0001437749-21-006412 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2020	Mar. 10, 2021	Jul. 05, 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 Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		21,436,963
Entity Public Float			$ 8,846,647
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Common Stock

Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net revenue	$ 82,346,000	$ 87,891,000
Cost of sales	70,781,000	78,008,000
Gross profit	11,565,000	9,883,000
Selling, general and administrative	11,351,000	13,680,000
Severance, relocation and other costs	124,000	509,000
Operating income (loss)	90,000	(4,306,000)
Interest expense, net	838,000	903,000
Other expense (income), net	544,000	(1,256,000)
(Loss) income before income taxes	(1,292,000)	(3,953,000)
Income tax benefit, net	(2,960,000)	(4,000)
Net income (loss)	$ 1,668,000	$ (3,949,000)
Income (loss) per common share:
Basic (in dollars per share)	$ 0.08	$ (0.19)
Diluted (in dollars per share)	0.08	(0.19)
Cash dividends per common share (in dollars per share)	$ 0	$ 0
Weighted average shares outstanding:
Basic (in shares)	21,084	20,865
Diluted (in shares)	21,086	20,865

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net income (loss)	$ 1,668	$ (3,949)
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of tax expense of $0 and tax benefit of $104 in 2020 and 2019, respectively	(224)	344
Employee benefit related, net of tax expense of $0 and $136 in 2020 and 2019, respectively	(423)	447
Other comprehensive (loss) income	(647)	791
Comprehensive income (loss)	$ 1,021	$ (3,158)

- 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 Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Foreign currency translation adjustments, tax	$ 0	$ 104
Employee benefit related, tax	$ 0	$ 136

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 11,606,000	$ 5,095,000
Accounts receivable, net	7,234,000	7,444,000
Inventory, net	16,236,000	20,784,000
Other current assets	3,948,000	4,282,000
Assets held for sale	412,000	2,233,000
Total current assets	39,436,000	39,838,000
Property, plant and equipment, net	10,161,000	11,675,000
Operating lease right-of-use assets	6,103,000	7,014,000
Other assets	5,008,000	1,529,000
Total assets	60,708,000	60,056,000
Current liabilities:
Accounts payable	6,734,000	9,346,000
Accrued liabilities	13,409,000	12,495,000
Operating lease liabilities, current portion	965,000	841,000
Finance lease obligations, current portion	393,000	684,000
Note payable – PPP Loan, current portion	1,186,000	0
Total current liabilities	22,687,000	23,366,000
Operating lease obligations, net of current portion	5,941,000	6,906,000
Finance lease obligations, net of current portion	1,927,000	2,351,000
Note payable – related party	6,477,000	6,463,000
Note payable – PPP Loan, net of current portion	2,372,000	0
Other liabilities	6,529,000	7,539,000
Total liabilities	45,933,000	46,625,000
Stockholders’ equity:
Preferred stock
Common stock	213,000	213,000
Additional paid-in capital	155,025,000	154,702,000
Accumulated deficit	(115,765,000)	(117,433,000)
Accumulated other comprehensive loss	(24,698,000)	(24,051,000)
Treasury stock, 1,236 and 26,192 shares in 2020 and 2019, respectively	0	0
Total stockholders’ equity	14,775,000	13,431,000
Total liabilities and stockholders’ equity	60,708,000	60,056,000
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred stock
Nonvoting Common Stock [Member]
Stockholders’ equity:
Common stock

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 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)	21,302,194	21,324,618
Common stock, shares outstanding (in shares)	21,300,958	21,298,426
Treasury stock (in shares)	1,236	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 Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 1,668,000	$ (3,949,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,503,000	2,671,000
Deferred income taxes	(3,070,000)	(260,000)
Non-cash compensation	426,000	469,000
Deferred loan costs amortized	14,000	11,000
Net gain on disposal or abandonment of assets	(236,000)	(654,000)
Provision for excess and obsolete inventory	222,000	616,000
Non-cash lease expense	911,000	650,000
Other noncash items	(1,000)	52,000
Contributions to pension plans	(862,000)	(382,000)
Changes in operating assets and liabilities:
Accounts receivable	214,000	2,425,000
Inventory	4,230,000	(2,621,000)
Prepaid expenses and other assets	(204,000)	756,000
Accounts payable	(2,591,000)	(4,100,000)
Accrued and other liabilities	424,000	(1,537,000)
Net cash provided by (used in) operating activities	3,648,000	(5,853,000)
Cash flows from investing activities:
Capital expenditures	(1,542,000)	(859,000)
Proceeds from sale of assets	1,969,000	1,858,000
Net cash provided by investing activities	427,000	999,000
Cash flows from financing activities:
Principal payments on finance lease obligations	(715,000)	(632,000)
Proceeds from Paycheck Protection Program loan	3,558,000	0
Indirect repurchase of shares for minimum statutory tax withholdings	(103,000)	(156,000)
Net cash provided by (used in) financing activities	2,740,000	(788,000)
Effect of exchange rate changes on cash balances	(304,000)	33,000
Net increase (decrease) in cash and cash equivalents	6,511,000	(5,609,000)
Cash and cash equivalents at beginning of year	5,095,000	10,704,000
Cash and cash equivalents at end of year	11,606,000	5,095,000
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 - 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	(3,949)	0	0	$ (3,949)
Employee benefit related, net of tax						0	0	0	447	0	$ (447)
Foreign currency translation adjustment, net of tax						$ 0	0	0	344	0
Noncash compensation (in shares)						60,000
Noncash compensation						$ 0	469	0	0	0
Treasury stock (in shares)						(10,000)
Treasury stock						$ 0	0	0	0	0
Retire treasury stock (in shares)						(149,756)
Retire treasury stock						$ (1)	(155)	0	0	0
Exercise of stock options (in shares)											0
Balance (in shares) at Dec. 31, 2019						21,298,426
Balance at Dec. 31, 2019	$ 0	$ 0	$ 1,442	$ 0	$ 0	$ 213	154,702	(117,433)	(24,051)	0	$ 13,431
Net income (loss)						0	0	1,668	0	0	1,668
Employee benefit related, net of tax						0	0	0	(423)	0	$ 423
Foreign currency translation adjustment, net of tax						$ 0	0	0	(224)	0
Noncash compensation (in shares)						70,000
Noncash compensation						$ 0	426	0	0	0
Retire treasury stock (in shares)						(82,424)
Retire treasury stock						$ 0	(99)	0	0	0
Exercise of stock options (in shares)						14,956					306,500
Exercise of stock options						$ 0	(4)	0	0	0
Balance (in shares) at Dec. 31, 2020						21,300,958
Balance at Dec. 31, 2020						$ 213	$ 155,025	$ (115,765)	$ (24,698)	$ 0	$ 14,775

Note 1 - Organization and Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

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

(

)

Organization and Significant Accounting Policies

Consolidation Policy

The accompanying consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries (collectively, “Sypris” or the “Company”) and have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission. The Company's operations are domiciled in the United States (U.S.) and Mexico and serve a wide variety of domestic and international customers. All intercompany accounts and transactions have been eliminated.

Nature of Business

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 with corporations and government agencies. The Company offers such products through its

two

business segments, Sypris Technologies, Inc. (“Sypris Technologies”) and Sypris Electronics, LLC (“Sypris Electronics”). Sypris Technologies derives its revenue primarily from the sale of forged, machined, welded and heat-treated steel components primarily for heavy commercial vehicle and high-pressure energy pipeline applications. Sypris Electronics derives its revenue primarily from circuit card and box build manufacturing, high reliability manufacturing and systems assembly and integration. Most products are built to the customer's design specifications. The Company also provides engineering design services and repair or inspection services. See Note

for additional information regarding our segments.

Use of Estimates

The preparation of the consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and the COVID-

pandemic has increased the uncertainty with respect to developing these estimates and assumptions. The COVID-

pandemic continues to rapidly evolve and the ultimate impact of the COVID-

pandemic is highly uncertain and subject to change. Changes in facts and circumstances could have a significant impact on the resulting estimated amounts included in our consolidated financial statements. Actual results could differ from these estimates.

Fair Value Estimates

The Company estimates fair value of its financial instruments utilizing an established

three

-level hierarchy. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date as follows: Level

– Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets. Level

– Valuation 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

– Valuation is based upon other unobservable inputs that are significant to the fair value measurements.

Cash Equivalents

Cash equivalents include all highly liquid investments with a maturity of

three

months or less when purchased.

Inventory

Inventory is stated at the lower of cost or estimated net realizable value. Costs for raw materials, work in process and finished goods is determined under the

first

-in,

first

-out method. Indirect inventories, which include perishable tooling, repair parts and other materials consumed in the manufacturing process but

not

incorporated into finished products are classified as raw materials.

The Company's reserve for excess and obsolete inventory is primarily based upon forecasted demand for its product sales, and any change to the reserve arising from forecast revisions is reflected in cost of sales in the period the revision is made.

Property, Plant and Equipment

Property, plant and equipment is stated at cost. Depreciation of property, plant and equipment is generally computed using the straight-line method over their estimated economic lives. For land improvements, buildings and building improvements, the estimated economic life is generally

years. Estimated economic lives range from

three

fifteen

years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized over the shorter of their economic life or the respective lease term using the straight-line method. Expenditures for maintenance, repairs and renewals of minor items are expensed as incurred. Major rebuilds and improvements are capitalized. Also included in plant and equipment are assets under finance lease, which are stated at the present value of minimum lease payments.

Long-lived Assets

The Company reviews the carrying value of amortizable long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset

may

not

be recoverable. Recoverability of assets to be held for sale and held for use is measured by a comparison of the carrying amount of the asset to the undiscounted future net cash flows expected to be generated by the asset. If facts and circumstances indicate that the carrying value of an asset or groups of assets, as applicable, is impaired, the long-lived asset or groups of long-lived assets are written down to their estimated fair value.

Held for sale

The Company classifies long-lived assets or disposal groups as held for sale in the period: management commits to a plan to sell; the long-lived asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such long-lived assets or disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; the sale is probable within

one

year; the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets and disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. See Note

for further discussion of our assets held for sale.

Leases

Our lease portfolio represents leases of real estate, including manufacturing, assembly and office facilities, while the remainder represents leases of personal property, including manufacturing and information technology equipment. We have lease agreements with lease and non-lease components, which are accounted for as a single lease component. Leases with an initial term of

months or less are

not

recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. Generally, we use our incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily available.

Stock-based Compensation

The Company accounts for stock-based compensation in accordance with the fair value recognition provisions using the Black-Scholes option-pricing method, which requires the input of several subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (expected term) and the estimated volatility of our common stock price over the expected term. Changes in the subjective assumptions can materially affect the fair value estimate of stock-based compensation and consequently, the related expense is recognized in the consolidated statements of operations.

Income Taxes

The Company uses the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than

not

that such assets will be realized.

In the ordinary course of business there is inherent uncertainty in quantifying the Company's income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than-

not

that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than

50%

likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is

not

more-likely-than-

not

that a tax benefit will be sustained,

tax benefit has been recognized in the financial statements. Where applicable, associated interest has also been recognized.

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

. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense.

Net Revenue and Cost of Sales

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 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,

Revenue from Contracts with Customers

(“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 due to the 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.

Allowance for Doubtful Accounts

An allowance for uncollectible trade receivables is recorded when accounts are deemed uncollectible based on consideration of write-off history, aging analysis, and any specific, known troubled accounts.

Product Warranty Costs

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

December

31,

2020

and

2019,

was

$638,000

and

$569,000,

respectively. The Company's warranty expense for the years ended

December

31,

2020

and

2019

was

$294,000

and

$156,000,

respectively.

Concentrations of Credit Risk

Financial instruments which potentially expose the Company to concentrations of credit risk consist of accounts receivable. The Company's customer base consists of a number of customers in diverse industries across geographic areas, primarily in North America and Mexico, and aerospace and defense companies under contract with the U.S. Government. The Company performs periodic credit evaluations of its customers' financial condition and does

not

require collateral on its commercial accounts receivable. Credit losses are provided for in the consolidated financial statements and consistently have been within management's expectations. Approximately

53%

of accounts receivable outstanding at

December

31,

2020

is due from

four

customers. More specifically, Sistemas, Detroit Diesel, CECO Peerless and Tremec comprise

17%,

14%,

11%

and

11%,

respectively, of

December

31,

2020

outstanding accounts receivables. Approximately

27%

of accounts receivable outstanding at

December

31,

2019

is due from

two

customers. More specifically, SubCom and Detroit Diesel comprise

17%

and

10%,

respectively, of

December

31,

2019

outstanding accounts receivables.

