0001437749-22-006515 | 10-K | XBRL Viewer

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Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net revenue	$ 97,434,000	$ 82,346,000
Cost of sales	82,928,000	70,294,000
Gross profit	14,506,000	12,052,000
Selling, general and administrative	12,596,000	11,962,000
Operating income	1,910,000	90,000
Interest expense, net	868,000	838,000
Other expense, net	645,000	544,000
Forgiveness of PPP Loan and related interest	(3,599,000)	0
Total	3,996,000	(1,292,000)
Income tax expense (benefit), net	1,073,000	(2,960,000)
Net income	$ 2,923,000	$ 1,668,000
Basic (in dollars per share)	$ 0.14	$ 0.08
Diluted (in dollars per share)	0.13	0.08
Cash dividends per common share (in dollars per share)	$ 0.00	$ 0.00
Weighted average shares outstanding:
Basic (in shares)	21,585	21,084
Diluted (in shares)	23,001	21,086

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 2,923	$ 1,668
Currency translation adjustments, net of tax	(593)	(224)
Foreign currency translation adjustments, net of tax expense	2,297	(423)
Employee benefit related, net of tax expense	1,704	(647)
Other comprehensive income (loss)	$ 4,627	$ 1,021

- 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 - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 11,620,000	$ 11,606,000
Accounts receivable, net	8,467,000	7,234,000
Inventory, net	30,100,000	16,236,000
Other current assets	5,868,000	4,360,000
Total current assets	56,055,000	39,436,000
Property, plant and equipment, net	14,140,000	10,161,000
Operating lease right-of-use assets	5,140,000	6,103,000
Other assets	4,170,000	5,008,000
Total assets	79,505,000	60,708,000
Current liabilities:
Accounts payable	11,962,000	6,734,000
Accrued liabilities	19,646,000	11,969,000
Operating lease liabilities, current portion	1,063,000	965,000
Finance lease obligations, current portion	983,000	393,000
Equipment financing obligations, current portion	336,000	0
Note payable – PPP Loan, current portion	0	1,186,000
Total current liabilities	33,990,000	21,247,000
Operating lease obligations, net of current portion	4,878,000	5,941,000
Finance lease obligations, net of current portion	3,469,000	1,927,000
Equipment financing obligations, net of current portion	868,000	0
Note payable – related party	6,484,000	6,477,000
Note payable – PPP Loan, net of current portion	0	2,372,000
Other liabilities	10,530,000	7,969,000
Total liabilities	60,219,000	45,933,000
Stockholders’ equity:
Preferred stock	0	0
Additional paid-in capital	154,904,000	155,025,000
Accumulated deficit	(112,842,000)	(115,765,000)
Accumulated other comprehensive loss	(22,994,000)	(24,698,000)
Treasury stock, 19 and 1,236 shares in 2021 and 2020, respectively	0	0
Total stockholders’ equity	19,286,000	14,775,000
Total liabilities and stockholders’ equity	79,505,000	60,708,000
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred stock	0	0
Nonvoting Common Stock [Member]
Stockholders’ equity:
Common stock	0	0
Common Stock [Member]
Stockholders’ equity:
Common stock	$ 218,000	$ 213,000

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 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
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
Common Stock [Member]
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)	21,864,743	21,302,194
Common stock, shares outstanding (in shares)	21,864,724	21,300,958

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 2,923	$ 1,668
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,646	2,503
Forgiveness of PPP Loan and related interest	(3,599)	0
Deferred income taxes	1,015	(3,070)
Non-cash compensation	491	426
Deferred loan costs amortized	7	14
Net gain on disposal or abandonment of assets	11	(236)
Provision for excess and obsolete inventory	162	222
Non-cash lease expense	963	911
Other noncash items	150	(1)
Contributions to pension plans	(297)	(862)
Changes in operating assets and liabilities:
Accounts receivable	(1,265)	214
Inventory	(13,978)	4,230
Prepaid expenses and other assets	(1,314)	(204)
Accounts payable	5,268	(2,591)
Accrued and other liabilities	11,055	424
Net cash provided by operating activities	4,238	3,648
Cash flows from investing activities:
Capital expenditures	(2,824)	(1,542)
Proceeds from sale of assets	10	1,969
Net cash (used in) provided by investing activities	(2,814)	427
Cash flows from financing activities:
Principal payments on finance lease obligations	(499)	(715)
Principal payments on equipment financing obligations	(176)	0
Proceeds from Paycheck Protection Program loan	0	3,558
Indirect repurchase of shares for minimum statutory tax withholdings	(607)	(103)
Net cash (used in) provided by financing activities	(1,282)	2,740
Effect of exchange rate changes on cash balances	(128)	(304)
Net increase in cash and cash equivalents	14	6,511
Cash and cash equivalents at beginning of year	11,606	5,095
Cash and cash equivalents at end of year	11,620	11,606
Supplemental disclosure of cash flow information:
Fixed assets obtained in exchange for finance lease and equipment financing obligations	$ 4,012	$ 0

Consolidated Statements of Stockholders' Equity - 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	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
Exercise of stock options (in shares)	14,956					306,500
Exercise of stock options	$ 0	(4)	0	0	0
Retire treasury stock (in shares)	(82,424)
Retire treasury stock	$ 0	(99)	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
Net income	0	0	2,923	0	0	2,923
Employee benefit related, net of tax	0	0	0	2,297	0	$ (2,297)
Foreign currency translation adjustment, net of tax	$ 0	0	0	(593)	0
Noncash compensation (in shares)	52,500
Noncash compensation	$ 0	491	0	0	0
Exercise of stock options (in shares)	313,766					687,500
Exercise of stock options	$ 3	(610)	0	0	0
Retire treasury stock	$ 0	0	0	0	0
Restricted common stock grant (in shares)	197,500
Restricted common stock grant	$ 2	(2)	0	0	0
Balance (in shares) at Dec. 31, 2021	21,864,724
Balance at Dec. 31, 2021	$ 218	$ 154,904	$ (112,842)	$ (22,994)	$ 0	$ 19,286

Note 1 - Organization and Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

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

(1) 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 20 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-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 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 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 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.

Cloud Computing Arrangements

The Company capitalizes implementation costs incurred in cloud computing (i.e., hosting arrangements) during the application development phase and depreciates the costs over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised or for which the exercise is controlled by the service provider. The Company classifies the amortization of capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting service (i.e., operating and SG&A expense) and classifies the related payments in the statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). In addition, the capitalization of implementation costs is reflected in the balance sheet consistent with the location of prepayment of fees for the hosting element (i.e., within prepaid expenses and other current assets). As of December 31, 2021 and 2020, the Company had $89,000 and $60,000 recorded in prepaid expenses and other current assets in the consolidated balance sheets. Amortization expense for the years ended December 31, 2021 and 2020 was not material.

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.

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.

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, 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.

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 and gross profit 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.

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, 2021 and 2020, was $659,000 and $638,000, respectively. The Company’s warranty expense for the years ended December 31, 2021 and 2020 was $252,000 and $294,000, 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 50% of accounts receivable outstanding at December 31, 2021 is due from three customers. More specifically, Detroit Diesel, ADI and SubCom, comprise 25%, 13% and 11%, respectively, of December 31, 2021 outstanding accounts receivable. 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 receivable. No other single customer accounted for more than 10% of the Company’s total accounts receivable as of December 31, 2021 or 2020.

The Company’s largest customers for the year ended December 31, 2021 were Sistemas, Detroit Diesel and Northrop Grumman, which represented approximately 21%, 18% and 16%, respectively, of the Company’s total net revenue. Detroit Diesel and Sistemas are both customers within the Sypris Technologies segment and Northrop Grumman is a customer within the Sypris Electronics segment. Northrop Grumman, Sistemas, and Detroit Diesel, were the Company’s largest customers for the year ended December 31, 2020, which represented approximately 22%, 14% and 12%, 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, 2021 or 2020.

Foreign Currency Translation

The functional currency for the Company’s Mexican subsidiary 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 subsidiary are included in other income, net.

