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Income Taxes (Tables)

12 Months Ended

Dec. 28, 2019

Schedule of components of income before provision for income taxes

The components of income before provision for income taxes are as follows (in thousands):


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
	(52 weeks)		(52 weeks)		(52 weeks)
Income before provision for income taxes:
U.S.	$	20,778	$	21,118	$	12,248
Foreign		6,019		7,815		2,916
Total	$	26,797	$	28,933	$	15,164

Schedule of components of provision (benefit) for income taxes

The provision (benefit) for income taxes consists of the following (in thousands):


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
	(52 weeks)		(52 weeks)		(52 weeks)
Currently payable:
Federal	$	4,252	$	4,015	$	4,515
Foreign		1,119		1,487		493
State		1,838		1,788		804
		7,209		7,290		5,812
Deferred:
Federal		(869)		(384)		1,809
Foreign		331		(88)		(85)
State		(621)		(357)		(73)
		(1,159)		(829)		1,651
	$	6,050	$	6,461	$	7,463

Schedule of reconciliation of tax rates with the federal statutory rate

A reconciliation of CRA’s tax rates with the federal statutory rate is as follows:


	Fiscal Year		Fiscal Year		Fiscal Year
	2019		2018		2017
Federal statutory rate	21.0	%	21.0	%	35.0	%
State income taxes, net of federal income tax benefit	5.5		4.9		3.9
Tax law changes	—		0.9		23.7
Share-based compensation	(5.0)		(6.3)		(15.8)
Meals & Entertainment Expense	1.7		1.3		3.0
Executive Compensation	1.6		1.0		1.8
Foreign rate differential	—		—		(2.8)
Uncertain tax positions	(2.5)		(1.1)		(0.1)
Other	0.3		0.6		0.5
	22.6	%	22.3	%	49.2	%

Schedule of components of deferred tax assets (liabilities)

The components of CRA’s deferred tax assets (liabilities) are as follows (in thousands):


	December 28,		December 29,
	2019		2018
Deferred tax assets:
Accrued compensation and related expense	$	12,842	$	12,691
Allowance for doubtful accounts		2,023		1,694
Net operating loss carryforwards		335		402
Lease liabilities		39,747		—
Deferred rent, accruals, and other		119		5,656
Total gross deferred tax assets		55,066		20,443
Less: valuation allowance		—		—
Total deferred tax assets net of valuation allowance		55,066		20,443
Deferred tax liabilities:
Goodwill and other intangible asset amortization		3,650		4,295
Right-of-Use assets		33,012		—
Property and equipment		7,690		6,762
Prepaids and other		548		358
Total deferred tax liabilities		44,900		11,415
Net deferred tax assets	$	10,166	$	9,028

Schedule of aggregate changes in the balances of gross unrecognized tax benefits

The aggregate changes in the balances of gross unrecognized tax benefits were as follows (in thousands):


	Fiscal Year		Fiscal Year
	2019		2018
Balance at beginning of period	$	867	$	1,031
Additions for tax positions taken during prior years		—		132
Reductions for tax positions taken during prior years		(25)		—
Additions for tax positions taken during the current year		—		—
Reductions as a result of a lapse of the applicable statutes of limitations		(600)		(296)
Settlements with tax authorities		—		—
Balance at end of the period	$	242	$	867

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 451,370	$ 417,648	$ 370,075
Costs of services (exclusive of depreciation and amortization)	317,761	289,185	258,829
Selling, general and administrative expenses	93,613	89,533	86,537
Depreciation and amortization	10,648	9,995	8,945
Income from operations	29,348	28,935	15,764
GNU gain on sale of business assets and subsequent liquidation		258	250
Interest expense, net	(1,254)	(647)	(484)
Foreign currency gains (losses), net	(1,297)	387	(366)
Income before provision for income taxes and noncontrolling interest	26,797	28,933	15,164
Provision for income taxes	6,050	6,461	7,463
Net income	20,747	22,472	7,701
Net (income) loss attributable to noncontrolling interest, net of tax		(20)	77
Net income attributable to CRA International, Inc.	$ 20,747	$ 22,492	$ 7,624
Net income per share attributable to CRA International, Inc.:
Basic (in dollars per share)	$ 2.63	$ 2.76	$ 0.91
Diluted (in dollars per share)	$ 2.53	$ 2.61	$ 0.89
Weighted average number of shares outstanding:
Basic (in shares)	7,866	8,107	8,292
Diluted (in shares)	8,167	8,570	8,497

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 28, 2019	Dec. 29, 2018
CONSOLIDATED BALANCE SHEETS
Allowance for accounts receivable (in dollars)	$ 3,838	$ 3,764
Allowance for unbilled services (in dollars)	$ 1,503	$ 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	7,814,797	8,010,480
Common stock, shares outstanding	7,814,797	8,010,480

Revenue Recognition - Contract Balances from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Contract liabilities:
Contract liability	$ 4,007	$ 5,453	$ 3,287
Revenue recognized from:
Amounts included in contract liabilities at the beginning of the period	5,155	3,149
Performance obligations satisfied in previous years	$ 3,603	$ 3,346

GNU Interest (Details) - USD ($) $ in Thousands		12 Months Ended
GNU Interest (Details) - USD ($) $ in Thousands	Dec. 18, 2018	Dec. 29, 2018	Dec. 30, 2017
Sale of GNU interest
Purchase price received			$ 250
GNU gain on sale of business assets		$ 258	250
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| GNU
Sale of GNU interest
Purchase price received			300
GNU
GNU Interest
Percentage of ownership interest held by the entity	55.89%
GNU \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| GNU
Sale of GNU interest
GNU gain on sale of business assets		$ 300
GNU partial distribution gain received on sale of business assets			600
CRA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| GNU
Sale of GNU interest
GNU gain on sale of business assets			$ 200

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Cash dividends paid to shareholders (in dollars per share)	$ 0.83	$ 0.71	$ 0.59

Share-Based Compensation - Option Activity (Details) - Options - 2006 Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Options
Outstanding at the beginning of the period (in shares)	585,981
Exercised (in shares)	(140,513)
Forfeited (in shares)	(979)
Outstanding at the end of the period (in shares)	444,489	585,981
Options exercisable at the end of the period (in shares)	408,277
Vested or expected to vest at the end of the period (in shares)	444,281
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 25.48
Exercised (in dollars per share)	22.85
Forfeited (in dollars per share)	21.52
Outstanding at the end of the period (in dollars per share)	26.31	$ 25.48
Options exercisable at the end of the period (in dollars per share)	24.84
Vested or expected to vest at the end of the period (in dollars per share)	$ 26.31
Weighted Average Remaining Contractual Term
Outstanding at the beginning of the period	2 years 9 months 22 days
Outstanding at the end of the period	2 years 9 months 22 days
Options exercisable at the end of the period	2 years 4 months 21 days
Vested or expected to vest at the end of the period	2 years 9 months 18 days
Aggregate Intrinsic Value
Outstanding at the beginning of the period (in dollars)	$ 9,286
Exercised (in dollars)	3,659	$ 3,000	$ 5,400
Forfeited (in dollars)	28
Outstanding at the end of the period (in dollars)	12,115	$ 9,286
Options exercisable at the end of the period (in dollars)	11,732
Vested or expected to vest at the end of the period (in dollars)	$ 12,113

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Dec. 29, 2018	Sep. 29, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Quarterly Financial Data (Unaudited)
Revenues	$ 119,262	$ 115,686	$ 110,573	$ 105,849	$ 108,763	$ 103,871	$ 105,538	$ 99,476	$ 451,370	$ 417,648	$ 370,075
Income from operations	7,277	6,905	8,311	6,855	7,845	5,225	9,661	6,204	29,348	28,935	15,764
Income before provision for income taxes	6,059	6,691	7,947	6,100	8,331	4,939	9,737	5,926	26,797	28,933	15,164
Net income	$ 4,763	$ 5,739	$ 5,580	$ 4,665	6,839	3,908	6,839	4,886	20,747	22,472	7,701
Net loss attributable to noncontrolling interest, net of tax					20	0	0	0		20	(77)
Net income attributable to CRA International, Inc					$ 6,859	$ 3,908	$ 6,839	$ 4,886	$ 20,747	$ 22,492	$ 7,624
Basic net income per share (in dollars per share)	$ 0.61	$ 0.74	$ 0.70	$ 0.58	$ 0.85	$ 0.48	$ 0.84	$ 0.59	$ 2.63	$ 2.76	$ 0.91
Diluted net income per share (in dollars per share)	$ 0.59	$ 0.71	$ 0.68	$ 0.56	$ 0.81	$ 0.46	$ 0.79	$ 0.57	$ 2.53	$ 2.61	$ 0.89

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

- Definition

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

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+ Details

Revenue Recognition - General (Details)	Dec. 28, 2019 item
Revenue Recognition
Number of broad lines of consulting services	2

Accrued Expenses

12 Months Ended

Dec. 28, 2019

Accrued Expenses

Accrued Expenses

7. Accrued Expenses

Accrued expenses consist of the following (in thousands):


	December 28,		December 29,
	2019		2018
Compensation and related expenses	$	99,993	$	90,711
Income taxes payable		430		514
Commissions due to senior consultants		9,961		9,600
Direct project accruals		442		700
Accrued leasehold improvements		2,166		100
Other		8,309		6,608
Total	$	121,301	$	108,233

As of December 28, 2019 and December 29, 2018, $81.2 million and $73.9 million, respectively, of accrued bonuses for fiscal 2019 and fiscal 2018 were included above in “Compensation and related expenses”.

Share-Based Compensation - Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Share-Based Compensation
Compensation expense	$ 3.5	$ 4.8	$ 6.6

Forgivable Loans (Details) $ in Thousands	12 Months Ended
Forgivable Loans (Details) $ in Thousands	Dec. 28, 2019 USD ($)	Dec. 29, 2018 USD ($)
Amount of forgivable loans write-down or write-off	$ 0	$ 0
Forgivable loan activity
Beginning balance	40,294	28,628
Advances	35,166	30,572
Repayments	(1,173)	(3,396)
Reclassification to other assets	(1,734)
Amortization	(17,700)	(15,329)
Effects of foreign currency translation	288	(181)
Ending balance	55,141	40,294
Current portion of forgivable loans	6,751	6,104
Non-current portion of forgivable loans	48,390	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
Minimum
Term of forgivable loans or advances	2 years
Maximum
Term of forgivable loans or advances	8 years
Interest rates (as a percent)	3.25

Share-Based Compensation - Non-vested stock options (Details) - Options	12 Months Ended
	Dec. 28, 2019 $ / shares shares
Options, Number of Shares
Non-vested balance at the beginning of the period (in shares) \| shares	116,284
Vested (in shares) \| shares	(79,093)
Forfeited (in shares) \| shares	(979)
Non-vested balance at the end of the period (in shares) \| shares	36,212
Options, Weighted-Average Grant Date Fair Value
Non-vested balance at the beginning of the period (in dollars per share) \| $ / shares	$ 10.64
Vested (in dollars per share) \| $ / shares	8.77
Forfeited (in dollars per share) \| $ / shares	7.37
Non-vested balance at the end of the period (in dollars per share) \| $ / shares	$ 14.80

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 28, 2019
Commitments and Contingencies
Commitments and Contingencies	16. Commitments and Contingencies Commitments CRA is party to standby letters of credit with its bank in support of the minimum future lease payments under leases for permanent office space amounting to $4.4 million as of December 28, 2019. Contingencies CRA is subject to legal actions arising in the ordinary course of business. In management’s opinion, CRA believes it 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.

Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details)	12 Months Ended
	Dec. 28, 2019 segment item
Goodwill
Number of reporting units \| segment	1
Number of trailing quarters used to determine the control premium \| item	4
Minimum \| Non-competition agreements
Intangible Assets
Estimated useful life (in years)	5 years
Minimum \| Customer relationships
Intangible Assets
Estimated useful life (in years)	8 years
Maximum \| Non-competition agreements
Intangible Assets
Estimated useful life (in years)	9 years
Maximum \| Customer relationships
Intangible Assets
Estimated useful life (in years)	10 years

Share-Based Compensation - 2006 Equity Plan (Details)	Dec. 28, 2019 shares
2006 Incentive Plan
Shares Using Fungibility Ratio
Shares available for grant	623,212

Related-Party Transactions	12 Months Ended
Related-Party Transactions	Dec. 28, 2019
Related-Party Transactions
Related-Party Transactions	15. Related‑Party Transactions CRA made payments to shareholders of CRA who performed consulting services exclusively for CRA in the amounts of $9.3 million, $8.8 million, and $13.2 million in fiscal 2019, fiscal 2018, and fiscal 2017, respectively. These payments were to exclusive non-employee experts for consulting services performed for CRA’s clients in the ordinary course of business.

