Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 02, 2022 | May 06, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000896264 | |
Entity Registrant Name | USANA HEALTH SCIENCES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 2, 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 | |
Trading Symbol | USNA | |
Security Exchange Name | NYSE | |
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 Common Stock, Shares Outstanding | 19,188,123 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Current assets | ||
Cash and cash equivalents | $ 237,753 | $ 239,832 |
Inventories | 97,581 | 98,318 |
Prepaid expenses and other current assets | 28,451 | 26,967 |
Total current assets | 363,785 | 365,117 |
Property and equipment, net | 100,792 | 101,780 |
Goodwill | 17,661 | 17,668 |
Intangible assets, net | 30,124 | 30,442 |
Deferred tax assets | 4,542 | 4,839 |
Other assets | 56,015 | 57,894 |
Assets, Total | 572,919 | 577,740 |
Current liabilities | ||
Accounts payable | 11,248 | 13,508 |
Line of credit | 10,000 | 0 |
Other current liabilities | 136,719 | 147,282 |
Total current liabilities | 157,967 | 160,790 |
Deferred tax liabilities | 11,419 | 7,497 |
Other long-term liabilities | 13,587 | 14,329 |
Stockholders' equity | ||
Common stock, $0.001 par value; Authorized -- 50,000 shares, issued and outstanding 19,185 as of April 2, 2022 and 19,393 as of January 1, 2022 | 19 | 19 |
Additional paid-in capital | 45,951 | 50,010 |
Retained earnings | 344,755 | 344,637 |
Accumulated other comprehensive income (loss) | (779) | 458 |
Total stockholders' equity | 389,946 | 395,124 |
Liabilities and Equity, Total | $ 572,919 | $ 577,740 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares shares in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
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) | 19,185 | 19,393 |
Common stock, shares outstanding (in shares) | 19,185 | 19,393 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Net sales | $ 272,867 | $ 307,976 |
Cost of sales | 51,383 | 57,651 |
Gross profit | 221,484 | 250,325 |
Operating expenses: | ||
Associate incentives | 119,620 | 134,495 |
Selling, general and administrative | 68,797 | 71,633 |
Total operating expenses | 188,417 | 206,128 |
Earnings from operations | 33,067 | 44,197 |
Other income (expense): | ||
Interest income | 739 | 760 |
Interest expense | (32) | (5) |
Other, net | (487) | (616) |
Other income (expense), net | 220 | 139 |
Earnings before income taxes | 33,287 | 44,336 |
Income taxes | 10,818 | 13,715 |
Net earnings | $ 22,469 | $ 30,621 |
Earnings per common share | ||
Basic (in dollars per share) | $ 1.16 | $ 1.47 |
Diluted (in dollars per share) | $ 1.15 | $ 1.45 |
Weighted average common shares outstanding | ||
Basic (in shares) | 19,351 | 20,892 |
Diluted (in shares) | 19,481 | 21,096 |
Comprehensive income: | ||
Net earnings | $ 22,469 | $ 30,621 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | (691) | (2,531) |
Tax benefit (expense) related to foreign currency translation adjustment | (546) | 1,616 |
Other comprehensive income (loss), net of tax | (1,237) | (915) |
Comprehensive income | $ 21,232 | $ 29,706 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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 Jan. 02, 2021 | 21,038 | ||||
Balance at Jan. 02, 2021 | $ 21 | $ 62,460 | $ 382,794 | $ (3,625) | $ 441,650 |
Net earnings | 30,621 | 30,621 | |||
Other comprehensive income (loss), net of tax | (915) | (915) | |||
Equity-based compensation expense | 3,740 | $ 3,740 | |||
Common stock repurchased and retired (in shares) | (721) | (721) | |||
Common stock repurchased and retired | $ (1) | (9,251) | (60,202) | $ (69,454) | |
Common stock issued under equity award plans (in shares) | 105 | ||||
Common stock issued under equity award plans | $ 0 | 0 | |||
Tax withholding for net-share settled equity awards | (2,865) | (2,865) | |||
Balance (in shares) at Apr. 03, 2021 | 20,422 | ||||
Balance at Apr. 03, 2021 | $ 20 | 54,084 | 353,213 | (4,540) | $ 402,777 |
Balance (in shares) at Jan. 01, 2022 | 19,393 | 19,393 | |||
Balance at Jan. 01, 2022 | $ 19 | 50,010 | 344,637 | 458 | $ 395,124 |
