CRA International (CRAI) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 03, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 3, 2021
Document Transition Report	false
Entity File Number	000-24049
Entity Registrant Name	CRA International, Inc.
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2372210
Entity Address, Address Line One	200 Clarendon Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116-5092
City Area Code	617
Local Phone Number	425-3000
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CRAI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,322,728
Entity Central Index Key	0001053706
Amendment Flag	false
Current Fiscal Year End Date	--01-01
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Income Statement [Abstract]
Revenues	$ 146,518	$ 126,158
Costs of services (exclusive of depreciation and amortization)	105,374	90,997
Selling, general and administrative expenses	23,206	24,123
Depreciation and amortization	3,301	2,943
Income from operations	14,637	8,095
Interest expense, net	(199)	(362)
Foreign currency gains (losses), net	(551)	1,422
Income before provision for income taxes	13,887	9,155
Provision for income taxes	3,386	2,687
Net income	$ 10,501	$ 6,468
Net income per share:
Basic (in dollars per share)	$ 1.37	$ 0.83
Diluted (in dollars per share)	$ 1.34	$ 0.80
Weighted average number of shares outstanding:
Basic (in shares)	7,626	7,805
Diluted (in shares)	7,831	8,037

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 10,501	$ 6,468
Other comprehensive income (loss)
Foreign currency translation adjustments	(111)	(2,427)
Comprehensive income	$ 10,390	$ 4,041

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Current assets:
Cash and cash equivalents	$ 31,629	$ 45,677
Accounts receivable, net of allowances of $3,789 at April 3, 2021 and $3,595 at January 2, 2021	91,690	111,595
Unbilled services, net of allowances of $1,227 at April 3, 2021 and $1,000 at January 2, 2021	63,985	40,881
Prepaid expenses and other current assets	10,030	7,068
Forgivable loans	13,196	14,749
Total current assets	210,530	219,970
Property and equipment, net	60,304	62,878
Goodwill	89,278	89,187
Intangible assets, net	4,839	5,108
Right-of-use assets	120,110	122,144
Deferred income taxes	10,673	9,667
Forgivable loans, net of current portion	44,363	46,864
Other assets	2,423	2,692
Total assets	542,520	558,510
Current liabilities:
Accounts payable	18,995	19,430
Accrued expenses	100,758	136,376
Deferred revenue and other liabilities	8,275	9,866
Current portion of lease liabilities	13,889	13,557
Current portion of deferred compensation	1,214	20,902
Revolving line of credit	40,000	0
Total current liabilities	183,131	200,131
Non-current liabilities:
Deferred compensation and other non-current liabilities	8,596	7,075
Facility-related non-current liabilities	2,169	2,113
Non-current portion of lease liabilities	136,561	139,447
Deferred income taxes	735	725
Total non-current liabilities	148,061	149,360
Commitments and contingencies
Shareholders’ equity:
Preferred stock, no par value; 1,000,000 shares authorized; none issued and outstanding	0	0
Common stock, no par value; 25,000,000 shares authorized; 7,627,591 and 7,693,497 shares issued and outstanding at April 3, 2021 and January 2, 2021, respectively	0	503
Retained earnings	219,922	216,999
Accumulated other comprehensive loss	(8,594)	(8,483)
Total shareholders’ equity	211,328	209,019
Total liabilities and shareholders’ equity	$ 542,520	$ 558,510

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 3,789	$ 3,595
Allowance for unbilled services	$ 1,227	$ 1,000
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (shares)	1,000,000	1,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value ( in dollars per share )	$ 0	$ 0
Common stock, shares authorized (shares)	25,000,000	25,000,000
Common stock, shares issued (shares)	7,627,591	7,693,497
Common stock, shares outstanding (shares)	7,627,591	7,693,497

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
OPERATING ACTIVITIES:
Net income	$ 10,501	$ 6,468
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	3,301	2,943
Facility-related liabilities	17	35
Right-of-use asset amortization	3,199	2,994
Deferred income taxes	(896)	23
Share-based compensation expense	842	655
Accounts receivable allowances	182	62
Unrealized foreign currency remeasurement gains, net	(284)	(398)
Changes in operating assets and liabilities:
Accounts receivable	19,838	1,388
Unbilled services, net	(23,063)	(8,217)
Prepaid expenses and other current assets, and other assets	(2,733)	(5,327)
Forgivable loans	4,140	(27,139)
Incentive cash awards	1,729	1,423
Accounts payable, accrued expenses, and other liabilities	(52,856)	(39,121)
Lease liabilities	(3,765)	(1,164)
Net cash used in operating activities	(39,848)	(65,375)
INVESTING ACTIVITIES:
Purchases of property and equipment	(692)	(7,949)
Net cash used in investing activities	(692)	(7,949)
FINANCING ACTIVITIES:
Issuance of common stock, principally stock option exercises	1,113	151
Borrowings under revolving line of credit	42,000	70,000
Repayments under revolving line of credit	(2,000)	0
Tax withholding payments reimbursed by shares	(588)	(390)
Cash paid for contingent consideration	(2,357)	0
Cash paid on dividend equivalents	(79)	(40)
Cash dividends paid to shareholders	(1,982)	(1,796)
Repurchase of common stock	(9,642)	(3,810)
Net cash provided by financing activities	26,465	64,115
Effect of foreign exchange rates on cash and cash equivalents	27	(612)
Net decrease in cash and cash equivalents	(14,048)	(9,821)
Cash and cash equivalents at beginning of period	45,677	25,639
Cash and cash equivalents at end of period	31,629	15,818
Noncash investing and financing activities:
Purchases of property and equipment not yet paid for	294	370
Asset retirement obligations	0	155
Right-of-use assets obtained in exchange for lease obligations	1,070	0
Restricted common stock issued for contingent consideration	2,250	0
Supplemental cash flow information:
Cash paid for taxes	844	695
Cash paid for interest	24	245
Cash paid for amounts included in operating lease liabilities	$ 5,157	$ 5,039

