Exponent (EXPO) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Registrant Name	EXPONENT INC
Entity Central Index Key	851,520
Current Fiscal Year End Date	--12-29
Entity Filer Category	Large Accelerated Filer
Trading Symbol	EXPO
Entity Common Stock, Shares Outstanding		25,871,157

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Current assets:
Cash and cash equivalents	$ 87,086	$ 114,967
Short-term investments	67,817	58,755
Accounts receivable, net of allowance for contract losses and doubtful accounts of $3,661 and $3,417 at March 31, 2017 and December 30, 2016, respectively	96,346	87,409
Prepaid expenses and other assets	12,368	12,913
Total current assets	263,617	274,044
Property, equipment and leasehold improvements, net	36,572	36,710
Goodwill	8,607	8,607
Deferred income taxes	41,715	42,166
Deferred compensation plan assets	46,699	41,153
Other assets	952	1,064
Total assets	398,162	403,744
Current liabilities:
Accounts payable and accrued liabilities	10,204	10,073
Accrued payroll and employee benefits	41,067	62,539
Deferred revenues	6,145	7,624
Total current liabilities	57,416	80,236
Other liabilities	2,117	2,005
Deferred compensation	52,399	46,503
Deferred rent	1,525	1,654
Total liabilities	113,457	130,398
Stockholders’ equity:
Common stock, $0.001 par value; 80,000 shares authorized; 32,853 shares issued at March 31, 2017 and December 30, 2016	33	33
Additional paid-in capital	205,273	194,632
Accumulated other comprehensive income (loss)
Investment securities, available-for-sale	(110)	(146)
Foreign currency translation adjustments	(2,844)	(2,980)
Accumulated other comprehensive income (loss)	(2,954)	(3,126)
Retained earnings	296,025	291,243
Treasury stock, at cost; 6,982 and 7,256 shares held at March 31, 2017 and December 30, 2016, respectively	(213,672)	(209,436)
Total stockholders’ equity	284,705	273,346
Total liabilities and stockholders’ equity	$ 398,162	$ 403,744

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Accounts receivable, net of allowance for contract losses and doubtful accounts	$ 3,661	$ 3,417
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	80,000	80,000
Common stock, shares issued	32,853	32,853
Treasury stock, shares	6,982	7,256

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Revenues:
Revenues before reimbursements	$ 80,467	$ 78,950
Reimbursements	3,655	4,206
Revenues	84,122	83,156
Operating expenses:
Compensation and related expenses	54,418	52,017
Other operating expenses	7,191	6,983
Reimbursable expenses	3,655	4,206
General and administrative expenses	4,224	3,514
Total operating expenses	69,488	66,720
Operating income	14,634	16,436
Other income, net:
Interest income, net	234	139
Miscellaneous income, net	2,542	1,159
Total	2,776	1,298
Income before income taxes	17,410	17,734
Income taxes	834	2,384
Net income	$ 16,576	$ 15,350
Net income per share:
Basic	$ 0.63	$ 0.58
Diluted	$ 0.61	$ 0.56
Shares used in per share computations:
Basic	26,302	26,513
Diluted	26,981	27,239
Cash dividends declared per common share	$ 0.21	$ 0.18

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Net income	$ 16,576	$ 15,350
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	136	(5)
Unrealized gains on available-for-sale investment securities arising during the period, net of tax	36	85
Comprehensive income	$ 16,748	$ 15,430

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Cash flows from operating activities:
Net income	$ 16,576	$ 15,350
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization of property, equipment and leasehold improvements	1,566	1,403
Amortization of premiums and accretion of discounts on short-term investments	0	22
Deferred rent	(129)	(110)
Provision for contract losses and doubtful accounts	458	434
Stock-based compensation	5,655	5,220
Deferred income tax provision	426	(430)
Changes in operating assets and liabilities:
Accounts receivable	(9,395)	(6,769)
Prepaid expenses and other assets	(2,974)	728
Accounts payable and accrued liabilities	3	(2,300)
Accrued payroll and employee benefits	(12,491)	(11,944)
Deferred revenues	(1,479)	(1,291)
Net cash (used in) provided by operating activities	(1,784)	313
Cash flows from investing activities:
Capital expenditures	(1,307)	(1,481)
Purchase of short-term investments	(9,000)	(12,000)
Maturity of short-term investments	0	1,450
Net cash used in investing activities	(10,307)	(12,031)
Cash flows from financing activities:
Payroll taxes for restricted stock units	(9,517)	(7,613)
Repurchase of common stock	(1,304)	(3,500)
Exercise of share-based payment awards	287	305
Dividends and dividend equivalent rights	(5,374)	(4,628)
Net cash used in financing activities	(15,908)	(15,436)
Effect of foreign currency exchange rates on cash and cash equivalents	118	(62)
Net decrease in cash and cash equivalents	(27,881)	(27,216)
Cash and cash equivalents at beginning of period	114,967	125,751
Cash and cash equivalents at end of period	$ 87,086	$ 98,535