Net earnings | 22,469 | 22,469 | |||
Other comprehensive income (loss), net of tax | (1,237) | (1,237) | |||
Equity-based compensation expense | 3,183 | $ 3,183 | |||
Common stock repurchased and retired (in shares) | (288) | (288) | |||
Common stock repurchased and retired | $ 0 | (3,031) | (22,351) | $ (25,382) | |
Common stock issued under equity award plans (in shares) | 80 | ||||
Common stock issued under equity award plans | $ 0 | 0 | |||
Tax withholding for net-share settled equity awards | (4,211) | $ (4,211) | |||
Balance (in shares) at Apr. 02, 2022 | 19,185 | 19,185 | |||
Balance at Apr. 02, 2022 | $ 19 | $ 45,951 | $ 344,755 | $ (779) | $ 389,946 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Cash flows from operating activities | ||
Net earnings | $ 22,469 | $ 30,621 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 3,279 | 3,231 |
Right-of-use asset amortization | 2,327 | 2,259 |
(Gain) loss on sale of property and equipment | (3) | 47 |
Equity-based compensation expense | 3,183 | 3,740 |
Deferred income taxes | 3,667 | 2,968 |
Changes in operating assets and liabilities: | ||
Inventories | 48 | 1,393 |
Prepaid expenses and other assets | (1,865) | (3,960) |
Accounts payable | (2,153) | (6,899) |
Other liabilities | (11,251) | (13,741) |
Net cash provided by (used in) operating activities | 19,701 | 19,659 |
Cash flows from investing activities | ||
Receipts on notes receivable | 0 | 51 |
Payments for net investment hedge | 0 | (1,555) |
Proceeds from sale of property and equipment | 3 | 13 |
Purchases of property and equipment | (1,789) | (1,597) |
Net cash provided by (used in) investing activities | (1,786) | (3,088) |
Cash flows from financing activities | ||
Repurchase of common stock | (25,382) | (67,610) |
Borrowings on line of credit | 10,000 | 0 |
Payments related to tax withholding for net-share settled equity awards | (4,211) | (2,865) |
Net cash provided by (used in) financing activities | (19,593) | (70,475) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (403) | (1,962) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (2,081) | (55,866) |
Cash, cash equivalents, and restricted cash at beginning of period | 243,653 | 315,937 |
Cash, cash equivalents, and restricted cash at end of period | 241,572 | 260,071 |
Cash and cash equivalents | 237,753 | 256,964 |
Cash, cash equivalents, and restricted cash at end of period | 241,572 | 260,071 |
Supplemental disclosures of cash flow information | ||
Interest | 5 | 3 |
Income taxes | 8,347 | 13,523 |
Cash received during the period for: | ||
Income tax refund | 25 | 0 |
Non-cash investing and financing activities: | ||
Right-of-use assets obtained in exchange for lease obligations | 289 | 829 |
Accrued purchases of property and equipment | 285 | 239 |
Unsettled trades for repurchase of common stock | 0 | 1,844 |
Prepaid Expenses and Other Current Assets [Member] | ||
Cash flows from financing activities | ||
Restricted cash | 0 | 61 |
Other Noncurrent Assets [Member] | ||
Cash flows from financing activities | ||
Restricted cash | $ 3,819 | $ 3,046 |
Note A - Organization, Consolid
Note A - Organization, Consolidation, and Basis of Presentation | 3 Months Ended |
Apr. 02, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE A – ORGANIZATION, CONSOLIDATION, AND BASIS OF PRESENTATION The COVID- 19 19 not three April 2, 2022 2021. 19 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 Condensed 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 (i) Greater China - Hong Kong, Taiwan, and China. The Company’s business in China is conducted by BabyCare Holdings, Ltd., 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 The condensed consolidated balance sheet as of January 1, 2022 10 10 01 X April 2, 2022 three April 2, 2022 April 3, 2021 The interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto that are included in the Company’s Annual Report on Form 10 January 1, 2022 three April 2, 2022 not may December 31, 2022 Recent Accounting Pronouncements There were no three April 2, 2022 |
Note B - Fair Value Measures
Note B - Fair Value Measures | 3 Months Ended |
