Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Mar. 03, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Central Index Key | '0000896264 | ' | ' |
Entity Registrant Name | 'USANA HEALTH SCIENCES INC | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 13,913,044 | ' |
Entity Public Float | ' | ' | $470,091,000 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $137,343 | $70,839 |
Securities held-to-maturity, net | 8,642 | ' |
Inventories | 47,242 | 36,481 |
Prepaid expenses and other current assets | 35,818 | 25,225 |
Total current assets | 229,045 | 132,545 |
Property and equipment, net | 59,180 | 61,751 |
Goodwill | 18,243 | 17,890 |
Intangible assets, net | 42,329 | 42,085 |
Deferred tax assets | 5,519 | 5,956 |
Other assets | 14,154 | 7,128 |
Total assets | 368,470 | 267,355 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 9,502 | 7,040 |
Other current liabilities | 86,369 | 63,804 |
Total current liabilities | 95,871 | 70,844 |
Deferred tax liabilities | 10,866 | 10,001 |
Other long-term liabilities | 1,211 | 938 |
Stockholders' equity | ' | ' |
Common stock, $0.001 par value; Authorized -- 50,000 shares, issued and outstanding 13,821 as of December 29, 2012 and 13,886 as of December28 2013 | 14 | 14 |
Additional paid-in capital | 54,691 | 43,822 |
Retained earnings | 200,023 | 134,800 |
Accumulated other comprehensive income | 5,794 | 6,936 |
Total stockholders' equity | 260,522 | 185,572 |
Total liabilities and stockholder's equity | $368,470 | $267,355 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 13,886 | 13,821 |
Common stock, shares outstanding | 13,886 | 13,821 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' |
Net sales | $718,175 | $648,726 | $581,939 |
Cost of sales | 127,435 | 115,804 | 101,692 |
Gross profit | 590,740 | 532,922 | 480,247 |
Operating expenses: | ' | ' | ' |
Associate incentives | 307,820 | 280,506 | 265,928 |
Selling, general and administrative | 166,208 | 154,237 | 137,063 |
Total operating expenses | 474,028 | 434,743 | 402,991 |
Earnings from operations | 116,712 | 98,179 | 77,256 |
Other income (expense): | ' | ' | ' |
Interest income | 464 | 247 | 191 |
Interest expense | -1 | -20 | -9 |
Other, net | -594 | 20 | 40 |
Other income (expense), net | -131 | 247 | 222 |
Earnings before income taxes | 116,581 | 98,426 | 77,478 |
Income taxes | 37,557 | 31,993 | 26,726 |
Net earnings | 79,024 | 66,433 | 50,752 |
Earnings per common share | ' | ' | ' |
Basic | $5.77 | $4.57 | $3.30 |
Diluted | $5.56 | $4.45 | $3.26 |
Weighted average common shares outstanding | ' | ' | ' |
Basic | 13,695 | 14,547 | 15,361 |
Diluted | 14,204 | 14,923 | 15,574 |
Comprehensive income: | ' | ' | ' |
Net earnings | 79,024 | 66,433 | 50,752 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustment | -1,458 | 1,642 | 1,958 |
Tax benefit (expense) related to foreign currency translation adjustment | 316 | -545 | -1,476 |
Other comprehensive income (loss), net of tax | -1,142 | 1,097 | 482 |
Comprehensive income | $77,882 | $67,530 | $51,234 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands | |||||
Balance, value at Jan. 01, 2011 | $16 | $51,222 | $90,207 | $5,357 | $146,802 |
Balance, shares at Jan. 01, 2011 | 15,985 | ' | ' | ' | 15,985 |
Net earnings | ' | ' | 50,752 | ' | 50,752 |
Other comprehensive income (loss), net of tax | ' | ' | ' | 482 | 482 |
Equity-based compensation expense | ' | 10,549 | ' | ' | 10,549 |
Common stock repurchased and retired, shares | -1,120 | ' | ' | ' | -1,120 |
Common stock repurchased and retired, value | -1 | -11,298 | -22,160 | ' | -33,459 |
Common stock issued under equity award plans, including tax benefit (expense), shares | 75 | ' | ' | ' | ' |
Common stock issued under equity award plans, including tax benefit (expense), value | ' | -278 | ' | ' | -278 |
Tax impact of cancelled vested equity awards | ' | -938 | ' | ' | -938 |
Balance, value at Dec. 31, 2011 | 15 | 49,257 | 118,799 | 5,839 | 173,910 |
Balance, shares at Dec. 31, 2011 | 14,940 | ' | ' | ' | 14,940 |
Net earnings | ' | ' | 66,433 | ' | 66,433 |
Other comprehensive income (loss), net of tax | ' | ' | ' | 1,097 | 1,097 |
Equity-based compensation expense | ' | 10,210 | ' | ' | 10,210 |
Common stock repurchased and retired, shares | -1,644 | ' | ' | ' | -1,644 |
Common stock repurchased and retired, value | -2 | -17,860 | -50,432 | ' | -68,294 |
Common stock awarded to Associates, shares | 2 | ' | ' | ' | ' |
Common stock awarded to Associates, value | ' | 80 | ' | ' | 80 |
Common stock issued under equity award plans, including tax benefit (expense), shares | 523 | ' | ' | ' | ' |
Common stock issued under equity award plans, including tax benefit (expense), value | 1 | 2,509 | ' | ' | 2,510 |
Tax impact of cancelled vested equity awards | ' | -374 | ' | ' | -374 |
Balance, value at Dec. 29, 2012 | 14 | 43,822 | 134,800 | 6,936 | 185,572 |
Balance, shares at Dec. 29, 2012 | 13,821 | ' | ' | ' | 13,821 |
Net earnings | ' | ' | 79,024 | ' | 79,024 |
Other comprehensive income (loss), net of tax | ' | ' | ' | -1,142 | -1,142 |
Equity-based compensation expense | ' | 7,624 | ' | ' | 7,624 |
Common stock repurchased and retired, shares | -414 | ' | ' | ' | -414 |
Common stock repurchased and retired, value | ' | -4,284 | -13,801 | ' | -18,085 |
Common stock issued under equity award plans, including tax benefit (expense), shares | 479 | ' | ' | ' | ' |
Common stock issued under equity award plans, including tax benefit (expense), value | ' | 7,555 | ' | ' | 7,555 |
Tax impact of cancelled vested equity awards | ' | -26 | ' | ' | -26 |
Balance, value at Dec. 28, 2013 | $14 | $54,691 | $200,023 | $5,794 | $260,522 |
Balance, shares at Dec. 28, 2013 | 13,886 | ' | ' | ' | 13,886 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Condensed Consolidated Statement Of Stockholders' Equity [Abstract] | ' | ' | ' |
Common stock issued under equity award plans, including tax benefit (expense) | $7,101 | $2,201 | ($317) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net earnings | $79,024 | $66,433 | $50,752 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 9,044 | 8,826 | 8,474 |
(Gain) loss on sale of property and equipment | -16 | -36 | 45 |
Equity-based compensation expense | 7,624 | 10,210 | 10,549 |
Excess tax benefits from equity-based payment arrangements | -7,466 | -3,443 | -48 |
Common stock awarded to Associates | ' | 80 | ' |
Deferred income taxes | 814 | 4,111 | -1,599 |
Changes in operating assets and liabilities: | ' | ' | ' |
Inventories | -11,783 | 1,370 | -3,209 |
Prepaid expenses and other assets | -8,465 | -6,341 | 4,024 |
Accounts payable | 2,790 | -985 | 1,502 |
Other liabilities | 27,327 | 12,580 | -382 |
Net cash provided by operating activities | 98,893 | 92,805 | 70,108 |
Cash flows from investing activities | ' | ' | ' |
Additions to notes receivable | -4,942 | ' | ' |
Purchases of investment securities held-to-maturity | -8,643 | ' | ' |
Proceeds from sale of property and equipment | 47 | 154 | 34 |
Purchases of property and equipment | -8,051 | -8,432 | -10,643 |
Net cash used in investing activities | -21,589 | -8,278 | -10,609 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from equity awards exercised | 454 | 309 | 39 |
Excess tax benefits from equity-based payment arrangements | 7,466 | 3,443 | 48 |
Repurchase of common stock | -18,085 | -68,294 | -33,459 |
Borrowings on line of credit | ' | 1,846 | ' |
Payments on line of credit | ' | -1,846 | ' |
Net cash used in financing activities | -10,165 | -64,542 | -33,372 |
Effect of exchange rate changes on cash and cash equivalents | -635 | 501 | 4 |
Net increase in cash and cash equivalents | 66,504 | 20,486 | 26,131 |
Cash and cash equivalents, beginning of period | 70,839 | 50,353 | 24,222 |
Cash and cash equivalents, end of period | 137,343 | 70,839 | 50,353 |
Supplemental disclosures of cash flow information | ' | ' | ' |
Interest | 1 | 20 | 10 |
Income taxes | $26,952 | $27,131 | $24,539 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||||||
Summary Of Significant Accounting Policies | ' | |||||||||
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
The Company | ||||||||||
USANA Health Sciences, Inc. and its wholly-owned subsidiaries (collectively, “the Company” or “USANA”) develops and manufactures high-quality nutritional and personal care products that are sold internationally through a global network marketing system, which is a form of direct selling. The Company operates as a direct selling company and reports revenue in two geographic regions: Americas and Europe and Asia Pacific, which is further divided into three sub-regions; Southeast Asia Pacific, Greater China, and North Asia. Americas and Europe includes the United States, Canada, Mexico, Colombia, the United Kingdom, France, Belgium, and the Netherlands. Southeast Asia Pacific includes Australia, New Zealand, Singapore, Malaysia, the Philippines, and Thailand; Greater China includes Hong Kong, Taiwan and China; and North Asia includes Japan and South Korea. | ||||||||||
Principles of consolidation and basis of presentation | ||||||||||
The accompanying Consolidated Financial Statements include the accounts and operations of USANA Health Sciences, Inc. and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company conform with accounting principles generally accepted in the United States of America (“US GAAP”). | ||||||||||
Use of estimates | ||||||||||
The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.. Significant estimates for the Company relate to revenue recognition, inventory obsolescence, goodwill and other intangible assets, equity-based compensation, and income taxes. Actual results could differ from those estimates. These estimates may be adjusted as more current information becomes available, and any adjustment could be significant. | ||||||||||
Fiscal year | ||||||||||
The Company operates on a 52-53 week year, ending on the Saturday closest to December 31. Fiscal years 2011, 2012, and 2013 were 52-week years. Fiscal year 2011 covered the period January 2, 2011 to December 31, 2011 (hereinafter 2011). Fiscal year 2012 covered the period January 1, 2012 to December 29, 2012 (hereinafter 2012). Fiscal year 2013 covered the period December 30, 2012 to December 28, 2013 (hereinafter 2013). | ||||||||||
Fair value measurements | ||||||||||
The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are: | ||||||||||
· | Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. | |||||||||
· | Level 2 inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||
· | Level 3 inputs are unobservable and are used to measure fair value in situations where there is little, if any, market activity for the asset or liability at the measurement date. | |||||||||
As of December 29, 2012 and December 28 2013, the following financial assets and liabilities were measured at fair value on a recurring basis using the type of inputs shown: | ||||||||||
Fair Value Measurements Using: | ||||||||||
29-Dec-12 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||
Money market funds included in cash equivalents | $ 1,610 | $ 1,610 | $ - | $ - | ||||||
Fair Value Measurements Using: | ||||||||||
28-Dec-13 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||
Money market funds included in cash equivalents | $ 9,249 | $ 9,249 | $ - | $ - | ||||||
Term deposits included in cash equivalents | 348 | - | 348 | - | ||||||
There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the years ended 2013 and 2012. | ||||||||||
The majority of the Company’s non-financial assets, which include goodwill, intangible assets, and property and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or tested at least annually for goodwill and indefinite-lived intangibles) such that a non-financial asset is required to be evaluated for impairment, an impairment is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value. For the years ended 2011, 2012, and 2013, there were no non-financial assets measured at fair value on a non-recurring basis. | ||||||||||
Fair value of financial instruments | ||||||||||
At December 29, 2012 and December 28, 2013, the Company’s financial instruments include cash equivalents, restricted cash, securities held-to-maturity, and notes receivable. The recorded values of cash equivalents and restricted cash approximate their fair values, based on their short-term nature. The carrying value of the notes receivable approximate fair value because the variable interest rates in the notes reflect current market rates. | ||||||||||
Securities held-to-maturity consist of certificates of deposits. The fair value of a certificate of deposit is determined based on the pervasive interest rates in the market, which is considered to be a Level 2 input. The carrying values of these certificates of deposit approximate their fair values due to their short-term maturities. | ||||||||||
Translation of foreign currencies | ||||||||||
The functional currency of the Company’s foreign subsidiaries is the local currency of their country of domicile. Assets and liabilities of the foreign subsidiaries are translated into U.S. dollar amounts at month-end exchange rates. Revenue and expense accounts are translated at the weighted-average rates for the monthly accounting period to which they relate. Equity accounts are translated at historical rates. Foreign currency translation adjustments are accumulated as a component of other comprehensive income. Gains and losses from foreign currency transactions are included in the “Other, net” component of Other income (expense) in the Company’s consolidated statements of comprehensive income. | ||||||||||
Cash and cash equivalents | ||||||||||
The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. Cash equivalents as of December 29, 2012 and December 28, 2013 consisted primarily of money market fund investments, certificates of deposit with initial terms of less than three months, and amounts receivable from credit card processors. Amounts receivable from credit card processors are considered cash equivalents because they are both short-term and highly liquid in nature and are typically converted to cash within three days of the sales transaction. | ||||||||||
Amounts receivable from credit card processors are considered cash equivalents because they are both short-term and highly liquid in nature and are typically converted to cash within three days of the | ||||||||||
sales transaction. Amounts receivable from credit card processors as of December 29, 2012 and December 28, 2013 totaled $6,081 and $5,490, respectively. | ||||||||||
Restricted Cash | ||||||||||
The Company is required to maintain cash deposits with banks in certain subsidiary locations for various operating purposes. | ||||||||||
The most significant of these cash deposits relates to a deposit held at a bank in China, the balance of which was $3,208 as of December 29, 2012, and $3,296 as of December 28, 2013. This deposit is required for the application of direct sales licenses by the Ministry of Commerce and the State Administration for Industry & Commerce of the People’s Republic of China, and will continue to be restricted during the periods while the Company holds these licenses. Restricted cash is included in “Other assets” line item in the Company’s consolidated balance sheets. | ||||||||||
Securities Held-to-Maturity | ||||||||||
Investment securities as of December 28, 2013 consist of certificates of deposit with initial terms of greater than three months and are classified as held‑to‑maturity (HTM). HTM securities are those securities in which the Company has the ability and intent to hold the security until maturity. HTM securities are recorded at amortized cost. Premiums and discounts on HTM securities are amortized or accreted over the life of the related HTM security as an adjustment to yield using the effective‑interest method. Such amortization and accretion is included in the “Other net” line item in the Company’s consolidated statements of comprehensive income. Interest income is recognized when earned. | ||||||||||
A decline in the market value of any HTM security below cost that is deemed to be other‑than‑temporary results in an impairment to reduce the carrying amount to fair value. To determine whether an impairment is other‑than‑temporary, the Company considers all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts when developing an estimate of cash flows expected to be collected. No other-than-temporary impairments were recorded by the Company during the year ended December 28, 2013 | ||||||||||
Inventories | ||||||||||
