Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 03, 2020 | Jul. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 3, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | EXPONENT, INC. | |
Entity Central Index Key | 0000851520 | |
Current Fiscal Year End Date | --01-03 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | EXPO | |
Entity Common Stock, Shares Outstanding | 51,622,394 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | 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 Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of each class | Common Stock, par value $0.001 per share | |
Name of each exchange on which registered | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 03, 2020 | Jan. 03, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 155,932 | $ 176,436 |
Short-term investments | 34,220 | 55,165 |
Accounts receivable, net of allowance for contract losses and doubtful accounts of $6,155 and $4,295 at July 3, 2020 and January 3, 2020, respectively | 109,341 | 120,138 |
Prepaid expenses and other current assets | 14,777 | 12,305 |
Total current assets | 314,270 | 364,044 |
Property, equipment and leasehold improvements, net | 60,301 | 61,587 |
Operating lease right-of-use assets | 20,124 | 23,003 |
Goodwill | 8,607 | 8,607 |
Deferred income taxes | 37,233 | 36,821 |
Deferred compensation plan assets | 71,895 | 68,400 |
Other assets | 757 | 949 |
Total assets | 513,187 | 563,411 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 16,218 | 18,583 |
Accrued payroll and employee benefits | 59,295 | 86,723 |
Deferred revenues | 8,910 | 12,710 |
Operating lease liabilities | 5,360 | 5,944 |
Total current liabilities | 89,783 | 123,960 |
Other liabilities | 2,939 | 2,669 |
Deferred compensation plan liabilities | 72,564 | 68,373 |
Operating lease liabilities | 15,334 | 18,158 |
Total liabilities | 180,620 | 213,160 |
Stockholders’ equity: | ||
Common stock, $0.001 par value; 120,000 shares authorized; 65,707 at July 3, 2020 and January 3, 2020 | 66 | 66 |
Additional paid-in capital | 259,617 | 244,935 |
Accumulated other comprehensive income (loss) | ||
Investment securities, available-for-sale | 259 | 302 |
Foreign currency translation adjustments | (3,664) | (2,062) |
Accumulated other comprehensive income (loss) | (3,405) | (1,760) |
Retained earnings | 401,956 | 384,668 |
Treasury stock, at cost; 14,084 and 13,951 shares held at July 3, 2020 and January 3, 2020, respectively | (325,667) | (277,658) |
Total stockholders’ equity | 332,567 | 350,251 |
Total liabilities and stockholders’ equity | $ 513,187 | $ 563,411 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 03, 2020 | Jan. 03, 2020 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for contract losses and doubtful accounts | $ 6,155 | $ 4,295 |
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 | 14,084,000 | 13,951,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | |
Revenues: | ||||
Revenues before reimbursements | $ 87,863 | $ 100,263 | $ 187,583 | $ 193,664 |
Reimbursements | 4,182 | 6,243 | 10,415 | 11,873 |
Revenues | 92,045 | 106,506 | 197,998 | 205,537 |
Operating expenses: | ||||
Compensation and related expenses | 68,137 | 61,997 | 118,122 | 127,090 |
Other operating expenses | 7,681 | 8,095 | 15,897 | 16,103 |
Reimbursable expenses | 4,182 | 6,243 | 10,415 | 11,873 |
General and administrative expenses | 2,925 | 5,348 | 8,456 | 9,894 |
Total operating expenses | 82,925 | 81,683 | 152,890 | 164,960 |
Operating income | 9,120 | 24,823 | 45,108 | 40,577 |
Other income, net: | ||||
Interest income, net | 305 | 924 | 1,180 | 1,979 |
Miscellaneous income, net | 11,989 | 3,104 | (819) | 9,617 |
Total other income, net | 12,294 | 4,028 | 361 | 11,596 |
Income before income taxes | 21,414 | 28,851 | 45,469 | 52,173 |
Income taxes | 5,068 | 7,857 | 2,841 | 8,467 |
Net income | $ 16,346 | $ 20,994 | $ 42,628 | $ 43,706 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.31 | $ 0.40 | $ 0.81 | $ 0.83 |
Diluted (in dollars per share) | $ 0.31 | $ 0.39 | $ 0.80 | $ 0.81 |
Shares used in per share computations: | ||||
Basic (in shares) | 52,259 | 52,745 | 52,417 | 52,641 |
Diluted (in shares) | 53,139 | 53,872 | 53,404 | 53,849 |
Cash dividends declared per common share (in dollars per share) | $ 0.19 | $ 0.16 | $ 0.38 | $ 0.32 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 16,346 | $ 20,994 | $ 42,628 | $ 43,706 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net of tax | 71 | (241) | (1,602) | (124) |
Unrealized gains (losses) on available- for-sale investment securities arising during the period, net of tax | (211) | 249 | (43) | 403 |
Comprehensive income | $ 16,206 | $ 21,002 | $ 40,983 | $ 43,985 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ 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. 28, 2018 | $ 313,909 | $ 66 | $ 227,283 | $ (2,853) | $ 342,024 | $ (252,611) |
Balances (in shares) at Dec. 28, 2018 | 65,707 | 14,208 | ||||
Employee stock purchase plan | 372 | 302 | $ 70 | |||
Employee stock purchase plan (in shares) | (7) | |||||
Amortization of unrecognized stock-based compensation | 3,663 | 3,663 | ||||
Foreign currency translation adjustments | 117 | 117 | ||||
Grant of restricted stock units to settle accrued bonus | 7,947 | 7,947 | ||||
Settlement of restricted stock units | (11,194) | (860) | (5,146) | $ (5,188) | ||
Settlement of restricted stock units (in shares) | (395) | |||||
Unrealized gain (loss) on investments | 154 | 154 | ||||
Dividends and dividend equivalent rights | (8,503) | 581 | (9,084) | |||
Net income | 22,712 | 22,712 | ||||
Balance at Mar. 29, 2019 | 329,177 | $ 66 | 238,916 | (2,582) | 350,506 | $ (257,729) |
Balances (in shares) at Mar. 29, 2019 | 65,707 | 13,806 | ||||
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 | 14,208 | ||||
Unrealized gain (loss) on investments | 403 | |||||
Net income | 43,706 | |||||
Balance at Jun. 28, 2019 | 343,852 | $ 66 | 240,930 | (2,574) | 362,959 | $ (257,529) |
Balances (in shares) at Jun. 28, 2019 | 65,707 | 13,788 | ||||
Balance at Mar. 29, 2019 | 329,177 | $ 66 | 238,916 | (2,582) | 350,506 | $ (257,729) |
Balances (in shares) at Mar. 29, 2019 | 65,707 | 13,806 | ||||
Employee stock purchase plan | 473 | 385 | $ 88 | |||
Employee stock purchase plan (in shares) | (8) | |||||
Amortization of unrecognized stock-based compensation | 1,685 | 1,685 | ||||
Foreign currency translation adjustments | (241) | (241) | ||||
Settlement of restricted stock units | 11 | (101) | $ 112 | |||
Settlement of restricted stock units (in shares) | (10) | |||||
Unrealized gain (loss) on investments | 249 | 249 | ||||
Dividends and dividend equivalent rights | (8,496) | 45 | (8,541) | |||
Net income | 20,994 | 20,994 | ||||
Balance at Jun. 28, 2019 | 343,852 | $ 66 | 240,930 | (2,574) | 362,959 | $ (257,529) |
Balances (in shares) at Jun. 28, 2019 | 65,707 | 13,788 | ||||
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 | 13,951 | ||||
Employee stock purchase plan | 473 | 400 | $ 73 | |||
Employee stock purchase plan (in shares) | (7) | |||||
Exercise of stock options | 672 | 64 | $ 608 | |||
Exercise of stock options (in shares) | (60) | |||||
Amortization of unrecognized stock-based compensation | 4,095 | 4,095 | ||||
Purchase of treasury stock | (40,049) | $ (40,049) | ||||
Purchase of treasury stock (in shares) | 636 | |||||
Foreign currency translation adjustments | (1,673) | (1,673) | ||||
Grant of restricted stock units to settle accrued bonus | 8,645 | 8,645 | ||||
