 0
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	7,829,310	8,010,480
Common stock, shares outstanding	7,829,310	8,010,480

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
OPERATING ACTIVITIES:
Net income	$ 10,245	$ 11,725
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	5,164	4,667
Loss on disposal of property and equipment	5
Deferred rent and facility related liabilities	50	3,695
Right-of-use asset amortization	4,848
Deferred income taxes	45	102
Share-based compensation expenses	1,759	2,438
Accounts receivable allowances	(260)	188
Changes in operating assets and liabilities:
Accounts receivable	7,177	(9,413)
Unbilled services	(8,245)	(4,766)
Prepaid expenses and other current assets, and other assets	(4,506)	445
Forgivable loans	(14,363)	(12,130)
Incentive cash awards	2,415	1,523
Accounts payable, accrued expenses, and other liabilities	(44,511)	(31,275)
Lease liabilities	(5,932)
Net cash used in operating activities	(46,109)	(32,801)
INVESTING ACTIVITIES:
Purchases of property and equipment	(3,904)	(8,939)
Net cash used in investing activities	(3,904)	(8,939)
FINANCING ACTIVITIES:
Issuance of common stock, principally stock options exercises	1,526	916
Borrowings under revolving line of credit	50,000	30,161
Repayments under revolving line of credit	(9,000)	(8,802)
Tax withholding payments reimbursed by shares	(388)	(1,783)
Cash paid on dividend equivalents	(35)	(98)
Cash dividends paid to shareholders	(3,196)	(2,795)
Repurchases of common stock	(11,510)	(20,389)
Net cash provided by (used in) financing activities	27,397	(2,790)
Effect of foreign exchange rates on cash and cash equivalents	176	(480)
Net decrease in cash and cash equivalents	(22,440)	(45,010)
Cash and cash equivalents at beginning of period	38,028	54,035
Cash and cash equivalents at end of period	15,588	9,025
Noncash investing and financing activities:
Purchases of property and equipment not yet paid for	4,053	4,704
Purchases of property and equipment paid by a third party	62
Asset retirement obligations	335	220
Right-of-use assets obtained in exchange for lease obligations	37,284
Right-of-use assets related to the adoption of ASC 842	82,329
Lease liabilities related to the adoption of ASC 842	106,765
Supplemental cash flow information:
Cash paid for taxes	3,583	1,158
Cash paid for interest	$ 510	$ 273

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	CRA International, Inc. Shareholders' Equity	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest	Total
Increase (Decrease) in Shareholders' Equity
Cumulative effect of a change in accounting principle related to ASC 606	$ 366		$ 366			$ 366
Balance, as adjusted	207,274	$ 47,414	169,756	$ (9,896)	$ 321	207,595
BALANCE at Dec. 30, 2017	206,908	$ 47,414	169,390	(9,896)	321	207,229
BALANCE (in shares) at Dec. 30, 2017		8,297,172
Increase (Decrease) in Shareholders' Equity
Net income	4,886		4,886			4,886
Foreign currency translation adjustment	1,318			1,318		1,318
Exercise of stock options	535	$ 535				535
Exercise of stock options (in shares)		24,688
Share-based compensation expense	1,292	$ 1,292				1,292
Restricted shares vestings (in shares)		97,722
Redemption of vested employee restricted shares for tax withholding	(1,783)	$ (1,783)				(1,783)
Redemption of vested employee restricted shares for tax withholding (in shares)		(35,287)
Shares repurchased	(8,057)	$ (8,057)				(8,057)
Shares repurchased (in shares)		(162,892)
Accrued dividends on unvested shares	10		10			10
Cash paid on dividend equivalents	(98)		(98)			(98)
Cash dividends paid to shareholders (per share)	(1,423)		(1,423)			(1,423)
BALANCE at Mar. 31, 2018	203,954	$ 39,401	173,131	(8,578)	321	204,275
BALANCE (in shares) at Mar. 31, 2018		8,221,403
BALANCE at Dec. 30, 2017	206,908	$ 47,414	169,390	(9,896)	321	207,229
BALANCE (in shares) at Dec. 30, 2017		8,297,172
Increase (Decrease) in Shareholders' Equity
Net income						11,725
Foreign currency translation adjustment						(1,285)
BALANCE at Jun. 30, 2018	196,237	$ 28,864	178,554	(11,181)	321	196,558
BALANCE (in shares) at Jun. 30, 2018		8,025,726
BALANCE at Mar. 31, 2018	203,954	$ 39,401	173,131	(8,578)	321	204,275
BALANCE (in shares) at Mar. 31, 2018		8,221,403
Increase (Decrease) in Shareholders' Equity
Net income	6,839		6,839			6,839
Foreign currency translation adjustment	(2,603)			(2,603)		(2,603)
Exercise of stock options	381	$ 381				381
Exercise of stock options (in shares)		19,395
Share-based compensation expense	1,146	$ 1,146				1,146
Restricted shares vestings (in shares)		513
Shares repurchased	(12,064)	$ (12,064)				(12,064)
Shares repurchased (in shares)		(215,585)
Accrued dividends on unvested shares	(44)		(44)			(44)
Cash dividends paid to shareholders (per share)	(1,372)		(1,372)			(1,372)
BALANCE at Jun. 30, 2018	$ 196,237	$ 28,864	178,554	(11,181)	$ 321	196,558
BALANCE (in shares) at Jun. 30, 2018		8,025,726
BALANCE at Dec. 29, 2018		$ 22,837	186,229	(12,594)		$ 196,472
BALANCE (in shares) at Dec. 29, 2018		8,010,480				8,010,480
Increase (Decrease) in Shareholders' Equity
Net income			4,665			$ 4,665
Foreign currency translation adjustment				712		712
Exercise of stock options		$ 1,526				1,526
Exercise of stock options (in shares)		64,700
Share-based compensation expense		$ 911				911
Restricted shares vestings (in shares)		25,484
Redemption of vested employee restricted shares for tax withholding		$ (388)				(388)
Redemption of vested employee restricted shares for tax withholding (in shares)		(8,157)
Shares repurchased		$ (4,349)				(4,349)
Shares repurchased (in shares)		(86,609)
Accrued dividends on unvested shares			(8)			(8)
Cash paid on dividend equivalents			(35)			(35)
Cash dividends paid to shareholders (per share)			(1,616)			(1,616)
BALANCE at Mar. 30, 2019		$ 20,537	189,235	(11,882)		197,890
BALANCE (in shares) at Mar. 30, 2019		8,005,898
BALANCE at Dec. 29, 2018		$ 22,837	186,229	(12,594)		$ 196,472
BALANCE (in shares) at Dec. 29, 2018		8,010,480				8,010,480
Increase (Decrease) in Shareholders' Equity
Net income						$ 10,245
Foreign currency translation adjustment						59
BALANCE at Jun. 29, 2019		$ 14,224	193,191	(12,535)		$ 194,880
BALANCE (in shares) at Jun. 29, 2019		7,829,310				7,829,310
BALANCE at Mar. 30, 2019		$ 20,537	189,235	(11,882)		$ 197,890
BALANCE (in shares) at Mar. 30, 2019		8,005,898
Increase (Decrease) in Shareholders' Equity
Net income			5,580			5,580
Foreign currency translation adjustment				(653)		(653)
Share-based compensation expense		$ 848				848
Restricted shares vestings (in shares)		513
Shares repurchased		$ (7,161)				(7,161)
Shares repurchased (in shares)		(177,101)
Accrued dividends on unvested shares			(44)			(44)
Cash dividends paid to shareholders (per share)			(1,580)			(1,580)
BALANCE at Jun. 29, 2019		$ 14,224	$ 193,191	$ (12,535)		$ 194,880
BALANCE (in shares) at Jun. 29, 2019		7,829,310				7,829,310

