Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 28, 2013 | Mar. 06, 2014 | Jun. 29, 2013 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'CRA INTERNATIONAL, INC. | ' | ' |
Entity Central Index Key | '0001053706 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
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 Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $182 |
Entity Common Stock, Shares Outstanding | ' | 10,066,778 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' |
Revenues | $278,432 | $270,390 | $305,228 |
Costs of services | 189,262 | 182,381 | 199,383 |
Gross profit | 89,170 | 88,009 | 105,845 |
Selling, general and administrative expenses | 64,242 | 67,235 | 71,752 |
Depreciation and amortization | 6,411 | 7,190 | 5,029 |
Goodwill impairment | 0 | 71,394 | 0 |
Income (loss) from operations | 18,517 | -57,810 | 29,064 |
Interest income | 155 | 264 | 332 |
Interest expense | -574 | -300 | -908 |
Other expense, net | -180 | -177 | -405 |
Income (loss) before (provision) benefit for income taxes | 17,918 | -58,023 | 28,083 |
(Provision) benefit for income taxes | -6,683 | 5,180 | -11,138 |
Net income (loss) | 11,235 | -52,843 | 16,945 |
Net (income) loss attributable to noncontrolling interest, net of tax | 135 | -147 | -94 |
Net income (loss) attributable to CRA International, Inc. | $11,370 | ($52,990) | $16,851 |
Net income (loss) per share attributable to CRA International, Inc.: | ' | ' | ' |
Basic (in dollars per share) | $1.13 | ($5.21) | $1.60 |
Diluted (in dollars per share) | $1.12 | ($5.21) | $1.57 |
Weighted average number of shares outstanding: | ' | ' | ' |
Basic (in shares) | 10,084 | 10,167 | 10,555 |
Diluted (in shares) | 10,173 | 10,167 | 10,739 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
Net income (loss) | $11,235 | ($52,843) | $16,945 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustments | 964 | 1,950 | -676 |
Comprehensive income (loss) | 12,199 | -50,893 | 16,269 |
Less: comprehensive (income) loss attributable to noncontrolling interest | 135 | -147 | -94 |
Comprehensive income (loss) attributable to CRA International, Inc. | $12,334 | ($51,040) | $16,175 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $51,251 | $55,451 |
Accounts receivable, net of allowances of $7,210 at December 28, 2013 and $9,459 at December 29, 2012 | 57,856 | 56,083 |
Unbilled services | 24,275 | 21,187 |
Prepaid expenses and other current assets | 11,775 | 23,001 |
Deferred income taxes | 17,806 | 15,955 |
Total current assets | 162,963 | 171,677 |
Property and equipment, net | 15,655 | 17,980 |
Goodwill | 81,573 | 70,765 |
Intangible assets, net of accumulated amortization of $8,392 at December 28, 2013 and $7,122 at December 29, 2012 | 4,537 | 1,834 |
Deferred income taxes, net of current portion | 955 | 8,083 |
Other assets | 54,621 | 21,671 |
Total assets | 320,304 | 292,010 |
Current liabilities: | ' | ' |
Accounts payable | 13,766 | 9,766 |
Accrued expenses | 65,657 | 45,305 |
Deferred revenue and other liabilities | 6,098 | 6,748 |
Deferred income taxes | 0 | 1,145 |
Current portion of deferred rent | 2,322 | 2,268 |
Current portion of notes payable | 0 | 691 |
Current portion of deferred compensation | 117 | 3,287 |
Total current liabilities | 87,960 | 69,210 |
Notes payable, net of current portion | 1,007 | 1,007 |
Deferred rent and facility-related non-current liabilities | 3,669 | 5,608 |
Deferred compensation and other non-current liabilities | 1,446 | 2,676 |
Deferred income taxes, net of current portion | 1,585 | 1,275 |
Commitments and contingencies | ' | ' |
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; 10,048,611 and 10,057,448 shares issued and outstanding at December 28, 2013 and December 29, 2012, respectively | 93,242 | 93,174 |
Receivables from shareholders | 0 | -120 |
Retained earnings | 133,980 | 122,610 |
Accumulated other comprehensive loss | -3,424 | -4,388 |
Total CRA International, Inc. shareholders' equity | 223,798 | 211,276 |
Noncontrolling interest | 839 | 958 |
Total shareholders' equity | 224,637 | 212,234 |
Total liabilities and shareholders' equity | $320,304 | $292,010 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ' | ' |
Accounts receivable, allowances (in dollars) | $7,210 | $9,459 |
Intangible assets, accumulated amortization (in dollars) | $8,392 | $7,122 |
Preferred stock, par value (in dollars per share) | ' | ' |
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 ) | ' | ' |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 10,048,611 | 10,057,448 |
Common stock, shares outstanding | 10,048,611 | 10,057,448 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net income (loss) | $11,235 | ($52,843) | $16,945 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities, net of effect of acquired businesses: | ' | ' | ' |
Depreciation and amortization | 6,460 | 5,841 | 5,103 |
Loss on disposal of property and equipment | 16 | 1,444 | 146 |
Goodwill impairment | 0 | 71,394 | 0 |
Deferred rent | -1,903 | -4,475 | -1,956 |
Deferred income taxes | 3,924 | -9,882 | -8,739 |
Share-based compensation expenses | 3,035 | 4,947 | 5,769 |
Excess tax benefits from share-based compensation | -7 | -81 | -49 |
Accounts receivable allowances | -2,186 | 2,814 | -546 |
Noncash interest from discount on convertible debentures | 0 | 0 | 229 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 9,917 | 10,271 | -11,999 |
Unbilled services | -2,997 | -4,674 | 12,640 |
Prepaid expenses and other current assets, and other assets | -20,160 | -19,870 | -47 |
Accounts payable, accrued expenses, and other liabilities | 11,114 | -13,411 | 12,535 |
Net cash provided by (used in) operating activities | 18,448 | -8,525 | 30,031 |
INVESTING ACTIVITIES: | ' | ' | ' |
Consideration relating to acquisitions, net | -15,591 | 0 | -844 |
Purchase of property and equipment | -2,816 | -2,732 | -8,246 |
Purchase of investments | 0 | -9,494 | -61,049 |
Sale of investments | 0 | 23,989 | 46,554 |
Collections on notes receivable | 14 | 989 | 64 |
Net cash (used in) provided by investing activities | -18,393 | 12,752 | -23,521 |
FINANCING ACTIVITIES: | ' | ' | ' |
Issuance of common stock, principally stock options exercises | 207 | 647 | 620 |
Borrowings under line of credit | 17,320 | 0 | 0 |
Payments under line of credit | -17,320 | 0 | 0 |
Payments on notes payable | -700 | -650 | -334 |
Extinguishment of convertible debentures | 0 | 0 | -21,880 |
Payments of debt issuance costs | -1,120 | 0 | 0 |
Tax withholding payment reimbursed by restricted shares | -730 | -1,360 | -1,146 |
Excess tax benefits from share-based compensation | 7 | 81 | 49 |
Repurchase of common stock | -2,190 | -9,062 | -9,054 |
Repurchase of treasury stock by Neuco, Inc. | 0 | 0 | -33 |
Net cash used in financing activities | -4,526 | -10,344 | -31,778 |
Effect of foreign exchange rates on cash and cash equivalents | 271 | -19 | -650 |
Net decrease in cash and cash equivalents | -4,200 | -6,136 | -25,918 |
Cash and cash equivalents at beginning of period | 55,451 | 61,587 | 87,505 |
Cash and cash equivalents at end of period | 51,251 | 55,451 | 61,587 |
Supplemental cash flow information: | ' | ' | ' |
Cash paid for taxes | 2,887 | 8,718 | 18,744 |
Cash paid for interest | $339 | $223 | $558 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | CRA International, Inc. Shareholders' Equity | Common Stock | Receivable from Shareholder | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | |||||||
BALANCE at Jan. 01, 2011 | $255,424 | $254,754 | $103,067 | ($1,400) | $158,749 | ($5,662) | $670 |
BALANCE (in shares) at Jan. 01, 2011 | ' | ' | 10,567,052 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 16,945 | 16,851 | ' | ' | 16,851 | ' | 94 |
Foreign currency translation adjustment | -676 | -676 | ' | ' | ' | -676 | ' |
Exercise of stock options | 620 | 620 | 620 | ' | ' | ' | ' |
Exercise of stock options (in shares) | 47,009 | ' | 47,009 | ' | ' | ' | ' |
Share-based compensation expense for employees | 5,696 | 5,696 | 5,696 | ' | ' | ' | ' |
Restricted shares vesting (in shares) | ' | ' | 164,086 | ' | ' | ' | ' |
Redemption of vested employee restricted shares for tax withholding | -1,146 | -1,146 | -1,146 | ' | ' | ' | ' |
Redemption of vested employee restricted shares for tax withholding (in shares) | ' | ' | -50,724 | ' | ' | ' | ' |
Tax deficit on stock option exercises and restricted share vesting | -639 | -639 | -639 | ' | ' | ' | ' |
Notes receivable issued to shareholders | -36 | -36 | ' | -36 | ' | ' | ' |
Payments received on notes receivable from shareholders | 1,200 | 1,200 | ' | 1,200 | ' | ' | ' |
Shares repurchased | -9,054 | -9,054 | -9,054 | ' | ' | ' | ' |
Shares repurchased (in shares) | -398,372 | ' | -398,372 | ' | ' | ' | ' |
Share-based compensation expense for non-employees | 34 | 34 | 34 | ' | ' | ' | ' |
Equity transactions of noncontrolling interest | 39 | ' | ' | ' | ' | ' | 39 |
BALANCE at Dec. 31, 2011 | 268,407 | 267,604 | 98,578 | -236 | 175,600 | -6,338 | 803 |
BALANCE (in shares) at Dec. 31, 2011 | ' | ' | 10,329,051 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -52,843 | -52,990 | ' | ' | -52,990 | ' | 147 |
Foreign currency translation adjustment | 1,950 | 1,950 | ' | ' | ' | 1,950 | ' |
Exercise of stock options | 647 | 647 | 647 | ' | ' | ' | ' |
Exercise of stock options (in shares) | 47,185 | ' | 47,185 | ' | ' | ' | ' |
Share-based compensation expense for employees | 4,868 | 4,868 | 4,868 | ' | ' | ' | ' |
Restricted shares vesting (in shares) | ' | ' | 216,528 | ' | ' | ' | ' |
Redemption of vested employee restricted shares for tax withholding | -1,360 | -1,360 | -1,360 | ' | ' | ' | ' |
Redemption of vested employee restricted shares for tax withholding (in shares) | ' | ' | -69,207 | ' | ' | ' | ' |
Tax deficit on stock option exercises and restricted share vesting | -576 | -576 | -576 | ' | ' | ' | ' |
Payments received on notes receivable from shareholders | 116 | 116 | ' | 116 | ' | ' | ' |
Shares repurchased | -9,062 | -9,062 | -9,062 | ' | ' | ' | ' |
Shares repurchased (in shares) | -466,109 | ' | -466,109 | ' | ' | ' | ' |
Share-based compensation expense for non-employees | 79 | 79 | 79 | ' | ' | ' | ' |
Equity transactions of noncontrolling interest | 8 | ' | ' | ' | ' | ' | 8 |
BALANCE at Dec. 29, 2012 | 212,234 | 211,276 | 93,174 | -120 | 122,610 | -4,388 | 958 |
BALANCE (in shares) at Dec. 29, 2012 | 10,057,448 | ' | 10,057,448 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 11,235 | 11,370 | ' | ' | 11,370 | ' | -135 |
Foreign currency translation adjustment | 964 | 964 | ' | ' | ' | 964 | ' |
Exercise of stock options | 207 | 207 | 207 | ' | ' | ' | ' |
Exercise of stock options (in shares) | 13,389 | ' | 13,389 | ' | ' | ' | ' |
Share-based compensation expense for employees | 2,888 | 2,888 | 2,888 | ' | ' | ' | ' |
Restricted shares vesting (in shares) | ' | ' | 134,384 | ' | ' | ' | ' |
Redemption of vested employee restricted shares for tax withholding | -730 | -730 | -730 | ' | ' | ' | ' |
Redemption of vested employee restricted shares for tax withholding (in shares) | ' | ' | -37,642 | ' | ' | ' | ' |
Tax deficit on stock option exercises and restricted share vesting | -254 | -254 | -254 | ' | ' | ' | ' |
Payments received on notes receivable from shareholders | 120 | 120 | ' | 120 | ' | ' | ' |
Shares repurchased | -2,190 | -2,190 | -2,190 | ' | ' | ' | ' |
Shares repurchased (in shares) | -118,968 | ' | -118,968 | ' | ' | ' | ' |
Share-based compensation expense for non-employees | 147 | 147 | 147 | ' | ' | ' | ' |
Equity transactions of noncontrolling interest | 16 | ' | ' | ' | ' | ' | 16 |
BALANCE at Dec. 28, 2013 | $224,637 | $223,798 | $93,242 | $0 | $133,980 | ($3,424) | $839 |
BALANCE (in shares) at Dec. 28, 2013 | 10,048,611 | ' | 10,048,611 | ' | ' | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
1. Summary of Significant Accounting Policies | |||||||||||
Description of Business | |||||||||||
CRA International, Inc. ("CRA") 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, which is consulting services. CRA operates its business under its registered trade name, Charles River Associates. | |||||||||||
Fiscal Year | |||||||||||
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 2013, fiscal 2012, and fiscal 2011 were 52-week years. | |||||||||||
Principles of Consolidation | |||||||||||
The consolidated financial statements include the accounts of CRA and its wholly owned subsidiaries. In addition, as more fully explained below, the consolidated financial statements include CRA's interest in NeuCo, Inc. ("NeuCo"). All significant intercompany accounts have been eliminated. | |||||||||||
NeuCo Interest | |||||||||||
CRA's ownership interest in NeuCo is 55.89%. CRA's ownership interest has constituted control under GAAP for all periods presented. Therefore, NeuCo's financial results have been consolidated with CRA's and the portion of NeuCo's results allocable to its other owners is shown as "noncontrolling interest." NeuCo's revenues included in the CRA's consolidated statements of operations for fiscal 2013, fiscal 2012, and fiscal 2011 totaled approximately $5.1 million, $5.5 million, and $6.2 million, respectively. NeuCo's net loss included in CRA's consolidated statements of operations for fiscal 2013 was approximately $0.3 million. NeuCo's net income included in CRA's consolidated statements of operations for fiscal 2012 and fiscal 2011 was approximately $0.3 million and $0.2 million, respectively. NeuCo's net loss, net of amounts allocable to its other owners, included in CRA's consolidated statements of operations for fiscal 2013 was approximately $0.2 million. NeuCo's net income, net of amounts allocable to its other owners, included in CRA's consolidated statements of operations for fiscal 2012 and fiscal 2011 was approximately $0.2 million and $0.1 million, respectively. NeuCo's interim reporting schedule is based on calendar month-ends, and its fiscal year end is the last Saturday of November. CRA's quarterly results could include a few days reporting lag between CRA's quarter end and the most recent financial statements available from NeuCo. CRA does not believe that the reporting lag, if any, will have a significant impact on CRA's consolidated statements of operations or financial condition. | |||||||||||
Estimates | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make significant estimates and judgments that affect the reported amounts of assets and liabilities, and 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, accounts and unbilled receivable allowances, revenue recognition on fixed price contracts, depreciation of property and equipment, share-based compensation, valuation of acquired intangible assets, impairment of long lived assets and goodwill, accrued and deferred income taxes, valuation allowances on deferred tax assets, accrued compensation, accrued exit costs, and 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. | |||||||||||
Revenue Recognition | |||||||||||
CRA derives substantially all of its revenues from the performance of professional services. The contracts that CRA enters into and operates under specify whether the engagement will be billed on a time-and-materials or a fixed-price basis. These engagements generally last three to six months, although some of CRA's engagements can be much longer in duration. Each contract must be approved by one of CRA's vice presidents. | |||||||||||
CRA recognizes substantially all of its revenues under written service contracts with its clients when the fee is fixed or determinable, as the services are provided, and only in those situations where collection from the client is reasonably assured and sufficient contractual documentation has been obtained. In certain cases CRA provides services to its clients without sufficient contractual documentation, or fees are tied to performance-based criteria, which require CRA to defer revenue in accordance with U.S. GAAP. In these cases, these amounts are fully reserved until all criteria for recognizing revenue are met. | |||||||||||
CRA's revenues include projects secured by our non-employee experts as well as projects secured by our employees. CRA recognizes 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. | |||||||||||
Most of CRA's revenue is derived from time-and-materials service contracts. Revenues from time-and-materials service contracts are recognized as services are provided based upon hours worked and contractually agreed-upon hourly rates, as well as indirect fees based upon hours worked. | |||||||||||
Revenues from the majority of CRA's fixed-price engagements are 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. CRA derived approximately 13%, 15%, and 22% of consolidated revenues from fixed-price engagements in fiscal 2013, fiscal 2012, and fiscal 2011, respectively. In general, project costs are classified as costs of services and are 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 us by our non-employee experts. The proportional performance method is used because reasonably dependable estimates of the revenues and costs applicable to various stages of a contract can be made, based on historical experience and the terms set forth in the contract, and are indicative of the level of benefit provided to CRA's clients. Fixed-price contracts generally convert to time-and-materials contracts in the event the contract terminates. CRA's management maintains contact with project managers to discuss the status of the projects and, for fixed-price engagements, management is updated on the budgeted costs and resources required to complete the project. These budgets are then used to calculate revenue recognition and to estimate the anticipated income or loss on the project. Occasionally, CRA has been required to commit unanticipated additional resources to complete projects, which has resulted in lower than anticipated income or losses on those contracts. CRA may experience similar situations in the future. Provisions for estimated losses on contracts are made during the period in which such losses become probable and can be reasonably estimated. To date, such losses have not been significant. | |||||||||||
Revenues also include reimbursable expenses, which include travel and other out-of-pocket expenses, outside consultants, and other reimbursable expenses. Reimbursable expenses are as follows (in thousands): | |||||||||||
Year Ended | Year Ended | Year Ended | |||||||||
December 28, | December 29, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
(52 weeks) | (52 weeks) | (52 weeks) | |||||||||
Reimbursable expenses | $ | 37,320 | $ | 33,530 | $ | 39,722 | |||||
CRA maintains accounts receivable allowances for estimated losses and disputed amounts resulting from clients' failure to make required payments. CRA bases its estimates on historical collection experience, current trends, and credit policy. In determining these estimates, CRA examines historical write-offs of its receivables and reviews client accounts to identify any specific customer collection issues. If the financial condition of CRA's customers were to deteriorate or disputes were to arise regarding the services provided, resulting in an impairment of their ability or intent to make payment, additional allowances may be required. | |||||||||||
Unbilled services represent revenue recognized by CRA for services performed but not yet billed to the client. Deferred revenue represents amounts billed or collected in advance of services rendered. | |||||||||||
CRA collects goods and services and value added taxes from customers and records these amounts on a net basis, which is within the scope of ASC Topic 605-45, Principal Agent Considerations. | |||||||||||
Cash Equivalents | |||||||||||
Cash equivalents consist principally of money market funds and commercial paper with maturities of three months or less when purchased. As of December 28, 2013, a substantial portion of CRA's cash accounts was concentrated at a single financial institution, which potentially exposes CRA to credit risks. The financial institution has a short-term credit rating 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 institution and the cash on deposit is fully liquid. CRA continually monitors the credit ratings of the institution. | |||||||||||
The carrying amounts of these instruments classified as cash equivalents are stated at amortized cost, which approximates fair value because of their short-term maturity. | |||||||||||
Fair Value of Financial Instruments | |||||||||||
CRA's financial instruments, including cash, cash equivalents, accounts receivable, loans and advances from employees and non-employee experts, 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. | |||||||||||
Goodwill | |||||||||||
