0001437749-20-023528 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Oct. 04, 2020	Nov. 01, 2020
Document Information [Line Items]
Entity Registrant Name	SYPRIS SOLUTIONS INC
Entity Central Index Key	0000864240
Trading Symbol	sypr
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		21,316,752
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Oct. 04, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common Stock

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 04, 2020	Sep. 29, 2019	Oct. 04, 2020	Sep. 29, 2019
Net revenue	$ 22,154	$ 22,259	$ 61,732	$ 66,267
Cost of sales	18,733	19,933	52,717	59,092
Gross profit	3,421	2,326	9,015	7,175
Selling, general and administrative	2,577	3,148	8,630	10,206
Severance, relocation and other costs	0	190	124	391
Operating income (loss)	844	(1,012)	261	(3,422)
Interest expense, net	216	227	636	676
Other expense (income), net	372	286	(114)	(1,156)
Income (loss) before taxes	256	(1,525)	(261)	(2,942)
Income tax (benefit) expense, net	(3,239)	32	(3,103)	148
Net income (loss)	$ 3,495	$ (1,557)	$ 2,842	$ (3,090)
Income (loss) per share:
Basic (in dollars per share)	$ 0.17	$ (0.07)	$ 0.14	$ (0.15)
Diluted (in dollars per share)	$ 0.17	$ (0.07)	$ 0.14	$ (0.15)
Weighted average shares outstanding:
Basic (in shares)	21,064	20,941	21,026	20,829
Diluted (in shares)	21,080	20,941	21,026	20,829
Dividends declared per common share (in dollars per share)	$ 0	$ 0	$ 0	$ 0

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 04, 2020	Sep. 29, 2019	Oct. 04, 2020	Sep. 29, 2019
Net income (loss)	$ 3,495	$ (1,557)	$ 2,842	$ (3,090)
Other comprehensive income (loss)
Foreign currency translation adjustments	108	(238)	(1,373)	(26)
Comprehensive income (loss)	$ 3,603	$ (1,795)	$ 1,469	$ (3,116)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Oct. 04, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 8,294,000	$ 5,095,000
Accounts receivable, net	8,603,000	7,444,000
Inventory, net	17,844,000	20,784,000
Other current assets	4,766,000	4,282,000
Assets held for sale	1,069,000	2,233,000
Total current assets	40,576,000	39,838,000
Property, plant and equipment, net	9,727,000	11,675,000
Operating lease right-of-use assets	6,315,000	7,014,000
Other assets	4,760,000	1,529,000
Total assets	61,378,000	60,056,000
Current liabilities:
Accounts payable	8,202,000	9,346,000
Accrued liabilities	12,583,000	12,495,000
Operating lease liabilities, current portion	942,000	841,000
Finance lease obligations, current portion	383,000	684,000
Note payable – related party, current portion	2,500,000	0
Note payable – PPP Loan, current portion	2,174,000	0
Total current liabilities	26,784,000	23,366,000
Operating lease liabilities, net of current portion	6,189,000	6,906,000
Finance lease obligations, net of current portion	2,029,000	2,351,000
Note payable – related party	3,974,000	6,463,000
Note payable – PPP Loan	1,384,000	0
Other liabilities	5,816,000	7,539,000
Total liabilities	46,176,000	46,625,000
Stockholders’ equity:
Preferred stock	0	0
Common stock	213,000	213,000
Additional paid-in capital	155,004,000	154,702,000
Accumulated deficit	(114,591,000)	(117,433,000)
Accumulated other comprehensive loss	(25,424,000)	(24,051,000)
Treasury stock, 5,038 and 26,192 shares in 2020 and 2019, respectively	0	0
Total stockholders’ equity	15,202,000	13,431,000
Total liabilities and stockholders’ equity	61,378,000	60,056,000
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred stock	0	0
Nonvoting Common Stock [Member]
Stockholders’ equity:
Common stock	$ 0	$ 0

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Oct. 04, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	975,150	975,150
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	21,321,790	21,324,618
Common stock, shares outstanding (in shares)	21,316,752	21,298,426
Treasury stock (in shares)	5,038	26,192
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	24,850	24,850
Preferred stock, shares issued (in shares)	0	0
Nonvoting Common Stock [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	0	0

Consolidated Cash Flow Statements (Unaudited) - USD ($)	9 Months Ended
Consolidated Cash Flow Statements (Unaudited) - USD ($)	Oct. 04, 2020	Sep. 29, 2019
Cash flows from operating activities:
Net income (loss)	$ 2,842,000	$ (3,090,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,883,000	2,106,000
Deferred income taxes	(3,257,000)	0
Stock-based compensation expense	335,000	389,000
Deferred loan costs recognized	11,000	11,000
Net gain on the sale of assets	(813,000)	(467,000)
Provision for excess and obsolete inventory	222,000	503,000
Non-cash lease expense	699,000	541,000
Other noncash items	72,000	15,000
Contributions to pension plans	(34,000)	(348,000)
Changes in operating assets and liabilities:
Accounts receivable	(1,158,000)	1,198,000
Inventory	2,409,000	(2,415,000)
Prepaid expenses and other assets	(983,000)	207,000
Accounts payable	(1,036,000)	(3,344,000)
Accrued and other liabilities	(1,114,000)	1,646,000
Net cash provided by (used in) operating activities	78,000	(3,048,000)
Cash flows from investing activities:
Capital expenditures	(1,151,000)	(553,000)
Proceeds from sale of assets	1,969,000	653,000
Net cash provided by investing activities	818,000	100,000
Cash flows from financing activities:
Principal payments on finance lease obligations	(623,000)	(466,000)
Proceeds from Paycheck Protection Program loan	3,558,000	0
Indirect repurchase of shares of minimum statutory tax withholdings	(33,000)	(138,000)
Net cash provided by (used in) financing activities	2,902,000	(604,000)
Effect of exchange rate changes on cash balances	(599,000)	(99,000)
Net increase (decrease) in cash and cash equivalents	3,199,000	(3,651,000)
Cash and cash equivalents at beginning of period	5,095,000	10,704,000
Cash and cash equivalents at end of period	8,294,000	7,053,000
Supplemental disclosure of cash flow information:
Right-of-use assets obtained in exchange for finance lease obligations	$ 0	$ 269,000

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock Outstanding [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock [Member]	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2018						21,398,182
Balance at Dec. 31, 2018						$ 214	$ 154,388	$ (114,926)	$ (24,842)	$ 0
Net income (loss)						0	0	(3,090)	0	0	$ (3,090)
Foreign currency translation adjustment						$ 0	0	0	(26)	0
Noncash compensation (in shares)						60,000
Noncash compensation						$ 0	389	0	0	0
Retire treasury stock (in shares)						(149,756)
Retire treasury stock						$ 0	(137)	0	0	0
Balance (in shares) at Sep. 29, 2019						21,308,426
Balance at Sep. 29, 2019	$ 0	$ 0	$ 1,442	$ 0	$ 0	$ 214	154,640	(116,574)	(24,868)	0
Balance (in shares) at Jun. 30, 2019						21,329,708
Balance at Jun. 30, 2019						$ 214	154,538	(115,017)	(24,630)	0
Net income (loss)						0	0	(1,557)	0	0	(1,557)
Foreign currency translation adjustment						$ 0	0	0	(238)	0
Noncash compensation (in shares)						0
Noncash compensation						$ 0	106	0	0	0
Retire treasury stock (in shares)						(21,282)
Retire treasury stock						$ 0	(4)	0	0	0
Balance (in shares) at Sep. 29, 2019						21,308,426
Balance at Sep. 29, 2019	$ 0	$ 0	$ 1,442	$ 0	$ 0	$ 214	154,640	(116,574)	(24,868)	0
Balance (in shares) at Dec. 31, 2019						21,298,426
Balance at Dec. 31, 2019						$ 213	154,702	(117,433)	(24,051)	0	13,431
Net income (loss)						0	0	2,842	0	0	2,842
Foreign currency translation adjustment						$ 0	0	0	(1,373)	0
Noncash compensation (in shares)						70,000
Noncash compensation						$ 0	335	0	0	0
Retire treasury stock (in shares)						(62,828)
Retire treasury stock						$ 0	(26)	0	0	0
Exercise of stock options (in shares)						11,154
Exercise of stock options						$ 0	(7)	0	0	0
Balance (in shares) at Oct. 04, 2020						21,316,752
Balance at Oct. 04, 2020						$ 213	155,004	(114,591)	(25,424)	0	15,202
Balance (in shares) at Jul. 05, 2020						21,369,580
Balance at Jul. 05, 2020						$ 213	154,923	(118,086)	(25,532)	0
Net income (loss)						0	0	3,495	0	0	3,495
Foreign currency translation adjustment						$ 0	0	0	108	0
Noncash compensation (in shares)						10,000
Noncash compensation						$ 0	107	0	0	0
Retire treasury stock (in shares)						(62,828)
Retire treasury stock						$ 0	(26)	0	0	0
Balance (in shares) at Oct. 04, 2020						21,316,752
Balance at Oct. 04, 2020						$ 213	$ 155,004	$ (114,591)	$ (25,424)	$ 0	$ 15,202

