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Revenues and Allowances | 6 Months Ended
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Jun. 29, 2024
Revenue from Contract with Customer [Abstract] |
Revenues and Allowances | Revenues and Allowances The contracts CRA enters into and operates under specify whether the projects are billed on a time-and-materials or a fixed-price basis. Time-and-materials contracts are typically used for litigation, regulatory, and financial consulting projects while fixed-price contracts are principally used for management consulting projects. In general, project costs are classified in costs of services (exclusive of depreciation and amortization) and are based on the direct salary of CRA’s employee consultants on the engagement, plus all direct expenses incurred to complete the project, including any amounts billed to CRA by its non-employee experts. Disaggregation of Revenue The following tables disaggregate CRA’s revenue by type of contract and geographic location (in thousands):
|  | Fiscal Quarter Ended |  | Fiscal Year-to-Date Period Ended
Type of Contract |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Consulting services revenues: |  |  |  |  |  |  |  |
Fixed-price |  | $ | 29,292 |  |  | $ | 27,896 |  |  | $ | 59,373 |  |  | $ | 54,729 |
Time-and-materials |  | 142,150 |  |  | 134,069 |  |  | 283,857 |  |  | 260,081 |
Total |  | $ | 171,442 |  |  | $ | 161,965 |  |  | $ | 343,230 |  |  | $ | 314,810 |
Revenues have been attributed to locations based on the location of the legal entity generating the revenues.
|  | Fiscal Quarter Ended |  | Fiscal Year-to-Date Period Ended
Geographic Breakdown |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Consulting services revenues: |  |  |  |  |  |  |  |
United States |  | $ | 138,601 |  |  | $ | 126,894 |  |  | $ | 280,805 |  |  | $ | 244,766 |
United Kingdom |  | 22,161 |  |  | 26,396 |  |  | 43,315 |  |  | 52,045 |
Other |  | 10,680 |  |  | 8,675 |  |  | 19,110 |  |  | 17,999 |
Total |  | $ | 171,442 |  |  | $ | 161,965 |  |  | $ | 343,230 |  |  | $ | 314,810 |
Reserves for Variable Consideration and Credit Risk Revenues from CRA's consulting services are recorded at the net transaction price, which includes estimates of variable consideration for which reserves are established. Variable consideration reserves are based on specific price concessions and those expected to be extended to CRA customers estimated by CRA's historical realization rates. Reserves for variable consideration are recorded as a component of the allowances for accounts receivable and unbilled services on the condensed consolidated balance sheets. Adjustments to the reserves for variable consideration are included in revenues on the condensed consolidated statements of operations. The following table presents CRA's bad debt expense, net of recoveries of previously written off allowances (in thousands):
|  | Fiscal Quarter Ended |  | Fiscal Year-to-Date Period Ended
|  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Bad debt expense (recovery), net |  | $ | 18 |  |  | $ | 392 |  |  | $ | 681 |  |  | $ | 392 |
Reimbursable Expenses Revenues also include reimbursements for costs incurred by CRA in fulfilling its performance obligations, including travel and other out-of-pocket expenses, fees for outside consultants, and other reimbursable expenses. CRA recovers substantially all of these costs. The following expenses are subject to reimbursement (in thousands):
|  | Fiscal Quarter Ended |  | Fiscal Year-to-Date Period Ended
|  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Reimbursable expenses |  | $ | 16,361 |  |  | $ | 17,252 |  |  | $ | 33,423 |  |  | $ | 31,233 |
Contract Balances from Contracts with Customers The timing of revenue recognition, billings, and cash collections results in accounts receivables, unbilled services, and contract liabilities on the consolidated balance sheets. Revenues recognized for services performed, but not yet billed to clients, are recorded as unbilled services. The following table presents the open and closing balances of CRA's accounts receivables, net and unbilled services, net (in thousands):
|  | June 29, 2024 |  | December 30, 2023 |  | December 31, 2022
Accounts receivable, net |  | $ | 140,141 |  |  | $ | 142,729 |  |  | $ | 143,644 |
Unbilled services, net |  | $ | 76,429 |  |  | $ | 56,827 |  |  | $ | 51,343 |
CRA defines contract assets as assets for which it has recorded revenue because it determines that it is probable that it will earn a performance-based or contingent fee, but is not yet entitled to receive a fee because certain events, such as completion of the measurement period or client approval, must occur. The contract assets balance was immaterial as of June 29, 2024, December 30, 2023, and December 31, 2022. When consideration is received, or such consideration is unconditionally due from a customer prior to transferring consulting services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after performance obligations have been satisfied and all revenue recognition criteria have been met. The following table presents the closing balances of CRA's contract liabilities (in thousands):
|  | June 29, 2024 |  | December 30, 2023 |  | December 31, 2022
Contract liabilities |  | $ | 2,153 |  |  | $ | 6,037 |  |  | $ | 6,977 |
CRA recognized the following revenue that was included in the contract liabilities balance as of the opening of the respective period or for performance obligations satisfied in previous periods (in thousands):
|  | Fiscal Quarter Ended |  | Fiscal Year-to-Date Period Ended
|  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Amounts included in contract liabilities at the beginning of the period |  | $ | 2,296 |  |  | $ | 2,832 |  |  | $ | 5,612 |  |  | $ | 6,194 |
Performance obligations satisfied in previous periods |  | $ | 3,394 |  |  | $ | 3,298 |  |  | $ | 3,515 |  |  | $ | 2,744 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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