Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Apr. 03, 2015 | 1-May-15 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 3-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | EXPONENT INC | |
Entity Central Index Key | 851520 | |
Current Fiscal Year End Date | 0 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | EXPO | |
Entity Common Stock, Shares Outstanding | 12,990,741 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $123,658 | $129,490 |
Short-term investments | 21,368 | 24,913 |
Accounts receivable, net of allowance for doubtful accounts of $3,596 and $3,386 at April 3, 2015 and January 2, 2015, respectively | 88,076 | 86,368 |
Prepaid expenses and other assets | 12,121 | 14,727 |
Deferred income taxes | 11,602 | 11,002 |
Total current assets | 256,825 | 266,500 |
Property, equipment and leasehold improvements, net | 27,587 | 28,264 |
Goodwill | 8,607 | 8,607 |
Deferred income taxes | 25,917 | 24,612 |
Deferred compensation plan assets | 37,148 | 36,195 |
Other assets | 1,159 | 1,121 |
Total assets | 357,243 | 365,299 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 8,933 | 8,935 |
Accrued payroll and employee benefits | 40,169 | 62,184 |
Deferred revenues | 5,776 | 8,226 |
Total current liabilities | 54,878 | 79,345 |
Other liabilities | 1,985 | 1,862 |
Deferred compensation | 44,648 | 37,745 |
Deferred rent | 1,914 | 2,059 |
Total liabilities | 103,425 | 121,011 |
Stockholders’ equity: | ||
Common stock, $0.001 par value; 100,000 shares authorized; 16,427 shares issued at April 3, 2015 and January 2, 2015 | 16 | 16 |
Additional paid-in capital | 174,161 | 160,225 |
Accumulated other comprehensive income | ||
Investment securities, available-for-sale | 7 | 14 |
Foreign currency translation adjustments | -1,419 | -918 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | -1,412 | -904 |
Retained earnings | 248,089 | 246,961 |
Treasury stock, at cost; 3,436 and 3,556 shares held at April 3, 2015 and January 2, 2015, respectively | -167,036 | -162,010 |
Total stockholders’ equity | 253,818 | 244,288 |
Total liabilities and stockholders' equity | $357,243 | $365,299 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
In Thousands, except Per Share data, unless otherwise specified | ||
Accounts receivable, allowance for contract losses and doubtful accounts | $3,596 | $3,386 |
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 | 3,436 | 3,556 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Revenues: | ||
Revenues before reimbursements | $76,141 | $72,967 |
Reimbursements | 4,152 | 2,995 |
Revenues | 80,293 | 75,962 |
Operating expenses: | ||
Compensation and related expenses | 51,115 | 48,858 |
Other operating expenses | 6,510 | 6,317 |
Reimbursable expenses | 4,152 | 2,995 |
General and administrative expenses | 3,488 | 3,698 |
Total operating expenses | 65,265 | 61,868 |
Operating income | 15,028 | 14,094 |
Other income, net: | ||
Interest income, net | 34 | 44 |
Miscellaneous income, net | 2,009 | 1,227 |
Total other income, net | 2,043 | 1,271 |
Income before income taxes | 17,071 | 15,365 |
Income taxes | 6,738 | 6,211 |
Net income | $10,333 | $9,154 |
Net income per share: | ||
Basic | $0.78 | $0.68 |
Diluted | $0.75 | $0.66 |
Shares used in per share computations: | ||
Basic | 13,311 | 13,537 |
Diluted | 13,695 | 13,940 |
Cash dividends declared per common share | $0.30 | $0.25 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Net income | $10,333 | $9,154 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments, net of tax | -501 | 52 |
Unrealized (losses) gains on available-for-sale investment securities arising during the period, net of tax | -7 | 14 |
Comprehensive income | $9,825 | $9,220 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Cash flows from operating activities: | ||
Net income | $10,333 | $9,154 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of property, equipment and leasehold improvements | 1,381 | 1,322 |
Amortization of premiums and accretion of discounts on short-term investments | 213 | 225 |
Deferred rent | -145 | -99 |
Provision for doubtful accounts | 390 | 249 |
Stock-based compensation | 5,221 | 5,293 |
Deferred income tax provision | -1,938 | -3,324 |
Excess tax benefit from equity incentive plans | -4,431 | -4,499 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -2,098 | -8,215 |
Prepaid expenses and other assets | 2,689 | -4,988 |
Accounts payable and accrued liabilities | 4,553 | 8,167 |
Accrued payroll and employee benefits | -12,017 | -9,838 |
Deferred revenues | -2,450 | 433 |
Net cash provided by (used in) operating activities | 1,701 | -6,120 |
Cash flows from investing activities: | ||
Capital expenditures | -627 | -915 |
Maturity of short-term investments | 3,320 | 1,140 |
Net cash provided by investing activities | 2,693 | 225 |
Cash flows from financing activities: | ||
Excess tax benefit from equity incentive plans | 4,431 | 4,499 |
Payroll taxes for restricted stock units | -7,267 | -6,267 |
Repurchase of common stock | -3,500 | -6,831 |
Exercise of share-based payment awards | 289 | 329 |
Dividends and dividend equivalents rights | -4,023 | -3,310 |
Net cash used in financing activities | -10,070 | -11,580 |
Effect of foreign currency exchange rates on cash and cash equivalents | -156 | 148 |
Net decrease in cash and cash equivalents | -5,832 | -17,327 |
Cash and cash equivalents at beginning of period | 129,490 | 122,948 |
