Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 02, 2021 | Oct. 15, 2021 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000095029 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Oct. 2, 2021 | |
Entity File Number | 1-10435 | |
Entity Registrant Name | STURM, RUGER & COMPANY, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 06-0633559 | |
Entity Address, Address Line One | Lacey Place | |
Entity Address, City or Town | Southport | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06890 | |
City Area Code | 203 | |
Local Phone Number | 259-7843 | |
Security 12b Title | Common Stock, $1 par value | |
Trading Symbol | RGR | |
Name of Exchange on which Security is Registered | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,596,600 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Oct. 02, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 27,677 | $ 20,147 |
Short-term investments | 164,996 | 121,007 |
Trade receivables, net | 71,861 | 57,876 |
Gross inventories (Note 4) | 92,475 | 80,487 |
Less LIFO reserve | (49,473) | (48,016) |
Less excess and obsolescence reserve | (3,887) | (3,394) |
Net inventories | 39,115 | 29,077 |
Prepaid expenses and other current assets | 5,210 | 6,266 |
Total Current Assets | 308,859 | 234,373 |
Property, plant and equipment | 408,733 | 393,843 |
Less allowances for depreciation | (344,192) | (323,110) |
Net property, plant and equipment | 64,541 | 70,733 |
Deferred income taxes | 11 | 1,530 |
Other assets | 46,650 | 41,622 |
Total Assets | 420,061 | 348,258 |
Current Liabilities | ||
Trade accounts payable and accrued expenses | 38,414 | 37,078 |
Contract liabilities with customers (Note 3) | 84 | |
Product liability | 870 | 1,052 |
Employee compensation and benefits | 31,782 | 37,275 |
Workers' compensation | 6,777 | 6,272 |
Income taxes payable | 2,544 | |
Total Current Liabilities | 80,387 | 81,761 |
Product liability accrual | 95 | 74 |
Lease liability (Note 5) | 1,509 | 1,724 |
Deferred income taxes | ||
Contingent liabilities (Note 13) | ||
Stockholders' Equity | ||
Additional paid-in capital | 45,239 | 43,468 |
Retained earnings | 414,115 | 342,615 |
Less: Treasury stock - at cost 2021 - 6,709,898 shares 2020 - 6,709,898 shares | (145,590) | (145,590) |
Total Stockholders' Equity | 338,070 | 264,699 |
Total Liabilities and Stockholders' Equity | 420,061 | 348,258 |
Nonvoting Common Stock [Member] | ||
Stockholders' Equity | ||
Common Stock | ||
Common Stock [Member] | ||
Stockholders' Equity | ||
Common Stock | $ 24,306 | $ 24,206 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Oct. 02, 2021 | Dec. 31, 2020 |
Treasury stock, shares | 6,709,898 | 6,709,898 |
Nonvoting Common Stock [Member] | ||
Common Stock, par value per share | $ 1 | $ 1 |
Common Stock, shares authorized | 50,000 | 50,000 |
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 | 24,306,486 | 24,205,749 |
Common Stock, shares outstanding | 17,596,588 | 17,495,851 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 178,246 | $ 145,705 | $ 562,694 | $ 399,608 |
Cost of products sold | 113,444 | 94,553 | 346,569 | 272,362 |
Gross profit | 64,802 | 51,152 | 216,125 | 127,246 |
Operating expenses: | ||||
Selling | 7,753 | 8,432 | 24,290 | 23,355 |
General and administrative | 10,323 | 9,862 | 33,484 | 26,844 |
Total operating expenses | 18,076 | 18,294 | 57,774 | 50,199 |
Operating income | 46,726 | 32,858 | 158,351 | 77,047 |
Other income: | ||||
Interest income | 11 | 112 | 31 | 1,072 |
Interest expense | (114) | (114) | (164) | (166) |
Other income, net | 1,401 | 38 | 2,462 | 451 |
Total other income, net | 1,298 | 36 | 2,329 | 1,357 |
Income before income taxes | 48,024 | 32,894 | 160,680 | 78,404 |
Income taxes | 12,822 | 8,141 | 42,902 | 19,719 |
Net income and comprehensive income | $ 35,202 | $ 24,753 | $ 117,778 | $ 58,685 |
Basic earnings per share | $ 2 | $ 1.42 | $ 6.70 | $ 3.36 |
Diluted earnings per share | $ 1.98 | $ 1.39 | $ 6.64 | $ 3.31 |
Weighted average number of common shares outstanding - Basic | 17,596,588 | 17,489,642 | 17,582,009 | 17,475,819 |
Weighted average number of common shares outstanding - Diluted | 17,778,177 | 17,763,277 | 17,749,897 | 17,735,474 |
Cash dividends per share | $ 1 | $ 5.42 | $ 2.57 | $ 5.95 |
Firearms [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 177,529 | $ 145,157 | $ 560,578 | $ 397,335 |
Unaffiliated Castings [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 717 | $ 548 | $ 2,116 | $ 2,273 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - 9 months ended Oct. 02, 2021 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2020 | $ 24,206 | $ 43,468 | $ 342,615 | $ (145,590) | $ 264,699 |
Net income and comprehensive income | 117,778 | 117,778 | |||
Common stock issued - compensation plans | 100 | (100) | |||
Vesting of RSUs | (4,801) | (4,801) | |||
Dividends paid | (45,202) | (45,202) | |||
Unpaid dividends accrued | (1,076) | (1,076) | |||
Recognition of stock-based compensation expense | 6,672 | 6,672 | |||
