Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 29, 2023 | Feb. 16, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 29, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | EXPONENT, INC. | ||
Entity Central Index Key | 0000851520 | ||
Current Fiscal Year End Date | --12-29 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3.4 | ||
Trading Symbol | EXPO | ||
Entity Common Stock, Shares Outstanding | 50,563,193 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity File Number | 0-18655 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 77-0218904 | ||
Entity Address, Address Line One | 149 Commonwealth Drive | ||
Entity Address, City or Town | Menlo Park | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94025 | ||
City Area Code | 650 | ||
Local Phone Number | 326-9400 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Interactive Data Current | Yes | ||
Title of each class | Common Stock, par value $0.001 per share | ||
Name of each exchange on which registered | NASDAQ | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG, LLP | ||
Auditor Location | San Francisco, California | ||
Document Financial Statement Error Correction [Flag] | false | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement for the registrant’s 2023 Annual Meeting of Stockholders to be held on June 7, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Revenues before reimbursements | $ 497,189 | $ 463,820 | $ 434,850 |
Reimbursements | 39,577 | 49,473 | 31,419 |
Revenues | 536,766 | 513,293 | 466,269 |
Operating expenses: | |||
Compensation and related expenses | 319,886 | 264,235 | 278,047 |
Other operating expenses | 41,541 | 35,083 | 32,594 |
Reimbursable expenses | 39,577 | 49,473 | 31,419 |
General and administrative expenses | 24,440 | 23,660 | 15,282 |
Total operating expenses | 425,444 | 372,451 | 357,342 |
Operating income | 111,322 | 140,842 | 108,927 |
Other income: | |||
Interest income | 7,150 | 2,096 | 66 |
Miscellaneous income, net | 17,424 | (10,704) | 16,844 |
Income before income taxes | 135,896 | 132,234 | 125,837 |
Provision for income taxes | 35,557 | 29,904 | 24,635 |
Net income | $ 100,339 | $ 102,330 | $ 101,202 |
Net income per share: | |||
Basic (in dollars per share) | $ 1.96 | $ 1.98 | $ 1.92 |
Diluted (in dollars per share) | $ 1.94 | $ 1.96 | $ 1.9 |
Shares used in per share computations: | |||
Basic (in shares) | 51,152 | 51,727 | 52,610 |
Diluted (in shares) | 51,635 | 52,280 | 53,331 |
Cash dividends declared per common share (in dollars per share) | $ 1.04 | $ 0.96 | $ 0.8 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 100,339 | $ 102,330 | $ 101,202 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustments, net of tax of $0, $0, and $0, respectively | 610 | (1,604) | 14 |
Unrealized loss arising during the period on investments, net of tax benefit of $0, $0 and $2, respectively | 0 | 0 | (65) |
Comprehensive income | $ 100,949 | $ 100,726 | $ 101,151 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 |
Unrealized loss arising during the period on investments, tax benefit | $ 0 | $ 0 | $ 2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 187,150 | $ 161,458 |
Accounts receivable, net of allowance for contract losses and doubtful accounts of $5,281 and $6,193, respectively | 167,360 | 170,114 |
Prepaid expenses and other current assets | 25,022 | 17,585 |
Total current assets | 379,532 | 349,157 |
Property, equipment and leasehold improvements, net | 75,318 | 65,539 |
Operating lease right-of-use assets | 24,600 | 18,007 |
Goodwill | 8,607 | 8,607 |
Deferred income taxes | 53,824 | 53,909 |
Deferred compensation plan assets | 101,169 | 89,437 |
Other assets | 3,727 | 2,006 |
Total assets | 646,777 | 586,662 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 22,125 | 29,115 |
Accrued payroll and employee benefits | 111,773 | 105,822 |
Deferred revenues | 21,709 | 18,834 |
Operating lease liabilities | 6,302 | 5,258 |
Total current liabilities | 161,909 | 159,029 |
Other liabilities | 3,426 | 2,355 |
Deferred compensation plan liabilities | 103,398 | 91,183 |
Operating lease liabilities | 21,959 | 13,343 |
Total liabilities | 290,692 | 265,910 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 2,000 shares authorized; no shares outstanding | ||
Common stock, $0.001 par value; 120,000 shares authorized; 65,707 shares issued | 66 | 66 |
Additional paid-in capital | 321,448 | 301,002 |
Accumulated other comprehensive income/(loss) | ||
Foreign currency translation adjustments | (2,977) | (3,587) |
Retained earnings | 574,082 | 528,810 |
Treasury stock, at cost: 15,134 and 15,064 shares held, respectively | (536,534) | (505,539) |
Total stockholders’ equity | 356,085 | 320,752 |
Total liabilities and stockholders’ equity | $ 646,777 | $ 586,662 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for contract losses and doubtful accounts | $ 5,281 | $ 6,193 |
Preferred stock, par or stated value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 65,707,000 | 65,707,000 |
Treasury stock, shares | 15,134,000 | 15,064,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional paid-in capital [Member] | Accumulated other comprehensive income (loss) [Member] | Retained earnings [Member] | Treasury Stock [Member] | |
Balance at Jan. 01, 2021 | $ 361,498 | $ 66 | $ 265,328 | $ (1,932) | $ 421,809 | $ (323,773) | |
Balances (in shares) at Jan. 01, 2021 | 65,707,000 | 13,903,000 | |||||
Employee stock purchase plan | 1,977 | 1,777 | $ 200 | ||||
Employee stock purchase plan (in shares) | (20,000) | ||||||
Exercise of stock options | 1,134 | 657 | $ 477 | ||||
Exercise of stock options (in shares) | (48,000) | ||||||
Amortization of unrecognized stock-based compensation | 9,296 | 9,296 | |||||
Purchase of treasury shares | (7,000) | $ (7,000) | |||||
Purchase of treasury shares (in shares) | 78,000 | ||||||
Foreign currency translation adjustments | 14 | 14 | |||||
Grant of restricted stock units to settle accrued bonus | 7,637 | 7,637 | |||||
Settlement of restricted stock units | (15,666) | (3,276) | (1,679) | $ (10,711) | |||
Settlement of restricted stock units (in shares) | (322,000) | ||||||
Unrealized loss on investments | (6) | (65) | 59 | ||||
Dividends and dividend equivalent rights | (43,021) | 0 | (43,021) | ||||
Net Income (Loss) | 101,202 | 101,202 | |||||
Balance at Dec. 31, 2021 | 417,065 | $ 66 | 281,419 | (1,983) | 478,370 | $ (340,807) | |
Balances (in shares) at Dec. 31, 2021 | 65,707,000 | 13,591,000 | |||||
Employee stock purchase plan | 2,020 | 1,805 | $ 215 | ||||
Employee stock purchase plan (in shares) | (22,000) | ||||||
Amortization of unrecognized stock-based compensation | 9,999 | 9,999 | |||||
Purchase of treasury shares | (155,856) | $ (155,856) | |||||
Purchase of treasury shares (in shares) | 1,756,000 | ||||||
Foreign currency translation adjustments | (1,604) | (1,604) | |||||
Grant of restricted stock units to settle accrued bonus | 10,200 | 10,200 | |||||
Settlement of restricted stock units | (12,904) | (2,421) | (1,392) | $ (9,091) | |||
Settlement of restricted stock units (in shares) | (261,000) | ||||||
Dividends and dividend equivalent rights | (50,498) | (50,498) | |||||
Net Income (Loss) | 102,330 | 102,330 | |||||
Balance at Dec. 30, 2022 | 320,752 | $ 66 | 301,002 | (3,587) | 528,810 | $ (505,539) | |
Balances (in shares) at Dec. 30, 2022 | 65,707,000 | 15,064,000 | |||||
Employee stock purchase plan | 2,084 | 1,840 | $ 244 | ||||
Employee stock purchase plan (in shares) | (24,000) | ||||||
Exercise of stock options | $ 100 | 22 | $ 78 | ||||
Exercise of stock options (in shares) | (7,992) | [1] | (8,000) | ||||
Amortization of unrecognized stock-based compensation | $ 9,912 | 9,912 | |||||
Purchase of treasury shares | (24,208) | $ (24,208) | |||||
Purchase of treasury shares (in shares) | 288,000 | ||||||
Foreign currency translation adjustments | 610 | 610 | |||||
Grant of restricted stock units to settle accrued bonus | 10,496 | 10,496 | |||||
Settlement of restricted stock units | (9,942) | (1,824) | (1,009) | $ (7,109) | |||
Settlement of restricted stock units (in shares) | (186,000) | ||||||
Dividends and dividend equivalent rights | (54,058) | (54,058) | |||||
Net Income (Loss) | 100,339 | 100,339 | |||||
Balance at Dec. 29, 2023 | $ 356,085 | $ 66 | $ 321,448 | $ (2,977) | $ 574,082 | $ (536,534) | |
Balances (in shares) at Dec. 29, 2023 | 65,707,000 | 15,134,000 | |||||
[1] Does not include restricted stock or employee stock purchase plans. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 100,339,000 | $ 102,330,000 | $ 101,202,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of property, equipment and leasehold improvements | 8,916,000 | 7,079,000 | 6,487,000 |
Amortization of premiums and accretion of discounts on short-term investments | (11,000) | ||
Provision for contract losses and doubtful accounts | 3,225,000 | 3,081,000 | 1,958,000 |
Stock-based compensation | 20,357,000 | 20,364,000 | 19,263,000 |
Deferred income tax provision | 85,000 | (7,363,000) | (6,005,000) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (471,000) | (33,334,000) | (30,254,000) |
Prepaid expenses and other current assets | (6,669,000) | (6,124,000) | (4,407,000) |
Change in operating leases | (152,000) | (7,000) | (406,000) |
Accounts payable and accrued liabilities | (5,055,000) | 2,215,000 | 8,443,000 |
Accrued payroll and employee benefits | 3,902,000 | 6,494,000 | 20,336,000 |
Deferred revenues | 2,875,000 | (928,000) | 7,962,000 |
Net cash provided by operating activities | 127,352,000 | 93,807,000 | 124,568,000 |
Cash flows from investing activities: | |||
Capital expenditures | (16,356,000) | (12,043,000) | (6,826,000) |
Purchase of short-term investments | (34,994,000) | ||
Maturity of short-term investments | 79,998,000 | ||
Net cash (used in) / provided by investing activities | (16,356,000) | (12,043,000) | 38,178,000 |
Cash flows from financing activities: | |||
Payroll taxes for restricted stock units | (9,942,000) | (12,904,000) | (15,666,000) |
Repurchase of common stock | (24,208,000) | (155,856,000) | (7,000,000) |
Exercise of stock-based payment awards | 2,184,000 | 2,020,000 | 3,111,000 |
Dividends and dividend equivalent rights | (54,043,000) | (49,237,000) | (43,198,000) |
Net cash used in financing activities | (86,009,000) | (215,977,000) | (62,753,000) |
Effect of foreign currency exchange rates on cash and cash equivalents | 705,000 | (2,016,000) | 169,000 |
Net increase in cash and cash equivalents | 25,692,000 | (136,229,000) | 100,162,000 |
Cash and cash equivalents at beginning of year | 161,458,000 | 297,687,000 | 197,525,000 |
Cash and cash equivalents at end of year | $ 187,150,000 | $ 161,458,000 | $ 297,687,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 100,339 | $ 102,330 | $ 101,202 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 29, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1: Summary of Significant Accounting Policies Basis of Presentation Exponent, Inc. together with its subsidiaries (collectively referred to as the “Company”) is a science and engineering consulting firm that provides solutions to complex problems. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company operates on a 52-53 week fiscal year with each year ending on the Friday closest to December 31 st . Fiscal period 2023 included 52 weeks of activity and ended on December 29, 2023. Fiscal period 2022 included 52 weeks of activity and ended on December 30, 2022. Fiscal period 2021 included 52 weeks of activity and ended on December 31, 2021. Fiscal period 2024 is 53 weeks and will end on January 3, 2025. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Estimates are used for, but not limited to, revenue recognition, allowance for contract losses and doubtful accounts, stock-based compensation, income taxes, goodwill, the useful life of property, equipment and leasehold improvements, and operating lease liabilities. Actual results could differ from those estimates. Foreign Currency Translation The Company translates the assets and liabilities of foreign subsidiaries, whose functional currency is the local currency, at exchange rates in effect at the balance sheet date. Revenues and expenses are translated at the average rates of exchange prevailing during the year. The adjustment resulting from translating the financial statements of such foreign subsidiaries is included in accumulated other comprehensive income/(loss), which is reflected as a separate component of stockholders’ equity. Cash Equivalents Cash equivalents consist of highly liquid investments such as money market mutual funds, commercial paper and debt securities with original remaining maturities of three months or less from the date of purchase. Allowances for Contract Losses and Doubtful Accounts The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations or for disputes that affect the Company’s ability to fully collect amounts due. