Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 03, 2020 | Feb. 21, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 3, 2020 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | EXPONENT, INC. | ||
Entity Central Index Key | 0000851520 | ||
Current Fiscal Year End Date | --01-03 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 2,244,943,377 | ||
Trading Symbol | EXPO | ||
Entity Common Stock, Shares Outstanding | 51,817,981 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity File Number | 0-18655 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 77-0218904 | ||
Entity Address, Address Line One | 149 Commonwealth Drive | ||
Entity Address, City or Town | Menlo Park | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94025 | ||
City Area Code | 650 | ||
Local Phone Number | 326-9400 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
Title of each class | Common Stock, par value $0.001 per share | ||
Name of each exchange on which registered | NASDAQ | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement for the registrant’s 2020 Annual Meeting of Stockholders to be held on May 28, 2020 are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Revenues: | |||
Revenues before reimbursements | $ 391,390 | $ 354,639 | $ 329,664 |
Reimbursements | 25,809 | 24,884 | 18,135 |
Revenues | 417,199 | 379,523 | 347,799 |
Operating expenses: | |||
Compensation and related expenses | 252,197 | 215,052 | 210,289 |
Other operating expenses | 33,562 | 30,599 | 29,544 |
Reimbursable expenses | 25,809 | 24,884 | 18,135 |
General and administrative expenses | 20,520 | 17,532 | 17,780 |
Total operating expenses | 332,088 | 288,067 | 275,748 |
Operating income | 85,111 | 91,456 | 72,051 |
Other income: | |||
Interest income | 3,912 | 2,751 | 1,294 |
Miscellaneous income (loss), net | 15,167 | (890) | 9,164 |
Income before income taxes | 104,190 | 93,317 | 82,509 |
Provision for income taxes | 21,730 | 21,063 | 41,204 |
Net income | $ 82,460 | $ 72,254 | $ 41,305 |
Net income per share: | |||
Basic (in dollars per share) | $ 1.56 | $ 1.37 | $ 0.78 |
Diluted (in dollars per share) | $ 1.53 | $ 1.33 | $ 0.77 |
Shares used in per share computations: | |||
Basic (in shares) | 52,691 | 52,906 | 52,724 |
Diluted (in shares) | 53,884 | 54,168 | 53,972 |
Cash dividends declared per common share (in dollars per share) | $ 0.64 | $ 0.52 | $ 0.42 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 82,460 | $ 72,254 | $ 41,305 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustments, net of tax of $0, $0, and $0, respectively | 145 | (1,015) | 1,187 |
Reclassification adjustment for currency translation adjustments on planned disposal of a subsidiary, net of tax of $0, included in miscellaneous income, net on the consolidated statement of income | 601 | ||
Unrealized gain/(loss) arising during the period on investments, net of tax of $(114), $(63), and $60, respectively | 347 | 191 | (90) |
Comprehensive income | $ 83,553 | $ 71,430 | $ 42,402 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 |
Reclassification adjustment for currency translation adjustments on planned disposal of subsidiary, tax | 0 | ||
Unrealized gain/(loss) arising during the period on investments, tax | $ (114) | $ (63) | $ 60 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 03, 2020 | Dec. 28, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 176,436 | $ 127,059 |
Short-term investments | 55,165 | 81,495 |
Accounts receivable, net of allowance for contract losses and doubtful accounts of $4,295 and $4,066, respectively | 120,138 | 105,814 |
Prepaid expenses and other current assets | 12,305 | 12,244 |
Total current assets | 364,044 | 326,612 |
Property, equipment and leasehold improvements, net | 61,587 | 46,103 |
Operating lease right-of-use asset | 23,003 | |
Goodwill | 8,607 | 8,607 |
Deferred income taxes | 36,821 | 34,090 |
Deferred compensation plan assets | 68,400 | 52,286 |
Other assets | 949 | 1,238 |
Total assets | 563,411 | 468,936 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 18,583 | 12,283 |
Accrued payroll and employee benefits | 86,723 | 76,855 |
Deferred revenues | 12,710 | 9,166 |
Operating lease liability | 5,944 | |
Total current liabilities | 123,960 | 98,304 |
Other liabilities | 2,669 | 2,548 |
Deferred compensation plan liabilities | 68,373 | 52,708 |
Deferred rent | 1,467 | |
Operating lease liability | 18,158 | |
Total liabilities | 213,160 | 155,027 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 2,000 shares authorized; no shares outstanding | 0 | 0 |
Common stock, $0.001 par value; 120,000 shares authorized; 65,707 shares issued | 66 | 66 |
Additional paid-in capital | 244,935 | 227,283 |
Accumulated other comprehensive income/(loss) | ||
Investment securities, available for sale | 302 | (45) |
Foreign currency translation adjustments | (2,062) | (2,808) |
Accumulated other comprehensive income (loss) | (1,760) | (2,853) |
Retained earnings | 384,668 | 342,024 |
Treasury stock, at cost: 13,951 and 14,208 shares held, respectively | (277,658) | (252,611) |
Total stockholders’ equity | 350,251 | 313,909 |
Total liabilities and stockholders’ equity | $ 563,411 | $ 468,936 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 03, 2020 | Dec. 28, 2018 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for contract losses and doubtful accounts | $ 4,295 | $ 4,066 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 65,707,000 | 65,707,000 |
Treasury stock, shares | 13,951,000 | 14,208,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional paid-in capital [Member] | Accumulated other comprehensive income (loss) [Member] | Retained earnings [Member] | Treasury Stock [Member] | |
Balance at Dec. 30, 2016 | $ 273,346 | $ 66 | $ 194,599 | $ (3,126) | $ 291,243 | $ (209,436) | |
Balances (in shares) at Dec. 30, 2016 | 65,707,000 | 14,512,000 | |||||
Employee stock purchase plan | 1,207 | 847 | $ 360 | ||||
Employee stock purchase plan (in shares) | (40,000) | ||||||
Exercise of stock options | 818 | 144 | $ 674 | ||||
Exercise of stock options (in shares) | (69,000) | ||||||
Amortization of unrecognized stock-based compensation | 7,824 | 7,824 | |||||
Purchase of treasury shares | (11,931) | $ (11,931) | |||||
Purchase of treasury shares (in shares) | 372,000 | ||||||
Foreign currency translation adjustments | 1,187 | 1,187 | |||||
Grant of restricted stock units to settle accrued bonus | 6,918 | 6,918 | |||||
Settlement of restricted stock units | (9,520) | (1,017) | (5,667) | $ (2,836) | |||
Settlement of restricted stock units (in shares) | (606,000) | ||||||
Unrealized (loss) gain on investments | (90) | (90) | |||||
Dividends and dividend equivalent rights | (21,976) | 915 | (22,891) | ||||
Net income | 41,305 | 41,305 | |||||
Balance at Dec. 29, 2017 | 289,088 | $ 66 | 210,230 | (2,029) | 303,990 | $ (223,169) | |
Balances (in shares) at Dec. 29, 2017 | 65,707,000 | 14,169,000 | |||||
Employee stock purchase plan | 1,474 | 1,161 | $ 313 | ||||
Employee stock purchase plan (in shares) | (32,000) | ||||||
Amortization of unrecognized stock-based compensation | 8,550 | 8,550 | |||||
Purchase of treasury shares | (27,915) | $ (27,915) | |||||
Purchase of treasury shares (in shares) | 562,000 | ||||||
Foreign currency translation adjustments | (1,015) | (1,015) | |||||
Grant of restricted stock units to settle accrued bonus | 7,643 | 7,643 | |||||
Settlement of restricted stock units | (8,839) | (1,107) | (5,892) | $ (1,840) | |||
Settlement of restricted stock units (in shares) | (491,000) | ||||||
Unrealized (loss) gain on investments | 191 | 191 | |||||
Dividends and dividend equivalent rights | (27,522) | 806 | (28,328) | ||||
Net income | 72,254 | 72,254 | |||||
Balance at Dec. 28, 2018 | 313,909 | $ 66 | 227,283 | (2,853) | 342,024 | $ (252,611) | |
Balances (in shares) at Dec. 28, 2018 | 65,707,000 | 14,208,000 | |||||
Employee stock purchase plan | 1,668 | 1,384 | $ 284 | ||||
Employee stock purchase plan (in shares) | (27,000) | ||||||
Exercise of stock options | $ 1,561 | (141) | $ 1,702 | ||||
Exercise of stock options (in shares) | (165,851) | [1] | (166,000) | ||||
Amortization of unrecognized stock-based compensation | $ 8,710 | 8,710 | |||||
Purchase of treasury shares | (21,957) | $ (21,957) | |||||
Purchase of treasury shares (in shares) | 342,000 | ||||||
Foreign currency translation adjustments | 145 | 145 | |||||
Reclassification adjustment for currencytranslation adjustments on planneddisposal of a subsidiary | 601 | 601 | |||||
Grant of restricted stock units to settle accrued bonus | 7,947 | 7,947 | |||||
Settlement of restricted stock units | (11,183) | (961) | (5,146) | $ (5,076) | |||
Settlement of restricted stock units (in shares) | (406,000) | ||||||
Unrealized (loss) gain on investments | 347 | 347 | |||||
Dividends and dividend equivalent rights | (33,957) | 713 | (34,670) | ||||
Net income | 82,460 | 82,460 | |||||
Balance at Jan. 03, 2020 | $ 350,251 | $ 66 | $ 244,935 | $ (1,760) | $ 384,668 | $ (277,658) | |
Balances (in shares) at Jan. 03, 2020 | 65,707,000 | 13,951,000 | |||||
[1] | Does not include restricted stock or employee stock purchase plans. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 82,460,000 | $ 72,254,000 | $ 41,305,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of property, equipment and leasehold improvements | 6,806,000 | 6,292,000 | 6,285,000 |
Amortization of premiums and accretion of discounts on short-term investments | (516,000) | (114,000) | |
Deferred rent expense | 175,000 | (362,000) | |
Provision for contract losses and doubtful accounts | 2,224,000 | 1,848,000 | 2,506,000 |
Stock-based compensation | 17,466,000 | 16,993,000 | 16,155,000 |
Deferred income tax provision | (2,845,000) | (3,715,000) | 11,786,000 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (16,548,000) | 2,438,000 | (25,197,000) |
Prepaid expenses and other current assets | (3,343,000) | (11,047,000) | 2,867,000 |
Change in operating leases | 205,000 | ||
Accounts payable and accrued liabilities | 6,715,000 | (4,620,000) | 5,984,000 |
Accrued payroll and employee benefits | 11,891,000 | 9,820,000 | 5,831,000 |
Deferred revenues | 3,544,000 | 864,000 | 678,000 |
Net cash provided by operating activities | 108,059,000 | 91,188,000 | 67,838,000 |
Cash flows from investing activities: | |||
Capital expenditures | (23,038,000) | (16,298,000) | (4,725,000) |
Purchase of short-term investments | (38,693,000) | (52,522,000) | (28,997,000) |
Maturity of short-term investments | 66,000,000 | 43,000,000 | 16,000,000 |
Net cash provided by/(used in) investing activities | 4,269,000 | (25,820,000) | (17,722,000) |
Cash flows from financing activities: | |||
Payroll taxes for restricted stock units | (11,183,000) | (8,839,000) | (9,520,000) |
Repurchase of common stock | (21,957,000) | (27,915,000) | (11,931,000) |
Exercise of share-based payment awards | 3,229,000 | 1,474,000 | 2,025,000 |
Dividends and dividend equivalent rights | (33,503,000) | (27,220,000) | (21,835,000) |
Net cash used in financing activities | (63,414,000) | (62,500,000) | (41,261,000) |
Effect of foreign currency exchange rates on cash and cash equivalents | 463,000 | (603,000) | 972,000 |
Net increase in cash and cash equivalents | 49,377,000 | 2,265,000 | 9,827,000 |
Cash and cash equivalents at beginning of year | 127,059,000 | 124,794,000 | 114,967,000 |
Cash and cash equivalents at end of year | $ 176,436,000 | $ 127,059,000 | $ 124,794,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 03, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1: Summary of Significant Accounting Policies Basis of Presentation Exponent, Inc. together with its subsidiaries (collectively referred to as the “Company”) is a science and engineering consulting firm that provides solutions to complex problems. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company operates on a 52-53 week fiscal year with each year ending on the Friday closest to December 31 st Stock Split On May 31, 2018, the Company’s stockholders approved an amendment to the Company’s certificate of incorporation to (i) increase the number of authorized shares of common stock to 120,000,000 and (ii) effect a two-for-one stock split. As a result of the stock split, each shareholder of record at the close of business on May 31, 2018, received one additional share of common stock for each share of common stock owned by such stockholder. Restricted stock unit awards and stock option awards have also been adjusted to reflect the two-for-one stock split. For periods prior to the stock split, all share and per share data in the Company’s consolidated financial statements and related notes have been retroactively adjusted to reflect the stock split. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Estimates are used for, but not limited to, revenue recognition, allowance for contract losses and doubtful accounts, stock-based compensation, income taxes, goodwill, the useful life of property, equipment and leasehold improvements, and operating lease liabilities. Actual results could differ from those estimates. Foreign Currency Translation The Company translates the assets and liabilities of foreign subsidiaries, whose functional currency is the local currency, at exchange rates in effect at the balance sheet date. Revenues and expenses are translated at the average rates of exchange prevailing during the year. The adjustment resulting from translating the financial statements of such foreign subsidiaries is included in accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity. Cash Equivalents Cash equivalents consist of highly liquid investments such as money market mutual funds, commercial paper and debt securities with original remaining maturities of three months or less from the date of purchase. Short-term Investments Short-term investments consist of debt securities classified as available-for-sale and are carried at their fair value as of the balance sheet date. Short-term investments generally mature between three months and three years from the purchase date. Investments with maturities beyond one year are classified as short-term based on their highly liquid nature and because such marketable securities represent investments readily available for current operations. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is included in interest income. Realized gains or losses are determined on the specific identification method and are reflected in other income. Net unrealized gains and losses are recorded directly in accumulated other comprehensive income except for unrealized losses that are deemed to be other-than-temporary, which are reflected in net income. Investments are reviewed on a regular basis to evaluate whether or not any security has experienced an other-than temporary decline in fair value. When assessing investments for other-than-temporary declines in fair value, the Company considers the significance of the decline in value as a percentage of the original cost, how long the market value of the investment has been less than its original cost, any news that has been released specific to the investee, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis. Allowances for Contract Losses and Doubtful Accounts The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations or for disputes that affect the Company’s ability to fully collect amounts due. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations or aware of a dispute with a specific customer, a specific allowance is recorded to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers the Company recognizes allowances for doubtful accounts based upon historical write-offs, customer concentration, customer credit-worthiness, current economic conditions, aging of amounts due and changes in customer payment terms. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized using the straight-line method. Buildings are depreciated over their estimated useful lives ranging from thirty to forty years. Equipment is depreciated over its estimated useful life, which generally ranges from two to seven years. Leasehold improvements are amortized over the shorter of their estimated useful lives, generally seven years, or the term of the related lease. Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future undiscounted cash flows to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Company has not recognized impairment losses on any long-lived assets in 2019, 2018 or 2017. Goodwill The Company assesses the impairment of goodwill annually and whenever events or changes in circumstances indicate that the carrying amount may be impaired. The Company’s annual goodwill impairment review is completed during the fourth quarter of each year. The Company evaluates goodwill for each reporting unit for impairment by assessing qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. The Company considers events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, a change in the composition or carrying amount of a reporting unit’s net assets and changes in the price of its common stock. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then the quantitative goodwill impairment test is not performed. The Company completed its annual assessment for all reporting units with goodwill for 2019 and determined, after assessing the totality of the qualitative factors, that it is more likely than not that the fair value of each reporting unit is greater than its respective carrying amount. Accordingly, there was no indication of impairment of goodwill for any of the Company’s reporting units and the quantitative goodwill impairment test was not performed. The Company did not recognize any goodwill impairment losses in 2019, 2018 or 2017. Deferred Revenues Deferred revenues represent amounts billed to clients in advance of services provided. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax basis and the financial reporting basis of assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates and laws in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities from changes in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. An uncertain tax position is recognized if it is determined that it is more likely than not to be sustained upon examination. The tax position is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company’s policy is to recognize interest and penalties related to unrecognized tax benefits as income tax expense. Accrued interest and penalties are insignificant at January 3, 2020 and December 28, 2018. Fair Value of Financial Instruments Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, other assets and accounts payable. Cash, cash equivalents and short-term investments are recorded at fair value. The carrying amount of the Company’s accounts receivable, other assets and accounts payable approximates their fair values due to their short maturities. Stock-Based Compensation Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period of the entire award. The Company accounts for forfeitures of share-based awards when they occur. Net Income Per Share Basic per share amounts are computed using the weighted-average number of common shares outstanding during the period. Dilutive per share amounts are computed using the weighted-average number of common shares outstanding and potentially dilutive securities, using the treasury stock method if their effect would be dilutive. The following schedule reconciles the denominators of the Company’s calculation for basic and diluted net income per share: Fiscal Years (In thousands) 2019 2018 2017 Shares used in basic per share computation 52,691 52,906 52,724 Effect of dilutive common stock options outstanding 458 403 290 Effect of unvested restricted stock units outstanding 735 859 958 Shares used in diluted per share computation 53,884 54,168 53,972 There were no equity awards excluded from the diluted per share calculation for 2019, 2018 and 2017. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) established Topic 842, Leases Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842 Targeted Improvements The Company adopted the ASU as of the beginning of its first quarter of 2019. A modified retrospective transition approach is required, requiring the application of the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The Company adopted the new standard on December 29, 2018, using the effective date as the date of initial application. Consequently, financial information was not updated and the disclosures required under the new standard were not provided for dates and periods before December 29, 2018. The new standard provides a number of optional practical expedients in transition. The Company elected the ‘package of practical expedients’, which permits it not to reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs. The Company elected the practical expedient to include both lease and non-lease components as a single component and account for it as a lease for all asset classes. The Company also elected to apply the short-term lease exception for all leases. Under the short-term lease exception, the Company will not recognize ROU assets or lease liabilities for leases that, at the acquisition date, have a remaining lease term of 12 months or less. The ASU had a material impact to the Company’s consolidated balance sheet, but did not have an impact on its consolidated statement of income. The most significant impact was the recognition of ROU assets and lease liabilities for its operating leases. Recently Accounting Pronouncements Not Yet Effective In June 2016, FASB established Topic 326, Measurement of Credit Losses on Financial Instruments Financial Instruments – Credit Losses, |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Jan. 03, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 2: Revenue Recognition Substantially all of the Company’s engagements are performed under time and materials or fixed-price arrangements. For time and materials contracts, the Company utilizes the practical expedient under Accounting Standards Codification 606 – Revenue from Contracts with Customers The following table discloses the percent of the Company’s revenue generated from time and materials contracts: Fiscal Years 2019 2018 Engineering & other scientific 66% 64% Environmental and health 18% 18% Total time and materials revenues 84% 82% For fixed-price contracts the Company recognizes revenue over time because of the continuous transfer of control to the customer. The customer typically controls the work in process as evidenced either by contractual termination clauses or by the Company’s rights to payment for work performed to date to deliver services that do not have an alternative use to the Company. Revenue for fixed-price contracts is recognized based on the relationship of incurred labor hours at standard rates to the Company’s estimate of the total labor hours at standard rates it expects to incur over the term of the contract. The Company believes this methodology achieves a reliable measure of the revenue from the consulting services it provides to its customers under fixed-price contracts given the nature of the consulting services the Company provides. The following table discloses the percent of the Company’s revenue generated from fixed price contracts: Fiscal Years 2019 2018 Engineering & other scientific 15% 17% Environmental and health 1% 1% Total fixed price revenues 16% 18% Deferred revenues represent amounts billed to clients in advance of services provided. During 2019, $5,754,000 of revenues were recognized that were included in the deferred revenue balance at December 28, 2018. During 2018, $6,067,000 of revenue were recognized that were included in the deferred revenue balance at December 29, 2017. 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 before reimbursements. The Company reports revenues net of subcontractor fees for certain subcontracts where the Company has determined that it is acting as an agent because its performance obligation is to arrange for 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 $14,409,000 and $23,174,000 during 2019 and 2018, respectively. |
Cash, cash equivalents and shor
Cash, cash equivalents and short-term investments | 12 Months Ended |
Jan. 03, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Cash, cash equivalents and short-term investments | Note 3: Cash, cash equivalents and short-term investments Cash, cash equivalents and short-term investments consisted of the following as of January 3, 2020: Estimated (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Classified as current assets: Cash $ 135,225 $ — $ — $ 135,225 Cash equivalents: Money market securities 41,211 — — 41,211 Total cash equivalents 41,211 — — 41,211 Total cash and cash equivalents 176,436 — — 176,436 Short-term investments: U.S. Treasury and agency securities 54,841 324 — 55,165 Total short-term investments 54,841 324 — 55,165 Total cash, cash equivalents and short-term investments $ 231,277 $ 324 $ — $ 231,601 Cash, cash equivalents and short-term investments consisted of the following as of December 28, 2018: Estimated (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Classified as current assets: Cash $ 120,846 $ — $ — $ 120,846 Cash equivalents: Money market securities 6,213 — — 6,213 Total cash equivalents 6,213 — — 6,213 Total cash and cash equivalents 127,059 — — 127,059 Short-term investments: U.S. Treasury and agency securities 81,634 91 (230 ) 81,495 Total short-term investments 81,634 91 (230 ) 81,495 Total cash, cash equivalents and short-term investments $ 208,693 $ 91 $ (230 ) $ 208,554 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jan. 03, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4: Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale fixed income securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There have been no transfers between fair value measurement levels during 2019, 2018 and 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. The fair value of these certain financial assets and liabilities was determined using the following inputs at January 3, 2020 (in thousands): Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Money market securities (1) $ 41,211 $ 41,211 $ — $ — Fixed income available for sale securities (2) 55,165 — 55,165 — Fixed income trading securities held in deferred compensation plan (3) 22,010 22,010 — — Equity trading securities held in deferred compensation plan (3) 53,924 53,924 — — Total $ 172,310 $ 117,145 $ 55,165 $ — Liabilities Deferred compensation plan (4) 76,357 76,357 — — Total $ 76,357 $ 76,357 $ — $ — (1) Included in cash and cash equivalents on the Company’s consolidated balance sheet. (2) Included in short-term investments on the Company’s consolidated balance sheet. (3) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. (4) Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. The fair value of these certain financial assets and liabilities was determin ed using the following inputs at December 28, 2018 (in thousands): Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Money market securities (1) $ 6,213 $ 6,213 $ — $ — Fixed income available for sale securities (2) 81,495 — 81,495 — Fixed income trading securities held in deferred compensation plan (3) 18,618 18,618 — — Equity trading securities held in deferred compensation plan (3) 39,160 39,160 — — Total $ 145,486 $ 63,991 $ 81,495 $ — Liabilities Deferred compensation plan (4) 59,349 59,349 — — Total $ 59,349 $ 59,349 $ — $ — (1) Included in cash and cash equivalents on the Company’s consolidated balance sheet. (2) Included in short-term investments on the Company’s consolidated balance sheet. (3) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. (4) Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. Fixed income available-for-sale securities as of January 3, 2020 and December 28, 2018 represent primarily obligations of the United States Treasury and other United States agencies. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 11 for additional information about the Company’s deferred compensation plan. The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on remaining effective maturities as of January 3, 2020: (In thousands) Amortized Cost Estimated Fair Value Due within one year $ 49,842 $ 50,119 Due between one and two years 4,999 5,046 Total $ 54,841 $ 55,165 At January 3, 2020 and December 28, 2018, the Company did not have any assets or liabilities valued using significant unobservable inputs. The following financial instruments are not measured at fair value on the Company's consolidated balance sheet at January 3, 2020, but require disclosure of their fair values: accounts receivable, other assets and accounts payable. The estimated fair value of such instruments at January 3, 2020 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 2019, 2018 and 2017. |
Property, Equipment and Leaseho
Property, Equipment and Leasehold Improvements | 12 Months Ended |
Jan. 03, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Equipment and Leasehold Improvements | Note 5: Property, Equipment and Leasehold Improvements Fiscal Years (In thousands) 2019 2018 Property: Land $ 18,339 $ 17,103 Buildings 60,437 38,946 Construction in progress 1,133 6,508 Equipment: Machinery and equipment 47,628 46,492 Office furniture and equipment 10,504 10,352 Leasehold improvements 13,653 15,621 151,694 135,022 Less accumulated depreciation and amortization 90,107 88,919 Property, equipment and leasehold improvements, net $ 61,587 $ 46,103 Depreciation and amortization for 2019, 2018 and 2017 was $6,806,000, $6,292,000 and $6,285,000, respectively. |
Other Significant Balance Sheet
Other Significant Balance Sheet Components | 12 Months Ended |
Jan. 03, 2020 | |
Significant Balance Sheet Components [Abstract] | |