Note 1 - Nature of Business

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Nature of Operations [Text Block]

(

)

Nature of Business

All references to “Sypris,” the “Company,” “we” or “our” include Sypris Solutions, Inc. and its wholly-owned subsidiaries. Sypris is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. The Company offers such products through its

two

business segments, Sypris Technologies, Inc. (“Sypris Technologies”) and Sypris Electronics, LLC (“Sypris Electronics”) (See Note

Note 2 - Basis of Presentation

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

(

)

Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form

-Q and Article

of Regulation S-

of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. The

December 31, 2019

consolidated balance sheet data was derived from our audited consolidated financial statements, but does

not

include all disclosures required by U.S. GAAP. The Company's operations are domiciled in the United States (U.S.) and Mexico, and we serve a wide variety of domestic and international customers. All intercompany transactions and accounts have been eliminated.

These unaudited consolidated financial statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state the results of operations, financial position and cash flows for the periods presented, and the disclosures herein are adequate to make the information presented

not

misleading. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Actual results for the

three

and

nine

months ended

October 4, 2020

are

not

necessarily indicative of the results that

may

be expected for the year ending

December

31,

2020.

These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements, and notes thereto, for the year ended

December 31, 2019

as presented in the Company's Annual Report on Form

-K. Certain prior period amounts have been reclassified to conform with current period presentation.

COVID-

Assessment

March 2020,

the World Health Organization categorized the current coronavirus disease (“COVID-

19”

) as a pandemic, and the President of the United States declared the COVID-

outbreak a national emergency. COVID-

continues to spread throughout the United States and other countries across the world. As of the date of this filing, significant uncertainty exists concerning the magnitude of the impact and duration of the COVID-

pandemic. The Company's consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. Such estimates and assumptions affect, among other things, the Company's long-lived asset valuation; inventory valuation; valuation of deferred income taxes and income tax contingencies; the allowance for doubtful accounts; and pension plan assumptions.

The Company has continued to operate at each location and sought to remain compliant with government regulations imposed due to the COVID-

pandemic. During periods of lower production, the Company is scheduling and performing certain preventative maintenance procedures on its equipment and is utilizing resources to continue making progress on certain of the strategic initiatives included in the Company's

2020

annual operating plan. The Company began to experience lower revenue late in the

first

quarter due to the COVID-

pandemic, and a more significant impact in the

second

quarter, especially within the Sypris Technologies group. However, towards the end of the

second

quarter, some state and local jurisdictions started to lift mandatory stay-at-home or shelter-in-place orders and started gradually to ease restrictions. While the Company expects the effects of the pandemic will continue to negatively impact its results of operations, cash flows and financial position, management has implemented actions to mitigate the financial impact, to protect the health of its employees and to comply with government regulations at each location. Factors deriving from the COVID-

response that have or

may

negatively impact sales and gross margin in the future include, but are

not

limited to: limitations on the ability of our suppliers to manufacture, or procure from manufacturers, the material components we utilize in the manufacture of the products we sell, or to meet delivery requirements and commitments; limitations on the ability of our employees to perform their work due to illness caused by the pandemic or local, state, or federal orders requiring employees to remain at home; limitations on the ability of our customers to conduct their business and purchase our products; and limitations on the ability of our customers to pay us on a timely basis.

We are experiencing disruptions in our business as we implement modifications to preserve adequate liquidity and ensure that our business can continue to operate during this uncertain time. With respect to liquidity, we have evaluated and took actions to reduce costs and spending across our organization. This includes reducing hiring activities, reducing compensation for our Chairman, President and CEO, certain other senior leadership and corporate personnel and our Board of Directors, and limiting discretionary spending. In addition, under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), we have deferred certain payroll taxes into future years. We have also reduced anticipated spending on capital investment projects and are managing working capital to preserve liquidity during this crisis. In addition to these activities, during the

second

quarter, the Company secured a

$3,558,000

term loan with BMO Harris Bank National Association (“BMO”), pursuant to the Paycheck Protection Program (the “PPP Loan”) under the CARES Act. Proceeds from the PPP Loan have been used to retain workers and maintain payroll and make lease and utility payments.

While we are unable to determine or predict the nature, duration or scope of the overall impact the COVID-

pandemic will have on our business, results of operations, liquidity or capital resources, we will continue to actively monitor the situation and

may

take further actions that alter our business operations as

may

be required by federal, state or local authorities or that we determine are in the best interests of our employees, customers, suppliers and shareholders.

Note 3 - Recent Accounting Pronouncements

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

(

)

Recent Accounting Pronouncements

August 2018,

the FASB issued ASU

2018

14,

Compensation – Retirement Benefits – Defined Benefit Plans – General, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans

. The guidance eliminated certain disclosures about defined benefit plans, added new disclosures, and clarified other requirements. This guidance became effective

January 1, 2020.

There were

changes to interim disclosure requirements. As this standard relates only to financial disclosures, its adoption did

not

have an impact to our operating results, financial position or cash flows.

August 2018,

the FASB issued ASU

2018

15,

Intangibles-Goodwill and Other-Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract

(ASU

2018

). ASU

2018

aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance became effective

January 1, 2020

and did

not

have a material impact on our consolidated financial statements.

June 2016,

the FASB issued ASU

2016

13,

Credit Losses – Measurement of Credit Losses on Financial Instruments

, new guidance for the accounting for credit losses on certain financial instruments. This guidance introduces a new approach to estimating credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. This guidance, which becomes effective

January 1, 2023,

not

expected to have a material impact on our consolidated financial statements.

December 2019,

the FASB issued ASU

2019

12,

Income Taxes – Simplifying the Accounting for Income Taxes

. This guidance is intended to simplify various aspects of income tax accounting including the elimination of certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This guidance becomes effective

January 1, 2021

and early adoption is permitted. Adoption of this guidance requires certain changes to primarily be made prospectively, with some changes to be made retrospectively. We are currently assessing the impact of this guidance on our consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Note 4 - Leases

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

(

)

Leases

The Company determines if an arrangement is a lease at its inception. The Company has entered into operating leases for real estate. These leases have initial terms which range from

years to

years, and often include

one

or more options to renew. These renewal terms can extend the lease term by

years, and will be included in the lease term when it is reasonably certain that the Company will exercise the option. The Company's existing leases do

not

contain significant restrictive provisions; however, certain leases contain provisions for payment of real estate taxes, insurance and maintenance costs by the Company. The lease agreements do

not

contain any residual value guarantees. Some of the real estate lease agreements include periods of rent holidays and payments that escalate over the lease term by specified amounts. All operating lease expenses are recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the right-of-use asset is amortized over the lease term.

Some leases

may

require variable lease payments based on factors specific to the individual agreements. Variable lease payments for which we are typically responsible for include real estate taxes, insurance and common area maintenance expenses based on the Company's pro-rata share, which are excluded from the measurement of the lease liability. Additionally,

one

of the Company's real estate leases has lease payments that adjust based on annual changes in the Consumer Price Index (“CPI”). The leases that are dependent upon CPI are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Incremental payments due to changes in the index are treated as variable lease costs and expensed as incurred.

These operating leases are included in “Operating lease right-of-use assets” on the Company's

October

2020

consolidated balance sheet, and represent the Company's right to use the underlying asset for the lease term. The Company's obligations to make lease payments are included in “Operating lease liabilities, current portion” and “Operating lease liabilities, net of current portion” on the Company's consolidated balance sheets. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As of

October 4, 2020,

total right-of-use assets and operating lease liabilities were approximately

$6,315,000

and

$7,131,000,

respectively. As of

December

31,

2019,

total right-of-use assets and operating lease liabilities were approximately

$7,014,000

and

$7,747,000,

respectively.

We primarily use our incremental borrowing rate, which is updated quarterly, based on the information available at commencement date, in determining the present value of lease payments. If readily available, we would use the implicit rate in a new lease to determine the present value of lease payments. The Company has certain contracts for real estate which

may

contain lease and non-lease components which it has elected to treat as a single lease component.