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 29, 2019	Mar. 30, 2019	Jun. 30, 2018	Mar. 31, 2018
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited)
Cash dividends paid to shareholders (in dollars per share)	$ 0.20	$ 0.20	$ 0.17	$ 0.17

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 29, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Description of Business CRA International, Inc. (“CRA” or the “Company”) is a worldwide leading consulting services firm that applies advanced analytic techniques and in-depth industry knowledge to complex engagements for a broad range of clients. CRA offers services in two broad areas: litigation, regulatory, and financial consulting and management consulting. CRA operates in one business segment. CRA operates its business under its registered trade name, Charles River Associates. Principles of Consolidation The consolidated financial statements include the accounts of CRA and its wholly owned subsidiaries. In addition, for periods prior to December 30, 2018, the consolidated financial statements include CRA’s interest in GNU123 Liquidating Corporation (“GNU”, formerly known as NeuCo, Inc.). All significant intercompany transactions and accounts have been eliminated in consolidation. Basis of Presentation The accompanying unaudited condensed consolidated financial statements reflect the results of operations, financial position, cash flows, and shareholders’ equity as of and for the fiscal quarters and fiscal year-to-date periods ending June 29, 2019 and June 30, 2018, respectively. These financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for Quarterly Reports on Form 10-Q. Accordingly, these financial statements do not include all the information and note disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for annual financial statements. In the opinion of management, these financial statements reflect all adjustments of a normal, recurring nature necessary for the fair statement of CRA’s results of operations, financial position, cash flows, and shareholders’ equity for the interim periods presented in conformity with GAAP. Results of operations for the interim periods presented herein are not necessarily indicative of results of operations for a full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 29, 2018 included in CRA’s Annual Report on Form 10-K filed with the SEC on February 28, 2019 (the “2018 Form 10-K”). GNU Interest Prior to liquidation of GNU on December 18, 2018, CRA's ownership interest in GNU was 55.89%. For periods prior to December 30, 2018, GNU's financial results have been consolidated with CRA, and the portion of GNU's results allocable to its other owners is shown as "noncontrolling interest." GNU did not contribute to CRA’s results of operations during the fiscal quarters or fiscal year-to-date periods ended June 29, 2019 or June 30, 2018. Estimates The preparation of financial statements in conformity with GAAP requires management to make significant estimates and judgments that affect the reported amounts of assets and liabilities, as well as the related disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of consolidated revenues and expenses during the reporting period. Estimates in these consolidated financial statements include, but are not limited to, allowances for accounts receivable and unbilled services, revenue recognition on fixed price contracts, variable consideration to be included in the transaction price of revenue contracts, depreciation of property and equipment, share-based compensation, valuation of the contingent consideration liability, valuation of acquired intangible assets, impairment of long-lived assets and goodwill, accrued and deferred income taxes, valuation allowances on deferred tax assets, accrued incentive compensation, and certain other accrued expenses. These items are monitored and analyzed by CRA for changes in facts and circumstances, and material changes in these estimates could occur in the future. Changes in estimates are recorded in the period in which they become known. CRA bases its estimates on historical experience and various other assumptions that CRA believes to be reasonable under the circumstances. Actual results may differ from those estimates if CRA’s assumptions based on past experience or other assumptions do not turn out to be substantially accurate. Recent Accounting Standards Adopted Leases (Topic 842) CRA adopted Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842), which established Accounting Standards Codification (“ASC”) Topic 842 (“ASC 842”) and supersedes ASC Topic 840, Leases (“ASC 840”), on December 30, 2018 using the additional modified retrospective transition method provided by ASC 842. The cumulative effect of the transition adjustments was recognized as of the date of adoption. CRA elected the package of practical expedients provided by ASC 842, which allowed CRA to forgo reassessing the following upon adoption of the new standard: (1) whether contracts contain leases for any expired or existing contracts, (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any existing or expired leases. In addition, CRA elected an accounting policy to exclude from the consolidated balance sheets the right-of-use (“ROU”) assets and lease liabilities related to short-term leases, which are those leases with an initial lease term of twelve months or less that do not include an option to purchase the underlying asset that CRA is reasonably certain to exercise. Refer to Note 10 for further discussion of CRA’s lease accounting policy. The reported results for 2019 reflect the application of ASC 842 guidance, whereas comparative periods and their respective disclosures prior to the adoption of ASC 842 are presented using the legacy guidance of ASC 840. As a result of adopting the new standard, CRA recognized ROU assets of $82.3 million and lease liabilities of $106.8 million. The difference between the amount of ROU assets and lease liabilities recognized was an adjustment to deferred rent. There was no adjustment to deferred taxes as a result of CRA’s adoption of ASC 842. The adoption of ASC 842 did not have a material impact on CRA’s results of operations or cash flows, nor did it have an impact on any of CRA’s existing debt covenants. Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting CRA adopted ASU No. 2018-07, Compensation—Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting (Topic 718) (“ASU 2018-07”) on December 30, 2018. ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments in this update specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used effectively to provide financing to the issuer or awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The new guidance requires a remeasurement of nonemployee awards at fair value as of the adoption date. The adoption of ASU 2018-07 did not have a material impact on CRA’s financial position, results of operations, cash flows, or disclosures. Recent Accounting Standards Not Yet Adopted Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the methodology that recognizes impairment of financial instruments when losses have been incurred with a methodology that recognizes impairment of financial instruments when losses are expected. The amendment requires entities to use a forward-looking “expected loss” model for most financial instruments, including accounts receivable and loans, that is based on historical information, current information, and reasonable and supportable forecasts. For available-for-sale debt securities with unrealized losses, credit losses will be recognized as an allowance rather than as a reduction in the amortized cost of the debt securities. ASU 2016-13 is effective for CRA for interim and annual periods beginning after December 15, 2019. Early adoption is permitted for interim and annual periods beginning after December 15, 2018. Adoption of ASU 2016-13 will be applied as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period after adoption. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (“ASU 2018-19”). ASU 2018-19 changes the required adoption date for nonpublic business entities and clarifies that receivables arising from operating leases are not within the scope of Topic 326. CRA has not yet determined the effects, if any, that the adoption of the amendments may have on its financial position, results of operations, cash flows, or disclosures. CRA plans to adopt the amendments during the first quarter of 2020. Fair Value Measurements (Topic 820) In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU No. 2018-13”). The ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements from ASC 820. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurement. The new standard is effective for interim and annual periods beginning after December 15, 2019. Entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. CRA has not yet determined the effects, if any, that the adoption of ASU 2018-13 may have on its financial position, results of operations, cash flows, or disclosures. Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). ASU 2018-15 clarifies the accounting for implementation costs in a cloud computing arrangement that is a service contract and aligns the requirements for capitalizing those costs with the capitalization requirements for costs incurred to develop or obtain internal-use software. The new standard is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. CRA is currently evaluating the effects, if any, the adoption of ASU 2018-15 may have on its financial position, results of operations, cash flows, or disclosures.

Fair Value of Financial Instruments

6 Months Ended

Jun. 29, 2019

Fair Value of Financial Instruments

Fair Value of Financial Instruments

2. Fair Value of Financial Instruments

ASC Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurement), then priority to quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market (Level 2 measurement), then the lowest priority to unobservable inputs (Level 3 measurement).

The following tables show CRA’s financial instruments as of June 29, 2019 and December 29, 2018 that are measured and recorded in the condensed consolidated financial statements at fair value on a recurring basis (in thousands):


	June 29, 2019
					Significant
	Quoted Prices in Active Markets		Significant Other		Unobservable
	for Identical Assets or Liabilities		Observable Inputs		Inputs
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	148	$	—	$	—
Total Assets	$	148	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	6,631
Total Liabilities	$	—	$	—	$	6,631


	December 29, 2018
					Significant
	Quoted Prices in Active Markets		Significant Other		Unobservable
	for Identical Assets or Liabilities		Observable Inputs		Inputs
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	18,029	$	—	$	—
Total Assets	$	18,029	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	6,197
Total Liabilities	$	—	$	—	$	6,197

The fair value of CRA’s money market mutual fund share holdings is $1.00 per share.