The Company's largest customers for the year ended

December

31,

2020

were Northrop Grummon, Sistemas, and Detroit Diesel, which represented approximately

22%,

14%

and

12%,

respectively, of the Company's total net revenue. Detroit Diesel and Sistemas are both customers within the Sypris Technologies segment and Northrop Grummon is a customer within the Sypris Electronics segment. Sistemas, Detroit Diesel and Northrop Grummon were the Company's largest customers for the year ended

December

31,

2019,

which represented approximately

22%,

14%

and

11%,

respectively, of the Company's total net revenue.

other single customer accounted for more than

10%

of the Company's total net revenue for the years ended

December

31,

2020

2019.

Foreign Currency Translation

The functional currency for the Company's Mexican subsidiaries is the Mexican peso. Assets and liabilities are translated at the period end exchange rate, and income and expense items are translated at the weighted average exchange rate. The resulting translation adjustments are recorded in comprehensive loss as a separate component of stockholders' equity. Remeasurement gains or losses for U.S. dollar denominated accounts of the Company's Mexican subsidiaries are included in other income, net.

Collective Bargaining Agreements

Approximately

386,

58%

of the Company's employees, all within Sypris Technologies, were covered by collective bargaining agreements at

December 31, 2020.

Excluding certain Mexico employees covered under an annually ratified agreement, there are

collective bargaining agreements expiring within the next

months. Certain Mexico employees are covered by an annually ratified collective bargaining agreement. These employees represented approximately

53%

of the Company's workforce, or

350

employees as of

December

31,

2020.

Recently Issued Accounting Standards

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.

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. The Company adopted ASU

2018

prospectively on

January 1, 2020,

and the adoption did

not

have a material impact on the consolidated financial statements or disclosures. All future implementation costs in such arrangements will be capitalized and amortized over the life of the arrangement, which

may

have a material impact in those future periods if such costs are material.

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. The Company did

not

early adopt this standard. The adoption is

not

expected to have a material impact on the Company's consolidated financial statements.

Reclassifications

Certain amounts in the Company's

2019

consolidated financial statements have been reclassified to conform to the

2020

presentation, which had

impact to the previously reported net loss and stockholder's equity.

Note 2 - Leases

12 Months Ended

Dec. 31, 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

December

31,

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

December 31, 2020,

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

$6,103,000

and

$6,906,000,

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 year ended

December

31,

2020

and

2019.

The following table presents information related to lease expense for the year ended

December

31,

2020

and

2019

(in thousands):

	December 31,
	2020		2019
Finance lease expense:
Amortization expense	$	425	$	481
Interest expense		261		348
Operating lease expense		1,406		1,406
Variable lease expense		317		272
Total lease expense	$	2,409	$	2,507

The following table presents supplemental cash flow information related to leases for the year ended

December

31,

2020

(in thousands):

	December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,363	$	1,436
Operating cash flows from finance leases		261		348
Financing cash flows from finance leases		715		632

The annual future minimum lease payments as of

December 31, 2020

are as follows (in thousands):

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,476		$	612
12 to 24 months		1,492			612
24 to 36 months		1,509			612
36 to 48 months		1,318			559
48 to 60 months		1,231			550
Thereafter		1,700			46
Total lease payments		8,726			2,991
Less imputed interest		(1,820	)		(671	)
Total	$	6,906		$	2,320

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

December

31,

2020

and

2019:

	December 31,
	2020		2019
Weighted-average remaining lease term (years):
Operating leases		6.2		7.1
Finance leases		4.9		5.3

Weighted-average discount rate (percentage):
Operating leases		8.0		8.0
Finance leases		10.2		10.3

Note 3 - Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(

)

Revenue from Contracts with Customers

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

not

). 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

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

$30,324,000

of remaining performance obligations as of

December 31, 2020,

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

61%

of our remaining performance obligations as revenue in

2021

and the balance in

2022.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the years ended

December

31,

2020

and

2019:

	December 31,
	2020		2019
Sypris Technologies – transferred point in time	$	45,321	$	61,683
Sypris Electronics – transferred point in time		6,550		6,201
Sypris Electronics – transferred over time		30,475		20,007
Net revenue	$	82,346	$	87,891

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

December

31,

2020

and

2019

were

$1,240,000

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

December

31,

2020,

the contract liabilities balance was

$7,339,000,

of which

$6,816,000

was included within accrued liabilities and

$523,000

was included within other 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

$7,619,000

and

$5,109,000

during the years ended

December

31,

2020

and

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Note 4 - Assets Held for Sale

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

(

)

Assets Held for Sale

February 21, 2017,

the Board of Directors approved a modified exit or disposal plan with respect to the Company's Louisville, Kentucky automotive and commercial vehicle manufacturing plant (the “Broadway Plant”), which included the relocation of production to other Company facilities and the closure of the plant. The Company has relocated certain assets from the Broadway Plant to other manufacturing facilities to serve its existing and target customer base within the Sypris Technologies segment. Additionally, the Company identified underutilized or non-core assets for disposal. The assets identified for disposal, including the Broadway real estate, were included in assets held for sale in the consolidated balance sheet as of

December 31, 2019.

April 13, 2020,

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

$1,700,000.

The Company also sold other equipment during

2020

for

$268,000

while certain equipment at the Broadway Plant was abandoned as of

December 31, 2020.

Management continues to market certain other equipment located at its facility in Toluca, Mexico, which has been included in assets held for sale as of

December 31, 2020.

All assets held for sale are within the Sypris Technologies segment. The following assets have been segregated and included in assets held for sale in the consolidated balance sheets (in thousands):

	December 31,
	2020			2019
Property, plant and equipment	$	1,387		$	13,346
Accumulated depreciation		(975	)		(11,113	)
Property, plant and equipment, net	$	412		$	2,233

Note 5 - Other Expense (Income), Net

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Other Income and Other Expense Disclosure [Text Block]

(

)

Other Expense (Income), Net

The Company recognized other expense of

$544,000

during the year ended

December

31,

2020.

During the year ended,

December 31, 2020,

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

(see Note

). The

$813,000

gain on disposal was offset by a loss on the abandonment of assets of

$577,000

and pension expense of

$728,000.

Foreign currency related expenses were

not

material for the year ended

December 31,

2020.

The Company recognized other income of

$1,256,000

during the year ended

December

31,

2019.

During

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

in compensation during

2019.

Additionally, the Company recognized a net gain of

$654,000

in the year ended

December 31,

2019

related to the sale of idle assets and foreign currency related gains of

$152,000

related to the net U.S. dollar denominated monetary asset position of our Mexican subsidiaries for which the Mexican peso is the functional currency. This was offset by pension expense of

$970,000.

Note 6 - Accounts Receivable

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

(

)

Accounts Receivable

Accounts receivable consists of the following (in thousands):

	December 31,
	2020			2019
Commercial	$	7,264		$	7,494
Allowance for doubtful accounts		(30	)		(50	)
Net	$	7,234		$	7,444

Note 7 - Inventory

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

(

)

Inventory

Inventory consists of the following (in thousands):

	December 31,
	2020			2019
Raw materials	$	11,118		$	15,139
Work in process		6,210			5,889
Finished goods		762			1,675
Reserve for excess and obsolete inventory		(1,854	)		(1,919	)
Total	$	16,236		$	20,784

Note 8 - Other Current Assets

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Other Current Assets [Text Block]

(

)

Other Current Assets

Other current assets consist of the following (in thousands):

	December 31,
	2020		2019
Prepaid expenses	$	911	$	835
Contract assets		1,240		906
Other		1,797		2,541
Total	$	3,948	$	4,282

Included in other current assets are income and VAT taxes refundable, tools, spare parts and other items,

none

of which exceed

of total current assets.

Note 9 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 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):

	December 31,
	2020			2019
Land and land improvements	$	43		$	50
Buildings and building improvements		7,747			8,108
Machinery, equipment, furniture and fixtures		55,620			55,520
Construction in progress		609			371
		64,019			64,049
Accumulated depreciation		(53,858	)		(52,374	)
	$	10,161		$	11,675

Depreciation expense, including amortization of assets recorded under finance leases, totaled approximately

$2,503,000

and

$2,671,000

for the years ended

December

31,

2020

and

2019,

respectively. Capital expenditures included in accounts payable or accrued liabilities were

not

material at

December

31,

2020

and

2019,

respectively.

Included within property, plant and equipment were assets under finance leases as follows (in thousands):

	December 31,
	2020			2019
Buildings and building improvements	$	2,955		$	3,128
Machinery, equipment, furniture and fixtures		269			1,546
		3,224			4,674
Accumulated depreciation		(1,522	)		(1,495	)
	$	1,702		$	3,179

Note 10 - Other Assets

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Other Assets Disclosure [Text Block]

(

)

Other Assets

Other assets consist of the following (in thousands):

	December 31,
	2020		2019
Long term spare parts	$	494	$	183
Long term deposits		286		396
Pension asset		380		607
Deferred tax asset, net		3,604		172
Other		244		171
Total	$	5,008	$	1,529

Note 11 - Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Accrued Liabilities [Text Block]

(

)

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	December 31,
	2020		2019
Salaries, wages, employment taxes and withholdings	$	2,793	$	2,416
Employee benefit plans		1,216		1,517
Accrued professional fees		695		966
Income, property and other taxes		253		355
Contract liabilities		6,816		5,769
Deferred gain from sale-leaseback		296		313
Other		1,340		1,159
Total	$	13,409	$	12,495

Included in other accrued liabilities are accrued operating expenses, accrued warranty expenses, accrued interest, and other items,

none

of which exceed

of total current liabilities.

Note 12 - Other Liabilities

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Other Liabilities Disclosure [Text Block]

(

)

Other Liabilities

Other liabilities consist of the following (in thousands):

	December 31,
	2020		2019
Noncurrent pension liability	$	4,290	$	4,026
Deferred gain from sale leaseback		1,231		1,616
Other		1,008		1,897
Total	$	6,529	$	7,539

Included in other liabilities are long-term contract liabilities and other items,

none

of which exceed

of total liabilities.

Note 13 - Debt

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Long-term Debt [Text Block]

(

)

Debt

Long-term obligations consists of the following (in thousands):

	December 31,
	2020			2019
Current:
Finance lease obligation, current portion	$	393		$	684
PPP Loan, current portion		1,186			0
Current portion of long term debt and finance lease obligations	$	1,579		$	684

Long Term:
Finance lease obligations	$	1,927		$	2,351
PPP Loan		2,372			0
Note payable – related party		6,500			6,500
Less unamortized debt issuance and modification costs		(23	)		(37	)
Long term debt and finance lease obligations, net of unamortized debt costs	$	10,776		$	8,814

The weighted average interest rate for outstanding borrowings at

December

31,

2020

and

2019

was

5.5%

and

8.0%,

respectively. The Company had

capitalized interest in

2020

2019.

Interest paid during the years ended

December

31,

2020

and

2019

totaled approximately

$369,000

and

$526,000,

respectively.

Paycheck Protection Program

During the

second

quarter of

2020,

the Company secured a

$3,558,000

term loan (the “PPP Loan”) with BMO Harris Bank National Association (“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%.

The term of the PPP Loan is

two

years, with

payments due under the PPP Loan until

July 2021,

although interest will accrue during the deferment period. Beginning

July 2021,

the Company will pay equal monthly installments of principal and interest in the amount necessary to fully amortize the PPP Loan through the Maturity Date, less any amount of potential forgiveness. 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. During the

fourth

quarter of

2020,

the Company applied for forgiveness for the total amount due on 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

December

31,

2020

and

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 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.

During the

fourth

quarter of

2020,

the Company amended its secured promissory note obligation with GFCM to, among other things: (i) extend the maturity dates by

one

year for (a)

$2,500,000

of the obligation from

April 1, 2021

April 1, 2022, (

$2,000,000

of the obligation from

April 1, 2023

April 1, 2024

and (c) the balance of the obligation from

April 1, 2025

April 1, 2026; (

ii) extend the allowance for up to an

-month deferral of payment for up to

60%

of the interest due on the notes maturing in

April

2022

and

2024;

(iii) provide for the reinstatement of a

first

security interest in the assets of Sypris Electronics, LLC; and (iv) provide for payment on

January 4, 2021

of any accrued but unpaid interest for

2020.

All other terms of the promissory note, as amended, remain in place.

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, including those in Mexico.

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

acres and buildings currently 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

$2,139,000

for the building as of

December

31,

2020.

February 2019,

the Company entered into a

-month capital 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

December

31,

2020

was

$181,000.

Note 14 - Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 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

December

31,

2020

approximates fair value, and is based upon a market approach (Level

Note 15 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

(

)

Employee Benefit Plans

Sypris Technologies sponsors noncontributory defined benefit pension plans (the “Pension Plans”) covering certain of its employees. The Pension Plans covering salaried and management employees provide pension benefits that are based on the employees' highest

five

-year average compensation within

ten

years before retirement. The Pension Plans covering hourly employees and union members generally provide benefits at stated amounts for each year of service. All of the Company's pension plans are frozen to new participants and certain plans are frozen to additional benefit accruals. The Company's funding policy is to make the minimum annual contributions required by the applicable regulations. The Pension Plans' assets are primarily invested in equity securities and fixed income securities.

