Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 02, 2016 | Feb. 26, 2016 | Jul. 02, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 2, 2016 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 896,264 | ||
Entity Registrant Name | USANA HEALTH SCIENCES INC | ||
Current Fiscal Year End Date | --01-02 | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 11,944,164 | ||
Entity Public Float | $ 832,428,673 | ||
Trading Symbol | usna |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Current assets | ||
Cash and cash equivalents | $ 143,210 | $ 111,126 |
Inventories | 66,119 | 45,248 |
Prepaid expenses and other current assets | 34,935 | 34,553 |
Total current assets | 244,264 | 190,927 |
Property and equipment, net | 87,982 | 71,164 |
Goodwill | 17,432 | 17,941 |
Intangible assets, net | 38,269 | 40,952 |
Deferred tax assets | 9,844 | 5,933 |
Other assets | 25,446 | 23,667 |
Total assets | 423,237 | 350,584 |
Current liabilities | ||
Accounts payable | 10,043 | 7,779 |
Other current liabilities | 121,369 | 100,926 |
Total current liabilities | 131,412 | 108,705 |
Deferred tax liabilities | 9,822 | 10,601 |
Other long-term liabilities | 1,151 | 1,114 |
Stockholders' equity | ||
Common stock, $0.001 par value; Authorized -- 50,000 shares, issued and outstanding 12,633 as of January 3, 2015 and 12,488 as of January 2, 2016 | 13 | 13 |
Additional paid-in capital | 69,740 | 61,613 |
Retained earnings | 214,875 | 166,406 |
Accumulated other comprehensive income | (3,776) | 2,132 |
Total stockholders' equity | 280,852 | 230,164 |
Total liabilities and stockholder's equity | $ 423,237 | $ 350,584 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 12,488 | 12,633 |
Common stock, shares outstanding | 12,488 | 12,633 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net sales | $ 918,499 | $ 790,471 | $ 718,175 |
Cost of sales | 159,682 | 140,794 | 127,435 |
Gross profit | 758,817 | 649,677 | 590,740 |
Operating expenses: | |||
Associate incentives | 408,160 | 349,044 | 307,820 |
Selling, general and administrative | 208,995 | 184,531 | 166,208 |
Total operating expenses | 617,155 | 533,575 | 474,028 |
Earnings from operations | 141,662 | 116,102 | 116,712 |
Other income (expense): | |||
Interest income | 1,116 | 500 | 464 |
Interest expense | (15) | (129) | (1) |
Other, net | (174) | (820) | (594) |
Other income (expense), net | 927 | (449) | (131) |
Earnings before income taxes | 142,589 | 115,653 | 116,581 |
Income taxes | 47,917 | 39,017 | 37,557 |
Net earnings | $ 94,672 | $ 76,636 | $ 79,024 |
Earnings per common share | |||
Basic | $ 7.44 | $ 5.80 | $ 5.77 |
Diluted | $ 7.18 | $ 5.60 | $ 5.56 |
Weighted average common shares outstanding | |||
Basic | 12,730 | 13,221 | 13,695 |
Diluted | 13,177 | 13,689 | 14,204 |
Comprehensive income: | |||
Net earnings | $ 94,672 | $ 76,636 | $ 79,024 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | (9,283) | (4,492) | (1,458) |
Tax benefit (expense) related to foreign currency translation adjustment | 3,375 | 830 | 316 |
Other comprehensive income (loss), net of tax | (5,908) | (3,662) | (1,142) |
Comprehensive income | $ 88,764 | $ 72,974 | $ 77,882 |
Consolidated Statement Of Stock
Consolidated Statement Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance, shares at Dec. 29, 2012 | 13,821 | ||||
Balance, value at Dec. 29, 2012 | $ 14 | $ 43,822 | $ 134,800 | $ 6,936 | $ 185,572 |
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, shares | 479 | ||||
Common stock issued under equity award plans, value | 454 | 454 | |||
Tax benefit from equity award activity | 7,075 | 7,075 | |||
Balance, shares at Dec. 28, 2013 | 13,886 | ||||
Balance, value at Dec. 28, 2013 | $ 14 | 54,691 | 200,023 | 5,794 | 260,522 |
Net earnings | 76,636 | 76,636 | |||
Other comprehensive income (loss), net of tax | (3,662) | (3,662) | |||
Equity-based compensation expense | 9,805 | $ 9,805 | |||
Common stock repurchased and retired, shares | (1,927) | (1,927) | |||
Common stock repurchased and retired, value | $ (2) | (28,564) | (110,253) | $ (138,819) | |
Common stock issued under equity award plans, shares | 674 | ||||
Common stock issued under equity award plans, value | $ 1 | 10,969 | 10,970 | ||
Tax benefit from equity award activity | 14,712 | $ 14,712 | |||
Balance, shares at Jan. 03, 2015 | 12,633 | 12,633 | |||
Balance, value at Jan. 03, 2015 | $ 13 | 61,613 | 166,406 | 2,132 | $ 230,164 |
Net earnings | 94,672 | 94,672 | |||
Other comprehensive income (loss), net of tax | (5,908) | (5,908) | |||
Equity-based compensation expense | 11,081 | $ 11,081 | |||
Common stock repurchased and retired, shares | (457) | (457) | |||
Common stock repurchased and retired, value | (14,978) | (46,203) | $ (61,181) | ||
Common stock issued under equity award plans, shares | 312 | ||||
Tax benefit from equity award activity | 12,024 | $ 12,024 | |||
Balance, shares at Jan. 02, 2016 | 12,488 | 12,488 | |||
Balance, value at Jan. 02, 2016 | $ 13 | $ 69,740 | $ 214,875 | $ (3,776) | $ 280,852 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Cash flows from operating activities | |||
Net earnings | $ 94,672 | $ 76,636 | $ 79,024 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 9,978 | 8,810 | 9,044 |
(Gain) loss on sale of property and equipment | 3 | 46 | (16) |
Equity-based compensation expense | 11,081 | 9,805 | 7,624 |
Excess tax benefits from equity-based payment arrangements | (12,024) | (14,834) | (7,466) |
Deferred income taxes | (2,572) | (1,039) | 814 |
Changes in operating assets and liabilities: | |||
Inventories | (23,071) | 1,102 | (11,783) |
Prepaid expenses and other assets | (2,047) | (3,789) | (8,465) |
Income tax payable related to tax benefit from equity award activity | 12,024 | 14,712 | 7,075 |
Accounts payable | 2,481 | (1,337) | 2,790 |
Other liabilities | 20,941 | 15,073 | 20,252 |
Net cash provided by (used in) operating activities | 111,466 | 105,185 | 98,893 |
Cash flows from investing activities | |||
Additions to notes receivable | (1,580) | (4,495) | (4,942) |
Purchases of investment securities held-to-maturity | (3,871) | (8,643) | |
Maturities of investment securities | 12,511 | ||
Proceeds from sale of property and equipment | 185 | 10 | 47 |
Purchases of property and equipment | (23,729) | (20,421) | (8,051) |
Net cash provided by (used in) investing activities | (25,124) | (16,266) | (21,589) |
Cash flows from financing activities | |||
Proceeds from equity awards exercised | 0 | 10,970 | 454 |
Excess tax benefits from equity-based payment arrangements | 12,024 | 14,834 | 7,466 |
Repurchase of common stock | (61,181) | (138,819) | (18,085) |
Borrowings on line of credit | 30,000 | ||
Payments on line of credit | (30,000) | ||
Net cash provided by (used in) financing activities | (49,157) | (113,015) | (10,165) |
Effect of exchange rate changes on cash and cash equivalents | (5,101) | (2,121) | (635) |
Net increase (decrease) in cash and cash equivalents | 32,084 | (26,217) | 66,504 |
Cash and cash equivalents, beginning of period | 111,126 | 137,343 | 70,839 |
Cash and cash equivalents, end of period | 143,210 | 111,126 | 137,343 |
Cash paid during the period for: | |||
Interest | 15 | 136 | 1 |
Income taxes | 35,782 | 26,955 | 26,952 |
Non-cash investing activities: | |||
Credits on notes receivable | 966 | 720 | $ 198 |
Accrued purchases of property and equipment | $ 6,863 | $ 1,805 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jan. 02, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company USANA Health Sciences, Inc. 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 Consolidated Financial Statements include the accounts and operations of USANA Health Sciences, Inc. and its wholly-owned subsidiaries (collectively, the “Company” or “USANA”) in two geographic regions: Asia Pacific, and Americas and Europe. Asia Pacific is further divided into three sub-regions: Greater China, Southeast Asia Pacific, and North Asia. Greater China includes Hong Kong, Taiwan and China; Southeast Asia Pacific includes Australia, New Zealand, Singapore, Malaysia, the Philippines, Thailand , and Indonesia ; North Asia includes Japan, and South Korea. Americas and Europe includes the United States, Canada, Mexico, Colombia, the United Kingdom, France, Belgium, and the Netherlands. 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 2013 and 2015, were 52-week years. Fiscal year 2014 was a 53-week year. Fiscal year 2013 covered the period December 30, 2012 to December 28, 2013 (hereinafter 2013). Fiscal year 2014 covered the period December 29, 2013 to January 3, 2015 (hereinafter 2014). Fiscal year 2015 covered the period January 4, 2015 to January 2, 2016 (hereinafter 2015). 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 January 3, 2015 and January 2, 2016, the following financial assets and liabilities were measured at fair value on a recurring basis using the type of inputs shown: NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED Fair Value Measurements Using Inputs January 3, 2015 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 4,833 $ 4,833 $ - $ - Fair Value Measurements Using Inputs January 2, 2016 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 14,460 $ 14,460 $ - $ - There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the years ended 2014 and 2015. 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 charge is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value. For the years ended 2013, 2014, and 2015 , there were no non-financial assets measured at fair value on a non-recurring basis. Fair value of financial instruments At January 3, 2015 and January 2, 2016, the Company’s financial instruments include cash equivalents, accounts receivable, restricted cash, notes receivable, and accounts payable. The recorded values of cash equivalents, accounts receivable, restricted cash, and accounts payable 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. 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 January 3, 2015 and January 2, 2016 consisted primarily of money market fund investments, 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 as of January 3, 2015 and January 2, 2016 totaled $6,209 and $12, 516 , respectively. NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED 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 $3,222 as of January 3, 2015, and $3,080 as of January 2, 2016. 