Cash and cash equivalents at end of period | $123,658 | $105,621 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | ||||||||
Apr. 03, 2015 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Basis of Presentation | Note 1: Basis of Presentation | ||||||||
Exponent, Inc. (referred to as the “Company” or “Exponent”) is an engineering and scientific consulting firm that provides solutions to complex problems. The Company operates on a 52-53 week fiscal year ending on the Friday closest to the last day of December. | |||||||||
The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not contain all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments which are necessary for the fair presentation of the condensed consolidated financial statements have been included and all such adjustments are of a normal and recurring nature. The operating results for the three months ended April 3, 2015 are not necessarily representative of the results of future quarterly or annual periods. The following information should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2015 which was filed with the U.S. Securities and Exchange Commission on March 2, 2015. | |||||||||
The unaudited condensed consolidated financial statements include the accounts of Exponent, Inc. and its subsidiaries, which are all wholly owned. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||
Dividend. The Company declared and paid cash dividends per common share during the periods presented as follows: | |||||||||
Fiscal Year 2015 | |||||||||
Dividends | Amount | ||||||||
Per Share | (in thousands) | ||||||||
First Quarter | $ | 0.3 | $ | 3,858 | |||||
$ | 3,858 | ||||||||
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 | ||||||||
The Company expects to continue paying quarterly dividends in the future, subject to declaration by the Company’s Board of Directors. | |||||||||
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. Significant items subject to such estimates and assumptions include accounting for revenue recognition and estimating the allowance for doubtful accounts and contract losses. Actual results could differ from those estimates. | |||||||||
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), or 2018 if the FASB’s proposal for a one year deferral is approved. 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. | |||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||
Apr. 03, 2015 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value Measurements | Note 2: 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 three months ended April 3, 2015 and April 4, 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 April 3, 2015: | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
(In thousands) | Total | Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||
(Level 1) | ||||||||||||||
Assets | ||||||||||||||
Money market | ||||||||||||||
securities (1) | $ | 48,940 | $ | 48,940 | $ | - | $ | - | ||||||
Fixed income available- | ||||||||||||||
for-sale securities (2) | 21,368 | - | 21,368 | - | ||||||||||
Fixed income trading | ||||||||||||||
securities held in deferred | ||||||||||||||
compensation plan (3) | 12,376 | 12,376 | - | - | ||||||||||
Equity trading securities | ||||||||||||||
held in deferred | ||||||||||||||
compensation plan (3) | 31,542 | 31,542 | - | - | ||||||||||
Total | $ | 114,226 | $ | 92,858 | $ | 21,368 | $ | - | ||||||
Liabilities | ||||||||||||||
Deferred compensation | ||||||||||||||
plan (4) | 51,419 | 51,419 | - | - | ||||||||||
Total | $ | 51,419 | $ | 51,419 | $ | - | $ | - | ||||||
-1 | Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. | |||||||||||||
-2 | Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet. | |||||||||||||
-3 | Included in prepaid expenses and other assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. | |||||||||||||
-4 | Included in accrued payroll and employee benefits and deferred compensation on the Company’s unaudited condensed consolidated balance sheet. | |||||||||||||
The fair value of these certain financial assets and liabilities was determined using the following inputs at January 2, 2015: | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
(In thousands) | Total | Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||
(Level 1) | ||||||||||||||
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 prepaid expenses and other assets and deferred compensation plan assets on the Company’s consolidated balance sheet. | |||||||||||||
-4 | Included in accrued payroll and employee benefits and deferred compensation on the Company’s consolidated balance sheet. | |||||||||||||
Fixed income available-for-sale securities as of April 3, 2015 and January 2, 2015 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 6 for additional information about the Company’s deferred compensation plan. | ||||||||||||||
Cash, cash equivalents and short-term investments consisted of the following as of April 3, 2015: | ||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||
(In thousands) | Cost | Gains | Losses | Fair Value | ||||||||||
Classified as current assets: | ||||||||||||||
Cash | $ | 74,718 | $ | - | $ | - | $ | 74,718 | ||||||
Cash equivalents: | ||||||||||||||
Money market securities | 48,940 | - | - | 48,940 | ||||||||||
Total cash equivalents | 48,940 | - | - | 48,940 | ||||||||||
Total cash and cash equivalents | 123,658 | - | - | 123,658 | ||||||||||
Short-term investments: | ||||||||||||||