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect Period of Adoption, Adjustment	Cumulative Effect Period of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect Period of Adoption, Adjusted Balance	Retained Earnings	Retained EarningsCumulative Effect Period of Adoption, Adjustment	Retained EarningsCumulative Effect Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossCumulative Effect Period of Adoption, Adjusted Balance
Beginning balance at Dec. 28, 2019	$ 197,751		$ 197,548	$ 9,265	$ 9,265	$ 200,249		$ 200,046	$ (11,763)	$ (11,763)
Beginning balance (ASC 326) at Dec. 28, 2019		$ (203)					$ (203)
Beginning balance (in shares) at Dec. 28, 2019				7,814,797	7,814,797
Increase (Decrease) in Shareholders' Equity
Net income	6,468					6,468
Foreign currency translation adjustment	(2,427)								(2,427)
Issuance of restricted common stock for contingent consideration	0
Exercise of stock options	151			$ 151
Exercise of stock options (in shares)				8,200
Share-based compensation expense	$ 655			$ 655
Restricted shares vesting (in shares)	23,884
Redemption of vested employee restricted shares for tax withholding	$ (390)			$ (390)
Redemption of vested employee restricted shares for tax withholding (in shares)				(7,843)
Shares repurchased	(3,810)			$ (3,810)
Shares repurchased (in shares)				(82,613)
Accrued dividends on unvested shares	1					1
Cash paid on dividend equivalents	(40)					(40)
Cash dividends paid to shareholders (per share)	(1,796)					(1,796)
Ending balance at Mar. 28, 2020	196,360			$ 5,871		204,679			(14,190)
Ending balance (in shares) at Mar. 28, 2020				7,756,425
Beginning balance at Jan. 02, 2021	$ 209,019			$ 503		216,999			(8,483)
Beginning balance (in shares) at Jan. 02, 2021	7,693,497			7,693,497
Increase (Decrease) in Shareholders' Equity
Net income	$ 10,501					10,501
Foreign currency translation adjustment	(111)								(111)
Issuance of restricted common stock for contingent consideration	$ 2,250
Issuance of restricted common stock for contingent consideration (in shares)	40,039
Exercise of stock options	$ 1,113			$ 1,113
Exercise of stock options (in shares)				41,008
Share-based compensation expense	842			$ 842
Restricted shares vesting (in shares)				29,494
Redemption of vested employee restricted shares for tax withholding	(588)			$ (588)
Redemption of vested employee restricted shares for tax withholding (in shares)				(9,895)
Shares repurchased	(9,642)			$ (4,120)		(5,522)
Shares repurchased (in shares)				(166,552)
Accrued dividends on unvested shares	5					5
Cash paid on dividend equivalents	(79)					(79)
Cash dividends paid to shareholders (per share)	(1,982)					(1,982)
Ending balance at Apr. 03, 2021	$ 211,328			$ 0		$ 219,922			$ (8,594)
Ending balance (in shares) at Apr. 03, 2021	7,627,591			7,627,591

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends paid to shareholders (in dollars per share)	$ 0.26	$ 0.23