Collective Bargaining Agreements

Approximately 404, or 59% of the Company’s employees, all within Sypris Technologies, were covered by collective bargaining agreements at December 31, 2021. Excluding certain Mexico employees covered under an annually ratified agreement, collective bargaining agreements covering 29 employees expire within the next 12 months. Certain Mexico employees are covered by an annually ratified collective bargaining agreement. These employees represented approximately 55% of the Company’s workforce, or 375 employees as of December 31, 2021.

Recently Issued Accounting Standards

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. Modified retrospective adoption is required with any cumulative-effect adjustment recorded to retained earnings as of the beginning of the period of adoption. ASU 2016-13 is effective for smaller reporting entities for fiscal years beginning after December 15, 2022, including interim periods within the year of adoption. This guidance, which the Company will adopt effective January 1, 2023, will not 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.

Reclassifications

Certain amounts in the Company’s 2020 consolidated financial statements have been reclassified to conform to the 2021 presentation, which had no impact to the previously reported net income and stockholder’s equity.

Note 2 - Leases

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

(2) 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 10 years 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 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 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 December 31, 2021, total right-of-use assets and operating lease liabilities were approximately $5,140,000 and $5,941,000, 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.

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, 2021 and 2020.

The following table presents information related to lease expense for the year ended December 31, 2021 and 2020 (in thousands):

	December 31,
	2021		2020
Finance lease expense
Amortization expense	$	422	$	425
Interest expense		230		261
Operating lease expense		1,406		1,406
Variable lease expense		315		317
Total lease expense	$	2,373	$	2,409

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

	December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,532	$	1,363
Operating cash flows from finance leases		230		261
Financing cash flows from finance leases		499		715

The annual future minimum lease payments as of December 31, 2021 are as follows (in thousands):

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,492		$	1,315
12 to 24 months		1,509			1,315
24 to 36 months		1,318			1,238
36 to 48 months		1,231			1,173
48 to 60 months		858			262
Thereafter		842			0
Total lease payments		7,250			5,303
Less imputed interest		(1,309	)		(851	)
Total	$	5,941		$	4,452

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

	December 31,
	2021		2020
Weighted-average remaining lease term (years):
Operating leases		5.3		6.2
Finance leases		4.0		4.9

Weighted-average discount rate (percentage):
Operating leases		8.0		8.0
Finance leases		8.5		10.2

Note 3 - Revenue From Contracts With Customers

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(3) 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 (See Note 1). 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 and gross profit 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.

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 $44,602,000 of remaining performance obligations as of December 31, 2021, all of which were long-term Sypris Electronics’ contracts. We expect to recognize approximately 66% of our remaining performance obligations as revenue in 2022 and the balance in 2023.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the years ended December 31, 2021 and 2020:

	December 31,
	2021		2020
Sypris Technologies – transferred point in time	$	61,737	$	45,321
Sypris Electronics – transferred point in time		7,232		6,550
Sypris Electronics – transferred over time		28,465		30,475
Net revenue	$	97,434	$	82,346

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, 2021 and 2020 were $1,913,000 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 December 31, 2021, the contract liabilities balance was $19,888,000, of which $15,013,000 was included within accrued liabilities and $4,875,000 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 $6,400,000 and $7,619,000 during the years ended December 31, 2021 and 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.

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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Note 4 - Other Expense, Net

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Other Income and Other Expense Disclosure [Text Block]

(4) Other Expense, Net

The Company recognized other expense of $645,000 during the year ended December 31, 2021. During the year ended December 31, 2021, the Company recognized pension expense of $614,000. Foreign currency related expenses were not material for the year ended December 31, 2021.

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 Company’s Louisville, Kentucky automotive and commercial vehicle manufacturing plant (the “Broadway Plant”) real estate for $1,700,000 and other idle assets for $268,000 and recognized net gains of $813,000. 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, which were all within the Sypris Technologies segment. Foreign currency related expenses were not material for the year ended December 31, 2020.

Note 5 - Accounts Receivable

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

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

(5) Accounts Receivable

Accounts receivable consists of the following (in thousands):

	December 31,
	2021			2020
Commercial	$	8,529		$	7,264
Allowance for doubtful accounts		(62	)		(30	)
Accounts receivable, net	$	8,467		$	7,234

Note 6 - Inventory

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Inventory Disclosure [Text Block]

(6) Inventory

Inventory consists of the following (in thousands):

	December 31,
	2021			2020
Raw materials	$	23,694		$	11,118
Work in process		6,702			6,210
Finished goods		1,497			762
Reserve for excess and obsolete inventory		(1,793	)		(1,854	)
Inventory, net	$	30,100		$	16,236

Note 7 - Other Current Assets

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Other Current Assets [Text Block]

(7) Other Current Assets

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

	December 31,
	2021		2020
Prepaid expenses	$	1,343	$	911
Contract assets		1,913		1,240
Other		2,612		2,209
Other current assets	$	5,868	$	4,360

Included in other current assets are income and VAT taxes refundable, assets held for sale, tools, spare parts and other items, none of which exceed 5% of total current assets.

Note 8 - Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

(8) Property, Plant and Equipment

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

	December 31,
	2021			2020
Land and land improvements	$	43		$	43
Buildings and building improvements		7,863			7,747
Machinery, equipment, furniture and fixtures		61,050			55,620
Construction in progress		858			609
		69,814			64,019
Accumulated depreciation		(55,674	)		(53,858	)
Property plant and equipment, net	$	14,140		$	10,161

Depreciation expense, including amortization of assets recorded under finance leases, totaled approximately $2,646,000 and $2,503,000 for the years ended December 31, 2021 and 2020, respectively. Capital expenditures included in accounts payable or accrued liabilities were not material at December 31, 2021 and 2020, respectively.

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

	December 31,
	2021			2020
Buildings and building improvements	$	2,864		$	2,955
Machinery, equipment, furniture and fixtures		3,048			269
		5,912			3,224
Accumulated depreciation		(1,896	)		(1,522	)
Net	$	4,016		$	1,702

Note 9 - Other Assets

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Other Assets Disclosure [Text Block]

(9) Other Assets

Other assets consist of the following (in thousands):

	December 31,
	2021		2020
Long term spare parts	$	455	$	494
Long term deposits		280		286
Pension asset		595		380
Deferred tax asset, net		2,548		3,604
Other		292		244
Other assets	$	4,170	$	5,008

Note 10 - Accrued Liabilities

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Accrued Liabilities [Text Block]

(10) Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	December 31,
	2021		2020
Salaries, wages, employment taxes and withholdings	$	1,548	$	1,353
Employee benefit plans		861		1,216
Accrued professional fees		697		695
Income, property and other taxes		176		253
Contract liabilities – short term		15,013		6,816
Deferred gain from sale-leaseback		286		296
Other		1,065		1,340
Accrued liabilities	$	19,646	$	11,969

Included in other accrued liabilities are accrued operating expenses, accrued warranty expenses, accrued interest, and other items, none of which exceed 5% of total current liabilities.

Note 11 - Other Liabilities

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Other Liabilities Disclosure [Text Block]

(11) Other Liabilities

Other liabilities consist of the following (in thousands):

	December 31,
	2021		2020
Noncurrent pension liability	$	4,647	$	5,730
Deferred gain from sale leaseback		907		1,231
Contract liabilities – long term		4,875		523
Other		101		485
Other liabilities	$	10,530	$	7,969

Note 12 - Debt

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Long-term Debt [Text Block]

(12) Debt

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

	December 31,
	2021			2020
Current:
Finance lease obligation, current portion	$	983		$	393
Equipment financing obligations, current portion		336			0
PPP Loan, current portion		0			1,186
Current portion of long term debt and finance lease obligations	$	1,319		$	1,579
Long Term:
Finance lease obligations	$	3,469		$	1,927
Equipment financing obligations		868			0
PPP Loan		0			2,372
Note payable – related party		6,500			6,500
Less unamortized debt issuance and modification costs		(16	)		(23	)
Long term debt and finance lease obligations, net of unamortized debt costs	$	10,821		$	10,776

The weighted average interest rate for outstanding borrowings at December 31, 2021 and 2020 was 6.5% and 5.5%, respectively. The Company had no capitalized interest in 2021 or 2020. Interest paid during the years ended December 31, 2021 and 2020 totaled approximately $699,000 and $369,000, 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 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 year ended December 31, 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 December 31, 2021 and 2020 (the “Note”). 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 December 31, 2021, our principal commitment under the Note was $2,500,000 due on April 1, 2023, $2,000,000 on April 1, 2024 and the balance on April 1, 2026. Interest on the 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 Note maturing in April of 2023 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.