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Dec. 29, 2018	Sep. 29, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Disaggregation of Revenue
Consulting services revenues	$ 119,262	$ 115,686	$ 110,573	$ 105,849	$ 108,763	$ 103,871	$ 105,538	$ 99,476	$ 451,370	$ 417,648	$ 370,075
United States
Disaggregation of Revenue
Consulting services revenues									357,156	329,678	295,232
United Kingdom
Disaggregation of Revenue
Consulting services revenues									72,169	65,874	53,644
Other
Disaggregation of Revenue
Consulting services revenues									22,045	22,096	21,199
Fixed Price
Disaggregation of Revenue
Consulting services revenues									107,344	95,096	93,570
Time-and-materials
Disaggregation of Revenue
Consulting services revenues									$ 344,026	$ 322,552	$ 276,505

Leases - Maturities of lease liabilities under non-cancellable operating leases (Details) $ in Thousands	Dec. 28, 2019 USD ($)
Leases
2020	$ 17,973
2021	19,866
2022	20,030
2023	20,258
2024	20,302
Thereafter	96,225
Total lease payments	194,654
Less: imputed interest	(35,256)
Total	159,398
Additional operating leases that have not yet commenced	$ 2,800
Commencement of operating lease term	5 years

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Changes in the carrying amount of goodwill
Balance at the beginning of the period, Goodwill gross	$ 164,625	$ 165,417
Effects of foreign currency translation	296	(792)
Balance at the end of the period, Goodwill gross	164,921	164,625	$ 165,417
Balance at the beginning of the period, Accumulated impairment losses	(76,417)	(76,417)
Balance at the end of the period, Accumulated impairment losses	(76,417)	(76,417)	(76,417)
Goodwill, net	88,504	88,208	89,000
Balance at the end of the period, Goodwill, net	$ 88,504	$ 88,208	89,000
Intangible assets impairment losses			$ 530

Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 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			$ 150	$ 18,029
Recurring \| Level 1 \| Money market mutual funds
Fair Value of Financial Instruments
Cash and cash equivalents			150	18,029
Recurring \| Level 3
Fair Value of Financial Instruments
Contingent consideration liability	$ 6,197	$ 5,137	11,579	6,197
Total Liabilities			$ 11,579	$ 6,197
Summary of changes in contingent consideration liabilities
Beginning balance	6,197	5,137
Remeasurement of acquisition-related contingent consideration	3,285	(244)
Accretion	2,097	1,304
Ending balance	$ 11,579	$ 6,197

Income Taxes - Components of Income, Provision For and Reconciliation of Tax (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 28, 2019	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Dec. 29, 2018	Sep. 29, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Income before provision for income taxes:
U.S.									$ 20,778	$ 21,118	$ 12,248
Foreign									6,019	7,815	2,916
Income before provision for income taxes and noncontrolling interest	$ 6,059	$ 6,691	$ 7,947	$ 6,100	$ 8,331	$ 4,939	$ 9,737	$ 5,926	26,797	28,933	15,164
Currently payable:
Federal									4,252	4,015	4,515
Foreign									1,119	1,487	493
State									1,838	1,788	804
Currently payable									7,209	7,290	5,812
Deferred:
Federal									(869)	(384)	1,809
Foreign									331	(88)	(85)
State									(621)	(357)	(73)
Deferred									(1,159)	(829)	1,651
Provision (benefit) for income taxes									$ 6,050	$ 6,461	$ 7,463
Reconciliation of tax rates with the federal statutory rate
Federal statutory rate (as a percent)									21.00%	21.00%	35.00%
State income taxes, net of federal income tax benefit (as a percent)									5.50%	4.90%	3.90%
Tax law changes (as a percent)										0.90%	23.70%
Share-based compensation (as a percent)									(5.00%)	(6.30%)	(15.80%)
Meals & Entertainment Expense									1.70%	1.30%	3.00%
Executive Compensation									1.60%	1.00%	1.80%
Foreign rate differential (as a percent)										0.00%	2.80%
Uncertain tax positions (as a percent)									(2.50%)	(1.10%)	(0.10%)
Other (as a percent)									0.30%	0.60%	0.50%
Effective tax rate (as a percent)									22.60%	22.30%	49.20%

Business Acquisitions (Details) - C1 Consulting LLC - USD ($) $ in Millions	Jan. 31, 2017	Dec. 30, 2017
Business Acquisitions
Maximum period for additional purchase consideration to be paid	4 years
Selling, general and administrative expenses
Liabilities Assumed:
Transaction related costs		$ 0.9

Net Income Per Share

12 Months Ended

Dec. 28, 2019

Net Income Per Share

Net Income Per Share

10. 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 as of the balance sheet date, as adjusted for the potential dilutive effect of non-participating share-based awards. Net earnings allocable to these participating securities were not material for fiscal 2019, fiscal 2018, or fiscal 2017.

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


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
	(52 weeks)		(52 weeks)		(52 weeks)
Net income attributable to CRA, as reported	$	20,747	$	22,492	$	7,624
Less: net income attributable to participating shares		55		108		51
Net income available to common shareholders	$	20,692	$	22,384	$	7,573

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


	Year Ended	Year Ended	Year Ended
	December 28,	December 29,	December 30,
	2019	2018	2017
Basic weighted average shares outstanding	7,866	8,107	8,292
Common stock equivalents:
Stock options and restricted stock units	301	463	205
Diluted weighted average shares outstanding	8,167	8,570	8,497

For fiscal 2019, fiscal 2018, and fiscal 2017, 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 62,367, 29,612, and 75,004 shares, respectively. These share-based awards were anti-dilutive because their exercise price exceeded the average market price over the respective period.

Summary of Significant Accounting Policies - Recent Accounting Standards Adopted (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 30, 2017
Recent Accounting Standards
CRA elected package of practical expedients	true
Operating lease right-of-use assets	$ 130,173
Recognize lease liabilities	159,398
ASC 606
Recent Accounting Standards
Cumulative effect of a change in accounting principle		$ 366
ASU 2016-02
Recent Accounting Standards
Operating lease right-of-use assets	82,300
Recognize lease liabilities	$ 106,800

Goodwill and Intangible Assets

12 Months Ended

Dec. 28, 2019

Goodwill and Intangible Assets

Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for fiscal 2019 and fiscal 2018 are as follows (in thousands):


			Accumulated
	Goodwill,		impairment		Goodwill,
	gross		losses		net
Balance at December 29, 2018	$	164,625	$	(76,417)	$	88,208
Effect of foreign currency translation		296		—		296
Balance at December 28, 2019	$	164,921	$	(76,417)	$	88,504


			Accumulated
	Goodwill,		impairment		Goodwill,
	gross		losses		net
Balance at December 30, 2017	$	165,417	$	(76,417)	$	89,000
Effect of foreign currency translation		(792)		—		(792)
Balance at December 29, 2018	$	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 fiscal 2019 or fiscal 2018. There were impairment losses of $0.5 million related to intangible assets during fiscal 2017.

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


	December 28,		December 29,
	2019		2018
Non-competition agreements, net of accumulated amortization of $205 and $544, respectively	$	119	$	180
Customer relationships, net of accumulated amortization of $5,763 and $4,454, respectively		6,357		7,666
Total, net of accumulated amortization of $5,968 and $4,998, respectively	$	6,476	$	7,846

Amortization expense related to intangible assets was $1.4 million, $1.4 million, and $1.5 million in fiscal 2019, fiscal 2018, and fiscal 2017, respectively. Amortization of intangible assets held at December 28, 2019 for the next five fiscal years and thereafter is expected to be as follows (in thousands):


	Amortization
Fiscal Year	Expense
2020	$	1,368
2021		927
2022		827
2023		822
2024		822
Thereafter		1,710
	$	6,476

Credit Agreement	12 Months Ended
Credit Agreement	Dec. 28, 2019
Credit Agreement
Credit Agreement	13. Credit Agreement CRA is party to an amended and restated 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 must repay all borrowings no later than October 24, 2022. There were no borrowings outstanding under this revolving credit facility as of December 28, 2019 or December 29, 2018. As of December 28, 2019, the amount available under this revolving credit facility was reduced by certain letters of credit outstanding, which amounted to $4.4 million and are in support of minimum future lease payments under leases for permanent office space. Borrowings under the revolving credit facility bear interest at a rate per annum, at CRA’s election, of either (i) the adjusted base rate, as defined in the credit agreement, plus an applicable margin, which varies between 0.25% and 1.25% depending on CRA’s total leverage ratio as determined under the credit agreement, or (ii) the adjusted eurocurrency rate, as defined in the credit agreement, plus an applicable margin, which varies between 1.25% and 2.25% depending on CRA’s total leverage ratio. CRA is required to pay a fee on the unused portion of the revolving credit facility at a rate per annum that varies between 0.20% and 0.35% depending on its total leverage ratio. Borrowings under the revolving credit facility are secured by 100% of the stock of certain of CRA’s U.S. subsidiaries and 65% of the stock of certain of its foreign subsidiaries, which represent approximately $32.9 million and $29.1 million in net assets as of December 28, 2019 and December 29, 2018, respectively. 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. Any indebtedness outstanding under the revolving credit facility may become immediately due and payable upon the occurrence of stated events of default, including CRA’s failure to pay principal, interest or fees or a violation of any financial covenant. The financial covenants require CRA to maintain an adjusted consolidated EBITDA to consolidated interest expense ratio of more than 2.5:1.0 and to comply with a consolidated debt to adjusted consolidated EBITDA ratio of not more than 3.0:1.0. The non‑financial covenant restrictions of the senior credit agreement include, but are not limited to, CRA’s ability to incur additional indebtedness, engage in acquisitions or dispositions, and enter into business combinations. As of December 28, 2019, CRA was in compliance with the covenants of its credit agreement.

Property and Equipment

12 Months Ended

Dec. 28, 2019

Property and Equipment

Property and Equipment

6. Property and Equipment

Property and equipment consist of the following (in thousands):


	December 28,		December 29,
	2019		2018
Computer, office equipment and software	$	30,627	$	27,082
Leasehold improvements		55,471		40,782
Furniture		14,481		11,326
Total cost		100,579		79,190
Accumulated depreciation and amortization		(39,284)		(31,102)
Total property and equipment, net	$	61,295	$	48,088

Depreciation expense was $9.2 million, $8.6 million, and $7.4 million in fiscal 2019, fiscal 2018, and fiscal 2017, respectively.

Long-lived assets by geographic location are as follows (in thousands):


	December 28,		December 29,
	2019		2018
Long-lived assets (property and equipment, net):
United States	$	51,974	$	39,654
United Kingdom		7,803		6,890
Other		1,518		1,544
Total foreign		9,321		8,434
Total long-lived assets (property and equipment, net)	$	61,295	$	48,088

Related-Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Shareholders
Related-Party Transactions
Payments for consulting services	$ 9.3	$ 8.8	$ 13.2

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Lease expenses included in income statement
Operating lease cost	$ 15,731
Short-term lease cost	511
Variable lease cost	4,461
Total lease cost	$ 20,703
Base rent expense		$ 13,200	$ 12,100
Weighted average remaining lease term - operating leases	9 years 7 months 6 days
Weighted average discount rate - operating leases	3.70%

Summary of Significant Accounting Policies - Description of Business and Fiscal Year (Details)	12 Months Ended
	Dec. 28, 2019 segment item	Dec. 29, 2018 item	Dec. 30, 2017 item
Description of Business
Number of broad areas of consulting services	2
Number of business segment \| segment	1
Fiscal Year
Number of weeks periodically contained in a fiscal year	53
Number of weeks in a fiscal year	52	52	52

Accrued Expenses (Tables)

12 Months Ended

Dec. 28, 2019

Accrued Expenses

Schedule of accrued expenses

Accrued expenses consist of the following (in thousands):


	December 28,		December 29,
	2019		2018
Compensation and related expenses	$	99,993	$	90,711
Income taxes payable		430		514
Commissions due to senior consultants		9,961		9,600
Direct project accruals		442		700
Accrued leasehold improvements		2,166		100
Other		8,309		6,608
Total	$	121,301	$	108,233

Summary of Significant Accounting Policies - Revenue Recognition and Allowances for Accounts Receivable and Unbilled Services (Details)	12 Months Ended
	Dec. 28, 2019
Minimum
Revenue Recognition
Period in which engagements are generally completed	3 months
Maximum
Revenue Recognition
Period in which engagements are generally completed	6 months

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 28, 2019	Feb. 21, 2020	Jun. 28, 2019
Document and Entity Information
Entity Registrant Name	CRA INTERNATIONAL, INC.
Entity Central Index Key	0001053706
Document Type	10-K
Document Period End Date	Dec. 28, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-28
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 291.0
Entity Common Stock, Shares Outstanding		7,852,098
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY

Leases (Tables)

12 Months Ended

Dec. 28, 2019

Leases

Schedule of lease expenses and lease terms for operating leases

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


	Year Ended
	December 28, 2019
	(52 weeks)
Operating lease cost	$	15,731
Short-term lease cost		511
Variable lease cost		4,461
Total lease cost	$	20,703


	December 28, 2019
Weighted average remaining lease term—operating leases	9.6 years
Weighted average discount rate—operating leases	3.7	%

Schedule of maturities of lease liabilities related to office space and equipment

At December 28, 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
2020	$	17,973
2021		19,866
2022		20,030
2023		20,258
2024		20,302
Thereafter		96,225
Total lease payments		194,654
Less: imputed interest		(35,256)
Total	$	159,398

GNU Interest	12 Months Ended
GNU Interest	Dec. 28, 2019
GNU Interest
GNU Interest	12. GNU Interest Prior to liquidation of GNU on December 18, 2018, CRA’s ownership interest in GNU was 55.89%. GNU's financial results had been consolidated with CRA, and the portion of GNU's results allocable to its other owners was shown as “noncontrolling interest.” GNU's reporting schedule and fiscal year differed from CRA's. The reporting lag did not have a significant impact on CRA's consolidated statements of operations or financial condition. In fiscal 2016, a buyer acquired substantially all of the business assets and assumed substantially all of the liabilities of GNU. A portion of the acquisition price was paid at closing, whereas the remaining amount of $0.3 million was paid in fiscal 2017, of which $0.2 million was attributed to CRA. Subsequently, GNU was dissolved, and CRA received a partial distribution of $0.6 million in fiscal 2017. Upon liquidation of GNU during fiscal 2018, CRA recognized a gain of $0.3 million.

