Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 24, 2017 | Jul. 02, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 896,264 | ||
Entity Registrant Name | USANA HEALTH SCIENCES INC | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2,016 | ||
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 | 24,499,297 | ||
Entity Public Float | $ 586,741,969 | ||
Trading Symbol | usna |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Current assets | ||
Cash and cash equivalents | $ 175,774 | $ 143,210 |
Inventories | 64,810 | 66,119 |
Prepaid expenses and other current assets | 37,277 | 34,935 |
Total current assets | 277,861 | 244,264 |
Property and equipment, net | 101,267 | 87,982 |
Goodwill | 16,715 | 17,432 |
Intangible assets, net | 34,349 | 38,269 |
Deferred tax assets | 18,292 | 9,844 |
Other assets | 22,158 | 25,446 |
Total assets | 470,642 | 423,237 |
Current liabilities | ||
Accounts payable | 9,040 | 10,043 |
Other current liabilities | 129,451 | 121,369 |
Total current liabilities | 138,491 | 131,412 |
Deferred tax liabilities | 5,499 | 9,822 |
Other long-term liabilities | 1,365 | 1,151 |
Stockholders' equity | ||
Common stock, $0.001 par value; Authorized -- 50,000 shares, issued and outstanding 24,976 as of January 2, 2016 and 24,485 as of December 31, 2016 | 24 | 25 |
Additional paid-in capital | 71,505 | 69,728 |
Retained earnings | 265,405 | 214,875 |
Accumulated other comprehensive income (loss) | (11,647) | (3,776) |
Total stockholders' equity | 325,287 | 280,852 |
Total liabilities and stockholder's equity | $ 470,642 | $ 423,237 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 24,485 | 24,976 |
Common stock, shares outstanding | 24,485 | 24,976 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net sales | $ 1,006,083 | $ 918,499 | $ 790,471 |
Cost of sales | 180,190 | 159,682 | 140,794 |
Gross profit | 825,893 | 758,817 | 649,677 |
Operating expenses: | |||
Associate incentives | 453,077 | 408,160 | 349,044 |
Selling, general and administrative | 234,194 | 208,995 | 184,531 |
Total operating expenses | 687,271 | 617,155 | 533,575 |
Earnings from operations | 138,622 | 141,662 | 116,102 |
Other income (expense): | |||
Interest income | 1,480 | 1,116 | 500 |
Interest expense | (444) | (15) | (129) |
Other, net | (1,106) | (174) | (820) |
Other income (expense), net | (70) | 927 | (449) |
Earnings before income taxes | 138,552 | 142,589 | 115,653 |
Income taxes | 38,511 | 47,917 | 39,017 |
Net earnings | $ 100,041 | $ 94,672 | $ 76,636 |
Earnings per common share | |||
Basic | $ 4.14 | $ 3.72 | $ 2.90 |
Diluted | $ 3.99 | $ 3.59 | $ 2.80 |
Weighted average common shares outstanding | |||
Basic | 24,185 | 25,460 | 26,443 |
Diluted | 25,047 | 26,355 | 27,377 |
Comprehensive income: | |||
Net earnings | $ 100,041 | $ 94,672 | $ 76,636 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | (11,777) | (9,283) | (4,492) |
Tax benefit (expense) related to foreign currency translation adjustment | 3,906 | 3,375 | 830 |
Other comprehensive income (loss), net of tax | (7,871) | (5,908) | (3,662) |
Comprehensive income | $ 92,170 | $ 88,764 | $ 72,974 |
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. 28, 2013 | 27,772 | ||||
Balance, value at Dec. 28, 2013 | $ 28 | $ 54,677 | $ 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 | (3,854) | (3,854) | |||
Common stock repurchased and retired, value | $ (4) | (28,562) | (110,253) | $ (138,819) | |
Common stock issued under equity award plans, shares | 1,348 | ||||
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 | 25,266 | ||||
Balance, value at Jan. 03, 2015 | $ 25 | 61,601 | 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 | (914) | (914) | |||
Common stock repurchased and retired, value | (14,978) | (46,203) | $ (61,181) | ||
Common stock issued under equity award plans, shares | 624 | ||||
Tax benefit from equity award activity | 12,024 | $ 12,024 | |||
Balance, shares (Scenario, Previously Reported [Member]) at Jan. 02, 2016 | 24,976 | ||||
Balance, shares (Scenario, Adjustment [Member]) at Jan. 02, 2016 | 24,976 | ||||
Balance, shares at Jan. 02, 2016 | 24,976 | ||||
Balance, value (Scenario, Previously Reported [Member]) at Jan. 02, 2016 | $ 25 | 69,728 | 214,875 | (3,776) | $ 280,852 |
Balance, value (Scenario, Adjustment [Member]) at Jan. 02, 2016 | $ 25 | 70,662 | 214,274 | (3,776) | 281,185 |
Balance, value at Jan. 02, 2016 | 280,852 | ||||
Cummulative-effect of accounting change | Scenario, Adjustment [Member] | 934 | (601) | 333 | ||
Net earnings | 100,041 | 100,041 | |||
Other comprehensive income (loss), net of tax | (7,871) | (7,871) | |||
Equity-based compensation expense | 16,542 | $ 16,542 | |||
Common stock repurchased and retired, shares | (1,106) | (1,106) | |||
Common stock repurchased and retired, value | $ (1) | (15,699) | (48,910) | $ (64,610) | |
Common stock issued under equity award plans, shares | 615 | ||||
Balance, shares at Dec. 31, 2016 | 24,485 | 24,485 | |||
Balance, value at Dec. 31, 2016 | $ 24 | $ 71,505 | $ 265,405 | $ (11,647) | $ 325,287 |
Cummulative-effect of accounting change | Scenario, Adjustment [Member] | $ 333 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Cash flows from operating activities | |||
Net earnings | $ 100,041 | $ 94,672 | $ 76,636 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 13,482 | 9,978 | 8,810 |
(Gain) loss on sale of property and equipment | 116 | 3 | 46 |
Equity-based compensation expense | 16,542 | 11,081 | 9,805 |
Excess tax benefits from equity-based payment arrangements | (12,024) | (14,834) | |
Deferred income taxes | (3,700) | (2,572) | (1,039) |
Changes in operating assets and liabilities: | |||
Inventories | (1,034) | (23,071) | 1,102 |
Prepaid expenses and other assets | (9,610) | (2,047) | (3,789) |
Income tax payable related to tax benefit from equity award activity | 12,024 | 14,712 | |
Accounts payable | (1,341) | 2,481 | (1,337) |
Other liabilities | 22,534 | 20,941 | 15,073 |
Net cash provided by (used in) operating activities | 137,030 | 111,466 | 105,185 |
Cash flows from investing activities | |||
Additions to notes receivable | (7) | (1,580) | (4,495) |
Receipts on notes receivable | 811 | ||
Purchases of investment securities held-to-maturity | (3,871) | ||
Maturities of investment securities | 12,511 | ||
Proceeds from sale of property and equipment | 11 | 185 | 10 |
Purchases of property and equipment | (32,698) | (23,729) | (20,421) |
Net cash provided by (used in) investing activities | (31,883) | (25,124) | (16,266) |
Cash flows from financing activities | |||
Proceeds from equity awards exercised | 10,970 | ||
Excess tax benefits from equity-based payment arrangements | 12,024 | 14,834 | |
Repurchase of common stock | (64,610) | (61,181) | (138,819) |
Borrowings on line of credit | 73,700 | 30,000 | |
Payments on line of credit | (73,700) | (30,000) | |
Deferred debt issuance costs | (250) | ||
Net cash provided by (used in) financing activities | (64,860) | (49,157) | (113,015) |
Effect of exchange rate changes on cash and cash equivalents | (7,723) | (5,101) | (2,121) |
Net increase (decrease) in cash and cash equivalents | 32,564 | 32,084 | (26,217) |
Cash and cash equivalents, beginning of period | 143,210 | 111,126 | 137,343 |
Cash and cash equivalents, end of period | 175,774 | 143,210 | 111,126 |
Cash paid during the period for: | |||
Interest | 323 | 15 | 136 |
Income taxes | 52,579 | 35,782 | 26,955 |
Non-cash investing activities: | |||
Credits on notes receivable | 1,288 | 966 | 720 |
Accrued purchases of property and equipment | $ 2,216 | $ 6,863 | $ 1,805 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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, income taxes , and contingent liabilities . 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 year 2014 was a 53-week year. Fiscal years 2015 and 2016, were 52-week years. 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). Fiscal year 2016 covered the period January 3, 2016 to December 31, 2016 (hereinafter 2016). 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 2, 2016 and December 31, 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 2, 2016 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 14,460 $ 14,460 $ - $ - Foreign currency contracts included in prepaid expenses and other current assets 33 - 33 - $ 14,493 $ 14,460 $ 33 $ - Fair Value Measurements Using Inputs December 31, 2016 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 27,917 $ 27,917 $ - $ - Foreign currency contracts included in prepaid expenses and other current assets 4 - 4 - $ 27,921 $ 27,917 $ 4 $ - There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the years ended 2015 and 2016. 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 2014, 2015, and 2016, there were no non-financial assets measured at fair value on a non-recurring basis. Fair value of financial instruments At January 2, 2016 and December 31, 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. NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED 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 2, 2016 and December 31, 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 2, 2016 and December 31, 2016 totaled $12,516 and $11, 659 , respectively. Restricted Cash The Company is required to maintain cash deposits with banks in certain subsidiary locations for various operating purposes. The most significant of these cash deposits relates to a deposit held at a bank in China, the balance of which was $3,080 as of January 2, 2016 , and $2,880 as of December 31, 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 “Other 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 the “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 and cash payments applied during 2015 and 2016 were $966 and $1,860 , respectively. There is no prepayment penalty. Notes receivable from this supplier a s of January 2, 2016 , and December 31, 2016 , were $8,339 , and $6,867 , 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 2014, 2015, and 2016, 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 or 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 2014, 2015, and 2016, 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 $7,019 , $7,287 and $9,015 in 2014, 2015 and 2016, 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 $10,970 in cash proceeds from the exercise of equity awards in 2014. There were no cash proceeds from the exercise of equity awards in 2015 and 2016. 