0001140361-20-017594 | 10-Q | XBRL Viewer

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Aug. 01, 2020
Cover [Abstract]
Entity Registrant Name	NU SKIN ENTERPRISES, INC.
Entity Central Index Key	0001021561
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		51,387,183
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-12421
Entity Tax Identification Number	87-0565309
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	75 West Center Street
Entity Address, City or Town	Provo
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84601
City Area Code	801
Local Phone Number	345-1000
Title of 12(b) Security	Class A Common Stock, $.001 par value
Trading Symbol	NUS
Security Exchange Name	NYSE

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 375,512	$ 335,630
Current investments	10,788	8,413
Accounts receivable, net	64,371	50,378
Inventories, net	261,969	275,891
Prepaid expenses and other	73,200	69,854
Total current assets	785,840	740,166
Property and equipment, net	444,848	453,604
Right-of-use assets	142,700	144,326
Goodwill	196,573	196,573
Other intangible assets, net	76,161	80,321
Other assets	148,371	154,016
Total assets	1,794,493	1,769,006
Current liabilities:
Accounts payable	51,655	38,979
Accrued expenses	337,980	290,281
Current portion of long-term debt	95,000	27,500
Total current liabilities	484,635	356,760
Operating lease liabilities	103,043	105,701
Long-term debt	319,932	334,461
Other liabilities	94,871	96,795
Total liabilities	1,002,481	893,717
Commitments and contingencies (Note 10)
Stockholders' equity:
Class A common stock - 500 million shares authorized, $0.001 par value, 90.6 million shares issued	91	91
Additional paid-in capital	563,115	557,544
Treasury stock, at cost - 39.1 million and 35.0 million shares	(1,427,064)	(1,324,826)
Accumulated other comprehensive loss	(93,441)	(85,292)
Retained earnings	1,749,311	1,727,772
Total stockholders' equity	792,012	875,289
Total liabilities and stockholders' equity	$ 1,794,493	$ 1,769,006

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2020	Dec. 31, 2019
Stockholders' equity:
Common stock, shares authorized (in shares)	500.0	500.0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	90.6	90.6
Treasury stock (in shares)	39.1	35.0

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statements of Income (Unaudited) [Abstract]
Revenue	$ 612,366	$ 623,500	$ 1,130,394	$ 1,247,123
Cost of sales	154,110	154,028	279,903	300,692
Gross profit	458,256	469,472	850,491	946,431
Operating expenses:
Selling expenses	248,628	245,828	454,670	495,536
General and administrative expenses	151,554	149,442	301,182	308,040
Total operating expenses	400,182	395,270	755,852	803,576
Operating income	58,074	74,202	94,639	142,855
Other income (expense), net	1,581	(3,326)	(4,593)	(6,174)
Income before provision for income taxes	59,655	70,876	90,046	136,681
Provision for income taxes	17,804	24,527	28,465	47,330
Net income	$ 41,851	$ 46,349	$ 61,581	$ 89,351
Net income per share (Note 6):
Basic (in dollars per share)	$ 0.81	$ 0.83	$ 1.15	$ 1.61
Diluted (in dollars per share)	$ 0.81	$ 0.83	$ 1.15	$ 1.59
Weighted-average common shares outstanding:
Basic (in shares)	51,872	55,536	53,466	55,486
Diluted (in shares)	51,925	55,943	53,502	56,030

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract]
Net income	$ 41,851	$ 46,349	$ 61,581	$ 89,351
Other comprehensive income, net of tax:
Foreign currency translation adjustment, net of taxes of $8 and $362 for the three months ended June 30, 2020 and 2019, respectively, and $6 and $217 for the six months ended June 30, 2020 and 2019, respectively	6,848	(5,482)	(8,149)	(1,342)
Comprehensive income	$ 48,699	$ 40,867	$ 53,432	$ 88,009

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other comprehensive income, net of tax:
Foreign currency translation adjustment, tax	$ 8	$ 362	$ 6	$ 217

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member] Class A [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Total	Cumulative Effect Adjustment [Member] Common Stock [Member] Class A [Member]	Cumulative Effect Adjustment [Member] Additional Paid-in Capital [Member]	Cumulative Effect Adjustment [Member] Treasury Stock [Member]	Cumulative Effect Adjustment [Member] Accumulated Other Comprehensive Loss [Member]	Cumulative Effect Adjustment [Member] Retained Earnings [Member]	Cumulative Effect Adjustment [Member]
Balance at beginning of period at Dec. 31, 2018	$ 91	$ 552,564	$ (1,326,605)	$ (79,934)	$ 1,635,751	$ 781,867
Balance at beginning of period (ASC 842 [Member]) at Dec. 31, 2018							$ 0	$ 0	$ 0	$ 0	$ 657	$ 657
Stockholders' Equity [Roll Forward]
Net income	0	0	0	0	89,351	89,351
Other comprehensive (loss) income, net of tax	0	0	0	(1,342)	0	(1,342)
Repurchase of Class A common stock (Note 6)	0	0	(825)	0	0	(825)
Exercise of employee stock options/vesting of stock awards	0	(4,904)	2,596	0	0	(2,308)
Stock-based compensation	0	8,634	0	0	0	8,634
Cash dividends	0	0	0	0	(41,084)	(41,084)
Balance at end of period at Jun. 30, 2019	91	556,294	(1,324,834)	(81,276)	1,684,675	834,950
Balance at beginning of period at Mar. 31, 2019	91	553,270	(1,325,251)	(75,794)	1,658,879	811,195
Stockholders' Equity [Roll Forward]
Net income	0	0	0	0	46,349	46,349
Other comprehensive (loss) income, net of tax	0	0	0	(5,482)	0	(5,482)
Repurchase of Class A common stock (Note 6)	0	0	0	0	0	0
Exercise of employee stock options/vesting of stock awards	0	(569)	417	0	0	(152)
Stock-based compensation	0	3,593	0	0	0	3,593
Cash dividends	0	0	0	0	(20,553)	(20,553)
Balance at end of period at Jun. 30, 2019	91	556,294	(1,324,834)	(81,276)	1,684,675	834,950
Balance at beginning of period at Dec. 31, 2019	91	557,544	(1,324,826)	(85,292)	1,727,772	875,289
Stockholders' Equity [Roll Forward]
Net income	0	0	0	0	61,581	61,581
Other comprehensive (loss) income, net of tax	0	0	0	(8,149)	0	(8,149)
Repurchase of Class A common stock (Note 6)	0	0	(107,367)	0	0	(107,367)
Exercise of employee stock options/vesting of stock awards	0	(2,753)	5,129	0	0	2,376
Stock-based compensation	0	8,324	0	0	0	8,324
Cash dividends	0	0	0	0	(40,042)	(40,042)
Balance at end of period at Jun. 30, 2020	91	563,115	(1,427,064)	(93,441)	1,749,311	792,012
Balance at beginning of period at Mar. 31, 2020	91	557,916	(1,384,036)	(100,289)	1,726,816	800,498
Stockholders' Equity [Roll Forward]
Net income	0	0	0	0	41,851	41,851
Other comprehensive (loss) income, net of tax	0	0	0	6,848	0	6,848
Repurchase of Class A common stock (Note 6)	0	0	(46,481)	0	0	(46,481)
Exercise of employee stock options/vesting of stock awards	0	330	3,453	0	0	3,783
Stock-based compensation	0	4,869	0	0	0	4,869
Cash dividends	0	0	0	0	(19,356)	(19,356)
Balance at end of period at Jun. 30, 2020	$ 91	$ 563,115	$ (1,427,064)	$ (93,441)	$ 1,749,311	$ 792,012

