0001437749-21-026022 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Oct. 03, 2021	Nov. 05, 2021
Document Information [Line Items]
Entity Central Index Key	0000864240
Entity Registrant Name	SYPRIS SOLUTIONS INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 03, 2021
Document Transition Report	false
Entity File Number	0-24020
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1321992
Entity Address, Address Line One	101 Bullitt Lane, Suite 450
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40222
City Area Code	502
Local Phone Number	329-2000
Title of 12(b) Security	Common Stock
Trading Symbol	SYPR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,849,724

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Net revenue	$ 25,683	$ 22,154	$ 71,634	$ 61,732
Cost of sales	21,705	18,615	61,531	52,347
Gross profit	3,978	3,539	10,103	9,385
Selling, general and administrative	3,007	2,695	9,305	9,124
Operating income	971	844	798	261
Interest expense, net	211	216	644	636
Other expense (income), net	132	372	498	(114)
Forgiveness of PPP loan and related interest	0	0	(3,599)	0
Income (loss) before taxes	628	256	3,255	(261)
Income tax expense (benefit), net	334	(3,239)	768	(3,103)
Net income	$ 294	$ 3,495	$ 2,487	$ 2,842
Basic (in dollars per share)	$ 0.01	$ 0.17	$ 0.12	$ 0.14
Diluted (in dollars per share)	$ 0.01	$ 0.17	$ 0.11	$ 0.14
Weighted average shares outstanding:
Basic (in shares)	21,536	21,064	21,522	21,026
Diluted (in shares)	22,940	21,080	22,994	21,026
Dividends declared per common share (in dollars per share)	$ 0.00	$ 0.00	$ 0.00	$ 0.00

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Net income	$ 294	$ 3,495	$ 2,487	$ 2,842
Other comprehensive income (loss)
Foreign currency translation adjustments	(378)	108	(429)	(1,373)
Comprehensive income (loss)	$ (84)	$ 3,603	$ 2,058	$ 1,469

- Definition

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

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+ Details

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Oct. 03, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 11,101,000	$ 11,606,000
Accounts receivable, net	11,463,000	7,234,000
Inventory, net	27,438,000	16,236,000
Other current assets	5,780,000	4,360,000
Total current assets	55,782,000	39,436,000
Property, plant and equipment, net	11,239,000	10,161,000
Operating lease right-of-use assets	5,439,000	6,103,000
Other assets	4,169,000	5,008,000
Total assets	76,629,000	60,708,000
Current liabilities:
Accounts payable	12,855,000	6,734,000
Accrued liabilities	16,215,000	13,409,000
Operating lease liabilities, current portion	1,037,000	965,000
Finance lease obligations, current portion	453,000	393,000
Equipment financing obligations, current portion	307,000	0
Note payable – PPP Loan, current portion	0	1,186,000
Note payable – related party, current portion	2,500,000	0
Total current liabilities	33,367,000	22,687,000
Operating lease liabilities, net of current portion	5,152,000	5,941,000
Finance lease obligations, net of current portion	1,712,000	1,927,000
Equipment financing obligations, net of current portion	760,000	0
Note payable – PPP Loan, net of current portion	0	2,372,000
Note payable – related party, net of current portion	3,983,000	6,477,000
Other liabilities	14,874,000	6,529,000
Total liabilities	59,848,000	45,933,000
Stockholders’ equity:
Preferred stock	0	0
Common stock	217,000	213,000
Additional paid-in capital	154,969,000	155,025,000
Accumulated deficit	(113,278,000)	(115,765,000)
Accumulated other comprehensive loss	(25,127,000)	(24,698,000)
Treasury stock, 19 and 1,236 shares in 2021 and 2020, respectively	0	0
Total stockholders’ equity	16,781,000	14,775,000
Total liabilities and stockholders’ equity	76,629,000	60,708,000
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred stock	0	0
Nonvoting Common Stock [Member]
Stockholders’ equity:
Common stock	$ 0	$ 0

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Oct. 03, 2021	Dec. 31, 2020
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)	21,743,567	21,302,194
Common stock, shares outstanding (in shares)	21,743,548	21,300,958
Treasury stock (in shares)	19	1,236
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	24,850	24,850
Preferred stock, shares issued (in shares)	0	0
Nonvoting Common Stock [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	0	0

Consolidated Cash Flow Statements (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020
Cash flows from operating activities:
Net income	$ 2,487	$ 2,842
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,944	1,883
Forgiveness of PPP Loan and related interest	(3,599)	0
Deferred income taxes	755	(3,257)
Stock-based compensation expense	351	335
Deferred loan costs recognized	5	11
Net loss (gain) on the sale of assets	11	(813)
Provision for excess and obsolete inventory	134	222
Non-cash lease expense	664	699
Other noncash items	93	72
Contributions to pension plans	(283)	(34)
Changes in operating assets and liabilities:
Accounts receivable	(4,256)	(1,158)
Inventory	(11,312)	2,409
Prepaid expenses and other assets	(1,197)	(983)
Accounts payable	6,355	(1,036)
Accrued and other liabilities	10,005	(1,114)
Net cash provided by operating activities	2,157	78
Cash flows from investing activities:
Capital expenditures	(1,829)	(1,151)
Proceeds from sale of assets	10	1,969
Net cash (used in) provided by investing activities	(1,819)	818
Cash flows from financing activities:
Principal payments on finance lease obligations	(359)	(623)
Principal payments on equipment financing obligations	(132)	0
Proceeds from Paycheck Protection Program loan	0	3,558
Indirect repurchase of shares for minimum statutory tax withholdings	(405)	(33)
Net cash (used in) provided by financing activities	(896)	2,902
Effect of exchange rate changes on cash balances	53	(599)
Net (decrease) increase in cash and cash equivalents	(505)	3,199
Cash and cash equivalents at beginning of period	11,606	5,095
Cash and cash equivalents at end of period	11,101	8,294
Supplemental disclosure of cash flow information:
Right-of-use assets obtained in exchange for finance lease obligations	168	0
Capital expenditures purchased through equipment financing obligations	$ 1,237	$ 0

