CRA International (CRAI) 10-Q 4 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 01, 2017	Jul. 28, 2017
Document and Entity Information
Entity Registrant Name	CRA INTERNATIONAL, INC.
Entity Central Index Key	1,053,706
Document Type	10-Q
Document Period End Date	Jul. 1, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-30
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		8,224,135
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Condensed Consolidated Income Statements
Revenues	$ 93,563	$ 82,607	$ 181,734	$ 163,519
Costs of services	65,220	57,950	127,801	113,465
Gross profit	28,343	24,657	53,933	50,054
Selling, general and administrative expenses	20,259	16,856	38,975	36,077
Depreciation and amortization	2,236	2,121	4,199	3,970
Income from operations	5,848	5,680	10,759	10,007
GNU gain on sale of business assets	250	3,836	250	3,836
Interest expense, net	(133)	(120)	(245)	(227)
Other expense, net	(46)	(127)	(237)	(162)
Income before provision for income taxes	5,919	9,269	10,527	13,454
Provision for income taxes	(2,012)	(2,502)	(3,790)	(4,448)
Net income	3,907	6,767	6,737	9,006
Net income attributable to noncontrolling interest, net of tax	(94)	(1,552)	(71)	(1,369)
Net income attributable to CRA International, Inc.	$ 3,813	$ 5,215	$ 6,666	$ 7,637
Net income per share attributable to CRA International, Inc:
Basic (in dollars per share)	$ 0.45	$ 0.60	$ 0.79	$ 0.86
Diluted (in dollars per share)	$ 0.44	$ 0.59	$ 0.77	$ 0.86
Weighted average number of shares outstanding:
Basic (in shares)	8,428	8,695	8,423	8,783
Diluted (in shares)	8,618	8,779	8,619	8,825

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 3,907	$ 6,767	$ 6,737	$ 9,006
Other comprehensive income:
Foreign currency translation adjustments	1,753	(1,938)	2,337	(1,915)
Comprehensive income	5,660	4,829	9,074	7,091
Less: comprehensive income attributable to noncontrolling interest	(94)	(1,552)	(71)	(1,369)
Comprehensive income attributable to CRA International, Inc.	$ 5,566	$ 3,277	$ 9,003	$ 5,722

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 14,668	$ 53,530
Accounts receivable, net of allowances of $6,910 at July 1, 2017 and $4,253 at December 31, 2016	71,554	66,852
Unbilled services, net of allowances of $2,695 at July 1, 2017 and $1,720 at December 31, 2016	38,868	24,937
Prepaid expenses and other current assets	13,635	19,295
Forgivable loans	7,319	5,897
Total current assets	146,044	170,511
Property and equipment, net	36,854	36,381
Goodwill	87,740	74,764
Intangible assets, net	10,227	2,685
Deferred income taxes	10,083	10,049
Forgivable loans, net of current portion	22,211	28,065
Other assets	1,169	1,187
Total assets	314,328	323,642
Current liabilities:
Accounts payable	15,607	13,729
Accrued expenses	59,716	75,281
Deferred revenue and other liabilities	2,857	3,021
Current portion of deferred rent	1,010	1,499
Current portion of deferred compensation	597	570
Total current liabilities	79,787	94,100
Non-current liabilities:
Deferred rent and facility-related non-current liabilities	17,029	15,191
Deferred compensation and other non-current liabilities	8,069	6,346
Deferred income taxes	315	122
Total non-current liabilities	25,413	21,659
Commitments and contingencies (Note 16)
Shareholders' equity:
Preferred stock, no par value; 1,000,000 shares authorized; none issued and outstanding
Common stock, no par value; 25,000,000 shares authorized; 8,197,612 and 8,333,990 shares issued and outstanding at July 1, 2017 and December 31, 2016, respectively	48,753	54,124
Retained earnings	171,122	166,914
Accumulated other comprehensive loss	(11,481)	(13,818)
Total CRA International, Inc. shareholders' equity	208,394	207,220
Noncontrolling interest	734	663
Total shareholders' equity	209,128	207,883
Total liabilities and shareholders' equity	$ 314,328	$ 323,642

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016
Condensed Consolidated Balance Sheets
Allowances for accounts receivable (in dollars)	$ 6,910	$ 4,253
Allowance for unbilled services (in dollars)	$ 2,695	$ 1,720
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value ( in dollars per share )	$ 0	$ 0
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	8,197,612	8,333,990
Common stock, shares outstanding	8,197,612	8,333,990

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2017	Jul. 02, 2016
Operating activities:
Net income	$ 6,737	$ 9,006
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	4,199	3,964
Impairment of intangible assets	510
GNU gain on sale of business assets	(250)	(3,836)
Deferred rent	1,202	3,154
Deferred income taxes	213	731
Share-based compensation expenses	3,052	3,105
Excess tax benefits from share-based compensation		(55)
Accounts receivable allowances	2,620	(425)
Changes in operating assets and liabilities:
Accounts receivable	(6,344)	(3,855)
Unbilled services	(13,149)	(5,138)
Prepaid expenses and other current assets, and other assets	5,380	542
Forgivable loans	4,612	3,613
Incentive cash awards	609
Accounts payable, accrued expenses, and other liabilities	(17,874)	(15,881)
Net cash used in operating activities	(8,483)	(5,075)
Investing activities:
Cash consideration paid for acquisitions	(16,163)
Purchases of property and equipment	(2,650)	(6,750)
GNU cash proceeds from sale of business assets	250	1,100
Net cash used in investing activities	(18,563)	(5,650)
Financing activities:
Issuance of common stock, principally stock option exercises	2,699
Payments on notes payable		(75)
Borrowings under line of credit	11,500	5,000
Repayments under line of credit	(11,500)	(5,000)
Tax withholding payments reimbursed by restricted shares	(703)	(490)
Excess tax benefits from share-based compensation		55
Cash paid on dividend equivalents	(25)
Cash dividends paid to stockholders	(2,377)
Repurchases of common stock	(12,417)	(15,140)
Net cash used in financing activities	(12,823)	(15,650)
Effect of foreign exchange rates on cash and cash equivalents	1,007	441
Net decrease in cash and cash equivalents	(38,862)	(25,934)
Cash and cash equivalents at beginning of period	53,530	38,139
Cash and cash equivalents at end of period	14,668	12,205
Noncash investing and financing activities:
Issuance of common stock for acquired business	3,044	44
Repurchases of common stock payable	1,046	1,315
Purchases of property and equipment not yet paid for	841	3,338
Purchases of property and equipment paid for by a third party	450
Asset retirement obligations		1,522
Supplemental cash flow information:
Cash paid for income taxes	5,229	1,592
Cash paid for interest	$ 170	$ 246