Settlement of restricted stock units | (15,112) | (1,261) | (4,538) | $ (9,313) | ||
Settlement of restricted stock units (in shares) | (359) | |||||
Unrealized gain (loss) on investments | 168 | 168 | ||||
Dividends and dividend equivalent rights | (10,255) | 511 | (10,766) | |||
Net income | 26,282 | 26,282 | ||||
Balance at Apr. 03, 2020 | 323,497 | $ 66 | 257,389 | (3,265) | 395,646 | $ (326,339) |
Balances (in shares) at Apr. 03, 2020 | 65,707 | 14,161 | ||||
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 | 13,951 | ||||
Unrealized gain (loss) on investments | (43) | |||||
Net income | 42,628 | |||||
Balance at Jul. 03, 2020 | 332,567 | $ 66 | 259,617 | (3,405) | 401,956 | $ (325,667) |
Balances (in shares) at Jul. 03, 2020 | 65,707 | 14,084 | ||||
Balance at Apr. 03, 2020 | 323,497 | $ 66 | 257,389 | (3,265) | 395,646 | $ (326,339) |
Balances (in shares) at Apr. 03, 2020 | 65,707 | 14,161 | ||||
Employee stock purchase plan | 432 | 374 | $ 58 | |||
Employee stock purchase plan (in shares) | (6) | |||||
Exercise of stock options | 956 | 390 | $ 566 | |||
Exercise of stock options (in shares) | (54) | |||||
Amortization of unrecognized stock-based compensation | 1,663 | 1,663 | ||||
Foreign currency translation adjustments | 71 | 71 | ||||
Settlement of restricted stock units | (151) | (199) | $ 48 | |||
Settlement of restricted stock units (in shares) | (17) | |||||
Unrealized gain (loss) on investments | (211) | (211) | ||||
Dividends and dividend equivalent rights | (10,036) | (10,036) | ||||
Net income | 16,346 | 16,346 | ||||
Balance at Jul. 03, 2020 | $ 332,567 | $ 66 | $ 259,617 | $ (3,405) | $ 401,956 | $ (325,667) |
Balances (in shares) at Jul. 03, 2020 | 65,707 | 14,084 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 03, 2020 | Jun. 28, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 42,628 | $ 43,706 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property, equipment and leasehold improvements | 3,487 | 3,232 |
Amortization of premiums and accretion of discounts on short-term investments | (112) | (298) |
Provision for contract losses and doubtful accounts | 2,817 | 1,786 |
Stock-based compensation | 9,600 | 9,741 |
Deferred income tax provision | (398) | (141) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 7,980 | (25,707) |
Prepaid expenses and other current assets | (10,666) | (1,760) |
Change in operating leases | (529) | (209) |
Accounts payable and accrued liabilities | (1,992) | 6,846 |
Accrued payroll and employee benefits | (14,816) | (11,761) |
Deferred revenues | (3,800) | (616) |
Net cash provided by operating activities | 34,199 | 24,819 |
Cash flows from investing activities: | ||
Capital expenditures | (2,467) | (12,494) |
Purchase of short-term investments | (38,693) | |
Maturity of short-term investments | 21,000 | 31,000 |
Net cash provided by/(used in) investing activities | 18,533 | (20,187) |
Cash flows from financing activities: | ||
Payroll taxes for restricted stock units | (15,263) | (11,183) |
Repurchase of common stock | (40,049) | |
Exercise of stock-based payment awards | 2,534 | 845 |
Dividends and dividend equivalents rights | (20,128) | (16,899) |
Net cash used in financing activities | (72,906) | (27,237) |
Effect of foreign currency exchange rates on cash and cash equivalents | (330) | (2) |
Net decrease in cash and cash equivalents | (20,504) | (22,607) |
Cash and cash equivalents at beginning of period | 176,436 | 127,059 |
Cash and cash equivalents at end of period | $ 155,932 | $ 104,452 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 03, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation Exponent, Inc. (referred to as the “Company” or “Exponent”) is an engineering and scientific consulting firm that provides solutions to complex problems. The Company operates on a 52-53 week fiscal year ending on the Friday closest to the last day of December. The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, they do not contain all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments which are necessary for the fair presentation of the condensed consolidated financial statements have been included and all such adjustments are of a normal and recurring nature. The operating results for the three and six months ended July 3, 2020 are not necessarily representative of the results of future quarterly or annual periods. The following information should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 3, 2020, which was filed with the U.S. Securities and Exchange Commission on February 28, 2020. The unaudited condensed consolidated financial statements include the accounts of Exponent, Inc. and its subsidiaries, which are all wholly owned. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Items subject to such estimates and assumptions include accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts. Actual results could differ from those estimates. The Company’s estimate of its allowance for contract losses and doubtful accounts takes into consideration the macroeconomic effect of global events such as the COVID-19 pandemic which may impact the ability of its customers to pay. Recently Adopted Accounting Pronouncements. In June 2016, the Financial Accounting Standards Board (“FASB”) established Topic 326, Measurement of Credit Losses on Financial Instruments , by issuing Accounting Standard Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of the expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost where there is a contractual right to received cash, including, accounts receivables, loan receivables and held-to-maturity debt securities. The Company adopted ASU No. 2016-13 in the first quarter of 2020 and the impact of the adoption was not material the Company’s condensed consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jul. 03, 2020 | |
Revenue Recognition [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: Three Months Ended Six Months Ended July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Engineering & other scientific 60 % 67 % 63 % 67 % Environmental and health 21 % 18 % 20 % 18 % Total time and materials revenues 81 % 85 % 83 % 85 % 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: Three Months Ended Six Months Ended July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Engineering & other scientific 18 % 14 % 16 % 14 % Environmental and health 1 % 1 % 1 % 1 % Total fixed price revenues 19 % 15 % 17 % 15 % Deferred revenues represent amounts billed to clients in advance of services provided. During the second quarter of 2020, $3,466,000 of revenues were recognized that were included in the deferred revenue balance at April 3, 2020. During the first six months of 2020, $6,281,000 of revenues were recognized that were included in the deferred revenue balance at January 3, 2020. 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 $3,590,000 and $6,157,000 during the second quarter of 2020 and 2019, respectively and $7,371,000 and $10,399,000 during the first six months of 2020 and 2019, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 03, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3: Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale fixed income securities, trading fixed income and equity securities held in its deferred compensation plan and the liability associated with its deferred compensation plan. There were no transfers between fair value measurement levels during the three and six months ended July 3, 2020 and June 28, 2019. 