Other Significant Balance Sheet Components | Note 6: Other Significant Balance Sheet Components Account receivable, net Fiscal Years (In thousands) 2019 2018 Billed accounts receivable $ 85,579 $ 73,905 Unbilled accounts receivable 38,854 35,975 Allowance for contract losses and doubtful accounts (4,295 ) (4,066 ) Total accounts receivable, net $ 120,138 $ 105,814 Accounts payable and accrued liabilities Fiscal Years (In thousands) 2019 2018 Accounts payable $ 4,644 $ 2,551 Accrued liabilities 13,939 9,732 Total accounts payable and other accrued liabilities $ 18,583 $ 12,283 Accrued payroll and employee benefits Fiscal Years (In thousands) 2019 2018 Accrued bonuses payable $ 54,471 $ 49,436 Accrued 401(k) contributions 8,878 8,154 Accrued vacation 10,896 10,390 Deferred compensation plan 7,984 6,641 Other accrued payroll and employee benefits 4,494 2,234 Total accrued payroll and employee benefits $ 86,723 $ 76,855 Other accrued payroll and employee benefits consist primarily of accrued wages, payroll taxes and disability insurance programs. A portion of accrued bonuses payable will be settled by issuing fully vested restricted stock units. See Note 9 and Note 16 for additional information. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 03, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7: Income Taxes Income before income taxes includes income from foreign operations of $8,017,000, $8,005,000 and $7,707,000 for 2019, 2018 and 2017, respectively. Total income tax expense for 2019, 2018 and 2017 consisted of the following: Fiscal Years (In thousands) 2019 2018 2017 Current Federal $ 16,498 $ 16,487 $ 22,821 Foreign 1,523 1,624 1,514 State 6,554 6,667 5,083 24,575 24,778 29,418 Deferred Federal (1,727 ) (2,604 ) 12,570 State (1,118 ) (1,111 ) (784 ) (2,845 ) (3,715 ) 11,786 Total $ 21,730 $ 21,063 $ 41,204 The Company’s effective tax rate differs from the statutory federal tax rate of 21% for 2019 and 2018 and 35% for 2017 as shown in the following schedule: Fiscal Years (In thousands) 2019 2018 2017 Tax at federal statutory rate $ 21,880 $ 19,597 $ 28,878 Re-measurement of deferred tax assets to lower enacted domestic tax rate — — 15,137 Mandatory repatriation of foreign earnings — — 1,370 State taxes, net of federal benefit 4,129 4,391 2,806 Divestiture of foreign subsidiary 956 — — Nondeductible officer compensation 759 — — Non-deductible expenses 345 335 417 Non-deductible stock-based compensation 2 20 18 Excess tax benefit from equity incentive plans (6,394 ) (3,310 ) (5,831 ) Difference between statutory rate and foreign effective tax rate (341 ) (217 ) (1,339 ) Other 394 247 (252 ) Tax expense $ 21,730 $ 21,063 $ 41,204 Effective tax rate 20.9 % 22.6 % 49.9 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 3, 2020 and December 28, 2018 are presented in the following schedule: Fiscal Years (In thousands) 2019 2018 Deferred tax assets: Accrued liabilities and allowances $ 15,658 $ 13,964 Deferred compensation plan 28,463 22,944 Operating leases 6,867 — Property, equipment and leasehold improvements — 192 Unrealized loss on deferred compensation plan assets — 320 Other — 34 Total deferred tax assets $ 50,988 $ 37,454 Deferred tax liabilities: State taxes $ (1,624 ) $ (1,184 ) Deductible goodwill (2,104 ) (2,086 ) Operating leases (6,867 ) — Property, equipment and leasehold improvements (84 ) — Unrealized gain of deferred compensation plan assets (2,339 ) — Divestiture of foreign subsidiary (956 ) Other (193 ) (94 ) Total deferred tax liabilities (14,167 ) (3,364 ) Net deferred tax assets $ 36,821 $ 34,090 Management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. The Tax Cuts and Jobs Act (Tax Legislation) was enacted on December 22, 2017 and lowers U.S. corporate income tax rates as of January 1, 2018, implements a territorial tax system and imposes a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The impact of the Tax Legislation to the Company was an increase in income tax expense of $16,507,000 during 2017. The Company’s deferred tax assets were re-measured at the lower enacted corporate tax rate of 21% which contributed $15,137,000 to the 2017 increase in income tax expense associated with the Tax Legislation. The Company also has foreign earnings that were subject to the mandatory repatriation tax. The total mandatory repatriation tax, net of the benefit of the Company’s foreign tax credits, contributed $1,370,000 to the 2017 increase in income tax expense associated with the Tax Legislation. The Company elected to pay the mandatory repatriation tax over a period of eight years. The Company is entitled to a deduction for federal and state tax purposes with respect to employees’ stock award activity. The net deduction in taxes otherwise payable arising from that deduction has been recorded as an income tax benefit. For 2019, 2018 and 2017, the net deduction in tax payable arising from employees’ stock award activity was $8,067,000, $4,154,000 and $6,528,000, respectively. The Company and its subsidiaries file income tax returns in the United States federal jurisdiction, California and various other state and foreign jurisdictions. The Company is no longer subject to United States federal income tax examination for years prior to 2016. The Company is no longer subject to California franchise tax examinations for years prior to 2015. With few exceptions, the Company is no longer subject to state and local or non-United States income tax examination by tax authorities for years prior to 2015. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Balance at December 29, 2017 $ 1,789,000 Additions based on tax positions related to the current year 599,000 Reductions due to lapse of statute of limitations (257,000 ) Reductions for tax positions of prior years (383,000 ) Balance at December 28, 2018 $ 1,748,000 Additions based on tax positions related to the current year 515,000 Reductions due to lapse of statute of limitations (340,000 ) Balance at January 3, 2020 $ 1,923,000 Unrecognized tax benefits are included in other liabilities in the accompanying balance sheet. To the extent these unrecognized tax benefits are ultimately recognized, they will impact the effective tax rate by $1,557,000 in a future period. There are no uncertain tax positions whose resolution in the next 12 months is expected to materially affect operating results. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jan. 03, 2020 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | Note 8: Stockholders’ Equity Preferred Stock The Company has authorized 2,000,000 shares of undesignated preferred stock with a par value of $0.001 per share. None of the preferred shares were issued and outstanding at January 3, 2020 and December 28, 2018. Dividends The Company declared and paid cash dividends per common share during the periods presented as follows: Fiscal Years 2019 Dividends Amount Per Share (in thousands) First Quarter $ 0.160 $ 8,240 Second Quarter $ 0.160 8,306 Third Quarter $ 0.160 8,323 Fourth Quarter $ 0.160 8,280 $ 33,149 Fiscal Years 2018 Dividends Amount Per Share (in thousands) First Quarter $ 0.130 $ 6,700 Second Quarter $ 0.130 6,764 Third Quarter $ 0.130 6,765 Fourth Quarter $ 0.130 6,723 $ 26,952 Treasury Stock Net losses related to the re-issuance of treasury stock to settle restricted stock unit and stock option awards of $5,146,000, $5,892,000 and $5,667,000 were recorded as a reduction to retained earnings during 2019, 2018 and 2017, respectively. Repurchase of Common Stock The Company repurchased 342,000 shares of its common stock for $21,957,000 during 2019. The Company repurchased 562,000 shares of its common stock for $27,915,000 during 2018. The Company repurchased 372,000 shares of its common stock for $11,931,000 during 2017. On January 31, 2019 the Board of Directors authorized $75,000,000 for the repurchase of Exponent’s common stock. On October 19, 2016 the Board of Directors authorized $35,000,000 for the repurchase of Exponent’s common stock. These repurchase programs have no expiration dates. As of January 3, 2020, the Company had remaining authorization under its stock repurchase plan of $70,504,000 to repurchase shares of common stock. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jan. 03, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 9: Stock-Based Compensation On May 29, 2008, the Company’s stockholders approved the 2008 Equity Incentive Plan and the 2008 Employee Stock Purchase Plan (“ESPP”). The 2008 Equity Incentive Plan and ESPP were previously adopted by the Company’s Board of Directors on April 8, 2008, subject to stockholder approval. The 2008 Equity Incentive Plan allows for the award of stock options, stock awards (including stock units, stock grants and stock appreciation rights or other similar equity awards) and cash awards to officers, employees, consultants and non-employee members of the Board of Directors. The total number of shares reserved for issuance under the 2008 Equity Incentive Plan was 11,856,300 shares of common stock, subject to adjustment resulting from a stock split or the payment of a stock dividend or any other increase or decrease in the number of issued shares of the Company’s stock effected without receipt of consideration by the Company. As of January 3, 2020, 2,121,786 shares were available for grant under the 2008 Equity Incentive Plan. The ESPP allows for officers and employees to purchase common stock through payroll deductions of up to 15% of a participant’s eligible compensation. Shares of common stock are purchased under the ESPP at 95% of the fair market value of the Company’s common stock on each purchase date. Subject to adjustment resulting from a stock split or the payment of a stock dividend or any other increase or decrease in the number of issued shares of the Company’s stock effected without receipt of consideration by the Company, the total number of shares reserved for issuance under the ESPP was 1,200,000 shares of common stock. As of January 3, 2020, 386,628 shares were available for grant. Weighted average purchase prices for shares sold under the ESPP plan in 2019, 2018 and 2017 were $60.32, $45.26 and $30.67, respectively. Restricted Stock Units The Company grants restricted stock units to employees and outside directors. These restricted stock unit grants are designed to attract and retain employees, and to better align employee interests with those of the Company’s stockholders. For a select group of employees, up to 40% of their annual bonus is settled with fully vested restricted stock unit awards. Under these fully vested restricted stock unit awards, the holder of each award has the right to receive one share of the Company’s common stock for each fully vested restricted stock unit four years from the date of grant. Each individual who received a fully vested restricted stock unit award is granted a matching number of unvested restricted stock unit awards. These unvested restricted stock unit awards cliff vest four years from the date of grant, at which time the holder of each award will have the right to receive one share of the Company’s common stock for each restricted stock unit award, provided the holder of each award has met certain employment conditions. In the case of retirement at 59 ½ years or older, all unvested restricted stock unit awards will continue to vest provided the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company. All restricted stock units granted have dividend equivalent rights (“DER”), which entitle holders of restricted stock units to the same dividend value per share as holders of common stock. DER are subject to the same vesting and other terms and conditions as the corresponding unvested restricted stock units. DER are accumulated and paid when the underlying shares vest and are forfeited if the underlying shares are forfeited. The value of these restricted stock unit awards is determined based on the market price of the Company’s common stock on the date of grant. The value of fully vested restricted stock unit awards issued is recorded as a reduction to accrued bonuses. The portion of bonus expense that the Company expects to settle with fully vested restricted stock unit awards is recorded as stock-based compensation during the period the bonus is earned. For 2019, 2018 and 2017, the Company recorded stock-based compensation expense associated with accrued bonus awards of $8,756,000, $8,443,000 and $8,331,000, respectively. The Company recorded stock-based compensation expense associated with the unvested restricted stock unit awards of $8,127,000, $7,653,000 and $7,075,000 during 2019, 2018 and 2017, respectively. The number of unvested restricted stock unit awards outstanding as of January 3, 2020 is as follows (1) Number of awards outstanding Weighted- average grant date fair value Weighted- average remaining contractual term (years) Aggregate intrinsic value (in thousands) (2) Balance as of December 28, 2018 1,034,539 $ 27.76 Awards granted 302,635 57.08 Awards vested (448,946 ) 32.83 Awards forfeited (1,933 ) 46.64 Balance as of January 3, 2020 886,295 $ 35.16 1.4 $ 62,448 (1) Does not include employee stock purchase plans or stock option plans. (2) The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of January 3, 2020 was $70.46. Stock Options The Company currently grants stock options under the 2008 Equity Incentive Plan. Options are granted for terms of ten years and generally vest ratably over a four-year Option activity is as follows (1) Number of shares outstanding Weighted- average exercise price Weighted- average remaining contractual term (years) Aggregate intrinsic value (in thousands) Balance as of December 28, 2018 778,000 $ 20.80 Options granted 50,000 54.95 Options forfeited and expired — — Options exercised (165,851 ) 9.41 Balance as of January 3, 2020 662,149 $ 26.23 5.85 $ 29,290 Exercisable at January 3, 2020 450,649 $ 20.99 4.93 $ 22,292 (1) The total intrinsic value of options exercised during 2019, 2018 and 2017 was $9,651,000, $0 and $1,461,000, respectively. The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the fiscal year ended January 3, 2020, and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on January 3, 2020. This amount changes based on the fair-value of the Company’s stock. The Company u ses the Black-Scholes option-pricing model to determine the fair value of options granted. The determination of the fair value of stock-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These variables include expected stock price volatility over the term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expec ted dividends. The Company used historical exercise and post-vesting forfeiture and expiration data to estimate the expected term of options granted. The historical volatility of the Company’s common stock over a period of time equal to the expected term of the options granted was used to estimate expected volatility. The risk-free interest rate used in the option-pricing model was based on United States Treasury zero coupon issues with remaining terms similar to the expected term on the options. The dividend yield assumption considers the expectation of continued declaration of dividends, offset by option holders’ dividend equivalent rights. All share-based payment awards are recognized on a straight-line basis over the requisite service periods of the awards. The assumptions used to value option grants for 2019, 2018 and 2017 are as follows: Stock Option Plan Fiscal Years 2019 2018 2017 Expected term (in years) 5.7 5.9 5.9 Risk-free interest rate 2.52 % 2.74 % 2.11 % Volatility 23 % 23 % 24 % Dividend yield 0 % 0 % 0 % The weighted-average grant date fair value of options granted during 2019, 2018 and 2017 were $15.16, $10.59 and $8.09, respectively. The amount of stock-based compensation expense and the related income tax benefit recognized in the Company’s consolidated statements of income for 2019, 2018 and 2017 is as follows: Fiscal Years (In thousands) 2019 2018 2017 Compensation and related expenses: Restricted stock units $ 16,320 $ 15,561 $ 14,809 Stock option grants 583 897 749 Sub-total 16,903 16,458 15,558 General and administrative expenses: Restricted stock units 563 535 597 Sub-total 563 535 597 Total stock-based compensation expense $ 17,466 $ 16,993 $ 16,155 Income tax benefit $ 8,067 $ 4,467 $ 6,331 As of January 3, 2020, there was $9,338,000 of unrecognized compensation cost, expected to be recognized over a weighted average period of 2.5 years, related to unvested restricted stock unit awards and $1,107,000 of unrecognized compensation cost, expected to be recognized over a weighted average period of 2.4 years, related to unvested stock options. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Jan. 03, 2020 | |