Inventories are stated at the lower of cost or market. Cost is determined using a standard costing system which approximates the first-in, first-out method. The components of inventory cost include raw materials, labor, and overhead. Market value is determined using various assumptions with regard to excess or slow-moving inventories, non-conforming inventories, expiration dates, current and future product demand, production planning, and market conditions. A change in any of these variables could result in an adjustment to inventory. | ||||||||||
Accounts Receivable | ||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and our customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Company reviews its allowance for doubtful accounts regularly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Accounts Receivable are included in “Prepaid expenses and other current assets” line item in the Company’s consolidated balance sheets. | ||||||||||
Income taxes | ||||||||||
The Company accounts for income taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the differences between the financial statement assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax expense or benefit is the result of changes in deferred tax assets and liabilities. The Company evaluates the probability of realizing the future benefits of its deferred tax assets and provides a valuation allowance for the portion of any deferred tax assets where the likelihood of realizing an income tax benefit in the future does not meet the “more-likely-than-not” criteria for recognition. The Company recognizes tax benefits from uncertain tax | ||||||||||
positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in income taxes. Deferred taxes are not provided on the portion of undistributed earnings of subsidiaries outside of the United States when these earnings are considered indefinitely reinvested. At December 28, 2013, taxes had not been provided on $10,200 of accumulated undistributed earnings of subsidiaries that have been or are intended to be indefinitely reinvested. | ||||||||||
Property and equipment | ||||||||||
Property and equipment are recorded at cost. Maintenance, repairs, and renewals, which neither materially add to the value of the property nor appreciably prolong its life, are charged to expense as incurred. Depreciation is provided in amounts sufficient to relate the cost of depreciable assets to operations over the estimated useful lives of the related assets. The straight-line method of depreciation and amortization is followed for financial statement purposes. Leasehold improvements are amortized over the shorter of the life of the respective lease or the useful life of the improvements. Property and equipment are reviewed for impairment whenever events or changes in circumstances exist that indicate the carrying amount of an asset may not be recoverable. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. | ||||||||||
Notes receivable | ||||||||||
Notes receivable consists primarily of a secured loan to a third-party supplier of our nutrition bars. We have extended non-revolving credit to this supplier of up to $7,000 to allow this supplier to acquire equipment that is necessary to manufacture the USANA nutrition bars. This relationship provides improved supply chain stability for USANA and creates a mutually beneficial relationship between the parties. Notes receivable are valued at their unpaid principal balance plus any accrued but unpaid interest, which approximates fair value. Interest accrues at an annual interest rate of LIBOR plus 400 basis points. The note has a maturity date of December 1, 2022 and will be repaid by a combination of cash payments and credits for the manufacture of USANA’s nutrition bars. There is no prepayment penalty. Notes receivable from this supplier as of December 28, 2013 were $4,942. | ||||||||||
The third-party supplier is considered to be a variable interest entity; however, the Company is not the primary beneficiary due to the inability to direct the activities that most significantly affect the third-party supplier's economic performance. The Company does not absorb a majority of the third-party supplier’s expected losses or returns. Consequentially, the financial information of the third-party supplier is not consolidated. The maximum exposure to loss as a result of the Company’s involvement with the third-party supplier is limited to the carrying value of the note receivable due from the third-party supplier. | ||||||||||
Goodwill | ||||||||||
Goodwill represents the excess of the purchase price over the fair market value of identifiable net assets of acquired companies. Goodwill is not amortized, but rather is tested at the reporting unit level at least annually for impairment or more frequently if triggering events or changes in circumstances indicate impairment. Initially, qualitative factors are considered to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Some of these qualitative factors may include macroeconomic conditions, industry and market considerations, a change in financial performance, entity-specific events, a sustained decrease in share price, and consideration of the difference between the fair value and carrying amount of a reporting unit as determined in the most recent quantitative assessment. If, through this qualitative assessment, the conclusion is made that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, a two-step quantitative impairment analysis is performed. The first step involves estimating the fair value of a reporting unit using widely-accepted valuation methodologies including the income and market approaches, which requires the use of estimates and assumptions. These estimates and assumptions include revenue growth rates, discounts rates, and determination of appropriate market comparables. If the fair value of the reporting unit is less than its carrying amount, the second step of the impairment test is performed to measure the amount of the impairment loss. | ||||||||||
In the second step, the implied fair value of the goodwill is estimated as the fair value of the reporting unit as determined in step one, less fair values of all other net tangible and intangible assets of the reporting unit determined in a manner similar to a purchase price allocation. If the carrying amount of the goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. During 2011, 2012, and 2013, no impairment of goodwill was recorded. | ||||||||||
Intangible assets | ||||||||||
Intangible assets represent definite-lived and indefinite-lived intangible assets acquired in connection with the purchase of the Company’s China subsidiary in 2010. Definite-lived intangible assets are amortized over their related useful lives, using a straight-line or accelerated method consistent with the underlying expected future cash flows related to the specific intangible asset. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances exist that indicate the carrying amount of an asset may not be recoverable. When indicators of | ||||||||||
impairment exist, an estimate of undiscounted net cash flows is used in measuring whether the carrying amount of the asset or related asset group is recoverable. Measurement of the amount of impairment, if any, is based upon the difference between the asset’s carrying value and estimated fair value. Fair value is determined through various valuation techniques, including market and income approaches as considered necessary. | ||||||||||
Indefinite-lived intangible assets are not amortized; however, they are tested at least annually for impairment or more frequently if events or changes in circumstances exist that may indicate impairment. Initially, qualitative factors are considered to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If, through this qualitative assessment, the conclusion is made that it is more likely than not | ||||||||||
that an indefinite-lived intangible asset’s fair value is less than its carrying amount, a quantitative impairment analysis is performed by comparing the indefinite-lived intangible asset’s book value to its estimated fair value. The fair value for indefinite-lived intangible assets is determined through various valuation techniques, including market and income approaches as considered necessary. The amount of any impairment is measured as the difference between the carrying amount and the fair value of the impaired asset. During 2011, 2012, and 2013, no impairment of indefinite-lived intangible assets was recorded. | ||||||||||
Self insurance | ||||||||||
The Company is self-insured, up to certain limits, for employee group health claims. The Company has purchased stop-loss insurance on both an individual and an aggregate basis, which will reimburse the Company for individual claims in excess of $125 and aggregate claims that are greater than 100% of projected claims. A liability is accrued and reflected in the Balance Sheet for all unpaid claims. Total expense under this self insurance program was $4,274, $4,518 and $5,281 in 2011, 2012 and 2013, respectively. | ||||||||||
Common stock and additional paid-in capital | ||||||||||
The Company records cash that it receives upon the exercise of equity awards by crediting common stock and additional paid-in capital. The Company received $39, $309, and $454 in cash proceeds from the exercise of equity awards in 2011, 2012, and 2013, respectively. The Company also realizes an income tax benefit from the exercise of certain equity awards. | ||||||||||
Upon exercise, the deferred tax assets are reversed and the difference between the deferred tax assets and the realized tax benefit creates a tax windfall or shortfall that increases or decreases the additional paid-in capital pool (“APIC Pool”). If the APIC Pool is reduced to zero, additional shortfalls are treated as a current tax expense. The total tax expense recorded in additional paid-in capital was $1,255 in 2011. The total tax benefit recorded in additional paid-in capital was $1,827, and $7,075, in 2012 and 2013 respectively. | ||||||||||
The Company has a stock repurchase plan in place that has been authorized by the Board of Directors. As of December 28, 2013, $13,622 was available to repurchase shares under this plan. The Company expended $33,459, $68,294, and $18,085 to repurchase and retire shares during 2011, 2012, and 2013, respectively. The excess of the repurchase price over par value is allocated between additional paid-in capital and retained earnings on a pro-rata basis. There currently is no expiration date on the remaining approved repurchase amount and no requirement for future share repurchases. | ||||||||||
Revenue recognition and deferred revenue | ||||||||||
Revenue is recognized at the estimated point of delivery of the merchandise, at which point the risks and rewards of ownership have passed to the customer. Revenue is realizable when the following four criteria are met: persuasive evidence of a sale arrangement exists, delivery of the product has occurred, the price is fixed or determinable, and payment is reasonably assured. | ||||||||||
The Company receives payment, primarily via credit card, for the sale of products at the time customers place orders. Sales and related fees such as shipping and handling, net of applicable sales discounts, are recorded as revenue when the product is delivered and when title and the risk of ownership passes to the customer. Payments | ||||||||||
received for undelivered products are recorded as deferred revenue and are included in other current liabilities. Certain incentives offered on the sale of our products, including sales discounts, are classified as a reduction of revenue. A provision for product returns and allowances is recorded and is founded on historical experience. Additionally, the Company collects an annual account renewal fee from Associates that is deferred on receipt and is recognized as income on a straight-line basis over the subsequent twelve-month period. | ||||||||||
Taxes that have been assessed by governmental authorities and that are directly imposed on revenue-producing transactions between the Company and its customers, including sales, use, value-added, and some excise taxes, are presented on a net basis in the consolidated statements of comprehensive income (excluded from net sales). | ||||||||||
Product return policy | ||||||||||
All products that are returned within the first 30 days following purchase are refunded at 100% of the sales price to retail customers and Preferred Customers. This 30-day return policy is offered to Associates only on their first order. All other returned product that is unused and resalable is refunded up to one year from the date of purchase at 100% of the sales price less a 10% restocking fee. According to the terms of the Associate agreement, return of product where the purchase amount exceeds one hundred dollars and was not damaged at the time of receipt by the Associate may result in cancellation of the Associate’s distributorship. Depending upon the conditions under which product was returned, customers may either receive a refund based on their original form of payment, or credit on account for a product exchange. | ||||||||||
This standard policy differs slightly in a few of our international markets due to the regulatory environment in those markets. Product returns totaled approximately 1.1% of net sales in 2011, 0.8% of net sales in 2012, and 0.9% of net sales in 2013. | ||||||||||
Shipping and handling costs | ||||||||||
The Company’s shipping and handling costs are included in cost of sales for all periods presented | ||||||||||
Associate incentives | ||||||||||
Associate incentives expenses include all forms of commissions, and other incentives paid to our Associates, less commissions paid to Associates on personal purchases, which are considered a sales discount and are reported as a reduction to net sales. | ||||||||||
Selling, general and administrative | ||||||||||
Selling, general and administrative expenses include wages and benefits, depreciation and amortization, rents and utilities, Associate event costs, advertising and professional fees, marketing, and research and development expenses. | ||||||||||
Equity-based compensation | ||||||||||
The Company records compensation expense in the financial statements for equity-based awards based on the grant date fair value and an estimate of forfeitures derived from historical experience. Equity-based compensation expense is recognized under the straight-line method over the period that service is provided, which is generally the vesting term. Further information regarding equity awards can be found in Note K – Equity-Based Compensation. | ||||||||||
Advertising | ||||||||||
Advertising costs are charged to expense as incurred and are presented as part of selling, general and administrative expense. Advertising expense totaled $3,893 in 2011, $3,942 in 2012 and $3,650 in 2013. | ||||||||||
Research and development | ||||||||||
Research and development costs are charged to expense as incurred and are presented as part of selling, general and administrative expense. Research and development expense totaled $4,071 in 2011, $4,664 in 2012 and $5,083 in 2013. | ||||||||||
Earnings per share | ||||||||||
Basic earnings per common share (EPS) are based on the weighted-average number of common shares that were outstanding during each period. Diluted earnings per common share include the effect of potentially dilutive common shares calculated using the treasury stock method, which include in-the-money, equity-based awards that have been granted but have not been issued. | ||||||||||
Investments
Investments | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Investments [Abstract] | ' | |||||||||
Investments | ' | |||||||||
NOTE – INVESTMENTS | ||||||||||
The carrying amount, gross unrealized holding gains, gross unrealized holding losses, and fair value of HTM securities by major security type and class of security were as follows: | ||||||||||
As of December 28, 2013 | ||||||||||
Amortized Cost | Unrecognized Holding Gains | Unrecognized Holding Losses | Estimated Fair Value | |||||||
Certificates of Deposit | $ 8,642 | $ - | $ - | $ 8,642 | ||||||
Total Held-to-Maturity Securities | $ 8,642 | $ - | $ - | $ 8,642 | ||||||
All HTM securities as of December 28, 2013 mature within one year. | ||||||||||
Inventories
Inventories | 12 Months Ended | |||||
Dec. 28, 2013 | ||||||
Inventories [Abstract] | ' | |||||
Inventories | ' | |||||
NOTE – INVENTORIES | ||||||
Inventories consist of the following: | ||||||