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 July 3, 2020: Fair Value Measurements at Reporting Date Using (In thousands) 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) $ 63,024 $ 63,024 $ - $ - Fixed income available-for-sale securities (2) 34,220 - 34,220 - Fixed income trading securities held in deferred compensation plan (3) 26,524 26,524 - - Equity trading securities held in deferred compensation plan (3) 48,614 48,614 - - Total $ 172,382 $ 138,162 $ 34,220 $ - Liabilities Deferred compensation plan (4) 75,807 75,807 - - Total $ 75,807 $ 75,807 $ - $ - (1) Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. (2) Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet. (3) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. (4) Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. The fair value of these certain financial assets and liabilities was determined using the following inputs at January 3, 2020 : Fair Value Measurements at Reporting Date Using (In thousands) 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 unaudited condensed consolidated balance sheet. (2) Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet. (3) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. (4) Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. Fixed income available-for-sale securities as of July 3, 2020 and January 3, 2020 represent obligations of the United States Treasury. Fixed income and equity trading securities represent mutual funds held in the Company’s deferred compensation plan. See Note 7 for additional information about the Company’s deferred compensation plan. Cash, cash equivalents and short-term investments consisted of the following as of July 3, 2020: Gross Gross Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Classified as current assets: Cash $ 92,908 $ - $ - $ 92,908 Cash equivalents: Money market securities 63,024 - - 63,024 Total cash equivalents 63,024 - - 63,024 Total cash and cash equivalents 155,932 - - 155,932 Short-term investments: U.S. Treasury securities 33,954 266 - 34,220 Total short-term investments 33,954 266 - 34,220 Total cash, cash equivalents and short-term investments $ 189,886 $ 266 $ - $ 190,152 Cash, cash equivalents and short-term investments consisted of the following as of January 3, 2020 : Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains 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 At July 3, 2020 the stated effective maturities of all short-term fixed income securities classified as short-term investments were due within one year. At July 3, 2020 and January 3, 2020, 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 unaudited condensed consolidated balance sheet at July 3, 2020 and 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 July 3, 2020 and January 3, 2020 approximates their carrying value as reported on the Company’s unaudited condensed consolidated balance sheet. There were no other-than-temporary impairments or credit losses related to available-for-sale securities during the three and six months ended July 3, 2020 and June 28, 2019. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jul. 03, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Note 4: Net Income Per Share Basic per share amounts are computed using the weighted-average number of common shares outstanding during the period. Diluted per share amounts are calculated using the weighted-average number of common shares outstanding during the period and, when dilutive, the weighted-average number of potential common shares from the issuance of common stock to satisfy outstanding restricted stock units and the exercise of outstanding options to purchase common stock using the treasury stock method. The following schedule reconciles the shares used to calculate basic and diluted net income per share: Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Shares used in basic per share computation 52,259 52,745 52,417 52,641 Effect of dilutive common stock options outstanding 340 470 360 463 Effect of dilutive restricted stock units outstanding 540 657 627 745 Shares used in diluted per share computation 53,139 53,872 53,404 53,849 Common stock options to purchase 40,000 shares were excluded from the diluted per share calculation for the three months ended July 3, 2020 due to their anti-dilutive effect. Common stock options to purchase 31,209 shares were excluded from the diluted per share calculation for the six months ended July 3, 2020 due to their anti-dilutive effect. There were no options excluded from the diluted per share calculations for the three and six months ended June 28, 2019. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 03, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 5: Stock-Based Compensation Restricted Stock Units Restricted stock unit grants are designed to attract and retain employees, and to better align employee interests with those of the Company’s stockholders. For a select group of employees, up to 40% of their annual bonus is settled with fully vested restricted stock unit awards. Under these fully vested restricted stock unit awards, the holder of each award has the right to receive one share of the Company’s common stock for each fully vested restricted stock unit four years from the date of grant. Each individual who receives a fully vested restricted stock unit award is also granted a matching number of unvested restricted stock unit awards. Unvested restricted stock unit awards are also granted for select new hires and promotions. These unvested restricted stock unit awards generally cliff vest four years from the date of grant, at which time the holder of each award will have the right to receive one share of the Company’s common stock for each restricted stock unit award provided the holder of each award has met certain employment conditions. In the case of retirement at 59½ years or older, all unvested restricted stock unit awards will continue to vest, provided that the holder of each award does all consulting work through the Company and does not become an employee for a past or present client, beneficial party or competitor of the Company. The value of these restricted stock unit awards is determined based on the market price of the Company’s common stock on the date of grant. The value of fully vested restricted stock unit awards issued is recorded as a reduction to accrued bonuses. The portion of bonus expense that the Company expects to settle with fully vested restricted stock unit awards is recorded as stock-based compensation during the period the bonus is earned. The Company recorded stock-based compensation expense associated with accrued bonus awards of $1,799,000 and $2,325,000 during the three months ended July 3, 2020 and June 28, 2019, respectively. For the six months ended July 3, 2020 and June 28, 2019, the Company recorded stock-based compensation expense associated with accrued bonus awards of $3,842,000 and $4,393,000, respectively. The value of the unvested restricted stock unit awards granted is recognized on a straight-line basis over the shorter of the four-year Stock Options Stock options are granted for terms of ten years and generally vest 25% per year over a four-year The Company uses the Black-Scholes option-pricing model to determine the fair value of options granted . The determination of the fair value of stock option awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables . These variables include expected stock price volatility over the term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate and expected dividends. The Company used historical exercise, forfeiture, and post-vesting expiration data to estimate the expected term of options granted. The historical volatility of the Company’s common stock over a period of time equal to the expected term of the options granted was used to estimate expected volatility. The risk-free interest rate used in the option-pricing model was based on United States Treasury zero-coupon issues with remaining terms similar to the expected term of the options. The dividend yield assumption considers the expectation of continued declaration of dividends, offset by option holders’ dividend equivalent rights. The Company accounts for forfeitures of stock-based awards when they occur. All stock-based payment awards are recognized on a straight-line basis over the requisite service periods of the awards. |