Commitments and Contingencies (Details) $ in Millions	Dec. 28, 2019 USD ($)
Standby letters of credit
Maximum borrowing capacity	$ 4.4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 20,747	$ 22,472	$ 7,701
Other comprehensive income (loss):
Foreign currency translation adjustments	831	(2,698)	3,922
Comprehensive income	21,578	19,774	11,623
Comprehensive (income) loss attributable to noncontrolling interest		20	(77)
Comprehensive income attributable to CRA International, Inc.	$ 21,578	$ 19,794	$ 11,546

- Definition

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

+ References

+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 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 \| ASU 2016-09	$ 48		$ 48			$ 48
Balance, as adjusted	207,268	$ 54,124	166,962	$ (13,818)	$ 663	207,931
BALANCE at Dec. 31, 2016	207,220	$ 54,124	166,914	(13,818)	663	207,883
BALANCE (in shares) at Dec. 31, 2016		8,333,990
Increase (Decrease) in Shareholders' Equity
Net income	7,624		7,624		77	7,701
Foreign currency translation adjustment	3,922			3,922		3,922
Issuance of common stock	3,044	$ 3,044				3,044
Issuance of common stock (in shares)		89,312
Exercise of stock options	6,420	$ 6,420				6,420
Exercise of stock options (in shares)		293,439
Share-based compensation expense for employees	6,489	$ 6,489				6,489
Restricted shares vesting (in shares)		211,320
Redemption of vested employee restricted shares for tax withholding	(3,262)	$ (3,262)				(3,262)
Redemption of vested employee restricted shares for tax withholding (in shares)		(76,181)
Shares repurchased	(19,528)	$ (19,528)				(19,528)
Shares repurchased (in shares)		(554,708)
Share-based compensation expense for non-employees	127	$ 127				127
Distribution to noncontrolling interest					(419)	(419)
Accrued dividends on unvested shares	(134)		(134)			(134)
Cash paid on dividend equivalents	(121)		(121)			(121)
Cash dividends paid to shareholders (per share)	(4,941)		(4,941)			(4,941)
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
Cumulative effect of a change in accounting principle \| ASC 606	366		366			366
Balance, as adjusted	207,274	$ 47,414	169,756	(9,896)	321	207,595
Net income	22,492		22,492		(20)	22,472
Foreign currency translation adjustment	(2,698)			(2,698)		(2,698)
Exercise of stock options	2,166	$ 2,166				2,166
Exercise of stock options (in shares)		100,771
Share-based compensation expense for employees	4,819	$ 4,819				4,819
Restricted shares vesting (in shares)		237,509
Redemption of vested employee restricted shares for tax withholding	(3,946)	$ (3,946)				(3,946)
Redemption of vested employee restricted shares for tax withholding (in shares)		(83,341)
Shares repurchased	(27,616)	$ (27,616)				(27,616)
Shares repurchased (in shares)		(541,631)
GNU gain on sale of business assets and subsequent liquidation					(258)	(258)
Distribution to noncontrolling interest					$ (43)	(43)
Accrued dividends on unvested shares	21		21			21
Cash paid on dividend equivalents	(256)		(256)			(256)
Cash dividends paid to shareholders (per share)	(5,784)		(5,784)			(5,784)
BALANCE at Dec. 29, 2018	196,472	$ 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	20,747		20,747			$ 20,747
Foreign currency translation adjustment	831			831		831
Exercise of stock options	3,211	$ 3,211				3,211
Exercise of stock options (in shares)		140,513
Share-based compensation expense for employees and non-employees	3,461	$ 3,461				3,461
Restricted shares vesting (in shares)		128,089
Redemption of vested employee restricted shares for tax withholding	(2,176)	$ (2,176)				(2,176)
Redemption of vested employee restricted shares for tax withholding (in shares)		(43,173)
Shares repurchased	(18,068)	$ (18,068)				(18,068)
Shares repurchased (in shares)		(421,112)
Accrued dividends on unvested shares	58		58			58
Cash paid on dividend equivalents	(246)		(246)			(246)
Cash dividends paid to shareholders (per share)	(6,539)		(6,539)			(6,539)
BALANCE at Dec. 28, 2019	$ 197,751	$ 9,265	$ 200,249	$ (11,763)		$ 197,751
BALANCE (in shares) at Dec. 28, 2019		7,814,797				7,814,797

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 28, 2019

Quarterly Financial Data (Unaudited)

Schedule of quarterly financial data (unaudited)


	Quarter Ended
	March 30,		June 29,		September 28,		December 28,
	2019		2019		2019		2019
	(In thousands, except per share data)
Revenues	$	105,849	$	110,573	$	115,686	$	119,262
Income from operations		6,855		8,311		6,905		7,277
Income before provision for income taxes		6,100		7,947		6,691		6,059
Net income	$	4,665	$	5,580	$	5,739	$	4,763
Basic net income per share	$	0.58	$	0.70	$	0.74	$	0.61
Diluted net income per share	$	0.56	$	0.68	$	0.71	$	0.59


	Quarter Ended
	March 31,		June 30,		September 29,		December 29,
	2018		2018		2018		2018
	(In thousands, except per share data)
Revenues	$	99,476	$	105,538	$	103,871	$	108,763
Income from operations		6,204		9,661		5,225		7,845
Income before provision for income taxes		5,926		9,737		4,939		8,331
Net income		4,886		6,839		3,908		6,839
Net loss attributable to noncontrolling interest, net of tax		—		—		—		20
Net income attributable to CRA International, Inc.	$	4,886	$	6,839	$	3,908	$	6,859
Basic net income per share	$	0.59	$	0.84	$	0.48	$	0.85
Diluted net income per share	$	0.57	$	0.79	$	0.46	$	0.81

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 28, 2019

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

17. Quarterly Financial Data (Unaudited)


	Quarter Ended
	March 30,		June 29,		September 28,		December 28,
	2019		2019		2019		2019
	(In thousands, except per share data)
Revenues	$	105,849	$	110,573	$	115,686	$	119,262
Income from operations		6,855		8,311		6,905		7,277
Income before provision for income taxes		6,100		7,947		6,691		6,059
Net income	$	4,665	$	5,580	$	5,739	$	4,763
Basic net income per share	$	0.58	$	0.70	$	0.74	$	0.61
Diluted net income per share	$	0.56	$	0.68	$	0.71	$	0.59


	Quarter Ended
	March 31,		June 30,		September 29,		December 29,
	2018		2018		2018		2018
	(In thousands, except per share data)
Revenues	$	99,476	$	105,538	$	103,871	$	108,763
Income from operations		6,204		9,661		5,225		7,845
Income before provision for income taxes		5,926		9,737		4,939		8,331
Net income		4,886		6,839		3,908		6,839
Net loss attributable to noncontrolling interest, net of tax		—		—		—		20
Net income attributable to CRA International, Inc.	$	4,886	$	6,839	$	3,908	$	6,859
Basic net income per share	$	0.59	$	0.84	$	0.48	$	0.85
Diluted net income per share	$	0.57	$	0.79	$	0.46	$	0.81

Property and Equipment (Tables)

12 Months Ended

Dec. 28, 2019

Property and Equipment

Schedule of property and equipment

Property and equipment consist of the following (in thousands):


	December 28,		December 29,
	2019		2018
Computer, office equipment and software	$	30,627	$	27,082
Leasehold improvements		55,471		40,782
Furniture		14,481		11,326
Total cost		100,579		79,190
Accumulated depreciation and amortization		(39,284)		(31,102)
Total property and equipment, net	$	61,295	$	48,088

Schedule Long-lived assets by geographic location

Long-lived assets by geographic location are as follows (in thousands):


	December 28,		December 29,
	2019		2018
Long-lived assets (property and equipment, net):
United States	$	51,974	$	39,654
United Kingdom		7,803		6,890
Other		1,518		1,544
Total foreign		9,321		8,434
Total long-lived assets (property and equipment, net)	$	61,295	$	48,088

Share-Based Compensation

12 Months Ended

Dec. 28, 2019

Share-Based Compensation

Share-Based Compensation

9. Share‑Based Compensation

CRA recorded approximately $3.5 million, $4.8 million, and $6.6 million of compensation expense for fiscal 2019, fiscal 2018, and fiscal 2017, respectively, for share‑based awards consisting of stock options, shares of restricted stock, time‑vesting restricted stock units, and performance-vesting restricted stock units issued to employees, directors, and non-employees based on their respective estimated grant date fair values. Performance-vesting restricted stock units are expensed using the graded acceleration method.

Share-based Compensation Plans. As of December 28, 2019, CRA’s active equity-based compensation plans consist of its Amended and Restated 2006 Equity Incentive Plan, as amended (the “2006 Equity Plan”), and its 1998 Employee Stock Purchase Plan (the “1998 ESPP”), a tax-qualified plan under Section 423 of the Internal Revenue Code. During fiscal 2009, CRA implemented a long-term incentive program, or “LTIP,” as a framework for grants made under the 2006 Equity Plan to its senior corporate leaders, practice leaders and key revenue generators. Under the LTIP, participants have received a mixture of stock options, time-vesting restricted stock units, and performance-vesting restricted stock units. In December 2016, CRA’s Board of Directors amended CRA’s Cash Incentive Plan to facilitate the grant to LTIP participants of service-based and performance-based cash awards as a component of the LTIP. The LTIP is designed to reward CRA’s senior corporate leaders, practice leaders and key revenue generators and provide them with the opportunity to share in the long-term growth of CRA.

2006 Equity Plan: Maximum and Available Shares. The 2006 Equity Plan authorizes the grant of a variety of incentive and performance awards to CRA’s directors, employees and non-employee experts, including stock options, shares of restricted stock, restricted stock units, and other equity awards. The shares available for grant under the 2006 Equity Plan as of December 28, 2019 was 623,212.

Stock Options. A summary of option activity during fiscal 2019 from the 2006 Equity Plan is as follows.


		Weighted		Weighted Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Options	Price		Term	Value
					(in thousands)
Outstanding at December 29, 2018	585,981	$	25.48		$	9,286
Fiscal 2019:
Granted	—		—
Exercised	(140,513)		22.85		$	3,659
Expired	—		—
Forfeited	(979)		21.52		$	28
Outstanding at December 28, 2019	444,489	$	26.31	2.81	$	12,115
Options exercisable at December 28, 2019	408,277	$	24.84	2.39	$	11,732
Vested or expected to vest at December 28, 2019	444,281	$	26.31	2.80	$	12,113

The weighted average fair market value using the Black‑Scholes option‑pricing model of the stock options granted under the 2006 Equity Incentive Plan in fiscal 2018 and fiscal 2017 was $19.96 and $11.54, respectively. There were no stock options granted in fiscal 2019. The fair market value of the stock options at the date of grant were estimated using the Black‑Scholes option‑pricing model with the following weighted average assumptions:


	Fiscal		Fiscal
	Year		Year
	2018		2017
Risk-free interest rate	2.8	%	2.1	%
Expected volatility	39	%	32	%
Expected dividend yield	1.7	%	1.5	%
Forfeiture rate	0.4	%	0.4	%
Weighted average expected life (in years)	10.00		4.49

The risk-free interest rate is based on U.S. Treasury interest rates with corresponding terms consistent with the expected life of the stock options. Expected volatility and expected life are based on CRA’s historical experience. Expected dividend yield was determined based on CRA’s annualized dividend rate per share, as a percentage of average market price of the common stock, on each dividend payment date. The forfeiture rate used was based upon historical experience. CRA believes its historical experience is an appropriate indicator of future forfeitures.

The aggregate intrinsic value of stock options exercised in fiscal 2019, fiscal 2018, and fiscal 2017 was approximately $3.7 million, $3.0 million, and $5.4 million, respectively.

The following table provides a roll-forward of the outstanding non-vested stock options over fiscal 2019:


	Options
		Weighted-Average
	Number of	Grant Date
	Shares	Fair Value
Non-vested at December 29, 2018	116,284	$	10.64
Granted	—		—
Vested	(79,093)		8.77
Forfeited	(979)		7.37
Non-vested at December 28, 2019	36,212	$	14.80

The total fair value of stock options that vested during fiscal 2019, fiscal 2018, and fiscal 2017 was $0.7 million, $1.1 million, and $1.5 million, respectively. As of December 28, 2019, there was $0.5 million of total unrecognized compensation cost, net of expected forfeitures, related to non‑vested stock options granted. That cost is expected to be recognized over a weighted‑average period of 2.5 years. Options granted during or prior to fiscal 2016 expire on the seventh anniversary of the date of grant. Options granted during fiscal 2017 and fiscal 2018 expire on the tenth anniversary of the date of grant.

Restricted Stock. CRA grants shares of restricted stock, which are subject to the execution of a restricted stock agreement, under its 2006 Equity Incentive Plan. Generally, shares of restricted stock vest in four equal annual installments beginning on the first anniversary of the date of grant. Total unrecognized compensation cost, net of expected forfeitures, related to shares of restricted stock as of December 28, 2019 was $0.9 million, which is expected to be recognized over a weighted-average period of 2.6 years. The forfeiture rate of 0.9% used for shares of restricted stock was based upon historical experience. CRA believes its historical experience is an appropriate indicator of future forfeitures.

The following table provides a roll-forward of the shares of restricted stock under the 2006 Equity Incentive Plan over fiscal 2019:


	Shares of Restricted Stock
		Weighted-Average
	Number of	Grant Date
	Shares	Fair Value
Non-vested at December 29, 2018	36,006	$	35.41
Granted	11,772		38.21
Vested	(16,255)		31.14
Forfeited	—		—
Non-vested at December 28, 2019	31,523	$	38.66

The total fair value of shares of restricted stock that vested during fiscal 2019, fiscal 2018, and fiscal 2017 was $0.5 million, $0.6 million, and $0.6 million, respectively.

Time-Vesting RSUs. CRA grants time-vesting restricted stock units, which are subject to the execution of a restricted stock unit agreement, under its 2006 Equity Incentive Plan. Generally, time-vesting restricted stock units vest in four equal annual installments beginning on the first anniversary of the date of grant. Total unrecognized compensation cost, net of expected forfeitures, related to time-vesting restricted stock units as of December 28, 2019 was $2.4 million, which is expected to be recognized over a weighted-average period of 3.1 years. The forfeiture rate of 0.9% used for time-vesting restricted stock units was based upon historical experience. CRA believes its historical experience is an appropriate indicator of future forfeitures.

The following table provides a roll-forward of the time-vesting restricted stock units under the 2006 Equity Incentive Plan over fiscal 2019:


	Time-Vesting
	Restricted Stock Units
		Weighted-Average
	Number of	Grant Date
	Units	Fair Value
Non-vested at December 29, 2018	79,759	$	33.64
Granted	31,226		46.20
Vested	(45,858)		27.91
Forfeited	(489)		21.52
Non-vested at December 28, 2019	64,638	$	43.87

The total fair value of time-vesting restricted stock units that vested during fiscal 2019, fiscal 2018, and fiscal 2017 was $1.3 million, $1.7 million, and $2.0 million, respectively.