During the fourth quarter of 2021, the Company amended its secured promissory note obligation with GFCM to, among other things: (i) extend the maturity dates by one year for $2,500,000 of the obligation from April 1, 2022 to April 1, 2023; and (ii) extend the allowance for up to an 18-month deferral of payment for up to 60% of the interest due on the notes maturing in April of 2023 and 2024. 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

As of December 31, 2021, the Company had $4.5 million 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 8.5%.

Equipment Financing Obligations

As of December, 2021, the Company had $1.2 million outstanding under equipment financing facilities, with effective interest rates ranging from 4.4% to 8.1% and payments due through 2026. Payments on the Company’s equipment financing obligations are due as follows (in thousands):

Next 12 months	$	403
12 to 24 months		403
24 to 36 months		345
36 to 48 months		152
48 to 60 months		77
Thereafter		0
Total payments		1,380
Less imputed interest		(176	)
Total equipment financing obligations	$	1,204

Note 13 - Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

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

(13) 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, 2021 approximates fair value, and is based upon a market approach (Level 2).

Note 14 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Retirement Benefits [Text Block]

(14) 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,
	2021			2020
Service cost	$	4		$	5
Interest cost on projected benefit obligation		774			1,084
Net amortization of actuarial loss		613			631
Expected return on plan assets		(773	)		(987	)
Net periodic benefit cost	$	618		$	733

The net periodic cost of the defined benefit pension plans incurred during the years ended December 31, 2021 and 2020 are reflected in the following captions in the accompanying consolidated statements of operations (in thousands):

	Year ended December 31,
	2021		2020
Service cost:
Selling, general and administrative expenses	$	4	$	5
Other net periodic benefit costs:
Other expense, net		614		728
Total	$	618	$	733

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,
	2021			2020
Change in benefit obligation
Benefit obligation at beginning of year	$	36,859		$	36,050
Service cost		4			5
Interest cost		774			1,084
Actuarial loss		(2,245	)		2,516
Benefits paid		(2,636	)		(2,796	)
Benefit obligation at end of year	$	32,756		$	36,859
Change in plan assets:
Fair value of plan assets at beginning of year	$	32,353		$	31,738
Actual return on plan assets		37			2,549
Company contributions		297			862
Benefits paid		(2,636	)		(2,796	)
Fair value of plan assets at end of year	$	30,051		$	32,353

Underfunded status of the plans	$	(2,705	)		(4,506	)

	December 31,
	2021			2020
Balance sheet assets (liabilities):
Other assets	$	595		$	380
Accrued liabilities		(126	)		(596	)
Other liabilities		(3,174	)		(4,290	)
Net amount recognized	$	(2,705	)	$	(4,506	)

Pension plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	22,846	$	25,566
Accumulated benefit obligation		22,846		25,566
Fair value of plan assets		19,545		20,680

Projected benefit obligation and net periodic pension cost assumptions:
Discount rate – projected benefit obligation			2.70	%			2.25	%
Discount rate – net periodic pension cost			2.25				3.15
Rate of compensation increase			N/A				N/A
Expected long-term rate of return on plan assets	1.80	-	2.95		3.05	-	3.40

	December 31,
	2021			2020
Weighted average asset allocation:
Equity securities		16	%		17	%
Debt securities		81			80
Other		3			3
Total		100	%		100	%

The fair values of our pension plan assets as of December 31, 2021 are as follows (in thousands):

	Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)
Asset categories
Cash and cash equivalents	$	2,371	$	0
Equity securities:				0
U.S. Large Cap		2,008		0
U.S. Mid Cap		863		0
U.S. Small Cap		169		0
World Equity		1,733		0
Real Estate		405		0
Other		547		0
Fixed income securities		6,814		15,141
Total Plan Assets	$	14,910	$	15,141

The fair values of our pension plan assets as of December 31, 2020 are as follows (in thousands):

	Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)
Asset categories
Cash and cash equivalents	$	2,744	$	0
Equity securities:				0
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

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 31 as the measurement date for the Pension Plans. Total estimated contributions expected to be paid to the plans during 2022 is $109,000, 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 2021 and 2020 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 0-55%, fixed income securities ranging 35-100% and non-traditional/other of 0-10% 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 1.80% for the Louisville Hourly Plan, 2.95% for the Marion Plan and 2.60% for the Louisville Salaried Plan as the expected return on our U.S. pension plan assets for 2021 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, 2021 includes $11,207,000 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 2021 and 2020 was $613,000 and $631,000, respectively.

At December 31, 2021, 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):

2022	$	2,616
2023		2,546
2024		2,486
2025		2,416
2026		2,326
2027-2031		10,409
Total	$	22,799

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 3% and provide discretionary contributions. In connection with the matching contributions, the Company recognized compensation expense of approximately $361,000 and $350,000 in 2021 and 2020, 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 $232,000 and $199,000 in 2021 and 2020, respectively. The aggregate benefit plan obligations of these plans, which are unfunded, were $1,473,000 and $1,440,000 at December 31, 2021 and 2020 were included within other liabilities in the accompanying consolidated balance sheets.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Note 15 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

(15) Commitments and Contingencies

As of December 31, 2021, the Company had outstanding purchase commitments of approximately $14,687,000 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 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 December 31, 2021 and 2020, no amounts were accrued for any environmental matters. See “Legal Proceedings” in Part I, Item 3 of this Annual Report on Form 10-K.

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. On January 26, 2022, an opinion was issued by the judge indicating that certain of the Plan language in dispute is unambiguous and would therefore limit the Company’s right to interpret such language. 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 and penalties payable to the DOL could be imposed. The Company believes that it has affirmative defenses 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.

Note 16 - Stock Option and Purchase Plans

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

(16) 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, 2021 and 2020 was 3,429,771 and 3,598,271, 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. Due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected term of the stock options, the Company uses the simplified method to estimate the expected term. Under the simplified method, the expected term of an option is presumed to be the mid-point between the vesting date and the end of the contractual term. The dividend yield is assumed to be zero as we have not paid dividends nor do we anticipate paying any dividends in the foreseeable future. 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 $491,000 and $426,000 has been recorded in selling, general and administrative expense in the consolidated statements of operations for the years ended December 31, 2021 and 2020, 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,
	2021			2020
Expected life (years)		4.1			4.0
Expected volatility		83.0	%		52.6	%
Risk-free interest rates		0.79	%		0.34	%
Expected dividend yield		0	%		0	%

A summary of the restricted stock activity is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value Per Share		Weighted Average Remaining Term		Aggregate Intrinsic Value
Nonvested shares at January 1, 2020		324,500		$	1.03
Granted		0
Vested		(324,500	)		1.03
Forfeited		0
Nonvested shares at December 31, 2021		0			0
Granted		197,500			3.16
Vested		0			0
Forfeited		0			0
Nonvested shares at December 31, 2021		197,500		$	3.16		5.58	$	480,000

There were no shares that vested during 2021. The total fair value of shares vested during 2020 was $392,000.

The following table summarizes option activity for the year ended December 31, 2021:

	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Term		Aggregate Intrinsic 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	)		1.50
Outstanding at December 31, 2021		2,746,250			1.10
Granted		38,000			3.24
Exercised		(687,500	)		1.21
Forfeited		(107,000	)		0.93
Expired		(12,500	)		0.96
Outstanding at December 31, 2021		1,977,250		$	1.11		2.66	$	2,635,000
Exercisable at December 31, 2021		448,050		$	1.58		1.27	$	382,000

The weighted average grant date fair value based on the Black-Scholes option pricing model for options granted in the years ended December 31, 2021 and 2020 was $1.97 and $0.33 per share, respectively. There were 687,500 options exercised in 2021 with an intrinsic value of $1,907,000. There were 306,500 options exercised in 2020 with an intrinsic value of $392,000.