In accordance with ASC Topic 350, "Intangibles—Goodwill and Other", goodwill is not subject to amortization, but is monitored at least annually 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 the CRA's goodwill impairment analysis, CRA operates under one reporting unit. Under ASC Topic 350, in performing the first step of the goodwill impairment testing and measurement process, CRA compares its entity-wide estimated fair value to net book value to identify potential impairment. Management estimates the entity-wide fair value utilizing CRA's market capitalization, plus an appropriate control premium. Market capitalization is determined by multiplying the shares outstanding on the test date by the market price of CRA's common stock on that date. CRA has utilized a control premium which considers appropriate industry, market and other pertinent factors, including indications of such premiums from data on recent acquisition transactions. If the fair value of CRA is less than its net book value, the second step is performed to determine if goodwill is impaired. If CRA determines through the impairment evaluation process that goodwill has been impaired, an impairment charge would be recorded in the consolidated statement of operations. | |||||||||||
There were no impairment losses related to goodwill during fiscal 2013 as there were no events or circumstances that would more likely than not reduce CRA's fair value below its carrying amount. | |||||||||||
When CRA performed its annual impairment test in the fourth quarter of fiscal 2012, its net book value exceeded its market capitalization plus an estimated control premium. Therefore, CRA was required to perform the second step of the goodwill impairment test. In this step, CRA's fair value is allocated among all of its assets and liabilities, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of goodwill in the same manner as if CRA were being acquired in a business acquisition. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference. During the process of conducting the second step of the annual goodwill impairment test in the fourth quarter of fiscal 2012, CRA identified significant unrecognized intangible assets. The combination of these hypothetical unrecognized intangible assets and other hypothetical unrecognized fair value changes to the carrying values of other assets and liabilities, together with the lower fair value calculated in the first step of the annual impairment test, resulted in a goodwill impairment charge of $71.4 million in the fourth quarter of fiscal 2012. | |||||||||||
The re-measurement of goodwill is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed using CRA-specific information. CRA used a combination of the income, cost and market approach techniques to determine the fair value of its assets and liabilities. The fair value adjustment to goodwill was computed as the difference between CRA's fair value and the fair value of underlying assets and liabilities. The unobservable inputs used to determine the fair value of the underlying assets and liabilities were based on CRA-specific information such as estimates of revenue and cost growth rates, profit margins, discount rates, and cost estimates. | |||||||||||
Intangible Assets | |||||||||||
Intangible assets that are separable from goodwill and have determinable useful lives are valued separately and amortized over their estimated useful lives. Intangible assets consist of non-competition agreements, customer relationships, customer lists, developed technology, and trademarks, all of which are generally amortized on a straight-line basis over their remaining useful lives of four to ten years. | |||||||||||
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. | |||||||||||
Leases and Deferred Rent | |||||||||||
CRA leases all of its office space. Leases are evaluated and classified as operating or capital leases for financial reporting purposes. For leases that contain rent escalations and rent holidays, CRA records the total rent payable during the lease term, as determined above, on a straight-line basis over the term of the lease and records the difference between the rents paid and the straight-line rent as deferred rent. Additionally, any tenant improvement allowances received from the lessor are recorded as a reduction to deferred rent. | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
CRA reviews the carrying value of its long-lived assets (primarily property and equipment and intangible 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 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. | |||||||||||
Concentration of Credit Risk | |||||||||||
CRA's billed and unbilled receivables 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. CRA maintains accounts receivable allowances for estimated losses and disputed amounts resulting from clients' failures to make required payments. CRA bases its estimates on historical collection experience, current trends, and credit policy. In determining these estimates, CRA examines historical write-offs of its receivables and reviews client accounts to identify any specific customer collection issues. If the financial condition of any of CRA's customers were to deteriorate, resulting in an impairment of their ability or intent to make payment, additional allowances may be required. | |||||||||||
A rollforward of the accounts receivable allowances is as follows (in thousands): | |||||||||||
Fiscal | Fiscal | ||||||||||
Year | Year | ||||||||||
2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 9,459 | $ | 6,548 | |||||||
Change related to NeuCo | (2 | ) | — | ||||||||
Additions charged to revenues | 5,644 | 6,808 | |||||||||
Amounts written off | (7,891 | ) | (3,897 | ) | |||||||
| | | | | | | | ||||
Balance at end of period | $ | 7,210 | $ | 9,459 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Amounts deemed uncollectible are recorded as a reduction to revenues. | |||||||||||
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. 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. | |||||||||||
For share-based awards granted to non-employee experts, CRA accounts for the compensation under variable accounting in accordance with ASC Topic 718 and ASC Topic 505-50, "Equity-Based Payments to Non-Employees" (formerly Emerging Issues Task Force 96-18, "Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services"), and recognizes the cost over the related vesting period. For performance-vesting restricted stock units awarded to employees, CRA accounts for the compensation under variable accounting in accordance with ASC Topic 718, and recognizes the cost over the related vesting period. | |||||||||||
Income Taxes | |||||||||||
CRA accounts for income taxes using the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and 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. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. | |||||||||||
In addition, the calculation of CRA's tax liabilities involves dealing with uncertainties in the application of complex tax regulations in several different tax jurisdictions. CRA records liabilities for estimated tax obligations resulting in a provision for taxes that may become payable in the future, in accordance with ASC Topic 740-10, "Income Taxes," which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. CRA includes accrued interest and penalties, if any, related to uncertain tax positions in income tax expense. | |||||||||||
Foreign Currency Translation | |||||||||||
Balance sheet 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 year. The resulting translation adjustments are recorded in shareholders' equity as a component of accumulated other comprehensive income (loss). Foreign currency transactions are translated at current exchanges rates, with adjustments recorded in the statement of operations. The effect of transaction gains and losses recorded in income (loss) before (provision) benefit for income taxes amounted to losses of $0.2 million, $0.2 million, and $0.4 million for fiscal 2013, fiscal 2012, and fiscal 2011, respectively. | |||||||||||
Recent Accounting Standards | |||||||||||
Presentation of Unrecognized Tax Benefits | |||||||||||
In July 2013, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11") to clarify the presentation of current and deferred income taxes on the balance sheet. Under ASU 2013-11, companies generally must present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, for an NOL carryforward, similar tax loss, or tax credit carryforward using the "net presentation" approach as a reduction of a deferred tax asset, with some allowed exceptions. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted and entities may choose to apply the amendments retrospectively to each prior reporting period presented. CRA believes the adoption of ASU 2013-11 will have no impact on its financial position, results of operations, cash flows, or disclosures. | |||||||||||
Comprehensive Income | |||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("ASU 2013-02"). ASU 2013-02 requires an entity disclose in a single location (either on the face of the financial statement that reports net income or in the notes) the effects of reclassifications out of accumulated other comprehensive income. For items reclassified out of accumulated other comprehensive income and into net income in their entirety, entities must disclose the effect of the reclassification on each affected net income item. For accumulated other comprehensive income reclassification items that are not reclassified in their entirety into net income, entities must provide a cross reference to other required U.S. GAAP disclosures. There is no change in the requirement to present the components of net income and other comprehensive income in either a single continuous statement or two separate consecutive statements. ASU 2013-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012 and should be applied prospectively. CRA's adoption of ASU 2013-02 in the first quarter of fiscal 2013 had no impact on its financial position, results of operations, cash flows, or disclosures. | |||||||||||
Cumulative Translation Adjustment | |||||||||||
In March 2013, the FASB issued ASU No. 2013-05, Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity ("ASU 2013-05"). ASU 2013-05 addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. ASU 2013-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and should be applied prospectively. Early adoption is permitted. CRA believes the adoption of ASU 2013-05 will have no impact on its financial position, results of operations, cash flows, or disclosures. | |||||||||||
Intangibles | |||||||||||
In July 2012, the FASB issued ASU No. 2012-02, Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment ("ASU 2012-02") to simplify the guidance for testing the decline in the realizable value (impairment) of indefinite-lived intangible assets other than goodwill. Under former guidance, an organization was required to test an indefinite-lived intangible asset for impairment on at least an annual basis by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeded its fair value, an impairment loss was recognized in an amount equal to the difference. ASU 2012-02 allows an organization the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment test. An organization electing to perform a qualitative assessment is no longer required to calculate the fair value of an indefinite-lived intangible asset unless the organization determines, based on a qualitative assessment, that it is "more likely than not" that the asset is impaired. ASU 2012-02 was effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. CRA's adoption of ASU 2012-02 in fiscal 2013 had no impact on its financial position, results of operations, cash flows, or disclosures. | |||||||||||
Business_Acquisition
Business Acquisition | 12 Months Ended |
Dec. 28, 2013 | |
Business Acquisition | ' |
Business Acquisition | ' |
2. Business Acquisition | |
On January 31, 2013, CRA announced that an approximately 40-person litigation consulting team joined CRA, effective February 1, 2013. Under an agreement to hire the team, CRA accelerated the previously announced start dates of certain key personnel from May 2013. Under the terms of the transaction, CRA acquired certain intangible assets, accounts receivable, and certain client projects currently underway. The fair values of the assets acquired and the liabilities assumed as part of the acquisition will be finalized as CRA receives other information relevant to the acquisition and completes its analysis of other transaction-related costs. The acquisition was not material. The acquisition has been accounted for under the purchase method of accounting, and the results of operations have been included in the accompanying statements of operations from the date of acquisition. | |
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets, and Other Assets | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Prepaid Expenses and Other Current Assets, and Other Assets | ' | |||||||
Prepaid Expenses and Other Current Assets, and Other Assets | ' | |||||||
3. Prepaid Expenses and Other Current Assets, and Other Assets | ||||||||
Prepaid expenses and other current assets consist of the following (in thousands): | ||||||||
December 28, | December 29, | |||||||
2013 | 2012 | |||||||
Term loans to employees and non-employee experts | $ | 1,764 | $ | 8,614 | ||||
Other | 10,011 | 14,387 | ||||||
| | | | | | | | |
Total | $ | 11,775 | $ | 23,001 | ||||
| | | | | | | | |
| | | | | | | | |
Other assets consist of the following (in thousands): | ||||||||
December 28, | December 29, | |||||||
2013 | 2012 | |||||||
Forgivable loans to employees and non-employee experts | $ | 51,083 | $ | 15,448 | ||||
Other | 3,538 | 6,223 | ||||||
| | | | | | | | |
Total | $ | 54,621 | $ | 21,671 | ||||
| | | | | | | | |
| | | | | | | | |
In order to attract and retain highly skilled professionals, CRA may issue forgivable loans or term loans to employees and non-employee experts which are classified in "prepaid expenses and other current assets" and "other assets" on the accompanying balance sheets as of December 28, 2013 and December 29, 2012. The forgivable loans have terms that are generally between three and eight years. 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. During fiscal 2013 and fiscal 2012, CRA issued approximately $38.8 million and $20.7 million, respectively, in forgivable loans to employees and non-employee experts for future service. As of December 28, 2013, CRA had obligations to issue approximately $5.0 million in forgivable loans to future employees for future service, which are included in the $51.1 million of such loans reported as of December 28, 2013 in the table above. The $5.0 million in loans were issued, and the corresponding payments were made, in the first quarter of fiscal 2014. | ||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Goodwill and Intangible Assets | ' | ||||||||||
Goodwill and Intangible Assets | ' | ||||||||||
4. Goodwill and Intangible Assets | |||||||||||
The changes in the carrying amount of goodwill for fiscal 2013 and fiscal 2012 are as follows (in thousands): | |||||||||||
Goodwill, | Accumulated | Goodwill, | |||||||||
gross | impairment | net | |||||||||
losses | |||||||||||
Balance at December 29, 2012 | $ | 142,658 | $ | (71,893 | ) | $ | 70,765 | ||||
Goodwill adjustments related to acquisitions | 10,563 | — | 10,563 | ||||||||
Goodwill adjustments related to NeuCo | (63 | ) | — | (63 | ) | ||||||
Effect of foreign currency translation | 308 | — | 308 | ||||||||
| | | | | | | | | | | |
Balance at December 28, 2013 | $ | 153,466 | $ | (71,893 | ) | $ | 81,573 | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Goodwill, | Accumulated | Goodwill, | |||||||||
gross | impairment | net | |||||||||
losses | |||||||||||
Balance at December 31, 2011 | $ | 141,153 | $ | (499 | ) | $ | 140,654 | ||||
Goodwill impairment | — | (71,394 | ) | (71,394 | ) | ||||||
Goodwill adjustments related to sale of practice | (29 | ) | — | (29 | ) | ||||||
Effect of foreign currency translation | 1,534 | — | 1,534 | ||||||||
| | | | | | | | | | | |
Balance at December 29, 2012 | $ | 142,658 | $ | (71,893 | ) | $ | 70,765 | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
There were no impairment losses related to goodwill during fiscal 2013. When CRA performed its annual impairment test in the fourth quarter of fiscal 2012, its net book value exceeded its market capitalization plus an estimated control premium. Therefore, CRA was required to perform the second step of the goodwill impairment test, which resulted in a goodwill impairment charge of $71.4 million. CRA recorded this goodwill impairment charge in the fourth quarter of fiscal 2012. | |||||||||||
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 2013, fiscal 2012, or fiscal 2011. | |||||||||||
The components of acquired identifiable intangible assets are as follows (in thousands): | |||||||||||
December 28, | December 29, | ||||||||||
2013 | 2012 | ||||||||||
Non-competition agreements, net of accumulated amortization of $3,802, and $3,311, respectively | $ | 598 | $ | 1,047 | |||||||
Customer relationships, net of accumulated amortization of $3,550 and $2,840, respectively | 3,909 | 691 | |||||||||
Other intangible assets, net of accumulated amortization of $1,040, and $971, respectively | 30 | 96 | |||||||||
| | | | | | | | ||||
$ | 4,537 | $ | 1,834 | ||||||||
| | | | | | | | ||||
| | | | | | | | ||||
Amortization of intangible assets was $1.2 million, $0.8 million, and $0.9 million in fiscal 2013, fiscal 2012, and fiscal 2011, respectively. Amortization of intangible assets held at December 28, 2013 for the next five fiscal years is expected to be as follows (in thousands): | |||||||||||
Fiscal Year | Amortization | ||||||||||
Expense | |||||||||||
2014 | $ | 1,111 | |||||||||
2015 | 768 | ||||||||||
2016 | 579 | ||||||||||
2017 | 537 | ||||||||||
2018 | 512 | ||||||||||
| | | | | |||||||
$ | 3,507 | ||||||||||
| | | | | |||||||
| | | | | |||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Property and Equipment | ' | |||||||
Property and Equipment | ' | |||||||
5. Property and Equipment | ||||||||
Property and equipment consist of the following (in thousands): | ||||||||
December 28, | December 29, | |||||||
2013 | 2012 | |||||||
Computer, office equipment and software | $ | 25,034 | $ | 24,867 | ||||
Leasehold improvements | 21,388 | 20,622 | ||||||
Furniture | 7,788 | 7,886 | ||||||
| | | | | | | | |
54,210 | 53,375 | |||||||
Accumulated depreciation and amortization | (38,555 | ) | (35,395 | ) | ||||
| | | | | | | | |
$ | 15,655 | $ | 17,980 | |||||
| | | | | | | | |
| | | | | | | | |
Depreciation expense, including amounts recorded in costs of services, was $5.2 million, $5.0 million, and $4.1 million, in fiscal 2013, fiscal 2012, and fiscal 2011, respectively. | ||||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Accrued Expenses | ' | |||||||
Accrued Expenses | ' | |||||||
6. Accrued Expenses | ||||||||
Accrued expenses consist of the following (in thousands): | ||||||||
December 28, | December 29, | |||||||
2013 | 2012 | |||||||
Compensation and related expenses | $ | 51,960 | $ | 40,329 | ||||
Income taxes payable | 3,503 | 626 | ||||||
Other | 10,194 | 4,350 | ||||||
| | | | | | | | |
$ | 65,657 | $ | 45,305 | |||||
| | | | | | | | |
| | | | | | | | |
As of December 28, 2013 and December 29, 2012, approximately $40 million and $28 million of accrued bonuses for fiscal 2013 and fiscal 2012, respectively, were included above in "Compensation and related expenses". Additionally, as of December 28, 2013, CRA had obligations to issue approximately $5.0 million in forgivable loans to future employees for future service, which are included in "Other" in the table above. The $5.0 million in loans were issued, and the corresponding payments were made, in the first quarter of fiscal 2014. | ||||||||
Credit_Agreement
Credit Agreement | 12 Months Ended |
Dec. 28, 2013 | |
Credit Agreement | ' |
Credit Agreement | ' |
7. Credit Agreement | |
On April 24, 2013, CRA entered into a credit agreement that provides CRA with a $125.0 million revolving credit facility and a $15 million sublimit for the issuance of letters of credit. CRA may use the proceeds of the revolving credit loans for working capital and other general corporate purposes. CRA may repay any borrowings under the revolving credit facility at any time, but no later than April 24, 2018. Upon entering into the agreement, CRA borrowed $15.0 million under the revolving credit facility, which it used, together with cash on hand, to repay in full all indebtedness outstanding under CRA's previous credit agreement, whereupon such agreement was terminated. CRA also borrowed an additional $2.3 million during the second quarter of fiscal 2013 under the multi-currency portion of the credit agreement. There was no amount outstanding under this revolving line of credit as of December 28, 2013, as CRA repaid these borrowings before the end of the third quarter of fiscal 2013. | |
