0001053706-23-000026 | 10-Q | XBRL Viewer

Business Acquisitions

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business AcquisitionsOn February 28, 2022, CRA acquired substantially all business assets and assumed certain liabilities of Welch Consulting, Ltd. (“Welch Consulting”), a Texas limited partnership. Welch Consulting provided economic, business, and strategic consulting services principally involving labor and employment issues. The acquisition expanded CRA’s business opportunities, expertise, and market presence with the addition of 45 colleagues and offices in Bryan, Texas; Los Angeles, California; and Washington, D.C. A non-employee expert of CRA served as an agent and attorney-in-fact on behalf of Welch Consulting. The non-employee expert did not and will not receive compensation or a portion of the purchase price as part of the transaction.

The acquisition has been accounted for as a business combination, and the results of operations have been included in the accompanying condensed consolidated financial statements from the date of acquisition. On the date of acquisition, right-of-use assets and lease liabilities were recorded in accordance with ASC Topic 842, Leases. In addition, contract assets and contract liabilities were recorded in accordance with ASC 606, as CRA adopted ASU 2021-08 on the first day of fiscal 2022. All other tangible assets and identifiable intangible assets acquired and liabilities assumed were recorded at their fair value as of the date of acquisition.

Welch Consulting's results of operations have been included in the accompanying condensed consolidated statements of operations from the date of acquisition. The following table is the final allocation of the purchase price to the estimated fair value of assets acquired and liabilities assumed (in thousands):


Assets Acquired
Current assets:
Accounts receivable	$	3,742
Unbilled services	1,382
Prepaid expenses and other current assets	100
Total current assets	5,224
Property and equipment	141
Goodwill	2,409
Intangible assets	4,150
Right-of-use assets	1,210
Other assets	41
Total assets acquired	$	13,175

Liabilities Assumed
Current liabilities:
Accrued expenses	$	1,245
Deferred revenue and other liabilities	161
Current portion of lease liabilities	549
Total current liabilities	1,955
Non-current portion of lease liabilities	661
Total liabilities assumed	$	2,616
Net assets acquired	$	10,559

For the acquired assets and assumed liabilities, CRA paid $10.6 million, net, the amount of which was based on adjusted estimates of certain net working capital items. In addition, CRA issued $7.9 million of forgivable loans and agreed to provide other deferred compensation to key employees and a non-employee expert, which is treated as post-transaction compensation expense over the term of the loan.

The intangible assets acquired are comprised of customer relationships, the fair value of which was determined using a multi-period excess earnings method. The customer relationships intangible is being amortized over a ten-year life on a straight-line basis, which approximates the expected pattern of economic benefit from this asset. The Company also recorded $2.4 million of goodwill, all of which is expected to be deductible for tax purposes.

On November 29, 2022, CRA acquired substantially all of the business assets and assumed certain liabilities of bioStrategies Group, Inc. (“bSG”), a Chicago-based consulting firm focused on developing commercial strategies for healthcare products and technologies. The acquisition expanded CRA’s business opportunities, expertise, and market presence with the addition of 17 colleagues with an office in Chicago, Illinois. The acquisition has been accounted for as a business combination, and the results of operations have been included in the accompanying condensed consolidated financial statements from the date of acquisition. The acquisition of bSG is not significant to the Company's overall results presented in its condensed consolidated financial statements.

Subsequent Events (Details) - $ / shares		3 Months Ended
Subsequent Events (Details) - $ / shares	Nov. 02, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022
Subsequent Events
Common share quarterly cash dividend declared (in dollars per share)		$ 0.36	$ 0.36	$ 0.36	$ 0.31	$ 0.31	$ 0.31
Subsequent Events
Subsequent Events
Common share quarterly cash dividend declared (in dollars per share)	$ 0.42

Forgivable Loans (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Forgivable Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Forgivable loan activity
Beginning balance	$ 56,456	$ 48,591
Advances	21,342	34,984
Repayments	(616)	(25)
Reclassifications from accrued expenses or to other assets	(1,200)	(2,192)
Amortization	(18,419)	(24,403)
Effects of foreign currency translation	81	(499)
Ending balance	57,644	56,456
Current portion of forgivable loans	10,428	9,666
Non-current portion of forgivable loans	$ 47,216	$ 46,790

Forgivable Loans

9 Months Ended

Sep. 30, 2023

Forgivable Loans

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 may be denominated in local currencies. A portion of these loans is collateralized. 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. 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.

The following table presents forgivable loan activity for the respective periods (in thousands):


	Fiscal Year-to-Date Period Ended		Fiscal Year Ended
	September 30, 2023		December 31, 2022
Beginning balance	$	56,456	$	48,591
Advances	21,342		34,984
Repayments	(616)		(25)
Reclassifications from accrued expenses or to other assets (1)	(1,200)		(2,192)
Amortization	(18,419)		(24,403)
Effects of foreign currency translation	81		(499)
Ending balance	$	57,644	$	56,456
Current portion of forgivable loans	$	10,428	$	9,666
Non-current portion of forgivable loans	$	47,216	$	46,790

_______________________________

(1)Relates to the reclassification of performance awards previously recorded as accrued expenses or forgivable loans that have been reclassified to other receivables.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Description of Business CRA International, Inc. (together with its wholly-owned subsidiaries, “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. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of CRA International, Inc. and its wholly-owned subsidiaries, which require consolidation after the elimination of intercompany accounts and transactions. These financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for Quarterly Reports on Form 10-Q. Accordingly, these financial statements do not include all the information and note disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for annual financial statements. In the opinion of management, these financial statements reflect all adjustments of a normal, recurring nature necessary for the fair presentation of CRA’s results of operations, financial position, cash flows, and shareholders’ equity for the interim periods presented in conformity with GAAP. Results of operations for the interim periods presented herein are not necessarily indicative of results of operations for a full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022 included in CRA’s Annual Report on Form 10-K filed with the SEC on March 2, 2023 (the “2022 Form 10-K”). Estimates The preparation of financial statements in conformity with GAAP requires management to make significant estimates and judgments that affect the reported amounts of assets and liabilities, as well as the related disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of consolidated revenues and expenses during the reporting period. Estimates in these condensed 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, the useful life of long-lived assets, measurement of operating lease right-of-use assets and liabilities, share-based compensation, valuation of acquired intangible assets, valuation of contingent consideration liabilities, 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