As of December 31, 2021, there was $762,000 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 1.3 years. The total fair value of option shares vested during the years ended December 31, 2021 and 2020 was $515,000 and $113,000, respectively.

Note 17 - Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

(17) Stockholders’ Equity

As of December 31, 2021 and 2020, 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 no shares of Series A Preferred Stock currently outstanding, and there are no 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,
	2021			2020
Foreign currency translation adjustments, net of tax	$	(11,440	)	$	(10,847	)
Employee benefit related adjustments – U.S, net of tax		(11,745	)		(13,867	)
Employee benefit related adjustments – Mexico, net of tax		191			16
Accumulated other comprehensive loss	$	(22,994	)	$	(24,698	)

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

	Foreign Currency Translation			Defined Benefit Plans			Accum. Other Comp Loss

Balance at January 1, 2020	$	(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	)
Currency translation adjustments, net of tax		(593	)		0			(593	)
Net actuarial loss for the year, net of tax		0			1,684			1,684
Amortization for the year, net of tax		0			613			613
Balance at December 31, 2021	$	(11,440	)	$	(11,554	)	$	(22,994	)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Note 18 - Income Taxes

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(18) 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,
	2021		2020
Domestic	$	408	$	(3,115	)
Foreign		3,588		1,823
Total	$	3,996	$	(1,292	)

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

	Year ended December 31,
	2021		2020
Current:
Federal	$	0	$	0
State		6		(125	)
Foreign		52		235
Total current income tax expense		58		110

Deferred:
Federal		0		0
State		0		0
Foreign		1,015		(3,070	)
Total deferred income tax expense (benefit)		1,015		(3,070	)
Income tax expense (benefit), net	$	1,073	$	(2,960	)

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 Income Taxes, Topic 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 subsidiary. 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.

On 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 2021 and 2020 totaled $6,000 and $13,000, respectively. There were no state income tax refunds received in the U.S. during 2021. State income tax refunds received in the U.S. during 2020 totaled $5,000. Foreign income taxes paid during 2021 and 2020 totaled $211,000 and $206,000, respectively. There were no foreign refunds received in 2021 and 2020. There were no federal taxes paid in 2021 and 2020. There were no federal refunds received in 2021. The Company received federal refunds of $92,000 in 2020. At December 31, 2021, the Company had $146,619,000 of federal net operating loss carryforwards available to offset future federal taxable income. The pre-2018 federal net operating loss carryforwards of $135,646,000 expire in various amounts from 2026 to 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, 2021 are approximately $10,973,000.

At December 31, 2021, the Company had $109,358,000 of state net operating loss carryforwards available to offset future state taxable income, the majority of which relates to Florida ($61,197,000) and Kentucky ($48,161,000). The pre-2018 state net operating loss carryforwards totaling approximately $103,386,000 expire in various amounts from 2026 to 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, 2021 are approximately $5,972,000.

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,
	2021			2020
Federal tax expense at the statutory rate	$	839		$	(271	)
Current year permanent differences		(11	)		273
State income taxes, net of federal tax impact		14			(166	)
Effect of tax rates of foreign subsidiary		323			151
Currency translation effect on temporary differences		111			223
Change in valuation allowance		919			(2,994	)
State NOL carryforwards		(256	)		(471	)
Other		(866	)		295
Income tax expense (benefit), net	$	1,073		$	(2,960	)

The gross deferred tax asset for the Company’s Mexican subsidiary was $2,548,000 and $3,604,000 as of December 31, 2021 and 2020, respectively.

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

	Year ended December 31,
	2021			2020
Deferred tax assets:
Compensation and benefit accruals	$	328		$	386
Inventory valuation		863			877
Federal and state net operating loss carryforwards		35,351			33,851
Deferred revenue		21			391
Accounts receivable allowance		15			7
Defined benefit pension plan		621			708
Lease liabilities		1,037			1,193
Foreign deferred revenue and other provisions		2,548			3,604
Other		779			718
Total		41,563			41,735
Domestic valuation allowance		(37,441	)		(37,015	)
Total deferred tax assets		4,122			4,720

Deferred tax liabilities:
Depreciation		(714	)		(114	)
Right-of-use assets, net		(860	)		(1,002	)
Total deferred tax liabilities		(1,574	)		(1,116	)
Net deferred tax asset	$	2,548		$	3,604

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, 2021 and 2020 was $200,000. There were no changes to the unrecognized tax benefit balance during the years ended December 31, 2021 and 2020.

If the Company’s positions are sustained by the taxing authority, the entire balance at December 31, 2021 would reduce the Company’s effective tax rate. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. The Company recognizes accrued interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2021 and 2020, 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 2018 through 2020, for which the statute has yet to expire. The Company’s wholly-owned subsidiary in Mexico is currently under audit by the Mexican taxing authorities for the 2016 tax year. 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

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+ Details

Note 19 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

(19) 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 and 2,314,000 shares excluded from earnings per share for the year ended December 31, 2021 and 2020, respectively 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 per common share is as follows (in thousands):

	Year ended December 31,
	2021			2020
Income attributable to stockholders:
Net income as reported	$	2,923		$	1,668
Less distributed and undistributed earnings allocable to restricted award holders		(12	)		0
Net income allocable to common stockholders	$	2,911		$	1,668

Income per common share attributable to stockholders:
Basic	$	0.14	$	0.08
Diluted	$	0.13	$	0.08

Weighted average shares outstanding – basic	21,585	21,084
Weighted average additional shares assuming conversion of potential common shares	1,416	2
Weighted average shares outstanding – diluted	23,001	21,086

Note 20 - Segment Information

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(20) 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 no 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,
	2021			2020
Net revenue from unaffiliated customers:
Sypris Technologies	$	61,737		$	45,321
Sypris Electronics		35,697			37,025
Total net revenue	$	97,434		$	82,346

Gross profit:
Sypris Technologies	$	8,115		$	6,164
Sypris Electronics		6,391			5,888
Total gross profit	$	14,506		$	12,052

Operating income (loss):
Sypris Technologies	$	3,484		$	1,731
Sypris Electronics		2,846			2,591
General, corporate and other		(4,420	)		(4,232	)
Total operating income	$	1,910		$	90

Interest expense, net:
Sypris Technologies	$	281		$	251
Sypris Electronics		37			25
General, corporate and other		550			562
Total interest expense	$	868		$	838

SYPRIS SOLUTIONS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – CONTINUED

	Year ended December 31,
	2021			2020
Other expense (income), net:
Sypris Technologies	$	647		$	547
Sypris Electronics		(2	)		(3	)
General, corporate and other		0			0
Total other expense, net	$	645		$	544

Income (loss) before income taxes:
Sypris Technologies	$	2,555		$	935
Sypris Electronics		2,812			2,567
General, corporate and other		(1,371	)		(4,794	)
Total income (loss) before income taxes	$	3,996		$	(1,292	)

Income tax expense (benefit), net
Sypris Technologies	$	1,067		$	(2,835	)
Sypris Electronics		0			0
General, corporate and other		6			(125	)
Total income tax expense (benefit), net	$	1,073		$	(2,960	)

Depreciation and amortization:
Sypris Technologies	$	1,888		$	1,791
Sypris Electronics		579			529
General, corporate and other		179			183
Total depreciation and amortization	$	2,646		$	2,503

Capital expenditures:
Sypris Technologies	$	2,392		$	1,355
Sypris Electronics		403			138
General, corporate and other		29			49
Total capital expenditures	$	2,824		$	1,542

	December 31,
	2021		2020
Total assets:
Sypris Technologies	$	35,977	$	31,425
Sypris Electronics		35,599		18,620
General, corporate and other		7,929		10,663
Total assets	$	79,505	$	60,708

Total liabilities:
Sypris Technologies	$	20,666	$	19,974
Sypris Electronics		31,030		13,545
General, corporate and other		8,523		12,414
Total liabilities	$	60,219	$	45,933

The Company’s export sales from the U.S. totaled $4,463,000 and $3,423,000 in 2021 and 2020, respectively. Approximately $47,077,000 and $29,812,000 of net revenue in 2021 and 2020, respectively, and $7,083,000 and $5,819,000 of long lived assets at December 31, 2021 and 2020, respectively, and net assets of $16,336,000 and $14,344,000 at December 31, 2021 and 2020, respectively, 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.

