Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 27, 2014 | Nov. 03, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Central Index Key | '0000896264 | ' |
Entity Registrant Name | 'USANA HEALTH SCIENCES INC | ' |
Current Fiscal Year End Date | '--01-03 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 12,314,038 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $87,738 | $137,343 |
Securities held-to-maturity, net | ' | 8,642 |
Inventories | 42,584 | 47,242 |
Prepaid expenses and other current assets | 32,190 | 35,818 |
Total current assets | 162,512 | 229,045 |
Property and equipment, net | 66,310 | 59,180 |
Goodwill | 18,092 | 18,243 |
Intangible assets, net | 41,482 | 42,329 |
Deferred tax assets | 5,597 | 5,519 |
Other assets | 22,937 | 14,154 |
Total assets | 316,930 | 368,470 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 6,551 | 9,502 |
Line of credit - short term | 10,000 | ' |
Other current liabilities | 88,912 | 86,369 |
Total current liabilities | 105,463 | 95,871 |
Deferred tax liabilities | 10,763 | 10,866 |
Other long-term liabilities | 1,256 | 1,211 |
Stockholders' equity | ' | ' |
Common stock, $0.001 par value; Authorized -- 50,000 shares, issued and outstanding 13,886 as of December 28, 2013 and 12,370 as of September 27, 2014 | 12 | 14 |
Additional paid-in capital | 38,597 | 54,691 |
Retained earnings | 155,656 | 200,023 |
Accumulated other comprehensive income | 5,183 | 5,794 |
Total stockholders' equity | 199,448 | 260,522 |
Total liabilities and stockholder's equity | $316,930 | $368,470 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | 12,370 | 13,886 |
Common stock, shares outstanding | 12,370 | 13,886 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net sales | $191,944 | $173,691 | $562,601 | $531,909 |
Cost of sales | 34,585 | 31,491 | 103,278 | 93,657 |
Gross profit | 157,359 | 142,200 | 459,323 | 438,252 |
Operating expenses: | ' | ' | ' | ' |
Associate incentives | 82,605 | 76,361 | 242,577 | 224,017 |
Selling, general and administrative | 45,499 | 41,145 | 133,282 | 126,527 |
Total operating expenses | 128,104 | 117,506 | 375,859 | 350,544 |
Earnings from operations | 29,255 | 24,694 | 83,464 | 87,708 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 8 | 119 | 435 | 278 |
Interest expense | -5 | ' | -11 | ' |
Other, net | -300 | -43 | -299 | -311 |
Other income (expense), net | -297 | 76 | 125 | -33 |
Earnings before income taxes | 28,958 | 24,770 | 83,589 | 87,675 |
Income taxes | 9,460 | 8,017 | 28,253 | 28,933 |
Net earnings | 19,498 | 16,753 | 55,336 | 58,742 |
Earnings per common share | ' | ' | ' | ' |
Basic | $1.51 | $1.22 | $4.09 | $4.31 |
Diluted | $1.47 | $1.16 | $3.96 | $4.16 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic | 12,873 | 13,751 | 13,520 | 13,636 |
Diluted | 13,263 | 14,393 | 13,964 | 14,132 |
Comprehensive income: | ' | ' | ' | ' |
Net earnings | 19,498 | 16,753 | 55,336 | 58,742 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustment | -198 | 1,371 | -1,058 | -1,070 |
Tax benefit (expense) related to foreign currency translation adjustment | 57 | -552 | 447 | 180 |
Other comprehensive income (loss), net of tax | -141 | 819 | -611 | -890 |
Comprehensive income | $19,357 | $17,572 | $54,725 | $57,852 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data | |||||
Balance, value at Dec. 28, 2013 | $14 | $54,691 | $200,023 | $5,794 | $260,522 |
Balance, shares at Dec. 28, 2013 | 13,886,000 | ' | ' | ' | 13,886,000 |
Net earnings | ' | ' | 55,336 | ' | 55,336 |
Other comprehensive income (loss), net of tax | ' | ' | ' | -611 | -611 |
Equity-based compensation expense | ' | 5,929 | ' | ' | 5,929 |
Common stock repurchased and retired, shares | -1,755,000 | ' | ' | ' | -1,755 |
Common stock repurchased and retired, value | -2 | -25,947 | -99,703 | ' | -125,652 |
Common stock issued under equity award plans, including tax benefit of $3,924, shares | 239,000 | ' | ' | ' | ' |
Common stock issued under equity award plans, including tax benefit of $3,924, value | ' | 3,924 | ' | ' | 3,924 |
Balance, value at Sep. 27, 2014 | $12 | $38,597 | $155,656 | $5,183 | $199,448 |
Balance, shares at Sep. 27, 2014 | 12,370,000 | ' | ' | ' | 12,370,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 |
Condensed Consolidated Statement Of Stockholders' Equity [Abstract] | ' |
Common stock issued under equity award plans, including tax benefit (expense) | $3,924 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Cash flows from operating activities | ' | ' |
Net earnings | $55,336 | $58,742 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | ' | ' |
Depreciation and amortization | 6,685 | 6,870 |
(Gain) loss on sale of property and equipment | 31 | -23 |
Equity-based compensation expense | 5,929 | 6,113 |
Excess tax benefits from equity-based payment arrangements | -3,996 | -7,570 |
Deferred income taxes | -849 | 1,196 |
Changes in operating assets and liabilities: | ' | ' |
Inventories | 4,956 | -9,999 |
Prepaid expenses and other assets | -524 | -9,153 |
Accounts payable | -3,249 | 1,048 |
Other liabilities | 3,076 | 17,369 |
Net cash provided by (used in) operating activities | 67,395 | 64,593 |
Cash flows from investing activities | ' | ' |
Additions to notes receivable | -3,159 | -3,363 |
Purchases of investment securities held-to-maturity | -3,871 | ' |
Maturities of investment securities | 12,511 | ' |
Proceeds from sale of property and equipment | 10 | 47 |
Purchases of property and equipment | -13,266 | -6,306 |
Net cash provided by (used in) investing activities | -7,775 | -9,622 |
Cash flows from financing activities | ' | ' |