The Company has entered into various short-term operating leases, primarily for office equipment with an initial term of

twelve

months or less. Lease payments associated with short-term leases are expensed as incurred and are

not

recorded on the Company's balance sheet. The related lease expense for short-term leases was

not

material for the

three

and

nine

months ended

October 4, 2020

and

September 29, 2019.

The following table presents information related to lease expense for the

three

and

nine

months ended

October

2020

and

September 29, 2019 (

in thousands):

	Three Months Ended				Nine Months Ended
	October 4,		September 29,		October 4,		September 29,
	2020		2019		2020		2019
	(Unaudited)				(Unaudited)
Finance lease expense:
Amortization expense	$	112	$	123	$	340	$	356
Interest expense		71		85		220		266
Operating lease expense		351		351		1,053		1,053
Variable lease expense		77		65		239		208
Total lease expense	$	611	$	624	$	1,852	$	1,883

The following table presents supplemental cash flow information related to leases (in thousands):

	Nine Months Ended
	October 4,		September 29,
	2020		2019
	(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	989	$	1,074
Operating cash flows from finance leases		220		266
Financing cash flows from finance leases		623		466

The annual future minimum lease payments as of

October 4, 2020

are as follows (in thousands):

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,472		$	612
12 to 24 months		1,488			612
24 to 36 months		1,505			612
36 to 48 months		1,391			575
48 to 60 months		1,226			549
Thereafter		2,008			183
Total lease payments		9,090			3,143
Less imputed interest		(1,959	)		(731	)
Total	$	7,131		$	2,412

The following table presents certain information related to lease terms and discount rates for leases as of

October 4, 2020:

	Operating		Finance
	Leases		Leases
Weighted-average remaining lease term (years)		6.4		5.1
Weighted-average discount rate (percentage)		8.0		10.2

Note 5 - Revenue from Contracts with Customers

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(

)

Revenue from Contracts with Customers

The Company recognizes revenue when it satisfies a performance obligation by transferring control of a promised product or rendering a service to a customer. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for the product or service (the “transaction price”). The Company's transaction price in its contracts with customers is generally fixed;

payment discounts, rebates or refunds are included within its contracts. The Company also does

not

provide service-type warranties nor does it allow customer returns. In connection with the sale of various parts to customers, the Company is subject to typical assurance warranty obligations covering the compliance of the electronics parts produced to agreed-upon specifications. Customer returns, when they occur, relate to quality rework issues and are

not

connected to any repurchase obligation of the Company.

A performance obligation is a promise in a contract to transfer a distinct product or render a service to a customer and is the unit of account to which the transaction price is allocated under ASC

606.

When a contract contains multiple performance obligations, we allocate the transaction price to the individual performance obligations using the price at which the promised goods or services would be sold to customers on a standalone basis. For most sales within our Sypris Technologies segment and a portion of sales within Sypris Electronics, control transfers to the customer at a point in time. Indicators that control has transferred to the customer include the Company having a present right to payment, the customer obtaining legal title and the customer having the significant risks and rewards of ownership. The Company's principal terms of sale are FOB Shipping Point, or equivalent, and, as such, the Company primarily transfers control and records revenue for product sales upon shipment.

For contracts where Sypris Electronics serves as a contractor for aerospace and defense companies under federally funded programs, we generally recognize revenue over time as we perform because of continuous transfer of control to the customer. This continuous transfer of control to the customer is supported by clauses in the contracts that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Because control is transferred over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We use labor hours incurred as a measure of progress for these contracts because it best depicts the Company's performance of the obligation to the customer, which occurs as we incur labor on our contracts. Under this measure of progress, the extent of progress towards completion is measured based on the ratio of labor hours incurred to date to the total estimated labor hours at completion of the performance obligation.

Our contract profit margins

may

include estimates of revenues for goods or services on which the customer and the Company have

not

reached final agreements, such as contract changes, settlements of disputed claims, and the final amounts of requested equitable adjustments permitted under the contract. These estimates are based upon management's best assessment of the totality of the circumstances and are included in our contract profit based upon contractual provisions and our relationships with each customer.

Many of Sypris Electronics' contractual arrangements with customers are for

one

year or less. For the remaining population of non-cancellable contracts greater than

one

year we had

$35,767,000

of remaining performance obligations as of

October 4, 2020,

all of which were long-term Sypris Electronics' contracts. We expect to recognize approximately

19%

of our remaining performance obligations as revenue in the

fourth

quarter of

2020,

55%

as revenue in

2021

and the balance in

2022.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the

three

and

nine

months ended

October 4, 2020

and

September 29, 2019:

	Three Months Ended				Nine Months Ended
	October 4 ,		September 29 ,		October 4 ,		September 29 ,
	20 20		20 19		20 20		201 9
	(Unaudited)				(Unaudited)
Sypris Technologies – transferred point in time	$	12,072	$	15,654	$	33,234	$	48,673
Sypris Electronics – transferred point in time		1,590		1,388		5,835		3,847
Sypris Electronics – transferred over time		8,492		5,217		22,663		13,747
	$	22,154	$	22,259	$	61,732	$	66,267

Contract Balances

Differences in the timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the consolidated balance sheets.

Contract assets

– Contract assets include unbilled amounts typically resulting from sales under contracts where revenue is recognized over time and revenue recognized exceeds the amount billed to the customer, and the right to payment is subject to conditions other than the passage of time. Contract assets are generally classified as current assets in the consolidated balance sheet. The balance of contract assets as of

October

2020

and

December

31,

2019

were

$1,739,000

and

$906,000,

respectively, and are included within other current assets in the accompanying consolidated balance sheets.

Contract liabilities

– Some of the Company's contracts within Sypris Electronics are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring prior to revenue recognition resulting in contract liabilities. Additionally, the Company occasionally receives cash payments from customers in advance of the Company's performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the consolidated balance sheet based on the timing of when the Company expects to recognize revenue. As of

October

2020,

the contract liabilities balance was

$5,681,000,

which was included within accrued liabilities in the accompanying consolidated balance sheets. As of

December

31,

2019,

the contract liabilities balance was

$7,504,000,

of which

$5,769,000

was included within accrued liabilities and

$1,735,000

was included within other liabilities in the accompanying consolidated balance sheets. Payments received from customers in advance of revenue recognition are

not

considered to be significant financing components because they are used to meet working capital demands that can be higher in the early stages of a contract.

The Company recognized revenue from contract liabilities of

$2,837,000

and

$6,680,000

during the

three

and

nine

months ended

October 4, 2020,

respectively. The Company recognized revenue from contract liabilities of

$2,408,000

and

$5,035,000

during the

three

and

nine

months ended

September 29, 2019,

respectively.

Practical expedients and exemptions

Sales commissions are expensed when incurred because the amortization period would have been

one

year or less. These costs are recorded in selling, general and administrative expense in the consolidated statements of operations.

We do

not

disclose the value of unsatisfied performance obligations for contracts with original expected lengths of

one

year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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-Publisher FASB
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+ Details

Note 6 - Exit and Disposal Activities

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

(

)

Exit and Disposal Activities

February 21, 2017,

the Board of Directors approved a modified exit or disposal plan with respect to the Broadway Plant, which included the relocation of production to other Company facilities, as needed, and/or the closure of the plant. The relocation of production was complete as of the end of

2017.

The Company has relocated certain assets from the Broadway Plant to other manufacturing facilities, as needed, to serve its existing and target customer base and identified underutilized or non-core assets for disposal. On

April 13, 2020,

the Company completed the sale of the Broadway Plant real estate for

$1,700,000

and recognized a gain of

$807,000.

Management is currently evaluating options for any remaining assets in the Broadway Plant.

As a result of these initiatives, the Company recorded charges of

$124,000,

or less than

$0.01

per share, and

$391,000,

or less than

$0.01

per share, during the

first

nine

months of

2020

and

2019,

respectively, related to the transition of production from the Broadway Plant, which is included in severance, relocation and other costs in the consolidated statement of operations. All amounts incurred were recorded within Sypris Technologies. The charges for the

first

nine

months of

2020

and

2019

were primarily related to mothball costs associated with the closed facility.

The following assets have been segregated and included in assets held for sale in the consolidated balance sheets (in thousands):

	October 4,			December 31,
	2020			2019
	(Unaudited)
Property, plant and equipment	$	8,346		$	13,346
Accumulated depreciation		(7,277	)		(11,113	)
Property, plant and equipment, net	$	1,069		$	2,233

Note 7 - Other Expense (Income), Net

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Other Income and Other Expense Disclosure [Text Block]

(

)

Other

Expense

(Income), Net

The Company completed the sale of the Broadway Plant real estate for

$1,700,000

and other idle assets for

$268,000

and recognized net gains of

$813,000

during the

nine

months ended

October 4, 2020,

which is included in other income, net on the Company's consolidated income statements. Additionally, the Company recognized pension expense of

$603,000

and foreign currency related expense of

$73,000

during the

nine

months ended

October 4, 2020.