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Shareholders' Equity - 6 months ended Jul. 01, 2017 - USD ($) $ in Thousands	CRA International, Inc. Shareholders' Equity	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest	Total
BALANCE at Dec. 31, 2016	$ 207,220	$ 54,124	$ 166,914	$ (13,818)	$ 663	$ 207,883
BALANCE (in shares) at Dec. 31, 2016		8,333,990				8,333,990
Increase (Decrease) in Shareholders' Equity
Net income	6,666		6,666		71	$ 6,737
Foreign currency translation adjustment	2,337			2,337		2,337
Issuance of common stock	3,044	$ 3,044				3,044
Issuance of common stock (in shares)		89,312
Exercise of stock options	2,699	$ 2,699				2,699
Exercise of stock options (in shares)		123,955
Share-based compensation expense for employees	3,001	$ 3,001				3,001
Restricted share and unit vestings (in shares)		58,953
Redemption of vested employee restricted shares for tax withholding	(703)	$ (703)				(703)
Redemption of vested employee restricted shares for tax withholding (in shares)		(19,519)
Cumulative effect of a change in accounting principle related to ASU 2016-09	48		48			48
Shares repurchases	(13,463)	$ (13,463)				(13,463)
Shares repurchases (in shares)		(389,079)
Share-based compensation expense for non-employees	51	$ 51				51
Accrued dividends on unvested units	(104)		(104)			(104)
Cash paid on dividend equivalents	(25)		(25)			(25)
Cash dividends paid to stockholders	(2,377)		(2,377)			(2,377)
BALANCE at Jul. 01, 2017	$ 208,394	$ 48,753	$ 171,122	$ (11,481)	$ 734	$ 209,128
BALANCE (in shares) at Jul. 01, 2017		8,197,612				8,197,612

Description of Business

Description of Business	6 Months Ended
	Jul. 01, 2017
Description of Business
Description of Business	1. 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. CRA operates its business under its registered trade name, Charles River Associates.

Basis of Presentation and Estim

Basis of Presentation and Estimates	6 Months Ended
	Jul. 01, 2017
Basis Of Presentation and Estimates
Basis of Presentation and Estimates	2. Basis of Presentation and Estimates The accompanying unaudited condensed consolidated financial statements reflect the results of operations, financial position, cash flows, and stockholders' equity as of and for the fiscal quarters and year-to-date periods ended July 1, 2017 and July 2, 2016, respectively. These financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for Quarterly Reports on Form 10-Q. Accordingly, these financial statements do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for annual financial statements. In the opinion of management, these financial statements reflect all adjustments of a normal, recurring nature necessary for the fair statement of CRA's results of operations, financial position, cash flows, and stockholders' equity for the interim periods presented in conformity with GAAP. Results of operations for the interim periods presented herein are not necessarily indicative of results of operations for a full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2016, included in our Annual Report on Form 10-K, filed with the SEC on March 15, 2017. The preparation of financial statements in conformity with GAAP requires management to make significant estimates and judgments that affect the reported amounts of assets and liabilities, as well as the related disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of consolidated revenues and expenses during the reporting period. Estimates in these condensed consolidated financial statements include, but are not limited to, allowances for accounts receivable and unbilled services, revenue recognition on fixed price contracts, depreciation of property and equipment, share-based compensation, valuation of acquired intangible assets, impairment of long lived assets, 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.

Principles of Consolidation

Principles of Consolidation	6 Months Ended
	Jul. 01, 2017
Principles of Consolidation
Principles of Consolidation	3. Principles of Consolidation The condensed consolidated financial statements include the accounts of CRA and its wholly owned subsidiaries. In addition, the condensed consolidated financial statements include CRA's interest in GNU123 Liquidating Corporation ("GNU", formerly known as NeuCo Inc.). All significant intercompany transactions and accounts have been eliminated. CRA's ownership interest in GNU was 55.89% for all periods presented. GNU's financial results have been consolidated with CRA, and the portion of GNU's results allocable to its other owners is shown as "noncontrolling interest." GNU's interim reporting schedule is based on calendar month-ends, but 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 GNU. CRA does not believe that the reporting lag will have a significant impact on CRA's consolidated income statements or financial condition. On April 13, 2016, a buyer acquired substantially all of the business assets and assumed substantially all of the liabilities of GNU for a purchase price of $1.35 million. Of this amount, $1.1 million was received at closing, with the remaining $0.25 million payable on or after April 13, 2017, subject to contingencies, as outlined in the asset purchase agreement, which remaining amount was paid in full on May 3, 2017. GNU recognized a gain on sale of its business assets of $0.25 million during the second quarter of fiscal 2017, of which $0.14 million is attributed to CRA, and $3.8 million during the second quarter of fiscal 2016, of which $2.1 million is attributed to CRA.