Proceeds from equity awards exercised | ' | 454 |
Excess tax benefits from equity-based payment arrangements | 3,996 | 7,570 |
Repurchase of common stock | -122,662 | -18,085 |
Borrowings on line of credit | 10,000 | ' |
Net cash provided by (used in) financing activities | -108,666 | -10,061 |
Effect of exchange rate changes on cash and cash equivalents | -559 | -400 |
Net increase (decrease) in cash and cash equivalents | -49,605 | 44,510 |
Cash and cash equivalents, beginning of period | 137,343 | 70,839 |
Cash and cash equivalents, end of period | 87,738 | 115,349 |
Supplemental disclosures of cash flow information | ' | ' |
Interest | 11 | ' |
Income taxes | 11,716 | 25,554 |
Non-cash financing activities: | ' | ' |
Unsettled trades for repurchase of common stock | ($2,990) | ' |
Organization_Consolidation_And
Organization, Consolidation, And Basis Of Presentation | 9 Months Ended |
Sep. 27, 2014 | |
Organization, Consolidation, And Basis Of Presentation [Abstract] | ' |
Organization, Consolidation, And Basis Of Presentation | ' |
NOTE A – ORGANIZATION, CONSOLIDATION, AND BASIS OF PRESENTATION | |
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: Americas and Europe, and Asia Pacific, which is further divided into three sub-regions; Southeast Asia Pacific, Greater China, and North Asia. Americas and Europe includes the United States, Canada, Mexico, Colombia, the United Kingdom, France, Belgium, and the Netherlands. Southeast Asia Pacific includes Australia, New Zealand, Singapore, Malaysia, the Philippines, and Thailand; Greater China includes Hong Kong, Taiwan and China; and North Asia includes Japan and South Korea. All significant intercompany accounts and transactions have been eliminated in this consolidation. | |
The condensed consolidated balance sheet as of December 28, 2013, derived from audited financial statements, and the unaudited interim consolidated financial information of the Company have been prepared in accordance with Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission. Certain information and footnote disclosures that are normally included in financial statements that have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of any contingent amounts in our condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates. In the opinion of management, the accompanying interim consolidated financial information contains all adjustments, consisting of normal recurring adjustments that are necessary to state fairly the Company’s financial position as of September 27, 2014 and results of operations for the quarters and nine months ended September 28, 2013 and September 27, 2014. | |
The interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto that are included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2013. The results of operations for the quarter and nine months ended September 27, 2014, may not be indicative of the results that may be expected for the fiscal year 2014 ending January 3, 2015. | |
The Company experienced a change in the trend of the aging of unearned revenue in Hong Kong resulting from worldwide policy changes implemented in 2013. As a result of this change in trend, during the quarter ended September 27, 2014, the Company concluded that it was remote that product orders older than two years would be picked up by the customer. Deferred revenue of $3,100 recognized in the current quarter from this change in estimate benefited net earnings by $1,400. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 includes a five-step process by which entities will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which an entity expects to be entitled to 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. ASU 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2016, with early adoption prohibited. Accordingly, the Company will adopt this ASU on January 1, 2017. ASU 2014-09 permits companies the use of either a full retrospective or a modified retrospective approach to adopt this ASU, and the Company is currently evaluating which transition approach to use. The Company is currently evaluating the impact ASU 2014-09 will have on its consolidated financial statements. | |
Fair_Value_Measures
Fair Value Measures | 9 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Fair Value Measures [Abstract] | ' | |||||||||
Fair Value Measures | ' | |||||||||
NOTE B – FAIR VALUE MEASURES | ||||||||||
The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are: | ||||||||||
· | Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. | |||||||||
· | Level 2 inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||
· | Level 3 inputs are unobservable and are used to measure fair value in situations where there is little, if any, market activity for the asset or liability at the measurement date. | |||||||||
As of December 28, 2013 and September 27, 2014, the following financial assets and liabilities were measured at fair value on a recurring basis using the type of inputs shown: | ||||||||||
Fair Value Measurements Using: | ||||||||||
28-Dec-13 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||
Money market funds included in cash equivalents | $ 9,249 | $ 9,249 | $ - | $ - | ||||||
Term deposits included in cash equivalents | 348 | - | 348 | - | ||||||
Fair Value Measurements Using: | ||||||||||
27-Sep-14 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||
Money market funds included in cash equivalents | $ 13,872 | $ 13,872 | $ - | $ - | ||||||
There were no transfers of financial assets or liabilities between Level 1 and Level 2 inputs for the periods indicated. | ||||||||||