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations or is aware of a dispute with a specific customer, a specific allowance is recorded to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers the Company recognizes allowances for doubtful accounts based upon historical write-offs, customer concentration, customer creditworthiness, current and forecasts of future economic conditions, aging of amounts due and changes in customer payment terms. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized using the straight-line method. Buildings are depreciated over their estimated useful lives ranging from 30 to 40 years. Equipment is depreciated over its estimated useful life, which generally ranges from three to seven years . Leasehold improvements are amortized over the shorter of their estimated useful lives, generally seven years , or the term of the related lease. Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future undiscounted cash flows to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Company has not recognized impairment losses on any long-lived assets in 2023, 2022 or 2021. Goodwill The Company assesses the impairment of goodwill annually and whenever events or changes in circumstances indicate that the carrying amount may be impaired. The Company’s annual goodwill impairment review is completed during the fourth quarter of each year. The Company evaluates goodwill for each reporting unit for impairment by assessing qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. The Company considers events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, a change in the composition or carrying amount of a reporting unit’s net assets and changes in the price of its common stock. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then the quantitative goodwill impairment test is not performed. The Company completed its annual assessment for all reporting units with goodwill for 2023 and determined, after assessing the totality of the qualitative factors, that it is more likely than not that the fair value of each reporting unit is greater than its respective carrying amount. Accordingly, there was no indication of impairment of goodwill for any of the Company’s reporting units and the quantitative goodwill impairment test was not performed. The Company did not recognize any goodwill impairment losses in 2023, 2022 or 2021. Deferred Revenues Deferred revenues represent amounts billed to clients in advance of services provided. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax basis and the financial reporting basis of assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates and laws in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities from changes in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. An uncertain tax position is recognized if it is determined that it is more likely than not to be sustained upon examination. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company’s policy is to recognize interest and penalties related to unrecognized tax benefits as income tax expense. Accrued interest and penalties are insignificant at December 29, 2023 and December 30, 2022. Fair Value of Financial Instruments Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, other assets and accounts payable. Cash, cash equivalents and short-term investments are recorded at fair value. The carrying amount of the Company’s accounts receivable, other assets and accounts payable approximates their fair values due to their short maturities. Stock-Based Compensation Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period of the entire award. The Company accounts for forfeitures of stock-based awards when they occur. Net Income Per Share Basic per share amounts are computed using the weighted-average number of common shares outstanding during the period. Diluted per share amounts are computed using the weighted-average number of common shares outstanding and potentially dilutive securities, using the treasury stock method if their effect would be dilutive. The following schedule reconciles the denominators of the Company’s calculation for basic and diluted net income per share: Fiscal Years (In thousands) 2023 2022 2021 Shares used in basic per share computation 51,152 51,727 52,610 Effect of dilutive common stock options outstanding 188 204 241 Effect of unvested restricted stock units outstanding 295 349 480 Shares used in diluted per share computation 51,635 52,280 53,331 Common stock options to purchase 59,459 shares were excluded from the diluted per share calculation for 2023 due to their anti-dilutive effect. There were no equity awards excluded from the diluted per share calculation for 2022 and 2021. Recently Accounting Pronouncements Not Yet Effective There are no new accounting pronouncements that are expected to materially impact the Company’s consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 29, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 2: Revenue Recognition Substantially all of the Company’s engagements are performed under time and materials or fixed-price arrangements. For time and materials contracts, the Company utilizes the practical expedient under Accounting Standards Codification 606 – Revenue from Contracts with Customers , which states, if an entity has a right to consideration from a customer in an amount that corresponds directly with the value of the entity’s performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour of service provided), the entity may recognize revenue in the amount to which the entity has a right to invoice. The following table discloses the percent of the Company’s revenue generated from time and materials contracts: Fiscal Years 2023 2022 2021 Engineering & Other Scientific 63 % 63 % 61 % Environmental and Health 15 % 16 % 17 % Total time and materials revenues 78 % 79 % 78 % For fixed-price contracts the Company recognizes revenue over time because of the continuous transfer of control to the customer. The customer typically controls the work in process as evidenced either by contractual termination clauses or by the Company’s rights to payment for work performed to date to deliver services that do not have an alternative use to the Company. Revenue for fixed-price contracts is recognized based on the relationship of incurred labor hours at standard rates to the Company’s estimate of the total labor hours at standard rates it expects to incur over the term of the contract. The Company believes this methodology achieves a reliable measure of the revenue from the consulting services it provides to its customers under fixed-price contracts given the nature of the consulting services the Company provides. The following table discloses the percent of the Company’s revenue generated from fixed price contracts: Fiscal Years 2023 2022 2021 Engineering & Other Scientific 20 % 20 % 21 % Environmental and Health 2 % 1 % 1 % Total fixed price revenues 22 % 21 % 22 % Deferred revenues represent amounts billed to clients in advance of services provided. During 2023, $ 14,463,000 of revenues were recognized that were included in the deferred revenue balance at December 30, 2022. During 2022, $ 15,384,000 of revenues were recognized that were included in the deferred revenue balance at December 31, 2021. During 2021, $ 8,387,000 of revenues were recognized that were included in the deferred revenue balance at January 1, 2021. Reimbursements, including those related to travel and other out-of-pocket expenses, and other similar third-party costs such as the cost of materials and certain subcontracts, are included in revenues, and an equivalent amount of reimbursable expenses are included in operating expenses. Any service fee associated with reimbursable expenses is included in revenues before reimbursements. The Company reports revenues net of subcontractor fees for certain subcontracts where the Company has determined that it is acting as an agent because its performance obligation is to arrange for and not control the provision of goods or services by another party. The total amount of subcontractor fees not included in revenues because the Company was acting as an agent were $ 12,268,000 , $ 28,754,000 and $ 15,357,000 during 2023, 2022 and 2021, respectively. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 29, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | Note 3: Cash and cash equivalents Cash and cash equivalents consisted of the following as of December 29, 2023: Estimated (In thousands) Amortized Unrealized Unrealized Fair Classified as current assets: Cash $ 132,464 $ — $ — $ 132,464 Cash equivalents: Money market securities 54,686 — — 54,686 Total cash equivalents 54,686 — — 54,686 Total cash and cash equivalents 187,150 — — 187,150 Cash and cash equivalents consisted of the following as of December 30, 2022: Estimated (In thousands) Amortized Unrealized Unrealized Fair Classified as current assets: Cash $ 109,299 $ — $ — $ 109,299 Cash equivalents: Money market securities 52,159 — — 52,159 Total cash equivalents 52,159 — — 52,159 Total cash and cash equivalents 161,458 — — 161,458 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 29, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4: Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale fixed income securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There have been no transfers between fair value measurement levels during 2023, 2022 and 2021. Any transfers between fair value measurement levels would be recorded on the actual date of the event or change in circumstances that caused the transfer. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2023 (in thousands): Fair Value Measurements at Reporting Date Using Total Quoted Significant Significant Assets Money market securities (1) $ 54,686 $ 54,686 $ — $ — Fixed income trading securities held in (2) 36,788 36,788 — — Equity trading securities held in deferred (2) 78,399 78,399 — — Total $ 169,873 $ 169,873 $ — $ — Liabilities Deferred compensation plan (3) 116,564 116,564 — — Total $ 116,564 $ 116,564 $ — $ — (1) Included in cash and cash equivalents on the Company’s consolidated balance sheet. (2) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. (3) Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 30, 2022 (in thousands): Fair Value Measurements at Reporting Date Using Total Quoted Significant Significant Assets Money market securities (1) $ 52,159 $ 52,159 $ — $ — Fixed income trading securities held in (2) 32,851 32,851 — — Equity trading securities held in deferred (2) 67,880 67,880 — — Total $ 152,890 $ 152,890 $ — $ — Liabilities Deferred compensation plan (3) 101,354 101,354 — — Total $ 101,354 $ 101,354 $ — $ — (1) Included in cash and cash equivalents on the Company’s consolidated balance sheet. (2) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. (3) Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. Fixed income and equity trading securities as of December 29, 2023 and December 30, 2022 represent mutual funds held in the Company’s deferred compensation plan. See Note 11 for additional information about the Company’s deferred compensation plan. The following financial instruments are not measured at fair value on the Company's consolidated balance sheet at December 29, 2023, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at December 29, 2023 approximates their carrying value as reported on the consolidated balance sheet. There were no other-than-temporary impairments or credit losses related to available-for-sale securities during 2023, 2022 and 2021. |
Property, Equipment and Leaseho
Property, Equipment and Leasehold Improvements | 12 Months Ended |
Dec. 29, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Leasehold Improvements | Note 5: Property, Equipment and Leasehold Improvements Fiscal Years (In thousands) 2023 2022 Property: Land $ 18,339 $ 18,339 Buildings 69,698 69,600 Construction in progress 1,114 1,381 Equipment: Machinery and equipment 54,008 54,476 Office furniture and equipment 12,411 10,632 Leasehold improvements 23,759 14,145 179,329 168,573 Less accumulated depreciation and amortization 104,011 103,034 Property, equipment and leasehold improvements, net $ 75,318 $ 65,539 Depreciation and amortization for 2023, 2022 and 2021 was $ 8,916,000 , $ 7,079,000 and $ 6,487,000, respectively. |
Other Significant Balance Sheet
Other Significant Balance Sheet Components | 12 Months Ended |
Dec. 29, 2023 | |
Significant Balance Sheet Components [Abstract] | |