December 29, | December 28, | |||||
2012 | 2013 | |||||
Raw materials | $ 9,228 | $ 13,824 | ||||
Work in progress | 7,703 | 8,147 | ||||
Finished goods | 19,550 | 25,271 | ||||
$ 36,481 | $ 47,242 | |||||
Prepaid_Expenses_And_Other_Cur
Prepaid Expenses And Other Current Assets | 12 Months Ended | |||||
Dec. 28, 2013 | ||||||
Prepaid Expenses And Other Current Assets [Abstract] | ' | |||||
Prepaid Expenses And Other Current Assets | ' | |||||
NOTE – PREPAID EXPENSES AND OTHER CURRENT ASSETS | ||||||
Prepaid expenses and other current assets consist of the following: | ||||||
December 29, | December 28, | |||||
2012 | 2013 | |||||
Prepaid insurance | $ 1,266 | $ 1,577 | ||||
Other prepaid expenses | 3,340 | 3,929 | ||||
Federal income taxes receivable | 4,865 | 6,592 | ||||
Miscellaneous receivables, net | 3,374 | 7,010 | ||||
Deferred commissions | 5,808 | 5,504 | ||||
Deferred tax assets | 4,255 | 8,588 | ||||
Other current assets | 2,317 | 2,618 | ||||
$ 25,225 | $ 35,818 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Income Taxes [Abstract] | ' | ||||||
Income Taxes | ' | ||||||
NOTE – INCOME TAXES | |||||||
Income tax expense (benefit) included in income from net earnings consists of the following: | |||||||
Year ended | |||||||
2011 | 2012 | 2013 | |||||
Current | |||||||
Federal | $ 22,383 | $ 27,779 | $ 26,233 | ||||
State | 1,913 | 1,141 | 94 | ||||
Foreign | 4,442 | 4,051 | 9,626 | ||||
Total Current | 28,738 | 32,971 | 35,953 | ||||
Deferred | |||||||
Federal | 1,044 | -145 | 5,507 | ||||
State | -71 | 94 | -5 | ||||
Foreign | -2,985 | -927 | -3,898 | ||||
Total Deferred | -2,012 | -978 | 1,604 | ||||
$ 26,726 | $ 31,993 | $ 37,557 | |||||
The income tax provision, as reconciled to the tax computed at the federal statutory rate of 35% for 2011, 2012, and | |||||||
2013, is as follows: | |||||||
Year ended | |||||||
2011 | 2012 | 2013 | |||||
Federal income taxes at statutory rate | $ 27,117 | $ 34,449 | $ 40,803 | ||||
State income taxes, net of federal tax benefit | 1,373 | 1,201 | 102 | ||||
Qualified production activities deduction | -1,576 | -2,651 | -1,700 | ||||
Foreign income taxes | - | -337 | -890 | ||||
All other, net | -188 | -669 | -758 | ||||
$ 26,726 | $ 31,993 | $ 37,557 | |||||
NOTE – INCOME TAXES – CONTINUED | |||||||
The significant categories of deferred taxes are as follows: | |||||||
December 29, | December 28, | ||||||
2012 | 2013 | ||||||
Deferred tax assets | |||||||
Inventory differences | $ 2,415 | $ 3,111 | |||||
Accruals not currently deductible | 2,533 | 5,345 | |||||
Equity-based compensation | 4,375 | 2,779 | |||||
Intangible assets | 9,532 | 10,590 | |||||
Net operating losses | 2,240 | 530 | |||||
Other | 2,675 | 2,315 | |||||
Gross deferred tax assets | 23,770 | 24,670 | |||||
Valuation allowance | -1,598 | -530 | |||||
Net deferred tax assets | 22,172 | 24,140 | |||||
Deferred tax liabilities | |||||||
Depreciation/amortization | -5,260 | -5,323 | |||||
Accumulated other comprehensive income | -3,833 | -3,418 | |||||
Prepaid expenses | -1,240 | -1,370 | |||||
Intangible assets | -10,521 | -10,590 | |||||
Other | -2,490 | -5,268 | |||||
Gross deferred tax liabilities | -23,344 | -25,969 | |||||
Net deferred taxes | $ (1,172) | $ (1,829) | |||||
The Components of deferred taxes, net on a jurisdiction basis are as follows: | |||||||
December 29, | December 28, | ||||||
2012 | 2013 | ||||||
Net current deferred tax assets | $ 4,255 | $ 8,588 | |||||
Net noncurrent deferred tax assets | 5,956 | 5,519 | |||||
Net current deferred tax liabilities | -1,382 | -5,070 | |||||
Net noncurrent deferred tax liabilities | -10,001 | -10,866 | |||||
Net deferred taxes | $ (1,172) | $ (1,829) | |||||
At December 28, 2013, the Company had foreign operating loss carry forwards of approximately $2,218. If these operating losses are not used, they will expire between 2014 and 2018. A valuation allowance of $530 has been placed on these foreign operating loss carry forwards. The valuation allowance is determined using a more likely than not realization criteria and is based upon all available positive and negative evidence, including future reversals of temporary differences. A future increase or decrease in the current valuation allowance is not expected to impact the income tax provision due to the Company’s ability to fully utilize foreign tax credits associated with taxable income in these jurisdictions. | |||||||
NOTE – INCOME TAXES – CONTINUED | |||||||
The Company has not recognized a deferred tax liability for the undistributed earnings of certain of its foreign operations that arose in 2013 and prior years as the Company considers these earnings to be indefinitely reinvested. As of December 28, 2013, the undistributed earnings of these subsidiaries was $10,200. If these earnings were repatriated to the United States, the Company would need to accrue and pay the related tax. However, the Company considers these earnings indefinitely re-invested and has no plans to repatriate these earnings. | |||||||
The Company recognizes the impact of a tax position in the financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. As of December 29, 2012 and December 28, 2013, the Company had no significant unrecognized tax benefits. | |||||||
From time to time, the Company is subject to federal, state, and foreign tax authority income tax examinations. The Company remains subject to income tax examinations for each of its open tax years, which extend back to 2010 under most circumstances. Certain taxing jurisdictions may provide for additional open years depending upon their statutes or if an audit is on-going. | |||||||
Property_And_Equipment
Property And Equipment | 12 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Property And Equipment [Abstract] | ' | ||||||
Property And Equipment | ' | ||||||
NOTE – PROPERTY AND EQUIPMENT | |||||||
Cost of property and equipment and their estimated useful lives is as follows: | |||||||
December 29, | December 28, | ||||||
Years | 2012 | 2013 | |||||
Buildings | 40 | $ 40,766 | $ 39,500 | ||||
Laboratory and production equipment | 7-May | 22,366 | 23,383 | ||||
Sound and video library | 5 | 600 | 600 | ||||
Computer equipment and software | 5-Mar | 32,639 | 32,960 | ||||
Furniture and fixtures | 5-Mar | 5,350 | 5,346 | ||||
Automobiles | 5-Mar | 285 | 330 | ||||
Leasehold improvements | 5-Mar | 6,817 | 7,699 | ||||
Land improvements | 15 | 2,196 | 2,085 | ||||
111,019 | 111,903 | ||||||
Less accumulated depreciation and amortization | 59,049 | 62,724 | |||||
51,970 | 49,179 | ||||||
Land | 8,211 | 7,315 | |||||
Deposits and projects in process | 1,570 | 2,686 | |||||
$ 61,751 | $ 59,180 | ||||||
Depreciation of property and equipment for the years ended 2011, 2012, and 2013 was $7,431, $7,717, and $8,152, respectively | |||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Intangible Assets [Abstract] | ' | |||||||||
Intangible Assets | ' | |||||||||
NOTE – INTANGIBLE ASSETS | ||||||||||
The Company performed its annual goodwill impairment test during the third quarter of 2013. The Company performed a qualitative assessment of each reporting unit and determined that is was not more-likely-than-not that the fair value of each reporting unit was less than its carrying amount. As a result, the two-step goodwill impairment test was not required and no impairments of goodwill were recognized in 2013. | ||||||||||
The Company performed its annual indefinite-lived intangible asset impairment test during the third quarter of 2013. The Company performed a qualitative assessment of the indefinite-lived intangible assets and determined that is was not more-likely-than-not that the fair value of the indefinite-lived intangible assets was less than the carrying amount. As a result, the quantitative impairment test was not required and no impairments of indefinite-lived intangible assets were recognized in 2013. | ||||||||||
The changes in the carrying amount of goodwill are as follows: | ||||||||||
December 29, | December 28, | |||||||||
2012 | 2013 | |||||||||
Balance at beginning of year: | ||||||||||
Gross goodwill | $ 17,740 | $ 17,890 | ||||||||
Accumulated impairment losses | - | - | ||||||||
Net goodwill as of beginning of year | 17,740 | 17,890 | ||||||||
Goodwill acquired during the year | - | - | ||||||||
Impairment loss | - | - | ||||||||
Currency translation adjustment | 150 | 353 | ||||||||
Balance as of end of year | ||||||||||
Gross goodwill | 17,890 | 18,243 | ||||||||
Accumulated impairment losses | - | - | ||||||||
Net goodwill as of end of year | $ 17,890 | $ 18,243 | ||||||||
As of December 29, 2012 | ||||||||||
Weighted-average | ||||||||||
Gross carrying | Accumulated | Net carrying | amortization | |||||||
amount | amortization | amount | period (years) | |||||||
Amortized intangible assets | ||||||||||
Trade name and trademarks | $ 4,256 | $ (1,011) | $ 3,245 | 10 | ||||||
Customer relationships | 2,073 | -1,641 | 432 | 3 | ||||||
6,329 | -2,652 | 3,677 | ||||||||
Indefinite-lived intangible assets | ||||||||||
Product formulas | 9,384 | 9,384 | ||||||||
Direct sales license | 29,024 | 29,024 | ||||||||
38,408 | 38,408 | |||||||||
$ 44,737 | $ 42,085 | |||||||||
NOTE – INTANGIBLE ASSETS – CONTINUED | ||||||||||
As of December 28, 2013 | ||||||||||
Weighted-average | ||||||||||
Gross carrying | Accumulated | Net carrying | amortization | |||||||
amount | amortization | amount | period (years) | |||||||
Amortized intangible assets | ||||||||||
Trade name and trademarks | $ 4,372 | $ (1,505) | $ 2,867 | 10 | ||||||
Customer relationships | 2,130 | -2,130 | - | 3 | ||||||
6,502 | -3,635 | 2,867 | ||||||||
Indefinite-lived intangible assets | ||||||||||
Product formulas | 9,641 | 9,641 | ||||||||
Direct sales license | 29,821 | 29,821 | ||||||||
39,462 | 39,462 | |||||||||
$ 45,964 | $ 42,329 | |||||||||
Estimated Amortization Expense: | ||||||||||
2014 | 438 | |||||||||
2015 | 438 | |||||||||
2016 | 438 | |||||||||
2017 | 438 | |||||||||
2018 | 438 | |||||||||
Thereafter | 677 | |||||||||
$ 2,867 | ||||||||||
Aggregate amortization of intangible assets for the years ended 2011, 2012, and 2013 was $1,515, $1,090, and $897, respectively. | ||||||||||
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | |||||
Dec. 28, 2013 | ||||||
Other Current Liabilities [Abstract] | ' | |||||
Other Current Liabilities | ' | |||||
NOTE – OTHER CURRENT LIABILITIES | ||||||
Other current liabilities consist of the following: | ||||||
December 29, | December 28, | |||||
2012 | 2013 | |||||
Associate incentives | $ 15,252 | $ 22,516 | ||||
Accrued employee compensation | 16,402 | 19,470 | ||||
Income taxes | 1,414 | 4,928 | ||||
Sales taxes | 4,569 | 6,435 | ||||
Deferred tax liabilities | 1,382 | 5,070 | ||||
Associate promotions | 1,775 | 2,824 | ||||
Deferred revenue | 15,601 | 16,058 | ||||
Provision for returns and allowances | 717 | 591 | ||||
All other | 6,692 | 8,477 | ||||
$ 63,804 | $ 86,369 | |||||
LongTerm_Debt_And_Line_Of_Cred
Long-Term Debt And Line Of Credit | 12 Months Ended |
Dec. 28, 2013 | |
Long-Term Debt And Line Of Credit [Abstract] | ' |
Long-Term Debt And Line Of Credit | ' |
NOTE – LONG-TERM DEBT AND LINE OF CREDIT | |
The Company has a line of credit with Bank of America. Interest is computed at the bank’s Prime Rate or LIBOR, adjusted by features specified in the Credit Agreement. The collateral for this line of credit is the pledge of the capital stock of certain subsidiaries of the Company, set forth in a separate pledge agreement with the bank. On July 18, 2013, the Company entered into an amended credit agreement, which increased the amount that it may borrow under the credit facility to $75,000. The only other modification to the original credit agreement was that any new or existing bank guarantees are considered a reduction of the overall availability of credit and part of the covenant calculation. This resulted in a $3,800 reduction in the available borrowing limit as of December 28, 2013 due to existing normal course of business guarantees in certain markets. The Credit Agreement contains restrictive covenants based on adjusted EBITDA and a debt coverage ratio. | |
There was no outstanding debt on this line of credit at December 29, 2012 or at December 28, 2013. The Company will be required to pay any balance on this line of credit in full at the time of maturity in April 2016 unless the line of credit is replaced or terms are renegotiated. | |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||
Dec. 28, 2013 | ||||
Contingencies [Abstract] | ' | |||
Commitments And Contingencies | ' | |||
NOTE – COMMITMENTS AND CONTINGENCIES | ||||
1 | Operating leases | |||
With the exception of the Company’s Salt Lake City headquarters, Australian facility, and Tianjin, China facility, facilities are generally leased. Each of the facility lease agreements is a non-cancelable operating lease generally structured with renewal options and expires prior to or during 2019. The Company utilizes equipment under non-cancelable operating leases, expiring through 2016. The minimum commitments under operating leases at December 28, 2013 are as follows: | ||||
Year ending | ||||
2014 | $ 7,412 | |||
2015 | 4,469 | |||
2016 | 3,060 | |||
2017 | 1,508 | |||
2018 | 1,097 | |||
Thereafter | 436 | |||
$ 17,982 | ||||
These leases generally provide that property taxes, insurance, and maintenance expenses are the responsibility of the Company. Such expenses are not included in the operating lease amounts outlined in the table above or in the rent expense amounts that follow. The total rent expense for the years ended 2011, 2012, and 2013 was approximately $6,410, $6,452, and $9,254 respectively. | ||||
2 | Contingencies | |||
The Company is involved in various lawsuits, claims, investigations and other legal matters from time to time that arise in the ordinary course of conducting business, including matters involving our products, intellectual property, supplier relationships, distributors, relationships with competitors, employees and other matters. The Company establishes reserves when a particular contingency is probable and estimable. The Company has not accrued for any contingency at December 28, 2013 as the Company does not consider a contingency to be probable nor estimable. The Company faces contingencies that are reasonably possible to occur; however, they cannot currently be estimated. While complete assurance cannot be given to the outcome of these proceedings, management does not currently believe that any of these matters, individually or in the aggregate, will have a material adverse effect on our financial condition, liquidity or results of operations. | ||||
NOTE – COMMITMENTS AND CONTINGENCIES - CONTINUED | ||||
The Company has previously disclosed that the Securities and Exchange Commission is conducting a formal investigation, which involve possible issues regarding trading in the Company’s stock during late 2012 by certain of the Company’s directors, including the Chairman. The Company, as well as certain of its directors and executives received subpoenas from the SEC to produce documents related to this matter. The Company and its directors are cooperating with the SEC in this matter. In the opinion of management, based upon advice of counsel, the likelihood of an adverse outcome against the Company in this matter is remote. As such, management believes that the ultimate outcome of the SEC investigation will not have a material impact on the Company’s financial position or results of operations. | ||||
3 | Employee Benefit Plan | |||
The Company sponsors an employee benefit plan under Section 401(k) of the Internal Revenue Code. This plan covers employees who are at least 18 years of age and have met a one-month service requirement. The Company makes a matching contribution equal to 100 percent of the first one percent of a participant’s compensation that is contributed by the participant, and 50 percent of that deferral that exceeds one percent of the participant’s compensation, not to exceed six percent of the participant’s compensation, subject to the limits of ERISA. In addition, the Company may make a discretionary contribution based on earnings. The Company’s matching contributions cliff vest at two years of service. Contributions made by the Company to the plan in the United States for the years ended 2011, 2012, and 2013 were $979, $1,024, and $1,149, respectively. | ||||
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Equity-Based Compensation [Abstract] | ' | |||||||||
Equity-Based Compensation | ' | |||||||||
