Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 30, 2018 | Apr. 27, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | EXPONENT INC | |
Entity Central Index Key | 851,520 | |
Current Fiscal Year End Date | --12-28 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | EXPO | |
Entity Common Stock, Shares Outstanding | 26,004,501 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 103,152 | $ 124,794 |
Short-term investments | 75,485 | 71,604 |
Accounts receivable, net of allowance for contract losses and doubtful accounts of $3,805 and $3,526 at March 30, 2018 and December 29, 2017, respectively | 117,239 | 110,100 |
Prepaid expenses and other assets | 9,585 | 9,011 |
Total current assets | 305,461 | 315,509 |
Property, equipment and leasehold improvements, net | 40,420 | 35,014 |
Goodwill | 8,607 | 8,607 |
Deferred income taxes | 31,265 | 30,437 |
Deferred compensation plan assets | 53,547 | 48,676 |
Other assets | 1,159 | 1,346 |
Total assets | 440,459 | 439,589 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 16,492 | 14,741 |
Accrued payroll and employee benefits | 45,240 | 70,064 |
Deferred revenues | 7,912 | 8,302 |
Total current liabilities | 69,644 | 93,107 |
Other liabilities | 3,471 | 3,326 |
Deferred compensation | 59,501 | 52,776 |
Deferred rent | 1,218 | 1,292 |
Total liabilities | 133,834 | 150,501 |
Stockholders’ equity: | ||
Common stock, $0.001 par value; 80,000 shares authorized; 32,853 shares issued at March 30, 2018 and December 29, 2017 | 33 | 33 |
Additional paid-in capital | 221,972 | 210,263 |
Accumulated other comprehensive income (loss) | ||
Investment securities, available-for-sale | (276) | (236) |
Foreign currency translation adjustments | (1,054) | (1,793) |
Accumulated other comprehensive income (loss) | (1,330) | (2,029) |
Retained earnings | 310,978 | 303,990 |
Treasury stock, at cost; 6,849 and 7,084 shares held at March 30, 2018 and December 29, 2017, respectively | (225,028) | (223,169) |
Total stockholders’ equity | 306,625 | 289,088 |
Total liabilities and stockholders’ equity | $ 440,459 | $ 439,589 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 |
Accounts receivable, net of allowance for contract losses and doubtful accounts | $ 3,805 | $ 3,526 |
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 | 6,849 | 7,084 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Revenues before reimbursements | $ 90,684 | $ 80,467 |
Reimbursements | 5,773 | 3,655 |
Revenues | 96,457 | 84,122 |
Operating expenses: | ||
Compensation and related expenses | 57,579 | 54,418 |
Other operating expenses | 7,465 | 7,191 |
Reimbursable expenses | 5,773 | 3,655 |
General and administrative expenses | 4,042 | 4,224 |
Total operating expenses | 74,859 | 69,488 |
Operating income | 21,598 | 14,634 |
Other income, net: | ||
Interest income, net | 530 | 234 |
Miscellaneous income, net | 322 | 2,542 |
Total other income, net | 852 | 2,776 |
Income before income taxes | 22,450 | 17,410 |
Income taxes | 2,110 | 834 |
Net income | $ 20,340 | $ 16,576 |
Net income per share: | ||
Basic | $ 0.77 | $ 0.63 |
Diluted | $ 0.75 | $ 0.61 |
Shares used in per share computations: | ||
Basic | 26,372 | 26,302 |
Diluted | 27,006 | 26,981 |
Cash dividends declared per common share | $ 0.26 | $ 0.21 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Net income | $ 20,340 | $ 16,576 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments, net of tax | 739 | 136 |
Unrealized (losses) gains on available-for-sale investment securities arising during the period, net of tax | (40) | 36 |
Comprehensive income | $ 21,039 | $ 16,748 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 20,340 | $ 16,576 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of property, equipment and leasehold improvements | 1,555 | 1,566 |
Deferred rent | (74) | (129) |
Provision for contract losses and doubtful accounts | 561 | 458 |
Stock-based compensation | 6,289 | 5,655 |
Deferred income tax provision | (815) | 426 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (7,700) | (9,395) |
Prepaid expenses and other assets | (5,520) | (2,974) |
Accounts payable and accrued liabilities | 1,829 | 3 |
Accrued payroll and employee benefits | (12,383) | (12,491) |
Deferred revenues | (390) | (1,479) |
