Sturm, Ruger & Company (RGR) 10-K 21 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s Proxy Statement relating to the 2024 Annual Meeting of Stockholders to be held May 30, 2024 are incorporated by reference into Part III (Items 10 through 14) of this Report.
Entity Information [Line Items]
Entity Registrant Name	STURM, RUGER & COMPANY, INC.
Entity Central Index Key	0000095029
Entity File Number	0-4776
Entity Tax Identification Number	06-0633559
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 1,112,555,000
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	1 Lacey Place
Entity Address, City or Town	Southport
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06890
Entity Phone Fax Numbers [Line Items]
City Area Code	(203)
Local Phone Number	259-7843
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	RGR
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		17,664,200

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor [Table]
Auditor Name	RSM US LLP
Auditor Firm ID	49
Auditor Location	Stamford, Connecticut

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 15,174	$ 65,173
Short-term investments	102,485	159,132
Trade receivables, net	59,864	65,449
Gross inventories	150,192	129,294
Less LIFO reserve	(64,262)	(59,489)
Less excess and obsolescence reserve	(6,120)	(4,812)
Net inventories	79,810	64,993
Prepaid expenses and other current assets	14,062	7,091
Total Current Assets	271,395	361,838
Property, plant and equipment	462,397	447,126
Less allowances for depreciation	(390,863)	(370,273)
Net property, plant and equipment	71,534	76,853
Deferred income taxes	11,976	6,109
Other assets	43,912	39,963
Total Assets	398,817	484,763
Current Liabilities
Trade accounts payable and accrued expenses	31,708	35,658
Dividends payable		88,343
Contract liabilities with customers (Note 2)	149	1,031
Product liability	634	235
Employee compensation and benefits	24,660	30,160
Workers’ compensation	6,044	6,469
Income taxes payable		1,171
Total Current Liabilities	63,195	163,067
Lease liability (Note 7)	2,170	3,039
Employee compensation	1,685	1,846
Product liability accrual	46	73
Contingent liabilities (Note 20)
Stockholders’ Equity
Additional paid-in capital	46,849	45,075
Retained earnings	418,058	393,097
Treasury stock	(157,623)	(145,812)
Total Stockholders’ Equity	331,721	316,738
Total Liabilities and Stockholders’ Equity	398,817	484,763
Nonvoting Common Stock
Stockholders’ Equity
Authorized shares – 50,000; none issued
Common Stock
Stockholders’ Equity
Authorized shares – 50,000; none issued	$ 24,437	$ 24,378

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Treasury stock, shares	6,978,400	6,714,338
Nonvoting Common Stock
Common stock, par value per share (in Dollars per share)	$ 1	$ 1
Common stock, shares authorized	50,000	50,000
Common stock, shares issued
Common Stock
Common stock, par value per share (in Dollars per share)	$ 1	$ 1
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	24,437,020	24,378,568
Common stock, shares outstanding	17,458,620	17,664,230

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total net sales	$ 543,767	$ 595,842	$ 730,736
Cost of products sold	410,148	415,757	451,179
Gross profit	133,619	180,085	279,557
Operating Expenses (Incomes):
Selling	38,788	36,114	33,259
General and administrative	42,752	40,551	43,289
Other operating income, net	(5)	(36)	(127)
Total operating expenses	81,535	76,629	76,421
Operating income	52,084	103,456	203,136
Other income:
Royalty income	658	837	1,975
Interest income	5,465	2,552	49
Interest expense	(205)	(256)	(164)
Other income, net	822	1,690	1,598
Total other income, net	6,740	4,823	3,458
Income before income taxes	58,824	108,279	206,594
Income taxes	10,609	19,947	50,695
Net income and comprehensive income	$ 48,215	$ 88,332	$ 155,899
Basic Earnings Per Share (in Dollars per share)	$ 2.73	$ 5	$ 8.87
Diluted Earnings Per Share (in Dollars per share)	$ 2.71	$ 4.96	$ 8.78
Weighted average number of common shares outstanding – Basic (in Shares)	17,676,955	17,648,850	17,585,604
Weighted average number of common shares outstanding – Diluted (in Shares)	17,811,218	17,793,348	17,757,834
Cash Dividends Per Share (in Dollars per share)	$ 6.27	$ 2.42	$ 3.36
Net firearms sales
Total net sales	$ 540,746	$ 593,289	$ 728,141
Net castings sales
Total net sales	$ 3,021	$ 2,553	$ 2,595

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Balance at Dec. 31, 2020	$ 24,206	$ 43,468	$ 342,615	$ (145,590)	$ 264,699
Net income			155,899		155,899
Dividends paid			(59,104)		(59,104)
Stock-based compensation		8,280			8,280
Vesting of RSU’s		(4,801)			(4,801)
Common stock issued – compensation plans	100	(100)
Unpaid dividends accrued			(1,312)		(1,312)
Balance at Dec. 31, 2021	24,306	46,847	438,098	(145,590)	363,661
Net income			88,332		88,332
Dividends paid			(42,718)		(42,718)
Stock-based compensation		1,671			1,671
Vesting of RSU’s		(3,371)			(3,371)
Common stock issued – compensation plans	72	(72)
Unpaid dividends accrued			(90,615)		(90,615)
Repurchase shares of common stock				(222)	(222)
Balance at Dec. 31, 2022	24,378	45,075	393,097	(145,812)	316,738
Net income			48,215		48,215
Dividends paid			(22,446)		(22,446)
Stock-based compensation		3,989			3,989
Vesting of RSU’s		(2,156)			(2,156)
Common stock issued – compensation plans	59	(59)
Unpaid dividends accrued			(808)		(808)
Repurchase shares of common stock				(11,811)	(11,811)
Balance at Dec. 31, 2023	$ 24,437	$ 46,849	$ 418,058	$ (157,623)	$ 331,721

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parentheticals) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Repurchase of common stock	264,062	4,440

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income	$ 48,215	$ 88,332	$ 155,899
Adjustments to reconcile net income to cash provided by operating activities, net of effects of acquisition:
Depreciation and amortization	22,383	25,789	26,152
Stock-based compensation	3,989	1,671	8,280
Excess and obsolescence inventory reserve	1,308	501	953
Gain on sale of assets	(5)	(36)	(127)
Deferred income taxes	(5,867)	(5,573)	994
Changes in operating assets and liabilities:
Trade receivables	5,585	(8,413)	840
Inventories	(16,125)	(21,644)	(15,726)
Trade accounts payable and accrued expenses	(4,406)	(640)	(392)
Contract liability with customers	(882)	1,031	(84)
Employee compensation and benefits	(6,469)	(3,420)	(5,433)
Product liability	372	(584)	(234)
Prepaid expenses, other assets and other liabilities	(13,026)	(954)	1,217
Income taxes receivable/payable	(1,171)	1,171
Cash provided by operating activities	33,901	77,231	172,339
Investing Activities
Property, plant and equipment additions	(15,796)	(27,730)	(28,776)
Purchases of short-term investments	(192,627)	(365,480)	(681,940)
Proceeds from maturity of short-term investments	249,274	406,319	602,976
Net proceeds from sale of assets	5	100	203
Cash provided by (used for) investing activities	40,856	13,209	(107,537)
Financing Activities
Dividends paid	(110,789)	(42,718)	(59,104)
Repurchase of common stock	(11,811)	(222)
Payment of employee withholding tax related to share-based compensation	(2,156)	(3,371)	(4,801)
Cash used for financing activities	(124,756)	(46,311)	(63,905)
(Decrease) increase in cash and cash equivalents	(49,999)	44,129	897
Cash and cash equivalents at beginning of year	65,173	21,044	20,147
Cash and cash equivalents at end of year	$ 15,174	$ 65,173	$ 21,044