Other Significant Balance Sheet Components | Note 6: Other Significant Balance Sheet Components Account receivable, net Fiscal Years (In thousands) 2023 2022 Billed accounts receivable $ 128,052 $ 120,212 Unbilled accounts receivable 44,589 56,095 Allowance for contract losses and doubtful accounts ( 5,281 ) ( 6,193 ) Total accounts receivable, net $ 167,360 $ 170,114 Accounts payable and accrued liabilities Fiscal Years (In thousands) 2023 2022 Accounts payable $ 4,489 $ 8,642 Accrued liabilities 17,636 20,473 Total accounts payable and other accrued liabilities $ 22,125 $ 29,115 Accrued payroll and employee benefits Fiscal Years (In thousands) 2023 2022 Accrued bonuses payable $ 68,415 $ 67,805 Accrued 401(k) contributions 11,138 9,812 Accrued vacation 13,492 13,106 Deferred compensation plan 13,166 10,171 Other accrued payroll and employee benefits 5,562 4,928 Total accrued payroll and employee benefits $ 111,773 $ 105,822 Other accrued payroll and employee benefits consist primarily of accrued wages, payroll taxes and disability insurance programs. A portion of accrued bonuses payable will be settled by issuing fully vested restricted stock units. See Note 9 and Note 16 for additional information. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7: Income Taxes Income before income taxes includes income from foreign operations of $ 10,353,000 , $ 10,646,000 and $ 12,326,000 for 2023, 2022 and 2021, respectively. Total income tax expense for 2023, 2022 and 2021 consisted of the following: Fiscal Years (In thousands) 2023 2022 2021 Current Federal $ 23,193 $ 24,411 $ 19,800 Foreign 2,254 1,973 2,252 State 10,025 10,883 8,588 35,472 37,267 30,640 Deferred Federal ( 775 ) ( 4,910 ) ( 3,930 ) State 860 ( 2,453 ) ( 2,075 ) 85 ( 7,363 ) ( 6,005 ) Total $ 35,557 $ 29,904 $ 24,635 The Company’s effective tax rate differs from the statutory federal tax rate of 21 % as shown in the following schedule: Fiscal Years (In thousands) 2023 2022 2021 Tax at federal statutory rate $ 28,538 $ 27,769 $ 26,426 State taxes, net of federal benefit 8,587 6,726 5,174 Non-deductible officer compensation 870 1,160 997 Non-deductible expenses 456 52 19 Non-deductible stock-based compensation 12 12 13 Excess tax benefit from equity incentive plans ( 2,844 ) ( 4,533 ) ( 7,850 ) Difference between statutory rate and foreign effective tax rate ( 264 ) ( 693 ) ( 622 ) Other 202 ( 589 ) 478 Tax expense $ 35,557 $ 29,904 $ 24,635 Effective tax rate 26.2 % 22.6 % 19.6 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 29, 2023 and December 30, 2022 are presented in the following schedule: Fiscal Years (In thousands) 2023 2022 Deferred tax assets: Accrued liabilities and allowances $ 21,235 $ 20,740 Deferred compensation plan 40,280 36,819 Operating leases 7,853 5,386 Unrealized loss on trading securities — 453 Property, equipment and leasehold improvements — 212 Other — 88 Total deferred tax assets $ 69,368 $ 63,698 Deferred tax liabilities: State taxes $ ( 2,255 ) $ ( 2,265 ) Deductible goodwill ( 2,071 ) ( 2,138 ) Operating leases ( 7,853 ) ( 5,386 ) Unrealized gain of deferred compensation plan assets ( 1,652 ) — Property, equipment and leasehold improvements ( 1,695 ) — Other ( 18 ) — Total deferred tax liabilities ( 15,544 ) ( 9,789 ) Net deferred tax assets $ 53,824 $ 53,909 Management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. The Company is entitled to a deduction for federal and state tax purposes with respect to employees’ stock award activity. The net deduction in taxes otherwise payable arising from that deduction has been recorded as an income tax benefit. For 2023, 2022 and 2021, the net deduction in tax payable arising from employees’ stock award activity was $ 3,620,000 , $ 5,829,000 and $ 10,009,000 , respectively. The Company and its subsidiaries file income tax returns in the United States federal jurisdiction, California and various other state and foreign jurisdictions. The Company is no longer subject to United States federal income tax examination for years prior to 2020. The Company is no longer subject to California franchise tax examinations for years prior to 2019. With few exceptions, the Company is no longer subject to state and local or non-United States income tax examination by tax authorities for years prior to 2019. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance at December 31, 2021 $ 1,949 Additions based on tax positions related to the current year 630 Reductions due to lapse of statute of limitations ( 532 ) Balance at December 30, 2022 $ 2,047 Additions based on tax positions related to the current year 571 Reductions due to lapse of statute of limitations ( 473 ) Balance at December 29, 2023 $ 2,145 Unrecognized tax benefits are included in other liabilities in the accompanying consolidated balance sheets. To the extent these unrecognized tax benefits are ultimately recognized, they will impact the effective tax rate by $ 1,695,000 in a future period. There are no uncertain tax positions whose resolution in the next 12 months is expected to materially affect operating results. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 29, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 8: Stockholders’ Equity Preferred Stock The Company has authorized 2,000,000 shares of undesignated preferred stock with a par value of $ 0.001 per share. None of the preferred shares were issued and outstanding at December 29, 2023 and December 30, 2022. Dividends The Company declared and paid cash dividends per share of common stock during the periods presented as follows: Fiscal Years 2023 Dividends Amount Per Share (in thousands) First Quarter $ 0.260 $ 13,169 Second Quarter $ 0.260 13,217 Third Quarter $ 0.260 13,177 Fourth Quarter $ 0.260 13,148 $ 52,711 Fiscal Years 2022 Dividends Amount Per Share (in thousands) First Quarter $ 0.240 $ 12,383 Second Quarter $ 0.240 12,345 Third Quarter $ 0.240 12,225 Fourth Quarter $ 0.240 12,153 $ 49,106 Treasury Stock Net losses related to the re-issuance of treasury stock to settle restricted stock unit and stock option awards of $ 1,009,000 , $ 1,392,000 and $ 1,679,000 were recorded as a reduction to retained earnings during 2023, 2022 and 2021, respectively. Repurchase of Common Stock The Company repurchased 288,000 shares of its common stock for $ 24,208,000 during 2023. The Company repurchased 1,756,000 shares of its common stock for $ 155,856,000 during 2022. The Company repurchased 78,000 shares of its common stock for $ 7,000,000 during 2021. On February 22, 2022, the Board of Directors authorized $ 150,000,000 for the repurchase of the Company’s common stock. On May 29, 2020, the Board of Directors authorized $ 45,000,000 for the repurchase of the Company’s common stock. These repurchase programs have no expiration dates. As of December 29, 2023, the Company had remaining authorization under its stock repurchase plan of $ 38,390,000 to repurchase shares of common stock. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 29, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 9: Stock-Based Compensation On May 29, 2008, the Company’s stockholders approved the 2008 Equity Incentive Plan and the 2008 Employee Stock Purchase Plan (“ESPP”). The 2008 Equity Incentive Plan and ESPP were previously adopted by the Company’s Board of Directors on April 8, 2008, subject to stockholder approval. The 2008 Equity Incentive Plan allows for the award of stock options, stock awards (including stock units, stock grants and stock appreciation rights or other similar equity awards) and cash awards to officers, employees, consultants and non-employee members of the Board of Directors. The total number of shares reserved for issuance under the 2008 Equity Incentive Plan was 11,856,300 shares of common stock, subject to adjustment resulting from a stock split or the payment of a stock dividend or any other increase or decrease in the number of issued shares of the Company’s stock effected without receipt of consideration by the Company. As of December 29, 2023, 1,126,909 shares were available for grant under the 2008 Equity Incentive Plan. The ESPP allows for officers and employees to purchase common stock through payroll deductions of up to 15 % of a participant’s eligible compensation. Shares of common stock are purchased under the ESPP at 95 % of the fair market value of the Company’s common stock on each purchase date. Subject to adjustment resulting from a stock split or the payment of a stock dividend or any other increase or decrease in the number of issued shares of the Company’s stock effected without receipt of consideration by the Company, the total number of shares reserved for issuance under the ESPP was 1,200,000 shares of common stock. As of December 29, 2023, 296,047 shares were available for grant. Weighted average purchase prices for shares sold under the ESPP plan in 2023, 2022 and 2021 were $ 87.12 , $ 91.17 and $ 98.64 , respectively. Restricted Stock Units The Company grants restricted stock units to employees and outside directors. These restricted stock unit grants are designed to attract and retain employees, and to better align employee interests with those of the Company’s stockholders. For a select group of employees, up to 40 % of their annual bonus is settled with fully vested restricted stock unit awards. Under these fully vested restricted stock unit awards, the holder of each award has the right to receive one share of the Company’s common stock for each fully vested restricted stock unit four years from the date of grant. Each individual who received a fully vested restricted stock unit award is granted a matching number of unvested restricted stock unit awards. These unvested restricted stock unit awards cliff vest four years from the date of grant, at which time the holder of each award will have the right to receive one share of the Company’s common stock for each restricted stock unit award, provided the holder of each award has met certain employment conditions. In the case of retirement at 59 ½ years or older, all unvested restricted stock unit awards will continue to vest provided the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company. All restricted stock units granted have dividend equivalent rights (“DER”), which entitle holders of restricted stock units to the same dividend value per share as holders of common stock. DER are subject to the same vesting and other terms and conditions as the corresponding unvested restricted stock units. DER are accumulated and paid when the underlying shares vest and are forfeited if the underlying shares are forfeited. The value of these restricted stock unit awards is determined based on the market price of the Company’s common stock on the date of grant. The value of fully vested restricted stock unit awards issued is recorded as a reduction to accrued bonuses. The portion of bonus expense that the Company expects to settle with fully vested restricted stock unit awards is recorded as stock-based compensation during the period the bonus is earned. For 2023, 2022 and 2021, the Company recorded stock-based compensation expense associated with accrued bonus awards of $ 10,445,000 , $ 10,365,000 and $ 9,967,000 , respectively. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $ 8,831,000 , $ 9,164,000 and $ 8,560,000 during 2023, 2022 and 2021, respectively. The total fair value of restricted stock unit awards vested during 2023, 2022 and 2021 was $ 25,277,000 , $ 29,875,000 and $ 31,984,000 , respectively. The weighted-average grant date fair values of restricted stock unit awards granted during 2023, 2022 and 2021 were $ 99.47 , $ 94.24 and $ 97.80 , respectively. The number of unvested restricted stock unit awards outstanding as of December 29, 2023 is as follows (1) : Number Weighted- Weighted- Aggregate (2) Balance at December 30, 2022 467,199 $ 76.89 Awards granted 229,779 99.47 Awards vested ( 248,513 ) 76.21 Awards forfeited ( 29,757 ) 89.60 Balance at December 29, 2023 418,708 $ 88.78 1.7 $ 36,863 (1) Does not include employee stock purchase plans or stock option plans. (2) The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of December 29, 2023 was $ 88.04 . Stock Options The Company currently grants stock options under the 2008 Equity Incentive Plan. Options are granted for terms of 10 years and generally vest ratably over a four-year period from the grant date. The Company grants options at exercise prices equal to the fair value of the Company’s common stock on the date of grant. All stock options have DER, which entitle holders of stock options to the same dividend value per share as holders of common stock. DER are subject to the same vesting terms as the corresponding stock options. DER are accumulated and paid in cash when the underlying stock options vest and are forfeited if the underlying stock options do not vest. During 2023, 2022 and 2021, the Company recorded stock-based compensation expense of $ 1,081,000 , $ 835,000 and $ 736,000 , respectively, associated with stock options. Option activity is as follows (1) : Number Weighted- Weighted- Aggregate Exercisable at December 30, 2022 441,227 $ 47.38 Options granted 30,000 107.31 Options forfeited and expired — — Options exercised ( 7,992 ) 12.51 Balance at December 29, 2023 463,235 $ 51.86 4.78 $ 17,543 Exercisable at December 29, 2023 378,444 $ 42.19 4.04 $ 17,453 (1) Does not include restricted stock or employee stock purchase plans. The total intrinsic value of options exercised during 2023, 2022 and 2021 was $ 742,000 , $ 0 and $ 4,335,000 , respectively. The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the