The following table details the components of pension (income) expense (in thousands):

	Year ended December 31,
	2020			2019
Service cost	$	5		$	4
Interest cost on projected benefit obligation		1,084			1,407
Net amortization of actuarial loss		631			666
Expected return on plan assets		(987	)		(1,103	)
Net periodic benefit cost	$	733		$	974

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

December 31, 2020

and

2019

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

	Year ended December 31,
	2020		2019
Service cost:
Selling, general and administrative expenses	$	5		4
Other net periodic benefit costs:
Other expense (income), net		728		970
Total	$	733	$	974

The following are summaries of the changes in the benefit obligations and plan assets and of the funded status of the Pension Plans (in thousands):

	December 31,
	2020			2019
Change in benefit obligation:
Benefit obligation at beginning of year	$	36,050		$	34,690
Service cost		5			4
Interest cost		1,084			1,407
Actuarial loss		2,516			2,835
Benefits paid		(2,796	)		(2,886	)
Benefit obligation at end of year	$	36,859		$	36,050

	December 31,
	2020			2019
Change in plan assets:
Fair value of plan assets at beginning of year	$	31,738		$	30,199
Actual return on plan assets		2,549			4,043
Company contributions		862			382
Benefits paid		(2,796	)		(2,886	)
Fair value of plan assets at end of year	$	32,353		$	31,738

Underfunded status of the plans	$	(4,506	)	$	(4,312	)

Balance sheet assets (liabilities):
Other assets	$	380		$	607
Accrued liabilities		(596	)		(893	)
Other liabilities		(4,290	)		(4,026	)
Net amount recognized	$	(4,506	)	$	(4,312	)

Pension plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	25,566		$	24,843
Accumulated benefit obligation		25,566			24,843
Fair value of plan assets		20,680			19,924

	December 31,
	2020			2019
Projected benefit obligation and net periodic pension cost assumptions:
Discount rate – projected benefit obligation	2.25%			3.15%
Discount rate – net periodic pension cost	3.15			4.25
Rate of compensation increase	N/A			4.00
Expected long-term rate of return on plan assets	3.05	–	3.40	3.65	–	3.90

Weighted average asset allocation:
Equity securities	17%			18%
Debt securities	80			78
Other	3			4
Total	100%			100%

The fair values of our pension plan assets as of

December 31, 2020

are as follows (in thousands):

			Significant
	Quoted Prices		Other
	In Active		Observable
	Markets		Inputs
	(Level 1)		(Level 2)
Asset categories:
Cash and cash equivalents	$	2,744	$	0
Equity securities:
U.S. Large Cap		2,272		0
U.S. Mid Cap		867		0
U.S. Small Cap		224		0
World Equity		2,256		0
Real Estate		391		0
Other		600		0
Fixed income securities		6,304		16,695
Total Plan Assets	$	15,658	$	16,695

The fair values of our pension plan assets as of

December 31, 2019

are as follows (in thousands):

			Significant
	Quoted Prices		Other
	In Active		Observable
	Markets		Inputs
	(Level 1)		(Level 2)
Asset categories:
Cash and cash equivalents	$	2,228	$	0
Equity securities:
U.S. Large Cap		1,935		0
U.S. Mid Cap		1,067		0
U.S. Small Cap		609		0
World Equity		2,214		0
Real Estate		546		0
Other		757		0
Fixed income securities		3,394		18,988
Total Plan Assets	$	12,750	$	18,988

Investments in our defined benefit plans are stated at fair value. The following valuation methods were used to value our pension assets:

Equity securities	The fair value of equity securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not published, the value is based on the underlying holdings, which are primarily direct quoted market prices on regulated financial exchanges.

Fixed income securities	The fair value of fixed income securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not published, the value is based on the underlying holdings, which are primarily direct quoted market prices on regulated financial exchanges.

Cash and cash equivalents	The fair value of cash and cash equivalents is set equal to its cost.

The methods described above

may

produce a fair value calculation that

may

not

be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The Company uses

December

as the measurement date for the Pension Plans. Total estimated contributions expected to be paid to the plans during

2021

$574,000,

which represents the minimum funding amounts required by federal law. The expected long-term rates of return on plan assets for determining net periodic pension cost for

2020

and

2019

were chosen by the Company from a best estimate range determined by applying anticipated long-term returns and long-term volatility for various assets categories to the target asset allocation of the plan. The target asset allocation of plan assets is equity securities ranging

55%,

fixed income securities ranging

100%

and non-traditional/other of

10%

of total investments.

When establishing the expected long-term rate of return on our U.S. pension plan assets, the Company considered historical performance and forward looking return estimates reflective of our portfolio mix and investment strategy. Based on the most recent analysis of projected portfolio returns, the Company concluded that the use of

3.15%

for the Louisville Hourly Plan,

3.40%

for the Marion Plan and

3.05%

for the Louisville Salaried Plan as the expected return on our U.S. pension plan assets for

2020

was appropriate.

Actuarial gains and losses, which are primarily the result of changes in the discount rate and other assumptions and differences between actual and expected asset returns, are deferred in Accumulated other comprehensive loss and amortized to expense following the corridor approach. We use the average remaining service period of active participants unless almost all of the plan's participants are inactive, in which case we use the average remaining life expectancy for all active and inactive participants. Accumulated other comprehensive loss at

December

31,

2020

includes

$13,329,000

of unrecognized actuarial losses that have

not

yet been recognized in net periodic pension cost. The actual loss reclassified from accumulated other comprehensive loss for

2020

and

2019

was

$631,000

and

$666,000,

respectively.

December

31,

2020,

the benefits expected to be paid in each of the next

five

fiscal years, and in aggregate for the

five

fiscal years thereafter are as follows (in thousands):

2021	$	2,772
2022		2,707
2023		2,631
2024		2,565
2025		2,490
2026-2030		11,118
Total	$	24,283

The Company sponsors a defined contribution plan (the “Defined Contribution Plan”) for substantially all domestic employees of the Company. The Defined Contribution Plan is intended to meet the requirements of Section

401

(k) of the Internal Revenue Code. The Defined Contribution Plan allows the Company to match participant contributions up to

and provide discretionary contributions. In connection with the matching contributions, the Company recognized compensation expense of approximately

$350,000

and

$392,000

2020

and

2019,

respectively.

In addition, certain of the Company's non-U.S. employees are covered by various defined benefit and defined contribution plans. The Company's expenses for these plans totaled approximately

$199,000

and

$185,000

2020

and

2019,

respectively. The aggregate benefit plan assets and accumulated benefit obligation of these plans are

not

significant.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Note 16 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

(

)

Commitments and Contingencies

As of

December

31,

2020,

the Company had outstanding purchase commitments of approximately

$15,365,000

primarily for the acquisition of inventory. These commitments are for goods and services to be acquired in the ordinary course of business and are fulfilled by our vendors within a short period of time.

The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers' compensation insurance programs 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 product liability claims.

The Company accounts for loss contingencies in accordance with U.S. generally accepted accounting principles (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 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. Additionally, certain property previously sold by the Company has been designated as a Brownfield Site and has been approved for development by the purchaser. As of

December

31,

2020

and

2019,

amounts were accrued for any environmental matters. See “Legal Proceedings” in Part I, Item

of this Annual Report on Form

-K.

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.

Note 17 - Stock Option and Purchase Plans

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

(

)

Stock Option and Purchase Plans

The Company's stock compensation program provides for the grant of restricted stock (including performance-based restricted stock), unrestricted stock, stock options and stock appreciation rights. A total of

3,476,021

shares were registered for issuance under the

2015

Omnibus Plan. On

May 12, 2020,

the

2015

Omnibus Plan was replaced with the

2020

Omnibus Plan. A total of

4,596,271

shares were registered for issuance under the

2020

Omnibus Plan. Additionally, awards under the

2010

and

2015

Omnibus Plans that are cancelled without having been fully exercised or vested are available again for new awards under the

2020

Omnibus Plan. The aggregate number of shares available for future grant as of

December

31,

2020

and

2019

was

3,598,271

and

1,153,271,

respectively.

The

2015

and

2020

Omnibus Plans provide for restrictions which lapse after

three

years. During the restricted period, which is commensurate with each vesting period, the recipient has the right to receive dividends and voting rights for the shares. Generally, if a recipient leaves the Company before the end of the restricted period or if performance requirements, if any, are

not

met, the shares will be forfeited.

Under the plans, the Company

may

grant options to purchase common stock to officers, key employees and non-employee directors. Options

may

be granted at

not

less than the market price on the date of grant. Stock option grants under the

2015

and

2020

Omnibus Plans include a

five

year life along with vesting after

three

years of service.

Compensation expense is measured based on the fair value at the date of grant and is recognized on a straight-line basis over the vesting period. Fair value for restricted shares is equal to the stock price on the date of grant, while the fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing method. The Company uses historical Company and industry data to estimate the expected price volatility, the expected option life and the expected dividend yield. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. Forfeitures are recorded as they occur. Stock based compensation expense of

$426,000

and

$469,000

has been recorded in selling, general and administrative expense in the consolidated statements of operations for the years ended

December 31, 2020

and

2019,

respectively.

The following weighted average assumptions were used to estimate the fair value of options granted using the Black-Scholes option-pricing model:

	Year ended December 31,
	2020			2019
Expected life (years)		4			4.0
Expected volatility		52.6	%		53.9	%
Risk-free interest rates		0.34	%		2.30	%
Expected dividend yield		0.0	%		0.0	%

A summary of the restricted stock activity is as follows:

				Weighted-		Weighted-
				average		average		Aggregate
	Number of			Grant Date		Remaining		Intrinsic
	Shares			Fair Value		Term		Value
Nonvested shares at January 1, 2020		324,500		$	1.03
Granted		0			0
Vested		(324,500	)		1.03
Forfeited		0			0
Nonvested shares at December 31, 2020		0		$	0		0	$	0

The total fair value of shares vested during

2020

and

2019

was

$392,000

and

$533,000,

respectively.

The following table summarizes option activity for the year ended

December 31, 2020:

				Weighted-		Weighted-
				average		average		Aggregate
	Number of			Exercise Price		Remaining		Intrinsic
	Shares			Per Share		Term		Value
Outstanding at January 1, 2020		2,567,750		$	1.26
Granted		930,000			0.82
Exercised		(306,500	)		0.96
Forfeited		0			0
Expired		(445,000	)		1.5
Outstanding at December 31, 2020		2,746,250		$	1.10		2.97		1,211,995
Exercisable at December 31, 2020		517,000		$	1.04		0.74		250,500

The weighted average grant date fair value based on the Black-Scholes option pricing model for options granted in the years ended

December

31,

2020

and

2019

was

$0.33

and

$0.46

per share, respectively. There were

306,500

options exercised in

2020

with an intrinsic value of

$392,000.

There were

options exercised in

2019.

As of

December

31,

2020,

there was

$423,000

of total unrecognized compensation cost related to unvested share-based compensation granted under the plans. That cost is expected to be recognized over a weighted-average period of

1.1

years. The total fair value of option shares vested during the years ended

December

31,

2020

and

2019

was

$113,000

and

$318,000,

respectively.

Note 18 - Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

(

)

Stockholders

Equity

As of

December

31,

2020

and

2019,

24,850

shares of the Company's preferred stock were designated as Series A Preferred Stock in accordance with the terms of our stockholder rights plan, which expired in

October 2011.

There are

shares of Series A Preferred Stock currently outstanding, and there are

current plans to issue any such shares.

The holders of our common stock were

not

entitled to any payment as a result of the expiration of the rights plan and the rights issued thereunder.

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):

	December 31,
	2020			2019
Foreign currency translation adjustments, net of tax	$	(10,847	)	$	(10,623	)
Employee benefit related adjustments – U.S, net of tax.		(13,867	)		(13,544	)
Employee benefit related adjustments – Mexico, net of tax		16			116
Accumulated other comprehensive loss	$	(24,698	)	$	(24,051	)

Changes in each component of accumulated other comprehensive loss consisted of the following:

							Accumulated
	Foreign			Defined			Other
	Currency			Benefit			Comprehensive
	Translation			Plans			Loss
Balance at January 1, 2019	$	(10,967	)	$	(13,875	)	$	(24,842	)
Currency translation adjustments, net of tax		344			0			344
Net actuarial loss for the year, net of tax		0			(64	)		(64	)
Amortization for the year, net of tax		0			511			511
Balance at December 31, 2019	$	(10,623	)	$	(13,428	)	$	(24,051	)
Currency translation adjustments, net of tax		(224	)		0			(224	)
Net actuarial loss for the year, net of tax		0			(1,054	)		(1,054	)
Amortization for the year, net of tax		0			631			631
Balance at December 31, 2020	$	(10,847	)	$	(13,851	)	$	(24,698	)

Note 19 - Income Taxes

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(

)

Income Taxes

The Company accounts for income taxes under the liability method. Accordingly, deferred income taxes have been provided for temporary differences between the recognition of revenue and expenses for financial and income tax reporting purposes and between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements.

