Forgivable Loans

3 Months Ended

Apr. 01, 2023

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 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. 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 Quarter Ended		Fiscal Year Ended
	April 1, 2023		December 31, 2022
Beginning balance	$	56,456	$	48,591
Advances	16,842		34,984
Repayments	(616)		(25)
Reclassifications from accrued expenses or to other assets (1)	—		(2,192)
Amortization	(6,242)		(24,403)
Effects of foreign currency translation	80		(499)
Ending balance	$	66,520	$	56,456
Current portion of forgivable loans	$	13,781	$	9,666
Non-current portion of forgivable loans	$	52,739	$	46,790

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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.