Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 01, 2022 | Oct. 17, 2022 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000095029 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
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. 01, 2022 | |
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 | 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, $1 par value | |
Trading Symbol | RGR | |
Name of Exchange on which Security is Registered | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,666,534 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Oct. 01, 2022 | Dec. 31, 2021 | [1] |
Current Assets | |||
Cash | $ 49,853 | $ 21,044 | |
Short-term investments | 165,308 | 199,971 | |
Trade receivables, net | 61,362 | 57,036 | |
Gross inventories (Note 4) | 120,743 | 100,023 | |
Less LIFO reserve | (54,390) | (51,826) | |
Less excess and obsolescence reserve | (4,848) | (4,347) | |
Net inventories | 61,505 | 43,850 | |
Prepaid expenses and other current assets | 12,998 | 6,832 | |
Total Current Assets | 351,026 | 328,733 | |
Property, plant and equipment | 437,170 | 421,282 | |
Less allowances for depreciation | (365,555) | (347,651) | |
Net property, plant and equipment | 71,615 | 73,631 | |
Deferred income taxes | 2,444 | 536 | |
Other assets | 35,817 | 39,443 | |
Total Assets | 460,902 | 442,343 | |
Current Liabilities | |||
Trade accounts payable and accrued expenses | 31,374 | 36,400 | |
Contract liabilities with customers (Note 3) | |||
Product liability | 434 | 795 | |
Employee compensation and benefits | 22,014 | 33,154 | |
Workers' compensation | 6,380 | 6,760 | |
Total Current Liabilities | 60,202 | 77,109 | |
Product liability accrual | 118 | 97 | |
Lease liability (Note 5) | 2,076 | 1,476 | |
Contingent liabilities (Note 13) | |||
Stockholders' Equity | |||
Additional paid-in capital | 48,457 | 46,847 | |
Retained earnings | 471,368 | 438,098 | |
Less: Treasury stock - at cost 2022 – 6,712,034 shares 2021 – 6,709,898 shares | (145,697) | (145,590) | |
Total Stockholders' Equity | 398,506 | 363,661 | |
Total Liabilities and Stockholders' Equity | 460,902 | 442,343 | |
Nonvoting Common Stock | |||
Stockholders' Equity | |||
Common stock | |||
Common Stock | |||
Stockholders' Equity | |||
Common stock | $ 24,378 | $ 24,306 | |
[1]The Condensed Consolidated Balance Sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Oct. 01, 2022 | Dec. 31, 2021 |
Treasury stock, shares | 6,712,034 | 6,709,898 |
Nonvoting Common Stock | ||
Common stock, par value per share | $ 1 | $ 1 |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares issued | ||
Common Stock | ||
Common stock, par value per share | $ 1 | $ 1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 24,378,568 | 24,306,486 |
Common stock, shares outstanding | 17,666,534 | 17,596,588 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Total net sales | $ 139,390 | $ 178,246 | $ 446,618 | $ 562,694 |
Cost of products sold | 100,521 | 113,444 | 306,087 | 346,569 |
Gross profit | 38,869 | 64,802 | 140,531 | 216,125 |
Operating expenses: | ||||
Selling | 8,763 | 7,753 | 25,828 | 24,290 |
General and administrative | 10,247 | 10,323 | 30,927 | 33,484 |
Total operating expenses | 19,010 | 18,076 | 56,755 | 57,774 |
Operating income | 19,859 | 46,726 | 83,776 | 158,351 |
Other income: | ||||
Interest income | 730 | 11 | 951 | 31 |
Interest expense | (88) | (114) | (205) | (164) |
Other income, net | 490 | 1,401 | 2,092 | 2,462 |
Total other income, net | 1,132 | 1,298 | 2,838 | 2,329 |
Income before income taxes | 20,991 | 48,024 | 86,614 | 160,680 |
Income taxes | 2,602 | 12,822 | 17,236 | 42,902 |
Net income and comprehensive income | $ 18,389 | $ 35,202 | $ 69,378 | $ 117,778 |
Basic earnings per share | $ 1.04 | $ 2 | $ 3.93 | $ 6.70 |
Diluted earnings per share | $ 1.03 | $ 1.98 | $ 3.90 | $ 6.64 |
Weighted average number of common shares outstanding - Basic | 17,668,435 | 17,596,588 | 17,643,473 | 17,582,009 |
Weighted average number of common shares outstanding - Diluted | 17,825,797 | 17,778,177 | 17,770,120 | 17,749,897 |