Goodwill and Intangible Assets - Acquired and Amortization (Details) - Customer relationships - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Acquired identifiable intangible assets
Useful Life (in years)	10 years
Gross Carrying Amount	$ 13,800	$ 13,800
Accumulated Amortization	(6,259)	(5,212)
Net Carrying Amount	$ 7,541	$ 8,588

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
OPERATING ACTIVITIES:
Net income	$ 27,022	$ 34,946
Adjustments to reconcile net income to net cash used in operating activities, net of effect of acquired businesses:
Depreciation and amortization	8,762	9,060
Right-of-use asset amortization	10,602	10,260
Deferred income taxes	(1,257)	(157)
Share-based compensation expense	3,024	3,567
Bad debt expense (recovery)	523	(345)
Unrealized foreign currency remeasurement (gains) losses, net	(112)	(662)
Changes in operating assets and liabilities:
Accounts receivable	18,785	(17,989)
Unbilled services	(17,226)	(30,864)
Prepaid expenses and other current assets, and other assets	(4,006)	(1,883)
Forgivable loans	(2,306)	(7,361)
Incentive cash awards	6,110	4,863
Accounts payable, accrued expenses, and other liabilities	(36,786)	(26,336)
Lease liabilities	(13,162)	(12,114)
Net cash used in operating activities	(27)	(35,015)
INVESTING ACTIVITIES:
Purchases of property and equipment	(2,008)	(2,999)
Consideration paid for acquisition, net	(577)	(10,185)
Net cash used in investing activities	(2,585)	(13,184)
FINANCING ACTIVITIES:
Issuance of common stock, principally stock option exercises	0	760
Borrowings under revolving line of credit	105,000	124,000
Repayments under revolving line of credit	(73,000)	(79,000)
Payments for debt issuance costs	0	(1,008)
Tax withholding payments reimbursed by shares	(2,040)	(1,002)
Cash dividends paid	(7,773)	(6,860)
Repurchase of common stock	(23,577)	(27,630)
Net cash provided by (used in) financing activities	(1,390)	9,260
Effect of foreign exchange rates on cash and cash equivalents	159	(3,098)
Net decrease in cash and cash equivalents	(3,843)	(42,037)
Cash and cash equivalents at beginning of period	31,447	66,130
Cash and cash equivalents at end of period	27,604	24,093
Noncash investing and financing activities:
Increase (decrease) in accounts payable and accrued expenses for property and equipment	(129)	(201)
Excise tax on share repurchases	(190)	0
Right-of-use assets obtained in exchange for lease obligations	2,503	2,146
Supplemental cash flow information:
Cash paid for taxes	9,953	11,407
Cash paid for interest	2,904	1,026
Cash paid for amounts included in operating lease liabilities	$ 16,660	$ 15,864

Revenues and Allowances

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues and Allowances

The contracts CRA enters into and operates under specify whether the projects 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, exclusive of depreciation and amortization, and are based on the direct salary of CRA’s employee consultants on the engagement, plus all direct expenses incurred to complete the project, including any amounts billed to CRA by its non-employee experts.

Disaggregation of Revenue

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


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
Type of Contract	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Consulting services revenues:
Fixed-price	$	26,783	$	24,201	$	81,642	$	80,515
Time-and-materials	120,770		124,240		380,721		365,410
Total	$	147,553	$	148,441	$	462,363	$	445,925


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
Geographic Breakdown	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Consulting services revenues:
United States	$	117,420	$	121,496	$	362,186	$	358,583
United Kingdom	21,227		20,069		73,272		63,322
Other	8,906		6,876		26,905		24,020
Total	$	147,553	$	148,441	$	462,363	$	445,925

Reserves for Variable Consideration and Credit Risk

Revenues from CRA's consulting services are recorded at the net transaction price, which includes estimates of variable consideration for which reserves are established. Variable consideration reserves are based on specific price concessions and those expected to be extended to CRA customers estimated by CRA's historical realization rates. Reserves for variable consideration are recorded as a component of the allowances for accounts receivable and unbilled services on the condensed consolidated balance sheets. Adjustments to the reserves for variable consideration are included in revenues on the condensed consolidated statements of operations.

CRA also maintains allowances for accounts receivable and unbilled services for estimated losses resulting from clients’ failure to make required payments. The following table presents CRA's bad debt expense, net of recoveries of previously written off allowances (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Bad debt expense (recovery), net	$	131	$	(83)	$	523	$	(345)

Reimbursable Expenses

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


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Reimbursable expenses	$	17,932	$	15,009	$	49,165	$	47,654

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 September 30, 2023 and December 31, 2022.

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 performance obligations have been satisfied and all revenue recognition criteria have been met. The following table presents the closing balances of CRA's contract liabilities (in thousands):


	September 30, 2023		December 31, 2022
Contract liabilities	$	2,197	$	6,977

CRA recognized the following revenue that was included in the contract liabilities balance as of the opening of the respective period or for performance obligations satisfied in previous periods (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Amounts included in contract liabilities at the beginning of the period	$	2,580	$	1,831	$	6,619	$	8,101
Performance obligations satisfied in previous periods	$	3,658	$	3,495	$	2,816	$	2,193

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the fiscal year-to-date period ended September 30, 2023 are summarized as follows (in thousands):


Goodwill, at December 31, 2022	$	164,815
Accumulated goodwill impairment	(71,893)
Goodwill, net at December 31, 2022	92,922
Additions due to acquisitions	415
Foreign currency translation adjustment	130
Goodwill, net at September 30, 2023	$	93,467

Goodwill at September 30, 2023, is comprised of goodwill of $165.4 million and accumulated impairment of $71.9 million. There were no impairment losses related to goodwill during the fiscal year-to-date period ended September 30, 2023 or during the fiscal year ended December 31, 2022.