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 the “O ther assets” line item in the Company’s consolidated balance sheets . 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 is 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. NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED 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 the Company’s nutrition bars and are included in the “Other assets” line item in the Company’s consolidated balance sheets. The Company has extended non-revolving credit to this supplier to allow them 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 February 1, 2024 and will be repaid by a combination of cash payments and credits for the manufacture of USANA’s nutrition bars. Manufacturing credits applied during 2014 and 2015 were $720 and $966 , respectively. There is no prepayment penalty. Notes receivable from this supplier a s of January 3, 2015, and January 2, 2016, were $8,519 , and $8,339 , respectively. 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 2013, 2014, and 2015, no impairment of goodwill was recorded. NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED Intangible assets Intangible assets represent long-lived and indefinite-lived intangible assets acquired in connection with the purchase of the Company’s China subsidiary in 2010. Long-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. Long-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 group’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 2013, 2014, and 2015, 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 for all unpaid claims. Total expense under this self insurance program was $5,281 , $7,019 and $7,287 in 201 3 , 201 4 and 201 5 , 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 $454 , and $10,970 in cash proceeds from the exercise of equity awards in 2013 and 2014, respectively. There were no cash proceeds from the exercise of equity awards in 2015. The Company also realizes an income tax benefit from the exercise of certain equity awards. Upon exercise, the related 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 benefit recorded in additional paid-in capital was $7,075 , $14,712 , and $12,024 , in 2013, 2014, and 2015, respectively. The Company has a stock repurchase plan in place that has been authorized by the Board of Directors. As of January 2, 2016, $100,000 was available to repurchase shares under this plan. The Company expended $18,085 , $138,819 , and $61,181 to repurchase and retire shares during 2013, 2014, and 2015, 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. NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED 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. Deferred revenue is recognized at the estimated point o f delivery of the merchandise. On the occasion that will-call orders are not picked up by customers, we periodically assess the likelihood that customers will exercise their contractual right to pick up orders and recognize revenue when the likelihood is estimated to be remote. Certain incentives offered on the sale of our products, including sales discounts, are classified as a reduction of revenue. Sales discounts earned under USANA’s initial order reward program are considered part of a multiple element revenue arrangement and accordingly are deferred when the first order is placed and recognized as customers place their subsequent two Auto Orders. A provision for product returns and allowances is recorded and is based on historical experience. Additionally, the Company collects an annual account renewal fee from Associates that is deferred upon 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 first-time product orders that are returned within the first 30 days following purchase are refunded at 100% of the sales price . After the first order, a ll 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 . This standard policy differs slightly in a few of our international markets due to the regulatory environment in those markets. 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. Product returns totaled approximately 0.9% of net sales in 2013, 0.8% of net sales in 2014, and 0.6% of net sales in 2015. 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. NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED 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 J – 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 $3,650 in 2013, $4,942 in 2014 and $13,766 in 2015. 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 $5,083 in 2013, $5,128 in 2014 and $6,420 in 2015. 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. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 includes a five-step process by which entities will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which an entity expects to be entitled in exchange for those goods or services. The standard also will require enhanced disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In July 2015, the FASB announced a decision to defer the effective date of this ASU. ASU 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted for annual and interim reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact ASU 2014-09 will have on its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This standard modifies existing consolidation guidance for reporting companies that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and requires either a retrospective or a modified retrospective approach to adoption. The Company is currently evaluating the impact ASU 2015-02 will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”. This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The ASU is effective for annual and interim reporting periods beginning after December 15, 2016. Early adoption is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the impact ASU 2015-05 will have on its consolidated financial statements. NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”. For entities that do not measure inventory using the last-in, first-out or retail inventory method, ASU 2015-11 changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value, where net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The ASU is effective for annual and interim reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact ASU 2015-11 will have on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. The ASU requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. The ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2016. Early adoption is permitted at the beginning of an interim or annual period and requires either a prospective or retrospective approach to adoption. The Company is currently evaluating the impact ASU 2015-17 will have on its consolidated financial statements. |
Inventories
Inventories | 12 Months Ended |
Jan. 02, 2016 | |
Inventories [Abstract] | |
Inventories | NOTE B – INVENTORIES Inventories consist of the following: January 3, January 2, 2015 2016 Raw materials $ 15,127 $ 22,529 Work in progress 7,545 8,701 Finished goods 22,576 34,889 $ 45,248 $ 66,119 |
Prepaid Expenses And Other Curr
Prepaid Expenses And Other Current Assets | 12 Months Ended |
Jan. 02, 2016 | |
Other Assets [Abstract] | |
Prepaid Expenses And Other Current Assets | NOTE C – PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: January 3, January 2, 2015 2016 Prepaid insurance $ 1,507 $ 1,727 Other prepaid expenses 3,094 3,862 Federal income taxes receivable 7,370 7,080 Miscellaneous receivables, net 3,656 4,704 Deferred commissions 3,618 3,305 Deferred tax assets 9,683 9,674 Other current assets 5,625 4,583 $ 34,553 $ 34,935 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 02, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE D – INCOME TAXES Income tax expense (benefit) included in income from net earnings consists of the following: Year ended 2013 2014 2015 Current Federal $ 26,233 $ 22,362 $ 17,492 State 94 1,056 464 Foreign 9,626 16,265 32,198 Total Current 35,953 39,683 50,154 Deferred Federal 5,507 (1,096) (5,220) State (5) (43) (155) Foreign (3,898) 473 3,138 Total Deferred 1,604 (666) (2,237) $ 37,557 $ 39,017 $ 47,917 The income tax provision, as reconciled to the tax computed at the federal statutory rate of 35% for 2013, 2014, and 2015, is as follows: Year ended 2013 2014 2015 Federal income taxes at statutory rate $ 40,803 $ 40,479 $ 49,906 State income taxes, net of federal tax benefit 102 653 670 Qualified production activities deduction (1,700) (887) (952) Foreign rate differential (890) (603) (461) U.S. research credit (206) (293) (425) All other, net (552) (332) (821) $ 37,557 $ 39,017 $ 47,917 NOTE D – INCOME TAXES – CONTINUED The significant categories of deferred taxes are as follows: January 3, January 2, 2015 2016 Deferred tax assets Inventory $ 3,024 $ 3,341 Accruals not currently deductible 4,427 5,892 Equity-based compensation expense 2,822 4,476 Intangible assets 10,107 9,283 Net operating losses 526 110 Accumulated other comprehensive income - 988 Other 4,543 3,428 Gross deferred tax assets 25,449 27,518 Valuation allowance (526) (607) Net deferred tax assets 24,923 26,911 Deferred tax liabilities Depreciation/amortization (6,171) (6,137) Accumulated other comprehensive income (1,994) - Prepaid expenses (1,431) (1,566) Intangible assets (10,107) (9,283) Other (5,473) (4,663) Gross deferred tax liabilities (25,176) (21,649) Net deferred taxes $ (253) $ 5,262 The Components of deferred taxes, net on a jurisdiction basis are as follows: January 3, January 2, 2015 2016 Net current deferred tax assets $ 9,683 $ 9,674 Net noncurrent deferred tax assets 5,933 9,844 Net current deferred tax liabilities (5,268) (4,434) Net noncurrent deferred tax liabilities (10,601) (9,822) Net deferred taxes $ (253) $ 5,262 At January 2, 2016, the Company had foreign operating loss carry forwards of approximately $384 . If these operating losses are not used, a portion of them will begin to expire in 2017. A valuation allowance of $110 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 D – INCOME TAXES – CONTINUED The Company has not recognized a deferred tax liability for the undistributed earnings of certain of its foreign operations that arose during 2015 and in prior years as the Company considers these earnings to be indefinitely reinvested. As of January 2, 2016, the undistributed earnings of these subsidiaries was $18,163 . The repatriation of these earnings would result in a tax liability to the Company of approximately $3,071 . 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 January 3, 2015 and January 2, 2016, 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 2012 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 |