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	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, 2019	21,298,426
Balance at Dec. 31, 2019	$ 213	$ 154,702	$ (117,433)	$ (24,051)	$ 0
Net income	0	0	2,842	0	0	$ 2,842
Foreign currency translation adjustment	$ 0	0	0	(1,373)	0
Exercise of stock options (in shares)	11,154
Exercise of stock options	$ 0	(7)	0	0	0
Noncash compensation (in shares)	70,000
Noncash compensation	$ 0	335	0	0	0
Retire treasury stock (in shares)	(62,828)
Retire treasury stock	$ 0	(26)	0	0	0
Balance (in shares) at Oct. 04, 2020	21,316,752
Balance at Oct. 04, 2020	$ 213	155,004	(114,591)	(25,424)	0
Balance (in shares) at Jul. 04, 2020	21,369,580
Balance at Jul. 04, 2020	$ 213	154,923	(118,086)	(25,532)	0
Net income	0	0	3,495	0	0	3,495
Foreign currency translation adjustment	$ 0	0	0	108	0
Noncash compensation (in shares)	10,000
Noncash compensation	$ 0	107	0	0	0
Retire treasury stock (in shares)	(62,828)
Retire treasury stock	$ 0	(26)	0	0	0
Balance (in shares) at Oct. 04, 2020	21,316,752
Balance at Oct. 04, 2020	$ 213	155,004	(114,591)	(25,424)	0
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
Net income	$ 0	0	2,487	0	0	2,487
Issuance of restricted common stock (in shares)	197,500
Issuance of restricted common stock	$ 2	(2)	0	0	0
Foreign currency translation adjustment	$ 0	0	0	(429)	0
Exercise of stock options (in shares)	210,090
Exercise of stock options	$ 2	(405)	0	0	0
Noncash compensation (in shares)	35,000
Noncash compensation	$ 0	351	0	0	0
Retire treasury stock (in shares)	0
Retire treasury stock	$ 0	0	0	0	0
Balance (in shares) at Oct. 03, 2021	21,743,548
Balance at Oct. 03, 2021	$ 217	154,969	(113,278)	(25,127)	0	16,781
Balance (in shares) at Jul. 04, 2021	21,514,945
Balance at Jul. 04, 2021	$ 215	154,804	(113,572)	(24,749)	0
Net income	$ 0	0	294	0	0
Issuance of restricted common stock (in shares)	197,500
Issuance of restricted common stock	$ 2	(2)	0	0	0
Foreign currency translation adjustment	$ 0	0	0	(378)	0
Exercise of stock options (in shares)	13,603
Exercise of stock options	$ 0	(21)	0	0	0
Noncash compensation (in shares)	17,500
Noncash compensation	$ 0	188	0	0	0
Retire treasury stock (in shares)	0
Retire treasury stock	$ 0	0	0	0	0
Balance (in shares) at Oct. 03, 2021	21,743,548
Balance at Oct. 03, 2021	$ 217	$ 154,969	$ (113,278)	$ (25,127)	$ 0	$ 16,781

Note 1 - Nature of Business

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Nature of Operations [Text Block]

(1)

Nature of Business

All references to “Sypris,” the “Company,” “we” or “our” include Sypris Solutions, Inc. and its wholly-owned subsidiaries. Sypris is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. The Company offers such products through its two business segments, Sypris Technologies, Inc. (“Sypris Technologies”) and Sypris Electronics, LLC (“Sypris Electronics”) (See Note 11).

Note 2 - Basis of Presentation

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

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

(2)

Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. The December 31, 2020 consolidated balance sheet data was derived from audited statements, but does not include all disclosures required by U.S. GAAP. The Company’s operations are domiciled in the United States (U.S.) and Mexico, and we serve a wide variety of domestic and international customers. All intercompany transactions and accounts have been eliminated.

These unaudited consolidated financial statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state the results of operations, financial position and cash flows for the periods presented, and the disclosures herein are adequate to make the information presented not misleading. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, 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. Actual results for the three and nine months ended October 3, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements, and notes thereto, for the year ended December 31, 2020 as presented in the Company’s Annual Report on Form 10-K.

Certain prior period amounts have been reclassified to conform to the 2021 presentation, which had no impact to the previously reported net loss and stockholder’s equity.

Note 3 - Recent Accounting Pronouncements

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

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

(3)

Recent Accounting Pronouncements

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 became effective January 1, 2021. Adoption of this guidance requires certain changes to primarily be made prospectively, with some changes to be made retrospectively. The adoption did not have a material impact on the Company’s consolidated financial statements.

- Definition

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

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+ Details

Note 4 - Leases

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

(4)

Leases

The Company determines if an arrangement is a lease at its inception. The Company has entered into operating leases for real estate and personal property, including manufacturing and information technology equipment. These real estate leases have initial terms which range from 10 to 11 years, and often include one or more options to renew. These renewal terms can extend the lease term by 5 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 life of the asset.

Some leases may require variable lease payments based on factors specific to the individual agreements. Variable lease payments for which the Company is 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 consolidated balance sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included in “Operating lease liabilities, current portion” and “Operating lease liabilities, net of current portion” on the Company’s consolidated balance sheets. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As of October 3, 2021, total right-of-use assets and operating lease liabilities were approximately $5,439,000 and $6,189,000, respectively. As of December 31, 2020, total right-of-use assets and operating lease liabilities were approximately $6,103,000 and $6,906,000, respectively.

The Company primarily uses its 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, the Company would use the implicit rate in a new lease to determine the present value of lease payments. The Company has certain contracts for real estate which may contain lease and non-lease components which it has elected to treat as a single lease component.

The Company has entered into various short-term operating leases, primarily for office equipment with an initial term of twelve months or less. Lease payments associated with short-term leases are expensed as incurred and are not recorded on the Company’s balance sheet. The related lease expense for short-term leases was not material for the three and nine months ended October 3, 2021 and October 4, 2020.

The following table presents information related to lease expense for the three and nine months ended October 3, 2021 and October 4, 2020 (in thousands):

	Three Months Ended				Nine Months Ended
	October 3,		October 4,		October 3,		October 4,
	2021		2020		2021		2020
	(Unaudited)				(Unaudited)
Finance lease expense:
Amortization expense	$	87	$	112	$	260	$	340
Interest expense		54		71		171		220
Operating lease expense		351		351		1,053		1,053
Variable lease expense		82		77		236		239
Total lease expense	$	574	$	611	$	1,720	$	1,852

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

	Nine Months Ended
	October 3,		October 4,
	2021		2020
	(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,149	$	989
Operating cash flows from finance leases		171		220
Financing cash flows from finance leases		359		623

The annual future minimum lease payments as of October 3, 2021 are as follows (in thousands):

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,488		$	656
12 to 24 months		1,505			656
24 to 36 months		1,392			619
36 to 48 months		1,226			570
48 to 60 months		961			183
Thereafter		1,047			0
Total lease payments		7,619			2,684
Less imputed interest		(1,430	)		(519	)
Total	$	6,189		$	2,165

The following table presents certain information related to lease terms and discount rates for leases as of October 3, 2021 and December 31, 2020:

	October 3,		December 31,
	2021		2020
	(Unaudited)
Weighted-average remaining lease term (years):
Operating leases		5.5		6.2
Finance leases		4.0		4.9

Weighted-average discount rate (percentage):
Operating leases		8.0		8.0
Finance leases		10.0		10.2

Note 5 - Revenue From Contracts With Customers

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(5)

Revenue from Contracts with Customers

The Company recognizes revenue when it satisfies a performance obligation by transferring control of a promised product or rendering a service to a customer. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for the product or service (the “transaction price”). The Company’s transaction price in its contracts with customers is generally fixed; no payment discounts, rebates or refunds are included within its contracts. The Company also does not provide service-type warranties nor does it allow customer returns. In connection with the sale of various parts to customers, the Company is subject to typical assurance warranty obligations covering the compliance of the electronics parts produced to agreed-upon specifications. Customer returns, when they occur, relate to quality rework issues and are not connected to any repurchase obligation of the Company.

