Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 01, 2022 | Feb. 25, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000896264 | ||
Entity Registrant Name | USANA HEALTH SCIENCES INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --01-01 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 1, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-35024 | ||
Entity Incorporation, State or Country Code | UT | ||
Entity Tax Identification Number | 87-0500306 | ||
Entity Address, Address Line One | 3838 West Parkway Blvd. | ||
Entity Address, City or Town | Salt Lake City | ||
Entity Address, State or Province | UT | ||
Entity Address, Postal Zip Code | 84120 | ||
City Area Code | 801 | ||
Local Phone Number | 954-7100 | ||
Title of 12(b) Security | Common Stock, Par Value $0.001 per share | ||
Trading Symbol | USNA | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,052,207,994 | ||
Entity Common Stock, Shares Outstanding | 19,320,020 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Salt Lake City, Utah | ||
Auditor Firm ID | 185 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Current assets | ||
Cash and cash equivalents | $ 239,832 | $ 311,917 |
Inventories | 98,318 | 90,224 |
Prepaid expenses and other current assets | 26,967 | 23,145 |
Total current assets | 365,117 | 425,286 |
Property and equipment, net | 101,780 | 100,445 |
Goodwill | 17,668 | 17,367 |
Intangible assets, net | 30,442 | 30,796 |
Deferred tax assets | 4,839 | 4,640 |
Other assets | 57,894 | 62,353 |
Assets, Total | 577,740 | 640,887 |
Current liabilities | ||
Accounts payable | 13,508 | 18,195 |
Other current liabilities | 147,282 | 149,878 |
Total current liabilities | 160,790 | 168,073 |
Deferred tax liabilities | 7,497 | 12,009 |
Other long-term liabilities | 14,329 | 19,155 |
Stockholders' equity | ||
Common stock, $0.001 par value; Authorized -- 50,000 shares, issued and outstanding 19,393 as of January 1, 2022 and 21,038 as of January 2, 2021 | 19 | 21 |
Additional paid-in capital | 50,010 | 62,460 |
Retained earnings | 344,637 | 382,794 |
Accumulated other comprehensive income (loss) | 458 | (3,625) |
Total stockholders' equity | 395,124 | 441,650 |
Liabilities and Equity, Total | $ 577,740 | $ 640,887 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000 | 50,000 |
Common stock, shares issued (in shares) | 19,393 | 21,038 |
Common stock, shares outstanding (in shares) | 19,393 | 21,038 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Net sales | $ 1,186,464 | $ 1,134,644 | $ 1,060,902 |
Cost of sales | 217,898 | 209,111 | 187,503 |
Gross profit | 968,566 | 925,533 | 873,399 |
Operating expenses: | |||
Associate incentives | 519,267 | 487,856 | 459,478 |
Selling, general and administrative | 279,107 | 261,186 | 267,731 |
Total operating expenses | 798,374 | 749,042 | 727,209 |
Earnings from operations | 170,192 | 176,491 | 146,190 |
Other income (expense): | |||
Interest income | 2,515 | 2,535 | 4,707 |
Interest expense | (57) | (507) | (66) |
Other, net | (2,008) | (571) | (335) |
Other income (expense), net | 450 | 1,457 | 4,306 |
Earnings before income taxes | 170,642 | 177,948 | 150,496 |
Income taxes | 54,137 | 53,284 | 49,970 |
Net earnings | $ 116,505 | $ 124,664 | $ 100,526 |
Earnings per common share | |||
Basic (in dollars per share) | $ 5.78 | $ 5.89 | $ 4.44 |
Diluted (in dollars per share) | $ 5.73 | $ 5.86 | $ 4.41 |
Weighted average common shares outstanding | |||
Basic (in shares) | 20,146 | 21,156 | 22,644 |
Diluted (in shares) | 20,343 | 21,256 | 22,818 |
Comprehensive income: | |||
Net earnings | $ 116,505 | $ 124,664 | $ 100,526 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | 2,203 | 13,327 | (2,736) |
Tax benefit (expense) related to foreign currency translation adjustment | 1,880 | (3,051) | (778) |
Other comprehensive income (loss), net of tax | 4,083 | 10,276 | (3,514) |
Comprehensive income | $ 120,588 | $ 134,940 | $ 97,012 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 29, 2018 | 23,567 | ||||
Balance at Dec. 29, 2018 | $ 24 | $ 72,008 | $ 329,501 | $ (10,387) | $ 391,146 |
Net earnings | 100,526 | 100,526 | |||
Other comprehensive income (loss), net of tax | (3,514) | (3,514) | |||
Equity-based compensation expense | 15,541 | $ 15,541 | |||
Common stock repurchased and retired (in shares) | (2,009) | (2,009) | |||
Common stock repurchased and retired | $ (2) | (26,117) | (123,881) | $ (150,000) | |
Common stock issued under equity award plans (in shares) | 97 | ||||
Common stock issued under equity award plans | $ 0 | 0 | |||
Tax withholding for net-share settled equity awards | (1,987) | (1,987) | |||
Balance (in shares) at Dec. 28, 2019 | 21,655 | ||||
Balance at Dec. 28, 2019 | $ 22 | 59,445 | 306,146 | (13,901) | 351,712 |
Net earnings | 124,664 | 124,664 | |||
Other comprehensive income (loss), net of tax | 10,276 | 10,276 | |||
Equity-based compensation expense | 14,394 | $ 14,394 | |||
Common stock repurchased and retired (in shares) | (785) | (785) | |||
Common stock repurchased and retired | $ (1) | (9,012) | (48,016) | $ (57,029) | |
Common stock issued under equity award plans (in shares) | 168 | ||||
Common stock issued under equity award plans | $ 0 | 0 | |||
Tax withholding for net-share settled equity awards | (2,367) | $ (2,367) | |||
Balance (in shares) at Jan. 02, 2021 | 21,038 | 21,038 | |||
Balance at Jan. 02, 2021 | $ 21 | 62,460 | 382,794 | (3,625) | $ 441,650 |
Net earnings | 116,505 | 116,505 | |||
Other comprehensive income (loss), net of tax | 4,083 | 4,083 | |||
Equity-based compensation expense | 14,298 | $ 14,298 | |||
Common stock repurchased and retired (in shares) | (1,844) | (1,844) | |||
Common stock repurchased and retired | $ (2) | (23,173) | (154,662) | $ (177,837) | |
Common stock issued under equity award plans (in shares) | 199 | ||||
Common stock issued under equity award plans | $ 0 | 0 | |||
Tax withholding for net-share settled equity awards | (3,575) | $ (3,575) | |||
Balance (in shares) at Jan. 01, 2022 | 19,393 | 19,393 | |||
Balance at Jan. 01, 2022 | $ 19 | $ 50,010 | $ 344,637 | $ 458 | $ 395,124 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Cash flows from operating activities | |||
Net earnings | $ 116,505 | $ 124,664 | $ 100,526 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 13,036 | 13,747 | 14,743 |
Right-of-use asset amortization | 9,157 | 8,762 | 8,264 |
(Gain) loss on sale of property and equipment | 61 | 191 | 84 |
Equity-based compensation expense | 14,298 | 14,394 | 15,541 |
Deferred income taxes | (2,970) | (2,423) | (3,635) |
(Gain) loss on impairment on other assets | 510 | ||
Changes in operating assets and liabilities: | |||
Inventories | (10,501) | (16,784) | 12,990 |
Prepaid expenses and other assets | (2,331) | (5,192) | 7,189 |
Accounts payable | (4,572) | 6,076 | 1,835 |
Other liabilities | (11,456) | 16,456 | (30,804) |
Net cash provided by (used in) operating activities | 121,227 | 160,401 | 126,733 |
Cash flows from investing activities | |||
Receipts on notes receivable | 116 | 281 | 231 |
Proceeds from the settlement of net investment hedges | 1,935 | 1,936 | |
Payments for net investment hedge | (1,555) | (1,089) | (1,660) |
Maturities of investment securities held-to-maturity | 63,539 | ||
Payments for investment in equity securities | (20,000) | ||
Proceeds from sale of property and equipment | 15 | 6 | 17 |
Purchases of property and equipment | (12,763) | (15,094) | (16,569) |
Net cash provided by (used in) investing activities | (14,187) | (33,961) | 47,494 |
Cash flows from financing activities | |||
Repurchase of common stock | (177,837) | (57,029) | (150,000) |
Borrowings on line of credit | 60,000 | 5,000 | |
Payments on line of credit | (60,000) | (5,000) | |
Payments related to tax withholding for net-share settled equity awards | (3,575) | (2,367) | (1,987) |
Payments for debt issuance costs | (46) | (65) | |
Net cash provided by (used in) financing activities | (181,412) | (59,442) | (152,052) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 2,088 | 11,251 | (1,721) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (72,284) | 78,249 | 20,454 |
Cash, cash equivalents, and restricted cash at beginning of period | 315,937 | 237,688 | 217,234 |
Cash, cash equivalents, and restricted cash at end of period | 243,653 | 315,937 | 237,688 |
Cash and cash equivalents | 239,832 | 311,917 | 234,830 |
Cash, cash equivalents, and restricted cash at end of period | 243,653 | 315,937 | 237,688 |
Supplemental disclosures of cash flow information | |||
Interest | 10 | 711 | 11 |
Income taxes | 59,524 | 53,015 | 54,914 |
Cash received during the period for: | |||
Income tax refund | 191 | 847 | 5,542 |
Non-cash investing and financing activities: | |||
Right-of-use assets obtained in exchange for lease obligations | 5,322 | 6,632 | 33,258 |
Non-cash change in right-of-use assets | (3,182) | ||
Accrued purchases of property and equipment | 383 | 375 | 998 |
Prepaid Expenses and Other Current Assets [Member] | |||
Cash flows from financing activities | |||
Restricted cash | 958 | ||
Other Noncurrent Assets [Member] | |||
Cash flows from financing activities | |||
Restricted cash | $ 3,821 | $ 3,062 | $ 2,858 |
Note A - Summary of Significant
Note A - Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES COVID- 19 The COVID- 19 19 not 2021 2020. 19 The Company USANA Health Sciences, Inc. develops and manufactures high quality, science-based nutritional and personal care products that are sold internationally through a direct selling channel. The Consolidated Financial Statements (the “Financial Statements”) include the accounts and operations of the Company, which are grouped and presented in two 1 2 three ( 1 Asia Pacific – (i) Greater China – Hong Kong, Taiwan, and China. The Company’s business in China is conducted by BabyCare Holdings, Ltd. (“BabyCare”), the Company’s wholly-owned subsidiary. (ii) Southeast Asia Pacific – Australia, New Zealand, Singapore, Malaysia, the Philippines, Thailand and Indonesia. (iii) North Asia – Japan and South Korea. ( 2 Americas and Europe – United States, Canada, Mexico, Colombia, the United Kingdom, France, Germany, Spain, Italy, Romania, Belgium, and the Netherlands. Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements include the accounts and operations of the Company. 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. These estimates may Fiscal Year The Company operates on a 52/53 December 31. 2021 2019 52 2020 53 2021 January 3, 2021 January 1, 2022 ( 2021 2020 December 29, 2019 January 2, 2021 ( 2020 2019 December 30, 2018 December 28, 2019 ( 2019 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 ● Level 2 1 ● Level 3 As of January 1, 2022 January 2, 2021 Fair Value Measurements Using January 1, Inputs 2022 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 163,619 $ 163,619 $ — $ — Foreign currency contracts included in other current liabilities (461 ) — (461 ) — $ 163,158 $ 163,619 $ (461 ) $ — Fair Value Measurements Using January 2, Inputs 2021 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 224,092 $ 224,092 $ — $ — Foreign currency contracts included in other current liabilities (1,470 ) — (1,470 ) — $ 222,622 $ 224,092 $ (1,470 ) $ — There were no The majority of the Company’s non-financial assets, which include long-lived assets, are not January 1, 2022 January 2, 2021 Fair Value of Financial Instruments As of January 1, 2022 January 2, 2021 Translation of Foreign Currencies The functional currency of the Company’s foreign subsidiaries is the local currency of their country of domicile. Assets and liabilities of the foreign subsidiaries are translated into U.S. dollar amounts at month-end exchange rates. Revenue and expense accounts are translated at the weighted-average rates for the monthly accounting period to which they relate. Equity accounts are translated at historical rates. Foreign currency translation adjustments are accumulated as a component of other comprehensive income. Gains and losses from foreign currency transactions are included in the “Other, net” component of Other income (expense) in the Company’s consolidated statements of comprehensive income. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three January 1, 2022 January 2, 2021 Amounts receivable from credit card processors and other forms of electronic payment are considered cash equivalents because they are both short-term and highly liquid in nature and are typically converted to cash within three January 1, 2022 January 2, 2021 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 $3,146 as of January 1, 2022 January 2, 2021 Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using a standard costing system, which approximates the first first Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not 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 law 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 not” not fifty 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 Leases With the exception of the Company’s headquarters in Salt Lake City, Utah, and its facilities in New South Wales, Australia, and in Beijing and Tianjin, China, the Company leases its facilities. Each of the facility lease agreements is a non-cancelable operating lease generally structured with renewal options and expires prior to or during 2027. 2026. At contract inception, the Company determines whether an arrangement is or contains a lease and whether the lease should be classified as an operating or a financing lease. A contract is or contains a lease if the contract conveys the right to control the use of the identified asset for a period of time in exchange for consideration. Control is determined based on the right to obtain all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset. ROU assets for operating leases represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 not may Operating lease expense is recognized on a straight-line basis over the lease term and is included in “Cost of sales” and “Selling, general and administrative” line items in the Company’s consolidated statements of comprehensive income. Leases with an initial term of 12 not The Company monitors for events or changes in circumstances that require a reassessment of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the ROU asset unless doing so would reduce the ROU asset to an amount less than zero, in which case the remaining adjustment would be recorded in the consolidated statements of comprehensive income. Goodwill Goodwill represents the excess of the purchase price over the fair market value of identifiable net assets of acquired companies. Goodwill is not not may not not 2021 2020 2019 no Intangible Assets Intangible assets represent amortized and indefinite-lived intangible assets acquired in connection with the purchase of the Company’s China subsidiary in 2010. may not Indefinite-lived intangible assets are not may not not 2021 2020 2019 Investment in Equity Securities Equity securities (“securities”) without readily determinable fair value that are not 2020, may The initial value of the securities are remeasured to fair value if the securities are impaired or if observable price changes occur. These events are continually monitored and assessed at each reporting period. If a readily determinable fair value becomes available for the securities or observable price changes for the identical or a similar investment of the same issuer occur, the securities are measured at fair value as of the date the observable change occurred. Any resulting gains or losses on the securities for which the observable price changes occur will be recorded in net earnings. During 2021 2020, At each reporting period a qualitative assessment is made to consider impairment indicators to determine whether the securities are impaired. Impairment indicators may not 2021 2020, Nonqualified Deferred Compensation In 2021, 50% 80% no January 1, 2022 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 $175 and aggregate claims that are greater than $13,390. A liability is accrued for all unpaid claims. Total expense under this self-insurance program was $12,349, $11,798, and $11,846 in 2021 2020 2019 Derivative Financial Instruments The Company’s risk management strategy includes the select use of derivative instruments to reduce the effects of volatility in foreign currency exchange exposure on operating results and cash flows. In accordance with the Company’s risk management policies, the Company does not The Company periodically uses derivative instruments to hedge the foreign currency exposure of its net investment in foreign subsidiaries into U.S. dollars. Initially, the Company records derivative assets on a gross basis in its consolidated balance sheets. Subsequently the fair value of derivatives is measured for each reporting period. The effective portion of gains and losses attributable to these net investment hedges is recorded to foreign currency translation adjustment (“FCTA”) within accumulated other comprehensive income (loss) (“AOCI”) to offset the change in the carrying value of the net investment being hedged, and will subsequently be reclassified to net earnings in the period in which the hedged investment is either sold or substantially liquidated. During 2021 2020 2019 f $98,684, 2021 2020 2019, January 1, 2022 January 2, 2021 Subsequent to January 1, 2022 , on January 13, 2022 Common Stock Share Repurchases The Company has a stock repurchase plan in place that has been authorized by the Board of Directors. As of January 1, 2022 no no Revenue Recognition Revenue is recognized when, or as, control of a promised product or service transfers to a customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those products or services. Revenue excludes 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. Revenue recognition is evaluated through the following five 1 identification of the contract with a customer; 2 identification of the performance obligations in the contract; 3 determination of the transaction price; 4 allocation of the transaction price to the performance obligations in the contract; and 5 recognition of revenue when or as a performance obligation is satisfied. Product Revenue A majority of the Company’s sales are for products sold at a point in time and shipped to customers, for which control is transferred to the customer as goods are delivered to the third not The Company’s product sales contracts include terms that could cause variability in the transaction price for items such as discounts, product promotions, credits, or sales returns, which are a reduction of revenue. Accordingly, the transaction price for product sales includes estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will not Initial product orders with a new customer may two Associate incentives represent consideration paid to an Associate for distinct services provided in the sale of the Company's products and include all forms of commissions, and other incentives paid to our Associates. The Company may Shipping and handling activities are performed upon delivery to the third With respect to will-call orders, the Company periodically assesses the likelihood that customers will exercise their contractual right to pick up orders and revenue is recognized when the likelihood that customers will pick up orders is remote. Other Revenue Other types of revenue include fees, which are paid by the customer at the beginning of the service period, for access to online customer service applications and annual account renewal fees for Associates, for which control is transferred over time as services are delivered and are recognized as revenue on a straight-line basis over the term of the respective contracts. The following table presents Other Revenue for the periods indicated: Year Ended 2021 2020 2019 Other Revenue $ 3,825 $ 3,805 $ 3,059 Revenue Disaggregation Disaggregation of revenue by geographical region and major product line is included in Note L – Segment Information. Contract Balances When the timing of our provision of goods or services is different from the timing of the payments made by our customers, we recognize either a contract asset (performance precedes contractual due date) or a contract liability (customer payment precedes performance). Contract liabilities relate to deferred revenue for product sales for customer payments received in advance of shipment, for outstanding material rights under the initial order program, and for services where the performance obligations are satisfied over time as services are delivered. Contract liabilities are recorded as deferred revenue within the "Other current liabilities" line item in the consolidated balance sheets. The Company typically does not $0 January 1, 2022 January 2, 2021 The following table provides information about contract liabilities from contracts with customers, including significant changes in the contract liabilities balances during the period. January 1, January 2, 2022 2021 Contract liabilities at beginning of period $ 15,952 $ 13,852 Increase due to deferral of revenue at period end 19,635 15,952 Decrease due to beginning contract liabilities recognized as revenue (15,952 ) (13,852 ) Contract liabilities at end of period $ 19,635 $ 15,952 Product Return Policy All product orders that are unused and returned within the first one may 2021 2020 2019 Associate Incentives Associate incentives expenses include all forms of commissions, and other incentives paid to our Associates, less commissions paid to Associates on personal purchases, which are considered a sales discount and are reported as a reduction to net sales. Selling, General and Administrative Selling, general and administrative expenses include wages and benefits, depreciation and amortization, rents and utilities, Associate event costs, advertising and professional fees, marketing, and research and development expenses. Equity-Based Compensation The Company records compensation expense in the Financial Statements for equity-based awards based on the grant date fair value, which for restricted stock units is the closing market value of the Company’s common stock on the date of the grant. The grant date fair value of each stock-settled stock appreciation right is based upon the Black-Scholes option pricing model. Equity-based compensation expense is recognized under the straight-line method over the period that service is provided, which is generally the vesting term. Further information regarding equity awards can be found in Note K – Equity-Based Compensation. Advertising Advertising costs are charged to expense as incurred and are presented as part of the “Selling, general and administrative” line item. Advertising expense totaled $12,399, $9,853, and $11,615 in 2021 2020 2019 Research and Development Research and development costs are charged to expense as incurred and are presented as part of the “Selling, general and administrative” line item. Research and development expense totaled $11,112, $10,633, and $10,259 in 2021 2020 2019 Earnings Per Share Basic earnings per common share ("EPS") are based on the weighted-average number of common shares that were outstanding during each period. Diluted EPS 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 not Recent Accounting Pronouncements Adopted accounting pronouncements In December 2019, No. 2019 12, 740 2019 12 740 December 15, 2020 2019 12 first April 3, 2021 not In January 2021, No. 2021 01 848 848 848, 848 not December 31, 2022, December 31, 2022, December 31, 2022, December 31, 2022, December 31, 2022). may March 12, 2020, January 7, 2021, 2021 01 not No |
Note B - Inventories
Note B - Inventories | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE B—INVENTORIES January 1, January 2, 2022 2021 Raw materials $ 30,280 $ 28,328 Work in progress 9,586 9,956 Finished goods 58,452 51,940 $ 98,318 $ 90,224 |
Note C - Prepaid Expenses and O
Note C - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | NOTE C—PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consists of the following: January 1, January 2, 2022 2021 Prepaid insurance $ 3,734 $ 947 Other prepaid expenses 10,119 7,736 Federal income taxes receivable 1,579 1,168 Miscellaneous receivables, net 5,584 6,252 Deferred commissions 2,270 2,076 Other current assets 3,681 4,966 $ 26,967 $ 23,145 |
Note D - Income Taxes