Treasury Stock
Treasury Stock | 6 Months Ended |
Jul. 03, 2020 | |
Equity [Abstract] | |
Treasury Stock | Note 6: Treasury Stock On January 31, 2019, the Company’s Board of Directors announced $75,000,000 for the repurchase of shares of the Company’s common stock. On May 29, 2020, the Company’s Board of Directors announced an additional $45,000,000 for the repurchase of shares of the Company’s common stock. These repurchase programs have no expiration date. The Company repurchased 636,000 of its common stock for $40,049,000 during the six months ended July 3, 2020. As of July 3, 2020, the Company had remaining authorization under its stock repurchase plans of $75,455,000 to repurchase shares of common stock. |
Deferred Compensation Plans
Deferred Compensation Plans | 6 Months Ended |
Jul. 03, 2020 | |
Deferred Compensation Arrangements [Abstract] | |
Deferred Compensation Plans | Note 7: Deferred Compensation Plans The Company maintains nonqualified deferred compensation plans for the benefit of a select group of highly compensated employees. Under these plans, participants may elect to defer up to 100% 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 July 3, 2020, and January 3, 2020, the invested amounts under the plans totaled $75,138,000 and $75,934,000, respectively, and are recorded in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. These assets are classified as trading securities and are recorded at fair value with changes recorded as adjustments to miscellaneous income, net. As of July 3, 2020, and January 3, 2020, vested amounts due under the plans totaled $75,807,000 and $76,357,000, respectively, and are recorded within accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. Changes in the liability are recorded as adjustments to compensation expense. During the three months ended July 3, 2020 and June 28, 2019, the Company recognized compensation expense of $11,003,000 and $2,184,000, respectively, as a result of changes in the market value of the trust assets with the same amount being recorded as income in miscellaneous income, net. During the six months ended July 3, 2020 the Company recognized a reduction to compensation expense of $3,619,000. During the six months ended June 28, 2019, the Company recorded compensation expense of $8,053,000. The change in compensation expense was recorded due to changes in the market value of the trust assets with the same amount being recorded as income in miscellaneous income, net. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jul. 03, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Note 8: Supplemental Cash Flow Information The following is supplemental disclosure of cash flow information: Six Months Ended (In thousands) July 3, 2020 June 28, 2019 Cash paid during period: Income taxes $ 7,556 $ 5,972 Non-cash investing and financing activities: Unrealized gain (loss) on short-term investments $ (43 ) $ 403 Vested stock unit awards issued to settle accrued bonuses $ 8,645 $ 7,947 Accrual for capital expenditures as of period end $ 216 $ 1,978 Right-of-use asset obtained in exchange for operating lease obligations $ 492 $ 26,152 |
Accounts Receivable, Net
Accounts Receivable, Net | 6 Months Ended |
Jul. 03, 2020 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Note 9: Accounts Receivable, Net At July 3, 2020 and January 3, 2020, accounts receivable, net, was comprised of the following: July 3, January 3, (In thousands) 2020 2020 Billed accounts receivable $ 73,242 $ 85,579 Unbilled accounts receivable 42,254 38,854 Allowance for contract losses and doubtful accounts (6,155 ) (4,295 ) Total accounts receivable, net $ 109,341 $ 120,138 The Company maintains allowances for estimated losses over the remaining contractual life of its receivables 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 creditworthiness, current economic conditions, aging of amounts due and future expectations. A reconciliation of the beginning and ending amount of the contract losses and doubtful accounts is as follows (in thousands): Balance at January 3, 2020 $ 4,295 Provision for contract losses and doubtful accounts 2,817 Write-offs (957 ) Balance at July 3, 2020 $ 6,155 The provision for contract losses as of July 3, 2020 includes approximately $1,450,000 as a result of the economic uncertainty associated with the COVID-19 pandemic. Recoveries of accounts receivable previously written-off were not material during the six months ended July 3, 2020. On January 29, 2019, PG&E Corp. (“PG&E”) filed for bankruptcy under chapter 11 of the U.S. bankruptcy code. As of July 3, 2020, the Company’s total pre-bankruptcy outstanding accounts receivable from PG&E was $ million . The Company currently expects to collect substantially all of the pre-bankruptcy accounts receivable from PG&E. However, due to the risks and uncertainties inherent in the bankruptcy process, the amount ultimately collected could differ from the Company’s current expectation. The Company continues to do work for PG&E post-bankruptcy filing and expects to be paid for this work in the ordinary course of business. Under the United States Bankruptcy code, PG&E is required to pay all post-bankruptcy expenses in the normal course of business. If they do not do so, the Company is eligible to have the post-bankruptcy obligation categorized as an administrative expense entitled to priority over most pre-bankruptcy creditors. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jul. 03, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 10: Segment Reporting The Company has two reportable operating segments based on two primary areas of service. The Engineering and Other Scientific segment is a broad service group providing technical consulting in different practices primarily in engineering. The Environmental and Health segment provides services in the areas of environmental, epidemiology and health risk analysis. This segment provides a wide range of consulting services relating to environmental hazards and risks and the impact on both human health and the environment. Our Chief Executive Officer, the chief operating decision maker, reviews revenues and operating income for each of our reportable segments but does not review total assets in evaluating segment performance and capital allocation. Segment information for the three and six months ended July 3, 2020 and June 28, 2019 follows: Revenues Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Engineering and Other Scientific $ 72,123 $ 86,820 $ 157,009 $ 167,074 Environmental and Health 19,922 19,686 40,989 38,463 Total revenues $ 92,045 $ 106,506 $ 197,998 $ 205,537 Operating Income Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Engineering and Other Scientific $ 20,807 $ 29,252 $ 47,448 $ 55,226 Environmental and Health 7,049 7,039 14,302 13,235 Total segment operating income 27,856 36,291 61,750 68,461 Corporate operating expense (18,736 ) (11,468 ) (16,642 ) (27,884 ) Total operating income $ 9,120 $ 24,823 $ 45,108 $ 40,577 Capital Expenditures Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Engineering and Other Scientific $ 901 $ 929 $ 1,467 $ 2,707 Environmental and Health 19 13 81 56 Total segment capital expenditures 920 942 1,548 2,763 Corporate capital expenditures 724 5,958 1,135 10,478 Total capital expenditures $ 1,644 $ 6,900 $ 2,683 $ 13,241 Depreciation and Amortization Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Engineering and Other Scientific $ 1,068 $ 1,170 $ 2,205 $ 2,291 Environmental and Health 46 48 93 93 Total segment depreciation and amortization 1,114 1,218 2,298 2,384 Corporate depreciation and amortization 587 424 1,189 848 Total depreciation and amortization $ 1,701 $ 1,642 $ 3,487 $ 3,232 |