The components of income (loss) before taxes are as follows (in thousands):

	Year ended December 31,
	2020			2019
Domestic	$	(3,115	)	$	(5,337	)
Foreign		1,823			1,384
Total	$	(1,292	)	$	(3,953	)

The components of income tax (benefit) expense are as follows (in thousands):

	Year ended December 31,
	2020			2019
Current:
Federal	$	0		$	0
State		(125	)		(14	)
Foreign		235			270
Total current income tax expense		110			256
Deferred:
Federal		0			(217	)
State		0			(23	)
Foreign		(3,070	)		(20	)
Total deferred income tax (benefit) expense		(3,070	)		(260	)
Income tax (benefit) expense, net	$	(2,960	)	$	(4	)

740

(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 the deferred tax assets recorded 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

$3,717,000

during the year ended

December 31, 2020.

Based on the Company's consideration of all positive and negative evidence, including the future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations, 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.

Income tax (benefit) expense for each year is allocated to continuing operations, discontinued operations, extraordinary items, other comprehensive income, the cumulative effects of accounting changes, and other charges or credits recorded directly to shareholders' equity. ASC

740

Income Taxes, Intraperiod Tax Allocation, Other Presentation Matters

includes an exception to the general principle of intraperiod tax allocations. The codification source states that the tax effect of pretax income or loss from continuing operations generally should be determined by a computation that considers only the tax effects of items that are included in continuing operations. The exception to that incremental approach is that all items (i.e. other comprehensive income, discontinued operations, etc.) be considered in determining the amount of tax benefit that results from a loss from continuing operations and that benefit should be allocated to continuing operations. That is, when a company has a current period loss from continuing operations, management must consider income recorded in other categories in determining the tax benefit that is allocated to continuing operations. This includes situations in which a company has recorded a full valuation allowance at the beginning and end of the period, and the overall tax provision for the year is zero. The intraperiod tax allocation is performed once the overall tax provision has been computed and allocates that provision to various income statement (continuing operations, discontinued operations), other comprehensive income and balance sheet captions. While the intraperiod tax allocation does

not

change the overall tax provision, it results in a gross-up of the individual components. Additionally, tax jurisdictions must be considered separately; therefore the allocation to the U.S. and Mexico must be looked at separately.

As the Company experienced a net loss from operations in the U.S. for the year ended

December

31,

2019

and other comprehensive income from employee benefit adjustments, the Company has allocated income tax expense against the components of other comprehensive income in

2019

using a

23.3%

effective tax rate. Income tax benefit for the year ended

December

31,

2019

includes a benefit of

$240,000

due to the required intraperiod tax allocation. Conversely, other comprehensive income for the year ended

December

31,

2019

includes income tax expense of

$240,000.

There was

intraperiod tax allocation required for the year ended

December

31,

2020.

December 22, 2017,

the Tax Cuts and Jobs Act (“Tax Reform Act”) was enacted, which significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a

one

-time repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act reduced the U.S. corporate income tax rate from a maximum of

35%

to a flat

21%

rate, effective

January 1, 2018.

The Tax Reform Act also provided for a

one

-time deemed repatriation of post-

1986

undistributed foreign subsidiary earnings and profits (“E&P”) through the year ended

December 31, 2017.

The Global Intangible Low-Taxed Income (“GILTI”) provisions of the Tax Reform Act require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary's tangible assets. The Company is subject to incremental U.S. tax on GILTI income due to expense allocations required by the U.S. foreign tax credit rules. The Company has elected to account for the GILTI tax in the period in which it is incurred, and therefore has

not

provided any deferred tax impacts of GILTI in its consolidated financial statements.

The Company files a consolidated federal income tax return which includes all domestic subsidiaries. State income taxes paid in the U.S. during

2020

and

2019

totaled

$13,000

and

$37,000,

respectively. State income tax refunds received in the U.S. during

2020

and

2019

totaled

$5,000

and

$51,000,

respectively. Foreign income taxes paid during

2020

and

2019

totaled

$206,000

and

$293,000,

respectively. There were

foreign refunds received in

2020

and

2019.

There were

federal taxes paid in

2020

and

2019.

The Company received federal refunds of

$92,000

2020

and

2019.

December

31,

2020,

the Company had

$140,310,000

of federal net operating loss carryforwards available to offset future federal taxable income. The pre-

2018

federal net operating loss carryforwards of

$134,501,000

expire in various amounts from

2026

2037.

Federal net operating loss carryforwards generated in

2018

and forward will have an unlimited carryforward period as part of the Tax Act. The indefinite lived net operating loss carryforwards as of

December 31, 2020

are approximately

$5,809,000.

December

31,

2020,

the Company had

$105,284,000

of state net operating loss carryforwards available to offset future state taxable income, the majority of which relates to Florida (

$57,524,000

) and Kentucky (

$47,760,000

). The pre-

2018

state net operating loss carryforwards totaling approximately

$102,085,000

expire in various amounts from

2026

2037.

State net operating loss carryforwards generated in

2018

and forward will have an unlimited carryforward. The indefinite lived state net operating loss carryforwards as of

December 31, 2020

are approximately

$3,199,000.

The following is a reconciliation of income tax (benefit) expense to that computed by applying the federal statutory rate to income (loss) before income taxes (in thousands):

	Year ended December 31,
	2020			2019
Federal tax expense at the statutory rate	$	(271	)	$	(830	)
Current year permanent differences		273			257
State income taxes, net of federal tax impact		(166	)		(131	)
Effect of tax rates of foreign subsidiaries		151			125
Currency translation effect on temporary differences		223			312
Change in valuation allowance		(2,994	)		(497	)
Intraperiod tax allocation		0			(240	)
State NOL carryforwards		(471	)		1,446
Other items		295			(446	)
Income tax (benefit) expense, net	$	(2,960	)	$	(4	)

The gross deferred tax asset for the Company's Mexican subsidiaries was

$3,604,000

and

$4,054,000

as of

December

31,

2020

and

2019,

respectively.

Deferred income tax assets and liabilities are as follows (in thousands):

	December 31,
	2020			2019
Deferred tax assets:
Compensation and benefit accruals	$	386		$	359
Inventory valuation		877			866
Federal and state net operating loss carryforwards		33,851			32,470
Deferred revenue		391			975
Accounts receivable allowance		7			8
Depreciation		0			85
Defined benefit pension plan		708			591
Lease liabilities		1,193			1,334
Foreign deferred revenue and other provisions		3,604			4,054
Other		718			661
Total		41,735			41,403
Domestic valuation allowance		(37,015	)		(36,217	)
Foreign valuation allowance		0			(3,717	)
Total deferred tax assets		4,720			1,469
Deferred tax liabilities:
Depreciation		(114	)		0
Right-of-use assets, net		(1,002	)		(1,132	)
Total deferred tax liabilities		(1,116	)		(1,132	)
Net deferred tax asset	$	3,604		$	337

The ASC Income Tax Topic

740

includes guidance for the accounting for uncertainty in income taxes recognized in an enterprise's financials. Specifically, the guidance prescribes a

two

-step process, which is the recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The total amount of gross unrecognized tax benefits as of

December 31, 2020

and

2019

was

$200,000

There were

changes to the unrecognized tax benefit balance during the years ended

December

31,

2020

and

2019.

If the Company's positions are sustained by the taxing authority, the entire balance at

December

31,

2020

would reduce the Company's effective tax rate. The Company does

not

expect its unrecognized tax benefits to change significantly over the next

months. The Company recognizes accrued interest and penalties related to uncertain tax positions in income tax expense. As of

December

31,

2020

and

2019,

the Company does

not

have an accrual for the payment of tax-related interest and penalties.

The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Internal Revenue Service (IRS) is

not

currently examining the Company's U.S. income tax returns for

2017

through

2019,

for which the statute has yet to expire. In addition, open tax years related to state and foreign jurisdictions remain subject to examination.

- 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 20 - Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

(

)

Earnings (Loss) 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

2,314,000

shares excluded from earnings per share for the year ended

December 31, 2020

because the effect of inclusion would be anti-dilutive. All potential common shares were excluded from diluted earnings per share for the year ended

December

31,

2019

because the effect of inclusion would be anti-dilutive.

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

	Year ended December 31,
	2020		2019
Income (loss) attributable to stockholders:
Net income (loss) as reported	$	1,668	$	(3,949	)
Less distributed and undistributed earnings allocable to restricted award holders		0		0
Net income (loss) allocable to common stockholders	$	1,668	$	(3,949	)
Income (loss) per common share attributable to stockholders:
Basic	$	0.08	$	(0.19	)
Diluted	$	0.08	$	(0.19	)
Weighted average shares outstanding – basic		21,084		20,865
Weighted average additional shares assuming conversion of potential common shares		2		0
Weighted average shares outstanding – diluted		21,086		20,865

Note 21 - Segment Information

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(

)

Segment Information

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 generates revenue primarily from the sale of forged, machined, welded and heat-treated steel components primarily for the heavy commercial vehicle and high-pressure energy pipeline applications. Sypris Electronics provides circuit card and box build manufacturing, high reliability manufacturing, systems assembly and integration, design for manufacturability and design to specification work to customers in the market for aerospace and defense electronics. There was

intersegment net revenue recognized for any year 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):

	Year ended December 31,
	2020		2019
Net revenue from unaffiliated customers:
Sypris Technologies	$	45,321	$	61,683
Sypris Electronics		37,025		26,208
	$	82,346	$	87,891

	Year ended December 31,
	2020			2019
Gross profit:
Sypris Technologies	$	6,164		$	9,785
Sypris Electronics		5,401			98
	$	11,565		$	9,883
Operating income (loss):
Sypris Technologies	$	1,731		$	4,257
Sypris Electronics		2,591			(2,999	)
General, corporate and other		(4,232	)		(5,564	)
	$	90		$	(4,306	)
Interest expense, net:
Sypris Technologies	$	251		$	377
Sypris Electronics		25			63
General, corporate and other		562			463
	$	838		$	903
Other expense (income), net:
Sypris Technologies	$	547		$	272
Sypris Electronics		(3	)		(33	)
General, corporate and other		0			(1,495	)
	$	544		$	(1,256	)
Income (loss) before income taxes:
Sypris Technologies	$	935		$	3,609
Sypris Electronics		2,567			(3,029	)
General, corporate and other		(4,794	)		(4,533	)
	$	(1,292	)	$	(3,953	)
Income tax expense (benefit), net:
Sypris Technologies	$	(2,835	)	$	250
Sypris Electronics		0			0
General, corporate and other		(125	)		(254	)
	$	(2,960	)	$	(4	)
Depreciation and amortization:
Sypris Technologies	$	1,791		$	1,927
Sypris Electronics		529			506
General, corporate and other		183			238
	$	2,503		$	2,671
Capital expenditures:
Sypris Technologies	$	1,355		$	693
Sypris Electronics		138			97
General, corporate and other		49			69
	$	1,542		$	859

	December 31,
	2020		2019
Total assets:
Sypris Technologies	$	31,425	$	29,694
Sypris Electronics		18,620		24,985
General, corporate and other		10,663		5,377
	$	60,708	$	60,056

	December 31,
	2020		2019
Total liabilities:
Sypris Technologies	$	19,974	$	19,989
Sypris Electronics		13,545		17,416
General, corporate and other		12,414		9,220
	$	45,933	$	46,625

The Company's export sales from the U.S. totaled

$3,423,000

and

$7,239,000

2020

and

2019,

respectively. Approximately

$29,812,000

and

$40,536,000

of net revenue in

2020

and

2019,

respectively, and

$5,819,000

and

$6,669,000

of long lived assets at

December

31,

2020

and

2019,

respectively, and net assets of

$14,344,000

and

$9,899,000

December

31,

2020

and

2019

relate to the Company's international operations.