Net cash provided by (used in) operating activities | 3,692 | (1,784) |
Cash flows from investing activities: | ||
Capital expenditures | (6,810) | (1,307) |
Purchase of short-term investments | (11,934) | (9,000) |
Maturity of short-term investments | 8,000 | 0 |
Net cash used in investing activities | (10,744) | (10,307) |
Cash flows from financing activities: | ||
Payroll taxes for restricted stock units | (8,637) | (9,517) |
Repurchase of common stock | 0 | (1,304) |
Exercise of share-based payment awards | 310 | 287 |
Dividends and dividend equivalents rights | (6,959) | (5,374) |
Net cash used in financing activities | (15,286) | (15,908) |
Effect of foreign currency exchange rates on cash and cash equivalents | 696 | 118 |
Net decrease in cash and cash equivalents | (21,642) | (27,881) |
Cash and cash equivalents at beginning of period | 124,794 | 114,967 |
Cash and cash equivalents at end of period | $ 103,152 | $ 87,086 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 30, 2018 | |
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 30, 2018 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 29, 2017, which was filed with the U.S. Securities and Exchange Commission on February 23, 2018. 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. Fiscal Year 2018 Dividends Amount Per Share (in thousands) First Quarter $ 0.26 $ 6,700 Total $ 0.26 $ 6,700 Fiscal Year 2017 Dividends Amount Per Share (in thousands) First Quarter $ 0.21 $ 5,374 Second Quarter 0.21 5,424 Third Quarter 0.21 5,424 Fourth Quarter 0.21 5,416 Total $ 0.84 $ 21,638 On April 19, 2018 0.26 June 22, 2018 June 8, 2018 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. 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 Recent Accounting Pronouncements Not Yet Effective Leases |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition [Text Block] | Note 2: Revenue Recognition Substantially all of the Company’s engagements are performed under time and material or fixed-price arrangements. For time and materials contracts, the Company utilizes 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. During the first quarter of fiscal 2018, the Company recognized revenue of $ 83,171,000 86 64,557,000 18,614,000 For fixed price contracts the Company recognizes 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. Revenue for fixed price contracts is recognized based on the relationship of incurred labor hours at standard rates to the Company’s estimate of the total labor hours at standard rates it expects to incur over the term of the contract. The Company believes this methodology achieves a reliable measure of the revenue from the consulting services it provides to its customers under fixed-price contracts given the nature of the consulting services the Company provides and the following additional considerations: ⋅ the Company considers labor hours at standard rates and expenses to be incurred when pricing its contracts; ⋅ the Company generally does not incur set up costs on its contracts; ⋅ the Company does not believe that there are reliable milestones to measure progress towards completion; ⋅ if the contract is terminated early, the customer is required to pay the Company for time at standard rates plus materials incurred to date; ⋅ the Company’s contracts do not include award fees or bonuses; ⋅ the Company does not include revenue for unpriced change orders until the customer agrees with the changes; ⋅ historically the Company has not had significant accounts receivable write-offs or cost overruns; and ⋅ its contracts are typically progress billed on a monthly basis. During the first quarter of fiscal 2018 the Company recognized revenue of $ 13,286,000 14 12,446,000 840,000 Deferred revenues represent amounts billed to clients in advance of services provided. During the first quarter of fiscal 2018 $ 2,604,000 Reimbursements, including those related to travel and other out-of-pocket expenses, and other similar third party costs such as the cost of materials and certain subcontracts, are included in revenues, and an equivalent amount of reimbursable expenses are included in operating expenses. Any mark-up on reimbursable expenses is included in revenues. The Company reports revenues net of subcontractor fees for certain subcontracts where the Company has determined that it is acting as an agent because its performance obligation is to arrange for the provision of goods or services by another party. The total amount of subcontractor fees not included in revenues because the Company was acting as an agent were $10.2 million during the first quarter of fiscal 2018. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3: Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale fixed income securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There were no transfers between fair value measurement levels during the three months ended March 30, 2018 and March 31, 2017. 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) $ 6,071 $ 6,071 $ - $ - Fixed income available- for-sale securities (2) 75,485 - 75,485 - Fixed income trading securities held in deferred compensation plan (3) 15,562 15,562 - - Equity trading securities held in deferred compensation plan (3) 42,496 42,496 - - Total $ 139,614 $ 64,129 $ 75,485 $ - Liabilities Deferred compensation plan (4) 65,611 65,611 - - Total $ 65,611 $ 65,611 $ - $ - (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 29, 2017: Fair Value Measurements at Reporting Date Using (In thousands) Total Quoted Prices in Significant Other Significant Assets Money market securities (1) $ 9,742 $ 9,742 $ - $ - Fixed income available- for-sale securities (2) 71,604 - 71,604 - Fixed income trading securities held in deferred compensation plan (3) 13,686 13,686 - - Equity trading securities held in deferred compensation plan (3) 39,664 39,664 - - Total $ 134,696 $ 63,092 $ 71,604 $ - Liabilities Deferred compensation plan (4) 59,050 59,050 - - Total $ 59,050 $ 59,050 $ - $ - (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 30, 2018 and December 29, 2017 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 7 for additional information about the Company’s deferred compensation plan. Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Classified as current assets: Cash $ 97,081 $ - $ - $ 97,081 Cash equivalents: Money market securities 6,071 - - 6,071 Total cash equivalents 6,071 - - 6,071 Total cash and cash equivalents 103,152 - - 103,152 Short-term investments: U.S. agency securities 75,931 - (446) 75,485 Total short-term investments 75,931 - (446) 75,485 Total cash, cash equivalents and short-term investments $ 179,083 $ - $ (446) $ 178,637 Cash, cash equivalents and short-term investments consisted of the following as of December 29, 2017: Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Classified as current assets: Cash $ 115,052 $ - $ - $ 115,052 Cash equivalents: Money market securities 9,742 - - 9,742 Total cash equivalents 9,742 - - 9,742 Total cash and cash equivalents 124,794 - - 124,794 Short-term investments: U.S. agency securities 71,997 - (393) 71,604 Total short-term investments 71,997 - (393) 71,604 Total cash, cash equivalents and short-term investments $ 196,791 $ - $ (393) $ 196,398 Amortized Estimated (In thousands) Cost Fair Value Due within one year $ 47,927 $ 47,725 Due between one and two years 28,004 27,760 Total $ 75,931 $ 75,485 At March 30, 2018 and December 29, 2017, 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 condensed consolidated balance sheet at March 30, 2018 and December 29, 2017, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at March 30, 2018 and December 29, 2017 approximates their carrying value as reported on the condensed 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 30, 2018 and March 31, 2017. |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Note 4: 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. Three Months Ended (In thousands) March 30, 2018 March 31, 2017 Shares used in basic per share computation 26,372 26,302 Effect of dilutive common stock options outstanding 161 132 Effect of dilutive restricted stock units outstanding 473 547 Shares used in diluted per share computation 27,006 26,981 There were no options excluded from the diluted per share calculations for the three months ended March 30, 2018 and March 31, 2017. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 30, 2018 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Note 5: 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 $ 2,232,000 1,928,000 four 3,508,000 3,256,000 (1) Weighted-average grant date fair Weighted-average remaining Aggregate intrinsic value (in Number of awards outstanding value contractual term (years) thousands) (2) Balance as of December 29, 2017 592,592 $ 45.91 Awards granted 198,846 80.14 Awards vested (267,760) 54.28 Awards forfeited - - Balance as of March 30, 2018 523,678 $ 54.63 2.3 $ 41,187 (1) (2) 78.65 Stock Options Stock options are granted for terms of ten 25 four four 549,000 471,000 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, forfeiture, and post-vesting 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. 30, 2018 | |
Equity [Abstract] | |
Treasury Stock | Note 6: Treasury Stock On October 20, 2015, the Company’s Board of Directors authorized $ 35,000,000 35,000,000 The Company did not repurchase any shares of its common stock during the three months ended March 30, 2018. The Company repurchased 22,666 1,304,000 45,376,000 Net losses related to the re-issuance of treasury stock to settle restricted stock unit and stock option awards of $ 5,892,000 5,667,000 |
Deferred Compensation Plans
Deferred Compensation Plans | 3 Months Ended |
Mar. 30, 2018 | |
Deferred Compensation Arrangements [Abstract] | |
Deferred Compensation Plans | Note 7: 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 58,058,000 53,350,000 As of March 30, 2018 and December 29, 2017, vested amounts due under the plans totaled $ 65,611,000 59,050,000 1,898,000 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Note 8: Supplemental Cash Flow Information Three Months Ended (In thousands) March 30, 2018 March 31, 2017 Cash paid during period: Income taxes $ 678 $ 446 Non-cash investing and financing activities: Unrealized (loss) gain on short-term investments $ (40) $ 36 Vested stock unit awards issued to settle accrued bonuses $ 7,643 $ 6,910 Accrual for capital expenditures $ 299 $ 405 |
Accounts Receivable, Net
Accounts Receivable, Net | 3 Months Ended |
Mar. 30, 2018 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Note 9: Accounts Receivable, Net March 30, December 29, (In thousands) 2018 2017 Billed accounts receivable $ 76,121 $ 78,139 Unbilled accounts receivable 44,923 35,487 Allowance for contract losses and doubtful accounts (3,805) (3,526) Total accounts receivable, net $ 117,239 $ 110,100 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 10: 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. Our Chief Executive Officer, the chief operating decision maker, reviews revenues and operating income for each of our reportable segments but does not review total assets in evaluating segment performance and capital allocation. Revenues Three Months Ended (In thousands) March 30, 2018 March 31, 2017 Engineering and Other Scientific $ 77,047 $ 66,683 Environmental and Health 19,410 17,439 Total revenues $ 96,457 $ 84,122 Operating Income Three Months Ended (In thousands) March 30, 2018 March 31, 2017 Engineering and Other Scientific $ 25,913 $ 22,321 Environmental and Health 6,624 5,479 Total segment operating income 32,537 27,800 Corporate operating expense (10,939) (13,166) Total operating income $ 21,598 $ 14,634 Capital Expenditures Three Months Ended (In thousands) March 30, 2018 March 31, 2017 Engineering and Other Scientific $ 813 $ 1,008 Environmental and Health 51 42 Total segment capital expenditures 864 1,050 Corporate capital expenditures 5,946 257 Total capital expenditures $ 6,810 $ 1,307 Depreciation and Amortization Three Months Ended (In thousands) March 30, 2018 March 31, 2017 Engineering and Other Scientific $ 1,095 $ 1,115 Environmental and Health 39 41 Total segment depreciation and amortization 1,134 1,156 Corporate depreciation and amortization 421 410 Total depreciation and amortization $ 1,555 $ 1,566 One client comprised 16 10 12 10 21 24 10 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and 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. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 30, 2018 | |
