Sturm, Ruger & Company (RGR) 10-K 21 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 23, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Entity Registrant Name	STURM RUGER & CO INC
Entity Central Index Key	95,029
Trading Symbol	RGR
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Entity Filer Category	Large Accelerated Filer
Entity Voluntary Filers	No
Entity Well-Known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		17,427,090
Entity Public Float			$ 1,076,065,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 63,487	$ 87,126
Trade receivables, net	60,082	69,442
Gross inventories	87,592	99,417
Less LIFO reserve	(45,180)	(42,542)
Less excess and obsolescence reserve	(2,698)	(2,340)
Net inventories	39,714	54,535
Prepaid expenses and other current assets	3,501	3,660
Total Current Assets	166,784	214,763
Property, Plant, and Equipment	365,013	331,639
Less allowances for depreciation	(261,218)	(227,398)
Net property, plant and equipment	103,795	104,241
Deferred income taxes		334
Other assets	13,739	27,541
Total Assets	284,318	346,879
Current Liabilities
Trade accounts payable and accrued expenses	32,422	48,493
Product liability	729	1,733
Employee compensation and benefits	14,315	25,467
Workers' compensation	5,211	5,200
Total Current Liabilities	52,677	80,893
Product liability	90	86
Deferred income taxes	1,402
Contingent liabilities (Note 17)
Stockholders' Equity
Common stock	24,092	24,034
Additional paid-in capital	28,329	27,211
Retained earnings	321,323	293,400
Less: Treasury stock - at cost 2017 - 6,665,398 shares 2016 - 5,345,690 shares	(143,595)	(78,745)
Total Stockholders' Equity	230,149	265,900
Total Liabilities and Stockholders' Equity	284,318	346,879
Voting Common Stock [Member]
Stockholders' Equity
Common stock	24,092	24,034
Nonvoting Common Stock [Member]
Stockholders' Equity
Common stock

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Treasury stock, shares	6,665,398	5,345,690
Nonvoting Common Stock [Member]
Common Stock, par value per share	$ 1	$ 1
Common Stock, shares authorized	50,000	50,000
Common Stock, shares issued
Voting Common Stock [Member]
Common Stock, par value per share	$ 1	$ 1
Common Stock, shares authorized	40,000,000	40,000,000
Common Stock, shares issued	24,092,488	24,034,201
Common Stock, shares outstanding	17,427,090	18,688,511

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total net sales	$ 522,256	$ 664,328	$ 551,094
Cost of products sold	368,248	444,774	378,934
Gross profit	154,008	219,554	172,160
Operating Expenses:
Selling	49,232	56,146	49,864
General and administrative	28,396	29,004	27,864
Other operating income, net	31	(5)	(113)
Total operating expenses	77,659	85,145	77,615
Operating income	76,349	134,409	94,545
Other income:
Royalty income	506	1,142	1,084
Interest income	27	14	5
Interest expense	(152)	(186)	(156)
Other income, net	916	542	622
Total other income, net	1,297	1,512	1,555
Income before income taxes	77,646	135,921	96,100
Income taxes	25,504	48,449	33,974
Net income and comprehensive income	$ 52,142	$ 87,472	$ 62,126
Basic Earnings Per Share	$ 2.94	$ 4.62	$ 3.32
Diluted Earnings Per Share	2.91	4.59	3.21
Cash Dividends Per Share	$ 1.36	$ 1.73	$ 1.10
Firearms [Member]
Segment Reporting Information [Line Items]
Total net sales	$ 517,701	$ 658,433	$ 544,850
Other income:
Income before income taxes	77,368	136,390	98,565
Unaffiliated Castings [Member]
Segment Reporting Information [Line Items]
Total net sales	4,555	5,895	6,244
Other income:
Income before income taxes	$ (53)	$ (1,237)	$ (3,407)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2014	$ 23,717	$ 25,472	$ 198,159	$ (61,886)	$ 185,462
Net income			62,126		62,126
Dividends paid			(20,569)		(20,569)
Stock-based compensation		4,530			4,530
Exercise of stock options and vesting of RSU's		(788)			(788)
Tax benefit realized from exercise of stock options and vesting of RSU's		436			436
Common stock issued - compensation plans	59	(59)
Unpaid dividends accrued			(618)		(618)
Repurchase of shares of common stock				(2,841)	(2,841)
Balance at Dec. 31, 2015	23,776	29,591	239,098	(64,727)	227,738
Net income			87,472		87,472
Dividends paid			(32,815)		(32,815)
Stock-based compensation		3,054			3,054
Exercise of stock options and vesting of RSU's		(14,002)			(14,002)
Tax benefit realized from exercise of stock options and vesting of RSU's		8,826			8,826
Common stock issued - compensation plans	258	(258)
Unpaid dividends accrued			(355)		(355)
Repurchase of shares of common stock				(14,018)	(14,018)
Balance at Dec. 31, 2016	24,034	27,211	293,400	(78,745)	265,900
Net income			52,142		52,142
Dividends paid			(23,905)		(23,905)
Stock-based compensation		3,659			3,659
Exercise of stock options and vesting of RSU's		(2,483)			(2,483)
Common stock issued - compensation plans	58	(58)
Unpaid dividends accrued			(314)		(314)
Repurchase of shares of common stock				(64,850)	(64,850)
Balance at Dec. 31, 2017	$ 24,092	$ 28,329	$ 321,323	$ (143,595)	$ 230,149

Consolidated Statements of Sto6

Consolidated Statements of Stockholders' Equity (Parentheticals) - shares	1 Months Ended				3 Months Ended		12 Months Ended			36 Months Ended
	Sep. 30, 2017	Aug. 26, 2017	Apr. 01, 2017	Feb. 25, 2017	Dec. 31, 2016	Mar. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Treasury Stock, Shares, Acquired	240,933	4,490	173,288	900,997	283,343	82,100	1,319,708	283,343	82,100	1,685,151

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Activities
Net income	$ 52,142	$ 87,472	$ 62,126
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	34,264	35,355	36,235
Stock-based compensation	3,659	3,054	4,530
Excess and obsolescence inventory reserve	358	522	(1,468)
Loss (gain) on sale of assets	31	59	(113)
Deferred income taxes	1,736	1,836	(3,257)
Changes in operating assets and liabilities:
Trade receivables	9,360	2,279	(21,986)
Inventories	14,463	(17,958)	9,058
Trade accounts payable and accrued expenses	(16,060)	5,602	6,808
Employee compensation and benefits	(11,466)	(3,186)	9,378
Product liability	(1,000)	1,075	(101)
Prepaid expenses, other assets and other liabilities	13,704	(6,348)	6,553
Income taxes payable		(4,962)	4,806
Cash provided by operating activities	101,191	104,800	112,569
Investing Activities
Property, plant, and equipment additions	(33,596)	(35,215)	(28,705)
Net proceeds from sale of assets	3	325	222
Cash used for investing activities	(33,593)	(34,890)	(28,483)
Financing Activities
Dividends paid	(23,905)	(32,815)	(20,569)
Tax benefit from share-based compensation		8,825	436
Repurchase of common stock	(64,850)	(14,018)	(2,841)
Payment of employee withholding tax related to share-based compensation	(2,482)	(14,001)	(999)
Proceeds from exercise of stock options			211
Cash used for financing activities	(91,237)	(52,009)	(23,762)
(Decrease) increase in cash and cash equivalents	(23,639)	17,901	60,324
Cash and cash equivalents at beginning of year	87,126	69,225	8,901
Cash and cash equivalents at end of year	$ 63,487	$ 87,126	$ 69,225