Balance at Oct. 02, 2021 | $ 24,306 | $ 45,239 | $ 414,115 | $ (145,590) | $ 338,070 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 02, 2021 | Sep. 26, 2020 | |
Operating Activities | ||
Net income | $ 117,778 | $ 58,685 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 22,001 | 21,644 |
Stock-based compensation | 6,672 | 4,430 |
Gain on sale of assets | (111) | (72) |
Deferred income taxes | 1,519 | 3,127 |
Changes in operating assets and liabilities: | ||
Trade receivables | (13,985) | (5,580) |
Inventories | (10,038) | 14,722 |
Trade accounts payable and accrued expenses | 1,720 | (1,614) |
Contract liability to customers | (84) | (8,420) |
Employee compensation and benefits | (6,569) | 15,299 |
Product liability | (161) | 196 |
Prepaid expenses, other assets and other liabilities | (4,282) | (19,215) |
Income taxes payable | 2,544 | (1,223) |
Cash provided by operating activities | 117,004 | 81,979 |
Investing Activities | ||
Property, plant and equipment additions | (15,617) | (8,044) |
Proceeds from sale of assets | 135 | 178 |
Purchases of short-term investments | (376,979) | (268,451) |
Proceeds from maturities of short-term investments | 332,990 | 293,962 |
Cash (used for) provided by investing activities | (59,471) | 17,645 |
Financing Activities | ||
Remittance of taxes withheld from employees related to share-based compensation | (4,801) | (1,297) |
Dividends paid | (45,202) | (104,097) |
Cash used for financing activities | (50,003) | (105,394) |
Increase (decrease) in cash and cash equivalents | 7,530 | (5,770) |
Cash and cash equivalents at beginning of period | 20,147 | 35,420 |
Cash and cash equivalents at end of period | $ 27,677 | $ 29,650 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Oct. 02, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE 1 — BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of the results of the interim periods. Operating results for the nine months ended October 2, 2021 may not be indicative of the results to be expected for the full year ending December 31, 2021. These financial statements have been prepared on a basis that is substantially consistent with the accounting principles applied in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Oct. 02, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — 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 are from firearms. Export sales typically represent no more than 5% of total 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 also manufactures investment castings made from steel alloys and metal injection molding (“MIM”) parts for internal use in its firearms and for sale to unaffiliated, third-party customers. Approximately 1% of sales are from the castings segment. 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: The Company recognizes revenue in accordance with the provisions of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers , 8 Index promotion programs under which downstream customers are entitled to receive no charge products based on their purchases of certain of the Company’s products from the independent distributors. The fulfillment of these no charge products is the Company’s responsibility. In such instances, the Company allocates the revenue of the promotional sales based on the estimated level of participation in the sales promotional program and the timing of the shipment of all of the firearms included in the promotional program, including the no charge firearms. Revenue is recognized proportionally as each performance obligation is satisfied, based on the relative customary price of each product. Customary prices are generally determined based on the prices charged to the independent distributors. The net change in contract liabilities for a given period is reported as an increase or decrease to sales. Fair Value of Financial Instruments: The carrying amounts of financial instruments, including cash, short-term investments, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the short-term maturity of these items. Business Combination: On November 23, 2020, the Company acquired substantially all of the assets used to manufacture Marlin Firearms from the Remington Outdoor Company, Inc. and each of the subsidiaries of the Remington Outdoor Company, Inc. for a purchase price of $28.3 million in cash. The transaction was funded by the Company with cash on hand and has been accounted for in accordance with ASC 805 - Business Combinations, which requires, among other things, an assignment of the acquisition consideration transferred to the sellers for the tangible and intangible assets acquired, using the bottom up approach, to estimate their value at acquisition date. Any excess of the fair value of the purchase consideration over these identified net assets was recorded as goodwill. Our estimates of fair value are based upon assumptions believed to be reasonable, yet are inherently uncertain and, as a result, may differ from actual performance. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the estimated fair values of the assets acquired and liabilities assumed with a corresponding adjustment to goodwill in the period in which such revised estimates are identified. No such adjustments were recorded in the three and nine months ended October 2, 2021. Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Reclassifications: Certain prior period balances have been reclassified to conform to current year presentation. |