A performance obligation is a promise in a contract to transfer a distinct product or render a service to a customer and is the unit of account to which the transaction price is allocated under ASC 606. When a contract contains multiple performance obligations, the Company allocates 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 the 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, the Company generally recognizes revenue over time as it performs 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. The Company uses 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 labor is incurred on the 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.

The Company’s 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 contract profit based upon contractual provisions and the Company’s relationships with each customer.

Many of Sypris Electronics’ contractual arrangements with customers are for one year or less. For the remaining population of non-cancellable contracts greater than one year, there were $39,393,000 of remaining performance obligations as of October 3, 2021, all of which were long-term Sypris Electronics’ contracts. The Company expects to recognize approximately 31% of its remaining performance obligations as revenue in 2021, 54% in 2022 and the balance in 2023.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the three and nine months ended October 3, 2021 and October 4, 2020:

	Three Months Ended				Nine Months Ended
	October 3,		October 4,		October 3,		October 4,
	2021		2020		2021		2020
	(Unaudited)				(Unaudited)
Sypris Technologies – transferred point in time	$	16,693	$	12,072	$	47,022	$	33,234
Sypris Electronics – transferred point in time		1,712		1,590		4,982		5,835
Sypris Electronics – transferred over time		7,278		8,492		19,630		22,663
	$	25,683	$	22,154	$	71,634	$	61,732

Contract Balances

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

Contract assets – Contract assets include unbilled amounts typically resulting from sales under contracts where revenue is recognized over time and revenue recognized exceeds the amount billed to the customer, and the right to payment is subject to conditions other than the passage of time. Contract assets are generally classified as current assets in the consolidated balance sheet. The balance of contract assets as of October 3, 2021 and December 31, 2020 were $1,402,000 and $1,240,000, respectively, and are included within other current assets in the accompanying consolidated balance sheets.

Contract liabilities – Some of the Company’s contracts within Sypris Electronics are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring prior to revenue recognition resulting in contract liabilities. Additionally, the Company occasionally receives cash payments from customers in advance of the Company’s performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the consolidated balance sheet based on the timing of when the Company expects to recognize revenue. As of October 3, 2021, the contract liabilities balance was $18,905,000, of which $10,200,000 was included within accrued liabilities and $8,705,000 was included within other liabilities in the accompanying consolidated balance sheets. 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. Payments received from customers in advance of revenue recognition are not considered to be significant financing components because they are used to meet working capital demands that can be higher in the early stages of a contract.

The Company recognized revenue from contract liabilities of $2,362,000 and $3,828,000 during the three and nine months ended October 3, 2021, respectively. The Company recognized revenue from contract liabilities of $2,837,000 and $6,680,000 during the three and nine months ended October 4, 2020, respectively.

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.

The Company does 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.

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+ Details

Note 6 - Assets Held for Sale

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

(6)

Assets Held for Sale

On 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.

On 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, and recognized net gains of $813,000 during the nine months ended October 4, 2020, which is included in other expense (income), net on the Company’s consolidated income statements. 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 classified as assets held for sale and included in other current assets as of October 3, 2021 and December 31, 2020.

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

	October 3,			December 31,
	2021			2020
	(Unaudited)
Property, plant and equipment	$	1,345		$	1,387
Accumulated depreciation		(945	)		(975	)
Property, plant and equipment, net	$	400		$	412

Note 7 - Earnings Per Common Share

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

(7)

Earnings 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 38,000 potential common shares excluded from diluted earnings per share for the three and nine months ended October 3, 2021. There were 2,489,250 and 2,754,750 potential common shares excluded from diluted earnings per share for the three and nine months ended October 4, 2021, respectively because the effect of these items on diluted net loss would be anti-dilutive.

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

	Three Months Ended						Nine Months Ended
	October 3,			October 4,			October 3,			October 4,
	2021			2020			2021			2020
	(Unaudited)						(Unaudited)
Income attributable to stockholders:
Net income as reported	$	294		$	3,495		$	2,487		$	2,842
Less distributed and undistributed earnings allocable to restricted award holders		(2	)		(15	)		(7	)		(12	)
Less dividends declared attributable to restricted award holders		0			0			0			0
Net income allocable to common stockholders	$	292		$	3,480		$	2,480		$	2,830

Income per common share attributable to stockholders:
Basic	$	0.01		$	0.17		$	0.12		$	0.14
Diluted	$	0.01		$	0.17		$	0.11		$	0.14

Weighted average shares outstanding – basic		21,536			21,064			21,522			21,026
Weighted average additional shares assuming conversion of potential common shares		1,404			16			1,472			0
Weighted average shares outstanding – diluted		22,940			21,080			22,994			21,026

Note 8 - Inventory

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

(8)

Inventory

Inventory consists of the following (in thousands):

	October 3,			December 31,
	2021			2020
	(Unaudited)
Raw materials	$	22,116		$	11,118
Work in process		5,994			6,210
Finished goods		1,120			762
Reserve for excess and obsolete inventory		(1,792	)		(1,854	)
Total	$	27,438		$	16,236

Note 9 - Property, Plant and Equipment

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

(9)

Property, Plant and Equipment

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

	October 3,			December 31,
	2021			2020
	(Unaudited)
Land and land improvements	$	43		$	43
Buildings and building improvements		7,866			7,747
Machinery, equipment, furniture and fixtures		56,821			55,620
Construction in progress		1,474			609
		66,204			64,019
Accumulated depreciation		(54,965	)		(53,858	)
	$	11,239		$	10,161

Note 10 - Debt

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Long-term Debt [Text Block]

(10)

Debt

Debt outstanding consists of the following (in thousands):

	October 3,			December 31,
	2021			2020
	(Unaudited)
Current:
Finance lease obligation, current portion	$	453		$	393
Equipment financing obligations, current portion		307			0
PPP Loan, current portion		0			1,186
Note payable – related party, current portion		2,500			0
Current portion of long term debt and finance lease obligations	$	3,260		$	1,579
Long Term:
Finance lease obligation	$	1,712		$	1,927
Equipment financing obligations		760			0
PPP Loan		0			2,372
Note payable – related party		4,000			6,500
Less unamortized debt issuance and modification costs		(17	)		(23	)
Long term debt and finance lease obligations net of unamortized debt costs	$	6,455		$	10,776

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 were 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%.