- 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

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Consolidation Policy The accompanying consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries (collectively, “Sypris” or the “Company”) and have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission. The Company's operations are domiciled in the United States (U.S.) and Mexico and serve a wide variety of domestic and international customers. All intercompany accounts and transactions have been eliminated.
Nature of Business [Policy Text Block]	Nature of Business 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 with corporations and government agencies. The Company offers such products through its two business segments, Sypris Technologies, Inc. (“Sypris Technologies”) and Sypris Electronics, LLC (“Sypris Electronics”). Sypris Technologies derives its revenue primarily from the sale of forged, machined, welded and heat-treated steel components primarily for heavy commercial vehicle and high-pressure energy pipeline applications. Sypris Electronics derives its revenue primarily from circuit card and box build manufacturing, high reliability manufacturing and systems assembly and integration. Most products are built to the customer's design specifications. The Company also provides engineering design services and repair or inspection services. See Note 21 for additional information regarding our segments.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and the COVID- 19 pandemic has increased the uncertainty with respect to developing these estimates and assumptions. The COVID- 19 pandemic continues to rapidly evolve and the ultimate impact of the COVID- 19 pandemic is highly uncertain and subject to change. Changes in facts and circumstances could have a significant impact on the resulting estimated amounts included in our consolidated financial statements. Actual results could differ from these estimates.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Estimates The Company estimates fair value of its financial instruments utilizing an established three -level hierarchy. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date as follows: Level 1 – Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 – Valuation 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 3 – Valuation is based upon other unobservable inputs that are significant to the fair value measurements.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents Cash equivalents include all highly liquid investments with a maturity of three months or less when purchased.
Inventory, Policy [Policy Text Block]	Inventory Inventory is stated at the lower of cost or estimated net realizable value. Costs for raw materials, work in process and finished goods is determined under the first -in, first -out method. Indirect inventories, which include perishable tooling, repair parts and other materials consumed in the manufacturing process but not incorporated into finished products are classified as raw materials. The Company's reserve for excess and obsolete inventory is primarily based upon forecasted demand for its product sales, and any change to the reserve arising from forecast revisions is reflected in cost of sales in the period the revision is made.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment Property, plant and equipment is stated at cost. Depreciation of property, plant and equipment is generally computed using the straight-line method over their estimated economic lives. For land improvements, buildings and building improvements, the estimated economic life is generally 40 years. Estimated economic lives range from three to fifteen years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized over the shorter of their economic life or the respective lease term using the straight-line method. Expenditures for maintenance, repairs and renewals of minor items are expensed as incurred. Major rebuilds and improvements are capitalized. Also included in plant and equipment are assets under finance lease, which are stated at the present value of minimum lease payments.
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	Long-lived Assets The Company reviews the carrying value of amortizable long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held for sale and held for use is measured by a comparison of the carrying amount of the asset to the undiscounted future net cash flows expected to be generated by the asset. If facts and circumstances indicate that the carrying value of an asset or groups of assets, as applicable, is impaired, the long-lived asset or groups of long-lived assets are written down to their estimated fair value. Held for sale The Company classifies long-lived assets or disposal groups as held for sale in the period: management commits to a plan to sell; the long-lived asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such long-lived assets or disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; the sale is probable within one year; the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets and disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. See Note 4 for further discussion of our assets held for sale.
Lessee, Leases [Policy Text Block]	Leases Our lease portfolio represents leases of real estate, including manufacturing, assembly and office facilities, while the remainder represents leases of personal property, including manufacturing and information technology equipment. We have lease agreements with lease and non-lease components, which are accounted for as a single lease component. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term. Generally, we use our incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily available.
Share-based Payment Arrangement [Policy Text Block]	Stock-based Compensation The Company accounts for stock-based compensation in accordance with the fair value recognition provisions using the Black-Scholes option-pricing method, which requires the input of several subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (expected term) and the estimated volatility of our common stock price over the expected term. Changes in the subjective assumptions can materially affect the fair value estimate of stock-based compensation and consequently, the related expense is recognized in the consolidated statements of operations.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company uses the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. In the ordinary course of business there is inherent uncertainty in quantifying the Company's income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than- not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than- not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest has also been recognized. 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 . The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense.
Cost of Goods and Service [Policy Text Block]	Net Revenue and Cost of Sales 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; no payment discounts, rebates or refunds are included within its contracts. The Company 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, Revenue from Contracts with Customers (“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 due to the 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.
Premiums Receivable, Allowance for Doubtful Accounts, Estimation Methodology, Policy [Policy Text Block]	Allowance for Doubtful Accounts An allowance for uncollectible trade receivables is recorded when accounts are deemed uncollectible based on consideration of write-off history, aging analysis, and any specific, known troubled accounts.
Standard Product Warranty, Policy [Policy Text Block]	Product Warranty Costs The provision for estimated warranty costs is recorded at the time of sale and is periodically adjusted to reflect actual experience. The Company's warranty liability, which is included in accrued liabilities in the accompanying balance sheets, as of December 31, 2020 and 2019, was $638,000 and $569,000, respectively. The Company's warranty expense for the years ended December 31, 2020 and 2019 was $294,000 and $156,000, respectively.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations of Credit Risk Financial instruments which potentially expose the Company to concentrations of credit risk consist of accounts receivable. The Company's customer base consists of a number of customers in diverse industries across geographic areas, primarily in North America and Mexico, and aerospace and defense companies under contract with the U.S. Government. The Company performs periodic credit evaluations of its customers' financial condition and does not require collateral on its commercial accounts receivable. Credit losses are provided for in the consolidated financial statements and consistently have been within management's expectations. Approximately 53% of accounts receivable outstanding at December 31, 2020 is due from four customers. More specifically, Sistemas, Detroit Diesel, CECO Peerless and Tremec comprise 17%, 14%, 11% and 11%, respectively, of December 31, 2020 outstanding accounts receivables. Approximately 27% of accounts receivable outstanding at December 31, 2019 is due from two customers. More specifically, SubCom and Detroit Diesel comprise 17% and 10%, respectively, of December 31, 2019 outstanding accounts receivables. The Company's largest customers for the year ended December 31, 2020 were Northrop Grummon, Sistemas, and Detroit Diesel, which represented approximately 22%, 14% and 12%, respectively, of the Company's total net revenue. Detroit Diesel and Sistemas are both customers within the Sypris Technologies segment and Northrop Grummon is a customer within the Sypris Electronics segment. Sistemas, Detroit Diesel and Northrop Grummon were the Company's largest customers for the year ended December 31, 2019, which represented approximately 22%, 14% and 11%, respectively, of the Company's total net revenue. No other single customer accounted for more than 10% of the Company's total net revenue for the years ended December 31, 2020 or 2019.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The functional currency for the Company's Mexican subsidiaries is the Mexican peso. Assets and liabilities are translated at the period end exchange rate, and income and expense items are translated at the weighted average exchange rate. The resulting translation adjustments are recorded in comprehensive loss as a separate component of stockholders' equity. Remeasurement gains or losses for U.S. dollar denominated accounts of the Company's Mexican subsidiaries are included in other income, net.
Collective Bargaining Agreements [Policy Text Block]	Collective Bargaining Agreements Approximately 386, or 58% of the Company's employees, all within Sypris Technologies, were covered by collective bargaining agreements at December 31, 2020. Excluding certain Mexico employees covered under an annually ratified agreement, there are no collective bargaining agreements expiring within the next 12 months. Certain Mexico employees are covered by an annually ratified collective bargaining agreement. These employees represented approximately 53% of the Company's workforce, or 350 employees as of December 31, 2020.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards In 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. As this standard relates only to financial disclosures, its adoption did not have an impact to our operating results, financial position or cash flows. In 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 - 15 ). ASU 2018 - 15 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. The Company adopted ASU 2018 - 48 prospectively on January 1, 2020, and the adoption did not have a material impact on the consolidated financial statements or disclosures. All future implementation costs in such arrangements will be capitalized and amortized over the life of the arrangement, which may have a material impact in those future periods if such costs are material. In 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, is not expected to have a material impact on our consolidated financial statements. In 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. The Company did not early adopt this standard. The adoption is not expected to have a material impact on the Company's consolidated financial statements.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications Certain amounts in the Company's 2019 consolidated financial statements have been reclassified to conform to the 2020 presentation, which had no impact to the previously reported net loss and stockholder's equity.

Note 2 - Leases (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Lease, Cost [Table Text Block]

	December 31,
	2020		2019
Finance lease expense:
Amortization expense	$	425	$	481
Interest expense		261		348
Operating lease expense		1,406		1,406
Variable lease expense		317		272
Total lease expense	$	2,409	$	2,507

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

	December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,363	$	1,436
Operating cash flows from finance leases		261		348
Financing cash flows from finance leases		715		632

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

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,476		$	612
12 to 24 months		1,492			612
24 to 36 months		1,509			612
36 to 48 months		1,318			559
48 to 60 months		1,231			550
Thereafter		1,700			46
Total lease payments		8,726			2,991
Less imputed interest		(1,820	)		(671	)
Total	$	6,906		$	2,320

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

	December 31,
	2020		2019
Weighted-average remaining lease term (years):
Operating leases		6.2		7.1
Finance leases		4.9		5.3

Weighted-average discount rate (percentage):
Operating leases		8.0		8.0
Finance leases		10.2		10.3

Note 3 - Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Disaggregation of Revenue [Table Text Block]

	December 31,
	2020		2019
Sypris Technologies – transferred point in time	$	45,321	$	61,683
Sypris Electronics – transferred point in time		6,550		6,201
Sypris Electronics – transferred over time		30,475		20,007
Net revenue	$	82,346	$	87,891

Note 4 - Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Disposal Groups, Including Discontinued Operations [Table Text Block]

	December 31,
	2020			2019
Property, plant and equipment	$	1,387		$	13,346
Accumulated depreciation		(975	)		(11,113	)
Property, plant and equipment, net	$	412		$	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 6 - Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	December 31,
	2020			2019
Commercial	$	7,264		$	7,494
Allowance for doubtful accounts		(30	)		(50	)
Net	$	7,234		$	7,444

Note 7 - Inventory (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 31,
	2020			2019
Raw materials	$	11,118		$	15,139
Work in process		6,210			5,889
Finished goods		762			1,675
Reserve for excess and obsolete inventory		(1,854	)		(1,919	)
Total	$	16,236		$	20,784

Note 8 - Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Other Current Assets [Table Text Block]

	December 31,
	2020		2019
Prepaid expenses	$	911	$	835
Contract assets		1,240		906
Other		1,797		2,541
Total	$	3,948	$	4,282

Note 9 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

	December 31,
	2020			2019
Land and land improvements	$	43		$	50
Buildings and building improvements		7,747			8,108
Machinery, equipment, furniture and fixtures		55,620			55,520
Construction in progress		609			371
		64,019			64,049
Accumulated depreciation		(53,858	)		(52,374	)
	$	10,161		$	11,675

	December 31,
	2020			2019
Buildings and building improvements	$	2,955		$	3,128
Machinery, equipment, furniture and fixtures		269			1,546
		3,224			4,674
Accumulated depreciation		(1,522	)		(1,495	)
	$	1,702		$	3,179

Note 10 - Other Assets (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Other Assets [Table Text Block]

	December 31,
	2020		2019
Long term spare parts	$	494	$	183
Long term deposits		286		396
Pension asset		380		607
Deferred tax asset, net		3,604		172
Other		244		171
Total	$	5,008	$	1,529

Note 11 - Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	December 31,
	2020		2019
Salaries, wages, employment taxes and withholdings	$	2,793	$	2,416
Employee benefit plans		1,216		1,517
Accrued professional fees		695		966
Income, property and other taxes		253		355
Contract liabilities		6,816		5,769
Deferred gain from sale-leaseback		296		313
Other		1,340		1,159
Total	$	13,409	$	12,495

Note 12 - Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Other Liabilities [Table Text Block]

	December 31,
	2020		2019
Noncurrent pension liability	$	4,290	$	4,026
Deferred gain from sale leaseback		1,231		1,616
Other		1,008		1,897
Total	$	6,529	$	7,539

Note 13 - Debt (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

	December 31,
	2020			2019
Current:
Finance lease obligation, current portion	$	393		$	684
PPP Loan, current portion		1,186			0
Current portion of long term debt and finance lease obligations	$	1,579		$	684

Long Term:
Finance lease obligations	$	1,927		$	2,351
PPP Loan		2,372			0
Note payable – related party		6,500			6,500
Less unamortized debt issuance and modification costs		(23	)		(37	)
Long term debt and finance lease obligations, net of unamortized debt costs	$	10,776		$	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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-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Note 15 - Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

	Year ended December 31,
	2020			2019
Service cost	$	5		$	4
Interest cost on projected benefit obligation		1,084			1,407
Net amortization of actuarial loss		631			666
Expected return on plan assets		(987	)		(1,103	)
Net periodic benefit cost	$	733		$	974

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

	Year ended December 31,
	2020		2019
Service cost:
Selling, general and administrative expenses	$	5		4
Other net periodic benefit costs:
Other expense (income), net		728		970
Total	$	733	$	974