During the

nine

months ended

September 29, 2019,

the Company recognized a gain of

$1,500,000

as a result of a settlement agreement with

one

of its customers to resolve various outstanding disputes between the

two

parties. As a result of the agreement, the customer paid the Company

$1,500,000

during the

three

months ended

September

29,

2019.

Additionally, the Company recognized a net gain of

$467,000

for the

nine

months ended

September 29,

2019

related to the sale of idle assets, which was offset by pension expense of

$743,000.

Note 8 - Stock-based Compensation

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

(

)

Stock-Based Compensation

During the

nine

months ended

October 4, 2020,

the Company granted options to purchase

930,000

shares of our common stock under a long-term incentive program. The options have a

five

-year term and cliff vest on the

third

anniversary of the grant date. The grants did

not

have a significant impact on the Company's consolidated financial statements during the

three

and

nine

months ended

October 4, 2020.

Note 9 - Income (Loss) Per Common Share

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

(

)

Income (L

oss

)

Per Common Share

The Company computes earnings per share using the

two

-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Restricted stock granted by the Company is considered a participating security since it contains a non-forfeitable right to dividends.

Our potentially dilutive securities include potential common shares related to our stock options and restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted earnings per share excludes the impact of common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. There were

2,489,250

and

2,754,750

potential common shares excluded from diluted earnings per share for the

three

and

nine

months ended

October 4, 2020,

respectively because the effect of inclusion would be anti-dilutive. For the

three

and

nine

months ended

September 29, 2019,

diluted weighted average common shares do

not

include the impact of any outstanding stock options and unvested compensation-related shares because the effect of these items on diluted net loss would be anti-dilutive.

A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted loss per common share is as follows (in thousands):

	Three Months Ended						Nine Months Ended
	October 4 ,			September 29 ,			October 4 ,			September 29 ,
	2 0 20			201 9			2 0 20			201 9
	(Unaudited)						(Unaudited)
Income (loss) attributable to stockholders:
Net income (loss) as reported	$	3,495		$	(1,557	)	$	2,842		$	(3,090	)
Less distributed and undistributed earnings allocable to restricted award holders		(15	)		0			(12	)		0
Less dividends declared attributable to restricted award holders		0			0			0			0
Net income (loss) allocable to common stockholders	$	3,480		$	(1,557	)	$	2,830		$	(3,090	)
Income (loss) per common share attributable to stockholders:
Basic	$	0.17		$	(0.07	)	$	0.14		$	(0.15	)
Diluted	$	0.17		$	(0.07	)	$	0.14		$	(0.15	)
Weighted average shares outstanding – basic		21,064			20,941			21,026			20,829
Weighted average additional shares assuming conversion of potential common shares		16			0			0			0
Weighted average shares outstanding – diluted		21,080			20,941			21,026			20,829

Note 10 - Inventory

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

(

)

Inventory

Inventory consists of the following (in thousands):

	October 4,			December 31,
	2020			2019
	(Unaudited)
Raw materials	$	11,644		$	15,139
Work in process		6,875			5,889
Finished goods		1,272			1,675
Reserve for excess and obsolete inventory		(1,947	)		(1,919	)
Total	$	17,844		$	20,784

Note 11 - Property, Plant and Equipment

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

(

)

Property, Plant and Equipment

Property, plant and equipment consists of the following (in thousands):

	October 4,			December 31,
	2020			2019
	(Unaudited)
Land and land improvements	$	43		$	50
Buildings and building improvements		7,398			8,108
Machinery, equipment, furniture and fixtures		53,076			55,520
Construction in progress		438			371
		60,955			64,049
Accumulated depreciation		(51,228	)		(52,374	)
	$	9,727		$	11,675

Note 12 - Debt

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Long-term Debt [Text Block]

(

)

Debt

Debt outstanding consists of the following (in thousands):

	October 4,			December 31,
	2020			2019
	(Unaudited)
Current:
Finance lease obligation, current portion	$	383		$	684
PPP Loan, current portion		2,174			0
Note payable – related party, current portion		2,500			0
Current portion of long term debt	$	5,057		$	684
Long Term:
Finance lease obligation	$	2,029		$	2,351
PPP Loan		1,384			0
Note payable – related party		4,000			6,500
Less unamortized debt issuance and modification costs		(26	)		(37	)
Long term debt net of unamortized debt costs	$	7,387		$	8,814

Pay

check

Protection Program

During the

second

quarter of

2020,

the Company secured a

$3,558,000

term loan with BMO. Proceeds from the PPP Loan have been used to retain workers and maintain payroll and make lease and utility payments. The PPP Loan is evidenced by a promissory note in favor of BMO, as lender, with a principal amount of

$3,558,000

that bears interest at a fixed annual rate of

1.00%,

with the

first

six

months of principal and interest deferred. Under the terms of the PPP Loan,

equal monthly payments of principal and interest would begin in

November 2020

with the final payment due in

April 2022,

however recent legislation under the Paycheck Protection Program Flexibility Act of

2020

provides for an extension of the maturity date up to

five

years, an extension of the principal and interest deferral period to the date of a loan forgiveness determination and modifications to the debt amortization schedule if the Company and BMO reach an agreement on modified terms. The PPP Loan

may

be accelerated upon the occurrence of an event of default.

The PPP Loan is unsecured and guaranteed by the U.S. Small Business Administration (the “SBA”). The Company

may

apply for forgiveness of the PPP Loan, with the amount which

may

be forgiven equal to the sum of payroll costs, covered rent and mortgage obligations, and covered utility payments incurred by the Company during the

-week period beginning upon receipt of funds from the PPP Loan, subject to limitations and calculated in accordance with the terms of the CARES Act. Any forgiveness of the PPP Loan shall be subject to approval of the SBA and will require the Company and BMO to apply to the SBA for such treatment in the future. We intend to comply with the necessary requirements to seek forgiveness of all or a portion of the PPP Loan, but

assurance can be provided that we will obtain forgiveness of the PPP Loan in whole or in part. As a result, the Company is taking the approach that a portion of the PPP Loan is short-term and a portion is long-term, and has reflected such borrowing on the Company's consolidated balance sheet, as appropriate. The Company will record any amounts of the loan that are forgiven as a gain on extinguishment in the period in which legal release is received.

Note Payable – Related Party

The Company has received the benefit of cash infusions from Gill Family Capital Management, Inc. (“GFCM”) in the form of secured promissory note obligations totaling

$6,500,000

in principal as of

October

2020

and

December

31,

2019.

GFCM is an entity controlled by the Company's Chairman, President and Chief Executive Officer, Jeffrey T. Gill, and

one

of our directors, R. Scott Gill. GFCM, Jeffrey T. Gill and R. Scott Gill are significant beneficial stockholders of the Company. The promissory note bears interest at a rate of

8.0%

per year through

March 31, 2019

and, thereafter is reset on

April 1

of each year, at the greater of

8.0%

500

basis points above the

five

-year Treasury note average during the preceding

-day period, in each case, payable quarterly. The maturity dates for the obligation are as follows:

$2,500,000

of the obligation on

April

2021,

$2,000,000

April 1,

2023,

and the balance on

April

2025.

The note allows for up to an

-month deferral of payment for up to

60%

of the interest due on the portion of the notes maturing in

April

2021

and

2023.

During the

first

quarter of

2020,

the Company provided notice to GFCM of its intention to elect to defer the specified portion of the interest payments due beginning on

April 6, 2020.

Obligations under the promissory note are guaranteed by all of the subsidiaries and are secured by a

first

priority lien on substantially all assets of the Company.

Finance Lease Obligations

March 9, 2016,

the Company completed the sale of its

-acre Toluca property for

215,000,000

Mexican Pesos, or approximately

$12,182,000

in U.S. dollars. Simultaneously, the Company entered into a

ten

-year lease of the

nine

acres and buildings occupied by the Company and needed for its ongoing business in Toluca. As a result of the Toluca sale-leaseback, the Company has a finance lease obligation of

$2,219,000

for the property as of

October

2020.

February 2019,

the Company entered into a

-month finance lease for

$269,000

for new machinery at its Sypris Technologies facility in the U.S. The balance of the finance lease obligation as of

October

2020

was

$193,000.