The contingent consideration liabilities in the tables above are for estimated future contingent consideration payments related to prior acquisitions. The fair value measurement of these liabilities is based on significant inputs not observed in the market and thus represent a Level 3 measurement. The significant unobservable inputs used in the fair value measurements of these contingent consideration liabilities are CRA’s measures of the estimated payouts based on internally generated financial projections and discount rates. The fair value of the contingent consideration was determined using a Monte Carlo simulation. The fair value of these contingent consideration liabilities is reassessed on a quarterly basis by CRA using additional information as it becomes available, and any change in the fair value estimates are recorded in costs of services (exclusive of depreciation and amortization) on the condensed consolidated income statement of that period.

The following table summarizes the changes in the contingent consideration liabilities over the fiscal year-to-date period ended June 29, 2019 and the fiscal year ended December 29, 2018 (in thousands):


	June 29,		December 29,
	2019		2018
Beginning balance	$	6,197	$	5,137
Remeasurement of acquisition-related contingent consideration		(629)		(244)
Accretion		1,063		1,304
Ending balance	$	6,631	$	6,197

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Forgivable Loans

6 Months Ended

Jun. 29, 2019

Forgivable Loans

Forgivable Loans

3. Forgivable Loans

Forgivable loan activity for the fiscal year-to-date period ended June 29, 2019 and the fiscal year ended December 29, 2018 is as follows (in thousands):


	June 29,		December 29,
	2019		2018
Beginning balance	$	40,294	$	28,628
Advances		23,883		30,572
Repayments		(700)		(3,396)
Reclassification from accrued expenses		(1,121)		—
Amortization		(8,804)		(15,329)
Effects of foreign currency translation		25		(181)
Ending balance	$	53,577	$	40,294
Current portion of forgivable loans	$	7,978	$	6,104
Non-current portion of forgivable loans	$	45,599	$	34,190

At June 29, 2019, CRA had no other loans to current and former employees included in other assets on the condensed consolidated balance sheet. At December 29, 2018, CRA had other loans to current and former employees included in other assets on the condensed consolidated balance sheet, amounting to $0.1 million, net of allowances.

Goodwill and Intangible Assets

6 Months Ended

Jun. 29, 2019

Goodwill and Intangible Assets

Goodwill and Intangible Assets

4. Goodwill and Intangible Assets

The changes in the carrying amount of goodwill during the fiscal year-to-date period ended June 29, 2019, is as follows (in thousands):


			Accumulated
	Goodwill,		impairment		Goodwill,
	gross		losses		net
Balance at December 29, 2018	$	164,625	$	(76,417)	$	88,208
Effects of foreign currency translation		—		—		—
Balance at June 29, 2019	$	164,625	$	(76,417)	$	88,208

Intangible assets that are separable from goodwill and have determinable useful lives are valued separately and amortized over their expected useful lives. There were no impairment losses related to intangible assets during the fiscal year -to-date period ended June 29,2019 or June 30, 2018.

The components of acquired identifiable intangible assets are as follows (in thousands):


	June 29,		December 29,
	2019		2018
Non-competition agreements, net of accumulated amortization of $175 and $544, respectively	$	150	$	180
Customer relationships, net of accumulated amortization of $5,109 and $4,454, respectively		7,011		7,666
Total, net of accumulated amortization of $5,284 and $4,998, respectively	$	7,161	$	7,846

Accrued Expenses

6 Months Ended

Jun. 29, 2019

Accrued Expenses

Accrued Expenses

5. Accrued Expenses

Accrued expenses consist of the following (in thousands):


	June 29,		December 29,
	2019		2018
Compensation and related expenses	$	54,403	$	90,711
Income taxes payable		803		514
Other		17,188		17,008
Total	$	72,394	$	108,233

As of June 29, 2019 and December 29, 2018, approximately $38.1 million and $73.9 million, respectively, of accrued bonuses were included above in “Compensation and related expenses”. Additionally, as of June 29, 2019, “Other” accrued expenses included $8.7 million of commissions due to senior consultants, $0.3 million of direct project accruals, $5.5 million of operating expense accruals and $2.7 million of accrued leasehold improvements. As of December 29, 2018, “Other” accrued expenses consisted principally of $9.6 million of commissions due to senior consultants, $0.7 million of direct project accruals, $6.6 million of operating expense accruals and $0.1 million of accrued leasehold improvements.

Credit Agreement	6 Months Ended
Credit Agreement	Jun. 29, 2019
Credit Agreement
Credit Agreement	6. Credit Agreement CRA is party to a credit agreement that provides CRA with a $125.0 million revolving credit facility and a $15.0 million sublimit for the issuance of letters of credit. CRA may use the proceeds of the revolving credit facility to provide working capital and for other general corporate purposes. CRA may repay any borrowings under the revolving credit facility at any time, but no later than October 24, 2022. There were $41.0 million in borrowings outstanding under this revolving credit facility as of June 29, 2019. There were no outstanding borrowings on this facility as of December 29, 2018. As of June 29, 2019, the amount available under this revolving credit facility was reduced by certain letters of credit outstanding, which amounted to $4.1 million. Under the credit agreement, CRA must comply with various financial and non-financial covenants. Compliance with these financial covenants is tested on a fiscal quarterly basis. As of June 29, 2019 and December 29, 2018, CRA was in compliance with the covenants of its credit agreement.

Revenue Recognition

6 Months Ended

Jun. 29, 2019

Revenue Recognition

Revenue Recognition

7. Revenue Recognition

CRA offers consulting services in two broad lines: (1) litigation, regulatory, and financial consulting; and (2) management consulting. Together, these two service lines comprised all of CRA's consolidated revenues during the fiscal quarters and fiscal year-to-date periods ended June 29, 2019 and June 30, 2018.

Disaggregation of Revenue

The following table disaggregates CRA’s revenue by type of contract and geographic location (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29,		June 30,		June 29,		June 30,
Type of Contract	2019		2018		2019		2018
Consulting services revenues:
Fixed Price	$	25,179	$	20,666	$	46,565	$	41,385
Time-and-materials		85,394		84,872		169,857		163,629
Total	$	110,573	$	105,538	$	216,422	$	205,014


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29,		June 30,		June 29,		June 30,
Geographic Breakdown	2019		2018		2019		2018
Consulting services revenues:
United States	$	87,475	$	85,751	$	171,004	$	164,157
United Kingdom		17,404		14,858		35,911		30,064
Other		5,694		4,929		9,507		10,793
Total	$	110,573	$	105,538	$	216,422	$	205,014

Reserves for Variable Consideration and Credit Risk

Revenues from CRA's consulting services are recorded at the net transaction price, which includes estimates of variable consideration for which reserves are established. Variable consideration reserves are based on actual price concessions and those expected to be extended to CRA customers and are recorded as a component of the allowances for accounts receivable and unbilled services. Adjustments to the variable consideration reserves are as follows (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29,		June 30,		June 29,		June 30,
	2019		2018		2019		2018
Adjustments to reserves for variable consideration and credit risk	$	2,725	$	1,998	$	4,158	$	3,446

Bad debt expense is reported as a component of selling, general and administrative expense. Bad debt expense is as follows (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29,		June 30,		June 29,		June 30,
	2019		2018		2019		2018
Bad debt expense	$	48	$	800	$	31	$	1,072

Reimbursable Expenses

Revenues also include reimbursements for costs incurred by CRA in fulfilling its performance obligations, including travel and other out-of-pocket expenses, fees for outside consultants and other reimbursable expenses. CRA recovers substantially all of these costs. The following expenses are subject to reimbursement (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29,		June 30,		June 29,		June 30,
	2019		2018		2019		2018
Reimbursable expenses	$	12,178	$	12,087	$	25,013	$	23,315

CRA collects goods and services and value added taxes from customers and records these amounts on a net basis.