Performance-Vesting RSUs. CRA grants performance-vesting restricted stock units (“PRSUs”), which are subject to the execution of a restricted stock unit agreement, under its 2006 Equity Incentive Plan. Generally, achievement of performance measures for PRSUs are based on a two-year performance period, after which the units determined based on this achievement will vest three-fourths in the first year following the performance period and one-fourth on the fourth anniversary of the date of grant. The number of units determined based on the achievement of a PRSUs performance measures generally ranges from 50% to 125% of the PRSU’s target number of units.

In accordance with ASC Topic 718, for PRSUs awarded to employees, CRA estimates share-based compensation cost at the grant date based on the fair value of the award and recognizes the cost over the requisite service period using the graded acceleration method.

The following table provides a roll-forward of the performance-vesting restricted stock units under the 2006 Equity Incentive Plan over fiscal 2019. For purposes of this table, granted PRSUs are counted based on the maximum number of units that could vest upon achievement of the PRSUs’ performance conditions which, for all periods presented, equaled 125% of the PRSU’s target number of units.


	Performance-Vesting
	Restricted Stock Units
		Weighted-Average
		Grant Date
	Number of Units	Fair Value
Non-vested at December 29, 2018	121,950	$	32.92
Granted	29,234		51.31
Vested	(65,976)		25.27
Forfeited	(3,058)		28.77
Non-vested at December 28, 2019	82,150	$	45.88

1998 ESPP. In fiscal 1998, CRA adopted the 1998 ESPP, a tax-qualified plan under Section 423 of the Internal Revenue Code. The 1998 ESPP authorizes the issuance of up to an aggregate of 243,000 shares of common stock to participating employees at a purchase price equal to 85% of fair market value on either the first or the last day of the one-year offering period under the plan. In fiscal 2019, fiscal 2018, and fiscal 2017, there were no offering periods under this plan and no shares were issued. As of December 28, 2019, 211,777 shares are available for grant under the 1998 ESPP.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 28, 2019
Subsequent Events
Subsequent Events	18. Subsequent Events Subsequent to December 28, 2019, CRA borrowed $30.0 million on its revolving line of credit. On February 7, 2020, CRA’s Board of Directors authorized the repurchase of an additional $20.0 million of shares of CRA’s common stock under its existing share repurchase program. On February 27, 2020, CRA announced that its Board of Directors declared a quarterly cash dividend of $0.23 per common share, payable on March 20, 2020 to shareholders of record as of March 10, 2020.

Income Taxes

12 Months Ended

Dec. 28, 2019

Income Taxes

Income Taxes

8. Income Taxes

The components of income before provision for income taxes are as follows (in thousands):


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
	(52 weeks)		(52 weeks)		(52 weeks)
Income before provision for income taxes:
U.S.	$	20,778	$	21,118	$	12,248
Foreign		6,019		7,815		2,916
Total	$	26,797	$	28,933	$	15,164

The provision (benefit) for income taxes consists of the following (in thousands):


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
	(52 weeks)		(52 weeks)		(52 weeks)
Currently payable:
Federal	$	4,252	$	4,015	$	4,515
Foreign		1,119		1,487		493
State		1,838		1,788		804
		7,209		7,290		5,812
Deferred:
Federal		(869)		(384)		1,809
Foreign		331		(88)		(85)
State		(621)		(357)		(73)
		(1,159)		(829)		1,651
	$	6,050	$	6,461	$	7,463

A reconciliation of CRA’s tax rates with the federal statutory rate is as follows:


	Fiscal Year		Fiscal Year		Fiscal Year
	2019		2018		2017
Federal statutory rate	21.0	%	21.0	%	35.0	%
State income taxes, net of federal income tax benefit	5.5		4.9		3.9
Tax law changes	—		0.9		23.7
Share-based compensation	(5.0)		(6.3)		(15.8)
Meals & Entertainment Expense	1.7		1.3		3.0
Executive Compensation	1.6		1.0		1.8
Foreign rate differential	—		—		(2.8)
Uncertain tax positions	(2.5)		(1.1)		(0.1)
Other	0.3		0.6		0.5
	22.6	%	22.3	%	49.2	%

Effects of the Tax Cuts and Jobs Act

On December 22, 2017, the Tax Act was signed into U.S. law. The Tax Act significantly changes the Internal Revenue Code of 1986, as amended. The Tax Act, among other things, includes changes to the U.S. corporate tax rate, expands limitations on the deductibility of meals and entertainment, eliminates the exception to the section 162(m) limitation on the deductibility of the compensation paid to certain executive officers for “qualified performance-based compensation,” allows for the expensing of capital expenditures, migrates from a “worldwide” system of taxation to a territorial system, and includes a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017. ASC Topic 740, Accounting for Income Taxes, requires companies to recognize the effect of tax law changes in the period of enactment even though the effective date for most provisions is for tax years beginning after December 31, 2017, or in the case of certain other provisions of the law, January 1, 2018.

Given the significance of the legislation, the U.S. Securities and Exchange Commission staff issued SAB 118, which allows registrants to record provisional amounts during a one year "measurement period" similar to that used when accounting for business combinations. During fiscal 2018, CRA applied the guidance in SAB 118 when accounting for the enactment-date effects of the Tax Act. As of December 29, 2018, CRA had completed its accounting for all the tax effects of the Tax Act.

Deferred tax assets and liabilities

In response to the Tax Act, CRA remeasured its U.S. related deferred tax assets and liabilities based on the expected rates at which they may reverse in the future, which is generally 21%. CRA recorded a provisional amount of $3.6 million as of December 30, 2017 related to the remeasurement of its deferred tax balances, and further refined the remeasurement during fiscal 2018 by an immaterial amount.

Foreign Tax Effects

The Tax Act subjects a U.S. shareholder to current tax on global intangible low-taxed income ("GILTI") earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI resulting from those items in the year the tax is incurred. As of the December 29, 2018 reporting period, CRA had elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. As such, CRA has included a GILTI provision associated with current-year operations solely within the estimated annual effective tax rate ("EAETR") and has not provided additional GILTI on deferred items.

The Tax Act allows U.S. corporations to take a deduction related to its foreign-derived intangible income ("FDII") produced in the U.S. CRA has calculated its FDII deduction for the fiscal year ended December 28, 2019 by an immaterial amount.

The components of CRA’s deferred tax assets (liabilities) are as follows (in thousands):


	December 28,		December 29,
	2019		2018
Deferred tax assets:
Accrued compensation and related expense	$	12,842	$	12,691
Allowance for doubtful accounts		2,023		1,694
Net operating loss carryforwards		335		402
Lease liabilities		39,747		—
Deferred rent, accruals, and other		119		5,656
Total gross deferred tax assets		55,066		20,443
Less: valuation allowance		—		—
Total deferred tax assets net of valuation allowance		55,066		20,443
Deferred tax liabilities:
Goodwill and other intangible asset amortization		3,650		4,295
Right-of-Use assets		33,012		—
Property and equipment		7,690		6,762
Prepaids and other		548		358
Total deferred tax liabilities		44,900		11,415
Net deferred tax assets	$	10,166	$	9,028

At December 28, 2019, CRA had US local and foreign net operating losses of $1.1 million with lives ranging from 20 years to indefinite.

The aggregate changes in the balances of gross unrecognized tax benefits were as follows (in thousands):


	Fiscal Year		Fiscal Year
	2019		2018
Balance at beginning of period	$	867	$	1,031
Additions for tax positions taken during prior years		—		132
Reductions for tax positions taken during prior years		(25)		—
Additions for tax positions taken during the current year		—		—
Reductions as a result of a lapse of the applicable statutes of limitations		(600)		(296)
Settlements with tax authorities		—		—
Balance at end of the period	$	242	$	867

CRA files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. A number of years may elapse before an uncertain tax position, for which CRA has unrecognized tax benefits, is audited and finally resolved. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, CRA believes that its unrecognized tax benefits reflect the most likely outcome. CRA adjusts these unrecognized tax benefits, and the associated interest, in light of changing facts and circumstances. At the end of fiscal 2019, accrued interest for uncertain tax positions was immaterial. CRA’s total unrecognized tax benefit at the end of fiscal 2019 is $0.2 million. Settlement of any particular position could require the use of cash. Of the total $0.2 million balance at the end of fiscal 2019, a favorable resolution would result in $0.2 million being recognized as a reduction to the effective income tax rate in the period of resolution. It is reasonably likely that $0.1 million of gross unrecognized tax benefits will reverse within the next twelve months due to lapse of the applicable statute of limitations or exam closures.

The number of years with open tax audits varies depending on the tax jurisdiction. CRA’s major taxing jurisdiction is the United States where CRA is no longer subject to U.S. federal examinations by the Internal Revenue Service for years before fiscal 2016. Within the significant states where CRA is subject to income tax, CRA is no longer subject to examinations by state taxing authorities before fiscal 2015. CRA’s United Kingdom subsidiary’s corporate tax returns are no longer subject to examination by Her Majesty’s Revenue and Customs for fiscal years before fiscal 2018. During fiscal 2019, an examination by the German Tax Authority for fiscal years 2014-2016 commenced. CRA believes its reserves for uncertain tax positions are adequate.

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 December 28, 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.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 28, 2019
Employee Benefit Plans
Employee Benefit Plans	14. Employee Benefit Plans CRA maintains a qualified defined‑contribution plan under Section 401(k) of the Internal Revenue Code, covering all regular U.S. employees who meet specified age, hour, and service requirements. Company contributions are made at the discretion of CRA, and cannot exceed the maximum amount deductible under applicable provisions of the Internal Revenue Code. CRA also has defined-contribution plans covering employees in Canada (the “Canada plan”) and the United Kingdom (the “United Kingdom plan”). Company contributions to the Canada plan are made at the discretion of CRA, while Company contributions to the United Kingdom plan are made in accordance with the minimum required contributions per the United Kingdom auto-enrolment legislation. Company contributions under these plans amounted to approximately $3.9 million, $3.5 million, and $3.1 million for fiscal 2019, fiscal 2018, and fiscal 2017, respectively.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 28, 2019	Dec. 29, 2018
Current assets:
Cash and cash equivalents	$ 25,639	$ 38,028
Accounts receivable, net of allowances of $3,838 at December 28, 2019 and $3,764 at December 29, 2018	107,841	94,525
Unbilled services, net of allowances of $1,503 at December 28, 2019 and $415 at December 29, 2018	36,569	36,060
Prepaid expenses and other current assets	7,277	6,423
Forgivable loans	6,751	6,104
Total current assets	184,077	181,140
Property and equipment, net	61,295	48,088
Goodwill	88,504	88,208
Intangible assets, net	6,476	7,846
Right-of-use assets	130,173
Deferred income taxes	10,670	9,330
Forgivable loans, net of current portion	48,390	34,190
Other assets	3,658	2,044
Total assets	533,243	370,846
Current liabilities:
Accounts payable	26,069	21,938
Accrued expenses	121,301	108,233
Deferred revenue and other liabilities	6,723	6,866
Current portion of lease liabilities	12,847
Current portion of deferred rent		1,810
Current portion of deferred compensation	4,470	3,650
Total current liabilities	171,410	142,497
Non-current liabilities:
Deferred compensation and other non-current liabilities	15,071	7,957
Deferred rent and facility-related non-current liabilities	1,956	23,618
Non-current portion of lease liabilities	146,551
Deferred income taxes	504	302
Total non-current liabilities	164,082	31,877
Commitments and contingencies (note 16)
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; 7,814,797 and 8,010,480 shares issued and outstanding at December 28, 2019 and December 29, 2018, respectively	9,265	22,837
Retained earnings	200,249	186,229
Accumulated other comprehensive loss	(11,763)	(12,594)
Total shareholders' equity	197,751	196,472
Total liabilities and shareholders' equity	$ 533,243	$ 370,846

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Property and Equipment
Property and equipment, gross	$ 100,579	$ 79,190
Accumulated depreciation and amortization	(39,284)	(31,102)
Total property and equipment, net	61,295	48,088
Depreciation expense	9,200	8,600	$ 7,400
Computer, office equipment and software
Property and Equipment
Property and equipment, gross	30,627	27,082
Leasehold improvements
Property and Equipment
Property and equipment, gross	55,471	40,782
Furniture
Property and Equipment
Property and equipment, gross	$ 14,481	$ 11,326

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Employee Benefit Plans
Employer contributions under 401(k) plans	$ 3.9	$ 3.5	$ 3.1

