Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Jan. 02, 2015 | Feb. 20, 2015 | Jul. 03, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 2-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | EXPONENT INC | ||
Entity Central Index Key | 851520 | ||
Current Fiscal Year End Date | -1 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $837,777,802 | ||
Trading Symbol | EXPO | ||
Entity Common Stock, Shares Outstanding | 12,870,974 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |||
Revenues: | ||||||
Revenues before reimbursements | $289,209 | $280,043 | $266,562 | |||
Reimbursements | 15,495 | 16,125 | 26,091 | |||
Revenues | 304,704 | [1] | 296,168 | [1] | 292,653 | [1] |
Operating expenses: | ||||||
Compensation and related expenses | 183,533 | 184,084 | 171,809 | |||
Other operating expenses | 26,285 | 25,299 | 23,574 | |||
Reimbursable expenses | 15,495 | 16,125 | 26,091 | |||
General and administrative expenses | 15,842 | 14,714 | 13,559 | |||
Total operating expenses | 241,155 | 240,222 | 235,033 | |||
Operating income | 63,549 | 55,946 | 57,620 | |||
Other income: | ||||||
Interest income | 150 | 127 | 328 | |||
Miscellaneous income, net | 4,266 | 7,872 | 3,801 | |||
Income before income taxes | 67,965 | 63,945 | 61,749 | |||
Provision for income taxes | 27,264 | 25,305 | 24,524 | |||
Net income | $40,701 | $38,640 | $37,225 | |||
Net income per share: | ||||||
Basic | $3.02 | $2.84 | $2.70 | |||
Diluted | $2.94 | $2.76 | $2.60 | |||
Shares used in per share computations: | ||||||
Basic | 13,455 | 13,616 | 13,780 | |||
Diluted | 13,833 | 14,025 | 14,293 | |||
Cash dividends declared per common share | $1 | $0.60 | $0 | |||
[1] | Geographic revenues are allocated based on the location of the client. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Net income | $40,701 | $38,640 | $37,225 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments, net of tax of $304, $(187), and $(184), respectively | -1,017 | 373 | 249 |
Unrealized gain (loss) arising during the period on investments, net of tax of $(3), $10, and $19, respectively | 4 | -14 | -28 |
Comprehensive income | $39,688 | $38,999 | $37,446 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Foreign currency translation adjustments, tax | $304 | ($187) | ($184) |
Unrealized gain (loss) arising during the period of investments, tax | ($3) | $10 | $19 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $129,490 | $122,948 |
Short-term investments | 24,913 | 33,171 |
Accounts receivable, net of allowance for contract losses and doubtful accounts of $3,386 and $2,771, respectively | 86,368 | 76,980 |
Prepaid expenses and other assets | 14,727 | 10,450 |
Deferred income taxes | 11,002 | 8,135 |
Total current assets | 266,500 | 251,684 |
Property, equipment and leasehold improvements, net | 28,264 | 28,721 |
Goodwill | 8,607 | 8,607 |
Deferred income taxes | 24,612 | 21,102 |
Deferred compensation plan assets | 36,195 | 33,501 |
Other assets | 1,121 | 551 |
Total assets | 365,299 | 344,166 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 8,935 | 8,442 |
Accrued payroll and employee benefits | 62,184 | 56,934 |
Deferred revenues | 8,226 | 6,771 |
Total current liabilities | 79,345 | 72,147 |
Other liabilities | 1,862 | 1,181 |
Deferred compensation | 37,745 | 33,447 |
Deferred rent | 2,059 | 2,332 |
Total liabilities | 121,011 | 109,107 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred stock, $.001 par value; 5,000 shares authorized; no shares outstanding | 0 | 0 |
Common stock, $.001 par value; 100,000 shares authorized; 16,427 shares issued | 16 | 16 |
Additional paid-in capital | 160,225 | 141,250 |
Accumulated other comprehensive income (loss) | ||
Investment securities, available for sale | 14 | 10 |
Foreign currency translation adjustments | -918 | 99 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | -904 | 109 |
Retained earnings | 246,961 | 226,040 |
Treasury stock, at cost: 3,556 and 3,363 shares held, respectively | -162,010 | -132,356 |
Total stockholders’ equity | 244,288 | 235,059 |
Total liabilities and stockholders' equity | $365,299 | $344,166 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Accounts receivable, allowance for contract losses and doubtful accounts | $3,386 | $2,771 |
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 5,000 | 5,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 16,427 | 16,427 |
Treasury stock, shares | 3,556 | 3,363 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
In Thousands | ||||||
Balance at Dec. 30, 2011 | $186,715 | $16 | $108,071 | ($471) | $179,432 | ($100,333) |
Balance (in shares) at Dec. 30, 2011 | 16,427 | 3,127 | ||||
Employee stock purchase plan | 1,008 | 0 | 400 | 0 | 0 | 608 |
Employee stock purchase plan (in shares) | 0 | -20 | ||||
Exercise of stock options, net of swaps | 2,607 | 0 | -358 | 0 | -3,123 | 6,088 |
Exercise of stock options, net of swaps (in shares) | 0 | -200 | ||||
Excess tax benefit for equity incentive plans | 3,948 | 0 | 3,948 | 0 | 0 | 0 |
Amortization of unrecognized stock-based compensation | 6,289 | 0 | 6,289 | 0 | 0 | 0 |
Purchase of treasury shares | -23,395 | 0 | 0 | 0 | 0 | -23,395 |
Purchase of treasury shares (in shares) | 480 | 0 | 480 | |||
Foreign currency translation adjustments | 249 | 0 | 0 | 249 | 0 | 0 |
Grant of restricted stock units to settle accrued bonus | 5,343 | 0 | 5,343 | 0 | 0 | 0 |
Settlement of restricted stock units | -3,532 | 0 | 0 | 0 | -7,477 | 3,945 |
Settlement of restricted stock units (in shares) | 0 | -166 | ||||
Unrealized gain on investments | -28 | 0 | 0 | -28 | 0 | 0 |
Net income | 37,225 | 0 | 0 | 0 | 37,225 | 0 |
Balance at Dec. 28, 2012 | 216,429 | 16 | 123,693 | -250 | 206,057 | -113,087 |
Balance (in shares) at Dec. 28, 2012 | 16,427 | 3,221 | ||||
Employee stock purchase plan | 1,166 | 0 | 648 | 0 | 0 | 518 |
Employee stock purchase plan (in shares) | 0 | -19 | ||||
Exercise of stock options, net of swaps | 294 | 0 | -302 | 0 | -1,031 | 1,627 |
Exercise of stock options, net of swaps (in shares) | 0 | -61 | ||||
Excess tax benefit for equity incentive plans | 4,267 | 0 | 4,267 | 0 | 0 | 0 |
Amortization of unrecognized stock-based compensation | 7,107 | 0 | 7,107 | 0 | 0 | 0 |
Purchase of treasury shares | -25,011 | 0 | 0 | 0 | 0 | -25,011 |
Purchase of treasury shares (in shares) | 438 | 0 | 438 | |||
Foreign currency translation adjustments | 373 | 0 | 0 | 373 | 0 | 0 |
Grant of restricted stock units to settle accrued bonus | 5,807 | 0 | 5,807 | 0 | 0 | 0 |
Settlement of restricted stock units | -6,028 | 0 | -273 | 0 | -9,352 | 3,597 |
Settlement of restricted stock units (in shares) | 0 | -216 | ||||
Unrealized gain on investments | -14 | 0 | 0 | -14 | 0 | 0 |
Dividends and dividend equivalent rights | -7,971 | 0 | 303 | 0 | -8,274 | 0 |
Net income | 38,640 | 0 | 0 | 0 | 38,640 | 0 |
Balance at Jan. 03, 2014 | 235,059 | 16 | 141,250 | 109 | 226,040 | -132,356 |
Balance (in shares) at Jan. 03, 2014 | 16,427 | 3,363 | ||||
Employee stock purchase plan | 1,147 | 0 | 810 | 0 | 0 | 337 |
Employee stock purchase plan (in shares) | 0 | -16 | ||||
Exercise of stock options, net of swaps | 960 | 0 | 67 | 0 | 0 | 893 |
Exercise of stock options, net of swaps (in shares) | 0 | -42 | ||||
Excess tax benefit for equity incentive plans | 5,100 | 0 | 5,100 | 0 | 0 | 0 |
Amortization of unrecognized stock-based compensation | 6,792 | 0 | 6,792 | 0 | 0 | 0 |
Purchase of treasury shares | -30,921 | 0 | 0 | 0 | -30,921 | |
Purchase of treasury shares (in shares) | 425 | 0 | 425 | |||
Foreign currency translation adjustments | -1,017 | 0 | 0 | -1,017 | 0 | 0 |
Grant of restricted stock units to settle accrued bonus | 6,008 | 0 | 6,008 | 0 | 0 | 0 |
Settlement of restricted stock units | -6,356 | 0 | -343 | 0 | -6,050 | 37 |
Settlement of restricted stock units (in shares) | 0 | -174 | ||||
Unrealized gain on investments | 4 | 0 | 0 | 4 | 0 | 0 |
Dividends and dividend equivalent rights | -13,189 | 0 | 541 | 0 | -13,730 | 0 |
Net income | 40,701 | 0 | 0 | 0 | 40,701 | 0 |
Balance at Jan. 02, 2015 | $244,288 | $16 | $160,225 | ($904) | $246,961 | ($162,010) |
Balance (in shares) at Jan. 02, 2015 | 16,427 | 3,556 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Cash flows from operating activities: | |||
Net income | $40,701 | $38,640 | $37,225 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of property, equipment and leasehold improvements | 5,404 | 4,951 | 4,711 |
Amortization of premiums and accretion of discounts on short-term investments | 885 | 340 | 560 |
Deferred rent expense | -273 | 800 | -310 |
Provision for doubtful accounts | 1,718 | 1,705 | 1,763 |
Stock-based compensation | 13,079 | 13,168 | 12,378 |
Deferred income tax provision | -6,077 | -3,398 | -4,194 |
Excess tax benefit for equity incentive plans | -5,100 | -4,267 | -3,948 |
Changes in operating assets and liabilities: | |||
Accounts receivable | -11,106 | 6,676 | -14,059 |
Prepaid expenses and other assets | -5,320 | -4,596 | -3,379 |
Accounts payable and accrued liabilities | 6,142 | 3,002 | 7,374 |
Accrued payroll and employee benefits | 6,744 | 4,665 | 9,667 |
Deferred revenues | 1,455 | 106 | 717 |
Net cash provided by operating activities | 48,252 | 61,792 | 48,505 |
Cash flows from investing activities: | |||
Capital expenditures | -4,947 | -6,226 | -4,942 |
Purchase of short-term investments | -5,260 | -33,422 | -515 |
Maturity of short-term investments | 11,642 | 19,190 | 3,770 |
Sale of short-term investments | 1,000 | 1,578 | 518 |
Net cash provided by (used in) investing activities | 2,435 | -18,880 | -1,169 |
Cash flows from financing activities: | |||
Excess tax benefit for equity incentive plans | 5,100 | 4,267 | 3,948 |
Payroll taxes for restricted stock units | -6,356 | -6,402 | -3,531 |
Repurchase of common stock | -30,921 | -25,519 | -22,887 |
Exercise of share-based payment awards | 2,107 | 1,812 | 3,611 |
Dividends and dividend equivalent rights | -13,058 | -7,927 | 0 |
Net cash used in financing activities | -43,128 | -33,769 | -18,859 |
Effect of foreign currency exchange rates on cash and cash equivalents | -1,017 | 537 | 352 |
Net increase in cash and cash equivalents | 6,542 | 9,680 | 28,829 |
Cash and cash equivalents at beginning of year | 122,948 | 113,268 | 84,439 |
Cash and cash equivalents at end of year | $129,490 | $122,948 | $113,268 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
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 significant 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 31st. Fiscal period 2014 included 52 weeks of activity and ended on January 2, 2015. Fiscal period 2013 included 53 weeks of activity and ended on January 3, 2014. Fiscal period 2012 included 52 weeks of activity and ended on December 28, 2012. Fiscal period 2015 will end on January 1, 2016. | |||||||||||
Authorized Capital Stock | |||||||||||
The Company committed to stockholders in a letter dated May 23, 2006 to limit its use of its authorized capital stock to 40 million common shares, and 2 million preferred shares, unless the approval of the Company’s stockholders is obtained subsequently, such as through a further amendment to the Company’s authorized capital stock. | |||||||||||
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. Actual results could differ from those estimates. | |||||||||||
Revenue Recognition | |||||||||||
The Company derives its revenues primarily from professional fees earned on consulting engagements, fees earned for the use of its equipment and facilities, and reimbursements for outside direct expenses associated with the services that are billed to its clients. Any taxes assessed on revenues relating to services provided to its clients are recorded on a net basis. | |||||||||||
The Company reports service revenues net of subcontractor fees. The Company has determined that it is not the primary obligor with respect to these subcontractors because: | |||||||||||
⋅ | its clients are directly involved in the subcontractor selection process; | ||||||||||
⋅ | the subcontractor is responsible for fulfilling the scope of work; and | ||||||||||
⋅ | the Company passes through the costs of subcontractor agreements with only a minimal fixed percentage mark-up to compensate it for processing the transactions. | ||||||||||
Reimbursements, including those related to travel and other out-of-pocket expenses, and other similar third party costs such as the cost of materials, are included in revenues, and an equivalent amount of reimbursable expenses are included in operating expenses. Any mark-up on reimbursable expenses is included in revenues. | |||||||||||
Substantially all of the Company’s engagements are performed under time and material or fixed-price billing arrangements. On time and material and fixed-price projects, revenue is generally recognized as the services are performed. For substantially all of the Company’s fixed-price engagements, it recognizes revenue based on the relationship of incurred labor hours at standard rates to its 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 and the following additional considerations: | |||||||||||
⋅ | the Company considers labor hours at standard rates and expenses to be incurred when pricing its contracts; | ||||||||||
⋅ | the Company generally does not incur set up costs on its contracts; | ||||||||||
⋅ | the Company does not believe that there are reliable milestones to measure progress toward completion; | ||||||||||
⋅ | if the contract is terminated early, the customer is required to pay the Company for time at standard rates plus materials incurred to date; | ||||||||||
⋅ | the Company does not recognize revenue for award fees or bonuses until specific contractual criteria are met; | ||||||||||
⋅ | the Company does not include revenue for unpriced change orders until the customer agrees with the changes; | ||||||||||
⋅ | historically the Company has not had significant accounts receivable write-offs or cost overruns; and | ||||||||||
⋅ | its contracts are typically progress billed on a monthly basis. | ||||||||||
Product revenue is recognized when both title and risk of loss transfer to the customer and customer acceptance has occurred, provided that no significant obligations remain. | |||||||||||
Gross revenues and reimbursements for the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012, respectively, were: | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Gross revenues | $ | 313,723 | $ | 302,742 | $ | 298,818 | |||||
Less: Subcontractor fees | 9,019 | 6,574 | 6,165 | ||||||||
Revenues | 304,704 | 296,168 | 292,653 | ||||||||