Recent Accounting Standards Ado

Recent Accounting Standards Adopted	6 Months Ended
	Jul. 01, 2017
Recent Accounting Standards Adopted
Recent Accounting Standards Adopted	4. Recent Accounting Standards Adopted Improvements to Employee Share-Based Payment Accounting In March 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (" ASU 2016-09"). ASU 2016-09 requires all of the tax effects related to share-based payments to be recorded through the income statement. The new pronouncement also allows for the option of estimating awards expected to vest or accounting for forfeitures when they occur. In the statement of cash flows, cash paid by employers when withholding shares for tax withholding purposes should be classified as a financing activity whereas cash flows resulting from excess tax benefits should be reported in operating activities. The amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Accordingly, CRA adopted ASU No. 2016-09 on January 1, 2017, resulting in the recognition of a tax benefit of $0.3 million for the quarter ended April 1, 2017, in CRA's condensed consolidated income statements. CRA had traditionally classified employee taxes paid through employer share withholdings as financing activities, therefore no further adjustment was necessary. CRA elected to classify excess tax benefits from share-based compensation as operating activities on a prospective basis beginning in the quarter ended April 1, 2017. Additionally, CRA did not make any changes to its accounting for forfeitures and continues to estimate forfeitures based on historical experience.

Recent Accounting Standards Not

Recent Accounting Standards Not Yet Adopted	6 Months Ended
	Jul. 01, 2017
Recent Accounting Standards Not Yet Adopted
Recent Accounting Standards Not Yet Adopted	5. Recent Accounting Standards Not Yet Adopted Revenue from Contracts with Customers In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date ("ASU 2015-14"). ASU 2015-14 defers by one year the effective date of ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The deferral results in ASU 2014-09 being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The main provision of ASU 2014-09 is to recognize revenue when control of the goods or services transfers to the customer, as opposed to the existing guidance of recognizing revenue when the risks and rewards transfer to the customer. The standard is expected to have an impact on the amount and timing of revenue recognized and the related disclosures on CRA's financial statements. CRA will adopt ASU 2014-09 during the first quarter of 2018 and CRA expects to adopt this new standard using the modified retrospective method, which requires a cumulative-effect adjustment to retained earnings in the period of adoption. We currently anticipate that the most significant impact to us of adopting this guidance will occur with contracts which include variable consideration. Our preliminary assessments of the impact of our adoption of this guidance are subject to change. We will continue to evaluate the impact of our pending adoption of this guidance to our consolidated financial statements to conclude whether the impact of our adoption of this standard will have a material impact to our financial position, results of operations, cash flows and disclosures. Leases (Topic 842) In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 establishes a comprehensive new lease accounting model. The new standard clarifies the definition of a lease, requires a dual approach to lease classification similar to current lease classifications, and causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease term of more than twelve months. The new standard is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements, but it does not require transition accounting for leases that expire prior to the date of initial application. CRA has not yet determined the effects, if any, that the adoption of ASU 2016-02 may have on its financial position, results of operations, cash flows, or disclosures. Statement of Cash Flows (Topic 230): Restricted Cash In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). ASU 2016-18 amends ASC 230 to add or clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. The new standard requires cash and cash equivalents balances on the statement of cash flows to include restricted cash and cash equivalent balances. ASU 2016-18 requires the registrant to provide appropriate disclosures about its accounting policies pertaining to restricted cash in accordance with GAAP. Additionally, changes in restricted cash and restricted cash equivalents that result from transfers between cash, cash equivalents, and restricted cash and restricted cash equivalents should not be presented as cash flow activities in the statement of cash flows. A registrant with a material balance of amounts generally described as restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. The new standard is effective for interim and annual periods beginning after December 15, 2017. CRA believes that the adoption of ASU 2016-18 will not have a material impact on its financial position, results of operations, cash flows, or disclosures. Business Combinations (Topic 805): Clarifying the Definition of a Business On January 5, 2017, the FASB issued a new ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"). ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the amendments, a business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs, or other economic benefits directly to investors or other owners, members, or participants. For public companies, ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early application of the amendments in ASU 2017-01 is allowed for transactions of which the acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance; and for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. CRA has not yet determined the effects, if any, that the adoption of ASU 2017-01 may have on its financial position, results of operations, cash flows, or disclosures. Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment On January 26, 2017, the FASB issued a new ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 simplifies the subsequent measurement of goodwill, and eliminates Step 2 from the goodwill impairment test. Under the amendments, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The amendment also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets. For public companies, ASU 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. CRA has not yet determined the effects, if any, that the adoption of ASU 2017-04 may have on its financial position, results of operations, cash flows, or disclosures. Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting On May 10, 2017, the FASB issued a new ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting ("ASU 2017-09"). ASU 2017-09 updates guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. Under the amendments, an entity should account for the effects of a modification unless all the following conditions are met. First, the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification. Second, the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. Third, the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The new standard is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for public entities for reporting periods for which financial statements have not yet been issued. CRA will adopt ASU 2017-09 during the first quarter of 2018. CRA has not completed its assessment of this standard and has not yet determined whether the impact of the adoption of this standard on its financial position, results of operations, cash flows, or disclosures will be material.