REVENUE RECOGNITION AND CONTRAC
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS | 9 Months Ended |
Oct. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS | NOTE 3 — REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS The impact of ASC 606 on revenue recognized during the three and nine months ended October 2, 2021 and September 26, 2020 is as follows: Three Months Ended Nine Months Ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Contract liabilities with customers at beginning of period $ — $ 3,646 $ 84 $ 9,623 Revenue deferred — 150 — 4,843 Revenue recognized — ( 2,593 ) ( 84 ) ( 13,263 ) Contract liabilities with customers at end of period $ — $ 1,203 $ — $ 1,203 As more fully described in the Revenue Recognition section of Note 2, the deferral of revenue and subsequent recognition thereof relates to certain of the Company’s sales promotion programs that include the future shipment of free products. The Company was not responsible for the shipment of any free products arising from such sales promotion programs as of October 2, 2021. Practical Expedients and Exemptions The Company has elected to account for shipping and handling activities that occur after control of the related product transfers to the customer as fulfillment activities that are recognized upon shipment of the goods. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Oct. 02, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 4 — INVENTORIES Inventories are valued using the last-in, first-out (LIFO) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management's control, interim results are subject to the final year-end LIFO inventory valuation. Inventories consist of the following: October 2, 2021 December 31, 2020 Inventory at FIFO Finished products $ 4,946 $ 2,878 Materials and work in process 87,529 77,609 Gross inventories 92,475 80,487 Less: LIFO reserve ( 49,473 ) ( 48,016 ) Less: excess and obsolescence reserve ( 3,887 ) ( 3,394 ) Net inventories $ 39,115 $ 29,077 |
LEASED ASSETS
LEASED ASSETS | 9 Months Ended |
Oct. 02, 2021 | |
Leases [Abstract] | |
LEASED ASSETS | NOTE 5 — LEASED ASSETS The Company leases certain of its real estate and equipment. The Company has evaluated all its leases and determined that all are operating leases under the definitions of the guidance of ASU 2016-02, Leases (Topic 842) Under the provisions of ASU 2016-02, the Company records right-of-use assets equal to the present value of the contractual liability for future lease payments. The table below presents the right-of-use assets and related lease liabilities recognized on the Condensed Consolidated Balance Sheet as of October 2, 2021: Balance Sheet Line Item October 2, 2021 Right-of-use assets Other assets $ 1,788 Operating lease liabilities Current portion Trade accounts payable and accrued expenses $ 330 Noncurrent portion Lease liabilities 1,509 Total operating lease liabilities $ 1,839 The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight line basis over the life of the lease. The Company’s leases generally do not provide an implicit interest rate, and therefore the Company calculates an incremental borrowing rate to determine the present value of its operating lease liabilities. The following table reconciles the undiscounted future minimum lease payments to the total operating lease liabilities recognized on the Condensed Consolidated Balance Sheet as of October 2, 2021: Remainder of 2021 $ 140 2022 244 2023 213 2024 215 2025 160 Thereafter 1,440 Total undiscounted future minimum lease payments 2,412 Less: Difference between undiscounted lease payments & the present value of future lease payments ( 573 ) Total operating lease liabilities $ 1,839 Certain of the Company’s lease agreements contain renewal options at the Company’s discretion. The Company does not recognize right-of-use assets or lease liabilities for leases of one year or less or for renewal periods unless it is reasonably certain that the Company will exercise the renewal option at the inception of the lease or when a triggering event occurs. The Company’s weighted average remaining lease term for operating leases as of October 2, 2021 is 11.90 years. |
LINE OF CREDIT
LINE OF CREDIT | 9 Months Ended |
Oct. 02, 2021 | |
Line of Credit Facility [Abstract] | |
