| Document and Entity Information - USD ($) | 3 Months Ended | |
| Mar. 31, 2017 | Jun. 30, 2016 | |
| Document and Entity Information: | ||
| Entity Registrant Name | CHICAGO RIVET & MACHINE CO. | |
| Document Type | 10-Q | |
| Document Period End Date | Mar. 31, 2017 | |
| Trading Symbol | cvr | |
| Amendment Flag | false | |
| Entity Central Index Key | 19,871 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Common Stock, Shares Outstanding | 966,132 | |
| Entity Public Float | $ 21,211,146 | |
| Entity Filer Category | Smaller Reporting Company | |
| Entity Current Reporting Status | Yes | |
| Entity Voluntary Filers | No | |
| Entity Well-known Seasoned Issuer | No | |
| Document Fiscal Year Focus | 2,017 | |
| Document Fiscal Period Focus | Q1 |
| Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | |
| Current Assets: | |||
| Cash and cash equivalents | $ 751,534 | $ 353,475 | |
| Certificates of deposit | 6,814,000 | 8,059,000 | |
| Accounts receivable, net | [1] | 6,173,784 | 5,323,519 |
| Inventories, net | 5,287,442 | 4,537,693 | |
| Prepaid income taxes | 56,112 | ||
| Other current assets | 390,746 | 423,952 | |
| Total current assets | 19,417,506 | 18,753,751 | |
| Property, Plant and Equipment: | |||
| Land | 923,587 | 923,587 | |
| Land improvements | 501,102 | 501,102 | |
| Buildings and improvements | 7,917,521 | 7,333,942 | |
| Production equipment and other | 34,040,928 | 34,447,193 | |
| Property, Plant and Equipment Gross | 43,383,138 | 43,205,824 | |
| Less accumulated depreciation | 31,058,463 | 30,755,266 | |
| Net property, plant and equipment | 12,324,675 | 12,450,558 | |
| Total assets | 31,742,181 | 31,204,309 | |
| Current Liabilities: | |||
| Accounts payable | 1,352,096 | 703,467 | |
| Accrued wages and salaries | 685,169 | 690,526 | |
| Other accrued expenses | 477,063 | 604,174 | |
| Unearned revenue and customer deposits | 345,295 | 286,133 | |
| Total current liabilities | 2,859,623 | 2,284,300 | |
| Deferred income taxes | 1,011,084 | 1,028,084 | |
| Total liabilities | 3,870,707 | 3,312,384 | |
| Shareholders' Equity: | |||
| Preferred stock | [2] | 0 | 0 |
| Common stock | [3] | 1,138,096 | 1,138,096 |
| Additional paid-in capital | 447,134 | 447,134 | |
| Retained earnings | 30,208,342 | 30,228,793 | |
| Less: Treasury stock | [4] | 3,922,098 | 3,922,098 |
| Total shareholders' equity | 27,871,474 | 27,891,925 | |
| Total liabilities and shareholders' equity | $ 31,742,181 | $ 31,204,309 | |
| [1] | Net of allowance of $150,000. | ||
| [2] | No par value, 500,000 shares authorized, none outstanding. | ||
| [3] | $1.00 par value, 4,000,000 shares authorized, 1,138,096 shares issued, 966,132 shares outstanding. | ||
| [4] | At cost, 171,964 shares. | ||
| Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Condensed Consolidated Statements of Income | ||
| Net sales | $ 9,483,327 | $ 9,596,395 |
| Cost of goods sold | 7,226,816 | 7,167,778 |
| Gross profit | 2,256,511 | 2,428,617 |
| Selling and administrative expenses | 1,506,272 | 1,458,719 |
| Operating profit | 750,239 | 969,898 |
| Other income | 20,683 | 13,159 |
| Income before provision for income taxes | 770,922 | 983,057 |
| Provision for income taxes | 260,000 | 336,000 |
| Net income | $ 510,922 | $ 647,057 |
| Per share data, basic and diluted: | ||
| Net income per share | $ 0.53 | $ 0.67 |
| Average common shares outstanding | 966,132 | 966,132 |
| Cash dividends declared per share | $ 0.55 | $ 0.43 |
| Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Cash flows from operating activities: | ||
| Net income | $ 510,922 | $ 647,057 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation | 303,197 | 299,355 |
| Gain from disposal of equipment | (400) | (1,022) |
| Deferred income taxes | (17,000) | (8,000) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (850,265) | (673,585) |
| Inventories | (749,749) | (381,492) |
| Other current assets | 89,318 | 270,617 |
| Accounts payable | 646,777 | 649,419 |
| Accrued wages and salaries | (5,357) | 22,441 |
| Other accrued expenses | (127,111) | (128,290) |
| Unearned revenue and customer deposits | 59,162 | (19,000) |
