Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 30, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report 1 | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report 1 | false | |
Entity File Number | 001-31573 | |
Entity Registrant Name | Medifast, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3714405 | |
Entity Address, Address Line One | 100 International Drive | |
Entity Address, City or Town | Baltimore | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 21202 | |
City Area Code | 410 | |
Local Phone Number | 581-8042 | |
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 | 11,765,496 | |
Entity Central Index Key | 0000910329 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | MED | |
Security Exchange Name | NYSE | |
Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
No Trading Symbol Flag | true | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||
Revenue | $ 219,999 | $ 187,103 | $ 398,460 | $ 352,979 |
Cost of sales | 60,699 | 46,393 | 103,920 | 87,122 |
Gross profit | 159,300 | 140,710 | 294,540 | 265,857 |
Selling, general, and administrative | 131,201 | 113,355 | 242,908 | 213,787 |
Income from operations | 28,099 | 27,355 | 51,632 | 52,070 |
Other income (expense) | ||||
Interest income, net | 58 | 425 | 168 | 737 |
Other expense | 1 | (2) | (18) | (8) |
Other income (expense) | 59 | 423 | 150 | 729 |
Income from operations before income taxes | 28,158 | 27,778 | 51,782 | 52,799 |
Provision for income taxes | 6,223 | 6,395 | 11,370 | 10,666 |
Net income | $ 21,935 | $ 21,383 | $ 40,412 | $ 42,133 |
Basic earnings per share | ||||
Earnings per share - basic | $ 1.86 | $ 1.80 | $ 3.43 | $ 3.55 |
Diluted earnings per share | ||||
Earnings per share - diluted | $ 1.86 | $ 1.75 | $ 3.42 | $ 3.45 |
Weighted average shares outstanding - | ||||
Basic | 11,777 | 11,861 | 11,774 | 11,870 |
Diluted | 11,821 | 12,218 | 11,822 | 12,229 |
Cash dividends declared per share | $ 1.13 | $ 0.75 | $ 2.26 | $ 1.50 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | $ 21,935 | $ 21,383 | $ 40,412 | $ 42,133 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation | 2 | (2) | 1 | |
Unrealized gains on investment securities | 27 | 102 | 76 | 228 |
Other comprehensive income | 29 | 102 | 74 | 229 |
Comprehensive income | $ 21,964 | $ 21,485 | $ 40,486 | $ 42,362 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 130,828 | $ 76,974 |
Accounts receivable-net of doubtful accounts of $61 and $235 at June 30, 2020 and December 31, 2019, respectively | 836 | 1,437 |
Inventories | 38,580 | 48,771 |
Investment securities | 14,564 | 15,704 |
Income taxes, prepaid | 5,169 | |
Prepaid expenses and other current assets | 6,437 | 6,096 |
Total current assets | 191,245 | 154,151 |
Property, plant and equipment - net of accumulated depreciation | 24,574 | 26,039 |
Right-of-use assets | 11,362 | 12,803 |
Other assets | 2,833 | 353 |
Deferred tax assets | 2,071 | 1,307 |
TOTAL ASSETS | 232,085 | 194,653 |
Current Liabilities | ||
Accounts payable and accrued expenses | 103,335 | 76,220 |
Current lease obligations | 3,270 | 3,168 |
Total current liabilities | 106,605 | 79,388 |
Lease obligations, less current lease obligations | 8,744 | 10,433 |
Total liabilities | 115,349 | 89,821 |
Stockholders' Equity: | ||
Common stock, par value $.001 per share: 20,000 shares authorized; 11,806 and 12,272 issued and 11,756 and 11,764 outstanding at June 30, 2020 and December 31, 2019, respectively | 12 | 12 |
Additional paid-in capital | 2,871 | |
Accumulated other comprehensive income | 99 | 25 |
Retained earnings | 118,754 | 168,788 |
Less: Treasury stock at cost, 46 and 489 shares at June 30, 2020 and December 31, 2019, respectively | (5,000) | (63,993) |
Total stockholders' equity | 116,736 | 104,832 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 232,085 | $ 194,653 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Allowance for doubtful accounts | $ 61 | $ 235 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 20,000 | 20,000 |
Common stock, issued | 11,806 | 12,272 |
Common stock, outstanding | 11,756 | 11,764 |
Treasury stock, common, shares | 46 | 489 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Activities | ||
Net income | $ 40,412 | $ 42,133 |
Adjustments to reconcile net income to cash provided by operating activities | ||
Depreciation and amortization | 3,481 | 3,288 |
Share-based compensation | 2,117 | 2,245 |
Loss on sale of disposal of property, plant and equipment | 17 | |
Amortization of premium on investment securities | 182 | 249 |
Deferred income taxes | (764) | 375 |
Change in operating assets and liabilities: | ||
Accounts receivable | 601 | 33 |
Inventories | 10,191 | (9,585) |
Income taxes, prepaid | 5,169 | (1,365) |
Prepaid expenses and other current assets | (341) | (3,052) |
Other assets | (2,446) | 43 |
Accounts payable and accrued expenses | 25,651 | 12,831 |
Net cash flow provided by operating activities | 84,253 | 47,212 |
Investing Activities | ||
Sale and maturities of investment securities | 1,000 | 2,430 |
Purchase of property and equipment | (583) | (6,972) |