LINE OF CREDIT | NOTE 6 — LINE OF CREDIT The Company had a $40 million revolving line of credit with a bank. This facility terminated on September 30, 2021. Borrowings under this facility bore interest at the one-month LIBOR rate (0.08% at September 30, 2021) plus 150 basis points. The Company was charged one-quarter of a percent (0.25%) per year on the unused portion. The facility included certain terms and covenants, including the requirement that the Company maintain a minimum earnings before interest, taxes, depreciation and amortization (EBITDA) for the preceding four quarters in any quarter that the Company drew on the line of credit. During the first quarter of 2020, the Company made a $1 million draw from the facility while it was not in compliance with this covenant. The draw was subsequently repaid prior to the end of the first quarter. The Company notified the lender and was granted a waiver on June 30, 2020. At the line of credit’s termination date and December 31, 2020, the Company was in compliance with the terms and covenants of the credit facility. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Oct. 02, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | NOTE 7 — EMPLOYEE BENEFIT PLANS The Company sponsors a 401(k) plan that covers substantially all employees. The Company matches a certain portion of employee contributions using the safe harbor guidelines contained in the Internal Revenue Code. Expenses related to these matching contributions totaled $0.9 million and $3.1 million for the three and nine months ended October 2, 2021, respectively, and $0.8 million and $2.4 million for the three and nine months ended September 26, 2020, respectively. The Company plans to contribute approximately $0.9 million to the plan in matching employee contributions during the remainder of 2021. In addition, the Company provided supplemental discretionary contributions to the 401(k) plan totaling $1.6 million and $5.6 million for the three and nine months ended October 2, 2021, respectively, and $1.2 million and $3.9 million for the three and nine months ended September 26, 2020, respectively. The Company plans to contribute approximately $1.6 million in supplemental contributions to the plan during the remainder of 2021. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Oct. 02, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8 — INCOME TAXES The Company's 2021 effective tax rate differs from the statutory federal tax rate due principally to state income taxes and the nondeductibility of certain executive compensation. The Company’s effective income tax rate was 26.7% for both the three and nine months ended October 2, 2021. The Company's 2020 effective tax rate differs from the statutory federal tax rate due principally to state income taxes. The Company’s effective income tax rate was 24.7% and 25.2% for the three and nine months ended September 26, 2020, respectively. Income tax payments for the three and nine months ended October 2, 2021 totaled $13.8 million and $36.6 million, respectively. Income tax payments for the three and nine months ended September 26, 2020 totaled $18.2 million and $22.3 million, respectively. 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 2018. 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 12 Index 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 | 9 Months Ended |
Oct. 02, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 9 — 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: Three Months Ended Nine Months Ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Numerator: Net income $ 35,202 $ 24,753 $ 117,778 $ 58,685 Denominator: Weighted average number of common shares outstanding – Basic 17,596,588 17,489,642 17,582,009 17,475,819 Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans 181,589 273,635 167,888 259,655 Weighted average number of common shares outstanding – Diluted 17,778,177 17,763,277 17,749,897 17,735,474 The dilutive effect of outstanding options and restricted stock units is calculated using the treasury stock method. There were no stock options that were anti-dilutive and therefore not included in the diluted earnings per share calculation. |
COMPENSATION PLANS
COMPENSATION PLANS | 9 Months Ended |
Oct. 02, 2021 | |
Share-based Payment Arrangement [Abstract] | |
COMPENSATION PLANS | NOTE 10 — 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 . Restricted Stock Units The Company grants performance-based and retention-based restricted stock units to senior employees. The vesting of the performance-based awards is dependent on the achievement of corporate objectives established by the Compensation Committee of the Board of Directors and a three-year vesting period. The retention-based awards are subject only to the three-year vesting period. There were 93,939 restricted stock units issued during the nine months ended October 2, 2021. Total compensation costs related to these restricted stock units are $6.5 million. 13 Index Compensation costs related to all outstanding restricted stock units recognized in the statements of income aggregated $1.6 million and $6.7 million for the three and nine months ended October 2, 2021, respectively, and $1.7 million and $4.4 million for the three and nine months ended September 26, 2020, respectively. |