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+ Details

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2021
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 20 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.
Capitalization of Implementation Costs in Cloud Computing [Policy Text Block]	Cloud Computing Arrangements The Company capitalizes implementation costs incurred in cloud computing (i.e., hosting arrangements) during the application development phase and depreciates the costs over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised or for which the exercise is controlled by the service provider. The Company classifies the amortization of capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting service (i.e., operating and SG&A expense) and classifies the related payments in the statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). In addition, the capitalization of implementation costs is reflected in the balance sheet consistent with the location of prepayment of fees for the hosting element (i.e., within prepaid expenses and other current assets). As of December 31, 2021 and 2020, the Company had $89,000 and $60,000 recorded in prepaid expenses and other current assets in the consolidated balance sheets. Amortization expense for the years ended December 31, 2021 and 2020 was not material.
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.
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 and gross profit 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.
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, 2021 and 2020, was $659,000 and $638,000, respectively. The Company’s warranty expense for the years ended December 31, 2021 and 2020 was $252,000 and $294,000, 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 50% of accounts receivable outstanding at December 31, 2021 is due from three customers. More specifically, Detroit Diesel, ADI and SubCom, comprise 25%, 13% and 11%, respectively, of December 31, 2021 outstanding accounts receivable. 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 receivable. No other single customer accounted for more than 10% of the Company’s total accounts receivable as of December 31, 2021 or 2020. The Company’s largest customers for the year ended December 31, 2021 were Sistemas, Detroit Diesel and Northrop Grumman, which represented approximately 21%, 18% and 16%, respectively, of the Company’s total net revenue. Detroit Diesel and Sistemas are both customers within the Sypris Technologies segment and Northrop Grumman is a customer within the Sypris Electronics segment. Northrop Grumman, Sistemas, and Detroit Diesel, were the Company’s largest customers for the year ended December 31, 2020, which represented approximately 22%, 14% and 12%, 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, 2021 or 2020.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The functional currency for the Company’s Mexican subsidiary 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 subsidiary are included in other income, net.
Collective Bargaining Agreements [Policy Text Block]	Collective Bargaining Agreements Approximately 404, or 59% of the Company’s employees, all within Sypris Technologies, were covered by collective bargaining agreements at December 31, 2021. Excluding certain Mexico employees covered under an annually ratified agreement, collective bargaining agreements covering 29 employees expire within the next 12 months. Certain Mexico employees are covered by an annually ratified collective bargaining agreement. These employees represented approximately 55% of the Company’s workforce, or 375 employees as of December 31, 2021.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards 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. Modified retrospective adoption is required with any cumulative-effect adjustment recorded to retained earnings as of the beginning of the period of adoption. ASU 2016-13 is effective for smaller reporting entities for fiscal years beginning after December 15, 2022, including interim periods within the year of adoption. This guidance, which the Company will adopt effective January 1, 2023, will not 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.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications Certain amounts in the Company’s 2020 consolidated financial statements have been reclassified to conform to the 2021 presentation, which had no impact to the previously reported net income and stockholder’s equity.

Note 2 - Leases (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Lease, Cost [Table Text Block]

	December 31,
	2021		2020
Finance lease expense
Amortization expense	$	422	$	425
Interest expense		230		261
Operating lease expense		1,406		1,406
Variable lease expense		315		317
Total lease expense	$	2,373	$	2,409

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

	December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,532	$	1,363
Operating cash flows from finance leases		230		261
Financing cash flows from finance leases		499		715

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

	Operating			Finance
	Leases			Leases
Next 12 months	$	1,492		$	1,315
12 to 24 months		1,509			1,315
24 to 36 months		1,318			1,238
36 to 48 months		1,231			1,173
48 to 60 months		858			262
Thereafter		842			0
Total lease payments		7,250			5,303
Less imputed interest		(1,309	)		(851	)
Total	$	5,941		$	4,452

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

	December 31,
	2021		2020
Weighted-average remaining lease term (years):
Operating leases		5.3		6.2
Finance leases		4.0		4.9

Weighted-average discount rate (percentage):
Operating leases		8.0		8.0
Finance leases		8.5		10.2

Note 3 - Revenue From Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

	December 31,
	2021		2020
Sypris Technologies – transferred point in time	$	61,737	$	45,321
Sypris Electronics – transferred point in time		7,232		6,550
Sypris Electronics – transferred over time		28,465		30,475
Net revenue	$	97,434	$	82,346

Note 5 - Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

	December 31,
	2021			2020
Commercial	$	8,529		$	7,264
Allowance for doubtful accounts		(62	)		(30	)
Accounts receivable, net	$	8,467		$	7,234

Note 6 - Inventory (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 31,
	2021			2020
Raw materials	$	23,694		$	11,118
Work in process		6,702			6,210
Finished goods		1,497			762
Reserve for excess and obsolete inventory		(1,793	)		(1,854	)
Inventory, net	$	30,100		$	16,236

Note 7 - Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Other Current Assets [Table Text Block]

	December 31,
	2021		2020
Prepaid expenses	$	1,343	$	911
Contract assets		1,913		1,240
Other		2,612		2,209
Other current assets	$	5,868	$	4,360

Note 8 - Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Property, Plant and Equipment [Table Text Block]

	December 31,
	2021			2020
Land and land improvements	$	43		$	43
Buildings and building improvements		7,863			7,747
Machinery, equipment, furniture and fixtures		61,050			55,620
Construction in progress		858			609
		69,814			64,019
Accumulated depreciation		(55,674	)		(53,858	)
Property plant and equipment, net	$	14,140		$	10,161

	December 31,
	2021			2020
Buildings and building improvements	$	2,864		$	2,955
Machinery, equipment, furniture and fixtures		3,048			269
		5,912			3,224
Accumulated depreciation		(1,896	)		(1,522	)
Net	$	4,016		$	1,702

Note 9 - Other Assets (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Other Assets [Table Text Block]

	December 31,
	2021		2020
Long term spare parts	$	455	$	494
Long term deposits		280		286
Pension asset		595		380
Deferred tax asset, net		2,548		3,604
Other		292		244
Other assets	$	4,170	$	5,008

Note 10 - Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	December 31,
	2021		2020
Salaries, wages, employment taxes and withholdings	$	1,548	$	1,353
Employee benefit plans		861		1,216
Accrued professional fees		697		695
Income, property and other taxes		176		253
Contract liabilities – short term		15,013		6,816
Deferred gain from sale-leaseback		286		296
Other		1,065		1,340
Accrued liabilities	$	19,646	$	11,969

Note 11 - Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Other Liabilities [Table Text Block]

	December 31,
	2021		2020
Noncurrent pension liability	$	4,647	$	5,730
Deferred gain from sale leaseback		907		1,231
Contract liabilities – long term		4,875		523
Other		101		485
Other liabilities	$	10,530	$	7,969

Note 12 - Debt (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

	December 31,
	2021			2020
Current:
Finance lease obligation, current portion	$	983		$	393
Equipment financing obligations, current portion		336			0
PPP Loan, current portion		0			1,186
Current portion of long term debt and finance lease obligations	$	1,319		$	1,579
Long Term:
Finance lease obligations	$	3,469		$	1,927
Equipment financing obligations		868			0
PPP Loan		0			2,372
Note payable – related party		6,500			6,500
Less unamortized debt issuance and modification costs		(16	)		(23	)
Long term debt and finance lease obligations, net of unamortized debt costs	$	10,821		$	10,776