Pension And Other Postretirement Benefit Expense [Abstract] | |
Retirement Plans | Note 10: Retirement Plans The Company provides a defined contribution retirement plan for its employees whereby the Company contributes to each eligible employee’s account 7% of the employee’s eligible base salary plus overtime. The employee does not need to make a contribution to the plan to be eligible for the Company’s 7% contribution. To be eligible under the plan, an employee must be at least 21 years of age and be either a full-time or part-time salaried employee. The 7% Company contribution will vest 20% per year for the first 5 years of employment and then immediately thereafter. The Company’s expenses related to this plan were $9,073,000, $8,419,000, and $7,914,000 in 2019, 2018, and 2017, respectively. |
Deferred Compensation Plans
Deferred Compensation Plans | 12 Months Ended |
Jan. 03, 2020 | |
Deferred Compensation Arrangements [Abstract] | |
Deferred Compensation Plans | Note 11: Deferred Compensation Plans The Company maintains nonqualified deferred compensation plans for the benefit of a select group of highly compensated employees. Under these plans, participants may elect to defer up to 100% of their compensation. Company assets that are earmarked to pay benefits under the plans are held in a rabbi trust and are subject to the claims of the Company’s creditors. As of January 3, 2020 and December 28, 2018, the invested amounts under the plans totaled $75,934,000 and $57,778,000, respectively. These assets are classified as trading securities and are recorded at fair market value with changes recorded as adjustments to other income. As of January 3, 2020 and December 28, 2018, vested amounts due under the plans totaled $76,357,000 and $59,349,000, respectively. Changes in the liability are recorded as adjustments to compensation expense. During 2019, 2018 and 2017, the Company recognized compensation expense/(gain) of $12,834,000, ($3,900,000) and $6,547,000, respectively, as a result of changes in the market value of the trust assets with the same amount being recorded as other income. |
Leases
Leases | 12 Months Ended |
Jan. 03, 2020 | |
Leases [Abstract] | |
Leases | Note 12: Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and long-term operating lease liabilities in the Company’s consolidated balance sheet. The Company does not have any finance leases as of January 3, 2020. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, based on the information available at commencement date, in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The amortization of operating lease ROU assets and the change in operating lease liabilities is disclosed as a single line item in the consolidated statement of cash flows. The Company leases office, laboratory, and storage space in 13 states and the District of Columbia, as well as in Germany, China, Hong Kong, Singapore, Switzerland and the United Kingdom. Leases for these office, laboratory, and storage facilities have terms generally ranging between one and ten years. Some of these leases include options to extend or terminate the lease, none of which are currently included in the lease term as the Company has determined that exercise of these options is not reasonably certain. The Company has a Test and Engineering Center on 147 acres of land in Phoenix, Arizona. The Company leases this land from the state of Arizona under a 30-year lease agreement that expires in January of 2028 and has options to renew for two fifteen-year The Company’s equipment leases are included in the ROU asset and liability balances but are not material. The components of lease expense included in other operating expenses on the consolidated statement of income were as follows: Fiscal Year (In thousands) 2019 Operating lease cost $ 7,395 Variable lease cost 1,479 Short-term lease cost 405 Supplemental cash flow information related to operating leases was as follows: Fiscal Year (In thousands) 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 7,522 Supplemental balance sheet information related to operating leases was as follows: Fiscal Year 2019 Weighted Average Remaining Lease Term 5.2 years Weighted Average Discount Rate 4.4% Maturities of operating lease liabilities as of January 3, 2020: Operating (In thousands) Leases 2020 $ 6,938 2021 5,993 2022 4,773 2023 3,187 2024 2,176 2025 1,491 2026 1,507 2027 1,466 Total lease payments $ 27,531 Less imputed interest (3,429 ) Total lease liability $ 24,102 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 03, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13: Commitments & Contingencies The Company is a party to various legal actions from time to time and may be contingently liable in connection with claims and contracts arising in the normal course of business, the outcome of which the Company believes, after consultation with legal counsel, will not have a material adverse effect on its financial condition, results of operations or liquidity. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. All legal costs associated with litigation are expensed as incurred. |
Miscellaneous Income, Net
Miscellaneous Income, Net | 12 Months Ended |
Jan. 03, 2020 | |
Other Income And Expenses [Abstract] | |
Miscellaneous Income, Net | Note 14: Miscellaneous Income, Net Miscellaneous income, net, consisted of the following: Fiscal Years (In thousands) 2019 2018 2017 Rental income $ 3,141 $ 2,823 $ 2,655 Gain (loss) on deferred compensation investments 12,834 (3,900 ) 6,547 Gain (loss) on foreign exchange (840 ) 167 (19 ) Other 32 20 (19 ) Total $ 15,167 $ (890 ) $ 9,164 |
Industry and Client Credit Risk
Industry and Client Credit Risk | 12 Months Ended |
Jan. 03, 2020 | |
Risks And Uncertainties [Abstract] | |
Industry and Client Credit Risk | Note 15: Industry and Client Credit Risk The Company serves clients in various segments of the economy. During 2019, the Company provided services representing approximately 24% of revenues to clients in the consumer products industry. During 2019, the Company provided services representing approximately 17% of revenues to clients in the transportation industry. During 2019, the Company provided services representing approximately 17% of revenues to clients in the energy and utilities industries. No single client comprised more than 10% of the Company’s revenues during 2019. One client comprised 12% of the Company’s revenues during 2018. One client comprised 14% of the Company’s revenue during 2017. No other single client comprised more than 10% of the Company’s revenues during 2018 or 2017. No single client comprised more than 10% of the Company’s accounts receivable at January 3, 2020 and December 28, 2018. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jan. 03, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Note 16: Supplemental Cash Flow Information The following is supplemental disclosure of cash flow information: Fiscal Years (In thousands) 2019 2018 2017 Cash paid during the year: Income taxes $ 21,364 $ 28,636 $ 25,849 Non-cash investing and financing activities: Unrealized gain (loss) on investments 347 191 (90 ) Vested stock unit awards granted to settle accrued bonus 7,947 7,643 6,910 Accrual for capital expenditures 482 1,231 148 Right-of-use asset obtained in exchange for operating lease obligation 29,480 - - |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 03, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 17: Segment Reporting The Company has two reportable operating segments based on two primary areas of service. The Engineering and Other Scientific segment is a broad service group providing technical consulting in different practices primarily in engineering. The Environmental and Health segment provides services in the area of environmental, epidemiology and health risk analysis. This segment provides a wide range of consulting services relating to environmental hazards and risks and the impact on both human health and the environment. We are in the process of divesting our German entity as its structural design and inspection services are not a strategic fit. This entity is included in the Engineering and Other Scientific segment. The total amount of assets held for sale associated with this divestiture are immaterial. Segment information is presented for selected data from the statements of income and statements of cash flows for 2019, 2018 and 2017. Segment information for selected data from the balance sheets is presented for the fiscal years ended January 3, 2020 and December 28, 2018. Our CEO, the chief operating decision maker, does not review total assets in her evaluation of segment performance and capital allocation. Revenues Fiscal Years (In thousands) 2019 2018 2017 Engineering and Other Scientific $ 339,796 $ 306,265 $ 277,603 Environmental and Health 77,403 73,258 70,196 Total revenues $ 417,199 $ 379,523 $ 347,799 Operating Income Fiscal Years (In thousands) 2019 2018 2017 Engineering and Other Scientific $ 110,822 $ 100,307 $ 93,451 Environmental and Health 26,589 23,824 22,340 Total segment operating income 137,411 124,131 115,791 Corporate operating expense (52,300 ) (32,675 ) (43,740 ) Total operating income $ 85,111 $ 91,456 $ 72,051 Capital Expenditures Fiscal Years (In thousands) 2019 2018 2017 Engineering and Other Scientific $ 4,675 $ 4,528 $ 3,648 Environmental and Health 104 199 218 Total segment capital expenditures 4,779 4,727 3,866 Corporate capital expenditures 17,511 12,654 859 Total capital expenditures $ 22,290 $ 17,381 $ 4,725 Depreciation and Amortization Fiscal Years (In thousands) 2019 2018 2017 Engineering and Other Scientific $ 4,827 $ 4,435 $ 4,449 Environmental and Health 206 171 179 Total segment depreciation and amortization 5,033 4,606 4,628 Corporate depreciation and amortization 1,773 1,686 1,657 Total depreciation and amortization $ 6,806 $ 6,292 $ 6,285 Information regarding the Company’s operations in different geographical areas: Property, Equipment and Leasehold Improvements, net Fiscal Years (In thousands) 2019 2018 United States $ 60,074 $ 44,181 Foreign Countries 1,513 1,922 Total $ 61,587 $ 46,103 Revenues (1) Fiscal Years (In thousands) 2019 2018 2017 United States $ 351,856 $ 334,422 $ 308,406 Foreign Countries 65,343 45,101 39,393 Total $ 417,199 $ 379,523 $ 347,799 (1) Geographic revenues are allocated based on the location of the client. Below is a breakdown of goodwill, reported by segment as of January 3, 2020 and December 28, 2018: (In thousands) Environmental and Health Engineering and Other Scientific Total Goodwill $ 8,099 $ 508 $ 8,607 There were no changes in the carrying amount of goodwill for 2019, 2018 and 2017. There were no goodwill impairments or gains or losses on disposals for any portion of the Company’s reporting units during 2019, 2018 and 2017. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jan. 03, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 18: Subsequent Event On February 6, 2020, the Company announced that its Board of Directors has declared a quarterly cash dividend of $0.19 per share to be paid on March 27, 2020 to all common stockholders of record as of March 13, 2020. |
Comparative Quarterly Financial
Comparative Quarterly Financial Data | 12 Months Ended |
Jan. 03, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Comparative Quarterly Financial Data | Comparative Quarterly Financial Data (unaudited) Summarized quarterly financial data is as follows: 2019 Quarter Ended (In thousands, except per share data) March 29, 2019 June 28, 2019 September 27, 2019 January 3, 2020 Revenues before reimbursements $ 93,401 $ 100,263 $ 95,506 $ 102,220 Revenues 99,031 106,506 101,548 110,114 Operating income 15,754 24,823 23,184 21,350 Income before income taxes 23,322 28,851 25,211 26,806 Net income $ 22,712 $ 20,994 $ 19,633 $ 19,121 Net income per share Basic $ 0.43 $ 0.40 $ 0.37 $ 0.36 Diluted $ 0.42 $ 0.39 $ 0.36 $ 0.36 Shares used in per share computations Basic 52,536 52,745 52,802 52,681 Diluted 53,814 53,872 54,002 53,817 2018 Quarter Ended (In thousands, except per share data) March 30, 2018 June 29, 2018 September 28, 2018 December 28, 2018 Revenues before reimbursements $ 90,684 $ 89,972 $ 88,714 $ 85,269 Revenues 96,457 95,621 95,302 92,143 Operating income 21,598 22,478 20,594 26,786 Income before income taxes 22,450 24,919 23,989 21,959 Net income (loss) $ 20,340 $ 18,425 $ 17,453 $ 16,036 Net income per share Basic $ 0.39 $ 0.35 $ 0.33 $ 0.30 Diluted $ 0.38 $ 0.34 $ 0.32 $ 0.30 Shares used in per share computations Basic 52,744 53,008 53,032 52,839 Diluted 54,012 54,195 54,302 54,119 (1) |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 03, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II Valuation and Qualifying Accounts Additions Deletions (1) (In thousands) Balance at Beginning of Year Provision Charged to Expense Provision Charged to Revenues Accounts Written- off Net of Recoveries Balance at End of Year Year Ended January 3, 2020 Allowance for bad debt $ 847 $ 484 $ — $ (386 ) $ 945 Allowance for contract losses $ 3,219 $ — $ 1,740 $ (1,609 ) $ 3,350 Year Ended December 28, 2018 Allowance for bad debt $ 917 $ 293 $ — $ (363 ) $ 847 Allowance for contract losses $ 2,609 $ — $ 1,940 $ (1,330 ) $ 3,219 Year Ended December 29, 2017 Allowance for bad debt $ 923 $ 473 $ — $ (479 ) $ 917 Allowance for contract losses $ 2,494 $ — $ 2,033 $ (1,918 ) $ 2,609 (1) Balance includes currency translation adjustments. Recoveries of accounts receivable previously written off were $32,000, $28,000 and $84,000 for 2019, 2018 and 2017, respectively. Schedules other than above have been omitted since they are either not required, not applicable, or the information is otherwise included in the Report. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 03, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Exponent, Inc. together with its subsidiaries (collectively referred to as the “Company”) is a science and engineering consulting firm that provides solutions to complex problems. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company operates on a 52-53 week fiscal year with each year ending on the Friday closest to December 31 st |