Reimbursements: | |||||||||||
Out-of-pocket reimbursements | 5,862 | 6,619 | 6,426 | ||||||||
Other outside direct expenses | 9,633 | 9,506 | 19,665 | ||||||||
15,495 | 16,125 | 26,091 | |||||||||
Revenues before reimbursements | $ | 289,209 | $ | 280,043 | $ | 266,562 | |||||
Significant management judgments and estimates must be made in connection with the revenues recognized in any accounting period. These judgments and estimates include an assessment of collectability and, for fixed-price engagements, an estimate as to the total effort required to complete the project. If the Company made different judgments or utilized different estimates, the amount and timing of its revenue for any period could be materially different. | |||||||||||
All consulting contracts are subject to review by management, which requires a positive assessment of the collectability of contract amounts. If, during the course of the contract, the Company determines that collection of revenue is not reasonably assured, it does not recognize the revenue until its collection becomes reasonably assured, which in those situations would generally be upon receipt of cash. The Company assesses collectability based on a number of factors, including past transaction history with the client, as well as the credit-worthiness of the client. Losses on fixed-price contracts are recognized during the period in which the loss first becomes evident. Contract losses are determined to be the amount by which the estimated total costs of the contract exceeds the total fixed price of the contract. | |||||||||||
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, 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. | |||||||||||
Short-term Investments | |||||||||||
Short-term investments consist of debt securities classified as available-for-sale and are carried at their fair value as of the balance sheet date. Short-term investments generally mature between three months and three years from the purchase date. Investments with maturities beyond one year are classified as short-term based on their highly liquid nature and because such marketable securities represent investments readily available for current operations. | |||||||||||
The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is included in interest income. Realized gains or losses are determined on the specific identification method and are reflected in other income. Net unrealized gains and losses are recorded directly in accumulated other comprehensive income except for unrealized losses that are deemed to be other-than-temporary, which are reflected in net income. | |||||||||||
Investments are reviewed on a regular basis to evaluate whether or not any security has experienced an other-than temporary decline in fair value. When assessing investments for other-than-temporary declines in fair value, the Company considers the significance of the decline in value as a percentage of the original cost, how long the market value of the investment has been less than its original cost, any news that has been released specific to the investee, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investments cost basis. | |||||||||||
Allowances for Doubtful Accounts and Contract Losses | |||||||||||
The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations or for disputes that affect our 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 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 credit-worthiness, current 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 thirty to forty years. Equipment is depreciated over its estimated useful life, which generally ranges from two 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 fiscal 2014, 2013 or 2012. | |||||||||||
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 the two-step 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 two-step goodwill impairment test is not performed. | |||||||||||
If the two-step goodwill test is performed, the Company determines the existence of impairment by assessing the fair value of the applicable reporting unit, including goodwill, using expected future cash flows to be generated by the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of the goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied value of the reporting unit goodwill. | |||||||||||
The Company completed its annual assessment for all reporting units with goodwill for fiscal 2014 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 two-step goodwill impairment test was not performed. The Company did not recognize any goodwill impairment losses in fiscal years 2014, 2013 or 2012. | |||||||||||
Deferred Revenues | |||||||||||
Deferred revenues represent amounts billed to clients in advance of services provided, primarily on fixed-price projects. | |||||||||||
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. U.S. income taxes are provided on the earnings of foreign subsidiaries unless the subsidiaries’ earnings are considered permanently reinvested outside the U.S. 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 fifty percent 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 January 2, 2015 and January 3, 2014. | |||||||||||
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 estimates the number of awards that are expected to vest and revises the estimate as actual forfeitures differ from that estimate. Estimated forfeiture rates are based on the Company’s historical experience. | |||||||||||
Net Income Per Share | |||||||||||
Basic per share amounts are computed using the weighted-average number of common shares outstanding during the period. Dilutive 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) | 2014 | 2013 | 2012 | ||||||||
Shares used in basic per share computation | 13,455 | 13,616 | 13,780 | ||||||||
Effect of dilutive common stock options outstanding | 68 | 82 | 150 | ||||||||
Effect of unvested restricted stock units outstanding | 310 | 327 | 363 | ||||||||
Shares used in diluted per share computation | 13,833 | 14,025 | 14,293 | ||||||||
There were no equity awards excluded from the diluted per share calculation for the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012. | |||||||||||
Recently Adopted Accounting Pronouncements | |||||||||||
On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles (“GAAP”) when it becomes effective. The new standard is effective for the Company on the first day of fiscal 2017 (December 31, 2016) unless an extension of the effective date is granted by the FASB. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |||||||||||
Cash_cash_equivalents_and_shor
Cash, cash equivalents and short-term investments | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||
Cash, cash equivalents and short-term investments | Note 2: Cash, cash equivalents and short-term investments | |||||||||||||
Cash, cash equivalents and short-term investments consisted of the following as of January 2, 2015: | ||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||
(In thousands) | Cost | Gains | Losses | Fair Value | ||||||||||
Classified as current assets: | ||||||||||||||
Cash | $ | 84,012 | $ | - | $ | - | $ | 84,012 | ||||||
Cash equivalents: | ||||||||||||||
Money market securities | 45,478 | - | - | 45,478 | ||||||||||
Total cash equivalents | 45,478 | - | - | 45,478 | ||||||||||
Total cash and cash equivalents | 129,490 | - | - | 129,490 | ||||||||||
Short-term investments: | ||||||||||||||
State and municipal bonds | 24,890 | 27 | -4 | 24,913 | ||||||||||
Total short-term investments | 24,890 | 27 | -4 | 24,913 | ||||||||||
Total cash, cash equivalents and short-term investments | $ | 154,380 | $ | 27 | $ | -4 | $ | 154,403 | ||||||
Cash, cash equivalents and short-term investments consisted of the following as of January 3, 2014: | ||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||
(In thousands) | Cost | Gains | Losses | Fair Value | ||||||||||
Classified as current assets: | ||||||||||||||
Cash | $ | 85,849 | $ | - | $ | - | $ | 85,849 | ||||||
Cash equivalents: | ||||||||||||||
Money market securities | 37,099 | - | - | 37,099 | ||||||||||
Total cash equivalents | 37,099 | - | - | 37,099 | ||||||||||
Total cash and cash equivalents | 122,948 | - | - | 122,948 | ||||||||||
Short-term investments: | ||||||||||||||
State and municipal bonds | 33,155 | 25 | -9 | 33,171 | ||||||||||
Total short-term investments | 33,155 | 25 | -9 | 33,171 | ||||||||||
Total cash, cash equivalents and short-term investments | $ | 156,103 | $ | 25 | $ | -9 | $ | 156,119 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value Measurements | Note 3: 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 the years ended January 2, 2015 and January 3, 2014. 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 January 2, 2015 (in thousands): | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
Quoted Prices in | Significant | |||||||||||||
Active Markets for | Significant Other | Unobservable | ||||||||||||
Identical Assets | Observable Inputs | Inputs | ||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets | ||||||||||||||
Money market securities (1) | $ | 45,478 | $ | 45,478 | $ | - | $ | - | ||||||
Fixed income available for sale securities (2) | 24,913 | - | 24,913 | - | ||||||||||
Fixed income trading securities held in deferred compensation plan (3) | 9,672 | 9,672 | - | - | ||||||||||
Equity trading securities held in deferred compensation plan (3) | 34,176 | 34,176 | - | - | ||||||||||
Total | $ | 114,239 | $ | 89,326 | $ | 24,913 | $ | - | ||||||
Liabilities | ||||||||||||||
Deferred compensation plan (4) | 45,394 | 45,394 | - | - | ||||||||||
Total | $ | 45,394 | $ | 45,394 | $ | - | $ | - | ||||||
-1 | Included in cash and cash equivalents on the Company’s consolidated balance sheet. | |||||||||||||
-2 | Included in short-term investments on the Company’s consolidated balance sheet. | |||||||||||||
-3 | Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. | |||||||||||||
-4 | Included in accrued liabilities and deferred compensation on the Company’s consolidated balance sheet. | |||||||||||||
The fair value of these certain financial assets and liabilities was determined using the following inputs at January 3, 2014 (in thousands): | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||
(Level 1) | (Level 3) | |||||||||||||
Assets | ||||||||||||||
Money market securities (1) | $ | 37,099 | $ | 37,099 | $ | - | $ | - | ||||||
Fixed income available for sale securities (2) | 33,171 | - | 33,171 | - | ||||||||||
Fixed income trading securities held in deferred compensation plan (3) | 9,535 | 9,535 | - | - | ||||||||||
Equity trading securities held in deferred compensation plan (3) | 28,444 | 28,444 | - | - | ||||||||||
Total | $ | 108,249 | $ | 75,078 | $ | 33,171 | $ | - | ||||||
Liabilities | ||||||||||||||
Deferred compensation plan (4) | 37,926 | 37,926 | - | - | ||||||||||
Total | $ | 37,926 | $ | 37,926 | $ | - | $ | - | ||||||
-1 | Included in cash and cash equivalents on the Company’s consolidated balance sheet. | |||||||||||||
-2 | Included in short-term investments on the Company’s consolidated balance sheet. | |||||||||||||
-3 | Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. | |||||||||||||
-4 | Included in accrued liabilities and deferred compensation on the Company’s consolidated balance sheet. | |||||||||||||
Fixed income available-for-sale securities as of January 2, 2015 and January 3, 2014 represent primarily obligations of state and local government agencies. Fixed income and equity trading securities 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 table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on remaining effective maturities as of January 2, 2015: | ||||||||||||||
Amortized | Estimated | |||||||||||||
(In thousands) | Cost | Fair Value | ||||||||||||
Due within one year | $ | 20,719 | $ | 20,741 | ||||||||||
Due between one and two years | 4,171 | 4,172 | ||||||||||||
Total | $ | 24,890 | $ | 24,913 | ||||||||||
At January 2, 2015 and January 3, 2014, the Company did not have any assets or liabilities valued using significant unobservable inputs. | ||||||||||||||
The following financial instruments are not measured at fair value on the Company’s consolidated balance sheet at January 2, 2015, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at January 2, 2015 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 the years ended January 2, 2015, January 3, 2014 and December 28, 2012. | ||||||||||||||
Property_Equipment_and_Leaseho
Property, Equipment and Leasehold Improvements | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Equipment and Leasehold Improvements | Note 4: Property, Equipment and Leasehold Improvements | |||||||
Fiscal Years | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Property: | ||||||||
Land | $ | 4,450 | $ | 4,450 | ||||
Buildings | 35,570 | 34,928 | ||||||
Construction in progress | 12 | 51 | ||||||
Equipment: | ||||||||
Machinery and equipment | 35,131 | 32,046 | ||||||
Office furniture and equipment | 7,714 | 7,542 | ||||||
Leasehold improvements | 13,169 | 12,745 | ||||||
96,046 | 91,762 | |||||||
Less accumulated depreciation and amortization | 67,782 | 63,041 | ||||||
Property, equipment and leasehold improvements, net | $ | 28,264 | $ | 28,721 | ||||
Depreciation and amortization for the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012, was $5,404,000, $4,951,000 and $4,711,000, respectively. | ||||||||
Goodwill
Goodwill | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Goodwill | Note 5: Goodwill | ||||||||||
Below is a breakdown of goodwill, reported by segment as of January 2, 2015 and January 3, 2014: | |||||||||||
Environmental | Engineering and | ||||||||||
(In thousands) | and Health | Other Scientific | Total | ||||||||
Goodwill | $ | 8,099 | $508 | $ | 8,607 | ||||||
There were no changes in the carrying amount of goodwill for the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012. There were no goodwill impairments or gains or losses on disposals for any portion of the Company’s reporting units during the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012. | |||||||||||
Other_Significant_Balance_Shee
Other Significant Balance Sheet Components | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Significant Balance Sheet Components [Abstract] | ||||||||
Other Significant Balance Sheet Components | Note 6: Other Significant Balance Sheet Components | |||||||
Account receivable, net | ||||||||
Fiscal Years | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Billed accounts receivable | $ | 63,331 | $ | 52,674 | ||||