As of December 28, 2013, the amount available under this revolving line of credit was reduced by certain letters of credit outstanding, which amounted to $0.4 million. Borrowings under the revolving credit facility bear interest at a rate per annum of either (i) the adjusted base rate, as defined in the credit agreement, plus an applicable margin, which varies between 0.50% and 1.50% 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 1.50% and 2.50% 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 0.25% and 0.375% depending on its total leverage ratio. Borrowings under the 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 $6.5 million in net assets as of December 28, 2013. | |
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 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 a consolidated interest expense to adjusted consolidated EBITDA ratio of more than 2.5 to 1.0 and to comply with a consolidated debt to adjusted consolidated EBITDA ratio of not more than 3.0 to 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. | |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 28, 2013 | |
Employee Benefit Plans | ' |
Employee Benefit Plans | ' |
8. Employee Benefit Plans | |
CRA maintains qualified defined-contribution plans under Section 401(k) of the Internal Revenue Code, covering substantially all U.S. employees who meet specified age 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. Company contributions under these plans amounted to approximately $1.7 million, $1.8 million, and $2.7 million for fiscal 2013, fiscal 2012, and fiscal 2011, respectively. | |
Leases
Leases | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Leases | ' | ||||
Leases | ' | ||||
9. Leases | |||||
At December 28, 2013, CRA had the following minimum rental commitments for office space and equipment leases, all of which are under non-cancelable operating leases (in thousands): | |||||
Fiscal Year | Rental | ||||
Commitments | |||||
2014 | $ | 13,912 | |||
2015 | 8,824 | ||||
2016 | 4,038 | ||||
2017 | 1,908 | ||||
2018 | 850 | ||||
Thereafter | 17 | ||||
| | | | | |
$ | 29,549 | ||||
Future minimum rentals under sublease arrangements | (2,918 | ) | |||
| | | | | |
$ | 26,631 | ||||
| | | | | |
| | | | | |
Certain office leases contain renewal options that CRA may exercise at its discretion, which were not included in the amounts above. Rent expense was approximately $9.6 million in fiscal 2013, $12.4 million in fiscal 2012, and $13.6 million in fiscal 2011. Included in rent expense were $0.9 million and $1.0 million in restructuring charges in fiscal 2012 and fiscal 2011, respectively. There were no restructuring charges during fiscal 2013. | |||||
CRA is party to standby letters of credit with its bank in support of the minimum future lease payments under leases for office space amounting to $0.4 million as of December 28, 2013. | |||||
See Note 18 for subsequent event related to operating lease obligations. | |||||
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Net Income (Loss) Per Share | ' | ||||||||||
Net Income (Loss) Per Share | ' | ||||||||||
10. Net Income (Loss) Per Share | |||||||||||
Basic net income (loss) per share represents net income (loss) divided by the weighted average shares of common stock outstanding during the period. Diluted net income per share represents net income divided by the weighted average shares of common stock and common stock equivalents, if applicable, outstanding during the period. Common stock equivalents arise from stock options and unvested shares of restricted stock, using the treasury stock method. Under the treasury stock method, the amount CRA would receive on the exercise of stock options and the vesting of shares of restricted stock, the amount of compensation cost for future service that CRA has not yet recognized, and the amount of tax benefits that would be recorded in common stock when these stock options and shares of restricted stock become deductible are assumed to be used to repurchase shares at the average share price over the applicable fiscal period, and these repurchased shares are netted against the shares underlying these stock options and these unvested shares of restricted stock. A reconciliation of basic to diluted weighted average shares of common stock outstanding is as follows (in thousands): | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
Basic weighted average shares outstanding | 10,084 | 10,167 | 10,555 | ||||||||
Common stock equivalents: | |||||||||||
Stock options and restricted stock | 89 | — | 184 | ||||||||
| | | | | | | | | | | |
Diluted weighted average shares outstanding | 10,173 | 10,167 | 10,739 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
For fiscal 2013, fiscal 2012, and fiscal 2011, certain share-based awards, which amounted to 1,138,411, 1,947,992, and 1,045,351 shares, respectively, were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding because they were anti-dilutive. These share-based awards were anti-dilutive because their exercise price exceeded the average market price over the applicable period. Additionally, approximately 140,000 common stock equivalents were excluded from diluted weighted average shares outstanding for fiscal 2012 because they were anti-dilutive as CRA had a net loss for that period. | |||||||||||
Common_Stock
Common Stock | 12 Months Ended |
Dec. 28, 2013 | |
Common Stock | ' |
Common Stock | ' |
11. Common Stock | |
Share-Based Compensation. Approximately $2.9 million, $4.9 million, and $5.7 million of share-based compensation expense was recorded in fiscal 2013, fiscal 2012, and fiscal 2011, respectively, as an increase to common stock for share-based payment awards made to CRA's employees and directors, based on the estimated grant date fair values of stock options and shares of restricted stock vesting during the period. | |
CRA also recorded $147,000, $79,000, and $34,000 for fiscal 2013, fiscal 2012, and fiscal 2011, respectively, in shared-based compensation expense for grants to non-employee experts. | |
Restricted Share Vesting. In fiscal 2013, fiscal 2012, and fiscal 2011, 134,384, 216,528, and 164,086 shares of restricted stock vested, respectively. CRA redeemed 37,642, 69,207, and 50,724 of these shares from their holders in order to pay $0.7 million, $1.4 million, and $1.1 million, respectively, of employee tax withholdings. | |
Common Stock Repurchases and Retirements. On July 6, 2010, CRA announced that its Board of Directors approved a share repurchase program of up to $5 million of CRA's common stock. On August 30, 2011, February 22, 2012 and August 10, 2012, the Board of Directors authorized the repurchase of up to an additional $7.5 million, $4.45 million, and $5.0 million, respectively, of CRA's common stock under these programs. | |
During fiscal 2013, CRA repurchased and retired 118,968 shares of its common stock under these programs at an aggregate price of approximately $2.2 million, resulting in approximately $1.4 million available for future repurchases as of December 28, 2013. During fiscal 2012, CRA repurchased and retired 466,109 shares of its common stock under these programs at an aggregate price of approximately $9.1 million. During fiscal 2011, CRA repurchased and retired 398,372 shares of its common stock under these programs at an aggregate price of approximately $9.1 million. CRA records the retirement of its repurchased common stock as a reduction to common stock. | |
On February 13, 2014, CRA announced that its Board of Directors approved a share repurchase program of up to an additional $15.0 million of CRA's common stock. | |
During fiscal 2013, fiscal 2012, and fiscal 2011, CRA did not repurchase any shares of its common stock from non-employee experts and employees based on contractual rights of first purchase contained in their stock purchase agreement with CRA. | |
Exercise of Stock Options. During fiscal 2013, 13,389 options were exercised for $0.2 million of proceeds. During fiscal 2012, 47,185 options were exercised for $0.6 million of proceeds. During fiscal 2011, 47,009 options were exercised for $0.6 million of proceeds. | |
Tax Deficit on Stock Option Exercises and Restricted Share Vesting. CRA recorded tax deficits on stock options exercises and vesting of shares of restricted stock as a decrease to common stock in fiscal 2013, fiscal 2012, and fiscal 2011, totaling $0.3 million, $0.6 million, and $0.6 million, respectively. | |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
12. Share-Based Compensation | |||||||||||||||||
CRA recorded $2.9 million, $4.9 million, and $5.7 million of compensation expense for fiscal 2013, fiscal 2012, and fiscal 2011, respectively, for share-based awards consisting of stock options, shares of restricted stock and time-vesting restricted stock units issued to employees and directors based on their respective estimated grant date fair values. Compensation expense also includes performance-vesting restricted stock units issued to employees that are accounted for under variable accounting in accordance with ASC Topic 718. | |||||||||||||||||
Compensation expense, net of tax, was $1.9 million, $3.0 million, and $3.5 million in fiscal 2013, fiscal 2012, and fiscal 2011, respectively, for share-based awards made to CRA's employees and directors consisting of stock options, shares of restricted stock, and time-vesting restricted stock units issued to employees and directors based on their respective estimated grant date fair values and for performance-vesting restricted stock units issued to employees that are accounted for under variable accounting. | |||||||||||||||||
In addition, CRA recorded $87,000, $47,000, and $20,000 of share-based compensation expense, net of tax, during fiscal 2013, fiscal 2012, and fiscal 2011, respectively, for share-based awards consisting of stock options and shares of restricted stock issued to non-employees (other than directors). | |||||||||||||||||
The weighted average fair market value using the Black-Scholes option-pricing model of the stock options granted in fiscal 2013, and fiscal 2011 was $7.77 and $10.01, respectively. There were no stock options granted during fiscal 2012. The fair market value of the stock options at the date of grant was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||
2013 | 2011 | ||||||||||||||||
Risk-free interest rate | 1.4 | % | 1 | % | |||||||||||||
Expected volatility | 47 | % | 54 | % | |||||||||||||
Weighted average expected life (in years) | 5 | 5 | |||||||||||||||
Expected dividends | — | — | |||||||||||||||
The risk-free interest rate is based on U.S. Treasury interest rates whose term is 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 not considered in the option-pricing formula because CRA does not pay dividends and has no current plans to do so in the future. The forfeiture rate used was based upon historical experience. CRA may adjust the estimated forfeiture rate based upon actual experience. | |||||||||||||||||
CRA maintains share-based compensation plans that use restricted stock, stock options, restricted stock units, as well as an employee stock purchase plan, to provide incentives to its directors, employees and independent contractors. | |||||||||||||||||
CRA's Amended and Restated 2006 Equity Incentive Plan, as amended (the "2006 Incentive Plan"), authorizes the grant of a variety of incentive and performance awards to CRA's directors, employees and independent contractors, including incentive stock options, nonqualified stock options, restricted stock awards, restricted stock unit awards, performance awards and other share-based awards. Each share of CRA's common stock issued pursuant to an award (other than a stock option) granted under the 2006 Incentive Plan on or after April 30, 2010 counts as 1.83 shares against the maximum number of shares issuable under the plan, as does any restricted stock unit or other performance award granted under the plan on or after April 30, 2010 to the extent that shares of CRA's common stock were or will be used for measurement purposes. This "fungibility ratio" with respect to shares of CRA's common stock issued pursuant to awards (other than stock options) granted under the plan, as well as restricted stock unit and other performance awards granted under the plan to the extent that shares of CRA's common stock are used for measurement purposes, was 2.2 for grants made on or after March 12, 2008 and before April 30, 2010 and 1.8 for grants made before March 12, 2008. The maximum number of shares issuable under the 2006 Incentive Plan is 4,874,000, consisting of (1) 500,000 shares initially reserved for issuance under the 2006 Incentive Plan, (2) 1,000,000 shares that either remained for future awards under our 1998 Incentive and Nonqualified Stock Option Plan (the "1998 Plan") on April 21, 2006, the date CRA's shareholders initially approved the 2006 Incentive Plan, or were subject to stock options issued under the 1998 Plan that were forfeited or terminated after April 21, 2006, (3) 210,000 shares approved by CRA's shareholders in 2008, (4) 1,464,000 shares approved by CRA's shareholders in 2010, and (5) the 1,700,000 shares that CRA has determined to use of the 2,500,000 shares approved by CRA's shareholders in 2012. | |||||||||||||||||
During fiscal 2009, CRA implemented a long-term incentive program ("LTIP") for certain key employees. Under this program, participants may receive a mixture of stock options, restricted stock units, and performance-vesting restricted stock units. The program is designed to reward key employees and provide participants the opportunity to share in the long-term growth of CRA. CRA has granted options, restricted stock units, and performance-vesting restricted stock units under this program during fiscal 2009 through fiscal 2013, except fiscal 2012. The awards were granted under the 2006 Incentive Plan and are included in the discussion below. The following is a rollforward of the maximum number of shares issuable under the 2006 Incentive Plan as of December 28, 2013: | |||||||||||||||||
Actual | Shares Using | ||||||||||||||||
Shares | Fungibility Ratio | ||||||||||||||||
Maximum shares of common stock issuable under the 2006 Incentive Plan | 4,874,000 | ||||||||||||||||
Restricted shares or units granted/reserved through March 12, 2008 | 471,827 | (849,289 | ) | ||||||||||||||
Restricted shares or units granted/reserved from March 12, 2008 to April 29, 2010 | 352,932 | (776,450 | ) | ||||||||||||||
Restricted shares or units granted/reserved on or after April 30, 2010 | 1,196,776 | (2,190,100 | ) | ||||||||||||||
Cancellation of restricted shares or units through March 12, 2008 | 91,277 | 164,299 | |||||||||||||||
Cancellation of restricted shares or units from March 12, 2008 to April 29, 2010 | 91,964 | 202,321 | |||||||||||||||
Cancellation of restricted shares or units on or after April 30, 2010 | 302,374 | 553,345 | |||||||||||||||
Options granted | (916,118 | ) | |||||||||||||||
Options cancelled | 183,208 | ||||||||||||||||
Options forfeited | 10,000 | ||||||||||||||||
| | | | | | | | ||||||||||
Shares available for grant under the 2006 Incentive Plan | 1,255,216 | ||||||||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
Under the 1998 Plan, 3,839,216 options to purchase shares have been granted. With the adoption of the 2006 Incentive Plan, no new options will be granted under the 1998 Plan. Under the terms of the 1998 Plan, options have been granted at an exercise price equal to the fair market value of the shares of common stock at the date of grant. Vesting terms were determined at the discretion of the Board of Directors and generally range from immediate vesting to vesting at various rates up to five years. In general, stock options terminate 7 to 10 years after the date of grant. | |||||||||||||||||
In addition, under CRA's 2004 Nonqualified Inducement Stock Option Plan, options to purchase 359,420 shares have been granted. With the adoption of the 2006 Incentive Plan, no new stock options will be granted under the 2004 Nonqualified Inducement Stock Option Plan. | |||||||||||||||||
Under CRA's 2009 Nonqualified Inducement Stock Option Plan, options to purchase 200,000 shares have been granted. There are a maximum of 250,000 shares available for issuance pursuant to stock option grants under the 2009 Nonqualified Inducement Stock Option Plan. There are an additional 50,000 stock options available for grant under this plan. Each stock option vests over four years, has a term of seven years, and an exercise price equal to $50.00 per share. | |||||||||||||||||
A summary of option activity from all plans is as follows: | |||||||||||||||||
Options | Weighted | Weighted Average | Aggregate | ||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Price | Term | ||||||||||||||||
(in thousands) | |||||||||||||||||
Outstanding at December 29, 2012 | 1,169,478 | $ | 32.33 | ||||||||||||||
Fiscal 2013: | |||||||||||||||||
Granted | 262,463 | 18.48 | |||||||||||||||
Exercised | (13,389 | ) | 15.44 | ||||||||||||||
Forfeited | (126,203 | ) | 24.84 | ||||||||||||||
| | | | | | | | | | | | | | ||||
Outstanding at December 28, 2013 | 1,292,349 | 30.43 | 3.38 | $ | 585 | ||||||||||||
| | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | ||||
Options exercisable at December 28, 2013 | 890,671 | $ | 35.28 | 2.15 | $ | — | |||||||||||
| | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | ||||
The aggregate intrinsic value of stock options exercised in fiscal 2013, fiscal 2012, and fiscal 2011 was approximately $0.1 million, $0.4 million, and $0.6 million, respectively. The following table summarizes stock options outstanding and stock options exercisable as of December 28, 2013: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number | Weighted-Average | Weighted-Average | Number | Weighted-Average | ||||||||||||
Outstanding at | Remaining | Exercise | Exercisable | Exercise | |||||||||||||
December 28, | Contractual | Price | at December 28, | Price | |||||||||||||
2013 | Life (years) | 2013 | |||||||||||||||
$18.48 | 262,463 | 6.9 | $ | 18.48 | — | $ | — | ||||||||||
$18.49 - 22.81 | 350,385 | 4.39 | $ | 21.67 | 217,170 | $ | 21.62 | ||||||||||
$22.82 - 29.07 | 116,062 | 2.53 | $ | 25.05 | 110,062 | $ | 25.05 | ||||||||||
$29.08 - 32.09 | 53,502 | 0.35 | $ | 32 | 53,502 | $ | 32 | ||||||||||
$32.10 - 32.26 | 148,623 | 0.37 | $ | 32.26 | 148,623 | $ | 32.26 | ||||||||||
$32.27 - 48.85 | 70,250 | 1.41 | $ | 39.65 | 70,250 | $ | 39.65 | ||||||||||
$48.86 - 50.00 | 150,000 | 2.52 | $ | 50 | 150,000 | $ | 50 | ||||||||||
$50.01 - 53.72 | 141,064 | 1.2 | $ | 50.87 | 141,064 | $ | 50.87 | ||||||||||
| | | | | | | | | | | | | | | | | |
Total | 1,292,349 | 3.38 | $ | 30.43 | 890,671 | $ | 35.28 | ||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
The following table summarizes the status of CRA's non-vested stock options since December 29, 2012: | |||||||||||||||||
Non-vested Options | |||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Non-vested at December 29, 2012 | 301,576 | $ | 8.89 | ||||||||||||||
Granted | 262,463 | 7.77 | |||||||||||||||
Vested | (148,616 | ) | 8.82 | ||||||||||||||
Forfeited | (13,745 | ) | 9.7 | ||||||||||||||
| | | | | | | | ||||||||||
Non-vested at December 28, 2013 | 401,678 | $ | 8.16 | ||||||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
The total fair value of stock options that vested during fiscal 2013, fiscal 2012, and fiscal 2011 was $1.3 million, $1.5 million, and $1.1 million, respectively. As of December 28, 2013, there was $3.0 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 2.9 years. | |||||||||||||||||
CRA grants restricted stock and time-vesting restricted stock unit awards, which are subject to the execution of a restricted stock agreement or restricted stock unit agreement, as applicable. Generally, shares of restricted stock and 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 restricted stock and time-vesting restricted stock unit awards as of December 28, 2013 was $4.7 million, which is expected to be recognized over a weighted-average period of 2.8 years. | |||||||||||||||||
The following table summarizes the status of CRA's non-vested restricted stock and time-vesting restricted stock unit awards since December 29, 2012: | |||||||||||||||||
Non-vested | |||||||||||||||||
Restricted Stock and Stock | |||||||||||||||||
Units | |||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Non-vested at December 29, 2012 | 299,133 | $ | 22.49 | ||||||||||||||
Granted | 155,403 | 18.5 | |||||||||||||||