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 income tax expense. The total tax benefit recorded in income tax expense was $9,140 , in 2016. Prior to 2016, tax benefits from exercises of equity awards were recorded in additional paid-in capital and were $14,712 and $12,024 , in 2014 and 2015 , respectively . See Recent Accounting Pronouncements for discussion of th is change in accounting principle The Company has a stock repurchase plan in place that has been authorized by the Board of Directors. As of December 31, 2016 , $35,390 was available to repurchase shares under this plan. During the years ended 2014, 2015, and 2016, the Company repurchased and retired 3,854 shares, 914 shares, and 1,106 shares for an aggregate price of $138,819 , $61,181 , and $64,610 , 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 of 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 revenue 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, regardless of condition, that are returned within the first 30 days following purchase are refunded at 100% of the sales price. After the first order, all other returned product that is unused and resalable is refunded up to one year from the date of purchase at 100% of the sales price. 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 0.8% , 0.6% , and 0.7% of net sales in 2014, 2015, and 2016, respectively. 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. 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 $4,942 , $13,766 , and $12,266 in 2014, 2015, and 2016, respectively. 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 $5,128 , $6,420 , and $8,842 in 2014, 2015, and 2016, respectively. Earnings per share and stock split 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. Weighted average shares outstanding for all years presented reflect a two -for-one stock split effective November 22, 2016. Recent Accounting Pronouncements Adopted accounting pronouncements 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 elected to early adopt ASU 2015-17 during the quarter ended April 2, 2016. As a result of the adoption, current deferred tax assets and current deferred tax liabilities were reclassified to noncurrent deferred taxes. The adoption of ASU 2015-17 was on a prospective basis and therefore had no impact on prior periods. In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 was issued as part of the FASB’s simplification initiative aimed at reducing costs and complexity while maintaining or improving the usefulness of financial information. This update involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, statutory tax withholding requirements, and classification in the statement of cash flows. This ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period, and the entity must adopt all of the amendments in the same period. The Company elected to early adopt ASU 2016-09 during the quarter ended April 2, 2016. Following is a summary of the changes resulting from adopting this ASU: NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED Forfeitures - Estimating forfeitures as part of the compensation cost accrual is no longer required. An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The Company has elected to account for forfeitures when they occur. The cumulative-effect of this change in election resulted in a decrease to retained earnings and an increase to additional paid-in capital of $ 934 as of the beginning of 2016. The tax effect of this adjustment increased the beginning balances for deferred tax assets and retained earnings by $333 . Income Tax Accounting - Prior to adopting this ASU, all excess tax benefits resulting from exercise or settlement of share-based payment transactions were recognized in Additional paid-in capital (“APIC”) and accumulated in an APIC pool. Any tax deficiencies were either offset against the APIC pool, or were recognized in the income statement if no APIC pool was available. Under the new amendments, the APIC pool has been eliminated and all excess tax benefits and tax deficiencies are recognized as an income tax benefit or expense in the income statement prospectively. Accordingly, prior periods have not been adjusted. The calculation of diluted earnings per share under the treasury stock method no longer includes the estimated excess tax benefits and tax deficiencies that were recorded in APIC. Additionally, the tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Statement of Cash Flow Presentation - Historically, excess tax benefits on the statement of cash flows have been presented as a cash inflow from financing activities and a cash outflow from operating activities. The ASU simplifies the presentation of excess tax benefits on the statements of cash flow requiring that excess tax benefits be classified along with other income tax cash flows as an operating activity. As part of the transition, entities may elect the cash flow presentation changes using either a prospective or retrospective application. The Company has elected to present the changes on a prospective basis, and as such, the excess tax benefits from equity-based payment arrangements in the Condensed Consolidated Statements of Cash Flows have not been adjusted for prior periods to conform with the current presentation. The excess tax benefits from equity-based payment arrangements during 2016 totaled $9,140 and are reflected in net earnings of the operating activities section of the Consolidated Statements of Cash Flows. The net impact of the early adoption of this standard increased net earnings by approximately $8,600 and d iluted earnings per share by $0.30 for 2016 . Issued 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 amendments may be applied retrospectively to each prior period (full retrospective) or retrospectively with the cumulative effect recognized as of the date of initial application (modified retrospective). The Company plans to adopt ASU 2014-09 in the first quarter of 2018 and apply the modified retrospective approach. The company continues to evaluate the impact of this ASU on the specific areas that apply to the Company and their potential impact to our processes, accounting, financial reporting, d |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Inventories | NOTE B – INVENTORIES Inventories consist of the following: January 2, December 31, 2016 2016 Raw materials $ 22,529 $ 26,186 Work in progress 8,701 9,455 Finished goods 34,889 29,169 $ 66,119 $ 64,810 |
Prepaid Expenses And Other Curr
Prepaid Expenses And Other Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expenses And Other Current 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 2, December 31, 2016 2016 Prepaid insurance $ 1,727 $ 1,475 Other prepaid expenses 3,862 7,755 Federal income taxes receivable 7,080 12,787 Miscellaneous receivables, net 4,704 4,257 Deferred commissions 3,305 5,399 Deferred tax assets 9,674 - Other current assets 4,583 5,604 $ 34,935 $ 37,277 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 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 2014 2015 2016 Current Federal $ 22,362 $ 17,492 $ (4,361) State 1,056 464 756 Foreign 16,265 32,198 45,568 Total Current 39,683 50,154 41,963 Deferred Federal (1,096) (5,220) (6,813) State (43) (155) (67) Foreign 473 3,138 3,428 Total Deferred (666) (2,237) (3,452) $ 39,017 $ 47,917 $ 38,511 The income tax provision, as reconciled to the tax computed at the federal statutory rate of 35% for 2014, 2015, and 2016, is as follows: Year ended 2014 2015 2016 Federal income taxes at statutory rate $ 40,479 $ 49,906 $ 48,493 State income taxes, net of federal tax benefit 653 670 689 Excess tax benefits on equity awards - - (9,140) Qualified production activities deduction (887) (952) (856) Foreign rate differential (603) (461) (337) U.S. research credit (293) (425) (339) All other, net (332) (821) 1 $ 39,017 $ 47,917 $ 38,511 NOTE D – INCOME TAXES – CONTINUED The significant categories of deferred taxes are as follows: January 2, December 31, 2016 2016 Deferred tax assets Inventory $ 3,341 $ 3,315 Accruals not currently deductible 5,892 5,233 Equity-based compensation expense 4,476 7,198 Intangible assets 9,283 8,591 Accumulated other comprehensive income 988 3,943 Tax credit carry forwards - 3,698 Net operating losses 110 424 Other 3,428 4,365 Gross deferred tax assets 27,518 36,767 Valuation allowance (607) (640) Net deferred tax assets 26,911 36,127 Deferred tax liabilities Depreciation/amortization (6,137) (7,016) Prepaid expenses (1,566) (2,222) Intangible assets (9,283) (8,591) Other (4,663) (5,505) Gross deferred tax liabilities (21,649) (23,334) Net deferred taxes $ 5,262 $ 12,793 The Components of deferred taxes, net on a jurisdiction basis are as follows: January 2, December 31, 2016 2016 Net current deferred tax assets $ 9,674 $ - Net noncurrent deferred tax assets 9,844 18,292 Net current deferred tax liabilities (4,434) - Net noncurrent deferred tax liabilities (9,822) (5,499) Net deferred taxes $ 5,262 $ 12,793 At December 31, 2016 , the Company had foreign operating loss carry forwards of approximately $1,444 . If these operating losses are not used, a portion of them will begin to expire in 2017. A valuation allowance of $424 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 Also at December 31, 2016, the Company reported U.S. foreign tax credit carry forwards of $3,351 . These foreign tax credits can carry forward for 10 years and will not expire until 2026 . The Company also reported $339 of U.S. research credit carry forwards. These research credit carry forwards can be carried forward for 20 years and will not expire until 2036 . Because these carry-forward credits are expected to be utilized before expiration, no valuation allowance has been provided. The Company has not recognized a deferred tax liability for the undistributed earnings of certain of its foreign operations that arose during 2016 and in prior years as the Company considers these earnings to be indefinitely reinvested. As of December 31, 2016 , the undistributed earnings of these subsidiaries was $19,597 . The repatriation of these earnings would result in a tax liability to the Company of approximately $3,083 . 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 2, 2016 and December 31, 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 2013 under most circumstances. Certain taxing jurisdictions may provide for additional open years depending upon their statutes or if an audit is on-going. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 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 2, December 31, Years 2016 2016 Buildings 39.5 $ 38,242 $ 70,719 Laboratory and production equipment 5 -7 27,027 29,697 Sound and video library 5 600 600 Computer equipment and software 3 -5 34,497 41,801 Furniture and fixtures 3 -5 5,214 6,164 Automobiles 3 -5 385 369 Leasehold improvements 3 -5 11,591 11,701 Land improvements 15 2,052 2,626 119,608 163,677 Less accumulated depreciation and amortization 71,030 75,792 48,578 87,885 Land 6,361 6,286 Deposits and projects in process 33,043 7,096 $ 87,982 $ 101,267 Depreciation of property and equipment was $8,414 , $9,034 , and $11,878 , for the years ended 2014, 2015, and 2016, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets [Abstract] | |