Apr. 02, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE B – FAIR VALUE MEASURES The Company measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are: ● Level 1 ● Level 2 1 ● Level 3 As of April 2, 2022 January 1, 2022 Fair Value Measurements Using April 2, Inputs 2022 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 164,519 $ 164,519 $ — $ — Net investment hedge included in other current liabilities (470 ) — (470 ) — Foreign currency contracts included in other current liabilities (16 ) — (16 ) — $ 164,033 $ 164,519 $ (486 ) $ — 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 ) $ — There were no The majority of the Company’s non-financial assets, which include long-lived assets, are not April 2, 2022 January 1, 2022 The Company’s financial instruments include cash equivalents, restricted cash, and foreign currency contracts. The recorded values of cash equivalents and restricted cash approximate their fair values, based on their short-term nature. |
Note C - Inventories
Note C - Inventories | 3 Months Ended |
Apr. 02, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE C – INVENTORIES Inventories consist of the following: April 2, January 1, 2022 2022 Raw materials $ 30,591 $ 30,280 Work in progress 9,734 9,586 Finished goods 57,256 58,452 $ 97,581 $ 98,318 |
Note D - Investment in Equity S
Note D - Investment in Equity Securities | 3 Months Ended |
Apr. 02, 2022 | |
Notes to Financial Statements | |
Investments in Equity Securities [Text Block] | NOTE D – INVESTMENT IN EQUITY SECURITIES As of April 2, 2022 January 1, 2022 was $20,000 an During the three April 2, 2022 January 1, 2022 |
Note E - Revenue and Contract L
Note E - Revenue and Contract Liabilities | 3 Months Ended |
Apr. 02, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE E – REVENUE AND CONTRACT LIABILITIES 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. 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 as goods are delivered to the third Other revenue includes 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: Quarter Ended April 2, April 3, 2022 2021 Other Revenue $ 899 $ 972 Disaggregation of revenue by geographic region and major product line is included in Segment Information in Note J. The following table provides information about contract liabilities from contracts with customers, including significant changes in the contract liabilities balances during the period. Contract liabilities are included in the "Other current liabilities" line item on the Company's condensed consolidated balance sheets: April 2, January 1, 2022 2022 Contract liabilities at beginning of period $ 19,635 $ 15,952 Increase due to deferral of revenue at end of period 17,183 19,635 Decrease due to beginning contract liabilities recognized as revenue (15,939 ) (15,952 ) Contract liabilities at end of period $ 20,879 $ 19,635 |
Note F - Line of Credit
Note F - Line of Credit | 3 Months Ended |
Apr. 02, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE F – 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 ” may As of April 2, 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 G - Contingencies
Note G - Contingencies | 3 Months Ended |
Apr. 02, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE G – 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 |
Note H - Derivative Financial I
Note H - Derivative Financial Instruments | 3 Months Ended |
Apr. 02, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE H – 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 condensed 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 investment in the subsidiary is either sold or substantially liquidated. During the three April 2, 2022 three April 3, 2021 three April 2, 2022 April 3, 2021 |
Note I - Common Stock and Earni
Note I - Common Stock and Earnings Per Share | 3 Months Ended |