OPERATING SEGMENT INFORMATION
OPERATING SEGMENT INFORMATION | 9 Months Ended |
Oct. 02, 2021 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENT INFORMATION | NOTE 11 — OPERATING SEGMENT INFORMATION The Company has two reportable segments: firearms and castings. The firearms segment manufactures and sells rifles, pistols, and revolvers principally to a select number of independent wholesale distributors primarily located in the United States. The castings segment manufactures and sells steel investment castings and metal injection molding parts. Selected operating segment financial information follows: Three Months Ended Nine Months Ended (in thousands) October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Net Sales Firearms $ 177,529 $ 145,157 $ 560,578 $ 397,335 Castings Unaffiliated 717 548 2,116 2,273 Intersegment 5,774 5,996 19,995 15,784 6,491 6,544 22,111 18,057 Eliminations ( 5,774 ) ( 5,996 ) ( 19,995 ) ( 15,784 ) $ 178,246 $ 145,705 $ 562,694 $ 399,608 Income (Loss) Before Income Taxes Firearms $ 48,139 $ 33,659 $ 161,941 $ 78,859 Castings ( 753 ) ( 633 ) ( 2,084 ) ( 1,356 ) Corporate 638 ( 132 ) 823 901 $ 48,024 $ 32,894 $ 160,680 $ 78,404 October 2, 2021 December 31, 2020 Identifiable Assets Firearms $ 197,158 $ 174,500 Castings 13,456 11,959 Corporate 209,447 161,799 $ 420,061 $ 348,258 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Oct. 02, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 12 — RELATED PARTY TRANSACTIONS The Company contracts with the National Rifle Association (“NRA”) for some of its promotional and advertising activities. Payments made to the NRA in the three and nine months ended October 2, 2021 totaled $0.1 million and $0.3 million, respectively. Payments made to the NRA in the three and nine months ended September 26, 2020 totaled $0.2 million and $0.4 million, respectively. One of the Company’s Directors also serves as a Director on the Board of the NRA. |
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES | 9 Months Ended |
Oct. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENT LIABILITIES | NOTE 13 — CONTINGENT LIABILITIES As of October 2, 2021, the Company was a defendant in four (4) lawsuits and is aware of certain other such claims. The lawsuits fall into two categories: traditional product liability litigation and municipal litigation. Each is discussed in turn below. Traditional Product Liability Litigation Two lawsuits mentioned above involve a claim for damages related to an allegedly defective product due to its design and/or manufacture. The lawsuits each stem from a specific incident of personal injury and are based on traditional product liability theories such as strict liability, negligence, and/or breach of warranty. The Company's management believes that the allegations in these cases are unfounded, that the incidents are unrelated to the design or manufacture of the firearms involved, and that there should be no recovery against the Company. 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 are two lawsuits of this type. The City of Gary Estado Unidos Mexicanos v. Smith & Wesson, et al . The City of Gary 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 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 inapplicable to the City's claims. 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, KS&E Sports City of Gary City of Gary KS&E Sports 15 Index A hearing on the motion for judgment on the pleadings was held on December 12, 2017. On January 2, 2018, the court issued an order granting defendants’ motion for judgment on the pleadings, but denying defendants’ request for attorney’s fees and costs. On January 8, 2018, the court entered judgment for the defendants. The City filed a Notice of Appeal on February 1, 2018. Defendants cross-appealed the order denying attorney’s fees and costs. Briefing in the Indiana Court of Appeals was completed on the City’s appeal and Defendants’ cross appeal on September 10, 2018. The Court of Appeals issued its ruling on May 23, 2019, affirming dismissal of the City’s negligent design and warnings count on the basis that the City had not alleged that Manufacturer Defendants’ conduct was unlawful. However, the court reversed dismissal of the City’s negligent sale and distribution and related public nuisance counts for damages and injunctive relief. The Manufacturer Defendants filed a Petition to Transfer the case to the Indiana Supreme Court on July 8, 2019. The Petition was denied on November 26, 2019. The case was remanded to the trial court for further proceedings. During the quarter ended April 3, 2021, the City initiated discovery and the Manufacturer Defendants reciprocated. Discovery is ongoing. Estado Unidos Mexicanos v. Smith & Wesson Brands, Inc., et al. 