The majority of the Company's non-financial assets, which include goodwill, intangible assets, and property and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or tested at least annually for goodwill and indefinite-lived intangibles) such that a non-financial asset is required to be evaluated for impairment, an impairment is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value. At December 28, 2013 and September 27, 2014, there were no non-financial assets measured at fair value on a non-recurring basis. | ||||||||||
The Company's financial instruments include cash equivalents, restricted cash, securities held-to-maturity (“HTM”), and notes receivable. The recorded values of cash equivalents and restricted cash approximate their fair values, based on their short-term nature. The carrying value of the notes receivable approximate fair value because the variable interest rates in the notes reflect current market rates (see Note F). HTM securities consist of certificates of deposits. The fair value of a certificate of deposit is determined based on the pervasive interest rates in the market, which is considered to be a Level 2 input. The carrying values of these certificates of deposit approximate their fair values due to their short-term maturities. | ||||||||||
Investments
Investments | 9 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Investments [Abstract] | ' | |||||||||
Investments | ' | |||||||||
NOTE C – INVESTMENTS | ||||||||||
The carrying amount, gross unrealized holding gains, gross unrealized holding losses, and fair value of HTM securities by major security type and class of security were as follows: | ||||||||||
As of December 28, 2013 | ||||||||||
Amortized Cost | Unrecognized Holding Gains | Unrecognized Holding Losses | Estimated Fair Value | |||||||
Certificates of Deposit | $ 8,642 | $ - | $ - | $ 8,642 | ||||||
Total HTM Securities | $ 8,642 | $ - | $ - | $ 8,642 | ||||||
As of September 27, 2014, all HTM securities had matured and there was no balance. | ||||||||||
Inventories
Inventories | 9 Months Ended | |||||
Sep. 27, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Inventories | ' | |||||
NOTE D – INVENTORIES | ||||||
Inventories consist of the following: | ||||||
December 28, | September 27, | |||||
2013 | 2014 | |||||
Raw materials | $ 13,824 | $ 12,745 | ||||
Work in progress | 8,147 | 7,970 | ||||
Finished goods | 25,271 | 21,869 | ||||
$ 47,242 | $ 42,584 | |||||
Intangible_Assets
Intangible Assets | 9 Months Ended |
Sep. 27, 2014 | |
Intangible Assets [Abstract] | ' |
Intangible Assets | ' |
NOTE E – INTANGIBLE ASSETS | |
The Company performed its annual goodwill impairment test during the third quarter of 2014. The Company performed a qualitative assessment of each reporting unit and determined that it was not more-likely-than-not that the fair value of each reporting unit was less than its carrying amount. As a result, the two-step goodwill impairment test was not required and no impairments of goodwill were recognized. | |
The Company performed its annual indefinite-lived intangible asset impairment test during the third quarter of 2014. The Company performed a qualitative assessment of the indefinite-lived intangible assets and determined that is was not more-likely-than-not that the fair value of the indefinite-lived intangible assets was less than the carrying amount. As a result, the quantitative impairment test was not required and no impairments of indefinite-lived intangible assets were recognized. | |
Other_Assets
Other Assets | 9 Months Ended |
Sep. 27, 2014 | |
Other Assets [Abstract] | ' |
Other Assets | ' |
NOTE F – OTHER ASSETS | |
The Company has extended non-revolving credit to its supplier of nutrition bars to allow this supplier to acquire the necessary equipment to manufacture the USANA nutrition bars. 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. There is no prepayment penalty. Notes receivable from this supplier as of December 28, 2013, and September 27, 2014 were $4,942 and $7,359, respectively. | |
NOTE F – OTHER ASSETS --CONTINUED | |
The Company is in the process of evaluating options to potentially modify some of the terms of the credit agreement with its supplier of nutrition bars as there has been a delay in the completion of the project. As a result of the delays, the Company performed an impairment test on the recoverability of the note receivable which required the use of estimates and assumptions. The Company concluded that there was no impairment as of September 27, 2014, however, if assumptions change in the future, impairment charges could result. The Company will continue to evaluate the note receivable for impairment at each reporting period. | |
The Company is building a state-of-the-art manufacturing and production facility in China, which is expected to become operational during the latter half of 2015. As part of this project, land use rights totaling $1,483, and $7,474 as of December 28, 2013 and September 27, 2014, respectively, have been purchased and will be amortized over 50 years. Land-use rights are classified within the “Other assets” line item in the Company’s consolidated balance sheets. | |
Line_Of_Credit
Line Of Credit | 9 Months Ended |
Sep. 27, 2014 | |
Line Of Credit [Abstract] | ' |
Line Of Credit | ' |
NOTE G – LINE OF CREDIT | |