Jan. 02, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | NOTE E – PROPERTY AND EQUIPMENT Cost of property and equipment and their estimated useful lives is as follows: January 3, January 2, Years 2015 2016 Buildings 39.5 $ 38,920 $ 38,242 Laboratory and production equipment 5 -7 24,864 27,027 Sound and video library 5 600 600 Computer equipment and software 3 -5 30,842 34,497 Furniture and fixtures 3 -5 5,354 5,214 Automobiles 3 -5 327 385 Leasehold improvements 3 -5 10,857 11,591 Land improvements 15 2,068 2,052 113,832 119,608 Less accumulated depreciation and amortization 64,372 71,030 49,460 48,578 Land 6,843 6,360 Deposits and projects in process 14,861 33,043 $ 71,164 $ 87,982 Depreciation of property and equipment for the years ended 20 13 , 201 4 , and 201 5 was $8,152 , $8,414 , and $9,034 , respectively . |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jan. 02, 2016 | |
Intangible Assets [Abstract] | |
Intangible Assets | NOTE F – INTANGIBLE ASSETS The Company performed its annual goodwill impairment test during the third quarter of 201 5 . 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 any 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 201 5 . The Company also performed its annual indefinite-lived intangible asset impairment test during the third quarter of 201 5 . 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 any in definite-lived intangible asset 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 201 5 . The changes in the carrying amount of goodwill are as follows: January 3, January 2, 2015 2016 Balance at beginning of year: Gross goodwill $ 18,243 $ 17,941 Accumulated impairment losses - - Net goodwill as of beginning of year 18,243 17,941 Goodwill acquired during the year - - Impairment loss - - Currency translation adjustment (302) (509) Balance as of end of year Gross goodwill 17,941 17,432 Accumulated impairment losses - - Net goodwill as of end of year $ 17,941 $ 17,432 Historically, the indefinite-lived intangible assets included the BabyCare direct sales license and BabyCare product formulas. The Company evaluates the remaining useful life of the indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support an indefinite useful life. During the third quarter of 2015, a process was initiated in China to approve additional USANA products, which will limit the life of certain of the acquired BabyCare product formulas. As a result, the product formulas intangible asset was determined to no longer have an indefinite life. Accordingly , the Company began amortization of the product formulas intangible asset on a straight-line basis over its estimated remaining useful life of 8 years. Upon determining that the product formulas intangible asset no longer has an indefinite life, it was tested for impairment and no impairment was noted. NOTE F – INTANGIBLE ASSETS – CONTINUED As of January 3, 2015 Weighted-average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) Amortized intangible assets Trade name and trademarks $ 4,274 $ (1,898) $ 2,376 10 Indefinite-lived intangible assets Product formulas 9,425 9,425 Direct sales license 29,151 29,151 38,576 38,576 $ 42,850 $ 40,952 As of January 2, 2016 Weighted-average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) Amortized intangible assets Trade name and trademarks $ 4,086 $ (2,205) $ 1,881 10 Product formulas 9,010 (489) 8,521 8 Indefinite-lived intangible assets Direct sales license 27,867 27,867 $ 40,963 $ 38,269 Estimated Amortization Expense: 2016 1,535 2017 1,535 2018 1,535 2019 1,535 2020 1,378 Thereafter 2,884 $ 10,402 Aggregate amortization of intangible assets for the years ended 201 3 , 201 4 , and 201 5 was $897 , $431 , and $900 , respectively. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Jan. 02, 2016 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | NOTE G – OTHER CURRENT LIABILITIES Other current liabilities consist of the following: January 3, January 2, 2015 2016 Associate incentives $ 34,297 $ 38,852 Accrued employee compensation 18,360 24,489 Income taxes 4,110 5,561 Sales taxes 9,643 10,109 Deferred tax liabilities 5,268 4,434 Associate promotions 1,982 2,712 Deferred revenue 15,717 17,637 Provision for returns and allowances 718 521 Accrued purchases of property and equipment 1,805 6,863 All other 9,026 10,191 $ 100,926 $ 121,369 |
Line Of Credit
Line Of Credit | 12 Months Ended |
Jan. 02, 2016 | |
Line Of Credit [Abstract] | |
Line Of Credit | NOTE H – LINE OF CREDIT The Company has a $75,000 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. Part of the credit agreement is that any existing bank guarantees are considered a reduction of the overall availability of credit and part of the covenant calculation. This resulted in a $4,575 , and $4,153 reduction in the available borrowing limit as of January 3, 2015 and January 2, 2016, respectively, 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 balance on this line of credit at January 3, 2015 or at January 2, 2016. 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 |
Jan. 02, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | NOTE I – COMMITMENTS AND CONTINGENCIES 1. Operating leases With the exception of the Company’s Salt Lake City headquarters, Australian facility, Beijing, China 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 2020 . The Company utilizes equipment under non-cancelable operating leases, expiring through 2019 . The minimum commitments under operating leases at January 2, 2016 are as follows: Year ending 2016 $ 10,552 2017 9,263 2018 6,481 2019 2,684 2020 987 Thereafter - $ 29,967 NOTE I – COMMITMENTS AND CONTINGENCIES - CONTINUED 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 2013, 2014, and 2015 was approximately $9,254 , $11,129 , and $10,503 , respectively. The Company has other unconditional purchase obligations relating to capital projects and advertising agreements of $14,758 that will be paid in the next year. 2. Contingencies The Company is involved in various lawsuits, claims, 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, competitor relationships, employees and other matters. The Company records a liability when a particular contingency is probable and estimable. The Company has not accrued for any contingency at January 2 , 2016 as the Company does not consider any 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 the Company’s financial condition, liquidity or results of operations. In August 2014, a purported shareholder derivative lawsuit was filed in the Third Judicial District Court of Salt Lake County, State of Utah (James Robert Rawcliffe v. Robert Anciaux, et al.,) against certain of our directors and officers. The derivative complaint, which also names USANA as a nominal defendant but is asserted on USANA’s behalf, contains claims of breach of fiduciary duty, waste of corporate assets and unjust enrichment against the defendant directors and officers in connection with certain equity awards granted by the Compensation Committee of the Company’s Board of Directors in February 2014. In October 2014, The Company filed a motion to dismiss the complaint and, in March 2015, the court granted that motion and dismissed the complaint without prejudice. In May 2015, the plaintiffs filed an appeal with the Utah Supreme Court. The Supreme Court remanded The Company’s case to the Utah Court of Appeals, which recently issued a briefing schedule for the parties. The Company believes that the claims in the complaint are without merit and will continue to vigorously defend this suit. The Company continues to believe, based on information currently available, that the final outcome of this suit will not have a material adverse effect on the Company’s business, results of operations or consolidated financial position. 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 2013, 2014, and 2015 were $1,149 , $1,324 , and $1,458 , respectively. |
Equity Based Compensation
Equity Based Compensation | 12 Months Ended |
Jan. 02, 2016 | |
Equity Based Compensation [Abstract] | |
Equity Based Compensation | NOTE J – EQUITY-BASED COMPENSATION Equity-based compensation expense for fiscal years 2013, 2014, and 2015 was $7,624 , $9,805 , and $11,081 respectively. The related tax benefit for these periods was $2,575 , $3,308 , and $3,766 , 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 January 2, 2016. This table does not include an estimate for future grants that may be issued. 2016 $ 17,856 2017 16,744 2018 14,024 2019 8,889 2020+ 943 $ 58,456 The cost above is expected to be recognized over a weighted-average period of 3.4 years. Following Company shareholder approval in May of 2015, the Company adopted its 2015 Equity Incentive Award Plan (the “2015 Plan”) to replace its 2006 Equity Incentive Award Plan (the “2006 Plan”), which is set to expire in April of 2016. Similar to the 2006 Plan, the 2015 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 had been authorized under the 2006 Plan. As of January 2, 2016, a total of 6,920 awards had been granted under the 2006 Plan, of which 6,798 were stock-settled stock appreciation rights, 8 were stock options, and 114 were deferred stock units. Also, as of January 2, 2016, a total of 1,166 awards had been forfeited and added back to the number of shares available for issuance under the 2006 Plan. No further awards will be issued under the 2006 Plan. Under the 2015 Plan, 5,000 shares have been authorized. As of January 2, 2016, a total of 1,005 awards had been issued under the 2015 Plan, all of which have been in the form of stock-settled stock appreciation rights. Of the 1,005 awards issued under the 2015 Plan, 50 awards have been forfeited and added back to the number of shares available for issuance under the 2015 Plan. General terms of awards issued under the 2015 Plan are similar in nature to those issued under the 2006 Plan. The Company’s Compensation Committee utilizes two types of vesting methods when granting awards to officers and key employees 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 vest each year beginning on the first grant date anniversary following the final vesting of previous grants. The expiration of these supplemental awards is generally within 12 months following th e last vest date of such award. Awards of stock options and stock-settled stock appreciation rights to be granted to non-employee directors generally vest 25% each quarter , commencing on the first vest date anniversary following the final vesting of the previous award. The expiration of these awards is generally within 12 months following the last vest date of the previous award. 