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Organization Sturm, Ruger & Company, Inc. (the “Company”) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately 99% of sales were from firearms. Export sales represented approximately 4% of firearms sales. The Company’s design and manufacturing operations are located in the United States and almost all product content is domestic. The Company’s firearms are sold through a select number of independent wholesale distributors principally to the commercial sporting market. The Company manufactures investment castings made from steel alloys and metal injection molding (“MIM”) parts for internal use in its firearms and utilizes available capacity to manufacture and sell investment castings and MIM parts to unaffiliated, third-party customers. Castings were approximately 1% of the Company’s total sales for the year ended December 31, 2017. Preparation of Financial Statements The Company follows United States generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The significant accounting policies described below, together with the notes that follow, are an integral part of the Financial Statements. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated. Revenue Recognition Substantially all product sales are sold FOB (free on board) shipping point. Revenue is recognized when product is shipped and the customer takes ownership and assumes the risk of loss. Accruals are made for sales discounts and incentives based on the Company’s experience. The Company accounts for cash sales discounts as a reduction in sales and sales incentives as a charge to selling expense. Amounts billed to customers for shipping and handling fees are included in net sales and costs incurred by the Company for the delivery of goods are classified as selling expenses. Federal excise taxes are excluded from net sales. See “Recent Accounting Pronouncements” below for a discussion of revenue recognition in future periods. Cash and Cash Equivalents The Company considers interest-bearing deposits with financial institutions with remaining maturities of three months or less at the time of acquisition to be cash equivalents. Accounts Receivable The Company establishes an allowance for doubtful accounts based on the creditworthiness of its customers and historical experience. While the Company uses the best information available to make its evaluation, future adjustments to the allowance for doubtful accounts may be necessary if there are significant changes in economic and industry conditions or any other factors considered in the Company’s evaluation. Bad debt expense has been immaterial during each of the last three years. Inventories Substantially all of the Company’s inventories are valued at the lower of cost, principally determined by the last-in, first-out (LIFO) method, or market. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Property, Plant, and Equipment Property, plant, and equipment are carried at cost. Depreciation is computed over useful lives using the straight-line and declining balance methods predominately over 15 years for buildings, 7 years for machinery and equipment and 3 years for tools and dies. When assets are retired, sold or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the accounts and a gain or loss on such disposals is recognized when appropriate. Maintenance and repairs are charged to operations; replacements and improvements are capitalized. Long-lived Assets The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. In performing this review, the carrying value of the assets is compared to the projected undiscounted cash flows to be generated from the assets. If the sum of the undiscounted expected future cash flows is less than the carrying value of the assets, the assets are considered to be impaired. Impairment losses are measured as the amount by which the carrying value of the assets exceeds their fair value. The Company bases fair value of the assets on quoted market prices if available or, if not available, quoted market prices of similar assets. Where quoted market prices are not available, the Company estimates fair value using the estimated future cash flows generated by the assets discounted at a rate commensurate with the risks associated with the recovery of the assets. Income Taxes Income taxes are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory rates applicable to future years to temporary differences between the financial statement carrying amounts and the tax basis of the Company’s assets and liabilities. Product Liability The Company provides for product liability claims including estimated legal costs to be incurred defending such claims. The provision for product liability claims is charged to cost of products sold. Advertising Costs The Company expenses advertising costs as incurred. Advertising expenses for 2017, 2016, and 2015, were $3.1 million, $2.9 million, and $3.0 million, respectively. Shipping Costs Costs incurred related to the shipment of products are included in selling expense. Such costs totaled $4.8 million, $5.7 million, and $6.4 million in 2017, 2016, and 2015, respectively. Research and Development In 2017, 2016, and 2015, the Company spent approximately $9.8 million, $8.7 million, and $8.5 million, respectively, on research and development activities relating to new products and the improvement of existing products. These costs are expensed as incurred. Earnings per Share Basic earnings per share is based upon the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflect the impact of options, restricted stock units, and deferred stock outstanding using the treasury stock method. Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). The new guidance requires that all deferred tax assets and liabilities be presented as a net noncurrent asset or liability on the balance sheet. Previously such items were presented as a net current asset or liability and a net noncurrent asset or liability. The new guidance was effective for fiscal years beginning after December 15, 2016 and interim periods thereafter. The Company adopted ASU 2015-17 in the first quarter of 2017 and applied it retroactively to all prior periods presented in the financial statements. The impact of adopting this change in accounting principle on the December 31, 2016 balance sheet was to reduce current deferred tax assets and working capital by $8.8 million and noncurrent deferred tax liabilities by $8.5 million from the amounts previously reported for these items. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either a full retrospective or retrospective with cumulative effect transition method. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 one year making it effective for annual reporting periods beginning after December 15, 2017. The new standard will be effective for the Company in the first quarter of 2018 and can be applied using a modified retrospective or full retrospective method. The Company has evaluated the new standard against its existing accounting policies and practices, including reviewing standard purchase orders, invoices, shipping terms, and reviewing agreements with customers. The Company expects to adopt the new standard in the first quarter of 2018 using the modified retrospective transition method. The Company will modify its revenue recognition related to certain of its sales promotion activities that involve the shipment of no charge firearms. As a result, the Company expects to record a contract liability of approximately $7 million on January 1, 2018. In addition, certain promotional expenses that had been classified as selling expenses will be recorded as cost of products sold in future periods. The Company believes the new guidance will not have a material impact on the Company’s consolidated financial results, cash flows, or financial position, but may have a material impact on the Company’s financial results for a particular period. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718). The most significant change in the new compensation guidance is that all excess tax benefits and tax deficiencies (including tax benefits of dividends) on share-based compensation awards should be recognized in the Statement of Income as income tax expense. Previously such benefits or deficiencies were recognized in the Balance Sheet as adjustments to additional paid-in capital. The new guidance was effective in fiscal years beginning after December 15, 2016 and interim periods thereafter. The Company adopted ASU 2016-09 in the first quarter of 2017. The impact of adopting this change in accounting principle reduced the Company’s effective tax rate by 2% for the period ending December 31, 2017. This did not have a material impact on the Company’s results of operations or financial position. In February 2016, the FASB issued ASU 2016-02, "Leases" (ASU 2016-02), which requires companies to recognize leased assets and liabilities for both capital and operating leases. ASU 2016-02 is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Companies are required to adopt the guidance using a modified retrospective method. While the Company is currently assessing the impact ASU 2016-02 will have on the consolidated financial statements, the adoption of this standard is not expected to have a material impact to our consolidated financial position.

Trade Receivables, Net

Trade Receivables, Net	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Trade Receivables, Net	2. Trade Receivables, Net Trade receivables consist of the following: December 31, 2017 2016 Trade receivables $ 61,707 $ 71,247 Allowance for doubtful accounts (400 ) (400 ) Allowance for discounts (1,225 ) (1,405 ) $ 60,082 $ 69,442 In 2017, the largest individual trade receivable balances accounted for 22%, 20%, and 12% of total trade receivables, respectively. In 2016, the largest individual trade receivable balances accounted for 19%, 15%, 14%, and 11% of total trade receivables, respectively.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
Inventories	3. Inventories Inventories consist of the following: December 31, 2017 2016 Finished goods $ 22,558 $ 24,099 Materials and products in process 62,336 72,978 84,894 97,077 Adjustment of inventories to a LIFO basis (45,180 ) (42,542 ) $ 39,714 $ 54,535 In 2017, inventory quantities were reduced. This reduction resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the current cost of purchases, the effect of which decreased 2017 costs of products sold by approximately $0.4 million.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	4. Property, Plant and Equipment Property, plant and equipment consist of the following: December 31, 2017 2016 Land and improvements $ 1,986 $ 1,986 Buildings and improvements 51,361 49,183 Machinery and equipment 265,772 242,169 Dies and tools 45,894 38,301 $ 365,013 $ 331,639

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	5. Other Assets Other assets consist of the following: December 31, 2017 2016 Patents, at cost $ 6,814 $ 6,525 Accumulated amortization (4,202 ) (3,915 ) Deposits on capital items 7,958 21,436 Other 3,169 3,495 $ 13,739 $ 27,541 The capitalized cost of patents is amortized using the straight-line method over their useful lives. The cost of patent amortization was $0.3 million, $0.3 million, and $0.3 million in 2017, 2016, and 2015, respectively. The estimated annual patent amortization cost for each of the next five years is $0.3 million. Costs incurred to maintain existing patents are charged to expense in the year incurred. Software development costs were incurred to develop and implement an integrated ERP system prior to the time the system became operational. These costs were capitalized and amortized using the straight line method over a period of sixty months. They became completely amortized in 2016. Costs incurred subsequent to the system becoming operational are being expensed. The cost of software development cost amortization was $0.3 million and $0.4 million in 2016 and 2015, respectively.

Trade Accounts Payable and Accr

Trade Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
Trade Accounts Payable and Accrued Expenses	6. Trade Accounts Payable and Accrued Expenses Trade accounts payable and accrued expenses consist of the following: December 31, 2017 2016 Trade accounts payable $ 8,758 $ 16,973 Federal excise taxes payable 10,509 14,275 Accrued other 13,155 17,245 $ 32,422 $ 48,493

Line of Credit

Line of Credit	12 Months Ended
	Dec. 31, 2017
Line of Credit Facility [Abstract]
Line of Credit	7. Line of Credit The Company has an unsecured $40 million revolving line of credit with a bank. This facility, which is renewable annually, has an expiration date of June 15, 2018. The credit facility remained unused throughout 2016 and 2017. Borrowings under this facility would bear interest at LIBOR (2.106% at December 31, 2017) plus 200 basis points and the Company is charged three-eighths of a percent (0.375%) per year on the unused portion. At December 31, 2017 and 2016, the Company was in compliance with the terms and covenants of the credit facility.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
Employee Benefit Plans	8. Employee Benefit Plans The Company sponsors a qualified defined-contribution 401(k) plan that covers substantially all of its employees. Under the terms of the 401(k) plan, the Company matches a certain portion of employee contributions to their individual 401(k) accounts using the “safe harbor” guidelines provided in the Internal Revenue Code. Expenses related to matching employee contributions to the 401(k) plan were $3.5 million, $3.7 million, and $3.3 million in 2017, 2016, and 2015, respectively. Additionally, in 2017, 2016, and 2015 the Company provided discretionary supplemental contributions to the individual 401(k) accounts of substantially all employees. Each employee received a supplemental contribution to their account based on a uniform percentage of qualifying compensation established annually. The cost of these supplemental contributions totaled $5.6 million, $6.0 million, and $5.0 million in 2017, 2016, and 2015, respectively.