Net cash flow provided by (used in) investing activities | 417 | (4,542) |
Financing Activities | ||
Options exercised by executives and directors | 1,250 | 279 |
Net shares repurchased for employee taxes | (496) | (256) |
Cash dividends paid to stockholders | (26,568) | (17,749) |
Stock repurchases | (5,000) | (9,998) |
Net cash flow used in financing activities | (30,814) | (27,724) |
Foreign currency impact | (2) | 1 |
Increase in cash and cash equivalents | 53,854 | 14,947 |
Cash and cash equivalents - beginning of the period | 76,974 | 81,364 |
Cash and cash equivalents - end of the period | 130,828 | 96,311 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid (received) | 120 | 11,338 |
Dividends declared included in accounts payable | $ 13,604 | $ 9,102 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid- In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2018 | $ 12 | $ 8,802 | $ (173) | $ 131,344 | $ (30,879) | $ 109,106 |
Balance (in shares) at Dec. 31, 2018 | 12,117 | |||||
Net income | 20,750 | 20,750 | ||||
Share-based compensation | 990 | 990 | ||||
Options exercised by executives and directors | 269 | 269 | ||||
Options exercised by executives and directors (in shares) | 10 | |||||
Net shares repurchased for employee taxes | (256) | (256) | ||||
Net shares repurchased for employee taxes, (in shares) | (1) | |||||
Other comprehensive income | 127 | 127 | ||||
Cash dividends declared to stockholders | (8,918) | (8,918) | ||||
Balance at Mar. 31, 2019 | $ 12 | 9,805 | (46) | 143,176 | (30,879) | 122,068 |
Balance (in shares) at Mar. 31, 2019 | 12,126 | |||||
Balance at Dec. 31, 2018 | $ 12 | 8,802 | (173) | 131,344 | (30,879) | 109,106 |
Balance (in shares) at Dec. 31, 2018 | 12,117 | |||||
Net income | 42,133 | |||||
Net shares repurchased for employee taxes, (in shares) | 0 | |||||
Other comprehensive income | 229 | |||||
Balance at Jun. 30, 2019 | $ 12 | 11,070 | 56 | 155,762 | (40,877) | 126,023 |
Balance (in shares) at Jun. 30, 2019 | 12,126 | |||||
Balance at Mar. 31, 2019 | $ 12 | 9,805 | (46) | 143,176 | (30,879) | 122,068 |
Balance (in shares) at Mar. 31, 2019 | 12,126 | |||||
Net income | 21,383 | 21,383 | ||||
Share-based compensation | 1,255 | 1,255 | ||||
Options exercised by executives and directors | 10 | 10 | ||||
Other comprehensive income | 102 | 102 | ||||
Treasury stock from stock repurchases | (9,998) | (9,998) | ||||
Cash dividends declared to stockholders | (8,797) | (8,797) | ||||
Balance at Jun. 30, 2019 | $ 12 | 11,070 | 56 | 155,762 | (40,877) | 126,023 |
Balance (in shares) at Jun. 30, 2019 | 12,126 | |||||
Balance at Dec. 31, 2019 | $ 12 | 25 | 168,788 | (63,993) | 104,832 | |
Balance (in shares) at Dec. 31, 2019 | 12,272 | |||||
Net income | 18,477 | 18,477 | ||||
Share-based compensation | 981 | 981 | ||||
Share-based compensation (in shares) | 7 | |||||
Net shares repurchased for employee taxes | (487) | (487) | ||||
Net shares repurchased for employee taxes, (in shares) | (5) | |||||
Other comprehensive income | 45 | 45 | ||||
Treasury stock retired from stock repurchases | (63,993) | 63,993 | ||||
Treasury stock retired from stock repurchases, (in shares) | (489) | |||||
Cash dividends declared to stockholders | (13,099) | (13,099) | ||||
Balance at Mar. 31, 2020 | $ 12 | 494 | 70 | 110,173 | 110,749 | |
Balance (in shares) at Mar. 31, 2020 | 11,785 | |||||
Balance at Dec. 31, 2019 | $ 12 | 25 | 168,788 | (63,993) | 104,832 | |
Balance (in shares) at Dec. 31, 2019 | 12,272 | |||||
Net income | 40,412 | |||||
Net shares repurchased for employee taxes, (in shares) | 0 | |||||
Other comprehensive income | 74 | |||||
Balance at Jun. 30, 2020 | $ 12 | 2,871 | 99 | 118,754 | (5,000) | 116,736 |
Balance (in shares) at Jun. 30, 2020 | 11,806 | |||||
Balance at Mar. 31, 2020 | $ 12 | 494 | 70 | 110,173 | 110,749 | |
Balance (in shares) at Mar. 31, 2020 | 11,785 | |||||
Net income | 21,935 | 21,935 | ||||
Share-based compensation | 1,136 | 1,136 | ||||
Options exercised by executives and directors | 1,250 | 1,250 | ||||
Options exercised by executives and directors (in shares) | 21 | |||||
Net shares repurchased for employee taxes | (9) | (9) | ||||
Other comprehensive income | 29 | 29 | ||||
Treasury stock from stock repurchases | (5,000) | (5,000) | ||||
Cash dividends declared to stockholders | (13,354) | (13,354) | ||||
Balance at Jun. 30, 2020 | $ 12 | $ 2,871 | $ 99 | $ 118,754 | $ (5,000) | $ 116,736 |