The Company has a $75,000 line of credit with Bank of America. Interest is computed at the bank's Prime Rate or LIBOR, adjusted by features specified in the Credit Agreement. The collateral for this line of credit is the pledge of the capital stock of certain subsidiaries of the Company, set forth in a separate pledge agreement with the bank. Part of the credit agreement is that any existing bank guarantees are considered a reduction of the overall availability of credit and part of the covenant calculation. This resulted in a $3,800, and $4,719 reduction in the available borrowing limit as of December 28, 2013 and September 27, 2014, respectively, due to existing normal course of business guarantees in certain markets. The Credit Agreement contains restrictive covenants based on adjusted EBITDA and a debt coverage ratio. | |
There was no outstanding debt on this line of credit at December 28, 2013. At September 27, 2014, there was an outstanding balance of $10,000. The Company will be required to pay any balance on this line of credit in full at the time of maturity in April 2016 unless the line of credit is replaced or terms are renegotiated. This balance is classified as a current liability due to the Company’s intent to pay the balance within the next 12 months. | |
Contingencies
Contingencies | 9 Months Ended |
Sep. 27, 2014 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
NOTE H – 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. While complete assurance cannot be given to the outcome of these proceedings, management does not currently believe that any of these matters, individually or in the aggregate, will have a material adverse effect on our financial condition, liquidity or results of operations. | |
On August 7, 2014, a purported shareholder derivative lawsuit was filed in the Third Judicial District Court of Salt Lake County, State of Utah, against certain of the Company’s 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. The Company believes the claims in the complaint are without merit and intends to vigorously defend the suit. In the opinion of management, and based upon advice of counsel, the likelihood of an adverse outcome against the Company in this matter is remote. As such, management believes that the ultimate outcome of this lawsuit will not have a material impact on the Company’s financial position or results of operations. | |
EquityBased_Compensation
Equity-Based Compensation | 9 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Equity-Based Compensation [Abstract] | ' | |||||||||
Equity-Based Compensation | ' | |||||||||
NOTE I — EQUITY BASED COMPENSATION | ||||||||||
The Company utilizes a share-based compensation plan, which is more fully described in Note K to the Consolidated Financial Statements in Form 10-K for the year ended December 28, 2013. | ||||||||||
Equity-based compensation expense for the fiscal quarters ended September 28, 2013, and September 27, 2014, was $1,686, and $1,858 respectively. The related tax benefit for these periods was $578, and $613, respectively. Expense for the nine months ended September 28, 2013, and September 27, 2014, was $6,113 and $5,929, respectively. The related tax benefit for these periods was $2,087 and $1,973, 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 September 27, 2014. This table does not include an estimate for future grants that may be issued. | ||||||||||
2014 | $ 2,388 | |||||||||
2015 | 7,388 | |||||||||
2016 | 5,622 | |||||||||
2017 | 3,516 | |||||||||
2018+ | 724 | |||||||||
$ 19,638 | ||||||||||
The cost above is expected to be recognized over a weighted-average | ||||||||||
period of 2.0 years. | ||||||||||
The Company uses the Black-Scholes option pricing model to estimate the fair value of its equity awards. The weighted-average fair value of stock-settled stock appreciation rights that were granted during the nine months ended September 28, 2013, and September 27, 2014, was $16.01 and $17.92, 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. | ||||||||||
Nine Months Ended | ||||||||||
September 28, | September 27, | |||||||||
2013 | 2014 | |||||||||
Expected volatility (1) | 42.5% | 40.0% | ||||||||
Risk-free interest rate (2) | 0.7% | 1.2% | ||||||||
Expected life (3) | 3.95 yrs | 3.55 yrs | ||||||||
Expected dividend yield (4) | 0.0% | 0.0% | ||||||||
Weighted-average exercise price (5) | $ | $ | ||||||||
48.26 | 58.04 | |||||||||
(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 dividends. | ||||||||||
(5) Exercise price is the closing price of the Company's common stock on the date of grant. | ||||||||||
NOTE I — EQUITY BASED COMPENSATION - CONTINUED | ||||||||||
A summary of the Company’s stock option and stock-settled stock appreciation right activity is as follows: | ||||||||||
Shares | Weighted-average exercise price | Weighted-average remaining contractual term | Aggregate intrinsic value* | |||||||
Outstanding at December 28, 2013 | 1,827 | $ 37.37 | 2.6 | $ 74,160 | ||||||
Granted | 711 | 58.04 | ||||||||
Exercised | -434 | 32.33 | ||||||||
Forfeited | -48 | 37.25 | ||||||||
Expired | - | - | ||||||||
Outstanding at September 27, 2014 | 2,056 | $ 45.58 | 2.7 | $ 54,978 | ||||||
Exercisable at September 27, 2014 | 526 | $ 38.37 | 1.4 | $ 17,743 | ||||||
* Aggregate intrinsic value is defined as the difference between the current market value at the reporting date (the closing price of the | ||||||||||
Company's common stock on the last trading day of the period) and the exercise price of awards that were in-the-money. The | ||||||||||
closing price of the Company's common stock at December 28, 2013, and September 27, 2014, was $77.72 and $71.98, respectively. | ||||||||||
The total intrinsic value of stock options and stock-settled stock appreciation rights exercised during the nine months ended September 28, 2013, and September 27, 2014, was $31,027 and $17,125, respectively. | ||||||||||