Schedule of Changes in Projected Benefit Obligations [Table Text Block]

	December 31,
	2020			2019
Change in benefit obligation:
Benefit obligation at beginning of year	$	36,050		$	34,690
Service cost		5			4
Interest cost		1,084			1,407
Actuarial loss		2,516			2,835
Benefits paid		(2,796	)		(2,886	)
Benefit obligation at end of year	$	36,859		$	36,050

	December 31,
	2020			2019
Change in plan assets:
Fair value of plan assets at beginning of year	$	31,738		$	30,199
Actual return on plan assets		2,549			4,043
Company contributions		862			382
Benefits paid		(2,796	)		(2,886	)
Fair value of plan assets at end of year	$	32,353		$	31,738

Underfunded status of the plans	$	(4,506	)	$	(4,312	)

Balance sheet assets (liabilities):
Other assets	$	380		$	607
Accrued liabilities		(596	)		(893	)
Other liabilities		(4,290	)		(4,026	)
Net amount recognized	$	(4,506	)	$	(4,312	)

Pension plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	25,566		$	24,843
Accumulated benefit obligation		25,566			24,843
Fair value of plan assets		20,680			19,924

	December 31,
	2020			2019
Projected benefit obligation and net periodic pension cost assumptions:
Discount rate – projected benefit obligation	2.25%			3.15%
Discount rate – net periodic pension cost	3.15			4.25
Rate of compensation increase	N/A			4.00
Expected long-term rate of return on plan assets	3.05	–	3.40	3.65	–	3.90

Weighted average asset allocation:
Equity securities	17%			18%
Debt securities	80			78
Other	3			4
Total	100%			100%

Schedule of Allocation of Plan Assets [Table Text Block]

			Significant
	Quoted Prices		Other
	In Active		Observable
	Markets		Inputs
	(Level 1)		(Level 2)
Asset categories:
Cash and cash equivalents	$	2,744	$	0
Equity securities:
U.S. Large Cap		2,272		0
U.S. Mid Cap		867		0
U.S. Small Cap		224		0
World Equity		2,256		0
Real Estate		391		0
Other		600		0
Fixed income securities		6,304		16,695
Total Plan Assets	$	15,658	$	16,695

			Significant
	Quoted Prices		Other
	In Active		Observable
	Markets		Inputs
	(Level 1)		(Level 2)
Asset categories:
Cash and cash equivalents	$	2,228	$	0
Equity securities:
U.S. Large Cap		1,935		0
U.S. Mid Cap		1,067		0
U.S. Small Cap		609		0
World Equity		2,214		0
Real Estate		546		0
Other		757		0
Fixed income securities		3,394		18,988
Total Plan Assets	$	12,750	$	18,988

Schedule of Expected Benefit Payments [Table Text Block]

2021	$	2,772
2022		2,707
2023		2,631
2024		2,565
2025		2,490
2026-2030		11,118
Total	$	24,283

Note 17 - Stock Option and Purchase Plans (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]

	Year ended December 31,
	2020			2019
Expected life (years)		4			4.0
Expected volatility		52.6	%		53.9	%
Risk-free interest rates		0.34	%		2.30	%
Expected dividend yield		0.0	%		0.0	%

Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

				Weighted-		Weighted-
				average		average		Aggregate
	Number of			Grant Date		Remaining		Intrinsic
	Shares			Fair Value		Term		Value
Nonvested shares at January 1, 2020		324,500		$	1.03
Granted		0			0
Vested		(324,500	)		1.03
Forfeited		0			0
Nonvested shares at December 31, 2020		0		$	0		0	$	0

Share-based Payment Arrangement, Option, Activity [Table Text Block]

				Weighted-		Weighted-
				average		average		Aggregate
	Number of			Exercise Price		Remaining		Intrinsic
	Shares			Per Share		Term		Value
Outstanding at January 1, 2020		2,567,750		$	1.26
Granted		930,000			0.82
Exercised		(306,500	)		0.96
Forfeited		0			0
Expired		(445,000	)		1.5
Outstanding at December 31, 2020		2,746,250		$	1.10		2.97		1,211,995
Exercisable at December 31, 2020		517,000		$	1.04		0.74		250,500

Note 18 - Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	December 31,
	2020			2019
Foreign currency translation adjustments, net of tax	$	(10,847	)	$	(10,623	)
Employee benefit related adjustments – U.S, net of tax.		(13,867	)		(13,544	)
Employee benefit related adjustments – Mexico, net of tax		16			116
Accumulated other comprehensive loss	$	(24,698	)	$	(24,051	)

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

							Accumulated
	Foreign			Defined			Other
	Currency			Benefit			Comprehensive
	Translation			Plans			Loss
Balance at January 1, 2019	$	(10,967	)	$	(13,875	)	$	(24,842	)
Currency translation adjustments, net of tax		344			0			344
Net actuarial loss for the year, net of tax		0			(64	)		(64	)
Amortization for the year, net of tax		0			511			511
Balance at December 31, 2019	$	(10,623	)	$	(13,428	)	$	(24,051	)
Currency translation adjustments, net of tax		(224	)		0			(224	)
Net actuarial loss for the year, net of tax		0			(1,054	)		(1,054	)
Amortization for the year, net of tax		0			631			631
Balance at December 31, 2020	$	(10,847	)	$	(13,851	)	$	(24,698	)

Note 19 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	Year ended December 31,
	2020			2019
Domestic	$	(3,115	)	$	(5,337	)
Foreign		1,823			1,384
Total	$	(1,292	)	$	(3,953	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year ended December 31,
	2020			2019
Current:
Federal	$	0		$	0
State		(125	)		(14	)
Foreign		235			270
Total current income tax expense		110			256
Deferred:
Federal		0			(217	)
State		0			(23	)
Foreign		(3,070	)		(20	)
Total deferred income tax (benefit) expense		(3,070	)		(260	)
Income tax (benefit) expense, net	$	(2,960	)	$	(4	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year ended December 31,
	2020			2019
Federal tax expense at the statutory rate	$	(271	)	$	(830	)
Current year permanent differences		273			257
State income taxes, net of federal tax impact		(166	)		(131	)
Effect of tax rates of foreign subsidiaries		151			125
Currency translation effect on temporary differences		223			312
Change in valuation allowance		(2,994	)		(497	)
Intraperiod tax allocation		0			(240	)
State NOL carryforwards		(471	)		1,446
Other items		295			(446	)
Income tax (benefit) expense, net	$	(2,960	)	$	(4	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2020			2019
Deferred tax assets:
Compensation and benefit accruals	$	386		$	359
Inventory valuation		877			866
Federal and state net operating loss carryforwards		33,851			32,470
Deferred revenue		391			975
Accounts receivable allowance		7			8
Depreciation		0			85
Defined benefit pension plan		708			591
Lease liabilities		1,193			1,334
Foreign deferred revenue and other provisions		3,604			4,054
Other		718			661
Total		41,735			41,403
Domestic valuation allowance		(37,015	)		(36,217	)
Foreign valuation allowance		0			(3,717	)
Total deferred tax assets		4,720			1,469
Deferred tax liabilities:
Depreciation		(114	)		0
Right-of-use assets, net		(1,002	)		(1,132	)
Total deferred tax liabilities		(1,116	)		(1,132	)
Net deferred tax asset	$	3,604		$	337

Note 20 - Earnings (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

	Year ended December 31,
	2020		2019
Income (loss) attributable to stockholders:
Net income (loss) as reported	$	1,668	$	(3,949	)
Less distributed and undistributed earnings allocable to restricted award holders		0		0
Net income (loss) allocable to common stockholders	$	1,668	$	(3,949	)
Income (loss) per common share attributable to stockholders:
Basic	$	0.08	$	(0.19	)
Diluted	$	0.08	$	(0.19	)
Weighted average shares outstanding – basic		21,084		20,865
Weighted average additional shares assuming conversion of potential common shares		2		0
Weighted average shares outstanding – diluted		21,086		20,865

Note 21 - Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

	Year ended December 31,
	2020		2019
Net revenue from unaffiliated customers:
Sypris Technologies	$	45,321	$	61,683
Sypris Electronics		37,025		26,208
	$	82,346	$	87,891

	Year ended December 31,
	2020			2019
Gross profit:
Sypris Technologies	$	6,164		$	9,785
Sypris Electronics		5,401			98
	$	11,565		$	9,883
Operating income (loss):
Sypris Technologies	$	1,731		$	4,257
Sypris Electronics		2,591			(2,999	)
General, corporate and other		(4,232	)		(5,564	)
	$	90		$	(4,306	)
Interest expense, net:
Sypris Technologies	$	251		$	377
Sypris Electronics		25			63
General, corporate and other		562			463
	$	838		$	903
Other expense (income), net:
Sypris Technologies	$	547		$	272
Sypris Electronics		(3	)		(33	)
General, corporate and other		0			(1,495	)
	$	544		$	(1,256	)
Income (loss) before income taxes:
Sypris Technologies	$	935		$	3,609
Sypris Electronics		2,567			(3,029	)
General, corporate and other		(4,794	)		(4,533	)
	$	(1,292	)	$	(3,953	)
Income tax expense (benefit), net:
Sypris Technologies	$	(2,835	)	$	250
Sypris Electronics		0			0
General, corporate and other		(125	)		(254	)
	$	(2,960	)	$	(4	)
Depreciation and amortization:
Sypris Technologies	$	1,791		$	1,927
Sypris Electronics		529			506
General, corporate and other		183			238
	$	2,503		$	2,671
Capital expenditures:
Sypris Technologies	$	1,355		$	693
Sypris Electronics		138			97
General, corporate and other		49			69
	$	1,542		$	859

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

	December 31,
	2020		2019
Total assets:
Sypris Technologies	$	31,425	$	29,694
Sypris Electronics		18,620		24,985
General, corporate and other		10,663		5,377
	$	60,708	$	60,056

	December 31,
	2020		2019
Total liabilities:
Sypris Technologies	$	19,974	$	19,989
Sypris Electronics		13,545		17,416
General, corporate and other		12,414		9,220
	$	45,933	$	46,625

Note 1 - Organization and Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Number of Operating Segments	2
Standard and Extended Product Warranty Accrual, Ending Balance	$ 638,000	$ 569,000
Product Warranty Expense	$ 294,000	$ 156,000
Multi Employer Plans Collective Bargaining Arrangement Number of Participants	386
Multiemployer Plan, Pension, Significant, Employees Covered by Collective-Bargaining Arrangement to All Participants, Percentage	58.00%
Employee Benefit Related Adjustments Mexico [Member]
Multi Employer Plans Collective Bargaining Arrangement Number of Participants	350
Multiemployer Plan, Pension, Significant, Employees Covered by Collective-Bargaining Arrangement to All Participants, Percentage	53.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Concentration Risk, Percentage	53.00%	27.00%
Number of Major Customers	4	2
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Sistemas [Member]
Concentration Risk, Percentage	17.00%	17.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Detroit Diesel [Member]
Concentration Risk, Percentage	14.00%	10.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| CECO Peerless [Member]
Concentration Risk, Percentage	11.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Tremec [Member]
Concentration Risk, Percentage	11.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer Sistemas [Member]
Concentration Risk, Percentage	14.00%	22.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer Detroit Diesel [Member]
Concentration Risk, Percentage	12.00%	14.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Northrop Grumman [Member]
Concentration Risk, Percentage	22.00%	11.00%
Land Improvements, Buildings and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	40 years
Machinery, Equipment, Furniture, and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Machinery, Equipment, Furniture, and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years

Note 2 - Leases (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Lessee, Operating Lease, Renewal Term (Year)	5 years
Operating Lease, Right-of-Use Asset	$ 6,103,000	$ 7,014,000
Operating Lease, Liability, Total	$ 6,906,000	$ 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 2 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Amortization expense	$ 425	$ 481
Interest expense	261	348
Operating lease expense	1,406	1,406
Variable lease expense	317	272
Total lease expense	$ 2,409	$ 2,507

Note 2 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating cash flows from operating leases	$ 1,363	$ 1,436
Operating cash flows from finance leases	261	348
Financing cash flows from finance leases	$ 715	$ 632

Note 2 - Leases - Maturities of Lease Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Next 12 months, Operating Leases	$ 1,476,000
Next 12 months, Finance Leases	612,000
12 to 24 months, Operating Leases	1,492,000
12 to 24 months, Finance Leases	612,000
24 to 36 months, Operating Leases	1,509,000
24 to 36 months, Finance Leases	612,000
36 to 48 months, Operating Leases	1,318,000
36 to 48 months, Finance Leases	559,000
48 to 60 months, Operating Leases	1,231,000
48 to 60 months, Finance Leases	550,000
Thereafter, Operating Leases	1,700,000
Thereafter, Finance Leases	46,000
Total lease payments, Operating Leases	8,726,000
Total lease payments, Finance Leases	2,991,000
Less imputed interest, Operating Leases	(1,820,000)
Less imputed interest, Finance Leases	(671,000)
Total, Operating Leases	6,906,000	$ 7,747,000
Total, Finance Leases	$ 2,320,000