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. Beginning in 2015, new grants of stock-settled stock appreciation rights became subject to a mandatory post-vesting holding requirement of 10% of the shares derived upon exercise for the sooner of five years following the exercise or at such time the grantee no longer qualifies as a participant under the Plan. As a result of this requirement, the Company has included an illiquidity discount in the fair value calculation of these awards. The Company uses the Black-Scholes option pricing model to estimate the fair value of its equity awards. The weighted-average fair value , net of illiquidity discount, of stock-settled stock appreciation rights that were granted in 2013, 2014, and 2015 was $17.59 , $18.91 , and $46.99 , respectively. NOTE J – EQUITY-BASED COMPENSATION - CONTINUED 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 2013 2014 2015 Expected volatility (1) 41.9% 40.2% 44.0% Risk-free interest rate (2) 0.7% 1.2% 1.3% Expected life (3) 3.9 yrs. 3.6 yrs. 3.8 yrs. Expected dividend yield (4) 0.0% 0.0% 0.0% Weighted-average exercise price (5) $53.83 $60.61 $135.41 (1) The Company utilizes historical volatility of the trading price of its common stock. (2) Risk-free interest rate is based on the U.S. Treasury yield curve with respect to the expected life of the award. (3) Depending upon the terms of the award, one of two methods will be used to calculate expected life: (i) a weighted-average that includes historical settlement data of the Company’s equity awards and a hypothetical holding period, or (ii) the simplified method. (4) The Company historically has not paid and currently has no plan to pay dividends. (5) Exercise 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 January 3, 2015 1,555 $ 49.20 2.9 $ 82,564 Granted 1,135 135.41 Exercised (442) 37.93 Forfeited (73) 102.12 Expired - - Outstanding at January 2, 2016 2,175 $ 94.68 3.3 $ 83,475 Exercisable at January 2, 2016 121 $ 45.26 1.8 $ 9,998 * 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 January 3, 2015, and January 2, 2016, was $102.28 and $127.75 , respectively. The total intrinsic value of stock options and stock-settled stock appreciation rights exercised was $32,837 in 2013, $51,795 in 2014, and $41,548 in 2015 . The Company currently has no deferred stock units that are nonvested. The total fair value of equity awards that vested during fiscal years 2013, 2014, and 2015 was $8,096 , $7,568 , and $7,184 , respectively. This total fair value includes equity-based awards issued in the form of stock-settled stock appreciation rights. |
Segment Information
Segment Information | 12 Months Ended |
Jan. 02, 2016 | |
Segment Information [Abstract] | |
Segment Information | NOTE K – 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 2013 2014 2015 USANA ® Nutritionals 80% 79% 81% USANA Foods 11% 13% 11% Sensé – beautiful science ® 6% 7% 7% Selected financial information for the Company is presented for two geographic regions: Asia Pacific, with three sub-regions under Asia Pacific, and Americas and Europe. Individual markets are categorized into these regions as follows: · Asia Pacific – · Greater China – Hong Kong, Taiwan and China (1) · Southeast Asia Pacific – Australia, New Zealand, Singapore, Malaysia, the Philippines, Thailand , and Indonesia (2) · North Asia – Japan and South Korea · Americas and Europe – United States, Canada, Mexico, Colombia (3) , the United Kingdom, France, Belgium, and the Netherlands. (1) The Company’s business in China is that of BabyCare, its wholly-owned subsidiary. (2) The Company commenced operations in Indonesia in the fourth quarter of 2015. (3) The Company commenced operations in Colombia at the beginning of the third quarter of 2013. NOTE K – SEGMENT INFORMATION – CONTINUED Selected Financial Information Financial information, presented by geographic region is listed below: Year Ended 2013 2014 2015 Net Sales to External Customers Asia Pacific Greater China $ 271,812 $ 326,134 $ 441,284 Southeast Asia Pacific 155,362 177,940 183,828 North Asia 29,319 32,667 39,751 Asia Pacific Total 456,493 536,741 664,863 Americas and Europe 261,682 253,730 253,636 Consolidated Total $ 718,175 $ 790,471 $ 918,499 January 3, January 2, 2015 2016 Long-lived Assets Asia Pacific Greater China $ 83,471 $ 94,792 Southeast Asia Pacific 14,175 13,463 North Asia 1,621 1,938 Asia Pacific Total 99,267 110,193 Americas and Europe 54,457 58,936 Consolidated Total $ 153,724 $ 169,129 Total Assets Asia Pacific Greater China $ 154,153 $ 231,018 Southeast Asia Pacific 38,404 40,038 North Asia 5,622 6,695 Asia Pacific Total 198,179 277,751 Americas and Europe 152,405 145,486 Consolidated Total $ 350,584 $ 423,237 NOTE K – 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: Year Ended 2013 2014 2015 Net sales: China $ 106,710 $ 216,842 $ 371,737 United States $ 157,543 $ 143,669 $ 141,758 Hong Kong $ 132,285 N/A N/A Long-lived Assets: China $ 81,704 $ 92,835 United States $ 53,322 $ 57,797 |
Quarterly Financial Results
Quarterly Financial Results | 12 Months Ended |
Jan. 02, 2016 | |
Quarterly Financial Results [Abstract] | |
Quarterly Financial Results | NOTE L – QUARTERLY FINANCIAL RESULTS (Unaudited) The following table summarizes quarterly financial information for fiscal years 201 4 and 201 5 . 2014 First Second Third Fourth Net sales $ 182,401 $ 188,256 $ 191,944 $ 227,870 Gross profit $ 148,573 $ 153,391 $ 157,359 $ 190,354 Net earnings $ 16,537 $ 19,301 $ 19,498 $ 21,300 Earnings per share: Basic $ 1.19 $ 1.40 $ 1.51 $ 1.75 Diluted $ 1.15 $ 1.36 $ 1.47 $ 1.65 2015 First Second Third Fourth Net sales $ 219,378 $ 233,244 $ 233,292 $ 232,585 Gross profit $ 181,014 $ 193,155 $ 192,244 $ 192,404 Net earnings $ 19,680 $ 25,416 $ 25,609 $ 23,967 Earnings per share: Basic $ 1.56 $ 1.99 $ 1.99 $ 1.89 Diluted $ 1.50 $ 1.92 $ 1.92 $ 1.83 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jan. 02, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE M – 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 2013 2014 2015 Net earnings available to common shareholders $ 79,024 $ 76,636 $ 94,672 Weighted average common shares outstanding - basic 13,695 13,221 12,730 Dilutive effect of in-the-money equity awards 509 468 447 Weighted average common shares outstanding - diluted 14,204 13,689 13,177 Earnings per common share from net earnings - basic $ 5.77 $ 5.80 $ 7.44 Earnings per common share from net earnings - diluted $ 5.56 $ 5.60 $ 7.18 Equity awards for the following shares were not included in the computation of diluted EPS due to the fact that their effect would be anti-dilutive: Year Ended 2013 2014 2015 344 287 393 During the years ended 2013, 2014, and 2015, the Company repurchased and retired 414 shares for $18,085 , 1,927 shares for $138,819 , and 457 shares for $61,181 , respectively, under the Company’s share repurchase plan. The excess of the repurchase price over par value is allocated between additional paid-in capital and retained earnings on a pro-rata basis. 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 |
Jan. 02, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE N – 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 Global, Ltd. As of January 2, 2016, Gull Global , Ltd. owned 51.39% 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 health assessments and physical examinations for the Company’s Executives. In consideration for these services, USANA paid Medicis $381 in 2013, $239 in 2014, and $383 in 2015. 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 02, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE O – SUBSEQUENT EVENTS Subsequent to January 2, 2016, and through February 26, 2016, the Company repurchased and retired 553 shares of common stock for $64,610 , at an average market price of $116.82 per share. On February 19, 2016, the Company entered into an Amended and Restated Credit Agreement (“Credit Agreement”), which among other things, extends the term of the Credit Agreement to April 27, 2021. The Credit Agreement also increases the amount the Company may borrow under the credit facility from $75,000 to up to $125,000 , through October 31, 2016. On November 1, 2016, the amount the Company may borrow under the Credit Agreement will revert to $75,000 for the term of the agreement. The only other modification to Credit Agreement was an increase in the Company’s consolidated rolling four-quarter adjusted EBITDA covenant from $60,000 to equal to or greater than $100,000 . Subsequent to January 2, 2016, the Company made draws on its line of credit, and on February 26, 2016, the Company had an outstanding balance of $63,000 on this line of credit, with a weighted average rate of 1.27% . The Company will be required to pay any balance on this line of credit in full at the time of maturity in April 2021 unless the line of credit is replaced or terms are renegotiated. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Jan. 02, 2016 | |
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 December 28, 2013 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 January 3, 2015 Allowance for sales returns 591 194 - 67 718 Allowance for doubtful accounts 1,880 26 - 118 1,788 Valuation allowance - deferred tax assets 530 - - 4 526 January 2, 2016 Allowance for sales returns 718 49 - 246 521 Allowance for doubtful accounts 1,788 162 - 14 1,936 Valuation allowance - deferred tax assets 526 81 - - 607 |