During the fourth quarter of 2020, the Company applied 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 24-week period beginning upon receipt of funds from the PPP Loan, subject to limitations and calculated in accordance with the terms of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).

On June 28, 2021, the Company received notice from BMO that BMO had received confirmation from the U.S. Small Business Administration (the “SBA”) that the application for forgiveness of the PPP Loan had been approved. The loan forgiveness request in the amount of $3,558,000 was applied to the Company’s entire outstanding PPP Loan balance with BMO. During the nine months ended October 3, 2021, the Company recorded a gain on the forgiveness of the PPP Loan and accrued interest in the amount of $3,599,000.

Note Payable – Related Party

The Company has received the benefit of cash infusions from Gill Family Capital Management, Inc. (“GFCM”) in the form of secured promissory note obligations totaling $6,500,000 in principal as of October 3, 2021 and December 31, 2020. 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. As of October 3, 2021, our principal commitment under the Note was $2,500,000 due on April 1, 2022, $2,000,000 on April 1, 2024 and the balance on April 1, 2026. Interest on the promissory note is reset on April 1 of each year, at the greater of 8.0% or 500 basis points above the five-year Treasury note average during the preceding 90-day period, in each case, payable quarterly. The note allows for up to an 18-month deferral of payment for up to 60% of the interest due on the portion of the notes maturing in April of 2022 and 2024. 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. All accrued but unpaid interest was paid on January 4, 2021.

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

As of October 3, 2021, the Company had $2,165,000 outstanding under finance lease obligations for both property and machinery and equipment at its Sypris Technologies locations with maturities through 2025 and a weighted average interest rate of 10.04%.

Equipment Financing Obligations

As of October 3, 2021, the Company had $1,067,000 outstanding under equipment financing facilities, with effective interest rates ranging from 4.55% to 8.06% and payments due through 2026.

Note 11 - Segment Data

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(11)

Segment Data

The Company is organized into two business segments, Sypris Technologies and Sypris Electronics. The segments are each managed separately because of the distinctions between the products, markets, customers, technologies and workforce skills of the segments. Sypris Technologies manufactures forged and finished steel components and subassemblies, high-pressure closures and other fabricated products. Sypris Electronics is focused on circuit card and full “box build” manufacturing, high reliability manufacturing, systems assembly and integration, design for manufacturability and design to specification work. There was no intersegment net revenue recognized in any of the periods presented.

The Company includes the unallocated costs of its corporate office, including the employment costs of its senior management team and other corporate personnel, administrative costs and net corporate interest expense incurred at the corporate level under the caption “General, corporate and other” in the table below. Such unallocated costs include those for centralized information technology, finance, legal and human resources support teams, certain professional fees, director fees, corporate office rent, certain self-insurance costs and recoveries, software license fees and various other administrative expenses that are not allocated to our reportable segments. The unallocated assets include cash and cash equivalents maintained in its domestic treasury accounts and the net book value of corporate facilities and related information systems. The unallocated liabilities consist primarily of the related party notes payable. Domestic income taxes are calculated at an entity level and are not allocated to our reportable segments. Corporate capital expenditures and depreciation and amortization include items attributable to the unallocated fixed assets of the corporate office and related information systems.

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

	Three Months Ended				Nine Months Ended
	October 3,		October 4,		October 3,		October 4,
	2021		2020		2021		2020
	(Unaudited)				(Unaudited)
Net revenue from unaffiliated customers:
Sypris Technologies	$	16,693	$	12,072	$	47,022	$	33,234
Sypris Electronics		8,990		10,082		24,612		28,498
	$	25,683	$	22,154	$	71,634	$	61,732
Gross profit:
Sypris Technologies	$	2,109	$	1,907	$	5,789	$	4,629
Sypris Electronics		1,869		1,632		4,314		4,756
	$	3,978	$	3,539	$	10,103	$	9,385

	Three Months Ended						Nine Months Ended
	October 3,			October 4,			October 3,			October 4,
	2021			2020			2021			2020
	(Unaudited)						(Unaudited)

Operating income (loss):
Sypris Technologies	$	901		$	873		$	2,344		$	1,181
Sypris Electronics		967			808			1,641			2,249
General, corporate and other		(897	)		(837	)		(3,187	)		(3,169	)
	$	971		$	844		$	798		$	261
Income (loss) before taxes:
Sypris Technologies	$	701		$	437		$	1,642		$	1,104
Sypris Electronics		957			801			1,621			2,225
General, corporate and other		(1,030	)		(982	)		(8	)		(3,590	)
	$	628		$	256		$	3,255		$	(261	)

	October 3,		December 31,
	2021		2020
	(Unaudited)
Total assets:
Sypris Technologies	$	36,184	$	31,425
Sypris Electronics		31,996		18,620
General, corporate and other		8,449		10,663
	$	76,629	$	60,708

Total liabilities:
Sypris Technologies	$	23,719	$	19,974
Sypris Electronics		27,748		13,545
General, corporate and other		8,381		12,414
	$	59,848	$	45,933

- 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.

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+ Details

Note 12 - Commitments and Contingencies

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

(12)

Commitments and Contingencies

The provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. The Company’s warranty liability, which is included in accrued liabilities in the accompanying consolidated balance sheets as of October 3, 2021 and December 31, 2020 was $595,000 and $638,000, respectively. The Company’s warranty expense for the three and nine months ended October 3, 2021 and October 4, 2020 was not material.

The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers’ compensation insurance programs, a self-insured worker’s compensation program and a self-insured employee health program. The Company records estimated liabilities for its insurance programs based on information provided by the third-party plan administrators, historical claims experience, expected costs of claims incurred but not paid, and expected costs to settle unpaid claims. The Company monitors its estimated insurance-related liabilities on a quarterly basis. As facts change, it may become necessary to make adjustments that could be material to the Company’s consolidated results of operations and financial condition.

The Company is involved in certain litigation and contract issues arising in the normal course of business. While the outcome of these matters cannot, at this time, be predicted in light of the uncertainties inherent therein, management does not expect that these matters will have a material adverse effect on the consolidated financial position or results of operations of the Company. Additionally, the Company believes its product liability insurance is adequate to cover all potential liability claims.