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 30, 2018 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 29, 2017, which was filed with the U.S. Securities and Exchange Commission on February 23, 2018. 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 | Dividend. Fiscal Year 2018 Dividends Amount Per Share (in thousands) First Quarter $ 0.26 $ 6,700 Total $ 0.26 $ 6,700 Fiscal Year 2017 Dividends Amount Per Share (in thousands) First Quarter $ 0.21 $ 5,374 Second Quarter 0.21 5,424 Third Quarter 0.21 5,424 Fourth Quarter 0.21 5,416 Total $ 0.84 $ 21,638 On April 19, 2018 0.26 June 22, 2018 June 8, 2018 |
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. 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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers Recent Accounting Pronouncements Not Yet Effective Leases |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
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 2018 Dividends Amount Per Share (in thousands) First Quarter $ 0.26 $ 6,700 Total $ 0.26 $ 6,700 Fiscal Year 2017 Dividends Amount Per Share (in thousands) First Quarter $ 0.21 $ 5,374 Second Quarter 0.21 5,424 Third Quarter 0.21 5,424 Fourth Quarter 0.21 5,416 Total $ 0.84 $ 21,638 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
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 30, 2018: Fair Value Measurements at Reporting Date Using (In thousands) Total Quoted Prices in Significant Other Significant Assets Money market securities (1) $ 6,071 $ 6,071 $ - $ - Fixed income available- for-sale securities (2) 75,485 - 75,485 - Fixed income trading securities held in deferred compensation plan (3) 15,562 15,562 - - Equity trading securities held in deferred compensation plan (3) 42,496 42,496 - - Total $ 139,614 $ 64,129 $ 75,485 $ - Liabilities Deferred compensation plan (4) 65,611 65,611 - - Total $ 65,611 $ 65,611 $ - $ - (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 29, 2017: Fair Value Measurements at Reporting Date Using (In thousands) Total Quoted Prices in Significant Other Significant Assets Money market securities (1) $ 9,742 $ 9,742 $ - $ - Fixed income available- for-sale securities (2) 71,604 - 71,604 - Fixed income trading securities held in deferred compensation plan (3) 13,686 13,686 - - Equity trading securities held in deferred compensation plan (3) 39,664 39,664 - - Total $ 134,696 $ 63,092 $ 71,604 $ - Liabilities Deferred compensation plan (4) 59,050 59,050 - - Total $ 59,050 $ 59,050 $ - $ - (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 30, 2018: Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Classified as current assets: Cash $ 97,081 $ - $ - $ 97,081 Cash equivalents: Money market securities 6,071 - - 6,071 Total cash equivalents 6,071 - - 6,071 Total cash and cash equivalents 103,152 - - 103,152 Short-term investments: U.S. agency securities 75,931 - (446) 75,485 Total short-term investments 75,931 - (446) 75,485 Total cash, cash equivalents and short-term investments $ 179,083 $ - $ (446) $ 178,637 Cash, cash equivalents and short-term investments consisted of the following as of December 29, 2017: Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Classified as current assets: Cash $ 115,052 $ - $ - $ 115,052 Cash equivalents: Money market securities 9,742 - - 9,742 Total cash equivalents 9,742 - - 9,742 Total cash and cash equivalents 124,794 - - 124,794 Short-term investments: U.S. agency securities 71,997 - (393) 71,604 Total short-term investments 71,997 - (393) 71,604 Total cash, cash equivalents and short-term investments $ 196,791 $ - $ (393) $ 196,398 |
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 30, 2018: Amortized Estimated (In thousands) Cost Fair Value Due within one year $ 47,927 $ 47,725 Due between one and two years 28,004 27,760 Total $ 75,931 $ 75,485 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
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 30, 2018 March 31, 2017 Shares used in basic per share computation 26,372 26,302 Effect of dilutive common stock options outstanding 161 132 Effect of dilutive restricted stock units outstanding 473 547 Shares used in diluted per share computation 27,006 26,981 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation, Restricted Stock Units Award Activity | (1) Weighted-average grant date fair Weighted-average remaining Aggregate intrinsic value (in Number of awards outstanding value contractual term (years) thousands) (2) Balance as of December 29, 2017 592,592 $ 45.91 Awards granted 198,846 80.14 Awards vested (267,760) 54.28 Awards forfeited - - Balance as of March 30, 2018 523,678 $ 54.63 2.3 $ 41,187 (1) (2) 78.65 |