NOTE – EQUITY-BASED COMPENSATION | ||||||||||
Equity-based compensation expense for fiscal years 2011, 2012, and 2013 was $10,549, $10,210, and $7,624, respectively. The related tax benefit for these periods was $3,852, $3,554, and $2,575, respectively. | ||||||||||
The following table shows the remaining unrecognized compensation expense on a pre-tax basis for all types of unvested equity awards outstanding as of December 28, 2012. This table does not include an estimate for future grants that may be issued. | ||||||||||
2014 | $ 5,948 | |||||||||
2015 | 4,040 | |||||||||
2016 | 2,085 | |||||||||
2017 | 1,286 | |||||||||
2018 | 236 | |||||||||
$ 13,595 | ||||||||||
The cost above is expected to be recognized over a weighted-average period of 1.9 years. | ||||||||||
The Company’s 2006 Equity Incentive Award Plan (the “2006 Plan”) is currently the only plan under which equity awards are issued. This plan allows for the grant of various equity awards, including stock-settled stock appreciation rights, stock options, deferred stock units, and other types of equity-based awards, to the Company’s officers, key employees, and non-employee directors. | ||||||||||
Since its inception 10,000 shares have been authorized under the 2006 Plan. As of December 28, 2013, a total of 6,004 awards had been granted under the 2006 Plan, of which 5,882 were stock-settled stock appreciation rights, 8 were stock options, and 114 were deferred stock units. Also, as of December 28, 2013, a total of 1,043 awards had been canceled and added back to the number of units available for issuance under the 2006 Plan. | ||||||||||
The Company’s Compensation Committee utilizes two types of vesting methods when granting awards to officers and key employees under the 2006 Plan based upon the nature of the grant. Awards granted to officers and key employees upon hire or promotion to such a position will generally vest 20% each year on the anniversary of the grant date and expire five and one-half years from the date of grant. Awards granted as a supplement to existing equity awards held by officers and key employees will generally vest 50% each year beginning on the first grant date anniversary following the final vesting of previous grants. These supplemental awards typically expire five and one-half years from the date of grant. Awards of stock options and stock-settled stock appreciation rights to be granted to non-employee directors will generally vest 25% each quarter, commencing on the last day of the fiscal quarter in which the awards are granted, and will expire five years to five and one-half years from the date of grant. Awards of deferred stock units are full-value shares at the date of grant, vesting over the periods of service, and do not have expiration dates. | ||||||||||
NOTE – EQUITY-BASED COMPENSATION – CONTINUED | ||||||||||
The Company uses the Black-Scholes option pricing model to estimate the fair value of its equity awards. The weighted-average fair value of stock-settled stock appreciation rights that were granted in 2011, 2012, and 2013 was $12.40, $15.35, and $17.59, respectively. Following is a table that includes the weighted-average assumptions that the Company used to calculate fair value of equity awards that were granted during the periods indicated. Deferred stock units are full-value shares at the date of grant and have been excluded from the table below. | ||||||||||
Year Ended | ||||||||||
2011 | 2012 | 2013 | ||||||||
Expected volatility (1) | 56.0% | 50.7% | 41.9% | |||||||
Risk-free interest rate (2) | 1.1% | 0.6% | 0.7% | |||||||
Expected life (3) | 3.9 yrs. | 3.9 yrs. | 3.9 yrs. | |||||||
Expected dividend yield (4) | 0.0% | 0.0% | 0.0% | |||||||
Weighted-average grant price (5) | $ | $ | $ | |||||||
28.89 | 39.41 | 53.83 | ||||||||
(1) Through June, 2012 expected volatility was a weighted-average of historical volatility and implied volatility. | ||||||||||
In July 2012, the Company eliminated the implied volatility aspect of this calculation and began utilizing | ||||||||||
historical volatility alone. | ||||||||||
(2) Risk-free interest rate is based on the U.S. Treasury yield curve with respect to the expected life of the award. | ||||||||||
(3) For awards that follow the 20% per year vesting schedule, expected life is a weighted-average that includes | ||||||||||
historical settlement data of the Company's equity awards and a hypothetical holding period for outstanding | ||||||||||
awards. Due to lack of historical settlement data on awards that follow the 50% vesting at each of years four | ||||||||||
and five, expected life of these awards is calculated under the simplified method. | ||||||||||
(4) The Company historically has not paid dividends. | ||||||||||
(5) Grant price is the closing price of the Company's common stock on the date of grant. | ||||||||||
A summary of the Company’s stock option and stock-settled stock appreciation right activity is as follows: | ||||||||||
Shares | Weighted-average exercise price | Weighted-average remaining contractual term | Aggregate intrinsic value* | |||||||
Outstanding at December 29, 2012 | 2,689 | $ 34.43 | 2.9 | $ 5,136 | ||||||
Granted | 175 | 53.83 | ||||||||
Exercised | -939 | 32.20 | ||||||||
Canceled | -98 | 35.87 | ||||||||
Expired | - | - | ||||||||
Outstanding at December 28, 2013 | 1,827 | $ 37.37 | 2.6 | $ 74,160 | ||||||
Exercisable at December 28, 2013 | 540 | $ 35.73 | 1.8 | $ 22,678 | ||||||
* Aggregate intrinsic value is defined as the difference between the current market value at the reporting | ||||||||||
date (the closing price of the Company's common stock on the last trading day of the period) and the | ||||||||||
exercise price of awards that were in-the-money. The closing price of the Company's common stock at | ||||||||||
December 29, 2012 and December 28, 2013, was $31.60 and $77.72, respectively. | ||||||||||
The total intrinsic value of stock options and stock-settled stock appreciation rights exercised was $925 in 2011, $20,590 in 2012, and $32,837 in 2013. The Company currently has no deferred stock units that are considered nonvested. | ||||||||||
The total fair value of equity awards that vested during fiscal years 2011, 2012, and 2013 was $10,993, $10,211, and $8,096, respectively. This total fair value includes equity-based awards issued in the form of stock options, stock-settled stock appreciation rights, and deferred stock units. | ||||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Segment Information [Abstract] | ' | |||||||
Segment Information | ' | |||||||
NOTE – SEGMENT INFORMATION | ||||||||
USANA operates as a direct selling company that develops, manufactures, and distributes high-quality nutritional and personal care products that are sold through a global network marketing system of independent distributors (“Associates”). As such, management aggregates its operating segments into one reportable segment as management believes that the Company’s segments exhibit similar long-term financial performance and have similar economic characteristics. Performance for a region or market is evaluated based on sales. No single Associate accounted for 10% or more of net sales for the periods presented. The table below summarizes the approximate percentage of total product revenue that has been contributed by the Company’s nutritional and personal care products for the periods indicated. | ||||||||
Year Ended | ||||||||
2011 | 2012 | 2013 | ||||||
USANA® Nutritionals | 79% | 80% | 80% | |||||
USANA Foods | 11% | 11% | 11% | |||||
Sensé – beautiful science® | 7% | 7% | 6% | |||||
Selected financial information for the Company is presented for two geographic regions: Americas and Europe, and Asia Pacific, with three sub-regions under Asia Pacific. Individual markets are categorized into these regions as follows: | ||||||||
· | Americas and Europe – United States, Canada, Mexico, Colombia(1), the United Kingdom, France(2), Belgium(2), and the Netherlands. | |||||||
· | Asia Pacific – | |||||||
· | Southeast Asia Pacific – Australia, New Zealand, Singapore, Malaysia, the Philippines, and Thailand(2) | |||||||
· | Greater China – Hong Kong, Taiwan and China(3) | |||||||
· | North Asia – Japan and South Korea | |||||||
(1)The Company commenced operations in Colombia at the beginning of the third quarter of 2013 | ||||||||
(2)The Company commenced operations in Thailand, France, and Belgium at the end of the first quarter 2012. | ||||||||
(3)The Company’s business in China is that of BabyCare, its wholly-owned subsidiary. | ||||||||
NOTE – SEGMENT INFORMATION – CONTINUED | ||||||||
Selected Financial Information | ||||||||
Financial information, presented by geographic is listed below: | ||||||||
2011 | 2012 | 2013 | ||||||
Net Sales to External Customers | ||||||||
Americas and Europe | $ 236,386 | $ 244,333 | $ 261,682 | |||||
Asia Pacific | ||||||||
Southeast Asia Pacific | 111,447 | 139,651 | 155,362 | |||||
Greater China | 204,822 | 235,626 | 271,812 | |||||
North Asia | 29,284 | 29,116 | 29,319 | |||||
Asia Pacific Total | 345,553 | 404,393 | 456,493 | |||||
Consolidated Total | $ 581,939 | $ 648,726 | $ 718,175 | |||||
December 29, | December 28, | |||||||
2012 | 2013 | |||||||
Long-lived Assets | ||||||||
Americas and Europe | $ 48,101 | $ 52,908 | ||||||
Asia Pacific | ||||||||
Southeast Asia Pacific | 17,866 | 15,868 | ||||||
Greater China | 61,104 | 63,505 | ||||||
North Asia | 1,783 | 1,625 | ||||||
Asia Pacific Total | 80,753 | 80,998 | ||||||
Consolidated Total | $ 128,854 | $ 133,906 | ||||||
Total Assets | ||||||||
Americas and Europe | $ 106,170 | $ 183,561 | ||||||
Asia Pacific | ||||||||
Southeast Asia Pacific | 43,234 | 36,349 | ||||||
Greater China | 109,510 | 141,542 | ||||||
North Asia | 8,441 | 7,018 | ||||||
Asia Pacific Total | 161,185 | 184,909 | ||||||
Consolidated Total | $ 267,355 | $ 368,470 | ||||||
NOTE – SEGMENT INFORMATION – CONTINUED | ||||||||
The following table provides further information on markets representing ten percent or more of consolidated net sales and long-lived assets, respectively: | ||||||||
2011 | 2012 | 2013 | ||||||
Net sales: | ||||||||
United States | $ 148,061 | $ 152,460 | $ 157,543 | |||||
Hong Kong | 156,672 | 180,837 | 132,285 | |||||
China | N/A | N/A | 106,710 | |||||
Canada | 67,024 | N/A | N/A | |||||
Long-lived Assets: | ||||||||
China | $ 59,130 | $ 61,716 | ||||||
United States | 46,559 | 51,260 | ||||||
Australia | 15,121 | N/A | ||||||
Quarterly_Financial_Results
Quarterly Financial Results | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Quarterly Financial Results [Abstract] | ' | |||||||||
Quarterly Financial Results | ' | |||||||||
NOTE – QUARTERLY FINANCIAL RESULTS (Unaudited) | ||||||||||
The following table summarizes quarterly financial information for fiscal years 2012 and 2013. | ||||||||||
2012 | First | Second | Third | Fourth | ||||||
Net sales | $ 154,120 | $ 160,901 | $ 165,175 | $ 168,530 | ||||||
Gross profit | $ 126,903 | $ 132,828 | $ 134,832 | $ 138,359 | ||||||
Net earnings | $ 13,751 | $ 16,745 | $ 17,490 | $ 18,447 | ||||||
Earnings per share: | ||||||||||
Basic | $ 0.92 | $ 1.14 | $ 1.22 | $ 1.30 | ||||||
Diluted | $ 0.90 | $ 1.11 | $ 1.18 | $ 1.27 | ||||||
2013 | First | Second | Third | Fourth | ||||||
Net sales | $ 169,082 | $ 189,136 | $ 173,691 | $ 186,266 | ||||||
Gross profit | $ 138,821 | $ 157,231 | $ 142,200 | $ 152,488 | ||||||
Net earnings | $ 17,779 | $ 24,210 | $ 16,753 | $ 20,282 | ||||||
Earnings per share: | ||||||||||
Basic | $ 1.30 | $ 1.79 | $ 1.22 | $ 1.46 | ||||||
Diluted | $ 1.28 | $ 1.72 | $ 1.16 | $ 1.41 | ||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
NOTE – EARNINGS PER SHARE | ||||||||
Basic earnings per share are based on the weighted-average number of shares outstanding for each period. Shares that have been repurchased and retired during the periods specified below have been included in the calculation of the number of weighted-average shares that are outstanding for the calculation of basic earnings per share based on the time they were outstanding in any period. Diluted earnings per common share are based on shares that are outstanding (computed under basic EPS) and on potentially dilutive shares. Shares that are included in the diluted earnings per share calculations under the treasury stock method include equity awards that are in-the-money but have not yet been exercised. | ||||||||
The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the periods indicated: | ||||||||
Year ended | ||||||||
2011 | 2012 | 2013 | ||||||
Net earnings available to common shareholders | $ 50,752 | $ 66,433 | $ 79,024 | |||||
Basic EPS | ||||||||
Shares | ||||||||
Common shares outstanding entire period | 15,985 | 14,940 | 13,821 | |||||
Weighted average common shares: | ||||||||
Issued during period | 32 | 199 | 232 | |||||
Canceled during period | -656 | -592 | -358 | |||||
Weighted average common shares outstanding during | ||||||||
period | 15,361 | 14,547 | 13,695 | |||||
Earnings per common share from net earnings - basic | $ 3.30 | $ 4.57 | $ 5.77 | |||||
Diluted EPS | ||||||||
Shares | ||||||||
Weighted average common shares outstanding during | ||||||||
period - basic | 15,361 | 14,547 | 13,695 | |||||
Dilutive effect of in-the-money equity awards | 213 | 376 | 509 | |||||
Weighted average common shares outstanding during | ||||||||
period - diluted | 15,574 | 14,923 | 14,204 | |||||
Earnings per common share from net earnings - diluted | $ 3.26 | $ 4.45 | $ 5.56 | |||||
Equity awards for 2,773 shares, 1,039 shares, and 344 shares of stock were not included in the computation of EPS for the years ended 2011, 2012, and 2013, respectively, due to the fact that their effect would be anti-dilutive. | ||||||||
During the years ended 2011, 2012, and 2013, the Company expended $33,459, $68,294, and $18,085 to purchase 1,120 shares, 1,644 shares, and 414 shares, respectively, under the Company’s share repurchase plan. The purchase of shares under this plan reduces the number of shares outstanding in the above calculations. | ||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 28, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
NOTE – RELATED-PARTY TRANSACTIONS | |
The Company’s Founder and Chairman of the Board, Myron W. Wentz, PhD is the sole beneficial owner of the largest shareholder of the Company, Gull Holdings, Ltd. As of December 28, 2013, Gull Holdings, Ltd. owned 47.4% of the Company’s issued and outstanding shares. Dr. Wentz devotes much of his personal time, expertise, and resources to a number of business and professional activities outside of USANA. The most significant of these is the Sanoviv Medical Institute, which is a unique, fully integrated health and wellness center located near Rosarito, Mexico that Dr. Wentz founded in 1998. Dr. Wentz’s private entity, Sanoviv S.A. de C.V. (“Sanoviv”), contracts with Medicis, S.C. (“Medicis”), an entity that is owned and operated independently of Dr. Wentz, to conduct the operations of the Sanoviv Medical Institute. Sanoviv leases the medical building to Medicis and Medicis carries out all of the operations of the medical institute, which include employing all of the medical and healthcare professionals who provide services at the medical institute. The Medicis medical and healthcare professionals possess expertise in the fields of human health, digestive health, nutritional medicine, lifestyle medicine and other medical fields that are important to USANA. | |
Medicis performs research and development of novel product formulations for future development and production by USANA, and they also perform research and development of improvements in existing USANA product formulations. In addition to providing contract research services, Medicis provides physicians and other medical staff to speak at USANA Associate events. Finally, Medicis performs heath assessments and physical examinations for the Company’s Executives. In consideration for these services, USANA paid Medicis $360 in 2011, $359 in 2012, and $381 in 2013. The Company’s agreements with Medicis were approved by the Audit Committee in advance of the Company’s entry into the agreements. USANA’s collaboration with Medicis is terminable at will by USANA at any time, without any continuing commitment by USANA. | |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||
Dec. 28, 2013 | |||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||
Schedule II - Valuation And Qualifying Accounts | ' | ||||||||||
Balance at | |||||||||||
beginning of | Charged to costs | Charged to | Balance at | ||||||||