Intangible Assets | NOTE F – INTANGIBLE ASSETS The Company performed its annual goodwill impairment test during the third quarter of 2016. 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 2016. The Company also performed its annual indefinite-lived intangible asset impairment test during the third quarter of 2016. 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 indefinite-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 2016. The changes in the carrying amount of goodwill are as follows: January 2, December 31, 2016 2016 Balance at beginning of year: Gross goodwill $ 17,941 $ 17,432 Accumulated impairment losses - - Net goodwill as of beginning of year 17,941 17,432 Goodwill acquired during the year - - Impairment loss - - Currency translation adjustment (509) (717) Balance as of end of year Gross goodwill 17,432 16,715 Accumulated impairment losses - - Net goodwill as of end of year $ 17,432 $ 16,715 NOTE F – INTANGIBLE ASSETS – CONTINUED Intangible assets consist of the following: 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 As of December 31, 2016 Weighted-average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) Amortized intangible assets Trade name and trademarks $ 3,820 $ (2,440) $ 1,380 10 Product formulas 8,424 (1,512) 6,912 8 Indefinite-lived intangible assets Direct sales license 26,057 26,057 $ 38,301 $ 34,349 Estimated Amortization Expense: 2017 $ 1,435 2018 1,435 2019 1,435 2020 1,288 2021 1,053 Thereafter 1,646 $ 8,292 Aggregate amortization of intangible assets was $431 , $900 , and $1,500 , for the years ended 2014, 2015, and 2016, respectively. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | NOTE G – OTHER CURRENT LIABILITIES Other current liabilities consist of the following: January 2, December 31, 2016 2016 Associate incentives $ 38,852 $ 52,594 Accrued employee compensation 24,489 23,135 Income taxes 5,561 5,676 Sales taxes 10,109 11,774 Deferred tax liabilities 4,434 - Associate promotions 2,712 2,916 Deferred revenue 17,637 21,464 Provision for returns and allowances 521 696 Accrued purchases of property and equipment 6,863 2,216 All other 10,191 8,980 $ 121,369 $ 129,451 |
Line Of Credit
Line Of Credit | 12 Months Ended |
Dec. 31, 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. On February 19, 2016, the Company entered into an Amended and Restated Credit Agreement with Bank of America, which extends the term of the Credit Agreement to April 27, 2021 and increases the Company’s consolidated rolling four-quarter adjusted EBITDA covenant from $60,000 to eq ual to or greater than $100,000 and a ratio of consolidated funded debt to adjusted EBITDA of 2.0 to 1.0 at the end of each quarter. The adjusted EBITDA under this agreement is modified for certain non-cash expenses . 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 $4,153 , and $5,241 reduction in the available borrowing limit as of January 2, 2016 and December 31, 2016 , respectively, due to existing normal course of business guarantees in certain markets. There was no outstanding balance on this line of credit at January 2, 2016 or at December 31, 2016 . The Company will be required to pay any balance on this line of credit in full at the time of maturity in April 20 21 unless the line of credit is replaced or terms are renegotiated. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 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, Australia facility, Beijing, China facility and Tianjin, China facility, facilities are generally leased. Each of the facility lease agreements is a non-cancelable operating lease generally structured with renewal options and expire prior to or during 2020 . The Company utilizes equipment under non-cancelable operating leases, expiring through 2019 . The minimum commitments under operating leases at December 31, 2016 are as follows: Year ending 2017 $ 10,391 2018 5,999 2019 2,790 2020 544 2021 232 Thereafter 32 $ 19,988 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 was approximately $11,129 , $10,503 , and $10,153 for the years ended 2014, 2015, and 2016, respectively. The Company has other unconditional purchase obligations relating to capital projects and advertising agreements of $5,877 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 December 31, 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. In December 2016, the Court of Appeals certified the case to the Utah Supreme Court, confirming the Company’s belief that this case addresses a new issue under Utah law. 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. NOTE I – COMMITMENTS AND CONTINGENCIES - CONTINUED On February 7, 2017, the Company disclosed on Form 8-K that it is conducting a voluntary internal investigation regarding its BabyCare operations in China. In connection with this investigation, the Company expects to continue to incur costs in conducting the on-going review and investigation, in responding to requests for information in connection with any government investigations and in defending any potential civil or governmental proceedings that are instituted against it or any of its current or former officers or directors. The Company has voluntarily contacted the Securities and Exchange Commission and the United States Department of Justice to advise both agencies that an internal investigation is underway and intends to provide additional information to both agencies as the investigation progresses. Because the internal investigation is in its early stage, the Company cannot predict the duration, scope, or result of the investigation. One or more governmental actions could be instituted in respect of the matters that are the subject of the internal investigation, and such actions, if brought, may result in judgments, settlements, fines, penalties, injunctions, cease and desist orders, criminal penalties, or other relief. On February 13, 2017, a putative shareholder class action complaint was filed in the United States District Court for the District of Utah, with the plaintiff, April Rumbaugh, alleging that the Company failed to disclose that (i) the Company’s BabyCare subsidiary had engaged in improper reimbursement practices in China, (ii) these practices constituted violations of the FCPA, (iii) as such, the Company’s China revenues were in part the product of unlawful conduct and unlikely to be sustainable, and (iv) the foregoing conduct, when it became known, was likely to subject the Company to significant regu latory scrutiny. The lawsuit names as defendants the Company; our former Co-Chief Executive Officer, David A. Wentz; and our Chief Financial Officer, Paul A. Jones. On behalf of herself and a putative class of purchasers of USANA stock between March 14, 2014 and February 7, 2017, the plaintiff asserts claims for violation of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. The plaintiff seeks, among other things, an award of damages, interest, reasonable attorneys’ fees, expert fees, and other costs. The Company believes that the action is without merit, and intend to vigorously defend against all claims asserted. 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 were $1,324 , $1,458 , and $1,594 for the years ended 2014, 2015, and 2016, respectively. |
Equity Based Compensation
Equity Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Equity Based Compensation [Abstract] | |
Equity Based Compensation | NOTE J – EQUITY-BASED COMPENSATION On October 25, 2016, the Company declared a two -for-one stock split of its common stock that was distributed in the form of a stock dividend on November 22, 2016 to shareholders of record as of November 14, 2016. All existing equity award agreements provide that the number of shares of common stock and the respective exercise price covered by each outstanding option agreement be proportionately adjusted for a stock split or similar event. Equity award data in the following has been adjusted to reflect the stock split. Equity-based compensation expense was $9,805 , $11,081 , and $16,542 for fiscal years 2014, 2015, and 2016, respectively. The related tax benefit for these periods was $3,308 , $3,766 , and $5,540 , respectively. The following table shows the remaining unrecognized compensation expense on a pre-tax basis for all types of unvested equity awards outstanding as of December 31, 2016 . This table does not include an estimate for future grants that may be issued. 