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 promulgated by 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 March 31, 2017 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 December 30, 2016, which was filed with the U.S. Securities and Exchange Commission on February 24, 2017. 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. Fiscal Year 2017 Dividends Amount First Quarter $ 0.21 $ 5,374 Total $ 0.21 $ 5,374 Fiscal Year 2016 Dividends Amount First Quarter $ 0.18 $ 4,628 Second Quarter 0.18 4,675 Third Quarter 0.18 4,659 Fourth Quarter 0.18 4,607 Total $ 0.72 $ 18,569 On April 19, 2017 0.21 June 23, 2017 June 9, 2017 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 contract losses and doubtful accounts. Actual results could differ from those estimates. Revenue from Contracts with Customers The impact of adopting the new standard is not expected to be material because the analysis of the Company’s contracts under the new revenue recognition standard supports the recognition of revenue over time, which is consistent with the Company’s current revenue recognition model. Substantially all of the Company’s engagements are performed under time and material or fixed-price arrangements. For time and materials contracts the Company anticipates utilizing the practical expedient under the ASU which states, if an entity has a right to consideration from a customer in an amount that corresponds directly with the value of the entity’s performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour or service provided), the entity may recognize revenue in the amount to which the entity has a right to invoice. Application of the practical expedient to time and material contracts is consistent with the Company’s current revenue recognition policy. For fixed price contracts the Company will recognize revenue over time under the ASU because of the continuous transfer of control to the customer. The customer typically controls the work in process as evidenced either by contractual termination clauses or by the Company’s rights to payment for work performed to date to deliver services that do not have an alternative use to the Company. Input methods are an acceptable method of measuring progress towards completing under the ASU. This is consistent with the Company’s current policy of measuring progress towards completion 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. The Company anticipates adopting the standard using the modified retrospective method. The Company is currently evaluating the required disclosures under the new standard and developing appropriate changes to its process, systems and controls. On February 25, 2016, the FASB issued ASU No. 2016-02, Leases