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Organization Sturm, Ruger & Company, Inc. (the “Company”) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately 99% of sales were from firearms. Export sales represented approximately 6% of firearms sales. The Company’s design and manufacturing operations are located in the United States and almost all product content is domestic. The Company’s firearms are sold through a select number of independent wholesale distributors principally to the commercial sporting market. The Company manufactures investment castings made from steel alloys and metal injection molding (“MIM”) parts for internal use in its firearms and utilizes available capacity to manufacture and sell investment castings and MIM parts to unaffiliated, third-party customers. Castings were less than 1% of the Company’s total sales for the year ended December 31, 2023. Preparation of Financial Statements The Company follows United States generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The significant accounting policies described below, together with the notes that follow, are an integral part of the consolidated financial statements. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated. Revenue Recognition The Company recognizes revenue in accordance with the provisions of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”), which became effective January 1, 2018. Substantially all product sales are sold FOB (free on board) shipping point. Customary payment terms are 2% 30 days, net 40 days. Generally, all performance obligations are satisfied when product is shipped and the customer takes ownership and assumes the risk of loss. In some instances, sales include multiple performance obligations. The most common of these instances relates to sales 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. The Company accounts for cash sales discounts as a reduction in sales. Amounts billed to customers for shipping and handling fees are included in net sales and costs incurred by the Company for the delivery of goods are classified as selling expenses. Federal excise taxes are excluded from net sales. Cash and Cash Equivalents The Company considers interest-bearing deposits with financial institutions with remaining maturities of three months or less at the time of acquisition to be cash equivalents. Fair Value Measurements of Short-term Investments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market at the measurement date. Fair value is established according to a hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. Level 3 inputs are given the lowest priority in the fair value hierarchy. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. As of December 31, 2023, the Company’s short-term investments consist of U.S. Treasury instruments (Level 1), maturing within one year, and . For the bank-managed money market fund, t . Such securities are classified as held to maturity, since the Company has the intent and ability to do so, and are carried at cost plus accrued interest, which approximates fair value. The fair value of inventory acquired as part of business combination is based on a third-party valuation utilizing the comparable sales method which is based on Level 2 and Level 3 inputs. The fair value of property, plant and equipment acquired as part of business combination is based on a third-party valuation utilizing the indirect method of cost approach, which is based on Level 2 and Level 3 inputs. The fair value of patents acquired as part of business combination is based on a third-party valuation utilizing the replacement cost method, which is based on Level 2 and Level 3 inputs. The fair value of the remaining intangible assets as part of business combination are based on a third-party valuation utilizing discounted cash flow methods that involves inputs, which are not observable in the market (Level 3). Accounts Receivable The Company establishes an allowance for doubtful accounts based on the creditworthiness of its customers and historical experience. While the Company uses the best information available to make its evaluation, future adjustments to the allowance for doubtful accounts may be necessary if there are significant changes in economic and industry conditions or any other factors considered in the Company’s evaluation. Bad debt expense has been immaterial during each of the last three years. The Company mitigates its credit risk by maintaining credit insurance on most of its significant customers. Inventories Substantially all of the Company’s inventories are valued at the lower of cost, principally determined by the last-in, first-out (LIFO) method, or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Property, Plant and Equipment Property, plant and equipment are carried at cost. Depreciation is computed over useful lives using the straight-line and declining balance methods predominately over 15 years for buildings, 7 years for machinery and equipment and 3 years for tools and dies. When assets are retired, sold or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the accounts and a gain or loss on such disposals is recognized when appropriate. Maintenance and repairs are charged to operations; replacements and improvements are capitalized. Long-lived Assets The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. In performing this review, the carrying value of the assets is compared to the projected undiscounted cash flows to be generated from the assets. If the sum of the undiscounted expected future cash flows is less than the carrying value of the assets, the assets are considered to be impaired. Impairment losses are measured as the amount by which the carrying value of the assets exceeds their fair value. The Company bases fair value of the assets on quoted market prices if available or, if not available, quoted market prices of similar assets. Where quoted market prices are not available, the Company estimates fair value using the estimated future cash flows generated by the assets discounted at a rate commensurate with the risks associated with the recovery of the assets. As of December 31, 2023, the Company does not believe there are any indications of impairment related to long-lived assets. Goodwill The Company’s goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired. We assess goodwill for impairment on an annual basis during the fourth quarter of each year, and between annual tests whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists by the amount the fair value of a reporting unit to which goodwill has been allocated is less than their respective carrying values. The impairment for goodwill is limited to the total amount of goodwill allocated to the reporting unit. Goodwill impairment testing requires significant judgment and management estimates, including, but not limited to, the determination of (i) the number of reporting units, (ii) the goodwill and other assets and liabilities to be allocated to the reporting units and (iii) the fair values of the reporting units. The estimates and assumptions described above, along with other factors such as discount rates, will significantly affect the outcome of the impairment tests and the amounts of any resulting impairment losses. Income Taxes Income taxes are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory rates applicable to future years to temporary differences between the financial statement carrying amounts and the tax basis of the Company’s assets and liabilities. Product Liability The Company provides for product liability claims including estimated legal costs to be incurred defending such claims. The provision for product liability claims is charged to cost of products sold. Advertising Costs The Company includes advertising costs in selling expenses and these costs are expensed as incurred. Advertising costs for 2023, 2022, and 2021, were $3.1 million, $2.4 million, and $2.6 million, respectively. Shipping Costs Costs incurred related to the shipment of products are included in selling expense. Such costs totaled $4.4 million, $4.7 million, and $4.2 million in 2023, 2022, and 2021, respectively. Research and Development In 2023, 2022, and 2021, the Company spent approximately $9.8 million, $9.6 million, and $11.7 million, respectively, on research and development activities relating to new products and the improvement of existing products. These costs are included in costs of products sold and are expensed as incurred. These costs are capitalized for tax purposes under the provisions of the Tax Cuts and Jobs Act of 2017 that relate to IRS Code Section 174, as discussed in Note 13. Earnings per Share Basic earnings per share is based upon the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflect the impact of options, restricted stock units, and deferred stock outstanding using the treasury stock method. Recent Accounting Pronouncements In November of 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The updated accounting guidance requires enhanced reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required and early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures. In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.

Revenue Recognition and Contrac

Revenue Recognition and Contracts with Customers	12 Months Ended
	Dec. 31, 2023
Revenue Recognition and Contracts with Customers [Abstract]
Revenue Recognition and Contracts with Customers	2. Revenue Recognition and Contracts with Customers The impact of ASC 60 6 on revenue recognized during the years ended December 31, 2023, December 31, 2022, and 2023 2022 2021 Contract liabilities with customers at January 1, $ 1,031 $ — $ 84 Revenue recognized (4,084 ) — (84 ) Revenue deferred 3,202 1,031 — Contract liabilities with customers at December 31, $ 149 $ 1,031 $ — During the year ended December 31, 2023, the Company deferred $3.2 million of revenue, offset by the recognition of $4.1 million of revenue previously deferred as the performance obligations relating to the shipment of free products were satisfied. This resulted in a net increase in firearms sales for the year ended December 31, 2023 of $0.9 million and a deferred contract revenue liability at December 31, 2023 of $0.1 million. The Company estimates that revenue from this deferred contract liability will be recognized in the first quarter of 2024. During the year ended December 31, 2022, the Company deferred $1.0 million of revenue. There was no offset for the recognition from previously deferred revenue as the Company did not satisfy any performance obligations relating to the shipment of free products during the year. This resulted in a net decrease in firearms sales for the year ended December 31, 2022 of $1.0 million and a deferred contract revenue liability at December 31, 2022 of $1.0 million. During the year ended December 31, 2021, there were no promotions giving rise to deferred contract liabilities and, therefore, there was no additional deferred revenue. Previously deferred revenue of $0.1 million was recognized in the first quarter of 2021. The Company did not have a deferred contract revenue liability at December 31, 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.

Trade Receivables, Net

Trade Receivables, Net	12 Months Ended
	Dec. 31, 2023
Trade Receivables, Net [Abstract]
Trade Receivables, Net	3. Trade Receivables, Net Trade receivables consist of the following: December 31, 2023 2022 Trade receivables $ 61,428 $ 67,183 Allowance for doubtful accounts (400 ) (400 ) Allowance for discounts (1,164 ) (1,334 ) $ 59,864 $ 65,449 In 2023, the largest individual trade receivable balances accounted for 22%, 20%, and 17% of total trade receivables, respectively. In 2022, the largest individual trade receivable balances accounted for 26%, 23%, and 18% of total trade receivables, respectively.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventories [Abstract]
Inventories	4. Inventories Inventories consist of the following: December 31, 2023 2022 Inventory at FIFO Finished goods $ 30,989 $ 23,573 Materials and products in process 119,203 105,721 Gross inventories 150,192 129,294 Less: LIFO reserve (64,262 ) (59,489 ) Less: excess and obsolescence reserve (6,120 ) (4,812 ) Net inventories $ 79,810 $ 64,993

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	5. Property, Plant and Equipment Property, plant and equipment consist of the following: December 31, 2023 2022 Land and improvements $ 2,826 $ 2,826 Buildings and improvements 74,650 72,788 Machinery and equipment 322,730 314,032 Dies and tools 62,191 57,480 Property, plant and equipment 462,397 447,126 Less allowances for depreciation (390,863 ) (370,273 ) Net property, plant and equipment $ 71,534 $ 76,853 Depreciation expense totaled $21.1 million, $24.4 million, and $25.8 million in 2023, 2022, and 2021, respectively.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2023
Other Assets [Abstract]
Other Assets	6. Other Assets Other assets consist of the following: December 31, 2023 2022 Patents, at cost $ 10,280 $ 10,126 Accumulated amortization (7,171 ) (6,318 ) Deposits on capital items 23,045 17,106 Marlin trade name 7,800 7,800 Other 9,958 11,249 $ 43,912 $ 39,963 The capitalized cost of patents is amortized using the straight-line method over their useful lives. Expenses related to patent amortization was $0.4 million in 2023, $0.4 million in 2022, and $0.3 million in 2021. The estimated annual patent amortization expense for each of the next five years is $0.3 million. Costs incurred to maintain existing patents are charged to expense in the year incurred. The Marlin trade name will be amortized using the straight-line method over its useful life. The estimated annual trade name amortization cost for each of the next five years is $0.4 million. The intangible asset related to Marlin customer relationships are included in Other above and will be amortized using the straight-line method over its useful life. The estimated annual customer relationship name amortization expense for each of the next five years is $0.1 million.

Leased Assets

Leased Assets	12 Months Ended
	Dec. 31, 2023
Leased Assets [Abstract]
Leased Assets	7. 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. The Company’s lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants. The Company uses the effective interest method to record 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 December 31, 2023: Balance Sheet Line December 31, December 31, Right-of-use assets Other assets $ 2,781 $ 3,681 Operating lease liabilities Current portion Trade accounts payable and accrued expenses $ 611 $ 642 Noncurrent portion Lease liabilities 2,170 3,039 Total operating lease liabilities $ 2,781 $ 3,681 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 December 31, 2023: 2024 $ 808 2025 702 2026 705 2027 229 2028 160 Thereafter 960 Total undiscounted future minimum lease payments 3,564 Less: Difference between undiscounted lease payments & the present value of future lease payments (783 ) Total operating lease liabilities $ 2,781 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 December 31, 2023 is 7.9 years.

Trade Accounts Payable and Accr

Trade Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2023
Trade Accounts Payable and Accrued Expenses [Abstract]
Trade Accounts Payable and Accrued Expenses	8. Trade Accounts Payable and Accrued Expenses Trade accounts payable and accrued expenses consist of the following: December 31, 2023 2022 Trade accounts payable $ 11,100 $ 13,281 Federal excise taxes payable 11,954 13,635 Accrued other 8,654 8,742 $ 31,708 $ 35,658

Accrued Dividends

Accrued Dividends	12 Months Ended
	Dec. 31, 2023
Accrued Dividends [Abstract]
Accrued Dividends	9. Accrued Dividends On November 30, 2022, the Company’s Board of Directors declared a $5.00 per share special dividend payable on January 5, 2023 to stockholders of record as of December 15, 2022. The dividend, which totaled $88.3 million, was paid on January 5, 2023.

Line of Credit

Line of Credit	12 Months Ended
	Dec. 31, 2023
Line of Credit [Abstract]
Line of Credit	10. Line of Credit During 2021 the Company had a $40 million

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2023
Employee Benefit Plans [Abstract]
Employee Benefit Plans	11. Employee Benefit Plans The Company sponsors a qualified defined-contribution 401(k) plan that covers substantially all of its employees. Under the terms of the 401(k) plan, the Company matches a certain portion of employee contributions to their individual 401(k) accounts using the “safe harbor” guidelines provided in the Internal Revenue Code. Expenses related to matching employee contributions to the 401(k) plan were $4.7 million, $4.1 million, and $4.0 million in 2023, 2022, and 2021, respectively. Additionally, in 2023, 2022, and 2021 the Company provided discretionary supplemental contributions to the individual 401(k) accounts of substantially all employees. Each employee received a supplemental contribution to their account based on a uniform percentage of qualifying compensation established annually. The cost of these supplemental contributions totaled $6.9 million, $7.4 million, and $7.4 million in 2023, 2022, and 2021, respectively.