Stock Split | Stock Split On May 31, 2018, the Company’s stockholders approved an amendment to the Company’s certificate of incorporation to (i) increase the number of authorized shares of common stock to 120,000,000 and (ii) effect a two-for-one stock split. As a result of the stock split, each shareholder of record at the close of business on May 31, 2018, received one additional share of common stock for each share of common stock owned by such stockholder. Restricted stock unit awards and stock option awards have also been adjusted to reflect the two-for-one stock split. For periods prior to the stock split, all share and per share data in the Company’s consolidated financial statements and related notes have been retroactively adjusted to reflect the stock split. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Estimates are used for, but not limited to, revenue recognition, allowance for contract losses and doubtful accounts, stock-based compensation, income taxes, goodwill, the useful life of property, equipment and leasehold improvements, and operating lease liabilities. Actual results could differ from those estimates. |
Foreign Currency Translation | Foreign Currency Translation The Company translates the assets and liabilities of foreign subsidiaries, whose functional currency is the local currency, at exchange rates in effect at the balance sheet date. Revenues and expenses are translated at the average rates of exchange prevailing during the year. The adjustment resulting from translating the financial statements of such foreign subsidiaries is included in accumulated other comprehensive income, which is reflected as a separate component of stockholders’ equity. |
Cash Equivalents | Cash Equivalents Cash equivalents consist of highly liquid investments such as money market mutual funds, commercial paper and debt securities with original remaining maturities of three months or less from the date of purchase. |
Short-term Investments | Short-term Investments Short-term investments consist of debt securities classified as available-for-sale and are carried at their fair value as of the balance sheet date. Short-term investments generally mature between three months and three years from the purchase date. Investments with maturities beyond one year are classified as short-term based on their highly liquid nature and because such marketable securities represent investments readily available for current operations. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is included in interest income. Realized gains or losses are determined on the specific identification method and are reflected in other income. Net unrealized gains and losses are recorded directly in accumulated other comprehensive income except for unrealized losses that are deemed to be other-than-temporary, which are reflected in net income. Investments are reviewed on a regular basis to evaluate whether or not any security has experienced an other-than temporary decline in fair value. When assessing investments for other-than-temporary declines in fair value, the Company considers the significance of the decline in value as a percentage of the original cost, how long the market value of the investment has been less than its original cost, any news that has been released specific to the investee, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis. |
Allowances for Doubtful Accounts and Contract Losses | Allowances for Contract Losses and Doubtful Accounts The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations or for disputes that affect the Company’s ability to fully collect amounts due. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations or aware of a dispute with a specific customer, a specific allowance is recorded to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers the Company recognizes allowances for doubtful accounts based upon historical write-offs, customer concentration, customer credit-worthiness, current economic conditions, aging of amounts due and changes in customer payment terms. |
Property, Equipment and Leasehold Improvements | Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized using the straight-line method. Buildings are depreciated over their estimated useful lives ranging from thirty to forty years. Equipment is depreciated over its estimated useful life, which generally ranges from two to seven years. Leasehold improvements are amortized over the shorter of their estimated useful lives, generally seven years, or the term of the related lease. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future undiscounted cash flows to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Company has not recognized impairment losses on any long-lived assets in 2019, 2018 or 2017. |
Goodwill | Goodwill The Company assesses the impairment of goodwill annually and whenever events or changes in circumstances indicate that the carrying amount may be impaired. The Company’s annual goodwill impairment review is completed during the fourth quarter of each year. The Company evaluates goodwill for each reporting unit for impairment by assessing qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. The Company considers events and circumstances, including but not limited to, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, a change in the composition or carrying amount of a reporting unit’s net assets and changes in the price of its common stock. If, after assessing the totality of events or circumstances, the Company determines that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then the quantitative goodwill impairment test is not performed. The Company completed its annual assessment for all reporting units with goodwill for 2019 and determined, after assessing the totality of the qualitative factors, that it is more likely than not that the fair value of each reporting unit is greater than its respective carrying amount. Accordingly, there was no indication of impairment of goodwill for any of the Company’s reporting units and the quantitative goodwill impairment test was not performed. The Company did not recognize any goodwill impairment losses in 2019, 2018 or 2017. |
Deferred Revenues | Deferred Revenues Deferred revenues represent amounts billed to clients in advance of services provided. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax basis and the financial reporting basis of assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates and laws in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities from changes in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. An uncertain tax position is recognized if it is determined that it is more likely than not to be sustained upon examination. The tax position is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company’s policy is to recognize interest and penalties related to unrecognized tax benefits as income tax expense. Accrued interest and penalties are insignificant at January 3, 2020 and December 28, 2018. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, other assets and accounts payable. Cash, cash equivalents and short-term investments are recorded at fair value. The carrying amount of the Company’s accounts receivable, other assets and accounts payable approximates their fair values due to their short maturities. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period of the entire award. The Company accounts for forfeitures of share-based awards when they occur. |
Net Income Per Share | Net Income Per Share Basic per share amounts are computed using the weighted-average number of common shares outstanding during the period. Dilutive per share amounts are computed using the weighted-average number of common shares outstanding and potentially dilutive securities, using the treasury stock method if their effect would be dilutive. The following schedule reconciles the denominators of the Company’s calculation for basic and diluted net income per share: Fiscal Years (In thousands) 2019 2018 2017 Shares used in basic per share computation 52,691 52,906 52,724 Effect of dilutive common stock options outstanding 458 403 290 Effect of unvested restricted stock units outstanding 735 859 958 Shares used in diluted per share computation 53,884 54,168 53,972 There were no equity awards excluded from the diluted per share calculation for 2019, 2018 and 2017. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) established Topic 842, Leases Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842 Targeted Improvements The Company adopted the ASU as of the beginning of its first quarter of 2019. A modified retrospective transition approach is required, requiring the application of the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. The Company adopted the new standard on December 29, 2018, using the effective date as the date of initial application. Consequently, financial information was not updated and the disclosures required under the new standard were not provided for dates and periods before December 29, 2018. The new standard provides a number of optional practical expedients in transition. The Company elected the ‘package of practical expedients’, which permits it not to reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs. The Company elected the practical expedient to include both lease and non-lease components as a single component and account for it as a lease for all asset classes. The Company also elected to apply the short-term lease exception for all leases. Under the short-term lease exception, the Company will not recognize ROU assets or lease liabilities for leases that, at the acquisition date, have a remaining lease term of 12 months or less. The ASU had a material impact to the Company’s consolidated balance sheet, but did not have an impact on its consolidated statement of income. The most significant impact was the recognition of ROU assets and lease liabilities for its operating leases. |
Recently Accounting Pronouncements Not Yet Effective | Recently Accounting Pronouncements Not Yet Effective In June 2016, FASB established Topic 326, Measurement of Credit Losses on Financial Instruments Financial Instruments – Credit Losses, |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Accounting Policies [Abstract] | |
Reconciles Shares to Calculate Basic and Diluted Net Income Per Share | The following schedule reconciles the denominators of the Company’s calculation for basic and diluted net income per share: Fiscal Years (In thousands) 2019 2018 2017 Shares used in basic per share computation 52,691 52,906 52,724 Effect of dilutive common stock options outstanding 458 403 290 Effect of unvested restricted stock units outstanding 735 859 958 Shares used in diluted per share computation 53,884 54,168 53,972 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Percent of Revenues | The following table discloses the percent of the Company’s revenue generated from time and materials contracts: Fiscal Years 2019 2018 Engineering & other scientific 66% 64% Environmental and health 18% 18% Total time and materials revenues 84% 82% The following table discloses the percent of the Company’s revenue generated from fixed price contracts: Fiscal Years 2019 2018 Engineering & other scientific 15% 17% Environmental and health 1% 1% Total fixed price revenues 16% 18% |
Cash, cash equivalents and sh_2
Cash, cash equivalents and short-term investments (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Cash, cash equivalents and short-term investments | Cash, cash equivalents and short-term investments consisted of the following as of January 3, 2020: Estimated (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Classified as current assets: Cash $ 135,225 $ — $ — $ 135,225 Cash equivalents: Money market securities 41,211 — — 41,211 Total cash equivalents 41,211 — — 41,211 Total cash and cash equivalents 176,436 — — 176,436 Short-term investments: U.S. Treasury and agency securities 54,841 324 — 55,165 Total short-term investments 54,841 324 — 55,165 Total cash, cash equivalents and short-term investments $ 231,277 $ 324 $ — $ 231,601 Cash, cash equivalents and short-term investments consisted of the following as of December 28, 2018: Estimated (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Classified as current assets: Cash $ 120,846 $ — $ — $ 120,846 Cash equivalents: Money market securities 6,213 — — 6,213 Total cash equivalents 6,213 — — 6,213 Total cash and cash equivalents 127,059 — — 127,059 Short-term investments: U.S. Treasury and agency securities 81,634 91 (230 ) 81,495 Total short-term investments 81,634 91 (230 ) 81,495 Total cash, cash equivalents and short-term investments $ 208,693 $ 91 $ (230 ) $ 208,554 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The fair value of these certain financial assets and liabilities was determined using the following inputs at January 3, 2020 (in thousands): Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Money market securities (1) $ 41,211 $ 41,211 $ — $ — Fixed income available for sale securities (2) 55,165 — 55,165 — Fixed income trading securities held in deferred compensation plan (3) 22,010 22,010 — — Equity trading securities held in deferred compensation plan (3) 53,924 53,924 — — Total $ 172,310 $ 117,145 $ 55,165 $ — Liabilities Deferred compensation plan (4) 76,357 76,357 — — Total $ 76,357 $ 76,357 $ — $ — (1) Included in cash and cash equivalents on the Company’s consolidated balance sheet. (2) Included in short-term investments on the Company’s consolidated balance sheet. (3) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. (4) Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. The fair value of these certain financial assets and liabilities was determin ed using the following inputs at December 28, 2018 (in thousands): Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Money market securities (1) $ 6,213 $ 6,213 $ — $ — Fixed income available for sale securities (2) 81,495 — 81,495 — Fixed income trading securities held in deferred compensation plan (3) 18,618 18,618 — — Equity trading securities held in deferred compensation plan (3) 39,160 39,160 — — Total $ 145,486 $ 63,991 $ 81,495 $ — Liabilities Deferred compensation plan (4) 59,349 59,349 — — Total $ 59,349 $ 59,349 $ — $ — (1) Included in cash and cash equivalents on the Company’s consolidated balance sheet. (2) Included in short-term investments on the Company’s consolidated balance sheet. (3) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. (4) Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. |
