Company: CRAI
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001053706-25-000020
Chunk: 52

Company: CRA INTERNATIONAL, INC.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 52
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 Carrying AmountCustomer relationships10$15,300 $(8,849)$6,451 $15,300 $(8,084)$7,216 

As a result of an asset acquisition in CRA's intellectual property practice, CRA recognized $1.5 million of intangible assets related to customer relationships during the second quarter of fiscal 2024. Amortization expense related to intangible assets was $0.4 million and $0.8 million for the fiscal quarter and fiscal year-to-date period ended June 28, 2025, respectively. Amortization expense related to intangible assets was $0.4 million and $0.7 million for the fiscal quarter and fiscal year-to-date period ended June 29, 2024, respectively. 

5. Accrued Expenses

Accrued expenses consist of the following (in thousands):June 28,2025December 28,2024Compensation and related expenses$110,398 $167,899 Performance awards16,880 159 Direct project accruals2,918 2,236 Other9,555 11,119 Total accrued expenses$139,751 $181,413 As of June 28, 2025 and December 28, 2024, approximately $82.6 million and $144.2 million, respectively, of accrued bonuses were included above in “Compensation and related expenses.”

6. Income Taxes

For the fiscal quarters ended June 28, 2025 and June 29, 2024, CRA’s effective income tax rate (“ETR”) was 29.2% and 32.0%, respectively. The ETR for the second quarter of fiscal 2025 was lower than the second quarter of fiscal 2024 primarily due to the impact of state tax law changes effective for the 2025 tax year as well as an ETR true-up adjustment during the second quarter of fiscal 2024 that was substantially less in the current period. The impact of these items were partially offset by a tax reserve recognized in the estimated annual effective tax rate of fiscal 2025.

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Table of ContentsCRA INTERNATIONAL, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)(Unaudited)

For the fiscal year-to-date periods ended June 28, 2025 and June 29, 2024, CRA's ETR was 27.9% and 29.3