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 Company, but may have a material impact on the Company’s financial results 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 16 Index 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 $1.1 million and $0.1 million at December 31, 2020 and 2019, 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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Oct. 02, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14 — SUBSEQUENT EVENTS On October 29, 2021, the Board of Directors authorized a dividend of 79¢ per share, for shareholders of record as of November 15, 2021, payable on November 30, 2021. The Company has evaluated events and transactions occurring subsequent to October 2, 2021 and determined that there were no other unreported events or transactions that would have a material impact on the Company’s results of operations or financial position. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Oct. 02, 2021 | |
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 are from firearms. Export sales typically represent no more than 5% of total 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 also manufactures investment castings made from steel alloys and metal injection molding (“MIM”) parts for internal use in its firearms and for sale to unaffiliated, third-party customers. Approximately 1% of sales are from the castings segment. |
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: The Company recognizes revenue in accordance with the provisions of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers , 8 Index promotion programs under which downstream customers are entitled to receive no charge products based on their purchases of certain of the Company’s products from the independent distributors. The fulfillment of these no charge products is the Company’s responsibility. In such instances, the Company allocates the revenue of the promotional sales based on the estimated level of participation in the sales promotional program and the timing of the shipment of all of the firearms included in the promotional program, including the no charge firearms. Revenue is recognized proportionally as each performance obligation is satisfied, based on the relative customary price of each product. Customary prices are generally determined based on the prices charged to the independent distributors. The net change in contract liabilities for a given period is reported as an increase or decrease to sales. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: The carrying amounts of financial instruments, including cash, short-term investments, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the short-term maturity of these items. |
Business Combination | Business Combination: On November 23, 2020, the Company acquired substantially all of the assets used to manufacture Marlin Firearms from the Remington Outdoor Company, Inc. and each of the subsidiaries of the Remington Outdoor Company, Inc. for a purchase price of $28.3 million in cash. The transaction was funded by the Company with cash on hand and has been accounted for in accordance with ASC 805 - Business Combinations, which requires, among other things, an assignment of the acquisition consideration transferred to the sellers for the tangible and intangible assets acquired, using the bottom up approach, to estimate their value at acquisition date. Any excess of the fair value of the purchase consideration over these identified net assets was recorded as goodwill. Our estimates of fair value are based upon assumptions believed to be reasonable, yet are inherently uncertain and, as a result, may differ from actual performance. During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the estimated fair values of the assets acquired and liabilities assumed with a corresponding adjustment to goodwill in the period in which such revised estimates are identified. No such adjustments were recorded in the three and nine months ended October 2, 2021. |
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Reclassifications | Reclassifications: Certain prior period balances have been reclassified to conform to current year presentation. |
REVENUE RECOGNITION AND CONTR_2
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Recognized | The impact of ASC 606 on revenue recognized during the three and nine months ended October 2, 2021 and September 26, 2020 is as follows: Three Months Ended Nine Months Ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Contract liabilities with customers at beginning of period $ — $ 3,646 $ 84 $ 9,623 Revenue deferred — 150 — 4,843 Revenue recognized — ( 2,593 ) ( 84 ) ( 13,263 ) Contract liabilities with customers at end of period $ — $ 1,203 $ — $ 1,203 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following: October 2, 2021 December 31, 2020 Inventory at FIFO Finished products $ 4,946 $ 2,878 Materials and work in process 87,529 77,609 Gross inventories 92,475 80,487 Less: LIFO reserve ( 49,473 ) ( 48,016 ) Less: excess and obsolescence reserve ( 3,887 ) ( 3,394 ) Net inventories $ 39,115 $ 29,077 |