The total fair value of equity awards that vested during the nine months ended September 28, 2013, and September 27, 2014, was $6,789 and $6,559, respectively. This total fair value includes equity-based awards issued in the form of stock options and stock-settled stock appreciation rights. | ||||||||||
Common_Stock_And_Earnings_Per_
Common Stock And Earnings Per Share | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Common Stock And Earnings Per Share [Abstract] | ' | ||||||||
Common Stock And Earnings Per Share | ' | ||||||||
NOTE J — COMMON STOCK AND 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: | |||||||||
Quarter Ended | Nine Months Ended | ||||||||
September 28, | September 27, | September 28, | September 27, | ||||||
2013 | 2014 | 2013 | 2014 | ||||||
Net earnings available to common shareholders | $ 16,753 | $ 19,498 | $ 58,742 | $ 55,336 | |||||
Weighted average common shares outstanding - basic | 13,751 | 12,873 | 13,636 | 13,520 | |||||
Dilutive effect of in-the-money equity awards | 642 | 390 | 496 | 444 | |||||
Weighted average common shares outstanding - diluted | 14,393 | 13,263 | 14,132 | 13,964 | |||||
Earnings per common share from net earnings - basic | $ 1.22 | $ 1.51 | $ 4.31 | $ 4.09 | |||||
Earnings per common share from net earnings - diluted | $ 1.16 | $ 1.47 | $ 4.16 | $ 3.96 | |||||
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: | |||||||||
Quarter Ended | Nine Months Ended | ||||||||
September 28, | September 27, | September 28, | September 27, | ||||||
2013 | 2014 | 2013 | 2014 | ||||||
15 | 414 | 445 | 357 | ||||||
During the quarter ended September 27, 2014, the Company repurchased and retired 1,073 shares, for $76,558 under the Company's share repurchase plan. | |||||||||
During the nine months ended September 28, 2013, and September 27, 2014, the Company repurchased and retired 414 shares and 1,755 shares, for $18,085 and $125,652, respectively, under the Company's share repurchase plan. The excess of the repurchase price over par value is allocated between additional paid-in capital and retained earnings on a pro-rata basis. The purchase of shares under this plan reduces the number of shares outstanding in the above calculations. | |||||||||
Subsequent to the period ended September 27, 2014 and through November 3, 2014, the Company repurchased and retired 172 shares under the Company's share repurchase plan for a total of $13,167. As of November 3, 2014, the remaining approved repurchase amount under the plan was $61,181. | |||||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
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. | ||||||||||
Quarter Ended | Nine Months Ended | |||||||||
September 28, | September 27, | September 28, | September 27, | |||||||
2013 | 2014 | 2013 | 2014 | |||||||
USANA® Nutritionals | 79% | 78% | 80% | 79% | ||||||
USANA Foods | 13% | 13% | 12% | 13% | ||||||
Sensé – beautiful science® | 6% | 7% | 6% | 7% | ||||||
Selected financial information for the Company is presented for two geographic regions: Americas and Europe, and Asia Pacific, with three sub-regions under Asia Pacific. Individual markets are categorized into these regions as follows: | ||||||||||
· | Americas and Europe – United States, Canada, Mexico, Colombia (1), the United Kingdom, France, Belgium, and the Netherlands. | |||||||||
· | Asia Pacific – | |||||||||
· | Southeast Asia Pacific – Australia, New Zealand, Singapore, Malaysia, the Philippines, and Thailand | |||||||||
· | Greater China – Hong Kong, Taiwan and China(2) | |||||||||
· | North Asia – Japan and South Korea | |||||||||
(1) The Company commenced operations in Colombia in the third quarter of 2013. | ||||||||||
(2)The Company’s business in China is that of BabyCare, its wholly-owned subsidiary. | ||||||||||
NOTE K – SEGMENT INFORMATION - CONTINUED | ||||||||||
Selected Financial Information | ||||||||||
Financial information by geographic region is presented for the periods indicated below: | ||||||||||
Quarter Ended | Nine Months Ended | |||||||||
September 28, | September 27, | September 28, | September 27, | |||||||
2013 | 2014 | 2013 | 2014 | |||||||
Net Sales to External Customers | ||||||||||
Americas and Europe | $ 66,294 | $ 61,723 | $ 197,215 | $ 189,199 | ||||||
Asia Pacific | ||||||||||
Southeast Asia Pacific | 40,230 | 44,488 | 113,014 | 127,625 | ||||||
Greater China | 59,768 | 77,206 | 200,141 | 222,144 | ||||||
North Asia | 7,399 | 8,527 | 21,539 | 23,633 | ||||||
Asia Pacific Total | 107,397 | 130,221 | 334,694 | 373,402 | ||||||
Consolidated Total | $ 173,691 | $ 191,944 | $ 531,909 | $ 562,601 | ||||||
The following table provides further information on markets representing ten percent or more of consolidated net sales and long-lived assets, respectively: | ||||||||||
Quarter Ended | Nine Months Ended | |||||||||
September 28, | September 27, | September 28, | September 27, | |||||||
2013 | 2014 | 2013 | 2014 | |||||||
Net sales: | ||||||||||
China | $ 29,788 | $ 50,385 | $ 66,772 | $ 140,368 | ||||||
United States | 39,282 | 34,389 | 118,329 | 105,938 | ||||||
Hong Kong | 21,554 | NA | 109,089 | 57,686 | ||||||
As of | ||||||||||
December 28, | September 27, | |||||||||
2013 | 2014 | |||||||||
Long-lived Assets: | ||||||||||
China | $ 61,716 | $ 75,940 | ||||||||
United States | 51,260 | 52,586 | ||||||||
Organization_Consolidation_And1
Organization, Consolidation, And Basis Of Presentation (Policy) | 9 Months Ended |
Sep. 27, 2014 | |
