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Operating Segment Information | 12 Months Ended
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Dec. 31, 2023
Operating Segment Information [Abstarct] |
Operating Segment Information |
| 17. | 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, |  | 2023 |  |  | 2022 |  |  | 2021 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Firearms |  | $ | 540,746 |  |  | $ | 593,289 |  |  | $ | 728,141 |
Castings |  |  |  |  |  |  |  |  |  |  |  |
Unaffiliated |  |  | 3,021 |  |  |  | 2,553 |  |  |  | 2,595 |
Intersegment |  |  | 33,086 |  |  |  | 21,306 |  |  |  | 24,711 |
|  |  | 36,107 |  |  |  | 23,859 |  |  |  | 27,306 |
Eliminations |  |  | (33,086 | ) |  |  | (21,306 | ) |  |  | (24,711 | )
|  | $ | 543,767 |  |  | $ | 595,842 |  |  | $ | 730,736 |
Income (Loss) Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |
Firearms |  | $ | 53,723 |  |  | $ | 108,610 |  |  | $ | 207,657 |
Castings |  |  | (798 | ) |  |  | (3,338 | ) |  |  | (2,732 | )
Corporate |  |  | 5,899 |  |  |  | 3,007 |  |  |  | 1,669 |
|  | $ | 58,824 |  |  | $ | 108,279 |  |  | $ | 206,594 |
Identifiable Assets |  |  |  |  |  |  |  |  |  |  |  |
Firearms |  | $ | 228,699 |  |  | $ | 223,301 |  |  | $ | 188,290 |
Castings |  |  | 11,144 |  |  |  | 11,910 |  |  |  | 13,889 |
Corporate |  |  | 158,974 |  |  |  | 249,552 |  |  |  | 240,164 |
|  | $ | 398,817 |  |  | $ | 484,763 |  |  | $ | 442,343 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |
Firearms |  | $ | 3,055 |  |  | $ | 3,055 |  |  | $ | 3,055 |
Castings |  |  | 209 |  |  |  | 209 |  |  |  | 209 |
|  | $ | 3,264 |  |  | $ | 3,264 |  |  | $ | 3,264 |
Depreciation |  |  |  |  |  |  |  |  |  |  |  |
Firearms |  | $ | 19,301 |  |  | $ | 21,992 |  |  | $ | 22,842 |
Castings |  |  | 1,814 |  |  |  | 2,452 |  |  |  | 2,959 |
|  | $ | 21,115 |  |  | $ | 24,444 |  |  | $ | 25,801 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Firearms |  | $ | 15,395 |  |  | $ | 26,598 |  |  | $ | 25,239 |
Castings |  |  | 401 |  |  |  | 1,175 |  |  |  | 3,537 |
|  | $ | 15,796 |  |  | $ | 27,773 |  |  | $ | 28,776 |
In 2023, the Company’s largest customers and the percent of firearms sales they represented were as follows: Lipsey’s - 24%; Davidson’s - 19%; and Sports South -15%. 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%. The Company’s assets are located entirely in the United States and domestic sales represented at least 94% of total sales in 2023, 2022, and 2021.

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