Other Operating Income, Net

Other Operating Income, Net	12 Months Ended
	Dec. 31, 2023
Other Operating Income, Net [Abstract]
Other Operating Income, Net	12. Other Operating Income, Net Other operating income, net consists of the following: Year ended December 31, 2023 2022 2021 Gain on sale of operating assets $ 5 $ 36 $ 127

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Income Taxes	13. Income Taxes The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2017. The federal and state income tax provision consisted of the following: Year ended December 31, 2023 2022 2021 Current Deferred Current Deferred Current Deferred Federal $ 14,763 $ (5,285 ) $ 21,741 $ (4,694 ) $ 42,422 $ 863 State 1,713 (582 ) 3,779 (879 ) 7,279 131 $ 16,476 $ (5,867 ) $ 25,520 $ (5,573 ) $ 49,701 $ 994 The effective income tax rate varied from the statutory federal income tax rate as follows: Year ended December 31, 2023 2022 2021 Statutory federal income tax rate 21.0% 21.0% 21.0% State income taxes, net of federal tax benefit 2.2 2.7 3.4 Research and development tax credits (2.7 ) (4.2 ) (0.4 ) Other (2.5 ) (1.1 ) 0.5 Effective income tax rate 18.0% 18.4% 24.5% The Company estimates that its effective tax rate in 2024 will approximate 21%. Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2023 2022 Deferred tax assets Capitalized research and development costs 9,144 4,838 Employee compensation and benefits 2,452 2,316 Allowances for doubtful accounts and discounts 431 637 Inventories 1,635 1,196 Stock-based compensation 1,698 1,661 Other 1,608 1,705 Total deferred tax assets 16,968 12,353 Deferred tax liabilities: Depreciation 3,578 5,070 Other 1,414 1,174 Total deferred tax liabilities 4,992 6,244 Net deferred tax assets $ 11,976 $ 6,109 Prior to 2022, the Company expensed research and development costs in the period in which they were incurred for both financial accounting and income tax purposes. In 2022 the Company adopted the provisions of the Tax Cuts and Jobs Act of 2017 that relate to IRS Code Section 174. Under these provisions, research and development costs must be capitalized and amortized over five years for income tax purposes. The Company continues to expense these costs in the period incurred for financial accounting purposes. The Company made income tax payments of approximately $26.0 million, $28.7 million, and $49.5 million, during 2023, 2022, and 2021, respectively. The Company expects to realize its deferred tax assets through tax deductions against future taxable income . The Company does not believe it has included any “uncertain tax positions” in its federal income tax return or any of the state income tax returns it is currently filing. The Company has made an evaluation of the potential impact of additional state taxes being assessed by jurisdictions in which the Company does not currently consider itself liable. The Company does not anticipate that such additional taxes, if any, would result in a material change to its financial position.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	14. Earnings Per Share Set forth below is a reconciliation of the numerator and denominator for the basic and diluted earnings per share calculations for the periods indicated: Year ended December 31, 2023 2022 2021 Numerator: Net income $ 48,215 $ 88,332 $ 155,899 Denominator: Weighted average number of common shares outstanding – Basic 17,676,955 17,648,850 17,585,604 Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans 134,263 144,498 172,230 Weighted average number of common shares outstanding – Diluted 17,811,218 17,793,348 17,757,834

Stock Repurchases

Stock Repurchases	12 Months Ended
	Dec. 31, 2023
Stock Repurchases [Abstract]
Stock Repurchases	15. Stock Repurchases In 2023 and 2022 the Company repurchased shares of its common stock. Details of these purchases are as follows: Period Total Average Total Number Maximum Third Quarter 2022 July 3 to July 30 — — — July 31 to August 27 — — — August 28 to October 1 2,136 $ 49.97 2,136 Fourth Quarter 2022 October 2 to October 29 — — — October 30 to November 26 2,304 $ 49.77 2,304 November 27 to December 31 — — — Fourth Quarter 2023 October 1 to October 28 — — — October 29 to November 25 179,341 $ 45.20 179,341 November 26 to December 31 84,721 $ 43.67 84,721 Total 268,502 $ 44.79 268,502 $ 74,680,000 All of these purchases were made with cash held by the Company and no debt was incurred. No shares were repurchased in 2021. At December 31, 2023, approximately $74.7 million remained authorized for share repurchases.

Compensation Plans

Compensation Plans	12 Months Ended
	Dec. 31, 2023
Compensation Plans [Abstract]
Compensation Plans	16. Compensation Plans In May 2017, the Company’s shareholders approved the 2017 Stock Incentive Plan (the “2017 SIP”) under which employees, independent contractors, and non-employee directors may be granted stock options, restricted stock, deferred stock awards, and stock appreciation rights, any of which may or may not require the satisfaction of performance objectives. Vesting requirements are determined by the Compensation Committee of the Board of Directors . In June 2023, the Company’s shareholders approved the 2023 Stock Incentive Plan (the “2023 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. The Company reserved 1,000,000 shares for issuance under the 2023 SIP, of which 869,000 shares remain available for future grants as of December 31, 2023. Any shares remaining from the 2017 SIP will be available for future grants under the terms of the 2023 SIP. As of December 31, 2023, 121,034 shares remained unawarded from the 2017 SIP. Since the shareholder approval of the 2023 SIP, no additional awards have been or will be granted under the 2017 SIP. Previously granted and outstanding awards under the 2017 SIP will remain subject to the terms of the 2017 SIP. Compensation expense related to deferred stock, restricted stock, and restricted stock units is recognized based on the grant-date fair value of the Company’s common stock, using either the actual share price or an estimated value using the Monte Carlo valuation model. The total stock-based compensation cost included in the Statements of Income was $6.2 million, $5.7 million, and $8.3 million in 2023, 2022, and 2021, respectively. Deferred Stock Deferred stock awards vest based on the passage of time or the Company’s attainment of performance objectives. Upon vesting, these awards convert one-for-one to common stock. In 2023, 7,566 deferred stock awards were issued to non-employee directors that will vest in June 2024 and 9,760 deferred stock awards were issued to non-employee directors that will vest in June 2026. In 2022, 5,953 deferred stock awards were issued to non-employee directors that vested in May 2023, 7,688 deferred stock awards were issued to non-employee directors that will vest in May 2025 and a 1,478 deferred stock award was issued to a non-employee director that will vest in June 2027. In 2021, 5,113 deferred stock awards were issued to non-employee directors that vested in May 2022 and 6,615 deferred stock awards were issued to non-employee directors that will vest in May 2024. Compensation expense related to these awards is amortized ratably over the vesting period. Compensation expense related to these awards was $0.9 million in 2023, $0.8 million in 2022, and $0.8 million in 2021. At December 31, 2023, there was $1.0 million of unrecognized compensation cost related to deferred stock that is expected to be recognized over a period of three years. Restricted Stock Units The Company grants restricted stock units (RSU’s) to senior employees. Some of these RSU’s are retention awards and have only time-based vesting. Other RSU’s have a vesting “double trigger.” The vesting of these RSU’s is dependent on the achievement of corporate objectives established by the Compensation Committee of the Board of Directors, including return on net operating assets, stock performance, and the passage of time. During 2023, 114,000 restricted stock units were issued. Compensation costs related to these restricted stock units was $6.1 million, of which $1.3 million was recognized in 2023. The costs are being recognized ratably over the remaining periods required before the units vest, which range from 24 to 26 months. During 2022, 82,000 restricted stock units were issued. Compensation costs related to these restricted stock units was $6.0 million, of which $1.7 million was recognized in 2022. The costs are being recognized ratably over the remaining periods required before the units vest, which range from 24 to 26 months. During 2021, 82,000 restricted stock units were issued. Compensation costs related to these restricted stock units was $5.6 million, of which $1.6 million was recognized in 2021. The costs are being recognized ratably over the remaining periods required before the units vest, which range from 24 to 26 months. At December 31, 2023, there was $7.5 million of unrecognized compensation cost related to restricted stock units that is expected to be recognized over a period of 3.3 years.

Operating Segment Information

Operating Segment Information	12 Months Ended
	Dec. 31, 2023
Operating Segment Information [Abstarct]
Operating Segment Information	17. Operating Segment Information The Company has two reportable operating segments: firearms and castings. The firearms segment manufactures and sells rifles, pistols, and revolvers principally to a number of federally-licensed, independent wholesale distributors primarily located in the United States. The castings segment manufactures and sells steel investment castings and metal injection molding parts. Corporate segment income relates to interest income, the sale of non-operating assets, and other non-operating activities. Corporate segment assets consist of cash and other non-operating assets. The Company evaluates performance and allocates resources, in part, based on income (loss) before taxes. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies (see Note 1). Intersegment sales are recorded at the Company’s cost plus a fixed profit percentage. Year ended December 31, 2023 2022 2021 Net Sales Firearms $ 540,746 $ 593,289 $ 728,141 Castings Unaffiliated 3,021 2,553 2,595 Intersegment 33,086 21,306 24,711 36,107 23,859 27,306 Eliminations (33,086 ) (21,306 ) (24,711 ) $ 543,767 $ 595,842 $ 730,736 Income (Loss) Before Income Taxes Firearms $ 53,723 $ 108,610 $ 207,657 Castings (798 ) (3,338 ) (2,732 ) Corporate 5,899 3,007 1,669 $ 58,824 $ 108,279 $ 206,594 Identifiable Assets Firearms $ 228,699 $ 223,301 $ 188,290 Castings 11,144 11,910 13,889 Corporate 158,974 249,552 240,164 $ 398,817 $ 484,763 $ 442,343 Goodwill Firearms $ 3,055 $ 3,055 $ 3,055 Castings 209 209 209 $ 3,264 $ 3,264 $ 3,264 Depreciation Firearms $ 19,301 $ 21,992 $ 22,842 Castings 1,814 2,452 2,959 $ 21,115 $ 24,444 $ 25,801 Capital Expenditures Firearms $ 15,395 $ 26,598 $ 25,239 Castings 401 1,175 3,537 $ 15,796 $ 27,773 $ 28,776 In 2023, the Company’s largest customers and the percent of firearms sales they represented were as follows: Lipsey’s - 24%; Davidson’s - 19%; and Sports South -15%. In 2022, the Company’s largest customers and the percent of firearms sales they represented were as follows: Lipsey’s - 23%; Davidson’s - 23%; and Sports South - 21%. In 2021, the Company’s largest customers and the percent of firearms sales they represented were as follows: Lipsey’s - 21%; Sports South - 19%; and Davidson’s - 19%. The Company’s assets are located entirely in the United States and domestic sales represented at least 94% of total sales in 2023, 2022, and 2021.