Note D - Income Taxes | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE D—INCOME TAXES Consolidated earnings before income taxes consists of the following for 2021, 2020, 2019 Year Ended 2021 2020 2019 U.S. $ 13,017 $ 18,838 $ 111 Foreign 157,625 159,110 150,385 Total earnings before income taxes $ 170,642 $ 177,948 $ 150,496 Income tax expense (benefit) included inincome from continuing operations consists of the following: Year Ended 2021 2020 2019 Current Federal $ (264 ) $ 306 $ - State 567 303 303 Foreign 56,668 55,147 53,281 Total Current 56,971 55,756 53,584 Deferred Federal (4,088 ) 1,317 (3,120 ) State (40 ) (47 ) (42 ) Foreign 1,294 (3,742 ) (452 ) Total Deferred (2,834 ) (2,472 ) (3,614 ) $ 54,137 $ 53,284 $ 49,970 The effective tax rate for 2021, 2020, 2019 Year Ended 2021 2020 2019 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 0.4 0.3 0.3 Permanent tax differences 0.1 0.2 - Excess foreign tax credits (10.9 ) (9.9 ) (13.0 ) Net increase in valuation allowance 10.6 8.2 11.7 Foreign income tax rate differences 1.8 1.7 4.3 Foreign withholding taxes 7.9 7.7 8.6 Uncertain tax position reserve (0.3 ) 0.8 0.4 All other, net 1.1 (0.1 ) (0.1 ) 31.7 % 29.9 % 33.2 % The effective tax rate for the year ended January 1, 2022 January 2, 2021 January 1, 2022 January 2, 2021 The significant categories of deferred taxes are as follows: January 1, January 2, 2022 2021 Deferred tax assets Inventory $ 5,106 $ 3,150 Accruals not currently deductible 11,634 12,748 Equity-based compensation expense 2,355 2,982 Property and equipment 1,143 1,129 Intangible assets 7,545 7,691 Capitalized R&D Expenses 2,337 - Tax credit carry forwards 96,635 76,929 Net operating losses 1,401 2,071 Other 4,824 4,061 Gross deferred tax assets 132,980 110,761 Valuation allowance (99,958 ) (81,401 ) Net deferred tax assets 33,022 29,360 Deferred tax liabilities Property and equipment (5,268 ) (4,900 ) Foreign currency translation (126 ) (1,691 ) Prepaid expenses (3,596 ) (4,043 ) Intangible assets (7,545 ) (7,691 ) Withholding tax on unremitted earnings (13,556 ) (14,589 ) Other (5,589 ) (3,815 ) Gross deferred tax liabilities (35,680 ) (36,729 ) Net deferred taxes $ (2,658 ) $ (7,369 ) The Components of net deferred taxes on a jurisdiction basis are as follows: January 1, January 2, 2022 2021 Net deferred tax assets $ 4,839 $ 4,640 Net deferred tax liabilities (7,497 ) (12,009 ) Net deferred taxes $ (2,658 ) $ (7,369 ) As of January 1, 2022 93,934 2026 2031. 2017 December 22, 2017. not not The Company recorded a $1,964 valuation allowance on mirrored deferred tax assets recorded in the United States, which offset deferred tax liabilities of foreign disregarded entities. These mirrored deferred tax assets represent future foreign tax credits. This valuation allowance is necessary because the Company is limited in its ability to utilize future foreign tax credits due to the U.S. tax rate being lower than most foreign taxing jurisdiction rates where the Company operates. The Company also had $1,362 of Utah research credit carryforwards, and $1,339 of Federal research credit carryforwards as of January 1, 2022. 2027 2035, 2036 2041. In addition, the Company had $4,122 of foreign operating loss carry forwards, $3,926 of which have an unlimited carryforward period. The deferred tax asset associated with these losses was $1,327 and a valuation allowance of $1,327 has been applied against this deferred tax asset. The 2021 2031 2040 The total combined valuation allowance was $99,958 as of January 1, 2022. 2021 2020. As of January 1, 2022 As of January 1, 2022 January 2, 2021 The following reconciliation provides the changes in unrecognized tax benefits that occurred during the 2021, 2020, 2019 Year Ended 2021 2020 2019 Beginning balance of unrecognized tax benefits $ 1,528 $ 560 $ 282 Increases related to prior year tax positions 21 775 278 Decreases related to prior year tax positions (330 ) - - Increases related to current year tax positions 424 753 - Decreases for settlements with taxing authorities (635 ) (560 ) - Ending balance of unrecognized tax benefits $ 1,008 $ 1,528 $ 560 The Company accounts for interest and penalties associated with unrecognized tax benefits as a component of income tax expense. For the period ended January 1, 2022 January 2, 2021, January 1, 2022 January 2, 2021. The Company files income tax returns in the United States and foreign jurisdictions. In general, the Company's tax filings are subject to examination for years ending on or after December 31, 2017 may ten |
Note E - Property and Equipment
Note E - Property and Equipment | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE E—PROPERTY AND EQUIPMENT Cost of property and equipment and their estimated useful lives is as follows: January 1, January 2, Year 2022 2021 Buildings 39.5 $ 80,820 $ 79,673 Laboratory and production equipment 5-7 47,552 37,198 Air transportation equipment 5 2,952 - Computer equipment and software 3-5 53,562 55,965 Furniture and fixtures 3-5 6,636 6,517 Automobiles 3-5 767 705 Leasehold improvements 3-5 15,212 15,242 Land improvements 15 3,382 3,217 210,883 198,517 Less accumulated depreciation and amortization 121,590 116,388 89,293 82,129 Land 6,992 7,250 Deposits and projects in process 5,495 11,066 $ 101,780 $ 100,445 Depreciation of property and equipment was $11,661, $12,242, and $13,088, for the years ended 2021, 2020, 2019 |
Note F - Operating Leases
Note F - Operating Leases | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE F—OPERATING LEASES The following table summarizes the classification of ROU assets and lease liabilities in the Company’s consolidated balance sheet: January 1, January 2, Leases Classification 2022 2021 Assets ROU operating lease assets, net Other assets $ 23,789 $ 27,947 Total ROU assets $ 23,789 $ 27,947 Liabilities Current: Operating lease liabilities Other current liabilities $ 7,080 $ 8,616 Non-current: Operating lease liabilities Other long-term liabilities 10,215 12,856 Total lease liabilities $ 17,295 $ 21,472 The following table presents supplemental lease information: Year Ended 2021 2020 Lease cost Operating lease cost $ 9,585 $ 9,411 Total lease cost $ 9,585 $ 9,411 Year Ended 2021 2020 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 9,506 $ 10,410 ROU assets obtained in exchange for new operating lease liabilities $ 5,322 $ 6,632 Weighted-average remaining lease term—operating leases 2.76 yrs. 3.13 yrs. Weighted-average discount rate—operating leases 3.11 % 3.55 % The following table presents the maturity of the Company’s lease liabilities as of January 1, 2022 Year ending 2022 $ 7,481 2023 5,620 2024 3,656 2025 905 2026 348 Thereafter 31 18,041 Less: imputed interest (746 ) Present value $ 17,295 These leases generally provide that property taxes, insurance, and maintenance expenses are the responsibility of the Company. Such expenses are not $9,830 2021, 2020, 2019 |
Note G - Intangible Assets
Note G - Intangible Assets | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE G—INTANGIBLE ASSETS The Company performed its annual goodwill impairment test during the third 2021. not not 2021 The Company also performed its annual indefinite-lived intangible asset impairment test during the third 2021. not not 2021 The changes in the carrying amount of goodwill are as follows: January 1, January 2, 2022 2021 Balance at beginning of year: Gross goodwill $ 17,367 $ 16,636 Goodwill as of beginning of year 17,367 16,636 Currency translation adjustment 301 731 Balance as of end of year Gross goodwill 17,668 17,367 Goodwill as of end of year $ 17,668 $ 17,367 Intangible assets consist of the following: As of January 1, 2022 Weighted-average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) Amortized intangible assets Trade name and trademarks $ 4,173 $ (4,173 ) $ - 10 Product formulas 9,440 (7,462 ) 1,978 8 Indefinite-lived intangible assets Direct sales license 28,464 28,464 $ 42,077 $ 30,442 Estimated Amortization Expense: 2022 $ 1,199 2023 719 2024 48 2025 12 $ 1,978 As of January 2, 2021 Weighted-average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) Amortized intangible assets Trade name and trademarks $ 4,062 $ (4,062 ) $ - 10 Product formulas 9,188 (6,096 ) 3,092 8 Indefinite-lived intangible assets Direct sales license 27,704 27,704 $ 40,954 $ 30,796 Aggregate amortization of intangible assets was $1,182 2021, 2020, 2019 |
Note H - Other Current Liabilit
Note H - Other Current Liabilities | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | NOTE H—OTHER CURRENT LIABILITIES Other current liabilities consist of the following: January 1, January 2, 2022 2021 Associate incentives $ 53,929 $ 54,440 Accrued employee compensation 32,366 32,187 Deferred revenue 19,635 15,952 Sales taxes 11,330 12,506 Operating lease liabilities 7,080 8,616 Income taxes 5,193 7,761 All other 17,749 18,416 $ 147,282 $ 149,878 |
Note I - Line of Credit
Note I - Line of Credit | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE I—LINE OF CREDIT On August 25, 2020, April 21, 2021, The Credit Agreement provides for a revolving credit limit for loans to the Company up to $75,000 (the “Credit Facility”). In addition, at the option of the Company, and subject to certain conditions, the Company may There was no outstanding debt on the Credit Facility as of January 1, 2022. Interest on revolving borrowings under the Credit Facility are computed at Bank of America’s prime rate or the Eurodollar rate, adjusted by features specified in the Credit Agreement. The Credit Agreement covenants require the Company’s rolling four 1.0 not The Company will be required to pay any balance on this Credit Facility in full at the time of maturity in August 2025. |
Note J - Commitments and Contin
Note J - Commitments and Contingencies | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE J—COMMITMENTS AND CONTINGENCIES Unconditional Purchase Obligations The Company’s unconditional purchase obligations relating to advertising agreements and IT-related services were $6,151 and $10,356, as of January 1, 2022 January 2, 2021 one 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 its 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 faces contingencies that are reasonably possible to occur; however, they cannot currently be estimated. While complete assurance cannot be given as to the outcome of these proceedings, management does not Employee Benefit Plan In the United States, the Company sponsors an employee benefit plan under Section 401 one first one not may two 2021, 2020, 2019 The Company has employees in international countries that are covered by various defined contribution plans. These plans are administered based upon the legal requirements in the countries in which they are established. |
Note K - Equity-based Compensat
Note K - Equity-based Compensation | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE K—EQUITY-BASED COMPENSATION Total equity-based compensation expense w as $14,706, $14,6 33, 2021 2020 2019 $408, $239, $107, as $2,813, $ The following table shows the remaining unrecognized compensation expense on a pre-tax basis for all types of unvested equity awards outstanding as of January 1, 2022 not may 2022 $ 13,861 2023 7,594 2024 4,203 2025 407 $ 26,065 The remaining unrecognized compensation expense above is expected to be recognized over a weighted-average period of 1.7 The Company’s 2015 “2015 2015 2006 “2006 April 2016. 2015 2006 2006 At the inception of the 2015 2006 2015 2015 January 1, 2022 3,702 awards had been granted under the 2015 January 1, 2022 , a total of 1,095 awards had been forfeited and a 2015 Stock-Settled Stock Appreciation Rights The Company uses the Black-Scholes option pricing model to estimate the fair value of its stock-settled stock appreciation rights. The weighted-average fair value of stock-settled stock appreciation rights granted in 2021 2020 2019 as $27.12, $17.65, and $35. 41, Stock-settled stock appreciation rights granted to officers and key employees upon hire or promotion to such a position, or annually for existing participants, generally vest 25% each year on the anniversary of the grant date and expire 4.5 years from the date of grant. Following is a table that includes the weighted-average assumptions that the Company used to calculate fair value of stock-settled stock appreciation rights that were granted during the periods indicated. Year Ended 2021 2020 2019 Expected volatility (1) 43.28 % 35.23 % 37.21 % Risk-free interest rate (2) 0.33 % 1.66 % 2.53 % Expected life (3) 3.5 yrs. 3.5 yrs. 3.5 yrs. Expected dividend yield (4) 0.00 % 0.00 % 0.00 % Weighted-average exercise price (5) $ 85.19 $ 63.02 $ 116.06 ( 1 ( 2 ( 3 one two (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 not no ( 5 A summary of the Company’s 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, 2021 444 $ 69.25 2.0 $ 5,434 Granted 12 85.19 Exercised (304 ) 63.40 Forfeited (2 ) 73.81 Expired - - Outstanding at January 1, 2022 150 $ 82.22 2.3 $ 3,596 Exercisable at January 1, 2022 33 $ 103.40 1.8 $ 299 * 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 1, 2022 January 2, 2021 The total intrinsic value of stock-settled stock appreciation rights exercised was $10,337, $7 ,881, 2021 2020 2019 was $3,868, $3, 532, 2021 2020 2019 During the years ended January 1, 2022, January 2, 2021, December 28, 2019, 2019. nded 2021 2020. Restricted Stock Awards Restricted stock awards include stock-settled and cash-settled restricted stock units granted to the Company’s officers and key employees, and deferred stock units granted to non-employee directors. Restricted stock units are granted to officers and key employees upon hire or promotion to such a position, or annually for existing participants, and generally vest 25% each year on the anniversary of the grant date. Awards of deferred stock units granted to non-employee directors generally vest 25% each quarter, commencing on the first one not A summary of the Company’s stock-settled restricted stock unit activity is as follows: Shares Weighted-average grant date fair value Outstanding at January 2,2021 323 $ 76.51 Granted 177 86.92 Vested (131 ) 78.29 Forfeited (3 ) 81.41 Outstanding at January 1,2022 366 $ 80.87 During the year ended January 1, 2022 tal of $3,575, $2,36 7, 2021 2020 2019 The total fair value of restricted stock units that vested was $11,378, $7,7 32, 2021 2020 2019 A summary of the Company’s cash-settled restricted stock unit activity is as follows: Shares Weighted-average grant date fair value Nonvested at January 2,2021 11 $ 75.85 Granted 6 85.19 Vested (3 ) 80.15 Forfeited (2 ) 80.75 Nonvested at January 1,2022 12 $ 78.66 The weighted-average fair value of liability awards outstanding was $79, $7 6, 2021 2020 2019 The number of deferred stock units vested and unreleased to taled 19 , 23, 2021 2020 2019 2021 2020 2019 |