Cash dividends per share | $ 0.47 | $ 1 | $ 2.01 | $ 2.57 |
Firearms | ||||
Total net sales | $ 138,771 | $ 177,529 | $ 444,615 | $ 560,578 |
Castings | ||||
Total net sales | $ 619 | $ 717 | $ 2,003 | $ 2,116 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (UNAUDITED) - 9 months ended Oct. 01, 2022 - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total | |
Balance at Dec. 31, 2021 | $ 24,306 | $ 46,847 | $ 438,098 | $ (145,590) | $ 363,661 | [1] |
Net income and comprehensive income | 69,378 | 69,378 | ||||
Common stock issued – compensation plans | 72 | (72) | ||||
Vesting of RSUs | (3,371) | (3,371) | ||||
Dividends paid | (35,474) | (35,474) | ||||
Unpaid dividends accrued | (634) | (634) | ||||
Recognition of stock-based compensation expense | 5,053 | 5,053 | ||||
Repurchase of 2,136 shares of common stock | (107) | (107) | ||||
Balance at Oct. 01, 2022 | $ 24,378 | $ 48,457 | $ 471,368 | $ (145,697) | $ 398,506 | |
[1]The Condensed Consolidated Balance Sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) | 9 Months Ended |
Oct. 01, 2022 shares | |
Statement of Stockholders' Equity [Abstract] | |
Repurchase of shares of common stock | 2,136 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | ||
Operating Activities | |||
Net income | $ 69,378 | $ 117,778 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 20,120 | 22,001 | |
Stock-based compensation | 5,053 | 6,672 | |
Gain on sale of assets | 15 | (111) | |
Deferred income taxes | (1,908) | 1,519 | |
Changes in operating assets and liabilities: | |||
Trade receivables | (4,326) | (13,985) | |
Inventories | (17,655) | (10,038) | |
Trade accounts payable and accrued expenses | (5,315) | 1,720 | |
Contract liability with customers | (84) | ||
Employee compensation and benefits | (11,774) | (6,569) | |
Product liability | (340) | (161) | |
Prepaid expenses, other assets and other liabilities | (2,985) | (4,282) | |
Income taxes payable | 2,544 | ||
Cash provided by operating activities | 50,263 | 117,004 | |
Investing Activities | |||
Property, plant and equipment additions | (17,206) | (15,617) | |
Proceeds from sale of assets | 41 | 135 | |
Purchases of short-term investments | (200,378) | (376,979) | |
Proceeds from maturities of short-term investments | 235,041 | 332,990 | |
Cash provided by (used for) investing activities | 17,498 | (59,471) | |
Financing Activities | |||
Remittance of taxes withheld from employees related to share-based compensation | (3,371) | (4,801) | |
Repurchase of common stock | (107) | ||
Dividends paid | (35,474) | (45,202) | |
Cash used for financing activities | (38,952) | (50,003) | |
Increase in cash and cash equivalents | 28,809 | 7,530 | |
Cash and cash equivalents at beginning of period | 21,044 | [1] | 20,147 |
Cash and cash equivalents at end of period | $ 49,853 | $ 27,677 | |
[1]The Condensed Consolidated Balance Sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Oct. 01, 2022 | |
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 1, 2022 may not be indicative of the results to be expected for the full year ending December 31, 2022. 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, 2021. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Oct. 01, 2022 | |
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 7 5 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 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 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. The Company’s short-term investments consist of investments in a bank-managed money market fund that invests exclusively in United States Treasury obligations and is valued at the net asset value ("NAV") daily closing price, as reported by the fund, based on the amortized cost of the fund’s securities. The NAV is used as a practical expedient to estimate fair value. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. 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 2.2 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. |
REVENUE RECOGNITION AND CONTRAC