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Apr. 03, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Description of Business CRA International, Inc. (“CRA” or the “Company”) is a worldwide leading consulting services firm that applies advanced analytic techniques and in-depth industry knowledge to complex engagements for a broad range of clients. CRA offers services in two broad areas: litigation, regulatory, and financial consulting and management consulting. CRA operates in one business segment. CRA operates its business under its registered trade name, Charles River Associates. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of CRA International, Inc. and its wholly-owned subsidiaries (collectively the “Company”), which require consolidation after the elimination of intercompany accounts and transactions. These financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for Quarterly Reports on Form 10-Q. Accordingly, these financial statements do not include all the information and note disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for annual financial statements. In the opinion of management, these financial statements reflect all adjustments of a normal, recurring nature necessary for the fair presentation of CRA’s results of operations, financial position, cash flows, and shareholders’ equity for the interim periods presented in conformity with GAAP. Results of operations for the interim periods presented herein are not necessarily indicative of results of operations for a full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended January 2, 2021 included in CRA’s Annual Report on Form 10-K filed with the SEC on March 4, 2021 (the “2020 Form 10-K”). Estimates The preparation of financial statements in conformity with GAAP requires management to make significant estimates and judgments that affect the reported amounts of assets and liabilities, as well as the related disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of consolidated revenues and expenses during the reporting period. Estimates in these condensed consolidated financial statements include, but are not limited to, allowances for accounts receivable and unbilled services, revenue recognition on fixed price contracts, variable consideration to be included in the transaction price of revenue contracts, depreciation of property and equipment, measurement of operating lease right-of-use (“ROU”) assets and liabilities, share-based compensation, valuation of contingent consideration liabilities, valuation of acquired intangible assets, impairment of long-lived assets, goodwill, accrued and deferred income taxes, valuation allowances on deferred tax assets, accrued incentive compensation, and certain other accrued expenses. These items are monitored and analyzed by CRA for changes in facts and circumstances, and material changes in these estimates could occur in the future. Changes in estimates are recorded in the period in which they become known. CRA bases its estimates on historical experience and various other assumptions that CRA believes to be reasonable under the circumstances. Actual results may differ from those estimates if CRA’s assumptions based on past experience or other assumptions do not turn out to be substantially accurate. Common Stock and Equity Equity transactions consist primarily of the repurchase by CRA of its common stock under its share repurchase program and the recognition of compensation expense and issuance of common stock under CRA’s 2006 Equity Incentive Plan. The Company repurchases its common stock under its share repurchase program in open market purchases (including through any Rule 10b5-1 plan adopted by CRA) or in privately negotiated transactions in accordance with applicable insider trading and other securities laws and regulations. On March 8, 2021, CRA commenced a modified "Dutch auction" self-tender offer to purchase up to $25.0 million in value of shares of its common stock, as further described in Note 11. The purchase price of repurchases is first charged against available paid-in capital (“PIC”) until PIC is exhausted, wherein purchases will be charged to retained earnings. As of April 3, 2021, PIC was exhausted. CRA’s common stock has no par value. All shares repurchased have been retired. Recent Accounting Standards Adopted Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes CRA adopted Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”) on the first day of fiscal 2021. ASU 2019-12 simplifies or clarifies accounting for income taxes by changing prior guidance related to accounting for year-to-date losses in interim periods, accounting for tax law changes in interim periods, determining when a deferred tax liability is recognized for foreign subsidiaries that transition to or from being accounted for as equity method investments, application of income tax guidance to franchise taxes that are partially based on income, and making an intra-period allocation in situations where there is a loss in continuing operations and income or gain from other items. ASU 2019-12 also introduces new guidance to evaluate whether a step up in the tax basis of goodwill relates to a business combination or a separate transaction and provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax. The adoption of the new standard did not have a material impact on CRA's financial position, results of operations, cash flows, or disclosures on the date of transition.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Apr. 03, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of April 3, 2021, CRA did not have any financial instruments measured at fair value on a recurring basis. The following table presents CRA’s financial instruments recorded in the condensed consolidated financial statements at January 2, 2021, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): January 2, 2021 Level 1 Level 2 Level 3 Assets: Money market mutual funds $ 150 $ — $ — Total Assets $ 150 $ — $ — Liabilities: Contingent consideration liability $ — $ — $ 14,620 Total Liabilities $ — $ — $ 14,620 The fair value of CRA’s money market mutual fund share holdings was $1.00 per share. The contingent consideration liability pertained to estimated future contingent consideration payments related to the acquisition of C1 Consulting, LLC, an independent consulting firm, and its wholly-owned subsidiary C1 Associates (collectively, “C1”). The following table summarizes the changes in the contingent consideration liabilities (in thousands): Fiscal Quarter Ended Fiscal Year Ended April 3, 2021 January 2, 2021 Beginning balance $ 14,620 $ 11,579 Remeasurement of acquisition-related contingent consideration — 1,156 Accretion 380 1,885 Payment of contingent consideration (15,000) — Ending balance $ — $ 14,620

Revenue Recognition

Revenue Recognition	3 Months Ended
	Apr. 03, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The contracts CRA enters into and operates under specify whether the projects are billed on a time-and-materials or a fixed-price basis. Time-and-materials contracts are typically used for litigation, regulatory, and financial consulting projects while fixed-price contracts are principally used for management consulting projects. In general, project costs are classified in costs of services and are based on the direct salary of CRA’s employee consultants on the engagement, plus all direct expenses incurred to complete the project, including any amounts billed to CRA by its non-employee experts. Disaggregation of Revenue The following tables disaggregate CRA’s revenue by type of contract and geographic location (in thousands): Fiscal Quarter Ended Type of Contract April 3, March 28, Consulting services revenues Fixed-price $ 33,433 $ 28,988 Time-and-materials 113,085 97,170 Total $ 146,518 $ 126,158 Fiscal Quarter Ended Geographic Breakdown April 3, March 28, Consulting services revenues United States $ 117,247 $ 100,740 United Kingdom 23,286 19,066 Other 5,985 6,352 Total $ 146,518 $ 126,158 Reserves for Variable Consideration and Credit Risk Revenues from CRA's consulting services are recorded at the net transaction price, which includes estimates of variable consideration for which reserves are established. Variable consideration reserves are based on specific price concessions and those expected to be extended to CRA customers estimated by CRA's historical realization rates. Reserves for variable consideration are recorded as a component of the allowances for accounts receivable and unbilled services on the condensed consolidated balance sheets. Adjustments to the reserves for variable consideration are included in revenues on the condensed consolidated statements of operations. CRA also maintains allowances for accounts receivable and unbilled services for estimated losses resulting from clients’ failure to make required payments. CRA adopted ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASC 326") on the first day of fiscal 2020, which changed the method CRA utilizes to estimate reserves related to credit risk. As a result of the adoption, CRA recognized a $0.2 million cumulative-effect increase to allowances for accounts receivable and unbilled services and a reduction to the fiscal 2020 opening balance of retained earnings. The following table presents CRA's bad debt expense, net of recoveries of previously written off allowances (in thousands): Fiscal Quarter Ended April 3, March 28, Bad debt expense (recovery), net $ (13) $ 59 Reimbursable Expenses Revenues also include reimbursements for costs incurred by CRA in fulfilling its performance obligations, including travel and other out-of-pocket expenses, fees for outside consultants and other reimbursable expenses. CRA recovers substantially all of these costs. The following expenses are subject to reimbursement (in thousands): Fiscal Quarter Ended April 3, March 28, Reimbursable expenses $ 16,479 $ 16,430 Contract Balances from Contracts with Customers CRA defines contract assets as assets for which it has recorded revenue because it determines that it is probable that it will earn a performance-based or contingent fee but is not yet entitled to receive a fee because certain events, such as completion of the measurement period or client approval, must occur. The contract assets balance was immaterial as of April 3, 2021 and January 2, 2021. When consideration is received, or such consideration is unconditionally due from a customer prior to transferring consulting services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after performance obligations have been satisfied and all revenue recognition criteria have been met. The following table presents the closing balances of CRA's contract liabilities (in thousands): April 3, January 2, Contract liabilities $ 2,941 $ 5,527 CRA recognized the following revenue that was included in the contract liabilities balance as of the opening of the respective period or for performance obligations satisfied in previous periods (in thousands): Fiscal Quarter Ended April 3, March 28, Amounts included in contract liabilities at the beginning of the period $ 4,355 $ 2,906 Performance obligations satisfied in previous periods $ 2,183 $ 3,257