2017 $ 15,765 2018 13,306 2019 9,778 2020 3,642 2021+ 1,978 $ 44,469 The cost above is expected to be recognized over a weighted-average period of 3.3 years. The Company’s 2015 Equity Incentive Award Plan (the “2015 Plan”), which was approved by the shareholders at the Annual Shareholders’ Meeting held on May 8, 2015, 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. Prior to the approval of the 2015 plan, the Company maintained a 2006 Equity Incentive Award Plan (the “2006” Plan”), which expired in April of 2016. The 2015 Plan replaced the 2006 Plan for all future grants, and no new awards have been granted under the 2006 Plan. At the inception of the 2015 Plan, 13,839 awards had been granted under the 2006 Plan, of which 13,595 were stock-settled stock appreciation rights, 15 were stock options, and 229 were deferred stock units. Also, at the inception of the 2015 Plan, 2,551 awards had been forfeited. Under the 2015 Plan , 10,000 shares have been authorized. As of December 31, 2016, 2,773 awards had been granted under the 2015 Plan, of which 2,752 were stock-settled stock appreciation rights, and 21 were deferred stock units. Also, as of December 31, 2016, a total of 612 awards had been forfeited and added back to the number of shares available for issuance under the 2015 Plan. The Company’s Compensation Committee utilizes two types of vesting methods when granting awards to officers and key employees under the 2015 Plan based upon the nature of the grant. Awards granted to officers and key employees upon hire or promotion to such a position generally vest 20% each year on the anniversary of the grant date and expire five and one-half years from the date of grant. Awards granted as a supplement to existing equity awards held by officers and key employees will generally vest 50% each year beginning on the first grant date anniversary following the final vesting of previous grants. The expiration of these supplemental awards i s generally within 12 months following the 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, certain 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. NOTE J – EQUITY-BASED COMPENSATION - CONTINUED The Company uses the Black-Scholes option pricing model to estimate the fair value of its equity awards. The weighted-average fair value, net of illiquidity discount, of stock-settled stock appreciation rights that was $9.46 , $23.50 , and $22.99 , granted in 2014, 2015, and 2016, respectively. Following is a table that includes the weighted-average assumptions that the Company used to calculate fair value of equity awards that were granted during the periods indicated. Deferred stock units are full-value shares at the date of grant and have been excluded from the table below. Year ended 2014 2015 2016 Expected volatility (1) 40.2% 44.0% 47.5% Risk-free interest rate (2) 1.2% 1.3% 1.1% Expected life (3) 3.6 yrs. 3.8 yrs. 3.7 yrs. Expected dividend yield (4) 0.0% 0.0% 0.0% Weighted-average exercise price (5) $60.61 $67.71 $63.16 (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 2, 2016 4,351 $ 47.34 3.3 $ 83,475 Granted 742 63.16 Exercised (971) 25.68 Forfeited (731) 58.05 Expired - - Outstanding at December 31, 2016 3,391 $ 54.69 3.1 $ 36,169 Exercisable at December 31, 2016 335 $ 37.69 1.6 $ 8,112 * 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 2, 2016 , and December 31, 2016 , was $63.88 and $61.20 , respectively. The total intrinsic value of stock options and stock-settled stock appreciation rights exercised was $51,795 in 2014, $41,548 in 2015, and $38,198 in 2016. The Company currently has no deferred stock units that are nonvested. NOTE J – EQUITY-BASED COMPENSATION - CONTINUED The total fair value of equity awards that vested was $7,568 , $7,184 , and $11,481 , for the years ended 2014, 2015, and 2016 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 |
Dec. 31, 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 2014 2015 2016 USANA ® Nutritionals 79% 81% 83% USANA Foods 13% 11% 10% Sensé – beautiful science ® 7% 7% 6% 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, 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. NOTE K – SEGMENT INFORMATION – CONTINUED Selected Financial Information Financial information, presented by geographic region is listed below: Year Ended 2014 2015 2016 Net Sales to External Customers Asia Pacific Greater China $ 326,134 $ 441,284 $ 502,299 Southeast Asia Pacific 177,940 183,828 206,124 North Asia 32,667 39,751 46,023 Asia Pacific Total 536,741 664,863 754,446 Americas and Europe 253,730 253,636 251,637 Consolidated Total $ 790,471 $ 918,499 $ 1,006,083 January 2, December 31, 2016 2016 Long-lived Assets Asia Pacific Greater China $ 94,792 $ 94,537 Southeast Asia Pacific 13,463 13,204 North Asia 1,938 1,884 Asia Pacific Total 110,193 109,625 Americas and Europe 58,936 64,864 Consolidated Total $ 169,129 $ 174,489 Total Assets Asia Pacific Greater China $ 231,018 $ 255,214 Southeast Asia Pacific 40,038 45,896 North Asia 6,695 9,646 Asia Pacific Total 277,751 310,756 Americas and Europe 145,486 159,886 Consolidated Total $ 423,237 $ 470,642 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 2014 2015 2016 Net sales: China $ 216,842 $ 371,737 $ 437,386 United States $ 140,457 $ 140,057 $ 130,427 Long-lived Assets: China $ 92,835 $ 91,909 United States $ 57,797 $ 63,654 |
Quarterly Financial Results
Quarterly Financial Results | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Results [Abstract] | |
Quarterly Financial Results | NOTE L – QUARTERLY FINANCIAL RESULTS (Unaudited) The following table summarizes quarterly financial information for fiscal years 2015 and 2016. 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 $ 0.78 $ 1.00 $ 1.00 $ 0.95 Diluted $ 0.75 $ 0.96 $ 0.96 $ 0.92 2016 First Second Third Fourth Net sales $ 240,449 $ 258,514 $ 254,219 $ 252,901 Gross profit $ 197,529 $ 212,544 $ 209,240 $ 206,580 Net earnings $ 22,299 $ 25,762 $ 30,098 $ 21,882 Earnings per share: Basic $ 0.92 $ 1.08 $ 1.24 $ 0.90 Diluted $ 0.89 $ 1.03 $ 1.20 $ 0.87 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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 2014 2015 2016 Net earnings available to common shareholders $ 76,636 $ 94,672 $ 100,041 Weighted average common shares outstanding - basic 26,443 25,460 24,185 Dilutive effect of in-the-money equity awards 934 895 862 Weighted average common shares outstanding - diluted 27,377 26,355 25,047 Earnings per common share from net earnings - basic $ 2.90 $ 3.72 $ 4.14 Earnings per common share from net earnings - diluted $ 2.80 $ 3.59 $ 3.99 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 2014 2015 2016 574 786 2,242 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 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 December 31, 2016 , Gull Global , Ltd. owned 51.45% 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 $239 , $383 , and $322 in 2014, 2015, and 2016, respectively. 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. The Company has had a long-standing relationship with Drive Marketing, a promotional product distributor located in Sandy, Utah. Drive Marketing provides the Company with customized products for Associate recognition. The Company paid Drive Marketing $566 , $420 , and $523 in 2014, 2015 and 2016 , respectively . During 2016, Drive Marketing hired Nathan Guest as a sales representative for its various network marketing accounts, including the Company’s account. Nathan Guest is the son of Kevin Guest, the Company’s CEO. Drive Marketing is one of many promotional product distributors utilized by the Company. The Company’s relationship with Drive Marketing is terminable at will by the Company at any time wit hout any continuing commitment. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 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 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 December 31, 2016 Allowance for sales returns 521 213 - 38 696 Allowance for doubtful accounts 1,936 220 - 1,413 743 Valuation allowance - deferred tax assets 607 33 - - 640 |
Summary Of Significant Accoun22
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 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, income taxes , and contingent liabilities . 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 year 2014 was a 53-week year. Fiscal years 2015 and 2016, were 52-week years. 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). Fiscal year 2016 covered the period January 3, 2016 to December 31, 2016 (hereinafter 2016). |
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 2, 2016 and December 31, 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 2, 2016 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 14,460 $ 14,460 $ - $ - Foreign currency contracts included in prepaid expenses and other current assets 33 - 33 - $ 14,493 $ 14,460 $ 33 $ - Fair Value Measurements Using Inputs December 31, 2016 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 27,917 $ 27,917 $ - $ - Foreign currency contracts included in prepaid expenses and other current assets 4 - 4 - $ 27,921 $ 27,917 $ 4 $ - There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the years ended 2015 and 2016. 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 2014, 2015, and 2016, 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 2, 2016 and December 31, 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. NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED |
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 2, 2016 and December 31, 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 2, 2016 and December 31, 2016 totaled $12,516 and $11, 659 , 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 $3,080 as of January 2, 2016 , and $2,880 as of December 31, 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 “Other 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 the “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 and cash payments applied during 2015 and 2016 were $966 and $1,860 , respectively. There is no prepayment penalty. Notes receivable from this supplier a s of January 2, 2016 , and December 31, 2016 , were $8,339 , and $6,867 , 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 2014, 2015, and 2016, 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 or 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 2014, 2015, and 2016, 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 $7,019 , $7,287 and $9,015 in 2014, 2015 and 2016, 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 $10,970 in cash proceeds from the exercise of equity awards in 2014. There were no cash proceeds from the exercise of equity awards in 2015 and 2016. 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 income tax expense. The total tax benefit recorded in income tax expense was $9,140 , in 2016. Prior to 2016, tax benefits from exercises of equity awards were recorded in additional paid-in capital and were $14,712 and $12,024 , in 2014 and 2015 , respectively . See Recent Accounting Pronouncements for discussion of th is change in accounting principle The Company has a stock repurchase plan in place that has been authorized by the Board of Directors. As of December 31, 2016 , $35,390 was available to repurchase shares under this plan. During the years ended 2014, 2015, and 2016, the Company repurchased and retired 3,854 shares, 914 shares, and 1,106 shares for an aggregate price of $138,819 , $61,181 , and $64,610 , 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 of 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 revenue 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, regardless of condition, that are returned within the first 30 days following purchase are refunded at 100% of the sales price. After the first order, all other returned product that is unused and resalable is refunded up to one year from the date of purchase at 100% of the sales price. 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 0.8% , 0.6% , and 0.7% of net sales in 2014, 2015, and 2016, respectively. |