Transaction Price Allocated to Future Performance Obligations

ASC 606 requires that CRA disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of June 29, 2019. The guidance provides certain practical expedients that limit this requirement for (1) contracts with an original expected length of one year or less and (2) contracts for which revenue is recognized at the amount to which CRA has the right to invoice for consulting services performed. Given the nature of its business, CRA does not disclose the value of unsatisfied performance obligations as the practical expedients apply to its unsatisfied performance obligations as of June 29, 2019.

Contract Balances from Contracts with Customers

CRA defines contract assets as assets for which it has recorded revenue because it determines that it is probable that it will earn a performance based or contingent fee, but is not yet entitled to receive a fee, because certain events, such as completion of the measurement period or client approval, must occur. These contract assets are included in accounts receivable, net and unbilled services, net within the consolidated balance sheets. The contract assets balance was immaterial as of June 29, 2019 and December 29, 2018.

CRA defines contract liabilities as advance payments from or billings to its clients for services that have not yet been performed or earned and retainers. These liabilities are recorded within deferred revenues and are recognized as services are provided. When consideration is received, or such consideration is unconditionally due from a customer prior to transferring consulting services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after control of the consulting services are transferred to the customer and all revenue recognition criteria have been met.

The following table presents the opening and closing balances of CRA’s contract liability (in thousands):


	Contract Liability
	Fiscal Year-to-Date		Fiscal Year
	Period Ended		Ended
	June 29, 2019		December 29, 2018
Balance at the beginning of the period	$	5,453	$	3,287
Balance at the end of the period	$	3,432	$	5,453

During the fiscal quarter and fiscal year-to-date period ended June 29, 2019, CRA recognized the following revenue as a result of changes in the contract liability balance (in thousands):


	Fiscal Quarter Ended		Fiscal Year-to-Date Period Ended
	June 29,		June 29,
	2019		2019
Amounts included in contract liabilities at the beginning of the period	$	2,560	$	4,631
Performance obligations satisfied in previous periods	$	5,691	$	3,590

The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled services and contract liabilities on the condensed consolidated balance sheets.

Net Income per Share

6 Months Ended

Jun. 29, 2019

Net Income per Share

Net Income per Share

8. Net Income per Share

CRA calculates basic and diluted earnings per common share using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all of the net earnings for the period had been distributed. CRA’s participating securities consist of unvested share-based payment awards that contain a nonforfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders. Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards. Net earnings allocable to these participating securities were not material for the fiscal quarters and fiscal year-to-date periods ended June 29, 2019 and June 30, 2018.

The following table presents a reconciliation from net income to the net income available to common shareholders (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29,		June 30,		June 29,		June 30,
	2019		2018		2019		2018
Net income, as reported	$	5,580	$	6,839	$	10,245	$	11,725
Less: net income attributable to participating shares		24		39		34		69
Net income available to common shareholders	$	5,556	$	6,800	$	10,211	$	11,656

The following table presents a reconciliation of basic to diluted weighted average shares of common stock outstanding (in thousands):


	Fiscal Quarter Ended		Fiscal Year-to-Date Period Ended
	June 29,	June 30,	June 29,	June 30,
	2019	2018	2019	2018
Basic weighted average shares outstanding	7,925	8,053	7,970	8,169
Dilutive stock options and restricted stock units	293	497	312	480
Diluted weighted average shares outstanding	8,218	8,550	8,282	8,649

For the fiscal quarter and fiscal year-to-date period ended June 29, 2019, the anti-dilutive share-based awards that were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding amounted to 45,200 and 31,378 shares , respectively. For the fiscal quarter and fiscal year-to-date period ended June 30, 2018, the anti-dilutive share-based awards that were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding amounted to 22,757 and 11,379 shares , respectively. These share-based awards each period were anti-dilutive because their exercise price exceeded the average market price over the respective period.

Income Taxes	6 Months Ended
Income Taxes	Jun. 29, 2019
Income Taxes
Income Taxes	9. Income Taxes CRA’s effective income tax rate was 29.8% for the second quarter of fiscal 2019 and fiscal 2018. The effective tax rate for the second quarter of fiscal 2019 was comparable to that reported for the second quarter of fiscal 2018. The effective tax rate in the second quarter of fiscal 2019 was higher than the combined federal and state statutory tax rate primarily due to non-deductible items resulting from limitations on the deductibility of compensation paid to executive officers and the deductibility of meals and entertainment. The effective tax rate in the second quarter of fiscal 2018 was higher than the combined federal and state statutory tax rate primarily due to the non-deductible items referenced above as well as offsetting discrete items relating to an out-of-period adjustment and the tax benefit on stock-based compensation. CRA's effective income tax rates were 27.1% and 25.1% for the first half of fiscal 2019 and fiscal 2018, respectively. The effective tax rate for the first half of fiscal 2019 was higher than that reported for the first half of fiscal 2018 primarily due to a reduced tax benefit related to stock-based compensation. The effective tax rate in the first half of fiscal 2019 was the same as the combined federal and state statutory tax rate but included the effect of offsetting adjustments primarily driven by the tax benefit on stock-based compensation and non-deductible items resulting from limitations on the deductibility of compensation paid to executive officers and the deductibility of meals and entertainment. The effective tax rate in the first half of fiscal 2018 was lower than the combined federal and state statutory tax rate primarily due to the tax benefit on stock-based compensation, partially offset by the same non-deductible items as those in the current year. CRA has not provided for deferred income taxes or foreign withholding taxes on undistributed earnings and other basis differences that may exist from its foreign subsidiaries as of June 29, 2019, because such earnings are considered to be indefinitely reinvested. CRA does not rely on these unremitted earnings as a source of funds for its domestic business as it expects to have sufficient cash flow in the U.S. to fund its U.S. operational and strategic needs. If CRA were to repatriate its foreign earnings that are indefinitely reinvested, it would accrue substantially no additional tax expense.

Leases

6 Months Ended

Jun. 29, 2019

Leases

Leases

10. Leases

CRA is a lessee under certain operating leases for office space and equipment. Prior to adopting ASC 842, CRA followed the lease accounting guidance as issued in ASC 840. Under ASC 840, CRA classified its leases as operating or capital leases based on evaluation of certain criteria of the lease agreement. For leases that contained rent escalations or rent holidays, CRA recorded the total rent expense during the lease term on a straight-line basis over the term of the lease and recorded the difference between the rents paid and the straight-line rent expense as deferred rent on the balance sheet. Any tenant improvement allowances received from the lessor were recorded as a reduction to rent expense over the term of the lease.

ASC 842, which CRA adopted on December 30, 2018, requires lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset (“ROU”), subject to certain permitted accounting policy elections. As a result of adopting the new standard, CRA recognized ROU assets of $82.3 million and lease liabilities of $106.8 million related to its operating leases as of December 30, 2018. The difference between the amount of ROU assets and lease liabilities recognized was an adjustment to eliminate the deferred rent balance, which was a component of ASC 840.

Under ASC 842, CRA determines, at the inception of the contract, whether the contract is or contains a lease based on whether the contract provides CRA the right to control the use of a physically distinct asset or substantially all of the capacity of an asset. Leases with an initial noncancelable term of twelve months or less that do not include an option to purchase the underlying asset that CRA is reasonably certain to exercise are classified as short-term leases. CRA has elected as an accounting policy to exclude from the consolidated balance sheets the ROU assets and lease liabilities related to short-term leases. CRA recognizes rent expense for its operating leases on a straight-line basis over the term of the lease.