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stockholders' Equity [Roll Forward]
Exercise of employee stock options (in shares)	0.2	0.0	0.3	0.2

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 61,581	$ 89,351
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,359	38,659
Foreign currency losses	1,347	1,355
Stock-based compensation	8,324	8,634
Loss on disposal of assets	2,580	0
Deferred taxes	506	5,854
Non-cash lease expense	22,238	22,505
Changes in operating assets and liabilities:
Accounts receivable	(13,343)	(8,220)
Inventories, net	9,951	3,085
Prepaid expenses and other	(5,025)	(13,245)
Other assets	(41,168)	(14,892)
Accounts payable	13,063	1,606
Accrued expenses	62,932	(66,152)
Other liabilities	5,736	5,937
Net cash provided by operating activities	166,081	74,477
Cash flows from investing activities:
Purchases of property and equipment	(28,692)	(29,214)
Proceeds on investment sales	4,234	7,615
Purchases of investments	(4,031)	(4,774)
Acquisitions and investments in equity investees	0	(8,073)
Net cash used in investing activities	(28,489)	(34,446)
Cash flows from financing activities:
Exercise of employee stock options and taxes paid related to the net shares settlement of stock awards	2,376	(2,308)
Payments of debt	(62,500)	(152,455)
Payment of cash dividends	(40,042)	(41,084)
Proceeds from debt	115,000	130,000
Repurchases of shares of common stock	(107,367)	(825)
Net cash used in financing activities	(92,533)	(66,672)
Effect of exchange rate changes on cash	(5,177)	362
Net increase (decrease) in cash and cash equivalents	39,882	(26,279)
Cash and cash equivalents, beginning of period	335,630	386,911
Cash and cash equivalents, end of period	$ 375,512	$ 360,632

The Company

6 Months Ended

Jun. 30, 2020

The Company [Abstract]

The Company

1.	The Company

Nu Skin Enterprises, Inc. (the “Company”) is a holding company, with Nu Skin, a leading global direct selling company, being the primary operating unit. Nu Skin develops and distributes premium-quality, innovative personal care products and wellness products that are sold worldwide under the Nu Skin, Pharmanex and ageLOC brands and a small number of other products and services. The Company reports revenue from nine segments, consisting of its seven geographic Nu Skin segments—Mainland China; South Korea; Southeast Asia, which includes Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam; Americas/Pacific, which includes Australia, Canada, Latin America, New Zealand and the United States; Japan; Hong Kong/Taiwan, which also includes Macau; and Europe, Middle East and Africa (“EMEA”), which includes several markets in Europe as well as Israel, Russia and South Africa—its Manufacturing segment, which includes manufacturing and packaging subsidiaries; and its Grow Tech segment, which focuses on developing controlled-environment agriculture technologies (the Company’s subsidiaries operating within each segment are collectively referred to as the “Subsidiaries”).

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The unaudited consolidated financial statements include the accounts of the Company and its Subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the Company’s financial information as of June 30, 2020, and for the three- and six-month periods ended June 30, 2020 and 2019. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the fiscal year. The consolidated balance sheet as of December 31, 2019 has been prepared using information from the audited financial statements at that date. For further information, refer to the consolidated financial statements and accompanying footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Additionally, based on the duration and severity of the novel coronavirus (“COVID-19”) pandemic, including but not limited to limitations of holding sales meetings, supply chain disruptions, reduced travel and closed walk-in locations, the Company remains uncertain of the ultimate impact COVID-19 could have on the business. To date, the pandemic has not increased the Company’s costs of or access to capital under the revolving credit facility, and at this time the Company cannot provide assurance it will not in the future. This uncertainty could have an impact in future periods on certain estimates used in the preparation of the second quarter financial results, including, but not limited to impairment of goodwill and other long-lived assets, income tax provision and recoverability of inventory.

Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance modifies the measurement of expected credit losses of certain financial instruments. This ASU is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods and should be applied on a modified retrospective basis to all periods presented. This ASU was effective for the Company beginning on January 1, 2020. The adoption of the new standard did not have a material impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This guidance modifies, removes, and adds certain disclosure requirements on fair value measurements. This ASU is effective for annual periods beginning after December 15, 2019, including interim periods therein, and early adoption is permitted. This ASU was effective for the Company beginning on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for interim and annual reporting periods beginning after December 15, 2019 and should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Early adoption is permitted. This ASU was effective for the Company beginning on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Inventory

Inventories consist of the following (U.S. dollars in thousands):

	June 30, 2020		December 31, 2019
Raw materials	$	92,460	$	87,942
Finished goods		169,509		187,949
Total Inventory, net	$	261,969	$	275,891

Revenue Recognition

Contract Liabilities – Customer Loyalty Programs

Contract liabilities, recorded as deferred revenue within the accrued expenses line in the consolidated balance sheets, include loyalty point program deferrals with certain customers which are accounted for as a reduction in the transaction price and are generally recognized as points are redeemed for additional products.

The balance of deferred revenue related to contract liabilities as of June 30, 2020 and December 31, 2019 was $16.0 million and $12.5 million, respectively. The contract liabilities impact to revenue for the three-month periods ended June 30, 2020, and 2019 was a decrease of $4.1 million and an increase of $0.6 million, respectively. The impact to revenue for the six-month periods ended June 30, 2020, and 2019 was a decrease of $3.5 million and an increase $1.1 million.

Goodwill

6 Months Ended

Jun. 30, 2020

Goodwill [Abstract]

Goodwill

The Company’s reporting units for goodwill are its operating segments, which are also its reportable segments.

The following table presents goodwill allocated to the Company’s reportable segments for the periods ended June 30, 2020 and December 31, 2019 (U.S. dollars in thousands):

	June 30, 2020		December 31, 2019
Nu Skin
Mainland China	$	32,179	$	32,179
Americas/Pacific		9,449		9,449
South Korea		29,261		29,261
Southeast Asia		18,537		18,537
Japan		16,019		16,019
EMEA		2,875		2,875
Hong Kong/Taiwan		6,634		6,634
Manufacturing		72,469		72,469
Grow Tech		9,150		9,150
Total	$	196,573	$	196,573

Debt

6 Months Ended

Jun. 30, 2020

Debt [Abstract]

Debt

Credit Agreement

On April 18, 2018, the Company entered into a Credit Agreement (the “Credit Agreement”) with several financial institutions as lenders and Bank of America, N.A., as administrative agent. The Credit Agreement provides for a $400 million term loan facility and a $350 million revolving credit facility, each with a term of five years. Both facilities bear interest at the London Interbank Offered Rate (“LIBOR”), plus a margin based on the consolidated leverage ratio. The term loan facility amortizes in quarterly installments in amounts resulting in an annual amortization of 5.0% during the first and second years, 7.5% during the third and fourth years and 10.0% during the fifth year after the closing date of the Credit Agreement, with the remainder payable at final maturity. The Credit Agreement requires the Company to maintain a consolidated leverage ratio not exceeding 2.25 to 1.00 and a consolidated interest coverage ratio of no less than 3.00 to 1.00. As of June 30, 2020, the Company was in compliance with all covenants under the Credit Agreement.