State and municipal bonds | 21,357 | 13 | -2 | 21,368 | ||||||||||
Total short-term investments | 21,357 | 13 | -2 | 21,368 | ||||||||||
Total cash, cash equivalents | ||||||||||||||
and short-term investments | $ | 145,015 | $ | 13 | $ | -2 | $ | 145,026 | ||||||
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 | ||||||
The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on stated effective maturities as of April 3, 2015: | ||||||||||||||
Amortized | Estimated | |||||||||||||
(In thousands) | Cost | Fair Value | ||||||||||||
Due within one year | $ | 18,739 | $ | 18,750 | ||||||||||
Due between one and two years | 2,618 | 2,618 | ||||||||||||
Total | $ | 21,357 | $ | 21,368 | ||||||||||
At April 3, 2015 and January 2, 2015, 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 April 3, 2015 and 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 April 3, 2015 and 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 three months ended April 3, 2015 and April 4, 2014. | ||||||||||||||
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Income Per Share | Note 3: Net Income Per Share | |||||||
Basic per share amounts are computed using the weighted-average number of common shares outstanding during the period. Diluted per share amounts are calculated using the weighted-average number of common shares outstanding during the period and, when dilutive, the weighted-average number of potential common shares from the issuance of common stock to satisfy outstanding restricted stock units and the exercise of outstanding options to purchase common stock using the treasury stock method. | ||||||||
The following schedule reconciles the shares used to calculate basic and diluted net income per share: | ||||||||
Three Months Ended | ||||||||
(In thousands) | April 3, 2015 | April 4, 2014 | ||||||
Shares used in basic per share computation | 13,311 | 13,537 | ||||||
Effect of dilutive common stock options outstanding | 71 | 79 | ||||||
Effect of dilutive restricted stock units outstanding | 313 | 324 | ||||||
Shares used in diluted per share computation | 13,695 | 13,940 | ||||||
Common stock options to purchase 10,989 shares were excluded from the diluted per share calculation for the three months ended April 3, 2015 due to their antidilutive effect. The weighted-average exercise price for the antidilutive shares was $88.39 for the three months ended April 3, 2015. There were no options excluded from the diluted per share calculations for the three months ended April 4, 2014. | ||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 03, 2015 | |
Share-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 4: Stock-Based Compensation |
Restricted Stock Units | |
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 receives a fully vested restricted stock unit award is also granted a matching number of unvested restricted stock unit awards. Unvested restricted stock unit awards are also granted for select new hires and promotions. These unvested restricted stock unit awards generally 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 59½ years or older, all unvested restricted stock unit awards will continue to vest, provided that 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. | |
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. The Company recorded stock-based compensation expense associated with accrued bonus awards of $1,693,000 and $1,586,000 during the three months ended April 3, 2015 and April 4, 2014, respectively. The value of the unvested restricted stock unit awards granted, adjusted for estimated forfeitures, is recognized on a straight-line basis over the shorter of the four-year vesting period or the period between the grant date and the date the award recipient turns 59½. If the award recipient is 59½ years or older on the date of grant, the value of the entire award is expensed upon grant. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $3,131,000 and $3,227,000 during the three months ended April 3, 2015 and April 4, 2014, respectively. | |
Stock Options | |
Stock options are granted for terms of ten years and generally vest 25% per year over a four-year period from the grant date. For options granted on or after January 1, 2012, all unvested stock option awards will continue to vest in the case of retirement at 59½ years or older, provided that 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. The Company grants options at exercise prices equal to the fair value of the Company’s common stock on the date of grant. The Company recorded stock-based compensation expense associated with stock option grants of $397,000 and $480,000 during the three months ended April 3, 2015 and April 4, 2014, respectively. | |
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 option 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 stock-based payment awards are recognized on a straight-line basis over the requisite service periods of the awards. | |
Treasury_Stock
Treasury Stock | 3 Months Ended |
Apr. 03, 2015 | |
Equity [Abstract] | |
Treasury Stock | Note 5: Treasury Stock |
On February 9, 2012, the Company’s Board of Directors authorized $35,000,000 for the repurchase of the Company’s common stock. On February 15, 2013, the Company’s Board of Directors authorized an additional $35,000,000 for the repurchase of the Company’s common stock. On May 29, 2014, the Company’s Board of Directors authorized an additional $35,000,000 for the repurchase of the Company’s common stock. | |