Unbilled accounts receivable | 26,423 | 27,077 | ||||||
Allowance for contract losses and doubtful accounts | -3,386 | -2,771 | ||||||
Total accounts receivable, net | $ | 86,368 | $ | 76,980 | ||||
Accounts payable and accrued liabilities | ||||||||
Fiscal Years | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Accounts payable | $ | 2,230 | $ | 2,798 | ||||
Accrued liabilities | 6,705 | 5,644 | ||||||
Total accounts payable and other accrued liabilities | $ | 8,935 | $ | 8,442 | ||||
Accrued payroll and employee benefits | ||||||||
Fiscal Years | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Accrued bonuses payable | $ | 37,010 | $ | 35,370 | ||||
Accrued 401(k) contributions | 6,887 | 6,976 | ||||||
Accrued vacation | 8,277 | 8,004 | ||||||
Deferred compensation | 7,648 | 4,478 | ||||||
Other accrued payroll and employee benefits | 2,362 | 2,106 | ||||||
Total accrued payroll and employee benefits | $ | 62,184 | $ | 56,934 | ||||
Other accrued payroll and employee benefits consist primarily of accrued wages, payroll taxes and disability insurance programs. | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 02, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note 7: Income Taxes | ||||||||||||
Income before income taxes includes income from foreign operations of $4,157,000, $6,007,000 and $3,423,000 for fiscal 2014, 2013 and 2012, respectively. | |||||||||||||
Total income tax expense for the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012 consisted of the following: | |||||||||||||
Fiscal Years | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Current | |||||||||||||
Federal | $ | 26,647 | $ | 22,468 | $ | 23,562 | |||||||
Foreign | 896 | 1,411 | 852 | ||||||||||
State | 5,798 | 4,824 | 4,304 | ||||||||||
33,341 | 28,703 | 28,718 | |||||||||||
Deferred | |||||||||||||
Federal | -5,059 | -2,703 | -3,378 | ||||||||||
State | -1,018 | -695 | -816 | ||||||||||
-6,077 | -3,398 | -4,194 | |||||||||||
Total | $ | 27,264 | $ | 25,305 | $ | 24,524 | |||||||
The Company’s effective tax rate differs from the statutory federal tax rate of 35% as shown in the following schedule: | |||||||||||||
Fiscal Years | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Tax at federal statutory rate | $ | 23,788 | $ | 22,381 | $ | 21,612 | |||||||
State taxes, net of federal benefit | 3,226 | 2,819 | 2,409 | ||||||||||
Tax exempt interest income | -44 | -36 | -104 | ||||||||||
Non-deductible expenses | 289 | 226 | 296 | ||||||||||
Non-deductible stock-based compensation | - | -79 | -40 | ||||||||||
Other | 5 | -6 | 351 | ||||||||||
Tax expense | $ | 27,264 | $ | 25,305 | $ | 24,524 | |||||||
Effective tax rate | 40.1 | % | 39.6 | % | 39.7 | % | |||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 2, 2015 and January 3, 2014 are presented in the following schedule: | |||||||||||||
Fiscal Years | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Accrued liabilities and allowances | $ | 17,244 | $ | 15,539 | |||||||||
Deferred compensation | 26,873 | 22,373 | |||||||||||
Other | 28 | - | |||||||||||
Total deferred tax assets | 44,145 | 37,912 | |||||||||||
Deferred tax liabilities: | |||||||||||||
State taxes | -1,717 | -1,519 | |||||||||||
Deductible goodwill | -2,978 | -2,925 | |||||||||||
Property, equipment and leasehold improvements | -459 | -622 | |||||||||||
Unrealized gain of deferred compensation plan assets | -3,377 | -3,215 | |||||||||||
Other | - | -394 | |||||||||||
Total deferred tax liabilities | -8,531 | -8,675 | |||||||||||
Net deferred tax assets | $ | 35,614 | $ | 29,237 | |||||||||
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 credited to additional paid-in capital. For the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012, the net deduction in tax payable arising from employees’ stock award activity was $5,100,000, $4,267,000 and $3,948,000, 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 2011. The Company is no longer subject to California franchise tax examinations for years prior to 2010. 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 2010. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
Balance at December 28, 2012 | $ | 908,000 | |||||||||||
Additions based on tax positions related to the current year | 316,000 | ||||||||||||
Additions for tax positions of prior years | - | ||||||||||||
Reductions due to lapse of statute of limitations | -77,000 | ||||||||||||
Reductions due to change in accounting method | - | ||||||||||||
Settlements | - | ||||||||||||
Balance at January 3, 2014 | $ | 1,147,000 | |||||||||||
Additions based on tax positions related to the current year | 486,000 | ||||||||||||
Additions for tax positions of prior years | - | ||||||||||||
Reductions due to lapse of statute of limitations | -87,000 | ||||||||||||
Reductions due to change in accounting method | - | ||||||||||||
Settlements | - | ||||||||||||
Balance at January 2, 2015 | $ | 1,546,000 | |||||||||||
Unrecognized tax benefits are included in other liabilities in the accompanying balance sheet. To the extent these unrecognized tax benefits are ultimately recognized, they will impact the effective tax rate in a future period. There are no uncertain tax positions whose resolution in the next 12 months is expected to materially affect operating results. | |||||||||||||
Deferred income taxes have not been provided on the undistributed earnings of foreign subsidiaries. The amount of such earnings at January 2, 2015 was $3,920,000. These earnings have been permanently reinvested and the Company does not plan to initiate any action that would precipitate the payment of income taxes thereon. The unrecognized deferred tax liability for these earnings is estimated to be approximately $313,000. | |||||||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Stockholders' Equity Note [Abstract] | ||||||||
Stockholders’ Equity | Note 8: Stockholders’ Equity | |||||||
Preferred Stock | ||||||||
The Company has authorized 5,000,000 shares of undesignated preferred stock with a par value of $0.001 per share. The Company committed to stockholders in a letter dated May 23, 2006 to limit its use to 2,000,000 preferred shares, unless the approval of the Company’s stockholders is obtained subsequently, such as through a further amendment to the Company’s authorized capital stock. None of the preferred shares were issued and outstanding at January 2, 2015 and January 3, 2014. | ||||||||
Dividends | ||||||||
The Company declared and paid cash dividends per common share during the periods presented as follows: | ||||||||
Fiscal Year 2014 | ||||||||
Dividends | Amount | |||||||
Per Share | (in thousands) | |||||||
First Quarter | $ | 0.25 | $ | 3,262 | ||||
Second Quarter | $ | 0.25 | 3,270 | |||||
Third Quarter | $ | 0.25 | 3,262 | |||||
Fourth Quarter | $ | 0.25 | 3,216 | |||||
$ | 13,010 | |||||||
Fiscal Year 2013 | ||||||||
Dividends | Amount | |||||||
Per Share | (in thousands) | |||||||
First Quarter | $ | 0.15 | $ | 1,969 | ||||
Second Quarter | $ | 0.15 | 1,998 | |||||
Third Quarter | $ | 0.15 | 1,945 | |||||
Fourth Quarter | $ | 0.15 | 1,965 | |||||
$ | 7,877 | |||||||
Prior to 2013 the Company had never paid cash dividends on its common stock. On February 4, 2015 the Company’s Board of Directors announced a cash dividend of $0.30 per share of the Company’s common stock, payable March 27, 2015, to stockholders of record as of March 6, 2015. The Company expects to continue paying quarterly dividends in the future, subject to declaration by the Company’s Board of Directors. | ||||||||
Treasury Stock | ||||||||
Net losses related to the re-issuance of treasury stock to settle restricted stock unit and stock option awards of $6,050,000, $10,383,000 and $10,600,000 were recorded as a reduction to retained earnings during fiscal 2014, 2013 and 2012, respectively. | ||||||||
Repurchase of Common Stock | ||||||||
The Company repurchased 425,000 shares of its common stock for $30,921,000 during the fiscal year ended January 2, 2015. The Company repurchased 438,000 shares of its common stock for $25,011,000 during the fiscal year ended January 3, 2014. The Company repurchased 480,000 shares of its common stock for $23,395,000 during the fiscal year ended December 28, 2012. On May 29, 2014 the Board of Directors authorized an additional $35,000,000 for the repurchase of Exponent’s common stock. On February 15, 2013 the Board of Directors authorized an additional $35,000,000 for the repurchase of Exponent’s common stock. On February 9, 2012 the Board of Directors authorized $35,000,000 for the repurchase of Exponent’s common stock. These repurchase programs have no expiration dates. As of January 2, 2015, the Company had remaining authorization under its stock repurchase plan of $35,078,000 to repurchase shares of common stock. | ||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Share-Based Compensation [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. Upon stockholder approval of the 2008 Equity Incentive Plan and ESPP each of the following plans were terminated: the 1999 Stock Option Plan, the Restricted Stock Award Plan, the 1998 Stock Option Plan and the Employee Stock Purchase Plan established in 1992. | ||||||||||||||
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 is 2,414,075 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 January 2, 2015, 717,671 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 200,000 shares of common stock. As of January 2, 2015, 46,533 shares were available for grant. Weighted average purchase prices for shares sold under the ESPP plan in fiscal 2014, 2013 and 2012 were $71.35, $60.64 and $50.26, 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 RSUs. DER are accumulated and paid in additional restricted stock units 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 the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012, the Company recorded stock-based compensation expense associated with accrued bonus awards of $6,287,000, $6,061,000 and $6,089,000, respectively. | ||||||||||||||
The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $6,103,000, $6,030,000 and $5,650,000 during the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012, respectively. The total fair value of restricted stock unit awards vested during the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012 was $16.5 million, $15.4 million and $11.3 million, respectively. The weighted-average grant date fair values of restricted stock unit awards granted during the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012 were $74.58, $54.17 and $48.04, respectively. | ||||||||||||||
The number of unvested restricted stock unit awards outstanding as of January 2, 2015 is as follows(1): | ||||||||||||||
Weighted-average | ||||||||||||||
Number | Weighted-average | remaining | Aggregate | |||||||||||
of awards | grant date | contractual | intrinsic value | |||||||||||
outstanding | fair value | term (years) | (in thousands)(2) | |||||||||||
Balance as of January 3, 2014 | 478,347 | $ | 42.14 | |||||||||||
Awards granted | 189,174 | 74.58 | ||||||||||||
Awards vested | -221,599 | 48.29 | ||||||||||||
Awards forfeited | -2,532 | 59.07 | ||||||||||||
Balance as of January 2, 2015 | 443,390 | $ | 52.81 | 1.6 | $ | 35,954 | ||||||||
Expected to vest as of | 437,319 | $ | 52.75 | 1.5 | $ | 35,462 | ||||||||
January 2, 2015 | ||||||||||||||
(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 January 2, 2015 was $81.09. | |||||||||||||
Stock Options | ||||||||||||||
The Company currently grants stock options under the 2008 Equity Incentive Plan. Options are granted for terms of ten 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 dividend equivalent rights (“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 the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012, the Company recorded stock-based compensation expense of $689,000, $1,077,000 and $639,000, respectively, associated with stock options. | ||||||||||||||
Option activity is as follows(1): | ||||||||||||||
Weighted-average | ||||||||||||||
Number | Weighted-average | remaining | Aggregate | |||||||||||
of awards | grant date | contractual | intrinsic value | |||||||||||
outstanding | fair value | term (years) | (in thousands)(2) | |||||||||||
Balance as of January 3, 2014 | 217,000 | $ | 32.06 | |||||||||||
Options granted | 22,500 | 70.8 | ||||||||||||
Options forfeited and expired | - | - | ||||||||||||
Options exercised | -42,000 | 22.86 | ||||||||||||
Balance as of January 2, 2015 | 197,500 | $ | 38.43 | 5.85 | $ | 8,426 | ||||||||
Vested and expected to vest as of January 2, 2015 | 195,507 | $ | 38.22 | 5.83 | $ | 8,382 | ||||||||
Exercisable at January 2, 2015 | 134,375 | $ | 30.35 | 4.83 | $ | 6,819 | ||||||||
(1) Does not include restricted stock or employee stock purchase plans. | ||||||||||||||
The total intrinsic value of options exercised during the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012 was $1,975,000, $3,177,000 and $7,484,000, 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 January 2, 2015, 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 January 2, 2015. 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 Company is required to estimate forfeitures at the time of grant and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. Historical data was used to estimate pre-vesting option forfeitures and stock-based compensation expense was recorded only for those awards that are expected to vest. All share-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 the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012 are as follows: | ||||||||||||||
Stock Option Plan | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected life (in years) | 6.1 | 6.4 | 6.4 | |||||||||||
Risk-free interest rate | 1.8 | % | 1.4 | % | 1.4 | % | ||||||||
Volatility | 32 | % | 36 | % | 39 | % | ||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||
The weighted-average grant date fair value of options granted during the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012 were $24.47, $18.78 and $19.51, respectively. | ||||||||||||||
The amount of stock-based compensation expense and the related income tax benefit recognized in the Company’s consolidated statements of income for the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012 is as follows: | ||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||
Compensation and related expenses: | ||||||||||||||
Restricted stock units | $ | 11,889 | $ | 11,680 | $ | 11,345 | ||||||||