| Net cash provided by (used in) operating activities | (140,506) | 677,500 |
| Cash flows from investing activities: | ||
| Capital expenditures | (175,462) | (596,831) |
| Proceeds from the sale of equipment | 400 | 1,022 |
| Proceeds from certificates of deposit | 1,992,000 | 1,494,000 |
| Purchases of certificates of deposit | (747,000) | (996,000) |
| Net cash provided by (used in) investing activities | 1,069,938 | (97,809) |
| Cash flows from financing activities: | ||
| Cash dividends paid | (531,373) | (415,437) |
| Net cash used in financing activities | (531,373) | (415,437) |
| Net increase (decrease) in cash and cash equivalents | 398,059 | 164,254 |
| Cash and cash equivalents at beginning of period | 353,475 | 800,894 |
| Cash and cash equivalents at end of period | 751,534 | 965,148 |
| Supplemental schedule of non-cash investing activities: | ||
| Capital expenditures in accounts payable | $ 1,852 | $ 2,550 |
| Condensed Consolidated Statements of Retained Earnings (Unaudited) - USD ($) | 3 Months Ended | |
| Mar. 31, 2017 | Mar. 31, 2016 | |
| Condensed Consolidated Statements of Retained Earnings | ||
| Retained earnings at beginning of period | $ 30,228,793 | $ 28,828,284 |
| Net income | 510,922 | 647,057 |
| Cash dividends paid, $.55 per share in 2017 and $.43 in 2016 | (531,373) | (415,437) |
| Retained earnings at end of period | $ 30,208,342 | $ 29,059,904 |
| Accounting Policies | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Accounting Policies | 1. In the opinion of the Company, the accompanying unaudited interim financial statements contain all adjustments necessary to present fairly the financial position of the Company as of March 31, 2017 (unaudited) and December 31, 2016 (audited) and the results of operations and changes in cash flows for the indicated periods. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted from these unaudited financial statements in accordance with applicable rules. Please refer to the financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the year ended December 31, 2016. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and 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 those estimates. The results of operations for the three month period ended March 31, 2017 are not necessarily indicative of the results to be expected for the year. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), (ASU 2014-09) which is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (ASU 2016-12), which updated ASU 2014-09. ASU 2016-12 clarifies certain core recognition principles including collectability, sales tax presentation, noncash consideration, contract modifications and completed contracts at transition and disclosures no longer required if the full retrospective transition method is adopted. ASU 2014-09 and ASU 2016-12 are effective for annual reporting periods after December 15, 2017 and interim periods within those reporting periods, and are to be applied using either the modified retrospective or full retrospective transition methods, with early adoption permitted. The Company has reviewed its revenue sources and contracts within the scope of the ASU and based on its evaluation to date, does not anticipate this standard will have a material impact on its consolidated financial statements. The Company does not plan to early adopt the ASU and has not yet determined the transition method. |
| Risks and Uncertainties | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Risks and Uncertainties | 2. The Company extends credit on the basis of terms that are customary within our markets to various companies doing business primarily in the automotive industry. The Company has a concentration of credit risk primarily within the automotive industry and in the Midwestern United States. |
| Commitments and Contingencies | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Commitments and Contingencies | 3. The Company is, from time to time, involved in litigation, including environmental claims and contract disputes, in the normal course of business. While it is not possible at this time to establish the ultimate amount of liability with respect to contingent liabilities, including those related to legal proceedings, management is of the opinion that the aggregate amount of any such liabilities, for which provision has not been made, will not have a material adverse effect on the Company's financial position. |