Intangible assets that are separable from goodwill and have determinable useful lives are valued separately and amortized using the straight-line method over their expected useful lives. The components of acquired identifiable intangible assets are as follows (in thousands):


		September 30, 2023						December 31, 2022
	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Customer relationships	10	$	13,800	$	(6,259)	$	7,541	$	13,800	$	(5,212)	$	8,588

There were no impairment losses related to intangible assets during the fiscal year-to-date period ended September 30, 2023 or during the fiscal year ended December 31, 2022. As a result of the Welch Consulting acquisition, CRA recognized approximately $4.2 million of intangible assets related to customer relationships in the first quarter of fiscal 2022. As a result of the bSG acquisition, CRA recognized approximately $1.4 million of intangible assets related to customer relationships in the fourth quarter of fiscal 2022. Amortization expense related to intangible assets was $0.3 million and $1.0 million for the fiscal quarter and fiscal year-to-date period ended September 30, 2023, respectively, and $0.3 million and $0.9 million for the fiscal quarter and fiscal year-to-date period ended October 1, 2022, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 8,596	$ 11,877	$ 27,022	$ 34,946
Other comprehensive income (loss)
Foreign currency translation adjustments, net of tax	(1,755)	(3,806)	371	(8,838)
Comprehensive income	$ 6,841	$ 8,071	$ 27,393	$ 26,108

- Definition

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

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+ Details

Fair value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables show CRA's financial instruments recorded in the condensed consolidated financial statements which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	September 30, 2023
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	—	$	—	$	—
Total Assets	$	—	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	1,108
Total Liabilities	$	—	$	—	$	1,108


	December 31, 2022
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	—	$	—	$	—
Total Assets	$	—	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	1,056
Total Liabilities	$	—	$	—	$	1,056

Summary of the changes in the contingent consideration liabilities

The following table summarizes the changes in the contingent consideration liability (in thousands):


	Fiscal Year-to-Date Period Ended		Fiscal Year Ended
	September 30, 2023		December 31, 2022
Beginning balance	$	1,056	$	—
Acquisition-related contingent consideration	—		1,056
Accretion	52		—

Ending balance	$	1,108	$	1,056

Business Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Feb. 28, 2022
Current assets:
Goodwill	$ 93,467	$ 92,922
Welch Consulting, Ltd.
Current assets:
Accounts receivable			$ 3,742
Unbilled services			1,382
Prepaid expenses and other current assets			100
Total current assets			5,224
Property and equipment			141
Goodwill			2,409
Intangible assets			4,150
Right-of-use assets			1,210
Other assets			41
Total assets acquired			13,175
Current liabilities:
Accrued expenses			1,245
Deferred revenue and other liabilities			161
Current portion of lease liabilities			549
Total current liabilities			1,955
Non-current portion of lease liabilities			661
Total liabilities assumed			2,616
Net assets acquired			$ 10,559