Stock option grants | 689 | 1,077 | 639 | |||||||||||
Sub-total | 12,578 | 12,757 | 11,984 | |||||||||||
General and administrative expenses: | ||||||||||||||
Restricted stock units | 501 | 411 | 394 | |||||||||||
Sub-total | 501 | 411 | 394 | |||||||||||
Total stock-based compensation expense | $ | 13,079 | $ | 13,168 | $ | 12,378 | ||||||||
Income tax benefit | $ | 5,141 | $ | 5,195 | $ | 4,844 | ||||||||
As of January 2, 2015, there was $5,863,000 of unrecognized compensation cost, expected to be recognized over a weighted average period of 2.5 years, related to unvested restricted stock unit awards and $352,000 of unrecognized compensation cost, expected to be recognized over a weighted average period of 2.2 years, related to unvested stock options. Total unrecognized compensation costs will be adjusted for future changes in estimated forfeitures. | ||||||||||||||
Retirement_Plans
Retirement Plans | 12 Months Ended |
Jan. 02, 2015 | |
Pension and Other Postretirement Benefit Expense [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 base salary plus overtime. 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 5 years of employment and then immediately thereafter. The Company’s expenses related to this plan were $6,954,000, $6,564,000, and $6,573,000 in fiscal 2014, 2013, and 2012, respectively. | |
Deferred_Compensation_Plans
Deferred Compensation Plans | 12 Months Ended |
Jan. 02, 2015 | |
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 January 2, 2015 and January 3, 2014 the invested amounts under the plans totaled $43,848,000 and $37,979,000, respectively. These assets are classified as trading securities and are recorded at fair market value with changes recorded as adjustments to other income and expense. | |
As of January 2, 2015 and January 3, 2014, vested amounts due under the plans totaled $45,394,000 and $37,926,000, respectively. Changes in the liability are recorded as adjustments to compensation expense. During the fiscal years 2014, 2013 and 2012, the Company recognized compensation expense of $2,525,000, $6,044,000, and $2,158,000, respectively, as a result of changes in the market value of the trust assets with the same amount being recorded as other income, net. | |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||
Jan. 02, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Note 12: Commitments and Contingencies | ||||
The following is a summary of the future minimum payments, required under non-cancelable operating leases, with terms in excess of one year, as of January 2, 2015: | |||||
(In thousands) | |||||
Lease | |||||
Fiscal year | commitments | ||||
2015 | $ | 7,612 | |||
2016 | 5,889 | ||||
2017 | 3,802 | ||||
2018 | 2,173 | ||||
2019 | 1,069 | ||||
Thereafter | 2,107 | ||||
$ | 22,652 | ||||
Total rent expense from property leases in fiscal 2014, 2013, and 2012 was $5,951,000, $5,929,000 and $5,481,000, respectively. Total expense from other operating leases in fiscal 2014, 2013, and 2012 was $1,965,000, $1,704,000 and $1,754,000, respectively. The Company had $320,000 in outstanding purchase commitments as of January 2, 2015. These commitments are expected to be fulfilled by the end of fiscal 2015. | |||||
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 | ||||||||||
Jan. 02, 2015 | |||||||||||
Other Income and Expenses [Abstract] | |||||||||||
Miscellaneous Income, Net | Note 13: Miscellaneous Income, Net | ||||||||||
Miscellaneous income, net, consisted of the following: | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Rental income | 2,003 | 1,913 | 1,671 | ||||||||
Gain (loss) on deferred compensation investments | 2,525 | 6,044 | 2,158 | ||||||||
(Loss) gain on foreign exchange | -293 | -89 | -61 | ||||||||
Other | 31 | 4 | 33 | ||||||||
Total | $ | 4,266 | $ | 7,872 | $ | 3,801 | |||||
Industry_and_Client_Credit_Ris
Industry and Client Credit Risk | 12 Months Ended |
Jan. 02, 2015 | |
Risks and Uncertainties [Abstract] | |
Industry and Client Credit Risk | Note 14: Industry and Client Credit Risk |
The Company serves clients in various segments of the economy. During fiscal 2014, 2013 and 2012 the Company provided services representing approximately 7%, 9% and 10%, of revenues to clients and to organizations and insurers acting on behalf of clients in the transportation industry. During fiscal 2014, 2013 and 2012 the Company derived approximately 7%, 8% and 13%, respectively, of revenues from government agencies and contractors. | |
No single customer comprised more than 10% of the Company’s revenues for the years ended January 2, 2015, January 3, 2014 and December 28, 2012. No single customer comprised more than 10% of the Company’s accounts receivable at January 2, 2015 and January 3, 2014. | |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||
Supplemental Cash Flow Information | Note 15: Supplemental Cash Flow Information | ||||||||||
The following is supplemental disclosure of cash flow information: | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Cash paid during the year: | |||||||||||
Income taxes | $ | 27,421 | $ | 24,701 | $ | 24,104 | |||||
Non-cash investing and financing activities: | |||||||||||
Unrealized gain (loss) on investments | $ | 4 | $ | -14 | $ | -28 | |||||
Vested stock unit awards granted to settle accrued bonus | $ | 6,008 | $ | 5,807 | $ | 5,343 | |||||
Stock repurchases payable to broker | $ | - | $ | - | $ | 508 | |||||
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Disclosure Segment Information [Abstract] | |||||||||||
Segment Reporting | Note 16: Segment Reporting | ||||||||||
The Company has two operating segments based on two primary areas of service. The Engineering and Other Scientific operating segment is a broad service group providing technical consulting in different practices primarily in engineering. The Environmental and Health operating segment provides services in the area of environmental, epidemiology and health risk analysis. This operating 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 fiscal years 2014, 2013 and 2012. Segment information for selected data from the balance sheets is presented for the fiscal years ended January 2, 2015 and January 3, 2014. The chief operating decision maker does not review total assets in his evaluation of segment performance and capital allocation. | |||||||||||
Revenues | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Engineering and Other Scientific | $ | 223,384 | $ | 215,972 | $ | 213,304 | |||||
Environmental and Health | 81,320 | 80,196 | 79,349 | ||||||||
Total revenues | $ | 304,704 | $ | 296,168 | $ | 292,653 | |||||
Operating Income | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Engineering and Other Scientific | $ | 72,207 | $ | 67,070 | $ | 62,852 | |||||
Environmental and Health | 25,145 | 25,072 | 25,752 | ||||||||
Total segment operating income | 97,352 | 92,142 | 88,604 | ||||||||
Corporate operating expense | -33,803 | -36,196 | -30,984 | ||||||||
Total operating income | $ | 63,549 | $ | 55,946 | $ | 57,620 | |||||
Capital Expenditures | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Engineering and Other Scientific | $ | 3,719 | $ | 5,180 | $ | 3,264 | |||||
Environmental and Health | 211 | 148 | 289 | ||||||||
Total segment capital expenditures | 3,930 | 5,328 | 3,553 | ||||||||
Corporate capital expenditures | 1,017 | 898 | 1,389 | ||||||||
Total capital expenditures | $ | 4,947 | $ | 6,226 | $ | 4,942 | |||||
Depreciation and Amortization | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Engineering and Other Scientific | $ | 3,637 | $ | 3,097 | $ | 2,831 | |||||
Environmental and Health | 197 | 299 | 286 | ||||||||
Total segment depreciation and amortization | 3,834 | 3,396 | 3,117 | ||||||||
Corporate depreciation and amortization | 1,570 | 1,555 | 1,594 | ||||||||
Total depreciation and amortization | $ | 5,404 | $ | 4,951 | $ | 4,711 | |||||
Information regarding the Company’s operations in different geographical areas: | |||||||||||
Property, Equipment and Leasehold Improvements, net | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | |||||||||
United States | $ | 27,761 | $ | 28,076 | |||||||
Foreign Countries | 503 | 645 | |||||||||
Total | $ | 28,264 | $ | 28,721 | |||||||
Revenues (1) | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
United States | $ | 273,635 | $ | 263,341 | $ | 260,760 | |||||
Foreign Countries | 31,069 | 32,827 | 31,893 | ||||||||
Total | $ | 304,704 | $ | 296,168 | $ | 292,653 | |||||
(1) Geographic revenues are allocated based on the location of the client. | |||||||||||
Comparative_Quarterly_Financia
Comparative Quarterly Financial Data | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Comparative Quarterly Financial Data | Comparative Quarterly Financial Data (unaudited) | |||||||||||||
Summarized quarterly financial data is as follows: | ||||||||||||||
Fiscal 2014 | April 4, | July 4, | October 3, | January 2, | ||||||||||
(In thousands, except per share data) | 2014 | 2014 | 2014 | 2015 | ||||||||||
Revenues before reimbursements | $ | 72,967 | $ | 72,331 | $ | 74,264 | $ | 69,647 | ||||||
Revenues | 75,962 | 76,574 | 78,557 | 73,611 | ||||||||||
Operating income | 14,094 | 16,084 | 19,238 | 14,133 | ||||||||||
Income before income taxes | 15,365 | 18,398 | 18,375 | 15,827 | ||||||||||
Net income | $ | 9,154 | $ | 11,264 | $ | 11,040 | $ | 9,243 | ||||||
Net income per share | ||||||||||||||
Basic | $ | 0.68 | $ | 0.83 | $ | 0.82 | $ | 0.7 | ||||||
Diluted | $ | 0.66 | $ | 0.81 | $ | 0.8 | $ | 0.68 | ||||||
Shares used in per share computations | ||||||||||||||
Basic | 13,537 | 13,520 | 13,469 | 13,293 | ||||||||||
Diluted | 13,940 | 13,873 | 13,824 | 13,659 | ||||||||||
Fiscal 2013 | March 29, | June 28, | September 27, | January 3, | ||||||||||
(In thousands, except per share data) | 2013 | 2013 | 2013 | 2014 | ||||||||||
Revenues before reimbursements | $ | 68,992 | $ | 71,919 | $ | 70,096 | $ | 69,036 | ||||||
Revenues | 72,660 | 75,505 | 75,231 | 72,772 | ||||||||||
Operating income | 10,851 | 17,593 | 15,160 | 12,342 | ||||||||||
Income before income taxes | 13,505 | 18,271 | 17,515 | 14,654 | ||||||||||
Net income | $ | 7,976 | $ | 10,848 | $ | 11,094 | $ | 8,722 | ||||||
Net income per share | ||||||||||||||
Basic | $ | 0.58 | $ | 0.8 | $ | 0.82 | $ | 0.64 | ||||||
Diluted | $ | 0.56 | $ | 0.77 | $ | 0.79 | $ | 0.63 | ||||||
Shares used in per share computations | ||||||||||||||
Basic | 13,667 | 13,637 | 13,598 | 13,556 | ||||||||||
Diluted | 14,125 | 14,007 | 13,993 | 13,949 | ||||||||||
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Jan. 02, 2015 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Valuation and Qualifying Accounts | Schedule II | ||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
Additions | Deletions (1) | ||||||||||||||||
Accounts | |||||||||||||||||
Balance at | Provision | Provision | Written-off | Balance | |||||||||||||
Beginning of | Charged to | Charged to | Net of | at End of | |||||||||||||
(In thousands) | Year | Expense | Revenues | Recoveries | Year | ||||||||||||
Year Ended January 2, 2015 | |||||||||||||||||
Allowance for bad debt | $ | 942 | $ | 264 | $ | - | $ | -190 | $ | 1,016 | |||||||
Allowance for contract losses | $ | 1,829 | $ | - | $ | 1,454 | $ | -913 | $ | 2,370 | |||||||
Year Ended January 3, 2014 | |||||||||||||||||
Allowance for bad debt | $ | 933 | $ | 515 | $ | - | $ | -506 | $ | 942 | |||||||
Allowance for contract losses | $ | 1,733 | $ | - | $ | 1,189 | $ | -1,093 | $ | 1,829 | |||||||
Year Ended December 28, 2012 | |||||||||||||||||
Allowance for bad debt | $ | 819 | $ | 483 | $ | - | $ | -369 | $ | 933 | |||||||
Allowance for contract losses | $ | 1,520 | $ | - | $ | 1,280 | $ | -1,067 | $ | 1,733 | |||||||
(1) Balance includes currency translation adjustments. | |||||||||||||||||
Recoveries of accounts receivable previously written off were $135,000, $50,000 and $110,000 for the years ended January 2, 2015, January 3, 2014 and December 28, 2012, respectively. | |||||||||||||||||
Schedules other than above have been omitted since they are either not required, not applicable, or the information is otherwise included in the Report. | |||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
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 significant 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 31st. Fiscal period 2014 included 52 weeks of activity and ended on January 2, 2015. Fiscal period 2013 included 53 weeks of activity and ended on January 3, 2014. Fiscal period 2012 included 52 weeks of activity and ended on December 28, 2012. Fiscal period 2015 will end on January 1, 2016. | |||||||||||
Authorized Capital Stock | Authorized Capital Stock | ||||||||||
The Company committed to stockholders in a letter dated May 23, 2006 to limit its use of its authorized capital stock to 40 million common shares, and 2 million preferred shares, unless the approval of the Company’s stockholders is obtained subsequently, such as through a further amendment to the Company’s authorized capital stock. | |||||||||||
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. Actual results could differ from those estimates. | |||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||
The Company derives its revenues primarily from professional fees earned on consulting engagements, fees earned for the use of its equipment and facilities, and reimbursements for outside direct expenses associated with the services that are billed to its clients. Any taxes assessed on revenues relating to services provided to its clients are recorded on a net basis. | |||||||||||
The Company reports service revenues net of subcontractor fees. The Company has determined that it is not the primary obligor with respect to these subcontractors because: | |||||||||||
⋅ | its clients are directly involved in the subcontractor selection process; | ||||||||||
⋅ | the subcontractor is responsible for fulfilling the scope of work; and | ||||||||||
⋅ | the Company passes through the costs of subcontractor agreements with only a minimal fixed percentage mark-up to compensate it for processing the transactions. | ||||||||||
Reimbursements, including those related to travel and other out-of-pocket expenses, and other similar third party costs such as the cost of materials, are included in revenues, and an equivalent amount of reimbursable expenses are included in operating expenses. Any mark-up on reimbursable expenses is included in revenues. | |||||||||||