Balance (in shares) at Jun. 30, 2020 | 11,806 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation - The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of results that may be expected for the fiscal year ending December 31, 2020. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the 2019 audited consolidated financial statements and notes thereto, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (“2019 Form 10-K”). Presentation of Financial Statements - Reclassification - Certain amounts reported for prior periods have been reclassified to be consistent with the current period presentation. No reclassification in the condensed consolidated financial statements had a material impact on the presentation. Use of Estimates Accounting Pronouncements Adopted in 2020 In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), which addresses the accounting for implementation costs associated with a hosted service. The standard provides amendments to align 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 (and hosting arrangements that include an internal use software license). On January 1, 2020, the Company adopted ASU 2018-15. The Company capitalized $1.9 million during the quarter ended March 31, 2020 as a result of adoption, principally related to the configuration and development of the Company’s new hosted enterprise resource planning tool (“ERP”). The Company capitalized $2.6 million in total for the six months ended June 30, 2020. In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Recently Issued Accounting Pronouncements –Pending Adoption In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Inventories [Abstract] | |
Inventories | 2. INVENTORIES Inventories consist principally of packaged meal replacements held in the Company’s warehouses. Inventory is stated at the lower of cost or net realizable value, utilizing the first-in, first-out method. The cost of finished goods includes the cost of raw materials, packaging supplies, direct and indirect labor and other indirect manufacturing costs. On a quarterly basis, management reviews inventory for unsalable or obsolete inventory. Inventories consisted of the following (in thousands): June 30, 2020 December 31, 2019 Raw materials $ 9,168 $ 10,880 Packaging 2,246 4,109 Non-food finished goods 4,514 4,421 Finished goods 24,580 31,314 Reserve for obsolete inventory (1,928) (1,953) Total $ 38,580 $ 48,771 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. EARNINGS PER SHARE Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of the Company’s common stock outstanding adjusted for the effect of dilutive common stock equivalents. The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Numerator: Net income $ 21,935 $ 21,383 $ 40,412 $ 42,133 Denominator: Weighted average shares of common stock outstanding 11,777 11,861 11,774 11,870 Effect of dilutive common stock equivalents 44 357 48 359 Weighted average shares of common stock outstanding 11,821 12,218 11,822 12,229 Earnings per share - basic $ 1.86 $ 1.80 $ 3.43 $ 3.55 Earnings per share - diluted $ 1.86 $ 1.75 $ 3.42 $ 3.45 The calculation of diluted EPS excluded 934 and 611 antidilutive options outstanding for the three months ended June 30, 2020 and 2019, respectively, and 965 and 752 antidilutive options outstanding for the six months ended June 30, 2020 and 2019, respectively. The calculation of diluted EPS also excluded 5,774 and 350 antidilutive restricted stock awards for the three months ended June 30, 2020 and 2019, respectively, and 10,626 and 705 antidilutive restricted stock awards for the six months ended June 30, 2020 and 2019, respectively. EPS is computed independently for each of the periods presented above, and accordingly, the sum of the quarterly earnings per common share may not equal the year-to-date total computed. |
Share-based Compensation
Share-based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Compensation [Abstract] | |
Share-based Compensation | 4. SHARE-BASED COMPENSATION Stock Options The Company has issued non-qualified and incentive stock options to employees and nonemployee directors. The fair value of these options are estimated on the date of grant using the Black-Scholes option pricing model, which requires estimates of the expected term of the option, the risk-free interest rate, the expected volatility of the price of the Company’s common stock, and dividend yield. Options outstanding as of June 30, 2020, generally vest over a period of three years and expire ten years from the date of grant. The exercise price of these options ranges from $26.52 to $171.68 . Due to the Company’s lack of option exercise history, the expected term is calculated using the simplified method defined as the midpoint between the vesting period and the contractual term of each option. The risk free interest rate is based on the U.S. Treasury yield curve in effect on the date of grant that most closely corresponds to the expected term of the option. The expected volatility is based on the historical volatility of the Company’s common stock over the period of time equivalent to the expected term for each award. For the six months ended June 30, 2020 and 2019, the Company did not grant stock options. The following table is a summary of our stock option activity: Six months ended June 30, 2020 2019 Awards Weighted-Average Exercise Price Awards Weighted-Average Exercise Price (awards in thousands) Outstanding at beginning of period 97 $ 52.53 107 $ 49.26 Exercised (21) 57.91 (10) 28.21 Forfeited (6) 68.84 - - Outstanding at end of the period 70 $ 49.36 97 $ 52.53 Exercisable at end of the period 51 $ 42.15 52 $ 40.96 As of June 30, 2020, the weighted-average remaining