Apr. 02, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE I – COMMON STOCK AND EARNINGS PER SHARE Basic earnings per share (“EPS”) is 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 is 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: Quarter Ended April 2, April 3, 2022 2021 Net earnings available to common shareholders $ 22,469 $ 30,621 Weighted average common shares outstanding - basic 19,351 20,892 Dilutive effect of in-the-money equity awards 130 204 Weighted average common shares outstanding - diluted 19,481 21,096 Earnings per common share from net earnings - basic $ 1.16 $ 1.47 Earnings per common share from net earnings - diluted $ 1.15 $ 1.45 Equity awards for the following shares were not Quarter Ended April 2, April 3, 2022 2021 170 57 During the three April 2, 2022 April 3, 2021 As of April 2, 2022 no no |
Note J - Segment Information
Note J - Segment Information | 3 Months Ended |
Apr. 02, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE J – SEGMENT INFORMATION USANA operates as a direct selling company that develops, manufactures, and distributes high-quality nutritional and personal care products that are sold through a network marketing system of independent distributors (“Associates”). 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% Quarter Ended April 2, April 3, 2022 2021 USANA® Nutritionals 87 % 87 % USANA Foods(1) 7 % 7 % Personal care and Skincare 5 % 5 % All Other 1 % 1 % ( 1 Includes the Company’s new Active Nutrition line, which launched in five 2021 Selected Financial Information Financial information, presented by geographic region is listed below: Quarter Ended April 2, April 3, 2022 2021 Net Sales to External Customers Asia Pacific Greater China $ 133,739 $ 148,978 Southeast Asia Pacific 54,742 72,148 North Asia 29,939 30,165 Asia Pacific Total 218,420 251,291 Americas and Europe 54,447 56,685 Consolidated Total $ 272,867 $ 307,976 The following table provides further information on markets representing ten Quarter Ended April 2, April 3, 2022 2021 Net sales: China $ 120,254 $ 134,303 South Korea $ 29,187 $ 29,020 United States $ 28,277 $ 26,963 As of April 2, January 1, 2022 2022 Long-lived assets: China $ 90,196 $ 91,530 United States $ 85,221 $ 85,350 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 02, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements There were no three April 2, 2022 |
Note B - Fair Value Measures (T
Note B - Fair Value Measures (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements Using April 2, Inputs 2022 Level 1 Level 2 Level 3 Money market funds included in cash equivalents $ 164,519 $ 164,519 $ — $ — Net investment hedge included in other current liabilities (470 ) — (470 ) — Foreign currency contracts included in other current liabilities (16 ) — (16 ) — $ 164,033 $ 164,519 $ (486 ) $ — 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 ) $ — |
Note C - Inventories (Tables)
Note C - Inventories (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 2, January 1, 2022 2022 Raw materials $ 30,591 $ 30,280 Work in progress 9,734 9,586 Finished goods 57,256 58,452 $ 97,581 $ 98,318 |
Note E - Revenue and Contract_2
Note E - Revenue and Contract Liabilities (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Quarter Ended April 2, April 3, 2022 2021 Other Revenue $ 899 $ 972 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | April 2, January 1, 2022 2022 Contract liabilities at beginning of period $ 19,635 $ 15,952 Increase due to deferral of revenue at end of period 17,183 19,635 Decrease due to beginning contract liabilities recognized as revenue (15,939 ) (15,952 ) Contract liabilities at end of period $ 20,879 $ 19,635 |
Note I - Common Stock and Ear_2
Note I - Common Stock and Earnings Per Share (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarter Ended April 2, April 3, 2022 2021 Net earnings available to common shareholders $ 22,469 $ 30,621 Weighted average common shares outstanding - basic 19,351 20,892 Dilutive effect of in-the-money equity awards 130 204 Weighted average common shares outstanding - diluted 19,481 21,096 Earnings per common share from net earnings - basic $ 1.16 $ 1.47 Earnings per common share from net earnings - diluted $ 1.15 $ 1.45 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Quarter Ended April 2, April 3, 2022 2021 170 57 |
Note J - Segment Information (T