Organization, Consolidation, And Basis Of Presentation [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 includes a five-step process by which entities will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which an entity expects to be entitled to 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. ASU 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2016, with early adoption prohibited. Accordingly, the Company will adopt this ASU on January 1, 2017. ASU 2014-09 permits companies the use of either a full retrospective or a modified retrospective approach to adopt this ASU, and the Company is currently evaluating which transition approach to use. The Company is currently evaluating the impact ASU 2014-09 will have on its consolidated financial statements. | |
Fair_Value_Measures_Tables
Fair Value Measures (Tables) | 9 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Fair Value Measures [Abstract] | ' | |||||||||
Schedule Of Assets And Liabilities Measured At Fair Value | ' | |||||||||
Fair Value Measurements Using: | ||||||||||
28-Dec-13 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||
Money market funds included in cash equivalents | $ 9,249 | $ 9,249 | $ - | $ - | ||||||
Term deposits included in cash equivalents | 348 | - | 348 | - | ||||||
Fair Value Measurements Using: | ||||||||||
27-Sep-14 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||
Money market funds included in cash equivalents | $ 13,872 | $ 13,872 | $ - | $ - | ||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Investments [Abstract] | ' | |||||||||
Schedule Of Held-To-Maturity Securities | ' | |||||||||
As of December 28, 2013 | ||||||||||
Amortized Cost | Unrecognized Holding Gains | Unrecognized Holding Losses | Estimated Fair Value | |||||||
Certificates of Deposit | $ 8,642 | $ - | $ - | $ 8,642 | ||||||
Total HTM Securities | $ 8,642 | $ - | $ - | $ 8,642 | ||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||
Sep. 27, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Schedule Of Inventories | ' | |||||
Inventories consist of the following: | ||||||
December 28, | September 27, | |||||
2013 | 2014 | |||||
Raw materials | $ 13,824 | $ 12,745 | ||||
Work in progress | 8,147 | 7,970 | ||||
Finished goods | 25,271 | 21,869 | ||||
$ 47,242 | $ 42,584 | |||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 9 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Equity-Based Compensation [Abstract] | ' | |||||||||
Schedule Of Remaining Unrecognized Compensation Expense For Unvested Awards | ' | |||||||||
2014 | $ 2,388 | |||||||||
2015 | 7,388 | |||||||||
2016 | 5,622 | |||||||||
2017 | 3,516 | |||||||||
2018+ | 724 | |||||||||
$ 19,638 | ||||||||||
The cost above is expected to be recognized over a weighted-average | ||||||||||
period of 2.0 years. | ||||||||||
Schedule Of Fair Value Assumptions | ' | |||||||||
Nine Months Ended | ||||||||||
September 28, | September 27, | |||||||||
2013 | 2014 | |||||||||
Expected volatility (1) | 42.5% | 40.0% | ||||||||
Risk-free interest rate (2) | 0.7% | 1.2% | ||||||||
Expected life (3) | 3.95 yrs | 3.55 yrs | ||||||||
Expected dividend yield (4) | 0.0% | 0.0% | ||||||||
Weighted-average exercise price (5) | $ | $ | ||||||||
48.26 | 58.04 | |||||||||
(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 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 December 28, 2013 | 1,827 | $ 37.37 | 2.6 | $ 74,160 | ||||||
Granted | 711 | 58.04 | ||||||||
Exercised | -434 | 32.33 | ||||||||
Forfeited | -48 | 37.25 | ||||||||
Expired | - | - | ||||||||
Outstanding at September 27, 2014 | 2,056 | $ 45.58 | 2.7 | $ 54,978 | ||||||
Exercisable at September 27, 2014 | 526 | $ 38.37 | 1.4 | $ 17,743 | ||||||
* Aggregate intrinsic value is defined as the difference between the current market value at the reporting date (the closing price of the | ||||||||||
Company's common stock on the last trading day of the period) and the exercise price of awards that were in-the-money. The | ||||||||||
closing price of the Company's common stock at December 28, 2013, and September 27, 2014, was $77.72 and $71.98, respectively. | ||||||||||
Common_Stock_And_Earnings_Per_1
Common Stock And Earnings Per Share (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Common Stock And Earnings Per Share [Abstract] | ' | ||||||||
Schedule Of Common Stock And Earnings Per Share | ' | ||||||||
Quarter Ended | Nine Months Ended | ||||||||
September 28, | September 27, | September 28, | September 27, | ||||||
2013 | 2014 | 2013 | 2014 | ||||||
Net earnings available to common shareholders | $ 16,753 | $ 19,498 | $ 58,742 | $ 55,336 | |||||
Weighted average common shares outstanding - basic | 13,751 | 12,873 | 13,636 | 13,520 | |||||
Dilutive effect of in-the-money equity awards | 642 | 390 | 496 | 444 | |||||
Weighted average common shares outstanding - diluted | 14,393 | 13,263 | 14,132 | 13,964 | |||||
Earnings per common share from net earnings - basic | $ 1.22 | $ 1.51 | $ 4.31 | $ 4.09 | |||||
Earnings per common share from net earnings - diluted | $ 1.16 | $ 1.47 | $ 4.16 | $ 3.96 | |||||
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: | |||||||||
Quarter Ended | Nine Months Ended | ||||||||
September 28, | September 27, | September 28, | September 27, | ||||||
2013 | 2014 | 2013 | 2014 | ||||||
15 | 414 | 445 | 357 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Segment Information [Abstract] | ' | |||||||||
Schedule Of Revenue Percentage By Product | ' | |||||||||
Quarter Ended | Nine Months Ended | |||||||||
September 28, | September 27, | September 28, | September 27, | |||||||
2013 | 2014 | 2013 | 2014 | |||||||
USANA® Nutritionals | 79% | 78% | 80% | 79% | ||||||
USANA Foods | 13% | 13% | 12% | 13% | ||||||
Sensé – beautiful science® | 6% | 7% | 6% | 7% | ||||||
