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RESTATEMENT (Tables) | 3 Months Ended
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Mar. 31, 2014
RESTATEMENT [Abstract] |
Restated Consolidated Financial Statements | The following tables reconcile the amounts as originally reported in the Company's Original Form 10-Q for the quarter ended March 31, 2014 compared to the amounts as restated in this Form 10-Q/A. NU SKIN ENTERPRISES, INC. Consolidated Statements of Income (Unaudited) For the Three Month Period Ended March 31, 2014 (U.S. dollars in thousands, except per share amounts)
|  | As Reported |  |  | As Restated |  |  | Difference |
Revenue |  | $ | 671,061 |  |  | $ | 671,061 |  |  | $ | - |
Cost of sales |  |  | 106,644 |  |  |  | 106,644 |  |  |  | - |
Gross profit |  |  | 564,417 |  |  |  | 564,417 |  |  |  | - |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Selling expenses |  |  | 313,101 |  |  |  | 313,101 |  |  |  | - |
General and administrative expenses |  |  | 150,119 |  |  |  | 150,119 |  |  |  | - |
Total operating expenses |  |  | 463,220 |  |  |  | 463,220 |  |  |  | - |
Operating income |  |  | 101,197 |  |  |  | 101,197 |  |  |  | - |
Other income (expense), net |  |  | (3,604 | ) |  |  | (17,508 | ) |  |  | (13,904 | )
Income before provision for income taxes |  |  | 97,593 |  |  |  | 83,689 |  |  |  | (13,904 | )
Provision for income taxes |  |  | 33,332 |  |  |  | 28,835 |  |  |  | (4,497 | )
Net income |  | $ | 64,261 |  |  | $ | 54,854 |  |  | $ | (9,407 | )
Net income per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.09 |  |  | $ | 0.93 |  |  | $ | (0.16 | )
Diluted |  | $ | 1.05 |  |  | $ | 0.90 |  |  | $ | (0.15 | )
Weighted average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 58,869 |  |  |  | 58,869 |  |  |  | - |
Diluted |  |  | 61,227 |  |  |  | 61,227 |  |  |  | - |
NU SKIN ENTERPRISES, INC. Consolidated Balance Sheets (Unaudited) March 31, 2014 (U.S. dollars in thousands)
| As Reported |  | As Restated |  | Difference
ASSETS |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 284,580 |  | $ | 284,580 |  | $ | -
Current investments |  | 18,703 |  |  | 18,703 |  |  | -
Accounts receivable |  | 56,644 |  |  | 56,644 |  |  | -
Inventories, net |  | 410,668 |  |  | 410,668 |  |  | -
Prepaid expenses and other |  | 149,523 |  |  | 150,375 |  |  | 852
|  | 920,118 |  |  | 920,970 |  |  | 852
Property and equipment, net |  | 411,929 |  |  | 411,929 |  |  | -
Goodwill |  | 112,446 |  |  | 112,446 |  |  | -
Other intangible assets, net |  | 81,377 |  |  | 81,377 |  |  | -
Other assets |  | 115,751 |  |  | 115,751 |  |  | -
Total assets | $ | 1,641,621 |  | $ | 1,642,473 |  | $ | 852
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable | $ | 51,276 |  | $ | 51,276 |  |  | -
Accrued expenses |  | 449,434 |  |  | 439,815 |  |  | (9,619)
Current portion of debt |  | 88,031 |  |  | 88,031 |  |  | -
|  | 588,741 |  |  | 579,122 |  |  | (9,619)
Long-term debt |  | 109,882 |  |  | 109,882 |  |  | -
Other liabilities |  | 79,418 |  |  | 77,910 |  |  | (1,508)
Total liabilities |  | 778,041 |  |  | 766,914 |  |  | (11,127)
Stockholders' equity: |  |  |  |  |  |  |  |
Class A common stock |  | 91 |  |  | 91 |  |  | -
Additional paid-in capital |  | 399,677 |  |  | 399,677 |  |  | -
Treasury stock, at cost |  | (848,335) |  |  | (848,335) |  |  | -
Accumulated other comprehensive loss |  | (66,250) |  |  | (44,864) |  |  | 21,386
Retained earnings |  | 1,378,397 |  |  | 1,368,990 |  |  | (9,407)