The Company accounts for loss contingencies in accordance with U.S. GAAP. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may be probable that a loss has occurred but the estimate of the loss is within a wide range or undeterminable. If the Company deems an amount within the range to be a better estimate than any other amount within the range, that amount will be accrued. However, if no 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 October 3, 2021 and December 31, 2020, no amounts were accrued for any environmental matters.

On 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.

On February 17, 2017, several employees (“Lucas Plaintiffs”) of KapStone Charleston Kraft, LLC filed a lawsuit in South Carolina alleging that they had been seriously burned when they opened a hinged closure and a hot tar-like material spilled out. Among other claims, the Lucas Plaintiffs allege that Sypris Technologies designed and manufactured the closure, that the closure was defective and that those defects had caused or contributed to their injuries. Sypris Technologies’ motion to dismiss for lack of jurisdiction was denied on February 28, 2020. The Company regards these allegations to be without merit and any potential damages to be undeterminable at this time. The Company’s general liability insurer has accepted the defense costs. The Company is continuing to vigorously defend the matter.

As of October 3, 2021, the Company had outstanding purchase commitments of approximately $18,967,000, primarily for the acquisition of inventory and manufacturing equipment.

Note 13 - Income Taxes

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(13)

Income Taxes

The provision for income taxes includes federal, state, local and foreign taxes. The Company’s effective tax rate varies from period to period due to the proportion of foreign and domestic pre-tax income expected to be generated by the Company. The Company provides for income taxes for its domestic operations at a statutory rate of 21% in 2021 and 2020 and for its foreign operations at a statutory rate of 30% in 2021 and 2020. Reconciling items between the federal statutory rate and the effective tax rate also include the expected usage of federal net operating loss carryforwards, state income taxes, valuation allowances and certain other permanent differences.

The Company recognizes liabilities or assets for the deferred tax consequences of temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements in accordance with ASC 740, Income Taxes (ASC 740). These temporary differences will result in taxable or deductible amounts in future years when the reported amounts of assets or liabilities are recovered or settled. ASC 740 requires that a valuation allowance be established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company evaluates its deferred tax position on a quarterly basis and valuation allowances are provided as necessary. During this evaluation, the Company reviews its forecast of income in conjunction with other positive and negative evidence surrounding the realizability of its deferred tax assets to determine if a valuation allowance is needed. During the Company’s review of its deferred tax position as of October 4, 2020, the Company determined that it was more likely than not that it will have sufficient future taxable income to realize its deferred tax assets by its Mexican subsidiaries. Therefore, the Company reversed its valuation allowance recorded in prior years against certain Mexican net deferred tax assets and recognized an income tax benefit of $3,257,000 during the three and nine months ended October 4, 2020.

Based on the Company’s consideration of all positive and negative evidence, including 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.

- 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

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+ Details

Note 14 - Employee Benefit Plans

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Retirement Benefits [Text Block]

(14)

Employee Benefit Plans

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

	Three Months Ended						Nine Months Ended
	October 3,			October 4,			October 3,			October 4,
	2021			2020			2021			2020
	(Unaudited)						(Unaudited)

Service cost	$	1		$	1		$	3		$	3
Interest cost on projected benefit obligation		194			271			581			813
Net amortizations, deferrals and other costs		153			158			459			474
Expected return on plan assets		(189	)		(228	)		(567	)		(684	)
Net periodic benefit cost	$	159		$	202		$	476		$	606

The net periodic benefit cost of the defined benefit pension plans incurred during the three and nine-month periods ended October 3, 2021 and October 4, 2020 are reflected in the following captions in the accompanying consolidated statements of operations (in thousands):

	Three Months Ended				Nine Months Ended
	October 3,		October 4,		October 3,		October 4,
	2021		2020		2021		2020
	(Unaudited)				(Unaudited)
Service cost:
Selling, general and administrative expenses	$	1	$	1	$	3	$	3
Other net periodic benefit costs:
Other expense (income), net		158		201		473		603
Total	$	159	$	202	$	476	$	606

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Note 15 - Accumulated Other Comprehensive Loss

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

(15)

Accumulated Other Comprehensive Loss

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

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

	October 3,			December 31,
	2021			2020
	(Unaudited)
Foreign currency translation adjustments	$	(11,276	)	$	(10,847	)
Employee benefit related adjustments – U.S., net of tax		(13,867	)		(13,867	)
Employee benefit related adjustments – Mexico, net of tax		16			16
Accumulated other comprehensive loss	$	(25,127	)	$	(24,698	)

Note 16 - Fair Value of Financial Instruments

9 Months Ended

Oct. 03, 2021

Notes to Financial Statements

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

(16)

Fair Value of Financial Instruments

Cash, accounts receivable, accounts payable and accrued liabilities are reflected in the consolidated financial statements at their carrying amount which approximates fair value because of the short-term maturity of those instruments. The carrying amount of debt outstanding at October 3, 2021 approximates fair value, and is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instruments (Level 2).

Note 4 - Leases (Tables)

9 Months Ended

Oct. 03, 2021

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended				Nine Months Ended
	October 3,		October 4,		October 3,		October 4,
	2021		2020		2021		2020
	(Unaudited)				(Unaudited)
Finance lease expense:
Amortization expense	$	87	$	112	$	260	$	340
Interest expense		54		71		171		220
Operating lease expense		351		351		1,053		1,053
Variable lease expense		82		77		236		239
Total lease expense	$	574	$	611	$	1,720	$	1,852

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

	Nine Months Ended
	October 3,		October 4,
	2021		2020
	(Unaudited)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,149	$	989
Operating cash flows from finance leases		171		220
Financing cash flows from finance leases		359		623

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

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,488		$	656
12 to 24 months		1,505			656
24 to 36 months		1,392			619
36 to 48 months		1,226			570
48 to 60 months		961			183
Thereafter		1,047			0
Total lease payments		7,619			2,684
Less imputed interest		(1,430	)		(519	)
Total	$	6,189		$	2,165

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

	October 3,		December 31,
	2021		2020
	(Unaudited)
Weighted-average remaining lease term (years):
Operating leases		5.5		6.2
Finance leases		4.0		4.9

Weighted-average discount rate (percentage):
Operating leases		8.0		8.0
Finance leases		10.0		10.2

Note 5 - Revenue From Contracts With Customers (Tables)

9 Months Ended

Oct. 03, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Three Months Ended				Nine Months Ended
	October 3,		October 4,		October 3,		October 4,
	2021		2020		2021		2020
	(Unaudited)				(Unaudited)
Sypris Technologies – transferred point in time	$	16,693	$	12,072	$	47,022	$	33,234
Sypris Electronics – transferred point in time		1,712		1,590		4,982		5,835
Sypris Electronics – transferred over time		7,278		8,492		19,630		22,663
	$	25,683	$	22,154	$	71,634	$	61,732

Note 6 - Assets Held for Sale (Tables)

9 Months Ended

Oct. 03, 2021

Notes Tables

Disposal Groups, Including Discontinued Operations [Table Text Block]

	October 3,			December 31,
	2021			2020
	(Unaudited)
Property, plant and equipment	$	1,345		$	1,387
Accumulated depreciation		(945	)		(975	)
Property, plant and equipment, net	$	400		$	412

- 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.