Other Operating Income, net

Other Operating Income, net	12 Months Ended
	Dec. 31, 2017
Other Income and Expenses [Abstract]
Other Operating Income, net	9. Other Operating Income, net Other operating income, net consists of the following: Year ended December 31, 2017 2016 2015 (Loss) gain on sale of operating assets $ (31 ) $ 5 $ 113 Total other operating income, net $ (31 ) $ 5 $ 113

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2014. The federal and state income tax provision consisted of the following: Year ended December 31, 2017 2016 2015 Current Deferred Current Deferred Current Deferred Federal $ 20,232 $ 1,865 $ 31,393 $ 10,181 $ 31,382 $ (2,774 ) State 3,987 (580 ) 5,678 1,197 5,849 (483 ) $ 24,219 $ 1,285 $ 37,071 $ 11,378 $ 37,231 $ (3,257 ) The effective income tax rate varied from the statutory federal income tax rate as follows: Year ended December 31, 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 2.9 3.3 3.6 Domestic production activities deduction (2.6 ) (2.3 ) (3.2 ) Impact of Accounting Standard Update 2016-09 (0.9 ) — — Impact of Tax Cuts and Jobs Act on deferred taxes (0.7 ) — — Other items (0.9 ) (0.4 ) — Effective income tax rate 32.8 % 35.6 % 35.4 % As discussed in the Recent Accounting Pronouncements section of Note 1 to the Consolidated Financial Statements, the Company adopted ASU 2016-09 in the first quarter of 2017. The impact of adopting this change in accounting principle reduced the Company’s effective tax rate by 0.9% for the period ending December 31, 2017. This did not have a material impact on the Company’s results of operations or financial position. The Tax Cuts and Job Act of 2017 lowers the statutory corporate tax rate from 35% to 21% for years beginning after December 31, 2017. The Company estimates that its effective tax rate in 2018 will approximate 24.5%. As a result, the value of net deferred tax liabilities at December 31, 2017 was reduced by $0.5 million. In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). The new guidance requires that all deferred tax assets and liabilities be presented as a net noncurrent asset or liability on the balance sheet. Previously such items were presented as a net current asset or liability and a net noncurrent asset or liability. The new guidance was effective for fiscal years beginning after December 15, 2016 and interim periods thereafter. The Company adopted ASU 2015-17 in the first quarter of 2017 and applied it retroactively to all prior periods presented in the financial statements. The impact of adopting this change in accounting principle on the December 31, 2016 balance sheet was to reduce current deferred tax assets and working capital by $8.8 million and noncurrent deferred tax liabilities by $8.5 million from the amounts previously reported for these items. Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2017 2016 Deferred tax assets Product Liability $ 201 $ 655 Employee compensation and benefits 2,336 3,627 Allowances for doubtful accounts and discounts 1,769 3,813 Inventories 758 981 Stock-based compensation 1,406 2,527 Other 1,326 1,533 Total deferred tax assets 7,796 13,136 Deferred tax liabilities: Depreciation 8,956 12,457 Other 242 345 Total deferred tax liabilities 9,198 12,802 Net deferred tax (liabilities) assets $ (1,402 ) $ 334 The Company made income tax payments of approximately $23.4 million, $43.0 million, and $27.5 million, during 2017, 2016, and 2015, respectively. The Company expects to realize its deferred tax assets through tax deductions against future taxable income or carry back against taxes previously paid . The Company does not believe it has included any “uncertain tax positions” in its federal income tax return or any of the state income tax returns it is currently filing. The Company has made an evaluation of the potential impact of additional state taxes being assessed by jurisdictions in which the Company does not currently consider itself liable. The Company does not anticipate that such additional taxes, if any, would result in a material change to its financial position.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	11. Earnings Per Share Set forth below is a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated: Year ended December 31, 2017 2016 2015 Numerator: Net income $ 52,142 $ 87,472 $ 62,126 Denominator: Weighted average number of common shares outstanding – Basic 17,725,494 18,931,415 18,696,659 Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans 213,596 118,100 668,420 Weighted average number of common shares outstanding – Diluted 17,939,090 19,049,515 19,365,079 The dilutive effect of outstanding options and restricted stock units is calculated using the treasury stock method. There are no anti-dilutive stock options in 2017, 2016, and 2015 because the closing price of the Company’s stock on December 31, 2017, 2016, and 2015 exceeded the strike price of all outstanding options on each of those dates.

Stock Repurchases

Stock Repurchases	12 Months Ended
	Dec. 31, 2017
Stock Repurchases [Abstract]
Stock Repurchases	12. Stock Repurchases In 2017, 2016, and 2015 the Company repurchased shares of its common stock. Details of these purchases are as follows: Period Total Average Total Maximum First Quarter 2015 82,100 $ 34.57 82,100 Fourth Quarter 2016 283,343 $ 49.43 283,343 First Quarter 2017 January 29 to February 25 900,997 $ 49.70 900,997 February 26 to April 1 173,288 $ 49.92 173,288 Third Quarter 2017 July 30 to August 26 4,490 $ 47.92 4,490 August 27 to September 30 240,933 $ 46.30 240,933 Total 1,685,151 $ 48.45 1,685,151 $ 30,710,000 All of these purchases were made with cash held by the Company and no debt was incurred. At December 31, 2017, approximately $31 million remained authorized for share repurchases.

Compensation Plans

Compensation Plans	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation Plan	13. Compensation Plans In May 2017, the Company’s shareholders approved the 2017 Stock Incentive Plan (the “2017 SIP”) under which employees, independent contractors, and non-employee directors may be granted stock options, restricted stock, deferred stock awards, and stock appreciation rights, any of which may or may not require the satisfaction of performance objectives. Vesting requirements are determined by the Compensation Committee of the Board of Directors . In April 2007, the Company adopted and the shareholders approved the 2007 Stock Incentive Plan (the “2007 SIP”), which had similar provisions as the 2017 SIP. The 2007 SIP plan expired April 24, 2017. The Company had reserved 2,550,000 shares for issuance under the 2007 SIP, of which 2,182,000 shares were issued. Compensation expense related to stock options is recognized based on the grant-date fair value of the awards estimated using the Black-Scholes option pricing model. Compensation expense related to deferred stock, restricted stock, and restricted stock units is recognized based on the grant-date fair value of the Company’s common stock, using either the actual share price or an estimated value using the Monte Carlo valuation model. The total stock-based compensation cost included in the Statements of Income was $3.7 million, $3.1 million, and $4.5 million in 2017, 2016, and 2015, respectively. Stock Options There were no stock options granted in 2017, 2016 or 2015. The following table summarizes the stock option activity of the 2007 SIP: Shares Weighted Weighted Weighted Outstanding at December 31, 2014 40,977 8.82 6.29 4.1 Granted — — — — Exercised (29,139 ) 8.77 6.13 3.1 Canceled — — — — Outstanding at December 31, 2015 11,838 8.95 6.69 3.3 Granted — — — — Exercised — — — Canceled — — — — Outstanding at December 31, 2016 11,838 8.95 6.69 2.3 Granted — — — — Exercised — — — — Canceled — — — — Outstanding at December 31, 2017 11,838 8.95 6.69 1.3 Exercisable Options Outstanding at December 31, 2017 11,838 8.95 6.69 1.3 Non-Vested Options Outstanding at December 31, 2017 — — — — At December 31, 2017, the aggregate intrinsic value of all options, including exercisable options, was $0.5 million. Deferred Stock Deferred stock awards vest based on the passage of time or the Company’s attainment of performance objectives. Upon vesting, these awards convert one-for-one to common stock. In 2017, 5,432 deferred stock awards were issued to non-employee directors that will vest in May 2018 and 6,360 deferred stock awards were issued to non-employee directors that will vest in May 2020. In 2016, 3,881 deferred stock awards were issued to non-employee directors that vested in May 2017 and 5,292 deferred stock awards were issued to non-employee directors that will vest in May 2019. In 2015, 4,000 deferred stock awards were issued to non-employee directors that vested in April 2016 and 5,370 deferred stock awards were issued to non-employee directors that will vest in April 2018. Compensation expense related to these awards is amortized ratably over the vesting period. Compensation expense related to these awards was $0.7 million, $0.6 million and $0.6 million in 2017, 2016, and 2015, respectively. At December 31, 2017, there was $0.7 million of unrecognized compensation cost related to deferred stock that is expected to be recognized over a period of three years. Restricted Stock Units The Company grants restricted stock units in lieu of incentive stock options to senior employees. Some of these RSU’s are retention awards and have only time-based vesting. Other RSU’s have a vesting “double trigger.” The vesting of these RSU’s is dependent on the achievement of corporate objectives established by the Compensation Committee of the Board of Directors, stock performance relative to industry indices, and the passage of time. During 2017, 114,000 restricted stock units were issued. Compensation costs related to these restricted stock units was $4.3 million, of which $1.2 million was recognized in 2017. The costs are being recognized ratably over the remaining periods required before the units vest, which range from 24 to 26 months. During 2016, 62,000 restricted stock units were issued. Compensation costs related to these restricted stock units was $3.4 million, of which $0.8 million was recognized in 2016. The costs are being recognized ratably over the remaining periods required before the units vest, which ranged from 24 to 28 months. During 2015, 76,000 restricted stock units were issued. Compensation costs related to these restricted stock units was $1.9 million, of which $0.5 million was recognized in 2015. The costs are being recognized ratably over the remaining periods required before the units vest, which ranged from 26 to 48 months. At December 31, 2017, there was $5.5 million of unrecognized compensation cost related to restricted stock units that is expected to be recognized over a period of 3.25 years.