Substantially all of the Company’s engagements are performed under time and material or fixed-price billing arrangements. On time and material and fixed-price projects, revenue is generally recognized as the services are performed. For substantially all of the Company’s fixed-price engagements, it recognizes revenue based on the relationship of incurred labor hours at standard rates to its 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 and the following additional considerations: | |||||||||||
⋅ | the Company considers labor hours at standard rates and expenses to be incurred when pricing its contracts; | ||||||||||
⋅ | the Company generally does not incur set up costs on its contracts; | ||||||||||
⋅ | the Company does not believe that there are reliable milestones to measure progress toward completion; | ||||||||||
⋅ | if the contract is terminated early, the customer is required to pay the Company for time at standard rates plus materials incurred to date; | ||||||||||
⋅ | the Company does not recognize revenue for award fees or bonuses until specific contractual criteria are met; | ||||||||||
⋅ | the Company does not include revenue for unpriced change orders until the customer agrees with the changes; | ||||||||||
⋅ | historically the Company has not had significant accounts receivable write-offs or cost overruns; and | ||||||||||
⋅ | its contracts are typically progress billed on a monthly basis. | ||||||||||
Product revenue is recognized when both title and risk of loss transfer to the customer and customer acceptance has occurred, provided that no significant obligations remain. | |||||||||||
Gross revenues and reimbursements for the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012, respectively, were: | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Gross revenues | $ | 313,723 | $ | 302,742 | $ | 298,818 | |||||
Less: Subcontractor fees | 9,019 | 6,574 | 6,165 | ||||||||
Revenues | 304,704 | 296,168 | 292,653 | ||||||||
Reimbursements: | |||||||||||
Out-of-pocket reimbursements | 5,862 | 6,619 | 6,426 | ||||||||
Other outside direct expenses | 9,633 | 9,506 | 19,665 | ||||||||
15,495 | 16,125 | 26,091 | |||||||||
Revenues before reimbursements | $ | 289,209 | $ | 280,043 | $ | 266,562 | |||||
Significant management judgments and estimates must be made in connection with the revenues recognized in any accounting period. These judgments and estimates include an assessment of collectability and, for fixed-price engagements, an estimate as to the total effort required to complete the project. If the Company made different judgments or utilized different estimates, the amount and timing of its revenue for any period could be materially different. | |||||||||||
All consulting contracts are subject to review by management, which requires a positive assessment of the collectability of contract amounts. If, during the course of the contract, the Company determines that collection of revenue is not reasonably assured, it does not recognize the revenue until its collection becomes reasonably assured, which in those situations would generally be upon receipt of cash. The Company assesses collectability based on a number of factors, including past transaction history with the client, as well as the credit-worthiness of the client. Losses on fixed-price contracts are recognized during the period in which the loss first becomes evident. Contract losses are determined to be the amount by which the estimated total costs of the contract exceeds the total fixed price of the contract. | |||||||||||
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, 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. | |||||||||||
Short-term Investments | Short-term Investments | ||||||||||
Short-term investments consist of debt securities classified as available-for-sale and are carried at their fair value as of the balance sheet date. Short-term investments generally mature between three months and three years from the purchase date. Investments with maturities beyond one year are classified as short-term based on their highly liquid nature and because such marketable securities represent investments readily available for current operations. | |||||||||||
The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is included in interest income. Realized gains or losses are determined on the specific identification method and are reflected in other income. Net unrealized gains and losses are recorded directly in accumulated other comprehensive income except for unrealized losses that are deemed to be other-than-temporary, which are reflected in net income. | |||||||||||
Investments are reviewed on a regular basis to evaluate whether or not any security has experienced an other-than temporary decline in fair value. When assessing investments for other-than-temporary declines in fair value, the Company considers the significance of the decline in value as a percentage of the original cost, how long the market value of the investment has been less than its original cost, any news that has been released specific to the investee, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investments cost basis. | |||||||||||
Allowances for Doubtful Accounts and Contract Losses | Allowances for Doubtful Accounts and Contract Losses | ||||||||||
The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations or for disputes that affect our 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 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 credit-worthiness, current 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 thirty to forty years. Equipment is depreciated over its estimated useful life, which generally ranges from two 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 fiscal 2014, 2013 or 2012. | |||||||||||
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 the two-step 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 two-step goodwill impairment test is not performed. | |||||||||||
If the two-step goodwill test is performed, the Company determines the existence of impairment by assessing the fair value of the applicable reporting unit, including goodwill, using expected future cash flows to be generated by the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of the goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied value of the reporting unit goodwill. | |||||||||||
The Company completed its annual assessment for all reporting units with goodwill for fiscal 2014 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 two-step goodwill impairment test was not performed. The Company did not recognize any goodwill impairment losses in fiscal years 2014, 2013 or 2012. | |||||||||||
Deferred Revenues | Deferred Revenues | ||||||||||
Deferred revenues represent amounts billed to clients in advance of services provided, primarily on fixed-price projects. | |||||||||||
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. U.S. income taxes are provided on the earnings of foreign subsidiaries unless the subsidiaries’ earnings are considered permanently reinvested outside the U.S. 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 fifty percent 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 January 2, 2015 and January 3, 2014. | |||||||||||
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 estimates the number of awards that are expected to vest and revises the estimate as actual forfeitures differ from that estimate. Estimated forfeiture rates are based on the Company’s historical experience. | |||||||||||
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. Dilutive 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) | 2014 | 2013 | 2012 | ||||||||
Shares used in basic per share computation | 13,455 | 13,616 | 13,780 | ||||||||
Effect of dilutive common stock options outstanding | 68 | 82 | 150 | ||||||||
Effect of unvested restricted stock units outstanding | 310 | 327 | 363 | ||||||||
Shares used in diluted per share computation | 13,833 | 14,025 | 14,293 | ||||||||
There were no equity awards excluded from the diluted per share calculation for the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012. | |||||||||||
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements | ||||||||||
On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles (“GAAP”) when it becomes effective. The new standard is effective for the Company on the first day of fiscal 2017 (December 31, 2016) unless an extension of the effective date is granted by the FASB. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Gross Revenues and Reimbursements | Gross revenues and reimbursements for the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012, respectively, were: | ||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Gross revenues | $ | 313,723 | $ | 302,742 | $ | 298,818 | |||||
Less: Subcontractor fees | 9,019 | 6,574 | 6,165 | ||||||||
Revenues | 304,704 | 296,168 | 292,653 | ||||||||
Reimbursements: | |||||||||||
Out-of-pocket reimbursements | 5,862 | 6,619 | 6,426 | ||||||||
Other outside direct expenses | 9,633 | 9,506 | 19,665 | ||||||||
15,495 | 16,125 | 26,091 | |||||||||
Revenues before reimbursements | $ | 289,209 | $ | 280,043 | $ | 266,562 | |||||
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) | 2014 | 2013 | 2012 | ||||||||
Shares used in basic per share computation | 13,455 | 13,616 | 13,780 | ||||||||
Effect of dilutive common stock options outstanding | 68 | 82 | 150 | ||||||||
Effect of unvested restricted stock units outstanding | 310 | 327 | 363 | ||||||||
Shares used in diluted per share computation | 13,833 | 14,025 | 14,293 | ||||||||
Cash_cash_equivalents_and_shor1
Cash, cash equivalents and short-term investments (Tables) | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||||
Schedule of Cash, Cash Equivalents and Short-Term Investments | Cash, cash equivalents and short-term investments consisted of the following as of January 2, 2015: | |||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||
(In thousands) | Cost | Gains | Losses | Fair Value | ||||||||||
Classified as current assets: | ||||||||||||||
Cash | $ | 84,012 | $ | - | $ | - | $ | 84,012 | ||||||
Cash equivalents: | ||||||||||||||
Money market securities | 45,478 | - | - | 45,478 | ||||||||||
Total cash equivalents | 45,478 | - | - | 45,478 | ||||||||||
Total cash and cash equivalents | 129,490 | - | - | 129,490 | ||||||||||
Short-term investments: | ||||||||||||||
State and municipal bonds | 24,890 | 27 | -4 | 24,913 | ||||||||||
Total short-term investments | 24,890 | 27 | -4 | 24,913 | ||||||||||
Total cash, cash equivalents and short-term investments | $ | 154,380 | $ | 27 | $ | -4 | $ | 154,403 | ||||||
Cash, cash equivalents and short-term investments consisted of the following as of January 3, 2014: | ||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||
(In thousands) | Cost | Gains | Losses | Fair Value | ||||||||||
Classified as current assets: | ||||||||||||||
Cash | $ | 85,849 | $ | - | $ | - | $ | 85,849 | ||||||
Cash equivalents: | ||||||||||||||
Money market securities | 37,099 | - | - | 37,099 | ||||||||||
Total cash equivalents | 37,099 | - | - | 37,099 | ||||||||||
Total cash and cash equivalents | 122,948 | - | - | 122,948 | ||||||||||
Short-term investments: | ||||||||||||||
State and municipal bonds | 33,155 | 25 | -9 | 33,171 | ||||||||||
Total short-term investments | 33,155 | 25 | -9 | 33,171 | ||||||||||
Total cash, cash equivalents and short-term investments | $ | 156,103 | $ | 25 | $ | -9 | $ | 156,119 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
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 January 2, 2015 (in thousands): | |||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
Quoted Prices in | Significant | |||||||||||||
Active Markets for | Significant Other | Unobservable | ||||||||||||
Identical Assets | Observable Inputs | Inputs | ||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets | ||||||||||||||
Money market securities (1) | $ | 45,478 | $ | 45,478 | $ | - | $ | - | ||||||
Fixed income available for sale securities (2) | 24,913 | - | 24,913 | - | ||||||||||
Fixed income trading securities held in deferred compensation plan (3) | 9,672 | 9,672 | - | - | ||||||||||
Equity trading securities held in deferred compensation plan (3) | 34,176 | 34,176 | - | - | ||||||||||
Total | $ | 114,239 | $ | 89,326 | $ | 24,913 | $ | - | ||||||
Liabilities | ||||||||||||||
Deferred compensation plan (4) | 45,394 | 45,394 | - | - | ||||||||||
Total | $ | 45,394 | $ | 45,394 | $ | - | $ | - | ||||||
-1 | Included in cash and cash equivalents on the Company’s consolidated balance sheet. | |||||||||||||
-2 | Included in short-term investments on the Company’s consolidated balance sheet. | |||||||||||||
-3 | Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. | |||||||||||||
-4 | Included in accrued liabilities and deferred compensation on the Company’s consolidated balance sheet. | |||||||||||||
The fair value of these certain financial assets and liabilities was determined using the following inputs at January 3, 2014 (in thousands): | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||
(Level 1) | (Level 3) | |||||||||||||
Assets | ||||||||||||||
Money market securities (1) | $ | 37,099 | $ | 37,099 | $ | - | $ | - | ||||||
Fixed income available for sale securities (2) | 33,171 | - | 33,171 | - | ||||||||||
Fixed income trading securities held in deferred compensation plan (3) | 9,535 | 9,535 | - | - | ||||||||||
Equity trading securities held in deferred compensation plan (3) | 28,444 | 28,444 | - | - | ||||||||||
Total | $ | 108,249 | $ | 75,078 | $ | 33,171 | $ | - | ||||||
Liabilities | ||||||||||||||
Deferred compensation plan (4) | 37,926 | 37,926 | - | - | ||||||||||
Total | $ | 37,926 | $ | 37,926 | $ | - | $ | - | ||||||
-1 | Included in cash and cash equivalents on the Company’s consolidated balance sheet. | |||||||||||||
-2 | Included in short-term investments on the Company’s consolidated balance sheet. | |||||||||||||
-3 | Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. | |||||||||||||
-4 | Included in accrued liabilities and deferred compensation on the Company’s consolidated balance sheet. | |||||||||||||
Summary of Cost and Estimated Fair Value of Short Term Fixed Income Securities | The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on remaining effective maturities as of January 2, 2015: | |||||||||||||
Amortized | Estimated | |||||||||||||
(In thousands) | Cost | Fair Value | ||||||||||||
Due within one year | $ | 20,719 | $ | 20,741 | ||||||||||
Due between one and two years | 4,171 | 4,172 | ||||||||||||
Total | $ | 24,890 | $ | 24,913 | ||||||||||