Many of CRA’s equipment leases are short-term or cancellable with notice. CRA’s office space leases have remaining lease terms between one and approximately twelve years, many of which include one or more options to extend the term for periods of up to five years for each option. Certain leases contain options to terminate the lease early, which may include a penalty for exercising the option. Many of the termination options require notice within a specified period, after which the option is no longer available to CRA if not exercised. The extension options and termination options may be exercised at CRA’s sole discretion. CRA does not consider in the measurement of ROU assets and lease liabilities an option to extend or terminate a lease if CRA is not reasonably certain to exercise the option. As of June 29, 2019, CRA has not included any options to extend or terminate in its measurement of ROU assets or lease liabilities.

Certain of CRA’s leases include covenants that oblige CRA, at its sole expense, to repair and maintain the leased asset periodically during the lease term. CRA is not a party to any leases that contain residual value guarantees nor is CRA a party to any leases that provide an option to purchase the underlying asset.

Many of CRA’s office space leases include fixed and variable payments. Variable payments relate to real estate taxes, insurance, operating expenses, and common area maintenance, which are usually billed at actual amounts incurred proportionate to CRA’s rented square feet of the building. Variable payments that do not depend on an index or rate are expensed by CRA as they are incurred and are not included in the measurement of the lease liability.

Many of CRA’s leases contain both lease and non-lease components. For office space leases, the Company has elected as an accounting policy to account for lease and nonlease components as a single component. For equipment leases, fixed and variable payments are allocated to each component relative to observable or estimated standalone prices. CRA measures its variable lease costs as the portion of variable payments that are allocated to lease components.

CRA measures its lease liability for each leased asset as the present value of lease payments, as defined in ASC 842, allocated to the lease component, discounted using an incremental borrowing rate specific to the underlying asset. CRA’s ROU assets are equal to the lease liability, adjusted for lease incentives received, including tenant improvement allowances, and payments made to the lessor prior to the lease commencement date. CRA estimates its incremental borrowing rate for each leased asset based on the interest rate CRA would incur to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment.

The components of CRA’s lease expenses, which are included in the condensed consolidated income statement, are as follows (in thousands):


	Fiscal Quarter Ended		Fiscal Year-to-Date Period Ended
	June 29, 2019		June 29, 2019

Operating lease cost	$	4,013	$	7,224
Short-term lease cost		81		189
Variable lease cost		1,033		1,969
Total lease cost	$	5,127	$	9,382

Supplemental cash flow information related to CRA’s leases are as follows (in thousands):


	Fiscal Year-to-Date
	Period Ended
	June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	8,113
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	37,284

The following table presents supplemental balance sheet information related to CRA’s operating leases (in thousands):


	June 29, 2019
Assets:
Operating lease right-of-use assets	$	114,704
Liabilities:
Current portion of lease liabilities	$	10,898
Non-current portion of lease liabilities		127,281
Total operating lease liabilities	$	138,179
Weighted average remaining lease term—operating leases		10.0	years
Weighted average discount rate—operating leases		3.7	%

At June 29, 2019, CRA had the following maturities of lease liabilities related to office space and equipment, all of which are under non-cancellable operating leases (in thousands):


		Operating
		Lease
Fiscal Year		Commitments
2019 (excluding the six months ended June 29, 2019)		8,318
2020		16,931
2021		16,925
2022		17,009
2023		17,161
Thereafter		95,007
Total lease payments		171,351
Less: imputed interest		(33,172)
Total		138,179

As of June 29, 2019, CRA had additional operating leases for office space that have not yet commenced that have minimum rental commitments of $21.1 million. These operating leases will commence in fiscal year 2019 and have lease terms of approximately six years to eleven years.

Contingencies	6 Months Ended
Contingencies	Jun. 29, 2019
Contingencies
Contingencies	11. Contingencies CRA is subject to legal actions arising in the ordinary course of business. In management’s opinion, based on current knowledge, CRA has adequate legal defenses and/or insurance coverage with respect to the eventuality of such actions. CRA does not believe any settlement or judgment relating to any pending legal action would materially affect its financial position or results of operations. However, the outcome of such legal actions is inherently unpredictable and subject to inherent uncertainties.

Correction

6 Months Ended

Jun. 29, 2019

Correction

Correction

12. Correction

During the fourth quarter of fiscal 2018, CRA determined that the change in accounts receivable allowances presented in the March 31, 2018 condensed consolidated statement of cash flows required adjustment. These adjustments in disclosure are immaterial and had no effect on the amount of accounts receivable presented on the March 31, 2018 condensed consolidated balance sheet. As a result of these adjustments, a classification change was required within the operating activities portion of the condensed consolidated statement of cash flows. As of December 29, 2018, these adjustments were corrected and the accounts receivable and accounts receivable allowances were properly presented within the consolidated financial statements.

The following table presents the total classification changes required related to these adjustments for the fiscal year-to-date period ended June 30, 2018 (in thousands):


	As previously
	reported		As revised
Accounts receivable allowances	$	842	$	188
Accounts receivable	$	(9,868)	$	(9,413)
Unbilled services	$	(4,965)	$	(4,766)
Net cash used in operating activities	$	(32,801)	$	(32,801)