Vested | (134,384 | ) | 22.73 | ||||||||||||||
Forfeited | (11,114 | ) | 22.14 | ||||||||||||||
| | | | | | | | ||||||||||
Non-vested at December 28, 2013 | 309,038 | $ | 20.39 | ||||||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
As of December 28, 2013, there were 175,277 vested shares outstanding that include a right of first refusal provision in favor of CRA. As of December 28, 2013, there were 236,062 stock options exercisable that include this right of first refusal provision. | |||||||||||||||||
Performance share awards are valued based on the fair value of CRA's stock as of the grant date and expense is recognized based on the number of shares expected to vest under the terms of the award under which they are granted. As of December 28, 2013, up to approximately 219,000 shares will become issuable under performance share awards upon achievement of certain financial performance goals, including revenue and profits, for a measurement period falling within the first quarter of fiscal 2014 through the fourth quarter of fiscal 2015. | |||||||||||||||||
CRA adopted its 1998 Employee Stock Purchase Plan. The Stock Purchase Plan 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 Stock Purchase Plan. In fiscal 2013, fiscal 2012, and fiscal 2011, there were no offering periods under the Stock Purchase Plan and no shares were issued. | |||||||||||||||||
Business_Segment_and_Geographi
Business Segment and Geographic Information | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Business Segment and Geographic Information | ' | ||||||||||
Business Segment and Geographic Information | ' | ||||||||||
13. Business Segment and Geographic Information | |||||||||||
CRA operates in one business segment, which is consulting services. Revenue and long-lived assets by country, based on the physical location of the operation to which the revenues or the assets relate, are as follows (in thousands): | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(52 weeks) | (52 weeks) | (52 weeks) | |||||||||
Revenue: | |||||||||||
United States | $ | 216,815 | $ | 207,779 | $ | 224,661 | |||||
United Kingdom | 46,987 | 51,059 | 58,426 | ||||||||
Other | 14,630 | 11,552 | 22,141 | ||||||||
| | | | | | | | | | | |
Total foreign | 61,617 | 62,611 | 80,567 | ||||||||
| | | | | | | | | | | |
$ | 278,432 | $ | 270,390 | $ | 305,228 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
December 28, | December 29, | ||||||||||
2013 | 2012 | ||||||||||
Long-lived assets (property and equipment, net): | |||||||||||
United States | $ | 13,657 | $ | 15,442 | |||||||
United Kingdom | 1,911 | 2,452 | |||||||||
Other | 87 | 86 | |||||||||
| | | | | | | | ||||
Total foreign | 1,998 | 2,538 | |||||||||
| | | | | | | | ||||
$ | 15,655 | $ | 17,980 | ||||||||
| | | | | | | | ||||
| | | | | | | | ||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | ' | ||||||||||
14. Income Taxes | |||||||||||
The components of income (loss) before (provision) benefit for income taxes are as follows (in thousands): | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(52 weeks) | (52 weeks) | (52 weeks) | |||||||||
Income (loss) before (provision) benefit for income taxes: | |||||||||||
U.S. | $ | 13,659 | $ | (27,290 | ) | $ | 26,150 | ||||
Foreign | 4,259 | (30,733 | ) | 1,933 | |||||||
| | | | | | | | | | | |
Total | $ | 17,918 | $ | (58,023 | ) | $ | 28,083 | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The components of income tax provision (benefit) have been recorded in CRA's financial statements as follows (in thousands): | |||||||||||
Fiscal Year | Fiscal Year | Transition | |||||||||
Period | |||||||||||
2013 | 2012 | 2011 | |||||||||
(52 weeks) | (52 weeks) | (52 weeks) | |||||||||
Income tax provision (benefit) | $ | 6,683 | $ | (5,180 | ) | $ | 11,138 | ||||
Tax deficit on stock option exercises and restricted share vesting charged directly to common stock | 254 | 576 | 639 | ||||||||
| | | | | | | | | | | |
$ | 6,937 | $ | (4,604 | ) | $ | 11,777 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The provision (benefit) for income taxes consists of the following (in thousands): | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(52 weeks) | (52 weeks) | (52 weeks) | |||||||||
Currently payable: | |||||||||||
Federal | $ | 1,241 | $ | 3,637 | $ | 15,964 | |||||
Foreign | 1,264 | 50 | 309 | ||||||||
State | 254 | 1,015 | 3,604 | ||||||||
| | | | | | | | | | | |
2,759 | 4,702 | 19,877 | |||||||||
Deferred: | |||||||||||
Federal | 3,592 | (8,163 | ) | (6,829 | ) | ||||||
Foreign | (238 | ) | 21 | (286 | ) | ||||||
State | 570 | (1,740 | ) | (1,624 | ) | ||||||
| | | | | | | | | | | |
$ | 3,924 | $ | (9,882 | ) | $ | (8,739 | ) | ||||
| | | | | | | | | | | |
$ | 6,683 | $ | (5,180 | ) | $ | 11,138 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
A reconciliation of CRA's tax rates with the federal statutory rate is as follows: | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
Federal statutory rate | 35 | % | (35.0 | )% | 35 | % | |||||
State income taxes, net of federal income tax benefit | 4.4 | (1.3 | ) | 7 | |||||||
Goodwill impairment | — | 20.6 | — | ||||||||
Foreign losses benefited | (2.8 | ) | (0.1 | ) | (3.0 | ) | |||||
Losses not benefited | 0.3 | 4.2 | — | ||||||||
Foreign rate differential | (0.4 | ) | 2.1 | 0.9 | |||||||
Foreign tax credit | (0.1 | ) | (0.5 | ) | (1.4 | ) | |||||
Uncertain tax positions | (2.1 | ) | — | — | |||||||
Impact of NeuCo's tax provision charges | 1.5 | 0.1 | 1.2 | ||||||||
Permanently disallowed expenses | 1.6 | 1 | 1.5 | ||||||||
Other | (0.1 | ) | — | (1.5 | ) | ||||||
| | | | | | | | | | | |
37.3 | % | (8.9 | )% | 39.7 | % | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The components of CRA's deferred tax assets (liabilities) are as follows (in thousands): | |||||||||||
December 28, | December 29, | ||||||||||
2013 | 2012 | ||||||||||
Deferred tax assets: | |||||||||||
Accrued compensation and related expense | $ | 21,064 | $ | 16,743 | |||||||
Tax basis in excess of financial basis of net accounts receivable | 2,363 | 2,382 | |||||||||
Net operating loss carryforwards | 5,421 | 6,682 | |||||||||
Tax basis in excess of financial basis of fixed assets | 1,489 | 978 | |||||||||
Excess tax over book amortization | — | 5,926 | |||||||||
Accrued expenses and other | 902 | 2,565 | |||||||||
| | | | | | | | ||||
Total gross deferred tax assets | 31,239 | 35,276 | |||||||||
Less: valuation allowance | (6,101 | ) | (7,287 | ) | |||||||
| | | | | | | | ||||
Total deferred tax assets net of valuation allowance | 25,138 | 27,989 | |||||||||
Deferred tax liabilities: | |||||||||||
Tax basis in excess of financial basis of debentures | 5,024 | 6,371 | |||||||||
Excess book over tax amortization | 2,938 | — | |||||||||
| | | | | | | | ||||
Total deferred tax liabilities | 7,962 | 6,371 | |||||||||
| | | | | | | | ||||
Net deferred tax assets | $ | 17,176 | $ | 21,618 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
In general, a valuation allowance is recorded against deferred tax assets because CRA's management believes, after considering the available evidence, that it is more likely than not that the assets will not be realized. Reductions in valuation allowances are a result of management's consideration of historical profitability, future expected results and the nature of the related deferred tax assets. The net change in the total valuation allowance for fiscal 2013 was a decrease of approximately $1.2 million compared to fiscal 2012. The $1.2 million decrease was related to the recording of a $1.4 million increase to a deferred tax liability in fiscal 2013 associated with goodwill and a corresponding decrease to valuation allowance and to the utilization of $0.6 million of certain prior net operating losses, offset partially by additional valuation allowances recorded against certain net deferred assets including foreign net operating losses of $0.4 million and NeuCo net operating losses of $0.4 million. The net change in the total valuation allowance for fiscal 2012 was an increase of approximately $2.3 million compared to fiscal 2011. The net change was related to the recording of additional valuation allowances against certain foreign net deferred assets including foreign net operating losses of $2.5 million reduced by the utilization of $0.2 million of certain prior net operating losses. The ultimate realization of deferred tax assets that continue to be subject to valuation allowances is dependent upon the generation of future taxable income during the periods and in the tax jurisdictions in which those temporary differences become deductible. | |||||||||||
At December 28, 2013 CRA had $11.8 million of foreign net operating loss carry forwards and $0.4 million in U.S. state net operating loss carryforwards. NeuCo has net operating loss carryforwards for U.S. federal and U.S. state tax purposes of $6.1 million which are subject to a full valuation allowance and begin to expire in 2021. NeuCo files a separate U.S. federal tax return and none of its losses are available to offset CRA's consolidated taxable income. The foreign operating losses have an indefinite life, except for $0.2 million that will begin to expire in 2016. | |||||||||||
The aggregate changes in the balances of gross unrecognized tax benefits were as follows (in thousands): | |||||||||||
December 28, | December 29, | ||||||||||
2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 3,032 | $ | 943 | |||||||
Additions for tax positions taken during prior years | 372 | 2,344 | |||||||||
Settlements with tax authorities | (3,032 | ) | (255 | ) | |||||||
| | | | | | | | ||||
Balance at end of the period | $ | 372 | $ | 3,032 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
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 2013, CRA had $67,000 of interest on its unrecognized tax benefit balance. CRA reports accrued interest and penalties related to unrecognized tax benefits in income tax expense. Settlement of any particular position could require the use of cash. Of the total $372,000 balance at the end of fiscal 2013, a favorable resolution would result in $47,000 being recognized as a reduction to the effective income tax rate in the period of resolution. It is reasonably likely that $47,000 of unrecognized tax benefits will reverse within the next twelve months. | |||||||||||
The number of years with open tax audits varies depending on the tax jurisdiction. CRA's major taxing jurisdiction is the United States. CRA is no longer subject to U.S. federal examinations by the Internal Revenue Service for years before fiscal 2012. 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 2011. 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 from its foreign subsidiaries of approximately $3.2 million as of December 28, 2013 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. | |||||||||||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 28, 2013 | |
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 $6.1 million, $5.4 million, and $7.3 million in fiscal 2013, fiscal 2012, and fiscal 2011, respectively. These payments were to exclusive non-employee experts for consulting services performed for CRA's clients in the ordinary course of business. | |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Restructuring Charges | ' | ||||||||||
Restructuring Charges | ' | ||||||||||
16. Restructuring Charges | |||||||||||
CRA did not incur any restructuring charges during fiscal 2013. | |||||||||||
During fiscal 2012, CRA incurred pre-tax restructuring expenses of $6.7 million, of which approximately $5.4 million was for termination benefits, facility-related charges, asset write-downs and other charges in connection with the plan committed to by CRA's management during the third quarter of fiscal 2012 to eliminate and restructure selected practice areas and reduce selling, general and administrative costs. In connection with this plan, CRA eliminated its Chemicals practice and closed its Middle East operations. These restructuring actions, along with the repositioning of other select underperforming practice areas, resulted in the reduction of more than 60 consulting positions. Commensurate with these consulting staff reductions, CRA also took significant actions to lower its selling, general and administrative costs by reducing CRA's administrative staff, eliminating excess office space capacity, better rationalizing remaining office space, and lowering administrative spending, particularly related to outside contractors and professional fees. These restructuring actions were designed to intensify the focus of CRA's portfolio, increase the cohesiveness of its services and improve its margins and profitability. The majority of these actions occurred during the third quarter of fiscal 2012, and the remainder was completed during the fourth quarter of fiscal 2012. | |||||||||||
Additionally, during fiscal 2012, CRA entered into an agreement with the landlord of its London, England office to surrender the lease of one of the three floors it leased in the office building in London. Under this agreement, CRA surrendered its lease of this floor on June 30, 2012, instead of on the lease's original termination date of October 2, 2016, and paid the landlord approximately $1.2 million in connection with the surrender. In connection with this surrender, CRA incurred pre-tax restructuring charges of $1.7 million, which included the $1.2 million surrender charge and approximately $0.5 million of fixed asset write-offs and other charges or offsets. During fiscal 2012, CRA also recorded pre-tax restructuring credits of approximately $0.4 million related primarily to adjustments to its leased office space in Houston, TX and Chicago, IL.Of the $6.7 million of restructuring charges recorded during fiscal 2012, approximately $3.8 million was charged to cost of sales, $1.5 million was charged to selling, general and administrative expenses, and $1.4 million was charged to depreciation and amortization expense. | |||||||||||
The restructuring expenses and reserve balance are as follows as of December 28, 2013 and December 29, 2012 (in thousands): | |||||||||||
Office | Employee | Total | |||||||||
Vacancies | Workforce | Restructuring | |||||||||
Reduction | |||||||||||
Balance at December 31, 2011 | $ | 3,737 | $ | — | $ | 3,737 | |||||
Charges incurred during fiscal 2012 | 2,110 | 4,618 | 6,728 | ||||||||
Amounts paid, net of amounts received, during fiscal 2012 | (3,514 | ) | (3,718 | ) | (7,232 | ) | |||||
Non-cash adjustments and effect of foreign currency translation during fiscal 2012 | (227 | ) | (27 | ) | (254 | ) | |||||
| | | | | | | | | | | |
Balance at December 29, 2012 | $ | 2,106 | $ | 873 | $ | 2,979 | |||||
Charges incurred during fiscal 2013 | — | — | — | ||||||||
Amounts paid, net of amounts received, during fiscal 2013 | (759 | ) | (729 | ) | (1,488 | ) | |||||
Non-cash adjustments and effect of foreign currency translation during fiscal 2013 | (177 | ) | (144 | ) | (321 | ) | |||||
| | | | | | | | | | | |
Balance at December 28, 2013 | $ | 1,170 | $ | — | $ | 1,170 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The $1.2 million restructuring liability as of December 28, 2013 is expected to be paid during the period from fiscal 2014 through the third quarter of fiscal 2015. | |||||||||||
On the accompanying balance sheet as of December 28, 2013, the reserve balance of $1.2 million was classified as follows: $0.8 million in "current portion of deferred rent" and $0.4 million in "deferred rent and other non-current liabilities". | |||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||
17. Quarterly Financial Data (Unaudited) | ||||||||||||||
Quarter Ended | ||||||||||||||
March 30, | June 29, | September 28, | December 28, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
(In thousands, except per share data) | ||||||||||||||
Revenues | $ | 63,130 | $ | 65,203 | $ | 74,427 | $ | 75,672 | ||||||
Gross profit | 21,115 | 20,161 | 23,850 | 24,044 | ||||||||||
Income from operations | 3,774 | 3,170 | 6,114 | 5,459 | ||||||||||
Income before provision for income taxes | 3,377 | 3,368 | 5,952 | 5,221 | ||||||||||
Net income | 2,835 | 1,351 | 3,333 | 3,716 | ||||||||||
Net (income) loss attributable to noncontrolling interest, net of tax | 134 | 58 | (63 | ) | 6 | |||||||||
Net income attributable to CRA International, Inc. | 2,969 | 1,409 | 3,270 | 3,722 | ||||||||||
Basic net income per share | $ | 0.3 | $ | 0.14 | $ | 0.32 | $ | 0.37 | ||||||
Diluted net income per share | $ | 0.29 | $ | 0.14 | $ | 0.32 | $ | 0.37 | ||||||
Weighted average number of shares outstanding: | ||||||||||||||
Basic | 9,994 | 10,100 | 10,093 | 10,071 | ||||||||||
Diluted | 10,084 | 10,188 | 10,192 | 10,148 | ||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 29, | December 29, | |||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||
(In thousands, except per share data) | ||||||||||||||
Revenues | $ | 69,132 | $ | 67,813 | $ | 65,912 | $ | 67,533 | ||||||
Gross profit | 22,645 | 22,365 | 19,737 | 23,262 | ||||||||||
Income (loss) from operations | 3,306 | 2,808 | 1,035 | (64,959 | ) | |||||||||
Income (loss) before (provision) benefit for income taxes | 3,253 | 2,695 | 1,016 | (64,987 | ) | |||||||||
Net income (loss) | 436 | 773 | (706 | ) | (53,346 | ) | ||||||||
Net (income) loss attributable to noncontrolling interest, net of tax | 83 | (54 | ) | (38 | ) | (138 | ) | |||||||
Net income (loss) attributable to CRA International, Inc. | 519 | 719 | (744 | ) | (53,484 | ) | ||||||||
Basic net income (loss) per share | $ | 0.05 | $ | 0.07 | $ | (0.07 | ) | $ | (5.33 | ) | ||||
Diluted net income (loss) per share | $ | 0.05 | $ | 0.07 | $ | (0.07 | ) | $ | (5.33 | ) | ||||
Weighted average number of shares outstanding: | ||||||||||||||
Basic | 10,316 | 10,242 | 10,084 | 10,027 | ||||||||||
Diluted | 10,493 | 10,381 | 10,084 | 10,027 | ||||||||||
Earnings per share is calculated for each period, and the sum of the four quarters may not equal the full year amount. | ||||||||||||||
Compensation_Arrangements
Compensation Arrangements | 12 Months Ended |
Dec. 28, 2013 | |
Compensation Arrangements | ' |
Compensation Arrangements | ' |
18. Compensation Arrangements | |
In connection with an acquisition completed in fiscal 2013, CRA agreed to pay incentive performance awards to certain non-employee experts and employees of the acquired business, if specific performance targets are met from June 2013 through May 2017. Retention of amounts paid is contingent on their continued relationships with CRA through May 2019. The amount of the award could fluctuate depending on future performance through May 2017. Changes in the estimated award are expensed prospectively over the remaining service period. | |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 28, 2013 | |
Subsequent Event | ' |
Subsequent Event | ' |
19. Subsequent Event | |
On February 24, 2014, CRA entered into a new lease with BP Hancock LLC, as landlord, for the 9th and 10th floors (a total of 57,602 square feet) of the same office building at 200 Clarendon Street, Boston, Massachusetts in which CRA's Boston offices are currently located. The lease's base term will expire ten years from the date that CRA begins paying fixed rent under the lease and, subject to certain conditions, will be extendible by CRA for two five-year periods. The annual fixed rent for this office space (which does not include customary operating costs and expenses) will be $42 per square foot, or $2.4 million, for the first year of the lease's base term and will increase at the rate of $1.00 per square foot during the remainder of the lease's base term. The lease gives CRA a right of first refusal to rent certain additional office space in the office building if it becomes available. The performance of our obligations under the lease is secured by a $1 million letter of credit. | |
Concurrently with our entering into this new lease, CRA also entered into an amendment of its existing lease with BP Hancock LLC, as landlord, for the office space it currently rents in the office building described above, which currently expires on March 31, 2015. Except with respect to 25,099 square feet of office space covered by this lease, the amendment either extends the term of this lease to, or if prior to March 31, 2015 terminates this lease on, the day prior to the date that CRA begins paying fixed rent under the new lease described above. If the term of the existing lease is extended, the amendment provides that the base rent payable under this lease during the extension period will be $2.4 million per year. | |
CRA currently expects that the term of the new lease will commence, and the relocation of its Boston offices to the 9th and 10th floors of the office building at 200 Clarendon Street, Boston, Massachusetts will occur, sometime in the second quarter of fiscal 2015. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Fiscal Year | ' | ||||||||||