fiscal year ended December 29, 2023, and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 29, 2023. This amount changes based on the fair-value of the Company’s stock. The Company uses the Black-Scholes option-pricing model to determine the fair value of options granted. The determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include expected stock price volatility over the term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expected dividends. The Company used historical exercise and post-vesting forfeiture and expiration data to estimate the expected term of options granted. The historical volatility of the Company’s common stock over a period of time equal to the expected term of the options granted was used to estimate expected volatility. The risk-free interest rate used in the option-pricing model was based on United States Treasury zero coupon issues with remaining terms similar to the expected term on the options. The dividend yield assumption considers the expectation of continued declaration of dividends, offset by option holders’ DER. All stock-based payment awards are recognized on a straight-line basis over the requisite service periods of the awards. The assumptions used to value option grants for 2023, 2022 and 2021 are as follows: Stock Option Plan Fiscal Years 2023 2022 2021 Expected term (in years) 5.8 5.6 5.7 Risk-free interest rate 3.99 % 1.90 % 0.64 % Volatility 29 % 28 % 28 % Dividend yield 0 % 0 % 0 % The weighted-average grant date fair value of options granted during 2023, 2022 and 2021 were $ 38.29 , $ 26.64 and $ 25.32 , respectively. The amount of stock-based compensation expense and the related income tax benefit recognized in the Company’s consolidated statements of income for 2023, 2022 and 2021 is as follows: Fiscal Years (In thousands) 2023 2022 2021 Compensation and related expenses: Restricted stock units $ 18,542 $ 18,810 $ 17,755 Stock option grants 1,081 835 736 Sub-total 19,623 19,645 18,491 General and administrative expenses: Restricted stock units 734 719 772 Sub-total 734 719 772 Total stock-based compensation expense $ 20,357 $ 20,364 $ 19,263 Income tax benefit $ 3,620 $ 5,829 $ 10,009 As of December 29, 2023, there was $ 12,842,000 of unrecognized compensation cost, expected to be recognized over a weighted average period of 2.6 years, related to unvested restricted stock unit awards and $ 1,542,000 of unrecognized compensation cost, expected to be recognized over a weighted average period of 2.1 years, related to unvested stock options. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 29, 2023 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Retirement Plans | Note 10: Retirement Plans The Company provides a defined contribution retirement plan for its employees whereby the Company contributes to each eligible employee’s account 7 % of the employee’s eligible salary. The employee does not need to make a contribution to the plan to be eligible for the Company’s 7 % contribution. To be eligible under the plan, an employee must be at least 21 years of age and be either a full-time or part-time salaried employee. The 7 % Company contribution will vest 20 % per year for the first five years of employment and then immediately thereafter. These contributions are made to the 401(k) plan up to the statutory maximum. Any portion of the 7 % contribution in excess of the statutory maximum is made to the Company’s nonqualified deferred compensation plan. The Company’s expenses related to this plan were $ 11,867,000 , $ 10,166,000 and $ 9,923,000 in 2023, 2022 and 2021, respectively. |
Deferred Compensation Plans
Deferred Compensation Plans | 12 Months Ended |
Dec. 29, 2023 | |
Deferred Compensation Arrangements [Abstract] | |
Deferred Compensation Plans | Note 11: Deferred Compensation Plans The Company maintains nonqualified deferred compensation plans for the benefit of a select group of highly compensated employees. Under these plans, participants may elect to defer up to 100 % of their compensation. Company assets that are earmarked to pay benefits under the plans are held in a rabbi trust and are subject to the claims of the Company’s creditors. As of December 29, 2023 and December 30, 2022, invested amounts under the plans totaled $ 115,187,000 and $ 100,731,000 , respectively. These assets are classified as trading securities and are recorded at fair market value with changes recorded as adjustments to miscellaneous income, net. As of December 29, 2023 and December 30, 2022, vested amounts due under the plans totaled $ 116,564,000 and $ 101,354,000 , respectively. Changes in the liability are recorded as adjustments to compensation and related expense. During 2023, 2022 and 2021, the Company recognized compensation expense of $ 14,315,000 , ($ 14,187,000 ) and $ 14,730,000 , respectively, as a result of changes in the market value of the trust assets with the same amount being recorded as other income, net. |
Leases
Leases | 12 Months Ended |
Dec. 29, 2023 | |
Leases [Abstract] | |
Leases | Note 12: Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and long-term operating lease liabilities in the Company’s consolidated balance sheet. The Company does not have any finance leases as of December 29, 2023. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, based on the information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The amortization of operating lease ROU assets and the change in operating lease liabilities is disclosed as a single line item in the consolidated statements of cash flows. The Company leases office, laboratory, and storage space in 13 states and the District of Columbia, as well as in China, Germany, Hong Kong, Ireland, Singapore, Switzerland and the United Kingdom. Leases for these office, laboratory, and storage facilities have terms generally ranging between one and 10 years. Some of these leases include options to extend or terminate the lease, none of which are currently included in the lease term as the Company has determined that exercise of these options is not reasonably certain. The Company has a Test and Engineering Center on 147 acres of land in Phoenix, Arizona. The Company leases this land from the state of Arizona under a 30 -year lease agreement that expires in January of 2028 and has options to renew for two 15-year periods. As of December 29, 2023, the Company has determined that exercise of the renewal options is not reasonably certain and thus the extension is not included in the lease term. The Company’s equipment leases are included in the ROU asset and liability balances but are not material. The components of lease expense included in other operating expenses on the consolidated statements of income were as follows: Fiscal Year Fiscal Year Fiscal Year (In thousands) 2023 2022 2021 Operating lease cost $ 7,732 $ 7,050 $ 6,930 Variable lease cost 1,635 1,263 1,065 Short-term lease cost 1,174 651 619 Supplemental cash flow information related to operating leases was as follows: Fiscal Year Fiscal Year Fiscal Year (In thousands) 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 7,249 $ 6,564 $ 6,962 Supplemental balance sheet information related to operating leases was as follows: Fiscal Year Fiscal Year Fiscal Year 2023 2022 2021 Weighted Average Remaining Lease Term 6.1 years 4.1 years 4.1 years Weighted Average Discount Rate 5.1 % 4.3 % 4.2 % Maturities of operating lease liabilities as of December 29, 2023: Operating (In thousands) Leases 2024 7,260 2025 6,380 2026 5,734 2027 4,446 2028 1,868 Thereafter 8,247 Total lease payments $ 33,935 Less imputed interest ( 5,674 ) Total lease liability $ 28,261 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13: Commitments and Contingencies The Company is a party to various legal actions from time to time and may be contingently liable in connection with claims and contracts arising in the normal course of business, the outcome of which the Company believes, after consultation with legal counsel, will not have a material adverse effect on its financial condition, results of operations or liquidity. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. All legal costs associated with litigation are expensed as incurred. |
Miscellaneous Income, Net
Miscellaneous Income, Net | 12 Months Ended |
Dec. 29, 2023 | |
Other Income and Expenses [Abstract] | |
Miscellaneous Income, Net | Note 14: Miscellaneous Income, Net Miscellaneous income, net, consisted of the following: Fiscal Years (In thousands) 2023 2022 2021 Rental income $ 3,371 $ 2,938 $ 2,658 Gain (loss) on deferred compensation investments 14,315 ( 14,187 ) 14,730 Gain (loss) on foreign exchange ( 259 ) 522 ( 517 ) Other ( 3 ) 23 ( 27 ) Total $ 17,424 $ ( 10,704 ) $ 16,844 |
Industry and Client Credit Risk
Industry and Client Credit Risk | 12 Months Ended |
Dec. 29, 2023 | |
Risks and Uncertainties [Abstract] | |
Industry and Client Credit Risk | Note 15: Industry and Client Credit Risk The Company serves clients in various segments of the economy. During 2023, the Company provided services representing approximately 22 %, 18 %, 17 % and 11 % of revenues to clients in the consumer products industry, energy and utilities industries, the transportation industry and the chemical industry, respectively. No single client comprised more than 10 % of the Company’s revenues during 2023. One client comprised 15 % of the Company’s revenues during 2022. One client comprised 13 % of the Company’s revenues during 2021. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 29, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Note 16: Supplemental Cash Flow Information The following is supplemental disclosure of cash flow information: Fiscal Years (In thousands) 2023 2022 2021 Cash paid during the year: Income taxes $ 38,944 $ 40,121 $ 27,912 Non-cash investing and financing activities: Unrealized loss on investments - - ( 65 ) Vested stock unit awards granted to settle accrued bonus 10,496 10,200 7,637 Right-of-use asset obtained in exchange for operating 15,749 9,476 792 Leasehold improvements obtained in exchange for right-of-use asset 3,219 - - Accrual for capital expenditures 137 1,017 413 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 29, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 17: Segment Reporting The Company has two reportable operating segments based on two primary areas of service. The Engineering and Other Scientific segment is a broad service group providing technical consulting in different practices primarily in engineering. The Environmental and Health segment provides services in the area of environmental, epidemiology and health risk analysis. This segment provides a wide range of consulting services relating to environmental hazards and risks and the impact on both human health and the environment. Segment information is presented for selected data from the statements of income and statements of cash flows for 2023, 2022 and 2021. Segment information for selected data from the balance sheets is presented for the fiscal years ended December 29, 2023 and December 30, 2022. The Company’s CEO, the chief operating decision maker, does not review total assets in her evaluation of segment performance and capital allocation. Revenues Fiscal Years (In thousands) 2023 2022 2021 Engineering and Other Scientific $ 446,888 $ 427,796 $ 380,909 Environmental and Health 89,878 85,497 85,360 Total revenues $ 536,766 $ 513,293 $ 466,269 Operating Income Fiscal Years (In thousands) 2023 2022 2021 Engineering and Other Scientific $ 153,918 $ 152,679 $ 140,400 Environmental and Health 28,432 27,340 27,952 Total segment operating income 182,350 180,019 168,352 Corporate operating expense ( 71,028 ) ( 39,177 ) ( 59,425 ) Total operating income $ 111,322 $ 140,842 $ 108,927 Certain operating expenses are excluded from the Company's measure of segment operating income. These expenses include the costs associated with the Company’s human resources, finance, information technology, and business development groups; the deferred compensation expense/benefit due to the change in value of assets associated with the Company’s deferred compensation plan; stock-based compensation associated with restricted stock unit and stock option awards; and the change in the Company’s allowance for contract losses and doubtful accounts. Capital Expenditures Fiscal Years (In thousands) 2023 2022 2021 Engineering and Other Scientific $ 3,895 $ 4,661 $ 2,792 Environmental and Health 170 174 160 Total segment capital expenditures 4,065 4,835 2,952 Corporate capital expenditures 14,630 7,812 3,685 Total capital expenditures $ 18,695 $ 12,647 $ 6,637 Certain capital expenditures associated with the Company's corporate cost centers and the related depreciation are excluded from the Company's segment information. Depreciation and Amortization Fiscal Years (In thousands) 2023 2022 2021 Engineering and Other Scientific $ 6,087 $ 4,489 $ 4,031 Environmental and Health 213 171 193 Total segment depreciation and amortization 6,300 4,660 4,224 Corporate depreciation and amortization 2,616 2,419 2,263 Total depreciation and amortization $ 8,916 $ 7,079 $ 6,487 Information regarding the Company’s operations in different geographical areas: Property, Equipment and Leasehold Improvements, net Fiscal Years (In thousands) 2023 2022 United States $ 74,668 $ 64,742 Foreign Countries 650 797 Total $ 75,318 $ 65,539 Revenues (1) Fiscal Years (In thousands) 2023 2022 2021 United States $ 470,078 $ 450,445 $ 397,001 Foreign Countries 66,688 62,848 69,268 Total $ 536,766 $ 513,293 $ 466,269 (1) Geographic revenues are allocated based on the location of the client. Below is a breakdown of goodwill, reported by segment as of December 29, 2023 and December 30, 2022: (In thousands) Environmental Engineering Total Goodwill $ 8,099 $ 508 $ 8,607 There were no changes in the carrying amount of goodwill for 2023, 2022 and 2021. There were no goodwill impairments or gains or losses on disposals for any portion of the Company’s reporting units during 2023, 2022, and 2021. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 29, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18: Subsequent Events On February 1, 2024 , the Company announced that its Board of Directors had declared a quarterly cash dividend of $ 0.28 per share to be paid on March 22, 2024 to all common stockholders of record as of March 8, 2024 . The Company's Board of Directors also authorized an additional $ 61,600,000 for the repurchase of the Company's common stock. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 29, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Sched ule II Valuation and Qualifying Accounts Additions Deletions (1) (In thousands) Balance at Provision Provision Accounts Balance Year Ended December 29, 2023 Allowance for bad debt $ 1,239 $ 856 $ — $ ( 933 ) $ 1,162 Allowance for contract losses $ 4,954 $ — $ 2,368 $ ( 3,203 ) $ 4,119 Year Ended December 30, 2022 Allowance for bad debt $ 973 $ 455 $ — $ ( 189 ) $ 1,239 Allowance for contract losses $ 3,450 $ — $ 2,626 $ ( 1,122 ) $ 4,954 Year Ended December 31, 2021 Allowance for bad debt $ 879 $ 454 $ — $ ( 360 ) $ 973 Allowance for contract losses $ 3,116 $ — $ 1,505 $ ( 1,171 ) $ 3,450 (1) Balance includes currency translation adjustments. Recoveries of accounts receivable previously written off were $ 181,000 , $ 11,000 and $ 23,000 for 2023, 2022 and 2021, respectively. Schedules other than above have been omitted since they are either not required, not applicable, or the information is otherwise included in the Annual Report on Form 10-K. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Exponent, Inc. together with its subsidiaries (collectively referred to as the “Company”) is a science and engineering consulting firm that provides solutions to complex problems. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company operates on a 52-53 week fiscal year with each year ending on the Friday closest to December 31 st . Fiscal period 2023 included 52 weeks of activity and ended on December 29, 2023. Fiscal period 2022 included 52 weeks of activity and ended on December 30, 2022. Fiscal period 2021 included 52 weeks of activity and ended on December 31, 2021. Fiscal period 2024 is 53 weeks and will end on January 3, 2025. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Estimates are used for, but not limited to, revenue recognition, allowance for contract losses and doubtful accounts, stock-based compensation, income taxes, goodwill, the useful life of property, equipment and leasehold improvements, and operating lease liabilities. Actual results could differ from those estimates. |
Foreign Currency Translation | Foreign Currency Translation The Company translates the assets and liabilities of foreign subsidiaries, whose functional currency is the local currency, at exchange rates in effect at the balance sheet date. Revenues and expenses are translated at the average rates of exchange prevailing during the year. The adjustment resulting from translating the financial statements of such foreign subsidiaries is included in accumulated other comprehensive income/(loss), which is reflected as a separate component of stockholders’ equity. |
Cash Equivalents | Cash Equivalents Cash equivalents consist of highly liquid investments such as money market mutual funds, commercial paper and debt securities with original remaining maturities of three months or less from the date of purchase. |
Allowances for Contract Losses and Doubtful Accounts | Allowances for Contract Losses and Doubtful Accounts The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations or for disputes that affect the Company’s ability to fully collect amounts due. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations or is aware of a dispute with a specific customer, a specific allowance is recorded to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers the Company recognizes allowances for doubtful accounts based upon historical write-offs, customer concentration, customer creditworthiness, current and forecasts of future economic conditions, aging of amounts due and changes in customer payment terms. |
Property, Equipment and Leasehold Improvements | Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized using the straight-line method. Buildings are depreciated over their estimated useful lives ranging from 30 to 40 years. Equipment is depreciated over its estimated useful life, which generally ranges from three to seven years . Leasehold improvements are amortized over the shorter of their estimated useful lives, generally seven years , or the term of the related lease. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future undiscounted cash flows to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Company has not recognized impairment losses on any long-lived assets in 2023, 2022 or 2021. |
Goodwill | Goodwill The Company assesses the impairment of goodwill annually and whenever events or changes in circumstances indicate that the carrying amount may be impaired. The Company’s annual goodwill impairment review is completed during the fourth quarter of each year. The Company evaluates goodwill for each reporting unit for impairment by assessing qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. The Company considers events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, a change in the composition or carrying amount of a reporting unit’s net assets and changes in the price of its common stock. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then the quantitative goodwill impairment test is not performed. The Company completed its annual assessment for all reporting units with goodwill for 2023 and determined, after assessing the totality of the qualitative factors, that it is more likely than not that the fair value of each reporting unit is greater than its respective carrying amount. Accordingly, there was no indication of impairment of goodwill for any of the Company’s reporting units and the quantitative goodwill impairment test was not performed. The Company did not recognize any goodwill impairment losses in 2023, 2022 or 2021. |
Deferred Revenues | Deferred Revenues Deferred revenues represent amounts billed to clients in advance of services provided. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax basis and the financial reporting basis of assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates and laws in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities from changes in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. An uncertain tax position is recognized if it is determined that it is more likely than not to be sustained upon examination. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company’s policy is to recognize interest and penalties related to unrecognized tax benefits as income tax expense. Accrued interest and penalties are insignificant at December 29, 2023 and December 30, 2022. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, other assets and accounts payable. Cash, cash equivalents and short-term investments are recorded at fair value. The carrying amount of the Company’s accounts receivable, other assets and accounts payable approximates their fair values due to their short maturities. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period of the entire award. The Company accounts for forfeitures of stock-based awards when they occur. |
Net Income Per Share | Net Income Per Share Basic per share amounts are computed using the weighted-average number of common shares outstanding during the period. Diluted per share amounts are computed using the weighted-average number of common shares outstanding and potentially dilutive securities, using the treasury stock method if their effect would be dilutive. The following schedule reconciles the denominators of the Company’s calculation for basic and diluted net income per share: Fiscal Years (In thousands) 2023 2022 2021 Shares used in basic per share computation 51,152 51,727 52,610 Effect of dilutive common stock options outstanding 188 204 241 Effect of unvested restricted stock units outstanding 295 349 480 Shares used in diluted per share computation 51,635 52,280 53,331 Common stock options to purchase 59,459 shares were excluded from the diluted per share calculation for 2023 due to their anti-dilutive effect. There were no equity awards excluded from the diluted per share calculation for 2022 and 2021. |
Recently Accounting Pronouncements Not Yet Effective | Recently Accounting Pronouncements Not Yet Effective There are no new accounting pronouncements that are expected to materially impact the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Accounting Policies [Abstract] | |
Reconciles Shares to Calculate Basic and Diluted Net Income Per Share | The following schedule reconciles the denominators of the Company’s calculation for basic and diluted net income per share: Fiscal Years (In thousands) 2023 2022 2021 Shares used in basic per share computation 51,152 51,727 52,610 Effect of dilutive common stock options outstanding 188 204 241 Effect of unvested restricted stock units outstanding 295 349 480 Shares used in diluted per share computation 51,635 52,280 53,331 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Percent of Revenues | The following table discloses the percent of the Company’s revenue generated from time and materials contracts: Fiscal Years 2023 2022 2021 Engineering & Other Scientific 63 % 63 % 61 % Environmental and Health 15 % 16 % 17 % Total time and materials revenues 78 % 79 % 78 % The following table discloses the percent of the Company’s revenue generated from fixed price contracts: Fiscal Years 2023 2022 2021 Engineering & Other Scientific 20 % 20 % 21 % Environmental and Health 2 % 1 % 1 % Total fixed price revenues 22 % 21 % 22 % |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | Cash and cash equivalents consisted of the following as of December 29, 2023: Estimated (In thousands) Amortized Unrealized Unrealized Fair Classified as current assets: Cash $ 132,464 $ — $ — $ 132,464 Cash equivalents: Money market securities 54,686 — — 54,686 Total cash equivalents 54,686 — — 54,686 Total cash and cash equivalents 187,150 — — 187,150 Cash and cash equivalents consisted of the following as of December 30, 2022: Estimated (In thousands) Amortized Unrealized Unrealized Fair Classified as current assets: Cash $ 109,299 $ — $ — $ 109,299 Cash equivalents: Money market securities 52,159 — — 52,159 Total cash equivalents 52,159 — — 52,159 Total cash and cash equivalents 161,458 — — 161,458 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The fair value of these certain financial assets and liabilities was determined using the following inputs at December 29, 2023 (in thousands): Fair Value Measurements at Reporting Date Using Total Quoted Significant Significant Assets Money market securities (1) $ 54,686 $ 54,686 $ — $ — Fixed income trading securities held in (2) 36,788 36,788 — — Equity trading securities held in deferred (2) 78,399 78,399 — — Total $ 169,873 $ 169,873 $ — $ — Liabilities Deferred compensation plan (3) 116,564 116,564 — — Total $ 116,564 $ 116,564 $ — $ — (1) Included in cash and cash equivalents on the Company’s consolidated balance sheet. (2) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. (3) Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 30, 2022 (in thousands): Fair Value Measurements at Reporting Date Using Total Quoted Significant Significant Assets Money market securities (1) $ 52,159 $ 52,159 $ — $ — Fixed income trading securities held in (2) 32,851 32,851 — — Equity trading securities held in deferred (2) 67,880 67,880 — — Total $ 152,890 $ 152,890 $ — $ — Liabilities Deferred compensation plan (3) 101,354 101,354 — — Total $ 101,354 $ 101,354 $ — $ — (1) Included in cash and cash equivalents on the Company’s consolidated balance sheet. (2) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. |
Property, Equipment and Lease_2