Business Acquisitions

Business Acquisitions	6 Months Ended
	Jul. 01, 2017
Business Acquisitions
Business Acquisitions	6. Business Acquisitions On January 30, 2017, CRA acquired substantially all of the assets and assumed certain liabilities of C1 Consulting LLC, an independent consulting firm, and its wholly-owned subsidiary C1 Associates (collectively, "C1") for initial consideration comprised of cash and CRA restricted common stock. The asset purchase agreement provided for additional purchase consideration to be paid for up to four years following the transaction in the form of an earnout, if specific performance targets are met. These earnout payments are payable in cash and CRA restricted common stock. The fair value of this obligation was measured as of the acquisition date and accounted for as a component of the purchase consideration, any adjustments to this initial valuation in future accounting periods will be reported as an adjustment to net income. C1 provides management consulting services in the life sciences industry, and has built a reputation for its specialty consulting services. Acquiring C1 will assist CRA in expanding its geographical presence in the western part of the United States and Europe, servicing CRA's existing life sciences customers more efficiently, and providing opportunities to engage with new clients in both the United States and European markets. The acquisition has been accounted for under the purchase method of accounting, and C1's results of operations have been included in the accompanying condensed consolidated income statements from the date of acquisition. The following is a preliminary allocation of the purchase price to the estimated fair value of assets acquired and liabilities assumed. The allocation of the purchase price will be finalized as CRA receives additional information relevant to the acquisition and completes its analysis of transaction-related activities. The final purchase price allocation may be different from the preliminary estimate reported, the impact of which is not expected to be material to CRA's results of operations for fiscal 2017. The following table shows CRA's acquired assets and liabilities assumed from the purchase of C1 Consulting (in thousands): Assets Acquired: Current assets: Accounts receivable and unbilled receivables $ Other current assets ​ ​ ​ ​ ​ Total current assets ​ ​ ​ ​ ​ Property and equipment Other non-current assets Intangible assets Goodwill ​ ​ ​ ​ ​ Total assets acquired $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Assumed: Current liabilities: Deferred revenue $ Accrued expenses and other current liabilities ​ ​ ​ ​ ​ Total current liabilities ​ ​ ​ ​ ​ Contingent consideration ​ ​ ​ ​ ​ Total liabilities assumed ​ ​ ​ ​ ​ Net assets acquired $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The intangible assets acquired are comprised of non-compete agreements and the value of customer relationships, the fair value of which was determined using the incremental income method and multi-period excess earnings method, respectively. The non-compete agreements are being amortized over the stated term of five years on a straight-line basis. The customer relationships intangible is being amortized over a ten year life on a straight-line basis which approximates the expected pattern of economic benefit from this asset. The fair value of the contingent consideration was determined using a monte carlo simulation and will be accreted over the liabilities' measurement period to its expected future payment value on a straight-line basis. The fair value of the contingent acquisition liability will be reassessed on a quarterly basis by CRA using additional information as it becomes available and any change in the fair value estimate will be recorded in the earnings of that period. Transaction related costs, which are principally legal and accounting service fees, amount to $0.5 million for the fiscal year-to-date period ended July 1, 2017 and are included in selling, general and administrative expenses on the condensed consolidated income statement.

Cash and Cash Equivalents

Cash and Cash Equivalents	6 Months Ended
	Jul. 01, 2017
Cash and Cash Equivalents
Cash and Cash Equivalents	7. Cash and Cash Equivalents Cash equivalents consist principally of money market funds with maturities of three months or less when purchased. As of July 1, 2017, 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 its cash on deposit is fully liquid. CRA continually monitors the credit ratings of the institution.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jul. 01, 2017
Fair Value of Financial Instruments
Fair Value of Financial Instruments	8. Fair Value of Financial Instruments Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurement), then priority to quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market (Level 2 measurement), then the lowest priority to unobservable inputs (Level 3 measurement). The following table shows CRA's financial instruments as of July 1, 2017 and December 31, 2016 that are measured and recorded in the financial statements at fair value on a recurring basis (in thousands): July 1, 2017 Quoted Prices in Active Markets Significant Other Significant Level 1 Level 2 Level 3 Assets: Money market funds $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: Contingent consideration liability $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2016 Quoted Prices in Active Markets Significant Other Significant Level 1 Level 2 Level 3 Assets: Money market funds $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: Contingent consideration liability $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The fair values of CRA's money market funds are based on quotes received from third-party banks. The contingent consideration liabilities in the tables above are for estimated future contingent consideration payments related to prior acquisitions. The fair value measure of these liabilities are based on significant inputs not observed in the market and thus represent a Level 3 measurement. The significant unobservable inputs used in the fair value measurements of these contingent acquisition liabilities are CRA's measures of the estimated payouts based on internally generated financial projections and discount rates. The fair value of the contingent acquisition liabilities are reassessed on a quarterly basis by CRA using additional information as it becomes available and any change in the fair value estimates are recorded in the earnings of that period. The following table summarizes the changes in the contingent consideration liabilities over the fiscal year-to-date period ended July 1, 2017 and the fiscal year ended December 31, 2016 (in thousands): July 1, December 31, Beginning balance $ $ Acquisitions — Remeasurement of acquisition-related contingent consideration ) Accretion — Payments ) ) Effects of foreign currency translation ) ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Forgivable Loans

Forgivable Loans	6 Months Ended
	Jul. 01, 2017
Forgivable Loans
Forgivable Loans	9. Forgivable Loans Forgivable loan activity for the fiscal year-to-date period ended July 1, 2017 and fiscal year ended December 31, 2016 is as follows (in thousands): July 1, December 31, Beginning balance $ $ Advances Accruals — Repayments ) ) Reclassification to other receivables ) — Amortization ) ) Effect of foreign currency translation ) ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion of forgivable loans $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current portion of forgivable loans $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jul. 01, 2017
Goodwill and Intangible Assets
Goodwill and Intangible Assets	10. Goodwill and Intangible Assets The changes in the carrying amount of goodwill during the fiscal year-to-date period ended July 1, 2017, are as follows (in thousands): Goodwill, Accumulated Goodwill, Balance at December 31, 2016 $ $ ) $ Goodwill adjustment related to acquisition — Effect of foreign currency translation — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at July 1, 2017 $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets that are separable from goodwill and have determinable useful lives are valued separately and amortized over their expected useful lives. There were impairment losses of $0.5 million related to intangible assets during the second quarter of fiscal 2017. There were no impairment losses related to intangible assets during the second quarter of fiscal 2016. The components of acquired identifiable intangible assets are as follows (in thousands): July 1, December 31, Non-competition agreements, net of accumulated amortization of $411 and $3,821, respectively $ $ Customer relationships, net of accumulated amortization of $2,505 and $5,181, respectively ​ ​ ​ ​ ​ ​ ​ ​ Total, net of accumulated amortization $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jul. 01, 2017
Accrued Expenses
Accrued Expenses	11. Accrued Expenses Accrued expenses consist of the following (in thousands): July 1, December 31, Compensation and related expenses $ $ Income taxes payable Other ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of July 1, 2017 and December 31, 2016, approximately $32.9 million and $53.9 million, respectively, of accrued bonuses were included above in "Compensation and related expenses".