LEASED ASSETS (Tables)
LEASED ASSETS (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Leases [Abstract] | |
Schedule of right-of-use assets and related lease liabilities | Under the provisions of ASU 2016-02, the Company records right-of-use assets equal to the present value of the contractual liability for future lease payments. The table below presents the right-of-use assets and related lease liabilities recognized on the Condensed Consolidated Balance Sheet as of October 2, 2021: Balance Sheet Line Item October 2, 2021 Right-of-use assets Other assets $ 1,788 Operating lease liabilities Current portion Trade accounts payable and accrued expenses $ 330 Noncurrent portion Lease liabilities 1,509 Total operating lease liabilities $ 1,839 |
Schedule of operating lease liabilities | The Company’s leases generally do not provide an implicit interest rate, and therefore the Company calculates an incremental borrowing rate to determine the present value of its operating lease liabilities. The following table reconciles the undiscounted future minimum lease payments to the total operating lease liabilities recognized on the Condensed Consolidated Balance Sheet as of October 2, 2021: Remainder of 2021 $ 140 2022 244 2023 213 2024 215 2025 160 Thereafter 1,440 Total undiscounted future minimum lease payments 2,412 Less: Difference between undiscounted lease payments & the present value of future lease payments ( 573 ) Total operating lease liabilities $ 1,839 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
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: Three Months Ended Nine Months Ended October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Numerator: Net income $ 35,202 $ 24,753 $ 117,778 $ 58,685 Denominator: Weighted average number of common shares outstanding – Basic 17,596,588 17,489,642 17,582,009 17,475,819 Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans 181,589 273,635 167,888 259,655 Weighted average number of common shares outstanding – Diluted 17,778,177 17,763,277 17,749,897 17,735,474 |
OPERATING SEGMENT INFORMATION (
OPERATING SEGMENT INFORMATION (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Financial Information | Selected operating segment financial information follows: Three Months Ended Nine Months Ended (in thousands) October 2, 2021 September 26, 2020 October 2, 2021 September 26, 2020 Net Sales Firearms $ 177,529 $ 145,157 $ 560,578 $ 397,335 Castings Unaffiliated 717 548 2,116 2,273 Intersegment 5,774 5,996 19,995 15,784 6,491 6,544 22,111 18,057 Eliminations ( 5,774 ) ( 5,996 ) ( 19,995 ) ( 15,784 ) $ 178,246 $ 145,705 $ 562,694 $ 399,608 Income (Loss) Before Income Taxes Firearms $ 48,139 $ 33,659 $ 161,941 $ 78,859 Castings ( 753 ) ( 633 ) ( 2,084 ) ( 1,356 ) Corporate 638 ( 132 ) 823 901 $ 48,024 $ 32,894 $ 160,680 $ 78,404 October 2, 2021 December 31, 2020 Identifiable Assets Firearms $ 197,158 $ 174,500 Castings 13,456 11,959 Corporate 209,447 161,799 $ 420,061 $ 348,258 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions | Nov. 23, 2020 | Oct. 02, 2021 |
Sales [Member] | Customer Concentration Risk [Member] | Firearms [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of sales | 99.00% | |
Sales [Member] | Customer Concentration Risk [Member] | Unaffiliated Castings [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of sales | 1.00% | |
Sales [Member] | Maximum [Member] | Non-US [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of sales | 5.00% | |
Remington Outdoor Company, Inc. [Member] | ||
Segment Reporting Information [Line Items] | ||
Purchase price | $ 28.3 |
REVENUE RECOGNITION AND CONTR_3
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Schedule of Revenue Recognized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract liabilities with customers at beginning of period | $ 3,646 | $ 84 | $ 9,623 | |
Revenue deferred | 150 | 4,843 | ||
Revenue recognized | (2,593) | (84) | (13,263) | |
Contract liabilities with customers at end of period | $ 1,203 | $ 1,203 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Dec. 31, 2020 |
Inventory at FIFO | ||
Finished products | $ 4,946 | $ 2,878 |
Materials and work in process | 87,529 | 77,609 |
Gross inventories | 92,475 | 80,487 |
Less: LIFO reserve | (49,473) | (48,016) |
Less: excess and obsolescence reserve | (3,887) | (3,394) |
Net inventories | $ 39,115 | $ 29,077 |
LEASED ASSETS (Schedule of righ
LEASED ASSETS (Schedule of right-of-use assets and related lease liabilities) (Details) - USD ($) $ in Thousands | Oct. 02, 2021 | Dec. 31, 2020 |
Operating lease liabilities | ||
Noncurrent portion | $ 1,509 | $ 1,724 |
Total operating lease liabilities | $ 1,839 | |
Weighted average remaining lease term of operating leases | 11 years 10 months 24 days | |
Other assets [Member] | ||