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 29, 2019
Subsequent Events
Subsequent Events	13. Subsequent Events On August 1, 2019, CRA announced that its Board of Directors declared a quarterly cash dividend of $0.20 per common share, payable on September 13, 2019 to shareholders of record as of August 27, 2019. During the month of July 2019, CRA repaid $9.0 million on its existing borrowings under its revolving line of credit. After this repayment, $32.0 million of borrowings remain outstanding.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 29, 2019
Summary of Significant Accounting Policies
Description of Business	Description of Business CRA International, Inc. (“CRA” or the “Company”) is a worldwide leading consulting services firm that applies advanced analytic techniques and in-depth industry knowledge to complex engagements for a broad range of clients. CRA offers services in two broad areas: litigation, regulatory, and financial consulting and management consulting. CRA operates in one business segment. CRA operates its business under its registered trade name, Charles River Associates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of CRA and its wholly owned subsidiaries. In addition, for periods prior to December 30, 2018, the consolidated financial statements include CRA’s interest in GNU123 Liquidating Corporation (“GNU”, formerly known as NeuCo, Inc.). All significant intercompany transactions and accounts have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements reflect the results of operations, financial position, cash flows, and shareholders’ equity as of and for the fiscal quarters and fiscal year-to-date periods ending June 29, 2019 and June 30, 2018, respectively. These financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for Quarterly Reports on Form 10-Q. Accordingly, these financial statements do not include all the information and note disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for annual financial statements. In the opinion of management, these financial statements reflect all adjustments of a normal, recurring nature necessary for the fair statement of CRA’s results of operations, financial position, cash flows, and shareholders’ equity for the interim periods presented in conformity with GAAP. Results of operations for the interim periods presented herein are not necessarily indicative of results of operations for a full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 29, 2018 included in CRA’s Annual Report on Form 10-K filed with the SEC on February 28, 2019 (the “2018 Form 10-K”).
GNU Interest	GNU Interest Prior to liquidation of GNU on December 18, 2018, CRA's ownership interest in GNU was 55.89%. For periods prior to December 30, 2018, GNU's financial results have been consolidated with CRA, and the portion of GNU's results allocable to its other owners is shown as "noncontrolling interest." GNU did not contribute to CRA’s results of operations during the fiscal quarters or fiscal year-to-date periods ended June 29, 2019 or June 30, 2018.
Estimates	Estimates The preparation of financial statements in conformity with GAAP requires management to make significant estimates and judgments that affect the reported amounts of assets and liabilities, as well as the related disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of consolidated revenues and expenses during the reporting period. Estimates in these consolidated financial statements include, but are not limited to, allowances for accounts receivable and unbilled services, revenue recognition on fixed price contracts, variable consideration to be included in the transaction price of revenue contracts, depreciation of property and equipment, share-based compensation, valuation of the contingent consideration liability, valuation of acquired intangible assets, impairment of long-lived assets and goodwill, accrued and deferred income taxes, valuation allowances on deferred tax assets, accrued incentive compensation, and certain other accrued expenses. These items are monitored and analyzed by CRA for changes in facts and circumstances, and material changes in these estimates could occur in the future. Changes in estimates are recorded in the period in which they become known. CRA bases its estimates on historical experience and various other assumptions that CRA believes to be reasonable under the circumstances. Actual results may differ from those estimates if CRA’s assumptions based on past experience or other assumptions do not turn out to be substantially accurate.
Recent Accounting Standards Adopted and Not Yet Adopted	Recent Accounting Standards Adopted Leases (Topic 842) CRA adopted Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842), which established Accounting Standards Codification (“ASC”) Topic 842 (“ASC 842”) and supersedes ASC Topic 840, Leases (“ASC 840”), on December 30, 2018 using the additional modified retrospective transition method provided by ASC 842. The cumulative effect of the transition adjustments was recognized as of the date of adoption. CRA elected the package of practical expedients provided by ASC 842, which allowed CRA to forgo reassessing the following upon adoption of the new standard: (1) whether contracts contain leases for any expired or existing contracts, (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any existing or expired leases. In addition, CRA elected an accounting policy to exclude from the consolidated balance sheets the right-of-use (“ROU”) assets and lease liabilities related to short-term leases, which are those leases with an initial lease term of twelve months or less that do not include an option to purchase the underlying asset that CRA is reasonably certain to exercise. Refer to Note 10 for further discussion of CRA’s lease accounting policy. The reported results for 2019 reflect the application of ASC 842 guidance, whereas comparative periods and their respective disclosures prior to the adoption of ASC 842 are presented using the legacy guidance of ASC 840. As a result of adopting the new standard, CRA recognized ROU assets of $82.3 million and lease liabilities of $106.8 million. The difference between the amount of ROU assets and lease liabilities recognized was an adjustment to deferred rent. There was no adjustment to deferred taxes as a result of CRA’s adoption of ASC 842. The adoption of ASC 842 did not have a material impact on CRA’s results of operations or cash flows, nor did it have an impact on any of CRA’s existing debt covenants. Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting CRA adopted ASU No. 2018-07, Compensation—Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting (Topic 718) (“ASU 2018-07”) on December 30, 2018. ASU 2018-07 expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments in this update specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used effectively to provide financing to the issuer or awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The new guidance requires a remeasurement of nonemployee awards at fair value as of the adoption date. The adoption of ASU 2018-07 did not have a material impact on CRA’s financial position, results of operations, cash flows, or disclosures. Recent Accounting Standards Not Yet Adopted Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 replaces the methodology that recognizes impairment of financial instruments when losses have been incurred with a methodology that recognizes impairment of financial instruments when losses are expected. The amendment requires entities to use a forward-looking “expected loss” model for most financial instruments, including accounts receivable and loans, that is based on historical information, current information, and reasonable and supportable forecasts. For available-for-sale debt securities with unrealized losses, credit losses will be recognized as an allowance rather than as a reduction in the amortized cost of the debt securities. ASU 2016-13 is effective for CRA for interim and annual periods beginning after December 15, 2019. Early adoption is permitted for interim and annual periods beginning after December 15, 2018. Adoption of ASU 2016-13 will be applied as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period after adoption. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses (“ASU 2018-19”). ASU 2018-19 changes the required adoption date for nonpublic business entities and clarifies that receivables arising from operating leases are not within the scope of Topic 326. CRA has not yet determined the effects, if any, that the adoption of the amendments may have on its financial position, results of operations, cash flows, or disclosures. CRA plans to adopt the amendments during the first quarter of 2020. Fair Value Measurements (Topic 820) In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU No. 2018-13”). The ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements from ASC 820. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurement. The new standard is effective for interim and annual periods beginning after December 15, 2019. Entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. CRA has not yet determined the effects, if any, that the adoption of ASU 2018-13 may have on its financial position, results of operations, cash flows, or disclosures. Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). ASU 2018-15 clarifies the accounting for implementation costs in a cloud computing arrangement that is a service contract and aligns the requirements for capitalizing those costs with the capitalization requirements for costs incurred to develop or obtain internal-use software. The new standard is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. CRA is currently evaluating the effects, if any, the adoption of ASU 2018-15 may have on its financial position, results of operations, cash flows, or disclosures.

Fair value of Financial Instruments (Tables)

6 Months Ended

Jun. 29, 2019

Fair Value of Financial Instruments

Schedule of financial instruments that are measured and recorded at fair value on a recurring basis


	June 29, 2019
					Significant
	Quoted Prices in Active Markets		Significant Other		Unobservable
	for Identical Assets or Liabilities		Observable Inputs		Inputs
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	148	$	—	$	—
Total Assets	$	148	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	6,631
Total Liabilities	$	—	$	—	$	6,631


	December 29, 2018
					Significant
	Quoted Prices in Active Markets		Significant Other		Unobservable
	for Identical Assets or Liabilities		Observable Inputs		Inputs
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	18,029	$	—	$	—
Total Assets	$	18,029	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	6,197
Total Liabilities	$	—	$	—	$	6,197

Summary of the changes in the contingent consideration liabilities


	June 29,		December 29,
	2019		2018
Beginning balance	$	6,197	$	5,137
Remeasurement of acquisition-related contingent consideration		(629)		(244)
Accretion		1,063		1,304
Ending balance	$	6,631	$	6,197

Forgivable Loans (Tables)

6 Months Ended

Jun. 29, 2019

Forgivable Loans

Schedule of forgivable loan activity

Forgivable loan activity for the fiscal year-to-date period ended June 29, 2019 and the fiscal year ended December 29, 2018 is as follows (in thousands):


	June 29,		December 29,
	2019		2018
Beginning balance	$	40,294	$	28,628
Advances		23,883		30,572
Repayments		(700)		(3,396)
Reclassification from accrued expenses		(1,121)		—
Amortization		(8,804)		(15,329)
Effects of foreign currency translation		25		(181)
Ending balance	$	53,577	$	40,294
Current portion of forgivable loans	$	7,978	$	6,104
Non-current portion of forgivable loans	$	45,599	$	34,190

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 29, 2019

Goodwill and Intangible Assets

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill during the fiscal year-to-date period ended June 29, 2019, is as follows (in thousands):


			Accumulated
	Goodwill,		impairment		Goodwill,
	gross		losses		net
Balance at December 29, 2018	$	164,625	$	(76,417)	$	88,208
Effects of foreign currency translation		—		—		—
Balance at June 29, 2019	$	164,625	$	(76,417)	$	88,208

Schedule of components of acquired identifiable intangible assets

The components of acquired identifiable intangible assets are as follows (in thousands):


	June 29,		December 29,
	2019		2018
Non-competition agreements, net of accumulated amortization of $175 and $544, respectively	$	150	$	180
Customer relationships, net of accumulated amortization of $5,109 and $4,454, respectively		7,011		7,666
Total, net of accumulated amortization of $5,284 and $4,998, respectively	$	7,161	$	7,846

Accrued Expenses (Tables)

6 Months Ended

Jun. 29, 2019

Accrued Expenses

Schedule of accrued expenses

Accrued expenses consist of the following (in thousands):


	June 29,		December 29,
	2019		2018
Compensation and related expenses	$	54,403	$	90,711
Income taxes payable		803		514
Other		17,188		17,008
Total	$	72,394	$	108,233

Revenue Recognition (Tables)

6 Months Ended

Jun. 29, 2019

Revenue Recognition

Schedule of disaggregation of revenue by type of contract and geographic location

The following table disaggregates CRA’s revenue by type of contract and geographic location (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29,		June 30,		June 29,		June 30,
Type of Contract	2019		2018		2019		2018
Consulting services revenues:
Fixed Price	$	25,179	$	20,666	$	46,565	$	41,385
Time-and-materials		85,394		84,872		169,857		163,629
Total	$	110,573	$	105,538	$	216,422	$	205,014