Property, Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Leasehold Improvements | Fiscal Years (In thousands) 2023 2022 Property: Land $ 18,339 $ 18,339 Buildings 69,698 69,600 Construction in progress 1,114 1,381 Equipment: Machinery and equipment 54,008 54,476 Office furniture and equipment 12,411 10,632 Leasehold improvements 23,759 14,145 179,329 168,573 Less accumulated depreciation and amortization 104,011 103,034 Property, equipment and leasehold improvements, net $ 75,318 $ 65,539 |
Other Significant Balance She_2
Other Significant Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Significant Balance Sheet Components [Abstract] | |
Account receivable, net | Account receivable, net Fiscal Years (In thousands) 2023 2022 Billed accounts receivable $ 128,052 $ 120,212 Unbilled accounts receivable 44,589 56,095 Allowance for contract losses and doubtful accounts ( 5,281 ) ( 6,193 ) Total accounts receivable, net $ 167,360 $ 170,114 |
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities Fiscal Years (In thousands) 2023 2022 Accounts payable $ 4,489 $ 8,642 Accrued liabilities 17,636 20,473 Total accounts payable and other accrued liabilities $ 22,125 $ 29,115 |
Accrued payroll and employee benefits | Accrued payroll and employee benefits Fiscal Years (In thousands) 2023 2022 Accrued bonuses payable $ 68,415 $ 67,805 Accrued 401(k) contributions 11,138 9,812 Accrued vacation 13,492 13,106 Deferred compensation plan 13,166 10,171 Other accrued payroll and employee benefits 5,562 4,928 Total accrued payroll and employee benefits $ 111,773 $ 105,822 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Income Tax Disclosure [Abstract] | |
Total Income Tax Expense | Total income tax expense for 2023, 2022 and 2021 consisted of the following: Fiscal Years (In thousands) 2023 2022 2021 Current Federal $ 23,193 $ 24,411 $ 19,800 Foreign 2,254 1,973 2,252 State 10,025 10,883 8,588 35,472 37,267 30,640 Deferred Federal ( 775 ) ( 4,910 ) ( 3,930 ) State 860 ( 2,453 ) ( 2,075 ) 85 ( 7,363 ) ( 6,005 ) Total $ 35,557 $ 29,904 $ 24,635 |
Company's Effective Tax Rate Differs From Statutory Federal Tax Rate | The Company’s effective tax rate differs from the statutory federal tax rate of 21 % as shown in the following schedule: Fiscal Years (In thousands) 2023 2022 2021 Tax at federal statutory rate $ 28,538 $ 27,769 $ 26,426 State taxes, net of federal benefit 8,587 6,726 5,174 Non-deductible officer compensation 870 1,160 997 Non-deductible expenses 456 52 19 Non-deductible stock-based compensation 12 12 13 Excess tax benefit from equity incentive plans ( 2,844 ) ( 4,533 ) ( 7,850 ) Difference between statutory rate and foreign effective tax rate ( 264 ) ( 693 ) ( 622 ) Other 202 ( 589 ) 478 Tax expense $ 35,557 $ 29,904 $ 24,635 Effective tax rate 26.2 % 22.6 % 19.6 % |
Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 29, 2023 and December 30, 2022 are presented in the following schedule: Fiscal Years (In thousands) 2023 2022 Deferred tax assets: Accrued liabilities and allowances $ 21,235 $ 20,740 Deferred compensation plan 40,280 36,819 Operating leases 7,853 5,386 Unrealized loss on trading securities — 453 Property, equipment and leasehold improvements — 212 Other — 88 Total deferred tax assets $ 69,368 $ 63,698 Deferred tax liabilities: State taxes $ ( 2,255 ) $ ( 2,265 ) Deductible goodwill ( 2,071 ) ( 2,138 ) Operating leases ( 7,853 ) ( 5,386 ) Unrealized gain of deferred compensation plan assets ( 1,652 ) — Property, equipment and leasehold improvements ( 1,695 ) — Other ( 18 ) — Total deferred tax liabilities ( 15,544 ) ( 9,789 ) Net deferred tax assets $ 53,824 $ 53,909 |
Reconciliation of The Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance at December 31, 2021 $ 1,949 Additions based on tax positions related to the current year 630 Reductions due to lapse of statute of limitations ( 532 ) Balance at December 30, 2022 $ 2,047 Additions based on tax positions related to the current year 571 Reductions due to lapse of statute of limitations ( 473 ) Balance at December 29, 2023 $ 2,145 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Stockholders' Equity Note [Abstract] | |
Cash Dividends Per Common Share | The Company declared and paid cash dividends per share of common stock during the periods presented as follows: Fiscal Years 2023 Dividends Amount Per Share (in thousands) First Quarter $ 0.260 $ 13,169 Second Quarter $ 0.260 13,217 Third Quarter $ 0.260 13,177 Fourth Quarter $ 0.260 13,148 $ 52,711 Fiscal Years 2022 Dividends Amount Per Share (in thousands) First Quarter $ 0.240 $ 12,383 Second Quarter $ 0.240 12,345 Third Quarter $ 0.240 12,225 Fourth Quarter $ 0.240 12,153 $ 49,106 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation, Restricted Stock Units Award Activity | The number of unvested restricted stock unit awards outstanding as of December 29, 2023 is as follows (1) : Number Weighted- Weighted- Aggregate (2) Balance at December 30, 2022 467,199 $ 76.89 Awards granted 229,779 99.47 Awards vested ( 248,513 ) 76.21 Awards forfeited ( 29,757 ) 89.60 Balance at December 29, 2023 418,708 $ 88.78 1.7 $ 36,863 (1) Does not include employee stock purchase plans or stock option plans. (2) The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of December 29, 2023 was $ 88.04 . |
Stock Option Activity | Option activity is as follows (1) : Number Weighted- Weighted- Aggregate Exercisable at December 30, 2022 441,227 $ 47.38 Options granted 30,000 107.31 Options forfeited and expired — — Options exercised ( 7,992 ) 12.51 Balance at December 29, 2023 463,235 $ 51.86 4.78 $ 17,543 Exercisable at December 29, 2023 378,444 $ 42.19 4.04 $ 17,453 (1) Does not include restricted stock or employee stock purchase plans. |
The Assumptions Used to Value Option Grants | The assumptions used to value option grants for 2023, 2022 and 2021 are as follows: Stock Option Plan Fiscal Years 2023 2022 2021 Expected term (in years) 5.8 5.6 5.7 Risk-free interest rate 3.99 % 1.90 % 0.64 % Volatility 29 % 28 % 28 % Dividend yield 0 % 0 % 0 % |
Stock-Based Compensation Expense Recognized in Consolidated Statements of Income | The amount of stock-based compensation expense and the related income tax benefit recognized in the Company’s consolidated statements of income for 2023, 2022 and 2021 is as follows: Fiscal Years (In thousands) 2023 2022 2021 Compensation and related expenses: Restricted stock units $ 18,542 $ 18,810 $ 17,755 Stock option grants 1,081 835 736 Sub-total 19,623 19,645 18,491 General and administrative expenses: Restricted stock units 734 719 772 Sub-total 734 719 772 Total stock-based compensation expense $ 20,357 $ 20,364 $ 19,263 Income tax benefit $ 3,620 $ 5,829 $ 10,009 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense included in other operating expenses on the consolidated statements of income were as follows: Fiscal Year Fiscal Year Fiscal Year (In thousands) 2023 2022 2021 Operating lease cost $ 7,732 $ 7,050 $ 6,930 Variable lease cost 1,635 1,263 1,065 Short-term lease cost 1,174 651 619 |
Supplemental Cash Flow Information Related to Operating Lease | Supplemental cash flow information related to operating leases was as follows: Fiscal Year Fiscal Year Fiscal Year (In thousands) 2023 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 7,249 $ 6,564 $ 6,962 |
Supplemental Balance Sheet Information Related to Operating Lease | Supplemental balance sheet information related to operating leases was as follows: Fiscal Year Fiscal Year Fiscal Year 2023 2022 2021 Weighted Average Remaining Lease Term 6.1 years 4.1 years 4.1 years Weighted Average Discount Rate 5.1 % 4.3 % 4.2 % |
Maturities of Lease Liabilities | Maturities of operating lease liabilities as of December 29, 2023: Operating (In thousands) Leases 2024 7,260 2025 6,380 2026 5,734 2027 4,446 2028 1,868 Thereafter 8,247 Total lease payments $ 33,935 Less imputed interest ( 5,674 ) Total lease liability $ 28,261 |
Miscellaneous Income, Net (Tabl
Miscellaneous Income, Net (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Other Income and Expenses [Abstract] | |
Miscellaneous income, net | Miscellaneous income, net, consisted of the following: Fiscal Years (In thousands) 2023 2022 2021 Rental income $ 3,371 $ 2,938 $ 2,658 Gain (loss) on deferred compensation investments 14,315 ( 14,187 ) 14,730 Gain (loss) on foreign exchange ( 259 ) 522 ( 517 ) Other ( 3 ) 23 ( 27 ) Total $ 17,424 $ ( 10,704 ) $ 16,844 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Cash Flow Information | The following is supplemental disclosure of cash flow information: Fiscal Years (In thousands) 2023 2022 2021 Cash paid during the year: Income taxes $ 38,944 $ 40,121 $ 27,912 Non-cash investing and financing activities: Unrealized loss on investments - - ( 65 ) Vested stock unit awards granted to settle accrued bonus 10,496 10,200 7,637 Right-of-use asset obtained in exchange for operating 15,749 9,476 792 Leasehold improvements obtained in exchange for right-of-use asset 3,219 - - Accrual for capital expenditures 137 1,017 413 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 29, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, by Segment | Segment information is presented for selected data from the statements of income and statements of cash flows for 2023, 2022 and 2021. Segment information for selected data from the balance sheets is presented for the fiscal years ended December 29, 2023 and December 30, 2022. The Company’s CEO, the chief operating decision maker, does not review total assets in her evaluation of segment performance and capital allocation. Revenues Fiscal Years (In thousands) 2023 2022 2021 Engineering and Other Scientific $ 446,888 $ 427,796 $ 380,909 Environmental and Health 89,878 85,497 85,360 Total revenues $ 536,766 $ 513,293 $ 466,269 Operating Income Fiscal Years (In thousands) 2023 2022 2021 Engineering and Other Scientific $ 153,918 $ 152,679 $ 140,400 Environmental and Health 28,432 27,340 27,952 Total segment operating income 182,350 180,019 168,352 Corporate operating expense ( 71,028 ) ( 39,177 ) ( 59,425 ) Total operating income $ 111,322 $ 140,842 $ 108,927 Capital Expenditures Fiscal Years (In thousands) 2023 2022 2021 Engineering and Other Scientific $ 3,895 $ 4,661 $ 2,792 Environmental and Health 170 174 160 Total segment capital expenditures 4,065 4,835 2,952 Corporate capital expenditures 14,630 7,812 3,685 Total capital expenditures $ 18,695 $ 12,647 $ 6,637 Certain capital expenditures associated with the Company's corporate cost centers and the related depreciation are excluded from the Company's segment information. Depreciation and Amortization Fiscal Years (In thousands) 2023 2022 2021 Engineering and Other Scientific $ 6,087 $ 4,489 $ 4,031 Environmental and Health 213 171 193 Total segment depreciation and amortization 6,300 4,660 4,224 Corporate depreciation and amortization 2,616 2,419 2,263 Total depreciation and amortization $ 8,916 $ 7,079 $ 6,487 |
Operations In Different Geographical Areas | Information regarding the Company’s operations in different geographical areas: Property, Equipment and Leasehold Improvements, net Fiscal Years (In thousands) 2023 2022 United States $ 74,668 $ 64,742 Foreign Countries 650 797 Total $ 75,318 $ 65,539 Revenues (1) Fiscal Years (In thousands) 2023 2022 2021 United States $ 470,078 $ 450,445 $ 397,001 Foreign Countries 66,688 62,848 69,268 Total $ 536,766 $ 513,293 $ 466,269 (1) Geographic revenues are allocated based on the location of the client. |
Schedule of Goodwill | Below is a breakdown of goodwill, reported by segment as of December 29, 2023 and December 30, 2022: (In thousands) Environmental Engineering Total Goodwill $ 8,099 $ 508 $ 8,607 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 59,459 | 0 | 0 |
Buildings | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 30 years | ||
Buildings | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 40 years | ||
Equipment | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 3 years | ||
Equipment | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 7 years | ||
Leasehold Improvements | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 7 years |
Reconciles the Denominators of
Reconciles the Denominators of the Company's Calculation for Basic and Diluted Net Income per Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | |||
Shares used in basic per share computation | 51,152 | 51,727 | 52,610 |
Shares used in diluted per share computation | 51,635 | 52,280 | 53,331 |
Employee Stock Option | |||
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | |||
Effect of dilutive stock outstanding | 188 | 204 | 241 |
Restricted Stock Units (RSUs) | |||
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | |||
Effect of dilutive stock outstanding | 295 | 349 | 480 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenues (Detail) - Sales Revenue, Net [Member] - Revenue from Rights Concentration Risk [Member] | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Time And Materials Contracts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Concentration Risk, Percentage | 78% | 79% | 78% |