Note J - Segment Information (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Quarter Ended April 2, April 3, 2022 2021 USANA® Nutritionals 87 % 87 % USANA Foods(1) 7 % 7 % Personal care and Skincare 5 % 5 % All Other 1 % 1 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Quarter Ended April 2, April 3, 2022 2021 Net Sales to External Customers Asia Pacific Greater China $ 133,739 $ 148,978 Southeast Asia Pacific 54,742 72,148 North Asia 29,939 30,165 Asia Pacific Total 218,420 251,291 Americas and Europe 54,447 56,685 Consolidated Total $ 272,867 $ 307,976 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Quarter Ended April 2, April 3, 2022 2021 Net sales: China $ 120,254 $ 134,303 South Korea $ 29,187 $ 29,020 United States $ 28,277 $ 26,963 As of April 2, January 1, 2022 2022 Long-lived assets: China $ 90,196 $ 91,530 United States $ 85,221 $ 85,350 |
Note A - Organization, Consol_2
Note A - Organization, Consolidation, and Basis of Presentation (Details Textual) | 3 Months Ended |
Apr. 02, 2022 | |
Number of Geographic Regions | 2 |
Number of Sub Geographical Regions | 3 |
Note B - Fair Value Measures (D
Note B - Fair Value Measures (Details Textual) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Nonfinancial Assets, Fair Value Disclosure | $ 0 | $ 0 |
Note B - Fair Value Measures -
Note B - Fair Value Measures - Schedule Of Assets And Liabilities Measured At Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Foreign currency contracts included in other current liabilities | $ (16) | $ (461) |
Fair Value, Net Asset (Liability), Total | 164,033 | 163,158 |
Foreign currency contracts included in other current liabilities | (16) | (461) |
Designated as Hedging Instrument [Member] | ||
Net investment hedge included in other current liabilities | (470) | |
Fair Value, Inputs, Level 1 [Member] | ||
Foreign currency contracts included in other current liabilities | 0 | 0 |
Fair Value, Net Asset (Liability), Total | 164,519 | 163,619 |
Foreign currency contracts included in other current liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Designated as Hedging Instrument [Member] | ||
Net investment hedge included in other current liabilities | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Foreign currency contracts included in other current liabilities | (16) | (461) |
Fair Value, Net Asset (Liability), Total | (486) | (461) |
Foreign currency contracts included in other current liabilities | (16) | (461) |
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | ||
Net investment hedge included in other current liabilities | (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 |
Foreign currency contracts included in other current liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Designated as Hedging Instrument [Member] | ||
Net investment hedge included in other current liabilities | 0 | |
Money Market Funds [Member] | ||
Money market funds included in cash equivalents | 164,519 | 163,619 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market funds included in cash equivalents | 164,519 | 163,619 |
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 C - Inventories - Schedule
Note C - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Raw materials | $ 30,591 | $ 30,280 |
Work in progress | 9,734 | 9,586 |
Finished goods | 57,256 | 58,452 |
Inventory, Net, Total | $ 97,581 | $ 98,318 |
Note D - Investment in Equity_2
Note D - Investment in Equity Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 02, 2022 | Jan. 01, 2022 | |
Equity Securities without Readily Determinable Fair Value, Price Adjustment, Cumulative Amount | $ 0 | $ 0 |
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | 0 | 0 |
Other Assets [Member] | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 20,000 | $ 20,000 |
Note E - Revenue and Contract_3
Note E - Revenue and Contract Liabilities - Schedule of Other Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Other Revenue | $ 899 | $ 972 |
Note E - Revenue and Contract_4
Note E - Revenue and Contract Liabilities - Schedule Of Contract Liabilities From Contract With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Jan. 01, 2022 | |
Contract liabilities at beginning of period | $ 19,635 | $ 15,952 |
Increase due to deferral of revenue at end of period | 17,183 | 19,635 |