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. 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 $4,942 , $13,766 , and $12,266 in 2014, 2015, and 2016, respectively. |
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 $5,128 , $6,420 , and $8,842 in 2014, 2015, and 2016, respectively. |
Earnings Per Share And Stock Split | Earnings per share and stock split 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. Weighted average shares outstanding for all years presented reflect a two -for-one stock split effective November 22, 2016. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted accounting pronouncements 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 elected to early adopt ASU 2015-17 during the quarter ended April 2, 2016. As a result of the adoption, current deferred tax assets and current deferred tax liabilities were reclassified to noncurrent deferred taxes. The adoption of ASU 2015-17 was on a prospective basis and therefore had no impact on prior periods. In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 was issued as part of the FASB’s simplification initiative aimed at reducing costs and complexity while maintaining or improving the usefulness of financial information. This update involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, statutory tax withholding requirements, and classification in the statement of cash flows. This ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period, and the entity must adopt all of the amendments in the same period. The Company elected to early adopt ASU 2016-09 during the quarter ended April 2, 2016. Following is a summary of the changes resulting from adopting this ASU: NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED Forfeitures - Estimating forfeitures as part of the compensation cost accrual is no longer required. An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The Company has elected to account for forfeitures when they occur. The cumulative-effect of this change in election resulted in a decrease to retained earnings and an increase to additional paid-in capital of $ 934 as of the beginning of 2016. The tax effect of this adjustment increased the beginning balances for deferred tax assets and retained earnings by $333 . Income Tax Accounting - Prior to adopting this ASU, all excess tax benefits resulting from exercise or settlement of share-based payment transactions were recognized in Additional paid-in capital (“APIC”) and accumulated in an APIC pool. Any tax deficiencies were either offset against the APIC pool, or were recognized in the income statement if no APIC pool was available. Under the new amendments, the APIC pool has been eliminated and all excess tax benefits and tax deficiencies are recognized as an income tax benefit or expense in the income statement prospectively. Accordingly, prior periods have not been adjusted. The calculation of diluted earnings per share under the treasury stock method no longer includes the estimated excess tax benefits and tax deficiencies that were recorded in APIC. Additionally, the tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Statement of Cash Flow Presentation - Historically, excess tax benefits on the statement of cash flows have been presented as a cash inflow from financing activities and a cash outflow from operating activities. The ASU simplifies the presentation of excess tax benefits on the statements of cash flow requiring that excess tax benefits be classified along with other income tax cash flows as an operating activity. As part of the transition, entities may elect the cash flow presentation changes using either a prospective or retrospective application. The Company has elected to present the changes on a prospective basis, and as such, the excess tax benefits from equity-based payment arrangements in the Condensed Consolidated Statements of Cash Flows have not been adjusted for prior periods to conform with the current presentation. The excess tax benefits from equity-based payment arrangements during 2016 totaled $9,140 and are reflected in net earnings of the operating activities section of the Consolidated Statements of Cash Flows. The net impact of the early adoption of this standard increased net earnings by approximately $8,600 and d iluted earnings per share by $0.30 for 2016 . Issued 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 amendments may be applied retrospectively to each prior period (full retrospective) or retrospectively with the cumulative effect recognized as of the date of initial application (modified retrospective). The Company plans to adopt ASU 2014-09 in the first quarter of 2018 and apply the modified retrospective approach. The company continues to evaluate the impact of this ASU on the specific areas that apply to the Company and their potential impact to our processes, accounting, financial reporting, disclosures and controls. At this point, the Company has determined that the overall impact of adopting this ASU will not be material . This ASU will primarily involve updating revenue related internal control documentation and expanding revenue disclosures in our periodic filings. In addition to the documentation updates, the Company is considering a change in the methodology for deferring revenue on undelivered orders, which would not change the tot al amount of revenue recognized , but would accelerate the timing of when revenue is recognized. None of these changes are expected to have a material impact on the Company’s financial statements. NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED 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 does not expect the adoption of ASU 2015- 05 will have a material impact on its consolidated financial statements. 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 or 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 does not expect the adoption of ASU 2015-11 will have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” ASU 2016-02 is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Additionally, the ASU will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The update requires lessees to apply a modified retrospective approach for recognition and disclosure, beginning with the earliest period presented. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact ASU 2016-02 will have on its co nsolidated financial statements. The Company believes that adoption of this standard will likely have a material impact on its consolidated balance sheets for the recognition of certain operating leases as right-of-u se assets and lease obligations. Additional information on the Company’s operating lease obligations can be found in Note I – Commitments and Contingencies. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”. The ASU require s that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for annual and interim period in fiscal years beginning after December 15, 2017. The Company does not expect the adoption of ASU 2016-18 will have a material impact on its cash flows. |
Summary Of Significant Accoun23
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Assets And Liabilities Measured At Fair Value | 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 $ - $ - Foreign currency contracts included in prepaid expenses and other current assets 33 - 33 - $ 14,493 $ 14,460 $ 33 $ - Fair Value Measurements Using Inputs December 31, 2016 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 27,917 $ 27,917 $ - $ - Foreign currency contracts included in prepaid expenses and other current assets 4 - 4 - $ 27,921 $ 27,917 $ 4 $ - |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Schedule Of Inventories | Inventories consist of the following: January 2, December 31, 2016 2016 Raw materials $ 22,529 $ 26,186 Work in progress 8,701 9,455 Finished goods 34,889 29,169 $ 66,119 $ 64,810 |
Prepaid Expenses And Other Cu25
Prepaid Expenses And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expenses And Other Current Assets [Abstract] | |
Schedule Of Prepaid Expenses And Other Current Assets | Prepaid expenses and other current assets consist of the following: January 2, December 31, 2016 2016 Prepaid insurance $ 1,727 $ 1,475 Other prepaid expenses 3,862 7,755 Federal income taxes receivable 7,080 12,787 Miscellaneous receivables, net 4,704 4,257 Deferred commissions 3,305 5,399 Deferred tax assets 9,674 - Other current assets 4,583 5,604 $ 34,935 $ 37,277 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 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 2014 2015 2016 Current Federal $ 22,362 $ 17,492 $ (4,361) State 1,056 464 756 Foreign 16,265 32,198 45,568 Total Current 39,683 50,154 41,963 Deferred Federal (1,096) (5,220) (6,813) State (43) (155) (67) Foreign 473 3,138 3,428 Total Deferred (666) (2,237) (3,452) $ 39,017 $ 47,917 $ 38,511 |
Reconciliation Of Income Tax Provision | The income tax provision, as reconciled to the tax computed at the federal statutory rate of 35% for 2014, 2015, and 2016, is as follows: Year ended 2014 2015 2016 Federal income taxes at statutory rate $ 40,479 $ 49,906 $ 48,493 State income taxes, net of federal tax benefit 653 670 689 Excess tax benefits on equity awards - - (9,140) Qualified production activities deduction (887) (952) (856) Foreign rate differential (603) (461) (337) U.S. research credit (293) (425) (339) All other, net (332) (821) 1 $ 39,017 $ 47,917 $ 38,511 |