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Jan. 01, 2022		7,362,703
Beginning balance at Jan. 01, 2022	$ 205,834	$ 0	$ 215,784	$ (9,950)
Increase (Decrease) in Shareholders' Equity
Net income	11,426		11,426
Foreign currency translation adjustment	(1,172)			(1,172)
Exercise of stock options (in shares)		14,552
Exercise of stock options	341	$ 341
Share-based compensation expense	1,037	$ 1,037
Restricted shares vesting (in shares)		29,558
Redemption of vested employee restricted shares for tax withholding (in shares)		(10,163)
Redemption of vested employee restricted shares for tax withholding	(897)	$ (897)
Shares repurchased (in shares)		(56,665)
Shares repurchased	(4,956)	$ (481)	(4,475)
Accrued dividends on unvested shares	(11)		(11)
Cash dividends paid (per share)	(2,377)		(2,377)
Ending balance (in shares) at Apr. 02, 2022		7,339,985
Ending balance at Apr. 02, 2022	$ 209,225	$ 0	220,347	(11,122)
Increase (Decrease) in Shareholders' Equity
Common share quarterly cash dividend declared (in dollars per share)	$ 0.31
Beginning balance (in shares) at Jan. 01, 2022		7,362,703
Beginning balance at Jan. 01, 2022	$ 205,834	$ 0	215,784	(9,950)
Increase (Decrease) in Shareholders' Equity
Net income	34,946
Foreign currency translation adjustment	(8,838)
Ending balance (in shares) at Oct. 01, 2022		7,108,853
Ending balance at Oct. 01, 2022	200,675	$ 1,029	218,434	(18,788)
Beginning balance (in shares) at Apr. 02, 2022		7,339,985
Beginning balance at Apr. 02, 2022	209,225	$ 0	220,347	(11,122)
Increase (Decrease) in Shareholders' Equity
Net income	11,643		11,643
Foreign currency translation adjustment	(3,860)			(3,860)
Share-based compensation expense	1,041	$ 1,041
Restricted shares vesting (in shares)		3,630
Redemption of vested employee restricted shares for tax withholding (in shares)		(921)
Redemption of vested employee restricted shares for tax withholding	(78)	$ (78)
Shares repurchased (in shares)		(211,345)
Shares repurchased	(17,674)	$ (963)	(16,711)
Accrued dividends on unvested shares	(52)		(52)
Cash dividends paid (per share)	(2,259)		(2,259)
Ending balance (in shares) at Jul. 02, 2022		7,131,349
Ending balance at Jul. 02, 2022	$ 197,986	$ 0	212,968	(14,982)
Increase (Decrease) in Shareholders' Equity
Common share quarterly cash dividend declared (in dollars per share)	$ 0.31
Net income	$ 11,877		11,877
Foreign currency translation adjustment	(3,806)			(3,806)
Exercise of stock options (in shares)		19,476
Exercise of stock options	419	$ 419
Share-based compensation expense	1,489	$ 1,489
Restricted shares vesting (in shares)		9,843
Redemption of vested employee restricted shares for tax withholding (in shares)		(291)
Redemption of vested employee restricted shares for tax withholding	(27)	$ (27)
Shares repurchased (in shares)		(51,524)
Shares repurchased	(5,000)	$ (852)	(4,148)
Accrued dividends on unvested shares	(39)		(39)
Cash dividends paid (per share)	(2,224)		(2,224)
Ending balance (in shares) at Oct. 01, 2022		7,108,853
Ending balance at Oct. 01, 2022	$ 200,675	$ 1,029	218,434	(18,788)
Increase (Decrease) in Shareholders' Equity
Common share quarterly cash dividend declared (in dollars per share)	$ 0.31
Beginning balance (in shares) at Dec. 31, 2022	7,149,884	7,149,884
Beginning balance at Dec. 31, 2022	$ 211,154	$ 1,743	224,392	(14,981)
Increase (Decrease) in Shareholders' Equity
Net income	8,918		8,918
Foreign currency translation adjustment	1,052			1,052
Exercise of stock options (in shares)		0
Exercise of stock options	0	$ 0
Share-based compensation expense	940	$ 940
Restricted shares vesting (in shares)		45,544
Redemption of vested employee restricted shares for tax withholding (in shares)		(16,614)
Redemption of vested employee restricted shares for tax withholding	(1,873)	$ (1,873)
Shares repurchased (in shares)		(180,881)
Shares repurchased	(20,577)	$ (810)	(19,767)
Accrued excise tax on shares repurchased	(173)		(173)
Accrued dividends on unvested shares	45		45
Cash dividends paid (per share)	(2,702)		(2,702)
Ending balance (in shares) at Apr. 01, 2023		6,997,933
Ending balance at Apr. 01, 2023	$ 196,784	$ 0	210,713	(13,929)
Increase (Decrease) in Shareholders' Equity
Common share quarterly cash dividend declared (in dollars per share)	$ 0.36
Beginning balance (in shares) at Dec. 31, 2022	7,149,884	7,149,884
Beginning balance at Dec. 31, 2022	$ 211,154	$ 1,743	224,392	(14,981)
Increase (Decrease) in Shareholders' Equity
Net income	27,022
Foreign currency translation adjustment	$ 371
Ending balance (in shares) at Sep. 30, 2023	6,978,941	6,978,941
Ending balance at Sep. 30, 2023	$ 207,958	$ 1,363	221,205	(14,610)
Beginning balance (in shares) at Apr. 01, 2023		6,997,933
Beginning balance at Apr. 01, 2023	196,784	$ 0	210,713	(13,929)
Increase (Decrease) in Shareholders' Equity
Net income	9,508		9,508
Foreign currency translation adjustment	1,074			1,074
Exercise of stock options (in shares)		0
Exercise of stock options	0	$ 0
Share-based compensation expense	1,158	$ 1,158
Restricted shares vesting (in shares)		3,630
Redemption of vested employee restricted shares for tax withholding (in shares)		(1,237)
Redemption of vested employee restricted shares for tax withholding	(136)	$ (136)
Shares repurchased (in shares)		(31,090)
Shares repurchased	(3,000)	$ (554)	(2,446)
Accrued excise tax on shares repurchased	(27)		(27)
Accrued dividends on unvested shares	(47)		(47)
Cash dividends paid (per share)	(2,528)		(2,528)
Ending balance (in shares) at Jul. 01, 2023		6,969,236
Ending balance at Jul. 01, 2023	$ 202,786	$ 468	215,173	(12,855)
Increase (Decrease) in Shareholders' Equity
Common share quarterly cash dividend declared (in dollars per share)	$ 0.36
Net income	$ 8,596		8,596
Foreign currency translation adjustment	(1,755)			(1,755)
Exercise of stock options (in shares)		0
Exercise of stock options	0	$ 0
Share-based compensation expense	926	$ 926
Restricted shares vesting (in shares)		10,004
Redemption of vested employee restricted shares for tax withholding (in shares)		299
Redemption of vested employee restricted shares for tax withholding	(31)	$ (31)
Shares repurchased (in shares)		0
Shares repurchased	0	$ 0	0
Accrued excise tax on shares repurchased	10		10
Accrued dividends on unvested shares	(31)		(31)
Cash dividends paid (per share)	$ (2,543)		(2,543)
Ending balance (in shares) at Sep. 30, 2023	6,978,941	6,978,941
Ending balance at Sep. 30, 2023	$ 207,958	$ 1,363	$ 221,205	$ (14,610)
Increase (Decrease) in Shareholders' Equity
Common share quarterly cash dividend declared (in dollars per share)	$ 0.36

Net Income Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Income Per Share

CRA calculates basic earnings per share using the two-class method. CRA calculates diluted earnings per share using the more dilutive of either the two-class method or treasury stock method. The two-class method was more dilutive for the fiscal quarters and fiscal year-to-date periods ended September 30, 2023 and October 1, 2022.

Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all 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. Net earnings allocable to these participating securities were not material for the fiscal quarters and fiscal year-to-date periods ended September 30, 2023 and October 1, 2022.

The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Numerator:
Net income — basic	$	8,596	$	11,877	$	27,022	$	34,946
Less: net income attributable to participating shares	29		42		98		130
Net income — diluted	$	8,567	$	11,835	$	26,924	$	34,816
Denominator:
Weighted average shares outstanding — basic	6,977		7,119		$	7,026	$	7,247
Effect of dilutive stock options and restricted stock units	106		127		112		129
Weighted average shares outstanding — diluted	7,083		7,246		7,138		7,376
Net income per share:
Basic	$	1.22	$	1.66	$	3.83	$	4.81
Diluted	$	1.21	$	1.63	$	3.78	$	4.72

For the fiscal quarter and fiscal year-to-date period ended September 30, 2023, 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 6,185 and 5,875 shares, respectively. For the fiscal quarter and fiscal year-to-date period ended October 1, 2022, 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 997 and 249 shares, respectively.