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS | 9 Months Ended |
Oct. 01, 2022 | |
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 1, 2022 and October 2, 2021 is as follows: Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Contract liabilities with customers at beginning of period $ — $ — $ — $ 84 Revenue deferred — — — — Revenue recognized — — — ( 84 ) Contract liabilities with customers at end of period $ — $ — $ — $ — 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 has not been responsible for the shipment of any free products arising from such sales promotion programs since April 3, 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. 01, 2022 | |
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 1, 2022 December 31, 2021 Inventory at FIFO Finished products $ 23,116 $ 7,322 Materials and work in process 97,627 92,701 Gross inventories 120,743 100,023 Less: LIFO reserve ( 54,390 ) ( 51,826 ) Less: excess and obsolescence reserve ( 4,848 ) ( 4,347 ) Net inventories $ 61,505 $ 43,850 |
LEASED ASSETS
LEASED ASSETS | 9 Months Ended |
Oct. 01, 2022 | |
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 1, 2022: Balance Sheet Line Item October 1, 2022 Right-of-use assets Other assets $ 2,416 Operating lease liabilities Current portion Trade accounts payable and accrued expenses $ 340 Noncurrent portion Lease liabilities 2,076 Total operating lease liabilities $ 2,416 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 1, 2022: Remainder of 2022 $ 166 2023 449 2024 449 2025 340 2026 340 Thereafter 1,310 Total undiscounted future minimum lease payments 3,054 Less: Difference between undiscounted lease payments & the present value of future lease payments ( 638 ) Total operating lease liabilities $ 2,416 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 1, 2022 is 9.4 |
LINE OF CREDIT
LINE OF CREDIT | 9 Months Ended |
Oct. 01, 2022 | |
Line of Credit Facility [Abstract] | |
LINE OF CREDIT | NOTE 6 — LINE OF CREDIT On January 7, 2022, the Company entered into a $ 40 January 7, 2024 150 0.25 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Oct. 01, 2022 | |
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 3.1 0.9 3.1 0.9 In addition, the Company provided supplemental discretionary contributions to the 401(k) plan totaling $ 1.5 5.4 1.6 5.6 1.5 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Oct. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8 — INCOME TAXES The Company's 2022 and 2021 effective tax rates differ from the statutory federal tax rate due principally to the availability of research and development tax credits, state income taxes, and the nondeductibility of certain executive compensation. The Company’s effective income tax rate was 12.3 19.9 26.7 Income tax payments for the three and nine months ended October 1, 2022 totaled $ 6.0 26.6 13.8 36.3 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 2017. 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 | 9 Months Ended |
Oct. 01, 2022 | |
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 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Numerator: Net income $ 18,389 $ 35,202 $ 69,378 $ 117,778 Denominator: Weighted average number of common shares outstanding – Basic 17,668,435 17,596,588 17,643,473 17,582,009 Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans 157,362 181,589 126,647 167,888 Weighted average number of common shares outstanding – Diluted 17,825,797 17,778,177 17,770,120 17,749,897 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. 01, 2022 | |
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 . 750,000 121,000 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 96,893 7.0 Compensation costs related to all outstanding restricted stock units recognized in the statements of income aggregated $ 1.7 5.1 1.6 6.7 |
OPERATING SEGMENT INFORMATION
OPERATING SEGMENT INFORMATION | 9 Months Ended |
Oct. 01, 2022 | |