Description | period | and expenses | other accounts | Deductions | end of period | ||||||
31-Dec-11 | |||||||||||
Deducted from related asset account: | |||||||||||
Allowance for sales returns | 929 | 149 | - | 64 | 1,014 | ||||||
Allowance for doubtful accounts | 1,773 | 48 | - | 241 | 1,580 | ||||||
Valuation allowance - deferred tax assets | 1,595 | 189 | - | - | 1,784 | ||||||
29-Dec-12 | |||||||||||
Deducted from related asset account: | |||||||||||
Allowance for sales returns | 1,014 | 46 | - | 343 | 717 | ||||||
Allowance for doubtful accounts | 1,580 | 230 | - | 2 | 1,808 | ||||||
Valuation allowance - deferred tax assets | 1,784 | - | - | 186 | 1,598 | ||||||
28-Dec-13 | |||||||||||
Deducted from related asset account: | |||||||||||
Allowance for sales returns | 717 | 44 | - | 170 | 591 | ||||||
Allowance for doubtful accounts | 1,808 | 98 | - | 26 | 1,880 | ||||||
Valuation allowance - deferred tax assets | 1,598 | - | - | 1,068 | 530 | ||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||||||
Principles Of Consolidation And Basis Of Presentation | ' | |||||||||
Principles of consolidation and basis of presentation | ||||||||||
The accompanying Consolidated Financial Statements include the accounts and operations of USANA Health Sciences, Inc. and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company conform with accounting principles generally accepted in the United States of America (“US GAAP”). | ||||||||||
Use Of Estimates | ' | |||||||||
Use of estimates | ||||||||||
The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.. Significant estimates for the Company relate to revenue recognition, inventory obsolescence, goodwill and other intangible assets, equity-based compensation, and income taxes. Actual results could differ from those estimates. These estimates may be adjusted as more current information becomes available, and any adjustment could be significant. | ||||||||||
Fiscal Year | ' | |||||||||
Fiscal year | ||||||||||
The Company operates on a 52-53 week year, ending on the Saturday closest to December 31. Fiscal years 2011, 2012, and 2013 were 52-week years. Fiscal year 2011 covered the period January 2, 2011 to December 31, 2011 (hereinafter 2011). Fiscal year 2012 covered the period January 1, 2012 to December 29, 2012 (hereinafter 2012). Fiscal year 2013 covered the period December 30, 2012 to December 28, 2013 (hereinafter 2013). | ||||||||||
Fair Value Measurements | ' | |||||||||
Fair value measurements | ||||||||||
The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are: | ||||||||||
· | Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. | |||||||||
· | Level 2 inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||
· | Level 3 inputs are unobservable and are used to measure fair value in situations where there is little, if any, market activity for the asset or liability at the measurement date. | |||||||||
As of December 29, 2012 and December 28 2013, the following financial assets and liabilities were measured at fair value on a recurring basis using the type of inputs shown: | ||||||||||
Fair Value Measurements Using: | ||||||||||
29-Dec-12 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||
Money market funds included in cash equivalents | $ 1,610 | $ 1,610 | $ - | $ - | ||||||
Fair Value Measurements Using: | ||||||||||
28-Dec-13 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||
Money market funds included in cash equivalents | $ 9,249 | $ 9,249 | $ - | $ - | ||||||
Term deposits included in cash equivalents | 348 | - | 348 | - | ||||||
There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the years ended 2013 and 2012. | ||||||||||
The majority of the Company’s non-financial assets, which include goodwill, intangible assets, and property and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or tested at least annually for goodwill and indefinite-lived intangibles) such that a non-financial asset is required to be evaluated for impairment, an impairment is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value. For the years ended 2011, 2012, and 2013, there were no non-financial assets measured at fair value on a non-recurring basis. | ||||||||||
Fair Value Of Financial Instruments | ' | |||||||||
Fair value of financial instruments | ||||||||||
At December 29, 2012 and December 28, 2013, the Company’s financial instruments include cash equivalents, restricted cash, securities held-to-maturity, and notes receivable. The recorded values of cash equivalents and restricted cash approximate their fair values, based on their short-term nature. The carrying value of the notes receivable approximate fair value because the variable interest rates in the notes reflect current market rates. | ||||||||||
Securities held-to-maturity consist of certificates of deposits. The fair value of a certificate of deposit is determined based on the pervasive interest rates in the market, which is considered to be a Level 2 input. The carrying values of these certificates of deposit approximate their fair values due to their short-term maturities. | ||||||||||
Translation Of Foreign Currencies | ' | |||||||||
Translation of foreign currencies | ||||||||||
The functional currency of the Company’s foreign subsidiaries is the local currency of their country of domicile. Assets and liabilities of the foreign subsidiaries are translated into U.S. dollar amounts at month-end exchange rates. Revenue and expense accounts are translated at the weighted-average rates for the monthly accounting period to which they relate. Equity accounts are translated at historical rates. Foreign currency translation adjustments are accumulated as a component of other comprehensive income. Gains and losses from foreign currency transactions are included in the “Other, net” component of Other income (expense) in the Company’s consolidated statements of comprehensive income. | ||||||||||
Cash And Cash Equivalents | ' | |||||||||
Cash and cash equivalents | ||||||||||
The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. Cash equivalents as of December 29, 2012 and December 28, 2013 consisted primarily of money market fund investments, certificates of deposit with initial terms of less than three months, and amounts receivable from credit card processors. Amounts receivable from credit card processors are considered cash equivalents because they are both short-term and highly liquid in nature and are typically converted to cash within three days of the sales transaction. | ||||||||||
Amounts receivable from credit card processors are considered cash equivalents because they are both short-term and highly liquid in nature and are typically converted to cash within three days of the | ||||||||||
sales transaction. Amounts receivable from credit card processors as of December 29, 2012 and December 28, 2013 totaled $6,081 and $5,490, respectively. | ||||||||||
Restricted Cash | ' | |||||||||
Restricted Cash | ||||||||||
The Company is required to maintain cash deposits with banks in certain subsidiary locations for various operating purposes. | ||||||||||
The most significant of these cash deposits relates to a deposit held at a bank in China, the balance of which was $3,208 as of December 29, 2012, and $3,296 as of December 28, 2013. This deposit is required for the application of direct sales licenses by the Ministry of Commerce and the State Administration for Industry & Commerce of the People’s Republic of China, and will continue to be restricted during the periods while the Company holds these licenses. Restricted cash is included in “Other assets” line item in the Company’s consolidated balance sheets. | ||||||||||
Securities Held-To-Maturity | ' | |||||||||
Securities Held-to-Maturity | ||||||||||
Investment securities as of December 28, 2013 consist of certificates of deposit with initial terms of greater than three months and are classified as held‑to‑maturity (HTM). HTM securities are those securities in which the Company has the ability and intent to hold the security until maturity. HTM securities are recorded at amortized cost. Premiums and discounts on HTM securities are amortized or accreted over the life of the related HTM security as an adjustment to yield using the effective‑interest method. Such amortization and accretion is included in the “Other net” line item in the Company’s consolidated statements of comprehensive income. Interest income is recognized when earned. | ||||||||||
A decline in the market value of any HTM security below cost that is deemed to be other‑than‑temporary results in an impairment to reduce the carrying amount to fair value. To determine whether an impairment is other‑than‑temporary, the Company considers all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts when developing an estimate of cash flows expected to be collected. No other-than-temporary impairments were recorded by the Company during the year ended December 28, 2013 | ||||||||||
Inventories | ' | |||||||||
Inventories | ||||||||||
Inventories are stated at the lower of cost or market. Cost is determined using a standard costing system which approximates the first-in, first-out method. The components of inventory cost include raw materials, labor, and overhead. Market value is determined using various assumptions with regard to excess or slow-moving inventories, non-conforming inventories, expiration dates, current and future product demand, production planning, and market conditions. A change in any of these variables could result in an adjustment to inventory. | ||||||||||
Accounts Receivable | ' | |||||||||
Accounts Receivable | ||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and our customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Company reviews its allowance for doubtful accounts regularly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Accounts Receivable are included in “Prepaid expenses and other current assets” line item in the Company’s consolidated balance sheets. | ||||||||||
Income Taxes | ' | |||||||||
Income taxes | ||||||||||
The Company accounts for income taxes using the asset and liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the differences between the financial statement assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax expense or benefit is the result of changes in deferred tax assets and liabilities. The Company evaluates the probability of realizing the future benefits of its deferred tax assets and provides a valuation allowance for the portion of any deferred tax assets where the likelihood of realizing an income tax benefit in the future does not meet the “more-likely-than-not” criteria for recognition. The Company recognizes tax benefits from uncertain tax | ||||||||||
positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in income taxes. Deferred taxes are not provided on the portion of undistributed earnings of subsidiaries outside of the United States when these earnings are considered indefinitely reinvested. At December 28, 2013, taxes had not been provided on $10,200 of accumulated undistributed earnings of subsidiaries that have been or are intended to be indefinitely reinvested. | ||||||||||
Property And Equipment | ' | |||||||||
Property and equipment | ||||||||||
Property and equipment are recorded at cost. Maintenance, repairs, and renewals, which neither materially add to the value of the property nor appreciably prolong its life, are charged to expense as incurred. Depreciation is provided in amounts sufficient to relate the cost of depreciable assets to operations over the estimated useful lives of the related assets. The straight-line method of depreciation and amortization is followed for financial statement purposes. Leasehold improvements are amortized over the shorter of the life of the respective lease or the useful life of the improvements. Property and equipment are reviewed for impairment whenever events or changes in circumstances exist that indicate the carrying amount of an asset may not be recoverable. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. | ||||||||||
Notes Receivable | ' | |||||||||
Notes receivable | ||||||||||
Notes receivable consists primarily of a secured loan to a third-party supplier of our nutrition bars. We have extended non-revolving credit to this supplier of up to $7,000 to allow this supplier to acquire equipment that is necessary to manufacture the USANA nutrition bars. This relationship provides improved supply chain stability for USANA and creates a mutually beneficial relationship between the parties. Notes receivable are valued at their unpaid principal balance plus any accrued but unpaid interest, which approximates fair value. Interest accrues at an annual interest rate of LIBOR plus 400 basis points. The note has a maturity date of December 1, 2022 and will be repaid by a combination of cash payments and credits for the manufacture of USANA’s nutrition bars. There is no prepayment penalty. Notes receivable from this supplier as of December 28, 2013 were $4,942. | ||||||||||
The third-party supplier is considered to be a variable interest entity; however, the Company is not the primary beneficiary due to the inability to direct the activities that most significantly affect the third-party supplier's economic performance. The Company does not absorb a majority of the third-party supplier’s expected losses or returns. Consequentially, the financial information of the third-party supplier is not consolidated. The maximum exposure to loss as a result of the Company’s involvement with the third-party supplier is limited to the carrying value of the note receivable due from the third-party supplier. | ||||||||||
Goodwill | ' | |||||||||
Goodwill | ||||||||||
Goodwill represents the excess of the purchase price over the fair market value of identifiable net assets of acquired companies. Goodwill is not amortized, but rather is tested at the reporting unit level at least annually for impairment or more frequently if triggering events or changes in circumstances indicate impairment. Initially, qualitative factors are considered to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Some of these qualitative factors may include macroeconomic conditions, industry and market considerations, a change in financial performance, entity-specific events, a sustained decrease in share price, and consideration of the difference between the fair value and carrying amount of a reporting unit as determined in the most recent quantitative assessment. If, through this qualitative assessment, the conclusion is made that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, a two-step quantitative impairment analysis is performed. The first step involves estimating the fair value of a reporting unit using widely-accepted valuation methodologies including the income and market approaches, which requires the use of estimates and assumptions. These estimates and assumptions include revenue growth rates, discounts rates, and determination of appropriate market comparables. If the fair value of the reporting unit is less than its carrying amount, the second step of the impairment test is performed to measure the amount of the impairment loss. | ||||||||||
In the second step, the implied fair value of the goodwill is estimated as the fair value of the reporting unit as determined in step one, less fair values of all other net tangible and intangible assets of the reporting unit determined in a manner similar to a purchase price allocation. If the carrying amount of the goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of the goodwill. During 2011, 2012, and 2013, no impairment of goodwill was recorded. | ||||||||||
Intangible Assets | ' | |||||||||
Intangible assets | ||||||||||
Intangible assets represent definite-lived and indefinite-lived intangible assets acquired in connection with the purchase of the Company’s China subsidiary in 2010. Definite-lived intangible assets are amortized over their related useful lives, using a straight-line or accelerated method consistent with the underlying expected future cash flows related to the specific intangible asset. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances exist that indicate the carrying amount of an asset may not be recoverable. When indicators of | ||||||||||
impairment exist, an estimate of undiscounted net cash flows is used in measuring whether the carrying amount of the asset or related asset group is recoverable. Measurement of the amount of impairment, if any, is based upon the difference between the asset’s carrying value and estimated fair value. Fair value is determined through various valuation techniques, including market and income approaches as considered necessary. | ||||||||||