Summary of Significant Accounting Policies - Description of Business and Fiscal Year (Details)	9 Months Ended
	Sep. 30, 2023 area segment
Accounting Policies [Abstract]
Number of broad areas of consulting services \| area	2
Number of business segment \| segment	1

Revenues and Allowances - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Disaggregation of Revenue
Consulting services revenues	$ 147,553	$ 148,441	$ 462,363	$ 445,925
United States
Disaggregation of Revenue
Consulting services revenues	117,420	121,496	362,186	358,583
United Kingdom
Disaggregation of Revenue
Consulting services revenues	21,227	20,069	73,272	63,322
Other
Disaggregation of Revenue
Consulting services revenues	8,906	6,876	26,905	24,020
Fixed-price
Disaggregation of Revenue
Consulting services revenues	26,783	24,201	81,642	80,515
Time-and-materials
Disaggregation of Revenue
Consulting services revenues	$ 120,770	$ 124,240	$ 380,721	$ 365,410

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
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-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-24049
Entity Registrant Name	CRA International, Inc.
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2372210
Entity Address, Address Line One	200 Clarendon Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116-5092
City Area Code	617
Local Phone Number	425-3000
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CRAI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,001,716
Entity Central Index Key	0001053706
Amendment Flag	false
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe unaudited condensed consolidated financial statements include the accounts of CRA International, Inc. and its wholly-owned subsidiaries, which require consolidation after the elimination of intercompany accounts and transactions. These financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for Quarterly Reports on Form 10-Q. Accordingly, these financial statements do not include all the information and note disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for annual financial statements. In the opinion of management, these financial statements reflect all adjustments of a normal, recurring nature necessary for the fair presentation of CRA’s results of operations, financial position, cash flows, and shareholders’ equity for the interim periods presented in conformity with GAAP. Results of operations for the interim periods presented herein are not necessarily indicative of results of operations for a full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2022 included in CRA’s Annual Report on Form 10-K filed with the SEC on March 2, 2023 (the “2022 Form 10-K”).
Estimates	EstimatesThe preparation of financial statements in conformity with GAAP requires management to make significant estimates and judgments that affect the reported amounts of assets and liabilities, as well as the related disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of consolidated revenues and expenses during the reporting period. Estimates in these condensed 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, the useful life of long-lived assets, measurement of operating lease right-of-use assets and liabilities, share-based compensation, valuation of acquired intangible assets, valuation of contingent consideration liabilities, 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

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Changes in the carrying amount of goodwill
Goodwill, at December 31, 2022	$ 165,400	$ 164,815
Accumulated goodwill impairment	(71,900)	$ (71,893)
Balance at the beginning of the period, Goodwill, net	92,922
Additions due to acquisitions	415
Foreign currency translation adjustment	130
Balance at the end of the period, Goodwill, net	$ 93,467

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments


	September 30, 2023
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	—	$	—	$	—
Total Assets	$	—	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	1,108
Total Liabilities	$	—	$	—	$	1,108


	December 31, 2022
	Level 1		Level 2		Level 3
Assets:
Money market mutual funds	$	—	$	—	$	—
Total Assets	$	—	$	—	$	—
Liabilities:
Contingent consideration liability	$	—	$	—	$	1,056
Total Liabilities	$	—	$	—	$	1,056

The contingent consideration liability pertains to estimated future contingent consideration payments related to the acquisition of bSG, an independent consulting firm. The following table summarizes the changes in the contingent consideration liability (in thousands):


	Fiscal Year-to-Date Period Ended		Fiscal Year Ended
	September 30, 2023		December 31, 2022
Beginning balance	$	1,056	$	—
Acquisition-related contingent consideration	—		1,056
Accretion	52		—

Ending balance	$	1,108	$	1,056

- Definition

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

+ References + Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As described in the previous note, CRA is party to standby letters of credit with its lenders in support of minimum future lease payments under certain operating leases for office space. CRA is subject to legal actions arising in the ordinary course of business. In management’s opinion, based on current knowledge, CRA believes it has adequate legal defenses or insurance coverage, or both, with respect to the eventuality of such actions. CRA does not believe any settlement or judgment relating to any pending legal action would materially affect its financial position or results of operations. However, the outcome of such legal actions is inherently unpredictable and subject to inherent uncertainties.

Business Acquisitions - Narrative (Details) $ in Thousands			9 Months Ended		12 Months Ended
Business Acquisitions - Narrative (Details) $ in Thousands	Nov. 29, 2022 colleague	Feb. 28, 2022 USD ($) colleague	Sep. 30, 2023 USD ($)	Oct. 01, 2022 USD ($)	Mar. 03, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Consideration paid for acquisition, net			$ 577	$ 10,185
Goodwill			$ 93,467			$ 92,922
Welch Consulting, Ltd.
Business Acquisition [Line Items]
Number of new colleagues \| colleague		45
Consideration paid for acquisition, net					$ 10,600
Forgivable loans issued in transaction		$ 7,900
Acquired intangible assets, useful life		10 years
Goodwill		$ 2,409
Bio Strategies Group Inc Member
Business Acquisition [Line Items]
Number of new colleagues \| colleague	17

- Definition

+ References + Details

Revenues and Allowances (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of disaggregate CRA's revenue by type of contract and geographic location

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


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
Type of Contract	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Consulting services revenues:
Fixed-price	$	26,783	$	24,201	$	81,642	$	80,515
Time-and-materials	120,770		124,240		380,721		365,410
Total	$	147,553	$	148,441	$	462,363	$	445,925