Schedule Of Deferred Taxes | The significant categories of deferred taxes are as follows: January 2, December 31, 2016 2016 Deferred tax assets Inventory $ 3,341 $ 3,315 Accruals not currently deductible 5,892 5,233 Equity-based compensation expense 4,476 7,198 Intangible assets 9,283 8,591 Accumulated other comprehensive income 988 3,943 Tax credit carry forwards - 3,698 Net operating losses 110 424 Other 3,428 4,365 Gross deferred tax assets 27,518 36,767 Valuation allowance (607) (640) Net deferred tax assets 26,911 36,127 Deferred tax liabilities Depreciation/amortization (6,137) (7,016) Prepaid expenses (1,566) (2,222) Intangible assets (9,283) (8,591) Other (4,663) (5,505) Gross deferred tax liabilities (21,649) (23,334) Net deferred taxes $ 5,262 $ 12,793 The Components of deferred taxes, net on a jurisdiction basis are as follows: January 2, December 31, 2016 2016 Net current deferred tax assets $ 9,674 $ - Net noncurrent deferred tax assets 9,844 18,292 Net current deferred tax liabilities (4,434) - Net noncurrent deferred tax liabilities (9,822) (5,499) Net deferred taxes $ 5,262 $ 12,793 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | Cost of property and equipment and their estimated useful lives is as follows: January 2, December 31, Years 2016 2016 Buildings 39.5 $ 38,242 $ 70,719 Laboratory and production equipment 5 -7 27,027 29,697 Sound and video library 5 600 600 Computer equipment and software 3 -5 34,497 41,801 Furniture and fixtures 3 -5 5,214 6,164 Automobiles 3 -5 385 369 Leasehold improvements 3 -5 11,591 11,701 Land improvements 15 2,052 2,626 119,608 163,677 Less accumulated depreciation and amortization 71,030 75,792 48,578 87,885 Land 6,361 6,286 Deposits and projects in process 33,043 7,096 $ 87,982 $ 101,267 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets [Abstract] | |
Schedule Of Goodwill | January 2, December 31, 2016 2016 Balance at beginning of year: Gross goodwill $ 17,941 $ 17,432 Accumulated impairment losses - - Net goodwill as of beginning of year 17,941 17,432 Goodwill acquired during the year - - Impairment loss - - Currency translation adjustment (509) (717) Balance as of end of year Gross goodwill 17,432 16,715 Accumulated impairment losses - - Net goodwill as of end of year $ 17,432 $ 16,715 |
Schedule Of Finite And Indefinite Lived Intangible Assets | 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 As of December 31, 2016 Weighted-average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) Amortized intangible assets Trade name and trademarks $ 3,820 $ (2,440) $ 1,380 10 Product formulas 8,424 (1,512) 6,912 8 Indefinite-lived intangible assets Direct sales license 26,057 26,057 $ 38,301 $ 34,349 |
Schedule Of Estimated Amortization Expense | Estimated Amortization Expense: 2017 $ 1,435 2018 1,435 2019 1,435 2020 1,288 2021 1,053 Thereafter 1,646 $ 8,292 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Current Liabilities [Abstract] | |
Schedule Of Other Current Liabilities | Other current liabilities consist of the following: January 2, December 31, 2016 2016 Associate incentives $ 38,852 $ 52,594 Accrued employee compensation 24,489 23,135 Income taxes 5,561 5,676 Sales taxes 10,109 11,774 Deferred tax liabilities 4,434 - Associate promotions 2,712 2,916 Deferred revenue 17,637 21,464 Provision for returns and allowances 521 696 Accrued purchases of property and equipment 6,863 2,216 All other 10,191 8,980 $ 121,369 $ 129,451 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Minimum Rental Payments For Operating Leases | Year ending 2017 $ 10,391 2018 5,999 2019 2,790 2020 544 2021 232 Thereafter 32 $ 19,988 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Based Compensation [Abstract] | |
Schedule Of Remaining Unrecognized Compensation Expense For Unvested Awards | 2017 $ 15,765 2018 13,306 2019 9,778 2020 3,642 2021+ 1,978 $ 44,469 The cost above is expected to be recognized over a weighted-average period of 3.3 years. |
Schedule Of Fair Value Assumptions | Year ended 2014 2015 2016 Expected volatility (1) 40.2% 44.0% 47.5% Risk-free interest rate (2) 1.2% 1.3% 1.1% Expected life (3) 3.6 yrs. 3.8 yrs. 3.7 yrs. Expected dividend yield (4) 0.0% 0.0% 0.0% Weighted-average exercise price (5) $60.61 $67.71 $63.16 (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 2, 2016 4,351 $ 47.34 3.3 $ 83,475 Granted 742 63.16 Exercised (971) 25.68 Forfeited (731) 58.05 Expired - - Outstanding at December 31, 2016 3,391 $ 54.69 3.1 $ 36,169 Exercisable at December 31, 2016 335 $ 37.69 1.6 $ 8,112 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Information [Abstract] | |
Schedule Of Revenue Percentage By Product | Year Ended 2014 2015 2016 USANA ® Nutritionals 79% 81% 83% USANA Foods 13% 11% 10% Sensé – beautiful science ® 7% 7% 6% |
Schedule Of Revenues From External Customers By Geographical Areas | Year Ended 2014 2015 2016 Net Sales to External Customers Asia Pacific Greater China $ 326,134 $ 441,284 $ 502,299 Southeast Asia Pacific 177,940 183,828 206,124 North Asia 32,667 39,751 46,023 Asia Pacific Total 536,741 664,863 754,446 Americas and Europe 253,730 253,636 251,637 Consolidated Total $ 790,471 $ 918,499 $ 1,006,083 |
Schedule Of Long-Lived Assets By Geographic Region | January 2, December 31, 2016 2016 Long-lived Assets Asia Pacific Greater China $ 94,792 $ 94,537 Southeast Asia Pacific 13,463 13,204 North Asia 1,938 1,884 Asia Pacific Total 110,193 109,625 Americas and Europe 58,936 64,864 Consolidated Total $ 169,129 $ 174,489 Total Assets Asia Pacific Greater China $ 231,018 $ 255,214 Southeast Asia Pacific 40,038 45,896 North Asia 6,695 9,646 Asia Pacific Total 277,751 310,756 Americas and Europe 145,486 159,886 Consolidated Total $ 423,237 $ 470,642 |
Consolidated Net Sales And Long Lived Assets | Year Ended 2014 2015 2016 Net sales: China $ 216,842 $ 371,737 $ 437,386 United States $ 140,457 $ 140,057 $ 130,427 Long-lived Assets: China $ 92,835 $ 91,909 United States $ 57,797 $ 63,654 |
Quarterly Financial Results (Ta
Quarterly Financial Results (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Results [Abstract] | |
Summary Of Quarterly Financial Information | 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 $ 0.78 $ 1.00 $ 1.00 $ 0.95 Diluted $ 0.75 $ 0.96 $ 0.96 $ 0.92 2016 First Second Third Fourth Net sales $ 240,449 $ 258,514 $ 254,219 $ 252,901 Gross profit $ 197,529 $ 212,544 $ 209,240 $ 206,580 Net earnings $ 22,299 $ 25,762 $ 30,098 $ 21,882 Earnings per share: Basic $ 0.92 $ 1.08 $ 1.24 $ 0.90 Diluted $ 0.89 $ 1.03 $ 1.20 $ 0.87 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Common Stock And Earnings Per Share | Year Ended 2014 2015 2016 Net earnings available to common shareholders $ 76,636 $ 94,672 $ 100,041 Weighted average common shares outstanding - basic 26,443 25,460 24,185 Dilutive effect of in-the-money equity awards 934 895 862 Weighted average common shares outstanding - diluted 27,377 26,355 25,047 Earnings per common share from net earnings - basic $ 2.90 $ 3.72 $ 4.14 Earnings per common share from net earnings - diluted $ 2.80 $ 3.59 $ 3.99 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 2014 2015 2016 574 786 2,242 |
Summary Of Significant Accoun35
Summary Of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, shares in Thousands | Nov. 22, 2016 | Oct. 25, 2016 | Dec. 31, 2016USD ($)$ / shares | Oct. 01, 2016USD ($)$ / shares | Jul. 02, 2016USD ($)$ / shares | Apr. 02, 2016USD ($)$ / shares | Jan. 02, 2016USD ($)$ / shares | Oct. 03, 2015USD ($)$ / shares | Jul. 04, 2015USD ($)$ / shares | Apr. 04, 2015USD ($)$ / shares | Dec. 31, 2016USD ($)item$ / sharesshares | Jan. 02, 2016USD ($)$ / sharesshares | Jan. 03, 2015USD ($)$ / sharesshares |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Sub-geographical regions | item | 3 | ||||||||||||
Transfers of financial assets or liabilities | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Non-financial assets | 0 | 0 | 0 | 0 | $ 0 | ||||||||
Receivable from credit card processors | 11,659,000 | 12,516,000 | 11,659,000 | 12,516,000 | |||||||||
Restricted cash | 2,880,000 | 3,080,000 | $ 2,880,000 | 3,080,000 | |||||||||
Maturity date | Feb. 1, 2024 | ||||||||||||
Credits on notes receivable | $ 1,288,000 | 966,000 | 720,000 | ||||||||||
Notes receivable | 6,867,000 | 8,339,000 | 6,867,000 | 8,339,000 | |||||||||
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 | $ 9,015,000 | 7,287,000 | 7,019,000 | ||||||||||
Proceeds from Stock Options Exercised | 10,970,000 | ||||||||||||
Tax benefit from equity award activity | $ 12,024,000 | $ 14,712,000 | |||||||||||
Amount available to repurchase under the stock repurchase plan | 35,390,000 | $ 35,390,000 | |||||||||||
Common stock repurchased and retired, shares | shares | 1,106 | 914 | 3,854 | ||||||||||
Repurchase of common stock | $ 64,610,000 | $ 61,181,000 | $ 138,819,000 | ||||||||||
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 | 0.70% | 0.60% | 0.80% | ||||||||||
Advertising expense | $ 12,266,000 | $ 13,766,000 | $ 4,942,000 | ||||||||||
Research and development expense | 8,842,000 | 6,420,000 | 5,128,000 | ||||||||||
Stock split ratio | 2 | 2 | |||||||||||
Tax benefit recorded in income tax expense | 9,140,000 | ||||||||||||
Net earnings | $ 21,882,000 | $ 30,098,000 | $ 25,762,000 | $ 22,299,000 | $ 23,967,000 | $ 25,609,000 | $ 25,416,000 | $ 19,680,000 | $ 100,041,000 | $ 94,672,000 | $ 76,636,000 | ||
Diluted | $ / shares | $ 0.87 | $ 1.20 | $ 1.03 | $ 0.89 | $ 0.92 | $ 0.96 | $ 0.96 | $ 0.75 | $ 3.99 | $ 3.59 | $ 2.80 | ||
Additional Paid-in Capital [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Tax benefit from equity award activity | $ 12,024,000 | $ 14,712,000 | |||||||||||
Adjustments for New Accounting Principle, Early Adoption [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Net earnings | $ 8,600,000 | ||||||||||||
Diluted | $ / shares | $ 0.30 | ||||||||||||
Manufacturing Credits [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Credits on notes receivable | $ 1,860,000 | 966,000 | |||||||||||
Restatement Adjustment [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Tax benefit recorded in income tax expense | (9,140,000) | ||||||||||||