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 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Net Sales Firearms $ 138,771 $ 177,529 $ 444,615 $ 560,578 Castings Unaffiliated 619 717 2,003 2,116 Intersegment 4,453 5,774 13,781 19,995 5,072 6,491 15,784 22,111 Eliminations ( 4,453 ) ( 5,774 ) ( 13,781 ) ( 19,995 ) $ 139,390 $ 178,246 $ 446,618 $ 562,694 Income (Loss) Before Income Taxes Firearms $ 21,339 $ 48,139 $ 88,130 $ 161,941 Castings ( 1,029 ) ( 753 ) ( 2,754 ) ( 2,084 ) Corporate 681 638 1,238 823 $ 20,991 $ 48,024 $ 86,614 $ 160,680 Depreciation Firearms $ 5,815 $ 6,466 $ 17,430 $ 19,650 Castings 574 712 1,736 2,135 $ 6,389 $ 7,178 $ 19,166 $ 21,785 Capital Expenditures Firearms $ 2,324 $ 3,734 $ 15,971 $ 12,681 Castings 552 419 1,235 2,936 $ 2,876 $ 4,153 $ 17,206 $ 15,617 October 1, 2022 December 31, 2021 Identifiable Assets Firearms $ 205,411 $ 188,290 Castings 12,723 13,889 Corporate 242,768 240,164 $ 460,902 $ 442,343 Goodwill Firearms $ 3,055 $ 3,055 Castings 209 209 $ 3,264 $ 3,264 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Oct. 01, 2022 | |
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 1, 2022 totaled $ 0.2 0.4 0.1 0.3 The Company is a member of the National Shooting Sports Foundation (“NSSF”), the firearm industry trade association. Payments made to the NSSF in the three and nine months ended October 1, 2022 totaled $ 0.1 0.2 0.1 0.3 |
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES | 9 Months Ended |
Oct. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENT LIABILITIES | NOTE 13 — CONTINGENT LIABILITIES As of October 1, 2022, the Company was a defendant in three (3) 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 One lawsuit mentioned above involves a claim for damages related to an allegedly defective product due to its design and/or manufacture. The 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 allegations in this case are unfounded, that the incident is 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 Estados Unidos Mexicanos v. Smith & Wesson, et al. City of Gary 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. 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. 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 14 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 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 the 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. Estados Unidos Mexicanos Estados Unidos Mexicanos v. Smith & Wesson Brands, Inc., et al. was filed by the Country of Mexico and names seven defendants, mostly U.S.-based firearms manufacturers, including the Company. The Complaint advances a variety of legal theories including negligence, public nuisance, unjust enrichment, restitution, and others. Plaintiff essentially alleges that Defendants design, manufacture, distribute, market and sell firearms in a way that they know results in the illegal trafficking of firearms into Mexico, where they are used by Mexican drug cartels for criminal activities. Plaintiff seeks injunctive relief and monetary damages. On November 22, 2021, Defendants filed a joint Rule 12(b)(6) motion to dismiss the Mexican Government's complaint based on the Government's lack of Article III standing, Protection of Lawful Commerce in Arms Act immunity, and lack of proximate cause. The Company, along with other non-Massachusetts defendants, also filed a Rule 12(b)(2) motion to dismiss based on lack of specific personal jurisdiction. The motions were fully briefed and the court heard oral argument on April 12, 2022. On September 30, 2022, the court entered an order granting the Defendants' joint Rule 12(b)(6) motion. The Company's Rule 12(b)(2) motion was denied as moot, without prejudice. The plaintiff filed a Notice of Appeal on October 26, 2022. 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 10 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 schedule cannot be determined in advance with any reliability concerning when payments will be made in any given case. 15 Index 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 $ 0.9 1.1 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Oct. 01, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14 — SUBSEQUENT EVENTS On October 28, 2022, the Board of Directors authorized a dividend of 41 On October 3, 2022 the Company purchased a 225,000 8.3 On October 4, 2022, a purported class action complaint was filed against the Company in the U.S. District Court for the District of Connecticut. The Complaint is styled as Mark Jones, Individually and on Behalf of All Others Similarly Situated v. Sturm, Ruger & Company., Inc The Company has evaluated events and transactions occurring subsequent to October 1, 2022 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. 01, 2022 | |