contractual life for outstanding stock options was 6.3 years with an aggregate intrinsic value of $6.3 million and the weighted-average remaining contractual life for exercisable stock options was 5.8 years with an aggregate intrinsic value of $4.9 million. The unrecognized compensation expense calculated under the fair value method for stock options expected to vest as of June 30, 2020 was $0.3 million and is expected to be recognized over a weighted average period of 2.3 years. For the six months ended June 30, 2020, the Company received $1.3 million in cash proceeds from the exercise of stock options. The total intrinsic value for stock options exercised during the six months ended June 30, 2020 was $0.9 million. For the six months ended June 30, 2019, the Company received $0.3 million in cash proceeds from the exercise of stock options. The total intrinsic value for stock options exercised during the six months ended June 30, 2019 was $1.0 million. Restricted Stock The Company has issued restricted stock to employees and nonemployee directors generally with vesting terms up to five years after the date of grant. The fair value of the restricted stock is equal to the market price of the Company’s common stock on the date of grant. Expense for restricted stock is amortized ratably over the vesting period. The following table summarizes our restricted stock activity: Six months ended June 30, 2020 2019 Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value (shares in thousands) Outstanding at beginning of period 46 $ 98.28 57 $ 50.55 Granted 41 111.94 28 130.89 Vested (29) 82.99 (31) 45.30 Forfeited (4) 107.50 (2) 167.48 Outstanding at end of the period 54 $ 116.00 52 $ 92.36 The Company withheld 0.0 million shares of the Company’s common stock to cover minimum tax liability withholding obligations upon the vesting of shares of restricted stock for the six months ended June 30, 2020 and 2019. The total fair value of restricted stock awards vested during the six months ended June 30, 2020 and 2019 was $3.2 million and $4.0 million, respectively. The total share-based compensation charged against income was $1.1 and $1.3 million during the three months ended June 30, 2020 and 2019, respectively, and $2.1 million and $2.2 million during the six months ended June 30, 2020 and 2019, respectively. The total costs of the options and restricted stock awards charged against income was $0.7 million and $0.8 million during the three months ended June 30, 2020 and 2019, respectively, and $1.5 million during the six months ended June 30, 2020 and 2019. Included for the three and six months ended June 30, 2020 was $0.2 million and $0.3 million, respectively, for 15,821 performance-based contingent shares and for the three and six months ended June 30, 2019 was $0.2 million and $0.3 million, respectively, for 17,780 performance-based contingent shares for certain key executives granted in 2019. Also included for the three and six months ended June 30, 2020 was $0.2 million and $0.3 million for 25,531 performance-based contingent shares for certain key executives granted in 2020. Additionally, included for the three and six months ended June 30, 2019 was $0.1 million and $0.2 million, respectively, for 63,300 performance-based deferred shares for certain key executives, and $0.2 million and $0.3 million, respectively, for 210,000 performance-based contingent shares granted to our Chief Executive Officer. These 273,300 performance-based shares were fully vested on December 31, 2019. The total income tax benefit recognized in the Condensed Consolidated Statements of Income for restricted stock awards was $0.5 million and $0.4 million for the three months ended June 30, 2020 and 2019, respectively, and was $0.7 million and $1.2 million for the six months ended June 30, 2020 and 2019, respectively. There was $5.6 million of total unrecognized compensation cost related to restricted stock awards as of June 30, 2020, which is expected to be recognized over a weighted-average period of 1.9 years. There was $3.4 million of unrecognized compensation cost related to the 41,352 performance-based shares discussed above as of June 30, 2020, which is expected to be recognized over 2.2 years. |
Leases and Contingencies
Leases and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Leases and Contingencies [Abstract] | |
