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Operating Segment Information
 12 Months Ended
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.