Property_Equipment_and_Leaseho1
Property, Equipment and Leasehold Improvements (Tables) | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Equipment and Leasehold Improvements | Fiscal Years | |||||||
(In thousands) | 2014 | 2013 | ||||||
Property: | ||||||||
Land | $ | 4,450 | $ | 4,450 | ||||
Buildings | 35,570 | 34,928 | ||||||
Construction in progress | 12 | 51 | ||||||
Equipment: | ||||||||
Machinery and equipment | 35,131 | 32,046 | ||||||
Office furniture and equipment | 7,714 | 7,542 | ||||||
Leasehold improvements | 13,169 | 12,745 | ||||||
96,046 | 91,762 | |||||||
Less accumulated depreciation and amortization | 67,782 | 63,041 | ||||||
Property, equipment and leasehold improvements, net | $ | 28,264 | $ | 28,721 | ||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Breakdown of Goodwill Reported by Segment | Below is a breakdown of goodwill, reported by segment as of January 2, 2015 and January 3, 2014: | ||||||||||
Environmental | Engineering and | ||||||||||
(In thousands) | and Health | Other Scientific | Total | ||||||||
Goodwill | $ | 8,099 | $508 | $ | 8,607 | ||||||
Other_Significant_Balance_Shee1
Other Significant Balance Sheet Components (Tables) | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Significant Balance Sheet Components [Abstract] | ||||||||
Accounts Receivable, Net | Account receivable, net | |||||||
Fiscal Years | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Billed accounts receivable | $ | 63,331 | $ | 52,674 | ||||
Unbilled accounts receivable | 26,423 | 27,077 | ||||||
Allowance for contract losses and doubtful accounts | -3,386 | -2,771 | ||||||
Total accounts receivable, net | $ | 86,368 | $ | 76,980 | ||||
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities | |||||||
Fiscal Years | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Accounts payable | $ | 2,230 | $ | 2,798 | ||||
Accrued liabilities | 6,705 | 5,644 | ||||||
Total accounts payable and other accrued liabilities | $ | 8,935 | $ | 8,442 | ||||
Accrued payroll and employee benefits | Accrued payroll and employee benefits | |||||||
Fiscal Years | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Accrued bonuses payable | $ | 37,010 | $ | 35,370 | ||||
Accrued 401(k) contributions | 6,887 | 6,976 | ||||||
Accrued vacation | 8,277 | 8,004 | ||||||
Deferred compensation | 7,648 | 4,478 | ||||||
Other accrued payroll and employee benefits | 2,362 | 2,106 | ||||||
Total accrued payroll and employee benefits | $ | 62,184 | $ | 56,934 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 02, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Total Income Tax Expense | Total income tax expense for the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012 consisted of the following: | ||||||||||||
Fiscal Years | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Current | |||||||||||||
Federal | $ | 26,647 | $ | 22,468 | $ | 23,562 | |||||||
Foreign | 896 | 1,411 | 852 | ||||||||||
State | 5,798 | 4,824 | 4,304 | ||||||||||
33,341 | 28,703 | 28,718 | |||||||||||
Deferred | |||||||||||||
Federal | -5,059 | -2,703 | -3,378 | ||||||||||
State | -1,018 | -695 | -816 | ||||||||||
-6,077 | -3,398 | -4,194 | |||||||||||
Total | $ | 27,264 | $ | 25,305 | $ | 24,524 | |||||||
Reconciliation of Effective Income Tax Rate | The Company’s effective tax rate differs from the statutory federal tax rate of 35% as shown in the following schedule: | ||||||||||||
Fiscal Years | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||
Tax at federal statutory rate | $ | 23,788 | $ | 22,381 | $ | 21,612 | |||||||
State taxes, net of federal benefit | 3,226 | 2,819 | 2,409 | ||||||||||
Tax exempt interest income | -44 | -36 | -104 | ||||||||||
Non-deductible expenses | 289 | 226 | 296 | ||||||||||
Non-deductible stock-based compensation | - | -79 | -40 | ||||||||||
Other | 5 | -6 | 351 | ||||||||||
Tax expense | $ | 27,264 | $ | 25,305 | $ | 24,524 | |||||||
Effective tax rate | 40.1 | % | 39.6 | % | 39.7 | % | |||||||
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 January 2, 2015 and January 3, 2014 are presented in the following schedule: | ||||||||||||
Fiscal Years | |||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Accrued liabilities and allowances | $ | 17,244 | $ | 15,539 | |||||||||
Deferred compensation | 26,873 | 22,373 | |||||||||||
Other | 28 | - | |||||||||||
Total deferred tax assets | 44,145 | 37,912 | |||||||||||
Deferred tax liabilities: | |||||||||||||
State taxes | -1,717 | -1,519 | |||||||||||
Deductible goodwill | -2,978 | -2,925 | |||||||||||
Property, equipment and leasehold improvements | -459 | -622 | |||||||||||
Unrealized gain of deferred compensation plan assets | -3,377 | -3,215 | |||||||||||
Other | - | -394 | |||||||||||
Total deferred tax liabilities | -8,531 | -8,675 | |||||||||||
Net deferred tax assets | $ | 35,614 | $ | 29,237 | |||||||||
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
Balance at December 28, 2012 | $ | 908,000 | |||||||||||
Additions based on tax positions related to the current year | 316,000 | ||||||||||||
Additions for tax positions of prior years | - | ||||||||||||
Reductions due to lapse of statute of limitations | -77,000 | ||||||||||||
Reductions due to change in accounting method | - | ||||||||||||
Settlements | - | ||||||||||||
Balance at January 3, 2014 | $ | 1,147,000 | |||||||||||
Additions based on tax positions related to the current year | 486,000 | ||||||||||||
Additions for tax positions of prior years | - | ||||||||||||
Reductions due to lapse of statute of limitations | -87,000 | ||||||||||||
Reductions due to change in accounting method | - | ||||||||||||
Settlements | - | ||||||||||||
Balance at January 2, 2015 | $ | 1,546,000 | |||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||
Jan. 02, 2015 | ||||||||
Stockholders' Equity Note [Abstract] | ||||||||
Cash Dividends Per Common Share | The Company declared and paid cash dividends per common share during the periods presented as follows: | |||||||
Fiscal Year 2014 | ||||||||
Dividends | Amount | |||||||
Per Share | (in thousands) | |||||||
First Quarter | $ | 0.25 | $ | 3,262 | ||||
Second Quarter | $ | 0.25 | 3,270 | |||||
Third Quarter | $ | 0.25 | 3,262 | |||||
Fourth Quarter | $ | 0.25 | 3,216 | |||||
$ | 13,010 | |||||||
Fiscal Year 2013 | ||||||||
Dividends | Amount | |||||||
Per Share | (in thousands) | |||||||
First Quarter | $ | 0.15 | $ | 1,969 | ||||
Second Quarter | $ | 0.15 | 1,998 | |||||
Third Quarter | $ | 0.15 | 1,945 | |||||
Fourth Quarter | $ | 0.15 | 1,965 | |||||
$ | 7,877 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Share-Based Compensation [Abstract] | ||||||||||||||
Share-Based Compensation, Restricted Stock Units Award Activity | The number of unvested restricted stock unit awards outstanding as of January 2, 2015 is as follows(1): | |||||||||||||
Weighted-average | ||||||||||||||
Number | Weighted-average | remaining | Aggregate | |||||||||||
of awards | grant date | contractual | intrinsic value | |||||||||||
outstanding | fair value | term (years) | (in thousands)(2) | |||||||||||
Balance as of January 3, 2014 | 478,347 | $ | 42.14 | |||||||||||
Awards granted | 189,174 | 74.58 | ||||||||||||
Awards vested | -221,599 | 48.29 | ||||||||||||
Awards forfeited | -2,532 | 59.07 | ||||||||||||
Balance as of January 2, 2015 | 443,390 | $ | 52.81 | 1.6 | $ | 35,954 | ||||||||
Expected to vest as of | 437,319 | $ | 52.75 | 1.5 | $ | 35,462 | ||||||||
January 2, 2015 | ||||||||||||||
(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 January 2, 2015 was $81.09. | |||||||||||||
Stock Option Activity | Option activity is as follows(1): | |||||||||||||
Weighted-average | ||||||||||||||
Number | Weighted-average | remaining | Aggregate | |||||||||||
of awards | grant date | contractual | intrinsic value | |||||||||||
outstanding | fair value | term (years) | (in thousands)(2) | |||||||||||
Balance as of January 3, 2014 | 217,000 | $ | 32.06 | |||||||||||
Options granted | 22,500 | 70.8 | ||||||||||||
Options forfeited and expired | - | - | ||||||||||||
Options exercised | -42,000 | 22.86 | ||||||||||||
Balance as of January 2, 2015 | 197,500 | $ | 38.43 | 5.85 | $ | 8,426 | ||||||||
Vested and expected to vest as of January 2, 2015 | 195,507 | $ | 38.22 | 5.83 | $ | 8,382 | ||||||||
Exercisable at January 2, 2015 | 134,375 | $ | 30.35 | 4.83 | $ | 6,819 | ||||||||
(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 the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012 are as follows: | |||||||||||||
Stock Option Plan | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected life (in years) | 6.1 | 6.4 | 6.4 | |||||||||||
Risk-free interest rate | 1.8 | % | 1.4 | % | 1.4 | % | ||||||||
Volatility | 32 | % | 36 | % | 39 | % | ||||||||
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 the fiscal years ended January 2, 2015, January 3, 2014 and December 28, 2012 is as follows: | |||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||||
Compensation and related expenses: | ||||||||||||||
Restricted stock units | $ | 11,889 | $ | 11,680 | $ | 11,345 | ||||||||
Stock option grants | 689 | 1,077 | 639 | |||||||||||
Sub-total | 12,578 | 12,757 | 11,984 | |||||||||||
General and administrative expenses: | ||||||||||||||
Restricted stock units | 501 | 411 | 394 | |||||||||||
Sub-total | 501 | 411 | 394 | |||||||||||
Total stock-based compensation expense | $ | 13,079 | $ | 13,168 | $ | 12,378 | ||||||||
Income tax benefit | $ | 5,141 | $ | 5,195 | $ | 4,844 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Jan. 02, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Future Minimum Rental Payments for Operating Leases | The following is a summary of the future minimum payments, required under non-cancelable operating leases, with terms in excess of one year, as of January 2, 2015: | ||||
(In thousands) | |||||
Lease | |||||
Fiscal year | commitments | ||||
2015 | $ | 7,612 | |||
2016 | 5,889 | ||||
2017 | 3,802 | ||||
2018 | 2,173 | ||||
2019 | 1,069 | ||||
Thereafter | 2,107 | ||||
$ | 22,652 | ||||
Miscellaneous_Income_Net_Table
Miscellaneous Income, Net (Tables) | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Other Income and Expenses [Abstract] | |||||||||||
Miscellaneous income, net | Miscellaneous income, net, consisted of the following: | ||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Rental income | 2,003 | 1,913 | 1,671 | ||||||||
Gain (loss) on deferred compensation investments | 2,525 | 6,044 | 2,158 | ||||||||
(Loss) gain on foreign exchange | -293 | -89 | -61 | ||||||||
Other | 31 | 4 | 33 | ||||||||
Total | $ | 4,266 | $ | 7,872 | $ | 3,801 | |||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||
Supplemental Disclosure of Cash Flow Information | The following is supplemental disclosure of cash flow information: | ||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Cash paid during the year: | |||||||||||
Income taxes | $ | 27,421 | $ | 24,701 | $ | 24,104 | |||||
Non-cash investing and financing activities: | |||||||||||
Unrealized gain (loss) on investments | $ | 4 | $ | -14 | $ | -28 | |||||
Vested stock unit awards granted to settle accrued bonus | $ | 6,008 | $ | 5,807 | $ | 5,343 | |||||
Stock repurchases payable to broker | $ | - | $ | - | $ | 508 | |||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||
Jan. 02, 2015 | |||||||||||
Disclosure Segment Information [Abstract] | |||||||||||
Segment Reporting Information, by Segment | Segment information is presented for selected data from the statements of income and statements of cash flows for fiscal years 2014, 2013 and 2012. Segment information for selected data from the balance sheets is presented for the fiscal years ended January 2, 2015 and January 3, 2014. The chief operating decision maker does not review total assets in his evaluation of segment performance and capital allocation. | ||||||||||
Revenues | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Engineering and Other Scientific | $ | 223,384 | $ | 215,972 | $ | 213,304 | |||||
Environmental and Health | 81,320 | 80,196 | 79,349 | ||||||||
Total revenues | $ | 304,704 | $ | 296,168 | $ | 292,653 | |||||
Operating Income | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Engineering and Other Scientific | $ | 72,207 | $ | 67,070 | $ | 62,852 | |||||
Environmental and Health | 25,145 | 25,072 | 25,752 | ||||||||
Total segment operating income | 97,352 | 92,142 | 88,604 | ||||||||
Corporate operating expense | -33,803 | -36,196 | -30,984 | ||||||||
Total operating income | $ | 63,549 | $ | 55,946 | $ | 57,620 | |||||
Capital Expenditures | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Engineering and Other Scientific | $ | 3,719 | $ | 5,180 | $ | 3,264 | |||||
Environmental and Health | 211 | 148 | 289 | ||||||||
Total segment capital expenditures | 3,930 | 5,328 | 3,553 | ||||||||
Corporate capital expenditures | 1,017 | 898 | 1,389 | ||||||||
Total capital expenditures | $ | 4,947 | $ | 6,226 | $ | 4,942 | |||||
Depreciation and Amortization | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Engineering and Other Scientific | $ | 3,637 | $ | 3,097 | $ | 2,831 | |||||
Environmental and Health | 197 | 299 | 286 | ||||||||
Total segment depreciation and amortization | 3,834 | 3,396 | 3,117 | ||||||||
Corporate depreciation and amortization | 1,570 | 1,555 | 1,594 | ||||||||
Total depreciation and amortization | $ | 5,404 | $ | 4,951 | $ | 4,711 | |||||
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) | 2014 | 2013 | |||||||||
United States | $ | 27,761 | $ | 28,076 | |||||||
Foreign Countries | 503 | 645 | |||||||||
Total | $ | 28,264 | $ | 28,721 | |||||||
Revenues (1) | |||||||||||
Fiscal Years | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
United States | $ | 273,635 | $ | 263,341 | $ | 260,760 | |||||
Foreign Countries | 31,069 | 32,827 | 31,893 | ||||||||
Total | $ | 304,704 | $ | 296,168 | $ | 292,653 | |||||
(1) Geographic revenues are allocated based on the location of the client. | |||||||||||
Comparative_Quarterly_Financia1
Comparative Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||
Jan. 02, 2015 | ||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||
Quarterly Financial Data | Summarized quarterly financial data is as follows: | |||||||||||||
Fiscal 2014 | April 4, | July 4, | October 3, | January 2, | ||||||||||
(In thousands, except per share data) | 2014 | 2014 | 2014 | 2015 | ||||||||||
Revenues before reimbursements | $ | 72,967 | $ | 72,331 | $ | 74,264 | $ | 69,647 | ||||||
Revenues | 75,962 | 76,574 | 78,557 | 73,611 | ||||||||||