Summary Of Significant Accoun23
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Jan. 02, 2016 | |
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 2013 and 2015, were 52-week years. Fiscal year 2014 was a 53-week year. Fiscal year 2013 covered the period December 30, 2012 to December 28, 2013 (hereinafter 2013). Fiscal year 2014 covered the period December 29, 2013 to January 3, 2015 (hereinafter 2014). Fiscal year 2015 covered the period January 4, 2015 to January 2, 2016 (hereinafter 2015). |
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 January 3, 2015 and January 2, 2016, the following financial assets and liabilities were measured at fair value on a recurring basis using the type of inputs shown: NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED Fair Value Measurements Using Inputs January 3, 2015 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 4,833 $ 4,833 $ - $ - Fair Value Measurements Using Inputs January 2, 2016 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 14,460 $ 14,460 $ - $ - There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the years ended 2014 and 2015. 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 charge is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value. For the years ended 2013, 2014, and 2015 , 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 January 3, 2015 and January 2, 2016, the Company’s financial instruments include cash equivalents, accounts receivable, restricted cash, notes receivable, and accounts payable. The recorded values of cash equivalents, accounts receivable, restricted cash, and accounts payable 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. |
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 January 3, 2015 and January 2, 2016 consisted primarily of money market fund investments, 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 as of January 3, 2015 and January 2, 2016 totaled $6,209 and $12, 516 , 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 $3,222 as of January 3, 2015, and $3,080 as of January 2, 2016. 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 the “O ther assets” line item in the Company’s consolidated balance sheets . |
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 is 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. |
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 the Company’s nutrition bars and are included in the “Other assets” line item in the Company’s consolidated balance sheets. The Company has extended non-revolving credit to this supplier to allow them 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 February 1, 2024 and will be repaid by a combination of cash payments and credits for the manufacture of USANA’s nutrition bars. Manufacturing credits applied during 2014 and 2015 were $720 and $966 , respectively. There is no prepayment penalty. Notes receivable from this supplier a s of January 3, 2015, and January 2, 2016, were $8,519 , and $8,339 , respectively. 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 2013, 2014, and 2015, no impairment of goodwill was recorded. |
Intangible Assets | Intangible assets Intangible assets represent long-lived and indefinite-lived intangible assets acquired in connection with the purchase of the Company’s China subsidiary in 2010. Long-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. Long-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 group’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 2013, 2014, and 2015, 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 for all unpaid claims. Total expense under this self insurance program was $5,281 , $7,019 and $7,287 in 201 3 , 201 4 and 201 5 , 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 $454 , and $10,970 in cash proceeds from the exercise of equity awards in 2013 and 2014, respectively. There were no cash proceeds from the exercise of equity awards in 2015. The Company also realizes an income tax benefit from the exercise of certain equity awards. Upon exercise, the related 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 benefit recorded in additional paid-in capital was $7,075 , $14,712 , and $12,024 , in 2013, 2014, and 2015, respectively. The Company has a stock repurchase plan in place that has been authorized by the Board of Directors. As of January 2, 2016, $100,000 was available to repurchase shares under this plan. The Company expended $18,085 , $138,819 , and $61,181 to repurchase and retire shares during 2013, 2014, and 2015, 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. Deferred revenue is recognized at the estimated point o f delivery of the merchandise. On the occasion that will-call orders are not picked up by customers, we periodically assess the likelihood that customers will exercise their contractual right to pick up orders and recognize revenue when the likelihood is estimated to be remote. Certain incentives offered on the sale of our products, including sales discounts, are classified as a reduction of revenue. Sales discounts earned under USANA’s initial order reward program are considered part of a multiple element revenue arrangement and accordingly are deferred when the first order is placed and recognized as customers place their subsequent two Auto Orders. A provision for product returns and allowances is recorded and is based on historical experience. Additionally, the Company collects an annual account renewal fee from Associates that is deferred upon 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 first-time product orders that are returned within the first 30 days following purchase are refunded at 100% of the sales price . After the first order, a ll 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 . This standard policy differs slightly in a few of our international markets due to the regulatory environment in those markets. 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. Product returns totaled approximately 0.9% of net sales in 2013, 0.8% of net sales in 2014, and 0.6% of net sales in 2015. |
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 J – 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 $3,650 in 2013, $4,942 in 2014 and $13,766 in 2015. |
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 $5,083 in 2013, $5,128 in 2014 and $6,420 in 2015. |
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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 includes a five-step process by which entities will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which an entity expects to be entitled in exchange for those goods or services. The standard also will require enhanced disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In July 2015, the FASB announced a decision to defer the effective date of this ASU. ASU 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted for annual and interim reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact ASU 2014-09 will have on its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This standard modifies existing consolidation guidance for reporting companies that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and requires either a retrospective or a modified retrospective approach to adoption. The Company is currently evaluating the impact ASU 2015-02 will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”. This ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The ASU is effective for annual and interim reporting periods beginning after December 15, 2016. Early adoption is permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is currently evaluating the impact ASU 2015-05 will have on its consolidated financial statements. NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory”. For entities that do not measure inventory using the last-in, first-out or retail inventory method, ASU 2015-11 changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value, where net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The ASU is effective for annual and interim reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact ASU 2015-11 will have on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. The ASU requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. The ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2016. Early adoption is permitted at the beginning of an interim or annual period and requires either a prospective or retrospective approach to adoption. The Company is currently evaluating the impact ASU 2015-17 will have on its consolidated financial statements. |
Summary Of Significant Accoun24
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Assets And Liabilities Measured At Fair Value | Fair Value Measurements Using Inputs January 3, 2015 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 4,833 $ 4,833 $ - $ - Fair Value Measurements Using Inputs January 2, 2016 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 14,460 $ 14,460 $ - $ - |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Inventories [Abstract] | |
Schedule Of Inventories | Inventories consist of the following: January 3, January 2, 2015 2016 Raw materials $ 15,127 $ 22,529 Work in progress 7,545 8,701 Finished goods 22,576 34,889 $ 45,248 $ 66,119 |
Prepaid Expenses And Other Cu26
Prepaid Expenses And Other Current Assets (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Other Assets [Abstract] | |
Schedule Of Prepaid Expenses And Other Current Assets | Prepaid expenses and other current assets consist of the following: January 3, January 2, 2015 2016 Prepaid insurance $ 1,507 $ 1,727 Other prepaid expenses 3,094 3,862 Federal income taxes receivable 7,370 7,080 Miscellaneous receivables, net 3,656 4,704 Deferred commissions 3,618 3,305 Deferred tax assets 9,683 9,674 Other current assets 5,625 4,583 $ 34,553 $ 34,935 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
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 2013 2014 2015 Current Federal $ 26,233 $ 22,362 $ 17,492 State 94 1,056 464 Foreign 9,626 16,265 32,198 Total Current 35,953 39,683 50,154 Deferred Federal 5,507 (1,096) (5,220) State (5) (43) (155) Foreign (3,898) 473 3,138 Total Deferred 1,604 (666) (2,237) $ 37,557 $ 39,017 $ 47,917 |