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited)	12 Months Ended
	Dec. 31, 2023
Quarterly Results of Operations (Unaudited) [Abstract]
Quarterly Results of Operations (Unaudited)	18. Quarterly Results of Operations (Unaudited) The following is a tabulation of the unaudited quarterly results of operations for the two years ended December 31, 2023: Three Months Ended 4/1/23 7/1/23 9/30/23 12/31/23 Net Sales $ 149,453 $ 142,804 $ 120,893 $ 130,617 Gross profit 38,486 38,148 24,728 32,257 Net income 14,350 16,185 7,431 10,249 Basic earnings per share 0.81 0.91 0.42 0.58 Diluted earnings per share $ 0.81 $ 0.91 $ 0.42 $ 0.58 Three Months Ended 4/2/22 7/2/22 10/1/22 12/31/22 Net Sales $ 166,575 $ 140,653 $ 139,390 $ 149,224 Gross profit 58,108 43,554 38,869 39,554 Net income 30,232 20,757 18,389 18,954 Basic earnings per share 1.72 1.18 1.04 1.07 Diluted earnings per share $ 1.70 $ 1.17 $ 1.03 $ 1.06

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	19. Related Party Transactions From time to time, the Company contracts with the National Rifle Association (“NRA”) for some of its promotional and advertising activities. The Company paid the NRA $0.5 million, $0.7 million and $0.5 million in 2023, 2022, and 2021, respectively. One of the Company’s Directors also serves as a Director on the Board of the NRA. The Company is a member of the National Shooting Sports Foundation (“NSSF”), the firearm industry trade association. The Company paid the NSSF $0.3 million, $0.3 million and $0.4 million in 2023, 2022, and 2021, respectively.

Contingent Liabilities

Contingent Liabilities	12 Months Ended
	Dec. 31, 2023
Contingent Liabilities [Abstract]
Contingent Liabilities	20. Contingent Liabilities As of December 31, 2023, the Company was a defendant in nine (9) lawsuits and is aware of certain other such claims. The lawsuits fall into four (4) categories: traditional product liability litigation, municipal litigation . Each is discussed in turn below. Traditional Product Liability Litigation One lawsuit 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 traditional product liability theories such as strict liability, negligence, and/or breach of warranty. The Company believes that the allegations in this case are unfounded, that the incident is unrelated to the design or manufacture of the firearm 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 criminal misuse of firearms by third parties. The Complaint in City of Gary v. Smith & Wesson Corp., et al seeks damages, among other things, for the costs of medical care , police and emergency services, public health services , and other services as well as punitive damages. In addition , nuisance abatement and/or injunctive relief is sought to change th e design , manufacture , mark e ting and distribution practices of th e various defendants. The suit alleges , among other claims , negligence in the design of products , public nuisance , negligent distribution and marketing , negligence per se and deceptive advertising. The case does not allege a specific injury to a specific individual of the misuse or use of any of the Company's products. After a long procedural history, during the quarter ended April 3, 2021, the City initiated discovery and the manufacturer Defendants reciprocated. Discovery is ongoing. Estados Unidos Mexicanos v. Smith & Wesson Brands, Inc., et al. On December 20, 2022, the City of Buffalo, New York filed a lawsuit captioned The City of Buffalo v. Smith & Wesson Brands, Inc., et al. On December 21, 2022, the City of Rochester, New York filed a lawsuit captioned The City of Rochester v. Smith & Wesson Brands, Inc., et al. Buffalo Defendants moved to consolidate the Buffalo Rochester National Shooting Sports Foundation, Inc. et al. v. James N.Y. Gen. Bus. Law Negligence Rossiter v. Sturm, Ruger, et al. The Company was named in two purported class action lawsuits arising out of a data breach at Freestyle Solutions, Inc., the vendor who was hosting the Company’s ShopRuger.com website at the time of the breach. Jones v. Sturm, Ruger & Co., Copeland v. Sturm, Ruger & Company, et al. Copeland Copeland Jones Unfair Trade Practices Estate of Suzanne Fountain v. Sturm, Ruger & Co., Inc., Ahmad Al Aliwi Al-Issa. The Complaint alleged that the Company’s advertising and marketing of the Ruger AR-556 pistol violate the Connecticut Unfair Trade Practices Act and were a substantial factor in bringing about the wrongful death of Suzanne Fountain. Estate of Neven Stanisic et al. v. Sturm, Ruger & Co., Inc., Estate of Suzanne Fountain Ahmad Al Aliwi Al-Issa and Plaintiffs alleged that the Company’s advertising and marketing of the Ruger AR-556 pistol violate the Connecticut Unfair Trade Practices Act and were a substantial factor in causing the wrongful death of Plaintiffs’ decedents. The Fountain Stanisic The matter was timely removed to the U.S. District Court for the District of Connecticut based upon the new allegations and federal question jurisdiction. Plaintiffs moved to remand the case to state court, the matter has been briefed fully, and the parties are awaiting a ruling. Summary of Claimed Damages and Explanation of Product Liability Accruals Punitive damages , as well as compensatory damages, are demanded in certain of the lawsuits and claims. In many instances , the plaintiff does not seek a specified amount of money , though aggregate amounts ultimately sought may exceed product liability accruals and applicable insurance coverage. For product liability claims made after July 10, 2000 , coverage is provided on an annual basis for losses exceeding $5 million per claim , or an aggregate maximum loss of $10 million annually , except for certain new claims which might be brought by governments or municipalities after July 10 , 2000 , which are excluded from coverage. The Company management monitors the status of known claims and the product liability accrual , which includes amounts for asserted and unasserted claims. While it is not possible to forecast the outcome of litigation or the timing of costs , in the opinion of management , after consultation with special and corporate counsel, it is not probable and is unlikely that litigation , including punitive damage claims , will have a material adverse effect on the financial position of the Compan y, but may have a material impact on the Company’ s financial results 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 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. Often, a Complaint does not specify the amount of damages being sought and a range of reasonably possible losses relating to unfavorable outcomes cannot be made. The dollar amount of damages claimed at December 31, 2023 and December 31, 2022 was de minimis During 2023, one (1) traditional product liability lawsuit was filed against the Company and one (1) was resolved. As of December 31, 2023, the Company was a defendant in seven (7) lawsuits involving its products, including one (1) traditional product liability lawsuit, four (4) municipal lawsuits and two (2) lawsuits based upon alleged unfair trade practices. The Company was also a defendant in two (2) negligence lawsuits. During 2022, no Jones Copeland During 2021, one (1) traditional product liability lawsuit was filed against the Company. As of December 31, 2021, the Company was a defendant in four (4) lawsuits involving its products, including two (2) traditional lawsuits and two (2) municipal lawsuits. The Company’s product liability expense was $1.3 million in 2022, and $1.1 million in 2021. This expense includes the cost of outside legal fees, insurance, and other expenses incurred in the management and defense of product liability matters. A roll-forward of the product liability reserve and detail of product liability expense for the three years ended December 31, 2023 follows: Balance Sheet Roll-forward for Product Liability Reserve Cash Payments Balance ) Accrued Legal Fees Settlements Balance 2021 $ 1,126 (7 ) (227 ) — $ 892 2022 $ 892 (417 ) (167 ) — $ 308 2023 $ 308 500 (129 ) — $ 679 Income Statement Detail for Product Liability Expense Accrued Insurance Total 2021 $ (7 ) 1,119 $ 1,112 2022 $ (417 ) 1,524 $ 1,107 2023 $ 500 1,226 $ 1,726 Notes (a) The beginning and ending liability balances represent accrued legal fees only. Settlements and administrative costs are expensed as incurred. Only in rare instances is an accrual established for settlements. (b) The expense accrued in the liability is for legal fees only. In 2022 and 2021, the costs incurred related to cases that were settled or dismissed were less than the amounts accrued for these cases in prior years. (c) Legal fees represent payments to outside counsel related to product liability matters. (d) Settlements represent payments made to plaintiffs or allegedly injured parties in exchange for a full and complete release of liability. (e) Insurance expense represents the cost of insurance premiums. There were no insurance recoveries during any of the above years.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2023
Financial Instruments [Abstract]
Financial Instruments	21. Financial Instruments The Company does not hold or issue financial instruments for trading or hedging purposes, nor does it hold interest rate, leveraged, or other types of derivative financial instruments. Fair values of accounts receivable, accounts payable, accrued expenses and income taxes payable reflected in the December 31, 2023 and 2022 balance sheets approximate carrying values at those dates.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	22. Subsequent Events On February 16, 2024, the Company’s Board of Directors authorized a dividend of 23¢ per share to shareholders of record on March 15, 2024. The Company’s management has evaluated transactions occurring subsequent to December 31, 2023 and determined that there were no events or transactions during that period that would have a material impact on the Company’s results of operations or financial position.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Oct. 02, 2022	Jul. 02, 2022	Apr. 02, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 10,249	$ 7,431	$ 16,185	$ 14,350	$ 18,954	$ 18,389	$ 20,757	$ 30,232	$ 48,215	$ 88,332	$ 155,899