The following table summarizes the Company’s debt facilities as of June 30, 2020 and December 31, 2019:

Facility or Arrangement

Original

Principal Amount

Balance as of

June 30, 2020⁽¹⁾⁽²⁾

Balance as of

December 31, 2019⁽²⁾

Interest Rate

Repayment Terms

Credit Agreement term loan facility

400.0 million

352.5 million

365.0 million

Variable 30 day: 2.43%

35% of the principal amount is payable in increasing quarterly installments over a five-year period that began on June 30, 2018, with the remainder payable at the end of the five-year term.

Credit Agreement revolving credit facility

65.0 million

—

Variable 30 day: 2.43%

Revolving line of credit expires April 18, 2023.

(1)

As of June 30, 2020, the current portion of the Company’s debt (i.e. becoming due in the next 12 months) included $30.0 million of the balance of its term loan under the Credit Agreement. The Company has classified the $65.0 million borrowed under the revolving line of credit as short term because it is the Company’s intention to use the line of credit to borrow and pay back funds over short periods of time.

(2)	The carrying value of the debt reflects the amounts stated in the above table less debt issuance costs of $2.6 million and $3.0 million as of June 30, 2020 and December 31, 2019, respectively, related to the Credit Agreement, which are not reflected in this table.

Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

The Company has operating and finance leases for regional offices, manufacturing facilities, retail centers, distribution centers and certain equipment. The Company’s leases have remaining lease terms of 1 year to 24 years, some of which include options to extend the leases for up to 20 years, and some of which include options to terminate the leases within 1 year.

As of June 30, 2020, the weighted average remaining lease term and weighted average discount rate for operating leases was 6.1 years and 4.7%.

The components of lease expense were as follows (U.S. dollars in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Operating lease cost	$	12,869		$	12,417		$	26,005		$	25,278
Variable lease cost		410			1,105			1,384			2,157
Short-term lease cost		95			52			140			104
Sublease income		(1,058	)		(1,575	)		(2,189	)		(3,168	)
Total lease expense	$	12,316		$	11,999		$	25,340		$	24,371

Supplemental cash flow information related to leases was as follows (U.S. dollars in thousands):

	Six Months Ended June 30,
	2020		2019
Operating cash outflow from operating leases	$	25,955	$	26,570
Right-of-use assets obtained in exchange for lease obligations	$	31,178	$	140,585

Maturities of lease liabilities were as follows (U.S. dollars in thousands):

Year Ending December 31,	Operating leases
2020	$	27,085
2021		46,780
2022		30,950
2023		21,409
2024		16,604
Thereafter		27,835
Total		170,663
Less: Finance charges		26,054
Total principal liability	$	144,609

The Company has additional lease liabilities of $28.2 million which have not yet commenced as of June 30, 2020, and as such, have not been recognized on the consolidated balance sheets.

Capital Stock

6 Months Ended

Jun. 30, 2020

Capital Stock [Abstract]

Capital Stock

6.	Capital Stock

Net income per share

Net income per share is computed based on the weighted-average number of common shares outstanding during the periods presented. Additionally, diluted earnings per share data gives effect to all potentially dilutive common shares that were outstanding during the periods presented. For the three-month periods ended June 30, 2020 and 2019, stock options of 0.9 million and 1.1 million, respectively, and for the six-month periods ended June 30, 2020 and 2019, stock options of 1.0 million and 1.1 million, respectively, were excluded from the calculation of diluted earnings per share because they were anti-dilutive.

Dividends

In February and April 2020, the Company’s board of directors declared quarterly cash dividends of $0.375 per share. These quarterly cash dividends of $20.7 million and $19.4 million were paid on March 11, 2020 and June 10, 2020 to stockholders of record on February 28, 2020 and May 29, 2020. In July 2020, the Company’s board of directors declared a quarterly cash dividend of $0.375 per share to be paid on September 9, 2020 to stockholders of record on August 28, 2020.

Repurchase of common stock

During the three-month periods ended June 30, 2020 and 2019, the Company repurchased 1.7 million shares and zero, of its Class A common stock under its stock repurchase plan for $46.5 million and zero respectively. During the six-month periods ended June 30, 2020 and 2019, the Company repurchased 4.4 million shares and 14,000 shares of its Class A common stock under its stock repurchase plan for $107.4 million and $0.8 million, respectively. As of June 30, 2020, $362.8 million was available for repurchases under the Company’s stock repurchase plan.

Fair Value

6 Months Ended

Jun. 30, 2020

Fair Value [Abstract]

Fair Value

7.	Fair Value

The carrying value of financial instruments including cash and cash equivalents, accounts receivable and accounts payable approximates fair values due to the short-term nature of these instruments. Fair value estimates are made at a specific point in time, based on relevant market information.

The FASB Codification defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. On a quarterly basis, the Company measures at fair value certain financial assets, including cash equivalents. Accounting standards specify a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy:

◾

Level 1 – quoted prices in active markets for identical assets or liabilities;

◾

Level 2 – inputs, other than the quoted prices in active markets, that are observable either directly or indirectly;

◾

Level 3 – unobservable inputs based on the Company’s own assumptions.

Accounting standards permit companies, at their option, to measure certain financial instruments and other eligible items at fair value. The Company has elected not to apply the fair value option to existing eligible items beyond what is required by US GAAP.

The following tables present the fair value hierarchy for those assets measured at fair value on a recurring basis (U.S. dollars in thousands):

	Fair Value at June 30, 2020
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents and current investments	$	68,422	$	—	$	—	$	68,422
Other long-term assets		205		—		—		205
Life insurance contracts		—		—		39,967		39,967
Total	$	68,627	$	—	$	39,967	$	108,594

	Fair Value at December 31, 2019
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents and current investments	$	54,642	$	—	$	—	$	54,642
Other long-term assets		3,216		—		—		3,216
Life insurance contracts		—		—		41,707		41,707
Total	$	57,858	$	—	$	41,707	$	99,565

The following table provides a summary of changes in fair value of the Company’s Level 3 marketable securities (U.S. dollars in thousands):

Beginning balance at January 1, 2020	$	41,707
Actual return on plan assets		(1,740	)
Purchase and issuances		—
Sales and settlements		—
Transfers into Level 3		—
Ending balance at June 30, 2020	$	39,967

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

6 Months Ended

Jun. 30, 2020

Income Taxes [Abstract]

Income Taxes

8.	Income Taxes

Provision for income taxes for the three- and six-month periods of 2020 was $17.8 million and $28.5 million, compared to $24.5 million and $47.3 million for the prior-year periods. The effective tax rates for the three- and six-month periods were 29.8% and 31.6% of pre-tax income compared to 34.6% and 34.6% in the prior-year periods.

The Company accounts for income taxes in accordance with ASC Topic 740 “Income Taxes.” These standards establish financial accounting and reporting standards for the effects of income taxes that result from an enterprise’s activities during the current and preceding years. The Company takes an asset and liability approach for financial accounting and reporting of income taxes. The Company pays income taxes in many foreign jurisdictions based on the profits realized in those jurisdictions, which can be significantly impacted by terms of intercompany transactions between the Company and its foreign affiliates. Deferred tax assets and liabilities are created in this process. The Company has netted these deferred tax assets and deferred tax liabilities by jurisdiction. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be ultimately realized. The Company had net deferred tax assets of $20.3 million and $20.0 million as of June 30, 2020 and December 31, 2019, respectively.