Indefinite-lived intangible assets are not amortized; however, they are tested at least annually for impairment or more frequently if events or changes in circumstances exist that may indicate impairment. Initially, qualitative factors are considered to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If, through this qualitative assessment, the conclusion is made that it is more likely than not | ||||||||||
that an indefinite-lived intangible asset’s fair value is less than its carrying amount, a quantitative impairment analysis is performed by comparing the indefinite-lived intangible asset’s book value to its estimated fair value. The fair value for indefinite-lived intangible assets is determined through various valuation techniques, including market and income approaches as considered necessary. The amount of any impairment is measured as the difference between the carrying amount and the fair value of the impaired asset. During 2011, 2012, and 2013, no impairment of indefinite-lived intangible assets was recorded. | ||||||||||
Self Insurance | ' | |||||||||
Self insurance | ||||||||||
The Company is self-insured, up to certain limits, for employee group health claims. The Company has purchased stop-loss insurance on both an individual and an aggregate basis, which will reimburse the Company for individual claims in excess of $125 and aggregate claims that are greater than 100% of projected claims. A liability is accrued and reflected in the Balance Sheet for all unpaid claims. Total expense under this self insurance program was $4,274, $4,518 and $5,281 in 2011, 2012 and 2013, respectively. | ||||||||||
Common Stock And Additional Paid-In Capital | ' | |||||||||
Common stock and additional paid-in capital | ||||||||||
The Company records cash that it receives upon the exercise of equity awards by crediting common stock and additional paid-in capital. The Company received $39, $309, and $454 in cash proceeds from the exercise of equity awards in 2011, 2012, and 2013, respectively. The Company also realizes an income tax benefit from the exercise of certain equity awards. | ||||||||||
Upon exercise, the deferred tax assets are reversed and the difference between the deferred tax assets and the realized tax benefit creates a tax windfall or shortfall that increases or decreases the additional paid-in capital pool (“APIC Pool”). If the APIC Pool is reduced to zero, additional shortfalls are treated as a current tax expense. The total tax expense recorded in additional paid-in capital was $1,255 in 2011. The total tax benefit recorded in additional paid-in capital was $1,827, and $7,075, in 2012 and 2013 respectively. | ||||||||||
The Company has a stock repurchase plan in place that has been authorized by the Board of Directors. As of December 28, 2013, $13,622 was available to repurchase shares under this plan. The Company expended $33,459, $68,294, and $18,085 to repurchase and retire shares during 2011, 2012, and 2013, respectively. The excess of the repurchase price over par value is allocated between additional paid-in capital and retained earnings on a pro-rata basis. There currently is no expiration date on the remaining approved repurchase amount and no requirement for future share repurchases. | ||||||||||
Revenue Recognition And Deferred Revenue | ' | |||||||||
Revenue recognition and deferred revenue | ||||||||||
Revenue is recognized at the estimated point of delivery of the merchandise, at which point the risks and rewards of ownership have passed to the customer. Revenue is realizable when the following four criteria are met: persuasive evidence of a sale arrangement exists, delivery of the product has occurred, the price is fixed or determinable, and payment is reasonably assured. | ||||||||||
The Company receives payment, primarily via credit card, for the sale of products at the time customers place orders. Sales and related fees such as shipping and handling, net of applicable sales discounts, are recorded as revenue when the product is delivered and when title and the risk of ownership passes to the customer. Payments | ||||||||||
received for undelivered products are recorded as deferred revenue and are included in other current liabilities. Certain incentives offered on the sale of our products, including sales discounts, are classified as a reduction of revenue. A provision for product returns and allowances is recorded and is founded on historical experience. Additionally, the Company collects an annual account renewal fee from Associates that is deferred on receipt and is recognized as income on a straight-line basis over the subsequent twelve-month period. | ||||||||||
Taxes that have been assessed by governmental authorities and that are directly imposed on revenue-producing transactions between the Company and its customers, including sales, use, value-added, and some excise taxes, are presented on a net basis in the consolidated statements of comprehensive income (excluded from net sales). | ||||||||||
Product Return Policy | ' | |||||||||
Product return policy | ||||||||||
All products that are returned within the first 30 days following purchase are refunded at 100% of the sales price to retail customers and Preferred Customers. This 30-day return policy is offered to Associates only on their first order. All other returned product that is unused and resalable is refunded up to one year from the date of purchase at 100% of the sales price less a 10% restocking fee. According to the terms of the Associate agreement, return of product where the purchase amount exceeds one hundred dollars and was not damaged at the time of receipt by the Associate may result in cancellation of the Associate’s distributorship. Depending upon the conditions under which product was returned, customers may either receive a refund based on their original form of payment, or credit on account for a product exchange. | ||||||||||
This standard policy differs slightly in a few of our international markets due to the regulatory environment in those markets. Product returns totaled approximately 1.1% of net sales in 2011, 0.8% of net sales in 2012, and 0.9% of net sales in 2013. | ||||||||||
Shipping And Handling Costs | ' | |||||||||
Shipping and handling costs | ||||||||||
The Company’s shipping and handling costs are included in cost of sales for all periods presented | ||||||||||
Associate Incentives | ' | |||||||||
Associate incentives | ||||||||||
Associate incentives expenses include all forms of commissions, and other incentives paid to our Associates, less commissions paid to Associates on personal purchases, which are considered a sales discount and are reported as a reduction to net sales. | ||||||||||
Selling, General And Administrative | ' | |||||||||
Selling, general and administrative | ||||||||||
Selling, general and administrative expenses include wages and benefits, depreciation and amortization, rents and utilities, Associate event costs, advertising and professional fees, marketing, and research and development expenses. | ||||||||||
Equity-based compensation | ' | |||||||||
Equity-based compensation | ||||||||||
The Company records compensation expense in the financial statements for equity-based awards based on the grant date fair value and an estimate of forfeitures derived from historical experience. Equity-based compensation expense is recognized under the straight-line method over the period that service is provided, which is generally the vesting term. Further information regarding equity awards can be found in Note K – Equity-Based Compensation. | ||||||||||
Advertising | ' | |||||||||
Advertising | ||||||||||
Advertising costs are charged to expense as incurred and are presented as part of selling, general and administrative expense. Advertising expense totaled $3,893 in 2011, $3,942 in 2012 and $3,650 in 2013. | ||||||||||
Research And Development | ' | |||||||||
Research and development | ||||||||||
Research and development costs are charged to expense as incurred and are presented as part of selling, general and administrative expense. Research and development expense totaled $4,071 in 2011, $4,664 in 2012 and $5,083 in 2013. | ||||||||||
Earnings Per Share | ' | |||||||||
Earnings per share | ||||||||||
Basic earnings per common share (EPS) are based on the weighted-average number of common shares that were outstanding during each period. Diluted earnings per common share include the effect of potentially dilutive common shares calculated using the treasury stock method, which include in-the-money, equity-based awards that have been granted but have not been issued. | ||||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||||||
Schedule Of Assets And Liabilities Measured At Fair Value | ' | |||||||||
Fair Value Measurements Using: | ||||||||||
29-Dec-12 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||
Money market funds included in cash equivalents | $ 1,610 | $ 1,610 | $ - | $ - | ||||||
Fair Value Measurements Using: | ||||||||||
28-Dec-13 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||
Money market funds included in cash equivalents | $ 9,249 | $ 9,249 | $ - | $ - | ||||||
Term deposits included in cash equivalents | 348 | - | 348 | - | ||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
[DeprecatedItemsAbstract] | ' | |||||||||
Schedule Of Held-To-Maturity Securities | ' | |||||||||
As of December 28, 2013 | ||||||||||
Amortized Cost | Unrecognized Holding Gains | Unrecognized Holding Losses | Estimated Fair Value | |||||||
Certificates of Deposit | $ 8,642 | $ - | $ - | $ 8,642 | ||||||
Total Held-to-Maturity Securities | $ 8,642 | $ - | $ - | $ 8,642 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||
Dec. 28, 2013 | ||||||
Inventories [Abstract] | ' | |||||
Schedule Of Inventories | ' | |||||
Inventories consist of the following: | ||||||
December 29, | December 28, | |||||
2012 | 2013 | |||||
Raw materials | $ 9,228 | $ 13,824 | ||||
Work in progress | 7,703 | 8,147 | ||||
Finished goods | 19,550 | 25,271 | ||||
$ 36,481 | $ 47,242 | |||||
Prepaid_Expenses_And_Other_Cur1
Prepaid Expenses And Other Current Assets (Tables) | 12 Months Ended | |||||
Dec. 28, 2013 | ||||||
Prepaid Expenses And Other Current Assets [Abstract] | ' | |||||
Schedule Of Prepaid Expenses And Other Current Assets | ' | |||||
Prepaid expenses and other current assets consist of the following: | ||||||
December 29, | December 28, | |||||
2012 | 2013 | |||||
Prepaid insurance | $ 1,266 | $ 1,577 | ||||
Other prepaid expenses | 3,340 | 3,929 | ||||
Federal income taxes receivable | 4,865 | 6,592 | ||||
Miscellaneous receivables, net | 3,374 | 7,010 | ||||
Deferred commissions | 5,808 | 5,504 | ||||
Deferred tax assets | 4,255 | 8,588 | ||||
Other current assets | 2,317 | 2,618 | ||||
$ 25,225 | $ 35,818 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Income Taxes [Abstract] | ' | ||||||
Schedule Of Income Tax Expense (Benefit) | ' | ||||||
Income tax expense (benefit) included in income from net earnings consists of the following: | |||||||
Year ended | |||||||
2011 | 2012 | 2013 | |||||
Current | |||||||
Federal | $ 22,383 | $ 27,779 | $ 26,233 | ||||
State | 1,913 | 1,141 | 94 | ||||
Foreign | 4,442 | 4,051 | 9,626 | ||||
Total Current | 28,738 | 32,971 | 35,953 | ||||
Deferred | |||||||
Federal | 1,044 | -145 | 5,507 | ||||
State | -71 | 94 | -5 | ||||
Foreign | -2,985 | -927 | -3,898 | ||||
Total Deferred | -2,012 | -978 | 1,604 | ||||
$ 26,726 | $ 31,993 | $ 37,557 | |||||
Reconciliation Of Income Tax Provision | ' | ||||||
The income tax provision, as reconciled to the tax computed at the federal statutory rate of 35% for 2011, 2012, and | |||||||
2013, is as follows: | |||||||
Year ended | |||||||
2011 | 2012 | 2013 | |||||
Federal income taxes at statutory rate | $ 27,117 | $ 34,449 | $ 40,803 | ||||
State income taxes, net of federal tax benefit | 1,373 | 1,201 | 102 | ||||
Qualified production activities deduction | -1,576 | -2,651 | -1,700 | ||||
Foreign income taxes | - | -337 | -890 | ||||
All other, net | -188 | -669 | -758 | ||||
$ 26,726 | $ 31,993 | $ 37,557 | |||||
Schedule Of Deferred Taxes | ' | ||||||
The significant categories of deferred taxes are as follows: | |||||||
December 29, | December 28, | ||||||
2012 | 2013 | ||||||
Deferred tax assets | |||||||
Inventory differences | $ 2,415 | $ 3,111 | |||||
Accruals not currently deductible | 2,533 | 5,345 | |||||
Equity-based compensation | 4,375 | 2,779 | |||||
Intangible assets | 9,532 | 10,590 | |||||
Net operating losses | 2,240 | 530 | |||||
Other | 2,675 | 2,315 | |||||
Gross deferred tax assets | 23,770 | 24,670 | |||||
Valuation allowance | -1,598 | -530 | |||||
Net deferred tax assets | 22,172 | 24,140 | |||||
Deferred tax liabilities | |||||||
Depreciation/amortization | -5,260 | -5,323 | |||||
Accumulated other comprehensive income | -3,833 | -3,418 | |||||
Prepaid expenses | -1,240 | -1,370 | |||||
Intangible assets | -10,521 | -10,590 | |||||
Other | -2,490 | -5,268 | |||||
Gross deferred tax liabilities | -23,344 | -25,969 | |||||
Net deferred taxes | $ (1,172) | $ (1,829) | |||||
The Components of deferred taxes, net on a jurisdiction basis are as follows: | |||||||
December 29, | December 28, | ||||||
2012 | 2013 | ||||||
Net current deferred tax assets | $ 4,255 | $ 8,588 | |||||
Net noncurrent deferred tax assets | 5,956 | 5,519 | |||||
Net current deferred tax liabilities | -1,382 | -5,070 | |||||
Net noncurrent deferred tax liabilities | -10,001 | -10,866 | |||||
Net deferred taxes | $ (1,172) | $ (1,829) | |||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Property And Equipment [Abstract] | ' | ||||||
Schedule Of Property And Equipment | ' | ||||||
Cost of property and equipment and their estimated useful lives is as follows: | |||||||
December 29, | December 28, | ||||||
Years | 2012 | 2013 | |||||
Buildings | 40 | $ 40,766 | $ 39,500 | ||||
Laboratory and production equipment | 7-May | 22,366 | 23,383 | ||||
Sound and video library | 5 | 600 | 600 | ||||
Computer equipment and software | 5-Mar | 32,639 | 32,960 | ||||
Furniture and fixtures | 5-Mar | 5,350 | 5,346 | ||||
Automobiles | 5-Mar | 285 | 330 | ||||
Leasehold improvements | 5-Mar | 6,817 | 7,699 | ||||
Land improvements | 15 | 2,196 | 2,085 | ||||
111,019 | 111,903 | ||||||
Less accumulated depreciation and amortization | 59,049 | 62,724 | |||||
51,970 | 49,179 | ||||||
Land | 8,211 | 7,315 | |||||
Deposits and projects in process | 1,570 | 2,686 | |||||
$ 61,751 | $ 59,180 | ||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Intangible Assets [Abstract] | ' | |||||||||
Schedule Of Goodwill | ' | |||||||||
December 29, | December 28, | |||||||||
2012 | 2013 | |||||||||
Balance at beginning of year: | ||||||||||
Gross goodwill | $ 17,740 | $ 17,890 | ||||||||
Accumulated impairment losses | - | - | ||||||||
Net goodwill as of beginning of year | 17,740 | 17,890 | ||||||||
Goodwill acquired during the year | - | - | ||||||||
Impairment loss | - | - | ||||||||
Currency translation adjustment | 150 | 353 | ||||||||
Balance as of end of year | ||||||||||
Gross goodwill | 17,890 | 18,243 | ||||||||
Accumulated impairment losses | - | - | ||||||||
Net goodwill as of end of year | $ 17,890 | $ 18,243 | ||||||||
Schedule Of Finite And Indefinite Lived Intangible Assets | ' | |||||||||
As of December 29, 2012 | ||||||||||
Weighted-average | ||||||||||
Gross carrying | Accumulated | Net carrying | amortization | |||||||
amount | amortization | amount | period (years) | |||||||
Amortized intangible assets | ||||||||||
Trade name and trademarks | $ 4,256 | $ (1,011) | $ 3,245 | 10 | ||||||
Customer relationships | 2,073 | -1,641 | 432 | 3 | ||||||
6,329 | -2,652 | 3,677 | ||||||||
Indefinite-lived intangible assets | ||||||||||
Product formulas | 9,384 | 9,384 | ||||||||
Direct sales license | 29,024 | 29,024 | ||||||||
38,408 | 38,408 | |||||||||
$ 44,737 | $ 42,085 | |||||||||
As of December 28, 2013 | ||||||||||
Weighted-average | ||||||||||
Gross carrying | Accumulated | Net carrying | amortization | |||||||
amount | amortization | amount | period (years) | |||||||
Amortized intangible assets | ||||||||||
Trade name and trademarks | $ 4,372 | $ (1,505) | $ 2,867 | 10 | ||||||
Customer relationships | 2,130 | -2,130 | - | 3 | ||||||
6,502 | -3,635 | 2,867 | ||||||||
Indefinite-lived intangible assets | ||||||||||
Product formulas | 9,641 | 9,641 | ||||||||
Direct sales license | 29,821 | 29,821 | ||||||||
39,462 | 39,462 | |||||||||