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
Geographic Breakdown	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Consulting services revenues:
United States	$	117,420	$	121,496	$	362,186	$	358,583
United Kingdom	21,227		20,069		73,272		63,322
Other	8,906		6,876		26,905		24,020
Total	$	147,553	$	148,441	$	462,363	$	445,925

Schedule of bad debt expense, net of recoveries

The following table presents CRA's bad debt expense, net of recoveries of previously written off allowances (in thousands):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Bad debt expense (recovery), net	$	131	$	(83)	$	523	$	(345)

Schedule of expenses are subject to reimbursement

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


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Reimbursable expenses	$	17,932	$	15,009	$	49,165	$	47,654

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

The following table presents the closing balances of CRA's contract liabilities (in thousands):


	September 30, 2023		December 31, 2022
Contract liabilities	$	2,197	$	6,977


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Amounts included in contract liabilities at the beginning of the period	$	2,580	$	1,831	$	6,619	$	8,101
Performance obligations satisfied in previous periods	$	3,658	$	3,495	$	2,816	$	2,193

Forgivable Loans (Tables)

9 Months Ended

Sep. 30, 2023

Forgivable Loans

Schedule of forgivable loan activity

The following table presents forgivable loan activity for the respective periods (in thousands):


	Fiscal Year-to-Date Period Ended		Fiscal Year Ended
	September 30, 2023		December 31, 2022
Beginning balance	$	56,456	$	48,591
Advances	21,342		34,984
Repayments	(616)		(25)
Reclassifications from accrued expenses or to other assets (1)	(1,200)		(2,192)
Amortization	(18,419)		(24,403)
Effects of foreign currency translation	81		(499)
Ending balance	$	57,644	$	56,456
Current portion of forgivable loans	$	10,428	$	9,666
Non-current portion of forgivable loans	$	47,216	$	46,790

_______________________________

(1)Relates to the reclassification of performance awards previously recorded as accrued expenses or forgivable loans that have been reclassified to other receivables.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the fiscal quarters ended September 30, 2023 and October 1, 2022, CRA’s effective income tax rate (“ETR”) was 18.3% and 25.3%, respectively. The ETR for the third quarter of fiscal 2023 was lower than the third quarter of fiscal 2022 primarily due to the release of a valuation allowance in a foreign jurisdiction coupled with the revaluation of the deferred tax asset, partially offset by a decrease in the tax benefit related to share-based compensation, an increase in nondeductible meals and entertainment expenses, and an increase in the U.K. statutory rate from 19% to 25% effective April 1, 2023 with a blended rate of 23.5% for the fiscal year. The increase in the tax impact of the meals expense is a result of the expiration of the relief provided by The Consolidated Appropriations Act, 2021, whereby the deduction for business meals from restaurants was 100% during 2021 and 2022 and reverted back to 50% in 2023. The change in the total valuation allowance for the current fiscal quarter was a decrease of approximately $0.7 million compared to the same fiscal quarter of the prior year. The $0.7 million decrease is comprised primarily of foreign net operating loss carryforwards that have an indefinite life and are forecasted to be utilized over approximately a forty-year period. The change in assessment was prompted by the enactment of new legislation in the foreign jurisdiction, and as a result, the foreign entity will be profitable in the current and future years. For the fiscal year-to-date periods ended September 30, 2023 and October 1, 2022, CRA's ETR was 26.4% and 26.7%, respectively. The ETR for the current fiscal year-to-date period was slightly lower than the prior year-to-date period primarily due to the same items noted above. In fiscal 2020, as a result of both a qualitative and quantitative analysis, certain amounts of previously taxed and untaxed post fiscal 2018 U.K. earnings were no longer considered permanently reinvested. Deferred taxes that are a consequence of foreign exchange translation resulting from earnings that are no longer considered permanently reinvested are recorded as a component of foreign currency translation adjustments on the condensed consolidated statements of comprehensive income. During the fiscal quarter ended September 30, 2023, deferred taxes have been assessed as immaterial related to foreign exchange translation and not recorded. Deferred income taxes or foreign withholding taxes, estimated to be $0.4 million, have not been recorded for other jurisdictions as those earnings are considered to be permanently reinvested. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 that includes, among other provisions, changes to the U.S. corporate income tax system, including a fifteen percent minimum tax based on "adjusted financial statement income,” and a one percent excise tax on net repurchases of stock after December 31, 2022. For the fiscal quarter ended September 30, 2023, net share repurchases were immaterial. As the Company's issued and outstanding common stock on the condensed consolidated balance sheet is classified as permanent equity, the excise tax is treated as a specific incremental cost directly attributable to the repurchase. As such, the excise tax is charged against the gross proceeds and recorded within equity with an offsetting excise tax liability recognized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends paid to shareholders (in dollars per share)	$ 0.36	$ 0.36	$ 0.36	$ 0.31	$ 0.31	$ 0.31

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Numerator:
Net income — basic	$ 8,596	$ 11,877	$ 27,022	$ 34,946
Less: net income attributable to participating shares	29	42	98	130
Net income — diluted	$ 8,567	$ 11,835	$ 26,924	$ 34,816
Denominator:
Weighted average shares outstanding — basic (in shares)	6,977,000	7,119,000	7,026,000	7,247,000
Effect of dilutive stock options and restricted stock units (in shares)	106,000	127,000	112,000	129,000
Weighted average shares outstanding — diluted (in shares)	7,083,000	7,246,000	7,138,000	7,376,000
Basic (in dollars per share)	$ 1.22	$ 1.66	$ 3.83	$ 4.81
Diluted (in dollars per share)	$ 1.21	$ 1.63	$ 3.78	$ 4.72
Anti-dilutive share-based awards excluded (in shares)	6,185,000	997	5,875,000	249