The Company evaluates its indefinite reinvestment assertions with respect to foreign earnings for each quarter. For all foreign earnings, the Company accrues the applicable foreign income taxes. For the earnings that have been indefinitely reinvested, the Company does not accrue foreign withholding taxes. Undistributed earnings that the Company has indefinitely reinvested, for which no foreign withholding taxes have been provided, aggregate to $60.0 million as of December 31, 2019. If the amount designated as indefinitely reinvested as of December 31, 2019 was repatriated to the United States, the amount of incremental taxes would be approximately $6.0 million. The Company intends to utilize the indefinitely reinvested offshore earnings to fund foreign investments, specifically capital expenditures.

The Company files income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. The Company is no longer subject to tax examinations from the IRS for all years for which tax returns have been filed before 2019. With a few exceptions, the Company is no longer subject to state and local income tax examination by tax authorities for the years before 2016. In 2009, the Company entered into a voluntary program with the IRS called Compliance Assurance Process (“CAP”). The objective of CAP is to contemporaneously work with the IRS to achieve federal tax compliance and resolve all or most of the issues prior to filing of the tax return. The Company has elected to participate in CAP for 2020 and may elect to continue participating in CAP for future tax years; the Company may withdraw from the program at any time. In major foreign jurisdictions, the Company is generally no longer subject to income tax examinations for years before 2012. However, statutes of limitations in certain countries may be as long as ten years. The Company is currently under examination in certain foreign jurisdictions; however, the outcomes of those reviews are not yet determinable. The Company’s unrecognized tax benefits relate to multiple jurisdictions. Due to potential increases in unrecognized tax benefits from the multiple jurisdictions in which the Company operates, as well as the expiration of various statutes of limitations, it is reasonably possible that the Company’s gross unrecognized tax benefits, net of foreign currency adjustments, may decrease in the next 12 months by approximately $1.3 to $2.3 million.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Segment Information

6 Months Ended

Jun. 30, 2020

Segment Information [Abstract]

Segment Information

9.	Segment Information

The Company reports revenue from nine segments, consisting of its seven geographic Nu Skin segments—Mainland China, Americas/Pacific, South Korea, Southeast Asia, Japan, EMEA, and Hong Kong/Taiwan—and its Manufacturing and Grow Tech segments. The Other category includes miscellaneous corporate revenue and related adjustments. These segments reflect the way the chief operating decision maker evaluates the Company’s business performance and allocates resources. Reported revenue includes only the revenue generated by sales to external customers.

Profitability by segment as determined under US GAAP is driven primarily by the Company’s transfer pricing policies. Segment contribution, which is the Company’s segment profitability metric presented in the table below, excludes certain intercompany charges, specifically royalties, license fees, transfer pricing, discrete charges and other miscellaneous items. These charges have been included in Corporate and other expenses. Corporate and other expenses also include costs related to the Company’s executive and administrative offices, information technology, research and development, and marketing and supply chain functions not recorded at the segment level.

The accounting policies of the segments are the same as those described in Note 2 – Summary of Significant Accounting Policies. The Company evaluates the performance of its segments based on revenue and segment contribution. Each segment records direct expenses related to its employees and its operations.

Summarized financial information for the Company’s reportable segments is shown in the following tables. Asset information is not reviewed or included with the Company’s internal management reporting. Therefore, the Company has not disclosed asset information for each reportable segment.

Revenue by Segment

	Three Months Ended June 30,					Six Months Ended June 30,
(U.S. dollars in thousands)	2020			2019		2020		2019
Nu Skin
Mainland China	$	146,332		$	185,333	$	284,028	$	393,821
Americas/Pacific		127,919			92,841		202,492		179,297
South Korea		76,915			84,732		152,634		168,585
Southeast Asia		66,829			75,395		136,415		147,890
Japan		68,291			65,251		129,591		127,360
EMEA		50,776			43,400		86,179		85,218
Hong Kong/Taiwan		37,161			43,712		72,988		84,270
Other		(85	)		1,249		688		(177	)
Total Nu Skin		574,138			591,913		1,065,015		1,186,264
Manufacturing ⁽¹⁾		37,918			31,557		65,065		60,829
Grow Tech		310			30		314		30
Total	$	612,366		$	623,500	$	1,130,394	$	1,247,123

(1)

The Manufacturing segment had $6.9 million and $6.5 million of intersegment revenue for the three months ended June 30, 2020 and 2019, respectively, and $13.3 million and $12.4 million, for the six months ended June 30, 2020 and 2019, respectively. Intersegment revenue is eliminated in the consolidated financial statements, as well as the reported segment revenue in the table above.

Segment Contribution

	Three Months Ended June 30,						Six Months Ended June 30,
(U.S. dollars in thousands)	2020			2019			2020			2019
Nu Skin
Mainland China	$	43,668		$	51,087		$	81,055		$	110,254
Americas/Pacific		24,343			16,420			34,928			28,439
South Korea		24,090			25,979			48,189			51,647
Southeast Asia		16,977			20,840			33,695			38,832
Japan		16,455			15,823			31,047			29,929
EMEA		3,342			3,234			3,973			4,585
Hong Kong/Taiwan		6,839			9,217			13,777			16,691
Nu Skin contribution		135,714			142,600			246,664			280,377
Manufacturing		5,402			3,375			8,251			7,021
Grow Tech		(5,487	)		(4,582	)		(12,337	)		(8,211	)
Total segment contribution		135,629			141,393			242,578			279,187
Corporate and other		(77,555	)		(67,191	)		(147,939	)		(136,332	)
Operating income		58,074			74,202			94,639			142,855
Other income (expense)		1,581			(3,326	)		(4,593	)		(6,174	)
Income before provision for income taxes	$	59,655		$	70,876		$	90,046		$	136,681

Depreciation and Amortization

	Three Months Ended June 30,				Six Months Ended June 30,
(U.S. dollars in thousands)	2020		2019		2020		2019
Nu Skin
Mainland China	$	2,558	$	2,909	$	4,982	$	6,025
Americas/Pacific		253		206		498		420
South Korea		918		1,358		1,975		2,882
Southeast Asia		444		462		931		939
Japan		834		957		1,306		2,005
EMEA		242		272		500		712
Hong Kong/Taiwan		618		537		1,257		1,053
Total Nu Skin		5,867		6,701		11,449		14,036
Manufacturing		2,062		1,631		3,877		3,205
Grow Tech		1,248		945		2,473		1,820
Corporate and other		9,087		9,775		19,560		19,598
Total	$	18,264	$	19,052	$	37,359	$	38,659