The Company repurchased 40,483 shares of its common stock for $3,500,000 during the three months ended April 3, 2015. The Company repurchased 102,719 shares of its common stock for $7,631,000 during the three months ended April 4, 2014. As of April 3, 2015, the Company had remaining authorization under its stock repurchase plans of $31,578,000 to repurchase shares of common stock. | |
Net losses related to the re-issuance of treasury stock to settle restricted stock unit and stock option awards of $4,943,000 and $6,050,000 were recorded as a reduction to retained earnings during the three months ended April 3, 2015 and April 4, 2014, respectively. | |
Deferred_Compensation_Plans
Deferred Compensation Plans | 3 Months Ended |
Apr. 03, 2015 | |
Deferred Compensation Arrangements [Abstract] | |
Deferred Compensation Plan | Note 6: 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 April 3, 2015 and January 2, 2015, the invested amounts under the plans totaled $43,918,000 and $43,848,000, respectively. These assets are classified as trading securities and are recorded at fair value with changes recorded as adjustments to other income and expense. | |
As of April 3, 2015 and January 2, 2015, vested amounts due under the plans totaled $51,419,000 and $45,394,000, respectively. Changes in the liability are recorded as adjustments to compensation expense. During the three months ended April 3, 2015 and April 4, 2014, the Company recognized compensation expense of $1,381,000 and $731,000, respectively, as a result of changes in the market value of the trust assets with the same amount being recorded as income in other income (expense), net. | |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Information | Note 7: Supplemental Cash Flow Information | |||||||
The following is supplemental disclosure of cash flow information: | ||||||||
Three Months Ended | ||||||||
(In thousands) | April 3, 2015 | April 4, 2014 | ||||||
Cash paid during period: | ||||||||
Income taxes | $ | 390 | $ | 428 | ||||
Non-cash investing and financing activities: | ||||||||
Unrealized (loss) gain on short-term investments | $ | -7 | $ | 14 | ||||
Vested stock unit awards issued to settle accrued bonuses | $ | 6,169 | $ | 6,008 | ||||
Stock repurchases payable to broker | $ | - | $ | 800 | ||||
Accounts_Receivable_Net
Accounts Receivable, Net | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Accounts Receivable, Net | Note 8: Accounts Receivable, Net | |||||||
At April 3, 2015 and January 2, 2015, accounts receivable, net, was comprised of the following: | ||||||||
April 3, | January 2, | |||||||
(In thousands) | 2015 | 2015 | ||||||
Billed accounts receivable | $ | 58,799 | $ | 63,331 | ||||
Unbilled accounts receivable | 32,873 | 26,423 | ||||||
Allowance for doubtful accounts | -3,596 | -3,386 | ||||||
Total accounts receivable, net | $ | 88,076 | $ | 86,368 | ||||
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Disclosure Segment Information [Abstract] | ||||||||
Segment Reporting | Note 9: 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 for the three months ended April 3, 2015 and April 4, 2014 follows: | ||||||||
Revenues | ||||||||
Three Months Ended | ||||||||
(In thousands) | 3-Apr-15 | April 4, 2014 | ||||||
Engineering and Other Scientific | $ | 59,801 | $ | 55,827 | ||||
Environmental and Health | 20,492 | 20,135 | ||||||
Total revenues | $ | 80,293 | $ | 75,962 | ||||
Operating Income | ||||||||
Three Months Ended | ||||||||
(In thousands) | April 3, 2015 | April 4, 2014 | ||||||
Engineering and Other Scientific | $ | 19,245 | $ | 18,818 | ||||
Environmental and Health | 6,464 | 5,973 | ||||||
Total segment operating income | 25,709 | 24,791 | ||||||
Corporate operating expense | -10,681 | -10,697 | ||||||
Total operating income | $ | 15,028 | $ | 14,094 | ||||
Capital Expenditures | ||||||||
Three Months Ended | ||||||||
(In thousands) | April 3, 2015 | April 4, 2014 | ||||||
Engineering and Other Scientific | $ | 392 | $ | 530 | ||||
Environmental and Health | 24 | 55 | ||||||
Total segment capital expenditures | 416 | 585 | ||||||
Corporate capital expenditures | 211 | 330 | ||||||
Total capital expenditures | $ | 627 | $ | 915 | ||||
Depreciation and Amortization | ||||||||
Three Months Ended | ||||||||
(In thousands) | April 3, 2015 | April 4, 2014 | ||||||
Engineering and Other Scientific | $ | 1,104 | $ | 873 | ||||
Environmental and Health | 43 | 47 | ||||||
Total segment depreciation and amortization | 1,147 | 920 | ||||||
Corporate depreciation and amortization | 234 | 402 | ||||||
Total depreciation and amortization | $ | 1,381 | $ | 1,322 | ||||
No single customer comprised more than 10% of the Company’s revenues during the three months ended April 3, 2015 and April 4, 2014. No single customer comprised more than 10% of the Company’s accounts receivable at April 3, 2015 and January 2, 2015. | ||||||||
Goodwill
Goodwill | 3 Months Ended | ||||||||||
Apr. 03, 2015 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Goodwill | Note 10: Goodwill | ||||||||||
Below is a breakdown of goodwill reported by segment as of April 3, 2015: | |||||||||||
Environmental | Engineering and | ||||||||||
(In thousands) | and Health | Other Scientific | Total | ||||||||
Goodwill | $ | 8,099 | $ | 508 | $ | 8,607 | |||||
There were no acquisitions, dispositions, impairments or other changes in the carrying amount of goodwill, nor any changes in the composition of the Company’s reporting units, during the three months ended April 3, 2015. | |||||||||||