Leases and Contingencies | 5. LEASES AND CONTINGENCIES Operating Leases The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company did not have any finance leases as of June 30, 2020 and 2019, respectively, or for the six-month periods then ended, respectively. Our leases relating to office and warehouse space have terms of 36 months to 122 months. Our leases relating to equipment have lease terms of 60 to 203 months, with some of them having clauses relating to automatic renewal. The Company’s warehouse agreement also contains non-lease components, in the form of payments towards variable logistics services and labor charges, which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but will be recognized as expense when they are incurred. The operating lease expense was $0.9 million and $0.7 million for the three months ended June 30, 2020 and 2019, respectively, and was $1.7 million and $1.4 million for the six months ended June 30, 2020 and 2019, respectively. Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands): Six months ended June 30, 2020 2019 Cash paid for amounts included in the measurements of lease liabilities Operating cash flow used in operating leases $ 1,814 $ 1,392 Right-of-use assets obtained in exchange for lease obligations Operating leases $ - $ 1,490 As of June 30, 2020, the weighted average remaining lease term was 4.1 years and the weighted average discount rate was 3.7%. The following table presents the maturity of the Company’s operating lease liabilities as of June 30, 2020 (in thousands): 2020 (excluding the six months ended June 30, 2020) $ 1,822 2021 3,670 2022 3,154 2023 1,665 2024 1,234 Thereafter 1,452 Total lease payments $ 12,997 Less: imputed interest (983) Total $ 12,014 Other Contingencies On or about April 30, 2020, the Company became aware that one of its products contained an undeclared milk allergen in the product. The sale of this product occurred during the first quarter of 2020 and the first part of the second quarter of 2020. The Company has completed a voluntary recall of the specific lots of this product that were impacted and notified the U.S. Food and Drug Administration, as required. The Company has considered the impact of the recall to our six-month period ended June 30, 2020 to be immaterial to the financial statements. As of June 30, 2020, the Company has concluded the recall program and responded to all government requests. The Company does not expect any significant future financial impact to result from this matter. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | 6. ACCUMULATED OTHER COMPREHENSIVE INCOME The following table sets forth the components of accumulated other comprehensive income, net of tax where applicable (in thousands): June 30, 2020 December 31, 2019 Foreign currency translation $ (3) $ (1) Unrealized gains on investment securities 102 26 Accumulated other comprehensive income $ 99 $ 25 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Financial Instruments [Abstract] | |
Financial Instruments | 7. FINANCIAL INSTRUMENTS Certain financial assets and liabilities are accounted for at fair value, which is defined as 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. The following fair value hierarchy prioritizes the inputs used to measure fair value: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant. The following tables represent cash and the available-for-sale securities adjusted cost, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or investment securities (in thousands): June 30, 2020 Cost Unrealized Gains Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities Cash $ 130,733 $ - $ - $ 130,733 $ 130,733 $ - Level 1: Certificate of deposit - - - - - - Money market accounts 95 - - 95 95 - Government & agency securities 2,830 63 - 2,893 - 2,893 2,925 63 - 2,988 95 2,893 Level 2: Municipal bonds 11,429 50 192 11,671 - 11,671 Total $ 145,087 $ 113 $ 192 $ 145,392 $ 130,828 $ 14,564 December 31, 2019 Cost Unrealized Gains Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities Cash $ 36,593 $ - $ - $ 36,593 $ 36,593 $ - Level 1: Certificate of deposit 35,000 - - 35,000 35,000 - Money market accounts 5,381 - - 5,381 5,381 - Government & agency securities 2,832 2 - 2,834 - 2,834 43,213 2 - 43,215 40,381 2,834 Level 2: Municipal bonds 12,610 34 226 12,870 - 12,870 Total $ 92,416 $ 36 $ 226 $ 92,678 $ 76,974 $ 15,704 The Company had no realized losses or gains for the three and six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020 and 2019, gross unrealized losses and gains related to individual securities that had been in a continuous loss position for 12 months or longer were not significant. The maturities of the Company’s investment securities generally range up to 3 years for municipal bonds and for government and agency securities. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation - The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of results that may be expected for the fiscal year ending December 31, 2020. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the 2019 audited consolidated financial statements and notes thereto, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (“2019 Form 10-K”). |
Presentation of Financial Statements | Presentation of Financial Statements - |
Reclassification | Reclassification - Certain amounts reported for prior periods have been reclassified to be consistent with the current period presentation. No reclassification in the condensed consolidated financial statements had a material impact on the presentation. |
Use of Estimates | Use of Estimates |
Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2020 In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), which addresses the accounting for implementation costs associated with a hosted service. The standard provides amendments to align 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 (and hosting arrangements that include an internal use software license). On January 1, 2020, the Company adopted ASU 2018-15. The Company capitalized $1.9 million during the quarter ended March 31, 2020 as a result of adoption, principally related to the configuration and development of the Company’s new hosted enterprise resource planning tool (“ERP”). The Company capitalized $2.6 million in total for the six months ended June 30, 2020. In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Recently Issued Accounting Pronouncements –Pending Adoption In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventories [Abstract] | |
Inventories | Inventories consisted of the following (in thousands): June 30, 2020 December 31, 2019 Raw materials $ 9,168 $ 10,880 Packaging 2,246 4,109 Non-food finished goods 4,514 4,421 Finished goods 24,580 31,314 Reserve for obsolete inventory (1,928) (1,953) Total $ 38,580 $ 48,771 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted EPS (in thousands, except per share data): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Numerator: Net income $ 21,935 $ 21,383 $ 40,412 $ 42,133 Denominator: Weighted average shares of common stock outstanding 11,777 11,861 11,774 11,870 Effect of dilutive common stock equivalents 44 357 48 359 Weighted average shares of common stock outstanding 11,821 12,218 11,822 12,229 Earnings per share - basic $ 1.86 $ 1.80 $ 3.43 $ 3.55 Earnings per share - diluted $ 1.86 $ 1.75 $ 3.42 $ 3.45 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Compensation [Abstract] | |
Stock Option Activity | The following table is a summary of our stock option activity: Six months ended June 30, 2020 2019 Awards Weighted-Average Exercise Price Awards Weighted-Average Exercise Price (awards in thousands) Outstanding at beginning of period 97 $ 52.53 107 $ 49.26 Exercised (21) 57.91 (10) 28.21 Forfeited (6) 68.84 - - Outstanding at end of the period 70 $ 49.36 97 $ 52.53 Exercisable at end of the period 51 $ 42.15 52 $ 40.96 |
Restricted Stock Activity | Six months ended June 30, 2020 2019 Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value (shares in thousands) Outstanding at beginning of period 46 $ 98.28 57 $ 50.55 Granted 41 111.94 28 130.89 Vested (29) 82.99 (31) 45.30 Forfeited (4) 107.50 (2) 167.48 Outstanding at end of the period 54 $ 116.00 52 $ 92.36 |
Leases and Contingencies (Table
Leases and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases and Contingencies [Abstract] | |
Summary of supplemental cash flow information | Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands): Six months ended June 30, 2020 2019 Cash paid for amounts included in the measurements of lease liabilities Operating cash flow used in operating leases $ 1,814 $ 1,392 Right-of-use assets obtained in exchange for lease obligations Operating leases $ - $ 1,490 |
Summary of maturity of the Company's operating lease liabilities | The following table presents the maturity of the Company’s operating lease liabilities as of June 30, 2020 (in thousands): 2020 (excluding the six months ended June 30, 2020) $ 1,822 2021 3,670 2022 3,154 2023 1,665 2024 1,234 Thereafter 1,452 Total lease payments $ 12,997 Less: imputed interest (983) Total $ 12,014 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table sets forth the components of accumulated other comprehensive income, net of tax where applicable (in thousands): June 30, 2020 December 31, 2019 Foreign currency translation $ (3) $ (1) Unrealized gains on investment securities 102 26 Accumulated other comprehensive income $ 99 $ 25 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Financial Instruments [Abstract] | |
Cash and Available for Sale Securities Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value by Significant Investment Category | The following tables represent cash and the available-for-sale securities adjusted cost, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or investment securities (in thousands): June 30, 2020 Cost Unrealized Gains Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities Cash $ 130,733 $ - $ - $ 130,733 $ 130,733 $ - Level 1: Certificate of deposit - - - - - - Money market accounts 95 - - 95 95 - Government & agency securities 2,830 63 - 2,893 - 2,893 2,925 63 - 2,988 95 2,893 Level 2: Municipal bonds 11,429 50 192 11,671 - 11,671 Total $ 145,087 $ 113 $ 192 $ 145,392 $ 130,828 $ 14,564 December 31, 2019 Cost Unrealized Gains Accrued Interest Estimated Fair Value Cash & Cash Equivalents Investment Securities Cash $ 36,593 $ - $ - $ 36,593 $ 36,593 $ - Level 1: Certificate of deposit 35,000 - - 35,000 35,000 - Money market accounts 5,381 - - 5,381 5,381 - Government & agency securities 2,832 2 - 2,834 - 2,834 43,213 2 - 43,215 40,381 2,834 Level 2: Municipal bonds 12,610 34 226 12,870 - 12,870 Total $ 92,416 $ 36 $ 226 $ 92,678 $ 76,974 $ 15,704 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Summary of Significant Accounting Policies [Abstract] | ||||||