Reconciliation Of Income Tax Provision | The income tax provision, as reconciled to the tax computed at the federal statutory rate of 35% for 2013, 2014, and 2015, is as follows: Year ended 2013 2014 2015 Federal income taxes at statutory rate $ 40,803 $ 40,479 $ 49,906 State income taxes, net of federal tax benefit 102 653 670 Qualified production activities deduction (1,700) (887) (952) Foreign rate differential (890) (603) (461) U.S. research credit (206) (293) (425) All other, net (552) (332) (821) $ 37,557 $ 39,017 $ 47,917 |
Schedule Of Deferred Taxes | The significant categories of deferred taxes are as follows: January 3, January 2, 2015 2016 Deferred tax assets Inventory $ 3,024 $ 3,341 Accruals not currently deductible 4,427 5,892 Equity-based compensation expense 2,822 4,476 Intangible assets 10,107 9,283 Net operating losses 526 110 Accumulated other comprehensive income - 988 Other 4,543 3,428 Gross deferred tax assets 25,449 27,518 Valuation allowance (526) (607) Net deferred tax assets 24,923 26,911 Deferred tax liabilities Depreciation/amortization (6,171) (6,137) Accumulated other comprehensive income (1,994) - Prepaid expenses (1,431) (1,566) Intangible assets (10,107) (9,283) Other (5,473) (4,663) Gross deferred tax liabilities (25,176) (21,649) Net deferred taxes $ (253) $ 5,262 The Components of deferred taxes, net on a jurisdiction basis are as follows: January 3, January 2, 2015 2016 Net current deferred tax assets $ 9,683 $ 9,674 Net noncurrent deferred tax assets 5,933 9,844 Net current deferred tax liabilities (5,268) (4,434) Net noncurrent deferred tax liabilities (10,601) (9,822) Net deferred taxes $ (253) $ 5,262 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | Cost of property and equipment and their estimated useful lives is as follows: January 3, January 2, Years 2015 2016 Buildings 39.5 $ 38,920 $ 38,242 Laboratory and production equipment 5 -7 24,864 27,027 Sound and video library 5 600 600 Computer equipment and software 3 -5 30,842 34,497 Furniture and fixtures 3 -5 5,354 5,214 Automobiles 3 -5 327 385 Leasehold improvements 3 -5 10,857 11,591 Land improvements 15 2,068 2,052 113,832 119,608 Less accumulated depreciation and amortization 64,372 71,030 49,460 48,578 Land 6,843 6,360 Deposits and projects in process 14,861 33,043 $ 71,164 $ 87,982 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Intangible Assets [Abstract] | |
Schedule Of Goodwill | January 3, January 2, 2015 2016 Balance at beginning of year: Gross goodwill $ 18,243 $ 17,941 Accumulated impairment losses - - Net goodwill as of beginning of year 18,243 17,941 Goodwill acquired during the year - - Impairment loss - - Currency translation adjustment (302) (509) Balance as of end of year Gross goodwill 17,941 17,432 Accumulated impairment losses - - Net goodwill as of end of year $ 17,941 $ 17,432 |
Schedule Of Finite And Indefinite Lived Intangible Assets | As of January 3, 2015 Weighted-average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) Amortized intangible assets Trade name and trademarks $ 4,274 $ (1,898) $ 2,376 10 Indefinite-lived intangible assets Product formulas 9,425 9,425 Direct sales license 29,151 29,151 38,576 38,576 $ 42,850 $ 40,952 As of January 2, 2016 Weighted-average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) Amortized intangible assets Trade name and trademarks $ 4,086 $ (2,205) $ 1,881 10 Product formulas 9,010 (489) 8,521 8 Indefinite-lived intangible assets Direct sales license 27,867 27,867 $ 40,963 $ 38,269 |
Schedule Of Estimated Amortization Expense | Estimated Amortization Expense: 2016 1,535 2017 1,535 2018 1,535 2019 1,535 2020 1,378 Thereafter 2,884 $ 10,402 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Other Current Liabilities [Abstract] | |
Schedule Of Other Current Liabilities | Other current liabilities consist of the following: January 3, January 2, 2015 2016 Associate incentives $ 34,297 $ 38,852 Accrued employee compensation 18,360 24,489 Income taxes 4,110 5,561 Sales taxes 9,643 10,109 Deferred tax liabilities 5,268 4,434 Associate promotions 1,982 2,712 Deferred revenue 15,717 17,637 Provision for returns and allowances 718 521 Accrued purchases of property and equipment 1,805 6,863 All other 9,026 10,191 $ 100,926 $ 121,369 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Minimum Rental Payments For Operating Leases | Year ending 2016 $ 10,552 2017 9,263 2018 6,481 2019 2,684 2020 987 Thereafter - $ 29,967 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Equity Based Compensation [Abstract] | |
Schedule Of Remaining Unrecognized Compensation Expense For Unvested Awards | 2016 $ 17,856 2017 16,744 2018 14,024 2019 8,889 2020+ 943 $ 58,456 The cost above is expected to be recognized over a weighted-average period of 3.4 years. |
Schedule Of Fair Value Assumptions | Year ended 2013 2014 2015 Expected volatility (1) 41.9% 40.2% 44.0% Risk-free interest rate (2) 0.7% 1.2% 1.3% Expected life (3) 3.9 yrs. 3.6 yrs. 3.8 yrs. Expected dividend yield (4) 0.0% 0.0% 0.0% Weighted-average exercise price (5) $53.83 $60.61 $135.41 (1) The Company utilizes historical volatility of the trading price of its common stock. (2) Risk-free interest rate is based on the U.S. Treasury yield curve with respect to the expected life of the award. (3) Depending upon the terms of the award, one of two methods will be used to calculate expected life: (i) a weighted-average that includes historical settlement data of the Company’s equity awards and a hypothetical holding period, or (ii) the simplified method. (4) The Company historically has not paid and currently has no plan to pay dividends. (5) Exercise 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 January 3, 2015 1,555 $ 49.20 2.9 $ 82,564 Granted 1,135 135.41 Exercised (442) 37.93 Forfeited (73) 102.12 Expired - - Outstanding at January 2, 2016 2,175 $ 94.68 3.3 $ 83,475 Exercisable at January 2, 2016 121 $ 45.26 1.8 $ 9,998 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Segment Information [Abstract] | |
Schedule Of Revenue Percentage By Product | Year Ended 2013 2014 2015 USANA ® Nutritionals 80% 79% 81% USANA Foods 11% 13% 11% Sensé – beautiful science ® 6% 7% 7% |
Schedule Of Revenues From External Customers By Geographical Areas | Year Ended 2013 2014 2015 Net Sales to External Customers Asia Pacific Greater China $ 271,812 $ 326,134 $ 441,284 Southeast Asia Pacific 155,362 177,940 183,828 North Asia 29,319 32,667 39,751 Asia Pacific Total 456,493 536,741 664,863 Americas and Europe 261,682 253,730 253,636 Consolidated Total $ 718,175 $ 790,471 $ 918,499 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | January 3, January 2, 2015 2016 Long-lived Assets Asia Pacific Greater China $ 83,471 $ 94,792 Southeast Asia Pacific 14,175 13,463 North Asia 1,621 1,938 Asia Pacific Total 99,267 110,193 Americas and Europe 54,457 58,936 Consolidated Total $ 153,724 $ 169,129 Total Assets Asia Pacific Greater China $ 154,153 $ 231,018 Southeast Asia Pacific 38,404 40,038 North Asia 5,622 6,695 Asia Pacific Total 198,179 277,751 Americas and Europe 152,405 145,486 Consolidated Total $ 350,584 $ 423,237 |
Consolidated Net Sales And Long Lived Assets | Year Ended 2013 2014 2015 Net sales: China $ 106,710 $ 216,842 $ 371,737 United States $ 157,543 $ 143,669 $ 141,758 Hong Kong $ 132,285 N/A N/A Long-lived Assets: China $ 81,704 $ 92,835 United States $ 53,322 $ 57,797 |
Quarterly Financial Results (Ta
Quarterly Financial Results (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Quarterly Financial Results [Abstract] | |
Summary Of Quarterly Financial Information | 2014 First Second Third Fourth Net sales $ 182,401 $ 188,256 $ 191,944 $ 227,870 Gross profit $ 148,573 $ 153,391 $ 157,359 $ 190,354 Net earnings $ 16,537 $ 19,301 $ 19,498 $ 21,300 Earnings per share: Basic $ 1.19 $ 1.40 $ 1.51 $ 1.75 Diluted $ 1.15 $ 1.36 $ 1.47 $ 1.65 2015 First Second Third Fourth Net sales $ 219,378 $ 233,244 $ 233,292 $ 232,585 Gross profit $ 181,014 $ 193,155 $ 192,244 $ 192,404 Net earnings $ 19,680 $ 25,416 $ 25,609 $ 23,967 Earnings per share: Basic $ 1.56 $ 1.99 $ 1.99 $ 1.89 Diluted $ 1.50 $ 1.92 $ 1.92 $ 1.83 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jan. 02, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share | Year Ended 2013 2014 2015 Net earnings available to common shareholders $ 79,024 $ 76,636 $ 94,672 Weighted average common shares outstanding - basic 13,695 13,221 12,730 Dilutive effect of in-the-money equity awards 509 468 447 Weighted average common shares outstanding - diluted 14,204 13,689 13,177 Earnings per common share from net earnings - basic $ 5.77 $ 5.80 $ 7.44 Earnings per common share from net earnings - diluted $ 5.56 $ 5.60 $ 7.18 Equity awards for the following shares were not included in the computation of diluted EPS due to the fact that their effect would be anti-dilutive: Year Ended 2013 2014 2015 344 287 393 |
Summary Of Significant Accoun36
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Jan. 02, 2016USD ($)item | Jan. 03, 2015USD ($) | Dec. 28, 2013USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Geographical regions | item | 2 | ||
Sub-geographical regions | item | 3 | ||
Transfers of financial assets or liabilities | $ 0 | $ 0 | |
Non-financial assets | 0 | 0 | $ 0 |
Receivable from credit card processors | 12,516,000 | 6,209,000 | |
Restricted cash | $ 3,080,000 | 3,222,000 | |
Maturity date | Feb. 1, 2024 | ||
Credits on notes receivable | $ 966,000 | 720,000 | 198,000 |
Notes receivable | 8,339,000 | 8,519,000 | |
Goodwill impairment | 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 | $ 7,287,000 | 7,019,000 | 5,281,000 |
Proceeds from Stock Options Exercised | 0 | 10,970,000 | 454,000 |
Tax benefit from equity award activity | 12,024,000 | 14,712,000 | 7,075,000 |
Amount available to repurchase under the stock repurchase plan | 100,000,000 | ||
Repurchase of common stock | $ 61,181,000 | $ 138,819,000 | $ 18,085,000 |
Account renewal fee period | 12 months | ||
Duration of product return for first order | 30 days | ||
Percentage of sale refunded | 100.00% | ||
Duration of product return | 1 year | ||
Amount of returned product which could result in cancellation of distributorship | $ 100 | ||
Product return percentage of net sales | 0.60% | 0.80% | 0.90% |