Capital Expenditures

	Three Months Ended June 30,				Six Months Ended June 30,
(U.S. dollars in thousands)	2020		2019		2020		2019
Nu Skin
Mainland China	$	716	$	1,033	$	3,577	$	2,714
Americas/Pacific		72		473		766		747
South Korea		195		30		364		79
Southeast Asia		6		225		639		319
Japan		1,491		946		1,648		1,118
EMEA		633		42		660		76
Hong Kong/Taiwan		12		1,091		16		1,554
Total Nu Skin		3,125		3,840		7,670		6,607
Manufacturing		603		1,579		11,108		3,181
Grow Tech		239		2,066		417		5,051
Corporate and other		5,338		7,964		9,497		14,375
Total	$	9,305	$	15,449	$	28,692	$	29,214

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies [Abstract]

Commitments and Contingencies

10.	Commitments and Contingencies

The Company is subject to government regulations pertaining to product formulation, labeling and packaging, product claims and advertising, and the Company’s direct selling system. The Company is also subject to the jurisdiction of numerous foreign tax and customs authorities. Any assertions or determination that either the Company or the Company’s sales force is not in compliance with existing statutes, laws, rules or regulations could have a material adverse effect on the Company’s operations. In addition, in any country or jurisdiction, the adoption of new statutes, laws, rules or regulations or changes in the interpretation of existing statutes, laws, rules or regulations could have a material adverse effect on the Company and its operations. No assurance can be given that the Company’s compliance with applicable statutes, laws, rules and regulations will not be challenged by foreign authorities or that such challenges will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. The Company and its Subsidiaries are defendants in litigation, investigations and other proceedings involving various matters. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows.

The Company is subject to regular audits by federal, state and foreign tax authorities. These audits may result in additional tax liabilities. The Company believes it has appropriately provided for income taxes for all years. Several factors drive the calculation of its tax reserves. Some of these factors include: (i) the expiration of various statutes of limitations; (ii) changes in tax law and regulations; (iii) issuance of tax rulings; and (iv) settlements with tax authorities. Changes in any of these factors may result in adjustments to the Company’s reserves, which would impact its reported financial results.

Restructuring

6 Months Ended

Jun. 30, 2020

Restructuring [Abstract]

Restructuring

11.	Restructuring

In the fourth quarter of 2018, the Company began a strategic plan to align its resources and capabilities to support its vision of being a world-leading business platform. This program primarily impacted the Company’s information technology infrastructure and organization and other departments within its corporate and Americas offices. As a result of the restructuring program, the Company recorded a non-cash charge of $48.6 million for impairment of information technology assets, including internally developed software for social sharing and digital initiatives, and $22.1 million of cash charges, including $20.1 million for employee severance and $2.0 million for other related cash charges with the restructuring. The restructuring charges were predominately recorded in the Corporate and Other category.

See the table below for detail of restructuring activity for the three months ended March 31, 2019 (U.S. dollars in thousands):

Beginning balance at January 1, 2019	$	15,462
Amounts paid		(15,046	)
Adjustments		(416	)
Ending balance at March 31, 2019	$	—

There was no restructuring activity for the three or six months ended June 30, 2020 and three months ended June 30, 2019.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

Summary of Significant Accounting Policies [Abstract]

Basis of Accounting

Accounting Pronouncements

Inventory

Inventories consist of the following (U.S. dollars in thousands):

	June 30, 2020		December 31, 2019
Raw materials	$	92,460	$	87,942
Finished goods		169,509		187,949
Total Inventory, net	$	261,969	$	275,891

Revenue Recognition

Contract Liabilities – Customer Loyalty Programs

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Significant Accounting Policies [Abstract]

Inventories

Inventories consist of the following (U.S. dollars in thousands):

	June 30, 2020		December 31, 2019
Raw materials	$	92,460	$	87,942
Finished goods		169,509		187,949
Total Inventory, net	$	261,969	$	275,891

Goodwill (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill [Abstract]

Goodwill

The following table presents goodwill allocated to the Company’s reportable segments for the periods ended June 30, 2020 and December 31, 2019 (U.S. dollars in thousands):

	June 30, 2020		December 31, 2019
Nu Skin
Mainland China	$	32,179	$	32,179
Americas/Pacific		9,449		9,449
South Korea		29,261		29,261
Southeast Asia		18,537		18,537
Japan		16,019		16,019
EMEA		2,875		2,875
Hong Kong/Taiwan		6,634		6,634
Manufacturing		72,469		72,469
Grow Tech		9,150		9,150
Total	$	196,573	$	196,573

Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt [Abstract]

Debt Facilities

The following table summarizes the Company’s debt facilities as of June 30, 2020 and December 31, 2019:

Facility or Arrangement

Original

Principal Amount

Balance as of

June 30, 2020⁽¹⁾⁽²⁾

Balance as of

December 31, 2019⁽²⁾

Interest Rate

Repayment Terms

Credit Agreement term loan facility

400.0 million

352.5 million

365.0 million

Variable 30 day: 2.43%

35% of the principal amount is payable in increasing quarterly installments over a five-year period that began on June 30, 2018, with the remainder payable at the end of the five-year term.

Credit Agreement revolving credit facility

65.0 million

—

Variable 30 day: 2.43%

Revolving line of credit expires April 18, 2023.

(1)

(2)	The carrying value of the debt reflects the amounts stated in the above table less debt issuance costs of $2.6 million and $3.0 million as of June 30, 2020 and December 31, 2019, respectively, related to the Credit Agreement, which are not reflected in this table.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows (U.S. dollars in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Operating lease cost	$	12,869		$	12,417		$	26,005		$	25,278
Variable lease cost		410			1,105			1,384			2,157
Short-term lease cost		95			52			140			104
Sublease income		(1,058	)		(1,575	)		(2,189	)		(3,168	)
Total lease expense	$	12,316		$	11,999		$	25,340		$	24,371

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows (U.S. dollars in thousands):

	Six Months Ended June 30,
	2020		2019
Operating cash outflow from operating leases	$	25,955	$	26,570
Right-of-use assets obtained in exchange for lease obligations	$	31,178	$	140,585

Maturities of Operating Lease Liabilities

Maturities of lease liabilities were as follows (U.S. dollars in thousands):

Year Ending December 31,	Operating leases
2020	$	27,085
2021		46,780
2022		30,950
2023		21,409
2024		16,604
Thereafter		27,835
Total		170,663
Less: Finance charges		26,054
Total principal liability	$	144,609

Fair Value (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value [Abstract]

Assets Measured at Fair Value on a Recurring Basis

The following tables present the fair value hierarchy for those assets measured at fair value on a recurring basis (U.S. dollars in thousands):

	Fair Value at June 30, 2020
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents and current investments	$	68,422	$	—	$	—	$	68,422
Other long-term assets		205		—		—		205
Life insurance contracts		—		—		39,967		39,967
Total	$	68,627	$	—	$	39,967	$	108,594

	Fair Value at December 31, 2019
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash equivalents and current investments	$	54,642	$	—	$	—	$	54,642
Other long-term assets		3,216		—		—		3,216
Life insurance contracts		—		—		41,707		41,707
Total	$	57,858	$	—	$	41,707	$	99,565

Changes in Fair Value of Level 3 Marketable Securities

The following table provides a summary of changes in fair value of the Company’s Level 3 marketable securities (U.S. dollars in thousands):

Beginning balance at January 1, 2020	$	41,707
Actual return on plan assets		(1,740	)
Purchase and issuances		—
Sales and settlements		—
Transfers into Level 3		—
Ending balance at June 30, 2020	$	39,967

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Information [Abstract]