Summary of Cost and Estimated Fair Value of Short Term Fixed Income Securities | The following table summarizes the cost and estimated fair value of short-term fixed income securities classified as short-term investments based on remaining effective maturities as of January 3, 2020: (In thousands) Amortized Cost Estimated Fair Value Due within one year $ 49,842 $ 50,119 Due between one and two years 4,999 5,046 Total $ 54,841 $ 55,165 |
Property, Equipment and Lease_2
Property, Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Equipment and Leasehold Improvements | Fiscal Years (In thousands) 2019 2018 Property: Land $ 18,339 $ 17,103 Buildings 60,437 38,946 Construction in progress 1,133 6,508 Equipment: Machinery and equipment 47,628 46,492 Office furniture and equipment 10,504 10,352 Leasehold improvements 13,653 15,621 151,694 135,022 Less accumulated depreciation and amortization 90,107 88,919 Property, equipment and leasehold improvements, net $ 61,587 $ 46,103 |
Other Significant Balance She_2
Other Significant Balance Sheet Components (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Significant Balance Sheet Components [Abstract] | |
Account receivable, net | Account receivable, net Fiscal Years (In thousands) 2019 2018 Billed accounts receivable $ 85,579 $ 73,905 Unbilled accounts receivable 38,854 35,975 Allowance for contract losses and doubtful accounts (4,295 ) (4,066 ) Total accounts receivable, net $ 120,138 $ 105,814 |
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities Fiscal Years (In thousands) 2019 2018 Accounts payable $ 4,644 $ 2,551 Accrued liabilities 13,939 9,732 Total accounts payable and other accrued liabilities $ 18,583 $ 12,283 |
Accrued payroll and employee benefits | Accrued payroll and employee benefits Fiscal Years (In thousands) 2019 2018 Accrued bonuses payable $ 54,471 $ 49,436 Accrued 401(k) contributions 8,878 8,154 Accrued vacation 10,896 10,390 Deferred compensation plan 7,984 6,641 Other accrued payroll and employee benefits 4,494 2,234 Total accrued payroll and employee benefits $ 86,723 $ 76,855 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Income Tax Disclosure [Abstract] | |
Total Income Tax Expense | Total income tax expense for 2019, 2018 and 2017 consisted of the following: Fiscal Years (In thousands) 2019 2018 2017 Current Federal $ 16,498 $ 16,487 $ 22,821 Foreign 1,523 1,624 1,514 State 6,554 6,667 5,083 24,575 24,778 29,418 Deferred Federal (1,727 ) (2,604 ) 12,570 State (1,118 ) (1,111 ) (784 ) (2,845 ) (3,715 ) 11,786 Total $ 21,730 $ 21,063 $ 41,204 |
Company's Effective Tax Rate Differs From Statutory Federal Tax Rate | The Company’s effective tax rate differs from the statutory federal tax rate of 21% for 2019 and 2018 and 35% for 2017 as shown in the following schedule: Fiscal Years (In thousands) 2019 2018 2017 Tax at federal statutory rate $ 21,880 $ 19,597 $ 28,878 Re-measurement of deferred tax assets to lower enacted domestic tax rate — — 15,137 Mandatory repatriation of foreign earnings — — 1,370 State taxes, net of federal benefit 4,129 4,391 2,806 Divestiture of foreign subsidiary 956 — — Nondeductible officer compensation 759 — — Non-deductible expenses 345 335 417 Non-deductible stock-based compensation 2 20 18 Excess tax benefit from equity incentive plans (6,394 ) (3,310 ) (5,831 ) Difference between statutory rate and foreign effective tax rate (341 ) (217 ) (1,339 ) Other 394 247 (252 ) Tax expense $ 21,730 $ 21,063 $ 41,204 Effective tax rate 20.9 % 22.6 % 49.9 % |
Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at January 3, 2020 and December 28, 2018 are presented in the following schedule: Fiscal Years (In thousands) 2019 2018 Deferred tax assets: Accrued liabilities and allowances $ 15,658 $ 13,964 Deferred compensation plan 28,463 22,944 Operating leases 6,867 — Property, equipment and leasehold improvements — 192 Unrealized loss on deferred compensation plan assets — 320 Other — 34 Total deferred tax assets $ 50,988 $ 37,454 Deferred tax liabilities: State taxes $ (1,624 ) $ (1,184 ) Deductible goodwill (2,104 ) (2,086 ) Operating leases (6,867 ) — Property, equipment and leasehold improvements (84 ) — Unrealized gain of deferred compensation plan assets (2,339 ) — Divestiture of foreign subsidiary (956 ) Other (193 ) (94 ) Total deferred tax liabilities (14,167 ) (3,364 ) Net deferred tax assets $ 36,821 $ 34,090 |
Reconciliation of The Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Balance at December 29, 2017 $ 1,789,000 Additions based on tax positions related to the current year 599,000 Reductions due to lapse of statute of limitations (257,000 ) Reductions for tax positions of prior years (383,000 ) Balance at December 28, 2018 $ 1,748,000 Additions based on tax positions related to the current year 515,000 Reductions due to lapse of statute of limitations (340,000 ) Balance at January 3, 2020 $ 1,923,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Stockholders Equity Note [Abstract] | |
Cash Dividends Per Common Share | The Company declared and paid cash dividends per common share during the periods presented as follows: Fiscal Years 2019 Dividends Amount Per Share (in thousands) First Quarter $ 0.160 $ 8,240 Second Quarter $ 0.160 8,306 Third Quarter $ 0.160 8,323 Fourth Quarter $ 0.160 8,280 $ 33,149 Fiscal Years 2018 Dividends Amount Per Share (in thousands) First Quarter $ 0.130 $ 6,700 Second Quarter $ 0.130 6,764 Third Quarter $ 0.130 6,765 Fourth Quarter $ 0.130 6,723 $ 26,952 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation, Restricted Stock Units Award Activity | The number of unvested restricted stock unit awards outstanding as of January 3, 2020 is as follows (1) Number of awards outstanding Weighted- average grant date fair value Weighted- average remaining contractual term (years) Aggregate intrinsic value (in thousands) (2) Balance as of December 28, 2018 1,034,539 $ 27.76 Awards granted 302,635 57.08 Awards vested (448,946 ) 32.83 Awards forfeited (1,933 ) 46.64 Balance as of January 3, 2020 886,295 $ 35.16 1.4 $ 62,448 (1) Does not include employee stock purchase plans or stock option plans. (2) The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of January 3, 2020 was $70.46. |
Stock Option Activity | Option activity is as follows (1) Number of shares outstanding Weighted- average exercise price Weighted- average remaining contractual term (years) Aggregate intrinsic value (in thousands) Balance as of December 28, 2018 778,000 $ 20.80 Options granted 50,000 54.95 Options forfeited and expired — — Options exercised (165,851 ) 9.41 Balance as of January 3, 2020 662,149 $ 26.23 5.85 $ 29,290 Exercisable at January 3, 2020 450,649 $ 20.99 4.93 $ 22,292 (1) |
The Assumptions Used to Value Option Grants | The assumptions used to value option grants for 2019, 2018 and 2017 are as follows: Stock Option Plan Fiscal Years 2019 2018 2017 Expected term (in years) 5.7 5.9 5.9 Risk-free interest rate 2.52 % 2.74 % 2.11 % Volatility 23 % 23 % 24 % Dividend yield 0 % 0 % 0 % |
Stock-Based Compensation Expense Recognized in Consolidated Statements of Income | The amount of stock-based compensation expense and the related income tax benefit recognized in the Company’s consolidated statements of income for 2019, 2018 and 2017 is as follows: Fiscal Years (In thousands) 2019 2018 2017 Compensation and related expenses: Restricted stock units $ 16,320 $ 15,561 $ 14,809 Stock option grants 583 897 749 Sub-total 16,903 16,458 15,558 General and administrative expenses: Restricted stock units 563 535 597 Sub-total 563 535 597 Total stock-based compensation expense $ 17,466 $ 16,993 $ 16,155 Income tax benefit $ 8,067 $ 4,467 $ 6,331 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense included in other operating expenses on the consolidated statement of income were as follows: Fiscal Year (In thousands) 2019 Operating lease cost $ 7,395 Variable lease cost 1,479 Short-term lease cost 405 |
Supplemental Cash Flow Information Related to Operating Lease | Supplemental cash flow information related to operating leases was as follows: Fiscal Year (In thousands) 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 7,522 |
Supplemental Balance Sheet Information Related to Operating Lease | Supplemental balance sheet information related to operating leases was as follows: Fiscal Year 2019 Weighted Average Remaining Lease Term 5.2 years Weighted Average Discount Rate 4.4% |
Maturities of Lease Liabilities | Maturities of operating lease liabilities as of January 3, 2020: Operating (In thousands) Leases 2020 $ 6,938 2021 5,993 2022 4,773 2023 3,187 2024 2,176 2025 1,491 2026 1,507 2027 1,466 Total lease payments $ 27,531 Less imputed interest (3,429 ) Total lease liability $ 24,102 |
Miscellaneous Income, Net (Tabl
Miscellaneous Income, Net (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Other Income And Expenses [Abstract] | |
Miscellaneous income, net | Miscellaneous income, net, consisted of the following: Fiscal Years (In thousands) 2019 2018 2017 Rental income $ 3,141 $ 2,823 $ 2,655 Gain (loss) on deferred compensation investments 12,834 (3,900 ) 6,547 Gain (loss) on foreign exchange (840 ) 167 (19 ) Other 32 20 (19 ) Total $ 15,167 $ (890 ) $ 9,164 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Cash Flow Information | The following is supplemental disclosure of cash flow information: Fiscal Years (In thousands) 2019 2018 2017 Cash paid during the year: Income taxes $ 21,364 $ 28,636 $ 25,849 Non-cash investing and financing activities: Unrealized gain (loss) on investments 347 191 (90 ) Vested stock unit awards granted to settle accrued bonus 7,947 7,643 6,910 Accrual for capital expenditures 482 1,231 148 Right-of-use asset obtained in exchange for operating lease obligation 29,480 - - |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, by Segment | Segment information is presented for selected data from the statements of income and statements of cash flows for 2019, 2018 and 2017. Segment information for selected data from the balance sheets is presented for the fiscal years ended January 3, 2020 and December 28, 2018. Our CEO, the chief operating decision maker, does not review total assets in her evaluation of segment performance and capital allocation. Revenues Fiscal Years (In thousands) 2019 2018 2017 Engineering and Other Scientific $ 339,796 $ 306,265 $ 277,603 Environmental and Health 77,403 73,258 70,196 Total revenues $ 417,199 $ 379,523 $ 347,799 Operating Income Fiscal Years (In thousands) 2019 2018 2017 Engineering and Other Scientific $ 110,822 $ 100,307 $ 93,451 Environmental and Health 26,589 23,824 22,340 Total segment operating income 137,411 124,131 115,791 Corporate operating expense (52,300 ) (32,675 ) (43,740 ) Total operating income $ 85,111 $ 91,456 $ 72,051 Capital Expenditures Fiscal Years (In thousands) 2019 2018 2017 Engineering and Other Scientific $ 4,675 $ 4,528 $ 3,648 Environmental and Health 104 199 218 Total segment capital expenditures 4,779 4,727 3,866 Corporate capital expenditures 17,511 12,654 859 Total capital expenditures $ 22,290 $ 17,381 $ 4,725 Depreciation and Amortization Fiscal Years (In thousands) 2019 2018 2017 Engineering and Other Scientific $ 4,827 $ 4,435 $ 4,449 Environmental and Health 206 171 179 Total segment depreciation and amortization 5,033 4,606 4,628 Corporate depreciation and amortization 1,773 1,686 1,657 Total depreciation and amortization $ 6,806 $ 6,292 $ 6,285 |
Operations In Different Geographical Areas | Information regarding the Company’s operations in different geographical areas: Property, Equipment and Leasehold Improvements, net Fiscal Years (In thousands) 2019 2018 United States $ 60,074 $ 44,181 Foreign Countries 1,513 1,922 Total $ 61,587 $ 46,103 Revenues (1) Fiscal Years (In thousands) 2019 2018 2017 United States $ 351,856 $ 334,422 $ 308,406 Foreign Countries 65,343 45,101 39,393 Total $ 417,199 $ 379,523 $ 347,799 (1) Geographic revenues are allocated based on the location of the client. |
Schedule of Goodwill | Below is a breakdown of goodwill, reported by segment as of January 3, 2020 and December 28, 2018: (In thousands) Environmental and Health Engineering and Other Scientific Total Goodwill $ 8,099 $ 508 $ 8,607 |
Comparative Quarterly Financi_2
Comparative Quarterly Financial Data (Tables) | 12 Months Ended |
Jan. 03, 2020 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | Comparative Quarterly Financial Data (unaudited) Summarized quarterly financial data is as follows: 2019 Quarter Ended (In thousands, except per share data) March 29, 2019 June 28, 2019 September 27, 2019 January 3, 2020 Revenues before reimbursements $ 93,401 $ 100,263 $ 95,506 $ 102,220 Revenues 99,031 106,506 101,548 110,114 Operating income 15,754 24,823 23,184 21,350 Income before income taxes 23,322 28,851 25,211 26,806 Net income $ 22,712 $ 20,994 $ 19,633 $ 19,121 Net income per share Basic $ 0.43 $ 0.40 $ 0.37 $ 0.36 Diluted $ 0.42 $ 0.39 $ 0.36 $ 0.36 Shares used in per share computations Basic 52,536 52,745 52,802 52,681 Diluted 53,814 53,872 54,002 53,817 2018 Quarter Ended (In thousands, except per share data) March 30, 2018 June 29, 2018 September 28, 2018 December 28, 2018 Revenues before reimbursements $ 90,684 $ 89,972 $ 88,714 $ 85,269 Revenues 96,457 95,621 95,302 92,143 Operating income 21,598 22,478 20,594 26,786 Income before income taxes 22,450 24,919 23,989 21,959 Net income (loss) $ 20,340 $ 18,425 $ 17,453 $ 16,036 Net income per share Basic $ 0.39 $ 0.35 $ 0.33 $ 0.30 Diluted $ 0.38 $ 0.34 $ 0.32 $ 0.30 Shares used in per share computations Basic 52,744 53,008 53,032 52,839 Diluted 54,012 54,195 54,302 54,119 (1) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - shares | 12 Months Ended | ||||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | Dec. 30, 2016 | May 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 | 120,000,000 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | ||
Buildings | Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 30 years | ||||
Buildings | Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 40 years | ||||
Equipment | Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 2 years | ||||
Equipment | Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 7 years | ||||
Leasehold Improvements | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 7 years |
Reconciles the Denominators of
Reconciles the Denominators of the Company's Calculation for Basic and Diluted Net Income per Share (Detail) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2020 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | |||||||||||
Shares used in basic per share computation | 52,681 | 52,802 | 52,745 | 52,536 | 52,839 | 53,032 | 53,008 | 52,744 | 52,691 | 52,906 | 52,724 |
Shares used in diluted per share computation | 53,817 | 54,002 | 53,872 | 53,814 | 54,119 | 54,302 | 54,195 | 54,012 | 53,884 | 54,168 | 53,972 |
Employee Stock Option | |||||||||||
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | |||||||||||
Effect of dilutive stock outstanding | 458 | 403 | 290 | ||||||||
Restricted Stock Units (RSUs) | |||||||||||
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | |||||||||||