|  | 863,580 |  |  | 875,559 |  |  | 11,979
Total liabilities and stockholders' equity | $ | 1,641,621 |  | $ | 1,642,473 |  | $ | 852
NU SKIN ENTERPRISES, INC. Consolidated Statements of Comprehensive Income (Unaudited) For the Three Month Period Ended March 31, 2014 (U.S. dollars in thousands)
| As Reported |  | As Restated |  | Difference
Net Income | $ | 64,261 |  | $ | 54,854 |  | $ | (9,407)
Other comprehensive income, net of tax: |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  | (19,528) |  |  | 1,858 |  |  | 21,386
Net unrealized gains on foreign currency cash flow hedges |  | (257) |  |  | (257) |  |  | -
Reclassification adjustment for realized losses (gains) in current earnings |  | (237) |  |  | (237) |  |  | -
|  | (20,022) |  |  | 1,364 |  |  | 21,386
Comprehensive income | $ | 44,239 |  | $ | 56,218 |  | $ | 11,979
NU SKIN ENTERPRISES, INC. Consolidated Statements of Cash Flows (Unaudited) For the Three Month Period Ended March 31, 2014 (U.S. dollars in thousands)
|  | As Reported |  |  | As Restated |  |  | Difference |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 64,261 |  |  | $ | 54,854 |  |  | $ | (9,407 | )
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 12,251 |  |  |  | 12,251 |  |  |  | - |
Foreign currency losses (gains) |  |  | 3,445 |  |  |  | 24,831 |  |  |  | 21,386 |
Stock-based compensation |  |  | 8,682 |  |  |  | 8,682 |  |  |  | - |
Deferred taxes |  |  | 9,023 |  |  |  | 6,663 |  |  |  | (2,360 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | 11,597 |  |  |  | 11,597 |  |  |  | - |
Inventories, net |  |  | (76,730 | ) |  |  | (76,730 | ) |  |  | - |
Prepaid expenses and other |  |  | 9,533 |  |  |  | 9,533 |  |  |  | - |
Other assets |  |  | (3,752 | ) |  |  | (3,752 | ) |  |  | - |
Accounts payable |  |  | (30,692 | ) |  |  | (30,692 | ) |  |  | - |
Accrued expenses |  |  | (166,830 | ) |  |  | (176,449 | ) |  |  | (9,619 | )
Other liabilities |  |  | (1,388 | ) |  |  | (1,388 | ) |  |  | - |
Net cash provided by (used in) operating activities |  |  | (160,600 | ) |  |  | (160,600 | ) |  |  | - |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (30,538 | ) |  |  | (30,538 | ) |  |  | - |
Proceeds of investment sales |  |  | 12,638 |  |  |  | 12,638 |  |  |  | - |
Purchases of investments |  |  | (9,556 | ) |  |  | (9,556 | ) |  |  | - |
Net cash used in investing activities |  |  | (27,456 | ) |  |  | (27,456 | ) |  |  | - |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Exercise of employee stock options |  |  | (8,375 | ) |  |  | (8,375 | ) |  |  | - |
Payment of debt |  |  | (5,834 | ) |  |  | (5,834 | ) |  |  | - |
Payment of cash dividends |  |  | (20,141 | ) |  |  | (20,141 | ) |  |  | - |
Income tax benefit of options exercised |  |  | 5,610 |  |  |  | 5,610 |  |  |  | - |
Proceeds from debt |  |  | 20,000 |  |  |  | 20,000 |  |  |  | - |
Repurchases of shares of common stock |  |  | (25,002 | ) |  |  | (25,002 | ) |  |  | - |
Net cash used in financing activities |  |  | (33,742 | ) |  |  | (33,742 | ) |  |  | - |
Effect of exchange rate changes on cash |  |  | (18,775 | ) |  |  | (18,775 | ) |  |  | - |
Net increase/(decrease) in cash and cash equivalents |  |  | (240,573 | ) |  |  | (240,573 | ) |  |  | - |
Cash and cash equivalents, beginning of period |  |  | 525,153 |  |  |  | 525,153 |  |  |  | - |
Cash and cash equivalents, end of period |  | $ | 284,580 |  |  | $ | 284,580 |  |  | $ | - |

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