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022	Apr. 02, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Acquired identifiable intangible assets
Goodwill	$ 165,400,000	$ 164,815,000			$ 165,400,000		$ 164,815,000
Accumulated impairment	(71,900,000)	(71,893,000)			(71,900,000)		(71,893,000)
Goodwill, impairment loss					0		0
Intangible assets impairment losses					0		$ 0
Amortization	$ 300,000		$ 300,000		$ 1,000,000	$ 900,000
Customer relationships
Acquired identifiable intangible assets
intangible assets acquired		$ 1,400,000		$ 4,200,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Statement [Abstract]
Revenues	$ 147,553	$ 148,441	$ 462,363	$ 445,925
Costs of services (exclusive of depreciation and amortization)	105,894	102,267	327,064	309,403
Selling, general and administrative expenses	27,919	28,246	86,137	82,026
Depreciation and amortization	2,947	3,034	8,762	9,060
Income from operations	10,793	14,894	40,400	45,436
Interest expense, net	(1,025)	(667)	(3,212)	(1,343)
Foreign currency gains (losses), net	755	1,667	(459)	3,566
Income before provision for income taxes	10,523	15,894	36,729	47,659
Provision for income taxes	1,927	4,017	9,707	12,713
Net income	$ 8,596	$ 11,877	$ 27,022	$ 34,946
Net income per share:
Basic (in dollars per share)	$ 1.22	$ 1.66	$ 3.83	$ 4.81
Diluted (in dollars per share)	$ 1.21	$ 1.63	$ 3.78	$ 4.72
Weighted average number of shares outstanding:
Basic (in shares)	6,977	7,119	7,026	7,247
Diluted (in shares)	7,083	7,246	7,138	7,376

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	18.30%	25.30%	26.40%	26.70%
Decrease in total valuation allowance	$ 0.7
Deferred tax liability recognized, undistributed foreign earnings	$ 0.4		$ 0.4
Net operating loss carryforward, utilization period	40 years		40 years

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Sep. 30, 2023	Oct. 01, 2022
Pay vs Performance Disclosure
Net income	$ 8,596	$ 9,508	$ 8,918	$ 11,877	$ 11,643	$ 11,426	$ 27,022	$ 34,946

- Definition

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

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 3,920	$ 2,640
Allowance for unbilled services	$ 975	$ 1,120
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (shares)	1,000,000	1,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value ( in dollars per share )	$ 0	$ 0
Common stock, shares authorized (shares)	25,000,000	25,000,000
Common stock, shares issued (shares)	6,978,941	7,149,884
Common stock, shares outstanding (shares)	6,978,941	7,149,884

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn November 2, 2023, CRA announced that its Board of Directors declared a quarterly cash dividend of $0.42 per common share, payable on December 8, 2023 to shareholders of record as of November 28, 2023.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of earnings per share

The following table presents the calculation of basic and diluted net income per share (in thousands, except per share data):


	Fiscal Quarter Ended				Fiscal Year-to-Date Period Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Numerator:
Net income — basic	$	8,596	$	11,877	$	27,022	$	34,946
Less: net income attributable to participating shares	29		42		98		130
Net income — diluted	$	8,567	$	11,835	$	26,924	$	34,816
Denominator:
Weighted average shares outstanding — basic	6,977		7,119		$	7,026	$	7,247
Effect of dilutive stock options and restricted stock units	106		127		112		129
Weighted average shares outstanding — diluted	7,083		7,246		7,138		7,376
Net income per share:
Basic	$	1.22	$	1.66	$	3.83	$	4.81
Diluted	$	1.21	$	1.63	$	3.78	$	4.72

Credit Agreement	9 Months Ended
Credit Agreement	Sep. 30, 2023
Debt Disclosure [Abstract]
Credit Agreement	Credit AgreementCRA is party to a Credit Agreement, dated as of August 19, 2022 (the "Credit Agreement") with Bank of America, N.A., as swingline lender, a letter of credit issuing bank and administrative agent, and with Citizens Bank, N.A., as a letter of credit issuing bank. The Credit Agreement provides CRA with a $250.0 million revolving credit facility, which may be decreased at CRA's option to $200.0 million during the period from July 16th in a year through January 15th in the next year. Additionally, for the period from January 16th to July 15th of each calendar year, CRA may elect to not increase the revolving credit facility to $250.0 million. The revolving credit facility includes a $25.0 million sublimit for the issuance of letters of credit. There were $32.0 million in borrowings outstanding under the revolving credit facility as of September 30, 2023 and no borrowings outstanding as of December 31, 2022. As of September 30, 2023, the amount available under the revolving credit facility was reduced by certain letters of credit outstanding, which amounted to $4.5 million. Under the Credit Agreement, CRA must comply with various financial and non-financial covenants. The primary financial covenants consist of a maximum consolidated net leverage ratio of 3.0 to 1 and a minimum consolidated interest coverage ratio of 2.5 to 1. The primary non-financial covenants include, but are not limited to, restrictions on CRA's ability to incur future indebtedness, engage in acquisitions or dispositions, pay dividends or repurchase capital stock, and enter into business combinations. Any indebtedness outstanding under the revolving credit facility may become immediately due upon the occurrence of stated events of default, including CRA's failure to pay principal, interest or fees, or upon the breach of any covenant. As of September 30, 2023, CRA was in compliance with the covenants of the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

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-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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-Topic 470
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-Section 50
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-Topic 470
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-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

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-Topic 470
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill for the fiscal year-to-date period ended September 30, 2023 are summarized as follows (in thousands):


Goodwill, at December 31, 2022	$	164,815
Accumulated goodwill impairment	(71,893)
Goodwill, net at December 31, 2022	92,922
Additions due to acquisitions	415
Foreign currency translation adjustment	130
Goodwill, net at September 30, 2023	$	93,467

Schedule of components of acquired identifiable intangible assets

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


		September 30, 2023						December 31, 2022
	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Customer relationships	10	$	13,800	$	(6,259)	$	7,541	$	13,800	$	(5,212)	$	8,588

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Fair Value of Financial Instruments - Change in Contingent Consideration Liability (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,056	$ 0
Acquisition-related contingent consideration	0	1,056
Accretion	52	0
Ending balance	$ 1,108	$ 1,056