Share-Based Compensation - Restricted Shares and Other (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 28, 2019 USD ($) item $ / shares shares	Dec. 29, 2018 USD ($) $ / shares shares	Dec. 30, 2017 USD ($) shares
2006 Incentive Plan
Additional disclosures
Shares available for grant	623,212
Options
Additional disclosures
Fair value of options vested \| $	$ 0.7	$ 1.1	$ 1.5
Unrecognized compensation cost, net of expected forfeitures \| $	$ 0.5
Weighted-average period over which cost is expected to be recognized	2 years 6 months
Forfeiture rate (as a percent)		0.40%	0.40%
Restricted stock
Additional disclosures
Number of vesting installments \| item	4
Unrecognized compensation cost, net of expected forfeitures \| $	$ 0.9
Weighted-average period over which cost is expected to be recognized	2 years 7 months 6 days
Forfeiture rate (as a percent)	0.90%
Restricted Stock and Stock Units, Number of Shares
Fair value of restricted shares vested \| $	$ 0.5	$ 0.6	$ 0.6
Restricted stock \| 2006 Incentive Plan
Restricted Stock and Stock Units, Number of Shares
Balance at the beginning of the period (in shares)	36,006
Granted (in shares)	11,772
Vested (in shares)	(16,255)
Balance at the end of the period (in shares)	31,523	36,006
Restricted Stock and Stock Units, Weighted-Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 35.41
Granted (in dollars per share) \| $ / shares	38.21
Vested (in dollars per share) \| $ / shares	31.14
Balance at the end of the period (in dollars per share) \| $ / shares	$ 38.66	$ 35.41
Time-Vesting RSUs
Additional disclosures
Number of vesting installments \| item	4
Unrecognized compensation cost, net of expected forfeitures \| $	$ 2.4
Weighted-average period over which cost is expected to be recognized	3 years 1 month 6 days
Forfeiture rate (as a percent)	0.90%
Restricted Stock and Stock Units, Number of Shares
Fair value of restricted shares vested \| $	$ 1.3	$ 1.7	$ 2.0
Time-Vesting RSUs \| 2006 Incentive Plan
Restricted Stock and Stock Units, Number of Shares
Balance at the beginning of the period (in shares)	79,759
Granted (in shares)	31,226
Vested (in shares)	(45,858)
Forfeited (in shares)	(489)
Balance at the end of the period (in shares)	64,638	79,759
Restricted Stock and Stock Units, Weighted-Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 33.64
Granted (in dollars per share) \| $ / shares	46.20
Vested (in dollars per share) \| $ / shares	27.91
Forfeited (in dollars per share) \| $ / shares	21.52
Balance at the end of the period (in dollars per share) \| $ / shares	$ 43.87	$ 33.64
PRSU
Additional disclosures
Vesting period	2 years
PRSU \| Vesting in the first year following performance period
Additional disclosures
Vesting percentage	75.00%
PRSU \| Vesting on the fourth anniversary of date of grant
Additional disclosures
Vesting percentage	25.00%
PRSU \| Minimum
Additional disclosures
PRSUs performance measure (as a percent)	50.00%
PRSU \| Maximum
Additional disclosures
PRSUs performance measure (as a percent)	125.00%
PRSU \| 2006 Incentive Plan
Restricted Stock and Stock Units, Number of Shares
Balance at the beginning of the period (in shares)	121,950
Granted (in shares)	29,234
Vested (in shares)	(65,976)
Forfeited (in shares)	(3,058)
Balance at the end of the period (in shares)	82,150	121,950
Restricted Stock and Stock Units, Weighted-Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 32.92
Granted (in dollars per share) \| $ / shares	51.31
Vested (in dollars per share) \| $ / shares	25.27
Forfeited (in dollars per share) \| $ / shares	28.77
Balance at the end of the period (in dollars per share) \| $ / shares	$ 45.88	$ 32.92
Additional disclosures
Achievement percentage (as a percent)	125.00%
1998 Employee Stock Purchase Plan (ESPP)
Additional disclosures
Number of shares authorized	243,000
Purchase price as a percentage of fair market value (as a percent)	85.00%
Offering period under the plan (in years)	1 year
Offering period (in years)	0 years	0 years	0 years
Shares issued	0	0	0
Shares available for grant	211,777

Business Acquisitions	12 Months Ended
Business Acquisitions	Dec. 28, 2019
Business Acquisitions
Business Acquisitions	11. Business Acquisitions On January 31, 2017, CRA acquired substantially all of the assets and assumed certain liabilities of C1 for initial consideration comprised of cash and CRA restricted common stock. The asset purchase agreement provided for additional purchase consideration to be paid upon the conclusion of a four-year measurement period following the transaction in the form of an earnout, if specific performance targets are met. These earnout payments are payable in cash and CRA restricted common stock. The fair value of this obligation was measured as of the acquisition date and accounted for as a component of the purchase consideration, any adjustments to this initial valuation in future accounting periods will be reported as an adjustment to net income. C1 provides management consulting services in the life sciences industry, and has built a reputation for its specialty consulting services. The purpose of acquiring C1 was to assist CRA in expanding its geographical presence in the western part of the United States and Europe, servicing CRA’s existing life sciences customers more efficiently, and providing opportunities to engage with new clients in both the United States and European markets. C1’s results of operations have been included in the accompanying consolidated statements of operations from the date of acquisition. Transaction related costs, which are principally legal and accounting service fees, amounted to $0.9 million for the year ended December 30, 2017 and are included in selling, general and administrative expenses on the consolidated statement of operations.

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 28, 2019	Dec. 29, 2018
Accrued Expenses
Compensation and related expenses	$ 99,993	$ 90,711
Income taxes payable	430	514
Commissions due to senior consultants	9,961	9,600
Direct project accruals	442	700
Accrued leasehold improvements	2,166	100
Other	8,309	6,608
Total	121,301	108,233
Compensation and related expenses
Accrued bonuses	$ 81,200	$ 73,900

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 28, 2019

Summary of Significant Accounting Policies

Financial instruments that are measured and recorded at fair value on a recurring basis

The following table shows CRA’s financial instruments as of December 28, 2019 and December 29, 2018 that are measured and recorded in the consolidated financial statements at fair value on a recurring basis (in thousands):


	December 28, 2019
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets or Liabilities		Inputs		Inputs
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	150	$	—	$	—
Total Assets	$	150	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	11,579
Total Liabilities	$	—	$	—	$	11,579


	December 29, 2018
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets or Liabilities		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

The following table summarizes the changes in the contingent consideration liabilities over the fiscal year ended December 28, 2019 and the fiscal year ended December 29, 2018 (in thousands):


	December 28,		December 29,
	2019		2018
Beginning balance	$	6,197	$	5,137
Remeasurement of acquisition-related contingent consideration		3,285		(244)
Accretion		2,097		1,304
Ending balance	$	11,579	$	6,197

Summary of Significant Accounting Policies

12 Months Ended

Dec. 28, 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.

Fiscal Year and Quarters

CRA’s fiscal year end is the Saturday nearest December 31 of each year. CRA’s fiscal years periodically contain 53 weeks rather than 52 weeks. Fiscal 2019, fiscal 2018, and fiscal 2017 were 52-week years. CRA’s fiscal quarter ends are determined as the last Saturday nearest the respective calendar quarter end.

Basis of Presentation

The Consolidated Financial Statements include the accounts of CRA International, Inc. and its majority-owned subsidiaries (collectively the ‘Company’) which require consolidation, after the elimination of intercompany accounts and transactions. In addition, as more fully explained in note 12, the consolidated financial statements include CRA’s interest in GNU123 Liquidating Corporation (‘GNU’). The Company’s fiscal year ends on the Saturday nearest to December 31. There were 52 weeks in each of the fiscal years 2019, 2018 and 2017. Certain prior year amounts have been reclassified to conform to current year presentation.

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United State of America (“U.S. 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, measurement of operating lease right-of-use (“ROU”) assets and liabilities, share-based compensation, valuation of the contingent consideration liabilities, valuation of acquired intangible assets, impairment of long-lived assets, 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.

Cash and Cash Equivalents

As of December 28, 2019, CRA's cash accounts were concentrated at two financial institutions, which potentially exposes CRA to credit risks. The financial institutions both have short-term credit ratings of A-2 by Standard & Poor's ratings services. CRA has not experienced any losses related to such accounts. CRA does not believe that there is significant risk of non-performance by the financial institutions, and its cash on deposit is fully liquid. CRA continually monitors the credit ratings of the institutions.

Cash equivalents consist principally of money market funds with maturities of three months or less when purchased.

Foreign Currency Translation

Asset and liability accounts of CRA’s foreign subsidiaries are translated into U.S. dollars at year‑end exchange rates and operating accounts are translated at average exchange rates for each reporting period. The resulting translation adjustments are recorded in shareholders’ equity as a component of accumulated other comprehensive income (loss). Foreign currency transactions are remeasured at current exchanges rates, with adjustments recorded in the statement of operations. The effect of transaction gains and losses recorded in income before provision for income taxes amounted to losses of $1.3 million for fiscal 2019, gains of $0.4 million for fiscal 2018, and losses of $0.4 million for fiscal 2017.

Revenue Recognition and Allowances for Accounts Receivable and Unbilled Services

On December 31, 2017, CRA adopted ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective method for all contracts not completed as of the date of adoption. Under ASC 606, revenue is recognized when CRA satisfies a performance obligation by transferring services promised in a contract to a client in an amount that reflects the consideration that CRA expects to receive in exchange for those services. Performance obligations in CRA’s contracts represent distinct or separate service streams that CRA provides to clients

Revenue contracts with clients are evaluated based on the five-step model under ASC 606: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to separate performance obligations; and (5) recognize revenues when (or as) each performance obligation is satisfied. If, at the outset of an arrangement, CRA determines that an enforceable contract does not exist, revenues are deferred until all criteria for an enforceable contract are met.

CRA derives substantially all of its revenues from the performance of professional services for its clients. The contracts that CRA enters into and operates under specify whether the engagement will be billed on a time‑and‑materials basis or a fixed‑price basis. These engagements generally last three to six months, although some engagements can be much longer in duration. Each contract must be approved by a vice president.

Time-and-materials arrangements require the client to pay based on the number of hours worked at contractually agreed-upon hourly rates. Revenues are recognized from these arrangements based on hours incurred and contracted rates based a right-to-payment for services completed to date. When a time-and-materials arrangement has a “cap” or “limit” amount, revenue is recognized up to the cap or limit amount specified by the client, based on the efforts or hours incurred and expenses incurred. Thereafter, revenue is reserved pending an amendment of the cap or limit.

Fixed-price arrangements require the client to pay a contractually agreed-upon fee in exchange for a pre-established set of professional services. Fees are based on estimates of the costs and timing for completing a performance obligation. Under fixed-price arrangements, revenues are generally recognized using a proportional performance method, which is based on the ratio of costs incurred to the total estimated costs for completing a performance obligation. CRA’s fixed-price arrangements generally have a single performance obligation. For arrangements that contain multiple performance obligations, the fixed price is allocated based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. If the standalone selling price is not observable through past transactions, CRA estimates the standalone selling price considering all available information such as market conditions and internally approved pricing guidelines related to the performance obligations.

Variable consideration to be included in the transaction price is estimated based on the most likely amount CRA expects to be entitled to if it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration are based on historical realization rates. Revenues from CRA’s consulting services are recorded at the net transaction price, which includes estimates of variable consideration for which reserves are established. These variable consideration reserves, which are based on actual price concessions and those expected to be extended to CRA clients, are classified as reductions of accounts receivable and unbilled services. Specific reserves for accounts receivable and unbilled services are a component of variable consideration. Actual amounts of consideration ultimately received may differ from CRA’s estimates. If actual results in the future vary from its estimates, CRA adjusts these estimates, which would affect net revenue and earnings in the period such variances become known.

Reimbursable expenses, including those relating to travel, out-of-pocket expenses, outside consultants and other outside service costs, are generally included in revenues, and an equivalent amount of reimbursable expenses is included in costs of services in the period in which the expense is incurred. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.

CRA usually issues invoices to its customers on a monthly basis, and payment is due upon receipt of the invoice. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in ASC 606, CRA does not assess whether a significant financing component exists if the period between when it performs its obligations under the contract and when the customer pays is one year or less. None of CRA’s contracts contained a significant financing component as of December 28, 2019 or December 29, 2018.

Differences between the timing of billing and the recognition of revenue are recognized as either unbilled services or deferred revenues in the accompanying consolidated balance sheets. Revenues recognized for services performed but not yet billed to clients are recorded as unbilled services. Client prepayments and retainers are classified as deferred revenues and recognized over future periods as earned in accordance with the applicable retention agreement.

CRA maintains accounts receivable and unbilled services allowances for estimated losses resulting from clients’ failure to make required payments. These allowances are determined for specific customer accounts and are based on the financial condition of CRA’s customer and related facts and circumstances. Expenses associated with these allowances are reported as a component of selling, general and administrative expenses.

Prior to adopting ASC Topic 606 on December 31, 2017, CRA followed the revenue recognition guidance as issued in ASC Topic 605, Revenue Recognition ("ASC 605"). Under this guidance, CRA would recognize substantially all of its revenues under written service contracts when the fee was fixed and determinable, as the services were provided, and only in those situations where collection from the client was reasonably assured. In certain cases CRA provided services to its clients without sufficient contractual documentation, or fees were tied to performance-based criteria, which required the Company to defer revenue in accordance with ASC 605. In these cases, these amounts were fully reserved, and the reserve was reduced as cash was received.

CRA recognized all project revenue on a gross basis based on the consideration of the criteria set forth in Accounting Standards Codification ("ASC") Topic 605-45, Principal Agent Considerations. In general, project costs were classified in costs of services and were based on the direct salary of the consultants on the engagement plus all direct expenses incurred to complete the engagement, including any amounts billed to the Company by its non-employee experts.

Revenues from time-and-materials service contracts were recognized as the services were provided based upon hours worked and contractually agreed-upon hourly rates, as well as indirect fees based upon hours worked.

Under ASC 605, revenues from a majority of CRA's fixed-price engagements were recognized on a proportional performance method based on the ratio of costs incurred, substantially all of which are labor-related, to the total estimated project costs. The proportional performance method was used for fixed-price contracts because reasonably dependable estimates of the revenues and costs applicable to various stages of a contract could be made, based on historical experience and the terms set forth in the contract, and were indicative of the level of benefit provided to CRA's clients. CRA's management maintained contact with project managers to discuss the status of the projects and, for fixed-price engagements, management was updated on the budgeted costs and resources required to complete the project. These budgets were then used to calculate proportional performance ratios and to estimate the anticipated income or loss on the project. Provisions for estimated losses on contracts were made during the period in which such losses become probable and could be reasonably estimated.

Deferred Compensation

CRA accounts for performance-based and service-based cash awards using a an accrual method where changes in estimates are accounted for prospectively over the remaining service period. To the extent the terms of an award attribute all or a portion of the expected future benefits to a period of service greater than one year, the cost of those benefits is accrued over the employee’s or non-employee's requisite service period in a systematic and rational manner, usually on a straight-line basis.

The requisite service period typically ranges from three to six years starting with the employee’s employment date or non-employee's affiliation date. For an employee or non-employee consultant currently affiliated with CRA, the requisite service period generally begins at the start of the award’s measurement period. A recipient of such an award is expected to be employed by or affiliated with CRA for the entire measurement period. If the recipient’s employment or affiliation with CRA terminates during the measurement period, the amount paid will be determined in accordance with the recipient’s specific contract provisions.