Note L - Segment Information
Note L - Segment Information | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE L—SEGMENT INFORMATION USANA operates as a direct selling company that develops, manufactures, and distributes high-quality nutritional and personal care products that are sold via our independent distributors through a direct selling channel. The Company 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 10% Year Ended 2021 2020 2019 USANA Nutritionals 86% 85% 83% USANA Foods 7% 7% 8% Personal care and Skincare (1) 6% 7% 8% All Other 1% 1% 1% ___________________________________ ( 1 Includes the Company’s new Active Nutrition line, which launched in five first 2021 Selected Financial Information Financial information, presented by geographic region is listed below: Year Ended 2021 2020 2019 Net Sales to External Customers Asia Pacific Greater China $ 563,469 $ 530,505 $ 535,995 Southeast Asia Pacific 269,803 269,555 220,085 North Asia 129,920 114,964 96,187 Asia Pacific Total 963,192 915,024 852,267 Americas and Europe 223,272 219,620 208,635 Consolidated Total $ 1,186,464 $ 1,134,644 $ 1,060,902 January 1, January 2, 2022 2021 Long-lived Assets Asia Pacific Greater China $ 95,965 $ 96,570 Southeast Asia Pacific 15,394 18,662 North Asia 7,395 9,813 Asia Pacific Total 118,754 125,045 Americas and Europe 89,030 85,916 Consolidated Total $ 207,784 $ 210,961 Total Assets Asia Pacific Greater China $ 274,002 $ 272,607 Southeast Asia Pacific 62,332 72,167 North Asia 25,592 24,535 Asia Pacific Total 361,926 369,309 Americas and Europe 215,814 271,578 Consolidated Total $ 577,740 $ 640,887 The following table provides further information on markets representing ten Year Ended 2021 2020 2019 Net sales: China $ 506,103 $ 470,177 $ 471,165 South Korea $ 125,835 $ 110,807 $ 92,919 Long-lived Assets: China $ 91,530 $ 92,692 United States $ 85,350 $ 82,167 |
Note M - Common Stock and Earni
Note M - Common Stock and Earnings Per Share | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE M—COMMON STOCK AND EARNINGS PER SHARE Basic earnings per share (“EPS”) 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 EPS based on the time they were outstanding in any period. Diluted EPS are based on shares that are outstanding (computed under basic EPS) and on potentially dilutive shares. Shares that are included in the diluted EPS calculations under the treasury stock method include equity awards that are in-the-money but have not The following is a reconciliation of the numerator and denominator used to calculate basic EPS and diluted EPS for the periods indicated: Year Ended 2021 2020 2019 Net earnings available to common shareholders $ 116,505 $ 124,664 $ 100,526 Weighted average common shares outstanding - basic 20,146 21,156 22,644 Dilutive effect of in-the-money equity awards 197 100 174 Weighted average common shares outstanding - diluted 20,343 21,256 22,818 Earnings per common share from net earnings - basic $ 5.78 $ 5.89 $ 4.44 Earnings per common share from net earnings - diluted $ 5.73 $ 5.86 $ 4.41 Equity awards for the following shares were not Year Ended 2021 2020 2019 60 359 567 During the years ended 2021 2020 2019, Subsequent to January 1, 2022 February 25, 2022 153 $13,533, $88.53 |
Note N - Related-Party Transact
Note N - Related-Party Transactions | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE N—RELATED-PARTY TRANSACTIONS The Company's Founder and Chairman Emeritus of the Board, Myron W. Wentz, PhD is the sole beneficial owner of the largest shareholder of the Company, Gull Global, Ltd. As of January 1, 2022, % May 1, 2020. 1998. Amarevita 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, Amarevita provides physicians and other medical staff to speak at USANA Associate events. Finally, Amarevita performs health assessments and physical examinations for the Company’s Executives. In consideration for these services, USANA paid Amarevita an immaterial amount in 2021, 2020 2019, 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 $444 in 2019. 2017 2019. one no October 2019. The Company has had a long-standing contractual relationship with Shane Farmer, the sole owner of Dark Horse Rowing, LLC located in San Diego, California. Mr. Farmer provided consulting and other advisory services to the Company related to its development of nutritional products. The Company did not 2021, 2020 2019. 2017, one |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 01, 2022 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (in thousands) Description Balance at beginning of period Charged to costs and expenses Deductions Balance at end of period January 1, 2022 Allowance for sales returns $ 819 $ 7,213 $ 7,485 $ 547 Allowance for doubtful accounts $ 372 $ 148 $ 16 $ 504 Valuation allowance - deferred tax assets $ 81,401 $ 18,557 $ - $ 99,958 January 2, 2021 Allowance for sales returns $ 772 $ 115 $ 68 $ 819 Allowance for doubtful accounts $ 261 $ 131 $ 20 $ 372 Valuation allowance - deferred tax assets $ 64,285 $ 17,116 $ - $ 81,401 December 28, 2019 Allowance for sales returns $ 839 $ 168 $ 235 $ 772 Allowance for doubtful accounts $ 139 $ 146 $ 24 $ 261 Valuation allowance - deferred tax assets $ 44,199 $ 20,086 $ - $ 64,285 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 01, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements include the accounts and operations of the Company. 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, Policy [Policy Text Block] | 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. These estimates may |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company operates on a 52/53 December 31. 2021 2019 52 2020 53 2021 January 3, 2021 January 1, 2022 ( 2021 2020 December 29, 2019 January 2, 2021 ( 2020 2019 December 30, 2018 December 28, 2019 ( 2019 |
Fair Value Measurement, Policy [Policy Text Block] | 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 ● Level 2 1 ● Level 3 As of January 1, 2022 January 2, 2021 Fair Value Measurements Using January 1, Inputs 2022 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 163,619 $ 163,619 $ — $ — Foreign currency contracts included in other current liabilities (461 ) — (461 ) — $ 163,158 $ 163,619 $ (461 ) $ — Fair Value Measurements Using January 2, Inputs 2021 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 224,092 $ 224,092 $ — $ — Foreign currency contracts included in other current liabilities (1,470 ) — (1,470 ) — $ 222,622 $ 224,092 $ (1,470 ) $ — There were no The majority of the Company’s non-financial assets, which include long-lived assets, are not January 1, 2022 January 2, 2021 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments As of January 1, 2022 January 2, 2021 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of Foreign Currencies The functional currency of the Company’s foreign subsidiaries is the local currency of their country of domicile. Assets and liabilities of the foreign subsidiaries are translated into U.S. dollar amounts at month-end exchange rates. Revenue and expense accounts are translated at the weighted-average rates for the monthly accounting period to which they relate. Equity accounts are translated at historical rates. Foreign currency translation adjustments are accumulated as a component of other comprehensive income. Gains and losses from foreign currency transactions are included in the “Other, net” component of Other income (expense) in the Company’s consolidated statements of comprehensive income. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three January 1, 2022 January 2, 2021 Amounts receivable from credit card processors and other forms of electronic payment are considered cash equivalents because they are both short-term and highly liquid in nature and are typically converted to cash within three January 1, 2022 January 2, 2021 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | 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 $3,146 as of January 1, 2022 January 2, 2021 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using a standard costing system, which approximates the first first |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not |
Income Tax, Policy [Policy Text Block] | 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 law 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 not” not fifty |
Property, Plant and Equipment, Policy [Policy Text Block] | 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 |
Lessee, Leases [Policy Text Block] | Leases With the exception of the Company’s headquarters in Salt Lake City, Utah, and its facilities in New South Wales, Australia, and in Beijing and Tianjin, China, the Company leases its facilities. Each of the facility lease agreements is a non-cancelable operating lease generally structured with renewal options and expires prior to or during 2027. 2026. At contract inception, the Company determines whether an arrangement is or contains a lease and whether the lease should be classified as an operating or a financing lease. A contract is or contains a lease if the contract conveys the right to control the use of the identified asset for a period of time in exchange for consideration. Control is determined based on the right to obtain all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset. ROU assets for operating leases represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 not may Operating lease expense is recognized on a straight-line basis over the lease term and is included in “Cost of sales” and “Selling, general and administrative” line items in the Company’s consolidated statements of comprehensive income. Leases with an initial term of 12 not The Company monitors for events or changes in circumstances that require a reassessment of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the ROU asset unless doing so would reduce the ROU asset to an amount less than zero, in which case the remaining adjustment would be recorded in the consolidated statements of comprehensive income. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the purchase price over the fair market value of identifiable net assets of acquired companies. Goodwill is not not may not not 2021 2020 2019 no |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets represent amortized and indefinite-lived intangible assets acquired in connection with the purchase of the Company’s China subsidiary in 2010. may not Indefinite-lived intangible assets are not may not not 2021 2020 2019 |
Equity Securities without Readily Determinable Fair Value [Policy Text Block] | Investment in Equity Securities Equity securities (“securities”) without readily determinable fair value that are not 2020, may The initial value of the securities are remeasured to fair value if the securities are impaired or if observable price changes occur. These events are continually monitored and assessed at each reporting period. If a readily determinable fair value becomes available for the securities or observable price changes for the identical or a similar investment of the same issuer occur, the securities are measured at fair value as of the date the observable change occurred. Any resulting gains or losses on the securities for which the observable price changes occur will be recorded in net earnings. During 2021 2020, At each reporting period a qualitative assessment is made to consider impairment indicators to determine whether the securities are impaired. Impairment indicators may not 2021 2020, |
Nonqualified Deferred Compensation Plan Policy [Policy Text Block] | Nonqualified Deferred Compensation In 2021, 50% 80% no January 1, 2022 |