Credit Agreement

Credit Agreement	6 Months Ended
	Jul. 01, 2017
Credit Agreement
Credit Agreement	12. Credit Agreement CRA is party to a credit agreement that provides CRA with a $125.0 million revolving credit facility and a $15.0 million sublimit for the issuance of letters of credit. CRA may use the proceeds of the revolving credit facility to provide working capital and for other general corporate purposes. CRA may repay any borrowings under the revolving credit facility at any time, but no later than April 24, 2018. There were no borrowings outstanding under this revolving credit facility as of July 1, 2017 and December 31, 2016. As of July 1, 2017 and December 31, 2016, the amount available under this revolving credit facility was reduced by certain letters of credit outstanding, which amounted to $2.8 million and $2.2 million, respectively. Under the credit agreement, CRA must comply with various financial and non-financial covenants. Compliance with these financial covenants is tested on a fiscal quarterly basis. As of July 1, 2017, CRA was in compliance with the covenants of its credit agreement.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jul. 01, 2017
Revenue Recognition
Revenue Recognition	13. Revenue Recognition CRA offers consulting services in two broad areas: litigation, regulatory, and financial consulting and management consulting. Together, these two service areas comprised 100.0% of CRA's consolidated revenues for the fiscal quarter and fiscal year-to-date period ended July 1, 2017. CRA recognizes all project revenue on a gross basis based on consideration of the criteria set forth in ASC Topic 605-45, Principal Agent Considerations . 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. 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 a 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. In general, project costs are classified in 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 CRA by its non-employee experts. 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 allowance is as follows (in thousands): Fiscal Year-to-Date Fiscal Year July 1, December 31, Balance at beginning of period $ $ Increases to reserve Amounts written off ) ) Effects of foreign currency translation — ​ ​ ​ ​ ​ ​ ​ ​ Balance at end of period $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A rollforward of the unbilled receivables allowance is as follows (in thousands): Fiscal Year-to-Date Fiscal Year July 1, December 31, Balance at beginning of period $ $ Increases to reserves Amounts written off ) ) Effects of foreign currency translation — — ​ ​ ​ ​ ​ ​ ​ ​ Balance at end of period $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Generally, amounts deemed uncollectible are recorded as a reduction to revenues. During fiscal 2016, $1.1 million was recorded as a bad debt expense and reported as a component of selling, general and administrative expenses related to credit-related losses. 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): Quarter Ended Fiscal Year-to-Date July 1, July 2, July 1, July 2, Reimbursable expenses $ $ $ $ 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.

Net Income per Share

Net Income per Share	6 Months Ended
	Jul. 01, 2017
Net Income per Share
Net Income per Share	14. Net Income per Share CRA calculates basic and diluted earnings per common share using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all of the net earnings of the period had been distributed. CRA's participating securities consist of unvested share-based payment awards that contain a nonforfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders. Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares as of the balance sheet date, as adjusted for the potential dilutive effect of non-participating share-based awards. Net earnings allocable to these participating securities were not significant for the second quarter of fiscal 2017 and fiscal 2016. The following table presents a reconciliation from net income to net income available to common shareholders (in thousands): Quarter Ended Fiscal Year-to-Date July 1, July 2, July 1, July 2, Net income, as reported $ $ $ $ Less: net income attributable to participating shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common shareholders $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents a reconciliation of basic to diluted weighted average shares of common stock outstanding (in thousands): Quarter Ended Fiscal July 1, July 2, July 1, July 2, Basic weighted average shares outstanding Stock options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted weighted average shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the second quarter and fiscal year-to-date period ended July 1, 2017, the anti-dilutive share based awards that were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding amounted to 192,504 and 56,360 shares, respectively. For the second quarter and fiscal year-to-date period ended July 2, 2016, the anti-dilutive share based awards that were excluded from the calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding amounted to 532,734 and 958,857 shares, respectively. These share-based awards were anti-dilutive because their exercise price exceeded the average market price over the respective period. On March 21, 2016 and May 3, 2017, CRA's Board of Directors authorized the repurchase of up to an additional $20.0 million and $20.0 million, respectively, of CRA's common stock. Repurchases under these programs are discretionary and CRA may make repurchases under any of these programs in the open market (including under any Rule 10b5-1 plan adopted by CRA) or in privately negotiated transactions, in each case in accordance with applicable insider trading and other securities laws and regulations. CRA records the retirement of its repurchased shares as a reduction to common stock. During the second quarter of fiscal year 2017, CRA repurchased and retired 389,079 shares under these share repurchase programs at an average price per share of $34.63. During the second quarter and first half of fiscal 2016, CRA repurchased and retired 672,795 shares under these share repurchase programs at an average price per share of $24.09. There was approximately $15.6 million available for future repurchases under these programs as of July 1, 2017.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 01, 2017
Income Taxes
Income Taxes	15. Income Taxes CRA's effective income tax rates were 34.0% and 27.0% for the second quarters of fiscal 2017 and fiscal 2016, respectively. The effective tax rate for the second quarter of fiscal 2017 was higher than the prior year primarily due to the gain on the sale of business assets of GNU of approximately $3.8 million in the second quarter of fiscal 2016, resulting in a disproportionately lower share of taxes in that quarter as the gain was offset by net operating losses that had a full valuation allowance. This increase in rate was partially offset by the second quarter of fiscal 2017 tax benefit related to stock-based compensation of approximately $0.1 million, as well as the tax implications associated with the reversal of contingent consideration recorded as discrete items during the quarter. The effective tax rate in the second quarter of fiscal 2017 was lower than the combined Federal and state statutory tax rate primarily due to a favorable geographical mix of earnings as well as the tax benefit related to stock-based compensation and the tax implications associated with the reversal of contingent consideration recorded as discrete items during the quarter. The effective tax rate in the second quarter of fiscal 2016 was lower than the combined Federal and state statutory tax rate due to a favorable geographical mix of earnings, as well as the sale of business assets described above. CRA's effective income tax rates were 36.0% and 33.1% for the first half of fiscal 2017 and fiscal 2016, respectively. The effective tax rate for the first half of 2017 was higher than the prior year primarily due to the gain on the sale of business assets of GNU of approximately $3.8 million in the second quarter of fiscal 2016, resulting in a disproportionately lower share of taxes in that quarter as the gain was offset by net operating losses that had a full valuation allowance. Additionally, the effective tax rate for the first half of 2017 was higher than the prior year due to an unfavorable discrete item recorded in the first quarter. This increase in rate was partially offset by the year-to-date fiscal 2017 tax benefit related to stock-based compensation of approximately $0.3 million, as well as the tax implications associated with the reversal of contingent consideration recorded as discrete items during the first and second quarters. The effective tax rate in the first half of fiscal 2017 was lower than the combined Federal and state statutory tax rate primarily due to a favorable geographical mix of earnings, as well as the tax benefit related to stock-based compensation and the tax implications associated with the reversal of contingent consideration, offset partially by an unfavorable item, all recorded discretely during the first and second fiscal quarters of 2017. The effective tax rate in the first half of fiscal 2016 was lower than the combined Federal and state statutory tax rate primarily due to a favorable geographical mix of earnings, as well as the sale of business assets described above. CRA has not provided for deferred income taxes or foreign withholding taxes on undistributed earnings from its foreign subsidiaries as of July 1, 2017 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 from operations and availability from its U.S. revolving credit facility to fund its U.S. operational and strategic needs.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 01, 2017
Commitments and Contingencies
Commitments and Contingencies	16. Commitments and Contingencies On April 21, 2017, CRA entered into the first amendment of the New York, New York lease for an additional 16,587 square feet of office space. The lease for the additional space commenced on April 15, 2017 and will expire on April 30, 2028. The amendment also extends the term of the previously leased space of 25,261 square feet of the same office building to the same date. The annual base rent for the additional space will be approximately $1.2 million per year subject to an increase of approximately 8% after five years. The amendment includes a base rent abatement of approximately $1.2 million as well as a tenant improvement allowance of approximately $1.4 million. On May 8, 2017, CRA entered into the first amendment of the Chicago, Illinois lease to extend the term of the leased space of 41,642 square feet, for an additional ten years ending on July 31, 2028. Beginning on August 1, 2018, the annual base rent will be approximately $1.1 million per year, subject to annual increases of approximately 2.5% per year. The amendment includes a base rent abatement of approximately $0.9 million, as well as a tenant improvement allowance of approximately $2.3 million. CRA is subject to legal actions arising in the ordinary course of business. In management's opinion, CRA believes it has adequate legal defenses and/or insurance coverage with respect to the eventuality of such actions. CRA does not believe any settlement or judgment relating to any pending legal action would materially affect its financial position or results of operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 01, 2017
Subsequent Events
Subsequent Events	17. Subsequent Events On July 27, 2017, CRA announced that its Board of Directors declared a quarterly cash dividend of $0.14 per common share, payable on September 15, 2017 to shareholders of record as of August 29, 2017.