The terms of award agreements may include the achievement of minimum required financial targets over the award’s measurement period. These financial targets may include a measure of revenue generation, profitability or both. The amount of the liability of the award agreements is estimated based on internally generated financial projections. The process of projecting these financial targets over the measurement period is highly subjective and requires significant judgment and estimates. There can be no assurance that the estimates and assumptions used in preparing these projections will prove to be accurate.

Leases

CRA is a lessee under certain operating leases for office space and equipment. Prior to adopting ASC Topic 842, Leases (“ASC 842”) on December 30, 2018, CRA followed the lease accounting guidance as issued in ASC Topic 840, Leases (“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 ROU asset, subject to certain permitted accounting policy elections. Under ASC 842, CRA determines whether a contract is a lease at the inception of the contract. This determination is 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 December 28, 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, sales or use 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.

Goodwill

In accordance with ASC Topic 350, Intangibles—Goodwill and Other (“ASC Topic 350”), goodwill and intangible assets with indefinite lives are not subject to amortization but are monitored annually as of October 15th for impairment, or more frequently, as necessary, if events or circumstances exist that would more likely than not reduce the fair value of the reporting unit below its carrying amount. For CRA's fiscal 2019 goodwill impairment analysis, it operates as one reporting unit, which is its consulting services.

Under ASC Topic 350, in performing the goodwill impairment testing and measurement process, CRA compares the estimated value of each of its reporting units to its net book value to identify potential impairment. CRA estimates the fair value of its consulting business reporting unit utilizing its market capitalization, plus an appropriate control premium. Market capitalization is determined by multiplying CRA’s shares outstanding on the test date by the market price of its common stock on that date. CRA determines the control premium utilizing data from publicly available premium studies for the trailing four quarters for public company transactions in its industry group. If the estimated fair value of a reporting unit is less than its net book value, an impairment charge would be recorded in CRA’s consolidated statement of operations.

Intangible Assets

Intangible assets are comprised of non-competition agreements and customer relationship intangibles, which are separable from goodwill and have determinable useful lives, are valued separately and amortized over their estimated useful lives based on the pattern in which the economic benefit of the asset is expected to be consumed, if reliably determinable. Non-competition agreements are amortized on a straight-line basis over their useful lives, which range between five and nine years. Customer relationship intangible assets are amortized on a straight-line basis over periods that range between eight and ten years, which approximates the pattern of economic benefit.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is calculated using the straight‑line method based on the estimated useful lives of three years for computer equipment, three to ten years for computer software, and ten years for furniture and fixtures. Amortization of leasehold improvements is calculated using the straight‑line method over the shorter of the lease term or the estimated useful life of the leasehold improvements. Expenditures for maintenance and repairs are expensed as incurred. Expenditures for renewals and betterments are capitalized.

Impairment of Long‑Lived Assets

CRA reviews the carrying value of its long‑lived assets (primarily property and equipment, intangible assets, and ROU assets) to assess the recoverability of these assets whenever events or circumstances indicate that impairment may have occurred. Factors CRA considers important that could trigger an impairment review include, among others, the following:

a significant underperformance relative to expected historical or projected future operating results;

a significant change in the manner of CRA’s use of the acquired asset or the strategy for CRA’s overall business; and

a significant negative industry or economic trend.

If CRA determines that an impairment review is required, CRA would review the expected future undiscounted cash flows to be generated by the assets or asset groups. If CRA determines that the carrying value of long‑lived assets or asset groups may not be recoverable, CRA would measure any impairment based on a projected discounted cash flow method using a discount rate determined by CRA to be commensurate with the risk inherent in CRA’s current business model. If impairment is indicated through this review, the carrying amount of the assets would be reduced to their estimated fair value.

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).


	December 28, 2019
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets or Liabilities		Inputs		Inputs
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	150	$	—	$	—
Total Assets	$	150	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	11,579
Total Liabilities	$	—	$	—	$	11,579


	December 29, 2018
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets or Liabilities		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 table above are for estimated future contingent consideration payments related to the acquisition of C1 Consulting, LLC, an independent consulting firm, and its wholly-owned subsidiary C1 Associates (collectively, "C1"). 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 revenue projections, expected volatility of the revenue 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 are 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 consolidated statements of operations. The contingent consideration is required to be paid prior to the end of the second quarter of fiscal 2021.

The following table summarizes the changes in the contingent consideration liabilities over the fiscal year ended December 28, 2019 and the fiscal year ended December 29, 2018 (in thousands):


	December 28,		December 29,
	2019		2018
Beginning balance	$	6,197	$	5,137
Remeasurement of acquisition-related contingent consideration		3,285		(244)
Accretion		2,097		1,304
Ending balance	$	11,579	$	6,197

CRA’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, are carried at cost, which approximates their fair value because of the short‑term maturity of these instruments or because their stated interest rates are indicative of market interest rates.

Income Taxes

CRA records income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. CRA includes in the estimate of deferred tax assets and liabilities an estimate of the realizable benefits from operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

CRA is required to establish a valuation allowance on its deferred tax assets to reflect the likelihood of realization. Significant management judgment is required in determining deferred tax assets and liabilities and any valuation allowance recorded against its net deferred tax assets. The weight of all available evidence is evaluated to determine whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The decision to record a valuation allowance requires varying degrees of judgment based upon the nature of the item giving rise to the deferred tax asset. If, after a valuation allowance is recorded, it is determined that CRA would be able to realize deferred tax assets in the future in excess of their net recorded amount, CRA would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

CRA’s effective tax rate may vary from period to period based on changes in estimated taxable income or loss; changes to the valuation allowance; changes to federal, state, or foreign tax laws; future expansion into areas with varying country, state, and local income tax rates; deductibility of certain costs; uncertain tax positions; expenses by jurisdiction; and results of acquisitions or dispositions.

The calculation of CRA’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations in several different tax jurisdictions. CRA is periodically reviewed by domestic and foreign tax authorities. These reviews include questions regarding the timing and amount of deductions and the allocation of income among various tax jurisdictions. CRA accounts for uncertainties in income tax positions in accordance with ASC Topic 740, Income Taxes (“ASC 740”). The number of years with open tax audits varies depending on the tax jurisdiction.

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the "Tax Act") was signed into law. The Tax Act subjects a U.S. shareholder to current tax on global intangible low-taxed income ("GILTI") earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI resulting from those items in the year the tax is incurred. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. As such, CRA has included its GILTI provision associated with current-year operations solely within the estimated annual effective tax rate ("EAETR") and has not provided additional GILTI on deferred items.

Share‑Based Compensation

CRA accounts for equity-based compensation using a fair value based recognition method. Under the fair value recognition requirements of ASC Topic 718, Compensation-Stock Compensation (“ASC Topic 718”), share-based compensation cost is estimated at the grant date based on the fair value of the award and is recognized as expense over the requisite service period of the award. For those awards that are deemed probable of vesting, CRA recognizes the estimated fair value as expense over the requisite service period of the award. The amount of share-based compensation expense recognized at any date must at least equal the portion of grant date value of the award that is vested at that date. In accordance with ASC Topic 718, for time-vesting restricted stock units awarded to employees, CRA estimates share-based compensation cost at the grant date based on the fair value of the restricted stock units and awards and recognizes the cost for awards that are probable of vesting over the requisite service period on a straight-line basis. Performance-vesting restricted stock units are expensed using the graded acceleration method.

For share‑based awards granted to non‑employee experts, CRA accounts for the compensation under the fair value recognition requirements in accordance with ASC Topic 718 and ASU 2018-07, and recognizes the cost over the related vesting period.

Net Income (Loss) Per Share

CRA computes basic net income or loss per share by dividing net income or loss by the weighted-average number of shares outstanding. CRA computes diluted net income or loss per share by dividing net income or loss by the sum of the weighted-average number of shares determined from the basic earnings per common share computation and the number of common stock equivalents that would have a dilutive effect. To the extent that there is a net loss, CRA assumes all common stock equivalents to be anti-dilutive, and they are excluded from diluted weighted-average shares outstanding. CRA determines common stock equivalent shares outstanding in accordance with the treasury stock method. In those years in which CRA has both net income and participating securities, CRA computes basic net income per share utilizing the two-class method earnings allocation formula to determine earnings per share for each class of stock according to dividends and participation rights in undistributed earnings. Under the two-class method, basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding. CRA's participating securities consist of unvested share-based payment awards that contain a nonforfeitable right to receive dividends.

Recent Accounting Standards Adopted

Revenue from Contracts with Customers

CRA adopted ASC 606 on December 31, 2017, using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results for fiscal 2018 reflect the application of ASC 606 guidance, while the reported results for fiscal 2017 were prepared under the guidance of ASC 605. The cumulative effect of applying ASC 606 to all contracts with customers that were not completed as of December 30, 2017 amounted to $0.4 million. The cumulative effect adjustment resulted in an increase to CRA's fiscal 2018 opening balance of retained earnings of $0.4 million, net of tax. Prior periods were not retrospectively adjusted.

For the fiscal year ended December 29, 2018, items in the consolidated statements of operations, consolidated statements of comprehensive income, and consolidated statements of cash flows recognized under ASC 606 are not materially different from what would have been recognized under ASC 605. In addition, balances as of December 29, 2018 on the consolidated balance sheets as measured under ASC 606 are not materially different from balances if measured under ASC 605.

Leases (Topic 842)

CRA adopted ASC 842, which supersedes ASC 840, on December 30, 2018 using the modified retrospective transition method. 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 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.

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 change to net deferred tax assets 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.

Improvements to Employee Share-Based Payment Accounting

CRA adopted ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) on January 1, 2017. ASU 2016-09 requires all of the tax effects related to share-based payments to be recorded through the income statement. The pronouncement also allows for the option of estimating awards expected to vest or accounting for forfeitures when they occur. In the statement of cash flows, cash paid by employers when withholding shares for tax withholding purposes should be classified as a financing activity whereas cash flows resulting from excess tax benefits should be reported in operating activities. The adoption of ASU 2016-09 resulted in the recognition of an immaterial tax benefit to retained earnings as of that date. CRA had traditionally classified employee taxes paid through employer share withholdings as financing activities, therefore no further adjustment was necessary. CRA has classified the excess tax benefits from share-based compensation as operating activities on a prospective basis beginning in the quarter ended April 1, 2017. Additionally, CRA did not make any changes to its accounting for forfeitures and continues to estimate forfeitures based on historical experience.

Statement of Cash Flows (Topic 230): Restricted Cash

CRA adopted ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), on December 31, 2017. ASU 2016-18 amends ASC 230 to add or clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. The new standard requires cash and cash equivalents balances on the statement of cash flows to include restricted cash and cash equivalent balances. ASU 2016-18 requires a company to provide appropriate disclosures about its accounting policies pertaining to restricted cash in accordance with GAAP. Additionally, changes in restricted cash and restricted cash equivalents that result from transfers between cash, cash equivalents, and restricted cash and restricted cash equivalents are not to be presented as cash flow activities in the statement of cash flows. The adoption of ASU 2016-18 did not have a material impact on CRA’s financial position, results of operations, cash flows, or disclosures.

Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

CRA adopted ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), on December 31, 2017. ASU 2017-04 simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the amendments, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the charge recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment charge, if applicable. The amendments also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. The adoption of ASU 2017-04 did not have a material impact on CRA’s financial position, results of operations, cash flows, or disclosures.

Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting

CRA adopted ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”), on December 31, 2017. ASU 2017-09 updates guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Under the amendments, an entity should account for the effects of a modification unless all the following conditions are met. First, the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification. Second, the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. Third, the classification of the modified award as an equity instrument or a liability is the same as the classification of the original award immediately before the original award is modified. The adoption of ASU 2017-09 did not have a material impact on CRA’s financial position, results of operations, cash flows, or disclosures.

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 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 the Company for interim and annual periods beginning after December 15, 2019. 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 is currently in the process of finalizing its evaluation of the impact of adopting ASU 2016-13. CRA will finalize its evaluation during the first fiscal quarter of 2020. As a result of adopting the new standard, CRA currently estimates that the ASU will not have a material impact on its financial position, results of operations, cash flows, or disclosures on the date of transition.

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 currently estimates that the ASU will not have a material impact on its financial position, results of operations, cash flows, or disclosures on the date of transition.

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 ASU permits application of the guidance to implementation costs of cloud computing projects either prospectively or retrospectively at the time of transition. The new standard is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. CRA is currently in the process of finalizing its evaluation of the impact of adopting ASU 2018-15. CRA will finalize its evaluation during the first fiscal quarter of 2020. CRA plans to adopt ASU 2018-15 using the prospective transition approach. As a result of adopting the new standard prospectively, CRA currently estimates that ASU 2018-15 will not have a material impact on its financial position, results of operations, or cash flows on the date of transition.

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 simplifies or clarifies accounting for income taxes by changing the following current guidance: accounting for year-to-date losses in interim periods, accounting for tax law changes in interim periods, determining when a deferred tax liability is recognized for foreign subsidiaries that transition to or from being accounted for as equity method investments, application of income tax guidance to franchise taxes that are partially based on income, and making an intra-period allocation in situations where there is a loss in continuing operations and income or gain from other items. ASU 2019-12 also introduces new guidance to evaluate whether a step up in the tax basis of goodwill relates to a business combination or a separate transaction and provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax.

ASU 2019-12 is effective for CRA for interim and annual periods beginning after December 15, 2020. Early adoption is permitted. CRA is in the process of determining the effects, if any, the adoption of the ASU may have on its financial position, results of operations, cash flows, or disclosures. CRA plans to adopt the amendments during the first fiscal quarter of 2021.