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Plans The adoption or termination of contracts, instructions or written plans for the purchase and sale of the Company’s securities by the Company’s Section 16 officers or directors for the three months ended December 31, 2023, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows: Name Title Action Date Expiration Aggregate # of Christopher J. Killoy (1) President and Chief Executive Officer Adoption of Rule 10b5-1 Plan November 7, 2023 May 7, 2024 30,000 John A. Cosentino, Jr. (2) Director Adoption of Rule 10b5-1 Plan November 7, 2023 November 7, 2024 3,000 (1) Christopher J. Killoy, an officer of the Company, entered into a Rule 10b5-1 Plan on November 7, 2023. Mr. Killoy’s Rule 10b5-1 Plan provides for the potential sale of up to 30,000 shares of the Company’s common stock. The Rule 10b5-1 Plan expires on May 7, 2024, or upon the earlier completion of all authorized transactions under such Rule 10b5-1 Plan. (2) John A. Cosentino, Jr., a director of the Company, entered into a Rule 10b5-1 Plan on November 7, 2023. Mr. Cosentino’s Rule 10b5-1 Plan provides for the potential sale of up to 3,000 shares of the Company’s common stock. The Rule 10b5-1 Plan expires on November 7, 2024, or upon the earlier completion of all authorized transactions under such Rule 10b5-1 Plan. None of the Company’s directors or Section 16 officers adopted or terminated a “non-Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K during the three months ended December 31, 2023.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Christopher J. Killoy [Member]
Trading Arrangements, by Individual
Name	Christopher J. Killoy	[1]
Title	President and Chief Executive Officer	[1]
Rule 10b5-1 Arrangement Adopted	false
Adoption Date	November 7, 2023	[1]
Aggregate Available	30,000	[1]
Jophn A. Cosentino, Jr. [Member]
Trading Arrangements, by Individual
Name	John A. Cosentino, Jr.	[2]
Title	Director	[2]
Adoption Date	November 7, 2023	[2]
Aggregate Available	3,000	[2]
[1]Christopher J. Killoy, an officer of the Company, entered into a Rule 10b5-1 Plan on November 7, 2023. Mr. Killoy’s Rule 10b5-1 Plan provides for the potential sale of up to 30,000 shares of the Company’s common stock. The Rule 10b5-1 Plan expires on May 7, 2024, or upon the earlier completion of all authorized transactions under such Rule 10b5-1 Plan.[2]John A. Cosentino, Jr., a director of the Company, entered into a Rule 10b5-1 Plan on November 7, 2023. Mr. Cosentino’s Rule 10b5-1 Plan provides for the potential sale of up to 3,000 shares of the Company’s common stock. The Rule 10b5-1 Plan expires on November 7, 2024, or upon the earlier completion of all authorized transactions under such Rule 10b5-1 Plan.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Organization	Organization Sturm, Ruger & Company, Inc. (the “Company”) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately 99% of sales were from firearms. Export sales represented approximately 6% of firearms sales. The Company’s design and manufacturing operations are located in the United States and almost all product content is domestic. The Company’s firearms are sold through a select number of independent wholesale distributors principally to the commercial sporting market. The Company manufactures investment castings made from steel alloys and metal injection molding (“MIM”) parts for internal use in its firearms and utilizes available capacity to manufacture and sell investment castings and MIM parts to unaffiliated, third-party customers. Castings were less than 1% of the Company’s total sales for the year ended December 31, 2023.
Preparation of Financial Statements	Preparation of Financial Statements The Company follows United States generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The significant accounting policies described below, together with the notes that follow, are an integral part of the consolidated financial statements.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with the provisions of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”), which became effective January 1, 2018. Substantially all product sales are sold FOB (free on board) shipping point. Customary payment terms are 2% 30 days, net 40 days. Generally, all performance obligations are satisfied when product is shipped and the customer takes ownership and assumes the risk of loss. In some instances, sales include multiple performance obligations. The most common of these instances relates to sales 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. The Company accounts for cash sales discounts as a reduction in sales. Amounts billed to customers for shipping and handling fees are included in net sales and costs incurred by the Company for the delivery of goods are classified as selling expenses. Federal excise taxes are excluded from net sales.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers interest-bearing deposits with financial institutions with remaining maturities of three months or less at the time of acquisition to be cash equivalents.
Fair Value Measurements of Short-term Investments	Fair Value Measurements of Short-term Investments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market at the measurement date. Fair value is established according to a hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. Level 3 inputs are given the lowest priority in the fair value hierarchy. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. As of December 31, 2023, the Company’s short-term investments consist of U.S. Treasury instruments (Level 1), maturing within one year, and . For the bank-managed money market fund, t . Such securities are classified as held to maturity, since the Company has the intent and ability to do so, and are carried at cost plus accrued interest, which approximates fair value. The fair value of inventory acquired as part of business combination is based on a third-party valuation utilizing the comparable sales method which is based on Level 2 and Level 3 inputs. The fair value of property, plant and equipment acquired as part of business combination is based on a third-party valuation utilizing the indirect method of cost approach, which is based on Level 2 and Level 3 inputs. The fair value of patents acquired as part of business combination is based on a third-party valuation utilizing the replacement cost method, which is based on Level 2 and Level 3 inputs. The fair value of the remaining intangible assets as part of business combination are based on a third-party valuation utilizing discounted cash flow methods that involves inputs, which are not observable in the market (Level 3).
Accounts Receivable [Policy Text Block]	Accounts Receivable The Company establishes an allowance for doubtful accounts based on the creditworthiness of its customers and historical experience. While the Company uses the best information available to make its evaluation, future adjustments to the allowance for doubtful accounts may be necessary if there are significant changes in economic and industry conditions or any other factors considered in the Company’s evaluation. Bad debt expense has been immaterial during each of the last three years. The Company mitigates its credit risk by maintaining credit insurance on most of its significant customers.
Inventories	Inventories Substantially all of the Company’s inventories are valued at the lower of cost, principally determined by the last-in, first-out (LIFO) method, or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead.
Property, Plant, and Equipment	Property, Plant and Equipment Property, plant and equipment are carried at cost. Depreciation is computed over useful lives using the straight-line and declining balance methods predominately over 15 years for buildings, 7 years for machinery and equipment and 3 years for tools and dies. When assets are retired, sold or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the accounts and a gain or loss on such disposals is recognized when appropriate. Maintenance and repairs are charged to operations; replacements and improvements are capitalized.
Long-lived Assets	Long-lived Assets The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. In performing this review, the carrying value of the assets is compared to the projected undiscounted cash flows to be generated from the assets. If the sum of the undiscounted expected future cash flows is less than the carrying value of the assets, the assets are considered to be impaired. Impairment losses are measured as the amount by which the carrying value of the assets exceeds their fair value. The Company bases fair value of the assets on quoted market prices if available or, if not available, quoted market prices of similar assets. Where quoted market prices are not available, the Company estimates fair value using the estimated future cash flows generated by the assets discounted at a rate commensurate with the risks associated with the recovery of the assets. As of December 31, 2023, the Company does not believe there are any indications of impairment related to long-lived assets.
Goodwill	Goodwill The Company’s goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired. We assess goodwill for impairment on an annual basis during the fourth quarter of each year, and between annual tests whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists by the amount the fair value of a reporting unit to which goodwill has been allocated is less than their respective carrying values. The impairment for goodwill is limited to the total amount of goodwill allocated to the reporting unit. Goodwill impairment testing requires significant judgment and management estimates, including, but not limited to, the determination of (i) the number of reporting units, (ii) the goodwill and other assets and liabilities to be allocated to the reporting units and (iii) the fair values of the reporting units. The estimates and assumptions described above, along with other factors such as discount rates, will significantly affect the outcome of the impairment tests and the amounts of any resulting impairment losses.
Income Taxes	Income Taxes Income taxes are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory rates applicable to future years to temporary differences between the financial statement carrying amounts and the tax basis of the Company’s assets and liabilities.
Product Liability	Product Liability The Company provides for product liability claims including estimated legal costs to be incurred defending such claims. The provision for product liability claims is charged to cost of products sold.
Advertising Costs	Advertising Costs The Company includes advertising costs in selling expenses and these costs are expensed as incurred. Advertising costs for 2023, 2022, and 2021, were $3.1 million, $2.4 million, and $2.6 million, respectively.
Shipping Costs	Shipping Costs Costs incurred related to the shipment of products are included in selling expense. Such costs totaled $4.4 million, $4.7 million, and $4.2 million in 2023, 2022, and 2021, respectively.
Research and Development	Research and Development In 2023, 2022, and 2021, the Company spent approximately $9.8 million, $9.6 million, and $11.7 million, respectively, on research and development activities relating to new products and the improvement of existing products. These costs are included in costs of products sold and are expensed as incurred. These costs are capitalized for tax purposes under the provisions of the Tax Cuts and Jobs Act of 2017 that relate to IRS Code Section 174, as discussed in Note 13.
Earnings per Share	Earnings per Share Basic earnings per share is based upon the weighted-average number of shares of common stock outstanding during the year. Diluted earnings per share reflect the impact of options, restricted stock units, and deferred stock outstanding using the treasury stock method.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November of 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The updated accounting guidance requires enhanced reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required and early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures. In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.

Revenue Recognition and Contr_2

Revenue Recognition and Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue Recognition and Contracts with Customers [Abstract]
Schedule of Revenue Recognized	The impact of ASC 60 6 on revenue recognized during the years ended December 31, 2023, December 31, 2022, and 2023 2022 2021 Contract liabilities with customers at January 1, $ 1,031 $ — $ 84 Revenue recognized (4,084 ) — (84 ) Revenue deferred 3,202 1,031 — Contract liabilities with customers at December 31, $ 149 $ 1,031 $ —

Trade Receivables, Net (Tables)

Trade Receivables, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Trade Receivables, Net [Abstract]
Schedule of trade receivables	Trade receivables consist of the following: December 31, 2023 2022 Trade receivables $ 61,428 $ 67,183 Allowance for doubtful accounts (400 ) (400 ) Allowance for discounts (1,164 ) (1,334 ) $ 59,864 $ 65,449

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventories [Abstract]
Schedule of Inventories	Inventories consist of the following: December 31, 2023 2022 Inventory at FIFO Finished goods $ 30,989 $ 23,573 Materials and products in process 119,203 105,721 Gross inventories 150,192 129,294 Less: LIFO reserve (64,262 ) (59,489 ) Less: excess and obsolescence reserve (6,120 ) (4,812 ) Net inventories $ 79,810 $ 64,993

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consist of the following: December 31, 2023 2022 Land and improvements $ 2,826 $ 2,826 Buildings and improvements 74,650 72,788 Machinery and equipment 322,730 314,032 Dies and tools 62,191 57,480 Property, plant and equipment 462,397 447,126 Less allowances for depreciation (390,863 ) (370,273 ) Net property, plant and equipment $ 71,534 $ 76,853

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Other Assets [Abstract]
Schedule of Other Assets	Other assets consist of the following: December 31, 2023 2022 Patents, at cost $ 10,280 $ 10,126 Accumulated amortization (7,171 ) (6,318 ) Deposits on capital items 23,045 17,106 Marlin trade name 7,800 7,800 Other 9,958 11,249 $ 43,912 $ 39,963

Leased Assets (Tables)