Leases
Leases | 6 Months Ended |
Jul. 03, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | Note 11: Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Operating leases are included in operating lease ROU assets, current operating lease liabilities, and long-term operating lease liabilities in the Company’s condensed consolidated balance sheet. The Company does not have any finance leases as of July 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 may 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 condensed consolidated statements of cash flows. The Company leases office, laboratory, and storage space in 13 states and the District of Columbia, as well as in 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 Company leases excess space in its Silicon Valley facility. Rental income of $869,000 and $741,000 was included in other income for the three months ended July 3, 2020 and June 28, 2019, respectively. Rental income of $1,861,000 and $1,482,000 was included in other income for the six months ended July 3, 2020 and June 28, 2019, respectively. The components of lease expense included in other operating expenses on the condensed consolidated statements of income were as follows: Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Operating lease cost $ 1,678 $ 1,867 $ 3,564 $ 3,737 Variable lease cost 312 404 602 784 Short-term lease cost 163 134 288 229 Supplemental cash flow information related to operating leases was as follows: Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,638 $ 1,747 $ 4,072 $ 4,281 Supplemental balance sheet information related to operating leases was as follows: July 3, 2020 January 3, 2020 Weighted Average Remaining Lease Term 4.8 years 5.2 years Weighted Average Discount Rate 4.4% 4.4% Maturities of operating lease liabilities as of July 3, 2020: Operating (In thousands) Leases 2020 (excluding the six months ended July 3, 2020) 2,949 2021 6,118 2022 4,848 2023 3,235 2024 2,176 2025 1,491 2026 1,507 2027 1,466 Total lease payments $ 23,790 Less imputed interest (3,096 ) Total lease liability $ 20,694 |
Contingencies
Contingencies | 6 Months Ended |
Jul. 03, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12: Contingencies The Company is a party to various legal actions from time to time and may be contingently liable in connection with claims and contracts arising in the normal course of business, the outcome of which the Company believes, after consultation with legal counsel, will not have a material adverse effect on its financial condition, results of operations or liquidity. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. All legal costs associated with litigation are expensed as incurred. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jul. 03, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13: Subsequent Events On July 30, 2020, the Company’s Board of Directors announced a cash dividend of $0.19 per share of the Company’s common stock, payable September 25, 2020, to stockholders of record as of September 11, 2020. The Company expects to continue paying quarterly dividends in the future, subject to declaration by the Company’s Board of Directors. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jul. 03, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Exponent, Inc. (referred to as the “Company” or “Exponent”) is an engineering and scientific consulting firm that provides solutions to complex problems. The Company operates on a 52-53 week fiscal year ending on the Friday closest to the last day of December. The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, they do not contain all the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments which are necessary for the fair presentation of the condensed consolidated financial statements have been included and all such adjustments are of a normal and recurring nature. The operating results for the three and six months ended July 3, 2020 are not necessarily representative of the results of future quarterly or annual periods. The following information should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 3, 2020, which was filed with the U.S. Securities and Exchange Commission on February 28, 2020. The unaudited condensed consolidated financial statements include the accounts of Exponent, Inc. and its subsidiaries, which are all wholly owned. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Items subject to such estimates and assumptions include accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts. Actual results could differ from those estimates. The Company’s estimate of its allowance for contract losses and doubtful accounts takes into consideration the macroeconomic effect of global events such as the COVID-19 pandemic which may impact the ability of its customers to pay. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements. In June 2016, the Financial Accounting Standards Board (“FASB”) established Topic 326, Measurement of Credit Losses on Financial Instruments , by issuing Accounting Standard Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of the expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost where there is a contractual right to received cash, including, accounts receivables, loan receivables and held-to-maturity debt securities. The Company adopted ASU No. 2016-13 in the first quarter of 2020 and the impact of the adoption was not material the Company’s condensed consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jul. 03, 2020 | |
Revenue Recognition [Abstract] | |