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Accrued Liabilities, Current [Abstract]

Schedule of accrued expenses

Accrued expenses consist of the following (in thousands):


	September 30, 2023		December 31, 2022
Compensation and related expenses	$	111,174	$	138,728
Performance awards	14,891		9,359
Direct project accruals	4,060		1,783
Other	7,795		5,994
Total accrued expenses	$	137,920	$	155,864

Revenues and Allowances - Contract Balances from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Contract liabilities:
Contract liabilities	$ 2,197		$ 2,197		$ 6,977
Revenue recognized from:
Amounts included in contract liabilities at the beginning of the period	2,580	$ 1,831	6,619	$ 8,101
Performance obligations satisfied in previous periods	$ 3,658	$ 3,495	$ 2,816	$ 2,193

Fair Value of Financial Instruments (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Inputs, Level 1
ASSETS
Money market mutual funds	$ 0	$ 0
Total Assets	0	0
Liabilities:
Contingent consideration liability	0	0
Total Liabilities	0	0
Fair Value, Inputs, Level 2
ASSETS
Money market mutual funds	0	0
Total Assets	0	0
Liabilities:
Contingent consideration liability	0	0
Total Liabilities	0	0
Fair Value, Inputs, Level 3
ASSETS
Money market mutual funds	0	0
Total Assets	0	0
Liabilities:
Contingent consideration liability	1,108	1,056
Total Liabilities	$ 1,108	$ 1,056

Business Acquisitions (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of assets acquired and liabilities assumed

The following table is the final allocation of the purchase price to the estimated fair value of assets acquired and liabilities assumed (in thousands):


Assets Acquired
Current assets:
Accounts receivable	$	3,742
Unbilled services	1,382
Prepaid expenses and other current assets	100
Total current assets	5,224
Property and equipment	141
Goodwill	2,409
Intangible assets	4,150
Right-of-use assets	1,210
Other assets	41
Total assets acquired	$	13,175

Liabilities Assumed
Current liabilities:
Accrued expenses	$	1,245
Deferred revenue and other liabilities	161
Current portion of lease liabilities	549
Total current liabilities	1,955
Non-current portion of lease liabilities	661
Total liabilities assumed	$	2,616
Net assets acquired	$	10,559

Credit Agreement (Details)	9 Months Ended
Credit Agreement (Details)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 19, 2022 USD ($)
Senior Loan Agreement
Borrowings on revolving line of credit outstanding	$ 32,000,000	$ 0
Financial covenants, maximum consolidated net leverage ratio	3.0
Financial covenants, minimum consolidated interest coverage ratio	2.5
Revolving credit facility \| Credit Agreement
Senior Loan Agreement
Revolving credit facility, maximum capacity			$ 250,000,000
Amount available under revolving credit facility reduced			200,000,000
Borrowings on revolving line of credit outstanding	$ 32,000,000	$ 0
Secured by letters of credit \| Credit Agreement
Senior Loan Agreement
Revolving credit facility, maximum capacity			$ 25,000,000
Borrowings on revolving line of credit outstanding	$ 4,500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 27,604	$ 31,447
Accounts receivable, net of allowances of $3,920 and $2,640, respectively	124,876	143,644
Unbilled services, net of allowances of $975 and $1,120, respectively	68,445	51,343
Prepaid expenses and other current assets	17,349	12,760
Forgivable loans	10,428	9,666
Total current assets	248,702	248,860
Property and equipment, net	39,963	45,582
Goodwill	93,467	92,922
Intangible assets, net	7,541	8,588
Right-of-use assets	88,871	96,725
Deferred income taxes	10,412	9,163
Forgivable loans, net of current portion	47,216	46,790
Other assets	2,873	2,287
Total assets	539,045	550,917
Current liabilities:
Accounts payable	24,711	27,584
Accrued expenses	137,920	155,864
Deferred revenue and other liabilities	7,871	12,016
Current portion of lease liabilities	16,193	15,972
Current portion of deferred compensation	5,553	5,689
Revolving line of credit	32,000	0
Total current liabilities	224,248	217,125
Non-current liabilities:
Deferred compensation and other non-current liabilities	10,467	15,677
Non-current portion of lease liabilities	95,406	106,008
Deferred income taxes	966	953
Total non-current liabilities	106,839	122,638
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred stock, no par value; 1,000,000 shares authorized; none issued and outstanding	0	0
Common stock, no par value; 25,000,000 shares authorized; 6,978,941 and 7,149,884 shares issued and outstanding, respectively	1,363	1,743
Retained earnings	221,205	224,392
Accumulated other comprehensive loss	(14,610)	(14,981)
Total shareholders’ equity	207,958	211,154
Total liabilities and shareholders’ equity	$ 539,045	$ 550,917

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Compensation and related expenses	$ 111,174	$ 138,728
Performance awards	14,891	9,359
Direct project accruals	4,060	1,783
Other	7,795	5,994
Total accrued expenses	137,920	155,864
Compensation and related expenses
Accrued bonuses	$ 86,700	$ 116,100

Accrued Expenses

9 Months Ended

Sep. 30, 2023

Accrued Liabilities, Current [Abstract]

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	September 30, 2023		December 31, 2022
Compensation and related expenses	$	111,174	$	138,728
Performance awards	14,891		9,359
Direct project accruals	4,060		1,783
Other	7,795		5,994
Total accrued expenses	$	137,920	$	155,864

As of September 30, 2023 and December 31, 2022, approximately $86.7 million and $116.1 million, respectively, of accrued bonuses were included above in “Compensation and related expenses.”

Revenues and Allowances - Reserves for Variable Consideration and Credit Risk (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Revenue from Contract with Customer [Abstract]
Bad debt expense (recovery), net	$ 131	$ (83)	$ 523	$ (345)
Reimbursable expenses	$ 17,932	$ 15,009	$ 49,165	$ 47,654