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 7 5 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 |
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 |
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. The Company’s short-term investments consist of investments in a bank-managed money market fund that invests exclusively in United States Treasury obligations and is valued at the net asset value ("NAV") daily closing price, as reported by the fund, based on the amortized cost of the fund’s securities. The NAV is used as a practical expedient to estimate fair value. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. |
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 2.2 |
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. |
REVENUE RECOGNITION AND CONTR_2
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
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 1, 2022 and October 2, 2021 is as follows: Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Contract liabilities with customers at beginning of period $ — $ — $ — $ 84 Revenue deferred — — — — Revenue recognized — — — ( 84 ) Contract liabilities with customers at end of period $ — $ — $ — $ — |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following: October 1, 2022 December 31, 2021 Inventory at FIFO Finished products $ 23,116 $ 7,322 Materials and work in process 97,627 92,701 Gross inventories 120,743 100,023 Less: LIFO reserve ( 54,390 ) ( 51,826 ) Less: excess and obsolescence reserve ( 4,848 ) ( 4,347 ) Net inventories $ 61,505 $ 43,850 |
LEASED ASSETS (Tables)
LEASED ASSETS (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
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 1, 2022: Balance Sheet Line Item October 1, 2022 Right-of-use assets Other assets $ 2,416 Operating lease liabilities Current portion Trade accounts payable and accrued expenses $ 340 Noncurrent portion Lease liabilities 2,076 Total operating lease liabilities $ 2,416 |
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 1, 2022: Remainder of 2022 $ 166 2023 449 2024 449 2025 340 2026 340 Thereafter 1,310 Total undiscounted future minimum lease payments 3,054 Less: Difference between undiscounted lease payments & the present value of future lease payments ( 638 ) Total operating lease liabilities $ 2,416 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
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 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Numerator: Net income $ 18,389 $ 35,202 $ 69,378 $ 117,778 Denominator: Weighted average number of common shares outstanding – Basic 17,668,435 17,596,588 17,643,473 17,582,009 Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans 157,362 181,589 126,647 167,888 Weighted average number of common shares outstanding – Diluted 17,825,797 17,778,177 17,770,120 17,749,897 |
OPERATING SEGMENT INFORMATION (
OPERATING SEGMENT INFORMATION (Tables) | 9 Months Ended |
Oct. 01, 2022 | |
Segment Reporting [Abstract] | |