Fiscal Year | |||||||||||
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 2013, fiscal 2012, and fiscal 2011 were 52-week years. | |||||||||||
Principles of Consolidation | ' | ||||||||||
Principles of Consolidation | |||||||||||
The consolidated financial statements include the accounts of CRA and its wholly owned subsidiaries. In addition, as more fully explained below, the consolidated financial statements include CRA's interest in NeuCo, Inc. ("NeuCo"). All significant intercompany accounts have been eliminated. | |||||||||||
NeuCo Interest | ' | ||||||||||
NeuCo Interest | |||||||||||
CRA's ownership interest in NeuCo is 55.89%. CRA's ownership interest has constituted control under GAAP for all periods presented. Therefore, NeuCo's financial results have been consolidated with CRA's and the portion of NeuCo's results allocable to its other owners is shown as "noncontrolling interest." NeuCo's revenues included in the CRA's consolidated statements of operations for fiscal 2013, fiscal 2012, and fiscal 2011 totaled approximately $5.1 million, $5.5 million, and $6.2 million, respectively. NeuCo's net loss included in CRA's consolidated statements of operations for fiscal 2013 was approximately $0.3 million. NeuCo's net income included in CRA's consolidated statements of operations for fiscal 2012 and fiscal 2011 was approximately $0.3 million and $0.2 million, respectively. NeuCo's net loss, net of amounts allocable to its other owners, included in CRA's consolidated statements of operations for fiscal 2013 was approximately $0.2 million. NeuCo's net income, net of amounts allocable to its other owners, included in CRA's consolidated statements of operations for fiscal 2012 and fiscal 2011 was approximately $0.2 million and $0.1 million, respectively. NeuCo's interim reporting schedule is based on calendar month-ends, and its fiscal year end is the last Saturday of November. CRA's quarterly results could include a few days reporting lag between CRA's quarter end and the most recent financial statements available from NeuCo. CRA does not believe that the reporting lag, if any, will have a significant impact on CRA's consolidated statements of operations or financial condition. | |||||||||||
Estimates | ' | ||||||||||
Estimates | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make significant estimates and judgments that affect the reported amounts of assets and liabilities, and 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, accounts and unbilled receivable allowances, revenue recognition on fixed price contracts, depreciation of property and equipment, share-based compensation, valuation of acquired intangible assets, impairment of long lived assets and goodwill, accrued and deferred income taxes, valuation allowances on deferred tax assets, accrued compensation, accrued exit costs, and 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. | |||||||||||
Revenue Recognition | ' | ||||||||||
Revenue Recognition | |||||||||||
CRA derives substantially all of its revenues from the performance of professional services. The contracts that CRA enters into and operates under specify whether the engagement will be billed on a time-and-materials or a fixed-price basis. These engagements generally last three to six months, although some of CRA's engagements can be much longer in duration. Each contract must be approved by one of CRA's vice presidents. | |||||||||||
CRA recognizes substantially all of its revenues under written service contracts with its clients when the fee is fixed or determinable, as the services are provided, and only in those situations where collection from the client is reasonably assured and sufficient contractual documentation has been obtained. In certain cases CRA provides services to its clients without sufficient contractual documentation, or fees are tied to performance-based criteria, which require CRA to defer revenue in accordance with U.S. GAAP. In these cases, these amounts are fully reserved until all criteria for recognizing revenue are met. | |||||||||||
CRA's revenues include projects secured by our non-employee experts as well as projects secured by our employees. CRA recognizes 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. | |||||||||||
Most of CRA's revenue is derived from time-and-materials service contracts. Revenues from time-and-materials service contracts are recognized as services are provided based upon hours worked and contractually agreed-upon hourly rates, as well as indirect fees based upon hours worked. | |||||||||||
Revenues from the majority of CRA's fixed-price engagements are 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. CRA derived approximately 13%, 15%, and 22% of consolidated revenues from fixed-price engagements in fiscal 2013, fiscal 2012, and fiscal 2011, respectively. In general, project costs are classified as costs of services and are 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 us by our non-employee experts. The proportional performance method is used because reasonably dependable estimates of the revenues and costs applicable to various stages of a contract can be made, based on historical experience and the terms set forth in the contract, and are indicative of the level of benefit provided to CRA's clients. Fixed-price contracts generally convert to time-and-materials contracts in the event the contract terminates. CRA's management maintains contact with project managers to discuss the status of the projects and, for fixed-price engagements, management is updated on the budgeted costs and resources required to complete the project. These budgets are then used to calculate revenue recognition and to estimate the anticipated income or loss on the project. Occasionally, CRA has been required to commit unanticipated additional resources to complete projects, which has resulted in lower than anticipated income or losses on those contracts. CRA may experience similar situations in the future. Provisions for estimated losses on contracts are made during the period in which such losses become probable and can be reasonably estimated. To date, such losses have not been significant. | |||||||||||
Revenues also include reimbursable expenses, which include travel and other out-of-pocket expenses, outside consultants, and other reimbursable expenses. Reimbursable expenses are as follows (in thousands): | |||||||||||
Year Ended | Year Ended | Year Ended | |||||||||
December 28, | December 29, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
(52 weeks) | (52 weeks) | (52 weeks) | |||||||||
Reimbursable expenses | $ | 37,320 | $ | 33,530 | $ | 39,722 | |||||
CRA maintains accounts receivable allowances for estimated losses and disputed amounts resulting from clients' failure to make required payments. CRA bases its estimates on historical collection experience, current trends, and credit policy. In determining these estimates, CRA examines historical write-offs of its receivables and reviews client accounts to identify any specific customer collection issues. If the financial condition of CRA's customers were to deteriorate or disputes were to arise regarding the services provided, resulting in an impairment of their ability or intent to make payment, additional allowances may be required. | |||||||||||
Unbilled services represent revenue recognized by CRA for services performed but not yet billed to the client. Deferred revenue represents amounts billed or collected in advance of services rendered. | |||||||||||
CRA collects goods and services and value added taxes from customers and records these amounts on a net basis, which is within the scope of ASC Topic 605-45, Principal Agent Considerations. | |||||||||||
Cash Equivalents | ' | ||||||||||
Cash Equivalents | |||||||||||
Cash equivalents consist principally of money market funds and commercial paper with maturities of three months or less when purchased. As of December 28, 2013, a substantial portion of CRA's cash accounts was concentrated at a single financial institution, which potentially exposes CRA to credit risks. The financial institution has a short-term credit rating 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 institution and the cash on deposit is fully liquid. CRA continually monitors the credit ratings of the institution. | |||||||||||
The carrying amounts of these instruments classified as cash equivalents are stated at amortized cost, which approximates fair value because of their short-term maturity. | |||||||||||
Fair Value of Financial Instruments | ' | ||||||||||
Fair Value of Financial Instruments | |||||||||||
CRA's financial instruments, including cash, cash equivalents, accounts receivable, loans and advances from employees and non-employee experts, 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. | |||||||||||
Goodwill | ' | ||||||||||
Goodwill | |||||||||||
In accordance with ASC Topic 350, "Intangibles—Goodwill and Other", goodwill is not subject to amortization, but is monitored at least annually 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 the CRA's goodwill impairment analysis, CRA operates under one reporting unit. Under ASC Topic 350, in performing the first step of the goodwill impairment testing and measurement process, CRA compares its entity-wide estimated fair value to net book value to identify potential impairment. Management estimates the entity-wide fair value utilizing CRA's market capitalization, plus an appropriate control premium. Market capitalization is determined by multiplying the shares outstanding on the test date by the market price of CRA's common stock on that date. CRA has utilized a control premium which considers appropriate industry, market and other pertinent factors, including indications of such premiums from data on recent acquisition transactions. If the fair value of CRA is less than its net book value, the second step is performed to determine if goodwill is impaired. If CRA determines through the impairment evaluation process that goodwill has been impaired, an impairment charge would be recorded in the consolidated statement of operations. | |||||||||||
There were no impairment losses related to goodwill during fiscal 2013 as there were no events or circumstances that would more likely than not reduce CRA's fair value below its carrying amount. | |||||||||||
When CRA performed its annual impairment test in the fourth quarter of fiscal 2012, its net book value exceeded its market capitalization plus an estimated control premium. Therefore, CRA was required to perform the second step of the goodwill impairment test. In this step, CRA's fair value is allocated among all of its assets and liabilities, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of goodwill in the same manner as if CRA were being acquired in a business acquisition. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference. During the process of conducting the second step of the annual goodwill impairment test in the fourth quarter of fiscal 2012, CRA identified significant unrecognized intangible assets. The combination of these hypothetical unrecognized intangible assets and other hypothetical unrecognized fair value changes to the carrying values of other assets and liabilities, together with the lower fair value calculated in the first step of the annual impairment test, resulted in a goodwill impairment charge of $71.4 million in the fourth quarter of fiscal 2012. | |||||||||||
The re-measurement of goodwill is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed using CRA-specific information. CRA used a combination of the income, cost and market approach techniques to determine the fair value of its assets and liabilities. The fair value adjustment to goodwill was computed as the difference between CRA's fair value and the fair value of underlying assets and liabilities. The unobservable inputs used to determine the fair value of the underlying assets and liabilities were based on CRA-specific information such as estimates of revenue and cost growth rates, profit margins, discount rates, and cost estimates. | |||||||||||
Intangible Assets | ' | ||||||||||
Intangible Assets | |||||||||||
Intangible assets that are separable from goodwill and have determinable useful lives are valued separately and amortized over their estimated useful lives. Intangible assets consist of non-competition agreements, customer relationships, customer lists, developed technology, and trademarks, all of which are generally amortized on a straight-line basis over their remaining useful lives of four to ten years. | |||||||||||
Property and Equipment | ' | ||||||||||
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. | |||||||||||
Leases and Deferred Rent | ' | ||||||||||
Leases and Deferred Rent | |||||||||||
CRA leases all of its office space. Leases are evaluated and classified as operating or capital leases for financial reporting purposes. For leases that contain rent escalations and rent holidays, CRA records the total rent payable during the lease term, as determined above, on a straight-line basis over the term of the lease and records the difference between the rents paid and the straight-line rent as deferred rent. Additionally, any tenant improvement allowances received from the lessor are recorded as a reduction to deferred rent. | |||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||
Impairment of Long-Lived Assets | |||||||||||
CRA reviews the carrying value of its long-lived assets (primarily property and equipment and intangible 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 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. | |||||||||||
Concentration of Credit Risk | ' | ||||||||||
Concentration of Credit Risk | |||||||||||
CRA's billed and unbilled receivables 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. CRA maintains accounts receivable allowances for estimated losses and disputed amounts resulting from clients' failures to make required payments. CRA bases its estimates on historical collection experience, current trends, and credit policy. In determining these estimates, CRA examines historical write-offs of its receivables and reviews client accounts to identify any specific customer collection issues. If the financial condition of any of CRA's customers were to deteriorate, resulting in an impairment of their ability or intent to make payment, additional allowances may be required. | |||||||||||
A rollforward of the accounts receivable allowances is as follows (in thousands): | |||||||||||
Fiscal | Fiscal | ||||||||||
Year | Year | ||||||||||
2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 9,459 | $ | 6,548 | |||||||
Change related to NeuCo | (2 | ) | — | ||||||||
Additions charged to revenues | 5,644 | 6,808 | |||||||||
Amounts written off | (7,891 | ) | (3,897 | ) | |||||||
| | | | | | | | ||||
Balance at end of period | $ | 7,210 | $ | 9,459 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Amounts deemed uncollectible are recorded as a reduction to revenues. | |||||||||||
Share-Based Compensation | ' | ||||||||||
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. 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. | |||||||||||
For share-based awards granted to non-employee experts, CRA accounts for the compensation under variable accounting in accordance with ASC Topic 718 and ASC Topic 505-50, "Equity-Based Payments to Non-Employees" (formerly Emerging Issues Task Force 96-18, "Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services"), and recognizes the cost over the related vesting period. For performance-vesting restricted stock units awarded to employees, CRA accounts for the compensation under variable accounting in accordance with ASC Topic 718, and recognizes the cost over the related vesting period. | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | |||||||||||
CRA accounts for income taxes using the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and 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. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. | |||||||||||
In addition, the calculation of CRA's tax liabilities involves dealing with uncertainties in the application of complex tax regulations in several different tax jurisdictions. CRA records liabilities for estimated tax obligations resulting in a provision for taxes that may become payable in the future, in accordance with ASC Topic 740-10, "Income Taxes," which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. CRA includes accrued interest and penalties, if any, related to uncertain tax positions in income tax expense. | |||||||||||
Foreign Currency Translation | ' | ||||||||||
Foreign Currency Translation | |||||||||||
Balance sheet 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 year. The resulting translation adjustments are recorded in shareholders' equity as a component of accumulated other comprehensive income (loss). Foreign currency transactions are translated at current exchanges rates, with adjustments recorded in the statement of operations. The effect of transaction gains and losses recorded in income (loss) before (provision) benefit for income taxes amounted to losses of $0.2 million, $0.2 million, and $0.4 million for fiscal 2013, fiscal 2012, and fiscal 2011, respectively. | |||||||||||
Recent Accounting Standards | ' | ||||||||||
Recent Accounting Standards | |||||||||||
Presentation of Unrecognized Tax Benefits | |||||||||||
In July 2013, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11") to clarify the presentation of current and deferred income taxes on the balance sheet. Under ASU 2013-11, companies generally must present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, for an NOL carryforward, similar tax loss, or tax credit carryforward using the "net presentation" approach as a reduction of a deferred tax asset, with some allowed exceptions. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted and entities may choose to apply the amendments retrospectively to each prior reporting period presented. CRA believes the adoption of ASU 2013-11 will have no impact on its financial position, results of operations, cash flows, or disclosures. | |||||||||||
Comprehensive Income | |||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("ASU 2013-02"). ASU 2013-02 requires an entity disclose in a single location (either on the face of the financial statement that reports net income or in the notes) the effects of reclassifications out of accumulated other comprehensive income. For items reclassified out of accumulated other comprehensive income and into net income in their entirety, entities must disclose the effect of the reclassification on each affected net income item. For accumulated other comprehensive income reclassification items that are not reclassified in their entirety into net income, entities must provide a cross reference to other required U.S. GAAP disclosures. There is no change in the requirement to present the components of net income and other comprehensive income in either a single continuous statement or two separate consecutive statements. ASU 2013-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012 and should be applied prospectively. CRA's adoption of ASU 2013-02 in the first quarter of fiscal 2013 had no impact on its financial position, results of operations, cash flows, or disclosures. | |||||||||||
Cumulative Translation Adjustment | |||||||||||
In March 2013, the FASB issued ASU No. 2013-05, Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity ("ASU 2013-05"). ASU 2013-05 addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. ASU 2013-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and should be applied prospectively. Early adoption is permitted. CRA believes the adoption of ASU 2013-05 will have no impact on its financial position, results of operations, cash flows, or disclosures. | |||||||||||
Intangibles | |||||||||||
In July 2012, the FASB issued ASU No. 2012-02, Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment ("ASU 2012-02") to simplify the guidance for testing the decline in the realizable value (impairment) of indefinite-lived intangible assets other than goodwill. Under former guidance, an organization was required to test an indefinite-lived intangible asset for impairment on at least an annual basis by comparing the fair value of the asset with its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeded its fair value, an impairment loss was recognized in an amount equal to the difference. ASU 2012-02 allows an organization the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment test. An organization electing to perform a qualitative assessment is no longer required to calculate the fair value of an indefinite-lived intangible asset unless the organization determines, based on a qualitative assessment, that it is "more likely than not" that the asset is impaired. ASU 2012-02 was effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. CRA's adoption of ASU 2012-02 in fiscal 2013 had no impact on its financial position, results of operations, cash flows, or disclosures. | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Schedule of reimbursable expenses included in revenues | ' | ||||||||||