Summary of Revenues | The following table discloses the percent of the Company’s revenue generated from time and materials contracts: Three Months Ended Six Months Ended July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Engineering & other scientific 60 % 67 % 63 % 67 % Environmental and health 21 % 18 % 20 % 18 % Total time and materials revenues 81 % 85 % 83 % 85 % Three Months Ended Six Months Ended July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Engineering & other scientific 18 % 14 % 16 % 14 % Environmental and health 1 % 1 % 1 % 1 % Total fixed price revenues 19 % 15 % 17 % 15 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 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 July 3, 2020: Fair Value Measurements at Reporting Date Using (In thousands) 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) $ 63,024 $ 63,024 $ - $ - Fixed income available-for-sale securities (2) 34,220 - 34,220 - Fixed income trading securities held in deferred compensation plan (3) 26,524 26,524 - - Equity trading securities held in deferred compensation plan (3) 48,614 48,614 - - Total $ 172,382 $ 138,162 $ 34,220 $ - Liabilities Deferred compensation plan (4) 75,807 75,807 - - Total $ 75,807 $ 75,807 $ - $ - (1) Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. (2) Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet. (3) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. (4) Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. The fair value of these certain financial assets and liabilities was determined using the following inputs at January 3, 2020 : Fair Value Measurements at Reporting Date Using (In thousands) 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 unaudited condensed consolidated balance sheet. (2) Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet. (3) Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. (4) Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. |
Cash, cash equivalents and short-term investments | Cash, cash equivalents and short-term investments consisted of the following as of July 3, 2020: Gross Gross Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains Losses Fair Value Classified as current assets: Cash $ 92,908 $ - $ - $ 92,908 Cash equivalents: Money market securities 63,024 - - 63,024 Total cash equivalents 63,024 - - 63,024 Total cash and cash equivalents 155,932 - - 155,932 Short-term investments: U.S. Treasury securities 33,954 266 - 34,220 Total short-term investments 33,954 266 - 34,220 Total cash, cash equivalents and short-term investments $ 189,886 $ 266 $ - $ 190,152 Cash, cash equivalents and short-term investments consisted of the following as of January 3, 2020 : Amortized Unrealized Unrealized Estimated (In thousands) Cost Gains 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 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jul. 03, 2020 | |
Earnings Per Share [Abstract] | |
Reconciles Shares to Calculate Basic and Diluted Net Income Per Share | The following schedule reconciles the shares used to calculate basic and diluted net income per share: Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Shares used in basic per share computation 52,259 52,745 52,417 52,641 Effect of dilutive common stock options outstanding 340 470 360 463 Effect of dilutive restricted stock units outstanding 540 657 627 745 Shares used in diluted per share computation 53,139 53,872 53,404 53,849 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jul. 03, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosure of Cash Flow Information | The following is supplemental disclosure of cash flow information: Six Months Ended (In thousands) July 3, 2020 June 28, 2019 Cash paid during period: Income taxes $ 7,556 $ 5,972 Non-cash investing and financing activities: Unrealized gain (loss) on short-term investments $ (43 ) $ 403 Vested stock unit awards issued to settle accrued bonuses $ 8,645 $ 7,947 Accrual for capital expenditures as of period end $ 216 $ 1,978 Right-of-use asset obtained in exchange for operating lease obligations $ 492 $ 26,152 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 6 Months Ended |
Jul. 03, 2020 | |
Receivables [Abstract] | |
Accounts Receivable, Net | At July 3, 2020 and January 3, 2020, accounts receivable, net, was comprised of the following: July 3, January 3, (In thousands) 2020 2020 Billed accounts receivable $ 73,242 $ 85,579 Unbilled accounts receivable 42,254 38,854 Allowance for contract losses and doubtful accounts (6,155 ) (4,295 ) Total accounts receivable, net $ 109,341 $ 120,138 |
Reconciliation of Beginning and Ending Amount of Allowance for Contract Losses and Doubtful Accounts | Balance at January 3, 2020 $ 4,295 Provision for contract losses and doubtful accounts 2,817 Write-offs (957 ) Balance at July 3, 2020 $ 6,155 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jul. 03, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, by Segment | Segment information for the three and six months ended July 3, 2020 and June 28, 2019 follows: Revenues Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Engineering and Other Scientific $ 72,123 $ 86,820 $ 157,009 $ 167,074 Environmental and Health 19,922 19,686 40,989 38,463 Total revenues $ 92,045 $ 106,506 $ 197,998 $ 205,537 Operating Income Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Engineering and Other Scientific $ 20,807 $ 29,252 $ 47,448 $ 55,226 Environmental and Health 7,049 7,039 14,302 13,235 Total segment operating income 27,856 36,291 61,750 68,461 Corporate operating expense (18,736 ) (11,468 ) (16,642 ) (27,884 ) Total operating income $ 9,120 $ 24,823 $ 45,108 $ 40,577 Capital Expenditures Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Engineering and Other Scientific $ 901 $ 929 $ 1,467 $ 2,707 Environmental and Health 19 13 81 56 Total segment capital expenditures 920 942 1,548 2,763 Corporate capital expenditures 724 5,958 1,135 10,478 Total capital expenditures $ 1,644 $ 6,900 $ 2,683 $ 13,241 Depreciation and Amortization Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Engineering and Other Scientific $ 1,068 $ 1,170 $ 2,205 $ 2,291 Environmental and Health 46 48 93 93 Total segment depreciation and amortization 1,114 1,218 2,298 2,384 Corporate depreciation and amortization 587 424 1,189 848 Total depreciation and amortization $ 1,701 $ 1,642 $ 3,487 $ 3,232 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 03, 2020 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense included in other operating expenses on the condensed consolidated statements of income were as follows: Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Operating lease cost $ 1,678 $ 1,867 $ 3,564 $ 3,737 Variable lease cost 312 404 602 784 Short-term lease cost 163 134 288 229 |
Supplemental Cash Flow Information Related to Operating Lease | Supplemental cash flow information related to operating leases was as follows: Three Months Ended Six Months Ended (In thousands) July 3, 2020 June 28, 2019 July 3, 2020 June 28, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,638 $ 1,747 $ 4,072 $ 4,281 |
Supplemental Balance Sheet Information Related to Operating Lease | Supplemental balance sheet information related to operating leases was as follows: July 3, 2020 January 3, 2020 Weighted Average Remaining Lease Term 4.8 years 5.2 years Weighted Average Discount Rate 4.4% 4.4% |
Maturities of Lease Liabilities | Maturities of operating lease liabilities as of July 3, 2020: Operating (In thousands) Leases 2020 (excluding the six months ended July 3, 2020) 2,949 2021 6,118 2022 4,848 2023 3,235 2024 2,176 2025 1,491 2026 1,507 2027 1,466 Total lease payments $ 23,790 Less imputed interest (3,096 ) Total lease liability $ 20,694 |
Revenue Recognition- Summary of
Revenue Recognition- Summary of Revenues (Detail) - Sales Revenue, Net [Member] - Revenue from Rights Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | |
Time And Materials Contracts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 81.00% | 85.00% | 83.00% | 85.00% |
Time And Materials Contracts [Member] | Engineering and Other Scientific [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 60.00% | 67.00% | 63.00% | 67.00% |
Time And Materials Contracts [Member] | Environmental and Health [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 21.00% | 18.00% | 20.00% | 18.00% |