Note 2 - Leases - Information Related to Lease Terms and Discount Rates (Details)	Dec. 31, 2020	Dec. 31, 2019
Operating leases (Year)	6 years 73 days	7 years 36 days
Finance leases (Year)	4 years 328 days	5 years 109 days
Operating leases	8.00%	8.00%
Finance leases	10.20%	10.30%

Note 3 - Revenue from Contracts with Customers 1 (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Amount	$ 30,324,000
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total	1,240,000	$ 906,000
Contract with Customer, Liability, Total	7,339,000	7,504,000
Contract with Customer, Liability, Current	6,816,000	5,769,000
Contract with Customer, Liability, Revenue Recognized From Contract Liabilities	7,619,000	5,109,000
Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total	1,240,000	906,000
Accrued Liabilities [Member]
Contract with Customer, Liability, Current	6,816,000	5,769,000
Other Noncurrent Liabilities [Member]
Contract with Customer, Liability, Noncurrent	$ 523,000	$ 1,735,000

Note 3 - Revenue from Contracts with Customers 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Percentage	61.00%

Note 3 - Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net revenue	$ 82,346	$ 87,891
Sypris Technologies [Member]
Net revenue	45,321	61,683
Sypris Technologies [Member] \| Transferred at Point in Time [Member]
Net revenue	45,321	61,683
Sypris Electronics [Member]
Net revenue	37,025	26,208
Sypris Electronics [Member] \| Transferred at Point in Time [Member]
Net revenue	6,550	6,201
Sypris Electronics [Member] \| Transferred over Time [Member]
Net revenue	$ 30,475	$ 20,007

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 4 - Assets Held for Sale (Details Textual) - Transition of Production from the Broadway Plant [Member] - USD ($)		12 Months Ended
	Apr. 13, 2020	Dec. 31, 2020
Proceeds from Sale of Real Estate, Total	$ 1,700,000
Proceeds from Sale of Other Property, Plant, and Equipment		$ 268,000

Note 4 - Assets Held for Sale - Segregation of Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, plant and equipment	$ 1,387	$ 13,346
Accumulated depreciation	(975)	(11,113)
Property, plant and equipment, net	$ 412	$ 2,233

Note 5 - Other Expense (Income), Net (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Other Nonoperating Income (Expense), Total	$ (544,000)	$ 1,256,000
Proceeds from Sale of Property, Plant, and Equipment, Total	1,969,000	1,858,000
Gain (Loss) on Disposition of Property Plant Equipment, Before Abandonment Gain (Loss)	813,000
Assets Disposed of by Method Other than Sale, in Period of Disposition, Gain (Loss) on Disposition	(577,000)
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	728,000	970,000
Gain Related to Settlement Agreement		1,500,000
Loss Contingency, Receivable, Proceeds		1,500,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	236,000	654,000
Foreign Currency Transaction Gain (Loss), before Tax, Total		$ 152,000
Transition of Production from the Broadway Plant [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total	1,700,000
Proceeds from Sale of Other Property, Plant, and Equipment	$ 268,000

Note 6 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Account receivable, long-term contracts or programs	$ 7,264	$ 7,494
Allowance for doubtful accounts	(30)	(50)
Net	$ 7,234	$ 7,444

Note 7 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Raw materials	$ 11,118	$ 15,139
Work in process	6,210	5,889
Finished goods	762	1,675
Reserve for excess and obsolete inventory	(1,854)	(1,919)
Total	$ 16,236	$ 20,784

Note 8 - Other Current Assets (Details Textual)	12 Months Ended
Note 8 - Other Current Assets (Details Textual)	Dec. 31, 2020
Percentage of Current Assets Included in Other Current Assets	5.00%

Note 8 - Other Current Assets - Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Prepaid expenses	$ 911	$ 835
Contract assets	1,240	906
Other	1,797	2,541
Total	$ 3,948	$ 4,282

Note 9 - Property, Plant and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Depreciation, Total	$ 2,503,000	$ 2,671,000

Note 9 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Gross property, plant and equipment	$ 64,019	$ 64,049
Accumulated depreciation	(53,858)	(52,374)
Property plant and equipment net	10,161	11,675
Capital Leased Assets, Gross	3,224	4,674
Accumulated depreciation	(1,522)	(1,495)
Capital Leased Assets, Net	1,702	3,179
Land and Land Improvements [Member]
Gross property, plant and equipment	43	50
Building and Building Improvements [Member]
Gross property, plant and equipment	7,747	8,108
Capital Leased Assets, Gross	2,955	3,128
Machinery, Equipment, Furniture, and Fixtures [Member]
Capital Leased Assets, Gross	269	1,546
Property, Plant and Equipment, Other Types [Member]
Gross property, plant and equipment	55,620	55,520
Construction in Progress [Member]
Gross property, plant and equipment	$ 609	$ 371

Note 10 - Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Long term spare parts	$ 494	$ 183
Long term deposits	286	396
Pension asset	380	607
Deferred tax asset, net	3,604	172
Other	244	171
Total	$ 5,008	$ 1,529

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Note 11 - Accrued Liabilities (Details Textual)	Dec. 31, 2020
Accrued Operating Expenses, Accrued Warranty Expenses, Accrued Interest, and Other Items	5.00%

Note 11 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Salaries, wages, employment taxes and withholdings	$ 2,793	$ 2,416
Employee benefit plans	1,216	1,517
Accrued professional fees	695	966
Income, property and other taxes	253	355
Contract liabilities	6,816	5,769
Deferred gain from sale-leaseback	296	313
Other	1,340	1,159
Total	$ 13,409	$ 12,495

Note 12 - Other Liabilities (Details Textual)	Dec. 31, 2020
Accrued Long-term Warranty Expenses and Other Items, Percentage	5.00%

Note 12 - Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Noncurrent pension liability	$ 4,290	$ 4,026
Deferred gain from sale leaseback	1,231	1,616
Other	1,008	1,897
Total	$ 6,529	$ 7,539

Note 13 - Debt (Details Textual)				3 Months Ended		12 Months Ended
Note 13 - Debt (Details Textual)	Apr. 01, 2019	Mar. 09, 2016 USD ($) a	Mar. 09, 2016 MXN ($) a	Dec. 31, 2020 USD ($)	Jul. 05, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2019	Feb. 28, 2019 USD ($)
Interest Costs Capitalized						$ 0	$ 0
Interest Paid, Excluding Capitalized Interest, Operating Activities						369,000	526,000
Proceeds from Notes Payable, Total						3,558,000	0
Proceeds from Sale of Property, Plant, and Equipment, Total						1,969,000	$ 1,858,000
Finance Lease, Liability, Total				$ 2,320,000		2,320,000
Machinery at Sypris Technologies Facility [Member]
Lessee, Finance Lease, Term of Contract (Year)									5 years
Finance Lease, Liability, Total				181,000		181,000			$ 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				$ 2,139,000		$ 2,139,000
Outstanding Borrowings [Member]
Debt, Weighted Average Interest Rate				5.50%		5.50%	8.00%
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		$ 6,500,000	$ 6,500,000
Debt Instrument, Interest Rate, Stated Percentage								8.00%
Debt Instrument, Allowance for Payment Deferral Period (Month)				1 year		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] \| 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		$ 2,500,000
Promissory Note with Maturity on April 1, 2023 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance				$ 2,000,000		$ 2,000,000

Note 13 - Debt - Debt Components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finance lease obligations, current portion	$ 393	$ 684
PPP Loan, current portion	1,186	0
Current portion of long term debt and finance lease obligations	1,579	684
Finance lease obligations, net of current portion	1,927	2,351
PPP Loan	2,372	0
Note payable – related party	6,500	6,500
Less unamortized debt issuance and modification costs	(23)	(37)
Long term debt and finance lease obligations, net of unamortized debt costs	$ 10,776	$ 8,814

Note 15 - Employee Benefit Plans (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Maximum Period Allocated for Calculating Average Compensation (Year)	10 years
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 574,000
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax, Total	(13,329,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax, Total	$ 631,000	$ 666,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Louisville Hourly Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	3.15%
Marion Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	3.40%
Louisville Salaried Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	3.05%
Defined Contribution Plan [Member]
Defined Contribution Plan, Cost	$ 350,000	392,000
Non US Employees Defined Benefit Plan [Member]
Defined Benefit Plan, Plan Assets, Administration Expense	$ 199,000	$ 185,000
Minimum [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	3.05%	3.65%
Maximum [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	3.40%	3.90%
Defined Benefit Plan, Equity Securities [Member] \| Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Defined Benefit Plan, Equity Securities [Member] \| Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	55.00%
Fixed Income Securities [Member] \| Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	35.00%
Fixed Income Securities [Member] \| Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100.00%
Non Traditional Securities [Member] \| Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Non Traditional Securities [Member] \| Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	10.00%

Note 15 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Service cost	$ 5	$ 4
Interest cost on projected benefit obligation	1,084	1,407
Net amortization of actuarial loss	631	666
Expected return on plan assets	(987)	(1,103)
Net periodic benefit cost	$ 733	$ 974

Note 15 - Employee Benefit Plans - Net Periodic Benefit Cost Recognized in Consolidated Statements of Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Selling, general and administrative expenses	$ 5,000	$ 4,000
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	728,000	970,000
Total	733,000	974,000
Selling, General and Administrative Expenses [Member]
Selling, general and administrative expenses	$ 5,000	$ 4,000

Note 15 - Employee Benefit Plans - Summaries of Changes in Benefit Obligations and Plan Assets and of Funded Status of Pension Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Benefit obligation at beginning of year	$ 36,050	$ 34,690
Service cost	5	4
Interest cost on projected benefit obligation	1,084	1,407
Actuarial loss	2,516	2,835
Benefits paid	(2,796)	(2,886)
Benefit obligation at end of year	36,859	36,050
Fair value of plan assets at beginning of year	31,738	30,199
Actual return on plan assets	2,549	4,043
Company contributions	862	382
Benefits paid	(2,796)	(2,886)
Fair value of plan assets at end of year	32,353	31,738
Underfunded status of the plans	(4,506)	(4,312)
Other assets	380	607
Accrued liabilities	(596)	(893)
Other liabilities	(4,290)	(4,026)
Net amount recognized	(4,506)	(4,312)
Projected benefit obligation	25,566	24,843
Accumulated benefit obligation	25,566	24,843
Fair value of plan assets	$ 20,680	$ 19,924
Discount rate – projected benefit obligation	2.25%	3.15%
Discount rate – net periodic pension cost	3.15%	4.25%
Rate of compensation increase		4.00%
Weighted average asset allocation:	100.00%	100.00%
Equity Securities [Member]
Weighted average asset allocation:	17.00%	18.00%
Debt Securities [Member]
Weighted average asset allocation:	80.00%	78.00%
Other [Member]
Weighted average asset allocation:	3.00%	4.00%
Minimum [Member]
Expected long-term rate of return on plan assets	3.05%	3.65%
Maximum [Member]
Expected long-term rate of return on plan assets	3.40%	3.90%

Note 15 - Employee Benefit Plans - Summary of Fair Values of Pension Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair value of plan assets	$ 32,353	$ 31,738	$ 30,199
Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	15,658	12,750
Fair Value, Inputs, Level 1 [Member] \| Cash and Cash Equivalents [Member]
Fair value of plan assets	2,744	2,228
Fair Value, Inputs, Level 1 [Member] \| Defined Benefit Plan, Equity Securities, US, Large Cap [Member]
Fair value of plan assets	2,272	1,935
Fair Value, Inputs, Level 1 [Member] \| Defined Benefit Plan, Equity Securities, US, Mid Cap [Member]
Fair value of plan assets	867	1,067
Fair Value, Inputs, Level 1 [Member] \| Defined Benefit Plan, Equity Securities, US, Small Cap [Member]
Fair value of plan assets	224	609
Fair Value, Inputs, Level 1 [Member] \| Defined Benefit Plan, Equity Securities, Non-US [Member]
Fair value of plan assets	2,256	2,214
Fair Value, Inputs, Level 1 [Member] \| Real Estate [Member]
Fair value of plan assets	391	546
Fair Value, Inputs, Level 1 [Member] \| Other Equity Securities [Member]
Fair value of plan assets	600	757
Fair Value, Inputs, Level 1 [Member] \| Fixed Income Securities [Member]
Fair value of plan assets	6,304	3,394
Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	16,695	18,988
Fair Value, Inputs, Level 2 [Member] \| Cash and Cash Equivalents [Member]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 [Member] \| Defined Benefit Plan, Equity Securities, US, Large Cap [Member]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 [Member] \| Defined Benefit Plan, Equity Securities, US, Mid Cap [Member]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 [Member] \| Defined Benefit Plan, Equity Securities, US, Small Cap [Member]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 [Member] \| Defined Benefit Plan, Equity Securities, Non-US [Member]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 [Member] \| Real Estate [Member]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 [Member] \| Other Equity Securities [Member]
Fair value of plan assets	0	0
Fair Value, Inputs, Level 2 [Member] \| Fixed Income Securities [Member]
Fair value of plan assets	$ 16,695	$ 18,988