Business Acquisitions (Tables)

Business Acquisitions (Tables)	6 Months Ended
	Jul. 01, 2017
C1 Consulting
Business Acquisitions
Schedule of acquired assets and liabilities assumed from the purchase	The following table shows CRA's acquired assets and liabilities assumed from the purchase of C1 Consulting (in thousands): Assets Acquired: Current assets: Accounts receivable and unbilled receivables $ Other current assets ​ ​ ​ ​ ​ Total current assets ​ ​ ​ ​ ​ Property and equipment Other non-current assets Intangible assets Goodwill ​ ​ ​ ​ ​ Total assets acquired $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Assumed: Current liabilities: Deferred revenue $ Accrued expenses and other current liabilities ​ ​ ​ ​ ​ Total current liabilities ​ ​ ​ ​ ​ Contingent consideration ​ ​ ​ ​ ​ Total liabilities assumed ​ ​ ​ ​ ​ Net assets acquired $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair value of Financial Instr26

Fair value of Financial Instruments (Tables)	6 Months Ended
	Jul. 01, 2017
Fair Value of Financial Instruments
Financial instruments that are measured and recorded at fair value on a recurring basis	The following table shows CRA's financial instruments as of July 1, 2017 and December 31, 2016 that are measured and recorded in the financial statements at fair value on a recurring basis (in thousands): July 1, 2017 Quoted Prices in Active Markets Significant Other Significant Level 1 Level 2 Level 3 Assets: Money market funds $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: Contingent consideration liability $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2016 Quoted Prices in Active Markets Significant Other Significant Level 1 Level 2 Level 3 Assets: Money market funds $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: Contingent consideration liability $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities $ — $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of the changes in the contingent consideration liabilities	The following table summarizes the changes in the contingent consideration liabilities over the fiscal year-to-date period ended July 1, 2017 and the fiscal year ended December 31, 2016 (in thousands): July 1, December 31, Beginning balance $ $ Acquisitions — Remeasurement of acquisition-related contingent consideration ) Accretion — Payments ) ) Effects of foreign currency translation ) ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Forgivable Loans (Tables)