Note 13 - Segment Data

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(

)

Segment Data

The Company is organized into

two

business segments, Sypris Technologies and Sypris Electronics. The segments are each managed separately because of the distinctions between the products, markets, customers, technologies and workforce skills of the segments. Sypris Technologies manufactures forged and finished steel components and subassemblies, high-pressure closures and other fabricated products. Sypris Electronics is focused on circuit card and full “box build” manufacturing, high reliability manufacturing, systems assembly and integration, design for manufacturability and design to specification work. There was

intersegment net revenue recognized in any of the periods presented.

The Company includes the unallocated costs of its corporate office, including the employment costs of its senior management team and other corporate personnel, administrative costs and net corporate interest expense incurred at the corporate level under the caption “General, corporate and other” in the table below. Such unallocated costs include those for centralized information technology, finance, legal and human resources support teams, certain professional fees, director fees, corporate office rent, certain self-insurance costs and recoveries, software license fees and various other administrative expenses that are

not

allocated to our reportable segments. The unallocated assets include cash and cash equivalents maintained in its domestic treasury accounts and the net book value of corporate facilities and related information systems. The unallocated liabilities consist primarily of the related party notes payable. Domestic income taxes are calculated at an entity level and are

not

allocated to our reportable segments. Corporate capital expenditures and depreciation and amortization include items attributable to the unallocated fixed assets of the corporate office and related information systems.

The following table presents financial information for the reportable segments of the Company (in thousands):

	Three Months Ended						Nine Months Ended
	October 4 ,			September 29 ,			October 4 ,			September 29 ,
	20 20			201 9			20 20			201 9
	(Unaudited)						(Unaudited)
Net revenue from unaffiliated customers:
Sypris Technologies	$	12,072		$	15,654		$	33,234		$	48,673
Sypris Electronics		10,082			6,605			28,498			17,594
	$	22,154		$	22,259		$	61,732		$	66,267

Gross profit (loss):
Sypris Technologies	$	1,907		$	2,514		$	4,629		$	7,781
Sypris Electronics		1,514			(188	)		4,386			(606	)
	$	3,421		$	2,326		$	9,015		$	7,175

Operating income (loss):
Sypris Technologies	$	873		$	958		$	1,181		$	3,554
Sypris Electronics		808			(886	)		2,249			(2,943	)
General, corporate and other		(837	)		(1,084	)		3,169			(4,033	)
	$	844		$	(1,012	)	$	261		$	(3,422	)
Income (loss) before taxes:
Sypris Technologies	$	437		$	589		$	1,104		$	2,902
Sypris Electronics		801			(900	)		2,225			(2,963	)
General, corporate and other		(982	)		(1,214	)		(3,590	)		(2,881	)
	$	256		$	(1,525	)	$	(261	)	$	(2,942	)

	October 4,		December 31,
	2020		2019
	(Unaudited)
Total assets:
Sypris Technologies	$	30,400	$	29,694
Sypris Electronics		22,790		24,985
General, corporate and other		8,188		5,377
	$	61,378	$	60,056

Total liabilities:
Sypris Technologies	$	20,629	$	19,989
Sypris Electronics		13,027		17,416
General, corporate and other		12,520		9,220
	$	46,176	$	46,625

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Note 14 - Commitments and Contingencies

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

(

)

Commitments and Contingencies

The provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. The Company's warranty liability, which is included in accrued liabilities in the accompanying consolidated balance sheets as of

October 4, 2020

and

December 31, 2019

was

$642,000

and

$569,000,

respectively. The Company's warranty expense for the

three

and

nine

months ended

October 4, 2020

and

September 29, 2019

was

not

material.

The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers' compensation insurance programs, a self-insured worker's compensation program and a self-insured employee health program. The Company records estimated liabilities for its insurance programs based on information provided by the

third

-party plan administrators, historical claims experience, expected costs of claims incurred but

not

paid, and expected costs to settle unpaid claims. The Company monitors its estimated insurance-related liabilities on a quarterly basis. As facts change, it

may

become necessary to make adjustments that could be material to the Company's consolidated results of operations and financial condition.

The Company is involved in certain litigation and contract issues arising in the normal course of business. While the outcome of these matters cannot, at this time, be predicted in light of the uncertainties inherent therein, management does

not

expect that these matters will have a material adverse effect on the consolidated financial position or results of operations of the Company. Additionally, the Company believes its product liability insurance is adequate to cover all potential liability claims.

The Company accounts for loss contingencies in accordance with U.S. GAAP. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it

may

be probable that a loss has occurred but the estimate of the loss is within a wide range or undeterminable. If the Company deems an amount within the range to be a better estimate than any other amount within the range, that amount will be accrued. However, if

amount within the range is a better estimate than any other amount, the minimum amount of the range is accrued.

The Company has various current and previously-owned facilities subject to a variety of environmental regulations. The Company has received certain indemnifications from either companies previously owning these facilities or from purchasers of those facilities. As of

October

2020

and

December 31, 2019,

amounts were accrued for any environmental matters.

December 27, 2017,

the U.S. Department of Labor (the “DOL”) filed a lawsuit alleging that the Company had misinterpreted the language of its Company's

401

(k) Plans (collectively, the “Plan”). The DOL does

not

appear to dispute that the Company reached such interpretation in good faith and after consulting with independent ERISA counsel. If the DOL's allegations were upheld by a court, the Company could be required to make additional contributions into the accounts of its Plan participants. The Company regards the DOL's allegations to be without merit and is continuing to vigorously defend the matter.

February

17,

2017,

several employees (“Lucas Plaintiffs”) of KapStone Charleston Kraft, LLC filed a lawsuit in South Carolina alleging that they had been seriously burned when they opened a hinged closure and a hot tar-like material spilled out. Among other claims, the Lucas Plaintiffs allege that Sypris Technologies designed and manufactured the closure, that the closure was defective and that those defects had caused or contributed to their injuries. Sypris Technologies' motion to dismiss for lack of jurisdiction was denied on

February 28, 2020.

The Company regards these allegations to be without merit and any potential damages to be undeterminable at this time. The Company's general liability insurer has accepted the defense costs. The Company is continuing to vigorously defend the matter.

As of

October 4, 2020,

the Company had outstanding purchase commitments of approximately

$10,170,000,

primarily for the acquisition of inventory.

Note 15 - Income Taxes

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(

)

Income Taxes

The provision for income taxes includes federal, state, local and foreign taxes. The Company's effective tax rate varies from period to period due to the proportion of foreign and domestic pre-tax income expected to be generated by the Company. The Company provides for income taxes for its domestic operations at a statutory rate of

21%

2020

and

2019

and for its foreign operations at a statutory rate of

30%

2020

and

2019.

Reconciling items between the federal statutory rate and the effective tax rate also include state income taxes, valuation allowances and certain other permanent differences.

The Company recognizes liabilities or assets for the deferred tax consequences of temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements in accordance with ASC

740,

Income Taxes (ASC

740

). These temporary differences will result in taxable or deductible amounts in future years when the reported amounts of assets or liabilities are recovered or settled. ASC

740

requires that a valuation allowance be established when it is more likely than

not

that all or a portion of a deferred tax asset will

not

be realized. The Company evaluates its deferred tax position on a quarterly basis and valuation allowances are provided as necessary. During this evaluation, the Company reviews its forecast of income in conjunction with other positive and negative evidence surrounding the realizability of its deferred tax assets to determine if a valuation allowance is needed. Based on its current forecast, the Company believes it will have sufficient future taxable income to realize its deferred tax assets by its Mexican subsidiaries. Therefore, the Company reversed its valuation allowance recorded in prior years against certain Mexican net deferred tax assets and recognized an income tax benefit of

$3,257,000

during the

three

and

nine

months ended

October 4, 2020.

Based on its current forecast, the Company has established a valuation allowance against all U.S. deferred tax assets. Until an appropriate level and characterization of profitability is attained, the Company expects to continue to maintain a valuation allowance on its net deferred tax assets related to future U.S. tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 16 - Employee Benefit Plans

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

(

)

Employee Benefit Plans

Pension expense (benefit) consisted of the following (in thousands):

	Three Months Ended						Nine Months Ended
	October 4 ,			September 29 ,			October 4 ,			September 29 ,
	20 20			201 9			20 20			201 9
	(Unaudited)						(Unaudited)

Service cost	$	1		$	1		$	3		$	3
Interest cost on projected benefit obligation		271			352			813			1,056
Net amortizations, deferrals and other costs		158			167			474			500
Expected return on plan assets		(228	)		(271	)		(684	)		(813	)
Net periodic benefit cost	$	202		$	249		$	606		$	746

The net periodic benefit cost of the defined benefit pension plans incurred during the

three

and

nine

months ended

October 4, 2020

and

September 29, 2019

are reflected in the following captions in the accompanying consolidated statements of operations (in thousands):

	Three Months Ended				Nine Months Ended
	October 4 ,		September 29 ,		October 4 ,		September 29 ,
	20 20		20 19		20 20		201 9
	(Unaudited)				(Unaudited)
Service cost:
Selling, general and administrative expenses	$	1	$	1	$	3	$	3
Other net periodic benefit costs:
Other expense (income), net		201		248		603		743
Total	$	202	$	249	$	606	$	746

- Definition

The entire disclosure for retirement benefits.