Schedule of operating segment financial information | Selected operating segment financial information follows: Three Months Ended Nine Months Ended (in thousands) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Net Sales Firearms $ 138,771 $ 177,529 $ 444,615 $ 560,578 Castings Unaffiliated 619 717 2,003 2,116 Intersegment 4,453 5,774 13,781 19,995 5,072 6,491 15,784 22,111 Eliminations ( 4,453 ) ( 5,774 ) ( 13,781 ) ( 19,995 ) $ 139,390 $ 178,246 $ 446,618 $ 562,694 Income (Loss) Before Income Taxes Firearms $ 21,339 $ 48,139 $ 88,130 $ 161,941 Castings ( 1,029 ) ( 753 ) ( 2,754 ) ( 2,084 ) Corporate 681 638 1,238 823 $ 20,991 $ 48,024 $ 86,614 $ 160,680 Depreciation Firearms $ 5,815 $ 6,466 $ 17,430 $ 19,650 Castings 574 712 1,736 2,135 $ 6,389 $ 7,178 $ 19,166 $ 21,785 Capital Expenditures Firearms $ 2,324 $ 3,734 $ 15,971 $ 12,681 Castings 552 419 1,235 2,936 $ 2,876 $ 4,153 $ 17,206 $ 15,617 October 1, 2022 December 31, 2021 Identifiable Assets Firearms $ 205,411 $ 188,290 Castings 12,723 13,889 Corporate 242,768 240,164 $ 460,902 $ 442,343 Goodwill Firearms $ 3,055 $ 3,055 Castings 209 209 $ 3,264 $ 3,264 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Nov. 23, 2020 | Oct. 01, 2022 | Oct. 01, 2022 | |
Remington Outdoor Company, Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Purchase price | $ 28.3 | ||
Adjustments totaling | $ 2.2 | ||
Sales [Member] | Customer Concentration Risk [Member] | Non-US [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales | 5% | ||
Sales [Member] | Customer Concentration Risk [Member] | Non-US [Member] | Maximum [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales | 7% | ||
Sales [Member] | Customer Concentration Risk [Member] | Firearms [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales | 99% | ||
Sales [Member] | Customer Concentration Risk [Member] | Unaffiliated Castings [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales | 1% |
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. 01, 2022 | Oct. 01, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract liabilities with customers at beginning of period | $ 84 | |||
Revenue deferred | ||||
Revenue recognized | (84) | |||
Contract liabilities with customers at end of period |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Dec. 31, 2021 | |
Inventory at FIFO | |||
Finished products | $ 23,116 | $ 7,322 | |
Materials and work in process | 97,627 | 92,701 | |
Gross inventories | 120,743 | 100,023 | [1] |
Less: LIFO reserve | (54,390) | (51,826) | [1] |
Less: excess and obsolescence reserve | (4,848) | (4,347) | [1] |
Net inventories | $ 61,505 | $ 43,850 | [1] |
[1]The Condensed Consolidated Balance Sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. |
LEASED ASSETS (Narrative) (Deta
LEASED ASSETS (Narrative) (Details) | Oct. 01, 2022 |
Leased Assets Narative Details Abstract | |
Weighted average remaining lease term of operating leases | 9 years 4 months 24 days |
LEASED ASSETS (Schedule of righ
LEASED ASSETS (Schedule of right-of-use assets and related lease liabilities) (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Dec. 31, 2021 | [1] |
Leases [Abstract] | |||
Right-of-use assets | $ 2,416 | ||
Operating lease liabilities | |||
Current portion | 340 | ||
Noncurrent portion | 2,076 | $ 1,476 | |
Total operating lease liabilities | $ 2,416 | ||
[1]The Condensed Consolidated Balance Sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. |
LEASED ASSETS (Schedule of oper
LEASED ASSETS (Schedule of operating lease liabilities) (Details) $ in Thousands | Oct. 01, 2022 USD ($) |
Leases [Abstract] | |
Remainder of 2022 | $ 166 |
2023 | 449 |
2024 | 449 |
2025 | 340 |
2026 | 340 |
Thereafter | 1,310 |
Total undiscounted future minimum lease payments | 3,054 |
Less: Difference between undiscounted lease payments & the present value of future lease payments | (638) |
Total operating lease liabilities | $ 2,416 |
LINE OF CREDIT (Details)
LINE OF CREDIT (Details) $ in Millions | 9 Months Ended | |
Jan. 07, 2022 USD ($) | Oct. 02, 2022 pure / Integer | |
Line of Credit Facility [Line Items] | ||
Revolving credit facility, expiration date | Jan. 07, 2024 | |
Revolving Line of Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility with a bank | $ 40 | |
Line of credit basis points | 150 | |
Line of credit unused portion per year (in percent) | 0.25% |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Retirement Benefits [Abstract] | ||||
Matching expenses related to defined contribution plan | $ 0.9 | $ 0.9 | $ 3.1 | $ 3.1 |