Forgivable Loans

Forgivable Loans	3 Months Ended
	Apr. 03, 2021
Forgivable Loans
Forgivable Loans	Forgivable Loans In order to attract and retain highly skilled professionals, CRA may issue forgivable loans to employees and non-employee experts, certain of which loans may be denominated in local currencies. A portion of these loans is collateralized. The principal amount of forgivable loans and accrued interest is forgiven by CRA over the term of the loans, so long as the employee or non-employee expert continues employment or affiliation with CRA and complies with certain contractual requirements. The expense associated with the forgiveness of the principal amount of the loans is recorded as compensation expense over the service period, which is consistent with the term of the loans. The following table presents forgivable loan activity for the respective periods (in thousands): Fiscal Quarter Ended Fiscal Year Ended April 3, January 2, Beginning balance $ 61,613 $ 55,141 Advances 2,153 42,418 Reclassification from accrued expenses / to other assets (1) — (9,713) Amortization (6,295) (26,628) Effects of foreign currency translation 88 395 Ending balance $ 57,559 $ 61,613 Current portion of forgivable loans $ 13,196 $ 14,749 Non-current portion of forgivable loans $ 44,363 $ 46,864 _______________________________

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Apr. 03, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the fiscal quarter ended April 3, 2021 are summarized as follows (in thousands): Goodwill $ 161,080 Accumulated goodwill impairment (71,893) Goodwill, net at January 2, 2021 89,187 Foreign currency translation adjustment 91 Goodwill, net at April 3, 2021 (1) $ 89,278 _______________________________ (1) Goodwill, net at April 3, 2021, is comprised of goodwill of $161.2 million and accumulated impairment of $71.9 million. Intangible assets that are separable from goodwill and have determinable useful lives are valued separately and amortized over their expected useful lives. There were no impairment losses related to intangible assets during the fiscal quarter ended April 3, 2021 or during the fiscal year ended January 2, 2021. The components of acquired identifiable intangible assets are as follows (in thousands): April 3, January 2, Non-competition agreements $ 280 $ 280 Customer relationships 8,220 12,120 Total cost 8,500 12,400 Accumulated amortization (3,661) (7,292) Total intangible assets, net $ 4,839 $ 5,108

Accrued Expenses

Accrued Expenses	3 Months Ended
	Apr. 03, 2021
Accrued Liabilities, Current [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consist of the following (in thousands): April 3, January 2, Compensation and related expenses $ 85,209 $ 123,540 Income taxes payable 5,251 1,927 Performance awards 2,376 2,176 Other professional fees 1,635 1,541 Direct project accruals 3,116 3,988 Accrued leasehold improvements 40 52 Other 3,131 3,152 Total accrued expenses $ 100,758 $ 136,376 As of April 3, 2021, and January 2, 2021, approximately $50.3 million and $102.6 million, respectively, of accrued bonuses were included above in “Compensation and related expenses.”

