Forgivable Loans

12 Months Ended

Dec. 31, 2022

In order to attract and retain highly skilled professionals, CRA may issue forgivable loans to employees and non-employee experts, certain of which may be denominated in local currencies. A portion of these loans is collateralized. The forgivable loans have terms that are generally between two and six years with interest rates currently ranging up to 4.27%. The principal amount of forgivable loans and accrued interest is forgiven by CRA over the term of the loans, so long as the employee or non-employee expert continues employment or affiliation with CRA and complies with certain contractual requirements. During fiscal years 2022, 2021 and 2020 there were no balances due under these loans for which the full principal and interest were not forgiven or not collected upon termination of employment or affiliation with CRA. The expense associated with the forgiveness of the principal amount of the loans is recorded as compensation expense over the service period, which is consistent with the term of the loans.

The following table presents forgivable loan activity for the respective periods (in thousands):


	Fiscal Year		Fiscal Year
	2022		2021
Beginning balance	$	48,591	$	61,613
Advances	34,984		14,528
Repayments	(25)		(69)
Reclassifications from accrued expenses or to other assets (1)	(2,192)		(2,229)
Amortization	(24,403)		(25,187)
Effects of foreign currency translation	(499)		(65)
Ending balance	$	56,456	$	48,591
Current portion of forgivable loans	$	9,666	$	10,571
Non-current portion of forgivable loans	$	46,790	$	38,020

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(1)Relates to the reclassification of performance awards previously recorded as accrued expenses or forgivable loans that have been reclassified to other receivables.