Finance Lease, Liability, Fiscal Year Maturity [Table Text Block]

Next 12 months	$	403
12 to 24 months		403
24 to 36 months		345
36 to 48 months		152
48 to 60 months		77
Thereafter		0
Total payments		1,380
Less imputed interest		(176	)
Total equipment financing obligations	$	1,204

- 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 14 - Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

	Year ended December 31,
	2021			2020
Service cost	$	4		$	5
Interest cost on projected benefit obligation		774			1,084
Net amortization of actuarial loss		613			631
Expected return on plan assets		(773	)		(987	)
Net periodic benefit cost	$	618		$	733

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

	Year ended December 31,
	2021		2020
Service cost:
Selling, general and administrative expenses	$	4	$	5
Other net periodic benefit costs:
Other expense, net		614		728
Total	$	618	$	733

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

	December 31,
	2021			2020
Change in benefit obligation
Benefit obligation at beginning of year	$	36,859		$	36,050
Service cost		4			5
Interest cost		774			1,084
Actuarial loss		(2,245	)		2,516
Benefits paid		(2,636	)		(2,796	)
Benefit obligation at end of year	$	32,756		$	36,859
Change in plan assets:
Fair value of plan assets at beginning of year	$	32,353		$	31,738
Actual return on plan assets		37			2,549
Company contributions		297			862
Benefits paid		(2,636	)		(2,796	)
Fair value of plan assets at end of year	$	30,051		$	32,353

Underfunded status of the plans	$	(2,705	)		(4,506	)

	December 31,
	2021			2020
Balance sheet assets (liabilities):
Other assets	$	595		$	380
Accrued liabilities		(126	)		(596	)
Other liabilities		(3,174	)		(4,290	)
Net amount recognized	$	(2,705	)	$	(4,506	)

Pension plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	22,846	$	25,566
Accumulated benefit obligation		22,846		25,566
Fair value of plan assets		19,545		20,680

Projected benefit obligation and net periodic pension cost assumptions:
Discount rate – projected benefit obligation			2.70	%			2.25	%
Discount rate – net periodic pension cost			2.25				3.15
Rate of compensation increase			N/A				N/A
Expected long-term rate of return on plan assets	1.80	-	2.95		3.05	-	3.40

	December 31,
	2021			2020
Weighted average asset allocation:
Equity securities		16	%		17	%
Debt securities		81			80
Other		3			3
Total		100	%		100	%

Schedule of Allocation of Plan Assets [Table Text Block]

	Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)
Asset categories
Cash and cash equivalents	$	2,371	$	0
Equity securities:				0
U.S. Large Cap		2,008		0
U.S. Mid Cap		863		0
U.S. Small Cap		169		0
World Equity		1,733		0
Real Estate		405		0
Other		547		0
Fixed income securities		6,814		15,141
Total Plan Assets	$	14,910	$	15,141

	Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)
Asset categories
Cash and cash equivalents	$	2,744	$	0
Equity securities:				0
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

Schedule of Expected Benefit Payments [Table Text Block]

2022	$	2,616
2023		2,546
2024		2,486
2025		2,416
2026		2,326
2027-2031		10,409
Total	$	22,799

Note 16 - Stock Option and Purchase Plans (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

	Year ended December 31,
	2021			2020
Expected life (years)		4.1			4.0
Expected volatility		83.0	%		52.6	%
Risk-free interest rates		0.79	%		0.34	%
Expected dividend yield		0	%		0	%

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

	Number of Shares			Weighted Average Grant Date Fair Value Per Share		Weighted Average Remaining Term		Aggregate Intrinsic Value
Nonvested shares at January 1, 2020		324,500		$	1.03
Granted		0
Vested		(324,500	)		1.03
Forfeited		0
Nonvested shares at December 31, 2021		0			0
Granted		197,500			3.16
Vested		0			0
Forfeited		0			0
Nonvested shares at December 31, 2021		197,500		$	3.16		5.58	$	480,000

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

	Number of Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Term		Aggregate Intrinsic 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	)		1.50
Outstanding at December 31, 2021		2,746,250			1.10
Granted		38,000			3.24
Exercised		(687,500	)		1.21
Forfeited		(107,000	)		0.93
Expired		(12,500	)		0.96
Outstanding at December 31, 2021		1,977,250		$	1.11		2.66	$	2,635,000
Exercisable at December 31, 2021		448,050		$	1.58		1.27	$	382,000

Note 17 - Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Stockholders Equity [Table Text Block]

	December 31,
	2021			2020
Foreign currency translation adjustments, net of tax	$	(11,440	)	$	(10,847	)
Employee benefit related adjustments – U.S, net of tax		(11,745	)		(13,867	)
Employee benefit related adjustments – Mexico, net of tax		191			16
Accumulated other comprehensive loss	$	(22,994	)	$	(24,698	)

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

	Foreign Currency Translation			Defined Benefit Plans			Accum. Other Comp Loss

Balance at January 1, 2020	$	(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	)
Currency translation adjustments, net of tax		(593	)		0			(593	)
Net actuarial loss for the year, net of tax		0			1,684			1,684
Amortization for the year, net of tax		0			613			613
Balance at December 31, 2021	$	(11,440	)	$	(11,554	)	$	(22,994	)

Note 18 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

	Year ended December 31,
	2021		2020
Domestic	$	408	$	(3,115	)
Foreign		3,588		1,823
Total	$	3,996	$	(1,292	)

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

	Year ended December 31,
	2021		2020
Current:
Federal	$	0	$	0
State		6		(125	)
Foreign		52		235
Total current income tax expense		58		110

Deferred:
Federal		0		0
State		0		0
Foreign		1,015		(3,070	)
Total deferred income tax expense (benefit)		1,015		(3,070	)
Income tax expense (benefit), net	$	1,073	$	(2,960	)

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

	Year ended December 31,
	2021			2020
Federal tax expense at the statutory rate	$	839		$	(271	)
Current year permanent differences		(11	)		273
State income taxes, net of federal tax impact		14			(166	)
Effect of tax rates of foreign subsidiary		323			151
Currency translation effect on temporary differences		111			223
Change in valuation allowance		919			(2,994	)
State NOL carryforwards		(256	)		(471	)
Other		(866	)		295
Income tax expense (benefit), net	$	1,073		$	(2,960	)

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

	Year ended December 31,
	2021			2020
Deferred tax assets:
Compensation and benefit accruals	$	328		$	386
Inventory valuation		863			877
Federal and state net operating loss carryforwards		35,351			33,851
Deferred revenue		21			391
Accounts receivable allowance		15			7
Defined benefit pension plan		621			708
Lease liabilities		1,037			1,193
Foreign deferred revenue and other provisions		2,548			3,604
Other		779			718
Total		41,563			41,735
Domestic valuation allowance		(37,441	)		(37,015	)
Total deferred tax assets		4,122			4,720

Deferred tax liabilities:
Depreciation		(714	)		(114	)
Right-of-use assets, net		(860	)		(1,002	)
Total deferred tax liabilities		(1,574	)		(1,116	)
Net deferred tax asset	$	2,548		$	3,604

Note 19 - Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

	Year ended December 31,
	2021			2020
Income attributable to stockholders:
Net income as reported	$	2,923		$	1,668
Less distributed and undistributed earnings allocable to restricted award holders		(12	)		0
Net income allocable to common stockholders	$	2,911		$	1,668

Income per common share attributable to stockholders:
Basic	$	0.14	$	0.08
Diluted	$	0.13	$	0.08

Weighted average shares outstanding – basic	21,585	21,084
Weighted average additional shares assuming conversion of potential common shares	1,416	2
Weighted average shares outstanding – diluted	23,001	21,086

Note 20 - Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

	Year ended December 31,
	2021			2020
Net revenue from unaffiliated customers:
Sypris Technologies	$	61,737		$	45,321
Sypris Electronics		35,697			37,025
Total net revenue	$	97,434		$	82,346