Forgivable Loans (Tables)	6 Months Ended
	Jul. 01, 2017
Forgivable Loans
Schedule of forgivable loans activity	Forgivable loan activity for the fiscal year-to-date period ended July 1, 2017 and fiscal year ended December 31, 2016 is as follows (in thousands): July 1, December 31, Beginning balance $ $ Advances Accruals — Repayments ) ) Reclassification to other receivables ) — Amortization ) ) Effect of foreign currency translation ) ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion of forgivable loans $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-current portion of forgivable loans $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jul. 01, 2017
Goodwill and Intangible Assets
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amount of goodwill during the fiscal year-to-date period ended July 1, 2017, are as follows (in thousands): Goodwill, Accumulated Goodwill, Balance at December 31, 2016 $ $ ) $ Goodwill adjustment related to acquisition — Effect of foreign currency translation — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at July 1, 2017 $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of components of acquired identifiable intangible assets	The components of acquired identifiable intangible assets are as follows (in thousands): July 1, December 31, Non-competition agreements, net of accumulated amortization of $411 and $3,821, respectively $ $ Customer relationships, net of accumulated amortization of $2,505 and $5,181, respectively ​ ​ ​ ​ ​ ​ ​ ​ Total, net of accumulated amortization $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jul. 01, 2017
Accrued Expenses
Schedule of accrued expenses	Accrued expenses consist of the following (in thousands): July 1, December 31, Compensation and related expenses $ $ Income taxes payable Other ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jul. 01, 2017
Revenue Recognition
Schedule of activity of accounts receivable allowance	A rollforward of the accounts receivable allowance is as follows (in thousands): Fiscal Year-to-Date Fiscal Year July 1, December 31, Balance at beginning of period $ $ Increases to reserve Amounts written off ) ) Effects of foreign currency translation — ​ ​ ​ ​ ​ ​ ​ ​ Balance at end of period $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of activity of unbilled receivables allowance	A rollforward of the unbilled receivables allowance is as follows (in thousands): Fiscal Year-to-Date Fiscal Year July 1, December 31, Balance at beginning of period $ $ Increases to reserves Amounts written off ) ) Effects of foreign currency translation — — ​ ​ ​ ​ ​ ​ ​ ​ Balance at end of period $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of reimbursable expenses included in revenues	Reimbursable expenses are as follows (in thousands): Quarter Ended Fiscal Year-to-Date July 1, July 2, July 1, July 2, Reimbursable expenses $ $ $ $

Net Income per Share (Tables)

Net Income per Share (Tables)	6 Months Ended
	Jul. 01, 2017
Net Income per Share
Schedule of reconciliation from net income to net income available to common shareholders	The following table presents a reconciliation from net income to net income available to common shareholders (in thousands): Quarter Ended Fiscal Year-to-Date July 1, July 2, July 1, July 2, Net income, as reported $ $ $ $ Less: net income attributable to participating shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common shareholders $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of reconciliation of basic to diluted weighted average shares of common stock outstanding	The following table presents a reconciliation of basic to diluted weighted average shares of common stock outstanding (in thousands): Quarter Ended Fiscal July 1, July 2, July 1, July 2, Basic weighted average shares outstanding Stock options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted weighted average shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Description of Business (Detail

Description of Business (Details)	6 Months Ended
	Jul. 01, 2017segmentitem
Description of Business
Number of broad areas of consulting services | item	2
Number of business segment | segment	1

Principles of Consolidation (De

Principles of Consolidation (Details) - USD ($) $ in Thousands	Apr. 13, 2016	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016	Apr. 13, 2017
Sale of GNU interest
Purchase price received				$ 250	$ 1,100
GNU gain on sale of business assets		$ 250	$ 3,836	$ 250	$ 3,836
Disposal Group, Disposed of by Sale, Not Discontinued Operations | GNU
Sale of GNU interest
Purchase price receivable	$ 1,350					$ 250
Purchase price received	$ 1,100
GNU | Disposal Group, Disposed of by Sale, Not Discontinued Operations | GNU
Sale of GNU interest
GNU gain on sale of business assets		250	3,800
GNU
GNU Interest
Percentage of ownership interest held by the entity				55.89%	55.89%
CRA | Disposal Group, Disposed of by Sale, Not Discontinued Operations | GNU
Sale of GNU interest
GNU gain on sale of business assets		$ 140	$ 2,100

Recent Accounting Standards A34

Recent Accounting Standards Adopted (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jul. 01, 2017	Apr. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Recent Accounting Standards Adopted
Tax benefit	$ (2,012)		$ (2,502)	$ (3,790)	$ (4,448)
ASU 2016-09
Recent Accounting Standards Adopted
Tax benefit		$ 300

Business Acquisitions (Details)

Business Acquisitions (Details) - USD ($) $ in Thousands	Jan. 30, 2017	Jul. 01, 2017	Dec. 31, 2016
Current assets:
Goodwill		$ 87,740	$ 74,764
C1 Consulting LLC
Business Acquisitions
Maximum earnout period (in years)	4 years
Current assets:
Accounts receivable and unbilled receivables	$ 3,898
Other current assets	10
Total current assets	3,908
Property and equipment	206
Other non-current assets	106
Intangible assets	8,800
Goodwill	12,240
Total assets acquired	25,260
Current liabilities:
Deferred revenue	3,140
Accrued expenses and other current liabilities	600
Total current liabilities	3,740
Contingent consideration	2,357
Total liabilities assumed	6,097
Net assets acquired	$ 19,163
C1 Consulting LLC | Selling, general and administrative expenses
Current liabilities:
Transaction related costs		$ 500
C1 Consulting LLC | Non-competition agreements
Current liabilities:
Estimated useful life (in years)	5 years
C1 Consulting LLC | Customer relationships
Current liabilities:
Estimated useful life (in years)	10 years

Fair Value of Financial Instr36

Fair Value of Financial Instruments (Details) - Recurring - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 01, 2017	Dec. 31, 2016	Jul. 01, 2017	Dec. 31, 2016
Level 1
Fair Value of Financial Instruments
Total Assets			$ 4	$ 10,024
Level 1 | Money market funds
Fair Value of Financial Instruments
Cash and cash equivalents			4	10,024
Level 3
Fair Value of Financial Instruments
Contingent consideration liability	$ 549	$ 773	2,946	549
Total Liabilities			$ 2,946	$ 549
Summary of changes in contingent consideration liability
Beginning Balance	549	773
Acquisitions	2,357
Remeasurement of acquisition-related contingent consideration	(296)	71
Accretion	589
Payments	(299)	(292)
Effects of foreign currency translation	46	(3)
Ending Balance	$ 2,946	$ 549

Forgivable Loans (Details)

Forgivable Loans (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 01, 2017	Dec. 31, 2016
Forgivable loans activity
Beginning balance	$ 33,962	$ 44,685
Advances	4,205	6,949
Accruals		316
Repayments	(130)	(709)
Reclassification to other receivables	(1,852)
Amortization	(6,873)	(16,575)
Effect of foreign currency translation	218	(704)
Ending balance	29,530	33,962
Current portion of forgivable loans	7,319	5,897
Non-current portion of forgivable loans	$ 22,211	$ 28,065