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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 were no transfers between fair value measurement levels during the three months ended March 31, 2017 and April 1, 2016. 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. Fair Value Measurements at Reporting Date Using (In thousands) Total Quoted Prices in Significant Other Significant Assets Money market securities (1) $ 13,138 $ 13,138 $ - $ - Fixed income available- for-sale securities (2) 67,817 - 67,817 - Fixed income trading securities held in deferred compensation plan (3) 15,271 15,271 - - Equity trading securities held in deferred compensation plan (3) 37,429 37,429 - - Total $ 133,655 $ 65,838 $ 67,817 $ - Liabilities Deferred compensation plan (4) 58,320 58,320 - - Total $ 58,320 $ 58,320 $ - $ - (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 December 30, 2016: Fair Value Measurements at Reporting Date Using (In thousands) Total Quoted Prices in Significant Other Significant Assets Money market securities (1) $ 21,918 $ 21,918 $ - $ - Fixed income available- for-sale securities (2) 58,755 - 58,755 - Fixed income trading securities held in deferred compensation plan (3) 11,872 11,872 - - Equity trading securities held in deferred compensation plan (3) 36,395 36,395 - - Total $ 128,940 $ 70,185 $ 58,755 $ - Liabilities Deferred compensation plan (4) 53,617 53,617 - - Total $ 53,617 $ 53,617 $ - $ - (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. Fixed income available-for-sale securities as of March 31, 2017 and December 30, 2016 represent obligations of United States 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 March 31, 2017: (In thousands) Amortized Unrealized Unrealized Estimated Classified as current assets: Cash $ 73,948 $ - $ - $ 73,948 Cash equivalents: Money market securities 13,138 - - 13,138 Total cash equivalents 13,138 - - 13,138 Total cash and cash equivalents 87,086 - - 87,086 Short-term investments: U.S. agency securities 68,000 2 (185) 67,817 Total short-term investments 68,000 2 (185) 67,817 Total cash, cash equivalents and short-term investments $ 155,086 $ 2 $ (185) $ 154,903 Cash, cash equivalents and short-term investments consisted of the following as of December 30, 2016: (In thousands) Amortized Unrealized Unrealized Estimated Classified as current assets: Cash $ 93,049 $ - $ - $ 93,049 Cash equivalents: Money market securities 21,918 - - 21,918 Total cash equivalents 21,918 - - 21,918 Total cash and cash equivalents 114,967 - - 114,967 Short-term investments: U.S. agency securities 59,000 - (245) 58,755 Total short-term investments 59,000 - (245) 58,755 Total cash, cash equivalents and short-term investments $ 173,967 $ - $ (245) $ 173,722 Amortized Estimated (In thousands) Cost Fair Value Due within one year $ 24,000 $ 23,971 Due between one and two years 44,000 43,846 Total $ 68,000 $ 67,817 At March 31, 2017 and December 30, 2016, 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 March 31, 2017 and December 30, 2016, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at March 31, 2017 and December 30, 2016 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 March 31, 2017 and April 1, 2016.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2017
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) March 31, 2017 April 1, 2016 Shares used in basic per share computation 26,302 26,513 Effect of dilutive common stock options outstanding 132 121 Effect of dilutive restricted stock units outstanding 547 605 Shares used in diluted per share computation 26,981 27,239 There were no options excluded from the diluted per share calculations for the three months ended March 31, 2017 and April 1, 2016.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2017
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 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 $ 1,928,000 1,717,000 3,256,000 3,126,000 Stock Options Stock options are granted for terms of ten years and generally vest 25 471,000 377,000 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 of the options. The dividend yield assumption considers the expectation of continued declaration of dividends, offset by option holders’ dividend equivalent rights. The Company accounts for forfeitures of stock-based awards when they occur. 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
	Mar. 31, 2017
Equity [Abstract]
Treasury Stock	Note 5: Treasury Stock On October 21, 2015, the Company’s Board of Directors authorized $35,000,000 for the repurchase of the Company’s common stock. On October 19, 2016, the Company’s Board of Directors authorized an additional $35,000,000 for the repurchase of the Company’s common stock. The Company repurchased 22,666 shares of its common stock for $1,304,000 during the three months ended March 31, 2017. The Company repurchased 72,724 shares of its common stock for $3,500,000 during the three months ended April 1, 2016. As of March 31, 2017 the Company had remaining authorization under its stock repurchase plans of $56,003,000 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 $5,667,000 and $5,791,000 were recorded as a reduction to retained earnings during the three months ended March 31, 2017 and April 1, 2016, respectively.

Deferred Compensation Plans

Deferred Compensation Plans	3 Months Ended
	Mar. 31, 2017
Deferred Compensation Arrangements [Abstract]
Deferred Compensation Plans	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 52,700,000 48,267,000 As of March 31, 2017 and December 30, 2016, vested amounts due under the plans totaled $ 58,320,000 53,617,000 1,898,000 427,000

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2017
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) March 31, 2017 April 1, 2016 Cash paid during period: Income taxes $ 446 $ 1,001 Non-cash investing and financing activities: Unrealized gain on short-term investments $ 36 $ 85 Vested stock unit awards issued to settle accrued bonuses $ 6,910 $ 6,334 Accrual for capital expenditures $ 405 $ 223

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Accounts Receivable, Net	Note 8: Accounts Receivable, Net March 31, December 30, (In thousands) 2017 2016 Billed accounts receivable $ 62,655 $ 60,510 Unbilled accounts receivable 37,352 30,316 Allowance for contract losses and doubtful accounts (3,661) (3,417) Total accounts receivable, net $ 96,346 $ 87,409