Contingencies
Contingencies | 3 Months Ended |
Apr. 03, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 11: Contingencies |
The Company is a party to various legal actions from time to time and may be contingently liable in connection with claims and contracts arising in the normal course of business, the outcome of which the Company believes, after consultation with legal counsel, will not have a material adverse effect on its financial condition, results of operations or liquidity. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. All legal costs associated with litigation are expensed as incurred. | |
Subsequent_Event
Subsequent Event | 3 Months Ended |
Apr. 03, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 12: Subsequent Event |
On April 22, 2015, the Company announced that its Board of Directors approved a two-for-one stock split of its common stock and a change in the number of authorized shares of common and preferred stock to 80 million and 2 million, respectively, each subject to stockholder approval of both the split and the change in authorized shares at the 2015 annual meeting of stockholders on May 28, 2015. If the Company’s stockholders approve the stock split and the change in authorized shares, each stockholder of record at the close of business on May 28, 2015 will receive one additional share of common stock for every outstanding share of common stock held on the record date. | |
On April 22, 2015, the Company announced that its Board of Directors declared a cash dividend to be paid on June 26, 2015 to all common stockholders of record as of June 12, 2015. If the proposed stock split and the change in authorized shares are approved by stockholders the cash dividend will be $0.15 per share after giving effect to the split. If the proposed stock split, the change in authorized shares, or both are not approved by stockholders (such that the split does not occur), the cash dividend will be $0.30 per share. | |
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 3 Months Ended | ||||||||
Apr. 03, 2015 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Common Stock Dividends Declared Per Share | The Company declared and paid cash dividends per common share during the periods presented as follows: | ||||||||
Fiscal Year 2015 | |||||||||
Dividends | Amount | ||||||||
Per Share | (in thousands) | ||||||||
First Quarter | $ | 0.3 | $ | 3,858 | |||||
$ | 3,858 | ||||||||
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 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||
Apr. 03, 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 April 3, 2015: | |||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
(In thousands) | Total | Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||
(Level 1) | ||||||||||||||
Assets | ||||||||||||||
Money market | ||||||||||||||
securities (1) | $ | 48,940 | $ | 48,940 | $ | - | $ | - | ||||||
Fixed income available- | ||||||||||||||
for-sale securities (2) | 21,368 | - | 21,368 | - | ||||||||||
Fixed income trading | ||||||||||||||
securities held in deferred | ||||||||||||||
compensation plan (3) | 12,376 | 12,376 | - | - | ||||||||||
Equity trading securities | ||||||||||||||
held in deferred | ||||||||||||||
compensation plan (3) | 31,542 | 31,542 | - | - | ||||||||||
Total | $ | 114,226 | $ | 92,858 | $ | 21,368 | $ | - | ||||||
Liabilities | ||||||||||||||
Deferred compensation | ||||||||||||||
plan (4) | 51,419 | 51,419 | - | - | ||||||||||
Total | $ | 51,419 | $ | 51,419 | $ | - | $ | - | ||||||
-1 | Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. | |||||||||||||
-2 | Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet. | |||||||||||||
-3 | Included in prepaid expenses and other assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. | |||||||||||||
-4 | Included in accrued payroll and employee benefits and deferred compensation on the Company’s unaudited condensed consolidated balance sheet. | |||||||||||||
The fair value of these certain financial assets and liabilities was determined using the following inputs at January 2, 2015: | ||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||
(In thousands) | Total | Quoted Prices in Active Markets for | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||
(Level 1) | ||||||||||||||
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 prepaid expenses and other assets and deferred compensation plan assets on the Company’s consolidated balance sheet. | |||||||||||||
-4 | Included in accrued payroll and employee benefits and deferred compensation on the Company’s consolidated balance sheet. | |||||||||||||
Cash, cash equivalents and short-term investments | Cash, cash equivalents and short-term investments consisted of the following as of April 3, 2015: | |||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||
(In thousands) | Cost | Gains | Losses | Fair Value | ||||||||||
Classified as current assets: | ||||||||||||||
Cash | $ | 74,718 | $ | - | $ | - | $ | 74,718 | ||||||
Cash equivalents: | ||||||||||||||
Money market securities | 48,940 | - | - | 48,940 | ||||||||||
Total cash equivalents | 48,940 | - | - | 48,940 | ||||||||||
Total cash and cash equivalents | 123,658 | - | - | 123,658 | ||||||||||
Short-term investments: | ||||||||||||||
State and municipal bonds | 21,357 | 13 | -2 | 21,368 | ||||||||||