Supplemental Cash Flow Inform23
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
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 30, 2018 March 31, 2017 Cash paid during period: Income taxes $ 678 $ 446 Non-cash investing and financing activities: Unrealized (loss) gain on short-term investments $ (40) $ 36 Vested stock unit awards issued to settle accrued bonuses $ 7,643 $ 6,910 Accrual for capital expenditures $ 299 $ 405 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Receivables [Abstract] | |
Accounts Receivable, Net | At March 30, 2018 and December 29, 2017, accounts receivable, net, was comprised of the following: March 30, December 29, (In thousands) 2018 2017 Billed accounts receivable $ 76,121 $ 78,139 Unbilled accounts receivable 44,923 35,487 Allowance for contract losses and doubtful accounts (3,805) (3,526) Total accounts receivable, net $ 117,239 $ 110,100 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, by Segment | Segment information for the three months ended March 30, 2018 and March 31, 2017 follows: Revenues Three Months Ended (In thousands) March 30, 2018 March 31, 2017 Engineering and Other Scientific $ 77,047 $ 66,683 Environmental and Health 19,410 17,439 Total revenues $ 96,457 $ 84,122 Operating Income Three Months Ended (In thousands) March 30, 2018 March 31, 2017 Engineering and Other Scientific $ 25,913 $ 22,321 Environmental and Health 6,624 5,479 Total segment operating income 32,537 27,800 Corporate operating expense (10,939) (13,166) Total operating income $ 21,598 $ 14,634 Capital Expenditures Three Months Ended (In thousands) March 30, 2018 March 31, 2017 Engineering and Other Scientific $ 813 $ 1,008 Environmental and Health 51 42 Total segment capital expenditures 864 1,050 Corporate capital expenditures 5,946 257 Total capital expenditures $ 6,810 $ 1,307 Depreciation and Amortization Three Months Ended (In thousands) March 30, 2018 March 31, 2017 Engineering and Other Scientific $ 1,095 $ 1,115 Environmental and Health 39 41 Total segment depreciation and amortization 1,134 1,156 Corporate depreciation and amortization 421 410 Total depreciation and amortization $ 1,555 $ 1,566 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - Subsequent Event | 1 Months Ended |
Apr. 19, 2018$ / shares | |
Class of Stock [Line Items] | |
Common stock, dividends per share declared, subsequent event | $ 0.26 |
Dividends Payable, Date Declared | Apr. 19, 2018 |
Dividends Payable, Date to be Paid | Jun. 22, 2018 |
Dividends Payable, Date of Record | Jun. 8, 2018 |
Revenue Recognition- Additional
Revenue Recognition- Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Revenues | $ 96,457,000 | $ 84,122,000 |
Deferred Revenue, Revenue Recognized | 2,604,000 | |
Engineering and Other Scientific [Member] | Time And Materials Contracts [Member] | ||
Revenues | 64,557,000 | |
Engineering and Other Scientific [Member] | Fixed Price Contracts [Member] | ||
Revenues | 12,446,000 | |
Environmental and Health [Member] | Time And Materials Contracts [Member] | ||
Revenues | 18,614,000 | |
Environmental and Health [Member] | Fixed Price Contracts [Member] | ||
Revenues | 840,000 | |
Sales Revenue, Net [Member] | Time And Materials Contracts [Member] | ||
Revenues | $ 83,171,000 | |
Concentration Risk, Percentage | 86.00% | |
Sales Revenue, Net [Member] | Fixed Price Contracts [Member] | ||
Revenues | $ 13,286,000 | |
Concentration Risk, Percentage | 14.00% |
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. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 29, 2017 | |
Class of Stock [Line Items] | ||||||
Dividends Per Share | $ 0.26 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.84 |
Amount | $ 6,700 | $ 5,416 | $ 5,424 | $ 5,424 | $ 5,374 | $ 21,638 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 | |
Assets | |||
Money market securities | [1] | $ 6,071 | $ 9,742 |
Total | 139,614 | 134,696 | |
Liabilities | |||
Deferred compensation plan | [2] | 65,611 | 59,050 |
Total | 65,611 | 59,050 | |