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2017
Disclosure Segment Information [Abstract]
Segment Reporting	Note 9: Segment Reporting The Company has two reportable operating segments based on two primary areas of service. The Engineering and Other Scientific segment is a broad service group providing technical consulting in different practices primarily in engineering. The Environmental and Health segment provides services in the area of environmental, epidemiology and health risk analysis. This segment provides a wide range of consulting services relating to environmental hazards and risks and the impact on both human health and the environment. Revenues Three Months Ended (In thousands) March 31, 2017 April 1, 2016 Engineering and Other Scientific $ 66,683 $ 64,810 Environmental and Health 17,439 18,346 Total revenues $ 84,122 $ 83,156 Operating Income Three Months Ended (In thousands) March 31, 2017 April 1, 2016 Engineering and Other Scientific $ 22,321 $ 21,138 Environmental and Health 5,479 5,195 Total segment operating income 27,800 26,333 Corporate operating expense (13,166) (9,897) Total operating income $ 14,634 $ 16,436 Capital Expenditures Three Months Ended (In thousands) March 31, 2017 April 1, 2016 Engineering and Other Scientific $ 1,008 $ 1,190 Environmental and Health 42 23 Total segment capital expenditures 1,050 1,213 Corporate capital expenditures 257 268 Total capital expenditures $ 1,307 $ 1,481 Depreciation and Amortization Three Months Ended (In thousands) March 31, 2017 April 1, 2016 Engineering and Other Scientific $ 1,115 $ 1,021 Environmental and Health 41 43 Total segment depreciation and amortization 1,156 1,064 Corporate depreciation and amortization 410 339 Total depreciation and amortization $ 1,566 $ 1,403 One customer comprised 12 10 10 10

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10: 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
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Event	Note 11: Subsequent Event During April, 2017, the Company entered into two agreements to purchase a total of 2.9 , 5,200,000

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	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 promulgated by 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 March 31, 2017 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 December 30, 2016, which was filed with the U.S. Securities and Exchange Commission on February 24, 2017. 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.
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. Significant items subject to such estimates and assumptions include accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Not Yet Effective Revenue from Contracts with Customers The impact of adopting the new standard is not expected to be material because the analysis of the Company’s contracts under the new revenue recognition standard supports the recognition of revenue over time, which is consistent with the Company’s current revenue recognition model. Substantially all of the Company’s engagements are performed under time and material or fixed-price arrangements. For time and materials contracts the Company anticipates utilizing the practical expedient under the ASU which states, if an entity has a right to consideration from a customer in an amount that corresponds directly with the value of the entity’s performance completed to date (for example, a service contract in which an entity bills a fixed amount for each hour or service provided), the entity may recognize revenue in the amount to which the entity has a right to invoice. Application of the practical expedient to time and material contracts is consistent with the Company’s current revenue recognition policy. For fixed price contracts the Company will recognize revenue over time under the ASU because of the continuous transfer of control to the customer. The customer typically controls the work in process as evidenced either by contractual termination clauses or by the Company’s rights to payment for work performed to date to deliver services that do not have an alternative use to the Company. Input methods are an acceptable method of measuring progress towards completing under the ASU. This is consistent with the Company’s current policy of measuring progress towards completion 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. The Company anticipates adopting the standard using the modified retrospective method. The Company is currently evaluating the required disclosures under the new standard and developing appropriate changes to its process, systems and controls. On February 25, 2016, the FASB issued ASU No. 2016-02, Leases

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common Stock Dividends Declared Per Share	Fiscal Year 2017 Dividends Amount First Quarter $ 0.21 $ 5,374 Total $ 0.21 $ 5,374 Fiscal Year 2016 Dividends Amount First Quarter $ 0.18 $ 4,628 Second Quarter 0.18 4,675 Third Quarter 0.18 4,659 Fourth Quarter 0.18 4,607 Total $ 0.72 $ 18,569