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+ Details

Note 17 - Accumulated Other Comprehensive Loss

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

(

)

Accumulated

Other Comprehensive

Loss

The Company's accumulated other comprehensive loss consists of employee benefit-related adjustments and foreign currency translation adjustments.

Accumulated other comprehensive loss consisted of the following (in thousands):

	October 4,			December 31,
	2020			2019
	(Unaudited)
Foreign currency translation adjustments	$	(11,996	)	$	(10,623	)
Employee benefit related adjustments – U.S., net of tax		(13,544	)		(13,544	)
Employee benefit related adjustments – Mexico, net of tax		116			116
Accumulated other comprehensive loss	$	(25,424	)	$	(24,051	)

Note 18 - Fair Value of Financial Instruments

9 Months Ended

Oct. 04, 2020

Notes to Financial Statements

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

(

)

Fair Value of Financial Instruments

Cash, accounts receivable, accounts payable and accrued liabilities are reflected in the consolidated financial statements at their carrying amount which approximates fair value because of the short-term maturity of those instruments. The carrying amount of debt outstanding at

October 4, 2020

approximates fair value, and is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments (Level

Note 4 - Leases (Tables)

9 Months Ended

Oct. 04, 2020

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended				Nine Months Ended
	October 4,		September 29,		October 4,		September 29,
	2020		2019		2020		2019
	(Unaudited)				(Unaudited)
Finance lease expense:
Amortization expense	$	112	$	123	$	340	$	356
Interest expense		71		85		220		266
Operating lease expense		351		351		1,053		1,053
Variable lease expense		77		65		239		208
Total lease expense	$	611	$	624	$	1,852	$	1,883

Supplemental Cash Flow Information Related to Leases [Table Text Block]

	Nine Months Ended
	October 4,		September 29,
	2020		2019
	(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	989	$	1,074
Operating cash flows from finance leases		220		266
Financing cash flows from finance leases		623		466

Lessee, Operating and Finance Lease, Liability, Maturity [Table Text Block]

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,472		$	612
12 to 24 months		1,488			612
24 to 36 months		1,505			612
36 to 48 months		1,391			575
48 to 60 months		1,226			549
Thereafter		2,008			183
Total lease payments		9,090			3,143
Less imputed interest		(1,959	)		(731	)
Total	$	7,131		$	2,412

Lease Terms and Discount Rates for Leases [Table Text Block]

	Operating		Finance
	Leases		Leases
Weighted-average remaining lease term (years)		6.4		5.1
Weighted-average discount rate (percentage)		8.0		10.2

Note 5 - Revenue from Contracts with Customers (Tables)

9 Months Ended

Oct. 04, 2020

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Nine Months Ended
	October 4 ,		September 29 ,		October 4 ,		September 29 ,
	20 20		20 19		20 20		201 9
	(Unaudited)				(Unaudited)
Sypris Technologies – transferred point in time	$	12,072	$	15,654	$	33,234	$	48,673
Sypris Electronics – transferred point in time		1,590		1,388		5,835		3,847
Sypris Electronics – transferred over time		8,492		5,217		22,663		13,747
	$	22,154	$	22,259	$	61,732	$	66,267

Note 6 - Exit and Disposal Activities (Tables)

9 Months Ended

Oct. 04, 2020

Notes Tables

Disposal Groups, Including Discontinued Operations [Table Text Block]

	October 4,			December 31,
	2020			2019
	(Unaudited)
Property, plant and equipment	$	8,346		$	13,346
Accumulated depreciation		(7,277	)		(11,113	)
Property, plant and equipment, net	$	1,069		$	2,233

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Note 9 - Income (Loss) Per Common Share (Tables)

9 Months Ended

Oct. 04, 2020

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended						Nine Months Ended
	October 4 ,			September 29 ,			October 4 ,			September 29 ,
	2 0 20			201 9			2 0 20			201 9
	(Unaudited)						(Unaudited)
Income (loss) attributable to stockholders:
Net income (loss) as reported	$	3,495		$	(1,557	)	$	2,842		$	(3,090	)
Less distributed and undistributed earnings allocable to restricted award holders		(15	)		0			(12	)		0
Less dividends declared attributable to restricted award holders		0			0			0			0
Net income (loss) allocable to common stockholders	$	3,480		$	(1,557	)	$	2,830		$	(3,090	)
Income (loss) per common share attributable to stockholders:
Basic	$	0.17		$	(0.07	)	$	0.14		$	(0.15	)
Diluted	$	0.17		$	(0.07	)	$	0.14		$	(0.15	)
Weighted average shares outstanding – basic		21,064			20,941			21,026			20,829
Weighted average additional shares assuming conversion of potential common shares		16			0			0			0
Weighted average shares outstanding – diluted		21,080			20,941			21,026			20,829

Note 10 - Inventory (Tables)

9 Months Ended

Oct. 04, 2020

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	October 4,			December 31,
	2020			2019
	(Unaudited)
Raw materials	$	11,644		$	15,139
Work in process		6,875			5,889
Finished goods		1,272			1,675
Reserve for excess and obsolete inventory		(1,947	)		(1,919	)
Total	$	17,844		$	20,784

Note 11 - Property, Plant and Equipment (Tables)

9 Months Ended

Oct. 04, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

	October 4,			December 31,
	2020			2019
	(Unaudited)
Land and land improvements	$	43		$	50
Buildings and building improvements		7,398			8,108
Machinery, equipment, furniture and fixtures		53,076			55,520
Construction in progress		438			371
		60,955			64,049
Accumulated depreciation		(51,228	)		(52,374	)
	$	9,727		$	11,675

Note 12 - Debt (Tables)

9 Months Ended

Oct. 04, 2020

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	October 4,			December 31,
	2020			2019
	(Unaudited)
Current:
Finance lease obligation, current portion	$	383		$	684
PPP Loan, current portion		2,174			0
Note payable – related party, current portion		2,500			0
Current portion of long term debt	$	5,057		$	684
Long Term:
Finance lease obligation	$	2,029		$	2,351
PPP Loan		1,384			0
Note payable – related party		4,000			6,500
Less unamortized debt issuance and modification costs		(26	)		(37	)
Long term debt net of unamortized debt costs	$	7,387		$	8,814

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Note 13 - Segment Data (Tables)

9 Months Ended

Oct. 04, 2020

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended						Nine Months Ended
	October 4 ,			September 29 ,			October 4 ,			September 29 ,
	20 20			201 9			20 20			201 9
	(Unaudited)						(Unaudited)
Net revenue from unaffiliated customers:
Sypris Technologies	$	12,072		$	15,654		$	33,234		$	48,673
Sypris Electronics		10,082			6,605			28,498			17,594
	$	22,154		$	22,259		$	61,732		$	66,267

Gross profit (loss):
Sypris Technologies	$	1,907		$	2,514		$	4,629		$	7,781
Sypris Electronics		1,514			(188	)		4,386			(606	)
	$	3,421		$	2,326		$	9,015		$	7,175

Operating income (loss):
Sypris Technologies	$	873		$	958		$	1,181		$	3,554
Sypris Electronics		808			(886	)		2,249			(2,943	)
General, corporate and other		(837	)		(1,084	)		3,169			(4,033	)
	$	844		$	(1,012	)	$	261		$	(3,422	)
Income (loss) before taxes:
Sypris Technologies	$	437		$	589		$	1,104		$	2,902
Sypris Electronics		801			(900	)		2,225			(2,963	)
General, corporate and other		(982	)		(1,214	)		(3,590	)		(2,881	)
	$	256		$	(1,525	)	$	(261	)	$	(2,942	)

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	October 4,		December 31,
	2020		2019
	(Unaudited)
Total assets:
Sypris Technologies	$	30,400	$	29,694
Sypris Electronics		22,790		24,985
General, corporate and other		8,188		5,377
	$	61,378	$	60,056