Fixed income securities | |||
Assets | |||
Fixed income available-for-sale securities | [3] | 75,485 | 71,604 |
Fixed income trading securities held in deferred compensation plan | [4] | 15,562 | 13,686 |
Equity securities | |||
Assets | |||
Equity trading securities held in deferred compensation plan | [4] | 42,496 | 39,664 |
Fair Value, Inputs, Level 1 | |||
Assets | |||
Money market securities | [1] | 6,071 | 9,742 |
Total | 64,129 | 63,092 | |
Liabilities | |||
Deferred compensation plan | [2] | 65,611 | 59,050 |
Total | 65,611 | 59,050 | |
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] | 15,562 | 13,686 |
Fair Value, Inputs, Level 1 | Equity securities | |||
Assets | |||
Equity trading securities held in deferred compensation plan | [4] | 42,496 | 39,664 |
Fair Value, Inputs, Level 2 | |||
Assets | |||
Money market securities | [1] | 0 | 0 |
Total | 75,485 | 71,604 | |
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] | 75,485 | 71,604 |
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. 30, 2018 | Dec. 29, 2017 |
Fair Value Measurements [Line Items] | ||
Amortized Cost | $ 179,083 | $ 196,791 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (446) | (393) |
Estimated Fair Value | 178,637 | 196,398 |
U.S. agency securities | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 75,931 | 71,997 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (446) | (393) |
Estimated Fair Value | 75,485 | 71,604 |
Cash | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 97,081 | 115,052 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 97,081 | 115,052 |
Money market securities | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 6,071 | 9,742 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 6,071 | 9,742 |
Total cash equivalents | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 6,071 | 9,742 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 6,071 | 9,742 |
Total cash and cash equivalents | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 103,152 | 124,794 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 103,152 | 124,794 |
Total short-term investments | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 75,931 | 71,997 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (446) | (393) |
Estimated Fair Value | $ 75,485 | $ 71,604 |
Summarizes Cost And Estimated F
Summarizes Cost And Estimated Fair Value Of Short Term Fixed Income Securities (Detail) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 |
Fair Value Measurements [Line Items] | ||
Due within one year, Amortized Cost | $ 47,927 | |
Due between one and two years, Amortized Cost | 28,004 | |
Total Amortized Cost | 75,931 | |
Due within one year, Estimated Fair Value | 47,725 | |
Due between one and two years, Estimated Fair Value | 27,760 | |
Total Estimated Fair Value | $ 75,485 | $ 71,604 |
Reconciles the Denominators of
Reconciles the Denominators of the Company’s Calculation for Basic and Diluted Net Income per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | ||
Shares used in basic per share computation | 26,372 | 26,302 |
Shares used in diluted per share computation | 27,006 | 26,981 |
Employee Stock Option | ||
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | ||
Effect of dilutive stock outstanding | 161 | 132 |
Restricted Stock Units (RSUs) | ||
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | ||
Effect of dilutive stock outstanding | 473 | 547 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Price | [1] | $ 78.65 | |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 549,000 | $ 471,000 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term | 10 years | ||
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 | $ 2,232,000 | 1,928,000 | |
Stock based compensation, holding period | 4 years | ||
Vested Restricted Stock Awards | 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 Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 3,508,000 | $ 3,256,000 | |
Recipient age to expense award on grant date | 59 years 6 months | ||
Stock based compensation, vesting period | 4 years | ||
[1] | The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of March 30, 2018 was $78.65. |
Number of Unvested Restricted S