Forgivable Loans

12 Months Ended

Dec. 28, 2019

Forgivable Loans

Forgivable Loans

3. Forgivable Loans

In order to attract and retain highly skilled professionals, CRA may issue forgivable loans to employees and non‑employee experts, certain of which loans may be denominated in local currencies. A portion of these loans is collateralized. The forgivable loans have terms that are generally between two and eight years with interest rates currently ranging up to 3.25%. The principal amount of forgivable loans and accrued interest is forgiven by CRA over the term of the loans, so long as the employee or non‑employee expert continues employment or affiliation with CRA and complies with certain contractual requirements. During fiscal years 2019, 2018 and 2017 there were no balances due under these loans for which the full principal and interest were not forgiven in the normal course or not collected upon termination of employment or affiliation with CRA. The expense associated with the forgiveness of the principal amount of the loans is recorded as compensation expense over the service period, which is consistent with the term of the loans. CRA has not typically recorded an allowance for doubtful accounts for these loans due to its collection experience and its assessment of collectability. For fiscal years 2019 and 2018, no allowances or write offs of these loans were recorded.

Forgivable loan activity for fiscal years 2019 and 2018 is as follows (in thousands):


	Fiscal Year		Fiscal Year
	2019		2018
Beginning balance	$	40,294	$	28,628
Advances		35,166		30,572
Repayments		(1,173)		(3,396)
Reclassification to other assets		(1,734)		—
Amortization		(17,700)		(15,329)
Effects of foreign currency translation		288		(181)
Ending balance	$	55,141	$	40,294
Current portion of forgivable loans	$	6,751	$	6,104
Non-current portion of forgivable loans	$	48,390	$	34,190

At December 28, 2019 CRA had no other loans to current or former employees included in other assets on the consolidated balance sheet. At December 29, 2018, CRA had other loans to current and former employees included in other assets on the consolidated balance sheet of $0.1 million, net of allowances.

Property and Equipment - Long-lived assets (Details) - USD ($) $ in Thousands	Dec. 28, 2019	Dec. 29, 2018
Long-lived assets by geographic location
Long-lived assets (property and equipment, net)	$ 61,295	$ 48,088
United States
Long-lived assets by geographic location
Long-lived assets (property and equipment, net)	51,974	39,654
United Kingdom
Long-lived assets by geographic location
Long-lived assets (property and equipment, net)	7,803	6,890
Other
Long-lived assets by geographic location
Long-lived assets (property and equipment, net)	1,518	1,544
Total foreign
Long-lived assets by geographic location
Long-lived assets (property and equipment, net)	$ 9,321	$ 8,434

Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 28, 2019
Computer equipment
Property and Equipment
Estimated useful lives	3 years
Computer software \| Minimum
Property and Equipment
Estimated useful lives	3 years
Computer software \| Maximum
Property and Equipment
Estimated useful lives	10 years
Furniture
Property and Equipment
Estimated useful lives	10 years

Revenue Recognition (Tables)

12 Months Ended

Dec. 28, 2019

Revenue Recognition

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

The following table disaggregates CRA’s revenue by major business line and timing of transfer of its consulting services.


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
Type of Contract	(52 weeks)		(52 weeks)		(52 weeks) (1)
Consulting services revenues
Fixed Price	$	107,344	$	95,096	$	93,570
Time-and-materials		344,026		322,552		276,505
Total	$	451,370	$	417,648	$	370,075


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
Geographic Breakdown	(52 weeks)		(52 weeks)		(52 weeks) (1)
Consulting services revenues
United States	$	357,156	$	329,678	$	295,232
United Kingdom		72,169		65,874		53,644
Other		22,045		22,096		21,199
Total	$	451,370	$	417,648	$	370,075

(1)

As a result of the adoption of ASC 606 on December 31, 2017 under the modified retrospective method, prior period amounts have not been adjusted.

Schedule of rollforward of the variable consideration and allowances for accounts receivable

A rollforward of the variable consideration and allowances for accounts receivable, which includes an allowance for doubtful accounts of $0.4 million and $0.7 million as of December 28, 2019 and December 29, 2018, respectively, is as follows (in thousands):


	Fiscal		Fiscal
	Year		Year
	2019		2018
Balance at beginning of year	$	3,764	$	5,252
Increases to reserves		2,926		3,675
Amounts written off		(2,866)		(5,173)
Effects of foreign currency translation		14		10
Balance at end of year	$	3,838	$	3,764

Schedule of rollforward of the variable consideration and allowances for unbilled services

A rollforward of the variable consideration and allowances for unbilled services is as follows (in thousands):


	Fiscal		Fiscal
	Year		Year
	2019		2018
Balance at beginning of year	$	415	$	704
Increases to reserves		5,548		4,755
Amounts written off		(4,467)		(5,042)
Effects of foreign currency translation		7		(2)
Balance at end of year	$	1,503	$	415

Schedule of bad debt expense

Bad debt expense is reported as a component of selling, general and administrative expenses related to credit-related losses. Bad debt expense is as follows (in thousands):


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
	(52 weeks)		(52 weeks)		(52 weeks)
Bad debt expense	$	173	$	1,237	$	—

Schedule of reimbursable expenses included in revenues

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


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
	(52 weeks)		(52 weeks)		(52 weeks)
Reimbursable expenses	$	54,871	$	48,817	$	41,465

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		Fiscal Year
	2019		2018
Balance at the beginning of the period	$	5,453	$	3,287
Balance at the end of the period	$	4,007	$	5,453

During the year ended December 28, 2019, CRA recognized the following revenue as a result of changes in the contract liability balance or performance obligations satisfied in previous years (in thousands):


	Year Ended		Year Ended
	December 28,		December 29,
	2019		2018
	(52 weeks)		(52 weeks)
Amounts included in contract liabilities at the beginning of the year	$	5,155	$	3,149
Performance obligations satisfied in previous years	$	3,603	$	3,346

Goodwill and Intangible Assets - Acquired and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Acquired identifiable intangible assets
Acquired identifiable intangible assets, net of accumulated amortization	$ 6,476	$ 7,846
Accumulated amortization	5,968	4,998
Amortization Expense
2020	1,368
2021	927
2022	827
2023	822
2024	822
Thereafter	1,710
Total	6,476
Amortization of expenses related to intangible assets	1,400	1,400	$ 1,500
Non-competition agreements
Acquired identifiable intangible assets
Acquired identifiable intangible assets, net of accumulated amortization	119	180
Accumulated amortization	205	544
Customer relationships
Acquired identifiable intangible assets
Acquired identifiable intangible assets, net of accumulated amortization	6,357	7,666
Accumulated amortization	$ 5,763	$ 4,454

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 28, 2019

Summary of Significant Accounting Policies

Description of Business

Fiscal Year and Quarters

Basis of Presentation

Estimates

Cash and Cash Equivalents

Cash equivalents consist principally of money market funds with maturities of three months or less when purchased.

Foreign Currency Translation

Revenue Recognition and Allowances for Accounts Receivable and Unbilled Services

Deferred Compensation

Leases

Goodwill

Intangible Assets

Property and Equipment

Impairment of Long-Lived Assets

Impairment of Long‑Lived Assets

a significant underperformance relative to expected historical or projected future operating results;

a significant change in the manner of CRA’s use of the acquired asset or the strategy for CRA’s overall business; and

a significant negative industry or economic trend.

Fair Value of Financial Instruments


	December 28, 2019
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets or Liabilities		Inputs		Inputs
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	150	$	—	$	—
Total Assets	$	150	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	11,579
Total Liabilities	$	—	$	—	$	11,579


	December 29, 2018
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable
	Assets or Liabilities		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 following table summarizes the changes in the contingent consideration liabilities over the fiscal year ended December 28, 2019 and the fiscal year ended December 29, 2018 (in thousands):


	December 28,		December 29,
	2019		2018
Beginning balance	$	6,197	$	5,137
Remeasurement of acquisition-related contingent consideration		3,285		(244)
Accretion		2,097		1,304
Ending balance	$	11,579	$	6,197

Income Taxes

Share-Based Compensation

Share‑Based Compensation

Net Income (Loss) Per Share

Recent Accounting Standards Adopted and Not Yet Adopted

Recent Accounting Standards Adopted

Revenue from Contracts with Customers

Leases (Topic 842)

Improvements to Employee Share-Based Payment Accounting

Statement of Cash Flows (Topic 230): Restricted Cash

Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting

Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting

Recent Accounting Standards Not Yet Adopted

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Fair Value Measurements (Topic 820)

Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
OPERATING ACTIVITIES:
Net income	$ 20,747	$ 22,472	$ 7,701
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	10,606	9,942	8,859
Loss on disposal of property and equipment	42	54	71
Impairment of intangible assets			530
GNU gain on sale of business assets and subsequent liquidation		(258)	(250)
Deferred rent and facility related liabilities	117	3,596	3,171
Right-of-use asset amortization	10,662
Deferred income taxes	(1,159)	(829)	1,651
Share-based compensation expenses	3,461	4,819	6,616
Accounts receivable allowances	47	(1,410)	1,739
Changes in operating assets and liabilities:
Accounts receivable	(12,759)	(14,427)	(13,032)
Unbilled services, net	(352)	(2,987)	(7,640)
Prepaid expenses and other current assets, and other assets	(2,120)	5,502	6,067
Forgivable loans	(16,331)	(12,277)	5,641
Incentive cash awards	4,839	3,206	1,319
Accounts payable, accrued expenses, and other liabilities	16,194	18,786	23,415
Lease liabilities	(6,162)
Net cash provided by operating activities	27,832	36,189	45,858
INVESTING ACTIVITIES:
Cash consideration paid for acquisitions			(16,163)
Purchases of property and equipment	(16,693)	(15,447)	(9,757)
GNU cash proceeds from sale of business assets			250
Net cash used in investing activities	(16,693)	(15,447)	(25,670)
FINANCING ACTIVITIES:
Issuance of common stock, principally stock options exercises	3,211	2,166	6,420
Borrowings under revolving line of credit	54,000	30,161	11,500
Payments under line of credit	(54,000)	(30,161)	(11,500)
Tax withholding payments reimbursed by shares	(2,176)	(3,946)	(3,262)
Cash paid on dividend equivalents	(246)	(256)	(121)
Cash dividends paid to shareholders	(6,539)	(5,784)	(4,941)
Repurchases of common stock	(18,068)	(27,884)	(19,528)
Distribution to noncontrolling interest		(43)	(419)
Net cash used in financing activities	(23,818)	(35,747)	(21,851)
Effect of foreign exchange rates on cash and cash equivalents	290	(1,002)	2,168
Net (decrease) increase in cash and cash equivalents	(12,389)	(16,007)	505
Cash and cash equivalents at beginning of period	38,028	54,035
Cash and cash equivalents at end of period	25,639	38,028	54,035
Noncash investing and financing activities:
Issuance of common stock for acquired business			3,044
Purchases of property and equipment not yet paid for	4,914	303	3,514
Purchases of property and equipment paid by a third party	156	133	1,640
Asset retirement obligations	428	223	120
Right-of-use assets obtained in exchange for lease obligations	57,827
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	7,590	4,813	7,424
Cash paid for interest	1,157	$ 509	$ 314
Cash paid for amounts included in operating lease liabilities	$ 14,620

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Foreign Currency Translation
Transaction gains and losses recorded in income before provision for income taxes	$ (1,297)	$ 387	$ (366)

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 28, 2019

Goodwill and Intangible Assets

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill for fiscal 2019 and fiscal 2018 are as follows (in thousands):


			Accumulated
	Goodwill,		impairment		Goodwill,
	gross		losses		net
Balance at December 29, 2018	$	164,625	$	(76,417)	$	88,208
Effect of foreign currency translation		296		—		296
Balance at December 28, 2019	$	164,921	$	(76,417)	$	88,504


			Accumulated
	Goodwill,		impairment		Goodwill,
	gross		losses		net
Balance at December 30, 2017	$	165,417	$	(76,417)	$	89,000
Effect of foreign currency translation		(792)		—		(792)
Balance at December 29, 2018	$	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):


	December 28,		December 29,
	2019		2018
Non-competition agreements, net of accumulated amortization of $205 and $544, respectively	$	119	$	180
Customer relationships, net of accumulated amortization of $5,763 and $4,454, respectively		6,357		7,666
Total, net of accumulated amortization of $5,968 and $4,998, respectively	$	6,476	$	7,846

Schedule of expected amortization of intangible assets

Amortization of intangible assets held at December 28, 2019 for the next five fiscal years and thereafter is expected to be as follows (in thousands):


	Amortization
Fiscal Year	Expense
2020	$	1,368
2021		927
2022		827
2023		822
2024		822
Thereafter		1,710
	$	6,476

Summary of Significant Accounting Policies - Deferred Compensation (Details)	12 Months Ended
	Dec. 28, 2019
Minimum
Deferred Compensation
Service period	3 years
Maximum
Deferred Compensation
Service period	6 years

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 27, 2020	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017	Feb. 07, 2020	Dec. 29, 2019
Subsequent Events
Common share quarterly cash dividend declared (in dollars per share)		$ 0.83	$ 0.71	$ 0.59
Subsequent Events
Subsequent Events
Borrowings on revolving line of credit outstanding						$ 30.0
Additional number of shares authorized to repurchase					$ 20.0
Common share quarterly cash dividend declared (in dollars per share)	$ 0.23

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018
Changes in the balances of gross unrecognized tax benefits
Balance at beginning of period	$ 867	$ 1,031
Additions for tax positions taken during prior years		132
Reductions for tax positions taken during prior years	(25)	0
Additions for tax positions taken during the current year		0
Reductions as a result of a lapse of the applicable statute of limitations	(600)	(296)
Settlements with tax authorities		0
Balance at end of the period	242	$ 867
Unrecognized tax benefits before adjustments	200
Unrecognized tax benefits being recognized as a reduction to the effective income tax rate	200
Amount of unrecognized tax benefits that was expected to be reversed within the next twelve months	$ 100

Share-Based Compensation (Tables)