Revenue by Segment

	Three Months Ended June 30,					Six Months Ended June 30,
(U.S. dollars in thousands)	2020			2019		2020		2019
Nu Skin
Mainland China	$	146,332		$	185,333	$	284,028	$	393,821
Americas/Pacific		127,919			92,841		202,492		179,297
South Korea		76,915			84,732		152,634		168,585
Southeast Asia		66,829			75,395		136,415		147,890
Japan		68,291			65,251		129,591		127,360
EMEA		50,776			43,400		86,179		85,218
Hong Kong/Taiwan		37,161			43,712		72,988		84,270
Other		(85	)		1,249		688		(177	)
Total Nu Skin		574,138			591,913		1,065,015		1,186,264
Manufacturing ⁽¹⁾		37,918			31,557		65,065		60,829
Grow Tech		310			30		314		30
Total	$	612,366		$	623,500	$	1,130,394	$	1,247,123

(1)

Segment Contribution

	Three Months Ended June 30,						Six Months Ended June 30,
(U.S. dollars in thousands)	2020			2019			2020			2019
Nu Skin
Mainland China	$	43,668		$	51,087		$	81,055		$	110,254
Americas/Pacific		24,343			16,420			34,928			28,439
South Korea		24,090			25,979			48,189			51,647
Southeast Asia		16,977			20,840			33,695			38,832
Japan		16,455			15,823			31,047			29,929
EMEA		3,342			3,234			3,973			4,585
Hong Kong/Taiwan		6,839			9,217			13,777			16,691
Nu Skin contribution		135,714			142,600			246,664			280,377
Manufacturing		5,402			3,375			8,251			7,021
Grow Tech		(5,487	)		(4,582	)		(12,337	)		(8,211	)
Total segment contribution		135,629			141,393			242,578			279,187
Corporate and other		(77,555	)		(67,191	)		(147,939	)		(136,332	)
Operating income		58,074			74,202			94,639			142,855
Other income (expense)		1,581			(3,326	)		(4,593	)		(6,174	)
Income before provision for income taxes	$	59,655		$	70,876		$	90,046		$	136,681

Depreciation and Amortization and Capital Expenditures

Depreciation and Amortization

	Three Months Ended June 30,				Six Months Ended June 30,
(U.S. dollars in thousands)	2020		2019		2020		2019
Nu Skin
Mainland China	$	2,558	$	2,909	$	4,982	$	6,025
Americas/Pacific		253		206		498		420
South Korea		918		1,358		1,975		2,882
Southeast Asia		444		462		931		939
Japan		834		957		1,306		2,005
EMEA		242		272		500		712
Hong Kong/Taiwan		618		537		1,257		1,053
Total Nu Skin		5,867		6,701		11,449		14,036
Manufacturing		2,062		1,631		3,877		3,205
Grow Tech		1,248		945		2,473		1,820
Corporate and other		9,087		9,775		19,560		19,598
Total	$	18,264	$	19,052	$	37,359	$	38,659

Capital Expenditures

	Three Months Ended June 30,				Six Months Ended June 30,
(U.S. dollars in thousands)	2020		2019		2020		2019
Nu Skin
Mainland China	$	716	$	1,033	$	3,577	$	2,714
Americas/Pacific		72		473		766		747
South Korea		195		30		364		79
Southeast Asia		6		225		639		319
Japan		1,491		946		1,648		1,118
EMEA		633		42		660		76
Hong Kong/Taiwan		12		1,091		16		1,554
Total Nu Skin		3,125		3,840		7,670		6,607
Manufacturing		603		1,579		11,108		3,181
Grow Tech		239		2,066		417		5,051
Corporate and other		5,338		7,964		9,497		14,375
Total	$	9,305	$	15,449	$	28,692	$	29,214

Restructuring (Tables)

6 Months Ended

Jun. 30, 2020

Restructuring [Abstract]

Restructuring Activity

See the table below for detail of restructuring activity for the three months ended March 31, 2019 (U.S. dollars in thousands):

Beginning balance at January 1, 2019	$	15,462
Amounts paid		(15,046	)
Adjustments		(416	)
Ending balance at March 31, 2019	$	—

The Company (Details)	6 Months Ended
The Company (Details)	Jun. 30, 2020 Segment
The Company [Abstract]
Number of reportable segments	9
Number of geographic segments	7

Summary of Significant Accounting Policies, Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventories [Abstract]
Raw materials	$ 92,460	$ 87,942
Finished goods	169,509	187,949
Total Inventory, net	$ 261,969	$ 275,891

Summary of Significant Accounting Policies, Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Contract Liabilities - Customer Loyalty Programs [Abstract]
Contract liabilities for customer loyalty programs	$ 16.0		$ 16.0		$ 12.5
Contract liabilities impact to revenue	$ (4.1)	$ 0.6	$ (3.5)	$ 1.1

Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Goodwill [Abstract]
Goodwill	$ 196,573	$ 196,573
Nu Skin [Member] \| Mainland China [Member]
Goodwill [Abstract]
Goodwill	32,179	32,179
Nu Skin [Member] \| Americas/Pacific [Member]
Goodwill [Abstract]
Goodwill	9,449	9,449
Nu Skin [Member] \| South Korea [Member]
Goodwill [Abstract]
Goodwill	29,261	29,261
Nu Skin [Member] \| Southeast Asia [Member]
Goodwill [Abstract]
Goodwill	18,537	18,537
Nu Skin [Member] \| Japan [Member]
Goodwill [Abstract]
Goodwill	16,019	16,019
Nu Skin [Member] \| EMEA [Member]
Goodwill [Abstract]
Goodwill	2,875	2,875
Nu Skin [Member] \| Hong Kong/Taiwan [Member]
Goodwill [Abstract]
Goodwill	6,634	6,634
Manufacturing [Member]
Goodwill [Abstract]
Goodwill	72,469	72,469
Grow Tech [Member]
Goodwill [Abstract]
Goodwill	$ 9,150	$ 9,150

Debt, Credit Agreement (Details) - USD ($) $ in Millions	6 Months Ended
Debt, Credit Agreement (Details) - USD ($) $ in Millions	Jun. 30, 2020	Apr. 18, 2018
Credit Agreement [Member] \| Maximum [Member]
Debt [Abstract]
Consolidated leverage ratio	2.25
Credit Agreement [Member] \| Minimum [Member]
Debt [Abstract]
Consolidated interest coverage ratio	3.00
Term Loan Facility [Member]
Debt [Abstract]
Original principal amount	$ 400.0	$ 400.0
Term of loan	5 years
Term Loan Facility [Member] \| First Year [Member]
Debt [Abstract]
Annual amortization percentage	5.00%
Term Loan Facility [Member] \| Second Year [Member]
Debt [Abstract]
Annual amortization percentage	5.00%
Term Loan Facility [Member] \| Third Year [Member]
Debt [Abstract]
Annual amortization percentage	7.50%
Term Loan Facility [Member] \| Fourth Year [Member]
Debt [Abstract]
Annual amortization percentage	7.50%
Term Loan Facility [Member] \| Fifth Year [Member]
Debt [Abstract]
Annual amortization percentage	10.00%
Revolving Credit Facility [Member]
Debt [Abstract]
Borrowing capacity		$ 350.0
Term of loan	5 years

Debt, Debt Facilities (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Apr. 18, 2018

Debt [Abstract]

Current portion of long-term debt

$ 95,000

$ 27,500

Credit Agreement [Member]

Debt [Abstract]

Unamortized debt issuance costs

2,600

3,000

Credit Agreement Term Loan Facility [Member]

Debt [Abstract]

Original principal amount

400,000

$ 400,000

Balance

^[2]

$ 352,500

^[1]

365,000

Interest rate

Variable 30 day: 2.43%

Interest rate

2.43%

Term of variable rate

30 days

Repayment terms

35% of the principal amount is payable in increasing quarterly installments over a five-year period that began on June 30, 2018, with the remainder payable at the end of the five-year term.