Advertising expense | $ 13,766,000 | $ 4,942,000 | $ 3,650,000 |
Research and development expense | 6,420,000 | 5,128,000 | $ 5,083,000 |
Manufacturing Credits [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Credits on notes receivable | $ 966,000 | $ 720,000 | |
LIBOR [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Basis point | 4.00% |
Summary Of Significant Accoun37
Summary Of Significant Accounting Policies (Schedule Of Assets And Liabilities Measured At Fair Value) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds included in cash equivalents | $ 14,460 | $ 4,833 |
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 equivalents | $ 14,460 | $ 4,833 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 22,529 | $ 15,127 |
Work in progress | 8,701 | 7,545 |
Finished goods | 34,889 | 22,576 |
Inventories | $ 66,119 | $ 45,248 |
Prepaid Expenses And Other Cu39
Prepaid Expenses And Other Current Assets (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Other Assets [Abstract] | ||
Prepaid insurance | $ 1,727 | $ 1,507 |
Other prepaid expenses | 3,862 | 3,094 |
Federal income taxes receivable | 7,080 | 7,370 |
Miscellaneous receivables, net | 4,704 | 3,656 |
Deferred commissions | 3,305 | 3,618 |
Deferred tax assets | 9,674 | 9,683 |
Other current assets | 4,583 | 5,625 |
Prepaid expenses and other current assets | $ 34,935 | $ 34,553 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Income Taxes [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Foreign operating loss carryforward | $ 384 | ||
Operating loss carryforward valuation allowance | 110 | ||
Accumulated undistributed earnings of subsidiaries | 18,163 | ||
Deferred tax liability not recognized from undistributed earnings | 3,071 | ||
Significant unrecognized tax benefits | $ 0 | $ 0 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Income Taxes [Abstract] | |||
Current, Federal | $ 17,492 | $ 22,362 | $ 26,233 |
Current, State | 464 | 1,056 | 94 |
Current, Foreign | 32,198 | 16,265 | 9,626 |
Total Current | 50,154 | 39,683 | 35,953 |
Deferred, Federal | (5,220) | (1,096) | 5,507 |
Deferred, State | (155) | (43) | (5) |
Deferred, Foreign | 3,138 | 473 | (3,898) |
Total Deferred | (2,237) | (666) | 1,604 |
Income taxes | $ 47,917 | $ 39,017 | $ 37,557 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Income Taxes [Abstract] | |||
Federal income taxes at statutory rate | $ 49,906 | $ 40,479 | $ 40,803 |
State income taxes, net of federal tax benefit | 670 | 653 | 102 |
Qualified production activities deduction | (952) | (887) | (1,700) |
Foreign rate differential | (461) | (603) | (890) |
U.S research credit | (425) | (293) | (206) |
All other, net | (821) | (332) | (552) |
Income taxes | $ 47,917 | $ 39,017 | $ 37,557 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Taxes By Significant Categories) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Income Taxes [Abstract] | ||
Inventory | $ 3,341 | $ 3,024 |
Accruals not currently deductible | 5,892 | 4,427 |
Equity-based compensation expense | 4,476 | 2,822 |
Intangible assets | 9,283 | 10,107 |
Net operating losses | 110 | 526 |
Accumulated other comprehensive income | 988 | |
Other | 3,428 | 4,543 |
Gross deferred tax assets | 27,518 | 25,449 |
Valuation allowance | (607) | (526) |
Net deferred tax assets | 26,911 | 24,923 |
Depreciation/amortization | (6,137) | (6,171) |
Accumulated other comprehensive income | (1,994) | |
Prepaid expenses | (1,566) | (1,431) |
Intangible assets | (9,283) | (10,107) |
Other | (4,663) | (5,473) |
Gross deferred tax liabilities | (21,649) | (25,176) |
Net current deferred tax assets | 9,674 | 9,683 |
Net noncurrent deferred tax assets | 9,844 | 5,933 |
Net current deferred tax liabilities | (4,434) | (5,268) |
Net noncurrent deferred tax liabilities | (9,822) | (10,601) |
Net deferred taxes | $ 5,262 | |
Net deferred taxes | $ (253) |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 119,608 | $ 113,832 | |
Less accumulated depreciation and amortization | 71,030 | 64,372 | |
Property and equipment, net | 48,578 | 49,460 | |
Property and equipment, net | 87,982 | 71,164 | |
Depreciation | $ 9,034 | 8,414 | $ 8,152 |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 39 years 6 months | ||
Property and equipment, gross | $ 38,242 | 38,920 | |
Laboratory And Production Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 27,027 | 24,864 | |
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 | 34,497 | 30,842 | |
Furniture And Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 5,214 | 5,354 | |
Automobiles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 385 | 327 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 11,591 | 10,857 | |
Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 15 years | ||
Property and equipment, gross | $ 2,052 | 2,068 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, net | 6,360 | 6,843 | |
Deposits And Projects In Process [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, net | $ 33,043 | $ 14,861 | |
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 (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Intangible Assets [Abstract] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Impairment of indefinite-lived intangible assets | 0 | 0 | 0 |
Aggregate amortization of intangible assets | $ 900 | $ 431 | $ 897 |
Estimated remaining useful life | 8 years |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Intangible Assets [Abstract] | |||
Gross goodwill, Beginning | $ 17,941 | $ 18,243 | |
Accumulated impairment losses, Beginning | 0 | 0 | |
Net goodwill, Beginning Balance | 17,941 | 18,243 | |
Goodwill acquired during the year | 0 | 0 | |
Impairment loss | 0 | 0 | $ 0 |
Currency translation adjustments | (509) | (302) | |
Gross goodwill, Ending | 17,432 | 17,941 | 18,243 |
Accumulated impairment losses, Ending | 0 | 0 | 0 |
Net goodwill, Ending Balance | $ 17,432 | $ 17,941 | $ 18,243 |
Intangible Assets (Schedule O47
Intangible Assets (Schedule Of Finite And Indefinite Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2016 | Jan. 03, 2015 | |
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ||
Amortized intangible assets, Net carrying amount | $ 10,402 | |
Weighted-average amortization period (years) | 8 years | |
Unamortized intangible assets | $ 38,576 | |
Total, Gross carrying amount | $ 40,963 | 42,850 |
Total, Net carrying amount | 38,269 | 40,952 |
Trade Name And Trademarks [Member] | ||
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ||
Amortized intangible assets, Gross carrying amount | 4,086 | 4,274 |
Accumulated amortization | (2,205) | (1,898) |
Amortized intangible assets, Net carrying amount | $ 1,881 | $ 2,376 |
Weighted-average amortization period (years) | 10 years | 10 years |
Product Formulas [Member] | ||
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ||
Accumulated amortization | $ (489) | |
Amortized intangible assets, Net carrying amount | $ 8,521 | |
Weighted-average amortization period (years) | 8 years | |
Unamortized intangible assets | $ 9,010 | $ 9,425 |
Direct Sales License [Member] | ||
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ||
Unamortized intangible assets | $ 27,867 | $ 29,151 |
Intangible Assets (Schedule O48
Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) $ in Thousands | Jan. 02, 2016USD ($) |
Intangible Assets [Abstract] | |
2,016 | $ 1,535 |
2,017 | 1,535 |
2,018 | 1,535 |
2,019 | 1,535 |
2,020 | 1,378 |
Thereafter | 2,884 |
Total estimated amortization expense | $ 10,402 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Other Current Liabilities [Abstract] | ||
Associate incentives | $ 38,852 | $ 34,297 |
Accrued employee compensation | 24,489 | 18,360 |
Income taxes | 5,561 | 4,110 |
Sales taxes | 10,109 | 9,643 |
Deferred tax liabilities | 4,434 | 5,268 |
Associate promotions | 2,712 | 1,982 |
Deferred revenue | 17,637 | 15,717 |
Provision for returns and allowances | 521 | 718 |
Accrued purchases of property and equipment | 6,863 | 1,805 |
All other | 10,191 | 9,026 |
Other current liabilities | $ 121,369 | $ 100,926 |
Line Of Credit (Details)
Line Of Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 02, 2016 | Jan. 03, 2015 | |
Line Of Credit [Abstract] | ||
Credit facility | $ 75,000 | |
Reduction in available borrowing limit | 4,153 | $ 4,575 |
Outstanding debt | $ 0 | $ 0 |
Line of credit facility, maturity date | 2016-04 |
Commitments And Contingencies51
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Commitments And Contingencies [Line Items] | |||
Total rent expense | $ 10,503 | $ 11,129 | $ 9,254 |
Unconditional purchase obligations due in one year | $ 14,758 | ||
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 | $ 1,458 | $ 1,324 | $ 1,149 |
Buildings [Member] | |||
Commitments And Contingencies [Line Items] | |||
Lease expiration date | 2,020 | ||
Equipment [Member] | |||
Commitments And Contingencies [Line Items] | |||
Lease expiration date | 2,019 |
Commitments And Contingencies52
Commitments And Contingencies (Schedule Of Minimum Rental Payments For Operating Leases) (Details) $ in Thousands | Jan. 02, 2016USD ($) |
Commitments And Contingencies [Abstract] | |
2,016 | $ 10,552 |
2,017 | 9,263 |
2,018 | 6,481 |
2,019 | 2,684 |
2,020 | $ 987 |
Thereafter | |
Total | $ 29,967 |
Equity-Based Compensation (Narr
Equity-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | $ 11,081 | $ 9,805 | $ 7,624 |
Equity-based compensation related tax benefit | $ 3,766 | $ 3,308 | $ 2,575 |
Weighted-average grant date fair value | $ 46.99 | $ 18.91 | $ 17.59 |
Total intrinsic value of stock options and stock-settled stock appreciation rights exercised | $ 41,548 | $ 51,795 | $ 32,837 |
Closing Price Of Common Stock | $ 127.75 | $ 102.28 | |
Total fair value of equity awards vested | $ 7,184 | $ 7,568 | $ 8,096 |
2006 Incentive Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares authorized under the plan | 10,000 | ||
Additional shares authorized | 0 | ||
Total awards granted | 6,920 | ||
Awards canceled | 1,166 | ||
2015 Incentive Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares authorized under the plan | 5,000 | ||
Awards canceled | 50 | ||
Stock Appreciation Rights (SARs) [Member] | 2006 Incentive Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total awards granted | 6,798 | ||