Time And Materials Contracts [Member] | Engineering and Other Scientific [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Concentration Risk, Percentage | 63% | 63% | 61% |
Time And Materials Contracts [Member] | Environmental and Health [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Concentration Risk, Percentage | 15% | 16% | 17% |
Fixed Price Contracts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Concentration Risk, Percentage | 22% | 21% | 22% |
Fixed Price Contracts [Member] | Engineering and Other Scientific [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Concentration Risk, Percentage | 20% | 20% | 21% |
Fixed Price Contracts [Member] | Environmental and Health [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Concentration Risk, Percentage | 2% | 1% | 1% |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |||
Deferred Revenue, Revenue Recognized | $ 14,463,000 | $ 15,384,000 | $ 8,387,000 |
Subcontractor Fees Not Included In Revenues | $ 12,268,000 | $ 28,754,000 | $ 15,357,000 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Detail) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Cash | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | $ 132,464 | $ 109,299 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 132,464 | 109,299 |
Money market securities | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 54,686 | 52,159 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 54,686 | 52,159 |
Total cash equivalents | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 54,686 | 52,159 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 54,686 | 52,159 |
Total cash and cash equivalents | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 187,150 | 161,458 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 187,150 | $ 161,458 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Dec. 29, 2023 | Dec. 30, 2022 | ||
Assets | ||||
Trading securities held in deferred compensation plan | $ 115,187,000 | $ 100,731,000 | ||
Total | 169,873,000 | 152,890,000 | ||
Liabilities | ||||
Deferred compensation plan | 116,564,000 | [1] | 101,354,000 | [2] |
Total | 116,564,000 | 101,354,000 | ||
Money market securities | ||||
Assets | ||||
Money market securities | 54,686,000 | [3] | 52,159,000 | [4] |
Fixed income securities | ||||
Assets | ||||
Trading securities held in deferred compensation plan | 36,788,000 | [5] | 32,851,000 | [6] |
Equity securities | ||||
Assets | ||||
Trading securities held in deferred compensation plan | 78,399,000 | [5] | 67,880,000 | [6] |
Fair Value, Inputs, Level 1 | ||||
Assets | ||||
Total | 169,873,000 | 152,890,000 | ||
Liabilities | ||||
Deferred compensation plan | 116,564,000 | [1] | 101,354,000 | [2] |
Total | 116,564,000 | 101,354,000 | ||
Fair Value, Inputs, Level 1 | Money market securities | ||||
Assets | ||||
Money market securities | 54,686,000 | [3] | 52,159,000 | [4] |
Fair Value, Inputs, Level 1 | Fixed income securities | ||||
Assets | ||||
Trading securities held in deferred compensation plan | 36,788,000 | [5] | 32,851,000 | [6] |
Fair Value, Inputs, Level 1 | Equity securities | ||||
Assets | ||||
Trading securities held in deferred compensation plan | 78,399,000 | [5] | 67,880,000 | [6] |
Fair Value, Inputs, Level 2 | ||||
Assets | ||||
Total | 0 | 0 | ||
Liabilities | ||||
Deferred compensation plan | 0 | [1] | 0 | [2] |
Total | 0 | 0 | ||
Fair Value, Inputs, Level 2 | Money market securities | ||||
Assets | ||||
Money market securities | 0 | [3] | 0 | [4] |
Fair Value, Inputs, Level 2 | Fixed income securities | ||||
Assets | ||||
Trading securities held in deferred compensation plan | 0 | [5] | 0 | [6] |
Fair Value, Inputs, Level 2 | Equity securities | ||||
Assets | ||||
Trading securities held in deferred compensation plan | 0 | [5] | 0 | [6] |
Fair Value, Inputs, Level 3 | ||||
Assets | ||||
Total | 0 | 0 | ||
Liabilities | ||||
Deferred compensation plan | 0 | [1] | 0 | [2] |
Total | 0 | 0 | ||
Fair Value, Inputs, Level 3 | Money market securities | ||||
Assets | ||||
Money market securities | 0 | [3] | 0 | [4] |
Fair Value, Inputs, Level 3 | Fixed income securities | ||||
Assets | ||||
Trading securities held in deferred compensation plan | 0 | [5] | 0 | [6] |
Fair Value, Inputs, Level 3 | Equity securities | ||||
Assets | ||||
Trading securities held in deferred compensation plan | $ 0 | [5] | $ 0 | [6] |
[1] Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. Included in cash and cash equivalents on the Company’s consolidated balance sheet. Included in cash and cash equivalents on the Company’s consolidated balance sheet. Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. |
Property, Equipment and Lease_3
Property, Equipment and Leasehold Improvements (Detail) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Property: | ||
Land | $ 18,339 | $ 18,339 |
Buildings | 69,698 | 69,600 |
Construction in progress | 1,114 | 1,381 |
Equipment: | ||
Machinery and equipment | 54,008 | 54,476 |
Office furniture and equipment | 12,411 | 10,632 |
Leasehold improvements | 23,759 | 14,145 |
Property, Plant and Equipment, Gross, Total | 179,329 | 168,573 |
Less accumulated depreciation and amortization | 104,011 | 103,034 |
Property, equipment and leasehold improvements, net | $ 75,318 | $ 65,539 |
Property, Equipment and Lease_4
Property, Equipment and Leasehold Improvements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization of property, equipment and leasehold improvements | $ 8,916,000 | $ 7,079,000 | $ 6,487,000 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Accounts Notes And Loans Receivable [Line Items] | ||
Allowance for contract losses and doubtful accounts | $ (5,281) | $ (6,193) |
Total accounts receivable, net | 167,360 | 170,114 |
Billed accounts receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts Receivable | 128,052 | 120,212 |
Unbilled accounts receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts Receivable | $ 44,589 | $ 56,095 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable | $ 4,489 | $ 8,642 |
Accrued liabilities | 17,636 | 20,473 |
Total accounts payable and other accrued liabilities | $ 22,125 | $ 29,115 |
Accrued Payroll and Employee Be
Accrued Payroll and Employee Benefits (Detail) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Employee-related Liabilities, Current [Abstract] | ||
Accrued bonuses payable | $ 68,415 | $ 67,805 |
Accrued 401(k) contributions | 11,138 | 9,812 |
Accrued vacation | 13,492 | 13,106 |
Deferred compensation plan | 13,166 | 10,171 |
Other accrued payroll and employee benefits | 5,562 | 4,928 |
Total accrued payroll and employee benefits | $ 111,773 | $ 105,822 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 10,353,000 | $ 10,646,000 | $ 12,326,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Total Excess Tax Benefit From Share Based Compensation | $ 3,620,000 | $ 5,829,000 | $ 10,009,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,695,000 | ||
Unrecognized Liability For Uncertain Tax Positions For Next Twelve Months | $ 0 |
Total Income Tax Expense (Detai
Total Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Current | |||
Federal | $ 23,193 | $ 24,411 | $ 19,800 |
Foreign | 2,254 | 1,973 | 2,252 |
State | 10,025 | 10,883 | 8,588 |
Current Income Tax Expense | 35,472 | 37,267 | 30,640 |
Deferred | |||
Federal | (775) | (4,910) | (3,930) |
State | 860 | (2,453) | (2,075) |
Deferred Income Tax Expense | 85 | (7,363) | (6,005) |
Total | $ 35,557 | $ 29,904 | $ 24,635 |
Company's Effective Tax Rate Di
Company's Effective Tax Rate Differs From Statutory Federal Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax at federal statutory rate | $ 28,538 | $ 27,769 | $ 26,426 |
State taxes, net of federal benefit | 8,587 | 6,726 | 5,174 |
Non-deductible officer compensation | 870 | 1,160 | 997 |
Non-deductible expenses | 456 | 52 | 19 |
Non-deductible stock-based compensation | 12 | 12 | 13 |
Excess tax benefit from equity incentive plans | (2,844) | (4,533) | (7,850) |
Difference between statutory rate and foreign effective tax rate | (264) | (693) | (622) |
Other | 202 | (589) | 478 |
Total | $ 35,557 | $ 29,904 | $ 24,635 |
Effective tax rate | 26.20% | 22.60% | 19.60% |
Significant Portions of Deferre
Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Deferred tax assets: | ||
Accrued liabilities and allowances | $ 21,235 | $ 20,740 |
Deferred compensation plan | 40,280 | 36,819 |
Operating leases | 7,853 | 5,386 |
Unrealized loss on trading securities | 453 | |
Property, equipment and leasehold improvements | 212 | |
Other | 88 | |
Total deferred tax assets | 69,368 | 63,698 |
Deferred tax liabilities: | ||
State taxes | (2,255) | (2,265) |
Deductible goodwill | (2,071) | (2,138) |
Operating leases | (7,853) | (5,386) |
Unrealized gain of deferred compensation plan assets | (1,652) | |
Property, equipment and leasehold improvements | (1,695) | |
Other | (18) | |
Total deferred tax liabilities | (15,544) | (9,789) |
Net deferred tax assets | $ 53,824 | $ 53,909 |
Reconciliation of The Beginning
Reconciliation of The Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2023 | Dec. 30, 2022 | |
Schedule Of Unrecognized Tax Benefits [Abstract] | ||
Balance | $ 2,047 | $ 1,949 |
Additions based on tax positions related to the current year | 571 | 630 |
Reductions due to lapse of statute of limitations | (473) | (532) |
Balance | $ 2,145 | $ 2,047 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | Feb. 22, 2022 | May 29, 2020 | |
Stockholders' Equity Note [Abstract] | |||||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | |||
Preferred stock, par or stated value per share | $ 0.001 | $ 0.001 | |||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Net losses related to the re-issuance of treasury stock | $ 1,009,000 | $ 1,392,000 | $ 1,679,000 | ||
Purchase of treasury shares (in shares) | 288,000 | 1,756,000 | 78,000 | ||
Purchase of treasury shares | $ 24,208,000 | $ 155,856,000 | $ 7,000,000 | ||
Stock repurchase program, authorized amount | $ 150,000,000 | $ 45,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 38,390,000 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 29, 2023 | Sep. 29, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 30, 2022 | Sep. 30, 2022 | Jul. 01, 2022 | Apr. 01, 2022 | Dec. 29, 2023 | Dec. 30, 2022 | |
Stockholders' Equity Note [Abstract] | ||||||||||
Dividends Per Share | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.24 | $ 0.24 | $ 0.24 | $ 0.24 | ||
Amount | $ 13,148 | $ 13,177 | $ 13,217 | $ 13,169 | $ 12,153 | $ 12,225 | $ 12,345 | $ 12,383 | $ 52,711 | $ 49,106 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 25,277,000 | $ 29,875,000 | $ 31,984,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 99.47 | $ 94.24 | $ 97.8 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term | 10 years | |||
Total intrinsic value of options exercised | $ 742,000 | $ 0 | $ 4,335,000 | |
Weighted average fair value of options granted | $ 38.29 | $ 26.64 | $ 25.32 | |
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of annual bonus settled with fully vested restricted stock unit awards | 40% | |||
2008 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total number of shares reserved for issuance | 11,856,300 | |||
Number of Shares Available for Grant | 1,126,909 | |||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total number of shares reserved for issuance | 1,200,000 | |||
Number of Shares Available for Grant | 296,047 | |||
Weighted average purchase price | $ 87.12 | $ 91.17 | $ 98.64 | |
Purchase Price Of Common Stock As a Percentage of Fair Market Value | 95% | |||
Employee Stock Purchase Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum Percentage Of Payroll Deductions Related To Purchase Of Common Stock | 15% | |||
Vested Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, holding period | 4 years | |||
Stock based compensation expense | $ 10,445,000 | $ 10,365,000 | $ 9,967,000 | |
Unvested Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, vesting period | 4 years | |||
Stock based compensation expense | $ 8,831,000 | 9,164,000 | 8,560,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 99.47 | ||
Unrecognized compensation cost | $ 12,842,000 | |||
Weighted average period of recognized term | 2 years 7 months 6 days | |||
Unvested Restricted Stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recipient age to expense award on grant date | 59 years 6 months | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, vesting period | 4 years | |||
Stock based compensation expense | $ 1,081,000 | $ 835,000 | $ 736,000 | |
Unrecognized compensation cost | $ 1,542,000 | |||
Weighted average period of recognized term | 2 years 1 month 6 days | |||
[1] Does not include employee stock purchase plans or stock option plans. |
Number of Unvested Restricted S