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29,		June 30,		June 29,		June 30,
Geographic Breakdown	2019		2018		2019		2018
Consulting services revenues:
United States	$	87,475	$	85,751	$	171,004	$	164,157
United Kingdom		17,404		14,858		35,911		30,064
Other		5,694		4,929		9,507		10,793
Total	$	110,573	$	105,538	$	216,422	$	205,014

Schedule to the variable consideration reserves

Adjustments to the variable consideration reserves are as follows (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29,		June 30,		June 29,		June 30,
	2019		2018		2019		2018
Adjustments to reserves for variable consideration and credit risk	$	2,725	$	1,998	$	4,158	$	3,446

Schedule of bad debt expense

Bad debt expense is as follows (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29,		June 30,		June 29,		June 30,
	2019		2018		2019		2018
Bad debt expense	$	48	$	800	$	31	$	1,072

Schedule of reimbursable expenses included in revenues

The following expenses are subject to reimbursement (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29,		June 30,		June 29,		June 30,
	2019		2018		2019		2018
Reimbursable expenses	$	12,178	$	12,087	$	25,013	$	23,315

Schedule of opening and closing balances and result of changes in contract liability balance (in thousands)

The following table presents the opening and closing balances of CRA’s contract liability (in thousands):


	Contract Liability
	Fiscal Year-to-Date		Fiscal Year
	Period Ended		Ended
	June 29, 2019		December 29, 2018
Balance at the beginning of the period	$	5,453	$	3,287
Balance at the end of the period	$	3,432	$	5,453

During the fiscal quarter and fiscal year-to-date period ended June 29, 2019, CRA recognized the following revenue as a result of changes in the contract liability balance (in thousands):


	Fiscal Quarter Ended		Fiscal Year-to-Date Period Ended
	June 29,		June 29,
	2019		2019
Amounts included in contract liabilities at the beginning of the period	$	2,560	$	4,631
Performance obligations satisfied in previous periods	$	5,691	$	3,590

Net Income per Share (Tables)

6 Months Ended

Jun. 29, 2019

Net Income per Share

Schedule of reconciliation from net income to the net income available to common shareholders

The following table presents a reconciliation from net income to the net income available to common shareholders (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	June 29,		June 30,		June 29,		June 30,
	2019		2018		2019		2018
Net income, as reported	$	5,580	$	6,839	$	10,245	$	11,725
Less: net income attributable to participating shares		24		39		34		69
Net income available to common shareholders	$	5,556	$	6,800	$	10,211	$	11,656

Schedule of reconciliation of basic to diluted weighted average shares of common stock outstanding

The following table presents a reconciliation of basic to diluted weighted average shares of common stock outstanding (in thousands):


	Fiscal Quarter Ended		Fiscal Year-to-Date Period Ended
	June 29,	June 30,	June 29,	June 30,
	2019	2018	2019	2018
Basic weighted average shares outstanding	7,925	8,053	7,970	8,169
Dilutive stock options and restricted stock units	293	497	312	480
Diluted weighted average shares outstanding	8,218	8,550	8,282	8,649

Leases (Tables)

6 Months Ended

Jun. 29, 2019

Leases

Schedule of lease expenses, supplemental cash flow and balance sheet information

The components of CRA’s lease expenses, which are included in the condensed consolidated income statement, are as follows (in thousands):


	Fiscal Quarter Ended		Fiscal Year-to-Date Period Ended
	June 29, 2019		June 29, 2019

Operating lease cost	$	4,013	$	7,224
Short-term lease cost		81		189
Variable lease cost		1,033		1,969
Total lease cost	$	5,127	$	9,382

Supplemental cash flow information related to CRA’s leases are as follows (in thousands):


	Fiscal Year-to-Date
	Period Ended
	June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	8,113
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	37,284

The following table presents supplemental balance sheet information related to CRA’s operating leases (in thousands):


	June 29, 2019
Assets:
Operating lease right-of-use assets	$	114,704
Liabilities:
Current portion of lease liabilities	$	10,898
Non-current portion of lease liabilities		127,281
Total operating lease liabilities	$	138,179
Weighted average remaining lease term—operating leases		10.0	years
Weighted average discount rate—operating leases		3.7	%

Schedule of maturities of lease liabilities

At June 29, 2019, CRA had the following maturities of lease liabilities related to office space and equipment, all of which are under non-cancellable operating leases (in thousands):


		Operating
		Lease
Fiscal Year		Commitments
2019 (excluding the six months ended June 29, 2019)		8,318
2020		16,931
2021		16,925
2022		17,009
2023		17,161
Thereafter		95,007
Total lease payments		171,351
Less: imputed interest		(33,172)
Total		138,179

Correction (Tables)

6 Months Ended

Jun. 29, 2019

Total classification changes within operating activities

Schedule of the total classification changes required

The following table presents the total classification changes required related to these adjustments for the fiscal year-to-date period ended June 30, 2018 (in thousands):


	As previously
	reported		As revised
Accounts receivable allowances	$	842	$	188
Accounts receivable	$	(9,868)	$	(9,413)
Unbilled services	$	(4,965)	$	(4,766)
Net cash used in operating activities	$	(32,801)	$	(32,801)

Summary of Significant Accounting Policies - (Details)	6 Months Ended
Summary of Significant Accounting Policies - (Details)	Jun. 29, 2019 segment item
Description of Business
Number of broad areas of consulting services \| item	2
Number of business segment \| segment	1

Summary of Significant Accounting Policies - GNU Interest (Details)	Dec. 18, 2018
GNU
GNU Interest
Percentage of ownership interest held by the entity	55.89%

Summary of Significant Accounting Policies - Recent Accounting Standards Adopted (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2019	Dec. 30, 2018
Recent Accounting Standards
CRA elected package of practical expedients	true
Operating lease right-of-use assets	$ 114,704
Recognize lease liabilities	138,179
ASU 2016-02
Recent Accounting Standards
Operating lease right-of-use assets	82,300	$ 82,300
Recognize lease liabilities	$ 106,800	$ 106,800

Fair Value of Financial Instruments (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 29, 2019	Dec. 29, 2018	Jun. 29, 2019	Dec. 29, 2018
Money market mutual funds
Fair Value of Financial Instruments
Fair value per share of CRA's money market mutual fund share holdings				$ 1.00
Recurring \| Level 1
Fair Value of Financial Instruments
Total Assets			$ 148	$ 18,029
Recurring \| Level 1 \| Money market mutual funds
Fair Value of Financial Instruments
Cash and cash equivalents			148	18,029
Recurring \| Level 3
Fair Value of Financial Instruments
Contingent consideration liability	$ 6,197	$ 5,137	6,631	6,197
Total Liabilities			$ 6,631	$ 6,197
Summary of changes in contingent consideration liabilities
Beginning balance	6,197	5,137
Remeasurement of acquisition-related contingent consideration	(629)	(244)
Accretion	1,063	1,304
Ending balance	$ 6,631	$ 6,197

Forgivable Loans (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Forgivable Loans (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Dec. 29, 2018
Forgivable loan activity
Beginning balance	$ 40,294	$ 28,628
Advances	23,883	30,572
Repayments	(700)	(3,396)
Reclassification from accrued expenses	(1,121)
Amortization	(8,804)	(15,329)
Effects of foreign currency translation	25	(181)
Ending balance	53,577	40,294
Current portion of forgivable loans	7,978	6,104
Non-current portion of forgivable loans	45,599	34,190
Other loans to current and former employees
Other loans to current and former employees, included in other assets, net of allowances	$ 0	$ 100