Total liabilities:
Sypris Technologies	$	20,629	$	19,989
Sypris Electronics		13,027		17,416
General, corporate and other		12,520		9,220
	$	46,176	$	46,625

Note 16 - Employee Benefit Plans (Tables)

9 Months Ended

Oct. 04, 2020

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended						Nine Months Ended
	October 4 ,			September 29 ,			October 4 ,			September 29 ,
	20 20			201 9			20 20			201 9
	(Unaudited)						(Unaudited)

Service cost	$	1		$	1		$	3		$	3
Interest cost on projected benefit obligation		271			352			813			1,056
Net amortizations, deferrals and other costs		158			167			474			500
Expected return on plan assets		(228	)		(271	)		(684	)		(813	)
Net periodic benefit cost	$	202		$	249		$	606		$	746

Net Periodic Benefit Cost Recognized in Income Statement [Table Text Block]

	Three Months Ended				Nine Months Ended
	October 4 ,		September 29 ,		October 4 ,		September 29 ,
	20 20		20 19		20 20		201 9
	(Unaudited)				(Unaudited)
Service cost:
Selling, general and administrative expenses	$	1	$	1	$	3	$	3
Other net periodic benefit costs:
Other expense (income), net		201		248		603		743
Total	$	202	$	249	$	606	$	746

Note 17 - Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Oct. 04, 2020

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	October 4,			December 31,
	2020			2019
	(Unaudited)
Foreign currency translation adjustments	$	(11,996	)	$	(10,623	)
Employee benefit related adjustments – U.S., net of tax		(13,544	)		(13,544	)
Employee benefit related adjustments – Mexico, net of tax		116			116
Accumulated other comprehensive loss	$	(25,424	)	$	(24,051	)

Note 1 - Nature of Business (Details Textual)	9 Months Ended
Note 1 - Nature of Business (Details Textual)	Oct. 04, 2020
Number of Operating Segments	2

Note 2 - Basis of Presentation (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Jul. 05, 2020	Oct. 04, 2020	Sep. 29, 2019
Proceeds from Notes Payable, Total		$ 3,558,000	$ 0
Paycheck Protection Program CARES Act [Member]
Proceeds from Notes Payable, Total	$ 3,558,000

Note 4 - Leases (Details Textual) - USD ($)	Oct. 04, 2020	Dec. 31, 2019
Lessee, Operating Lease, Renewal Term (Year)	5 years
Operating Lease, Right-of-Use Asset	$ 6,315,000	$ 7,014,000
Operating Lease, Liability, Total	$ 7,131,000	$ 7,747,000
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)	10 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)	11 years

Note 4 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 04, 2020	Sep. 29, 2019	Oct. 04, 2020	Sep. 29, 2019
Amortization expense	$ 112	$ 123	$ 340	$ 356
Interest expense	71	85	220	266
Operating lease expense	351	351	1,053	1,053
Variable lease expense	77	65	239	208
Total lease expense	$ 611	$ 624	$ 1,852	$ 1,883

Note 4 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 04, 2020	Sep. 29, 2019
Operating cash flows from operating leases	$ 989	$ 1,074
Operating cash flows from finance leases	220	266
Financing cash flows from finance leases	$ 623	$ 466

Note 4 - Leases - Maturities of Lease Liabilities (Details) - USD ($)	Oct. 04, 2020	Dec. 31, 2019
Next 12 months, Operating Leases	$ 1,472,000
Next 12 months, Finance Leases	612,000
12 to 24 months, Operating Leases	1,488,000
12 to 24 months, Finance Leases	612,000
24 to 36 months, Operating Leases	1,505,000
24 to 36 months, Finance Leases	612,000
36 to 48 months, Operating Leases	1,391,000
36 to 48 months, Finance Leases	575,000
48 to 60 months, Operating Leases	1,226,000
48 to 60 months, Finance Leases	549,000
Thereafter, Operating Leases	2,008,000
Thereafter, Finance Leases	183,000
Total lease payments, Operating Leases	9,090,000
Total lease payments, Finance Leases	3,143,000
Less imputed interest, Operating Leases	(1,959,000)
Less imputed interest, Finance Leases	(731,000)
Total, Operating Leases	7,131,000	$ 7,747,000
Total, Finance Leases	$ 2,412,000

Note 4 - Leases - Information Related to Lease Terms and Discount Rates (Details)	Oct. 04, 2020
Weighted-average remaining lease term (Year)	6 years 146 days
Weighted-average remaining lease term (Year)	5 years 36 days
Weighted-average discount rate (percentage)	8.00%
Weighted-average discount rate (percentage)	10.20%

Note 5 - Revenue from Contracts with Customers 1 (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 04, 2020	Sep. 29, 2019	Oct. 04, 2020	Sep. 29, 2019	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Amount	$ 35,767,000		$ 35,767,000
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total	1,739,000		1,739,000
Contract with Customer, Liability, Total	5,681,000		5,681,000		$ 7,504,000
Contract with Customer, Liability, Revenue Recognized	$ 2,837,000	$ 2,408,000	$ 6,680,000	$ 5,035,000
Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total					906,000
Accrued Liabilities [Member]
Contract with Customer, Liability, Current					5,769,000
Other Noncurrent Liabilities [Member]
Contract with Customer, Liability, Noncurrent					$ 1,735,000

Note 5 - Revenue from Contracts with Customers 2 (Details Textual)	Oct. 04, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-05
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	91 days
Revenue, Remaining Performance Obligation, Percentage	19.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Percentage	55.00%

Note 5 - Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 04, 2020	Sep. 29, 2019	Oct. 04, 2020	Sep. 29, 2019
Net revenue	$ 22,154	$ 22,259	$ 61,732	$ 66,267
Sypris Technologies [Member]
Net revenue	12,072	15,654	33,234	48,673
Sypris Technologies [Member] \| Transferred at Point in Time [Member]
Net revenue	12,072	15,654	33,234	48,673
Sypris Electronics [Member]
Net revenue	10,082	6,605	28,498	17,594
Sypris Electronics [Member] \| Transferred at Point in Time [Member]
Net revenue	1,590	1,388	5,835	3,847
Sypris Electronics [Member] \| Transferred over Time [Member]
Net revenue	$ 8,492	$ 5,217	$ 22,663	$ 13,747

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Note 6 - Exit and Disposal Activities (Details Textual) - Transition of Production from the Broadway Plant [Member] - USD ($)		9 Months Ended
	Apr. 13, 2020	Oct. 04, 2020	Sep. 29, 2019
Proceeds from Sale of Real Estate, Total	$ 1,700,000
Gain (Loss) on Disposition of Property Plant Equipment, Total	$ 807,000
Restructuring and Related Costs, Incurred Cost, Total		$ 124,000	$ 391,000
Restructuring and Related Cost, Incurred Cost, Per Share (in dollars per share)		$ 0.01	$ 0.01

Note 6 - Exit and Disposal Activities - Segregation of Assets Held for Sale (Details) - USD ($) $ in Thousands	Oct. 04, 2020	Dec. 31, 2019
Property, plant and equipment	$ 8,346	$ 13,346
Accumulated depreciation	(7,277)	(11,113)
Property, plant and equipment, net	$ 1,069	$ 2,233

Note 7 - Other Expense (Income), Net (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 04, 2020	Sep. 29, 2019	Oct. 04, 2020	Sep. 29, 2019
Proceeds from Sale of Property, Plant, and Equipment, Total			$ 1,969,000	$ 653,000
Proceeds from Sale of Other Property, Plant, and Equipment			268,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property			813,000	467,000
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	$ 201,000	$ 248,000	603,000	743,000
Foreign Currency Transaction Gain (Loss), before Tax, Total			73,000
Gain Related to Settlement Agreement				$ 1,500,000
Loss Contingency, Receivable, Proceeds		$ 1,500,000
Broadway Plant [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total			$ 1,700,000

Note 8 - Stock-based Compensation (Details Textual)	9 Months Ended
Note 8 - Stock-based Compensation (Details Textual)	Oct. 04, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	930,000
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years

Note 9 - Income (Loss) Per Common Share (Details Textual) - shares	3 Months Ended	9 Months Ended
	Oct. 04, 2020	Oct. 04, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	2,489,250	2,754,750