Capitalized computer software | $ 2,600 | $ 1,900 | ||||
Cumulative effect adjustments from changes in accounting standards | $ 116,736 | $ 110,749 | $ 104,832 | $ 126,023 | $ 122,068 | $ 109,106 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Raw materials | $ 9,168 | $ 10,880 |
Packaging | 2,246 | 4,109 |
Non-food finished goods | 4,514 | 4,421 |
Finished goods | 24,580 | 31,314 |
Reserve for obsolete inventory | (1,928) | (1,953) |
Inventory | $ 38,580 | $ 48,771 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Stock Options [Member] | ||||
Anti-dilutive awards | 934 | 611 | 965 | 752 |
Restricted Stock [Member] | ||||
Anti-dilutive awards | 5,774 | 350 | 10,626 | 705 |
Earnings Per Share (Earnings Pe
Earnings Per Share (Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator: | ||||||
Net income | $ 21,935 | $ 18,477 | $ 21,383 | $ 20,750 | $ 40,412 | $ 42,133 |
Denominator: | ||||||
Weighted average shares of common stock outstanding | 11,777 | 11,861 | 11,774 | 11,870 | ||
Effect of dilutive common stock equivalents | 44 | 357 | 48 | 359 | ||
Weighted average shares of common stock outstanding | 11,821 | 12,218 | 11,822 | 12,229 | ||
Basic earnings per share | ||||||
Earnings per share - basic | $ 1.86 | $ 1.80 | $ 3.43 | $ 3.55 | ||
Diluted earnings per share | ||||||
Earnings per share - diluted | $ 1.86 | $ 1.75 | $ 3.42 | $ 3.45 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | $ 1,100 | $ 1,300 | $ 2,117 | $ 2,245 | |||
Proceeds from stock options exercised | $ 1,250 | $ 279 | |||||
Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares withheld for employee taxes | 5,000 | 1,000 | 0 | 0 | |||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | 700 | 800 | $ 1,500 | $ 1,500 | |||
Total income tax benefit recognized related to restricted stock awards | 500 | 400 | $ 700 | 1,200 | |||
Compensation cost recognition weighted average period | 1 year 10 months 24 days | ||||||
Share-based compensation arrangement, fair value of awards vested | $ 3,200 | $ 4,000 | |||||
Shares granted in period | 41,000 | 28,000 | |||||
Shares vested in period | 29,000 | 31,000 | |||||
Unrecognized compensation costs | 5,600 | $ 5,600 | |||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee service share based compensation nonvested awards total compensation cost not yet recognized | 300 | $ 300 | |||||
Compensation cost recognition weighted average period | 2 years 3 months 18 days | ||||||
Weighted-average remaining contractual life of options outstanding | 6 years 3 months 18 days | ||||||
Aggregate intrinsic value of options outstanding | 6,300 | $ 6,300 | |||||
Weighted-average remaining contractual life of options exercisable | 5 years 9 months 18 days | ||||||
Aggregate intrinsic value of options exercisable | $ 4,900 | $ 4,900 | |||||
Intrinsic value of options exercised | $ 900 | $ 1,000 | |||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation cost recognition weighted average period | 2 years 2 months 12 days | ||||||
Share-based compensation arrangement shares to be issued | 41,352 | 41,352 | |||||
Shares vested in period | 273,300 | ||||||
Unrecognized compensation costs | $ 3,400 | $ 3,400 | |||||
Performance Shares [Member] | Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | 200 | $ 300 | |||||
Shares granted in period | 210,000 | ||||||
Performance Shares [Member] | Certain Key Executive [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | $ 200 | ||||||
Performance Shares [Member] | Key Executives [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | 100 | ||||||
Shares granted in period | 63,300 | ||||||
Granted in 2019 [Member] | Performance Shares [Member] | Certain Key Executive [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | 200 | $ 200 | $ 300 | $ 300 | |||
Shares granted in period | 15,821 | 17,780 | |||||
Granted in 2020 [Member] | Performance Shares [Member] | Certain Key Executive [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | $ 300 | ||||||
Shares granted in period | 25,531 | ||||||
Granted in 2020 [Member] | Performance Shares [Member] | Key Executives [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | $ 200 | ||||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation, shares authorized under stock option plans, exercise price range, lower range limit | $ 26.52 | ||||||
Minimum [Member] | Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation, shares authorized under stock option plans, exercise price range, upper range limit | $ 171.68 | ||||||
Maximum [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years | ||||||
Maximum [Member] | Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award expiration period | 10 years |
Share-based Compensation (Summa
Share-based Compensation (Summary of Stock Options Activity) (Details) - Stock Options [Member] shares in Thousands | 6 Months Ended | |
Jun. 30, 2020$ / sharesshares | Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares, Outstanding at beginning of period | shares | 97 | 107 |
Shares, Exercised | shares | (21) | (10) |