Income Taxes

Income Taxes	3 Months Ended
	Apr. 03, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesFor the fiscal quarters ended April 3, 2021 and March 28, 2020, CRA’s effective income tax rate (“ETR”) was 24.4% and 29.4%, respectively. The ETR for the first quarter of fiscal 2021 was lower than the prior year due to an increase in the tax benefit related to the accounting for stock-based compensation as well as the impact of higher pre-tax earnings in the first quarter of fiscal 2021, which diluted the permanent unfavorable differences, primarily related to the impact of the deductibility of compensation paid to executive officers, with respect to the full-year estimated ETR.During the fourth quarter of fiscal 2020, CRA considered the operating needs of the United Kingdom ("U.K.") subsidiary, as well as the tax implications of no longer asserting indefinite reinvestment with respect to the U.K. operations. As a result of both a qualitative and quantitative analysis, previously taxed and untaxed post fiscal 2018 U.K. earnings were no longer considered permanently reinvested. Deferred taxes that are a consequence of foreign exchange translation resulting from earnings that are no longer considered permanently reinvested are recorded as a component of foreign currency translation adjustments on the condensed consolidated statements of comprehensive income. For the fiscal quarter ended April 3, 2021, CRA’s U.K. subsidiary distributed approximately £12.0 million of both previously taxed and untaxed earnings to CRA’s U.S. parent entity, the foreign currency translation impact of which was immaterial. Deferred income taxes or foreign withholding taxes, estimated to be $0.4 million, have not been recorded for other jurisdictions as those earnings are considered to be permanently reinvested.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Apr. 03, 2021
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share CRA calculates basic earnings per share using the two-class method. CRA calculates diluted earnings per share using the more dilutive of either the two-class method or treasury stock method. The two-class method was more dilutive for the fiscal quarters ended April 3, 2021 and March 28, 2020. Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all the net earnings for the period had been distributed. CRA's participating securities consist of unvested share-based payment awards that contain a nonforfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders. Net earnings allocable to these participating securities were not material for the fiscal quarters ended April 3, 2021 and March 28, 2020. The following table presents a reconciliation from net income to the net income available to common shareholders (in thousands): Fiscal Quarter Ended April 3, March 28, Net income, as reported $ 10,501 $ 6,468 Less: net income attributable to participating shares 46 26 Net income available to common shareholders $ 10,455 $ 6,442 The following table presents a reconciliation of basic to diluted weighted average shares of common stock outstanding (in thousands): Fiscal Quarter Ended April 3, March 28, Basic weighted average shares outstanding 7,626 7,805 Dilutive stock options and restricted stock units 205 232 Diluted weighted average shares outstanding 7,831 8,037 For the fiscal quarters ended April 3, 2021 and March 28, 2020, 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 13,826 and 73,647 shares, respectively. These share-based awards each period were anti-dilutive because their exercise price exceeded the average market price over the respective period.

Credit Agreement

Credit Agreement	3 Months Ended
	Apr. 03, 2021
Debt Disclosure [Abstract]
Credit Agreement	Credit Agreement CRA is party to an amended and restated credit agreement that provides the Company with a $175.0 million revolving credit facility, which reflects an increase to the capacity by $50.0 million per an amendment to the credit agreement on January 12, 2021, and includes 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 any borrowings must be repaid no later than October 24, 2022. There was $40.0 million in borrowings outstanding under this revolving credit facility as of April 3, 2021. There were no borrowings outstanding under this facility as of January 2, 2021. As of April 3, 2021, the amount available under this revolving credit facility was reduced by certain letters of credit outstanding, which amounted to $4.7 million. Under the credit agreement, CRA must comply with various financial and non-financial covenants. Compliance with these financial covenants is tested on a fiscal quarterly basis. As of April 3, 2021, CRA was in compliance with the covenants of its credit agreement.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 03, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As described in the previous note, CRA is party to standby letters of credit with its bank in support of minimum future lease payments under leases for permanent office space. CRA is subject to legal actions arising in the ordinary course of business. In management’s opinion, based on current knowledge, CRA believes it has adequate legal defenses or insurance coverage, or both, with respect to the eventuality of such actions. CRA does not believe any settlement or judgment relating to any pending legal action would materially affect its financial position or results of operations . However, the outcome of such legal actions is inherently unpredictable and subject to inherent uncertainties.

Self-Tender Offer

Self-Tender Offer	3 Months Ended
	Apr. 03, 2021
Equity [Abstract]
Self-Tender Offer	Tender OfferOn March 8, 2021, CRA commenced a modified "Dutch auction" self-tender offer to purchase up to $25.0 million in value of shares of its common stock at a price of not less than $66.25 per share nor greater than $76.00 per share. The self-tender offer expired on April 5, 2021. On April 8, 2021, CRA paid $25.0 million to repurchase 337,837 shares at a purchase price of $74.00 per share. The purchase price and transaction costs were funded from the revolving credit facility and cash on hand. The repurchased shares were retired.