$ 45,964 | $ 42,329 | |||||||||
Schedule Of Estimated Amortization Expense | ' | |||||||||
Estimated Amortization Expense: | ||||||||||
2014 | 438 | |||||||||
2015 | 438 | |||||||||
2016 | 438 | |||||||||
2017 | 438 | |||||||||
2018 | 438 | |||||||||
Thereafter | 677 | |||||||||
$ 2,867 | ||||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | |||||
Dec. 28, 2013 | ||||||
Other Current Liabilities [Abstract] | ' | |||||
Schedule Of Other Current Liabilities | ' | |||||
Other current liabilities consist of the following: | ||||||
December 29, | December 28, | |||||
2012 | 2013 | |||||
Associate incentives | $ 15,252 | $ 22,516 | ||||
Accrued employee compensation | 16,402 | 19,470 | ||||
Income taxes | 1,414 | 4,928 | ||||
Sales taxes | 4,569 | 6,435 | ||||
Deferred tax liabilities | 1,382 | 5,070 | ||||
Associate promotions | 1,775 | 2,824 | ||||
Deferred revenue | 15,601 | 16,058 | ||||
Provision for returns and allowances | 717 | 591 | ||||
All other | 6,692 | 8,477 | ||||
$ 63,804 | $ 86,369 | |||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||
Dec. 28, 2013 | ||||
Contingencies [Abstract] | ' | |||
Schedule Of Minimum Rental Payments For Operating Leases | ' | |||
Year ending | ||||
2014 | $ 7,412 | |||
2015 | 4,469 | |||
2016 | 3,060 | |||
2017 | 1,508 | |||
2018 | 1,097 | |||
Thereafter | 436 | |||
$ 17,982 | ||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Equity-Based Compensation [Abstract] | ' | |||||||||
Schedule Of Remaining Unrecognized Compensation Expense For Unvested Awards | ' | |||||||||
2014 | $ 5,948 | |||||||||
2015 | 4,040 | |||||||||
2016 | 2,085 | |||||||||
2017 | 1,286 | |||||||||
2018 | 236 | |||||||||
$ 13,595 | ||||||||||
The cost above is expected to be recognized over a weighted-average period of 1.9 years. | ||||||||||
Schedule Of Fair Value Assumptions | ' | |||||||||
Year Ended | ||||||||||
2011 | 2012 | 2013 | ||||||||
Expected volatility (1) | 56.0% | 50.7% | 41.9% | |||||||
Risk-free interest rate (2) | 1.1% | 0.6% | 0.7% | |||||||
Expected life (3) | 3.9 yrs. | 3.9 yrs. | 3.9 yrs. | |||||||
Expected dividend yield (4) | 0.0% | 0.0% | 0.0% | |||||||
Weighted-average grant price (5) | $ | $ | $ | |||||||
28.89 | 39.41 | 53.83 | ||||||||
(1) Through June, 2012 expected volatility was a weighted-average of historical volatility and implied volatility. | ||||||||||
In July 2012, the Company eliminated the implied volatility aspect of this calculation and began utilizing | ||||||||||
historical volatility alone. | ||||||||||
(2) Risk-free interest rate is based on the U.S. Treasury yield curve with respect to the expected life of the award. | ||||||||||
(3) For awards that follow the 20% per year vesting schedule, expected life is a weighted-average that includes | ||||||||||
historical settlement data of the Company's equity awards and a hypothetical holding period for outstanding | ||||||||||
awards. Due to lack of historical settlement data on awards that follow the 50% vesting at each of years four | ||||||||||
and five, expected life of these awards is calculated under the simplified method. | ||||||||||
(4) The Company historically has not paid dividends. | ||||||||||
(5) Grant price is the closing price of the Company's common stock on the date of grant. | ||||||||||
Schedule Of Stock Option Activity | ' | |||||||||
Shares | Weighted-average exercise price | Weighted-average remaining contractual term | Aggregate intrinsic value* | |||||||
Outstanding at December 29, 2012 | 2,689 | $ 34.43 | 2.9 | $ 5,136 | ||||||
Granted | 175 | 53.83 | ||||||||
Exercised | -939 | 32.20 | ||||||||
Canceled | -98 | 35.87 | ||||||||
Expired | - | - | ||||||||
Outstanding at December 28, 2013 | 1,827 | $ 37.37 | 2.6 | $ 74,160 | ||||||
Exercisable at December 28, 2013 | 540 | $ 35.73 | 1.8 | $ 22,678 | ||||||
* Aggregate intrinsic value is defined as the difference between the current market value at the reporting | ||||||||||
date (the closing price of the Company's common stock on the last trading day of the period) and the | ||||||||||
exercise price of awards that were in-the-money. The closing price of the Company's common stock at | ||||||||||
December 29, 2012 and December 28, 2013, was $31.60 and $77.72, respectively. | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Segment Information [Abstract] | ' | |||||||
Schedule Of Revenue Percentage By Product | ' | |||||||
Year Ended | ||||||||
2011 | 2012 | 2013 | ||||||
USANA® Nutritionals | 79% | 80% | 80% | |||||
USANA Foods | 11% | 11% | 11% | |||||
Sensé – beautiful science® | 7% | 7% | 6% | |||||
Schedule Of Revenues From External Customers By Geographical Areas | ' | |||||||
2011 | 2012 | 2013 | ||||||
Net Sales to External Customers | ||||||||
Americas and Europe | $ 236,386 | $ 244,333 | $ 261,682 | |||||
Asia Pacific | ||||||||
Southeast Asia Pacific | 111,447 | 139,651 | 155,362 | |||||
Greater China | 204,822 | 235,626 | 271,812 | |||||
North Asia | 29,284 | 29,116 | 29,319 | |||||
Asia Pacific Total | 345,553 | 404,393 | 456,493 | |||||
Consolidated Total | $ 581,939 | $ 648,726 | $ 718,175 | |||||
Schedule Of Long-Lived Assets By Geographic Region | ' | |||||||
December 29, | December 28, | |||||||
2012 | 2013 | |||||||
Long-lived Assets | ||||||||
Americas and Europe | $ 48,101 | $ 52,908 | ||||||
Asia Pacific | ||||||||
Southeast Asia Pacific | 17,866 | 15,868 | ||||||
Greater China | 61,104 | 63,505 | ||||||
North Asia | 1,783 | 1,625 | ||||||
Asia Pacific Total | 80,753 | 80,998 | ||||||
Consolidated Total | $ 128,854 | $ 133,906 | ||||||
Total Assets | ||||||||
Americas and Europe | $ 106,170 | $ 183,561 | ||||||
Asia Pacific | ||||||||
Southeast Asia Pacific | 43,234 | 36,349 | ||||||
Greater China | 109,510 | 141,542 | ||||||
North Asia | 8,441 | 7,018 | ||||||
Asia Pacific Total | 161,185 | 184,909 | ||||||
Consolidated Total | $ 267,355 | $ 368,470 | ||||||
Consolidated Net Sales And Long Lived Assets | ' | |||||||
2011 | 2012 | 2013 | ||||||
Net sales: | ||||||||
United States | $ 148,061 | $ 152,460 | $ 157,543 | |||||
Hong Kong | 156,672 | 180,837 | 132,285 | |||||
China | N/A | N/A | 106,710 | |||||
Canada | 67,024 | N/A | N/A | |||||
Long-lived Assets: | ||||||||
China | $ 59,130 | $ 61,716 | ||||||
United States | 46,559 | 51,260 | ||||||
Australia | 15,121 | N/A | ||||||
Quarterly_Financial_Results_Ta
Quarterly Financial Results (Tables) | 12 Months Ended | |||||||||
Dec. 28, 2013 | ||||||||||
Quarterly Financial Results [Abstract] | ' | |||||||||
Summary Of Quarterly Financial Information | ' | |||||||||
2012 | First | Second | Third | Fourth | ||||||
Net sales | $ 154,120 | $ 160,901 | $ 165,175 | $ 168,530 | ||||||
Gross profit | $ 126,903 | $ 132,828 | $ 134,832 | $ 138,359 | ||||||
Net earnings | $ 13,751 | $ 16,745 | $ 17,490 | $ 18,447 | ||||||
Earnings per share: | ||||||||||
Basic | $ 0.92 | $ 1.14 | $ 1.22 | $ 1.30 | ||||||
Diluted | $ 0.90 | $ 1.11 | $ 1.18 | $ 1.27 | ||||||
2013 | First | Second | Third | Fourth | ||||||
Net sales | $ 169,082 | $ 189,136 | $ 173,691 | $ 186,266 | ||||||
Gross profit | $ 138,821 | $ 157,231 | $ 142,200 | $ 152,488 | ||||||
Net earnings | $ 17,779 | $ 24,210 | $ 16,753 | $ 20,282 | ||||||
Earnings per share: | ||||||||||
Basic | $ 1.30 | $ 1.79 | $ 1.22 | $ 1.46 | ||||||
Diluted | $ 1.28 | $ 1.72 | $ 1.16 | $ 1.41 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule Of Earnings Per Share | ' | |||||||
Year ended | ||||||||
2011 | 2012 | 2013 | ||||||
Net earnings available to common shareholders | $ 50,752 | $ 66,433 | $ 79,024 | |||||
Basic EPS | ||||||||
Shares | ||||||||
Common shares outstanding entire period | 15,985 | 14,940 | 13,821 | |||||
Weighted average common shares: | ||||||||
Issued during period | 32 | 199 | 232 | |||||
Canceled during period | -656 | -592 | -358 | |||||
Weighted average common shares outstanding during | ||||||||
period | 15,361 | 14,547 | 13,695 | |||||
Earnings per common share from net earnings - basic | $ 3.30 | $ 4.57 | $ 5.77 | |||||
Diluted EPS | ||||||||
Shares | ||||||||
Weighted average common shares outstanding during | ||||||||
period - basic | 15,361 | 14,547 | 13,695 | |||||
Dilutive effect of in-the-money equity awards | 213 | 376 | 509 | |||||
Weighted average common shares outstanding during | ||||||||
period - diluted | 15,574 | 14,923 | 14,204 | |||||
Earnings per common share from net earnings - diluted | $ 3.26 | $ 4.45 | $ 5.56 | |||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
item | |||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Geographical regions | 2 | ' | ' |
Sub-geographical regions | 3 | ' | ' |
Fair Value, Assets And Liabilities, Level 1 Between Level 2 Transfers, Amount | $0 | $0 | ' |
Non-financial assets | 0 | 0 | 0 |
Receivable from credit card processors | 5,490,000 | 6,081,000 | ' |
Restricted cash | 3,296,000 | 3,208,000 | ' |
Other-than-temporary impairments | 0 | ' | ' |
Accumulated undistributed earnings of subsidiaries | 10,200,000 | ' | ' |
Extended credit | 7,000,000 | ' | ' |
Maturity date | 1-Dec-22 | ' | ' |
Notes receivable | 4,942,000 | ' | ' |
Impairment of goodwill | 0 | 0 | 0 |
Impairment of indefinite-lived intangible assets | 0 | 0 | 0 |
Amount of individual claims before reimbursement | 125,000 | ' | ' |
Minimum percentage of projected aggregate claims before insurance reimbursement | 100.00% | ' | ' |
Self insurance program expense | 5,281,000 | 4,518,000 | 4,274,000 |
Proceeds from Stock Options Exercised | 454,000 | 309,000 | 39,000 |
Tax impact of cancelled vested equity awards | 7,075,000 | 1,827,000 | -1,255,000 |
Amount available to repurchase under the stock repurchase plan | 13,622,000 | ' | ' |
Repurchase of common stock | 18,085,000 | 68,294,000 | 33,459,000 |
Account renewal fee period | '12 months | ' | ' |
Duration of product return for first order | '30 days | ' | ' |
Duration of product return | '1 year | ' | ' |
Percentage of sale refunded | 100.00% | ' | ' |
Restocking fee | 10.00% | ' | ' |
Amount of returned product which could result in cancellation of distributorship | 100 | ' | ' |
Product return percentage of net sales | 0.90% | 0.80% | 1.10% |
Advertising expense | 3,650,000 | 3,942,000 | 3,893,000 |
Research and development expense | $5,083,000 | $4,664,000 | $4,071,000 |
LIBOR [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Basis Points | 400.00% | ' | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Assets And Liabilities Measured At Fair Value) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds included in cash | $9,249 | $1,610 |
Term deposits included in cash | 348 | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds included in cash | 9,249 | 1,610 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds included in cash | ' | ' |
Term deposits included in cash | 348 | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds included in cash | ' | ' |
Term deposits included in cash | ' | ' |
Investments_Details
Investments (Details) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Amortized Cost | $8,642 |
Estimated Fair Value | 8,642 |
Certificates of Deposit [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Amortized Cost | 8,642 |
Estimated Fair Value | $8,642 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $13,824 | $9,228 |
Work in progress | 8,147 | 7,703 |
Finished goods | 25,271 | 19,550 |
Inventories | $47,242 | $36,481 |
Prepaid_Expenses_And_Other_Cur2
Prepaid Expenses And Other Current Assets (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses And Other Current Assets [Abstract] | ' | ' |
Prepaid insurance | $1,577 | $1,266 |
Other prepaid expenses | 3,929 | 3,340 |
Federal income taxes receivable | 6,592 | 4,865 |
Miscellaneous receivables, net | 7,010 | 3,374 |
Deferred commissions | 5,504 | 5,808 |
Deferred tax assets | 8,588 | 4,255 |
Other current assets | 2,618 | 2,317 |
Prepaid expenses and other current assets | $35,818 | $25,225 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Income Taxes [Abstract] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Foreign operating loss carryforward | $2,218,000 | ' | ' |
Operating loss carryforward valuation allowance | 530,000 | ' | ' |
Accumulated undistributed earnings of subsidiaries | 10,200,000 | ' | ' |
Significant unrecognized tax benefits | $0 | $0 | ' |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Current, Federal | $26,233 | $27,779 | $22,383 |
Current, State | 94 | 1,141 | 1,913 |
Current, Foreign | 9,626 | 4,051 | 4,442 |
Total Current | 35,953 | 32,971 | 28,738 |
Deferred, Federal | 5,507 | -145 | 1,044 |
Deferred, State | -5 | 94 | -71 |
Deferred, Foreign | -3,898 | -927 | -2,985 |
Total Deferred | 1,604 | -978 | -2,012 |
Income taxes | $37,557 | $31,993 | $26,726 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Income Tax Provision) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Federal income taxes at statutory rate | $40,803 | $34,449 | $27,117 |
State income taxes, net of federal tax benefit | 102 | 1,201 | 1,373 |
Qualified production activities deduction | -1,700 | -2,651 | -1,576 |
Foreign income taxes | -890 | -337 | ' |
All other, net | -758 | -669 | -188 |
Income taxes | $37,557 | $31,993 | $26,726 |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Taxes By Significant Categories) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Inventory differences | $3,111 | $2,415 |
Accruals not currently deductible | 5,345 | 2,533 |
Equity-based compensation | 2,779 | 4,375 |
Intangible assets | 10,590 | 9,532 |
Net operating losses | 530 | 2,240 |
Other | 2,315 | 2,675 |
Gross deferred tax assets | 24,670 | 23,770 |
Valuation allowance | -530 | -1,598 |
Net deferred tax assets | 24,140 | 22,172 |
Depreciation/amortization | -5,323 | -5,260 |
Accumulated other comprehensive income | -3,418 | -3,833 |
Prepaid expenses | -1,370 | -1,240 |
Intangible assets | -10,590 | -10,521 |
Other | -5,268 | -2,490 |
Gross deferred tax liabilities | -25,969 | -23,344 |
Net current deferred tax assets | 8,588 | 4,255 |
Net noncurrent deferred tax assets | 5,519 | 5,956 |
Net current deferred tax liabilities | -5,070 | -1,382 |
Net noncurrent deferred tax liabilities | 10,866 | 10,001 |
Net deferred taxes | ($1,829) | ($1,172) |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $111,903 | $111,019 | ' |
Less accumulated depreciation and amortization | 62,724 | 59,049 | ' |
Property and equipment, net | 49,179 | 51,970 | ' |
Property and equipment, net | 59,180 | 61,751 | ' |
Depreciation | 8,152 | 7,717 | 7,431 |
Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '40 years | ' | ' |
Property and equipment, gross | 39,500 | 40,766 | ' |
Laboratory and Production Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 23,383 | 22,366 | ' |
Sound and Video Library [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '5 years | ' | ' |
Property and equipment, gross | 600 | 600 | ' |
Computer Equipment and Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 32,960 | 32,639 | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 5,346 | 5,350 | ' |
Automobiles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 330 | 285 | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 7,699 | 6,817 | ' |
Land Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '15 years | ' | ' |
Property and equipment, gross | 2,085 | 2,196 | ' |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, net | 7,315 | 8,211 | ' |
Deposits And Projects In Process [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, net | $2,686 | $1,570 | ' |
Minimum [Member] | Laboratory and Production Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '5 years | ' | ' |
Minimum [Member] | Computer Equipment and Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '3 years | ' | ' |
Minimum [Member] | Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '3 years | ' | ' |
Minimum [Member] | Automobiles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '3 years | ' | ' |
Minimum [Member] | Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '3 years | ' | ' |
Maximum [Member] | Laboratory and Production Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '7 years | ' | ' |
Maximum [Member] | Computer Equipment and Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '5 years | ' | ' |
Maximum [Member] | Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '5 years | ' | ' |
Maximum [Member] | Automobiles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '5 years | ' | ' |
Maximum [Member] | Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '5 years | ' | ' |
Intangible_Assets_Schedule_Of_
Intangible Assets (Schedule Of Goodwill) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Intangible Assets [Abstract] | ' | ' | ' |