Self Insurance Reserve [Policy Text Block] | 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 $175 and aggregate claims that are greater than $13,390. A liability is accrued for all unpaid claims. Total expense under this self-insurance program was $12,349, $11,798, and $11,846 in 2021 2020 2019 |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments The Company’s risk management strategy includes the select use of derivative instruments to reduce the effects of volatility in foreign currency exchange exposure on operating results and cash flows. In accordance with the Company’s risk management policies, the Company does not The Company periodically uses derivative instruments to hedge the foreign currency exposure of its net investment in foreign subsidiaries into U.S. dollars. Initially, the Company records derivative assets on a gross basis in its consolidated balance sheets. Subsequently the fair value of derivatives is measured for each reporting period. The effective portion of gains and losses attributable to these net investment hedges is recorded to foreign currency translation adjustment (“FCTA”) within accumulated other comprehensive income (loss) (“AOCI”) to offset the change in the carrying value of the net investment being hedged, and will subsequently be reclassified to net earnings in the period in which the hedged investment is either sold or substantially liquidated. During 2021 2020 2019 f $98,684, 2021 2020 2019, January 1, 2022 January 2, 2021 Subsequent to January 1, 2022 , on January 13, 2022 |
Stockholders' Equity, Policy [Policy Text Block] | Common Stock Share Repurchases The Company has a stock repurchase plan in place that has been authorized by the Board of Directors. As of January 1, 2022 no no |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Revenue is recognized when, or as, control of a promised product or service transfers to a customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those products or services. Revenue excludes 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. Revenue recognition is evaluated through the following five 1 identification of the contract with a customer; 2 identification of the performance obligations in the contract; 3 determination of the transaction price; 4 allocation of the transaction price to the performance obligations in the contract; and 5 recognition of revenue when or as a performance obligation is satisfied. Product Revenue A majority of the Company’s sales are for products sold at a point in time and shipped to customers, for which control is transferred to the customer as goods are delivered to the third not The Company’s product sales contracts include terms that could cause variability in the transaction price for items such as discounts, product promotions, credits, or sales returns, which are a reduction of revenue. Accordingly, the transaction price for product sales includes estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will not Initial product orders with a new customer may two Associate incentives represent consideration paid to an Associate for distinct services provided in the sale of the Company's products and include all forms of commissions, and other incentives paid to our Associates. The Company may Shipping and handling activities are performed upon delivery to the third With respect to will-call orders, the Company periodically assesses the likelihood that customers will exercise their contractual right to pick up orders and revenue is recognized when the likelihood that customers will pick up orders is remote. Other Revenue Other types of revenue include fees, which are paid by the customer at the beginning of the service period, for access to online customer service applications and annual account renewal fees for Associates, for which control is transferred over time as services are delivered and are recognized as revenue on a straight-line basis over the term of the respective contracts. The following table presents Other Revenue for the periods indicated: Year Ended 2021 2020 2019 Other Revenue $ 3,825 $ 3,805 $ 3,059 Revenue Disaggregation Disaggregation of revenue by geographical region and major product line is included in Note L – Segment Information. Contract Balances When the timing of our provision of goods or services is different from the timing of the payments made by our customers, we recognize either a contract asset (performance precedes contractual due date) or a contract liability (customer payment precedes performance). Contract liabilities relate to deferred revenue for product sales for customer payments received in advance of shipment, for outstanding material rights under the initial order program, and for services where the performance obligations are satisfied over time as services are delivered. Contract liabilities are recorded as deferred revenue within the "Other current liabilities" line item in the consolidated balance sheets. The Company typically does not $0 January 1, 2022 January 2, 2021 The following table provides information about contract liabilities from contracts with customers, including significant changes in the contract liabilities balances during the period. January 1, January 2, 2022 2021 Contract liabilities at beginning of period $ 15,952 $ 13,852 Increase due to deferral of revenue at period end 19,635 15,952 Decrease due to beginning contract liabilities recognized as revenue (15,952 ) (13,852 ) Contract liabilities at end of period $ 19,635 $ 15,952 |
Product Return [Policy Text Block] | Product Return Policy All product orders that are unused and returned within the first one may 2021 2020 2019 |
Associate Incentives [Policy Text Block] | 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 Expenses, Policy [Policy Text Block] | 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. |
Share-based Payment Arrangement [Policy Text Block] | Equity-Based Compensation The Company records compensation expense in the Financial Statements for equity-based awards based on the grant date fair value, which for restricted stock units is the closing market value of the Company’s common stock on the date of the grant. The grant date fair value of each stock-settled stock appreciation right is based upon the Black-Scholes option pricing model. Equity-based compensation expense is recognized under the straight-line method over the period that service is provided, which is generally the vesting term. Further information regarding equity awards can be found in Note K – Equity-Based Compensation. |
Advertising Cost [Policy Text Block] | Advertising Advertising costs are charged to expense as incurred and are presented as part of the “Selling, general and administrative” line item. Advertising expense totaled $12,399, $9,853, and $11,615 in 2021 2020 2019 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are charged to expense as incurred and are presented as part of the “Selling, general and administrative” line item. Research and development expense totaled $11,112, $10,633, and $10,259 in 2021 2020 2019 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per common share ("EPS") are based on the weighted-average number of common shares that were outstanding during each period. Diluted EPS 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 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Adopted accounting pronouncements In December 2019, No. 2019 12, 740 2019 12 740 December 15, 2020 2019 12 first April 3, 2021 not In January 2021, No. 2021 01 848 848 848, 848 not December 31, 2022, December 31, 2022, December 31, 2022, December 31, 2022, December 31, 2022). may March 12, 2020, January 7, 2021, 2021 01 not No |
Note A - Summary of Significa_2
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements Using January 1, Inputs 2022 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 163,619 $ 163,619 $ — $ — Foreign currency contracts included in other current liabilities (461 ) — (461 ) — $ 163,158 $ 163,619 $ (461 ) $ — Fair Value Measurements Using January 2, Inputs 2021 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 224,092 $ 224,092 $ — $ — Foreign currency contracts included in other current liabilities (1,470 ) — (1,470 ) — $ 222,622 $ 224,092 $ (1,470 ) $ — |
Disaggregation of Revenue [Table Text Block] | Year Ended 2021 2020 2019 Other Revenue $ 3,825 $ 3,805 $ 3,059 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | January 1, January 2, 2022 2021 Contract liabilities at beginning of period $ 15,952 $ 13,852 Increase due to deferral of revenue at period end 19,635 15,952 Decrease due to beginning contract liabilities recognized as revenue (15,952 ) (13,852 ) Contract liabilities at end of period $ 19,635 $ 15,952 |
Note B - Inventories (Tables)
Note B - Inventories (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | January 1, January 2, 2022 2021 Raw materials $ 30,280 $ 28,328 Work in progress 9,586 9,956 Finished goods 58,452 51,940 $ 98,318 $ 90,224 |
Note C - Prepaid Expenses and_2
Note C - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | January 1, January 2, 2022 2021 Prepaid insurance $ 3,734 $ 947 Other prepaid expenses 10,119 7,736 Federal income taxes receivable 1,579 1,168 Miscellaneous receivables, net 5,584 6,252 Deferred commissions 2,270 2,076 Other current assets 3,681 4,966 $ 26,967 $ 23,145 |
Note D - Income Taxes (Tables)
Note D - Income Taxes (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended 2021 2020 2019 U.S. $ 13,017 $ 18,838 $ 111 Foreign 157,625 159,110 150,385 Total earnings before income taxes $ 170,642 $ 177,948 $ 150,496 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended 2021 2020 2019 Current Federal $ (264 ) $ 306 $ - State 567 303 303 Foreign 56,668 55,147 53,281 Total Current 56,971 55,756 53,584 Deferred Federal (4,088 ) 1,317 (3,120 ) State (40 ) (47 ) (42 ) Foreign 1,294 (3,742 ) (452 ) Total Deferred (2,834 ) (2,472 ) (3,614 ) $ 54,137 $ 53,284 $ 49,970 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended 2021 2020 2019 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 0.4 0.3 0.3 Permanent tax differences 0.1 0.2 - Excess foreign tax credits (10.9 ) (9.9 ) (13.0 ) Net increase in valuation allowance 10.6 8.2 11.7 Foreign income tax rate differences 1.8 1.7 4.3 Foreign withholding taxes 7.9 7.7 8.6 Uncertain tax position reserve (0.3 ) 0.8 0.4 All other, net 1.1 (0.1 ) (0.1 ) 31.7 % 29.9 % 33.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | January 1, January 2, 2022 2021 Deferred tax assets Inventory $ 5,106 $ 3,150 Accruals not currently deductible 11,634 12,748 Equity-based compensation expense 2,355 2,982 Property and equipment 1,143 1,129 Intangible assets 7,545 7,691 Capitalized R&D Expenses 2,337 - Tax credit carry forwards 96,635 76,929 Net operating losses 1,401 2,071 Other 4,824 4,061 Gross deferred tax assets 132,980 110,761 Valuation allowance (99,958 ) (81,401 ) Net deferred tax assets 33,022 29,360 Deferred tax liabilities Property and equipment (5,268 ) (4,900 ) Foreign currency translation (126 ) (1,691 ) Prepaid expenses (3,596 ) (4,043 ) Intangible assets (7,545 ) (7,691 ) Withholding tax on unremitted earnings (13,556 ) (14,589 ) Other (5,589 ) (3,815 ) Gross deferred tax liabilities (35,680 ) (36,729 ) Net deferred taxes $ (2,658 ) $ (7,369 ) January 1, January 2, 2022 2021 Net deferred tax assets $ 4,839 $ 4,640 Net deferred tax liabilities (7,497 ) (12,009 ) Net deferred taxes $ (2,658 ) $ (7,369 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended 2021 2020 2019 Beginning balance of unrecognized tax benefits $ 1,528 $ 560 $ 282 Increases related to prior year tax positions 21 775 278 Decreases related to prior year tax positions (330 ) - - Increases related to current year tax positions 424 753 - Decreases for settlements with taxing authorities (635 ) (560 ) - Ending balance of unrecognized tax benefits $ 1,008 $ 1,528 $ 560 |
Note E - Property and Equipme_2
Note E - Property and Equipment (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | January 1, January 2, Year 2022 2021 Buildings 39.5 $ 80,820 $ 79,673 Laboratory and production equipment 5-7 47,552 37,198 Air transportation equipment 5 2,952 - Computer equipment and software 3-5 53,562 55,965 Furniture and fixtures 3-5 6,636 6,517 Automobiles 3-5 767 705 Leasehold improvements 3-5 15,212 15,242 Land improvements 15 3,382 3,217 210,883 198,517 Less accumulated depreciation and amortization 121,590 116,388 89,293 82,129 Land 6,992 7,250 Deposits and projects in process 5,495 11,066 $ 101,780 $ 100,445 |
Note F - Operating Leases (Tabl