Leased Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Leased Assets [Abstract]
Schedule of Right-of-Use Assets and Related Lease Liabilities	The table below presents the right-of-use assets and related lease liabilities recognized on the condensed consolidated balance sheet as of December 31, 2023: Balance Sheet Line December 31, December 31, Right-of-use assets Other assets $ 2,781 $ 3,681 Operating lease liabilities Current portion Trade accounts payable and accrued expenses $ 611 $ 642 Noncurrent portion Lease liabilities 2,170 3,039 Total operating lease liabilities $ 2,781 $ 3,681
Schedule of 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 December 31, 2023: 2024 $ 808 2025 702 2026 705 2027 229 2028 160 Thereafter 960 Total undiscounted future minimum lease payments 3,564 Less: Difference between undiscounted lease payments & the present value of future lease payments (783 ) Total operating lease liabilities $ 2,781

Trade Accounts Payable and Ac_2

Trade Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Trade Accounts Payable and Accrued Expenses [Abstract]
Schedule of Trade Accounts Payable and Accrued Expenses	Trade accounts payable and accrued expenses consist of the following: December 31, 2023 2022 Trade accounts payable $ 11,100 $ 13,281 Federal excise taxes payable 11,954 13,635 Accrued other 8,654 8,742 $ 31,708 $ 35,658

Other Operating Income, Net (Ta

Other Operating Income, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Other Operating Income, Net [Abstract]
Schedule of Other Operating Income, Net	Other operating income, net consists of the following: Year ended December 31, 2023 2022 2021 Gain on sale of operating assets $ 5 $ 36 $ 127

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Schedule of Federal and State Income Tax Provision	The federal and state income tax provision consisted of the following: Year ended December 31, 2023 2022 2021 Current Deferred Current Deferred Current Deferred Federal $ 14,763 $ (5,285 ) $ 21,741 $ (4,694 ) $ 42,422 $ 863 State 1,713 (582 ) 3,779 (879 ) 7,279 131 $ 16,476 $ (5,867 ) $ 25,520 $ (5,573 ) $ 49,701 $ 994
Schedule of Effective Income Tax Rate Reconciliation	The effective income tax rate varied from the statutory federal income tax rate as follows: Year ended December 31, 2023 2022 2021 Statutory federal income tax rate 21.0% 21.0% 21.0% State income taxes, net of federal tax benefit 2.2 2.7 3.4 Research and development tax credits (2.7 ) (4.2 ) (0.4 ) Other (2.5 ) (1.1 ) 0.5 Effective income tax rate 18.0% 18.4% 24.5%
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2023 2022 Deferred tax assets Capitalized research and development costs 9,144 4,838 Employee compensation and benefits 2,452 2,316 Allowances for doubtful accounts and discounts 431 637 Inventories 1,635 1,196 Stock-based compensation 1,698 1,661 Other 1,608 1,705 Total deferred tax assets 16,968 12,353 Deferred tax liabilities: Depreciation 3,578 5,070 Other 1,414 1,174 Total deferred tax liabilities 4,992 6,244 Net deferred tax assets $ 11,976 $ 6,109

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of a Reconciliation of the Numerator and Denominator for the Basic and Diluted Earnings Per Share	Set forth below is a reconciliation of the numerator and denominator for the basic and diluted earnings per share calculations for the periods indicated: Year ended December 31, 2023 2022 2021 Numerator: Net income $ 48,215 $ 88,332 $ 155,899 Denominator: Weighted average number of common shares outstanding – Basic 17,676,955 17,648,850 17,585,604 Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans 134,263 144,498 172,230 Weighted average number of common shares outstanding – Diluted 17,811,218 17,793,348 17,757,834

Stock Repurchases (Tables)

Stock Repurchases (Tables)	12 Months Ended
	Dec. 31, 2023
Stock Repurchases [Abstract]
Schedule of Repurchased Shares of its Common Stock	In 2023 and 2022 the Company repurchased shares of its common stock. Details of these purchases are as follows: Period Total Average Total Number Maximum Third Quarter 2022 July 3 to July 30 — — — July 31 to August 27 — — — August 28 to October 1 2,136 $ 49.97 2,136 Fourth Quarter 2022 October 2 to October 29 — — — October 30 to November 26 2,304 $ 49.77 2,304 November 27 to December 31 — — — Fourth Quarter 2023 October 1 to October 28 — — — October 29 to November 25 179,341 $ 45.20 179,341 November 26 to December 31 84,721 $ 43.67 84,721 Total 268,502 $ 44.79 268,502 $ 74,680,000

Operating Segment Information (

Operating Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Operating Segment Information [Abstarct]
Schedule of Operating Segment Financial Information	The Company evaluates performance and allocates resources, in part, based on income (loss) before taxes. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies (see Note 1). Intersegment sales are recorded at the Company’s cost plus a fixed profit percentage. Year ended December 31, 2023 2022 2021 Net Sales Firearms $ 540,746 $ 593,289 $ 728,141 Castings Unaffiliated 3,021 2,553 2,595 Intersegment 33,086 21,306 24,711 36,107 23,859 27,306 Eliminations (33,086 ) (21,306 ) (24,711 ) $ 543,767 $ 595,842 $ 730,736 Income (Loss) Before Income Taxes Firearms $ 53,723 $ 108,610 $ 207,657 Castings (798 ) (3,338 ) (2,732 ) Corporate 5,899 3,007 1,669 $ 58,824 $ 108,279 $ 206,594 Identifiable Assets Firearms $ 228,699 $ 223,301 $ 188,290 Castings 11,144 11,910 13,889 Corporate 158,974 249,552 240,164 $ 398,817 $ 484,763 $ 442,343 Goodwill Firearms $ 3,055 $ 3,055 $ 3,055 Castings 209 209 209 $ 3,264 $ 3,264 $ 3,264 Depreciation Firearms $ 19,301 $ 21,992 $ 22,842 Castings 1,814 2,452 2,959 $ 21,115 $ 24,444 $ 25,801 Capital Expenditures Firearms $ 15,395 $ 26,598 $ 25,239 Castings 401 1,175 3,537 $ 15,796 $ 27,773 $ 28,776

Quarterly Results of Operatio_2

Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2023
Quarterly Results of Operations (Unaudited) [Abstract]
Schedule of Quarterly Financial Information	The following is a tabulation of the unaudited quarterly results of operations for the two years ended December 31, 2023: Three Months Ended 4/1/23 7/1/23 9/30/23 12/31/23 Net Sales $ 149,453 $ 142,804 $ 120,893 $ 130,617 Gross profit 38,486 38,148 24,728 32,257 Net income 14,350 16,185 7,431 10,249 Basic earnings per share 0.81 0.91 0.42 0.58 Diluted earnings per share $ 0.81 $ 0.91 $ 0.42 $ 0.58 Three Months Ended 4/2/22 7/2/22 10/1/22 12/31/22 Net Sales $ 166,575 $ 140,653 $ 139,390 $ 149,224 Gross profit 58,108 43,554 38,869 39,554 Net income 30,232 20,757 18,389 18,954 Basic earnings per share 1.72 1.18 1.04 1.07 Diluted earnings per share $ 1.70 $ 1.17 $ 1.03 $ 1.06

Contingent Liabilities (Tables)

Contingent Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Contingent Liabilities [Abstract]
Schedule of Roll-Forward for Product Liability Reserve	Balance Sheet Roll-forward for Product Liability Reserve Cash Payments Balance ) Accrued Legal Fees Settlements Balance 2021 $ 1,126 (7 ) (227 ) — $ 892 2022 $ 892 (417 ) (167 ) — $ 308 2023 $ 308 500 (129 ) — $ 679 (a) The beginning and ending liability balances represent accrued legal fees only. Settlements and administrative costs are expensed as incurred. Only in rare instances is an accrual established for settlements. (b) The expense accrued in the liability is for legal fees only. In 2022 and 2021, the costs incurred related to cases that were settled or dismissed were less than the amounts accrued for these cases in prior years. (c) Legal fees represent payments to outside counsel related to product liability matters. (d) Settlements represent payments made to plaintiffs or allegedly injured parties in exchange for a full and complete release of liability. (e) Insurance expense represents the cost of insurance premiums.
Schedule of Product Liability Expense	Income Statement Detail for Product Liability Expense Accrued Insurance Total 2021 $ (7 ) 1,119 $ 1,112 2022 $ (417 ) 1,524 $ 1,107 2023 $ 500 1,226 $ 1,726 (b) The expense accrued in the liability is for legal fees only. In 2022 and 2021, the costs incurred related to cases that were settled or dismissed were less than the amounts accrued for these cases in prior years. (e) Insurance expense represents the cost of insurance premiums.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies [Line Items]
Customary payment description	Customary payment terms are 2% 30 days
Advertising expenses	$ 3.1	$ 2.4	$ 2.6
Shipping costs	4.4	4.7	4.2
Research and development	$ 9.8	$ 9.6	$ 11.7
Sales [Member] | Customer Concentration Risk [Member] | Firearms [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of sales	99%
Sales [Member] | Customer Concentration Risk [Member] | Export Sales [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of sales	6%
Sales [Member] | Customer Concentration Risk [Member] | Castings Sales [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of sales	1%
Building [Member]
Summary of Significant Accounting Policies [Line Items]
Useful life	15 years
Machinery and Equipment [Member]
Summary of Significant Accounting Policies [Line Items]
Useful life	7 years
Tools and dies [Member]
Summary of Significant Accounting Policies [Line Items]
Useful life	3 years

Revenue Recognition and Contr_3

Revenue Recognition and Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition and Contracts with Customers [Line Items]
Company deferred revenue		$ 3,200	$ 1,000
Recognized deferred revenue	$ 100	4,084		$ 84
Net increase (decrease) in firearms sales		900	(1,000)
Deferred contract revenue liability		149	$ 1,031
Other Debt Obligations [Member]
Revenue Recognition and Contracts with Customers [Line Items]
Recognized deferred revenue		$ 4,100

Revenue Recognition and Contr_4

Revenue Recognition and Contracts with Customers (Details) - Schedule of Revenue Recognized - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Revenue Recognized [Abstract]
Contract liabilities with customers at January 1,	$ 84	$ 1,031		$ 84
Revenue recognized	$ (100)	(4,084)		(84)
Revenue deferred		3,202	1,031
Contract liabilities with customers at December 31,		$ 149	$ 1,031

Trade Receivables, Net (Details

Trade Receivables, Net (Details) - Accounts Receivable [Member] - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Customer One [Member]
Trade Receivables, Net (Details) [Line Items]
Total trade receivables	22%	26%
Customer Two [Member]
Trade Receivables, Net (Details) [Line Items]
Total trade receivables	20%	23%
Customer Three [Member]
Trade Receivables, Net (Details) [Line Items]
Total trade receivables	17%	18%