Effect of dilutive stock outstanding | 735 | 859 | 958 |
Revenue Recognition- Summary of
Revenue Recognition- Summary of Percent of Revenues (Detail) - Revenue from Rights Concentration Risk | 12 Months Ended | |
Jan. 03, 2020 | Dec. 28, 2018 | |
Engineering and Other Scientific [Member] | Time And Materials Contracts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Concentration Risk, Percentage | 66.00% | 64.00% |
Engineering and Other Scientific [Member] | Fixed Price Contracts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Concentration Risk, Percentage | 15.00% | 17.00% |
Environmental and Health [Member] | Time And Materials Contracts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Concentration Risk, Percentage | 18.00% | 18.00% |
Environmental and Health [Member] | Fixed Price Contracts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Concentration Risk, Percentage | 1.00% | 1.00% |
Sales Revenue, Net [Member] | Time And Materials Contracts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Concentration Risk, Percentage | 84.00% | 82.00% |
Sales Revenue, Net [Member] | Fixed Price Contracts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Concentration Risk, Percentage | 16.00% | 18.00% |
Revenue Recognition- Additional
Revenue Recognition- Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 03, 2020 | Dec. 28, 2018 | |
Revenue Recognition [Abstract] | ||
Deferred Revenue, Revenue Recognized | $ 5,754,000 | $ 6,067,000 |
Subcontractor Fees Not Included In Revenues | $ 14,409,000 | $ 23,174,000 |
Cash, cash equivalents and sh_3
Cash, cash equivalents and short-term investments (Detail) - USD ($) $ in Thousands | Jan. 03, 2020 | Dec. 28, 2018 |
Fair Value Measurements [Line Items] | ||
Amortized Cost | $ 231,277 | $ 208,693 |
Unrealized Gains | 324 | 91 |
Unrealized Losses | 0 | (230) |
Estimated Fair Value | 231,601 | 208,554 |
Cash | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 135,225 | 120,846 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 135,225 | 120,846 |
Money market securities | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 41,211 | 6,213 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 41,211 | 6,213 |
Total cash equivalents | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 41,211 | 6,213 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 41,211 | 6,213 |
Total cash and cash equivalents | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 176,436 | 127,059 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 176,436 | 127,059 |
U.S. Treasury and agency securities | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 54,841 | 81,634 |
Unrealized Gains | 324 | 91 |
Unrealized Losses | 0 | (230) |
Estimated Fair Value | 55,165 | 81,495 |
Total short-term investments | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 54,841 | 81,634 |
Unrealized Gains | 324 | 91 |
Unrealized Losses | 0 | (230) |
Estimated Fair Value | $ 55,165 | $ 81,495 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Jan. 03, 2020 | Dec. 28, 2018 | |
Assets | |||
Trading securities held in deferred compensation plan | $ 75,934,000 | $ 57,778,000 | |
Total | 172,310,000 | 145,486,000 | |
Liabilities | |||
Deferred compensation plan | [1] | 76,357,000 | 59,349,000 |
Total | 76,357,000 | 59,349,000 | |
Fair Value, Inputs, Level 1 | |||
Assets | |||
Total | 117,145,000 | 63,991,000 | |
Liabilities | |||
Deferred compensation plan | [1] | 76,357,000 | 59,349,000 |
Total | 76,357,000 | 59,349,000 | |
Fair Value, Inputs, Level 2 | |||
Assets | |||
Total | 55,165,000 | 81,495,000 | |
Liabilities | |||
Deferred compensation plan | [1] | 0 | 0 |
Total | 0 | 0 | |
Fair Value, Inputs, Level 3 | |||
Assets | |||
Total | 0 | 0 | |
Liabilities | |||
Deferred compensation plan | [1] | 0 | 0 |
Total | 0 | 0 | |
Money market securities | |||
Assets | |||
Money market securities | [2] | 41,211,000 | 6,213,000 |
Money market securities | Fair Value, Inputs, Level 1 | |||
Assets | |||
Money market securities | [2] | 41,211,000 | 6,213,000 |
Money market securities | Fair Value, Inputs, Level 2 | |||
Assets | |||
Money market securities | [2] | 0 | 0 |
Money market securities | Fair Value, Inputs, Level 3 | |||
Assets | |||
Money market securities | [2] | 0 | 0 |
Fixed income securities | |||
Assets | |||
Fixed income available for sale securities | [3] | 55,165,000 | 81,495,000 |
Trading securities held in deferred compensation plan | [4] | 22,010,000 | 18,618,000 |
Fixed income securities | Fair Value, Inputs, Level 1 | |||
Assets | |||
Fixed income available for sale securities | [3] | 0 | 0 |
Trading securities held in deferred compensation plan | [4] | 22,010,000 | 18,618,000 |
Fixed income securities | Fair Value, Inputs, Level 2 | |||
Assets | |||
Fixed income available for sale securities | [3] | 55,165,000 | 81,495,000 |
Trading securities held in deferred compensation plan | [4] | 0 | 0 |
Fixed income securities | Fair Value, Inputs, Level 3 | |||
Assets | |||
Fixed income available for sale securities | [3] | 0 | 0 |
Trading securities held in deferred compensation plan | [4] | 0 | 0 |
Equity securities | |||
Assets | |||
Trading securities held in deferred compensation plan | [4] | 53,924,000 | 39,160,000 |
Equity securities | Fair Value, Inputs, Level 1 | |||
Assets | |||
Trading securities held in deferred compensation plan | [4] | 53,924,000 | 39,160,000 |
Equity securities | Fair Value, Inputs, Level 2 | |||
Assets | |||
Trading securities held in deferred compensation plan | [4] | 0 | 0 |
Equity securities | Fair Value, Inputs, Level 3 | |||
Assets | |||
Trading securities held in deferred compensation plan | [4] | $ 0 | $ 0 |
[1] | Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. | ||
[2] | Included in cash and cash equivalents on the Company’s consolidated balance sheet. | ||
[3] | Included in short-term investments on the Company’s consolidated balance sheet. | ||
[4] | Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s consolidated balance sheet. |
Summarizes Cost And Estimated F
Summarizes Cost And Estimated Fair Value Of Short Term Fixed Income Securities (Detail) - USD ($) $ in Thousands | Jan. 03, 2020 | Dec. 28, 2018 |
Fair Value Disclosures [Abstract] | ||
Due within one year, Amortized Cost | $ 49,842 | |
Due between one and two years, Amortized Cost | 4,999 | |
Total Amortized Cost | 54,841 | |
Due within one year, Estimated Fair Value | 50,119 | |
Due between one and two years, Estimated Fair Value | 5,046 | |
Total Estimated Fair Value | $ 55,165 | $ 81,495 |
Property, Equipment and Lease_3
Property, Equipment and Leasehold Improvements (Detail) - USD ($) $ in Thousands | Jan. 03, 2020 | Dec. 28, 2018 |
Property: | ||
Land | $ 18,339 | $ 17,103 |
Buildings | 60,437 | 38,946 |
Construction in progress | 1,133 | 6,508 |
Equipment: | ||
Machinery and equipment | 47,628 | 46,492 |
Office furniture and equipment | 10,504 | 10,352 |
Leasehold improvements | 13,653 | 15,621 |
Property, Plant and Equipment, Gross, Total | 151,694 | 135,022 |
Less accumulated depreciation and amortization | 90,107 | 88,919 |
Property, equipment and leasehold improvements, net | $ 61,587 | $ 46,103 |
Property, Equipment and Lease_4
Property, Equipment and Leasehold Improvements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization of property, equipment and leasehold improvements | $ 6,806,000 | $ 6,292,000 | $ 6,285,000 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Jan. 03, 2020 | Dec. 28, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Allowance for contract losses and doubtful accounts | $ (4,295) | $ (4,066) |
Total accounts receivable, net | 120,138 | 105,814 |
Billed accounts receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts Receivable | 85,579 | 73,905 |
Unbilled accounts receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts Receivable | $ 38,854 | $ 35,975 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jan. 03, 2020 | Dec. 28, 2018 |
Accounts Payable And Accrued Liabilities Current And Noncurrent [Abstract] | ||
Accounts payable | $ 4,644 | $ 2,551 |
Accrued liabilities | 13,939 | 9,732 |
Total accounts payable and other accrued liabilities | $ 18,583 | $ 12,283 |
Accrued Payroll and Employee Be
Accrued Payroll and Employee Benefits (Detail) - USD ($) $ in Thousands | Jan. 03, 2020 | Dec. 28, 2018 |
Employee Related Liabilities Current [Abstract] | ||
Accrued bonuses payable | $ 54,471 | $ 49,436 |
Accrued 401(k) contributions | 8,878 | 8,154 |
Accrued vacation | 10,896 | 10,390 |
Deferred compensation plan | 7,984 | 6,641 |
Other accrued payroll and employee benefits | 4,494 | 2,234 |
Total accrued payroll and employee benefits | $ 86,723 | $ 76,855 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 8,017,000 | $ 8,005,000 | $ 7,707,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% |
Increase (Decrease) in Income Taxes | $ 16,507,000 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0 | $ 0 | 15,137,000 |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 0 | 0 | $ 1,370,000 |
Lower Enacted Corporate Tax Rate | 21.00% | ||
Tax Cuts And Jobs Acts Mandatory Repatriation Tax Period | 8 years | ||
Total Excess Tax Benefit From Share Based Compensation | 8,067,000 | $ 4,154,000 | $ 6,528,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,557,000 | ||
Unrecognized Liability For Uncertain Tax Positions For Next Twelve Months | $ 0 |
Total Income Tax Expense (Detai
Total Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Current | |||
Federal | $ 16,498 | $ 16,487 | $ 22,821 |
Foreign | 1,523 | 1,624 | 1,514 |
State | 6,554 | 6,667 | 5,083 |
Current Income Tax Expense | 24,575 | 24,778 | 29,418 |
Deferred | |||
Federal | (1,727) | (2,604) | 12,570 |
State | (1,118) | (1,111) | (784) |
Deferred Income Tax Expense | (2,845) | (3,715) | 11,786 |
Total | $ 21,730 | $ 21,063 | $ 41,204 |
Company's Effective Tax Rate Di
Company's Effective Tax Rate Differs From Statutory Federal Tax Rate (Detail) - USD ($) | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax at federal statutory rate | $ 21,880,000 | $ 19,597,000 | $ 28,878,000 |
Re-measurement of deferred tax assets to lower enacted domestic tax rate | 0 | 0 | 15,137,000 |
Mandatory repatriation of foreign earnings | 0 | 0 | 1,370,000 |
State taxes, net of federal benefit | 4,129,000 | 4,391,000 | 2,806,000 |
Divestiture of foreign subsidiary | 956,000 | 0 | 0 |
Nondeductible officer compensation | 759,000 | 0 | 0 |
Non-deductible expenses | 345,000 | 335,000 | 417,000 |
Non-deductible stock-based compensation | 2,000 | 20,000 | 18,000 |
Excess tax benefit from equity incentive plans | (6,394,000) | (3,310,000) | (5,831,000) |
Difference between statutory rate and foreign effective tax rate | (341,000) | (217,000) | (1,339,000) |
Other | 394,000 | 247,000 | (252,000) |
Total | $ 21,730,000 | $ 21,063,000 | $ 41,204,000 |
Effective tax rate | 20.90% | 22.60% | 49.90% |
Significant Portions of Deferre
Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Jan. 03, 2020 | Dec. 28, 2018 |
Deferred tax assets: | ||
Accrued liabilities and allowances | $ 15,658 | $ 13,964 |
Deferred compensation plan | 28,463 | 22,944 |
Operating leases | 6,867 | 0 |
Property, equipment and leasehold improvements | 0 | 192 |
Unrealized loss on deferred compensation plan assets | 0 | 320 |
Other | 0 | 34 |
Total deferred tax assets | 50,988 | 37,454 |
Deferred tax liabilities: | ||
State taxes | (1,624) | (1,184) |
Deductible goodwill | (2,104) | (2,086) |
Operating leases | (6,867) | 0 |
Property, equipment and leasehold improvements | (84) | 0 |
Unrealized gain of deferred compensation plan assets | (2,339) | 0 |
Divestiture of foreign subsidiary | (956) | |
Other | (193) | (94) |
Total deferred tax liabilities | (14,167) | (3,364) |
Net deferred tax assets | $ 36,821 | $ 34,090 |
Reconciliation of The Beginning
Reconciliation of The Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) | 12 Months Ended | |
Jan. 03, 2020 | Dec. 28, 2018 | |
Schedule Of Unrecognized Tax Benefits [Abstract] | ||
Balance | $ 1,748,000 | $ 1,789,000 |
Additions based on tax positions related to the current year | 515,000 | 599,000 |
Reductions due to lapse of statute of limitations | (340,000) | (257,000) |
Reductions for tax positions of prior years | (383,000) | |
Balance | $ 1,923,000 | $ 1,748,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | Jan. 31, 2019 | Oct. 19, 2016 | |
Stockholders Equity Note [Abstract] | |||||
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||
Preferred Stock, Shares Issued | 0 | 0 | |||
Preferred Stock, Shares Outstanding | 0 | 0 | |||
Net losses related to the re-issuance of treasury stock | $ 5,146,000 | $ 5,892,000 | $ 5,667,000 | ||
Purchase of treasury shares (in shares) | 342,000 | 562,000 | 372,000 | ||
Purchase of treasury shares | $ 21,957,000 | $ 27,915,000 | $ 11,931,000 | ||
Stock Repurchase Program, Authorized Amount | $ 75,000,000 | $ 35,000,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 70,504,000 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Jan. 03, 2020 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Jan. 03, 2020 | Dec. 28, 2018 | |
Stockholders Equity Note [Abstract] | ||||||||||
Dividends Per Share | $ 0.160 | $ 0.160 | $ 0.160 | $ 0.160 | $ 0.130 | $ 0.130 | $ 0.130 | $ 0.130 | ||
Amount | $ 8,280 | $ 8,323 | $ 8,306 | $ 8,240 | $ 6,723 | $ 6,765 | $ 6,764 | $ 6,700 | $ 33,149 | $ 26,952 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 25,600,000 | $ 23,200,000 | $ 21,300,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 57.08 | $ 40.61 | $ 29.50 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term | 10 years | |||
Total intrinsic value of options exercised | $ 9,651,000 | $ 0 | $ 1,461,000 | |
Weighted average fair value of options granted | $ 15.16 | $ 10.59 | $ 8.09 | |
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% | |||
2008 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total number of shares reserved for issuance | 11,856,300 | |||
Number of Shares Available for Grant | 2,121,786 | |||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total number of shares reserved for issuance | 1,200,000 | |||
Number of Shares Available for Grant | 386,628 | |||
Weighted average purchase price | $ 60.32 | $ 45.26 | $ 30.67 | |
Purchase Price Of Common Stock As a Percentage of Fair Market Value | 95.00% | |||
Employee Stock Purchase Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum Percentage Of Payroll Deductions Related To Purchase Of Common Stock | 15.00% | |||
Vested Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, holding period | 4 years | |||
Stock based compensation expense | $ 8,756,000 | $ 8,443,000 | $ 8,331,000 | |
Unvested Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, vesting period | 4 years | |||
Stock based compensation expense | $ 8,127,000 | 7,653,000 | 7,075,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 57.08 | ||
Unrecognized compensation cost | $ 9,338,000 | |||
Weighted average period of recognized term | 2 years 6 months | |||