Goodwill and Intangible Asset38

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 02, 2016	Jul. 01, 2017
Changes in the carrying amount of goodwill
Balance at the beginning of the period, Goodwill gross		$ 151,181
Goodwill adjustments related to acquisitions		12,250
Effect of foreign currency translation		726
Balance at the end of the period, Goodwill gross		164,157
Balance at the beginning of the period, Accumulated impairment losses		(76,417)
Balance at the end of the period, Accumulated impairment losses		(76,417)
Balance at the beginning of the period, Goodwill, net		74,764
Balance at the end of the period, Goodwill, net		87,740
Intangible assets impairment losses	$ 0	$ 510

Goodwill and Intangible Asset39

Goodwill and Intangible Assets - Acquired and Amortization (Details) - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016
Acquired identifiable intangible assets
Acquired identifiable intangible assets, net of accumulated amortization	$ 10,227	$ 2,685
Non-competition agreements
Acquired identifiable intangible assets
Acquired identifiable intangible assets, net of accumulated amortization	312	80
Accumulated amortization	411	3,821
Customer relationships
Acquired identifiable intangible assets
Acquired identifiable intangible assets, net of accumulated amortization	9,915	2,605
Accumulated amortization	$ 2,505	$ 5,181

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016
Accrued Expenses
Compensation and related expenses	$ 46,997	$ 67,582
Income taxes payable	346	534
Other	12,373	7,165
Total	59,716	75,281
Accrued bonuses	$ 32,900	$ 53,900

Credit Agreement (Details)

Credit Agreement (Details) - USD ($) $ in Millions	Jul. 01, 2017	Dec. 31, 2016
Revolving credit facility
Senior Loan Agreement
Revolving credit facility, maximum capacity	$ 125
Amount of borrowings under revolving credit facility	0	$ 0
Amounts outstanding under letters of credit	2.8	$ 2.2
Letters of credit
Senior Loan Agreement
Revolving credit facility, maximum capacity	$ 15

Revenue Recognition - General (

Revenue Recognition - General (Details)	3 Months Ended	6 Months Ended
	Jul. 01, 2017item	Jul. 01, 2017item
Concentration Risk
Number of broad areas of consulting services	2	2
Revenue Benchmark | Revenue Concentration Risk | Consulting services in two broad areas
Concentration Risk
Number of broad areas of consulting services	2	2
Percentage of consolidated revenues	100.00%	100.00%

Revenue Recognition - Accounts

Revenue Recognition - Accounts Receivable Allowance - (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 01, 2017	Dec. 31, 2016
Roll forward of the accounts receivable allowance
Balance at beginning of period	$ 4,253	$ 3,648
Increases to reserves	4,618	2,761
Amounts written off	(1,968)	(2,156)
Effects of foreign currency translation	7
Balance at end of period	$ 6,910	$ 4,253

Revenue Recognition - Unbilled

Revenue Recognition - Unbilled Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016	Dec. 31, 2016
Roll forward of the unbilled receivables allowance
Balance at beginning of period			$ 1,720	$ 2,354	$ 2,354
Increases to reserves			1,299		2,102
Amounts written off			(324)		(2,736)
Balance at end of period	$ 2,695		2,695		1,720
Bad debt expense			1,968		2,156
Reimbursable expenses	$ 10,648	$ 8,511	$ 19,788	$ 16,541
Selling, general and administrative expenses
Roll forward of the unbilled receivables allowance
Bad debt expense					$ 1,100

Net Income per Share (Details)

Net Income per Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Net income available to common shareholders
Net income, as reported	$ 3,813	$ 5,215	$ 6,666	$ 7,637
Less: net income attributable to participating shares	24	37	44	54
Net income available to common shareholders	$ 3,789	$ 5,178	$ 6,622	$ 7,583
Reconciliation of basic to diluted weighted average shares of common stock outstanding
Basic weighted average shares outstanding	8,428,000	8,695,000	8,423,000	8,783,000
Stock options	190,000	84,000	196,000	42,000
Diluted weighted average shares outstanding	8,618,000	8,779,000	8,619,000	8,825,000
Calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding
Anti-dilutive securities excluded from EPS computation (in shares)	192,504	532,734	56,360	958,857

Net Income per Share - Share Re

Net Income per Share - Share Repurchase Programs (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 02, 2016	May 03, 2017	Mar. 21, 2016
Share Repurchase Program
Share repurchase program, amount authorized to be repurchased				$ 20	$ 20
Number of shares repurchased and retired	389,079	672,795	672,795
Average repurchase price per share (in dollars per share)	$ 34.63	$ 24.09	$ 24.09
Amount available for future repurchases	$ 15.6

Income Taxes - (Details)

Income Taxes - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jul. 02, 2016	Jul. 01, 2017	Jul. 02, 2016
Changes in the balances of gross unrecognized tax benefits
Effective tax rate (as a percent)	34.00%	27.00%	36.00%	33.10%
GNU gain on sale of business assets	$ 250	$ 3,836	$ 250	$ 3,836
Tax benefit related to stock-based compensation	$ 100		$ 300

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	May 08, 2017USD ($)ft²	Apr. 21, 2017USD ($)ft²
New York, New York
Operating Lease Rent
Additional lease area | ft²		16,587
Lease area | ft²		25,261
Annual base rent		$ 1.2
Increase in annual base rent (as a percent)		8.00%
Number of years of annual base rent		5 years
Rent abatement		$ 1.2
Tenant improvement allowance		$ 1.4
Chicago, Illinois
Operating Lease Rent
Lease area | ft²	41,642
Annual base rent	$ 1.1
Increase in annual base rent (as a percent)	2.50%
Rent abatement	$ 0.9
Tenant improvement allowance	$ 2.3
Lease extension term	10 years

Subsequent Events (Details)

Subsequent Events (Details)	Jul. 27, 2017$ / shares
Subsequent Events
Subsequent Events
Common stock quarterly cash dividend declared (in dollars per share)	$ 0.14