Gross profit:
Sypris Technologies	$	8,115		$	6,164
Sypris Electronics		6,391			5,888
Total gross profit	$	14,506		$	12,052

Operating income (loss):
Sypris Technologies	$	3,484		$	1,731
Sypris Electronics		2,846			2,591
General, corporate and other		(4,420	)		(4,232	)
Total operating income	$	1,910		$	90

Interest expense, net:
Sypris Technologies	$	281		$	251
Sypris Electronics		37			25
General, corporate and other		550			562
Total interest expense	$	868		$	838

	Year ended December 31,
	2021			2020
Other expense (income), net:
Sypris Technologies	$	647		$	547
Sypris Electronics		(2	)		(3	)
General, corporate and other		0			0
Total other expense, net	$	645		$	544

Income (loss) before income taxes:
Sypris Technologies	$	2,555		$	935
Sypris Electronics		2,812			2,567
General, corporate and other		(1,371	)		(4,794	)
Total income (loss) before income taxes	$	3,996		$	(1,292	)

Income tax expense (benefit), net
Sypris Technologies	$	1,067		$	(2,835	)
Sypris Electronics		0			0
General, corporate and other		6			(125	)
Total income tax expense (benefit), net	$	1,073		$	(2,960	)

Depreciation and amortization:
Sypris Technologies	$	1,888		$	1,791
Sypris Electronics		579			529
General, corporate and other		179			183
Total depreciation and amortization	$	2,646		$	2,503

Capital expenditures:
Sypris Technologies	$	2,392		$	1,355
Sypris Electronics		403			138
General, corporate and other		29			49
Total capital expenditures	$	2,824		$	1,542

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

	December 31,
	2021		2020
Total assets:
Sypris Technologies	$	35,977	$	31,425
Sypris Electronics		35,599		18,620
General, corporate and other		7,929		10,663
Total assets	$	79,505	$	60,708

Total liabilities:
Sypris Technologies	$	20,666	$	19,974
Sypris Electronics		31,030		13,545
General, corporate and other		8,523		12,414
Total liabilities	$	60,219	$	45,933

Note 1 - Organization and Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019
Number of Operating Segments	2
Standard and Extended Product Warranty Accrual, Ending Balance	$ 659,000	$ 638,000
Product Warranty Expense	$ 252,000	$ 294,000
Multi Employer Plans Collective Bargaining Arrangement Number of Participants	404
Multiemployer Plan, Employees Covered by Collective-Bargaining Arrangement, Subject to Expiration in 12 Months	29
Employee Benefit Related Adjustments Mexico [Member]
Multi Employer Plans Collective Bargaining Arrangement Number of Participants	375
Multiemployer Plan, Pension, Significant, Employees Covered by Collective-Bargaining Arrangement to All Entity's Employees, Percentage	59.00%
Multiemployer Plan, Pension, Significant, Employees Covered by Collective-Bargaining Arrangement to All Participants, Percentage	55.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Three Customers [Member]
Concentration Risk, Percentage	50.00%
Number of Major Customers	3
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Detroit Diesel [Member]
Concentration Risk, Percentage	25.00%	14.00%	10.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer ADI [Member]
Concentration Risk, Percentage	13.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Subcom [Member]
Concentration Risk, Percentage	11.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Four Customers [Member]
Concentration Risk, Percentage		53.00%
Number of Major Customers		4
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer Sistemas [Member]
Concentration Risk, Percentage		17.00%
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 Detroit Diesel [Member]
Concentration Risk, Percentage	18.00%	12.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Customer Sistemas [Member]
Concentration Risk, Percentage	21.00%	14.00%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Northrop Grumman [Member]
Concentration Risk, Percentage	16.00%	22.00%
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
Capitalized Implementation Costs [Member]
Prepaid Expense and Other Assets	$ 89,000	$ 60,000

Note 2 - Leases (Details Textual) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Renewal Term (Year)	5 years
Operating Lease, Right-of-Use Asset	$ 5,140,000	$ 6,103,000
Operating Lease, Liability, Total	$ 5,941,000	$ 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 2 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Amortization expense	$ 422	$ 425
Interest expense	230	261
Operating lease expense	1,406	1,406
Variable lease expense	315	317
Total lease expense	$ 2,373	$ 2,409

Note 2 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating cash flows from operating leases	$ 1,532	$ 1,363
Operating cash flows from finance leases	230	261
Financing cash flows from finance leases	$ 499	$ 715

Note 2 - Leases - Maturities of Lease Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Next 12 months, Operating Leases	$ 1,492,000
Next 12 months, Finance Leases	1,315,000
12 to 24 months, Operating Leases	1,509,000
12 to 24 months, Finance Leases	1,315,000
24 to 36 months, Operating Leases	1,318,000
24 to 36 months, Finance Leases	1,238,000
36 to 48 months, Operating Leases	1,231,000
36 to 48 months, Finance Leases	1,173,000
48 to 60 months, Operating Leases	858,000
48 to 60 months, Finance Leases	262,000
Thereafter, Operating Leases	842,000
Thereafter, Finance Leases	0
Total lease payments, Operating Leases	7,250,000
Total payments, equipment finance lease	5,303,000
Less imputed interest, Operating Leases	(1,309,000)
Less imputed interest, equipment finance lease	(851,000)
Total, Operating Leases	5,941,000	$ 6,906,000
Total equipment financing obligations, equipment lease finance	$ 4,452,000

Note 2 - Leases - Information Related to Lease Terms and Discount Rates (Details)	Dec. 31, 2021	Dec. 31, 2020
Operating leases (Year)	5 years 3 months 18 days	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	8.50%	10.20%

Note 3 - Revenue From Contracts With Customers 1 (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Amount	$ 44,602,000
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total	1,913,000	$ 1,240,000
Contract with Customer, Liability, Total	19,888,000	7,339,000
Contract with Customer, Liability, Current	15,013,000	6,816,000
Contract with Customer, Liability, Noncurrent	4,875,000	523,000
Contract with Customer, Liability, Revenue Recognized from Contract Liabilities	6,400,000	7,619,000
Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total	1,913,000	1,240,000
Accrued Liabilities [Member]
Contract with Customer, Liability, Current	15,013,000	6,816,000
Other Noncurrent Liabilities [Member]
Contract with Customer, Liability, Noncurrent	$ 4,875,000	$ 523,000

Note 3 - Revenue From Contracts With Customers 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Percentage	66.00%

Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net revenue	$ 97,434	$ 82,346
Sypris Technologies [Member]
Net revenue	61,737	45,321
Sypris Technologies [Member] \| Transferred at Point in Time [Member]
Net revenue	61,737	45,321
Sypris Electronics [Member]
Net revenue	35,697	37,025
Sypris Electronics [Member] \| Transferred at Point in Time [Member]
Net revenue	7,232	6,550
Sypris Electronics [Member] \| Transferred over Time [Member]
Net revenue	$ 28,465	$ 30,475

- 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=123359005&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=123351226&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=123359005&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

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=123359005&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=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 4 - Other Expense, Net (Details Textual) - USD ($)	12 Months Ended
Note 4 - Other Expense, Net (Details Textual) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Other Nonoperating Income (Expense), Total	$ (645,000)	$ (544,000)
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	(614,000)	(728,000)
Proceeds from Sale of Property, Plant, and Equipment, Total	$ 10,000	1,969,000
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)
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 5 - Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Account receivable, long-term contracts or programs	$ 8,529	$ 7,264
Allowance for doubtful accounts	(62)	(30)
Accounts receivable, net	$ 8,467	$ 7,234

Note 6 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Raw materials	$ 23,694	$ 11,118
Work in process	6,702	6,210
Finished goods	1,497	762
Reserve for excess and obsolete inventory	(1,793)	(1,854)
Inventory, net	$ 30,100	$ 16,236

Note 7 - Other Current Assets (Details Textual)	12 Months Ended
Note 7 - Other Current Assets (Details Textual)	Dec. 31, 2021
Percentage of Current Assets Included in Other Current Assets	5.00%