Unvested Restricted Stock [Member] | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recipient age to expense award on grant date | 59 years 6 months | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, vesting period | 4 years | |||
Stock based compensation expense | $ 583,000 | $ 897,000 | $ 749,000 | |
Unrecognized compensation cost | $ 1,107,000 | |||
Weighted average period of recognized term | 2 years 4 months 24 days | |||
[1] | Does not include employee stock purchase plans or stock option plans. |
Number of Unvested Restricted S
Number of Unvested Restricted Stock Unit Awards Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value, awards granted | $ 57.08 | $ 40.61 | $ 29.50 | |
Unvested Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares outstanding, awards balance | [1] | 1,034,539 | ||
Number of shares outstanding, awards granted | [1] | 302,635 | ||
Number of shares outstanding, awards vested | [1] | (448,946) | ||
Number of shares outstanding, awards forfeited | [1] | (1,933) | ||
Number of shares outstanding, awards balance | [1] | 886,295 | 1,034,539 | |
Weighted-average grant date fair value, awards balance | [1] | $ 27.76 | ||
Weighted-average grant date fair value, awards granted | [1] | 57.08 | ||
Weighted-average grant date fair value, awards vested | [1] | 32.83 | ||
Weighted-average grant date fair value, awards forfeited | [1] | 46.64 | ||
Weighted-average grant date fair value, awards balance | [1] | $ 35.16 | $ 27.76 | |
Weighted average remaining contractual term, Balance | [1] | 1 year 4 months 24 days | ||
Aggregate intrinsic value, Balance | [1],[2] | $ 62,448 | ||
[1] | Does not include employee stock purchase plans or stock option plans. | |||
[2] | The intrinsic value is calculated as the market value as of the end of the fiscal period. As reported by the NASDAQ Global Select Market, the market value as of January 3, 2020 was $70.46. |
Number of Unvested Restricted_2
Number of Unvested Restricted Stock Unit Awards Outstanding (Parenthetical) (Detail) | Jan. 03, 2020$ / shares |
Unvested Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ 70.46 |
Option Activity (Detail)
Option Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 03, 2020USD ($)$ / sharesshares | [1] | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of shares outstanding, Options Balance | shares | 778,000 | |
Number of shares outstanding, Options Granted | shares | 50,000 | |
Number of shares outstanding, Options forfeited and expired | shares | 0 | |
Exercise of stock options (in shares) | shares | (165,851) | |
Number of shares outstanding, Options Balance | shares | 662,149 | |
Number of shares outstanding, Exercisable | shares | 450,649 | |
Weighted-average exercise price, Options Balance | $ / shares | $ 20.80 | |
Weighted-average exercise price, Options Granted | $ / shares | 54.95 | |
Weighted-average exercise price, Options forfeited and expired | $ / shares | 0 | |
Weighted-average exercise price, Options Exercised | $ / shares | 9.41 | |
Weighted-average exercise price, Options Balance | $ / shares | 26.23 | |
Weighted-average exercise price, Exercisable | $ / shares | $ 20.99 | |
Weighted average remaining contractual term, Balance | 5 years 10 months 6 days | |
Weighted average remaining contractual term, Exercisable | 4 years 11 months 4 days | |
Aggregate intrinsic value, Balance | $ | $ 29,290 | |
Aggregate intrinsic value, Exercisable | $ | $ 22,292 | |
[1] | Does not include restricted stock or employee stock purchase plans. |
Assumptions Used to Value Optio
Assumptions Used to Value Option Grants (Detail) - Employee Stock Option | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 8 months 12 days | 5 years 10 months 24 days | 5 years 10 months 24 days |
Risk-free interest rate | 2.52% | 2.74% | 2.11% |
Volatility | 23.00% | 23.00% | 24.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation Expens
Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 17,466 | $ 16,993 | $ 16,155 |
Income tax benefit | 8,067 | 4,467 | 6,331 |
Compensation and Related Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 16,903 | 16,458 | 15,558 |
Compensation and Related Expenses [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 16,320 | 15,561 | 14,809 |
Compensation and Related Expenses [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 583 | 897 | 749 |
General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 563 | 535 | 597 |
General and Administrative Expenses [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 563 | $ 535 | $ 597 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |||
Defined Contribution Plan Employer Contribution Percentage Of Eligible Wages | 7.00% | ||
Defined Contribution Plan Employer Contribution Annual Vesting Percentage | 20.00% | ||
Defined Contribution Plan Employer Contribution Annual Vesting Period | 5 years | ||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | $ 9,073,000 | $ 8,419,000 | $ 7,914,000 |
Deferred Compensation Plans - A
Deferred Compensation Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Trading securities held in deferred compensation plan | $ 75,934,000 | $ 57,778,000 | ||
Deferred compensation plan | [1] | 76,357,000 | 59,349,000 | |
Change in market value of trust assets | $ 12,834,000 | $ (3,900,000) | $ 6,547,000 | |
Maximum | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Percentage of compensation deferred | 100.00% | |||
[1] | Included in accounts payable and accrued liabilities and deferred compensation plan liabilities on the Company’s consolidated balance sheet. |
Leases - Additional Information
Leases - Additional Information (Detail) - Phoenix Arizona [Member] | Jan. 03, 2020Option |
Lessee, Operating Lease, Term of Contract | 30 years |
Number of Options to Renew Lease | 2 |
Lessee, Operating Lease, Renewal Term | 15 years |
Components of Lease Expense (De
Components of Lease Expense (Detail) - Other Operating Income (Expense) [Member] $ in Thousands | 12 Months Ended |
Jan. 03, 2020USD ($) | |
Operating lease cost | $ 7,395 |
Variable lease cost | 1,479 |
Short-term lease cost | $ 405 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information Related to Operating Leases (Detail) $ in Thousands | 12 Months Ended |
Jan. 03, 2020USD ($) | |
Cash paid for amounts included in the measurement of operating lease liabilities: | |
Operating cash flows from operating leases | $ 7,522 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information Related to Operating Leases (Detail) | Jan. 03, 2020 |
Leases [Abstract] | |
Weighted Average Remaining Lease Term | 5 years 2 months 12 days |
Weighted Average Discount Rate | 4.40% |
Maturities of Lease Liabilities
Maturities of Lease Liabilities (Detail) $ in Thousands | Jan. 03, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 6,938 |
2021 | 5,993 |
2022 | 4,773 |
2023 | 3,187 |
2024 | 2,176 |
2025 | 1,491 |
2026 | 1,507 |
2027 | 1,466 |
Total lease payments | 27,531 |
Less imputed interest | (3,429) |
Total lease liability | $ 24,102 |
Miscellaneous Income, Net (Deta
Miscellaneous Income, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Other Income And Expenses [Abstract] | |||
Rental income | $ 3,141 | $ 2,823 | $ 2,655 |
Gain (loss) on deferred compensation investments | 12,834 | (3,900) | 6,547 |
Gain (loss) on foreign exchange | (840) | 167 | (19) |
Other | 32 | 20 | (19) |
Total | $ 15,167 | $ (890) | $ 9,164 |
Industry and Client Credit Ri_2
Industry and Client Credit Risk - Additional Information (Detail) - Customer Concentration Risk [Member] - Client | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% | 14.00% | |
Number of clients comprised more than 10% of revenue or accounts receivable | 0 | 1 | 1 |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Number of clients comprised more than 10% of revenue or accounts receivable | 0 | 0 | |
Consumer Products [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 24.00% | ||
Transportation Industry [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 17.00% | ||
Energy and Utilities [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 17.00% |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Cash paid during the year: | |||
Income taxes | $ 21,364 | $ 28,636 | $ 25,849 |
Non-cash investing and financing activities: | |||
Unrealized (loss) gain on investments | 347 | 191 | (90) |
Vested stock unit awards granted to settle accrued bonus | 7,947 | 7,643 | 6,910 |
Accrual for capital expenditures | 482 | $ 1,231 | $ 148 |
Right-of-use asset obtained in exchange for operating lease obligation | $ 29,480 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Jan. 03, 2020USD ($)Segment | Dec. 28, 2018USD ($) | Dec. 29, 2017USD ($) | |
Segment Reporting [Abstract] | |||
Number of reportable operating segments | Segment | 2 | ||
Changes in the carrying amount of goodwill | $ 0 | $ 0 | $ 0 |
Goodwill impairments or gains or losses on disposals | $ 0 | $ 0 | $ 0 |
Segment Information (Detail)
Segment Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2020 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 417,199,000 | $ 379,523,000 | $ 347,799,000 | ||||||||
Operating Income | $ 21,350,000 | $ 23,184,000 | $ 24,823,000 | $ 15,754,000 | $ 26,786,000 | $ 20,594,000 | $ 22,478,000 | $ 21,598,000 | 85,111,000 | 91,456,000 | 72,051,000 |
Capital Expenditures | 22,290,000 | 17,381,000 | 4,725,000 | ||||||||
Depreciation and Amortization | 6,806,000 | 6,292,000 | 6,285,000 | ||||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income | 137,411,000 | 124,131,000 | 115,791,000 | ||||||||
Capital Expenditures | 4,779,000 | 4,727,000 | 3,866,000 | ||||||||
Depreciation and Amortization | 5,033,000 | 4,606,000 | 4,628,000 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income | (52,300,000) | (32,675,000) | (43,740,000) | ||||||||
Capital Expenditures | 17,511,000 | 12,654,000 | 859,000 | ||||||||
Depreciation and Amortization | 1,773,000 | 1,686,000 | 1,657,000 | ||||||||
Engineering and Other Scientific | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 339,796,000 | 306,265,000 | 277,603,000 | ||||||||
Operating Income | 110,822,000 | 100,307,000 | 93,451,000 | ||||||||
Capital Expenditures | 4,675,000 | 4,528,000 | 3,648,000 | ||||||||
Depreciation and Amortization | 4,827,000 | 4,435,000 | 4,449,000 | ||||||||
Environmental and Health | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 77,403,000 | 73,258,000 | 70,196,000 | ||||||||
Operating Income | 26,589,000 | 23,824,000 | 22,340,000 | ||||||||
Capital Expenditures | 104,000 | 199,000 | 218,000 | ||||||||
Depreciation and Amortization | $ 206,000 | $ 171,000 | $ 179,000 |
Operations in Different Geograp
Operations in Different Geographic Areas (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 03, 2020 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |||||
Operations in Different Geographic Areas [Line Items] | |||||||||||||||
Property, equipment and leasehold improvements, net | $ 61,587 | $ 46,103 | $ 61,587 | $ 46,103 | |||||||||||
Revenues | 110,114 | $ 101,548 | $ 106,506 | $ 99,031 | 92,143 | $ 95,302 | $ 95,621 | $ 96,457 | 417,199 | [1] | 379,523 | [1] | $ 347,799 | [1] | |
United States | |||||||||||||||
Operations in Different Geographic Areas [Line Items] | |||||||||||||||
Property, equipment and leasehold improvements, net | 60,074 | 44,181 | 60,074 | 44,181 | |||||||||||
Revenues | [1] | 351,856 | 334,422 | 308,406 | |||||||||||
Foreign Countries | |||||||||||||||
Operations in Different Geographic Areas [Line Items] | |||||||||||||||
Property, equipment and leasehold improvements, net | $ 1,513 | $ 1,922 | 1,513 | 1,922 | |||||||||||
Revenues | [1] | $ 65,343 | $ 45,101 | $ 39,393 | |||||||||||
[1] | Geographic revenues are allocated based on the location of the client. |
Goodwill Reported By segment (D
Goodwill Reported By segment (Detail) - USD ($) $ in Thousands | Jan. 03, 2020 | Dec. 28, 2018 |
Goodwill Reported By Segment [Line Items] | ||
Goodwill | $ 8,607 | $ 8,607 |
Environmental and Health | ||
Goodwill Reported By Segment [Line Items] | ||
Goodwill | 8,099 | 8,099 |
Engineering and Other Scientific | ||
Goodwill Reported By Segment [Line Items] | ||
Goodwill | $ 508 | $ 508 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - $ / shares | Feb. 06, 2020 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 |
Subsequent Event [Line Items] | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.64 | $ 0.52 | $ 0.42 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.19 | |||
Dividends Payable, Date Declared | Feb. 6, 2020 | |||
Dividends Payable, Date of Record | Mar. 13, 2020 | |||
Dividends Payable, Date to be Paid | Mar. 27, 2020 |
Comparative Quarterly Financi_3
Comparative Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jan. 03, 2020 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | ||||
Segment Reporting [Abstract] | ||||||||||||||
Revenues before reimbursements | $ 102,220 | $ 95,506 | $ 100,263 | $ 93,401 | $ 85,269 | $ 88,714 | $ 89,972 | $ 90,684 | $ 391,390 | $ 354,639 | $ 329,664 | |||
Revenues | 110,114 | 101,548 | 106,506 | 99,031 | 92,143 | 95,302 | 95,621 | 96,457 | 417,199 | [1] | 379,523 | [1] | 347,799 | [1] |
Operating Income | 21,350 | 23,184 | 24,823 | 15,754 | 26,786 | 20,594 | 22,478 | 21,598 | 85,111 | 91,456 | 72,051 | |||
Income before income taxes | 26,806 | 25,211 | 28,851 | 23,322 | 21,959 | 23,989 | 24,919 | 22,450 | ||||||
Net income (loss) | $ 19,121 | $ 19,633 | $ 20,994 | $ 22,712 | $ 16,036 | $ 17,453 | $ 18,425 | $ 20,340 | $ 82,460 | $ 72,254 | $ 41,305 | |||
Net income per share | ||||||||||||||
Basic | $ 0.36 | $ 0.37 | $ 0.40 | $ 0.43 | $ 0.30 | $ 0.33 | $ 0.35 | $ 0.39 | $ 1.56 | $ 1.37 | $ 0.78 | |||
Diluted | $ 0.36 | $ 0.36 | $ 0.39 | $ 0.42 | $ 0.30 | $ 0.32 | $ 0.34 | $ 0.38 | $ 1.53 | $ 1.33 | $ 0.77 | |||
Shares used in per share computations | ||||||||||||||
Shares used in basic per share computation | 52,681 | 52,802 | 52,745 | 52,536 | 52,839 | 53,032 | 53,008 | 52,744 | 52,691 | 52,906 | 52,724 | |||
Diluted | 53,817 | 54,002 | 53,872 | 53,814 | 54,119 | 54,302 | 54,195 | 54,012 | 53,884 | 54,168 | 53,972 | |||
[1] | Geographic revenues are allocated based on the location of the client. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | ||
Allowance For Bad Debt [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | $ 847 | $ 917 | $ 923 | |
Provision Charged to Expense | 484 | 293 | 473 | |
Provision Charged to Revenues | 0 | 0 | 0 | |
Accounts Written-off Net of Recoveries | [1] | (386) | (363) | (479) |
Balance at End of Year | 945 | 847 | 917 | |
Allowance For Contract Losses [Member] | ||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | 3,219 | 2,609 | 2,494 | |
Provision Charged to Expense | 0 | 0 | 0 | |
Provision Charged to Revenues | 1,740 | 1,940 | 2,033 | |
Accounts Written-off Net of Recoveries | [1] | (1,609) | (1,330) | (1,918) |
Balance at End of Year | $ 3,350 | $ 3,219 | $ 2,609 | |
[1] | Balance includes currency translation adjustments. |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 03, 2020 | Dec. 28, 2018 | Dec. 29, 2017 | |
Trade Accounts Receivable [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Written-off Net of Recoveries | $ 32,000 | $ 28,000 | $ 84,000 |