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017: Fair Value Measurements at Reporting Date Using (In thousands) Total Quoted Prices in Significant Other Significant Assets Money market securities (1) $ 13,138 $ 13,138 $ - $ - Fixed income available- for-sale securities (2) 67,817 - 67,817 - Fixed income trading securities held in deferred compensation plan (3) 15,271 15,271 - - Equity trading securities held in deferred compensation plan (3) 37,429 37,429 - - Total $ 133,655 $ 65,838 $ 67,817 $ - Liabilities Deferred compensation plan (4) 58,320 58,320 - - Total $ 58,320 $ 58,320 $ - $ - (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 December 30, 2016: Fair Value Measurements at Reporting Date Using (In thousands) Total Quoted Prices in Significant Other Significant Assets Money market securities (1) $ 21,918 $ 21,918 $ - $ - Fixed income available- for-sale securities (2) 58,755 - 58,755 - Fixed income trading securities held in deferred compensation plan (3) 11,872 11,872 - - Equity trading securities held in deferred compensation plan (3) 36,395 36,395 - - Total $ 128,940 $ 70,185 $ 58,755 $ - Liabilities Deferred compensation plan (4) 53,617 53,617 - - Total $ 53,617 $ 53,617 $ - $ - (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.
Cash, cash equivalents and short-term investments	Cash, cash equivalents and short-term investments consisted of the following as of March 31, 2017: (In thousands) Amortized Unrealized Unrealized Estimated Classified as current assets: Cash $ 73,948 $ - $ - $ 73,948 Cash equivalents: Money market securities 13,138 - - 13,138 Total cash equivalents 13,138 - - 13,138 Total cash and cash equivalents 87,086 - - 87,086 Short-term investments: U.S. agency securities 68,000 2 (185) 67,817 Total short-term investments 68,000 2 (185) 67,817 Total cash, cash equivalents and short-term investments $ 155,086 $ 2 $ (185) $ 154,903 Cash, cash equivalents and short-term investments consisted of the following as of December 30, 2016: (In thousands) Amortized Unrealized Unrealized Estimated Classified as current assets: Cash $ 93,049 $ - $ - $ 93,049 Cash equivalents: Money market securities 21,918 - - 21,918 Total cash equivalents 21,918 - - 21,918 Total cash and cash equivalents 114,967 - - 114,967 Short-term investments: U.S. agency securities 59,000 - (245) 58,755 Total short-term investments 59,000 - (245) 58,755 Total cash, cash equivalents and short-term investments $ 173,967 $ - $ (245) $ 173,722
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 March 31, 2017: Amortized Estimated (In thousands) Cost Fair Value Due within one year $ 24,000 $ 23,971 Due between one and two years 44,000 43,846 Total $ 68,000 $ 67,817

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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) March 31, 2017 April 1, 2016 Shares used in basic per share computation 26,302 26,513 Effect of dilutive common stock options outstanding 132 121 Effect of dilutive restricted stock units outstanding 547 605 Shares used in diluted per share computation 26,981 27,239

Supplemental Cash Flow Inform22

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
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) March 31, 2017 April 1, 2016 Cash paid during period: Income taxes $ 446 $ 1,001 Non-cash investing and financing activities: Unrealized gain on short-term investments $ 36 $ 85 Vested stock unit awards issued to settle accrued bonuses $ 6,910 $ 6,334 Accrual for capital expenditures $ 405 $ 223

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Accounts Receivable, Net	At March 31, 2017 and December 30, 2016, accounts receivable, net, was comprised of the following: March 31, December 30, (In thousands) 2017 2016 Billed accounts receivable $ 62,655 $ 60,510 Unbilled accounts receivable 37,352 30,316 Allowance for contract losses and doubtful accounts (3,661) (3,417) Total accounts receivable, net $ 96,346 $ 87,409

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure Segment Information [Abstract]
Segment Reporting Information, by Segment	Segment information for the three months ended March 31, 2017 and April 1, 2016 follows: Revenues Three Months Ended (In thousands) March 31, 2017 April 1, 2016 Engineering and Other Scientific $ 66,683 $ 64,810 Environmental and Health 17,439 18,346 Total revenues $ 84,122 $ 83,156 Operating Income Three Months Ended (In thousands) March 31, 2017 April 1, 2016 Engineering and Other Scientific $ 22,321 $ 21,138 Environmental and Health 5,479 5,195 Total segment operating income 27,800 26,333 Corporate operating expense (13,166) (9,897) Total operating income $ 14,634 $ 16,436 Capital Expenditures Three Months Ended (In thousands) March 31, 2017 April 1, 2016 Engineering and Other Scientific $ 1,008 $ 1,190 Environmental and Health 42 23 Total segment capital expenditures 1,050 1,213 Corporate capital expenditures 257 268 Total capital expenditures $ 1,307 $ 1,481 Depreciation and Amortization Three Months Ended (In thousands) March 31, 2017 April 1, 2016 Engineering and Other Scientific $ 1,115 $ 1,021 Environmental and Health 41 43 Total segment depreciation and amortization 1,156 1,064 Corporate depreciation and amortization 410 339 Total depreciation and amortization $ 1,566 $ 1,403