+ References

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+ Details

Note 7 - Earnings Per Common Share (Tables)

9 Months Ended

Oct. 03, 2021

Notes Tables

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

	Three Months Ended						Nine Months Ended
	October 3,			October 4,			October 3,			October 4,
	2021			2020			2021			2020
	(Unaudited)						(Unaudited)
Income attributable to stockholders:
Net income as reported	$	294		$	3,495		$	2,487		$	2,842
Less distributed and undistributed earnings allocable to restricted award holders		(2	)		(15	)		(7	)		(12	)
Less dividends declared attributable to restricted award holders		0			0			0			0
Net income allocable to common stockholders	$	292		$	3,480		$	2,480		$	2,830

Income per common share attributable to stockholders:
Basic	$	0.01		$	0.17		$	0.12		$	0.14
Diluted	$	0.01		$	0.17		$	0.11		$	0.14

Weighted average shares outstanding – basic		21,536			21,064			21,522			21,026
Weighted average additional shares assuming conversion of potential common shares		1,404			16			1,472			0
Weighted average shares outstanding – diluted		22,940			21,080			22,994			21,026

Note 8 - Inventory (Tables)

9 Months Ended

Oct. 03, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	October 3,			December 31,
	2021			2020
	(Unaudited)
Raw materials	$	22,116		$	11,118
Work in process		5,994			6,210
Finished goods		1,120			762
Reserve for excess and obsolete inventory		(1,792	)		(1,854	)
Total	$	27,438		$	16,236

Note 9 - Property, Plant and Equipment (Tables)

9 Months Ended

Oct. 03, 2021

Notes Tables

Property, Plant and Equipment [Table Text Block]

	October 3,			December 31,
	2021			2020
	(Unaudited)
Land and land improvements	$	43		$	43
Buildings and building improvements		7,866			7,747
Machinery, equipment, furniture and fixtures		56,821			55,620
Construction in progress		1,474			609
		66,204			64,019
Accumulated depreciation		(54,965	)		(53,858	)
	$	11,239		$	10,161

Note 10 - Debt (Tables)

9 Months Ended

Oct. 03, 2021

Notes Tables

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

	October 3,			December 31,
	2021			2020
	(Unaudited)
Current:
Finance lease obligation, current portion	$	453		$	393
Equipment financing obligations, current portion		307			0
PPP Loan, current portion		0			1,186
Note payable – related party, current portion		2,500			0
Current portion of long term debt and finance lease obligations	$	3,260		$	1,579
Long Term:
Finance lease obligation	$	1,712		$	1,927
Equipment financing obligations		760			0
PPP Loan		0			2,372
Note payable – related party		4,000			6,500
Less unamortized debt issuance and modification costs		(17	)		(23	)
Long term debt and finance lease obligations net of unamortized debt costs	$	6,455		$	10,776

- 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.

+ References

+ Details

Note 11 - Segment Data (Tables)

9 Months Ended

Oct. 03, 2021

Notes Tables

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

	Three Months Ended				Nine Months Ended
	October 3,		October 4,		October 3,		October 4,
	2021		2020		2021		2020
	(Unaudited)				(Unaudited)
Net revenue from unaffiliated customers:
Sypris Technologies	$	16,693	$	12,072	$	47,022	$	33,234
Sypris Electronics		8,990		10,082		24,612		28,498
	$	25,683	$	22,154	$	71,634	$	61,732
Gross profit:
Sypris Technologies	$	2,109	$	1,907	$	5,789	$	4,629
Sypris Electronics		1,869		1,632		4,314		4,756
	$	3,978	$	3,539	$	10,103	$	9,385

	Three Months Ended						Nine Months Ended
	October 3,			October 4,			October 3,			October 4,
	2021			2020			2021			2020
	(Unaudited)						(Unaudited)

Operating income (loss):
Sypris Technologies	$	901		$	873		$	2,344		$	1,181
Sypris Electronics		967			808			1,641			2,249
General, corporate and other		(897	)		(837	)		(3,187	)		(3,169	)
	$	971		$	844		$	798		$	261
Income (loss) before taxes:
Sypris Technologies	$	701		$	437		$	1,642		$	1,104
Sypris Electronics		957			801			1,621			2,225
General, corporate and other		(1,030	)		(982	)		(8	)		(3,590	)
	$	628		$	256		$	3,255		$	(261	)

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

	October 3,		December 31,
	2021		2020
	(Unaudited)
Total assets:
Sypris Technologies	$	36,184	$	31,425
Sypris Electronics		31,996		18,620
General, corporate and other		8,449		10,663
	$	76,629	$	60,708

Total liabilities:
Sypris Technologies	$	23,719	$	19,974
Sypris Electronics		27,748		13,545
General, corporate and other		8,381		12,414
	$	59,848	$	45,933

Note 14 - Employee Benefit Plans (Tables)

9 Months Ended

Oct. 03, 2021

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended						Nine Months Ended
	October 3,			October 4,			October 3,			October 4,
	2021			2020			2021			2020
	(Unaudited)						(Unaudited)

Service cost	$	1		$	1		$	3		$	3
Interest cost on projected benefit obligation		194			271			581			813
Net amortizations, deferrals and other costs		153			158			459			474
Expected return on plan assets		(189	)		(228	)		(567	)		(684	)
Net periodic benefit cost	$	159		$	202		$	476		$	606

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

	Three Months Ended				Nine Months Ended
	October 3,		October 4,		October 3,		October 4,
	2021		2020		2021		2020
	(Unaudited)				(Unaudited)
Service cost:
Selling, general and administrative expenses	$	1	$	1	$	3	$	3
Other net periodic benefit costs:
Other expense (income), net		158		201		473		603
Total	$	159	$	202	$	476	$	606

Note 15 - Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Oct. 03, 2021

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	October 3,			December 31,
	2021			2020
	(Unaudited)
Foreign currency translation adjustments	$	(11,276	)	$	(10,847	)
Employee benefit related adjustments – U.S., net of tax		(13,867	)		(13,867	)
Employee benefit related adjustments – Mexico, net of tax		16			16
Accumulated other comprehensive loss	$	(25,127	)	$	(24,698	)