Schedule Of Revenues From External Customers By Geographical Areas | ' | |||||||||
Quarter Ended | Nine Months Ended | |||||||||
September 28, | September 27, | September 28, | September 27, | |||||||
2013 | 2014 | 2013 | 2014 | |||||||
Net Sales to External Customers | ||||||||||
Americas and Europe | $ 66,294 | $ 61,723 | $ 197,215 | $ 189,199 | ||||||
Asia Pacific | ||||||||||
Southeast Asia Pacific | 40,230 | 44,488 | 113,014 | 127,625 | ||||||
Greater China | 59,768 | 77,206 | 200,141 | 222,144 | ||||||
North Asia | 7,399 | 8,527 | 21,539 | 23,633 | ||||||
Asia Pacific Total | 107,397 | 130,221 | 334,694 | 373,402 | ||||||
Consolidated Total | $ 173,691 | $ 191,944 | $ 531,909 | $ 562,601 | ||||||
Consolidated Net Sales And Long Lived Assets | ' | |||||||||
Quarter Ended | Nine Months Ended | |||||||||
September 28, | September 27, | September 28, | September 27, | |||||||
2013 | 2014 | 2013 | 2014 | |||||||
Net sales: | ||||||||||
China | $ 29,788 | $ 50,385 | $ 66,772 | $ 140,368 | ||||||
United States | 39,282 | 34,389 | 118,329 | 105,938 | ||||||
Hong Kong | 21,554 | NA | 109,089 | 57,686 | ||||||
As of | ||||||||||
December 28, | September 27, | |||||||||
2013 | 2014 | |||||||||
Long-lived Assets: | ||||||||||
China | $ 61,716 | $ 75,940 | ||||||||
United States | 51,260 | 52,586 | ||||||||
Organization_Consolidation_And2
Organization, Consolidation, And Basis Of Presentation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
item | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ' | ' | ' | ' |
Geographic regions | ' | ' | 2 | ' |
Sub-geographical regions | ' | ' | 3 | ' |
Deferred revenue recognized | $3,100 | ' | ' | ' |
Net earnings | 19,498 | 16,753 | 55,336 | 58,742 |
Deferred Revenue [Member] | ' | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ' | ' | ' | ' |
Net earnings | $1,400 | ' | ' | ' |
Fair_Value_Measures_Narrative_
Fair Value Measures (Narrative) (Details) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
Fair Value Measures [Abstract] | ' | ' |
Transfers of financial assets or liabilities | $0 | $0 |
Non-financial assets | $0 | $0 |
Fair_Value_Measures_Schedule_O
Fair Value Measures (Schedule Of Assets And Liabilities Measured At Fair Value) (Details) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds included in cash equivalents | $13,872 | $9,249 |
Term deposits included in cash | ' | 348 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds included in cash equivalents | 13,872 | 9,249 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Term deposits included in cash | ' | $348 |
Investments_Details
Investments (Details) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | ' | $8,642,000 |
Estimated Fair Value | 0 | 8,642,000 |
Certificates of Deposit [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | ' | 8,642,000 |
Estimated Fair Value | ' | $8,642,000 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $12,745 | $13,824 |
Work in progress | 7,970 | 8,147 |
Finished goods | 21,869 | 25,271 |
Inventories | $42,584 | $47,242 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended |
Sep. 27, 2014 | |
Intangible Assets [Abstract] | ' |
Goodwill impairment | $0 |
Impairment of indefinite-lived intangible assets | $0 |
Other_Assets_Details
Other Assets (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 27, 2014 | Dec. 28, 2013 | |
Other Assets [Line Items] | ' | ' |
Receivable | $7,359,000 | $4,942,000 |
Impairment | 0 | ' |
Land-use rights | $7,474,000 | $1,483,000 |
Amortization period | '50 years | ' |
London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Other Assets [Line Items] | ' | ' |
Variable rate | 4.00% | ' |
Line_Of_Credit_Details
Line Of Credit (Details) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Line Of Credit [Abstract] | ' | ' |
Credit facility | $75,000 | ' |
Reduction in available borrowing limit | 4,719 | 3,800 |
Outstanding debt | $10,000 | $0 |
EquityBased_Compensation_Narra
Equity-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Equity-Based Compensation [Abstract] | ' | ' | ' | ' |
Equity-based compensation expense | $1,858 | $1,686 | $5,929 | $6,113 |
Equity-based compensation related tax benefit | 613 | 578 | 1,973 | 2,087 |
Unrecognized compensation expense weighted average period of recognition | ' | ' | '2 years | ' |
Weighted-average grant date fair value | ' | ' | $17.92 | $16.01 |
Total intrinsic value of stock options and stock-settled stock appreciation rights exercised | ' | ' | 17,125 | 31,027 |
Total fair value of equity awards vested | ' | ' | $6,559 | $6,789 |
EquityBased_Compensation_Sched
Equity-Based Compensation (Schedule Of Remaining Unrecognized Compensation Expense For Unvested Awards) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 |
Equity-Based Compensation [Abstract] | ' |
2014 | $2,388 |
2015 | 7,388 |
2016 | 5,622 |
2017 | 3,516 |
2018+ | 724 |
Total | $19,638 |
Unrecognized compensation expense weighted average period of recognition | '2 years |
EquityBased_Compensation_Sched1
Equity-Based Compensation (Schedule Of Fair Value Assumptions) (Details) (USD $) | 9 Months Ended | |||
Sep. 27, 2014 | Sep. 28, 2013 | |||
Equity-Based Compensation [Abstract] | ' | ' | ||
Expected volatility | 40.00% | [1] | 42.50% | [1] |
Risk-free interest rate | 1.20% | [2] | 0.70% | [2] |
Expected life | '3 years 6 months 15 days | [3] | '3 years 11 months 19 days | [3] |
Expected dividend yield | 0.00% | [4] | 0.00% | [4] |
Weighted-average grant price | $58.04 | [5] | $48.26 | [5] |
[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 Companybs equity awards and a hypothetical holding period for outstanding awards, or (ii) the simplified method. | |||
