10-Q Filing

HERBALIFE LTD. CIK: 1180262 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0000950170-21-000081`
Period End Date	20210331
Filing Date	20210504
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	hlf-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 30 Cash Flow Statement 60 Comprehensive Income 14

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Common shares, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common shares, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common shares, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common shares, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	120.10M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.05B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$611.70M	USD	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	108.00M	shares	Point-in-time
Treasury stock shares, at cost	`TreasuryStockCommonShares`	10.00M	shares	Point-in-time
Treasury stock shares, at cost	`TreasuryStockCommonShares`	10.00M	shares	Point-in-time
Receivables, net of allowance for doubtful accounts	`ReceivablesNetCurrent`	$83.30M	USD	Point-in-time
Receivables, net of allowance for doubtful accounts	`ReceivablesNetCurrent`	$101.30M	USD	Point-in-time
Inventories	`InventoryNet`	$501.40M	USD	Point-in-time
Inventories	`InventoryNet`	$509.40M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$145.70M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$164.50M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.78B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.39B	USD	Point-in-time
Property, plant, and equipment, at cost, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$390.20M	USD	Point-in-time
Property, plant, and equipment, at cost, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$389.80M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$224.90M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$222.80M	USD	Point-in-time
Marketing-related intangibles and other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$313.20M	USD	Point-in-time
Marketing-related intangibles and other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$313.30M	USD	Point-in-time
Goodwill	`Goodwill`	$100.50M	USD	Point-in-time
Goodwill	`Goodwill`	$97.20M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$273.50M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$254.80M	USD	Point-in-time
Total assets	`Assets`	$3.08B	USD	Point-in-time
Total assets	`Assets`	$2.67B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$111.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$88.70M	USD	Point-in-time
Royalty overrides	`AccruedRoyaltyOverrides`	$342.70M	USD	Point-in-time
Royalty overrides	`AccruedRoyaltyOverrides`	$358.20M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$22.90M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$24.70M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$588.60M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$657.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.13B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.07B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.41B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.56B	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$206.70M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$207.50M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$198.10M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$192.70M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.93B	USD	Point-in-time
Total liabilities	`Liabilities`	$4.03B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, $0.0005 par value; 2.0 billion shares authorized; 121.5 million (2020) and 137.4 million (2019) shares outstanding	`CommonStockValue`	$100.00K	USD	Point-in-time
Common shares, $0.0005 par value; 2.0 billion shares authorized; 121.5 million (2020) and 137.4 million (2019) shares outstanding	`CommonStockValue`	$100.00K	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$342.30M	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$298.70M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-205.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-182.20M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-687.40M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.13B	USD	Point-in-time
Treasury stock, at cost, 10.0 million (2020) and 10.0 million (2019) shares	`TreasuryStockValue`	$328.90M	USD	Point-in-time
Treasury stock, at cost, 10.0 million (2020) and 10.0 million (2019) shares	`TreasuryStockValue`	$328.90M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-856.10M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-1.36B	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-390.00M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-388.50M	USD	Point-in-time
Total liabilities and shareholders deficit	`LiabilitiesAndStockholdersEquity`	$2.67B	USD	Point-in-time
Total liabilities and shareholders deficit	`LiabilitiesAndStockholdersEquity`	$3.08B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.26B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.50B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$245.70M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$314.30M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.02B	USD	1 Quarter
Gross profit	`GrossProfit`	$1.19B	USD	1 Quarter
Royalty overrides	`RoyaltyOverrides`	$381.20M	USD	1 Quarter
Royalty overrides	`RoyaltyOverrides`	$474.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$549.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$506.70M	USD	1 Quarter
Other operating income	`OtherOperatingIncomeExpenseNet`	$9.10M	USD	1 Quarter
Other operating income	`OtherOperatingIncomeExpenseNet`	$15.90M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$222.50M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$95.60M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-25.00M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-37.50M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$185.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$70.60M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$25.00M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$37.60M	USD	1 Quarter
Net income	`NetIncomeLoss`	$45.60M	USD	1 Quarter
Net income	`NetIncomeLoss`	$147.40M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.36	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.32	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.33	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	137.80M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	108.40M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	111.10M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	140.20M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$45.60M	USD	1 Quarter
Net income	`ProfitLoss`	$147.40M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$26.40M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$24.20M	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	$10.30M	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	$13.30M	USD	1 Quarter
Non-cash interest expense	`AmortizationOfFinancingCostsAndDiscounts`	$7.10M	USD	1 Quarter
Non-cash interest expense	`AmortizationOfFinancingCostsAndDiscounts`	$6.30M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$8.30M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$7.40M	USD	1 Quarter
Inventory write-downs	`InventoryWriteDown`	$3.60M	USD	1 Quarter
Inventory write-downs	`InventoryWriteDown`	$9.50M	USD	1 Quarter
Foreign exchange transaction loss	`ForeignExchangeTransactionGainLoss`	$-300.00K	USD	1 Quarter
Foreign exchange transaction loss	`ForeignExchangeTransactionGainLoss`	$-8.50M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$5.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$1.10M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$7.80M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$21.90M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.40M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$31.50M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$18.10M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$15.70M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$23.40M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.90M	USD	1 Quarter
Royalty overrides	`RoyaltyOverridesIncreaseDecrease`	$-22.90M	USD	1 Quarter
Royalty overrides	`RoyaltyOverridesIncreaseDecrease`	$-8.40M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-52.00M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$92.90M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-1.20M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-5.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$110.10M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$141.70M	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.40M	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.40M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$100.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-24.30M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.40M	USD	1 Quarter
Borrowings from senior secured credit facility, net of discount	`ProceedsFromIssuanceOfSeniorLongTermDebt`	$270.00M	USD	1 Quarter
Borrowings from senior secured credit facility, net of discount	`ProceedsFromIssuanceOfSeniorLongTermDebt`	$30.20M	USD	1 Quarter
Principal payments on senior secured credit facility and other debt	`RepaymentsOfSeniorDebt`	$5.30M	USD	1 Quarter
Principal payments on senior secured credit facility and other debt	`RepaymentsOfSeniorDebt`	$125.20M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$4.70M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$645.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$1.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$800.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-499.20M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$21.00M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-33.80M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-11.20M	USD	1 Quarter
Net change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-433.70M	USD	1 Quarter
Net change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$104.60M	USD	1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.05B	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$620.30M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$952.10M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$847.50M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.05B	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$620.30M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$952.10M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$847.50M	USD	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Foreign currency translation adjustment, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$1.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$45.60M	USD	1 Quarter
Foreign currency translation adjustment, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$-2.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$147.40M	USD	1 Quarter
Unrealized gain (loss) on derivatives, tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent`	-	USD	1 Quarter
Unrealized gain (loss) on derivatives, tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent`	$-300.00K	USD	1 Quarter
Foreign currency translation adjustment, net of income taxes of $1.5 and $(2.5) for the three months ended March 31, 2021 and 2020, respectively	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-23.70M	USD	1 Quarter
Foreign currency translation adjustment, net of income taxes of $1.5 and $(2.5) for the three months ended March 31, 2021 and 2020, respectively	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-57.10M	USD	1 Quarter
Unrealized (loss) gain on derivatives, net of income taxes of $- and $(0.30) for the three months ended March 31, 2021 and 2020, respectively,	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$900.00K	USD	1 Quarter
Unrealized (loss) gain on derivatives, net of income taxes of $- and $(0.30) for the three months ended March 31, 2021 and 2020, respectively,	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$6.60M	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-22.80M	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-50.50M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-4.90M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$124.60M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.