| Income Taxes | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Income Taxes | 4. The Companys effective tax rates were approximately 33.7% and 34.2% for the first quarter of 2017 and 2016, respectively. The rate was lower than the U.S. federal statutory rate in 2017 primarily due to the Domestic Production Activities Deduction allowed under Internal Revenue Code Section 199. The Companys federal income tax returns for the 2013 through 2016 tax years are subject to examination by the Internal Revenue Service (IRS). While it may be possible that a reduction could occur with respect to the Companys unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company. No statutes have been extended on any of the Companys federal income tax filings. The statute of limitations on the Companys 2013 through 2016 federal income tax returns will expire on September 15, 2017 through 2020, respectively. The Companys state income tax returns for the 2013 through 2016 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2020. The Company is not currently under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended. |
| Inventory | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Inventory | 5. Inventories are stated at the lower of cost or net realizable value, cost being determined by the first-in, first-out method. A summary of inventories is as follows: March 31, 2017 December 31, 2016 Raw material $ 1,930,432 $ 1,675,143 Work-In-Process 2,007,716 1,684,321 Finished Goods 1,881,294 1,740,229 Inventory, Gross 5,819,442 5,099,693 Valuation reserves (532,000) (562,000) Inventory, Net $ 5,287,442 $ 4,537,693 |
| Segment Reporting | 3 Months Ended |
| Mar. 31, 2017 | |
| Notes | |
| Segment Reporting | 6. Segment InformationThe Company operates in two business segments as determined by its products. The fastener segment includes rivets, cold-formed fasteners and screw machine products. The assembly equipment segment includes automatic rivet setting machines and parts and tools for such machines. Information by segment is as follows: Fastener Assembly Equipment Other Consolidated Three Months Ended March 31, 2017: Net sales $ 8,736,188 $ 747,139 0 $ 9,483,327 Depreciation 269,837 24,390 8,970 303,197 Segment operating profit 1,191,547 245,620 0 1,437,167 Selling and administrative expenses 0 0 (680,928) (680,928) Interest income 0 0 14,683 14,683 Income before income taxes $ 770,922 Capital expenditures 174,789 2,525 0 177,314 Segment assets: Accounts receivable, net 5,797,234 376,550 0 6,173,784 Inventories, net 4,075,856 1,211,586 0 5,287,442 Property, plant and equipment, net 10,187,799 1,542,837 594,039 12,324,675 Other assets 0 0 7,956,280 7,956,280 $ 31,742,181 Three Months Ended March 31, 2016: Net sales $ 8,447,329 $ 1,149,066 0 $ 9,596,395 Depreciation 260,823 21,582 16,950 299,355 Segment operating profit 1,226,361 433,199 0 1,659,560 Selling and administrative expenses 0 0 (685,262) (685,262) Interest income 0 0 8,759 8,759 Income before income taxes $ 983,057 Capital expenditures 409,785 181,368 8,228 599,381 Segment assets: Accounts receivable, net 5,701,331 410,586 0 6,111,917 Inventories, net 3,951,985 967,719 0 4,919,704 Property, plant and equipment, net 9,858,184 1,628,796 511,489 11,998,469 Other assets 0 0 7,418,596 7,418,596 $ 30,448,686 |
| Accounting Policies (Policies) | 3 Months Ended |
| Mar. 31, 2017 | |
| Policies | |