[4] | The Company historically has not paid dividends. | |||
[5] | Exercise price is the closing price of the Company's common stock on the date of grant. |
EquityBased_Compensation_Sched2
Equity-Based Compensation (Schedule Of Stock Option Activity) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2014 | Dec. 28, 2013 | ||
Equity-Based Compensation [Abstract] | ' | ' | ||
Shares, Outstanding | 1,827 | ' | ||
Shares, Granted | 711 | ' | ||
Shares, Exercised | -434 | ' | ||
Shares, Forfeited | -48 | ' | ||
Shares, Outstanding | 2,056 | 1,827 | ||
Shares, Exercisable | 526 | ' | ||
Weighted-average grant price, Outstanding | $37.37 | ' | ||
Weighted-average grant price, Granted | $58.04 | ' | ||
Weighted-average grant price, Exercised | $32.33 | ' | ||
Weighted-average grant price, Forfeited | $37.25 | ' | ||
Weighted-average grant price, Outstanding | $45.58 | $37.37 | ||
Weighted-average grant price, Exercisable | $38.37 | ' | ||
Weighted-average remaining contractual term, Outstanding | '2 years 8 months 12 days | '2 years 7 months 6 days | ||
Weighted-average remaining contractual term, Exercisable | '1 year 4 months 24 days | ' | ||
Aggregate intrinsic value, Outstanding | $74,160 | [1] | ' | |
Aggregate intrinsic value, Outstanding | 54,978 | [1] | 74,160 | [1] |
Aggregate intrinsic value, Exercisable | $17,743 | [1] | ' | |
Closing price of common stock | $77.72 | $71.98 | ||
[1] | 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.B B The closing price of the Company's common stock at December 28, 2013, and September 27, 2014, was $77.72 and $77.76, respectively. |
Common_Stock_And_Earnings_Per_2
Common Stock And Earnings Per Share (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Nov. 03, 2014 | Nov. 03, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | |||||
Common Stock And Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' |
Equity awards of stock excluded in computation of diluted EPS | 414,000 | 15,000 | 357,000 | 445,000 | ' | ' |
Shares repurchased and retired | 1,073 | ' | 1,755 | 414 | ' | 172 |
Value of shares repurchased and retired | $76,558 | ' | $125,652 | $18,085 | ' | $13,167 |
Remaining approved repurchase amount | ' | ' | ' | ' | $61,181 | ' |
Common_Stock_And_Earnings_Per_3
Common Stock And Earnings Per Share (Schedule Of Common Stock And Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Common Stock And Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net earnings available to common shareholders | $19,498 | $16,753 | $55,336 | $58,742 |
Weighted average common shares outstanding during period - basic | 12,873 | 13,751 | 13,520 | 13,636 |
Dilutive effect of in-the-money equity awards | 390 | 642 | 444 | 496 |
Weighted average common shares outstanding during period - diluted | 13,263 | 14,393 | 13,964 | 14,132 |
Earnings per common share from net earnings - basic | $1.51 | $1.22 | $4.09 | $4.31 |
Earnings per common share from net earnings - diluted | $1.47 | $1.16 | $3.96 | $4.16 |
Equity awards for the following shares were not included in the their effect would be anti-dilutive: | 414 | 15 | 357 | 445 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 27, 2014 | |
Segment Information [Abstract] | ' |
Percentage of revenue from major customers, maximum | 10.00% |
Segment_Information_Percentage
Segment Information (Percentage Of Total Product Revenue Contributed By Company's Nutritional And Care Products) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | |
USANA Nutritionals [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of product revenue | 78.00% | 79.00% | 79.00% | 80.00% |
USANA Foods [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of product revenue | 13.00% | 13.00% | 13.00% | 12.00% |
Sense - Beautiful Science [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Percentage of product revenue | 7.00% | 6.00% | 7.00% | 6.00% |
Segment_Information_Schedule_O
Segment Information (Schedule Of Revenues From External Customers And Assets By Geographic Region) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net Sales to External Customers | $191,944 | $173,691 | $562,601 | $531,909 |
Americas And Europe [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net Sales to External Customers | 61,723 | 66,294 | 189,199 | 197,215 |
Southeast Asia/Pacific [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net Sales to External Customers | 44,488 | 40,230 | 127,625 | 113,014 |
Greater China [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net Sales to External Customers | 77,206 | 59,768 | 222,144 | 200,141 |
North Asia [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net Sales to External Customers | 8,527 | 7,399 | 23,633 | 21,539 |
Asia Pacific [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net Sales to External Customers | $130,221 | $107,397 | $373,402 | $334,694 |
Segment_Information_Consolidat
Segment Information (Consolidated Net Sales And Long Lived Assets By Percent) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 28, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net sales | $191,944 | $173,691 | $562,601 | $531,909 | ' |
China [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net sales | 50,385 | 29,788 | 140,368 | 66,772 | ' |
Long-lived Assets | 75,940 | ' | 75,940 | ' | 61,716 |
United States [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net sales | 34,389 | 39,282 | 105,938 | 118,329 | ' |
Long-lived Assets | 52,586 | ' | 52,586 | ' | 51,260 |
Hong Kong [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Net sales | ' | $21,554 | $57,686 | $109,089 | ' |