Decrease due to beginning contract liabilities recognized as revenue | (15,939) | (15,952) |
Contract liabilities at end of period | $ 20,879 | $ 19,635 |
Note F - Line of Credit (Detail
Note F - Line of Credit (Details Textual) - Line of Credit [Member] $ in Millions | 3 Months Ended |
Apr. 02, 2022USD ($) | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 |
Line of Credit Facility, Additional Increase in Maximum Borrowing Capacity | 200 |
Long-term Line of Credit, Total | 10 |
Amended and Restated Credit Agreement [Member] | |
Debt Instrument Covenant, Adjusted Earnings Before Interest Taxes, Depreciation, and Amortization | $ 100 |
Debt Instrument, Covenant Ratio of Consolidated Funded Debt to Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization | 2 |
Note H - Derivative Financial_2
Note H - Derivative Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Derivative, Notional Amount | $ 98,930 | $ 98,684 |
Derivative, Loss on Derivative | $ 470 | |
Derivative, Gain on Derivative | $ 190 |
Note I - Common Stock and Ear_3
Note I - Common Stock and Earnings Per Share (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 288 | 721 |
Stock Repurchased and Retired During Period, Value | $ 25,382 | $ 69,454 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 82,839 |
Note I - Common Stock and Ear_4
Note I - Common Stock and Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Net earnings available to common shareholders | $ 22,469 | $ 30,621 |
Weighted average common shares outstanding - basic (in shares) | 19,351 | 20,892 |
Dilutive effect of in-the-money equity awards (in shares) | 130 | 204 |
Weighted average common shares outstanding - diluted (in shares) | 19,481 | 21,096 |
Earnings per common share from net earnings - basic (in dollars per share) | $ 1.16 | $ 1.47 |
Earnings per common share from net earnings - diluted (in dollars per share) | $ 1.15 | $ 1.45 |
Note I - Common Stock and Ear_5
Note I - Common Stock and Earnings Per Share - Schedule of Shares not Included in the Computation of Diluted EPS (Details) - shares shares in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Anti-dilutive equity awards (in shares) | 170 | 57 |
Note J - Segment Information (D
Note J - Segment Information (Details Textual) | 3 Months Ended |
Apr. 02, 2022 | |
Number of Reportable Segments | 1 |
Note J - Segment Information -
Note J - Segment Information - Schedule of Revenue Percentage By Product (Details) - Product Concentration Risk [Member] - Revenue Benchmark [Member] | 3 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | ||
USANA Nutritionals [Member] | |||
Percentage of product revenue | 87.00% | 87.00% | |
USANA Foods [Member] | |||
Percentage of product revenue | [1] | 7.00% | 7.00% |
Personal Care and Skincare [Member] | |||
Percentage of product revenue | 5.00% | 5.00% | |
All Other [Member] | |||
Percentage of product revenue | 1.00% | 1.00% | |
[1] | Includes the Company's new Active Nutrition line, which launched in five markets in 2021 and will roll out to additional markets in future periods. |
Note J - Segment Information _2
Note J - Segment Information - Revenues From External Customers by Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Net Sales to External Customers | $ 272,867 | $ 307,976 |
Greater China [Member] | ||
Net Sales to External Customers | 133,739 | 148,978 |
Southeast Asia Pacific [Member] | ||
Net Sales to External Customers | 54,742 | 72,148 |
North Asia [Member] | ||
Net Sales to External Customers | 29,939 | 30,165 |
Asia Pacific [Member] | ||
Net Sales to External Customers | 218,420 | 251,291 |
Americas and Europe [Member] | ||
Net Sales to External Customers | $ 54,447 | $ 56,685 |
Note J - Segment Information _3
Note J - Segment Information - Consolidated Net Sales and Long Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | Jan. 01, 2022 | |
Net sales | $ 272,867 | $ 307,976 | |
CHINA | |||
Net sales | 120,254 | 134,303 | |
Long-lived assets | 90,196 | $ 91,530 | |
KOREA, REPUBLIC OF | |||
Net sales | 29,187 | 29,020 | |
UNITED STATES | |||
Net sales | 28,277 | $ 26,963 | |
Long-lived assets | $ 85,221 | $ 85,350 |