Percentage of principal payable in installments

35.00%

Term of loan

5 years

Current portion of long-term debt

$ 30,000

Credit Agreement Revolving Credit Facility [Member]

Debt [Abstract]

Balance

$ 65,000

$ 0

^[2]

Interest rate

Variable 30 day: 2.43%

Interest rate

2.43%

Term of variable rate

30 days

Repayment terms

Revolving line of credit expires April 18, 2023.

Term of loan

5 years

[1]

[2]

The carrying value of the debt reflects the amounts stated in the above table less debt issuance costs of $2.6 million and $3.0 million as of June 30, 2020 and December 31, 2019, respectively, related to the Credit Agreement, which are not reflected in this table.

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Weighted average remaining lease term for operating leases	6 years 1 month 6 days		6 years 1 month 6 days
Weighted average discount rate for operating leases	4.70%		4.70%
Components of Lease Expense [Abstract]
Operating lease cost	$ 12,869	$ 12,417	$ 26,005	$ 25,278
Variable lease cost	410	1,105	1,384	2,157
Short-term lease cost	95	52	140	104
Sublease income	(1,058)	(1,575)	(2,189)	(3,168)
Total lease expense	12,316	$ 11,999	25,340	24,371
Supplemental Cash Flow Information Related to Leases [Abstract]
Operating cash outflow from operating leases			25,955	26,570
Right-of-use assets obtained in exchange for lease liabilities			31,178	$ 140,585
Maturities of Operating Lease Liabilities [Abstract]
2020	27,085		27,085
2021	46,780		46,780
2022	30,950		30,950
2023	21,409		21,409
2024	16,604		16,604
Thereafter	27,835		27,835
Total	170,663		170,663
Less: Finance charges	26,054		26,054
Total principal liability	144,609		144,609
Additional lease liabilities not yet commenced	$ 28,200		$ 28,200
Minimum [Member]
Leases [Abstract]
Remaining lease terms			1 year
Maximum [Member]
Leases [Abstract]
Remaining lease terms			24 years
Extension period for leases			20 years
Termination period for leases			1 year

Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended			3 Months Ended		6 Months Ended
	Jun. 10, 2020	Mar. 11, 2020	Jul. 31, 2020	Apr. 30, 2020	Feb. 29, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Dividends per Share [Abstract]
Payment of cash dividends								$ 40,042	$ 41,084
Repurchases of Common Stock [Abstract]
Class A common stock repurchased						$ 46,481	$ 0	107,367	$ 825
Amount available for repurchases						$ 362,800		$ 362,800
Treasury Stock [Member]
Repurchases of Common Stock [Abstract]
Class A common stock repurchased (in shares)						1,700,000	0	4,400,000	14,000
Class A common stock repurchased						$ 46,481	$ 0	$ 107,367	$ 825
Dividend Declared 2020-Q1 [Member]
Dividends per Share [Abstract]
Dividend payable, date declared						2020-02		2020-02
Dividend payable per share (in dollars per share)					$ 0.375
Payment of cash dividends		$ 20,700
Dividend payable, date paid								Mar. 11, 2020
Dividend payable, date of record								Feb. 28, 2020
Dividend Declared 2020-Q2 [Member]
Dividends per Share [Abstract]
Dividend payable, date declared						2020-04		2020-04
Dividend payable per share (in dollars per share)				$ 0.375
Payment of cash dividends	$ 19,400
Dividend payable, date paid								Jun. 10, 2020
Dividend payable, date of record								May 29, 2020
Dividend Declared 2020-Q3 [Member] \| Subsequent Event [Member]
Dividends per Share [Abstract]
Dividend payable, date declared			2020-07
Dividend payable per share (in dollars per share)			$ 0.375
Dividend payable, date paid			Sep. 09, 2020
Dividend payable, date of record			Aug. 28, 2020
Stock Options [Member]
Net Income per Share [Abstract]
Anti-dilutive shares excluded from calculation of diluted earnings per share (in shares)						900,000	1,100,000	1,000,000.0	1,100,000

Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value on a Recurring Basis [Member]
Financial Assets [Abstract]
Cash equivalents and current investments	$ 68,422	$ 54,642
Other long-term assets	205	3,216
Life insurance contracts	39,967	41,707
Financial assets	108,594	99,565
Fair Value on a Recurring Basis [Member] \| Level 1 [Member]
Financial Assets [Abstract]
Cash equivalents and current investments	68,422	54,642
Other long-term assets	205	3,216
Life insurance contracts	0	0
Financial assets	68,627	57,858
Fair Value on a Recurring Basis [Member] \| Level 2 [Member]
Financial Assets [Abstract]
Cash equivalents and current investments	0	0
Other long-term assets	0	0
Life insurance contracts	0	0
Financial assets	0	0
Fair Value on a Recurring Basis [Member] \| Level 3 [Member]
Financial Assets [Abstract]
Cash equivalents and current investments	0	0
Other long-term assets	0	0
Life insurance contracts	39,967	41,707
Financial assets	39,967	$ 41,707
Life Insurance Contracts [Member]
Changes in Fair Value of Level 3 Marketable Securities [Roll Forward]
Beginning balance	41,707
Actual return on plan assets	(1,740)
Purchases and issuances	0
Sales and settlements	0
Transfers into Level 3	0
Ending balance	$ 39,967

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Taxes [Abstract]
Provision for income taxes	$ 17,804	$ 24,527	$ 28,465	$ 47,330
Effective tax rate	29.80%	34.60%	31.60%	34.60%
Net deferred tax assets	$ 20,300		$ 20,300		$ 20,000
Undistributed earnings of non-U.S. subsidiaries					60,000
Incremental taxes if undistributed earnings on non-U.S. subsidiaries were repatriated					$ 6,000
Minimum [Member]
Income Taxes [Abstract]
Decrease in unrecognized tax benefits within the next 12 months that is reasonably possible	(1,300)		$ (1,300)
Maximum [Member]
Income Taxes [Abstract]
Statute of limitations related to income tax examinations			10 years
Income Taxes [Abstract]
Decrease in unrecognized tax benefits within the next 12 months that is reasonably possible	$ (2,300)		$ (2,300)

Segment Information, Revenue by Segment (Details)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2020

USD ($)

Jun. 30, 2019

USD ($)

Jun. 30, 2020

USD ($)

Segment

Jun. 30, 2019

USD ($)

Segment Information [Abstract]

Number of reportable segments | Segment

Number of geographic segments | Segment

Revenue by Segment [Abstract]

Revenue

$ 612,366

$ 623,500

$ 1,130,394

$ 1,247,123

Other [Member]