Fixed Price Contracts [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 19.00% | 15.00% | 17.00% | 15.00% |
Fixed Price Contracts [Member] | Engineering and Other Scientific [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 18.00% | 14.00% | 16.00% | 14.00% |
Fixed Price Contracts [Member] | Environmental and Health [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Concentration Risk, Percentage | 1.00% | 1.00% | 1.00% | 1.00% |
Revenue Recognition- Additional
Revenue Recognition- Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | |
Revenue Recognition [Abstract] | ||||
Deferred Revenue, Revenue Recognized | $ 3,466,000 | $ 6,281,000 | ||
Subcontractor Fees Not Included In Revenues | $ 3,590,000 | $ 6,157,000 | $ 7,371,000 | $ 10,399,000 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Jul. 03, 2020 | Jan. 03, 2020 | |
Assets | |||
Trading securities held in deferred compensation plan | $ 75,138,000 | $ 75,934,000 | |
Total | 172,382,000 | 172,310,000 | |
Liabilities | |||
Deferred compensation plan | [1] | 75,807,000 | 76,357,000 |
Total | 75,807,000 | 76,357,000 | |
Money market securities | |||
Assets | |||
Money market securities | [2] | 63,024,000 | 41,211,000 |
Fixed income securities | |||
Assets | |||
Fixed income available-for-sale securities | [3] | 34,220,000 | 55,165,000 |
Trading securities held in deferred compensation plan | [4] | 26,524,000 | 22,010,000 |
Equity securities | |||
Assets | |||
Trading securities held in deferred compensation plan | [4] | 48,614,000 | 53,924,000 |
Fair Value, Inputs, Level 1 | |||
Assets | |||
Total | 138,162,000 | 117,145,000 | |
Liabilities | |||
Deferred compensation plan | [1] | 75,807,000 | 76,357,000 |
Total | 75,807,000 | 76,357,000 | |
Fair Value, Inputs, Level 1 | Money market securities | |||
Assets | |||
Money market securities | [2] | 63,024,000 | 41,211,000 |
Fair Value, Inputs, Level 1 | Fixed income securities | |||
Assets | |||
Fixed income available-for-sale securities | [3] | 0 | 0 |
Trading securities held in deferred compensation plan | [4] | 26,524,000 | 22,010,000 |
Fair Value, Inputs, Level 1 | Equity securities | |||
Assets | |||
Trading securities held in deferred compensation plan | [4] | 48,614,000 | 53,924,000 |
Fair Value, Inputs, Level 2 | |||
Assets | |||
Total | 34,220,000 | 55,165,000 | |
Liabilities | |||
Deferred compensation plan | [1] | 0 | 0 |
Total | 0 | 0 | |
Fair Value, Inputs, Level 2 | Money market securities | |||
Assets | |||
Money market securities | [2] | 0 | 0 |
Fair Value, Inputs, Level 2 | Fixed income securities | |||
Assets | |||
Fixed income available-for-sale securities | [3] | 34,220,000 | 55,165,000 |
Trading securities held in deferred compensation plan | [4] | 0 | 0 |
Fair Value, Inputs, Level 2 | Equity securities | |||
Assets | |||
Trading securities held in deferred compensation plan | [4] | 0 | 0 |
Fair Value, Inputs, Level 3 | |||
Assets | |||
Total | 0 | 0 | |
Liabilities | |||
Deferred compensation plan | [1] | 0 | 0 |
Total | 0 | 0 | |
Fair Value, Inputs, Level 3 | Money market securities | |||
Assets | |||
Money market securities | [2] | 0 | 0 |
Fair Value, Inputs, Level 3 | Fixed income securities | |||
Assets | |||
Fixed income available-for-sale securities | [3] | 0 | 0 |
Trading securities held in deferred compensation plan | [4] | 0 | 0 |
Fair Value, Inputs, Level 3 | Equity securities | |||
Assets | |||
Trading securities held in deferred compensation plan | [4] | $ 0 | $ 0 |
[1] | Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. | ||
[2] | Included in cash and cash equivalents on the Company’s unaudited condensed consolidated balance sheet. | ||
[3] | Included in short-term investments on the Company’s unaudited condensed consolidated balance sheet. | ||
[4] | Included in prepaid expenses and other current assets and deferred compensation plan assets on the Company’s unaudited condensed consolidated balance sheet. |
Cash, cash equivalents and shor
Cash, cash equivalents and short-term investments (Detail) - USD ($) $ in Thousands | Jul. 03, 2020 | Jan. 03, 2020 |
Fair Value Measurements [Line Items] | ||
Amortized Cost | $ 189,886 | $ 231,277 |
Gross Unrealized Gains | 266 | 324 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 190,152 | 231,601 |
Cash | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 92,908 | 135,225 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 92,908 | 135,225 |
Money market securities | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 63,024 | 41,211 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 63,024 | 41,211 |
Total cash equivalents | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 63,024 | 41,211 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 63,024 | 41,211 |
Total cash and cash equivalents | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 155,932 | 176,436 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 155,932 | 176,436 |
US Treasury and Government Short-term Debt Securities | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 33,954 | 54,841 |
Gross Unrealized Gains | 266 | 324 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 34,220 | 55,165 |
Total short-term investments | ||
Fair Value Measurements [Line Items] | ||
Amortized Cost | 33,954 | 54,841 |
Gross Unrealized Gains | 266 | 324 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 34,220 | $ 55,165 |
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 | 6 Months Ended | ||
Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | |
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | ||||
Shares used in basic per share computation | 52,259 | 52,745 | 52,417 | 52,641 |
Shares used in diluted per share computation | 53,139 | 53,872 | 53,404 | 53,849 |
Employee Stock Option | ||||
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | ||||
Effect of dilutive stock outstanding | 340 | 470 | 360 | 463 |
Restricted Stock Units (RSUs) | ||||
Schedule Of Earnings Per Share Basic and Diluted [Line Items] | ||||
Effect of dilutive stock outstanding | 540 | 657 | 627 | 745 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 40,000 | 0 | 31,209 | 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term | 10 years | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of annual bonus settled with fully vested restricted stock unit awards | 40.00% | |||
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 | $ 1,799,000 | $ 2,325,000 | $ 3,842,000 | $ 4,393,000 |
Unvested Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation, vesting period | 4 years | |||
Unvested Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | 1,476,000 | 1,535,000 | $ 5,403,000 | 5,065,000 |
Unvested Restricted Stock Awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recipient age to expense award on grant date | 59 years 6 months | |||
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 | $ 187,000 | $ 150,000 | $ 355,000 | $ 283,000 |
Vesting percentage of stock options granted per year | 25.00% | |||
Unvested Stock Options [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 |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jul. 03, 2020 | May 29, 2020 | Jan. 31, 2019 | |
Equity [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 45,000,000 | $ 75,000,000 | |
Repurchase of common stock | $ (40,049,000) | ||
Purchase of treasury shares (in shares) | 636,000 | ||
Remaining authorized amount for repurchase of common stock | $ 75,455,000 |
Deferred Compensation Plans - A