Total short-term investments | 21,357 | 13 | -2 | 21,368 | ||||||||||
Total cash, cash equivalents | ||||||||||||||
and short-term investments | $ | 145,015 | $ | 13 | $ | -2 | $ | 145,026 | ||||||
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 | ||||||
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 stated effective maturities as of April 3, 2015: | |||||||||||||
Amortized | Estimated | |||||||||||||
(In thousands) | Cost | Fair Value | ||||||||||||
Due within one year | $ | 18,739 | $ | 18,750 | ||||||||||
Due between one and two years | 2,618 | 2,618 | ||||||||||||
Total | $ | 21,357 | $ | 21,368 | ||||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Reconciles Shares to Calculate Basic and Diluted Net Income Per Share | The following schedule reconciles the shares used to calculate basic and diluted net income per share: | |||||||
Three Months Ended | ||||||||
(In thousands) | April 3, 2015 | April 4, 2014 | ||||||
Shares used in basic per share computation | 13,311 | 13,537 | ||||||
Effect of dilutive common stock options outstanding | 71 | 79 | ||||||
Effect of dilutive restricted stock units outstanding | 313 | 324 | ||||||
Shares used in diluted per share computation | 13,695 | 13,940 | ||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Disclosure of Cash Flow Information | The following is supplemental disclosure of cash flow information: | |||||||
Three Months Ended | ||||||||
(In thousands) | April 3, 2015 | April 4, 2014 | ||||||
Cash paid during period: | ||||||||
Income taxes | $ | 390 | $ | 428 | ||||
Non-cash investing and financing activities: | ||||||||
Unrealized (loss) gain on short-term investments | $ | -7 | $ | 14 | ||||
Vested stock unit awards issued to settle accrued bonuses | $ | 6,169 | $ | 6,008 | ||||
Stock repurchases payable to broker | $ | - | $ | 800 | ||||
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Accounts Receivable, Net | At April 3, 2015 and January 2, 2015, accounts receivable, net, was comprised of the following: | |||||||
April 3, | January 2, | |||||||
(In thousands) | 2015 | 2015 | ||||||
Billed accounts receivable | $ | 58,799 | $ | 63,331 | ||||
Unbilled accounts receivable | 32,873 | 26,423 | ||||||
Allowance for doubtful accounts | -3,596 | -3,386 | ||||||
Total accounts receivable, net | $ | 88,076 | $ | 86,368 | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||
Apr. 03, 2015 | ||||||||
Disclosure Segment Information [Abstract] | ||||||||
Segment Reporting Information, by Segment | Segment information for the three months ended April 3, 2015 and April 4, 2014 follows: | |||||||
Revenues | ||||||||
Three Months Ended | ||||||||
(In thousands) | 3-Apr-15 | April 4, 2014 | ||||||
Engineering and Other Scientific | $ | 59,801 | $ | 55,827 | ||||
Environmental and Health | 20,492 | 20,135 | ||||||
Total revenues | $ | 80,293 | $ | 75,962 | ||||
Operating Income | ||||||||
Three Months Ended | ||||||||
(In thousands) | April 3, 2015 | April 4, 2014 | ||||||
Engineering and Other Scientific | $ | 19,245 | $ | 18,818 | ||||
Environmental and Health | 6,464 | 5,973 | ||||||
Total segment operating income | 25,709 | 24,791 | ||||||
Corporate operating expense | -10,681 | -10,697 | ||||||
Total operating income | $ | 15,028 | $ | 14,094 | ||||
Capital Expenditures | ||||||||
Three Months Ended | ||||||||
(In thousands) | April 3, 2015 | April 4, 2014 | ||||||
Engineering and Other Scientific | $ | 392 | $ | 530 | ||||
Environmental and Health | 24 | 55 | ||||||
Total segment capital expenditures | 416 | 585 | ||||||
Corporate capital expenditures | 211 | 330 | ||||||
Total capital expenditures | $ | 627 | $ | 915 | ||||
Depreciation and Amortization | ||||||||
Three Months Ended | ||||||||
(In thousands) | April 3, 2015 | April 4, 2014 | ||||||
Engineering and Other Scientific | $ | 1,104 | $ | 873 | ||||
Environmental and Health | 43 | 47 | ||||||
Total segment depreciation and amortization | 1,147 | 920 | ||||||
Corporate depreciation and amortization | 234 | 402 | ||||||
Total depreciation and amortization | $ | 1,381 | $ | 1,322 | ||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | ||||||||||
Apr. 03, 2015 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Breakdown of Goodwill Reported by Segment | Below is a breakdown of goodwill reported by segment as of April 3, 2015: | ||||||||||
Environmental | Engineering and | ||||||||||
(In thousands) | and Health | Other Scientific | Total | ||||||||
Goodwill | $ | 8,099 | $ | 508 | $ | 8,607 | |||||
Common_Stock_Dividends_Declare
Common Stock Dividends Declared And Paid Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 02, 2015 |
Class of Stock [Line Items] | ||||||
Dividends Per Share | $0.30 | $0.25 | $0.25 | $0.25 | $0.25 | |
Amount | $3,858 | $3,216 | $3,262 | $3,270 | $3,262 | $13,010 |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 | ||
In Thousands, unless otherwise specified | ||||
Assets | ||||
Money market securities | $48,940 | [1] | $45,478 | [2] |
Total | 114,226 | 114,239 | ||
Liabilities | ||||
Deferred compensation plan | 51,419 | [3] | 45,394 | [4] |
Total | 51,419 | 45,394 | ||
Fixed income securities | ||||
Assets | ||||
Fixed income available-for-sale securities | 21,368 | [5] | 24,913 | [6] |
Fixed income trading securities held in deferred compensation plan | 12,376 | [7] | 9,672 | [8] |
Equity securities | ||||
Assets | ||||
Equity trading securities held in deferred compensation plan | 31,542 | [7] | 34,176 | [8] |