Note F - Operating Leases (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | January 1, January 2, Leases Classification 2022 2021 Assets ROU operating lease assets, net Other assets $ 23,789 $ 27,947 Total ROU assets $ 23,789 $ 27,947 Liabilities Current: Operating lease liabilities Other current liabilities $ 7,080 $ 8,616 Non-current: Operating lease liabilities Other long-term liabilities 10,215 12,856 Total lease liabilities $ 17,295 $ 21,472 |
Lease, Cost [Table Text Block] | Year Ended 2021 2020 Lease cost Operating lease cost $ 9,585 $ 9,411 Total lease cost $ 9,585 $ 9,411 Year Ended 2021 2020 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 9,506 $ 10,410 ROU assets obtained in exchange for new operating lease liabilities $ 5,322 $ 6,632 Weighted-average remaining lease term—operating leases 2.76 yrs. 3.13 yrs. Weighted-average discount rate—operating leases 3.11 % 3.55 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending 2022 $ 7,481 2023 5,620 2024 3,656 2025 905 2026 348 Thereafter 31 18,041 Less: imputed interest (746 ) Present value $ 17,295 |
Note G - Intangible Assets (Tab
Note G - Intangible Assets (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | January 1, January 2, 2022 2021 Balance at beginning of year: Gross goodwill $ 17,367 $ 16,636 Goodwill as of beginning of year 17,367 16,636 Currency translation adjustment 301 731 Balance as of end of year Gross goodwill 17,668 17,367 Goodwill as of end of year $ 17,668 $ 17,367 |
Schedule of Finite and Indefinite Lived Intangible Assets [Table Text Block] | As of January 1, 2022 Weighted-average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) Amortized intangible assets Trade name and trademarks $ 4,173 $ (4,173 ) $ - 10 Product formulas 9,440 (7,462 ) 1,978 8 Indefinite-lived intangible assets Direct sales license 28,464 28,464 $ 42,077 $ 30,442 As of January 2, 2021 Weighted-average Gross carrying Accumulated Net carrying amortization amount amortization amount period (years) Amortized intangible assets Trade name and trademarks $ 4,062 $ (4,062 ) $ - 10 Product formulas 9,188 (6,096 ) 3,092 8 Indefinite-lived intangible assets Direct sales license 27,704 27,704 $ 40,954 $ 30,796 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Estimated Amortization Expense: 2022 $ 1,199 2023 719 2024 48 2025 12 $ 1,978 |
Note H - Other Current Liabil_2
Note H - Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | Other current liabilities consist of the following: January 1, January 2, 2022 2021 Associate incentives $ 53,929 $ 54,440 Accrued employee compensation 32,366 32,187 Deferred revenue 19,635 15,952 Sales taxes 11,330 12,506 Operating lease liabilities 7,080 8,616 Income taxes 5,193 7,761 All other 17,749 18,416 $ 147,282 $ 149,878 |
Note K - Equity-based Compens_2
Note K - Equity-based Compensation (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Notes Tables | |
Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block] | 2022 $ 13,861 2023 7,594 2024 4,203 2025 407 $ 26,065 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended 2021 2020 2019 Expected volatility (1) 43.28 % 35.23 % 37.21 % Risk-free interest rate (2) 0.33 % 1.66 % 2.53 % Expected life (3) 3.5 yrs. 3.5 yrs. 3.5 yrs. Expected dividend yield (4) 0.00 % 0.00 % 0.00 % Weighted-average exercise price (5) $ 85.19 $ 63.02 $ 116.06 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Shares Weighted-average exercise price Weighted-average remaining contractual term Aggregate intrinsic value* Outstanding at January 2, 2021 444 $ 69.25 2.0 $ 5,434 Granted 12 85.19 Exercised (304 ) 63.40 Forfeited (2 ) 73.81 Expired - - Outstanding at January 1, 2022 150 $ 82.22 2.3 $ 3,596 Exercisable at January 1, 2022 33 $ 103.40 1.8 $ 299 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Shares Weighted-average grant date fair value Outstanding at January 2,2021 323 $ 76.51 Granted 177 86.92 Vested (131 ) 78.29 Forfeited (3 ) 81.41 Outstanding at January 1,2022 366 $ 80.87 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted-average grant date fair value Nonvested at January 2,2021 11 $ 75.85 Granted 6 85.19 Vested (3 ) 80.15 Forfeited (2 ) 80.75 Nonvested at January 1,2022 12 $ 78.66 |
Note L - Segment Information (T
Note L - Segment Information (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended 2021 2020 2019 USANA Nutritionals 86% 85% 83% USANA Foods 7% 7% 8% Personal care and Skincare (1) 6% 7% 8% All Other 1% 1% 1% |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Year Ended 2021 2020 2019 Net Sales to External Customers Asia Pacific Greater China $ 563,469 $ 530,505 $ 535,995 Southeast Asia Pacific 269,803 269,555 220,085 North Asia 129,920 114,964 96,187 Asia Pacific Total 963,192 915,024 852,267 Americas and Europe 223,272 219,620 208,635 Consolidated Total $ 1,186,464 $ 1,134,644 $ 1,060,902 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | January 1, January 2, 2022 2021 Long-lived Assets Asia Pacific Greater China $ 95,965 $ 96,570 Southeast Asia Pacific 15,394 18,662 North Asia 7,395 9,813 Asia Pacific Total 118,754 125,045 Americas and Europe 89,030 85,916 Consolidated Total $ 207,784 $ 210,961 Total Assets Asia Pacific Greater China $ 274,002 $ 272,607 Southeast Asia Pacific 62,332 72,167 North Asia 25,592 24,535 Asia Pacific Total 361,926 369,309 Americas and Europe 215,814 271,578 Consolidated Total $ 577,740 $ 640,887 Year Ended 2021 2020 2019 Net sales: China $ 506,103 $ 470,177 $ 471,165 South Korea $ 125,835 $ 110,807 $ 92,919 Long-lived Assets: China $ 91,530 $ 92,692 United States $ 85,350 $ 82,167 |
Note M - Common Stock and Ear_2
Note M - Common Stock and Earnings Per Share (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended 2021 2020 2019 Net earnings available to common shareholders $ 116,505 $ 124,664 $ 100,526 Weighted average common shares outstanding - basic 20,146 21,156 22,644 Dilutive effect of in-the-money equity awards 197 100 174 Weighted average common shares outstanding - diluted 20,343 21,256 22,818 Earnings per common share from net earnings - basic $ 5.78 $ 5.89 $ 4.44 Earnings per common share from net earnings - diluted $ 5.73 $ 5.86 $ 4.41 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended 2021 2020 2019 60 359 567 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Description Balance at beginning of period Charged to costs and expenses Deductions Balance at end of period January 1, 2022 Allowance for sales returns $ 819 $ 7,213 $ 7,485 $ 547 Allowance for doubtful accounts $ 372 $ 148 $ 16 $ 504 Valuation allowance - deferred tax assets $ 81,401 $ 18,557 $ - $ 99,958 January 2, 2021 Allowance for sales returns $ 772 $ 115 $ 68 $ 819 Allowance for doubtful accounts $ 261 $ 131 $ 20 $ 372 Valuation allowance - deferred tax assets $ 64,285 $ 17,116 $ - $ 81,401 December 28, 2019 Allowance for sales returns $ 839 $ 168 $ 235 $ 772 Allowance for doubtful accounts $ 139 $ 146 $ 24 $ 261 Valuation allowance - deferred tax assets $ 44,199 $ 20,086 $ - $ 64,285 |
Note A - Summary of Significa_3
Note A - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | 18 Months Ended | |||
Jan. 01, 2022USD ($) | Jan. 02, 2021USD ($) | Dec. 28, 2019USD ($) | Jun. 28, 2020USD ($) | Jan. 02, 2022USD ($) | |
Number of Geographic Regions | 2 | ||||
Number of Sub Geographical Regions | 3 | ||||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | $ 0 | ||
Equity Securities without Readily Determinable Fair Value, Amount | 0 | 0 | |||
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | 0 | 0 | |||
Life Insurance, Corporate or Bank Owned, Amount | 382,000 | ||||
Deferred Compensation Liability, Classified, Noncurrent, Total | 390,000 | ||||
Minimum Amount of Individual Claims Before Insurance Reimbursement | 175,000 | ||||
Minimum Amount of Projected Aggregate Claims Before Insurance Reimbursement | 13,390,000 | ||||
Self-insurance Expense | 12,349,000 | 11,798,000 | 11,846,000 | ||
Derivative, Notional Amount | 98,684,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 108,221,000 | ||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | $ 0 | |||
Product Return, First Time Order, Duration of Retrun (Day) | 30 days | ||||
Product Return, First Time Order, Percentage Refunded | 100.00% | ||||
Product Return, Percentage Refunded | 100.00% | ||||
Product Return, Percentage of Net Sales | 0.60% | 0.70% | |||
Advertising Expense | $ 12,399,000 | $ 9,853,000 | 11,615,000 | ||
Research and Development Expense, Total | 11,112,000 | 10,633,000 | 10,259,000 | ||
Designated as Hedging Instrument [Member] | |||||
Derivative, Notional Amount | 98,930,000 | ||||
Derivative Assets (Liabilities), at Fair Value, Net, Total | 0 | 0 | |||
Foreign Exchange Option [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative, Notional Amount | 90,000,000 | 110,000,000 | |||
Derivative, Loss on Derivative | 1,555,000 | ||||
Derivative, Gain on Derivative | 846,000 | $ 276,000 | |||
Other Assets [Member] | |||||
Equity Securities without Readily Determinable Fair Value, Amount | 20,000,000 | ||||
Amounts Receivable from Credit Card Processors [Member] | |||||
Cash Equivalents, at Carrying Value, Total | 11,123 | 15,424 | |||
Restricted Cash Deposits in China [Member] | |||||
Restricted Cash and Cash Equivalents, Noncurrent, Total | 3,146 | 3,062 | |||
Fair Value, Nonrecurring [Member] | |||||
Nonfinancial Assets, Fair Value Disclosure | $ 0 | $ 0 |
Note A - Summary of Significa_4
Note A - Summary of Significant Accounting Policies - Schedule of Assets And Liabilities Measured At Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Foreign currency contracts included in other current liabilities | $ (461) | $ (1,470) |
Fair Value, Net Asset (Liability), Total | 163,158 | 222,622 |
Fair Value, Net Asset (Liability), Total | 163,158 | 222,622 |
Fair Value, Inputs, Level 1 [Member] | ||
Foreign currency contracts included in other current liabilities | 0 | 0 |
Fair Value, Net Asset (Liability), Total | 163,619 | 224,092 |
Fair Value, Net Asset (Liability), Total | 163,619 | 224,092 |
Fair Value, Inputs, Level 2 [Member] | ||
Foreign currency contracts included in other current liabilities | (461) | (1,470) |
Fair Value, Net Asset (Liability), Total | (461) | (1,470) |
Fair Value, Net Asset (Liability), Total | (461) | (1,470) |
Fair Value, Inputs, Level 3 [Member] | ||
Foreign currency contracts included in other current liabilities | 0 | 0 |
Fair Value, Net Asset (Liability), Total | 0 | 0 |
Fair Value, Net Asset (Liability), Total | 0 | 0 |
Money Market Funds [Member] | ||
Money market funds included in cash equivalents | 163,619 | 224,092 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market funds included in cash equivalents | 163,619 | 224,092 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market funds included in cash equivalents | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market funds included in cash equivalents | $ 0 | $ 0 |
Note A - Summary of Significa_5
Note A - Summary of Significant Accounting Policies - Schedule of Other Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Other Revenue | $ 3,825 | $ 3,805 | $ 3,059 |
Note A - Summary of Significa_6
Note A - Summary of Significant Accounting Policies - Schedule of Contract Liabilities From Contract With Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Contract liabilities at beginning of period | $ 15,952 | $ 13,852 |
Increase due to deferral of revenue at period end | 19,635 | 15,952 |
Decrease due to beginning contract liabilities recognized as revenue | (15,952) | (13,852) |
Contract liabilities at end of period | $ 19,635 | $ 15,952 |
Note B - Inventories - Schedule
Note B - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 | Jan. 01, 2021 |
Raw materials | $ 28,328 | $ 30,280 | |
Work in progress | 9,956 | 9,586 | |
Finished goods | 51,940 | 58,452 | |
Inventory, Net, Total | $ 98,318 | $ 90,224 | $ 98,318 |
Note C - Prepaid Expenses and_3
Note C - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Prepaid insurance | $ 3,734 | $ 947 |
Other prepaid expenses | 10,119 | 7,736 |
Federal income taxes receivable | 1,579 | 1,168 |
Miscellaneous receivables, net | 5,584 | 6,252 |
Deferred commissions | 2,270 | 2,076 |
Other current assets | 3,681 | 4,966 |
Prepaid Expense and Other Assets, Current | $ 26,967 | $ 23,145 |
Note D - Income Taxes (Details
Note D - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 99,958 | $ 81,401 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 1,327 | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 74 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 18,557 | |||
Undistributed Earnings, Basic, Total | 4,000 | |||
Incremental Taxes | 400 | |||
Unrecognized Tax Benefits, Ending Balance | 1,008 | 1,528 | $ 560 | $ 282 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 91 | 491 | ||
