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Revenue Recognition and Contracts with Customers
 12 Months Ended
Dec. 31, 2024
Revenue Recognition and Contracts with Customers [Abstract]  
Revenue Recognition and Contracts with Customers

2. Revenue Recognition and Contracts with Customers

 

The impact of ASC 606 on revenue recognized during the years ended December 31, 2024, December 31, 2023, and December 31, 2022 is as follows:

 

   2024   2023   2022 
Contract liabilities with customers at January 1,  $149   $1,031   $
—
 
                
Revenue recognized   (149)   (4,084)   
—
 
                
Revenue deferred   
—
    3,202    1,031 
                
Contract liabilities with customers at December 31,  $
—
   $149   $1,031 

 

During the year ended December 31, 2024, the Company did not defer any revenue and recognized $0.1 million of revenue previously deferred as the performance obligations relating to the shipment of free products were satisfied. This resulted in a net increase in firearms sales for the year ended December 31, 2024 of $0.1 million and there being no deferred contract revenue liability at December 31, 2024.

 

During the year ended December 31, 2023, the Company deferred $3.2 million of revenue, offset by the recognition of $4.1 million of revenue previously deferred as the performance obligations relating to the shipment of free products were satisfied. This resulted in a net increase in firearms sales for the year ended December 31, 2023 of $0.9 million and a deferred contract revenue liability at December 31, 2023 of $0.1 million.

 

During the year ended December 31, 2022, the Company deferred $1.0 million of revenue. There was no offset for the recognition from previously deferred revenue as the Company did not satisfy any performance obligations relating to the shipment of free products during the year. This resulted in a net decrease in firearms sales for the year ended December 31, 2022 of $1.0 million and a deferred contract revenue liability at December 31, 2022 of $1.0 million.

 

Practical Expedients and Exemptions

 

The Company has elected to account for shipping and handling activities that occur after control of the related product transfers to the customer as fulfillment activities that are recognized upon shipment of the goods.