Subsequent Events

Subsequent Events	3 Months Ended
	Apr. 03, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn May 6, 2021, CRA announced that its Board of Directors declared a quarterly cash dividend of $0.26 per common share, payable on June 11, 2021 to shareholders of record as of May 25, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 03, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of CRA International, Inc. and its wholly-owned subsidiaries (collectively the “Company”), which require consolidation after the elimination of intercompany accounts and transactions. These financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for Quarterly Reports on Form 10-Q. Accordingly, these financial statements do not include all the information and note disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for annual financial statements. In the opinion of management, these financial statements reflect all adjustments of a normal, recurring nature necessary for the fair presentation of CRA’s results of operations, financial position, cash flows, and shareholders’ equity for the interim periods presented in conformity with GAAP. Results of operations for the interim periods presented herein are not necessarily indicative of results of operations for a full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended January 2, 2021 included in CRA’s Annual Report on Form 10-K filed with the SEC on March 4, 2021 (the “2020 Form 10-K”).
Estimates	Estimates The preparation of financial statements in conformity with GAAP requires management to make significant estimates and judgments that affect the reported amounts of assets and liabilities, as well as the related disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of consolidated revenues and expenses during the reporting period. Estimates in these condensed consolidated financial statements include, but are not limited to, allowances for accounts receivable and unbilled services, revenue recognition on fixed price contracts, variable consideration to be included in the transaction price of revenue contracts, depreciation of property and equipment, measurement of operating lease right-of-use (“ROU”) assets and liabilities, share-based compensation, valuation of contingent consideration liabilities, valuation of acquired intangible assets, impairment of long-lived assets, goodwill, accrued and deferred income taxes, valuation allowances on deferred tax assets, accrued incentive compensation, and certain other accrued expenses. These items are monitored and analyzed by CRA for changes in facts and circumstances, and material changes in these estimates could occur in the future. Changes in estimates are recorded in the period in which they become known. CRA bases its estimates on historical experience and various other assumptions that CRA believes to be reasonable under the circumstances. Actual results may differ from those estimates if CRA’s assumptions based on past experience or other assumptions do not turn out to be substantially accurate.
Common Stock and Equity	Common Stock and Equity Equity transactions consist primarily of the repurchase by CRA of its common stock under its share repurchase program and the recognition of compensation expense and issuance of common stock under CRA’s 2006 Equity Incentive Plan. The Company repurchases its common stock under its share repurchase program in open market purchases (including through any Rule 10b5-1 plan adopted by CRA) or in privately negotiated transactions in accordance with applicable insider trading and other securities laws and regulations. On March 8, 2021, CRA commenced a modified "Dutch auction" self-tender offer to purchase up to $25.0 million in value of shares of its common stock, as further described in Note 11. The purchase price of repurchases is first charged against available paid-in capital (“PIC”) until PIC is exhausted, wherein purchases will be charged
Recent Accounting Standards Adopted and Not Yet Adopted	Recent Accounting Standards Adopted Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes CRA adopted Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”) on the first day of fiscal 2021. ASU 2019-12 simplifies or clarifies accounting for income taxes by changing prior guidance related to accounting for year-to-date losses in interim periods, accounting for tax law changes in interim periods, determining when a deferred tax liability is recognized for foreign subsidiaries that transition to or from being accounted for as equity method investments, application of income tax guidance to franchise taxes that are partially based on income, and making an intra-period allocation in situations where there is a loss in continuing operations and income or gain from other items. ASU 2019-12 also introduces new guidance to evaluate whether a step up in the tax basis of goodwill relates to a business combination or a separate transaction and provides a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax. The adoption of the new standard did not have a material impact on CRA's financial position, results of operations, cash flows, or disclosures on the date of transition.

Fair value of Financial Instr_2

Fair value of Financial Instruments (Tables)	3 Months Ended
	Apr. 03, 2021
Fair Value Disclosures [Abstract]
Schedule of assets that are measured and recorded at fair value on a recurring basis	The following table presents CRA’s financial instruments recorded in the condensed consolidated financial statements at January 2, 2021, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): January 2, 2021 Level 1 Level 2 Level 3 Assets: Money market mutual funds $ 150 $ — $ — Total Assets $ 150 $ — $ — Liabilities: Contingent consideration liability $ — $ — $ 14,620 Total Liabilities $ — $ — $ 14,620
Schedule of liabilities that are measured and recorded at fair value on a recurring basis	The following table presents CRA’s financial instruments recorded in the condensed consolidated financial statements at January 2, 2021, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): January 2, 2021 Level 1 Level 2 Level 3 Assets: Money market mutual funds $ 150 $ — $ — Total Assets $ 150 $ — $ — Liabilities: Contingent consideration liability $ — $ — $ 14,620 Total Liabilities $ — $ — $ 14,620
Summary of the changes in the contingent consideration liabilities	The following table summarizes the changes in the contingent consideration liabilities (in thousands): Fiscal Quarter Ended Fiscal Year Ended April 3, 2021 January 2, 2021 Beginning balance $ 14,620 $ 11,579 Remeasurement of acquisition-related contingent consideration — 1,156 Accretion 380 1,885 Payment of contingent consideration (15,000) — Ending balance $ — $ 14,620

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Apr. 03, 2021
Revenue from Contract with Customer [Abstract]
Schedule of disaggregate CRA's revenue by type of contract and geographic location	The following tables disaggregate CRA’s revenue by type of contract and geographic location (in thousands): Fiscal Quarter Ended Type of Contract April 3, March 28, Consulting services revenues Fixed-price $ 33,433 $ 28,988 Time-and-materials 113,085 97,170 Total $ 146,518 $ 126,158 Fiscal Quarter Ended Geographic Breakdown April 3, March 28, Consulting services revenues United States $ 117,247 $ 100,740 United Kingdom 23,286 19,066 Other 5,985 6,352 Total $ 146,518 $ 126,158
Schedule of bad debt expense, net of recoveries	The following table presents CRA's bad debt expense, net of recoveries of previously written off allowances (in thousands): Fiscal Quarter Ended April 3, March 28, Bad debt expense (recovery), net $ (13) $ 59
Schedule of expenses are subject to reimbursement	The following expenses are subject to reimbursement (in thousands): Fiscal Quarter Ended April 3, March 28, Reimbursable expenses $ 16,479 $ 16,430
Schedule of opening and closing balances and result of changes in contract liability balance (in thousands)	April 3, January 2, Contract liabilities $ 2,941 $ 5,527 CRA recognized the following revenue that was included in the contract liabilities balance as of the opening of the respective period or for performance obligations satisfied in previous periods (in thousands): Fiscal Quarter Ended April 3, March 28, Amounts included in contract liabilities at the beginning of the period $ 4,355 $ 2,906 Performance obligations satisfied in previous periods $ 2,183 $ 3,257

Forgivable Loans (Tables)

