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Operating Segment Information
 12 Months Ended
Dec. 31, 2022
Operating Segment Information [Abstract]  
Operating Segment Information

18.       Operating Segment Information

 

The Company has two reportable operating segments: firearms and castings. The firearms segment manufactures and sells rifles, pistols, and revolvers principally to a number of federally-licensed, independent wholesale distributors primarily located in the United States. The castings segment manufactures and sells steel investment castings and metal injection molding parts.

 

Corporate segment income relates to interest income, the sale of non-operating assets, and other non-operating activities. Corporate segment assets consist of cash and other non-operating assets.

 

The Company evaluates performance and allocates resources, in part, based on income (loss) before taxes. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies (see Note 1). Intersegment sales are recorded at the Company’s cost plus a fixed profit percentage.

 

Year ended December 31,  2022   2021   2020 
Net Sales               
Firearms  $593,289   $728,141   $565,863 
Castings               
Unaffiliated   2,553    2,595    3,005 
Intersegment   21,306    24,711    22,254 
    23,859    27,306    25,259 
Eliminations   (21,306)   (24,711)   (22,254)
   $595,842   $730,736   $568,868 
Income (Loss) Before Income Taxes               
Firearms  $108,610   $207,657   $120,732 
Castings   (3,338)   (2,732)   (1,000)
Corporate   3,007    1,669    1,249 
   $108,279   $206,594   $120,981 
Identifiable Assets               
Firearms  $223,301   $188,290   $174,500 
Castings   11,910    13,889    11,959 
Corporate   249,552    240,164    161,799 
   $484,763   $442,343   $348,258 
Goodwill               
Firearms  $3,055   $3,055   $616 
Castings   209    209    209 
   $3,264   $3,264   $825 
Depreciation               
Firearms  $21,992   $22,842   $25,126 
Castings   2,452    2,959    2,158 
   $24,444   $25,801   $27,284 
Capital Expenditures               
Firearms  $26,598   $25,239   $19,253 
Castings   1,175    3,537    4,976 
   $27,773   $28,776   $24,229 

 

In 2022, the Company’s largest customers and the percent of firearms sales they represented were as follows: Lipsey’s - 23%; Davidson’s - 23%; and Sports South - 21%.

 

In 2021, the Company’s largest customers and the percent of firearms sales they represented were as follows: Lipsey’s - 21%; Sports South - 19%; and Davidson’s - 19%.

 

In 2020, the Company’s largest customers and the percent of firearms sales they represented were as follows: Sports South - 22%; Lipsey’s - 22%; and Davidson’s - 18%.

 

The Company’s assets are located entirely in the United States and domestic sales represented at least 94% of total sales in 2022, 2021, and 2020.