Revenue by Segment [Abstract]

Revenue

(85)

1,249

688

(177)

Operating Segment [Member] | Nu Skin [Member]

Revenue by Segment [Abstract]

Revenue

574,138

591,913

1,065,015

1,186,264

Operating Segment [Member] | Nu Skin [Member] | Mainland China [Member]

Revenue by Segment [Abstract]

Revenue

146,332

185,333

284,028

393,821

Operating Segment [Member] | Nu Skin [Member] | Americas/Pacific [Member]

Revenue by Segment [Abstract]

Revenue

127,919

92,841

202,492

179,297

Operating Segment [Member] | Nu Skin [Member] | South Korea [Member]

Revenue by Segment [Abstract]

Revenue

76,915

84,732

152,634

168,585

Operating Segment [Member] | Nu Skin [Member] | Southeast Asia [Member]

Revenue by Segment [Abstract]

Revenue

66,829

75,395

136,415

147,890

Operating Segment [Member] | Nu Skin [Member] | Japan [Member]

Revenue by Segment [Abstract]

Revenue

68,291

65,251

129,591

127,360

Operating Segment [Member] | Nu Skin [Member] | EMEA [Member]

Revenue by Segment [Abstract]

Revenue

50,776

43,400

86,179

85,218

Operating Segment [Member] | Nu Skin [Member] | Hong Kong/Taiwan [Member]

Revenue by Segment [Abstract]

Revenue

37,161

43,712

72,988

84,270

Operating Segment [Member] | Manufacturing [Member]

Revenue by Segment [Abstract]

Revenue

^[1]

37,918

31,557

65,065

60,829

Operating Segment [Member] | Grow Tech [Member]

Revenue by Segment [Abstract]

Revenue

310

314

Intersegment Member] | Manufacturing [Member]

Revenue by Segment [Abstract]

Revenue

$ 6,900

$ 6,500

$ 13,300

$ 12,400

[1]

Segment Information, Segment Contribution (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Contribution [Abstract]
Operating income	$ 58,074	$ 74,202	$ 94,639	$ 142,855
Other income (expense)	1,581	(3,326)	(4,593)	(6,174)
Income before provision for income taxes	59,655	70,876	90,046	136,681
Operating Segment [Member]
Segment Contribution [Abstract]
Operating income	135,629	141,393	242,578	279,187
Operating Segment [Member] \| Nu Skin [Member]
Segment Contribution [Abstract]
Operating income	135,714	142,600	246,664	280,377
Operating Segment [Member] \| Nu Skin [Member] \| Mainland China [Member]
Segment Contribution [Abstract]
Operating income	43,668	51,087	81,055	110,254
Operating Segment [Member] \| Nu Skin [Member] \| South Korea [Member]
Segment Contribution [Abstract]
Operating income	24,090	25,979	48,189	51,647
Operating Segment [Member] \| Nu Skin [Member] \| Americas/Pacific [Member]
Segment Contribution [Abstract]
Operating income	24,343	16,420	34,928	28,439
Operating Segment [Member] \| Nu Skin [Member] \| Southeast Asia [Member]
Segment Contribution [Abstract]
Operating income	16,977	20,840	33,695	38,832
Operating Segment [Member] \| Nu Skin [Member] \| Japan [Member]
Segment Contribution [Abstract]
Operating income	16,455	15,823	31,047	29,929
Operating Segment [Member] \| Nu Skin [Member] \| EMEA [Member]
Segment Contribution [Abstract]
Operating income	3,342	3,234	3,973	4,585
Operating Segment [Member] \| Nu Skin [Member] \| Hong Kong/Taiwan [Member]
Segment Contribution [Abstract]
Operating income	6,839	9,217	13,777	16,691
Operating Segment [Member] \| Manufacturing [Member]
Segment Contribution [Abstract]
Operating income	5,402	3,375	8,251	7,021
Operating Segment [Member] \| Grow Tech [Member]
Segment Contribution [Abstract]
Operating income	(5,487)	(4,582)	(12,337)	(8,211)
Corporate and Other [Member]
Segment Contribution [Abstract]
Operating income	$ (77,555)	$ (67,191)	$ (147,939)	$ (136,332)

Segment Information, Depreciation and Amortization and Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Summarized Financial Information [Abstract]
Depreciation and amortization	$ 18,264	$ 19,052	$ 37,359	$ 38,659
Capital expenditures	9,305	15,449	28,692	29,214
Operating Segments [Member] \| Nu Skin [Member]
Summarized Financial Information [Abstract]
Depreciation and amortization	5,867	6,701	11,449	14,036
Capital expenditures	3,125	3,840	7,670	6,607
Operating Segments [Member] \| Nu Skin [Member] \| Mainland China [Member]
Summarized Financial Information [Abstract]
Depreciation and amortization	2,558	2,909	4,982	6,025
Capital expenditures	716	1,033	3,577	2,714
Operating Segments [Member] \| Nu Skin [Member] \| South Korea [Member]
Summarized Financial Information [Abstract]
Depreciation and amortization	918	1,358	1,975	2,882
Capital expenditures	195	30	364	79
Operating Segments [Member] \| Nu Skin [Member] \| Americas/Pacific [Member]
Summarized Financial Information [Abstract]
Depreciation and amortization	253	206	498	420
Capital expenditures	72	473	766	747
Operating Segments [Member] \| Nu Skin [Member] \| Southeast Asia [Member]
Summarized Financial Information [Abstract]
Depreciation and amortization	444	462	931	939
Capital expenditures	6	225	639	319
Operating Segments [Member] \| Nu Skin [Member] \| Japan [Member]
Summarized Financial Information [Abstract]
Depreciation and amortization	834	957	1,306	2,005
Capital expenditures	1,491	946	1,648	1,118
Operating Segments [Member] \| Nu Skin [Member] \| EMEA [Member]
Summarized Financial Information [Abstract]
Depreciation and amortization	242	272	500	712
Capital expenditures	633	42	660	76
Operating Segments [Member] \| Nu Skin [Member] \| Hong Kong/Taiwan [Member]
Summarized Financial Information [Abstract]
Depreciation and amortization	618	537	1,257	1,053
Capital expenditures	12	1,091	16	1,554
Operating Segments [Member] \| Manufacturing [Member]
Summarized Financial Information [Abstract]
Depreciation and amortization	2,062	1,631	3,877	3,205
Capital expenditures	603	1,579	11,108	3,181
Operating Segments [Member] \| Grow Tech [Member]
Summarized Financial Information [Abstract]
Depreciation and amortization	1,248	945	2,473	1,820
Capital expenditures	239	2,066	417	5,051
Corporate and Other [Member]
Summarized Financial Information [Abstract]
Depreciation and amortization	9,087	9,775	19,560	19,598
Capital expenditures	$ 5,338	$ 7,964	$ 9,497	$ 14,375

Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	12 Months Ended
Restructuring (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Restructuring [Abstract]
Non-cash impairment charges					$ 48,600
Cash charges associated with restructuring					22,100
Employee severance					20,100
Other related restructuring charges					2,000
Restructuring Reserve [Roll Forward]
Beginning balance		$ 0	$ 15,462		$ 15,462
Amounts paid			(15,046)
Adjustments			(416)
Ending balance			$ 0
Restructuring activity	$ 0	$ 0		$ 0