Forgivable Loans (Tables)	3 Months Ended
	Apr. 03, 2021
Forgivable Loans
Schedule of forgivable loan activity	The following table presents forgivable loan activity for the respective periods (in thousands): Fiscal Quarter Ended Fiscal Year Ended April 3, January 2, Beginning balance $ 61,613 $ 55,141 Advances 2,153 42,418 Reclassification from accrued expenses / to other assets (1) — (9,713) Amortization (6,295) (26,628) Effects of foreign currency translation 88 395 Ending balance $ 57,559 $ 61,613 Current portion of forgivable loans $ 13,196 $ 14,749 Non-current portion of forgivable loans $ 44,363 $ 46,864 _______________________________

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Apr. 03, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amount of goodwill for the fiscal quarter ended April 3, 2021 are summarized as follows (in thousands): Goodwill $ 161,080 Accumulated goodwill impairment (71,893) Goodwill, net at January 2, 2021 89,187 Foreign currency translation adjustment 91 Goodwill, net at April 3, 2021 (1) $ 89,278 _______________________________ (1) Goodwill, net at April 3, 2021, is comprised of goodwill of $161.2 million and accumulated impairment of $71.9 million.
Schedule of components of acquired identifiable intangible assets	The components of acquired identifiable intangible assets are as follows (in thousands): April 3, January 2, Non-competition agreements $ 280 $ 280 Customer relationships 8,220 12,120 Total cost 8,500 12,400 Accumulated amortization (3,661) (7,292) Total intangible assets, net $ 4,839 $ 5,108

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Apr. 03, 2021
Accrued Liabilities, Current [Abstract]
Schedule of accrued expenses	Accrued expenses consist of the following (in thousands): April 3, January 2, Compensation and related expenses $ 85,209 $ 123,540 Income taxes payable 5,251 1,927 Performance awards 2,376 2,176 Other professional fees 1,635 1,541 Direct project accruals 3,116 3,988 Accrued leasehold improvements 40 52 Other 3,131 3,152 Total accrued expenses $ 100,758 $ 136,376

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Apr. 03, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation from net income to the net income available to common shareholders	The following table presents a reconciliation from net income to the net income available to common shareholders (in thousands): Fiscal Quarter Ended April 3, March 28, Net income, as reported $ 10,501 $ 6,468 Less: net income attributable to participating shares 46 26 Net income available to common shareholders $ 10,455 $ 6,442
Schedule of reconciliation of basic to diluted weighted average shares of common stock outstanding	The following table presents a reconciliation of basic to diluted weighted average shares of common stock outstanding (in thousands): Fiscal Quarter Ended April 3, March 28, Basic weighted average shares outstanding 7,626 7,805 Dilutive stock options and restricted stock units 205 232 Diluted weighted average shares outstanding 7,831 8,037

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Description of Business and Fiscal Year (Details)	3 Months Ended
	Apr. 03, 2021segmentsarea	Mar. 08, 2021USD ($)
Self-Tender Stock Offering [Line Items]
Number of broad areas of consulting services | area	2
Number of business segment | segments	1
Self Tender Offer
Self-Tender Stock Offering [Line Items]
Self-tender stock offering, authorized amount | $		$ 25,000,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Apr. 03, 2021	Jan. 02, 2021
Money market mutual funds
Fair Value of Financial Instruments
Fair value per share of CRA's money market mutual fund share holdings (in dollars per share)	$ 1
Recurring
Fair Value of Financial Instruments
Total Assets	$ 0
Total Liabilities	0
Summary of changes in contingent consideration liability
Beginning balance	14,620,000	$ 11,579,000
Remeasurement of acquisition-related contingent consideration	0	1,156,000
Accretion	380,000	1,885,000
Payment of contingent consideration	(15,000,000)	0
Ending balance	$ 0	14,620,000
Recurring | Level 1
Fair Value of Financial Instruments
Total Assets		150,000
Contingent consideration liability		0
Total Liabilities		0
Recurring | Level 1 | Money market mutual funds
Fair Value of Financial Instruments
Cash and cash equivalents		150,000
Recurring | Level 2
Fair Value of Financial Instruments
Total Assets		0
Contingent consideration liability		0
Total Liabilities		0
Recurring | Level 2 | Money market mutual funds
Fair Value of Financial Instruments
Cash and cash equivalents		0
Recurring | Level 3
Fair Value of Financial Instruments
Total Assets		0
Contingent consideration liability		14,620,000
Total Liabilities		14,620,000
Recurring | Level 3 | Money market mutual funds
Fair Value of Financial Instruments
Cash and cash equivalents		$ 0

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Disaggregation of Revenue
Consulting services revenues	$ 146,518	$ 126,158
United States
Disaggregation of Revenue
Consulting services revenues	117,247	100,740
United Kingdom
Disaggregation of Revenue
Consulting services revenues	23,286	19,066
Other
Disaggregation of Revenue
Consulting services revenues	5,985	6,352
Fixed-price
Disaggregation of Revenue
Consulting services revenues	33,433	28,988
Time-and-materials
Disaggregation of Revenue
Consulting services revenues	$ 113,085	$ 97,170

Revenue Recognition - Reserves

Revenue Recognition - Reserves for Variable Consideration and Credit Risk (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Jan. 02, 2021	Dec. 28, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect of a change in accounting principle	$ 211,328	$ 196,360	$ 209,019	$ 197,751
Bad debt expense (recovery), net	(13)	59
Reimbursable expenses	16,479	16,430
Retained Earnings
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect of a change in accounting principle	$ 219,922	$ 204,679	$ 216,999	200,249
ASC 326 | Cumulative Effect Period of Adoption, Adjustment
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect of a change in accounting principle				(203)
ASC 326 | Cumulative Effect Period of Adoption, Adjustment | Retained Earnings
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cumulative effect of a change in accounting principle				$ (203)