Note 1 - Nature of Business (Details Textual)	9 Months Ended
Note 1 - Nature of Business (Details Textual)	Oct. 03, 2021
Number of Operating Segments	2

Note 4 - Leases (Details Textual) - USD ($)	Oct. 03, 2021	Dec. 31, 2020
Lessee, Operating Lease, Renewal Term (Year)	5 years
Operating Lease, Right-of-Use Asset	$ 5,439,000	$ 6,103,000
Operating Lease, Liability, Total	$ 6,189,000	$ 6,906,000
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Year)	10 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Year)	11 years

Note 4 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Amortization expense	$ 87	$ 112	$ 260	$ 340
Interest expense	54	71	171	220
Operating lease expense	351	351	1,053	1,053
Variable lease expense	82	77	236	239
Total lease expense	$ 574	$ 611	$ 1,720	$ 1,852

Note 4 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020
Operating cash flows from operating leases	$ 1,149	$ 989
Operating cash flows from finance leases	171	220
Financing cash flows from finance leases	$ 359	$ 623

Note 4 - Leases - Maturities of Lease Liabilities (Details) - USD ($)	Oct. 03, 2021	Dec. 31, 2020
Next 12 months, Operating Leases	$ 1,488,000
Next 12 months, Finance Leases	656,000
12 to 24 months, Operating Leases	1,505,000
12 to 24 months, Finance Leases	656,000
24 to 36 months, Operating Leases	1,392,000
24 to 36 months, Finance Leases	619,000
36 to 48 months, Operating Leases	1,226,000
36 to 48 months, Finance Leases	570,000
48 to 60 months, Operating Leases	961,000
48 to 60 months, Finance Leases	183,000
Thereafter, Operating Leases	1,047,000
Thereafter, Finance Leases	0
Total lease payments, Operating Leases	7,619,000
Total lease payments, Finance Leases	2,684,000
Less imputed interest, Operating Leases	(1,430,000)
Less imputed interest, Finance Leases	(519,000)
Total, Operating Leases	6,189,000	$ 6,906,000
Total, Finance Leases	$ 2,165,000

Note 4 - Leases - Information Related to Lease Terms and Discount Rates (Details)	Oct. 03, 2021	Dec. 31, 2020
Operating leases (Year)	5 years 6 months	6 years 2 months 12 days
Finance leases (Year)	4 years	4 years 10 months 24 days
Operating leases	8.00%	8.00%
Finance leases	10.00%	10.20%

Note 5 - Revenue From Contracts With Customers 1 (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Amount	$ 39,393,000		$ 39,393,000
Contract with Customer, Liability, Total	18,905,000		18,905,000		$ 7,339,000
Contract with Customer, Liability, Revenue Recognized	2,362,000	$ 2,837,000	3,828,000	$ 6,680,000
Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total	1,402,000		1,402,000		1,240,000
Accrued Liabilities [Member]
Contract with Customer, Liability, Current	10,200,000		10,200,000		6,816,000
Other Noncurrent Liabilities [Member]
Contract with Customer, Liability, Noncurrent	$ 8,705,000		$ 8,705,000		$ 523,000

Note 5 - Revenue From Contracts With Customers 2 (Details Textual)	Oct. 03, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-04
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Percentage	31.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Percentage	54.00%

Note 5 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Net revenue	$ 25,683	$ 22,154	$ 71,634	$ 61,732
Sypris Technologies [Member]
Net revenue	16,693	12,072	47,022	33,234
Sypris Technologies [Member] \| Transferred at Point in Time [Member]
Net revenue	16,693	12,072	47,022	33,234
Sypris Electronics [Member]
Net revenue	8,990	10,082	24,612	28,498
Sypris Electronics [Member] \| Transferred at Point in Time [Member]
Net revenue	1,712	1,590	4,982	5,835
Sypris Electronics [Member] \| Transferred over Time [Member]
Net revenue	$ 7,278	$ 8,492	$ 19,630	$ 22,663

- Definition

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

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+ Details

Note 6 - Assets Held for Sale (Details Textual) - Transition of Production from the Broadway Plant [Member] - USD ($)		9 Months Ended	12 Months Ended
	Apr. 13, 2020	Oct. 04, 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
Gain (Loss) on Disposition of Property Plant Equipment, Total		$ 813,000

Note 6 - Assets Held for Sale - Segregation of Assets Held for Sale (Details) - USD ($) $ in Thousands	Oct. 03, 2021	Dec. 31, 2020
Property, plant and equipment	$ 1,345	$ 1,387
Accumulated depreciation	(945)	(975)
Property, plant and equipment, net	$ 400	$ 412

Note 7 - Earnings Per Common Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	38,000	2,489,250	38,000	2,754,750

Note 7 - Earnings Per Common Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Net income	$ 294	$ 3,495	$ 2,487	$ 2,842
Less distributed and undistributed earnings allocable to restricted award holders	(2)	(15)	(7)	(12)
Less dividends declared attributable to restricted award holders	0	0	0	0
Net income allocable to common stockholders	$ 292	$ 3,480	$ 2,480	$ 2,830
Basic (in dollars per share)	$ 0.01	$ 0.17	$ 0.12	$ 0.14
Diluted (in dollars per share)	$ 0.01	$ 0.17	$ 0.11	$ 0.14
Basic (in shares)	21,536	21,064	21,522	21,026
Weighted average additional shares assuming conversion of potential common shares (in shares)	1,404	16	1,472	0
Weighted average shares outstanding – diluted (in shares)	22,940	21,080	22,994	21,026

- Definition

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

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- Definition

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

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- Definition

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

+ References

+ Details

- Definition

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

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+ Details

Note 8 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands	Oct. 03, 2021	Dec. 31, 2020
Raw materials	$ 22,116	$ 11,118
Work in process	5,994	6,210
Finished goods	1,120	762
Reserve for excess and obsolete inventory	(1,792)	(1,854)
Total	$ 27,438	$ 16,236

Note 9 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands	Oct. 03, 2021	Dec. 31, 2020
Gross property, plant and equipment	$ 66,204	$ 64,019
Accumulated depreciation	(54,965)	(53,858)
Property plant and equipment net	11,239	10,161
Land and Land Improvements [Member]
Gross property, plant and equipment	43	43
Building and Building Improvements [Member]
Gross property, plant and equipment	7,866	7,747
Property, Plant and Equipment, Other Types [Member]
Gross property, plant and equipment	56,821	55,620
Construction in Progress [Member]
Gross property, plant and equipment	$ 1,474	$ 609