Number of Unvested Restricted Stock Unit Awards Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value, awards granted | $ 99.47 | $ 94.24 | $ 97.8 | |
Unvested Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding, awards balance | [1] | 467,199 | ||
Number of shares outstanding, awards granted | [1] | 229,779 | ||
Number of shares outstanding, awards vested | [1] | (248,513) | ||
Number of shares outstanding, awards forfeited | [1] | (29,757) | ||
Balance at December 29, 2023 | [1] | 418,708 | 467,199 | |
Weighted-average grant date fair value, awards balance | [1] | $ 76.89 | ||
Weighted-average grant date fair value, awards granted | [1] | 99.47 | ||
Weighted-average grant date fair value, awards vested | [1] | 76.21 | ||
Weighted-average grant date fair value, awards forfeited | [1] | 89.6 | ||
Weighted-average grant date fair value, awards balance | [1] | $ 88.78 | $ 76.89 | |
Weighted average remaining contractual term, Balance | [1] | 1 year 8 months 12 days | ||
Aggregate intrinsic value, Balance | [1],[2] | $ 36,863 | ||
[1] Does not include employee stock purchase plans or stock option plans. The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of December 29, 2023 was $ 88.04 . |
Number of Unvested Restricted_2
Number of Unvested Restricted Stock Unit Awards Outstanding (Parenthetical) (Detail) | Dec. 29, 2023 $ / shares |
Unvested Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ 88.04 |
Option Activity (Detail)
Option Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 29, 2023 USD ($) $ / shares shares | [1] | |
Share-Based Payment Arrangement [Abstract] | ||
Number of shares outstanding, Options Balance | shares | 441,227 | |
Number of shares outstanding, Options Granted | shares | 30,000 | |
Number of shares outstanding, Options forfeited and expired | shares | 0 | |
Exercise of stock options (in shares) | shares | (7,992) | |
Number of shares outstanding, Options Balance | shares | 463,235 | |
Number of shares outstanding, Exercisable | shares | 378,444 | |
Weighted-average exercise price, Options Balance | $ / shares | $ 47.38 | |
Weighted-average exercise price, Options Granted | $ / shares | 107.31 | |
Weighted-average exercise price, Options forfeited and expired | $ / shares | 0 | |
Weighted-average exercise price, Options Exercised | $ / shares | 12.51 | |
Weighted-average exercise price, Options Balance | $ / shares | 51.86 | |
Weighted-average exercise price, Exercisable | $ / shares | $ 42.19 | |
Weighted average remaining contractual term, Balance | 4 years 9 months 10 days | |
Weighted average remaining contractual term, Exercisable | 4 years 14 days | |
Aggregate intrinsic value, Balance | $ | $ 17,543 | |
Aggregate intrinsic value, Exercisable | $ | $ 17,453 | |
[1] Does not include restricted stock or employee stock purchase plans. |
Assumptions Used to Value Optio
Assumptions Used to Value Option Grants (Detail) - Employee Stock Option | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 9 months 18 days | 5 years 7 months 6 days | 5 years 8 months 12 days |
Risk-free interest rate | 3.99% | 1.90% | 0.64% |
Volatility | 29% | 28% | 28% |
Dividend yield | 0% | 0% | 0% |
Stock-Based Compensation Expens
Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 20,357 | $ 20,364 | $ 19,263 |
Income tax benefit | 3,620 | 5,829 | 10,009 |
Compensation and Related Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 19,623 | 19,645 | 18,491 |
Compensation and Related Expenses [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 18,542 | 18,810 | 17,755 |
Compensation and Related Expenses [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 1,081 | 835 | 736 |
General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 734 | 719 | 772 |
General and Administrative Expenses [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 734 | $ 719 | $ 772 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Defined Contribution Plan Employer Contribution Percentage Of Eligible Wages | 7% | ||
Defined Contribution Plan Employer Contribution Annual Vesting Percentage | 20% | ||
Defined Contribution Plan Employer Contribution Annual Vesting Period | 5 years | ||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | $ 11,867,000 | $ 10,166,000 | $ 9,923,000 |
Deferred Compensation Plans - A
Deferred Compensation Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Trading securities held in deferred compensation plan | $ 115,187,000 | $ 100,731,000 | |||
Deferred compensation plan | 116,564,000 | [1] | 101,354,000 | [2] | |
Change in market value of trust assets | $ 14,315,000 | $ (14,187,000) | $ 14,730,000 | ||
Maximum | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Percentage of compensation deferred | 100% | ||||
[1] Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. |
Leases - Additional Information
Leases - Additional Information (Detail) | Dec. 29, 2023 a Option State |
Office, Laboratory, and Storage Space [Member] | |
Lessee Lease Description [Line Items] | |
Number of States in which Entity Has Lease Arrangements | State | 13 |
Office, Laboratory, and Storage Space [Member] | Minimum | |
Lessee Lease Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Office, Laboratory, and Storage Space [Member] | Maximum | |
Lessee Lease Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 10 years |
Phoenix Arizona [Member] | |
Lessee Lease Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 30 years |
Area of Land | a | 147 |
Number of Options to Renew Lease | Option | 2 |
Lessee, Operating Lease, Renewal Term | 15 years |
Components of Lease Expense (De
Components of Lease Expense (Detail) - Other Operating Income (Expense) [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Operating lease cost | $ 7,732 | $ 7,050 | $ 6,930 |
Variable lease cost | 1,635 | 1,263 | 1,065 |
Short-term lease cost | $ 1,174 | $ 651 | $ 619 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 7,249 | $ 6,564 | $ 6,962 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information Related to Operating Leases (Detail) | Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | |||
Weighted Average Remaining Lease Term | 6 years 1 month 6 days | 4 years 1 month 6 days | 4 years 1 month 6 days |
Weighted Average Discount Rate | 5.10% | 4.30% | 4.20% |
Maturities of Lease Liabilities
Maturities of Lease Liabilities (Detail) $ in Thousands | Dec. 29, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 7,260 |
2025 | 6,380 |
2026 | 5,734 |
2027 | 4,446 |
2028 | 1,868 |
Thereafter | 8,247 |
Total lease payments | 33,935 |
Less imputed interest | (5,674) |
Total lease liability | $ 28,261 |
Miscellaneous Income, Net (Deta
Miscellaneous Income, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Rental income | $ 3,371 | $ 2,938 | $ 2,658 |
Gain (loss) on deferred compensation investments | 14,315 | (14,187) | 14,730 |
Gain (loss) on foreign exchange | (259) | 522 | (517) |
Other | (3) | 23 | (27) |
Total | $ 17,424 | $ (10,704) | $ 16,844 |
Industry and Client Credit Ri_2
Industry and Client Credit Risk - Additional Information (Detail) - Sales Revenue, Net [Member] - Client | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Revenue from Rights Concentration Risk [Member] | Single Client | |||
Concentration Risk [Line Items] | |||
Fiscal Years | 10% | 15% | 13% |
Number of clients comprised more than 10% of revenue or accounts receivable | 0 | 1 | 1 |
Consumer Products [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Fiscal Years | 22% | ||
Energy and Utilities [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Fiscal Years | 18% | ||
Transportation Industry [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Fiscal Years | 17% | ||
Chemical Industry [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Fiscal Years | 11% |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Cash paid during the year: | |||
Income taxes | $ 38,944 | $ 40,121 | $ 27,912 |
Non-cash investing and financing activities: | |||
Unrealized loss on investments | 0 | 0 | (65) |
Vested stock unit awards granted to settle accrued bonus | 10,496 | 10,200 | 7,637 |
Right-of-use asset obtained in exchange for operating lease obligation | 15,749 | 9,476 | 792 |
Leasehold improvements obtained in exchange for right-of-use asset | 3,219 | 0 | 0 |
Accrual for capital expenditures | $ 137 | $ 1,017 | $ 413 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Dec. 29, 2023 USD ($) Segment | Dec. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting [Abstract] | |||
Number of reportable operating segments | Segment | 2 | ||
Changes in the carrying amount of goodwill | $ 0 | $ 0 | $ 0 |
Goodwill impairments or gains or losses on disposals | $ 0 | $ 0 | $ 0 |
Segment Information (Detail)
Segment Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 536,766,000 | $ 513,293,000 | $ 466,269,000 |
Operating Income | 111,322,000 | 140,842,000 | 108,927,000 |
Capital Expenditures | 18,695,000 | 12,647,000 | 6,637,000 |
Depreciation and Amortization | 8,916,000 | 7,079,000 | 6,487,000 |
Operating segments | |||
Segment Reporting Information [Line Items] | |||
Operating Income | 182,350,000 | 180,019,000 | 168,352,000 |
Capital Expenditures | 4,065,000 | 4,835,000 | 2,952,000 |
Depreciation and Amortization | 6,300,000 | 4,660,000 | 4,224,000 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Operating Income | (71,028,000) | (39,177,000) | (59,425,000) |
Capital Expenditures | 14,630,000 | 7,812,000 | 3,685,000 |
Depreciation and Amortization | 2,616,000 | 2,419,000 | 2,263,000 |
Engineering and Other Scientific | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 446,888,000 | 427,796,000 | 380,909,000 |
Operating Income | 153,918,000 | 152,679,000 | 140,400,000 |
Capital Expenditures | 3,895,000 | 4,661,000 | 2,792,000 |
Depreciation and Amortization | 6,087,000 | 4,489,000 | 4,031,000 |
Environmental and Health | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 89,878,000 | 85,497,000 | 85,360,000 |
Operating Income | 28,432,000 | 27,340,000 | 27,952,000 |
Capital Expenditures | 170,000 | 174,000 | 160,000 |
Depreciation and Amortization | $ 213,000 | $ 171,000 | $ 193,000 |
Operations in Different Geograp
Operations in Different Geographic Areas (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | ||
Operations in Different Geographic Areas [Line Items] | ||||
Property, equipment and leasehold improvements, net | $ 75,318 | $ 65,539 | ||
Revenues | [1] | 536,766 | 513,293 | $ 466,269 |
United States | ||||
Operations in Different Geographic Areas [Line Items] | ||||
Property, equipment and leasehold improvements, net | 74,668 | 64,742 | ||
Revenues | [1] | 470,078 | 450,445 | 397,001 |
Foreign Countries | ||||
Operations in Different Geographic Areas [Line Items] | ||||
Property, equipment and leasehold improvements, net | 650 | 797 | ||
Revenues | [1] | $ 66,688 | $ 62,848 | $ 69,268 |
[1] Geographic revenues are allocated based on the location of the client. |
Goodwill Reported By segment (D
Goodwill Reported By segment (Detail) - USD ($) $ in Thousands | Dec. 29, 2023 | Dec. 30, 2022 |
Goodwill Reported By Segment [Line Items] | ||
Goodwill | $ 8,607 | $ 8,607 |
Environmental and Health | ||
Goodwill Reported By Segment [Line Items] | ||
Goodwill | 8,099 | 8,099 |
Engineering and Other Scientific | ||
Goodwill Reported By Segment [Line Items] | ||
Goodwill | $ 508 | $ 508 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Feb. 01, 2024 | Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | Feb. 22, 2022 | May 29, 2020 | |
Subsequent Event [Line Items] | ||||||
Cash dividends declared per common share (in dollars per share) | $ 1.04 | $ 0.96 | $ 0.8 | |||
Stock repurchase program, authorized amount | $ 150,000,000 | $ 45,000,000 | ||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividends declared per common share (in dollars per share) | $ 0.28 | |||||
Dividends Payable, Date Declared | Feb. 01, 2024 | |||||
Dividends Payable, Date of Record | Mar. 08, 2024 | |||||
Dividends Payable, Date to be Paid | Mar. 22, 2024 | |||||
Stock repurchase program, authorized amount | $ 61,600,000 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | ||
Allowance For Bad Debt [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | $ 1,239 | $ 973 | $ 879 | |
Provision Charged to Expense | 856 | 455 | 454 | |
Provision Charged to Revenues | 0 | 0 | 0 | |
Accounts Written-off Net of Recoveries | [1] | (933) | (189) | (360) |
Balance at End of Year | 1,162 | 1,239 | 973 | |
Allowance For Contract Losses [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | 4,954 | 3,450 | 3,116 | |
Provision Charged to Expense | 0 | 0 | 0 | |
Provision Charged to Revenues | 2,368 | 2,626 | 1,505 | |
Accounts Written-off Net of Recoveries | [1] | (3,203) | (1,122) | (1,171) |
Balance at End of Year | $ 4,119 | $ 4,954 | $ 3,450 | |
[1] Balance includes currency translation adjustments. |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 29, 2023 | Dec. 30, 2022 | Dec. 31, 2021 | |
Trade Accounts Receivable [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Written-off Net of Recoveries | $ 181,000 | $ 11,000 | $ 23,000 |