12 Months Ended

Dec. 28, 2019

Share-Based Compensation

Schedule of option activity


		Weighted		Weighted Average
		Average		Remaining	Aggregate
		Exercise		Contractual	Intrinsic
	Options	Price		Term	Value
					(in thousands)
Outstanding at December 29, 2018	585,981	$	25.48		$	9,286
Fiscal 2019:
Granted	—		—
Exercised	(140,513)		22.85		$	3,659
Expired	—		—
Forfeited	(979)		21.52		$	28
Outstanding at December 28, 2019	444,489	$	26.31	2.81	$	12,115
Options exercisable at December 28, 2019	408,277	$	24.84	2.39	$	11,732
Vested or expected to vest at December 28, 2019	444,281	$	26.31	2.80	$	12,113

Schedule of weighted average assumptions used to estimate the fair market value of the stock options at the date of grant


	Fiscal		Fiscal
	Year		Year
	2018		2017
Risk-free interest rate	2.8	%	2.1	%
Expected volatility	39	%	32	%
Expected dividend yield	1.7	%	1.5	%
Forfeiture rate	0.4	%	0.4	%
Weighted average expected life (in years)	10.00		4.49

Schedule of roll-forward of the outstanding non-vested stock options


	Options
		Weighted-Average
	Number of	Grant Date
	Shares	Fair Value
Non-vested at December 29, 2018	116,284	$	10.64
Granted	—		—
Vested	(79,093)		8.77
Forfeited	(979)		7.37
Non-vested at December 28, 2019	36,212	$	14.80

Schedule of roll-forward of the shares of restricted stock


	Shares of Restricted Stock
		Weighted-Average
	Number of	Grant Date
	Shares	Fair Value
Non-vested at December 29, 2018	36,006	$	35.41
Granted	11,772		38.21
Vested	(16,255)		31.14
Forfeited	—		—
Non-vested at December 28, 2019	31,523	$	38.66

Schedule of roll-forward of the time-vesting restricted stock units


	Time-Vesting
	Restricted Stock Units
		Weighted-Average
	Number of	Grant Date
	Units	Fair Value
Non-vested at December 29, 2018	79,759	$	33.64
Granted	31,226		46.20
Vested	(45,858)		27.91
Forfeited	(489)		21.52
Non-vested at December 28, 2019	64,638	$	43.87

Schedule of outstanding non-vested performance-vesting restricted stock units


	Performance-Vesting
	Restricted Stock Units
		Weighted-Average
		Grant Date
	Number of Units	Fair Value
Non-vested at December 29, 2018	121,950	$	32.92
Granted	29,234		51.31
Vested	(65,976)		25.27
Forfeited	(3,058)		28.77
Non-vested at December 28, 2019	82,150	$	45.88

Revenue Recognition - Reserves for Variable Consideration and Credit Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Allowance for doubtful accounts	$ 400	$ 700
Roll forward of the variable consideration and allowances for accounts receivable
Balance at, beginning of year	3,764	5,252
Increases to reserves	2,926	3,675
Amounts written off	(2,866)	(5,173)
Effects of foreign currency translation	14	10
Balance at, end of year	3,838	3,764	$ 5,252
Roll forward of the variable consideration and allowances for unbilled services
Balance at beginning of year	415	704
Increases to reserves	5,548	4,755
Amounts written off	(4,467)	(5,042)
Effects of foreign currency translation	(7)	2
Balance at end of year	1,503	415	704
Reimbursable expenses	54,871	48,817	$ 41,465
Selling, general and administrative expenses
Roll forward of the variable consideration and allowances for accounts receivable
Amounts written off	$ (173)	$ (1,237)

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Income Taxes
Federal statutory rate (as a percent)	21.00%	21.00%	35.00%
Provisional income tax recorded			$ 3.6
Effective tax rate (as a percent)	22.60%	22.30%	49.20%

Revenue Recognition

12 Months Ended

Dec. 28, 2019

Revenue Recognition

Revenue Recognition

2. Revenue Recognition

The contracts CRA enters into and operates under specify whether the engagements are billed on a time-and-materials or a fixed-price basis. Time-and-materials contracts are typically used for litigation, regulatory, and financial consulting projects while fixed-price contracts are principally used for management consulting projects. In general, project costs are classified in costs of services and are based on the direct salary of CRA’s employee consultants on the engagement plus all direct expenses incurred to complete the engagement, including any amounts billed to CRA by its non-employee experts.

Disaggregation of Revenue

The following table disaggregates CRA’s revenue by major business line and timing of transfer of its consulting services.


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
Type of Contract	(52 weeks)		(52 weeks)		(52 weeks) (1)
Consulting services revenues
Fixed Price	$	107,344	$	95,096	$	93,570
Time-and-materials		344,026		322,552		276,505
Total	$	451,370	$	417,648	$	370,075


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
Geographic Breakdown	(52 weeks)		(52 weeks)		(52 weeks) (1)
Consulting services revenues
United States	$	357,156	$	329,678	$	295,232
United Kingdom		72,169		65,874		53,644
Other		22,045		22,096		21,199
Total	$	451,370	$	417,648	$	370,075

(1)

As a result of the adoption of ASC 606 on December 31, 2017 under the modified retrospective method, prior period amounts have not been adjusted.

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. These calculated estimates take into consideration CRA’s historical realization rates. Specific reserves for accounts receivable and unbilled services are a component of variable consideration.

CRA's accounts receivable and unbilled services consist of receivables from a broad range of clients in a variety of industries located throughout the U.S. and in other countries. CRA performs a credit evaluation of its clients to minimize its collectability risk. Periodically, CRA will require advance payment from certain clients. However, CRA does not require collateral or other security.


	Fiscal		Fiscal
	Year		Year
	2019		2018
Balance at beginning of year	$	3,764	$	5,252
Increases to reserves		2,926		3,675
Amounts written off		(2,866)		(5,173)
Effects of foreign currency translation		14		10
Balance at end of year	$	3,838	$	3,764

A rollforward of the variable consideration and allowances for unbilled services is as follows (in thousands):


	Fiscal		Fiscal
	Year		Year
	2019		2018
Balance at beginning of year	$	415	$	704
Increases to reserves		5,548		4,755
Amounts written off		(4,467)		(5,042)
Effects of foreign currency translation		7		(2)
Balance at end of year	$	1,503	$	415

Bad debt expense is reported as a component of selling, general and administrative expenses related to credit-related losses. Bad debt expense is as follows (in thousands):


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
	(52 weeks)		(52 weeks)		(52 weeks)
Bad debt expense	$	173	$	1,237	$	—

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):


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
	(52 weeks)		(52 weeks)		(52 weeks)
Reimbursable expenses	$	54,871	$	48,817	$	41,465

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. The contract assets balance was immaterial as of December 28, 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		Fiscal Year
	2019		2018
Balance at the beginning of the period	$	5,453	$	3,287
Balance at the end of the period	$	4,007	$	5,453


	Year Ended		Year Ended
	December 28,		December 29,
	2019		2018
	(52 weeks)		(52 weeks)
Amounts included in contract liabilities at the beginning of the year	$	5,155	$	3,149
Performance obligations satisfied in previous years	$	3,603	$	3,346

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 (Tables)

12 Months Ended

Dec. 28, 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):


	Year Ended		Year Ended		Year Ended
	December 28,		December 29,		December 30,
	2019		2018		2017
	(52 weeks)		(52 weeks)		(52 weeks)
Net income attributable to CRA, as reported	$	20,747	$	22,492	$	7,624
Less: net income attributable to participating shares		55		108		51
Net income available to common shareholders	$	20,692	$	22,384	$	7,573

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):


	Year Ended	Year Ended	Year Ended
	December 28,	December 29,	December 30,
	2019	2018	2017
Basic weighted average shares outstanding	7,866	8,107	8,292
Common stock equivalents:
Stock options and restricted stock units	301	463	205
Diluted weighted average shares outstanding	8,167	8,570	8,497

Share-Based Compensation - Weighted Average FMV of Stock Option (Details) - $ / shares	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Options
Weighted average assumptions
Risk-free interest rate (as a percent)		2.80%	2.10%
Expected volatility (as a percent)		39.00%	32.00%
Expected dividend yield (as a percent)		1.70%	1.50%
Forfeiture rate (as a percent)		0.40%	0.40%
Weighted average expected life (in years)		10 years	4 years 5 months 27 days
2006 Incentive Plan
Share-Based Compensation
Weighted average fair market value (in dollars per share)	$ 0.00	$ 19.96	$ 11.54

Income Taxes - Deferred Taxes and Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2019	Dec. 29, 2018
Deferred tax assets:
Accrued compensation and related expense	$ 12,842	$ 12,691
Allowance for doubtful accounts	2,023	1,694
Net operating loss carryforwards	335	402
Lease liabilities	39,747	0
Deferred rent, accruals, and other	119	5,656
Total gross deferred tax assets	55,066	20,443
Less: valuation allowance		0
Total deferred tax assets net of valuation allowance	55,066	20,443
Deferred tax liabilities:
Goodwill and other intangible asset amortization	3,650	4,295
Right-of-Use assets	33,012	0
Property and equipment	7,690	6,762
Prepaids and other	548	358
Total deferred tax liabilities	44,900	11,415
Net deferred tax assets	10,166	$ 9,028
U.S. and Foreign
Deferred tax liabilities:
Net operating loss carryforwards	$ 1,100
U.S. and Foreign \| Minimum
Deferred tax liabilities:
Deferred Tax Asset Carry Forward Period	20 years

Forgivable Loans (Tables)

12 Months Ended

Dec. 28, 2019

Forgivable Loans

Schedule of forgivable loan activity

Forgivable loan activity for fiscal years 2019 and 2018 is as follows (in thousands):


	Fiscal Year		Fiscal Year
	2019		2018
Beginning balance	$	40,294	$	28,628
Advances		35,166		30,572
Repayments		(1,173)		(3,396)
Reclassification to other assets		(1,734)		—
Amortization		(17,700)		(15,329)
Effects of foreign currency translation		288		(181)
Ending balance	$	55,141	$	40,294
Current portion of forgivable loans	$	6,751	$	6,104
Non-current portion of forgivable loans	$	48,390	$	34,190

Leases

12 Months Ended

Dec. 28, 2019

Leases

Leases

4. Leases

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


	Year Ended
	December 28, 2019
	(52 weeks)
Operating lease cost	$	15,731
Short-term lease cost		511
Variable lease cost		4,461
Total lease cost	$	20,703

Base rent expense was approximately $13.2 million and $12.1 million in fiscal 2018 and fiscal 2017, respectively.

The following table presents summary information for CRA’s lease terms and discount rates for its operating leases:


	December 28, 2019
Weighted average remaining lease term—operating leases	9.6 years
Weighted average discount rate—operating leases	3.7	%

At December 28, 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
2020	$	17,973
2021		19,866
2022		20,030
2023		20,258
2024		20,302
Thereafter		96,225
Total lease payments		194,654
Less: imputed interest		(35,256)
Total	$	159,398

As of December 28, 2019, CRA had an additional operating lease for office space that has not yet commenced that has minimum rental commitments of $2.8 million. This operating leases will commence in fiscal year 2020 and have a lease term of five years, subject to certain extension options.

Summary of Significant Accounting Policies - Leases (Details)	12 Months Ended
	Dec. 28, 2019
Leases
Options to extend	true
Minimum
Leases
Remaining lease terms	1 year
Maximum
Leases
Remaining lease terms	12 years
Lease extension term	5 years

Credit Agreement (Details)	12 Months Ended
Credit Agreement (Details)	Dec. 28, 2019 USD ($)	Dec. 29, 2018 USD ($)
Revolving credit facility
Senior Loan Agreement
Revolving credit facility, maximum capacity	$ 125,000,000
Borrowings outstanding	$ 0	$ 0
Percentage of stock of domestic subsidiaries pledged as collateral for borrowings	100.00%
Percentage of stock of foreign subsidiaries pledged as collateral for borrowings	65.00%
Value of stock in net assets pledged as collateral for borrowings	$ 32,900,000	$ 29,100,000
Revolving credit facility \| Minimum
Senior Loan Agreement
Commitment fee payable on the unused portion of the credit facility (as a percent)	0.20%
Ratio of consolidated interest expense to consolidated EBITDA	2.5
Revolving credit facility \| Maximum
Senior Loan Agreement
Commitment fee payable on the unused portion of the credit facility (as a percent)	0.35%
Ratio of consolidated debt to consolidated EBITDA	3.0
Revolving credit facility \| Base rate
Senior Loan Agreement
Variable rate basis	base rate
Revolving credit facility \| Base rate \| Minimum
Senior Loan Agreement
Interest margin (as a percent)	0.25%
Revolving credit facility \| Base rate \| Maximum
Senior Loan Agreement
Interest margin (as a percent)	1.25%
Revolving credit facility \| Eurocurrency rate
Senior Loan Agreement
Variable rate basis	eurocurrency rate
Revolving credit facility \| Eurocurrency rate \| Minimum
Senior Loan Agreement
Interest margin (as a percent)	1.25%
Revolving credit facility \| Eurocurrency rate \| Maximum
Senior Loan Agreement
Interest margin (as a percent)	2.25%
Secured by letters of credit
Senior Loan Agreement
Revolving credit facility, maximum capacity	$ 15,000,000
Amount available under revolving credit facility reduced	$ 4,400,000

Net Income Per Share (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
Net Income Per Share (Details) - USD ($) $ in Thousands	Dec. 29, 2018	Sep. 29, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 28, 2019	Dec. 29, 2018	Dec. 30, 2017
Net income available to common shareholders
Net income attributable to CRA as reported	$ 6,859	$ 3,908	$ 6,839	$ 4,886	$ 20,747	$ 22,492	$ 7,624
Less: net income attributable to participating shares					55	108	51
Net income available to common shareholders					$ 20,692	$ 22,384	$ 7,573
Reconciliation of basic to diluted weighted average shares of common stock outstanding
Basic weighted average shares outstanding					7,866,000	8,107,000	8,292,000
Stock options and restricted stock units					301,000	463,000	205,000
Diluted weighted average shares outstanding					8,167,000	8,570,000	8,497,000
Calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding
Anti-dilutive securities excluded from EPS computation (in shares)					62,367	29,612	75,004