Operating Segment Information

Operating Segment Information	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Operating Segment Information	14. 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 profit and 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, 2017 2016 2015 Net Sales Firearms $ 517,701 $ 658,433 $ 544,850 Castings Unaffiliated 4,555 5,895 6,244 Intersegment 24,436 36,779 31,585 28,991 42,674 37,829 Eliminations (24,436 ) (36,779 ) (31,585 ) $ 522,256 $ 664,328 $ 551,094 Income (Loss) Before Income Taxes Firearms $ 77,368 $ 136,390 $ 98,565 Castings (53 ) (1,237 ) (3,407 ) Corporate 331 768 942 $ 77,646 $ 135,921 $ 96,100 Identifiable Assets Firearms $ 206,091 $ 242,758 $ 221,670 Castings 12,524 16,096 15,289 Corporate 65,703 88,025 78,924 $ 284,318 $ 346,879 $ 315,883 Depreciation Firearms $ 31,701 $ 32,010 $ 32,409 Castings 2,118 2,688 3,029 $ 33,819 $ 34,698 $ 35,438 Capital Expenditures Firearms $ 32,710 $ 33,455 $ 26,246 Castings 886 1,760 2,459 $ 33,596 $ 35,215 $ 28,705 In 2017, the Company’s largest customers and the percent of total sales they represented were as follows: Davidson’s-21%; Lipsey’s-18%; Sports South-13%; and Jerry’s/Ellett Brothers-12%. In 2016, the Company’s largest customers and the percent of total sales they represented were as follows: Davidson’s-19%; Lipsey’s-17%; Jerry’s/Ellett Brothers-15%; and Sports South-14%. In 2015, the Company’s largest customers and the percent of total sales they represented were as follows: Davidson’s-18%; Lipsey’s-17%; Sports South-13%; and Jerry’s/Ellett Brothers-11%. The Company’s assets are located entirely in the United States and domestic sales represented at least 96% of total sales in 2017, 2016, and 2015.

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results of Operations (Unaudited)	15. Quarterly Results of Operations (Unaudited) The following is a tabulation of the unaudited quarterly results of operations for the two years ended December 31, 2017: Three Months Ended 4/1/17 7/1/17 9/30/17 12/31/17 Net Sales $ 167,355 $ 131,854 $ 104,817 $ 118,230 Gross profit 55,753 34,946 30,214 33,094 Net income 22,224 10,199 9,370 10,350 Basic earnings per share 1.22 0.58 0.53 0.59 Diluted earnings per share $ 1.21 $ 0.57 $ 0.52 $ 0.59 Three Months Ended 4/2/16 7/2/16 10/1/16 12/31/16 Net Sales $ 173,109 $ 167,944 $ 161,427 $ 161,848 Gross profit 59,113 56,694 50,251 53,496 Net income 23,278 23,515 19,850 20,829 Basic earnings per share 1.23 1.24 1.05 1.11 Diluted earnings per share $ 1.21 $ 1.22 $ 1.03 $ 1.10

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	16. Related Party Transactions From time to time, the Company contracts with the National Rifle Association (“NRA”) for some of its promotional and advertising activities. The Company paid the NRA $0.8 million, $8.4 million and $1.6 million in 2017, 2016 and 2015, respectively, which primarily related to the 2016 “Ruger $5 Million Match Campaign” and the 2015-16 “2.5 Million Gun Challenge”. One of the Company’s Directors also serves as a Director on the Board of the NRA. The Company has contracted with Symbolic, Inc. (“Symbolic”) to assist in its marketing efforts. During the years ended December 31, 2017, 2016, and 2015, the Company paid Symbolic $1.4 million, $1.9 million, and $2.0 million, respectively, which amounts included $0.9 million, $0.9 million, and $1.1 million, respectively, for the reimbursement of expenses paid by Symbolic on the Company’s behalf. Symbolic’s principal and founder was named the Company’s Vice President of Marketing in June 2017, and remains a partner of Symbolic.