Deferred Compensation Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | Jan. 03, 2020 | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Trading securities held in deferred compensation plan | $ 75,138,000 | $ 75,138,000 | $ 75,934,000 | |||
Deferred compensation plan | [1] | 75,807,000 | 75,807,000 | $ 76,357,000 | ||
Change in market value of trust assets | $ 11,003,000 | $ 2,184,000 | $ 3,619,000 | $ 8,053,000 | ||
Maximum | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Percentage of compensation deferred | 100.00% | |||||
[1] | Included in accrued payroll and employee benefits and deferred compensation plan liabilities on the Company’s unaudited condensed consolidated balance sheet. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 03, 2020 | Apr. 03, 2020 | Jun. 28, 2019 | Mar. 29, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | |
Cash paid during period: | ||||||
Income taxes | $ 7,556 | $ 5,972 | ||||
Non-cash investing and financing activities: | ||||||
Unrealized gain (loss) on short-term investments | $ (211) | $ 168 | $ 249 | $ 154 | (43) | 403 |
Vested stock unit awards issued to settle accrued bonuses | 8,645 | 7,947 | ||||
Accrual for capital expenditures as of period end | 216 | 1,978 | ||||
Right-of-use asset obtained in exchange for operating lease obligations | $ 492 | $ 26,152 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Jul. 03, 2020 | Jan. 03, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Allowance for contract losses and doubtful accounts | $ (6,155) | $ (4,295) |
Total accounts receivable, net | 109,341 | 120,138 |
Billed accounts receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts Receivable | 73,242 | 85,579 |
Unbilled accounts receivable | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Accounts Receivable | $ 42,254 | $ 38,854 |
Accounts Receivable, Net - Addi
Accounts Receivable, Net - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jul. 03, 2020 | Jun. 28, 2019 | Jan. 03, 2020 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Provision for contract losses and doubtful accounts | $ 2,817,000 | $ 1,786,000 | |
Accounts receivable, net current | 109,341,000 | $ 120,138,000 | |
PG&E [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Accounts receivable, net current | 3,000,000 | ||
Economic Uncertainty of COVID-19 Pandemic [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Provision for contract losses and doubtful accounts | $ 1,450,000 |
Accounts Receivable, Net - Reco
Accounts Receivable, Net - Reconciliation of Beginning and Ending Amount of Allowance for Contract Losses and Doubtful Accounts (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 03, 2020 | Jun. 28, 2019 | |
Receivables [Abstract] | ||
Balance at January 3, 2020 | $ 4,295 | |
Provision for contract losses and doubtful accounts | 2,817 | $ 1,786 |
Write-offs | (957) | |
Balance at July 3, 2020 | $ 6,155 |
Segment Information (Detail)
Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 92,045 | $ 106,506 | $ 197,998 | $ 205,537 |
Operating Income | 9,120 | 24,823 | 45,108 | 40,577 |
Capital Expenditures | 1,644 | 6,900 | 2,683 | 13,241 |
Depreciation and Amortization | 1,701 | 1,642 | 3,487 | 3,232 |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | 27,856 | 36,291 | 61,750 | 68,461 |
Capital Expenditures | 920 | 942 | 1,548 | 2,763 |
Depreciation and Amortization | 1,114 | 1,218 | 2,298 | 2,384 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income | (18,736) | (11,468) | (16,642) | (27,884) |
Capital Expenditures | 724 | 5,958 | 1,135 | 10,478 |
Depreciation and Amortization | 587 | 424 | 1,189 | 848 |
Engineering and Other Scientific | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 72,123 | 86,820 | 157,009 | 167,074 |
Operating Income | 20,807 | 29,252 | 47,448 | 55,226 |
Capital Expenditures | 901 | 929 | 1,467 | 2,707 |
Depreciation and Amortization | 1,068 | 1,170 | 2,205 | 2,291 |
Environmental and Health | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 19,922 | 19,686 | 40,989 | 38,463 |
Operating Income | 7,049 | 7,039 | 14,302 | 13,235 |
Capital Expenditures | 19 | 13 | 81 | 56 |
Depreciation and Amortization | $ 46 | $ 48 | $ 93 | $ 93 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - Customer Concentration Risk [Member] - Client | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | Jan. 03, 2020 | |
Sales Revenue, Net [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of clients comprised more than 10% of revenue or accounts receivable | 2 | 0 | 0 | ||
Concentration Risk, Percentage | 11.00% | 10.00% | 10.00% | 10.00% | 10.00% |
Accounts Receivable [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of clients comprised more than 10% of revenue or accounts receivable | 0 | 0 |
Leases - Additional Information
Leases - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2020USD ($)aStateOption | Jun. 28, 2019USD ($) | Jul. 03, 2020USD ($)aStateOption | Jun. 28, 2019USD ($) | |
Other Income [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Rental Income | $ | $ 869,000 | $ 741,000 | $ 1,861,000 | $ 1,482,000 |
Office, Laboratory, and Storage Space [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Number of States in which Entity Has Lease Arrangements | State | 13 | 13 | ||
Office, Laboratory, and Storage Space [Member] | Minimum | ||||
Lessee Lease Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 1 year | 1 year | ||
Office, Laboratory, and Storage Space [Member] | Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 10 years | 10 years | ||
Phoenix Arizona | ||||
Lessee Lease Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 30 years | 30 years | ||
Area of Land | a | 147 | 147 | ||
Number of Options to Renew Lease | Option | 2 | 2 | ||
Lessee, Operating Lease, Renewal Term | 15 years | 15 years |
Components of Lease Expense (De
Components of Lease Expense (Details) - Other Operating Income (Expense) [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | |
Operating lease cost | $ 1,678 | $ 1,867 | $ 3,564 | $ 3,737 |
Variable lease cost | 312 | 404 | 602 | 784 |
Short-term lease cost | $ 163 | $ 134 | $ 288 | $ 229 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 | |
Cash paid for amounts included in the measurement of operating lease liabilities: | ||||
Operating cash flows from operating leases | $ 1,638 | $ 1,747 | $ 4,072 | $ 4,281 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information (Details) | Jul. 03, 2020 | Jan. 03, 2020 |
Leases [Abstract] | ||
Weighted Average Remaining Lease Term | 4 years 9 months 18 days | 5 years 2 months 12 days |
Weighted Average Discount Rate | 4.40% | 4.40% |
Maturities of Lease Liabilities
Maturities of Lease Liabilities (Details) $ in Thousands | Jul. 03, 2020USD ($) |
Leases [Abstract] | |
2020 (excluding the six months ended July 3, 2020) | $ 2,949 |
2021 | 6,118 |
2022 | 4,848 |
2023 | 3,235 |
2024 | 2,176 |
2025 | 1,491 |
2026 | 1,507 |
2027 | 1,466 |
Total lease payments | 23,790 |
Less imputed interest | (3,096) |
Total lease liability | $ 20,694 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Jul. 30, 2020 | Jul. 03, 2020 | Jun. 28, 2019 | Jul. 03, 2020 | Jun. 28, 2019 |
Subsequent Event [Line Items] | |||||
Cash dividends declared per common share (in dollars per share) | $ 0.19 | $ 0.16 | $ 0.38 | $ 0.32 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Cash dividends declared per common share (in dollars per share) | $ 0.19 | ||||
Dividends Payable, Date Declared | Jul. 30, 2020 | ||||
Dividends Payable, Date to be Paid | Sep. 25, 2020 | ||||
Dividends Payable, Date of Record | Sep. 11, 2020 |