Scenario, Adjustment [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Cummulative-effect of accounting change | $ 333,000 | $ 333,000 | $ 333,000 | 333,000 | |||||||||
Scenario, Adjustment [Member] | Additional Paid-in Capital [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Cummulative-effect of accounting change | $ 934,000 | $ 934,000 | |||||||||||
LIBOR [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Basis point | 4.00% |
Summary Of Significant Accoun36
Summary Of Significant Accounting Policies (Schedule Of Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts included in prepaid expenses and other current assets | $ 4 | |
Total financial assets and liabilities | 27,921 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds included in cash equivalents | 27,917 | $ 14,460 |
Foreign currency contracts included in prepaid expenses and other current assets | 33 | |
Total financial assets and liabilities | 14,493 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets and liabilities | 27,917 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds included in cash equivalents | 27,917 | 14,460 |
Total financial assets and liabilities | 14,460 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts included in prepaid expenses and other current assets | 4 | |
Total financial assets and liabilities | $ 4 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contracts included in prepaid expenses and other current assets | 33 | |
Total financial assets and liabilities | $ 33 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Inventories [Abstract] | ||
Raw materials | $ 26,186 | $ 22,529 |
Work in progress | 9,455 | 8,701 |
Finished goods | 29,169 | 34,889 |
Inventories | $ 64,810 | $ 66,119 |
Prepaid Expenses And Other Cu38
Prepaid Expenses And Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Prepaid Expenses And Other Current Assets [Abstract] | ||
Prepaid insurance | $ 1,475 | $ 1,727 |
Other prepaid expenses | 7,755 | 3,862 |
Federal income taxes receivable | 12,787 | 7,080 |
Miscellaneous receivables, net | 4,257 | 4,704 |
Deferred commissions | 5,399 | 3,305 |
Deferred tax assets | 9,674 | |
Other current assets | 5,604 | 4,583 |
Prepaid expenses and other current assets | $ 37,277 | $ 34,935 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Tax Credit Carryforward [Line Items] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Accumulated undistributed earnings of subsidiaries | $ 19,597 | ||
Deferred tax liability not recognized from undistributed earnings | 3,083 | ||
Significant unrecognized tax benefits | $ 0 | $ 0 | |
Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Period of tax credit carryforwards | 20 years | ||
Expiration year for tax credit carryforwards | 2,036 | ||
Research credit carryforwards | $ 339 | ||
Foreign Tax Authority [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Foreign operating loss carryforward | 1,444 | ||
Operating loss carryforward valuation allowance | 424 | ||
Foreign tax credit carryforwards | $ 3,351 | ||
Period of tax credit carryforwards | 10 years | ||
Expiration year for tax credit carryforwards | 2,026 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Income Taxes [Abstract] | |||
Current, Federal | $ (4,361) | $ 17,492 | $ 22,362 |
Current, State | 756 | 464 | 1,056 |
Current, Foreign | 45,568 | 32,198 | 16,265 |
Total Current | 41,963 | 50,154 | 39,683 |
Deferred, Federal | (6,813) | (5,220) | (1,096) |
Deferred, State | (67) | (155) | (43) |
Deferred, Foreign | 3,428 | 3,138 | 473 |
Total Deferred | (3,452) | (2,237) | (666) |
Income taxes | $ 38,511 | $ 47,917 | $ 39,017 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Income Taxes [Abstract] | |||
Federal income taxes at statutory rate | $ 48,493 | $ 49,906 | $ 40,479 |
State income taxes, net of federal tax benefit | 689 | 670 | 653 |
Excess tax benefits on equity awards | (9,140) | ||
Qualified production activities deduction | (856) | (952) | (887) |
Foreign rate differential | (337) | (461) | (603) |
U.S research credit | (339) | (425) | (293) |
All other, net | 1 | (821) | (332) |
Income taxes | $ 38,511 | $ 47,917 | $ 39,017 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Taxes By Significant Categories) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Income Taxes [Abstract] | ||
Inventory | $ 3,315 | $ 3,341 |
Accruals not currently deductible | 5,233 | 5,892 |
Equity-based compensation expense | 7,198 | 4,476 |
Intangible assets | 8,591 | 9,283 |
Accumulated other comprehensive income | 3,943 | 988 |
Tax credit carryforwards | 3,698 | |
Net operating losses | 424 | 110 |
Other | 4,365 | 3,428 |
Gross deferred tax assets | 36,767 | 27,518 |
Valuation allowance | (640) | (607) |
Net deferred tax assets | 36,127 | 26,911 |
Depreciation/amortization | (7,016) | (6,137) |
Prepaid expenses | (2,222) | (1,566) |
Intangible assets | (8,591) | (9,283) |
Other | (5,505) | (4,663) |
Gross deferred tax liabilities | (23,334) | (21,649) |
Net current deferred tax assets | 9,674 | |
Net noncurrent deferred tax assets | 18,292 | 9,844 |
Net current deferred tax liabilities | (4,434) | |
Net noncurrent deferred tax liabilities | (5,499) | (9,822) |
Net deferred taxes | $ 12,793 | $ 5,262 |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 163,677 | $ 119,608 | |
Less accumulated depreciation and amortization | 75,792 | 71,030 | |
Property and equipment, net | 87,885 | 48,578 | |
Property and equipment, net | 101,267 | 87,982 | |
Depreciation | $ 11,878 | 9,034 | $ 8,414 |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 39 years 6 months | ||
Property and equipment, gross | $ 70,719 | 38,242 | |
Laboratory And Production Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 29,697 | 27,027 | |
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 | 41,801 | 34,497 | |
Furniture And Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 6,164 | 5,214 | |
Automobiles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 369 | 385 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 11,701 | 11,591 | |
Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 15 years | ||
Property and equipment, gross | $ 2,626 | 2,052 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, net | 6,286 | 6,361 | |
Deposits And Projects In Process [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, net | $ 7,096 | $ 33,043 | |
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 | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Intangible Assets [Abstract] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Impairment of indefinite-lived intangible assets | 0 | 0 | 0 |
Aggregate amortization of intangible assets | $ 1,500 | $ 900 | $ 431 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Intangible Assets [Abstract] | |||
Gross goodwill, Beginning | $ 17,432 | $ 17,941 | |
Accumulated impairment losses, Beginning | |||
Net goodwill, Beginning Balance | 17,432 | 17,941 | |
Goodwill acquired during the year | |||
Impairment loss | 0 | 0 | $ 0 |
Currency translation adjustments | (717) | (509) | |
Gross goodwill, Ending | 16,715 | 17,432 | 17,941 |
Accumulated impairment losses, Ending | |||
Net goodwill, Ending Balance | $ 16,715 | $ 17,432 | $ 17,941 |
Intangible Assets (Schedule O46
Intangible Assets (Schedule Of Finite And Indefinite Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ||
Amortized intangible assets, Net carrying amount | $ 8,292 | |
Total, Gross carrying amount | 38,301 | $ 40,963 |
Total, Net carrying amount | 34,349 | 38,269 |
Trade Name And Trademarks [Member] | ||
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ||
Amortized intangible assets, Gross carrying amount | 3,820 | 4,086 |
Accumulated amortization | (2,440) | (2,205) |
Amortized intangible assets, Net carrying amount | $ 1,380 | $ 1,881 |
Weighted-average amortization period (years) | 10 years | 10 years |
Product Formulas [Member] | ||
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ||
Amortized intangible assets, Gross carrying amount | $ 8,424 | $ 9,010 |
Accumulated amortization | (1,512) | (489) |
Amortized intangible assets, Net carrying amount | $ 6,912 | $ 8,521 |
Weighted-average amortization period (years) | 8 years | 8 years |
Direct Sales License [Member] | ||
Schedule Of Finite and Indefinite Intangible Assets [Line Items] | ||
Unamortized intangible assets | $ 26,057 | $ 27,867 |
Intangible Assets (Schedule O47
Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Intangible Assets [Abstract] | |
2,017 | $ 1,435 |
2,018 | 1,435 |
2,019 | 1,435 |
2,020 | 1,288 |
2,021 | 1,053 |
Thereafter | 1,646 |
Total estimated amortization expense | $ 8,292 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Other Current Liabilities [Abstract] | ||
Associate incentives | $ 52,594 | $ 38,852 |
Accrued employee compensation | 23,135 | 24,489 |
Income taxes | 5,676 | 5,561 |
Sales taxes | 11,774 | 10,109 |
Deferred tax liabilities | 4,434 | |
Associate promotions | 2,916 | 2,712 |
Deferred revenue | 21,464 | 17,637 |
Provision for returns and allowances | 696 | 521 |
Accrued purchases of property and equipment | 2,216 | 6,863 |
All other | 8,980 | 10,191 |
Other current liabilities | $ 129,451 | $ 121,369 |
Line Of Credit (Details)
Line Of Credit (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Oct. 01, 2016 | Dec. 31, 2016USD ($) | Jan. 02, 2016USD ($) | Feb. 19, 2016USD ($) | Feb. 18, 2016USD ($) | |
Line of Credit Facility [Line Items] | |||||
Credit facility | $ 75,000 | ||||
Adjusted EBITDA covenant | $ 60,000 | ||||
Ratio of consolidated funded debt to adjusted EBITDA | 2 | ||||
Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Reduction in available borrowing limit | 5,241 | $ 4,153 | |||
Outstanding debt | $ 0 | $ 0 | |||
Maturity date | Apr. 1, 2021 | ||||
Amended And Restated Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Adjusted EBITDA covenant | $ 100,000 |
Commitments And Contingencies50
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Commitments And Contingencies [Line Items] | |||
Total rent expense | $ 10,153 | $ 10,503 | $ 11,129 |
Unconditional purchase obligations due in one year | $ 5,877 | ||
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 | $ 1,594 | $ 1,458 | $ 1,324 |
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 Contingencies51