Operating income | 14,094 | 16,084 | 19,238 | 14,133 | ||||||||||
Income before income taxes | 15,365 | 18,398 | 18,375 | 15,827 | ||||||||||
Net income | $ | 9,154 | $ | 11,264 | $ | 11,040 | $ | 9,243 | ||||||
Net income per share | ||||||||||||||
Basic | $ | 0.68 | $ | 0.83 | $ | 0.82 | $ | 0.7 | ||||||
Diluted | $ | 0.66 | $ | 0.81 | $ | 0.8 | $ | 0.68 | ||||||
Shares used in per share computations | ||||||||||||||
Basic | 13,537 | 13,520 | 13,469 | 13,293 | ||||||||||
Diluted | 13,940 | 13,873 | 13,824 | 13,659 | ||||||||||
Fiscal 2013 | March 29, | June 28, | September 27, | January 3, | ||||||||||
(In thousands, except per share data) | 2013 | 2013 | 2013 | 2014 | ||||||||||
Revenues before reimbursements | $ | 68,992 | $ | 71,919 | $ | 70,096 | $ | 69,036 | ||||||
Revenues | 72,660 | 75,505 | 75,231 | 72,772 | ||||||||||
Operating income | 10,851 | 17,593 | 15,160 | 12,342 | ||||||||||
Income before income taxes | 13,505 | 18,271 | 17,515 | 14,654 | ||||||||||
Net income | $ | 7,976 | $ | 10,848 | $ | 11,094 | $ | 8,722 | ||||||
Net income per share | ||||||||||||||
Basic | $ | 0.58 | $ | 0.8 | $ | 0.82 | $ | 0.64 | ||||||
Diluted | $ | 0.56 | $ | 0.77 | $ | 0.79 | $ | 0.63 | ||||||
Shares used in per share computations | ||||||||||||||
Basic | 13,667 | 13,637 | 13,598 | 13,556 | ||||||||||
Diluted | 14,125 | 14,007 | 13,993 | 13,949 | ||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) | 23-May-06 |
In Millions, unless otherwise specified | |
Summary Of Significant Accounting Policies [Line Items] | |
Authorized Common Stock Shares Limits On Use | 40 |
Authorized Preferred Stock Shares Limits On Use | 2 |
Summary_of_Gross_Revenues_and_
Summary of Gross Revenues and Reimbursements (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 03, 2014 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |||
Gross Revenues And Reimbursements [Line Items] | ||||||||||||||
Gross revenues | $313,723 | $302,742 | $298,818 | |||||||||||
Less: Subcontractor fees | 9,019 | 6,574 | 6,165 | |||||||||||
Revenues | 73,611 | 78,557 | 76,574 | 75,962 | 72,772 | 75,231 | 75,505 | 72,660 | 304,704 | [1] | 296,168 | [1] | 292,653 | [1] |
Reimbursements: | ||||||||||||||
Out-of-pocket reimbursements | 5,862 | 6,619 | 6,426 | |||||||||||
Other outside direct expenses | 9,633 | 9,506 | 19,665 | |||||||||||
Reimbursements | 15,495 | 16,125 | 26,091 | |||||||||||
Revenues before reimbursements | $69,647 | $74,264 | $72,331 | $72,967 | $69,036 | $70,096 | $71,919 | $68,992 | $289,209 | $280,043 | $266,562 | |||
[1] | Geographic revenues are allocated based on the location of the client. |
Reconciliation_of_Shares_Used_
Reconciliation of Shares Used to Calculate Basic and Diluted Net Income Per Share (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 03, 2014 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | |||||||||||
Shares used in basic per share computation | 13,293 | 13,469 | 13,520 | 13,537 | 13,556 | 13,598 | 13,637 | 13,667 | 13,455 | 13,616 | 13,780 |
Shares used in diluted per share computation | 13,659 | 13,824 | 13,873 | 13,940 | 13,949 | 13,993 | 14,007 | 14,125 | 13,833 | 14,025 | 14,293 |
Employee Stock Option | |||||||||||
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | |||||||||||
Effect of dilutive stock outstanding | 68 | 82 | 150 | ||||||||
Restricted Stock Units (RSUs) | |||||||||||
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | |||||||||||
Effect of dilutive stock outstanding | 310 | 327 | 363 |
Cash_cash_equivalents_and_shor2
Cash, cash equivalents and short-term investments (Detail) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | $154,380 | $156,103 |
Unrealized Gains | 27 | 25 |
Unrealized Losses | -4 | -9 |
Estimated Fair Value | 154,403 | 156,119 |
Total short-term investments | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 24,890 | 33,155 |
Unrealized Gains | 27 | 25 |
Unrealized Losses | -4 | -9 |
Estimated Fair Value | 24,913 | 33,171 |
Money market securities | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 45,478 | 37,099 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 45,478 | 37,099 |
Total cash and cash equivalents | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 129,490 | 122,948 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 129,490 | 122,948 |
Cash | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 84,012 | 85,849 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 84,012 | 85,849 |
Total cash equivalents | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 45,478 | 37,099 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 45,478 | 37,099 |
State and municipal bonds | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 24,890 | 33,155 |
Unrealized Gains | 27 | 25 |
Unrealized Losses | -4 | -9 |
Estimated Fair Value | $24,913 | $33,171 |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 | ||
In Thousands, unless otherwise specified | ||||
Assets | ||||
Money market securities | $45,478 | [1] | $37,099 | [1] |
Total | 114,239 | 108,249 | ||
Liabilities | ||||
Deferred compensation plan | 45,394 | [2] | 37,926 | [2] |
Total | 45,394 | 37,926 | ||
Fixed income securities | ||||
Assets | ||||
Fixed income available for sale securities | 24,913 | [3] | 33,171 | [3] |
Fixed income trading securities held in deferred compensation plan | 9,672 | [4] | 9,535 | [4] |
Equity securities | ||||
Assets | ||||
Equity trading securities held in deferred compensation plan | 34,176 | [4] | 28,444 | [4] |
Fair Value, Inputs, Level 1 | ||||
Assets | ||||
Money market securities | 45,478 | [1] | 37,099 | [1] |
Total | 89,326 | 75,078 | ||
Liabilities | ||||
Deferred compensation plan | 45,394 | [2] | 37,926 | [2] |
Total | 45,394 | 37,926 | ||
Fair Value, Inputs, Level 1 | Fixed income securities | ||||
Assets | ||||
Fixed income available for sale securities | 0 | [3] | 0 | [3] |
Fixed income trading securities held in deferred compensation plan | 9,672 | [4] | 9,535 | [4] |
Fair Value, Inputs, Level 1 | Equity securities | ||||
Assets | ||||
Equity trading securities held in deferred compensation plan | 34,176 | [4] | 28,444 | [4] |
Fair Value, Inputs, Level 2 | ||||
Assets | ||||
Money market securities | 0 | [1] | 0 | [1] |
Total | 24,913 | 33,171 | ||
Liabilities | ||||
Deferred compensation plan | 0 | [2] | 0 | [2] |
Total | 0 | 0 | ||
Fair Value, Inputs, Level 2 | Fixed income securities | ||||
Assets | ||||
Fixed income available for sale securities | 24,913 | [3] | 33,171 | [3] |
Fixed income trading securities held in deferred compensation plan | 0 | [4] | 0 | [4] |
Fair Value, Inputs, Level 2 | Equity securities | ||||
Assets | ||||
Equity trading securities held in deferred compensation plan | 0 | [4] | 0 | [4] |
Fair Value, Inputs, Level 3 | ||||
Assets | ||||
Money market securities | 0 | [1] | 0 | [1] |
Total | 0 | 0 | ||
Liabilities | ||||
Deferred compensation plan | 0 | [2] | 0 | [2] |
Total | 0 | 0 | ||
Fair Value, Inputs, Level 3 | Fixed income securities | ||||
Assets | ||||
Fixed income available for sale securities | 0 | [3] | 0 | [3] |
Fixed income trading securities held in deferred compensation plan | 0 | [4] | 0 | [4] |
Fair Value, Inputs, Level 3 | Equity securities | ||||
Assets | ||||
Equity trading securities held in deferred compensation plan | $0 | [4] | $0 | [4] |
[1] | Included in cash and cash equivalents on the Company’s consolidated balance sheet. | |||
[2] | Included in accrued liabilities and deferred compensation on the Company’s consolidated balance sheet. | |||
[3] | Included in short-term investments on the Company’s consolidated balance sheet. | |||
[4] | Included in other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. |
Summarizes_Cost_And_Estimated_
Summarizes Cost And Estimated Fair Value Of Short Term Fixed Income Securities (Detail) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements [Line Items] | ||
Due within one year, Amortized Cost | $20,719 | |
Due between one and two years, Amortized Cost | 4,171 | |
Total Amortized Cost | 24,890 | |
Due within one year, Estimated Fair Value | 20,741 | |
Due between one and two years, Estimated Fair Value | 4,172 | |
Total Estimated Fair Value | $24,913 | $33,171 |
Property_Equipment_and_Leaseho2
Property, Equipment and Leasehold Improvements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization of property, equipment and leasehold improvements | $5,404 | $4,951 | $4,711 |
Property_Equipment_and_Leaseho3
Property, Equipment and Leasehold Improvements (Detail) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Property: | ||
Land | $4,450 | $4,450 |
Buildings | 35,570 | 34,928 |
Construction in progress | 12 | 51 |
Equipment: | ||
Machinery and equipment | 35,131 | 32,046 |
Office furniture and equipment | 7,714 | 7,542 |
Leasehold improvements | 13,169 | 12,745 |
Property, Plant and Equipment, Gross, Total | 96,046 | 91,762 |
Less accumulated depreciation and amortization | 67,782 | 63,041 |
Property, equipment and leasehold improvements, net | $28,264 | $28,721 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Goodwill [Line Items] | |||
Carrying amount of goodwill | $0 | $0 | $0 |
Goodwill impairments or gains or losses | $0 | $0 | $0 |
Breakdown_of_Goodwill_Reported
Breakdown of Goodwill Reported by Segment (Detail) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ||
Goodwill | $8,607 | $8,607 |
Environmental and Health | ||
Goodwill [Line Items] | ||
Goodwill | 8,099 | |
Engineering and Other Scientific | ||
Goodwill [Line Items] | ||
Goodwill | $508 |
Account_Receivable_Net_Detail
Account Receivable, Net (Detail) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for contract losses and doubtful accounts | ($3,386) | ($2,771) |
Total accounts receivable, net | 86,368 | 76,980 |
Unbilled accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 26,423 | 27,077 |
Billed accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $63,331 | $52,674 |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities (Detail) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accounts payable | $2,230 | $2,798 |
Accrued liabilities | 6,705 | 5,644 |
Total accounts payable and other accrued liabilities | $8,935 | $8,442 |
Accrued_Payroll_and_Employee_B
Accrued Payroll and Employee Benefits (Detail) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Employee Related Liabilities [Line Items] | ||
Accrued bonuses payable | $37,010 | $35,370 |
Accrued 401(k) contributions | 6,887 | 6,976 |
Accrued vacation | 8,277 | 8,004 |
Deferred compensation | 7,648 | 4,478 |
Other accrued payroll and employee benefits | 2,362 | 2,106 |
Total accrued payroll and employee benefits | $62,184 | $56,934 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Income Tax Disclosure [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $4,157,000 | $6,007,000 | $3,423,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 5,100,000 | 4,267,000 | 3,948,000 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 3,920,000 | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $313,000 |
Total_Income_Tax_Expense_Detai
Total Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Current | |||
Federal | $26,647 | $22,468 | $23,562 |
Foreign | 896 | 1,411 | 852 |
State | 5,798 | 4,824 | 4,304 |
Current Income Tax Expense | 33,341 | 28,703 | 28,718 |
Deferred | |||
Federal | -5,059 | -2,703 | -3,378 |
State | -1,018 | -695 | -816 |
Deferred Income Tax Expense | -6,077 | -3,398 | -4,194 |
Total | $27,264 | $25,305 | $24,524 |
Companys_Effective_Tax_Rate_Di
Company's Effective Tax Rate Differs From Statutory Federal Tax Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Schedule Of Company Effective Tax Rate Differs From Statutory Federal Tax Rate [Line Items] | |||
Tax at federal statutory rate | $23,788 | $22,381 | $21,612 |
State taxes, net of federal benefit | 3,226 | 2,819 | 2,409 |
Tax exempt interest income | -44 | -36 | -104 |
Non-deductible expenses | 289 | 226 | 296 |
Non-deductible stock-based compensation | 0 | -79 | -40 |
Other | 5 | -6 | 351 |
Tax expense | $27,264 | $25,305 | $24,524 |
Effective tax rate | 40.10% | 39.60% | 39.70% |
Significant_Portions_of_Deferr
Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities (Detail) (USD $) | Jan. 02, 2015 | Jan. 03, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Accrued liabilities and allowances | $17,244 | $15,539 |
Deferred compensation | 26,873 | 22,373 |
Other | 28 | 0 |
Total deferred tax assets | 44,145 | 37,912 |
Deferred tax liabilities: | ||
State taxes | -1,717 | -1,519 |
Deductible goodwill | -2,978 | -2,925 |
Property, equipment and leasehold improvements | -459 | -622 |
Unrealized gain of deferred compensation plan assets | -3,377 | -3,215 |
Other | 0 | -394 |
Total deferred tax liabilities | -8,531 | -8,675 |
Net deferred tax assets | $35,614 | $29,237 |
Reconciliation_of_The_Beginnin
Reconciliation of The Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
Jan. 02, 2015 | Jan. 03, 2014 | |
Schedule Of Unrecognized Tax Benefits [Line Items] | ||
Balance | $1,147,000 | $908,000 |
Additions based on tax positions related to the current year | 486,000 | 316,000 |
Additions for tax positions of prior years | 0 | 0 |
Reductions due to lapse of statute of limitations | -87,000 | -77,000 |
Reductions due to change in accounting method | 0 | 0 |
Settlements | 0 | 0 |
Balance | $1,546,000 | $1,147,000 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2015 | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | 29-May-14 | Feb. 15, 2013 | Feb. 09, 2012 | 23-May-06 | |
Class of Stock [Line Items] | ||||||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 | ||||||
Preferred Stock Shares Authorized Limitation On Use | 2,000,000 | |||||||
Preferred Stock Shares Issued | 0 | 0 | ||||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||||
Common Stock, Dividends, Per Share, Declared | $0.30 | $1 | $0.60 | $0 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $35,078,000 | |||||||
Dividends Payable, Date to be Paid | 27-Mar-15 | |||||||
Dividends Payable, Date of Record | 6-Mar-15 | |||||||
Dividends Payable, Date Declared | 4-Feb-15 | |||||||
Net losses related to the re-issuance of treasury stock | 6,050,000 | 10,383,000 | 10,600,000 | |||||
Purchase of treasury shares (in shares) | 425,000 | 438,000 | 480,000 | |||||
Purchase of treasury shares | -30,921,000 | -25,011,000 | -23,395,000 | |||||
Stock Repurchase Program, Authorized Amount | $35,000,000 | $35,000,000 | $35,000,000 |
Stockholders_Equity_Detail
Stockholders' Equity (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 03, 2014 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Jan. 02, 2015 | Jan. 03, 2014 |