Reimbursable expenses are as follows (in thousands): | |||||||||||
Year Ended | Year Ended | Year Ended | |||||||||
December 28, | December 29, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
(52 weeks) | (52 weeks) | (52 weeks) | |||||||||
Reimbursable expenses | $ | 37,320 | $ | 33,530 | $ | 39,722 | |||||
Schedule of Roll forward of the accounts receivable allowances | ' | ||||||||||
A rollforward of the accounts receivable allowances is as follows (in thousands): | |||||||||||
Fiscal | Fiscal | ||||||||||
Year | Year | ||||||||||
2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 9,459 | $ | 6,548 | |||||||
Change related to NeuCo | (2 | ) | — | ||||||||
Additions charged to revenues | 5,644 | 6,808 | |||||||||
Amounts written off | (7,891 | ) | (3,897 | ) | |||||||
| | | | | | | | ||||
Balance at end of period | $ | 7,210 | $ | 9,459 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets, and Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Prepaid Expenses and Other Current Assets, and Other Assets | ' | |||||||
Schedule of prepaid expenses and other current assets | ' | |||||||
Prepaid expenses and other current assets consist of the following (in thousands): | ||||||||
December 28, | December 29, | |||||||
2013 | 2012 | |||||||
Term loans to employees and non-employee experts | $ | 1,764 | $ | 8,614 | ||||
Other | 10,011 | 14,387 | ||||||
| | | | | | | | |
Total | $ | 11,775 | $ | 23,001 | ||||
| | | | | | | | |
| | | | | | | | |
Schedule of other assets | ' | |||||||
Other assets consist of the following (in thousands): | ||||||||
December 28, | December 29, | |||||||
2013 | 2012 | |||||||
Forgivable loans to employees and non-employee experts | $ | 51,083 | $ | 15,448 | ||||
Other | 3,538 | 6,223 | ||||||
| | | | | | | | |
Total | $ | 54,621 | $ | 21,671 | ||||
| | | | | | | | |
| | | | | | | | |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Goodwill and Intangible Assets | ' | ||||||||||
Schedule of changes in the carrying amount of goodwill | ' | ||||||||||
The changes in the carrying amount of goodwill for fiscal 2013 and fiscal 2012 are as follows (in thousands): | |||||||||||
Goodwill, | Accumulated | Goodwill, | |||||||||
gross | impairment | net | |||||||||
losses | |||||||||||
Balance at December 29, 2012 | $ | 142,658 | $ | (71,893 | ) | $ | 70,765 | ||||
Goodwill adjustments related to acquisitions | 10,563 | — | 10,563 | ||||||||
Goodwill adjustments related to NeuCo | (63 | ) | — | (63 | ) | ||||||
Effect of foreign currency translation | 308 | — | 308 | ||||||||
| | | | | | | | | | | |
Balance at December 28, 2013 | $ | 153,466 | $ | (71,893 | ) | $ | 81,573 | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Goodwill, | Accumulated | Goodwill, | |||||||||
gross | impairment | net | |||||||||
losses | |||||||||||
Balance at December 31, 2011 | $ | 141,153 | $ | (499 | ) | $ | 140,654 | ||||
Goodwill impairment | — | (71,394 | ) | (71,394 | ) | ||||||
Goodwill adjustments related to sale of practice | (29 | ) | — | (29 | ) | ||||||
Effect of foreign currency translation | 1,534 | — | 1,534 | ||||||||
| | | | | | | | | | | |
Balance at December 29, 2012 | $ | 142,658 | $ | (71,893 | ) | $ | 70,765 | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of components of acquired identifiable intangible assets | ' | ||||||||||
The components of acquired identifiable intangible assets are as follows (in thousands): | |||||||||||
December 28, | December 29, | ||||||||||
2013 | 2012 | ||||||||||
Non-competition agreements, net of accumulated amortization of $3,802, and $3,311, respectively | $ | 598 | $ | 1,047 | |||||||
Customer relationships, net of accumulated amortization of $3,550 and $2,840, respectively | 3,909 | 691 | |||||||||
Other intangible assets, net of accumulated amortization of $1,040, and $971, respectively | 30 | 96 | |||||||||
| | | | | | | | ||||
$ | 4,537 | $ | 1,834 | ||||||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of expected amortization of intangible assets | ' | ||||||||||
Amortization of intangible assets held at December 28, 2013 for the next five fiscal years is expected to be as follows (in thousands): | |||||||||||
Fiscal Year | Amortization | ||||||||||
Expense | |||||||||||
2014 | $ | 1,111 | |||||||||
2015 | 768 | ||||||||||
2016 | 579 | ||||||||||
2017 | 537 | ||||||||||
2018 | 512 | ||||||||||
| | | | | |||||||
$ | 3,507 | ||||||||||
| | | | | |||||||
| | | | | |||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Property and Equipment | ' | |||||||
Schedule of property and equipment | ' | |||||||
Property and equipment consist of the following (in thousands): | ||||||||
December 28, | December 29, | |||||||
2013 | 2012 | |||||||
Computer, office equipment and software | $ | 25,034 | $ | 24,867 | ||||
Leasehold improvements | 21,388 | 20,622 | ||||||
Furniture | 7,788 | 7,886 | ||||||
| | | | | | | | |
54,210 | 53,375 | |||||||
Accumulated depreciation and amortization | (38,555 | ) | (35,395 | ) | ||||
| | | | | | | | |
$ | 15,655 | $ | 17,980 | |||||
| | | | | | | | |
| | | | | | | | |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Accrued Expenses | ' | |||||||
Schedule of accrued expenses | ' | |||||||
Accrued expenses consist of the following (in thousands): | ||||||||
December 28, | December 29, | |||||||
2013 | 2012 | |||||||
Compensation and related expenses | $ | 51,960 | $ | 40,329 | ||||
Income taxes payable | 3,503 | 626 | ||||||
Other | 10,194 | 4,350 | ||||||
| | | | | | | | |
$ | 65,657 | $ | 45,305 | |||||
| | | | | | | | |
| | | | | | | | |
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Leases | ' | ||||
Schedule of minimum rental commitments for office space and equipment leases | ' | ||||
At December 28, 2013, CRA had the following minimum rental commitments for office space and equipment leases, all of which are under non-cancelable operating leases (in thousands): | |||||
Fiscal Year | Rental | ||||
Commitments | |||||
2014 | $ | 13,912 | |||
2015 | 8,824 | ||||
2016 | 4,038 | ||||
2017 | 1,908 | ||||
2018 | 850 | ||||
Thereafter | 17 | ||||
| | | | | |
$ | 29,549 | ||||
Future minimum rentals under sublease arrangements | (2,918 | ) | |||
| | | | | |
$ | 26,631 | ||||
| | | | | |
| | | | | |
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Net Income (Loss) Per Share | ' | ||||||||||
Schedule of reconciliation of basic to diluted weighted average shares of common stock outstanding | ' | ||||||||||
A reconciliation of basic to diluted weighted average shares of common stock outstanding is as follows (in thousands): | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
Basic weighted average shares outstanding | 10,084 | 10,167 | 10,555 | ||||||||
Common stock equivalents: | |||||||||||
Stock options and restricted stock | 89 | — | 184 | ||||||||
| | | | | | | | | | | |
Diluted weighted average shares outstanding | 10,173 | 10,167 | 10,739 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Schedule of weighted average assumptions used to estimate the fair market value of the stock options at the date of grant | ' | ||||||||||||||||
2013 | 2011 | ||||||||||||||||
Risk-free interest rate | 1.4 | % | 1 | % | |||||||||||||
Expected volatility | 47 | % | 54 | % | |||||||||||||
Weighted average expected life (in years) | 5 | 5 | |||||||||||||||
Expected dividends | — | — | |||||||||||||||
Schedule of rollforward of the maximum number of shares issuable under the 2006 Incentive Plan | ' | ||||||||||||||||
The following is a rollforward of the maximum number of shares issuable under the 2006 Incentive Plan as of December 28, 2013: | |||||||||||||||||
Actual | Shares Using | ||||||||||||||||
Shares | Fungibility Ratio | ||||||||||||||||
Maximum shares of common stock issuable under the 2006 Incentive Plan | 4,874,000 | ||||||||||||||||
Restricted shares or units granted/reserved through March 12, 2008 | 471,827 | (849,289 | ) | ||||||||||||||
Restricted shares or units granted/reserved from March 12, 2008 to April 29, 2010 | 352,932 | (776,450 | ) | ||||||||||||||
Restricted shares or units granted/reserved on or after April 30, 2010 | 1,196,776 | (2,190,100 | ) | ||||||||||||||
Cancellation of restricted shares or units through March 12, 2008 | 91,277 | 164,299 | |||||||||||||||
Cancellation of restricted shares or units from March 12, 2008 to April 29, 2010 | 91,964 | 202,321 | |||||||||||||||
Cancellation of restricted shares or units on or after April 30, 2010 | 302,374 | 553,345 | |||||||||||||||
Options granted | (916,118 | ) | |||||||||||||||
Options cancelled | 183,208 | ||||||||||||||||
Options forfeited | 10,000 | ||||||||||||||||
| | | | | | | | ||||||||||
Shares available for grant under the 2006 Incentive Plan | 1,255,216 | ||||||||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
Summary of option activity | ' | ||||||||||||||||
Options | Weighted | Weighted Average | Aggregate | ||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Price | Term | ||||||||||||||||
(in thousands) | |||||||||||||||||
Outstanding at December 29, 2012 | 1,169,478 | $ | 32.33 | ||||||||||||||
Fiscal 2013: | |||||||||||||||||
Granted | 262,463 | 18.48 | |||||||||||||||
Exercised | (13,389 | ) | 15.44 | ||||||||||||||
Forfeited | (126,203 | ) | 24.84 | ||||||||||||||
| | | | | | | | | | | | | | ||||
Outstanding at December 28, 2013 | 1,292,349 | 30.43 | 3.38 | $ | 585 | ||||||||||||
| | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | ||||
Options exercisable at December 28, 2013 | 890,671 | $ | 35.28 | 2.15 | $ | — | |||||||||||
| | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | ||||
Summary of options outstanding and options exercisable | ' | ||||||||||||||||
The following table summarizes stock options outstanding and stock options exercisable as of December 28, 2013: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number | Weighted-Average | Weighted-Average | Number | Weighted-Average | ||||||||||||
Outstanding at | Remaining | Exercise | Exercisable | Exercise | |||||||||||||
December 28, | Contractual | Price | at December 28, | Price | |||||||||||||
2013 | Life (years) | 2013 | |||||||||||||||
$18.48 | 262,463 | 6.9 | $ | 18.48 | — | $ | — | ||||||||||
$18.49 - 22.81 | 350,385 | 4.39 | $ | 21.67 | 217,170 | $ | 21.62 | ||||||||||
$22.82 - 29.07 | 116,062 | 2.53 | $ | 25.05 | 110,062 | $ | 25.05 | ||||||||||
$29.08 - 32.09 | 53,502 | 0.35 | $ | 32 | 53,502 | $ | 32 | ||||||||||
$32.10 - 32.26 | 148,623 | 0.37 | $ | 32.26 | 148,623 | $ | 32.26 | ||||||||||
$32.27 - 48.85 | 70,250 | 1.41 | $ | 39.65 | 70,250 | $ | 39.65 | ||||||||||
$48.86 - 50.00 | 150,000 | 2.52 | $ | 50 | 150,000 | $ | 50 | ||||||||||
$50.01 - 53.72 | 141,064 | 1.2 | $ | 50.87 | 141,064 | $ | 50.87 | ||||||||||
| | | | | | | | | | | | | | | | | |
Total | 1,292,349 | 3.38 | $ | 30.43 | 890,671 | $ | 35.28 | ||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Summary of non-vested stock options | ' | ||||||||||||||||
The following table summarizes the status of CRA's non-vested stock options since December 29, 2012: | |||||||||||||||||
Non-vested Options | |||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Non-vested at December 29, 2012 | 301,576 | $ | 8.89 | ||||||||||||||
Granted | 262,463 | 7.77 | |||||||||||||||
Vested | (148,616 | ) | 8.82 | ||||||||||||||
Forfeited | (13,745 | ) | 9.7 | ||||||||||||||
| | | | | | | | ||||||||||
Non-vested at December 28, 2013 | 401,678 | $ | 8.16 | ||||||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
Summary of non-vested restricted stock and time-vesting restricted stock unit awards | ' | ||||||||||||||||
The following table summarizes the status of CRA's non-vested restricted stock and time-vesting restricted stock unit awards since December 29, 2012: | |||||||||||||||||
Non-vested | |||||||||||||||||
Restricted Stock and Stock | |||||||||||||||||
Units | |||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Non-vested at December 29, 2012 | 299,133 | $ | 22.49 | ||||||||||||||
Granted | 155,403 | 18.5 | |||||||||||||||
Vested | (134,384 | ) | 22.73 | ||||||||||||||
Forfeited | (11,114 | ) | 22.14 | ||||||||||||||
| | | | | | | | ||||||||||
Non-vested at December 28, 2013 | 309,038 | $ | 20.39 | ||||||||||||||
| | | | | | | | ||||||||||
| | | | | | | | ||||||||||
Business_Segment_and_Geographi1
Business Segment and Geographic Information (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Business Segment and Geographic Information | ' | ||||||||||
Schedule of revenue by country, based on the physical location of the operation to which the revenues relate | ' | ||||||||||
Revenue and long-lived assets by country, based on the physical location of the operation to which the revenues or the assets relate, are as follows (in thousands): | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(52 weeks) | (52 weeks) | (52 weeks) | |||||||||
Revenue: | |||||||||||
United States | $ | 216,815 | $ | 207,779 | $ | 224,661 | |||||
United Kingdom | 46,987 | 51,059 | 58,426 | ||||||||
Other | 14,630 | 11,552 | 22,141 | ||||||||
| | | | | | | | | | | |
Total foreign | 61,617 | 62,611 | 80,567 | ||||||||
| | | | | | | | | | | |
$ | 278,432 | $ | 270,390 | $ | 305,228 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
December 28, | December 29, | ||||||||||
2013 | 2012 | ||||||||||
Long-lived assets (property and equipment, net): | |||||||||||
United States | $ | 13,657 | $ | 15,442 | |||||||
United Kingdom | 1,911 | 2,452 | |||||||||
Other | 87 | 86 | |||||||||
| | | | | | | | ||||
Total foreign | 1,998 | 2,538 | |||||||||
| | | | | | | | ||||
$ | 15,655 | $ | 17,980 | ||||||||
| | | | | | | | ||||
| | | | | | | | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Schedule of components of income (loss) before (provision) benefit for income taxes | ' | ||||||||||
The components of income (loss) before (provision) benefit for income taxes are as follows (in thousands): | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(52 weeks) | (52 weeks) | (52 weeks) | |||||||||
Income (loss) before (provision) benefit for income taxes: | |||||||||||
U.S. | $ | 13,659 | $ | (27,290 | ) | $ | 26,150 | ||||
Foreign | 4,259 | (30,733 | ) | 1,933 | |||||||
| | | | | | | | | | | |
Total | $ | 17,918 | $ | (58,023 | ) | $ | 28,083 | ||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of components of income tax provision (benefit) | ' | ||||||||||
The components of income tax provision (benefit) have been recorded in CRA's financial statements as follows (in thousands): | |||||||||||
Fiscal Year | Fiscal Year | Transition | |||||||||
Period | |||||||||||
2013 | 2012 | 2011 | |||||||||
(52 weeks) | (52 weeks) | (52 weeks) | |||||||||
Income tax provision (benefit) | $ | 6,683 | $ | (5,180 | ) | $ | 11,138 | ||||
Tax deficit on stock option exercises and restricted share vesting charged directly to common stock | 254 | 576 | 639 | ||||||||
| | | | | | | | | | | |
$ | 6,937 | $ | (4,604 | ) | $ | 11,777 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of components of provision (benefit) for income taxes | ' | ||||||||||
The provision (benefit) for income taxes consists of the following (in thousands): | |||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
(52 weeks) | (52 weeks) | (52 weeks) | |||||||||
Currently payable: | |||||||||||
Federal | $ | 1,241 | $ | 3,637 | $ | 15,964 | |||||
Foreign | 1,264 | 50 | 309 | ||||||||
State | 254 | 1,015 | 3,604 | ||||||||
| | | | | | | | | | | |
2,759 | 4,702 | 19,877 | |||||||||
Deferred: | |||||||||||
Federal | 3,592 | (8,163 | ) | (6,829 | ) | ||||||
Foreign | (238 | ) | 21 | (286 | ) | ||||||
State | 570 | (1,740 | ) | (1,624 | ) | ||||||
| | | | | | | | | | | |
$ | 3,924 | $ | (9,882 | ) | $ | (8,739 | ) | ||||
| | | | | | | | | | | |
$ | 6,683 | $ | (5,180 | ) | $ | 11,138 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of reconciliation of tax rates with the federal statutory rate | ' | ||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
2013 | 2012 | 2011 | |||||||||
Federal statutory rate | 35 | % | (35.0 | )% | 35 | % | |||||
State income taxes, net of federal income tax benefit | 4.4 | (1.3 | ) | 7 | |||||||
Goodwill impairment | — | 20.6 | — | ||||||||
Foreign losses benefited | (2.8 | ) | (0.1 | ) | (3.0 | ) | |||||
Losses not benefited | 0.3 | 4.2 | — | ||||||||
Foreign rate differential | (0.4 | ) | 2.1 | 0.9 | |||||||
Foreign tax credit | (0.1 | ) | (0.5 | ) | (1.4 | ) | |||||
Uncertain tax positions | (2.1 | ) | — | — | |||||||
Impact of NeuCo's tax provision charges | 1.5 | 0.1 | 1.2 | ||||||||
Permanently disallowed expenses | 1.6 | 1 | 1.5 | ||||||||
Other | (0.1 | ) | — | (1.5 | ) | ||||||
| | | | | | | | | | | |
37.3 | % | (8.9 | )% | 39.7 | % | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
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, | ||||||||||
2013 | 2012 | ||||||||||
Deferred tax assets: | |||||||||||
Accrued compensation and related expense | $ | 21,064 | $ | 16,743 | |||||||
Tax basis in excess of financial basis of net accounts receivable | 2,363 | 2,382 | |||||||||
Net operating loss carryforwards | 5,421 | 6,682 | |||||||||
Tax basis in excess of financial basis of fixed assets | 1,489 | 978 | |||||||||
Excess tax over book amortization | — | 5,926 | |||||||||
Accrued expenses and other | 902 | 2,565 | |||||||||
| | | | | | | | ||||
Total gross deferred tax assets | 31,239 | 35,276 | |||||||||
Less: valuation allowance | (6,101 | ) | (7,287 | ) | |||||||
| | | | | | | | ||||
Total deferred tax assets net of valuation allowance | 25,138 | 27,989 | |||||||||
Deferred tax liabilities: | |||||||||||
Tax basis in excess of financial basis of debentures | 5,024 | 6,371 | |||||||||
Excess book over tax amortization | 2,938 | — | |||||||||
| | | | | | | | ||||
Total deferred tax liabilities | 7,962 | 6,371 | |||||||||
| | | | | | | | ||||
Net deferred tax assets | $ | 17,176 | $ | 21,618 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
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): | |||||||||||
December 28, | December 29, | ||||||||||
2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 3,032 | $ | 943 | |||||||
Additions for tax positions taken during prior years | 372 | 2,344 | |||||||||
Settlements with tax authorities | (3,032 | ) | (255 | ) | |||||||
| | | | | | | | ||||
Balance at end of the period | $ | 372 | $ | 3,032 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Restructuring Charges | ' | ||||||||||
Schedule of restructuring expenses and the reserve balance | ' | ||||||||||
The restructuring expenses and reserve balance are as follows as of December 28, 2013 and December 29, 2012 (in thousands): | |||||||||||
Office | Employee | Total | |||||||||
Vacancies | Workforce | Restructuring | |||||||||
Reduction | |||||||||||
Balance at December 31, 2011 | $ | 3,737 | $ | — | $ | 3,737 | |||||
Charges incurred during fiscal 2012 | 2,110 | 4,618 | 6,728 | ||||||||
Amounts paid, net of amounts received, during fiscal 2012 | (3,514 | ) | (3,718 | ) | (7,232 | ) | |||||
Non-cash adjustments and effect of foreign currency translation during fiscal 2012 | (227 | ) | (27 | ) | (254 | ) | |||||
| | | | | | | | | | | |
Balance at December 29, 2012 | $ | 2,106 | $ | 873 | $ | 2,979 | |||||
Charges incurred during fiscal 2013 | — | — | — | ||||||||
Amounts paid, net of amounts received, during fiscal 2013 | (759 | ) | (729 | ) | (1,488 | ) | |||||
Non-cash adjustments and effect of foreign currency translation during fiscal 2013 | (177 | ) | (144 | ) | (321 | ) | |||||
| | | | | | | | | | | |
Balance at December 28, 2013 | $ | 1,170 | $ | — | $ | 1,170 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 28, 2013 | ||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||
Schedule of quarterly financial data (unaudited) | ' | |||||||||||||
Quarter Ended | ||||||||||||||
March 30, | June 29, | September 28, | December 28, | |||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||
(In thousands, except per share data) | ||||||||||||||
Revenues | $ | 63,130 | $ | 65,203 | $ | 74,427 | $ | 75,672 | ||||||
Gross profit | 21,115 | 20,161 | 23,850 | 24,044 | ||||||||||
Income from operations | 3,774 | 3,170 | 6,114 | 5,459 | ||||||||||
Income before provision for income taxes | 3,377 | 3,368 | 5,952 | 5,221 | ||||||||||
Net income | 2,835 | 1,351 | 3,333 | 3,716 | ||||||||||