Note 10 - Debt (Details Textual) - USD ($)			3 Months Ended		9 Months Ended
Note 10 - Debt (Details Textual) - USD ($)	Jun. 28, 2021	Apr. 01, 2021	Apr. 04, 2021	Jul. 04, 2020	Oct. 03, 2021	Oct. 04, 2020	Dec. 31, 2020	Jul. 05, 2020
Proceeds from Notes Payable, Total					$ 0	$ 3,558,000
Finance Lease, Liability, Total					2,165,000
Machinery at Sypris Technologies Facility [Member]
Finance Lease, Liability, Total					$ 2,165,000
Machinery at Sypris Technologies Facility [Member] \| Finance Lease Obligations [Member]
Debt, Weighted Average Interest Rate					10.04%
Paycheck Protection Program CARES Act [Member]
Proceeds from Notes Payable, Total				$ 3,558,000
Notes Payable, Total								$ 3,558,000
Debt Instrument, Decrease, Forgiveness	$ 3,558,000				$ 3,599,000
Promissory Notes with Maturity on April 1, 2022 and April 1, 2024 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance					6,500,000		$ 6,500,000
Debt Instrument, Interest Rate, Stated Percentage		8.00%
Debt Instrument, Allowance for Payment Deferral Period (Month)			18 months
Debt Instrument, Maximum Allowance of Interest Due on Deferred Payments, Percent			60.00%
Promissory Notes with Maturity on April 1, 2022 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance					2,500,000
Promissory Notes with Maturity on April 1, 2024 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance					2,000,000
Promissory Note [Member] \| Gill Family Capital Management [Member] \| Five-year Treasury Note Average During Preceding 90-day Period [Member]
Debt Instrument, Basis Spread on Variable Rate		5.00%
Equipment Financing Obligations [Member]
Long-term Debt, Total					$ 1,067,000
Equipment Financing Obligations [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Effective Percentage					4.55%
Equipment Financing Obligations [Member] \| Maximum [Member]
Debt Instrument, Interest Rate, Effective Percentage					8.06%

Note 10 - Debt - Debt Components (Details) - USD ($) $ in Thousands	Oct. 03, 2021	Dec. 31, 2020
Finance lease obligations, current portion	$ 453	$ 393
Equipment financing obligations, current portion	307	0
PPP Loan, current portion	0	1,186
Note payable – related party, current portion	2,500	0
Current portion of long term debt and finance lease obligations	3,260	1,579
Finance lease obligation	1,712	1,927
Equipment financing obligations	760	0
PPP Loan	0	2,372
Note payable – related party	4,000	6,500
Less unamortized debt issuance and modification costs	(17)	(23)
Long term debt and finance lease obligations net of unamortized debt costs	$ 6,455	$ 10,776

Note 11 - Segment Data (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
Note 11 - Segment Data (Details Textual) $ in Thousands	Oct. 03, 2021 USD ($)	Oct. 04, 2020 USD ($)	Oct. 03, 2021 USD ($)	Oct. 04, 2020 USD ($)
Number of Operating Segments			2
Revenue from Contract with Customer, Including Assessed Tax	$ 25,683	$ 22,154	$ 71,634	$ 61,732
Intersegment Eliminations [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0	$ 0	$ 0

- Definition

+ References

+ Details

Note 11 - Segment Data - Financial Information From Reportable Segments - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Net revenue from unaffiliated customers	$ 25,683	$ 22,154	$ 71,634	$ 61,732
Gross profit (loss)	3,978	3,539	10,103	9,385
Operating income (loss)	971	844	798	261
Income (loss) before taxes	628	256	3,255	(261)
Sypris Technologies [Member]
Net revenue from unaffiliated customers	16,693	12,072	47,022	33,234
Gross profit (loss)	2,109	1,907	5,789	4,629
Operating income (loss)	901	873	2,344	1,181
Income (loss) before taxes	701	437	1,642	1,104
Sypris Electronics [Member]
Net revenue from unaffiliated customers	8,990	10,082	24,612	28,498
Gross profit (loss)	1,869	1,632	4,314	4,756
Operating income (loss)	967	808	1,641	2,249
Income (loss) before taxes	957	801	1,621	2,225
Corporate and Other [Member]
Operating income (loss)	(897)	(837)	(3,187)	(3,169)
Income (loss) before taxes	$ (1,030)	$ (982)	$ (8)	$ (3,590)

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

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Note 11 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands	Oct. 03, 2021	Dec. 31, 2020
Total assets	$ 76,629	$ 60,708
Total liabilities	59,848	45,933
Sypris Technologies [Member]
Total assets	36,184	31,425
Total liabilities	23,719	19,974
Sypris Electronics [Member]
Total assets	31,996	18,620
Total liabilities	27,748	13,545
Corporate and Other [Member]
Total assets	8,449	10,663
Total liabilities	$ 8,381	$ 12,414

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

+ Details

Note 12 - Commitments and Contingencies (Details Textual) - USD ($)	Oct. 03, 2021	Dec. 31, 2020
Standard and Extended Product Warranty Accrual, Ending Balance	$ 595,000	$ 638,000
Accrual for Environmental Loss Contingencies, Ending Balance	0	$ 0
Purchase Obligation, Total	$ 18,967,000

Note 13 - Income Taxes (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
Note 13 - Income Taxes (Details Textual) - USD ($)	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%	21.00%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent		30.00%	30.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ (3,257,000)		$ (3,257,000)

Note 14 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Service cost	$ 1	$ 1	$ 3	$ 3
Interest cost on projected benefit obligation	194	271	581	813
Net amortizations, deferrals and other costs	153	158	459	474
Expected return on plan assets	(189)	(228)	(567)	(684)
Net periodic benefit cost	$ 159	$ 202	$ 476	$ 606

Note 14 - Employee Benefit Plans - Net Periodic Benefit Cost Recognized in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 03, 2021	Oct. 04, 2020	Oct. 03, 2021	Oct. 04, 2020
Selling, general and administrative expenses	$ 1	$ 1	$ 3	$ 3
Other expense (income), net	158	201	473	603
Total	159	202	476	606
Selling, General and Administrative Expenses [Member]
Selling, general and administrative expenses	$ 1	$ 1	$ 3	$ 3

Note 15 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Oct. 03, 2021	Dec. 31, 2020
Foreign currency translation adjustments	$ (11,276)	$ (10,847)
Accumulated other comprehensive loss	(25,127)	(24,698)
UNITED STATES
Employee benefit related adjustments, net of tax	(13,867)	(13,867)
Foreign Plan [Member]
Employee benefit related adjustments, net of tax	$ 16	$ 16

- 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