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - Subsequent Event	1 Months Ended
	Apr. 19, 2017$ / shares
Class of Stock [Line Items]
Common stock, dividends per share declared, subsequent event	$ 0.21
Dividends Payable, Date to be Paid	Jun. 23, 2017
Dividends Payable, Date of Record	Jun. 9, 2017
Dividends Payable, Date Declared	Apr. 19, 2017

Common Stock Dividends Declared

Common Stock Dividends Declared And Paid Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2017	Dec. 30, 2016	Sep. 30, 2016	Jul. 01, 2016	Apr. 01, 2016	Dec. 30, 2016
Class of Stock [Line Items]
Dividends Per Share	$ 0.21	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.72
Amount	$ 5,374	$ 4,607	$ 4,659	$ 4,675	$ 4,628	$ 18,569

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 30, 2016
Assets
Money market securities	[1]	$ 13,138	$ 21,918
Total		133,655	128,940
Liabilities
Deferred compensation plan	[2]	58,320	53,617
Total		58,320	53,617
Fixed income securities
Assets
Fixed income available-for-sale securities	[3]	67,817	58,755
Fixed income trading securities held in deferred compensation plan	[4]	15,271	11,872
Equity securities
Assets
Equity trading securities held in deferred compensation plan	[4]	37,429	36,395
Fair Value, Inputs, Level 1
Assets
Money market securities	[1]	13,138	21,918
Total		65,838	70,185
Liabilities
Deferred compensation plan	[2]	58,320	53,617
Total		58,320	53,617
Fair Value, Inputs, Level 1 | Fixed income securities
Assets
Fixed income available-for-sale securities	[3]	0	0
Fixed income trading securities held in deferred compensation plan	[4]	15,271	11,872
Fair Value, Inputs, Level 1 | Equity securities
Assets
Equity trading securities held in deferred compensation plan	[4]	37,429	36,395
Fair Value, Inputs, Level 2
Assets
Money market securities	[1]	0	0
Total		67,817	58,755
Liabilities
Deferred compensation plan	[2]	0	0
Total		0	0
Fair Value, Inputs, Level 2 | Fixed income securities
Assets
Fixed income available-for-sale securities	[3]	67,817	58,755
Fixed income trading securities held in deferred compensation plan	[4]	0	0
Fair Value, Inputs, Level 2 | Equity securities
Assets
Equity trading securities held in deferred compensation plan	[4]	0	0
Fair Value, Inputs, Level 3
Assets
Money market securities	[1]	0	0
Total		0	0
Liabilities
Deferred compensation plan	[2]	0	0
Total		0	0
Fair Value, Inputs, Level 3 | Fixed income securities
Assets
Fixed income available-for-sale securities	[3]	0	0
Fixed income trading securities held in deferred compensation plan	[4]	0	0
Fair Value, Inputs, Level 3 | Equity securities
Assets
Equity trading securities held in deferred compensation plan	[4]	$ 0	$ 0
[1]	Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet.
[2]	Included in accrued payroll and employee benefits and deferred compensation on the Company’s unaudited condensed consolidated balance sheet.
[3]	Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet.
[4]	Included in prepaid expenses and other assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet.

Cash, cash equivalents and shor

Cash, cash equivalents and short-term investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Fair Value Measurements [Line Items]
Amortized Cost	$ 155,086	$ 173,967
Unrealized Gains	2	0
Unrealized Losses	(185)	(245)
Estimated Fair Value	154,903	173,722
U.S. agency securities
Fair Value Measurements [Line Items]
Amortized Cost	68,000	59,000
Unrealized Gains	2	0
Unrealized Losses	(185)	(245)
Estimated Fair Value	67,817	58,755
Cash
Fair Value Measurements [Line Items]
Amortized Cost	73,948	93,049
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	73,948	93,049
Money market securities
Fair Value Measurements [Line Items]
Amortized Cost	13,138	21,918
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	13,138	21,918
Total cash equivalents
Fair Value Measurements [Line Items]
Amortized Cost	13,138	21,918
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	13,138	21,918
Total cash and cash equivalents
Fair Value Measurements [Line Items]
Amortized Cost	87,086	114,967
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	87,086	114,967
Total short-term investments
Fair Value Measurements [Line Items]
Amortized Cost	68,000	59,000
Unrealized Gains	2	0
Unrealized Losses	(185)	(245)
Estimated Fair Value	$ 67,817	$ 58,755