Shares, Forfeited | shares | (6) | |
Shares, Outstanding at end of the period | shares | 70 | 97 |
Shares, Exercisable at end of the period | shares | 51 | 52 |
Weighted-Average Exercise Price, Outstanding at beginning of period | $ / shares | $ 52.53 | $ 49.26 |
Weighted-Average Exercise Price, Exercised | $ / shares | 57.91 | 28.21 |
Weighted-Average Exercise Price, Forfeited | $ / shares | 68.84 | |
Weighted-Average Exercise Price, Outstanding at end of the period | $ / shares | 49.36 | 52.53 |
Weighted-Average Exercise Price, Exercisable at end of the period | $ / shares | $ 42.15 | $ 40.96 |
Share-based Compensation (Sum_2
Share-based Compensation (Summary of Restricted Stock Activity) (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Shares | |||
Outstanding at beginning of period | 46 | 57 | 57 |
Granted | 41 | 28 | |
Vested | (29) | (31) | |
Forfeited | (4) | (2) | |
Outstanding at end of period | 54 | 52 | 46 |
Weighted-Average Grant Date Fair Value | |||
Outstanding at beginning of period | $ 98.28 | $ 50.55 | $ 50.55 |
Granted | 111.94 | 130.89 | |
Vested | 82.99 | 45.30 | |
Forfeited | 107.50 | 167.48 | |
Outstanding at end of period | $ 116 | $ 92.36 | $ 98.28 |
Leases and Contingencies (Narra
Leases and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Finance leases | $ 0 | $ 0 | $ 0 | $ 0 |
Clauses relating to automatic renewal | true | |||
Operating lease expense | $ 0.9 | $ 0.7 | $ 1.7 | $ 1.4 |
Minimum [Member] | Operating Lease Arrangement for Real Estate [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 36 months | 36 months | ||
Minimum [Member] | Operating Lease Arrangement for Equipment [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 60 months | 60 months | ||
Maximum [Member] | Operating Lease Arrangement for Real Estate [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 122 months | 122 months | ||
Maximum [Member] | Operating Lease Arrangement for Equipment [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 203 months | 203 months |
Leases and Contingencies (Sched
Leases and Contingencies (Schedule of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Leases and Contingencies [Abstract] | ||
Cash paid for amounts included in the measurements of lease: Operating cash flow from operating leases liabilities | $ 1,814 | $ 1,392 |
Right-of-use assets obtained in exchange for lease obligations - Operating leases | $ 1,490 | |
Weighted average remaining lease term | 4 years 1 month 6 days | |
Weighted average discount rate | 3.70% |
Leases and Contingencies (Sch_2
Leases and Contingencies (Schedule of Future Minimum Lease Commitments ) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 (excluding the six months ended June 30, 2020) | $ 1,822 |
2021 | 3,670 |
2022 | 3,154 |
2023 | 1,665 |
2024 | 1,234 |
Thereafter | 1,452 |
Total lease payments | 12,997 |
Less: imputed interest | (983) |
Total | $ 12,014 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income [Abstract] | ||
Foreign currency translation | $ (3) | $ (1) |
Unrealized gains on investment securities | 102 | 26 |
Accumulated other comprehensive income | $ 99 | $ 25 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financial Instruments [Line Items] | ||||
Realized loss or gains | $ 0 | $ 0 | $ 0 | $ 0 |
US Treasury and Government Short-term Debt Securities [Member] | ||||
Financial Instruments [Line Items] | ||||
Available for Sale Securities Maturity Period | 3 years |
Financial Instruments (Cash and
Financial Instruments (Cash and Available for Sale Securities Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value by Significant Investment Category) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | $ 145,087 | $ 92,416 |
Unrealized Gains | 113 | 36 |
Accrued Interest | 192 | 226 |
Estimated Fair Value | 145,392 | 92,678 |
Cash & Cash Equivalents | 130,828 | 76,974 |
Investment Securities | 14,564 | 15,704 |
Cash [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 130,733 | 36,593 |
Estimated Fair Value | 130,733 | 36,593 |
Cash & Cash Equivalents | 130,733 | 36,593 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 2,925 | 43,213 |
Unrealized Gains | 63 | 2 |
Estimated Fair Value | 2,988 | 43,215 |
Cash & Cash Equivalents | 95 | 40,381 |
Investment Securities | 2,893 | 2,834 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 35,000 | |
Estimated Fair Value | 35,000 | |
Cash & Cash Equivalents | 35,000 | |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 95 | 5,381 |
Estimated Fair Value | 95 | 5,381 |
Cash & Cash Equivalents | 95 | 5,381 |
Fair Value, Inputs, Level 1 [Member] | Government and Agency Securities [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 2,830 | 2,832 |
Unrealized Gains | 63 | 2 |
Estimated Fair Value | 2,893 | 2,834 |
Investment Securities | 2,893 | 2,834 |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||
Cash And Cash Equivalents And Marketable securities [Line Items] | ||
Cost | 11,429 | 12,610 |
Unrealized Gains | 50 | 34 |
Accrued Interest | 192 | 226 |
Estimated Fair Value | 11,671 | 12,870 |
Investment Securities | $ 11,671 | $ 12,870 |