| Accounting Policies | 1. In the opinion of the Company, the accompanying unaudited interim financial statements contain all adjustments necessary to present fairly the financial position of the Company as of March 31, 2017 (unaudited) and December 31, 2016 (audited) and the results of operations and changes in cash flows for the indicated periods. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted from these unaudited financial statements in accordance with applicable rules. Please refer to the financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the year ended December 31, 2016. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and 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 those estimates. The results of operations for the three month period ended March 31, 2017 are not necessarily indicative of the results to be expected for the year. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), (ASU 2014-09) which is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (ASU 2016-12), which updated ASU 2014-09. ASU 2016-12 clarifies certain core recognition principles including collectability, sales tax presentation, noncash consideration, contract modifications and completed contracts at transition and disclosures no longer required if the full retrospective transition method is adopted. ASU 2014-09 and ASU 2016-12 are effective for annual reporting periods after December 15, 2017 and interim periods within those reporting periods, and are to be applied using either the modified retrospective or full retrospective transition methods, with early adoption permitted. The Company has reviewed its revenue sources and contracts within the scope of the ASU and based on its evaluation to date, does not anticipate this standard will have a material impact on its consolidated financial statements. The Company does not plan to early adopt the ASU and has not yet determined the transition method. |
| Risks and Uncertainties | 2. The Company extends credit on the basis of terms that are customary within our markets to various companies doing business primarily in the automotive industry. The Company has a concentration of credit risk primarily within the automotive industry and in the Midwestern United States. |
| Commitments and Contingencies | 3. The Company is, from time to time, involved in litigation, including environmental claims and contract disputes, in the normal course of business. While it is not possible at this time to establish the ultimate amount of liability with respect to contingent liabilities, including those related to legal proceedings, management is of the opinion that the aggregate amount of any such liabilities, for which provision has not been made, will not have a material adverse effect on the Company's financial position. |
| Income Taxes | 4. The Companys effective tax rates were approximately 33.7% and 34.2% for the first quarter of 2017 and 2016, respectively. The rate was lower than the U.S. federal statutory rate in 2017 primarily due to the Domestic Production Activities Deduction allowed under Internal Revenue Code Section 199. The Companys federal income tax returns for the 2013 through 2016 tax years are subject to examination by the Internal Revenue Service (IRS). While it may be possible that a reduction could occur with respect to the Companys unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company. No statutes have been extended on any of the Companys federal income tax filings. The statute of limitations on the Companys 2013 through 2016 federal income tax returns will expire on September 15, 2017 through 2020, respectively. The Companys state income tax returns for the 2013 through 2016 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2020. The Company is not currently under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended. |
| Inventory | 5. Inventories are stated at the lower of cost or net realizable value, cost being determined by the first-in, first-out method. |
| Segment Reporting | 6. Segment InformationThe Company operates in two business segments as determined by its products. The fastener segment includes rivets, cold-formed fasteners and screw machine products. The assembly equipment segment includes automatic rivet setting machines and parts and tools for such machines. |
| Schedule of Inventory, Current (Tables) | 3 Months Ended |
| Mar. 31, 2017 | |
| Tables/Schedules | |
| Schedule of Inventory, Current | March 31, 2017 December 31, 2016 Raw material $ 1,930,432 $ 1,675,143 Work-In-Process 2,007,716 1,684,321 Finished Goods 1,881,294 1,740,229 Inventory, Gross 5,819,442 5,099,693 Valuation reserves (532,000) (562,000) Inventory, Net $ 5,287,442 $ 4,537,693 |