Contingent Liabilities

Contingent Liabilities	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	17. Contingent Liabilities As of December 31, 2017, the Company was a defendant in four (4) lawsuits and is aware of certain other such claims. The lawsuits fall into four categories: traditional product liability litigation, patent litigation, non-product litigation, and municipal litigation, discussed in turn below. Traditional Product Liability Litigation One of the four lawsuits mentioned above involves claims for damages related to an allegedly defective product due to its design and/or manufacture. This lawsuit stems from a specific incident of personal injury and is based on a traditional product liability theory such as strict liability, negligence and/or breach of warranty. The Company management believes that the allegation in this case is unfounded, that the incident was unrelated to the design or manufacture of the firearm, and that there should be no recovery against the Company. Patent Litigation Davies Innovations, Inc. v. Sturm, Ruger & Company, Inc. Pursuant to the Company's Motion for Summary Judgment, filed on February 15, 2017, the Court dismissed the plaintiff’s claim of literal infringement, but allowed the case to proceed to discovery on alternate theories. Since then, the parties have been engaging in discovery and the Company has filed a renewed Motion for Summary Judgment, which has not yet been set for hearing. The Company management believes that the allegations in this case are unfounded, that there is no infringement of plaintiff’s patent, that plaintiffs patent is invalid, and there should be no recovery against the Company. Non-Product Litigation David S. Palmer, on behalf of himself and all others similarly situated vs. Sturm, Ruger & Co. Municipal Litigation Municipal litigation generally includes those cases brought by cities or other governmental entities against firearms manufacturers, distributors and retailers seeking to recover damages allegedly arising out of the misuse of firearms by third-parties. There is only one remaining lawsuit of this type, filed by the City of Gary in Indiana State Court in 1999. The complaint in that case seeks damages, among other things, for the costs of medical care , police and emergency services, public health services , and other services as well as punitive damages. In addition , nuisance abatement and/or injunctive relief is sought to change th e design , manufacture , mark e ting and distribution practices of th e various defendants. The suit alleges , among other claims , negligence in the design of products , public nuisance , negligent distribution and marketing , negligence per se and deceptive advertising. The case does not allege a specific injury to a specific individual as a result of the misuse or use of any of the Company's products. After a long procedural history , the case was scheduled for trial on June 15 , 2009. The case was not tried on that date and was largely dormant until a status conference was held on July 27 , 2015. At that time , the court entered a scheduling order setting deadlines for plaintiff to file a Second Amended Complaint , for defendants to answer , and for defendants to file dispositive motions. The plaintiff did not file a Second Amended Complaint by the deadline. In 2015 , Indiana passed a new law such that Indiana Code §34-12-3-1 became applicable to the City's case. The defendants have filed a joint motion for judgment on the pleadings, asserting immunity under §34-12-3-1 and asking the court to revisit the Court of Appeals' decision holding the Protection of Lawful Commerce in Arms Act inapplicabl e to the City's claims. The motion was fully briefed by the parties. On September 29, 2016, the court entered an order staying the case pending a decision by the Indiana Supreme Court in KS&E Sports v . Runnels, which presents related issues. The Indiana Supreme Court decided KS&E Sports , 2017 , and the Gary Gary KS&E Sports ' motion for judgment on the pleadings . A hearing on the motion for judgment on the pleadings was held on December 12, 2017. On January 2, 2018, the Court entered an order dismissing the case in its entirety. The City filed a Notice of Appeal on February 1, 2018. Summary of Claimed Damages and Explanation of Product Liability Accruals Punitive damages , as well as compensatory damages, are demanded in certain of the lawsuits and claims. In many instances , the plaintiff does not seek a specified amount of money , though aggregate amounts ultimately sought may exceed product liability accruals and applicable insurance coverage. For product liability claims made after July 10, 2000 , coverage is provided on an annual basis for losses exceeding $5 million per claim , or an aggregate maximum loss of $10 million annually , except for certain new claims which might be brought by governments or municipalities after July 10 , 2000 , which are excluded from coverage. The Company management monitors the status of known claims and the product liability accrual , which includes amounts for asserted and unasserted claims. While it is not possible to forecast the outcome of litigation or the timing of costs , in the opinion of management , after consultation with special and corporate counsel, it is not probable and is unlikely that litigation , including punitive damage claims , will have a material adverse effect on the financial position of the Compan y, but may have a material impact on the Company’ s financial results and cash flows for a particular period. Product liability claim payments are made when appropriate if, as, and when claimants and the Company reach agreement upon an amount to finally resolve all claims. Legal costs are paid as the lawsuits and claims develop, the timing of which may vary greatly from case to case. A time schedule cannot be determined in advance with any reliability concerning when payments will be made in any given case. Provision is made for product liability claims based upon many factors related to the severity of the alleged injury and potential liability exposure, based upon prior claim experience. Because the Company's experience in defending these lawsuits and claims is that unfavorable outcomes are typically not probable or estimable, only in rare cases is an accrual established for such costs. In most cases, an accrual is established only for estimated legal defense costs. Product liability accruals are periodically reviewed to reflect then-current estimates of possible liabilities and expenses incurred to date and reasonably anticipated in the future. Threatened product liability claims are reflected in the Company's product liability accrual on the same basis as actual claims; i.e. A range of reasonably possible losses relating to unfavorable outcomes cannot be made. However, in product liability cases in which a dollar amount of damages is claimed, the amount of damages claimed, which totaled $0.1 million and $0.1 million at December 31, 2017 and 2016, respectively, are set forth as an indication of possible maximum liability the Company might be required to incur in these cases (regardless of the likelihood or reasonable probability of any or all of this amount being awarded to claimants) as a result of adverse judgments that are sustained on appeal. As of December 31, 2017 and 2016, the Company was a defendant in 3 and 5 lawsuits, respectively, involving its products and is aware of other such claims. During 2017 and 2016, respectively, 0 and 3 product-related claims were filed against the Company, 0 and 1 claims were settled, and 2 and 0 claims were dismissed. The Company’s product liability expense was $0.4 million in 2017, $2.1 million in 2016, and $0.9 million in 2015. This expense includes the cost of outside legal fees, insurance, and other expenses incurred in the management and defense of product liability matters. A roll-forward of the product liability reserve and detail of product liability expense for the three years ended December 31, 2017 follows: Balance Sheet Roll-forward for Product Liability Reserve Cash Payments Balance Accrued Legal Fees Settlements Balance 2015 $ 845 (77 ) (18 ) (6 ) $ 744 2016 $ 744 1,221 (133 ) (13 ) $ 1,819 2017 $ 1,819 (477 ) (290 ) (233 ) $ 819 Income Statement Detail for Product Liability Expense Accrued Insurance Total 2015 $ (77 ) 997 $ 920 2016 $ 1,221 834 $ 2,055 2017 $ (477 ) 837 $ 360 Notes (a) The beginning and ending liability balances represent accrued legal fees only. Settlements and administrative costs are expensed as incurred. Only in rare instances is an accrual established for settlements. (b) The expense accrued in the liability is for legal fees only. In 2015 and 2017, the costs incurred related to cases that were settled or dismissed were less than the amounts accrued for these cases in prior years. (c) Legal fees represent payments to outside counsel related to product liability matters. (d) Settlements represent payments made to plaintiffs or allegedly injured parties in exchange for a full and complete release of liability. (e) Insurance expense represents the cost of insurance premiums. There were no insurance recoveries during any of the above years.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2017
Financial Instruments [Abstract]
Financial Instruments	18. Financial Instruments The Company does not hold or issue financial instruments for trading or hedging purposes, nor does it hold interest rate, leveraged, or other types of derivative financial instruments. Fair values of accounts receivable, accounts payable, accrued expenses and income taxes payable reflected in the December 31, 2017 and 2016 balance sheets approximate carrying values at those dates.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events On February 16, 2018, the Company’s Board of Directors authorized a dividend of 23¢ per share to shareholders of record on March 15, 2018. The Company’s management has evaluated transactions occurring subsequent to December 31, 2017 and determined that there were no events or transactions during that period that would have a material impact on the Company’s results of operations or financial position.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Organization	Organization Sturm, Ruger & Company, Inc. (the “Company”) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately 99% of sales were from firearms. Export sales represented approximately 4% of firearms sales. The Company’s design and manufacturing operations are located in the United States and almost all product content is domestic. The Company’s firearms are sold through a select number of independent wholesale distributors principally to the commercial sporting market. The Company manufactures investment castings made from steel alloys and metal injection molding (“MIM”) parts for internal use in its firearms and utilizes available capacity to manufacture and sell investment castings and MIM parts to unaffiliated, third-party customers. Castings were approximately 1% of the Company’s total sales for the year ended December 31, 2017.
Preparation of Financial Statements	Preparation of Financial Statements The Company follows United States generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The significant accounting policies described below, together with the notes that follow, are an integral part of the Financial Statements.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated.
Revenue Recognition	Revenue Recognition Substantially all product sales are sold FOB (free on board) shipping point. Revenue is recognized when product is shipped and the customer takes ownership and assumes the risk of loss. Accruals are made for sales discounts and incentives based on the Company’s experience. The Company accounts for cash sales discounts as a reduction in sales and sales incentives as a charge to selling expense. Amounts billed to customers for shipping and handling fees are included in net sales and costs incurred by the Company for the delivery of goods are classified as selling expenses. Federal excise taxes are excluded from net sales. See “Recent Accounting Pronouncements” below for a discussion of revenue recognition in future periods.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers interest-bearing deposits with financial institutions with remaining maturities of three months or less at the time of acquisition to be cash equivalents.
Accounts Receivable	Accounts Receivable The Company establishes an allowance for doubtful accounts based on the creditworthiness of its customers and historical experience. While the Company uses the best information available to make its evaluation, future adjustments to the allowance for doubtful accounts may be necessary if there are significant changes in economic and industry conditions or any other factors considered in the Company’s evaluation. Bad debt expense has been immaterial during each of the last three years.
Inventories	Inventories Substantially all of the Company’s inventories are valued at the lower of cost, principally determined by the last-in, first-out (LIFO) method, or market. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead.
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment are carried at cost. Depreciation is computed over useful lives using the straight-line and declining balance methods predominately over 15 years for buildings, 7 years for machinery and equipment and 3 years for tools and dies. When assets are retired, sold or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the accounts and a gain or loss on such disposals is recognized when appropriate. Maintenance and repairs are charged to operations; replacements and improvements are capitalized.
Long-lived Assets	Long-lived Assets The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. In performing this review, the carrying value of the assets is compared to the projected undiscounted cash flows to be generated from the assets. If the sum of the undiscounted expected future cash flows is less than the carrying value of the assets, the assets are considered to be impaired. Impairment losses are measured as the amount by which the carrying value of the assets exceeds their fair value. The Company bases fair value of the assets on quoted market prices if available or, if not available, quoted market prices of similar assets. Where quoted market prices are not available, the Company estimates fair value using the estimated future cash flows generated by the assets discounted at a rate commensurate with the risks associated with the recovery of the assets.
Income Taxes	Income Taxes Income taxes are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory rates applicable to future years to temporary differences between the financial statement carrying amounts and the tax basis of the Company’s assets and liabilities.
Product Liability	Product Liability The Company provides for product liability claims including estimated legal costs to be incurred defending such claims. The provision for product liability claims is charged to cost of products sold.
Advertising Costs	Advertising Costs The Company expenses advertising costs as incurred. Advertising expenses for 2017, 2016, and 2015, were $3.1 million, $2.9 million, and $3.0 million, respectively.
Shipping Costs	Shipping Costs Costs incurred related to the shipment of products are included in selling expense. Such costs totaled $4.8 million, $5.7 million, and $6.4 million in 2017, 2016, and 2015, respectively.
Research and Development	Research and Development In 2017, 2016, and 2015, the Company spent approximately $9.8 million, $8.7 million, and $8.5 million, respectively, on research and development activities relating to new products and the improvement of existing products. These costs are expensed as incurred.
Earnings per Share	Earnings per Share Basic earnings per share is based upon the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflect the impact of options, restricted stock units, and deferred stock outstanding using the treasury stock method.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740). The new guidance requires that all deferred tax assets and liabilities be presented as a net noncurrent asset or liability on the balance sheet. Previously such items were presented as a net current asset or liability and a net noncurrent asset or liability. The new guidance was effective for fiscal years beginning after December 15, 2016 and interim periods thereafter. The Company adopted ASU 2015-17 in the first quarter of 2017 and applied it retroactively to all prior periods presented in the financial statements. The impact of adopting this change in accounting principle on the December 31, 2016 balance sheet was to reduce current deferred tax assets and working capital by $8.8 million and noncurrent deferred tax liabilities by $8.5 million from the amounts previously reported for these items. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either a full retrospective or retrospective with cumulative effect transition method. In August 2015, the FASB issued ASU 2015-14 which defers the effective date of ASU 2014-09 one year making it effective for annual reporting periods beginning after December 15, 2017. The new standard will be effective for the Company in the first quarter of 2018 and can be applied using a modified retrospective or full retrospective method. The Company has evaluated the new standard against its existing accounting policies and practices, including reviewing standard purchase orders, invoices, shipping terms, and reviewing agreements with customers. The Company expects to adopt the new standard in the first quarter of 2018 using the modified retrospective transition method. The Company will modify its revenue recognition related to certain of its sales promotion activities that involve the shipment of no charge firearms. As a result, the Company expects to record a contract liability of approximately $7 million on January 1, 2018. In addition, certain promotional expenses that had been classified as selling expenses will be recorded as cost of products sold in future periods. The Company believes the new guidance will not have a material impact on the Company’s consolidated financial results, cash flows, or financial position, but may have a material impact on the Company’s financial results for a particular period. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718). The most significant change in the new compensation guidance is that all excess tax benefits and tax deficiencies (including tax benefits of dividends) on share-based compensation awards should be recognized in the Statement of Income as income tax expense. Previously such benefits or deficiencies were recognized in the Balance Sheet as adjustments to additional paid-in capital. The new guidance was effective in fiscal years beginning after December 15, 2016 and interim periods thereafter. The Company adopted ASU 2016-09 in the first quarter of 2017. The impact of adopting this change in accounting principle reduced the Company’s effective tax rate by 2% for the period ending December 31, 2017. This did not have a material impact on the Company’s results of operations or financial position. In February 2016, the FASB issued ASU 2016-02, "Leases" (ASU 2016-02), which requires companies to recognize leased assets and liabilities for both capital and operating leases. ASU 2016-02 is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Companies are required to adopt the guidance using a modified retrospective method. While the Company is currently assessing the impact ASU 2016-02 will have on the consolidated financial statements, the adoption of this standard is not expected to have a material impact to our consolidated financial position.