Number of Unvested Restricted Stock Unit Awards Outstanding (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 30, 2018USD ($)$ / sharesshares | [1] | |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | ||
Number of shares outstanding, Awards balance | shares | 592,592 | |
Number of shares outstanding, Awards granted | shares | 198,846 | |
Number of shares outstanding, Awards vested | shares | (267,760) | |
Number of shares outstanding, Awards forfeited | shares | 0 | |
Number of shares outstanding, Awards balance | shares | 523,678 | |
Weighted-average grant date fair value, Awards balance | $ / shares | $ 45.91 | |
Weighted-average grant date fair value, Awards granted | $ / shares | 80.14 | |
Weighted-average grant date fair value, Awards vested | $ / shares | 54.28 | |
Weighted-average grant date fair value, Awards forfeited | $ / shares | 0 | |
Weighted-average grant date fair value, Awards balance | $ / shares | $ 54.63 | |
Weighted average remaining contractual term, Balance | 2 years 3 months 18 days | |
Aggregate intrinsic value, Balance | $ | $ 41,187 | [2] |
[1] | Does not include employee stock purchase plans or stock option plans. | |
[2] | The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of March 30, 2018 was $78.65. |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 30, 2018 | Mar. 31, 2017 | Oct. 18, 2016 | Oct. 20, 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 | |||
Repurchase of treasury shares | $ 1,304,000 | |||
Remaining authorized amount for repurchase of common stock | $ 45,376,000 | |||
Treasury stock reissued at lower than repurchase price | $ 5,892,000 | $ 5,667,000 |
Deferred Compensation Plans - A
Deferred Compensation Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | Dec. 29, 2017 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Trading securities | $ 58,058,000 | $ 53,350,000 | |
Deferred compensation plan vested amounts due | 65,611,000 | $ 59,050,000 | |
Change in market value of trust assets | $ (305,000) | $ 1,898,000 | |
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. 30, 2018 | Mar. 31, 2017 | |
Cash paid during period: | ||
Income taxes | $ 678 | $ 446 |
Non-cash investing and financing activities: | ||
Unrealized (loss) gain on short-term investments | (40) | 36 |
Vested stock unit awards issued to settle accrued bonuses | 7,643 | 6,910 |
Accrual for capital expenditures | $ 299 | $ 405 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Mar. 30, 2018 | Dec. 29, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for contract losses and doubtful accounts | $ (3,805) | $ (3,526) |
Total accounts receivable, net | 117,239 | 110,100 |
Billed accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable | 76,121 | 78,139 |
Unbilled accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable | $ 44,923 | $ 35,487 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended | ||
Mar. 30, 2018 | Mar. 31, 2017 | Dec. 29, 2017 | |
Segment Reporting Information [Line Items] | |||
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 | 16.00% | 12.00% | |
Accounts Receivable [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of account receivable | 10.00% | 10.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of account receivable | 21.00% | 24.00% |
Segment Information (Detail)
Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 96,457 | $ 84,122 |
Operating Income | 21,598 | 14,634 |
Capital Expenditures | 6,810 | 1,307 |
Depreciation and Amortization | 1,555 | 1,566 |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Operating Income | 32,537 | 27,800 |
Capital Expenditures | 864 | 1,050 |
Depreciation and Amortization | 1,134 | 1,156 |
Engineering and Other Scientific | ||
Segment Reporting Information [Line Items] | ||
Revenues | 77,047 | 66,683 |
Operating Income | 25,913 | 22,321 |
Capital Expenditures | 813 | 1,008 |
Depreciation and Amortization | 1,095 | 1,115 |
Environmental and Health | ||
Segment Reporting Information [Line Items] | ||
Revenues | 19,410 | 17,439 |
Operating Income | 6,624 | 5,479 |
Capital Expenditures | 51 | 42 |
Depreciation and Amortization | 39 | 41 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Operating Income | (10,939) | (13,166) |
Capital Expenditures | 5,946 | 257 |
Depreciation and Amortization | $ 421 | $ 410 |