Revenue Recognition - Contract

Revenue Recognition - Contract Balances from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Jan. 02, 2021
Contract liabilities:
Contract liabilities	$ 2,941		$ 5,527
Revenue recognized from:
Amounts included in contract liabilities at the beginning of the period	4,355	$ 2,906
Performance obligations satisfied in previous periods	$ 2,183	$ 3,257

Forgivable Loans (Details)

Forgivable Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 03, 2021	Jan. 02, 2021
Forgivable loan activity
Beginning balance	$ 61,613	$ 55,141
Advances	2,153	42,418
Reclassification from accrued expenses / to other assets	0	(9,713)
Amortization	(6,295)	(26,628)
Effects of foreign currency translation	88	395
Ending balance	57,559	61,613
Current portion of forgivable loans	13,196	14,749
Non-current portion of forgivable loans	$ 44,363	$ 46,864

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($)	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020	Jan. 02, 2021
Changes in the carrying amount of goodwill
Goodwill	$ 161,200,000		$ 161,080,000
Accumulated goodwill impairment	(71,900,000)		(71,893,000)
Balance at the beginning of the period, Goodwill, net	89,187,000
Foreign currency translation adjustment and other	91,000
Balance at the end of the period, Goodwill, net	89,278,000
Accumulated impairment	(71,900,000)		$ (71,893,000)
Intangible assets impairment losses	$ 0	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Acquired and Amortization (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Acquired identifiable intangible assets
Total intangible asset cost	$ 8,500	$ 12,400
Accumulated amortization	(3,661)	(7,292)
Total intangible assets, net	4,839	5,108
Non-competition agreements
Acquired identifiable intangible assets
Total intangible asset cost	280	280
Customer relationships
Acquired identifiable intangible assets
Total intangible asset cost	$ 8,220	$ 12,120

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Apr. 03, 2021	Jan. 02, 2021
Accrued Liabilities, Current [Abstract]
Compensation and related expenses	$ 85,209	$ 123,540
Income taxes payable	5,251	1,927
Performance awards	2,376	2,176
Other professional fees	1,635	1,541
Direct project accruals	3,116	3,988
Accrued leasehold improvements	40	52
Other	3,131	3,152
Total accrued expenses	100,758	136,376
Compensation and related expenses
Accrued bonuses	$ 50,300	$ 102,600

Income Taxes (Details)

Income Taxes (Details) £ in Millions, $ in Millions	3 Months Ended
	Apr. 03, 2021GBP (£)	Mar. 28, 2020	Apr. 03, 2021USD ($)
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	24.40%	29.40%
Distributed foreign earnings | £	£ 12
Deferred tax liability recognized, undistributed foreign earnings | $			$ 0.4

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2021	Mar. 28, 2020
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]
Net income	$ 10,501	$ 6,468
Less: net income attributable to participating shares	46	26
Net income available to common shareholders	$ 10,455	$ 6,442
Reconciliation of basic to diluted weighted average shares of common stock outstanding
Basic weighted average shares outstanding (in shares)	7,626,000	7,805,000
Dilutive stock options and restricted stock units (in shares)	205,000	232,000
Diluted weighted average shares outstanding (in shares)	7,831,000	8,037,000
Calculation of common stock equivalents for purposes of computing diluted weighted average shares outstanding
Anti-dilutive securities excluded from EPS computation (in shares)	13,826,000	73,647,000

Credit Agreement (Details)

Credit Agreement (Details) - USD ($)	3 Months Ended
	Apr. 03, 2021	Jan. 02, 2021
Senior Loan Agreement
Borrowings on revolving line of credit outstanding	$ 40,000,000	$ 0
Revolving credit facility
Senior Loan Agreement
Revolving credit facility, maximum capacity	175,000,000
Increased capacity of revolving credit facility, amount	50,000,000
Borrowings on revolving line of credit outstanding	40,000,000	$ 0
Secured by letters of credit
Senior Loan Agreement
Revolving credit facility, maximum capacity	15,000,000
Amount available under revolving credit facility reduced	$ 4,700,000

Self-Tender Offer (Details)

Self-Tender Offer (Details) - Self Tender Offer - USD ($)	Apr. 08, 2021	Mar. 08, 2021
Self-Tender Stock Offering [Line Items]
Self-tender stock offering, authorized amount		$ 25,000,000
Subsequent Events
Self-Tender Stock Offering [Line Items]
Self-Tender stock offering, share purchase price (in dollars per share)	$ 74
Payments for Self-Tender stock offering, net	$ 25,000,000
Self-tender stock offering, number of shares repurchased (in shares)	337,837
Minimum
Self-Tender Stock Offering [Line Items]
Self-Tender stock offering, share purchase price (in dollars per share)		$ 66.25
Maximum
Self-Tender Stock Offering [Line Items]
Self-Tender stock offering, share purchase price (in dollars per share)		$ 76

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	May 06, 2021	Apr. 03, 2021	Mar. 28, 2020
Subsequent Events
Common share quarterly cash dividend declared (in dollars per share)		$ 0.26	$ 0.23
Subsequent Events
Subsequent Events
Common share quarterly cash dividend declared (in dollars per share)	$ 0.26