Note 15 - Employee Benefit Plans - Benefits Expected to be Paid (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 2,772
2022	2,707
2023	2,631
2024	2,565
2025	2,490
2026-2030	11,118
Total	$ 24,283

Note 16 - Commitments and Contingencies (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Purchase Obligation, Total	$ 15,365,000
Accrual for Environmental Loss Contingencies, Ending Balance	$ 0	$ 0

Note 17 - Stock Option and Purchase Plans (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	3,598,271	1,153,271
Share-based Payment Arrangement, Expense	$ 426,000	$ 469,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 0.33	$ 0.46
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)	306,500	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 392,000
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 423,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 36 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 113,000	$ 318,000
The 2015 Omnibus Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award Award Lapsing Restrictions Period (Year)	3 years
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
The 2020 Omnibus Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award Award Lapsing Restrictions Period (Year)	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-based Payment Arrangement, Option [Member] \| The 2015 Omnibus Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	3,476,021
Share-based Payment Arrangement, Option [Member] \| The 2020 Omnibus Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	4,596,271
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 392,000	$ 533,000

Note 17 - Stock Option and Purchase Plans - Estimate Fair Value of Options Granted (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Expected life (years) (Year)	4 years	4 years
Expected volatility	52.60%	53.90%
Risk-free interest rates	0.34%	2.30%
Expected dividend yield	0.00%	0.00%

Note 17 - Stock Option and Purchase Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Novested shares (in shares) \| shares	324,500
Nonvested shares, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.03
Granted (in shares) \| shares	0
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0
Vested (in shares) \| shares	(324,500)
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.03
Forfeited (in shares) \| shares	0
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0
Nonvested shares (in shares) \| shares	0
Nonvested shares, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0
Nonvested, weighted average remaining term (Year)	0 years
Nonvested, aggregate intrinsic value \| $	$ 0

Note 17 - Stock Option and Purchase Plans - Summary of Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Outstanding (in shares)	2,567,750
Outstanding, weighted average exercise price per share (in dollars per share)	$ 1.26
Granted (in shares)	930,000
Granted, weighted average exercise price per share (in dollars per share)	$ 0.82
Exercised (in shares)	(306,500)	0
Exercised, weighted average exercise price per share (in dollars per share)	$ 0.96
Forfeited (in shares)	0
Forfeited, weighted average exercise price per share (in dollars per share)	$ 0
Expired (in shares)	(445,000)
Expired, weighted average exercise price per share (in dollars per share)	$ 1.50
Outstanding (in shares)	2,746,250	2,567,750
Outstanding, weighted average exercise price per share (in dollars per share)	$ 1.10	$ 1.26
Outstanding, weighted average remaining term (Year)	2 years 354 days
Outstanding, aggregate intrinsic value	$ 1,211,995
Exercisable (in shares)	517,000
Exercisable, weighted average exercise price per share (in dollars per share)	$ 1.04
Exercisable, weighted average remaining term (Year)	270 days
Exercisable, aggregate intrinsic value	$ 250,500

Note 18 - Stockholders' Equity (Details Textual) - shares	Dec. 31, 2020	Dec. 31, 2019
Preferred Stock, Shares Authorized (in shares)	975,150	975,150
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized (in shares)	24,850	24,850
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	0

Note 18 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Foreign currency translation adjustments, net of tax	$ (10,847)	$ (10,623)
Accumulated other comprehensive loss	(24,698)	(24,051)
Internal Revenue Service (IRS) [Member]
Employee benefit related adjustments, net of tax	(13,867)	(13,544)
Mexican Tax Authority [Member]
Employee benefit related adjustments, net of tax	$ 16	$ 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

Note 18 - Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Balance	$ 13,431
Foreign currency translation adjustments, net of tax expense of $0 and tax benefit of $104 in 2020 and 2019, respectively	(224)	$ 344
Balance	14,775	13,431
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(10,623)	(10,967)
Foreign currency translation adjustments, net of tax expense of $0 and tax benefit of $104 in 2020 and 2019, respectively	(224)	344
Net actuarial loss for the year, net of tax	0	0
Amortization for the year, net of tax	0	0
Balance	(10,847)	(10,623)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(13,428)	(13,875)
Foreign currency translation adjustments, net of tax expense of $0 and tax benefit of $104 in 2020 and 2019, respectively	0	0
Net actuarial loss for the year, net of tax	(1,054)	(64)
Amortization for the year, net of tax	631	511
Balance	(13,851)	(13,428)
AOCI Attributable to Parent [Member]
Balance	(24,051)	(24,842)
Foreign currency translation adjustments, net of tax expense of $0 and tax benefit of $104 in 2020 and 2019, respectively	(224)	344
Net actuarial loss for the year, net of tax	(1,054)	(64)
Amortization for the year, net of tax	631	511
Balance	$ (24,698)	$ (24,051)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Note 19 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
Note 19 - Income Taxes (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets, Foreign Deferred Revenue and Other Provision	$ 3,604,000	$ 4,054,000
Effective Income Tax Rate Reconciliation, Percent, Total		23.30%
Deferred Federal, State and Local, Tax Expense (Benefit), Total		$ 240,000
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Total		240,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Unrecognized Tax Benefits, Ending Balance	$ 200,000	200,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	0	0
State and Local Jurisdiction [Member]
Income Taxes Paid	13,000	37,000
Proceeds from Income Tax Refunds	5,000	51,000
Operating Loss Carryforwards, Total	105,284,000
Operating Loss Carryforwards, Subject to Expiration	102,085,000
Operating Loss Carryforwards, Not Subject to Expiration	3,199,000
State and Local Jurisdiction [Member] \| FLORIDA
Operating Loss Carryforwards, Total	57,524,000
State and Local Jurisdiction [Member] \| Kentucky 1 [Member]
Operating Loss Carryforwards, Total	47,760,000
Foreign Tax Authority [Member]
Income Taxes Paid	206,000	293,000
Proceeds from Income Tax Refunds	0	0
Domestic Tax Authority [Member]
Income Taxes Paid	0	0
Proceeds from Income Tax Refunds	92,000	$ 92,000
Operating Loss Carryforwards, Total	140,310,000
Operating Loss Carryforwards, Subject to Expiration	134,501,000
Operating Loss Carryforwards, Not Subject to Expiration	5,809,000
Mexican Subsidiaries [Member]
Deferred Tax Assets, Foreign Deferred Revenue and Other Provision	$ 3,717,000

Note 19 - Income Taxes - Components of Income (Loss) From Continuing Operations Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Domestic	$ (3,115)	$ (5,337)
Foreign	1,823	1,384
(Loss) income before income taxes	$ (1,292)	$ (3,953)

Note 19 - Income Taxes - Components of Income Tax Expense (Benefit) Applicable to Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 0	$ 0
State	(125)	(14)
Foreign	235	270
Total current income tax expense	110	256
Deferred:
Federal	0	(217)
State	0	(23)
Foreign	(3,070)	(20)
Total deferred income tax (benefit) expense	(3,070)	(260)
Income tax (benefit) expense, net	$ (2,960)	$ (4)

Note 19 - Income Taxes - Summary of Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Federal tax expense at the statutory rate	$ (271)	$ (830)
Current year permanent differences	273	257
State income taxes, net of federal tax impact	(166)	(131)
Effect of tax rates of foreign subsidiaries	151	125
Currency translation effect on temporary differences	223	312
Change in valuation allowance	(2,994)	(497)
Intraperiod tax allocation	0	(240)
State NOL carryforwards	(471)	1,446
Other items	295	(446)
Income tax (benefit) expense, net	$ (2,960)	$ (4)

Note 19 - Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Compensation and benefit accruals	$ 386,000	$ 359,000
Inventory valuation	877,000	866,000
Federal and state net operating loss carryforwards	33,851,000	32,470,000
Deferred revenue	391,000	975,000
Accounts receivable allowance	7,000	8,000
Depreciation	0	85,000
Defined benefit pension plan	708,000	591,000
Lease liabilities	1,193,000	1,334,000
Foreign deferred revenue and other provisions	3,604,000	4,054,000
Other	718,000	661,000
Total	41,735,000	41,403,000
Domestic valuation allowance	(37,015,000)	(36,217,000)
Foreign valuation allowance	0	(3,717,000)
Total deferred tax assets	4,720,000	1,469,000
Deferred tax liabilities:
Depreciation	(114,000)	0
Right-of-use assets, net	(1,002,000)	(1,132,000)
Total deferred tax liabilities	(1,116,000)	(1,132,000)
Net deferred tax asset	$ 3,604,000	$ 337,000

Note 20 - Earnings (Loss) Per Common Share (Details Textual)	12 Months Ended
	Dec. 31, 2020 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	2,314,000

Note 20 - Earnings (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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net income (loss)	$ 1,668	$ (3,949)
Less distributed and undistributed earnings allocable to restricted award holders	0	0
Net income (loss) allocable to common stockholders	$ 1,668	$ (3,949)
Basic (in dollars per share)	$ 0.08	$ (0.19)
Diluted (in dollars per share)	$ 0.08	$ (0.19)
Basic (in shares)	21,084	20,865
Weighted average additional shares assuming conversion of potential common shares (in shares)	2	0
Weighted average shares outstanding – diluted (in shares)	21,086	20,865

- 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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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.

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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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Note 21 - Segment Information (Details Textual)	12 Months Ended
Note 21 - Segment Information (Details Textual)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Number of Operating Segments	2
Revenue from Contract with Customer, Including Assessed Tax	$ 82,346,000	$ 87,891,000
International Operation [Member]
Export Sales	3,423,000	7,239,000
Revenues, Total	29,812,000	40,536,000
Long-Lived Assets	5,819,000	6,669,000
Net Assets, Ending Balance	14,344,000	9,899,000
Intersegment Eliminations [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Note 21 - Segment Information - Financial Information From Reportable Segments - Income Statement (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net revenue from unaffiliated customers	$ 82,346,000	$ 87,891,000
Gross profit (loss)	11,565,000	9,883,000
Operating income (loss)	90,000	(4,306,000)
Interest expense, net	838,000	903,000
Other (income) expense, net	544,000	(1,256,000)
Income (loss) before taxes	(1,292,000)	(3,953,000)
Income tax expense (benefit), net	(2,960,000)	(4,000)
Depreciation and amortization	2,503,000	2,671,000
Capital expenditures	1,542,000	859,000
Sypris Technologies [Member]
Net revenue from unaffiliated customers	45,321,000	61,683,000
Gross profit (loss)	6,164,000	9,785,000
Operating income (loss)	1,731,000	4,257,000
Interest expense, net	251,000	377,000
Other (income) expense, net	547,000	272,000
Income (loss) before taxes	935,000	3,609,000
Income tax expense (benefit), net	(2,835,000)	250,000
Depreciation and amortization	1,791,000	1,927,000
Capital expenditures	1,355,000	693,000
Sypris Electronics [Member]
Net revenue from unaffiliated customers	37,025,000	26,208,000
Gross profit (loss)	5,401,000	98,000
Operating income (loss)	2,591,000	(2,999,000)
Interest expense, net	25,000	63,000
Other (income) expense, net	(3,000)	(33,000)
Income (loss) before taxes	2,567,000	(3,029,000)
Income tax expense (benefit), net	0	0
Depreciation and amortization	529,000	506,000
Capital expenditures	138,000	97,000
Corporate and Other [Member]
Operating income (loss)	(4,232,000)	(5,564,000)
Interest expense, net	562,000	463,000
Other (income) expense, net	0	(1,495,000)
Income (loss) before taxes	(4,794,000)	(4,533,000)
Income tax expense (benefit), net	(125,000)	(254,000)
Depreciation and amortization	183,000	238,000
Capital expenditures	$ 49,000	$ 69,000

Note 21 - Segment Information - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Total assets	$ 60,708	$ 60,056
Total liabilities	45,933	46,625
Sypris Technologies [Member]
Total assets	31,425	29,694
Total liabilities	19,974	19,989
Sypris Electronics [Member]
Total assets	18,620	24,985
Total liabilities	13,545	17,416
Corporate and Other [Member]
Total assets	10,663	5,377
Total liabilities	$ 12,414	$ 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.

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- 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.

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