Operating Leased Assets [Line Items] | ||
Right-of-use assets | $ 1,788 | |
Trade accounts payable and accrued expenses [Member] | ||
Operating lease liabilities | ||
Current portion | $ 330 |
LEASED ASSETS (Schedule of oper
LEASED ASSETS (Schedule of operating lease liabilities) (Details) $ in Thousands | Oct. 02, 2021USD ($) |
Leases [Abstract] | |
Remainder of 2021 | $ 140 |
2022 | 244 |
2023 | 213 |
2024 | 215 |
2025 | 160 |
Thereafter | 1,440 |
Total undiscounted future minimum lease payments | 2,412 |
Less: Difference between undiscounted lease payments & the present value of future lease payments | (573) |
Total operating lease liabilities | $ 1,839 |
LINE OF CREDIT (Details)
LINE OF CREDIT (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Mar. 28, 2020 | Oct. 02, 2021 | |
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) | 0.08% | |
Line of credit unused portion per year (in percent) | 0.25% | |
Revolving credit facility, expiration date | Sep. 30, 2021 | |
Proceeds from line of credit | $ 1 | |
Revolving Line Of Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit basis points | 1.50% |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Retirement Benefits [Abstract] | ||||
Matching expenses related to defined contribution plan | $ 0.9 | $ 0.8 | $ 3.1 | $ 2.4 |
Future match of defined contribution plans | 0.9 | |||
Supplemental discretionary contributions | $ 1.6 | $ 1.2 | 5.6 | $ 3.9 |
Supplemental contributions to the plan during the remainder of fiscal year | $ 1.6 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 26.70% | 24.70% | 26.70% | 25.20% |
Income tax payments | $ 13.8 | $ 18.2 | $ 36.6 | $ 22.3 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Numerator: | ||||
Net income | $ 35,202 | $ 24,753 | $ 117,778 | $ 58,685 |
Denominator: | ||||
Weighted average number of common shares outstanding - Basic | 17,596,588 | 17,489,642 | 17,582,009 | 17,475,819 |
Dilutive effect of options and restricted stock units outstanding under the Company's employee compensation plans | 181,589 | 273,635 | 167,888 | 259,655 |
Weighted average number of common shares outstanding - Diluted | 17,778,177 | 17,763,277 | 17,749,897 | 17,735,474 |
COMPENSATION PLANS (Narrative)
COMPENSATION PLANS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Stock Incentive Plan 2017 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for issuance | 750,000 | 750,000 | ||
Shares available for future grants | 218,000 | 218,000 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Restricted stock units issued | 93,939 | |||
Total compensation costs | $ 6.5 | |||
Compensation expense recognized | $ 1.6 | $ 1.7 | $ 6.7 | $ 4.4 |
OPERATING SEGMENT INFORMATION_2
OPERATING SEGMENT INFORMATION (Narrative) (Details) | 9 Months Ended |
Oct. 02, 2021 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
OPERATING SEGMENT INFORMATION_3
OPERATING SEGMENT INFORMATION (Schedule of Operating Segment Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net Sales | $ 178,246 | $ 145,705 | $ 562,694 | $ 399,608 | |
Income (Loss) Before Income Taxes | 48,024 | 32,894 | 160,680 | 78,404 | |
Identifiable Assets | 420,061 | 420,061 | $ 348,258 | ||
Firearms [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 177,529 | 145,157 | 560,578 | 397,335 | |
Income (Loss) Before Income Taxes | 48,139 | 33,659 | 161,941 | 78,859 | |
Identifiable Assets | 197,158 | 197,158 | 174,500 | ||
Unaffiliated Castings [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 717 | 548 | 2,116 | 2,273 | |
Income (Loss) Before Income Taxes | (753) | (633) | (2,084) | (1,356) | |
Identifiable Assets | 13,456 | 13,456 | 11,959 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (Loss) Before Income Taxes | 638 | (132) | 823 | 901 | |
Identifiable Assets | 209,447 | 209,447 | $ 161,799 | ||
Intersegment Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | (5,774) | (5,996) | (19,995) | (15,784) | |
Intersegment Elimination [Member] | Unaffiliated Castings [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 5,774 | 5,996 | 19,995 | 15,784 | |
Operating Segments [Member] | Unaffiliated Castings [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | $ 6,491 | $ 6,544 | $ 22,111 | $ 18,057 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
National Rifle Association [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of payments | $ 0.1 | $ 0.2 | $ 0.3 | $ 0.4 |
CONTINGENT LIABILITIES (Narrati
CONTINGENT LIABILITIES (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Oct. 02, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Minimum limit of per claim for providing insurance coverage on annual basis | $ 5 | ||
Maximum limit of aggregate loss incurred annually for providing insurance coverage on annual basis | $ 10 | ||
Total amount of damages claimed | $ 1.1 | $ 0.1 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Oct. 29, 2021$ / shares |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividend authorized | $ 0.79 |