Net (income) loss attributable to noncontrolling interest, net of tax | 134 | 58 | (63 | ) | 6 | |||||||||
Net income attributable to CRA International, Inc. | 2,969 | 1,409 | 3,270 | 3,722 | ||||||||||
Basic net income per share | $ | 0.3 | $ | 0.14 | $ | 0.32 | $ | 0.37 | ||||||
Diluted net income per share | $ | 0.29 | $ | 0.14 | $ | 0.32 | $ | 0.37 | ||||||
Weighted average number of shares outstanding: | ||||||||||||||
Basic | 9,994 | 10,100 | 10,093 | 10,071 | ||||||||||
Diluted | 10,084 | 10,188 | 10,192 | 10,148 | ||||||||||
Quarter Ended | ||||||||||||||
March 31, | June 30, | September 29, | December 29, | |||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||
(In thousands, except per share data) | ||||||||||||||
Revenues | $ | 69,132 | $ | 67,813 | $ | 65,912 | $ | 67,533 | ||||||
Gross profit | 22,645 | 22,365 | 19,737 | 23,262 | ||||||||||
Income (loss) from operations | 3,306 | 2,808 | 1,035 | (64,959 | ) | |||||||||
Income (loss) before (provision) benefit for income taxes | 3,253 | 2,695 | 1,016 | (64,987 | ) | |||||||||
Net income (loss) | 436 | 773 | (706 | ) | (53,346 | ) | ||||||||
Net (income) loss attributable to noncontrolling interest, net of tax | 83 | (54 | ) | (38 | ) | (138 | ) | |||||||
Net income (loss) attributable to CRA International, Inc. | 519 | 719 | (744 | ) | (53,484 | ) | ||||||||
Basic net income (loss) per share | $ | 0.05 | $ | 0.07 | $ | (0.07 | ) | $ | (5.33 | ) | ||||
Diluted net income (loss) per share | $ | 0.05 | $ | 0.07 | $ | (0.07 | ) | $ | (5.33 | ) | ||||
Weighted average number of shares outstanding: | ||||||||||||||
Basic | 10,316 | 10,242 | 10,084 | 10,027 | ||||||||||
Diluted | 10,493 | 10,381 | 10,084 | 10,027 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
item | item | item | |||||||||
segment | |||||||||||
Description of Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of broad areas of services | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Number of business segments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Fiscal Year Change | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of weeks periodically contained in a fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | 53 | ' | ' |
Number of weeks in a fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | 52 | 52 | 52 |
NeuCo Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | $75,672 | $74,427 | $65,203 | $63,130 | $67,533 | $65,912 | $67,813 | $69,132 | $278,432 | $270,390 | $305,228 |
Net income (loss) | 3,716 | 3,333 | 1,351 | 2,835 | -53,346 | -706 | 773 | 436 | 11,235 | -52,843 | 16,945 |
Net income (loss) attributable to CRA International, Inc. | 3,722 | 3,270 | 1,409 | 2,969 | -53,484 | -744 | 719 | 519 | 11,370 | -52,990 | 16,851 |
NeuCo, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NeuCo Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest held by the entity | ' | ' | ' | ' | ' | ' | ' | ' | 55.89% | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,100 | 5,500 | 6,200 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -300 | 300 | 200 |
Net income (loss) attributable to CRA International, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ($200) | $200 | $100 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Revenue recognition | ' | ' | ' |
Reimbursable expenses | $37,320 | $33,530 | $39,722 |
Revenues | Fixed-price engagements | ' | ' | ' |
Revenue recognition | ' | ' | ' |
Percentage of consolidated revenues | 13.00% | 15.00% | 22.00% |
Minimum | ' | ' | ' |
Revenue recognition | ' | ' | ' |
Period in which engagements are generally completed | '3 months | ' | ' |
Maximum | ' | ' | ' |
Revenue recognition | ' | ' | ' |
Period in which engagements are generally completed | '6 months | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
segment | |||
Goodwill | ' | ' | ' |
Number of reporting units | 1 | ' | ' |
Goodwill impairment | $0 | $71,394 | $0 |
Minimum | ' | ' | ' |
Intangible assets | ' | ' | ' |
Remaining useful lives | '4 years | ' | ' |
Maximum | ' | ' | ' |
Intangible assets | ' | ' | ' |
Remaining useful lives | '10 years | ' | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 4) | 12 Months Ended |
Dec. 28, 2013 | |
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 and fixtures | ' |
Property and equipment | ' |
Estimated useful lives | '10 years |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Details 5) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Roll forward of the accounts receivable allowance | ' | ' | ' |
Balance at beginning of period | $9,459,000 | $6,548,000 | ' |
Additions charged to revenues | 5,644,000 | 6,808,000 | ' |
Amounts written off | -7,891,000 | -3,897,000 | ' |
Balance at end of period | 7,210,000 | 9,459,000 | 6,548,000 |
Foreign Currency Translation | ' | ' | ' |
Transaction gains and losses recorded in income (loss) before (provision) benefit for income taxes | -200,000 | -200,000 | -400,000 |
NeuCo, Inc. | ' | ' | ' |
Roll forward of the accounts receivable allowance | ' | ' | ' |
Change related to NeuCo | ($2,000) | $0 | ' |
Business_Acquisition_Details
Business Acquisition (Details) | Jan. 31, 2013 |
item | |
Business Acquisition | ' |
Number of litigation consulting team members who joined the entity | 40 |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets, and Other Assets (Details) (USD $) | 12 Months Ended | 3 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | Mar. 30, 2014 | |
Subsequent event | |||
Prepaid expenses and other current assets | ' | ' | ' |
Term loans to employees and non-employee experts | $1,764,000 | $8,614,000 | ' |
Other | 10,011,000 | 14,387,000 | ' |
Total | 11,775,000 | 23,001,000 | ' |
Other assets | ' | ' | ' |
Forgivable loans to employees and non-employee experts | 51,083,000 | 15,448,000 | ' |
Other | 3,538,000 | 6,223,000 | ' |
Total | 54,621,000 | 21,671,000 | ' |
Prepaid expenses and other assets disclosures | ' | ' | ' |
Term of forgivable loans or advances to employees and non-employee experts, minimum | '3 years | ' | ' |
Term of forgivable loans or advances to employees and non-employee experts, maximum | '8 years | ' | ' |
Forgivable loans issuable to future employees for future service | 5,000,000 | ' | ' |
Prepaid Expenses and Other Current Assets, and Other Assets | ' | ' | ' |
Forgivable loans issued to future employees for future service | $38,800,000 | $20,700,000 | $5,000,000 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Changes in the carrying amount of goodwill | ' | ' | ' |
Balance at the beginning of the period, gross | $142,658 | $141,153 | ' |
Goodwill adjustments related to acquisitions | 10,563 | ' | ' |
Goodwill adjustments related to sale of practice | ' | -29 | ' |
Goodwill adjustments related to NeuCo | -63 | ' | ' |
Effect of foreign currency translation | 308 | 1,534 | ' |
Balance at the end of the period, gross | 153,466 | 142,658 | 141,153 |
Balance at the beginning of the period, Accumulated impairment losses | -71,893 | -499 | ' |
Goodwill impairment | 0 | -71,394 | 0 |
Balance at the end of the period, Accumulated impairment losses | -71,893 | -71,893 | -499 |
Balance at the beginning of the period, net | 70,765 | 140,654 | ' |
Balance at the end of the period, net | 81,573 | 70,765 | 140,654 |
Intangible assets impairment losses | $0 | $0 | $0 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Details 2) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Acquired identifiable intangible assets | ' | ' | ' |
Acquired identifiable intangible assets, net of accumulated amortization | $4,537,000 | $1,834,000 | ' |
Accumulated amortization | 8,392,000 | 7,122,000 | ' |
Amortization of intangible assets | 1,200,000 | 800,000 | 900,000 |
Amortization Expense | ' | ' | ' |
2014 | 1,111,000 | ' | ' |
2015 | 768,000 | ' | ' |
2016 | 579,000 | ' | ' |
2017 | 537,000 | ' | ' |
2018 | 512,000 | ' | ' |
Total | 3,507,000 | ' | ' |
Non-competition agreements | ' | ' | ' |
Acquired identifiable intangible assets | ' | ' | ' |
Acquired identifiable intangible assets, net of accumulated amortization | 598,000 | 1,047,000 | ' |
Accumulated amortization | 3,802,000 | 3,311,000 | ' |
Customer relationships | ' | ' | ' |
Acquired identifiable intangible assets | ' | ' | ' |
Acquired identifiable intangible assets, net of accumulated amortization | 3,909,000 | 691,000 | ' |
Accumulated amortization | 3,550,000 | 2,840,000 | ' |
Other intangible assets | ' | ' | ' |
Acquired identifiable intangible assets | ' | ' | ' |
Acquired identifiable intangible assets, net of accumulated amortization | 30,000 | 96,000 | ' |
Accumulated amortization | $1,040,000 | $971,000 | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Property and equipment | ' | ' | ' |
Property and equipment, gross | $54,210,000 | $53,375,000 | ' |
Accumulated depreciation and amortization | -38,555,000 | -35,395,000 | ' |
Property and equipment, net | 15,655,000 | 17,980,000 | ' |
Depreciation expense, including amounts recorded in costs of services | 5,200,000 | 5,000,000 | 4,100,000 |
Computer, office equipment and software | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property and equipment, gross | 25,034,000 | 24,867,000 | ' |
Leasehold improvements | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property and equipment, gross | 21,388,000 | 20,622,000 | ' |
Furniture | ' | ' | ' |
Property and equipment | ' | ' | ' |
Property and equipment, gross | $7,788,000 | $7,886,000 | ' |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | 12 Months Ended | 3 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | Mar. 30, 2014 | |
Subsequent event | |||
Accrued Expenses | ' | ' | ' |
Compensation and related expenses | $51,960,000 | $40,329,000 | ' |
Income taxes payable | 3,503,000 | 626,000 | ' |
Other | 10,194,000 | 4,350,000 | ' |
Total | 65,657,000 | 45,305,000 | ' |
Accrued bonuses | 40,000,000 | 28,000,000 | ' |
Forgivable loans issuable to future employees for future service | 5,000,000 | ' | ' |
Accrued Expenses | ' | ' | ' |
Forgivable loans issued to future employees for future service | $38,800,000 | $20,700,000 | $5,000,000 |
Credit_Agreement_Details
Credit Agreement (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Apr. 24, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Jun. 29, 2013 | Apr. 24, 2013 | |
Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Multi currency portion | Letters of credit | ||||
Minimum | Maximum | Base rate | Base rate | Base rate | Eurocurrency rate | Eurocurrency rate | Eurocurrency rate | ||||||||
Minimum | Maximum | Minimum | Maximum | ||||||||||||
Senior Loan Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maximum capacity | ' | ' | ' | $125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,000,000 |
Borrowings under revolving line of credit | 17,320,000 | 0 | 0 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' |
Amount outstanding under revolving line of credit | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts outstanding under letters of credit | 400,000 | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | 'base rate | ' | ' | 'eurocurrency rate | ' | ' | ' | ' |
Interest margin (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.50% | ' | 1.50% | 2.50% | ' | ' |
Commitment fee payable on the unused portion of the credit facility (as a percent) | ' | ' | ' | ' | ' | 0.25% | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | $6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of consolidated interest expense to consolidated EBITDA | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of consolidated debt to consolidated EBITDA | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Employee Benefit Plans | ' | ' | ' |
Employer contributions under 401(k) plans | $1.70 | $1.80 | $2.70 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Rental Commitments | ' | ' | ' |
2014 | $13,912,000 | ' | ' |
2015 | 8,824,000 | ' | ' |
2016 | 4,038,000 | ' | ' |
2017 | 1,908,000 | ' | ' |
2018 | 850,000 | ' | ' |
Thereafter | 17,000 | ' | ' |
Rental commitments, gross | 29,549,000 | ' | ' |
Future minimum rentals under sublease arrangements | -2,918,000 | ' | ' |
Rental commitments | 26,631,000 | ' | ' |
Additional disclosures | ' | ' | ' |
Rent expense | 9,600,000 | 12,400,000 | 13,600,000 |
Restructuring charges | 0 | 6,728,000 | ' |
Standby letters of credit in support of the minimum future lease payments | 400,000 | ' | ' |
Rent expense | ' | ' | ' |
Additional disclosures | ' | ' | ' |
Restructuring charges | $0 | $900,000 | $1,000,000 |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Reconciliation of basic to diluted weighted average shares of common stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted average shares outstanding | 10,071,000 | 10,093,000 | 10,100,000 | 9,994,000 | 10,027,000 | 10,084,000 | 10,242,000 | 10,316,000 | 10,084,000 | 10,167,000 | 10,555,000 |
Common stock equivalents: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options and restricted stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 89,000 | 0 | 184,000 |
Diluted weighted average shares outstanding | 10,148,000 | 10,192,000 | 10,188,000 | 10,084,000 | 10,027,000 | 10,084,000 | 10,381,000 | 10,493,000 | 10,173,000 | 10,167,000 | 10,739,000 |
Calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Anti-dilutive securities excluded from EPS computation (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,138,411 | 1,947,992 | 1,045,351 |
Additional anti-dilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000 | ' |
Common_Stock_Details
Common Stock (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||||
Aug. 10, 2012 | Feb. 22, 2012 | Aug. 30, 2011 | Jul. 06, 2010 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Share-Based Compensation | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | ' | $2,900,000 | $4,900,000 | $5,700,000 |
Non-employee compensation expense | ' | ' | ' | ' | 147,000 | 79,000 | 34,000 |
Employee tax withholdings paid on redemption of vested restricted shares | ' | ' | ' | ' | 730,000 | 1,360,000 | 1,146,000 |
Common Stock Repurchases and Retirements | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program, amount authorized to be repurchased | 5,000,000 | 4,450,000 | 7,500,000 | 5,000,000 | ' | ' | ' |
Number of shares repurchased and retired | ' | ' | ' | ' | 118,968 | 466,109 | 398,372 |
Aggregate price of shares repurchased and retired | ' | ' | ' | ' | 2,190,000 | 9,062,000 | 9,054,000 |
Amount available for future repurchases | ' | ' | ' | ' | 1,400,000 | ' | ' |
Restricted shares | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | 134,384 | 216,528 | 164,086 |
Redemption of vested restricted shares in order to pay employee tax withholdings (in shares) | ' | ' | ' | ' | 37,642 | 69,207 | 50,724 |
Employee tax withholdings paid on redemption of vested restricted shares | ' | ' | ' | ' | 700,000 | 1,400,000 | 1,100,000 |
Employees and directors | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | ' | $2,900,000 | $4,900,000 | $5,700,000 |
Common_Stock_Details_2
Common Stock (Details 2) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Aug. 10, 2012 | Feb. 22, 2012 | Aug. 30, 2011 | Jul. 06, 2010 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Feb. 13, 2014 | |
Common Stock | ||||||||
Subsequent event | ||||||||
Maximum | ||||||||
Share repurchase program | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program, amount authorized to be repurchased | $5,000,000 | $4,450,000 | $7,500,000 | $5,000,000 | ' | ' | ' | $15,000,000 |
Options exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | ' | ' | ' | 13,389 | 47,185 | 47,009 | ' |
Proceeds from exercise of options | ' | ' | ' | ' | 200,000 | 600,000 | 600,000 | ' |
Tax Deficit on Stock Option Exercises and Restricted Share Vesting | ' | ' | ' | ' | ' | ' | ' | ' |
Tax deficits on stock options exercises and restricted share vestings | ' | ' | ' | ' | $254,000 | $576,000 | $639,000 | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Share-Based Compensation | ' | ' | ' |
Compensation expense | $2,900,000 | $4,900,000 | $5,700,000 |
Compensation expense, net of tax | 1,900,000 | 3,000,000 | 3,500,000 |
Non-employee compensation expense, net of tax | $147,000 | $79,000 | $34,000 |
Weighted average fair market value (in dollars per share) | $7.77 | ' | ' |
Options granted (in shares) | 262,463 | 0 | ' |
Options | ' | ' | ' |
Share-Based Compensation | ' | ' | ' |
Weighted average fair market value (in dollars per share) | $7.77 | ' | $10.01 |
Options granted (in shares) | ' | 0 | ' |
Weighted average assumptions | ' | ' | ' |
Risk-free interest rate (as a percent) | 1.40% | ' | 1.00% |
Expected volatility (as a percent) | 47.00% | ' | 54.00% |
Weighted average expected life | '5 years | ' | '5 years |
Expected dividends (as a percent) | 0.00% | ' | 0.00% |
ShareBased_Compensation_Detail1
Share-Based Compensation (Details 2) | 12 Months Ended | 12 Months Ended | 26 Months Ended | 44 Months Ended | 96 Months Ended | 12 Months Ended | |||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Apr. 29, 2010 | Mar. 12, 2008 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | |
Options | 2006 Incentive Plan | 2006 Incentive Plan | 2006 Incentive Plan | 2006 Incentive Plan | 2006 Incentive Plan | 2006 Incentive Plan | 2006 Incentive Plan | 2006 Incentive Plan | 2006 Incentive Plan | 2006 Incentive Plan | 2006 Incentive Plan | 1998 Plan | 1998 Plan | LTIP | |||
On or after April 30, 2010 | On or after March 12, 2008 and before April 30, 2010 | Before March 12, 2008 | Shares approved in 2008 | Shares approved in 2010 | Shares approved in 2012 | Restricted shares or units | Restricted shares or units | Restricted shares or units | Options | Options | Options | ||||||
Share-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fungibility ratio (as a percent) | ' | ' | ' | ' | 183.00% | 220.00% | 180.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares or units granted/reserved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 352,932 | 471,827 | 1,196,776 | ' | ' | ' | ' |
Cancellation of restricted shares or units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,964 | 91,277 | 302,374 | ' | ' | ' | ' |
Shares Using Fungibility Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum shares of common stock issuable | ' | ' | ' | 4,874,000 | ' | ' | ' | 210,000 | 1,464,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' |
Shares initially reserved for issuance | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares or units granted/reserved increase (decrease), available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -776,450 | -849,289 | -2,190,100 | ' | ' | ' | ' |
Cancellation of restricted shares or units increase (decrease), available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,321 | 164,299 | 553,345 | ' | ' | ' | ' |
Options granted (in shares) | -262,463 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -916,118 | ' | ' | 0 |
Options cancelled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 183,208 | ' | ' | ' |
Options forfeited (in shares) | 126,203 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' |
Shares available for grant | ' | ' | ' | 1,255,216 | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | 1,000,000 | 0 | ' |
ShareBased_Compensation_Detail2
Share-Based Compensation (Details 3) (USD $) | 12 Months Ended |
Dec. 28, 2013 | |
Share-based compensation | ' |
Exercise price (in dollars per share) | $18.48 |
1998 Plan | ' |
Share-based compensation | ' |
Shares available for grant | 1,000,000 |
1998 Plan | Options | ' |
Share-based compensation | ' |
Aggregate options granted (in shares) | 3,839,216 |
Shares available for grant | 0 |
1998 Plan | Options | Minimum | ' |
Share-based compensation | ' |
Termination period | '7 years |
1998 Plan | Options | Maximum | ' |
Share-based compensation | ' |
Vesting period | '5 years |
Termination period | '10 years |
2004 Nonqualified Inducement Stock Option Plan | Options | ' |
Share-based compensation | ' |
Aggregate options granted (in shares) | 359,420 |
Shares available for grant | 0 |
2009 Nonqualified Inducement Stock Option Plan | Options | ' |
Share-based compensation | ' |
Aggregate options granted (in shares) | 200,000 |
Vesting period | '4 years |
Termination period | '7 years |
Shares authorized | 250,000 |
Shares available for grant | 50,000 |
Exercise price (in dollars per share) | $50 |
ShareBased_Compensation_Detail3
Share-Based Compensation (Details 4) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Options | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 1,169,478 | ' | ' |
Granted (in shares) | 262,463 | 0 | ' |
Exercised (in shares) | -13,389 | -47,185 | -47,009 |
Forfeited (in shares) | -126,203 | ' | ' |
Outstanding at the end of the period (in shares) | 1,292,349 | 1,169,478 | ' |