Trade Receivables, Net (Tables)

Trade Receivables, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Schedule of Trade Receivables	Trade receivables consist of the following: December 31, 2017 2016 Trade receivables $ 61,707 $ 71,247 Allowance for doubtful accounts (400 ) (400 ) Allowance for discounts (1,225 ) (1,405 ) $ 60,082 $ 69,442

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: December 31, 2017 2016 Finished goods $ 22,558 $ 24,099 Materials and products in process 62,336 72,978 84,894 97,077 Adjustment of inventories to a LIFO basis (45,180 ) (42,542 ) $ 39,714 $ 54,535

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consist of the following: December 31, 2017 2016 Land and improvements $ 1,986 $ 1,986 Buildings and improvements 51,361 49,183 Machinery and equipment 265,772 242,169 Dies and tools 45,894 38,301 $ 365,013 $ 331,639

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following: December 31, 2017 2016 Patents, at cost $ 6,814 $ 6,525 Accumulated amortization (4,202 ) (3,915 ) Deposits on capital items 7,958 21,436 Other 3,169 3,495 $ 13,739 $ 27,541

Trade Accounts Payable and Ac32

Trade Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
Schedule of Trade Accounts Payable and Accrued Expenses	Trade accounts payable and accrued expenses consist of the following: December 31, 2017 2016 Trade accounts payable $ 8,758 $ 16,973 Federal excise taxes payable 10,509 14,275 Accrued other 13,155 17,245 $ 32,422 $ 48,493

Other Operating Income, net (Ta

Other Operating Income, net (Tables)	12 Months Ended
	Dec. 31, 2017
Other Income and Expenses [Abstract]
Schedule of Other Operating Income, net	Other operating income, net consists of the following: Year ended December 31, 2017 2016 2015 (Loss) gain on sale of operating assets $ (31 ) $ 5 $ 113 Total other operating income, net $ (31 ) $ 5 $ 113

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Federal and State Income Tax Provision	The federal and state income tax provision consisted of the following: Year ended December 31, 2017 2016 2015 Current Deferred Current Deferred Current Deferred Federal $ 20,232 $ 1,865 $ 31,393 $ 10,181 $ 31,382 $ (2,774 ) State 3,987 (580 ) 5,678 1,197 5,849 (483 ) $ 24,219 $ 1,285 $ 37,071 $ 11,378 $ 37,231 $ (3,257 )
Schedule of Effective Income Tax Rate Reconciliation	The effective income tax rate varied from the statutory federal income tax rate as follows: Year ended December 31, 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 2.9 3.3 3.6 Domestic production activities deduction (2.6 ) (2.3 ) (3.2 ) Impact of Accounting Standard Update 2016-09 (0.9 ) — — Impact of Tax Cuts and Jobs Act on deferred taxes (0.7 ) — — Other items (0.9 ) (0.4 ) — Effective income tax rate 32.8 % 35.6 % 35.4 %
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2017 2016 Deferred tax assets Product Liability $ 201 $ 655 Employee compensation and benefits 2,336 3,627 Allowances for doubtful accounts and discounts 1,769 3,813 Inventories 758 981 Stock-based compensation 1,406 2,527 Other 1,326 1,533 Total deferred tax assets 7,796 13,136 Deferred tax liabilities: Depreciation 8,956 12,457 Other 242 345 Total deferred tax liabilities 9,198 12,802 Net deferred tax (liabilities) assets $ (1,402 ) $ 334

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerator and Denominator for Basic and Diluted Earnings Per Share	Set forth below is a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated: Year ended December 31, 2017 2016 2015 Numerator: Net income $ 52,142 $ 87,472 $ 62,126 Denominator: Weighted average number of common shares outstanding – Basic 17,725,494 18,931,415 18,696,659 Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans 213,596 118,100 668,420 Weighted average number of common shares outstanding – Diluted 17,939,090 19,049,515 19,365,079

Stock Repurchases (Tables)

Stock Repurchases (Tables)	12 Months Ended
	Dec. 31, 2017
Stock Repurchases [Abstract]
Schedule of Repurchase of Common Stock	In 2017, 2016, and 2015 the Company repurchased shares of its common stock. Details of these purchases are as follows: Period Total Average Total Maximum First Quarter 2015 82,100 $ 34.57 82,100 Fourth Quarter 2016 283,343 $ 49.43 283,343 First Quarter 2017 January 29 to February 25 900,997 $ 49.70 900,997 February 26 to April 1 173,288 $ 49.92 173,288 Third Quarter 2017 July 30 to August 26 4,490 $ 47.92 4,490 August 27 to September 30 240,933 $ 46.30 240,933 Total 1,685,151 $ 48.45 1,685,151 $ 30,710,000

Compensation Plans (Tables)

Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock Option Activity	The following table summarizes the stock option activity of the 2007 SIP: Shares Weighted Weighted Weighted Outstanding at December 31, 2014 40,977 8.82 6.29 4.1 Granted — — — — Exercised (29,139 ) 8.77 6.13 3.1 Canceled — — — — Outstanding at December 31, 2015 11,838 8.95 6.69 3.3 Granted — — — — Exercised — — — Canceled — — — — Outstanding at December 31, 2016 11,838 8.95 6.69 2.3 Granted — — — — Exercised — — — — Canceled — — — — Outstanding at December 31, 2017 11,838 8.95 6.69 1.3 Exercisable Options Outstanding at December 31, 2017 11,838 8.95 6.69 1.3 Non-Vested Options Outstanding at December 31, 2017 — — — —

Operating Segment Information (

Operating Segment Information (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Schedule of Operating Segment Financial Information	The Company evaluates performance and allocates resources, in part, based on profit and 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, 2017 2016 2015 Net Sales Firearms $ 517,701 $ 658,433 $ 544,850 Castings Unaffiliated 4,555 5,895 6,244 Intersegment 24,436 36,779 31,585 28,991 42,674 37,829 Eliminations (24,436 ) (36,779 ) (31,585 ) $ 522,256 $ 664,328 $ 551,094 Income (Loss) Before Income Taxes Firearms $ 77,368 $ 136,390 $ 98,565 Castings (53 ) (1,237 ) (3,407 ) Corporate 331 768 942 $ 77,646 $ 135,921 $ 96,100 Identifiable Assets Firearms $ 206,091 $ 242,758 $ 221,670 Castings 12,524 16,096 15,289 Corporate 65,703 88,025 78,924 $ 284,318 $ 346,879 $ 315,883 Depreciation Firearms $ 31,701 $ 32,010 $ 32,409 Castings 2,118 2,688 3,029 $ 33,819 $ 34,698 $ 35,438 Capital Expenditures Firearms $ 32,710 $ 33,455 $ 26,246 Castings 886 1,760 2,459 $ 33,596 $ 35,215 $ 28,705

Quarterly Results of Operatio39

Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following is a tabulation of the unaudited quarterly results of operations for the two years ended December 31, 2017: Three Months Ended 4/1/17 7/1/17 9/30/17 12/31/17 Net Sales $ 167,355 $ 131,854 $ 104,817 $ 118,230 Gross profit 55,753 34,946 30,214 33,094 Net income 22,224 10,199 9,370 10,350 Basic earnings per share 1.22 0.58 0.53 0.59 Diluted earnings per share $ 1.21 $ 0.57 $ 0.52 $ 0.59 Three Months Ended 4/2/16 7/2/16 10/1/16 12/31/16 Net Sales $ 173,109 $ 167,944 $ 161,427 $ 161,848 Gross profit 59,113 56,694 50,251 53,496 Net income 23,278 23,515 19,850 20,829 Basic earnings per share 1.23 1.24 1.05 1.11 Diluted earnings per share $ 1.21 $ 1.22 $ 1.03 $ 1.10

Contingent Liabilities (Tables)

Contingent Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Reconciliation of Product Liability Reserve	Balance Sheet Roll-forward for Product Liability Reserve Cash Payments Balance Accrued Legal Fees Settlements Balance 2015 $ 845 (77 ) (18 ) (6 ) $ 744 2016 $ 744 1,221 (133 ) (13 ) $ 1,819 2017 $ 1,819 (477 ) (290 ) (233 ) $ 819
Schedule of Product Liability Expense	Income Statement Detail for Product Liability Expense Accrued Insurance Total 2015 $ (77 ) 997 $ 920 2016 $ 1,221 834 $ 2,055 2017 $ (477 ) 837 $ 360 Notes (a) The beginning and ending liability balances represent accrued legal fees only. Settlements and administrative costs are expensed as incurred. Only in rare instances is an accrual established for settlements. (b) The expense accrued in the liability is for legal fees only. In 2015 and 2017, the costs incurred related to cases that were settled or dismissed were less than the amounts accrued for these cases in prior years. (c) Legal fees represent payments to outside counsel related to product liability matters. (d) Settlements represent payments made to plaintiffs or allegedly injured parties in exchange for a full and complete release of liability. (e) Insurance expense represents the cost of insurance premiums.