Class of Stock [Line Items] | ||||||||||
Dividends Per Share | $0.25 | $0.25 | $0.25 | $0.25 | $0.15 | $0.15 | $0.15 | $0.15 | ||
Amount | $3,216 | $3,262 | $3,270 | $3,262 | $1,965 | $1,945 | $1,998 | $1,969 | $13,010 | $7,877 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | 29-May-08 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average fair value of options granted | $24.47 | $18.78 | $19.51 | ||
Total intrinsic value of options exercised | $1,975,000 | $3,177,000 | $7,484,000 | ||
Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average purchase price | $71.35 | $60.64 | $50.26 | ||
Maximum Percentage Of Payroll Deductions Related To Purchase Of Common Stock | 15.00% | ||||
Purchase price of Common Stock as Percentage of Fair Market Value | 95.00% | ||||
Total number of shares reserved for issuance | 200,000 | ||||
Number of Shares Available for Grant | 46,533 | ||||
Vested Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | 6,287,000 | 6,061,000 | 6,089,000 | ||
Percentage of annual bonus settled with fully vested restricted stock unit awards | 40.00% | ||||
Recipient age to expense award on grant date | 59 years 6 months | ||||
Unvested Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | 6,103,000 | 6,030,000 | 5,650,000 | ||
Unrecognized compensation cost | 5,863,000 | ||||
Weighted average period of recognized term | 2 years 6 months | ||||
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | 352,000 | ||||
Weighted average period of recognized term | 2 years 2 months 12 days | ||||
2008 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total number of shares reserved for issuance | 2,414,075 | ||||
Number of Shares Available for Grant | 717,671 | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | 689,000 | 1,077,000 | 639,000 | ||
Restricted Stock | |||||
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 | $16,500,000 | $15,400,000 | $11,300,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $74.58 | [1] | $54.17 | $48.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $81.09 | ||||
[1] | Does not include employee stock purchase plans or stock option plans. |
Number_of_Unvested_Restricted_
Number of Unvested Restricted Stock Unit Awards Outstanding (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | ||
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | |||||
Number of shares outstanding, awards granted | 189,174 | [1] | |||
Number of shares outstanding, awards vested | -221,599 | [1] | |||
Number of shares outstanding, awards forfeited | -2,532 | [1] | |||
Number of shares outstanding, awards balance | 443,390 | [1] | 478,347 | [1] | |
Number of shares outstanding, expected to vest | 437,319 | [1] | |||
Weighted-average grant date fair value awards granted | $74.58 | [1] | $54.17 | $48.04 | |
Weighted-average grant date fair value awards vested | $48.29 | [1] | |||
Weighted-average grant date fair value awards forfeited | $59.07 | [1] | |||
Weighted-average grant date fair value awards balance | $52.81 | [1] | $42.14 | [1] | |
Weighted-average grant date fair value expected to vest | $52.75 | [1] | |||
Weighted average remaining contractual term, Balance | 1 year 7 months 6 days | [1] | |||
Weighted average remaining contractual term, expected to vest | 1 year 6 months | [1] | |||
Aggregate intrinsic value, Balance | $35,954 | [1],[2] | |||
Aggregate intrinsic value, expected to vest | $35,462 | [1],[2] | |||
[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 January 2, 2015 was $81.09. |
Option_Activity_Detail
Option Activity (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | ||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||||
Number of shares outstanding, Options Granted | 22,500 | [1] | ||
Number of shares outstanding, Options forfeited and expired | 0 | [1] | ||
Number of shares outstanding, Options Exercised | -42,000 | [1] | ||
Number of shares outstanding, awards balance: | 197,500 | [1] | 217,000 | [1] |
Number of shares outstanding, Vested and expected to vest | 195,507 | [1] | ||
Number of shares outstanding, Exercisable | 134,375 | [1] | ||
Weighted-average exercise price, Options Granted | $70.80 | [1] | ||
Weighted-average exercise price, Options forfeited and expired | $0 | [1] | ||
Weighted-average exercise price, Options Exercised | $22.86 | [1] | ||
Weighted-average exercise price, Options Balance | $38.43 | [1] | $32.06 | [1] |
Weighted-average exercise price, Options Vested and Expected to Vest | $38.22 | [1] | ||
Weighted-average exercise price, Exercisable | $30.35 | [1] | ||
Weighted average remaining contractual term, Balance | 5 years 10 months 6 days | [1] | ||
Weighted average remaining contractual term, Vested and Expected to Vest | 5 years 9 months 29 days | [1] | ||
Weighted average remaining contractual term, Exercisable | 4 years 9 months 29 days | [1] | ||
Aggregate intrinsic value, Balance | $8,426 | [1] | ||
Aggregate intrinsic value, Vested and Expected to Vest | 8,382 | [1] | ||
Aggregate intrinsic value, Exercisable | $6,819 | [1] | ||
[1] | Does not include restricted stock or employee stock purchase plans |
Assumptions_Used_to_Value_Opti
Assumptions Used to Value Option Grants (Detail) (Employee Stock Option [Member]) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Employee Stock Option [Member] | |||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | |||
Expected life (in years) | 6 years 1 month 6 days | 6 years 4 months 24 days | 6 years 4 months 24 days |
Risk-free interest rate | 1.80% | 1.40% | 1.40% |
Volatility | 32.00% | 36.00% | 39.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
StockBased_Compensation_Expens
Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | |||
Compensation and related expenses | $12,578 | $12,757 | $11,984 |
General and administrative expenses | 501 | 411 | 394 |
Total stock-based compensation expense | 13,079 | 13,168 | 12,378 |
Income tax benefit | 5,141 | 5,195 | 4,844 |
Restricted Stock [Member] | |||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | |||
Compensation and related expenses | 11,889 | 11,680 | 11,345 |
General and administrative expenses | 501 | 411 | 394 |
Employee Stock Option [Member] | |||
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | |||
Compensation and related expenses | $689 | $1,077 | $639 |
Retirement_Plans_Additional_In
Retirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Retirement Plan Disclosure [Line Items] | |||
Defined Contribution Plan Employer Contribution Percentage Of Eligible Wages | 7.00% | ||
Defined Contribution Plan Employer Contribution Annual Vesting Percentage | 20.00% | ||
Defined Contribution Plan Employer Contribution Annual Vesting Period | 5 years | ||
Pension and Other Postretirement Benefit Expense | $6,954,000 | $6,564,000 | $6,573,000 |
Deferred_Compensation_Plan_Add
Deferred Compensation Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Trading securities | $43,848,000 | $37,979,000 | |
Deferred compensation plan vested amounts due | 45,394,000 | 37,926,000 | |
Change in market value of trust assets | $2,525,000 | $6,044,000 | $2,158,000 |
Maximum | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Percentage of compensation deferred | 100.00% |
Summary_of_Future_Minimum_Paym
Summary of Future Minimum Payments (Detail) (USD $) | Jan. 02, 2015 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Line Items] | |
2015 | $7,612 |
2016 | 5,889 |
2017 | 3,802 |
2018 | 2,173 |
2019 | 1,069 |
Thereafter | 2,107 |
Operating Leases, Future Minimum Payments Due, Total | $22,652 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Commitments And Contingencies Disclosure [Line Items] | |||
Purchase Obligation | $320,000 | ||
Property Leases [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Operating Leases, Rent Expense | 5,951,000 | 5,929,000 | 5,481,000 |
Other Operating Leases and Commitments [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Operating Costs and Expenses | $1,965,000 | $1,704,000 | $1,754,000 |
Miscellaneous_Income_Net_Detai
Miscellaneous Income, Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Miscellaneous Income, Net [Line Items] | |||
Rental income | $2,003 | $1,913 | $1,671 |
Gain (loss) on deferred compensation investments | 2,525 | 6,044 | 2,158 |
(Loss) gain on foreign exchange | -293 | -89 | -61 |
Other | 31 | 4 | 33 |
Total | $4,266 | $7,872 | $3,801 |
Industry_and_Client_Credit_Ris1
Industry and Client Credit Risk - Additional Information (Detail) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Government Agencies and Contractors Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 7.00% | 8.00% | 13.00% |
Clients In Transportation Industry and Contractors Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 7.00% | 9.00% | 10.00% |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 |
Cash paid during period: | |||
Income taxes | $27,421 | $24,701 | $24,104 |
Non-cash investing and financing activities: | |||
Unrealized gain (loss) on investments | 4 | -14 | -28 |
Vested stock unit awards granted to settle accrued bonus | 6,008 | 5,807 | 5,343 |
Stock repurchases payable to broker | $0 | $0 | $508 |
Segment_Information_Detail
Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 03, 2014 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $73,611 | $78,557 | $76,574 | $75,962 | $72,772 | $75,231 | $75,505 | $72,660 | $304,704 | [1] | $296,168 | [1] | $292,653 | [1] |
Operating Income | 14,133 | 19,238 | 16,084 | 14,094 | 12,342 | 15,160 | 17,593 | 10,851 | 63,549 | 55,946 | 57,620 | |||
Capital Expenditures | 4,947 | 6,226 | 4,942 | |||||||||||
Depreciation and Amortization | 5,404 | 4,951 | 4,711 | |||||||||||
Engineering and Other Scientific | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 223,384 | 215,972 | 213,304 | |||||||||||
Operating Income | 72,207 | 67,070 | 62,852 | |||||||||||
Capital Expenditures | 3,719 | 5,180 | 3,264 | |||||||||||
Depreciation and Amortization | 3,637 | 3,097 | 2,831 | |||||||||||
Environmental and Health | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 81,320 | 80,196 | 79,349 | |||||||||||
Operating Income | 25,145 | 25,072 | 25,752 | |||||||||||
Capital Expenditures | 211 | 148 | 289 | |||||||||||
Depreciation and Amortization | 197 | 299 | 286 | |||||||||||
Operating segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Income | 97,352 | 92,142 | 88,604 | |||||||||||
Capital Expenditures | 3,930 | 5,328 | 3,553 | |||||||||||
Depreciation and Amortization | 3,834 | 3,396 | 3,117 | |||||||||||
Corporate | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating Income | -33,803 | -36,196 | -30,984 | |||||||||||
Capital Expenditures | 1,017 | 898 | 1,389 | |||||||||||
Depreciation and Amortization | $1,570 | $1,555 | $1,594 | |||||||||||
[1] | Geographic revenues are allocated based on the location of the client. |
Operations_in_Different_Geogra
Operations in Different Geographic Areas (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 03, 2014 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |||
OperationsIn Different Geographic Areas [Line Items] | ||||||||||||||
Property, Equipment and Leasehold Improvements, net | $28,264 | $28,721 | $28,264 | $28,721 | ||||||||||
Revenues | 73,611 | 78,557 | 76,574 | 75,962 | 72,772 | 75,231 | 75,505 | 72,660 | 304,704 | [1] | 296,168 | [1] | 292,653 | [1] |
United States | ||||||||||||||
OperationsIn Different Geographic Areas [Line Items] | ||||||||||||||
Property, Equipment and Leasehold Improvements, net | 27,761 | 28,076 | 27,761 | 28,076 | ||||||||||
Revenues | 273,635 | [1] | 263,341 | [1] | 260,760 | [1] | ||||||||
Foreign Countries | ||||||||||||||
OperationsIn Different Geographic Areas [Line Items] | ||||||||||||||
Property, Equipment and Leasehold Improvements, net | 503 | 645 | 503 | 645 | ||||||||||
Revenues | $31,069 | [1] | $32,827 | $31,893 | [1] | |||||||||
[1] | Geographic revenues are allocated based on the location of the client. |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 03, 2014 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |||
Quarterly Financial Information [Line Items] | ||||||||||||||
Revenues before reimbursements | $69,647 | $74,264 | $72,331 | $72,967 | $69,036 | $70,096 | $71,919 | $68,992 | $289,209 | $280,043 | $266,562 | |||
Revenues | 73,611 | 78,557 | 76,574 | 75,962 | 72,772 | 75,231 | 75,505 | 72,660 | 304,704 | [1] | 296,168 | [1] | 292,653 | [1] |
Operating income | 14,133 | 19,238 | 16,084 | 14,094 | 12,342 | 15,160 | 17,593 | 10,851 | 63,549 | 55,946 | 57,620 | |||
Income before income taxes | 15,827 | 18,375 | 18,398 | 15,365 | 14,654 | 17,515 | 18,271 | 13,505 | 67,965 | 63,945 | 61,749 | |||
Net income | $9,243 | $11,040 | $11,264 | $9,154 | $8,722 | $11,094 | $10,848 | $7,976 | $40,701 | $38,640 | $37,225 | |||
Net income per share | ||||||||||||||
Basic (in dollars per share) | $0.70 | $0.82 | $0.83 | $0.68 | $0.64 | $0.82 | $0.80 | $0.58 | $3.02 | $2.84 | $2.70 | |||
Diluted (in dollars per share) | $0.68 | $0.80 | $0.81 | $0.66 | $0.63 | $0.79 | $0.77 | $0.56 | $2.94 | $2.76 | $2.60 | |||
Shares used in per share computations | ||||||||||||||
Basic | 13,293 | 13,469 | 13,520 | 13,537 | 13,556 | 13,598 | 13,637 | 13,667 | 13,455 | 13,616 | 13,780 | |||
Diluted | 13,659 | 13,824 | 13,873 | 13,940 | 13,949 | 13,993 | 14,007 | 14,125 | 13,833 | 14,025 | 14,293 | |||
[1] | Geographic revenues are allocated based on the location of the client. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |||
Allowance For Bad Debt [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Year | $942 | $933 | $819 | |||
Provision Charged to Expense | 264 | 515 | 483 | |||
Provision Charged to Revenues | 0 | 0 | 0 | |||
Accounts Written-off Net of Recoveries | -190 | [1] | -506 | [1] | -369 | [1] |
Balance at End of Year | 1,016 | 942 | 933 | |||
Allowance For Contract Losses [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at Beginning of Year | 1,829 | 1,733 | 1,520 | |||
Provision Charged to Expense | 0 | 0 | 0 | |||
Provision Charged to Revenues | 1,454 | 1,189 | 1,280 | |||
Accounts Written-off Net of Recoveries | -913 | [1] | -1,093 | [1] | -1,067 | [1] |
Balance at End of Year | $2,370 | $1,829 | $1,733 | |||
[1] | Balance includes currency translation adjustments. |
Recovered_Sheet1
Valuation And Qualifying Accounts - Additional Information (Detail) (Trade Accounts Receivable [Member], USD $) | 12 Months Ended | ||
Jan. 02, 2015 | Jan. 03, 2014 | Dec. 28, 2012 | |
Trade Accounts Receivable [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Written-off Net of Recoveries | $135,000 | $50,000 | $110,000 |