Commitments And Contingencies (Schedule Of Minimum Rental Payments For Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies [Abstract] | |
2,017 | $ 10,391 |
2,018 | 5,999 |
2,019 | 2,790 |
2,020 | 544 |
2,021 | 232 |
Thereafter | 32 |
Total | $ 19,988 |
Equity-Based Compensation (Narr
Equity-Based Compensation (Narrative) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Nov. 22, 2016 | Oct. 25, 2016 | Dec. 31, 2016USD ($)$ / sharesshares | Jan. 02, 2016USD ($)$ / shares | Jan. 03, 2015USD ($)$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock split ratio | 2 | 2 | |||
Equity-based compensation expense | $ | $ 16,542 | $ 11,081 | $ 9,805 | ||
Equity-based compensation related tax benefit | $ | $ 5,540 | $ 3,766 | $ 3,308 | ||
Weighted-average grant date fair value | $ / shares | $ 22.99 | $ 23.50 | $ 9.46 | ||
Total intrinsic value of stock options and stock-settled stock appreciation rights exercised | $ | $ 38,198 | $ 41,548 | $ 51,795 | ||
Closing price of common stock | $ / shares | $ 61.20 | $ 63.88 | |||
Total fair value of equity awards vested | $ | $ 11,481 | $ 7,184 | $ 7,568 | ||
2006 Incentive Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Additional shares authorized | 0 | ||||
Total awards granted | 13,839 | ||||
Awards canceled | 2,551 | ||||
2015 Incentive Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total shares authorized under the plan | 10,000 | ||||
Total awards granted | 2,773 | ||||
Awards canceled | 612 | ||||
Stock Appreciation Rights (SARs) [Member] | 2006 Incentive Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total awards granted | 13,595 | ||||
Stock Appreciation Rights (SARs) [Member] | 2015 Incentive Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total awards granted | 2,752 | ||||
Stock Options [Member] | 2006 Incentive Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total awards granted | 15 | ||||
Deferred Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock units nonvested | 0 | ||||
Deferred Stock Units [Member] | 2006 Incentive Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total awards granted | 229 | ||||
Deferred Stock Units [Member] | 2015 Incentive Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total awards granted | 21 | ||||
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 6 months | ||||
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% | ||||
Officers And Employees [Member] | 2015 Incentive Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 50.00% |
Equity-Based Compensation (Sche
Equity-Based Compensation (Schedule Of Remaining Unrecognized Compensation Expense For Unvested Awards) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Equity Based Compensation [Abstract] | |
2,017 | $ 15,765 |
2,018 | 13,306 |
2,019 | 9,778 |
2,020 | 3,642 |
2021+ | 1,978 |
Total | $ 44,469 |
Unrecognized compensation expense weighted average period of recognition | 3 years 3 months 18 days |
Equity-Based Compensation (Sc54
Equity-Based Compensation (Schedule Of Fair Value Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Equity Based Compensation [Abstract] | |||
Expected volatility | 47.50% | 44.00% | 40.20% |
Risk-free interest rate | 1.10% | 1.30% | 1.20% |
Expected life | 3 years 8 months 12 days | 3 years 9 months 18 days | 3 years 7 months 6 days |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Weighted-average exercise price | $ 63.16 | $ 67.71 | $ 60.61 |
Equity-Based Compensation (Sc55
Equity-Based Compensation (Schedule Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Equity Based Compensation [Abstract] | ||
Shares, Outstanding | 4,351 | |
Shares, Granted | 742 | |
Shares, Exercised | (971) | |
Shares, Forfeited | (731) | |
Shares, Outstanding | 3,391 | 4,351 |
Shares, Exercisable | 335 | |
Weighted-average exercise price, Outstanding | $ 47.34 | |
Weighted-average exercise price, Granted | 63.16 | |
Weighted-average exercise price, Exercised | 25.68 | |
Weighted-average exercise price, Forfeited | 58.05 | |
Weighted-average exercise price, Outstanding | 54.69 | $ 47.34 |
Weighted-average exercise price, Exercisable | $ 37.69 | |
Weighted-average remaining contractual term, Outstanding | 3 years 1 month 6 days | 3 years 3 months 18 days |
Weighted-average remaining contractual term, Exercisable | 1 year 7 months 6 days | |
Aggregate intrinsic value, Outstanding | $ 36,169 | $ 83,475 |
Aggregate intrinsic value, Exercisable | $ 8,112 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016itemsegment | |
Segment Information [Abstract] | |
Number of reportable segments | segment | 1 |
Geographic regions | item | 2 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue Percentage By Product) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
USANA Nutritionals [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of product revenue | 83.00% | 81.00% | 79.00% |
USANA Foods [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of product revenue | 10.00% | 11.00% | 13.00% |
Sense - Beautiful Science [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of product revenue | 6.00% | 7.00% | 7.00% |
Segment Information (Schedule58
Segment Information (Schedule Of Revenues From External Customers By Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales to External Customers | $ 252,901 | $ 254,219 | $ 258,514 | $ 240,449 | $ 232,585 | $ 233,292 | $ 233,244 | $ 219,378 | $ 1,006,083 | $ 918,499 | $ 790,471 |
Greater China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales to External Customers | 502,299 | 441,284 | 326,134 | ||||||||
Southeast Asia Pacific [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales to External Customers | 206,124 | 183,828 | 177,940 | ||||||||
North Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales to External Customers | 46,023 | 39,751 | 32,667 | ||||||||
Asia Pacific [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales to External Customers | 754,446 | 664,863 | 536,741 | ||||||||
Americas And Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales to External Customers | $ 251,637 | $ 253,636 | $ 253,730 |
Segment Information (Schedule59
Segment Information (Schedule Of Long-Lived Assets By Geographic Region) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 02, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | $ 174,489 | $ 169,129 |
Assets | 470,642 | 423,237 |
Greater China [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 94,537 | 94,792 |
Assets | 255,214 | 231,018 |
Southeast Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 13,204 | 13,463 |
Assets | 45,896 | 40,038 |
North Asia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 1,884 | 1,938 |
Assets | 9,646 | 6,695 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 109,625 | 110,193 |
Assets | 310,756 | 277,751 |
Americas And Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 64,864 | 58,936 |
Assets | $ 159,886 | $ 145,486 |
Segment Information (Consolidat
Segment Information (Consolidated Net Sales And Long Lived Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 252,901 | $ 254,219 | $ 258,514 | $ 240,449 | $ 232,585 | $ 233,292 | $ 233,244 | $ 219,378 | $ 1,006,083 | $ 918,499 | $ 790,471 |
Long-lived Assets | 174,489 | 169,129 | 174,489 | 169,129 | |||||||
China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 437,386 | 371,737 | 216,842 | ||||||||
Long-lived Assets | 91,909 | 92,835 | 91,909 | 92,835 | |||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 130,427 | 140,057 | $ 140,457 | ||||||||
Long-lived Assets | $ 63,654 | $ 57,797 | $ 63,654 | $ 57,797 |
Quarterly Financial Results (Su
Quarterly Financial Results (Summary Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Quarterly Financial Results [Abstract] | |||||||||||
Net sales | $ 252,901 | $ 254,219 | $ 258,514 | $ 240,449 | $ 232,585 | $ 233,292 | $ 233,244 | $ 219,378 | $ 1,006,083 | $ 918,499 | $ 790,471 |
Gross profit | 206,580 | 209,240 | 212,544 | 197,529 | 192,404 | 192,244 | 193,155 | 181,014 | 825,893 | 758,817 | 649,677 |
Net income (loss) | $ 21,882 | $ 30,098 | $ 25,762 | $ 22,299 | $ 23,967 | $ 25,609 | $ 25,416 | $ 19,680 | $ 100,041 | $ 94,672 | $ 76,636 |
Basic | $ 0.90 | $ 1.24 | $ 1.08 | $ 0.92 | $ 0.95 | $ 1 | $ 1 | $ 0.78 | $ 4.14 | $ 3.72 | $ 2.90 |
Diluted | $ 0.87 | $ 1.20 | $ 1.03 | $ 0.89 | $ 0.92 | $ 0.96 | $ 0.96 | $ 0.75 | $ 3.99 | $ 3.59 | $ 2.80 |
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 | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net earnings available to common shareholders | $ 100,041 | $ 94,672 | $ 76,636 | ||||||||
Weighted average common shares outstanding - basic | 24,185 | 25,460 | 26,443 | ||||||||
Dilutive effect of in-the-money equity awards | 862 | 895 | 934 | ||||||||
Weighted average common shares outstanding - diluted | 25,047 | 26,355 | 27,377 | ||||||||
Earnings per common share from net earnings - basic | $ 0.90 | $ 1.24 | $ 1.08 | $ 0.92 | $ 0.95 | $ 1 | $ 1 | $ 0.78 | $ 4.14 | $ 3.72 | $ 2.90 |
Earnings per common share from net earnings - diluted | $ 0.87 | $ 1.20 | $ 1.03 | $ 0.89 | $ 0.92 | $ 0.96 | $ 0.96 | $ 0.75 | $ 3.99 | $ 3.59 | $ 2.80 |
Equity awards of stock excluded in computation of diluted EPS | 2,242 | 786 | 574 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Related Party Transaction [Line Items] | |||
Principal owner beneficial ownership percentage | 51.45% | ||
Medicis [Member] | |||
Related Party Transaction [Line Items] | |||
Amount paid | $ 322 | $ 383 | $ 239 |
Drive Marketing [Member] | |||
Related Party Transaction [Line Items] | |||
Amount paid | $ 523 | $ 420 | $ 566 |
Valuation And Qualifying Acco64
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Allowance For Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 521 | $ 718 | $ 591 |
Charged to costs and expenses | 213 | 49 | 194 |
Charged to other accounts | |||
Deductions | 38 | 246 | 67 |
Balance at end of period | 696 | 521 | 718 |
Allowance For Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 1,936 | 1,788 | 1,880 |
Charged to costs and expenses | 220 | 162 | 26 |
Charged to other accounts | |||
Deductions | 1,413 | 14 | 118 |
Balance at end of period | 743 | 1,936 | 1,788 |
Valuation Allowance - Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 607 | 526 | 530 |
Charged to costs and expenses | 33 | 81 | |
Charged to other accounts | |||
Deductions | 4 | ||
Balance at end of period | $ 640 | $ 607 | $ 526 |