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 02, 2018
Segment Reporting Information [Line Items]
Advertising expenses	$ 3.1	$ 2.9	$ 3
Shipping costs	4.8	5.7	6.4
Research and development	$ 9.8	$ 8.7	$ 8.5
Effective income tax rate	32.80%	35.60%	35.40%
Subsequent Event [Member]
Segment Reporting Information [Line Items]
Contract liability				$ 7
Accounting Standards Update 2016-09 [Member]
Segment Reporting Information [Line Items]
Impact on effective income tax rate	2.00%
Scenario Previously Reported [Member]
Segment Reporting Information [Line Items]
Impact on current deferred income tax assets		$ 8.8
Impact on noncurrent deferred income tax liabilities		$ 8.5
Tools, Dies and Molds [Member]
Segment Reporting Information [Line Items]
Useful life	3 years
Building [Member]
Segment Reporting Information [Line Items]
Useful life	15 years
Machinery and Equipment [Member]
Segment Reporting Information [Line Items]
Useful life	7 years
Unaffiliated Castings [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Percentage of sales	1.00%
Firearms [Member] | Sales [Member]
Segment Reporting Information [Line Items]
Percentage of sales	99.00%
Firearms [Member] | Sales [Member] | Non-US [Member]
Segment Reporting Information [Line Items]
Percentage of sales	4.00%

Trade Receivables, Net (Details

Trade Receivables, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 61,707	$ 71,247
Allowance for doubtful accounts	(400)	(400)
Allowance for discounts	(1,225)	(1,405)
Trade receivables, net	$ 60,082	$ 69,442
Accounts Receivable [Member] | Customer One [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of customers	22.00%	19.00%
Accounts Receivable [Member] | Customer Two [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of customers	20.00%	15.00%
Accounts Receivable [Member] | Customer Three [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of customers	12.00%	14.00%
Accounts Receivable [Member] | Customer Four [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of customers		11.00%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Finished goods	$ 22,558	$ 24,099
Materials and products in process	62,336	72,978
Inventory gross	84,894	97,077
Adjustment of inventories to a LIFO basis	(45,180)	(42,542)
Net inventories	39,714	$ 54,535
Effect of liquidation of LIFO inventory	$ 400

Property, Plant and Equipment44

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment	$ 365,013	$ 331,639
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment	1,986	1,986
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment	51,361	49,183
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment	265,772	242,169
Dies and Tools [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment	$ 45,894	$ 38,301

Other Assets (Schedule of Other

Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Patents, at cost	$ 6,814	$ 6,525
Accumulated amortization	(4,202)	(3,915)
Deposits on capital items	7,958	21,436
Other	3,169	3,495
Other assets	$ 13,739	$ 27,541

Other Assets (Narrative) (Detai

Other Assets (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Patent amortization	$ 0.3	$ 0.3	$ 0.3
Computer software amortization		$ 0.3	$ 0.4
Patents [Member]
Schedule of Equity Method Investments [Line Items]
Estimated accumulated amortization, 2018	0.3
Estimated accumulated amortization, 2019	0.3
Estimated accumulated amortization, 2020	0.3
Estimated accumulated amortization, 2021	0.3
Estimated accumulated amortization, 2022	$ 0.3

Trade Accounts Payable and Ac47

Trade Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Trade accounts payable	$ 8,758	$ 16,973
Federal excise taxes payable	10,509	14,275
Accrued other	13,155	17,245
Trade accounts payable and accrued expenses	$ 32,422	$ 48,493

Line of Credit (Details)

Line of Credit (Details) - Line of Credit [Member] $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
Line of Credit Facility [Line Items]
Credit facility with a bank	$ 40
Description of interest rate of credit facility	LIBOR
Line of credit interest rate (in percent)	2.106%
Line of credit basis points	2.00%
Line of credit unused portion per year (in percent)	0.375%
Revolving credit facility, expiration date	Jun. 15, 2018

Employee Benefit Plans (Narrati

Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retirement Benefits [Abstract]
Expenses related to employee benefits plan	$ 3,500	$ 3,700	$ 3,300
Discretionary contributions to employee benefit plan	$ 5,600	$ 6,000	$ 5,000

Other Operating Income, net (De

Other Operating Income, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Income and Expenses [Abstract]
(Loss) gain on sale of operating assets	$ (31)	$ 5	$ 113
Total other operating income, net	$ (31)	$ 5	$ 113

Income Taxes (Schedule of Feder

Income Taxes (Schedule of Federal and State Income Tax Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal, current	$ 20,232	$ 31,393	$ 31,382
State, current	3,987	5,678	5,849
Current	24,219	37,071	37,231
Deferred:
Federal, deferred	1,865	10,181	(2,774)
State, deferred	(580)	1,197	(483)
Deferred	$ 1,285	$ 11,378	$ (3,257)

Income Taxes (Schedule of Effec

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	35.00%	35.00%	35.00%
State income taxes, net of federal tax benefit	2.90%	3.30%	3.60%
Domestic production activities deduction	(2.60%)	(2.30%)	(3.20%)
Impact of Accounting Standard Update 2016-09	(0.90%)
Impact of Tax Cuts and Jobs Act on deferred taxes	(0.70%)
Other items	(0.90%)	(0.40%)
Effective income tax rate	32.80%	35.60%	35.40%

Income Taxes (Schedule of Defer

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Product liability	$ 201	$ 655
Employee compensation and benefits	2,336	3,627
Allowances for doubtful accounts and discounts	1,769	3,813
Inventories	758	981
Stock-based compensation	1,406	2,527
Other	1,326	1,533
Total deferred tax assets	7,796	13,136
Deferred tax liabilities:
Depreciation	8,956	12,457
Other	242	345
Total deferred tax liabilities	9,198	12,802
Net deferred tax (liabilities) assets	$ (1,402)	$ 334

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income tax payments		$ 23.4	$ 43	$ 27.5
Statutory corporate tax rate		35.00%	35.00%	35.00%
Net deferred tax liabilities		$ 0.5
Minimum [Member]
Statutory corporate tax rate		21.00%
Maximum [Member]
Statutory corporate tax rate		35.00%
Subsequent Event [Member]
Estimated effective tax rate	24.50%
Scenario Previously Reported [Member]
Impact on current deferred tax assets			$ 8.8
Impact on noncurrent deferred tax liabilities			$ 8.5

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jul. 02, 2017	Apr. 02, 2017	Dec. 31, 2016	Oct. 03, 2016	Jul. 02, 2016	Apr. 02, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Net income	$ 10,350	$ 9,370	$ 10,199	$ 22,224	$ 20,829	$ 19,850	$ 23,515	$ 23,278	$ 52,142	$ 87,472	$ 62,126
Denominator:
Weighted average number of common shares outstanding - Basic									17,725,494	18,931,415	18,696,659
Dilutive effect of options and restricted stock units outstanding under the Company's employee compensation plans									213,596	118,100	668,420
Weighted average number of common shares outstanding - Diluted									17,939,090	19,049,515	19,365,079

Stock Repurchases (Details)

Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended		12 Months Ended			36 Months Ended
	Sep. 30, 2017	Aug. 26, 2017	Apr. 01, 2017	Feb. 25, 2017	Dec. 31, 2016	Mar. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased	240,933	4,490	173,288	900,997	283,343	82,100	1,319,708	283,343	82,100	1,685,151
Average Price Paid Per Share	$ 46.30	$ 47.92	$ 49.92	$ 49.70	$ 49.43	$ 34.57				$ 48.45
Maximum Dollar Value of Shared That May Yet Be Purchased Under the Program							$ 31,000			$ 31,000
Publicly Announced Program [Member]
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Purchased	240,933	4,490	173,288	900,997	283,343	82,100				1,685,151
Maximum Dollar Value of Shared That May Yet Be Purchased Under the Program							$ 30,710			$ 30,710

Compensation Plans (Details)

Compensation Plans (Details) - USD ($) $ in Thousands	12 Months Ended			121 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Apr. 24, 2017	May 31, 2017	Apr. 30, 2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 3,659	$ 3,054	$ 4,530
Aggregate intrinsic value	$ 500
Shares issued
Stock Incentive Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance						2,550,000
Shares issued				2,182,000
Stock Incentive Plan 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance					750,000
Shares available for future grants	727,000