Future match of defined contribution plans | 0.9 | |||
Supplemental discretionary contributions | $ 1.5 | $ 1.6 | 5.4 | $ 5.6 |
Supplemental contributions to the plan during the remainder of fiscal year | $ 1.5 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 12.30% | 26.70% | 19.90% | 26.70% |
Income tax payments | $ 6 | $ 13.8 | $ 26.6 | $ 36.3 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
Numerator: | ||||
Net income | $ 18,389 | $ 35,202 | $ 69,378 | $ 117,778 |
Denominator: | ||||
Weighted average number of common shares outstanding – Basic | 17,668,435 | 17,596,588 | 17,643,473 | 17,582,009 |
Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans | 157,362 | 181,589 | 126,647 | 167,888 |
Weighted average number of common shares outstanding – Diluted | 17,825,797 | 17,778,177 | 17,770,120 | 17,749,897 |
COMPENSATION PLANS (Narrative)
COMPENSATION PLANS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | May 31, 2017 | |
Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Restricted stock units issued | 96,893 | ||||
Total compensation costs | $ 7 | ||||
Compensation cost recognized | $ 1.7 | $ 1.6 | $ 5.1 | $ 6.7 | |
Stock Incentive Plan 2017 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Shares reserved for issuance | 750,000 | ||||
Shares available for future grants | 121,000 |
OPERATING SEGMENT INFORMATION_2
OPERATING SEGMENT INFORMATION (Schedule of operating segment financial information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||||
Net Sales | $ 139,390 | $ 178,246 | $ 446,618 | $ 562,694 | ||
Income (Loss) Before Income Taxes | 20,991 | 48,024 | 86,614 | 160,680 | ||
Identifiable Assets | 460,902 | 460,902 | $ 442,343 | [1] | ||
Goodwill | 3,264 | 3,264 | 3,264 | |||
Depreciation | 6,389 | 7,178 | 19,166 | 21,785 | ||
Capital Expenditures | 2,876 | 4,153 | 17,206 | 15,617 | ||
Intersegment Elimination [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | (4,453) | (5,774) | (13,781) | (19,995) | ||
Firearms [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 138,771 | 444,615 | 560,578 | |||
Income (Loss) Before Income Taxes | 21,339 | 48,139 | 88,130 | 161,941 | ||
Identifiable Assets | 205,411 | 205,411 | 188,290 | |||
Goodwill | 3,055 | 3,055 | 3,055 | |||
Depreciation | 5,815 | 6,466 | 17,430 | 19,650 | ||
Capital Expenditures | 2,324 | 3,734 | 15,971 | 12,681 | ||
Unaffiliated Castings [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 619 | 717 | 2,003 | 2,116 | ||
Income (Loss) Before Income Taxes | (1,029) | (753) | (2,754) | (2,084) | ||
Identifiable Assets | 12,723 | 12,723 | 13,889 | |||
Goodwill | 209 | 209 | 209 | |||
Depreciation | 574 | 712 | 1,736 | 2,135 | ||
Capital Expenditures | 552 | 419 | 1,235 | 2,936 | ||
Unaffiliated Castings [Member] | Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 5,072 | 6,491 | 15,784 | 22,111 | ||
Unaffiliated Castings [Member] | Intersegment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 4,453 | 5,774 | 13,781 | 19,995 | ||
Corporate [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Income (Loss) Before Income Taxes | 681 | $ 638 | 1,238 | $ 823 | ||
Identifiable Assets | $ 242,768 | $ 242,768 | $ 240,164 | |||
[1]The Condensed Consolidated Balance Sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | |
National Rifle Association [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of payments | $ 0.2 | $ 0.1 | $ 0.4 | $ 0.3 |
National Shooting Sports Foundation [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount of payments | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.3 |
CONTINGENT LIABILITIES (Narrati
CONTINGENT LIABILITIES (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Oct. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 0.9 | $ 1.1 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] $ in Millions | Oct. 28, 2022 Cent | Oct. 03, 2022 USD ($) ft² |
Subsequent Event [Line Items] | ||
Dividend authorized | Cent | 41 | |
Purchased square foot facility | ft² | 225,000 | |
Manufacturing and warehousing operations | $ | $ 8.3 |