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Dec. 29, 2018
Changes in the carrying amount of goodwill
Balance at the beginning of the period, Goodwill gross	$ 164,625
Balance at the end of the period, Goodwill gross	164,625
Balance at the beginning of the period, Accumulated impairment losses	(76,417)
Balance at the end of the period, Accumulated impairment losses	(76,417)
Goodwill, net	88,208		$ 88,208
Balance at the end of the period, Goodwill, net	88,208
Intangible assets impairment losses	$ 0	$ 0

Goodwill and Intangible Assets - Acquired and Amortization (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Dec. 29, 2018
Acquired identifiable intangible assets
Acquired identifiable intangible assets, net of accumulated amortization	$ 7,161	$ 7,846
Accumulated amortization	5,284	4,998
Non-competition agreements
Acquired identifiable intangible assets
Acquired identifiable intangible assets, net of accumulated amortization	150	180
Accumulated amortization	175	544
Customer relationships
Acquired identifiable intangible assets
Acquired identifiable intangible assets, net of accumulated amortization	7,011	7,666
Accumulated amortization	$ 5,109	$ 4,454

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Dec. 29, 2018
Accrued Expenses
Compensation and related expenses	$ 54,403	$ 90,711
Income taxes payable	803	514
Other	17,188	17,008
Total	72,394	108,233
Compensation and related expenses
Accrued bonuses	38,100	73,900
"Other" accrued expenses
Commissions due to senior consultants	8,700	9,600
Direct project accruals	300	700
Operating expense accruals	5,500	6,600
Accrued leasehold improvements	$ 2,700	$ 100

Credit Agreement (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Dec. 29, 2018
Senior Loan Agreement
Borrowings on revolving line of credit outstanding	$ 41,000
Revolving credit facility
Senior Loan Agreement
Revolving credit facility, maximum capacity	125,000
Borrowings on revolving line of credit outstanding	41,000	$ 0
Secured by letters of credit
Senior Loan Agreement
Revolving credit facility, maximum capacity	15,000
Amount available under revolving credit facility reduced	$ 4,100

Revenue Recognition - General (Details)	Jun. 29, 2019 item
Concentration Risk
Number of broad lines of consulting services	2
Revenue Benchmark \| Revenue Concentration Risk
Concentration Risk
Number of broad lines of consulting services	2

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Disaggregation of Revenue
Consulting services revenues	$ 110,573	$ 105,538	$ 216,422	$ 205,014
United States
Disaggregation of Revenue
Consulting services revenues	87,475	85,751	171,004	164,157
United Kingdom
Disaggregation of Revenue
Consulting services revenues	17,404	14,858	35,911	30,064
Other
Disaggregation of Revenue
Consulting services revenues	5,694	4,929	9,507	10,793
Fixed Price
Disaggregation of Revenue
Consulting services revenues	25,179	20,666	46,565	41,385
Time-and-materials
Disaggregation of Revenue
Consulting services revenues	$ 85,394	$ 84,872	$ 169,857	$ 163,629

Revenue Recognition - Reserves for Variable Consideration and Credit Risk (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Adjustments to reserves for variable consideration and credit risk	$ 2,725	$ 1,998	$ 4,158	$ 3,446
Reimbursable expenses	12,178	12,087	25,013	23,315
Selling, general and administrative expenses
Bad debt expense	$ 48	$ 800	$ 31	$ 1,072

Revenue Recognition - Contract Balances from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 29, 2019	Jun. 29, 2019	Dec. 29, 2018	Dec. 30, 2017
Contract liabilities:
Contract liability	$ 3,432	$ 3,432	$ 5,453	$ 3,287
Revenue recognized from:
Amounts included in contract liabilities at the beginning of the period	2,560	4,631
Performance obligations satisfied in previous years	$ 5,691	$ 3,590

Net Income per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Net income available to common shareholders
Net income, as reported	$ 5,580	$ 6,839	$ 10,245	$ 11,725
Less: net income attributable to participating shares	24	39	34	69
Net income available to common shareholders	$ 5,556	$ 6,800	$ 10,211	$ 11,656
Reconciliation of basic to diluted weighted average shares of common stock outstanding
Basic weighted average shares outstanding	7,925	8,053	7,970	8,169
Dilutive stock options and restricted stock units	293	497	312	480
Diluted weighted average shares outstanding	8,218	8,550	8,282	8,649
Calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding
Anti-dilutive securities excluded from EPS computation (in shares)	45,200	22,757	31,378	11,379

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Income Taxes
Effective tax rate (as a percent)	29.80%	29.80%	27.10%	25.10%

Leases (Details) - USD ($) $ in Thousands			6 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Dec. 30, 2018	Jun. 29, 2019
Leases
Operating lease right-of-use assets	$ 114,704		$ 114,704
Recognize lease liabilities	138,179		138,179
Options to extend		true
Lease expenses included in income statement
Operating lease cost	4,013		7,224
Short-term lease cost	81		189
Variable lease cost	1,033		1,969
Total lease cost	5,127		9,382
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases			8,113
Right-of-use assets obtained in exchange for lease obligations
Operating leases			37,284
Assets
Right-of-Use Assets	114,704		114,704
Liabilities:
Current portion of lease liabilities	10,898		10,898
Non-current portion of lease liabilities	127,281		127,281
Total operating lease liabilities	$ 138,179		$ 138,179
Weighted average remaining lease term - operating leases	10 years		10 years
Weighted average discount rate - operating leases	3.70%		3.70%
Minimum
Leases
Remaining lease terms		1 year
Maximum
Leases
Remaining lease terms		12 years
Lease extension term		5 years
ASU 2016-02
Leases
Operating lease right-of-use assets	$ 82,300	$ 82,300	$ 82,300
Recognize lease liabilities	106,800	106,800	106,800
Assets
Right-of-Use Assets	82,300	82,300	82,300
Liabilities:
Total operating lease liabilities	$ 106,800	$ 106,800	$ 106,800

Leases - Maturities of lease liabilities under non-cancellable operating leases (Details) $ in Thousands	Jun. 29, 2019 USD ($)
Operating lease commitments
2019 (excluding the six months ended June 29, 2019)	$ 8,318
2020	16,931
2021	16,925
2022	17,009
2023	17,161
Thereafter	95,007
Total lease payments	171,351
Less: imputed interest	(33,172)
Total	138,179
Additional operating leases that have not yet commenced	$ 21,100
Minimum
Operating lease commitments
Commencement of operating lease term	6 years
Maximum
Operating lease commitments
Commencement of operating lease term	11 years

Correction (Details) - USD ($) $ in Thousands	6 Months Ended
Correction (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Jun. 30, 2018
Total classification changes required related to these adjustments
Accounts receivable allowances	$ (260)	$ 188
Accounts receivable	7,177	(9,413)
Unbilled services	(8,245)	(4,766)
Net cash used in operating activities	$ (46,109)	(32,801)
As previously reported
Total classification changes required related to these adjustments
Accounts receivable allowances		842
Accounts receivable		(9,868)
Unbilled services		(4,965)
Net cash used in operating activities		$ (32,801)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended				6 Months Ended
	Aug. 01, 2019	Jul. 31, 2019	Jun. 29, 2019	Mar. 30, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 29, 2019	Jun. 30, 2018	Dec. 29, 2018
Subsequent Events
Common share quarterly cash dividend declared (in dollars per share)			$ 0.20	$ 0.20	$ 0.17	$ 0.17
Amount repaid in its existing borrowings							$ 9,000	$ 8,802
Borrowings on revolving line of credit outstanding			$ 41,000				41,000
Revolving credit facility
Subsequent Events
Borrowings on revolving line of credit outstanding			$ 41,000				$ 41,000		$ 0
Subsequent Events
Subsequent Events
Common share quarterly cash dividend declared (in dollars per share)	$ 0.20
Subsequent Events \| Revolving credit facility
Subsequent Events
Amount repaid in its existing borrowings		$ 9,000
Borrowings on revolving line of credit outstanding		$ 32,000