Stock Appreciation Rights (SARs) [Member] | 2015 Incentive Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total awards granted | 1,005 | ||
Stock Options [Member] | 2006 Incentive Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total awards granted | 8 | ||
Deferred Stock Units [Member] | 2006 Incentive Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total awards granted | 114 | ||
Officers Upon Hire Or Promotion [Member] | 2015 Incentive Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 20.00% | ||
Expiration from grant date | 5 years | ||
Officers [Member] | 2015 Incentive Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Post-vesting percentage | 10.00% | ||
Directors [Member] | 2015 Incentive Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 25.00% |
Equity-Based Compensation (Sche
Equity-Based Compensation (Schedule Of Remaining Unrecognized Compensation Expense For Unvested Awards) (Details) $ in Thousands | 12 Months Ended |
Jan. 02, 2016USD ($) | |
Equity Based Compensation [Abstract] | |
2,016 | $ 17,856 |
2,017 | 16,744 |
2,018 | 14,024 |
2,019 | 8,889 |
2020+ | 943 |
Total | $ 58,456 |
Unrecognized compensation expense weighted average period of recognition | 3 years 4 months 24 days |
Equity-Based Compensation (Sc55
Equity-Based Compensation (Schedule Of Fair Value Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Equity Based Compensation [Abstract] | |||
Expected volatility | 44.00% | 40.20% | 41.90% |
Risk-free interest rate | 1.30% | 1.20% | 0.70% |
Expected life | 3 years 9 months 18 days | 3 years 7 months 6 days | 3 years 10 months 24 days |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average exercise price | $ 135.41 | $ 60.61 | $ 53.83 |
Equity-Based Compensation (Sc56
Equity-Based Compensation (Schedule Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jan. 02, 2016 | Jan. 03, 2015 | |
Equity Based Compensation [Abstract] | ||
Shares, Outstanding | 1,555 | |
Shares, Granted | 1,135 | |
Shares, Exercised | (442) | |
Shares, Forfeited | (73) | |
Shares, Outstanding | 2,175 | 1,555 |
Shares, Exercisable | 121 | |
Weighted-average exercise price, Outstanding | $ 49.20 | |
Weighted-average exercise price, Granted | 135.41 | |
Weighted-average exercise price, Exercised | 37.93 | |
Weighted-average exercise price, Forfeited | 102.12 | |
Weighted-average exercise price, Outstanding | 94.68 | $ 49.20 |
Weighted-average exercise price, Exercisable | $ 45.26 | |
Weighted-average remaining contractual term, Outstanding | 3 years 3 months 18 days | 2 years 10 months 24 days |
Weighted-average remaining contractual term, Exercisable | 1 year 9 months 18 days | |
Aggregate intrinsic value, Outstanding | $ 82,564 | |
Aggregate intrinsic value, Outstanding | 83,475 | $ 82,564 |
Aggregate intrinsic value, Exercisable | $ 9,998 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Jan. 02, 2016itemsegment | |
Segment Information [Abstract] | |
Number of reportable segments | segment | 1 |
Sub-geographical regions | item | 3 |
Segment Information (Percentage
Segment Information (Percentage Of Total Product Revenue Contributed By Company's Nutritional And Care Products) (Details) | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
USANA Nutritionals [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of product revenue | 81.00% | 79.00% | 80.00% |
USANA Foods [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of product revenue | 11.00% | 13.00% | 11.00% |
Sense - Beautiful Science [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of product revenue | 7.00% | 7.00% | 6.00% |
Segment Information (Schedule O
Segment Information (Schedule Of Revenues From External Customers And Assets By Geographic Region) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales to External Customers | $ 232,585 | $ 233,292 | $ 233,244 | $ 219,378 | $ 227,870 | $ 191,944 | $ 188,256 | $ 182,401 | $ 918,499 | $ 790,471 | $ 718,175 |
Greater China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales to External Customers | 441,284 | 326,134 | 271,812 | ||||||||
Southeast Asia Pacific [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales to External Customers | 183,828 | 177,940 | 155,362 | ||||||||
North Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales to External Customers | 39,751 | 32,667 | 29,319 | ||||||||
Asia Pacific [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales to External Customers | 664,863 | 536,741 | 456,493 | ||||||||
Americas And Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales to External Customers | $ 253,636 | $ 253,730 | $ 261,682 |
Segment Information (Schedule60
Segment Information (Schedule Of Long-Lived Assets By Geographic Region) (Details) - USD ($) $ in Thousands | Jan. 02, 2016 | Jan. 03, 2015 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | $ 169,129 | $ 153,724 |
Assets | 423,237 | 350,584 |
Greater China [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 94,792 | 83,471 |
Assets | 231,018 | 154,153 |
Southeast Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 13,463 | 14,175 |
Assets | 40,038 | 38,404 |
North Asia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 1,938 | 1,621 |
Assets | 6,695 | 5,622 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 110,193 | 99,267 |
Assets | 277,751 | 198,179 |
Americas And Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 58,936 | 54,457 |
Assets | $ 145,486 | $ 152,405 |
Segment Information (Consolidat
Segment Information (Consolidated Net Sales And Long Lived Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 232,585 | $ 233,292 | $ 233,244 | $ 219,378 | $ 227,870 | $ 191,944 | $ 188,256 | $ 182,401 | $ 918,499 | $ 790,471 | $ 718,175 |
Long-lived Assets | 169,129 | 153,724 | 169,129 | 153,724 | |||||||
China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 371,737 | 216,842 | 106,710 | ||||||||
Long-lived Assets | 92,835 | 81,704 | 92,835 | 81,704 | |||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 141,758 | 143,669 | 157,543 | ||||||||
Long-lived Assets | $ 57,797 | $ 53,322 | 57,797 | 53,322 | |||||||
Hong Kong [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 132,285 | ||||||||||
Americas And Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 253,636 | $ 253,730 | $ 261,682 |
Quarterly Financial Results (De
Quarterly Financial Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Quarterly Financial Results [Abstract] | |||||||||||
Net sales | $ 232,585 | $ 233,292 | $ 233,244 | $ 219,378 | $ 227,870 | $ 191,944 | $ 188,256 | $ 182,401 | $ 918,499 | $ 790,471 | $ 718,175 |
Gross profit | 192,404 | 192,244 | 193,155 | 181,014 | 190,354 | 157,359 | 153,391 | 148,573 | 758,817 | 649,677 | 590,740 |
Net income (loss) | $ 23,967 | $ 25,609 | $ 25,416 | $ 19,680 | $ 21,300 | $ 19,498 | $ 19,301 | $ 16,537 | $ 94,672 | $ 76,636 | $ 79,024 |
Basic | $ 1.89 | $ 1.99 | $ 1.99 | $ 1.56 | $ 1.75 | $ 1.51 | $ 1.40 | $ 1.19 | $ 7.44 | $ 5.80 | $ 5.77 |
Diluted | $ 1.83 | $ 1.92 | $ 1.92 | $ 1.50 | $ 1.65 | $ 1.47 | $ 1.36 | $ 1.15 | $ 7.18 | $ 5.60 | $ 5.56 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Earnings Per Share [Abstract] | |||
Shares repurchased and retired | 457 | 1,927 | 414 |
Value of shares repurchased and retired | $ 61,181 | $ 138,819 | $ 18,085 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net earnings available to common shareholders | $ 94,672 | $ 76,636 | $ 79,024 | ||||||||
Weighted average common shares outstanding - basic | 12,730 | 13,221 | 13,695 | ||||||||
Dilutive effect of in-the-money equity awards | 447 | 468 | 509 | ||||||||
Weighted average common shares outstanding - diluted | 13,177 | 13,689 | 14,204 | ||||||||
Earnings per common share from net earnings - basic | $ 1.89 | $ 1.99 | $ 1.99 | $ 1.56 | $ 1.75 | $ 1.51 | $ 1.40 | $ 1.19 | $ 7.44 | $ 5.80 | $ 5.77 |
Earnings per common share from net earnings - diluted | $ 1.83 | $ 1.92 | $ 1.92 | $ 1.50 | $ 1.65 | $ 1.47 | $ 1.36 | $ 1.15 | $ 7.18 | $ 5.60 | $ 5.56 |
Equity awards of stock excluded in computation of diluted EPS | 393 | 287 | 344 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Related Party Transactions [Abstract] | |||
Principal owner beneficial ownership percentage | 51.39% | ||
Amount paid to Medicis | $ 383 | $ 239 | $ 381 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 2 Months Ended | 12 Months Ended | |||||
Feb. 26, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | Nov. 01, 2016 | Feb. 19, 2016 | Feb. 18, 2016 | |
Subsequent Event [Line Items] | |||||||
Shares repurchased and retired | 457 | 1,927 | 414 | ||||
Value of shares repurchased and retired | $ 61,181 | $ 138,819 | $ 18,085 | ||||
Amount available | 100,000 | ||||||
Credit facility | 75,000 | ||||||
Outstanding debt | $ 0 | $ 0 | |||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Shares repurchased and retired | 553 | ||||||
Value of shares repurchased and retired | $ 64,610 | ||||||
Average market price | $ 116.82 | ||||||
Adjusted EBITDA covenant | $ 60,000 | ||||||
Outstanding debt | $ 63,000 | ||||||
Weighted average interest rate | 1.27% | ||||||
Amended And Restated Credit Agreement [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Credit facility | $ 125,000 | ||||||
Adjusted EBITDA covenant | $ 100,000 | ||||||
Amended And Restated Credit Agreement [Member] | Scenario, Forecast [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Credit facility | $ 75,000 |
Valuation And Qualifying Acco67
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Allowance For Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 718 | $ 591 | $ 717 |
Charged to costs and expenses | $ 49 | $ 194 | $ 44 |
Charged to other accounts | |||
Deductions | $ 246 | $ 67 | $ 170 |
Balance at end of period | 521 | 718 | 591 |
Allowance For Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 1,788 | 1,880 | 1,808 |
Charged to costs and expenses | $ 162 | $ 26 | $ 98 |
Charged to other accounts | |||
Deductions | $ 14 | $ 118 | $ 26 |
Balance at end of period | 1,936 | 1,788 | 1,880 |
Valuation Allowance - Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 526 | $ 530 | $ 1,598 |
Charged to costs and expenses | $ 81 | ||
Charged to other accounts | |||
Deductions | $ 4 | $ 1,068 | |
Balance at end of period | $ 607 | $ 526 | $ 530 |