Open Tax Year | 2017 2018 2019 2020 2021 | |||
Other Current Liabilities [Member] | ||||
Unrecognized Tax Benefits, Ending Balance | $ 199 | 538 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 162 | 243 | ||
Other Noncurrent Liabilities [Member] | ||||
Unrecognized Tax Benefits, Ending Balance | 809 | 990 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 63 | $ 248 | ||
Mirrored Deferred Tax Assets Recorded in the U.S. to Offset Deferred Tax Liabilities of Foreign Disregarded Entities [Member] | ||||
Deferred Tax Assets, Valuation Allowance, Total | 1,964 | |||
Foreign Operating Loss Carryforwards [Member] | ||||
Deferred Tax Assets, Valuation Allowance, Total | 1,327 | |||
Other Foreign Deferred Tax Assets [Member] | ||||
Deferred Tax Assets, Valuation Allowance, Total | 99,958 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards, Total | 4,122 | |||
Operating Loss Carryforwards, Not Subject to Expiration | 3,926 | |||
Research Tax Credit Carryforward [Member] | Foreign Tax Authority [Member] | ||||
Tax Credit Carryforward, Amount | 93,934 | |||
Research Tax Credit Carryforward [Member] | State and Local Jurisdiction [Member] | Utah State Tax Commission [Member] | ||||
Tax Credit Carryforward, Amount | 1,362 | |||
Research Tax Credit Carryforward [Member] | Domestic Tax Authority [Member] | ||||
Tax Credit Carryforward, Amount | $ 1,339 |
Note D - Income Taxes - Consoli
Note D - Income Taxes - Consolidated Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
U.S. | $ 13,017 | $ 18,838 | $ 111 |
Foreign | 157,625 | 159,110 | 150,385 |
Earnings before income taxes | $ 170,642 | $ 177,948 | $ 150,496 |
Note D - Income Taxes - Income
Note D - Income Taxes - Income Tax Expense (Benefit) Included in Income from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | Jan. 01, 2022 | |
Federal | $ 306 | $ 0 | $ (264) | |
State | 303 | 303 | 567 | |
Foreign | 55,147 | 53,281 | 56,668 | |
Total Current | 55,756 | 53,584 | 56,971 | |
Federal | 1,317 | (3,120) | (4,088) | |
State | (47) | (42) | (40) | |
Foreign | (3,742) | (452) | 1,294 | |
Total Deferred | (2,472) | (3,614) | (2,834) | |
Income Tax Expense (Benefit), Total | $ 54,137 | $ 53,284 | $ 49,970 | $ 54,137 |
Note D - Income Taxes - Effecti
Note D - Income Taxes - Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Statutory U.S. federal income tax rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal tax benefit | 0.40% | 0.30% | 0.30% |
Permanent tax differences | 0.10% | 0.20% | 0.00% |
Excess foreign tax credits | (10.90%) | (9.90%) | (13.00%) |
Net increase in valuation allowance | 10.60% | 8.20% | 11.70% |
Foreign income tax rate differences | 1.80% | 1.70% | 4.30% |
Foreign withholding taxes | 7.90% | 7.70% | 8.60% |
Uncertain tax position reserve | (0.30%) | 0.80% | 0.40% |
All other, net | 1.10% | (0.10%) | (0.10%) |
Effective Income Tax Rate Reconciliation, Percent, Total | 31.70% | 29.90% | 33.20% |
Note D - Income Taxes - Signifi
Note D - Income Taxes - Significant Categories of Deferred Taxes (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Inventory | $ 5,106 | $ 3,150 |
Accruals not currently deductible | 11,634 | 12,748 |
Equity-based compensation expense | 2,355 | 2,982 |
Property and equipment | 1,143 | 1,129 |
Intangible assets | 7,545 | 7,691 |
Capitalized R&D Expenses | 2,337 | 0 |
Tax credit carry forwards | 96,635 | 76,929 |
Net operating losses | 1,401 | 2,071 |
Other | 4,824 | 4,061 |
Gross deferred tax assets | 132,980 | 110,761 |
Valuation allowance | (99,958) | (81,401) |
Net deferred tax assets | 33,022 | 29,360 |
Property and equipment | 5,268 | 4,900 |
Foreign currency translation | 126 | 1,691 |
Prepaid expenses | 3,596 | 4,043 |
Intangible assets | 7,545 | 7,691 |
Withholding tax on unremitted earnings | (13,556) | (14,589) |
Other | 5,589 | 3,815 |
Gross deferred tax liabilities | (35,680) | (36,729) |
Net deferred taxes | (2,658) | (7,369) |
Net deferred tax assets | 4,839 | 4,640 |
Net deferred tax liabilities | $ 7,497 | $ 12,009 |
Note D - Income Taxes - Unrecog
Note D - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Beginning balance of unrecognized tax benefits | $ 1,528 | $ 560 | $ 282 |
Increases related to prior year tax positions | 21 | 775 | 278 |
Decreases related to prior year tax positions | (330) | 0 | 0 |
Increases related to current year tax positions | 424 | 753 | 0 |
Decreases for settlements with taxing authorities | (635) | (560) | 0 |
Ending balance of unrecognized tax benefits | $ 1,008 | $ 1,528 | $ 560 |
Note E - Property and Equipme_3
Note E - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Depreciation, Total | $ 11,661 | $ 12,242 | $ 13,088 |
Note E - Property and Equipme_4
Note E - Property and Equipment - Cost of Property and Equipment and Estimated Useful Lives (Details) - USD ($) | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Property and equipment, gross | $ 210,883,000 | $ 198,517,000 |
Less accumulated depreciation and amortization | 121,590,000 | 116,388,000 |
Property and equipment, net, excluding non-depreciable | 89,293,000 | 82,129,000 |
Property and equipment, net | $ 101,780,000 | 100,445,000 |
Building [Member] | ||
Useful life (Year) | 39 years 6 months | |
Property and equipment, gross | $ 80,820,000 | 79,673,000 |
Laboratory and Production Equipment [Member] | ||
Property and equipment, gross | $ 47,552,000 | 37,198,000 |
Laboratory and Production Equipment [Member] | Minimum [Member] | ||
Useful life (Year) | 5 years | |
Laboratory and Production Equipment [Member] | Maximum [Member] | ||
Useful life (Year) | 7 years | |
Air Transportation Equipment [Member] | ||
Useful life (Year) | 5 years | |
Property and equipment, gross | $ 2,952 | 0 |
Computer Equipment [Member] | ||
Property and equipment, gross | $ 53,562,000 | 55,965,000 |
Computer Equipment [Member] | Minimum [Member] | ||
Useful life (Year) | 3 years | |
Computer Equipment [Member] | Maximum [Member] | ||
Useful life (Year) | 5 years | |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 6,636,000 | 6,517,000 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Useful life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Useful life (Year) | 5 years | |
Automobiles [Member] | ||
Property and equipment, gross | $ 767,000 | 705,000 |
Automobiles [Member] | Minimum [Member] | ||
Useful life (Year) | 3 years | |
Automobiles [Member] | Maximum [Member] | ||
Useful life (Year) | 5 years | |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 15,212,000 | 15,242,000 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Useful life (Year) | 3 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Useful life (Year) | 5 years | |
Land Improvements [Member] | ||
Useful life (Year) | 15 years | |
Property and equipment, gross | $ 3,382,000 | 3,217,000 |
Land [Member] | ||
Property and equipment, net | 6,992,000 | 7,250,000 |
Deposits and Projects in Process [Member] | ||
Property and equipment, net | $ 5,495,000 | $ 11,066,000 |
Note F - Operating Leases (Deta
Note F - Operating Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Operating Lease, Expense | $ 9,830 | $ 11,199 | $ 9,586 |
Note F - Operating Leases - Cla
Note F - Operating Leases - Classification of Lease Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Total ROU assets | $ 23,789 | $ 27,947 |
Total lease liabilities | 7,080 | 8,616 |
Other Noncurrent Assets [Member] | ||
ROU operating lease assets, net | 23,789 | 27,947 |
Other Current Liabilities [Member] | ||
Operating lease liabilities | 7,080 | 8,616 |
Other Noncurrent Liabilities [Member] | ||
Operating lease liabilities | 10,215 | 12,856 |
Other Current Liabilities and Other Noncurrent Liabilities [Member] | ||
Total lease liabilities | $ 17,295 | $ 21,472 |
Note F - Operating Leases - Sup
Note F - Operating Leases - Supplemental Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Operating lease cost | $ 9,585 | $ 9,411 |
Total lease cost | 9,585 | 9,411 |
Operating cash flows from operating leases | 9,506 | 10,410 |
ROU assets obtained in exchange for new operating lease liabilities | $ 5,322 | $ 6,632 |
Weighted-average remaining lease term—operating leases (Year) | 2 years 9 months 3 days | 3 years 1 month 17 days |
Weighted-average discount rate—operating leases | 3.11% | 3.55% |
Note F - Operating Leases - Mat
Note F - Operating Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
2022 | $ 7,481 | |
2023 | 5,620 | |
2024 | 3,656 | |
2025 | 905 | |
2026 | 348 | |
Thereafter | 31 | |
Lessee, Operating Lease, Liability, to be Paid, Total | 18,041 | |
Less: imputed interest | 746 | |
Present value | 7,080 | $ 8,616 |
Other Current Liabilities and Other Noncurrent Liabilities [Member] | ||
Present value | $ 17,295 | $ 21,472 |
Note G - Intangible Assets (Det
Note G - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 18 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | Jun. 28, 2020 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | $ 0 | |
Amortization of Intangible Assets, Total | $ 1,182 | $ 1,326 | $ 1,442 |
Note G - Intangible Assets - Ch
Note G - Intangible Assets - Changes in Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Gross goodwill | $ 17,367 | $ 16,636 |
Goodwill as of beginning of year | 17,367 | 16,636 |
Currency translation adjustment | 301 | 731 |
Gross goodwill | 17,668 | 17,367 |
Goodwill as of end of year | $ 17,668 | $ 17,367 |
Note G - Intangible Assets - In
Note G - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Finite-lived intangible assets, net | $ 1,978 | |
Intangible assets, gross | 42,077 | $ 40,954 |
Intangible assets, net | 30,442 | 30,796 |
Licensing Agreements [Member] | ||
Indefinite-lived intangible assets | 28,464 | 27,704 |
Trademarks and Trade Names [Member] | ||
Finite-lived intangible assets, gross | 4,173 | 4,062 |
Finite-lived intangible assets, accumulated amortization | $ (4,173) | $ (4,062) |
Finite-lived intangible assets, weighted average amortization period (Year) | 10 years | 10 years |
Finite-lived intangible assets, net | $ 0 | |
Trade Secrets [Member] | ||
Finite-lived intangible assets, gross | $ 9,440 | 9,188 |
Finite-lived intangible assets, accumulated amortization | $ (7,462) | $ (6,096) |
Finite-lived intangible assets, weighted average amortization period (Year) | 8 years | 8 years |
Finite-lived intangible assets, net | $ 1,978 | $ 3,092 |
Note G - Intangible Assets - Es
Note G - Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Jan. 01, 2022USD ($) |
2022 | $ 1,199 |
2023 | 719 |
2024 | 48 |
2025 | 12 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 1,978 |
Note H - Other Current Liabil_3
Note H - Other Current Liabilities - Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Associate incentives | $ 53,929 | $ 54,440 |
Accrued employee compensation | 32,366 | 32,187 |
Deferred revenue | 19,635 | 15,952 |
Sales taxes | 11,330 | 12,506 |
Present value | 7,080 | 8,616 |
Income taxes | 5,193 | 7,761 |
All other | 17,749 | 18,416 |
Other Liabilities, Current, Total | $ 147,282 | $ 149,878 |
Note I - Line of Credit (Detail
Note I - Line of Credit (Details Textual) - Line of Credit [Member] $ in Thousands | 12 Months Ended |
Jan. 01, 2022USD ($) | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 |
Line of Credit Facility, Additional Increase in Maximum Borrowing Capacity | 200,000 |
Long-term Line of Credit, Total | 0 |
Amended and Restated Credit Agreement [Member] | |
Debt Instrument Covenant, Adjusted Earnings Before Interest Taxes, Depreciation, and Amortization | $ 100,000 |
Debt Instrument, Covenant Ratio of Consolidated Funded Debt to Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization | 2 |
Note J - Commitments and Cont_2
Note J - Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022USD ($) | Jan. 02, 2021USD ($) | Dec. 28, 2019USD ($) | |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year One | $ 6,151 | $ 10,356 | |
Defined Contribution Plan, Minimum Age of Employee | 18 | ||
Defined Contribution Plan, Requisite Service Period (Month) | 1 month | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 1.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Match Percent Exceeding Initial Match | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ||
Defined Benefit Plan, Cliff Vesting Period (Year) | 2 years | ||
Defined Contribution Plan, Employer Contribution Amount | $ 2,509 | $ 2,322 | $ 2,213 |
Note K - Equity-based Compens_3
Note K - Equity-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 65 Months Ended | 112 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Jul. 31, 2015 | |