Gross goodwill, Beginning | $17,890,000 | $17,740,000 | ' |
Accumulated impairment losses, Beginning | 0 | 0 | ' |
Goodwill, Beginning | 17,890,000 | 17,740,000 | ' |
Goodwill acquired during the year | 0 | 0 | ' |
Impairment loss | 0 | 0 | 0 |
Currency translation adjustments | 353,000 | 150,000 | ' |
Gross goodwill, Ending | 18,243,000 | 17,890,000 | 17,740,000 |
Accumulated impairment losses, Ending | 0 | 0 | 0 |
Goodwill, Ending | $18,243,000 | $17,890,000 | $17,740,000 |
Intangible_Assets_Schedule_Of_1
Intangible Assets (Schedule Of Finite And Indefinite Lived Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets, Gross carrying amount | $6,502 | $6,329 |
Accumulated amortization | -3,635 | -2,652 |
Amortized intangible assets, Net carrying amount | 2,867 | 3,677 |
Unamortized intangible assets | 39,462 | 38,408 |
Total, Gross carrying amount | 45,964 | 44,737 |
Total, Net carrying amount | 42,329 | 42,085 |
Trade Name And Trademarks [Member] | ' | ' |
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets, Gross carrying amount | 4,372 | 4,256 |
Accumulated amortization | -1,505 | -1,011 |
Amortized intangible assets, Net carrying amount | 2,867 | 3,245 |
Weighted-average amortization period (years) | '10 years | '10 years |
Customer Relationships [Member] | ' | ' |
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets, Gross carrying amount | 2,130 | 2,073 |
Accumulated amortization | -2,130 | -1,641 |
Amortized intangible assets, Net carrying amount | ' | 432 |
Weighted-average amortization period (years) | '3 years | '3 years |
Product Formulas [Member] | ' | ' |
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ' | ' |
Unamortized intangible assets | 9,641 | 9,384 |
Direct Sales License [Member] | ' | ' |
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ' | ' |
Unamortized intangible assets | $29,821 | $29,024 |
Intangible_Assets_Schedule_Of_2
Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Intangible Assets [Abstract] | ' | ' | ' |
2014 | $438 | ' | ' |
2015 | 438 | ' | ' |
2016 | 438 | ' | ' |
2017 | 438 | ' | ' |
2018 | 438 | ' | ' |
Thereafter | 677 | ' | ' |
Total estimated amortization expense | 2,867 | 3,677 | ' |
Aggregate amortization of intangible assets | $897 | $1,090 | $1,515 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Other Current Liabilities [Abstract] | ' | ' |
Associate incentives | $22,516 | $15,252 |
Accrued employee compensation | 19,470 | 16,402 |
Income taxes | 4,928 | 1,414 |
Sales taxes | 6,435 | 4,569 |
Deferred tax liabilities | 5,070 | 1,382 |
Associate promotions | 2,824 | 1,775 |
Deferred revenue | 16,058 | 15,601 |
Provision for returns and allowances | 591 | 717 |
All other | 8,477 | 6,692 |
Other current liabilities | $86,369 | $63,804 |
LongTerm_Debt_And_Line_Of_Cred1
Long-Term Debt And Line Of Credit (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Jul. 18, 2013 | Dec. 29, 2012 | |
Long-Term Debt And Line Of Credit [Abstract] | ' | ' | ' |
Credit Facility | ' | $75,000,000 | ' |
Reduction in available borrowing limit | 3,800,000 | ' | ' |
Outstanding debt | $0 | ' | $0 |
Line of credit facility, maturity date | '2016-04 | ' | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Total rent expense | $9,254 | $6,452 | $6,410 |
Minimum employee age to partake in 401(k) | '18 years | ' | ' |
Requisite service period to partake in 401(k) | '1 month | ' | ' |
Employers' percentage match of employee's contribution percentage | 100.00% | ' | ' |
Percentage of employee's gross pay that is matched by the employer | 1.00% | ' | ' |
Employers' percentage match of employee's contribution percentage over one percent | 50.00% | ' | ' |
Employers' maximum contribution of employee's compensation | 6.00% | ' | ' |
Requisite service in order to cliff vest | '2 years | ' | ' |
Contributions made by the Company | $1,149 | $1,024 | $979 |
Buildings [Member] | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Lease expiration date | '2019 | ' | ' |
Equipment [Member] | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' |
Lease expiration date | '2016 | ' | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Minimum Rental Payments For Operating Leases) (Details) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Contingencies [Abstract] | ' |
2014 | $7,412 |
2015 | 4,469 |
2016 | 3,060 |
2017 | 1,508 |
2018 | 1,097 |
Thereafter | 436 |
Total | $17,982 |
EquityBased_Compensation_Narra
Equity-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Equity-based compensation expense | $7,624 | $10,210 | $10,549 |
Equity-based compensation related tax benefit | 2,575 | 3,554 | 3,852 |
Unrecognized compensation expense weighted average period of recognition | '1 year 10 months 24 days | ' | ' |
Total shares authorized under the plan | 10,000 | ' | ' |
Total awards granted | 6,004 | ' | ' |
Awards canceled | 1,043 | ' | ' |
Vesting percentage for years 4 and 5 | 50.00% | ' | ' |
Weighted-average grant date fair value | $17.59 | $15.35 | $12.40 |
Total intrinsic value of stock options and stock-settled stock appreciation rights exercised | 32,837 | 20,590 | 925 |
Total fair value of equity awards vested | $8,096 | $10,211 | $10,993 |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total awards granted | 5,882 | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total awards granted | 8 | ' | ' |
Deferred Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total awards granted | 114 | ' | ' |
Vesting percentage | 20.00% | ' | ' |
Officers Upon Hire Or Promotion [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting percentage | 20.00% | ' | ' |
Expiration from grant date | '5 years 6 months | ' | ' |
Officers [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting percentage | 50.00% | ' | ' |
Expiration from grant date | '5 years 6 months | ' | ' |
Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting percentage | 25.00% | ' | ' |
Minimum [Member] | Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expiration from grant date | '5 years | ' | ' |
Maximum [Member] | Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expiration from grant date | '5 years 6 months | ' | ' |
EquityBased_Compensation_Sched
Equity-Based Compensation (Schedule Of Remaining Unrecognized Compensation Expense For Unvested Awards) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2013 |
Equity-Based Compensation [Abstract] | ' |
2014 | $5,948 |
2015 | 4,040 |
2016 | 2,085 |
2017 | 1,286 |
2018 | 236 |
Total | $13,595 |
Unrecognized compensation expense weighted average period of recognition | '1 year 10 months 24 days |
EquityBased_Compensation_Sched1
Equity-Based Compensation (Schedule Of Fair Value Assumptions) (Details) (USD $) | 12 Months Ended | |||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||||
Equity-Based Compensation [Abstract] | ' | ' | ' | |||
Expected volatility | 41.90% | [1] | 50.70% | [1] | 56.00% | [1] |
Risk-free interest rate | 0.70% | [2] | 0.60% | [2] | 1.10% | [2] |
Expected life | '3 years 10 months 24 days | [3] | '3 years 10 months 24 days | [3] | '3 years 10 months 24 days | [3] |
Expected dividend yield | 0.00% | [4] | 0.00% | [4] | 0.00% | [4] |
Weighted-average grant price | $53.83 | [5] | $39.41 | [5] | $28.89 | [5] |
[1] | Through June, 2012 expected volatility was a weighted-average of historical volatility and implied volatility. In July 2012, the Company eliminated the implied volatility aspect of this calculation and began utilizing historical volatility alone. | |||||
[2] | Risk-free interest rate is based on the U.S. Treasury yield curve with respect to the expected life of the award. | |||||
[3] | For awards that follow the 20% per year vesting schedule, expected life is a weighted-average that includes historical settlement data of the Company's equity awards and a hypothetical holding period for outstanding awards. Due to lack of historical settlement data on awards that follow the 50% vesting at each of years four and five, expected life of these awards is calculated under the simplified method. | |||||
[4] | The Company historically has not paid dividends. | |||||
[5] | Grant price is the closing price of the Company's common stock on the date of grant.Table 3 |
EquityBased_Compensation_Sched2
Equity-Based Compensation (Schedule Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | ||
Equity-Based Compensation [Abstract] | ' | ' | ||
Shares, Outstanding | 2,689 | ' | ||
Shares, Granted | 175 | ' | ||
Shares, Exercised | -939 | ' | ||
Shares, Cancelled | -98 | ' | ||
Shares, Outstanding | 1,827 | 2,689 | ||
Shares, Exercisable | 540 | ' | ||
Weighted-average grant price, Outstanding | $34.43 | ' | ||
Weighted-average grant price, Granted | $53.83 | ' | ||
Weighted-average grant price, Exercised | $32.20 | ' | ||
Weighted-average grant price, Cancelled | $35.87 | ' | ||
Weighted-average grant price, Outstanding | $37.37 | $34.43 | ||
Weighted-average grant price, Exercisable | $35.73 | ' | ||
Weighted-average remaining contractual term, Outstanding | '2 years 7 months 6 days | '2 years 10 months 24 days | ||
Weighted-average remaining contractual term, Exercisable | '1 year 9 months 18 days | ' | ||
Aggregate intrinsic value, Outstanding | $5,136 | [1] | ' | |
Aggregate intrinsic value, Outstanding | 74,160 | [1] | 5,136 | [1] |
Aggregate intrinsic value, Exercisable | $22,678 | [1] | ' | |
Closing price of common stock | $77.72 | $31.60 | ||
[1] | Aggregate intrinsic value is defined as the difference between the current market value date (the closing price of the Company's common stock on the last trading day of the exercise price of awards that were in-the-money. The closing price of the Company's December 29, 2012 and December 28, 2013, was $31.60 and $77.72, respectively. |
Segment_Information_Percentage
Segment Information (Percentage Of Total Product Revenue Contributed By Company's Nutritional And Care Products) (Details) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
USANA Nutritionals [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Percentage of product revenue | 80.00% | 80.00% | 79.00% |
USANA Foods [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Percentage of product revenue | 11.00% | 11.00% | 11.00% |
Sense - Beautiful Science [Member] | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' |
Percentage of product revenue | 6.00% | 7.00% | 7.00% |
Segment_Information_Schedule_O
Segment Information (Schedule Of Revenues From External Customers And Assets By Geographic Region) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales to External Customers | $186,266 | $173,691 | $189,136 | $169,082 | $168,530 | $165,175 | $160,901 | $154,120 | $718,175 | $648,726 | $581,939 |
Americas And Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales to External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 261,682 | 244,333 | 236,386 |
Southeast Asia/Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales to External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 155,362 | 139,651 | 111,447 |
Greater China [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales to External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 271,812 | 235,626 | 204,822 |
North Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales to External Customers | ' | ' | ' | ' | ' | ' | ' | ' | 29,319 | 29,116 | 29,284 |
Asia Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales to External Customers | ' | ' | ' | ' | ' | ' | ' | ' | $456,493 | $404,393 | $345,553 |
Segment_Information_Schedule_O1
Segment Information (Schedule Of Long-Lived Assets By Geographic Region) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived Assets | $133,906 | $128,854 |
Assets | 368,470 | 267,355 |
North America/Europe [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived Assets | 52,908 | 48,101 |
Assets | 183,561 | 106,170 |
Southeast Asia/Pacific [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived Assets | 15,868 | 17,866 |
Assets | 36,349 | 43,234 |
Greater China [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived Assets | 63,505 | 61,104 |
Assets | 141,542 | 109,510 |
North Asia [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived Assets | 1,625 | 1,783 |
Assets | 7,018 | 8,441 |
Asia Pacific [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Long-lived Assets | 80,998 | 80,753 |
Assets | $184,909 | $161,185 |
Segment_Information_Consolidat
Segment Information (Consolidated Net Sales And Long Lived Assets By Percent) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $186,266 | $173,691 | $189,136 | $169,082 | $168,530 | $165,175 | $160,901 | $154,120 | $718,175 | $648,726 | $581,939 |
Long-lived Assets | 133,906 | ' | ' | ' | 128,854 | ' | ' | ' | 133,906 | 128,854 | ' |
Hong Kong [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 132,285 | 180,837 | 156,672 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 157,543 | 152,460 | 148,061 |
Long-lived Assets | 51,260 | ' | ' | ' | 46,559 | ' | ' | ' | 51,260 | 46,559 | ' |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,024 |
Australia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-lived Assets | ' | ' | ' | ' | 15,121 | ' | ' | ' | ' | 15,121 | ' |
China [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 106,710 | ' | ' |
Long-lived Assets | $61,716 | ' | ' | ' | $59,130 | ' | ' | ' | $61,716 | $59,130 | ' |
Quarterly_Financial_Results_De
Quarterly Financial Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Quarterly Financial Results [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $186,266 | $173,691 | $189,136 | $169,082 | $168,530 | $165,175 | $160,901 | $154,120 | $718,175 | $648,726 | $581,939 |
Gross profit | 152,488 | 142,200 | 157,231 | 138,821 | 138,359 | 134,832 | 132,828 | 126,903 | 590,740 | 532,922 | 480,247 |
Net earnings | $20,282 | $16,753 | $24,210 | $17,779 | $18,447 | $17,490 | $16,745 | $13,751 | $79,024 | $66,433 | $50,752 |
Basic | $1.46 | $1.22 | $1.79 | $1.30 | $1.30 | $1.22 | $1.14 | $0.92 | $5.77 | $4.57 | $3.30 |
Diluted | $1.41 | $1.16 | $1.72 | $1.28 | $1.27 | $1.18 | $1.11 | $0.90 | $5.56 | $4.45 | $3.26 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Equity awards of stock excluded in computation of diluted EPS | 344 | 1,039 | 2,773 |
Amount expended to repurchase shares | $18,085 | $68,294 | $33,459 |
Shares repurchased | 414 | 1,644 | 1,120 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $79,024 | $66,433 | $50,752 | ' |
Common shares outstanding entire period | 13,886 | ' | ' | ' | 13,821 | ' | ' | ' | 13,886 | 13,821 | 14,940 | 15,985 |
Weighted average common shares issued during period | ' | ' | ' | ' | ' | ' | ' | ' | 232 | 199 | 32 | ' |
Weighted average common shares cancelled during period | ' | ' | ' | ' | ' | ' | ' | ' | -358 | -592 | -656 | ' |
Weighted average common shares outstanding during period | ' | ' | ' | ' | ' | ' | ' | ' | 13,695 | 14,547 | 15,361 | ' |
Earnings per common share from net earnings - basic | $1.46 | $1.22 | $1.79 | $1.30 | $1.30 | $1.22 | $1.14 | $0.92 | $5.77 | $4.57 | $3.30 | ' |
Weighted average common shares outstanding during period - basic | ' | ' | ' | ' | ' | ' | ' | ' | 13,695 | 14,547 | 15,361 | ' |
Dilutive effect of in-the-money equity awards | ' | ' | ' | ' | ' | ' | ' | ' | 509 | 376 | 213 | ' |
Weighted average common shares outstanding during period - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 14,204 | 14,923 | 15,574 | ' |
Earnings per common share from net earnings - diluted | $1.41 | $1.16 | $1.72 | $1.28 | $1.27 | $1.18 | $1.11 | $0.90 | $5.56 | $4.45 | $3.26 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Principal owner beneficial ownership percentage | 47.40% | ' | ' |
Amount paid to Medicis | $381 | $359 | $360 |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Allowance For Sales Returns [Member] | ' | ' | ' |
Balance at beginning of period | $717 | $1,014 | $929 |
Charged to costs and expenses | 44 | 46 | 149 |
Charged to other accounts | ' | ' | ' |
Deductions | 170 | 343 | 64 |
Balance at end of period | 591 | 717 | 1,014 |
Allowance For Doubtful Accounts [Member] | ' | ' | ' |
Balance at beginning of period | 1,808 | 1,580 | 1,773 |
Charged to costs and expenses | 98 | 230 | 48 |
Charged to other accounts | ' | ' | ' |
Deductions | 26 | 2 | 241 |
Balance at end of period | 1,880 | 1,808 | 1,580 |
Valuation Allowance - Deferred Tax Assets [Member] | ' | ' | ' |
Balance at beginning of period | 1,598 | 1,784 | 1,595 |
Charged to costs and expenses | ' | ' | 189 |
Charged to other accounts | ' | ' | ' |
Deductions | 1,068 | 186 | ' |
Balance at end of period | $530 | $1,598 | $1,784 |