| Schedule of Segment Reporting Information, by Segment (Tables) | 3 Months Ended |
| Mar. 31, 2017 | |
| Tables/Schedules | |
| Schedule of Segment Reporting Information, by Segment | Fastener Assembly Equipment Other Consolidated Three Months Ended March 31, 2017: Net sales $ 8,736,188 $ 747,139 0 $ 9,483,327 Depreciation 269,837 24,390 8,970 303,197 Segment operating profit 1,191,547 245,620 0 1,437,167 Selling and administrative expenses 0 0 (680,928) (680,928) Interest income 0 0 14,683 14,683 Income before income taxes $ 770,922 Capital expenditures 174,789 2,525 0 177,314 Segment assets: Accounts receivable, net 5,797,234 376,550 0 6,173,784 Inventories, net 4,075,856 1,211,586 0 5,287,442 Property, plant and equipment, net 10,187,799 1,542,837 594,039 12,324,675 Other assets 0 0 7,956,280 7,956,280 $ 31,742,181 Three Months Ended March 31, 2016: Net sales $ 8,447,329 $ 1,149,066 0 $ 9,596,395 Depreciation 260,823 21,582 16,950 299,355 Segment operating profit 1,226,361 433,199 0 1,659,560 Selling and administrative expenses 0 0 (685,262) (685,262) Interest income 0 0 8,759 8,759 Income before income taxes $ 983,057 Capital expenditures 409,785 181,368 8,228 599,381 Segment assets: Accounts receivable, net 5,701,331 410,586 0 6,111,917 Inventories, net 3,951,985 967,719 0 4,919,704 Property, plant and equipment, net 9,858,184 1,628,796 511,489 11,998,469 Other assets 0 0 7,418,596 7,418,596 $ 30,448,686 |
| Schedule of Inventory, Current (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
| Details | |||
| Inventory, Raw Materials, Gross | $ 1,930,432 | $ 1,675,143 | |
| Inventory, Work in Process, Gross | 2,007,716 | 1,684,321 | |
| Inventory, Finished Goods, Gross | 1,881,294 | 1,740,229 | |
| Inventory, Gross | 5,819,442 | 5,099,693 | |
| Inventory Valuation Reserves | (532,000) | (562,000) | |
| Inventories, net | $ 5,287,442 | $ 4,537,693 | $ 4,919,704 |
| Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | 3 Months Ended | ||||
| Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |||
| Net sales | $ 9,483,327 | $ 9,596,395 | |||
| Depreciation | 303,197 | 299,355 | |||
| Segment operating profit | 1,437,167 | 1,659,560 | |||
| Selling and adminstrative expenses | (680,928) | (685,262) | |||
| Interest income | 14,683 | 8,759 | |||
| Capital expenditures | 177,314 | 599,381 | |||
| Accounts receivable, net | 6,173,784 | [1] | 6,111,917 | $ 5,323,519 | [1] |
| Inventories, net | 5,287,442 | 4,919,704 | 4,537,693 | ||
| Property, plant and equipment, net | 12,324,675 | 11,998,469 | $ 12,450,558 | ||
| Other assets | 7,956,280 | 7,418,596 | |||
| Fastener | |||||
| Net sales | 8,736,188 | 8,447,329 | |||
| Depreciation | 269,837 | 260,823 | |||
| Segment operating profit | 1,191,547 | 1,226,361 | |||
| Selling and adminstrative expenses | 0 | 0 | |||
| Interest income | 0 | 0 | |||
| Capital expenditures | 174,789 | 409,785 | |||
| Accounts receivable, net | 5,797,234 | 5,701,331 | |||
| Inventories, net | 4,075,856 | 3,951,985 | |||
| Property, plant and equipment, net | 10,187,799 | 9,858,184 | |||
| Other assets | 0 | 0 | |||
| Assembly Equipment | |||||
| Net sales | 747,139 | 1,149,066 | |||
| Depreciation | 24,390 | 21,582 | |||
| Segment operating profit | 245,620 | 433,199 | |||
| Selling and adminstrative expenses | 0 | 0 | |||
| Interest income | 0 | 0 | |||
| Capital expenditures | 2,525 | 181,368 | |||
| Accounts receivable, net | 376,550 | 410,586 | |||
| Inventories, net | 1,211,586 | 967,719 | |||
| Property, plant and equipment, net | 1,542,837 | 1,628,796 | |||
| Other assets | 0 | 0 | |||
| Unallocated Corporate | |||||
| Net sales | 0 | 0 | |||
| Depreciation | 8,970 | 16,950 | |||
| Segment operating profit | 0 | 0 | |||
| Selling and adminstrative expenses | (680,928) | (685,262) | |||
| Interest income | 14,683 | 8,759 | |||
| Capital expenditures | 0 | 8,228 | |||
| Accounts receivable, net | 0 | 0 | |||
| Inventories, net | 0 | 0 | |||
| Property, plant and equipment, net | 594,039 | 511,489 | |||
| Other assets | $ 7,956,280 | $ 7,418,596 | |||
| [1] | Net of allowance of $150,000. | ||||