Equity Based Compensation Expense | $ 14,706 | $ 14,633 | $ 15,648 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 2,813 | $ 2,472 | 2,732 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Grants in Period, Gross (in shares) | 3,702,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Forfeitures (in shares) | 1,095,000 | ||||
Share Price (in dollars per share) | $ 101.20 | $ 77.10 | $ 77.10 | ||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 3,575 | $ 2,367 | 1,987 | ||
Deferred Compensation Liability, Current and Noncurrent, Total | 79 | 76 | 103 | $ 76 | |
Additional Paid-in Capital [Member] | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 3,575 | 2,367 | 1,987 | ||
The 2006 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Grants in Period, Gross (in shares) | 0 | 13,839 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 15,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Forfeitures (in shares) | 2,551,000 | ||||
The 2015 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 10,000,000 | ||||
Liability Award [Member] | |||||
Share-based Payment Arrangement, Amount Capitalized | $ 408 | $ 239 | $ 107 | ||
Stock Appreciation Rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 27.12 | $ 17.65 | $ 35.41 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 4 years 6 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercises in Period, Intrinsic Value | $ 10,337 | $ 7,881 | $ 4,937 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 3,868 | 3,532 | 15,940 | ||
Stock Appreciation Rights (SARs) [Member] | Additional Paid-in Capital [Member] | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 0 | 0 | 170 | ||
Stock Appreciation Rights (SARs) [Member] | Vesting Annually [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
Stock Appreciation Rights (SARs) [Member] | The 2006 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 13,595 | ||||
Stock Appreciation Rights (SARs) [Member] | The 2015 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 2,924,000 | ||||
Deferred Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0 | $ 0 | $ 0 | ||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Vested and Unreleased in Period (in shares) | 19 | 23 | 23 | ||
Deferred Stock Units [Member] | Vesting Each Quarter [Member] | Share-based Payment Arrangement, Nonemployee [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||
Deferred Stock Units [Member] | The 2006 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 229,000 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued Per Award Exercised (in shares) | 1 | ||||
Restricted Stock [Member] | The 2015 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 778,000 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 177,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 86.92 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 11,378 | $ 7,732 | $ 6,050 | ||
Restricted Stock Units (RSUs) [Member] | Additional Paid-in Capital [Member] | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 3,575 | $ 2,367 | $ 1,817 | ||
Restricted Stock Units (RSUs) [Member] | Vesting Annually [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% |
Note K - Equity-based Compens_4
Note K - Equity-based Compensation - Remaining Unrecognized Compensation Expense (Details) $ in Thousands | Jan. 01, 2022USD ($) |
2022 | $ 13,861 |
2023 | 7,594 |
2024 | 4,203 |
2025 | 407 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 26,065 |
Note K - Equity-based Compens_5
Note K - Equity-based Compensation - Weighted-average Assumptions (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 12 Months Ended | |||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | ||
Expected volatility (1) | [1] | 43.28% | 35.23% | 37.21% |
Risk-free interest rate (2) | [2] | 0.33% | 1.66% | 2.53% |
Expected life (3) (Year) | [3] | 3 years 6 months | 3 years 6 months | 3 years 6 months |
Expected dividend yield (4) | [4] | 0.00% | 0.00% | 0.00% |
Weighted-average exercise price (5) (in dollars per share) | [5] | $ 85.19 | $ 63.02 | $ 116.06 |
[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. |
Note K - Equity-based Compens_6
Note K - Equity-based Compensation - Summary of Stock-settled Stock Appreciation Right Activity (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | ||
Outstanding, shares (in shares) | 444 | ||
Outstanding, weighted-average exercise price (in dollars per share) | $ 69.25 | ||
Outstanding, weighted-average remaining contractual term (Year) | 2 years 3 months 18 days | 2 years | |
Outstanding, aggregate intrinsic value | [1] | $ 3,596 | $ 5,434 |
Granted, shares (in shares) | 12 | ||
Granted, weighted-average exercise price (in dollars per share) | $ 85.19 | ||
Exercised, shares (in shares) | (304) | ||
Exercised, weighted-average exercise price (in dollars per share) | $ 63.40 | ||
Forfeited, shares (in shares) | (2) | ||
Forfeited, weighted-average exercise price (in dollars per share) | $ 73.81 | ||
Expired, shares (in shares) | 0 | ||
Expired, weighted-average exercise price (in dollars per share) | $ 0 | ||
Outstanding, shares (in shares) | 150 | 444 | |
Outstanding, weighted-average exercise price (in dollars per share) | $ 82.22 | $ 69.25 | |
Exercisable, shares (in shares) | 33 | ||
Exercisable, weighted-average exercise price (in dollars per share) | $ 103.40 | ||
Exercisable, weighted-average remaining contractual term (Year) | 1 year 9 months 18 days | ||
Exercisable, aggregate intrinsic value | $ 299 | ||
[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. The closing price of the Company’s common stock at January 2, 2021, and December 28, 2019, was $80.00 and $114.96, respectively. |
Note K - Equity-based Compens_7
Note K - Equity-based Compensation - Summary of Stock-settled Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Jan. 01, 2022$ / sharesshares | |
Outstanding, shares (in shares) | shares | 323 |
Outstanding, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 76.51 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 177 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 86.92 |
Vested, shares (in shares) | shares | (131) |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 78.29 |
Forfeited, shares (in shares) | shares | (3) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 81.41 |
Outstanding, shares (in shares) | shares | 366 |
Outstanding, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 80.87 |
Note K - Equity-based Compens_8
Note K - Equity-based Compensation - Summary of Cash-settled Restricted Stock Unit Activity (Details) - Cash-settled Restricted Stock Units [Member] shares in Thousands | 12 Months Ended |
Jan. 01, 2022$ / sharesshares | |
Outstanding, shares (in shares) | shares | 11 |
Outstanding, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 75.85 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 6 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 85.19 |
Vested, shares (in shares) | shares | (3) |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 80.15 |
Forfeited, shares (in shares) | shares | (2) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 80.75 |
Outstanding, shares (in shares) | shares | 12 |
Outstanding, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 78.66 |
Note L - Segment Information (D
Note L - Segment Information (Details Textual) | 12 Months Ended |
Jan. 01, 2022 | |
Number of Reportable Segments | 1 |
Note L - Segment Information -
Note L - Segment Information - Schedule of Revenue Percentage By Product (Details) - Product Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | |||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | ||
USANA Nutritionals [Member] | ||||
Percentage of product revenue | 86.00% | 85.00% | 83.00% | |
USANA Foods [Member] | ||||
Percentage of product revenue | [1] | 7.00% | 7.00% | 8.00% |
Personal Care and Skincare [Member] | ||||
Percentage of product revenue | 6.00% | 7.00% | 8.00% | |
All Other [Member] | ||||
Percentage of product revenue | 1.00% | 1.00% | 1.00% | |
[1] | Includes the Company's new Active Nutrition line, which launched in five markets late in the first quarter of 2021 and will roll out to additional markets throughout the year. |
Note L - Segment Information _2
Note L - Segment Information - Revenues From External Customers by Geographical Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Net Sales to External Customers | $ 1,186,464 | $ 1,134,644 | $ 1,060,902 |
Greater China [Member] | |||
Net Sales to External Customers | 563,469 | 530,505 | 535,995 |
Southeast Asia Pacific [Member] | |||
Net Sales to External Customers | 269,803 | 269,555 | 220,085 |
North Asia [Member] | |||
Net Sales to External Customers | 129,920 | 114,964 | 96,187 |
Asia Pacific [Member] | |||
Net Sales to External Customers | 963,192 | 915,024 | 852,267 |
Americas and Europe [Member] | |||
Net Sales to External Customers | $ 223,272 | $ 219,620 | $ 208,635 |
Note L - Segment Information _3
Note L - Segment Information - Consolidated Net Sales and Long Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Long-lived Assets | $ 207,784 | $ 210,961 | |
Total Assets | 577,740 | 640,887 | |
Net sales | 1,186,464 | 1,134,644 | $ 1,060,902 |
Long-lived Assets | 207,784 | 210,961 | |
Greater China [Member] | |||
Long-lived Assets | 95,965 | 96,570 | |
Total Assets | 274,002 | 272,607 | |
Net sales | 563,469 | 530,505 | 535,995 |
Long-lived Assets | 95,965 | 96,570 | |
CHINA | |||
Long-lived Assets | 91,530 | 92,692 | |
Net sales | 506,103 | 470,177 | 471,165 |
Long-lived Assets | 91,530 | 92,692 | |
Southeast Asia Pacific [Member] | |||
Long-lived Assets | 15,394 | 18,662 | |
Total Assets | 62,332 | 72,167 | |
Net sales | 269,803 | 269,555 | 220,085 |
Long-lived Assets | 15,394 | 18,662 | |
KOREA, REPUBLIC OF | |||
Net sales | 125,835 | 110,807 | 92,919 |
North Asia [Member] | |||
Long-lived Assets | 7,395 | 9,813 | |
Total Assets | 25,592 | 24,535 | |
Net sales | 129,920 | 114,964 | 96,187 |
Long-lived Assets | 7,395 | 9,813 | |
Asia Pacific [Member] | |||
Long-lived Assets | 118,754 | 125,045 | |
Total Assets | 361,926 | 369,309 | |
Net sales | 963,192 | 915,024 | 852,267 |
Long-lived Assets | 118,754 | 125,045 | |
UNITED STATES | |||
Long-lived Assets | 85,350 | 82,167 | |
Long-lived Assets | 85,350 | 82,167 | |
Americas and Europe [Member] | |||
Long-lived Assets | 89,030 | 85,916 | |
Total Assets | 215,814 | 271,578 | |
Net sales | 223,272 | 219,620 | $ 208,635 |
Long-lived Assets | $ 89,030 | $ 85,916 |
Note M - Common Stock and Ear_3
Note M - Common Stock and Earnings Per Share (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 1,844 | 785 | 2,009 |
Payments for Repurchase of Common Stock | $ 177,837 | $ 57,029 | $ 150,000 |
Note M - Common Stock and Ear_4
Note M - Common Stock and Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Net earnings available to common shareholders | $ 116,505 | $ 124,664 | $ 100,526 |
Weighted average common shares outstanding - basic (in shares) | 20,146 | 21,156 | 22,644 |
Dilutive effect of in-the-money equity awards (in shares) | 197 | 100 | 174 |
Weighted average common shares outstanding - diluted (in shares) | 20,343 | 21,256 | 22,818 |
Earnings per common share from net earnings - basic (in dollars per share) | $ 5.78 | $ 5.89 | $ 4.44 |
Earnings per common share from net earnings - diluted (in dollars per share) | $ 5.73 | $ 5.86 | $ 4.41 |
Note M - Common Stock and Ear_5
Note M - Common Stock and Earnings Per Share - Schedule of Shares not Included in the Computation of Diluted EPS (Details) - shares shares in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Anti-dilutive equity awards (in shares) | 60 | 359 | 567 |
Note N - Related-Party Transa_2
Note N - Related-Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Gull Global, Ltd. [Member] | |||
Related Party Transaction, Ownership Percentage | 41.20% | ||
Amarevita [Member] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 175 | $ 177 | |
Drive Marketing [Member] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 444 | ||
Dark Horse Rowing, LLC [Member] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 136 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
SEC Schedule, 12-09, Allowance, Sales Returns [Member] | |||
Balance at beginning of period | $ 819 | $ 772 | $ 839 |
Charged to costs and expenses | 7,213 | 115 | 168 |
Deductions | 7,485 | 68 | 235 |
Balance at end of period | 547 | 819 | 772 |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at beginning of period | 372 | 261 | 139 |
Charged to costs and expenses | 148 | 131 | 146 |
Deductions | 16 | 20 | 24 |
Balance at end of period | 504 | 372 | 261 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at beginning of period | 81,401 | 64,285 | 44,199 |
Charged to costs and expenses | 18,557 | 17,116 | 20,086 |
Deductions | 0 | 0 | 0 |
Balance at end of period | $ 99,958 | $ 81,401 | $ 64,285 |