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Fair Value of Financial Instruments
 12 Months Ended
Dec. 28, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
ASC Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurement), then priority to quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market (Level 2 measurement), then the lowest priority to unobservable inputs (Level 3 measurement).
As of December 28, 2024, CRA did not have any financial instruments measured at fair value on a recurring basis. The following table shows CRA's financial instruments recorded in the consolidated financial statements as of December 30,
2023, which are measured at fair value on a recurring basis (in thousands):

December 30, 2023
Level 1Level 2Level 3
Assets:
Money market mutual funds$— $— $— 
Total Assets$— $— $— 
Liabilities:
Contingent consideration liability$— $— $190 
Total Liabilities$— $— $190 
The contingent consideration liability in the table above is for estimated future contingent consideration payments related to the acquisition of bioStrategies Group, Inc. ("bSG"). The fair value measurement of this liability is based on significant inputs not observed in the market and thus represents a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of this contingent consideration liability is CRA's measure of the estimated payout based on internally generated revenue projections, expected volatility of the revenue projections, and discount rates. The fair value of the contingent consideration was determined using a Monte Carlo simulation. The fair value of this contingent consideration liability is reassessed on a quarterly basis by CRA using additional information as it becomes available, and any change in the fair value estimate is recorded in costs of services (exclusive of depreciation and amortization) on the consolidated statements of operations.
The following table summarizes the changes in the contingent consideration liability (in thousands):
Fiscal YearFiscal Year
20242023
Beginning balance$190 $1,056 
Remeasurement of acquisition-related contingent consideration(190)(934)
Accretion— 68 
Ending balance$— $190