Fair Value, Inputs, Level 1 | ||||
Assets | ||||
Money market securities | 48,940 | [1] | 45,478 | [2] |
Total | 92,858 | 89,326 | ||
Liabilities | ||||
Deferred compensation plan | 51,419 | [3] | 45,394 | [4] |
Total | 51,419 | 45,394 | ||
Fair Value, Inputs, Level 1 | Fixed income securities | ||||
Assets | ||||
Fixed income available-for-sale securities | 0 | [5] | 0 | [6] |
Fixed income trading securities held in deferred compensation plan | 12,376 | [7] | 9,672 | [8] |
Fair Value, Inputs, Level 1 | Equity securities | ||||
Assets | ||||
Equity trading securities held in deferred compensation plan | 31,542 | [7] | 34,176 | [8] |
Fair Value, Inputs, Level 2 | ||||
Assets | ||||
Money market securities | 0 | [1] | 0 | [2] |
Total | 21,368 | 24,913 | ||
Liabilities | ||||
Deferred compensation plan | 0 | [3] | 0 | [4] |
Total | 0 | 0 | ||
Fair Value, Inputs, Level 2 | Fixed income securities | ||||
Assets | ||||
Fixed income available-for-sale securities | 21,368 | [5] | 24,913 | [6] |
Fixed income trading securities held in deferred compensation plan | 0 | [7] | 0 | [8] |
Fair Value, Inputs, Level 2 | Equity securities | ||||
Assets | ||||
Equity trading securities held in deferred compensation plan | 0 | [7] | 0 | [8] |
Fair Value, Inputs, Level 3 | ||||
Assets | ||||
Money market securities | 0 | [1] | 0 | [2] |
Total | 0 | 0 | ||
Liabilities | ||||
Deferred compensation plan | 0 | [3] | 0 | [4] |
Total | 0 | 0 | ||
Fair Value, Inputs, Level 3 | Fixed income securities | ||||
Assets | ||||
Fixed income available-for-sale securities | 0 | [5] | 0 | [6] |
Fixed income trading securities held in deferred compensation plan | 0 | [7] | 0 | [8] |
Fair Value, Inputs, Level 3 | Equity securities | ||||
Assets | ||||
Equity trading securities held in deferred compensation plan | $0 | [7] | $0 | [8] |
[1] | Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. | |||
[2] | Included in cash and cash equivalents on the Company’s consolidated balance sheet. | |||
[3] | Included in accrued payroll and employee benefits and deferred compensation on the Company’s unaudited condensed consolidated balance sheet. | |||
[4] | Included in accrued payroll and employee benefits and deferred compensation on the Company’s consolidated balance sheet. | |||
[5] | Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet. | |||
[6] | Included in short-term investments on the Company’s consolidated balance sheet. | |||
[7] | Included in prepaid expenses and other assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. | |||
[8] | Included in prepaid expenses and other assets and deferred compensation plan assets on the Company’s consolidated balance sheet. |
Cash_cash_equivalents_and_shor
Cash, cash equivalents and short-term investments (Detail) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | $145,015 | $154,380 |
Unrealized Gains | 13 | 27 |
Unrealized Losses | -2 | -4 |
Estimated Fair Value | 145,026 | 154,403 |
Total short-term investments | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 21,357 | 24,890 |
Unrealized Gains | 13 | 27 |
Unrealized Losses | -2 | -4 |
Estimated Fair Value | 21,368 | 24,913 |
Money market securities | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 48,940 | 45,478 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 48,940 | 45,478 |
Total cash and cash equivalents | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 123,658 | 129,490 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 123,658 | 129,490 |
Cash | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 74,718 | 84,012 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 74,718 | 84,012 |
Total cash equivalents | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 48,940 | 45,478 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 48,940 | 45,478 |
State and municipal bonds | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 21,357 | 24,890 |
Unrealized Gains | 13 | 27 |
Unrealized Losses | -2 | -4 |
Estimated Fair Value | $21,368 | $24,913 |
Summarizes_Cost_And_Estimated_
Summarizes Cost And Estimated Fair Value Of Short Term Fixed Income Securities (Detail) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements [Line Items] | ||
Due within one year, Amortized Cost | $18,739 | |
Due between one and two years, Amortized Cost | 2,618 | |
Total Amortized Cost | 21,357 | |
Due within one year, Estimated Fair Value | 18,750 | |
Due between one and two years, Estimated Fair Value | 2,618 | |
Total Estimated Fair Value | $21,368 | $24,913 |
Net_Income_Per_Share_Additiona
Net Income Per Share - Additional Information (Detail) (USD $) | 3 Months Ended | |
Apr. 04, 2014 | Apr. 03, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,989 | |
Antidilutive Shares Weighted Average Exercise Price | $88.39 |
Reconciliation_of_Shares_Used_
Reconciliation of Shares Used to Calculate Basic and Diluted Net Income Per Share (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | ||
Shares used in basic per share computation | 13,311 | 13,537 |
Shares used in diluted per share computation | 13,695 | 13,940 |
Employee Stock Option | ||
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | ||
Effect of dilutive stock outstanding | 71 | 79 |
Restricted Stock Units (RSUs) | ||
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | ||