Compensation Plans (Schedule of

Compensation Plans (Schedule of Stock Option Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Shares
Outstanding at Beginning of year	11,838	11,838	40,977
Granted
Exercised			(29,139)
Canceled
Outstanding at End of year	11,838	11,838	11,838	40,977
Exercisable Options Outstanding at December 31, 2017	11,838
Non-Vested Options Outstanding at December 31, 2017
Weighted-Average Exercise Price
Outstanding at Beginning of year	$ 8.95	$ 8.95	$ 8.82
Granted
Exercised			8.77
Canceled
Outstanding at End of year	8.95	8.95	8.95	$ 8.82
Exercisable Options Outstanding at December 31, 2017	8.95
Non-Vested Options Outstanding at December 31, 2017
Weighted-Average Grant Date Fair Value
Outstanding at Beginning of year	6.69	6.69	6.29
Granted
Exercised			6.13
Canceled
Outstanding at End of year	6.69	$ 6.69	$ 6.69	$ 6.29
Exercisable Options Outstanding at December 31, 2017	6.69
Non-Vested Options Outstanding at December 31, 2017
Weighted-Average Remaining Contractual Life
Granted
Exercised			3 years 1 month 6 days
Canceled
Outstanding	1 year 3 months 19 days	2 years 3 months 19 days	3 years 3 months 19 days	4 years 1 month 6 days
Exercisable Options Outstanding at December 31, 2017	1 year 3 months 19 days

Compensation Plans (Deferred St

Compensation Plans (Deferred Stock) (Details) - Deferred Stock [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Compensation expense	$ 700	$ 600	$ 600
Unrecognized compensation expense	$ 700
Unrecognized compensation cost, recognition period	3 years
Vesting in April 2016 [Member] | Director [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred stock awards issued			4,000
Vesting in April 2018 [Member] | Director [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred stock awards issued			5,370
Vesting in May 2017 [Member] | Director [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred stock awards issued		3,881
Vesting in May 2019 [Member] | Director [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred stock awards issued		5,292
Vesting May 2018 [Member] | Director [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred stock awards issued	5,432
Vesting May 2020 [Member] | Director [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred stock awards issued	6,360

Compensation Plans (Restricted

Compensation Plans (Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units issued	114,000	62,000	76,000
Unrecognized compensation expense	$ 5,500
Vesting period of compensation expense not yet recognized	3 years 2 months 30 days
2017 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 4,300
Compensation expense recognized	$ 1,200
2017 Grants [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of compensation expense not yet recognized	24 months
2017 Grants [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of compensation expense not yet recognized	26 months
2016 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 3,400
Compensation expense recognized		$ 800
2016 Grants [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of compensation expense not yet recognized		24 months
2016 Grants [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of compensation expense not yet recognized		28 months
2015 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 1,900
Compensation expense recognized			$ 500
2015 Grants [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of compensation expense not yet recognized			26 months
2015 Grants [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of compensation expense not yet recognized			48 months

Operating Segment Information61

Operating Segment Information (Schedule of Operating Segment Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jul. 02, 2017	Apr. 02, 2017	Dec. 31, 2016	Oct. 03, 2016	Jul. 02, 2016	Apr. 02, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net Sales	$ 118,230	$ 104,817	$ 131,854	$ 167,355	$ 161,848	$ 161,427	$ 167,944	$ 173,109	$ 522,256	$ 664,328	$ 551,094
Income (Loss) Before Income Taxes									77,646	135,921	96,100
Identifiable Assets	284,318				346,879				284,318	346,879	315,883
Depreciation									33,819	34,698	35,438
Payments to Acquire Property, Plant, and Equipment									33,596	35,215	28,705
Firearms [Member]
Segment Reporting Information [Line Items]
Net Sales									517,701	658,433	544,850
Income (Loss) Before Income Taxes									77,368	136,390	98,565
Identifiable Assets	206,091				242,758				206,091	242,758	221,670
Depreciation									31,701	32,010	32,409
Payments to Acquire Property, Plant, and Equipment									32,710	33,455	26,246
Unaffiliated Castings [Member]
Segment Reporting Information [Line Items]
Net Sales									4,555	5,895	6,244
Income (Loss) Before Income Taxes									(53)	(1,237)	(3,407)
Identifiable Assets	12,524				16,096				12,524	16,096	15,289
Depreciation									2,118	2,688	3,029
Payments to Acquire Property, Plant, and Equipment									886	1,760	2,459
Corporate [Member]
Segment Reporting Information [Line Items]
Income (Loss) Before Income Taxes									331	768	942
Identifiable Assets	$ 65,703				$ 88,025				65,703	88,025	78,924
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Net Sales									(24,436)	(36,779)	(31,585)
Intersegment Elimination [Member] | Unaffiliated Castings [Member]
Segment Reporting Information [Line Items]
Net Sales									24,436	36,779	31,585
Operating Segments [Member] | Unaffiliated Castings [Member]
Segment Reporting Information [Line Items]
Net Sales									$ 28,991	$ 42,674	$ 37,829

Operating Segment Information62

Operating Segment Information (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue, Major Customer [Line Items]
Number of Operating Segments	2
Sales Revenue, Goods, Net [Member] | United States [Member]
Revenue, Major Customer [Line Items]
Percentage of sales	96.00%	96.00%	96.00%
Sales Revenue, Goods, Net [Member] | Davidsons [Member]
Revenue, Major Customer [Line Items]
Percentage of sales	21.00%	19.00%	18.00%
Sales Revenue, Goods, Net [Member] | Lipseys [Member]
Revenue, Major Customer [Line Items]
Percentage of sales	18.00%	17.00%	17.00%
Sales Revenue, Goods, Net [Member] | Jerrys And Ellett Brothers [Member]
Revenue, Major Customer [Line Items]
Percentage of sales	12.00%	15.00%	11.00%
Sales Revenue, Goods, Net [Member] | Sports South [Member]
Revenue, Major Customer [Line Items]
Percentage of sales	13.00%	14.00%	13.00%

Quarterly Results of Operatio63

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jul. 02, 2017	Apr. 02, 2017	Dec. 31, 2016	Oct. 03, 2016	Jul. 02, 2016	Apr. 02, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total net sales	$ 118,230	$ 104,817	$ 131,854	$ 167,355	$ 161,848	$ 161,427	$ 167,944	$ 173,109	$ 522,256	$ 664,328	$ 551,094
Gross profit	33,094	30,214	34,946	55,753	53,496	50,251	56,694	59,113	154,008	219,554	172,160
Net income	$ 10,350	$ 9,370	$ 10,199	$ 22,224	$ 20,829	$ 19,850	$ 23,515	$ 23,278	$ 52,142	$ 87,472	$ 62,126
Basic earnings per share	$ 0.59	$ 0.53	$ 0.58	$ 1.22	$ 1.11	$ 1.05	$ 1.24	$ 1.23	$ 2.94	$ 4.62	$ 3.32
Diluted earnings per share	$ 0.59	$ 0.52	$ 0.57	$ 1.21	$ 1.10	$ 1.03	$ 1.22	$ 1.21	$ 2.91	$ 4.59	$ 3.21

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
National Rifle Association [Member]
Related Party Transaction [Line Items]
Amount of payments	$ 0.8	$ 8.4	$ 1.6
Symbolic [Member]
Related Party Transaction [Line Items]
Amount of payments	1.4	1.9	2
Reimbursement of expenses	$ 0.9	$ 0.9	$ 1.1

Contingent Liabilities (Narrati

Contingent Liabilities (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits against the company | item	4	5
Minimum limit of per claim for providing insurance coverage on annual basis | $	$ 5,000
Maximum limit of aggregate loss incurred annually for providing insurance coverage on annual basis | $	10,000
Total amount of damages claimed | $	100	$ 100
Total Product Liability Expense | $	$ 360	$ 2,055	$ 920
Number of new lawsuits | item	0	3
Number of settled lawsuits | item	0	1
Number of claims dismissed | item	2	0

Contingent Liabilities (Reconci

Contingent Liabilities (Reconciliation of Product Liability Reserve) (Details) - Product Liability Reserve [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	[1]	$ 1,819	$ 744	$ 845
Accrued Legal Expense (Income)	[2]	(477)	1,221	(77)
Legal Fees	[3]	(290)	(133)	(18)
Settlements	[4]	(233)	(13)	(6)
Balance at End of Period	[1]	$ 819	$ 1,819	$ 744
[1]	The beginning and ending liability balances represent accrued legal fees only. Settlements and administrative costs are expensed as incurred. Only in rare instances is an accrual established for settlements.
[2]	The expense accrued in the liability is for legal fees only. In 2015 and 2017, the costs incurred related to cases that were settled or dismissed were less than the amounts accrued for these cases in prior years.
[3]	Legal fees represent payments to outside counsel related to product liability matters.
[4]	Settlements represent payments made to plaintiffs or allegedly injured parties in exchange for a full and complete release of liability.

Contingent Liabilities (Schedul

Contingent Liabilities (Schedule of Product Liability Expense) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Product Liability Contingency [Line Items]
Total Product Liability Expense		$ 360	$ 2,055	$ 920
Accrued Legal Expense [Member]
Product Liability Contingency [Line Items]
Total Product Liability Expense	[1]	(477)	1,221	(77)
Product Insurance Premium Expense [Member]
Product Liability Contingency [Line Items]
Total Product Liability Expense	[2]	$ 837	$ 834	$ 997
[1]	The expense accrued in the liability is for legal fees only. In 2015 and 2017, the costs incurred related to cases that were settled or dismissed were less than the amounts accrued for these cases in prior years.
[2]	Insurance expense represents the cost of insurance premiums.

Subsequent Events (Details)

Subsequent Events (Details)	Feb. 16, 2018$ / shares
Subsequent Event [Member]
Dividend authorized	$ 0.23