Trade Receivables, Net (Detai_2

Trade Receivables, Net (Details) - Schedule of Trade Receivables - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Trade Receivables [Abstract]
Trade receivables	$ 61,428	$ 67,183
Allowance for doubtful accounts	(400)	(400)
Allowance for discounts	(1,164)	(1,334)
Trade receivables, net	$ 59,864	$ 65,449

Inventories (Details) - Schedul

Inventories (Details) - Schedule of Inventories - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory at FIFO
Finished goods	$ 30,989	$ 23,573
Materials and products in process	119,203	105,721
Gross inventories	150,192	129,294
Less: LIFO reserve	(64,262)	(59,489)
Less: excess and obsolescence reserve	(6,120)	(4,812)
Net inventories	$ 79,810	$ 64,993

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 21,115	$ 24,444	$ 25,801

Property, Plant and Equipment_3

Property, Plant and Equipment (Details) - Schedule of Property, Plant and Equipment - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 462,397	$ 447,126
Less allowances for depreciation	(390,863)	(370,273)
Net property, plant and equipment	71,534	76,853
Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,826	2,826
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	74,650	72,788
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	322,730	314,032
Dies and tools [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 62,191	$ 57,480

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Assets [Line Items]
Patent amortization	$ 0.4	$ 0.4	$ 0.3
Estimated annual patent amortization expense after five years	0.3
Trade name [Member]
Other Assets [Line Items]
Estimated annual patent amortization expense 2023	0.4
Estimated annual patent amortization expense 2024	0.4
Estimated annual patent amortization expense 2025	0.4
Estimated annual patent amortization expense 2026	0.4
Estimated annual patent amortization expense 2027	0.4
Customer Relationships [Member]
Other Assets [Line Items]
Estimated annual patent amortization expense 2023	0.1
Estimated annual patent amortization expense 2024	0.1
Estimated annual patent amortization expense 2025	0.1
Estimated annual patent amortization expense 2026	0.1
Estimated annual patent amortization expense 2027	$ 0.1

Other Assets (Details) - Schedu

Other Assets (Details) - Schedule of Other Assets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Other Assets Abstract
Patents, at cost	$ 10,280	$ 10,126
Accumulated amortization	(7,171)	(6,318)
Deposits on capital items	23,045	17,106
Marlin trade name	7,800	7,800
Other	9,958	11,249
Other assets	$ 43,912	$ 39,963

Leased Assets (Details)

Leased Assets (Details)	Dec. 31, 2023
Leased Assets [Abstract]
Lease term	7 years 10 months 24 days

Leased Assets (Details) - Sched

Leased Assets (Details) - Schedule of Right-of-Use Assets and Related Lease Liabilities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leased Assets (Details) - Schedule of Right-of-Use Assets and Related Lease Liabilities [Line Items]
Total operating lease liabilities	$ 2,781	$ 3,681
Other Assets [Member]
Leased Assets (Details) - Schedule of Right-of-Use Assets and Related Lease Liabilities [Line Items]
Right-of-use assets	2,781	3,681
Trade accounts payable and accrued expenses [Member]
Leased Assets (Details) - Schedule of Right-of-Use Assets and Related Lease Liabilities [Line Items]
Current portion	611	642
Lease liabilities [Member]
Leased Assets (Details) - Schedule of Right-of-Use Assets and Related Lease Liabilities [Line Items]
Noncurrent portion	$ 2,170	$ 3,039

Leased Assets (Details) - Sch_2

Leased Assets (Details) - Schedule of Operating Lease Liabilities - Operating lease [Member] $ in Thousands	Dec. 31, 2023 USD ($)
Schedule of Operating Lease Liabilities [Line items]
2024	$ 808
2025	702
2026	705
2027	229
2028	160
Thereafter	960
Total undiscounted future minimum lease payments	3,564
Less: Difference between undiscounted lease payments & the present value of future lease payments	(783)
Total operating lease liabilities	$ 2,781

Trade Accounts Payable and Ac_3

Trade Accounts Payable and Accrued Expenses (Details) - Schedule of Trade Accounts Payable and Accrued Expenses - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Trade Accounts Payable and Accrued Expenses [Abstract]
Trade accounts payable	$ 11,100	$ 13,281
Federal excise taxes payable	11,954	13,635
Accrued other	8,654	8,742
Trade accounts payable and accrued expenses	$ 31,708	$ 35,658

Accrued Dividends (Details)

Accrued Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 05, 2023	Nov. 30, 2022
Disclosure Text Block Supplement [Abstract]
Dividend per share		$ 0.05
Dividend total	$ 88.3

Line of Credit (Details)

Line of Credit (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 07, 2022	Dec. 31, 2023	Dec. 31, 2021
Line of Credit (Details) [Line Items]
Revolving credit facility, expiration date	Jan. 07, 2025
Line of Credit [Member]
Line of Credit (Details) [Line Items]
Credit facility with a bank		$ 40	$ 40
Line of credit unused portion per year		0.25%

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plans [Abstract]
Expenses related to matching employee contributions	$ 4.7	$ 4.1	$ 4
Supplemental contributions total	$ 6.9	$ 7.4	$ 7.4

Other Operating Income, Net (De

Other Operating Income, Net (Details) - Schedule of Other Operating Income, Net - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Other Operating Income, Net [Abstract]
Gain on sale of operating assets	$ 5	$ 36	$ 127

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Fedral tax rate	21%	21%	21%
Capitalized and amortized over for income tax purposes	5 years
Income tax payments	$ 26	$ 28.7	$ 49.5

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of Federal and State Income Tax Provision - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Federal and State Income Tax Provision [Abstract]
Federal, current	$ 14,763	$ 21,741	$ 42,422
Federal, deferred	(5,285)	(4,694)	863
State, current	1,713	3,779	7,279
State, deferred	(582)	(879)	131
Current	16,476	25,520	49,701
Deferred	$ (5,867)	$ (5,573)	$ 994

Income Taxes (Details) - Sche_2

Income Taxes (Details) - Schedule of Effective Income Tax Rate Reconciliation	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Effective Income Tax Rate Reconciliation [Abstract]
Statutory federal income tax rate	21%	21%	21%
State income taxes, net of federal tax benefit	2.20%	2.70%	3.40%
Research and development tax credits	(2.70%)	(4.20%)	(0.40%)
Other	(2.50%)	(1.10%)	0.50%
Effective income tax rate	18%	18.40%	24.50%

Income Taxes (Details) - Sche_3

Income Taxes (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Capitalized research and development costs	$ 9,144	$ 4,838
Employee compensation and benefits	2,452	2,316
Allowances for doubtful accounts and discounts	431	637
Inventories	1,635	1,196
Stock-based compensation	1,698	1,661
Other	1,608	1,705
Total deferred tax assets	16,968	12,353
Deferred tax liabilities:
Depreciation	3,578	5,070
Other	1,414	1,174
Total deferred tax liabilities	4,992	6,244
Net deferred tax assets	$ 11,976	$ 6,109

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of a Reconciliation of the Numerator and Denominator for the Basic and Diluted Earnings Per Share - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (in Dollars)	$ 48,215	$ 88,332	$ 155,899
Denominator:
Weighted average number of common shares outstanding – Basic	17,676,955	17,648,850	17,585,604
Dilutive effect of options and restricted stock units outstanding under the Company’s employee compensation plans	134,263	144,498	172,230
Weighted average number of common shares outstanding – Diluted	17,811,218	17,793,348	17,757,834

Stock Repurchases (Details)

Stock Repurchases (Details) $ in Millions	Dec. 31, 2023 USD ($)
Stock Repurchases [Abstract]
Share repurchase authorization	$ 74.7

Stock Repurchases (Details) - S

Stock Repurchases (Details) - Schedule of Repurchased Shares of its Common Stock - USD ($)	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022
Schedule of Repurchased Shares of its Common Stock [Line Items]
Total Number of Shares Purchased	268,502
Average Price Paid per Share (in Dollars per share)	$ 44.79
Total Number of Shares Purchased as Part of Publicly Announced Program	268,502
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program (in Dollars)	$ 74,680,000
Third Quarter 2022 [Member] | July 3 to July 30 [Member]
Schedule of Repurchased Shares of its Common Stock [Line Items]
Total Number of Shares Purchased
Average Price Paid per Share (in Dollars per share)
Total Number of Shares Purchased as Part of Publicly Announced Program
Third Quarter 2022 [Member] | July 31 to August 27 [Member]
Schedule of Repurchased Shares of its Common Stock [Line Items]
Total Number of Shares Purchased
Average Price Paid per Share (in Dollars per share)
Total Number of Shares Purchased as Part of Publicly Announced Program
Third Quarter 2022 [Member] | August 28 to October 1 [Member]
Schedule of Repurchased Shares of its Common Stock [Line Items]
Total Number of Shares Purchased			2,136
Average Price Paid per Share (in Dollars per share)			$ 49.97
Total Number of Shares Purchased as Part of Publicly Announced Program			2,136
Fourth Quarter 2022 [Member] | October 2 to October 29 [Member]
Schedule of Repurchased Shares of its Common Stock [Line Items]
Total Number of Shares Purchased
Average Price Paid per Share (in Dollars per share)
Total Number of Shares Purchased as Part of Publicly Announced Program
Fourth Quarter 2022 [Member] | October 30 to November 26 [Member]
Schedule of Repurchased Shares of its Common Stock [Line Items]
Total Number of Shares Purchased		2,304
Average Price Paid per Share (in Dollars per share)		$ 49.77
Total Number of Shares Purchased as Part of Publicly Announced Program		2,304
Fourth Quarter 2022 [Member] | November 27 to December 31 [Member]
Schedule of Repurchased Shares of its Common Stock [Line Items]
Total Number of Shares Purchased
Average Price Paid per Share (in Dollars per share)
Total Number of Shares Purchased as Part of Publicly Announced Program
Fourth Quarter 2023 [Member] | October 1 to October 28 [Member]
Schedule of Repurchased Shares of its Common Stock [Line Items]
Total Number of Shares Purchased
Average Price Paid per Share (in Dollars per share)
Total Number of Shares Purchased as Part of Publicly Announced Program
Fourth Quarter 2023 [Member] | October 29 to November 25 [Member]
Schedule of Repurchased Shares of its Common Stock [Line Items]
Total Number of Shares Purchased	179,341
Average Price Paid per Share (in Dollars per share)	$ 45.2
Total Number of Shares Purchased as Part of Publicly Announced Program	179,341
Fourth Quarter 2023 [Member] | November 26 to December 31 [Member]
Schedule of Repurchased Shares of its Common Stock [Line Items]
Total Number of Shares Purchased	84,721
Average Price Paid per Share (in Dollars per share)	$ 43.67
Total Number of Shares Purchased as Part of Publicly Announced Program	84,721