Effect of dilutive stock outstanding | 313 | 324 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Apr. 03, 2015 | Apr. 04, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term | 10 years | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of annual bonus settled with fully vested restricted stock unit awards | 40.00% | |
Unvested Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation, vesting period | 4 years | |
Unvested Restricted Stock | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recipient age to expense award on grant date | 59 years 6 months | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $397,000 | $480,000 |
Vesting percentage of stock options granted per year | 25.00% | |
Stock based compensation, vesting period | 4 years | |
Vested Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | 1,693,000 | 1,586,000 |
Stock based compensation, holding period | 4 years | |
Unvested Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $3,131,000 | $3,227,000 |
Unvested Stock Options | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recipient age to expense award on grant date | 59 years 6 months |
Treasury_Stock_Additional_Info
Treasury Stock - Additional Information (Detail) (USD $) | 3 Months Ended | ||||
Apr. 03, 2015 | Apr. 04, 2014 | 29-May-14 | Feb. 15, 2013 | Feb. 09, 2012 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $35,000,000 | $35,000,000 | $35,000,000 | ||
Purchase of treasury shares (in shares) | 40,483 | 102,719 | |||
Repurchase of treasury shares | 3,500,000 | 7,631,000 | |||
Remaining authorized amount for repurchase of common stock | 31,578,000 | ||||
Treasury stock reissued at lower than repurchase price | $4,943,000 | $6,050,000 |
Deferred_Compensation_Plans_Ad
Deferred Compensation Plans - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Apr. 03, 2015 | Apr. 04, 2014 | Jan. 02, 2015 | |
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 | $43,918,000 | $43,848,000 | |
Deferred compensation plan vested amounts due | 51,419,000 | 45,394,000 | |
Change in market value of trust assets | $1,381,000 | $731,000 | |
Maximum | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Percentage of compensation deferred | 100.00% |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Cash paid during period: | ||
Income taxes | $390 | $428 |
Non-cash investing and financing activities: | ||
Unrealized (loss) gain on short-term investments | -7 | 14 |
Vested stock unit awards issued to settle accrued bonuses | 6,169 | 6,008 |
Stock repurchases payable to broker | $0 | $800 |
Accounts_Receivable_Net_Detail
Accounts Receivable, Net (Detail) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts | ($3,596) | ($3,386) |
Total accounts receivable, net | 88,076 | 86,368 |
Unbilled accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 32,873 | 26,423 |
Billed accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $58,799 | $63,331 |
Segment_Information_Detail
Segment Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Apr. 03, 2015 | Apr. 04, 2014 |
Segment Reporting Information [Line Items] | ||
Revenues | $80,293 | $75,962 |
Operating Income | 15,028 | 14,094 |
Capital Expenditures | 627 | 915 |
Depreciation and Amortization | 1,381 | 1,322 |
Engineering and Other Scientific | ||
Segment Reporting Information [Line Items] | ||
Revenues | 59,801 | 55,827 |
Operating Income | 19,245 | 18,818 |
Capital Expenditures | 392 | 530 |
Depreciation and Amortization | 1,104 | 873 |
Environmental and Health | ||
Segment Reporting Information [Line Items] | ||
Revenues | 20,492 | 20,135 |
Operating Income | 6,464 | 5,973 |
Capital Expenditures | 24 | 55 |
Depreciation and Amortization | 43 | 47 |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 25,709 | 24,791 |
Capital Expenditures | 416 | 585 |
Depreciation and Amortization | 1,147 | 920 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Operating Income | -10,681 | -10,697 |
Capital Expenditures | 211 | 330 |
Depreciation and Amortization | $234 | $402 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 3 Months Ended | ||
Apr. 03, 2015 | Jan. 02, 2015 | Apr. 04, 2014 | |
Segment Reporting Information [Line Items] | |||
Number of Operating Segments | 2 | ||
Percentage of account receivable | 10.00% | 10.00% | |
Percentage of Company's revenue | 10.00% | 10.00% |
Breakdown_of_Goodwill_Reported
Breakdown of Goodwill Reported by Segment (Detail) (USD $) | Apr. 03, 2015 | Jan. 02, 2015 |
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 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 3 Months Ended |
Apr. 03, 2015 | |
Goodwill [Line Items] | |
Goodwill, Acquisitions | $0 |
Goodwill, Dispositions | 0 |
Goodwill, Impairments or other change | 0 |
Goodwill, Changes in the composition | $0 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) | 1 Months Ended | ||
Apr. 22, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | |
Subsequent Event [Line Items] | |||
Common Stock Shares Authorized | 100,000,000 | 100,000,000 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common Stock Shares Authorized | 80,000,000 | ||
Preferred Stock, Shares Authorized | 2,000,000 | ||
Dividend Declared Stock Split Authorized | If the proposed stock split and the change in authorized shares are approved by stockholders the cash dividend will be $0.15 per share after giving effect to the split. If the proposed stock split, the change in authorized shares, or both are not approved by stockholders (such that the split does not occur), the cash dividend will be $0.30 per share. | ||
Stockholders' Equity Note, Stock Split | two-for-one stock split |