Options exercisable at the end of the period (in shares) | 890,671 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $32.33 | ' | ' |
Granted (in dollars per share) | $18.48 | ' | ' |
Exercised (in dollars per share) | $15.44 | ' | ' |
Forfeited (in dollars per share) | $24.84 | ' | ' |
Outstanding at the end of the period (in dollars per share) | $30.43 | $32.33 | ' |
Options exercisable at the end of the period (in dollars per share) | $35.28 | ' | ' |
Weighted Average Remaining Contractual Term | ' | ' | ' |
Outstanding at the end of the period | '3 years 4 months 17 days | ' | ' |
Options exercisable at the end of the period | '2 years 1 month 24 days | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' |
Outstanding at the end of the period (in dollars) | $585,000 | ' | ' |
Options exercisable at the end of the period (in dollars) | 0 | ' | ' |
Aggregate intrinsic value of stock options exercised | $100,000 | $400,000 | $600,000 |
ShareBased_Compensation_Detail4
Share-Based Compensation (Details 5) (USD $) | 12 Months Ended |
Dec. 28, 2013 | |
Options Outstanding | ' |
Number Outstanding (in shares) | 1,292,349 |
Weighted-Average Remaining Contractual Life | '3 years 4 months 17 days |
Weighted-Average Exercise Price (in dollars per share) | $30.43 |
Options Exercisable | ' |
Number Exercisable (in shares) | 890,671 |
Weighted-Average Exercise Price (in dollars per share) | $35.28 |
Non-vested Options, Number of Shares | ' |
Balance at the beginning of the period (in shares) | 301,576 |
Granted (in shares) | 262,463 |
Vested (in shares) | -148,616 |
Forfeited (in shares) | -13,745 |
Balance at the end of the period (in shares) | 401,678 |
Non-vested Options, Weighted-Average Fair Value | ' |
Balance at the beginning of the period (in dollars per share) | $8.89 |
Granted (in dollars per share) | $7.77 |
Vested (in dollars per share) | $8.82 |
Forfeited (in dollars per share) | $9.70 |
Balance at the end of the period (in dollars per share) | $8.16 |
$18.48 | ' |
Options Outstanding | ' |
Number Outstanding (in shares) | 262,463 |
Weighted-Average Remaining Contractual Life | '6 years 10 months 24 days |
Weighted-Average Exercise Price (in dollars per share) | $18.48 |
Options Exercisable | ' |
Number Exercisable (in shares) | 0 |
Weighted-Average Exercise Price (in dollars per share) | $0 |
$18.49 - 22.81 | ' |
Share-based compensation | ' |
Exercise price, low end of range (in dollars per share) | $18.49 |
Exercise price, high end of range (in dollars per share) | $22.81 |
Options Outstanding | ' |
Number Outstanding (in shares) | 350,385 |
Weighted-Average Remaining Contractual Life | '4 years 4 months 20 days |
Weighted-Average Exercise Price (in dollars per share) | $21.67 |
Options Exercisable | ' |
Number Exercisable (in shares) | 217,170 |
Weighted-Average Exercise Price (in dollars per share) | $21.62 |
$22.82 - 29.07 | ' |
Share-based compensation | ' |
Exercise price, low end of range (in dollars per share) | $22.82 |
Exercise price, high end of range (in dollars per share) | $29.07 |
Options Outstanding | ' |
Number Outstanding (in shares) | 116,062 |
Weighted-Average Remaining Contractual Life | '2 years 6 months 11 days |
Weighted-Average Exercise Price (in dollars per share) | $25.05 |
Options Exercisable | ' |
Number Exercisable (in shares) | 110,062 |
Weighted-Average Exercise Price (in dollars per share) | $25.05 |
$29.08 - 32.09 | ' |
Share-based compensation | ' |
Exercise price, low end of range (in dollars per share) | $29.08 |
Exercise price, high end of range (in dollars per share) | $32.09 |
Options Outstanding | ' |
Number Outstanding (in shares) | 53,502 |
Weighted-Average Remaining Contractual Life | '4 months 6 days |
Weighted-Average Exercise Price (in dollars per share) | $32 |
Options Exercisable | ' |
Number Exercisable (in shares) | 53,502 |
Weighted-Average Exercise Price (in dollars per share) | $32 |
$32.10 - 32.26 | ' |
Share-based compensation | ' |
Exercise price, low end of range (in dollars per share) | $32.10 |
Exercise price, high end of range (in dollars per share) | $32.26 |
Options Outstanding | ' |
Number Outstanding (in shares) | 148,623 |
Weighted-Average Remaining Contractual Life | '4 months 13 days |
Weighted-Average Exercise Price (in dollars per share) | $32.26 |
Options Exercisable | ' |
Number Exercisable (in shares) | 148,623 |
Weighted-Average Exercise Price (in dollars per share) | $32.26 |
$32.27 - 48.85 | ' |
Share-based compensation | ' |
Exercise price, low end of range (in dollars per share) | $32.27 |
Exercise price, high end of range (in dollars per share) | $48.85 |
Options Outstanding | ' |
Number Outstanding (in shares) | 70,250 |
Weighted-Average Remaining Contractual Life | '1 year 4 months 28 days |
Weighted-Average Exercise Price (in dollars per share) | $39.65 |
Options Exercisable | ' |
Number Exercisable (in shares) | 70,250 |
Weighted-Average Exercise Price (in dollars per share) | $39.65 |
$48.86 - 50.00 | ' |
Share-based compensation | ' |
Exercise price, low end of range (in dollars per share) | $48.86 |
Exercise price, high end of range (in dollars per share) | $50 |
Options Outstanding | ' |
Number Outstanding (in shares) | 150,000 |
Weighted-Average Remaining Contractual Life | '2 years 6 months 7 days |
Weighted-Average Exercise Price (in dollars per share) | $50 |
Options Exercisable | ' |
Number Exercisable (in shares) | 150,000 |
Weighted-Average Exercise Price (in dollars per share) | $50 |
$50.01 - 53.72 | ' |
Share-based compensation | ' |
Exercise price, low end of range (in dollars per share) | $50.01 |
Exercise price, high end of range (in dollars per share) | $53.72 |
Options Outstanding | ' |
Number Outstanding (in shares) | 141,064 |
Weighted-Average Remaining Contractual Life | '1 year 2 months 12 days |
Weighted-Average Exercise Price (in dollars per share) | $50.87 |
Options Exercisable | ' |
Number Exercisable (in shares) | 141,064 |
Weighted-Average Exercise Price (in dollars per share) | $50.87 |
ShareBased_Compensation_Detail5
Share-Based Compensation (Details 6) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
1998 Employee Stock Purchase Plan | ' | ' | ' |
Additional disclosures | ' | ' | ' |
Number of shares authorized | 243,000 | ' | ' |
Purchase price as a percentage of fair market value | 85.00% | ' | ' |
Offering period | '1 year | ' | ' |
Shares issued | 0 | 0 | 0 |
Options | ' | ' | ' |
Additional disclosures | ' | ' | ' |
Fair value of options vested | 1.3 | 1.5 | 1.1 |
Unrecognized compensation cost, net of expected forfeitures | 3 | ' | ' |
Weighted-average period over which cost is expected to be recognized | '2 years 10 months 24 days | ' | ' |
Additional disclosures | ' | ' | ' |
Vested shares outstanding that include the right of first refusal provision | 175,277 | ' | ' |
Options exercisable that include the right of first refusal provision (in shares) | 236,062 | ' | ' |
Restricted stock and stock units | ' | ' | ' |
Additional disclosures | ' | ' | ' |
Number of vesting installments | 4 | ' | ' |
Unrecognized compensation cost, net of expected forfeitures | 4.7 | ' | ' |
Weighted-average period over which cost is expected to be recognized | '2 years 9 months 18 days | ' | ' |
Non-vested Restricted Stock and Stock Units, Number of Shares | ' | ' | ' |
Balance at the beginning of the period (in shares) | 299,133 | ' | ' |
Granted (in shares) | 155,403 | ' | ' |
Vested (in shares) | -134,384 | -216,528 | -164,086 |
Forfeited (in shares) | -11,114 | ' | ' |
Balance at the end of the period (in shares) | 309,038 | 299,133 | ' |
Non-vested Restricted Stock and Stock Units, Weighted-Average Fair Value | ' | ' | ' |
Balance at the beginning of the period (in dollars per share) | 22.49 | ' | ' |
Granted (in dollars per share) | 18.5 | ' | ' |
Vested (in dollars per share) | 22.73 | ' | ' |
Forfeited (in dollars per share) | 22.14 | ' | ' |
Balance at the end of the period (in dollars per share) | 20.39 | 22.49 | ' |
Additional disclosures | ' | ' | ' |
Number of shares issuable upon achievement of certain financial performance goals, specified period one | 219,000 | ' | ' |
Business_Segment_and_Geographi2
Business Segment and Geographic Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
segment | |||||||||||
Business Segment and Geographic Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business segments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Business segment and geographic information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $75,672 | $74,427 | $65,203 | $63,130 | $67,533 | $65,912 | $67,813 | $69,132 | $278,432 | $270,390 | $305,228 |
Long-lived assets (property and equipment, net) | 15,655 | ' | ' | ' | 17,980 | ' | ' | ' | 15,655 | 17,980 | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business segment and geographic information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 216,815 | 207,779 | 224,661 |
Long-lived assets (property and equipment, net) | 13,657 | ' | ' | ' | 15,442 | ' | ' | ' | 13,657 | 15,442 | ' |
United Kingdom | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business segment and geographic information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 46,987 | 51,059 | 58,426 |
Long-lived assets (property and equipment, net) | 1,911 | ' | ' | ' | 2,452 | ' | ' | ' | 1,911 | 2,452 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business segment and geographic information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 14,630 | 11,552 | 22,141 |
Long-lived assets (property and equipment, net) | 87 | ' | ' | ' | 86 | ' | ' | ' | 87 | 86 | ' |
Total foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business segment and geographic information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 61,617 | 62,611 | 80,567 |
Long-lived assets (property and equipment, net) | $1,998 | ' | ' | ' | $2,538 | ' | ' | ' | $1,998 | $2,538 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income (loss) before (provision) benefit for income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | $13,659 | ($27,290) | $26,150 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 4,259 | -30,733 | 1,933 |
Income (loss) before (provision) benefit for income taxes | 5,221 | 5,952 | 3,368 | 3,377 | -64,987 | 1,016 | 2,695 | 3,253 | 17,918 | -58,023 | 28,083 |
Components of income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 6,683 | -5,180 | 11,138 |
Tax deficit on stock option exercises and restricted share vesting charged directly to common stock | ' | ' | ' | ' | ' | ' | ' | ' | 254 | 576 | 639 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 6,937 | -4,604 | 11,777 |
Currently payable: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 1,241 | 3,637 | 15,964 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 1,264 | 50 | 309 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 254 | 1,015 | 3,604 |
Currently payable | ' | ' | ' | ' | ' | ' | ' | ' | 2,759 | 4,702 | 19,877 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 3,592 | -8,163 | -6,829 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -238 | 21 | -286 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 570 | -1,740 | -1,624 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 3,924 | -9,882 | -8,739 |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $6,683 | ($5,180) | $11,138 |
Reconciliation of tax rates with federal statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal statutory rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | -35.00% | 35.00% |
State income taxes, net of federal income tax benefit (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 4.40% | -1.30% | 7.00% |
Goodwill impairment (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 20.60% | 0.00% |
Foreign losses benefited (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | -2.80% | -0.10% | -3.00% |
Losses not benefited (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 4.20% | 0.00% |
Foreign rate differential (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | -0.40% | 2.10% | 0.90% |
Foreign tax credit (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | -0.10% | -0.50% | -1.40% |
Uncertain tax positions (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | -2.10% | 0.00% | 0.00% |
Impact of NeuCo's tax provision charges (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 0.10% | 1.20% |
Permanently disallowed expenses (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | 1.00% | 1.50% |
Other (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | -0.10% | 0.00% | -1.50% |
Effective tax rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 37.30% | -8.90% | 39.70% |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Deferred tax assets: | ' | ' |
Accrued compensation and related expense | $21,064,000 | $16,743,000 |
Tax basis in excess of financial basis of net accounts receivable | 2,363,000 | 2,382,000 |
Net operating loss carryforwards | 5,421,000 | 6,682,000 |
Tax basis in excess of financial basis of fixed assets | 1,489,000 | 978,000 |
Excess tax over book amortization | ' | 5,926,000 |
Accrued expenses and other | 902,000 | 2,565,000 |
Total gross deferred tax assets | 31,239,000 | 35,276,000 |
Less: valuation allowance | -6,101,000 | -7,287,000 |
Total deferred tax assets net of valuation allowance | 25,138,000 | 27,989,000 |
Deferred tax liabilities: | ' | ' |
Tax basis in excess of financial basis of debentures | 5,024,000 | 6,371,000 |
Excess book over tax amortization | 2,938,000 | ' |
Total deferred tax liabilities | 7,962,000 | 6,371,000 |
Net deferred tax assets | 17,176,000 | 21,618,000 |
Valuation allowance | ' | ' |
Net change in valuation allowance | -1,200,000 | 2,300,000 |
Increase in deferred tax liability associated with goodwill and a corresponding decrease to valuation allowance | 1,400,000 | ' |
Net operating losses | ' | ' |
Valuation allowance | ' | ' |
Net change in valuation allowance | -600,000 | -200,000 |
Net operating losses | NeuCo, Inc. | ' | ' |
Valuation allowance | ' | ' |
Net change in valuation allowance | -400,000 | ' |
Net operating losses | Foreign | ' | ' |
Valuation allowance | ' | ' |
Net change in valuation allowance | ($400,000) | $2,500,000 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Dec. 28, 2013 |
Foreign | ' |
Operating loss carryforwards | ' |
Net operating loss carryforwards | $11,800,000 |
Operating losses subject to expiration | 200,000 |
U.S. state | ' |
Operating loss carryforwards | ' |
Net operating loss carryforwards | 400,000 |
U.S. federal and U.S. state | NeuCo, Inc. | ' |
Operating loss carryforwards | ' |
Net operating loss carryforwards | 6,100,000 |
Federal | NeuCo, Inc. | ' |
Operating loss carryforwards | ' |
Operating losses available to offset the entity's consolidated taxable income | $0 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Changes in the balances of gross unrecognized tax benefits | ' | ' |
Balance at beginning of period | $3,032,000 | $943,000 |
Additions for tax positions taken during prior years | 372,000 | 2,344,000 |
Settlements with tax authorities | -3,032,000 | -255,000 |
Balance at end of the period | 372,000 | 3,032,000 |
Interest on unrecognized tax benefits | 67,000 | ' |
Unrecognized tax benefits being recognized as a reduction to the effective income tax rate | 47,000 | ' |
Unrecognized tax benefits | ' | ' |
Amount of unrecognized tax benefits that is reasonably possible to be reversed within the next twelve months | 47,000 | ' |
Additional disclosures | ' | ' |
Undistributed earnings from foreign subsidiaries | $3,200,000 | ' |
RelatedParty_Transactions_Deta
Related-Party Transactions (Details) (Shareholders, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Shareholders | ' | ' | ' |
Related-Party Transactions | ' | ' | ' |
Payments for consulting services | $6.10 | $5.40 | $7.30 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Jun. 30, 2012 | Dec. 29, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 28, 2013 | |
Deferred rent and other non-current liabilities | Current portion of deferred rent | Office Vacancies | Office Vacancies | Employee Workforce Reduction | Employee Workforce Reduction | London office surrender | London office surrender | London office surrender | London office surrender | Houston office space adjustments | Houston office space adjustments | Houston office space adjustments | Houston office space adjustments | Restructuring Plan, July 2012 | |||
item | Lease surrender | Other restructuring | Cost of sales | Selling, general and administrative expenses | Depreciation and amortization expense | Minimum | |||||||||||
service | |||||||||||||||||
Restructuring charges disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charges related to termination benefits, facility related charges, asset write downs and other charges | ' | $5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consulting positions reduced under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 |
Number of floors under lease surrendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Number of floors under lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Amount paid for lease surrender | 1,488,000 | 7,232,000 | ' | ' | 759,000 | 3,514,000 | 729,000 | 3,718,000 | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' |
Pre-tax restructuring credit related to adjustments of leased office space in Houston, TX | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' |
Restructuring expenses and reserve balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 2,979,000 | 3,737,000 | 400,000 | 800,000 | 2,106,000 | 3,737,000 | 873,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges incurred | 0 | 6,728,000 | ' | ' | 0 | 2,110,000 | 0 | 4,618,000 | 1,700,000 | ' | ' | 500,000 | 6,700,000 | 3,800,000 | 1,500,000 | 1,400,000 | ' |
Amounts paid, net of amounts received, during fiscal 2013 | -1,488,000 | -7,232,000 | ' | ' | -759,000 | -3,514,000 | -729,000 | -3,718,000 | ' | ' | -1,200,000 | ' | ' | ' | ' | ' | ' |
Non-cash adjustments and effect of foreign currency translation | -321,000 | -254,000 | ' | ' | -177,000 | -227,000 | -144,000 | -27,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | $1,170,000 | $2,979,000 | $400,000 | $800,000 | $1,170,000 | $2,106,000 | $0 | $873,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
item | |||||||||||
Quarterly Financial Data (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $75,672 | $74,427 | $65,203 | $63,130 | $67,533 | $65,912 | $67,813 | $69,132 | $278,432 | $270,390 | $305,228 |
Gross profit | 24,044 | 23,850 | 20,161 | 21,115 | 23,262 | 19,737 | 22,365 | 22,645 | 89,170 | 88,009 | 105,845 |
Income (loss) from operations | 5,459 | 6,114 | 3,170 | 3,774 | -64,959 | 1,035 | 2,808 | 3,306 | 18,517 | -57,810 | 29,064 |
Income (loss) before (provision) benefit for income taxes | 5,221 | 5,952 | 3,368 | 3,377 | -64,987 | 1,016 | 2,695 | 3,253 | 17,918 | -58,023 | 28,083 |
Net income (loss) | 3,716 | 3,333 | 1,351 | 2,835 | -53,346 | -706 | 773 | 436 | 11,235 | -52,843 | 16,945 |
Net (income) loss attributable to noncontrolling interest, net of tax | 6 | -63 | 58 | 134 | -138 | -38 | -54 | 83 | 135 | -147 | -94 |
Net income (loss) attributable to CRA International, Inc. | $3,722 | $3,270 | $1,409 | $2,969 | ($53,484) | ($744) | $719 | $519 | $11,370 | ($52,990) | $16,851 |
Basic net income (loss) per share (in dollars per share) | $0.37 | $0.32 | $0.14 | $0.30 | ($5.33) | ($0.07) | $0.07 | $0.05 | $1.13 | ($5.21) | $1.60 |
Diluted net income (loss) per share (in dollars per share) | $0.37 | $0.32 | $0.14 | $0.29 | ($5.33) | ($0.07) | $0.07 | $0.05 | $1.12 | ($5.21) | $1.57 |
Weighted average number of shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | 10,071 | 10,093 | 10,100 | 9,994 | 10,027 | 10,084 | 10,242 | 10,316 | 10,084 | 10,167 | 10,555 |
Diluted (in shares) | 10,148 | 10,192 | 10,188 | 10,084 | 10,027 | 10,084 | 10,381 | 10,493 | 10,173 | 10,167 | 10,739 |
Number of quarters the sum of which may not equal the full year amount | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent event, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Feb. 24, 2014 |
item | |
sqft | |
Subsequent event | ' |
Subsequent Events | ' |
Area of office building taken on lease | 57,602 |
Initial term of the lease | '10 years |
Number of options available for lease extensions | 2 |
Period for which lease tem can be extended | '5 years |
Annual fixed rent per square foot for the first year of the lease's base term | 42 |
Threshold amount of annual fixed rent for the first year of the lease's base term | $2.40 |
Incremental annual fixed rent per square foot for remainder of the lease's base term | 1 |
Amount of letters of credit issued as security | 1 |
Area of office space not included in amendment | 25,099 |
Amount of base rent payable extension period, if term of the existing lease is extended | $2.40 |