Note 9 - Income (Loss) Per Common Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 04, 2020	Sep. 29, 2019	Oct. 04, 2020	Sep. 29, 2019
Net income (loss)	$ 3,495	$ (1,557)	$ 2,842	$ (3,090)
Less distributed and undistributed earnings allocable to restricted award holders	(15)	0	(12)	0
Less dividends declared attributable to restricted award holders	0	0	0	0
Net income (loss) allocable to common stockholders	$ 3,480	$ (1,557)	$ 2,830	$ (3,090)
Basic (in dollars per share)	$ 0.17	$ (0.07)	$ 0.14	$ (0.15)
Diluted (in dollars per share)	$ 0.17	$ (0.07)	$ 0.14	$ (0.15)
Basic (in shares)	21,064	20,941	21,026	20,829
Weighted average additional shares assuming conversion of potential common shares (in shares)	16	0	0	0
Weighted average shares outstanding – diluted (in shares)	21,080	20,941	21,026	20,829

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Note 10 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands	Oct. 04, 2020	Dec. 31, 2019
Raw materials	$ 11,644	$ 15,139
Work in process	6,875	5,889
Finished goods	1,272	1,675
Reserve for excess and obsolete inventory	(1,947)	(1,919)
Total	$ 17,844	$ 20,784

Note 11 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands	Oct. 04, 2020	Dec. 31, 2019
Gross property, plant and equipment	$ 60,955	$ 64,049
Accumulated depreciation	(51,228)	(52,374)
Property plant and equipment net	9,727	11,675
Land and Land Improvements [Member]
Gross property, plant and equipment	43	50
Building and Building Improvements [Member]
Gross property, plant and equipment	7,398	8,108
Property, Plant and Equipment, Other Types [Member]
Gross property, plant and equipment	53,076	55,520
Construction in Progress [Member]
Gross property, plant and equipment	$ 438	$ 371

Note 12 - Debt (Details Textual)				3 Months Ended	9 Months Ended
Note 12 - Debt (Details Textual)	Apr. 01, 2019	Mar. 09, 2016 USD ($) a	Mar. 09, 2016 MXN ($) a	Jul. 05, 2020 USD ($)	Oct. 04, 2020 USD ($)	Sep. 29, 2019 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2019	Feb. 28, 2019 USD ($)
Proceeds from Notes Payable, Total					$ 3,558,000	$ 0
Proceeds from Sale of Property, Plant, and Equipment, Total					1,969,000	$ 653,000
Finance Lease, Liability, Total					2,412,000
Machinery at Sypris Technologies Facility [Member]
Lessee, Finance Lease, Term of Contract (Year)									5 years
Finance Lease, Liability, Total					193,000				$ 269,000
Toluca Property [Member]
Area of Land (Acre) \| a		24	24
Proceeds from Sale of Property, Plant, and Equipment, Total		$ 12,182,000	$ 215,000,000
Lessee, Finance Lease, Term of Contract (Year)		10 years	10 years
Sale Leaseback Transaction, Portion of Real Estate Property Leased Back to Seller (Acre) \| a		9	9
Finance Lease, Liability, Total					2,219,000
Paycheck Protection Program CARES Act [Member]
Proceeds from Notes Payable, Total				$ 3,558,000
Notes Payable, Total				$ 3,558,000
Promissory Notes with Maturity on April 1, 2021 and April 1, 2023 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance					$ 6,500,000
Debt Instrument, Interest Rate, Stated Percentage								8.00%
Debt Instrument, Allowance for Payment Deferral Period (Month)					1 year 180 days
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent					60.00%
Promissory Note [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance							$ 6,500,000
Promissory Note [Member] \| Gill Family Capital Management [Member] \| Five-year Treasury Note Average During Preceding 90-day Period [Member]
Debt Instrument, Basis Spread on Variable Rate	5.00%
Promissory Note with Maturity on April 1, 2021 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance					$ 2,500,000
Promissory Note with Maturity on April 1, 2023 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance					$ 2,000,000

Note 12 - Debt - Debt Components (Details) - USD ($) $ in Thousands	Oct. 04, 2020	Dec. 31, 2019
Finance lease obligations, current portion	$ 383	$ 684
PPP Loan, current portion	2,174	0
Note payable – related party, current portion	2,500	0
Current portion of long term debt	5,057	684
Finance lease obligation	2,029	2,351
PPP Loan	1,384	0
Note payable – related party	4,000	6,500
Less unamortized debt issuance and modification costs	(26)	(37)
Long term debt net of unamortized debt costs	$ 7,387	$ 8,814

Note 13 - Segment Data (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
Note 13 - Segment Data (Details Textual) $ in Thousands	Oct. 04, 2020 USD ($)	Sep. 29, 2019 USD ($)	Oct. 04, 2020 USD ($)	Sep. 29, 2019 USD ($)
Number of Operating Segments			2
Revenue from Contract with Customer, Including Assessed Tax	$ 22,154	$ 22,259	$ 61,732	$ 66,267
Intersegment Eliminations [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0	$ 0	$ 0

- Definition

+ References

+ Details

Note 13 - Segment Data - Financial Information From Reportable Segments - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 04, 2020	Sep. 29, 2019	Oct. 04, 2020	Sep. 29, 2019
Net revenue from unaffiliated customers	$ 22,154	$ 22,259	$ 61,732	$ 66,267
Gross profit (loss)	3,421	2,326	9,015	7,175
Operating income (loss)	844	(1,012)	261	(3,422)
Income (loss) before taxes	256	(1,525)	(261)	(2,942)
Sypris Technologies [Member]
Net revenue from unaffiliated customers	12,072	15,654	33,234	48,673
Gross profit (loss)	1,907	2,514	4,629	7,781
Operating income (loss)	873	958	1,181	3,554
Income (loss) before taxes	437	589	1,104	2,902
Sypris Electronics [Member]
Net revenue from unaffiliated customers	10,082	6,605	28,498	17,594
Gross profit (loss)	1,514	(188)	4,386	(606)
Operating income (loss)	808	(886)	2,249	(2,943)
Income (loss) before taxes	801	(900)	2,225	(2,963)
Corporate and Other [Member]
Operating income (loss)	(837)	(1,084)	3,169	(4,033)
Income (loss) before taxes	$ (982)	$ (1,214)	$ (3,590)	$ (2,881)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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Note 13 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands	Oct. 04, 2020	Dec. 31, 2019
Total assets	$ 61,378	$ 60,056
Total liabilities	46,176	46,625
Sypris Technologies [Member]
Total assets	30,400	29,694
Total liabilities	20,629	19,989
Sypris Electronics [Member]
Total assets	22,790	24,985
Total liabilities	13,027	17,416
Corporate and Other [Member]
Total assets	8,188	5,377
Total liabilities	$ 12,520	$ 9,220

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

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+ Details

Note 14 - Commitments and Contingencies (Details Textual) - USD ($)	Oct. 04, 2020	Dec. 31, 2019
Standard and Extended Product Warranty Accrual, Ending Balance	$ 642,000	$ 569,000
Accrual for Environmental Loss Contingencies, Ending Balance	0	$ 0
Purchase Obligation, Total	$ 10,170,000

Note 15 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Note 15 - Income Taxes (Details Textual) - USD ($)	Oct. 04, 2020	Sep. 29, 2019	Oct. 04, 2020	Sep. 29, 2019
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%	21.00%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent			30.00%	30.00%
Income Tax Expense (Benefit), Total	$ (3,239,000)	$ 32,000	$ (3,103,000)	$ 148,000
Foreign Tax Authority [Member] \| Mexican Tax Authority [Member]
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ (3,257,000)
Income Tax Expense (Benefit), Total			$ (3,257,000)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 16 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 04, 2020	Sep. 29, 2019	Oct. 04, 2020	Sep. 29, 2019
Service cost	$ 1	$ 1	$ 3	$ 3
Interest cost on projected benefit obligation	271	352	813	1,056
Net amortizations, deferrals and other costs	158	167	474	500
Expected return on plan assets	(228)	(271)	(684)	(813)
Net periodic benefit cost	$ 202	$ 249	$ 606	$ 746

Note 16 - Employee Benefit Plans - Net Periodic Benefit Cost Recognized in Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 04, 2020	Sep. 29, 2019	Oct. 04, 2020	Sep. 29, 2019
Selling, general and administrative expenses	$ 1,000	$ 1,000	$ 3,000	$ 3,000
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	201,000	248,000	603,000	743,000
Total	202,000	249,000	606,000	746,000
Selling, General and Administrative Expenses [Member]
Selling, general and administrative expenses	$ 1,000	$ 1,000	$ 3,000	$ 3,000

Note 17 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Oct. 04, 2020	Dec. 31, 2019
Foreign currency translation adjustments	$ (11,996)	$ (10,623)
Accumulated other comprehensive loss	(25,424)	(24,051)
UNITED STATES
Employee benefit related adjustments, net of tax	(13,544)	(13,544)
Foreign Plan [Member]
Employee benefit related adjustments, net of tax	$ 116	$ 116

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details