Summarizes Cost And Estimated F

Summarizes Cost And Estimated Fair Value Of Short Term Fixed Income Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Fair Value Measurements [Line Items]
Due within one year, Amortized Cost	$ 24,000
Due between one and two years, Amortized Cost	44,000
Total Amortized Cost	68,000
Due within one year, Estimated Fair Value	23,971
Due between one and two years, Estimated Fair Value	43,846
Total Estimated Fair Value	$ 67,817	$ 58,755

Reconciliation of Shares Used t

Reconciliation of Shares Used to Calculate Basic and Diluted Net Income Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Schedule Of Earnings Per Share Basic and Diluted [Line Items]
Shares used in basic per share computation	26,302	26,513
Shares used in diluted per share computation	26,981	27,239
Employee Stock Option
Schedule Of Earnings Per Share Basic and Diluted [Line Items]
Effect of dilutive stock outstanding	132	121
Restricted Stock Units (RSUs)
Schedule Of Earnings Per Share Basic and Diluted [Line Items]
Effect of dilutive stock outstanding	547	605

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
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%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 471,000	$ 377,000
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	$ 1,928,000	1,717,000
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	$ 3,256,000	$ 3,126,000
Stock based compensation, vesting period	4 years
Unvested Restricted Stock Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recipient age to expense award on grant date	59 years 6 months
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 Inf

Treasury Stock - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016	Oct. 19, 2016	Oct. 21, 2015
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount			$ 35,000,000	$ 35,000,000
Purchase of treasury shares (in shares)	22,666	72,724
Repurchase of treasury shares	$ 1,304,000	$ 3,500,000
Remaining authorized amount for repurchase of common stock	56,003,000
Treasury stock reissued at lower than repurchase price	$ 5,667,000	$ 5,791,000

Deferred Compensation Plans - A

Deferred Compensation Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016	Dec. 30, 2016
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	$ 52,700,000		$ 48,267,000
Deferred compensation plan vested amounts due	58,320,000		$ 53,617,000
Change in market value of trust assets	$ 1,898,000	$ 427,000
Maximum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Percentage of compensation deferred	100.00%

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Cash paid during period:
Income taxes	$ 446	$ 1,001
Non-cash investing and financing activities:
Unrealized gain on short-term investments	36	85
Vested stock unit awards issued to settle accrued bonuses	6,910	6,334
Accrual for capital expenditures	$ 405	$ 223

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for contract losses and doubtful accounts	$ (3,661)	$ (3,417)
Total accounts receivable, net	96,346	87,409
Billed accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable	62,655	60,510
Unbilled accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Receivable	$ 37,352	$ 30,316

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Segment Reporting Information [Line Items]
Percentage of account receivable	10.00%	10.00%
Percentage of Company's revenue	10.00%	10.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	12.00%

Segment Information (Detail)

Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Apr. 01, 2016
Segment Reporting Information [Line Items]
Revenues	$ 84,122	$ 83,156
Operating Income	14,634	16,436
Capital Expenditures	1,307	1,481
Depreciation and Amortization	1,566	1,403
Operating segments
Segment Reporting Information [Line Items]
Operating Income	27,800	26,333
Capital Expenditures	1,050	1,213
Depreciation and Amortization	1,156	1,064
Engineering and Other Scientific
Segment Reporting Information [Line Items]
Revenues	66,683	64,810
Operating Income	22,321	21,138
Capital Expenditures	1,008	1,190
Depreciation and Amortization	1,115	1,021
Environmental and Health
Segment Reporting Information [Line Items]
Revenues	17,439	18,346
Operating Income	5,479	5,195
Capital Expenditures	42	23
Depreciation and Amortization	41	43
Corporate
Segment Reporting Information [Line Items]
Operating Income	(13,166)	(9,897)
Capital Expenditures	257	268
Depreciation and Amortization	$ 410	$ 339

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - Subsequent Event [Member]	1 Months Ended
	Apr. 30, 2017USD ($)a
Subsequent Event [Line Items]
Area of Land | a	2.9
Payments to Acquire Land | $	$ 5,200,000