Compensation Plans (Details)

Compensation Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2023	May 31, 2017
Compensation Plans [Line Items]
Total stock-based compensation	$ 6.2	$ 5.7	$ 8.3
Stock Incentive Plan 2017 [Member]
Compensation Plans [Line Items]
Shares reserved for future issuance					750,000
Shares remained unawarded	121,034
Stock Incentive Plan 2023 [Member]
Compensation Plans [Line Items]
reserved shares for future issuance				1,000,000
Shares available for future grants	869,000
Deferred Stock [Member]
Compensation Plans [Line Items]
Compensation expense	$ 0.9	$ 0.8	$ 0.8
Unrecognized compensation cost	$ 1
Deferred Stock [Member] | Non-Employee Directors [Member] | Vest in June 2024 [Member]
Compensation Plans [Line Items]
Deferred stock awards amount	7,566
Deferred Stock [Member] | Non-Employee Directors [Member] | Vest in June 2026 [Member]
Compensation Plans [Line Items]
Deferred stock awards amount	9,760
Deferred Stock [Member] | Non-Employee Directors [Member] | Vest in May 2023 [Member]
Compensation Plans [Line Items]
Deferred stock awards amount		5,953
Deferred Stock [Member] | Non-Employee Directors [Member] | Vesting in May 2025 [Member]
Compensation Plans [Line Items]
Deferred stock awards amount		7,688
Deferred Stock [Member] | Non-Employee Directors [Member] | Vest in June 2027 [Member]
Compensation Plans [Line Items]
Deferred stock awards amount		1,478
Deferred Stock [Member] | Non-Employee Directors [Member] | Vesting in May 2022 [Member]
Compensation Plans [Line Items]
Deferred stock awards amount			5,113
Deferred Stock [Member] | Non-Employee Directors [Member] | Vest in May 2024 [Member]
Compensation Plans [Line Items]
Deferred stock awards amount			6,615
Restricted Stock Units [Member]
Compensation Plans [Line Items]
Restricted stock units issued	114,000	82,000	82,000
Cost of issuances restricted stock units	$ 6.1	$ 6	$ 5.6
Recognized costs of restricted stock units	$ 1.3	$ 1.7	$ 1.6
Vesting period	3 years 3 months 18 days
Unrecognized compensation cost	$ 7.5
Restricted Stock Units [Member] | Minimum [Member]
Compensation Plans [Line Items]
Vesting period	24 months	24 months	24 months
Restricted Stock Units [Member] | Maximum [Member]
Compensation Plans [Line Items]
Vesting period	26 months	26 months	26 months

Operating Segment Information_2

Operating Segment Information (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Segment Information [Line Items]
Number of Operating Segments	2
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Lipseys [Member]
Operating Segment Information [Line Items]
Percentage of sales	24%	23%	21%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Davidsons [Member]
Operating Segment Information [Line Items]
Percentage of sales	19%	23%	19%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Sports South [Member]
Operating Segment Information [Line Items]
Percentage of sales	15%	21%	19%
United States [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Operating Segment Information [Line Items]
Percentage of sales	94%	94%	94%

Operating Segment Information_3

Operating Segment Information (Details) - Schedule of Operating Segment Financial Information - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Oct. 02, 2022	Jul. 02, 2022	Apr. 02, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Sales
Net Sales	$ 130,617	$ 120,893	$ 142,804	$ 149,453	$ 149,224	$ 139,390	$ 140,653	$ 166,575	$ 543,767	$ 595,842	$ 730,736
Income (Loss) Before Income Taxes
Income (Loss) Before Income Taxes									58,824	108,279	206,594
Identifiable Assets
Identifiable Assets	398,817				484,763				398,817	484,763	442,343
Goodwill
Goodwill	3,264				3,264				3,264	3,264	3,264
Depreciation
Depreciation									21,115	24,444	25,801
Capital Expenditures
Capital Expenditures									15,796	27,773	28,776
Firearms [Member]
Net Sales
Net Sales									540,746	593,289	728,141
Income (Loss) Before Income Taxes
Income (Loss) Before Income Taxes									53,723	108,610	207,657
Identifiable Assets
Identifiable Assets	228,699				223,301				228,699	223,301	188,290
Goodwill
Goodwill	3,055				3,055				3,055	3,055	3,055
Depreciation
Depreciation									19,301	21,992	22,842
Capital Expenditures
Capital Expenditures									15,395	26,598	25,239
Castings [Member]
Net Sales
Net Sales									36,107	23,859	27,306
Income (Loss) Before Income Taxes
Income (Loss) Before Income Taxes									(798)	(3,338)	(2,732)
Identifiable Assets
Identifiable Assets	11,144				11,910				11,144	11,910	13,889
Goodwill
Goodwill	209				209				209	209	209
Depreciation
Depreciation									1,814	2,452	2,959
Capital Expenditures
Capital Expenditures									401	1,175	3,537
Eliminations [Member]
Net Sales
Net Sales									(33,086)	(21,306)	(24,711)
Corporate Member
Income (Loss) Before Income Taxes
Income (Loss) Before Income Taxes									5,899	3,007	1,669
Identifiable Assets
Identifiable Assets	$ 158,974				$ 249,552				158,974	249,552	240,164
Castings [Member] | Unaffiliated Castings [Member]
Net Sales
Net Sales									3,021	2,553	2,595
Castings [Member] | Intersegment [Member]
Net Sales
Net Sales									$ 33,086	$ 21,306	$ 24,711

Quarterly Results of Operatio_3

Quarterly Results of Operations (Unaudited) (Details) - Schedule of Quarterly Financial Information - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Oct. 02, 2022	Jul. 02, 2022	Apr. 02, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Quarterly Financial Information [Abstract]
Net Sales	$ 130,617	$ 120,893	$ 142,804	$ 149,453	$ 149,224	$ 139,390	$ 140,653	$ 166,575	$ 543,767	$ 595,842	$ 730,736
Gross profit	32,257	24,728	38,148	38,486	39,554	38,869	43,554	58,108	133,619	180,085	279,557
Net income	$ 10,249	$ 7,431	$ 16,185	$ 14,350	$ 18,954	$ 18,389	$ 20,757	$ 30,232	$ 48,215	$ 88,332	$ 155,899
Basic earnings per share (in Dollars per share)	$ 0.58	$ 0.42	$ 0.91	$ 0.81	$ 1.07	$ 1.04	$ 1.18	$ 1.72	$ 2.73	$ 5	$ 8.87
Diluted earnings per share (in Dollars per share)	$ 0.58	$ 0.42	$ 0.91	$ 0.81	$ 1.06	$ 1.03	$ 1.17	$ 1.7	$ 2.71	$ 4.96	$ 8.78

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
National Rifle Association [Member]
Related Party Transactions [Line Items]
Amount paid	$ 0.5	$ 0.7	$ 0.5
National Shooting Sports Foundation [Member]
Related Party Transactions [Line Items]
Amount paid	$ 0.3	$ 0.3	$ 0.4

Contingent Liabilities (Details

Contingent Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Contingent Liabilities (Details) [Line Items]
Minimum limit of per claim for providing insurance coverage on annual basis (in Dollars)	$ 5
Maximum limit of aggregate loss incurred annually for providing insurance coverage on annual basis (in Dollars)	$ 10
Total amount of damages claimed (in Dollars)			$ 1.1
Number of lawsuits	1		1
Number of lawsuits resolved	1	1
Number of lawsuits involving its products	(7)	(5)	(4)
Product liability expense (in Dollars)	$ 1.5	$ 1.3	$ 1.1
Traditional Product Liability [Member]
Contingent Liabilities (Details) [Line Items]
Number of lawsuits	1	1	2
Municipal Lawsuits [Member]
Contingent Liabilities (Details) [Line Items]
Number of lawsuits	4	4	2
Unfair Trade Practices Lawsuits [Member]
Contingent Liabilities (Details) [Line Items]
Number of lawsuits	2
Negligence Lawsuits [Member]
Contingent Liabilities (Details) [Line Items]
Number of lawsuits	2	3

Contingent Liabilities (Detai_2

Contingent Liabilities (Details) - Schedule of Roll-Forward for Product Liability Reserve - Product Liability Reserve [Member] - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Product Warranty Liability [Line Items]
Balance Beginning of Year	[1]	$ 308	$ 892	$ 1,126
Accrued Legal Expense (Income)	[2]	500	(417)	(7)
Legal Fees	[3]	(129)	(167)	(227)
Settlements	[4]
Balance End of Year	[1]	$ 679	$ 308	$ 892
[1]The beginning and ending liability balances represent accrued legal fees only. Settlements and administrative costs are expensed as incurred. Only in rare instances is an accrual established for settlements.[2]The expense accrued in the liability is for legal fees only. In 2022 and 2021, the costs incurred related to cases that were settled or dismissed were less than the amounts accrued for these cases in prior years.[3]Legal fees represent payments to outside counsel related to product liability matters.[4]Settlements represent payments made to plaintiffs or allegedly injured parties in exchange for a full and complete release of liability.

Contingent Liabilities (Detai_3

Contingent Liabilities (Details) - Schedule of Product Liability Expense - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accrued Legal Expense [Member]
Product Liability Contingency [Line Items]
Accrued Legal Expense	[1]	$ 500	$ (417)	$ (7)
Insurance Premium Expense [Member]
Product Liability Contingency [Line Items]
Insurance Premium Expense	[2]	1,226	1,524	1,119
Total Product Liability Expense [Member]
Product Liability Contingency [Line Items]
Total Product Liability Expense		$ 1,726	$ 1,107	$ 1,112
[1]The expense accrued in the liability is for legal fees only. In 2022 and 2021, the costs incurred related to cases that were settled or dismissed were less than the amounts accrued for these cases in prior years.[2]Insurance expense represents the cost of insurance premiums.

Subsequent Events (Details)

Subsequent Events (Details)	Feb. 16, 2024 $ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend authorized	$ 0.23