Note 7 - Other Current Assets - Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid expenses	$ 1,343	$ 911
Contract assets	1,913	1,240
Other	2,612	2,209
Other current assets	$ 5,868	$ 4,360

Note 8 - Property, Plant and Equipment (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Depreciation, Total	$ 2,646,000	$ 2,503,000

Note 8 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Gross property, plant and equipment	$ 69,814	$ 64,019
Accumulated depreciation	(55,674)	(53,858)
Property plant and equipment, net	14,140	10,161
Buildings and building improvements	5,912	3,224
Accumulated depreciation	(1,896)	(1,522)
Property, Plant and Equipment [Member]
Net	4,016	1,702
Land and Land Improvements [Member]
Gross property, plant and equipment	43	43
Building and Building Improvements [Member]
Gross property, plant and equipment	7,863	7,747
Buildings and building improvements	2,864	2,955
Machinery, Equipment, Furniture, and Fixtures [Member]
Buildings and building improvements	3,048	269
Property, Plant and Equipment, Other Types [Member]
Gross property, plant and equipment	61,050	55,620
Construction in Progress [Member]
Gross property, plant and equipment	$ 858	$ 609

Note 9 - Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long term spare parts	$ 455	$ 494
Long term deposits	280	286
Pension asset	595	380
Deferred tax asset, net	2,548	3,604
Other	292	244
Other assets	$ 4,170	$ 5,008

- Definition

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

+ References + Details

Note 10 - Accrued Liabilities (Details Textual)	Dec. 31, 2021
Accrued Operating Expenses, Accrued Warranty Expenses, Accrued Interest, and Other Items	5.00%

Note 10 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Salaries, wages, employment taxes and withholdings	$ 1,548	$ 1,353
Employee benefit plans	861	1,216
Accrued professional fees	697	695
Income, property and other taxes	176	253
Contract liabilities – short term	15,013	6,816
Deferred gain from sale-leaseback	286	296
Other	1,065	1,340
Accrued liabilities	$ 19,646	$ 11,969

Note 11 - Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Noncurrent pension liability	$ 4,647	$ 5,730
Deferred gain from sale leaseback	907	1,231
Contract liabilities – long term	4,875	523
Other	101	485
Other liabilities	$ 10,530	$ 7,969

Note 12 - Debt (Details Textual) - USD ($)			3 Months Ended		12 Months Ended
Note 12 - Debt (Details Textual) - USD ($)	Jun. 28, 2021	Apr. 01, 2019	Dec. 31, 2021	Jul. 05, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Interest Costs Capitalized					$ 0	$ 0
Interest Paid, Excluding Capitalized Interest, Operating Activities					699,000	369,000
Proceeds from Notes Payable, Total					0	$ 3,558,000
Finance Lease, Liability, Total			$ 4,452,000		4,452,000
Machinery at Sypris Technologies Facility [Member]
Finance Lease, Liability, Total			$ 4,500,000		$ 4,500,000
Machinery at Sypris Technologies Facility [Member] \| Finance Lease Obligations [Member]
Debt, Weighted Average Interest Rate			8.50%		8.50%
Outstanding Borrowings [Member]
Debt, Weighted Average Interest Rate			6.50%		6.50%	5.50%
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, 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		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		$ 2,500,000
Promissory Notes with Maturity on April 1, 2024 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance			2,000,000		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%
Promissory Note with Maturity on April 1, 2021 [Member] \| Gill Family Capital Management [Member]
Subordinated Debt, Ending Balance			2,500,000		2,500,000
Equipment Financing Obligations [Member]
Finance Lease, Liability, Total			1,204,000		1,204,000
Long-term Debt, Total			$ 1,200,000		$ 1,200,000
Equipment Financing Obligations [Member] \| Minimum [Member]
Debt Instrument, Interest Rate, Effective Percentage			4.40%		4.40%
Equipment Financing Obligations [Member] \| Maximum [Member]
Debt Instrument, Interest Rate, Effective Percentage			8.10%		8.10%

Note 12 - Debt - Debt Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finance lease obligations, current portion	$ 983	$ 393
Equipment financing obligations, current portion	336	0
PPP Loan, current portion	0	1,186
Current portion of long term debt and finance lease obligations	1,319	1,579
Finance lease obligations, net of current portion	3,469	1,927
Equipment financing obligations	868	0
PPP Loan	0	2,372
Note payable – related party	6,500	6,500
Less unamortized debt issuance and modification costs	(16)	(23)
Long term debt and finance lease obligations, net of unamortized debt costs	$ 10,821	$ 10,776

Note 12 - Debt - Maturities of Equipment Financing Obligations (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Next 12 months, equipment finance lease	$ 1,315
12 to 24 months, equipment finance lease	1,315
24 to 36 months, equipment finance lease	1,238
36 to 48 months, equipment finance lease	1,173
48 to 60 months, equipment finance lease	262
Thereafter, equipment finance lease	0
Total payments, equipment finance lease	5,303
Less imputed interest, equipment finance lease	(851)
Total equipment financing obligations, equipment lease finance	4,452
Equipment Financing Obligations [Member]
Next 12 months, equipment finance lease	403
12 to 24 months, equipment finance lease	403
24 to 36 months, equipment finance lease	345
36 to 48 months, equipment finance lease	152
48 to 60 months, equipment finance lease	77
Thereafter, equipment finance lease	0
Total payments, equipment finance lease	1,380
Less imputed interest, equipment finance lease	(176)
Total equipment financing obligations, equipment lease finance	$ 1,204

Note 14 - Employee Benefit Plans (Details Textual) - USD ($)	12 Months Ended		24 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Defined Benefit Plan Maximum Period Allocated for Calculating Average Compensation (Year)			10 years
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 109,000		$ 109,000
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax, Total	11,207,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax, Total	$ 613,000	$ 631,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total	$ (2,705,000)	(4,506,000)	(2,705,000)
Other Liabilities [Member]
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total	$ 1,473,000	1,440,000	$ 1,473,000
Louisville Hourly Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	1.80%
Marion Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	2.95%
Louisville Salaried Plan [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	2.60%
Defined Contribution Plan [Member]
Defined Contribution Plan, Cost	$ 361,000	350,000
Non US Employees Defined Benefit Plan [Member]
Defined Benefit Plan, Plan Assets, Administration Expense	$ 232,000	$ 199,000
Minimum [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	1.80%	3.05%
Maximum [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	2.95%	3.40%
Defined Benefit Plan, Equity Securities [Member] \| Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%		0.00%
Defined Benefit Plan, Equity Securities [Member] \| Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	55.00%		55.00%
Fixed Income Securities [Member] \| Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	35.00%		35.00%
Fixed Income Securities [Member] \| Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	100.00%		100.00%
Non Traditional Securities [Member] \| Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%		0.00%
Non Traditional Securities [Member] \| Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	10.00%		10.00%

Note 14 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Service cost	$ 4	$ 5
Interest cost on projected benefit obligation	774	1,084
Net amortization of actuarial loss	613	631
Expected return on plan assets	(773)	(987)
Net periodic benefit cost	$ 618	$ 733

Note 14 - Employee Benefit Plans - Net Periodic Benefit Cost Recognized in Consolidated Statements of Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Selling, general and administrative expenses	$ 4,000	$ 5,000
Other expense, net	614,000	728,000
Total	618,000	733,000
Selling, General and Administrative Expenses [Member]
Selling, general and administrative expenses	$ 4,000	$ 5,000

Note 14 - 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, 2021	Dec. 31, 2020
Benefit obligation at beginning of year	$ 36,859	$ 36,050
Service cost	4	5
Interest cost on projected benefit obligation	774	1,084
Actuarial loss	(2,245)	2,516
Benefits paid	(2,636)	(2,796)
Benefit obligation at end of year	32,756	36,859
Fair value of plan assets at beginning of year	32,353	31,738
Actual return on plan assets	37	2,549
Company contributions	297	862
Fair value of plan assets at end of year	30,051	32,353
Underfunded status of the plans	(2,705)	(4,506)
Other assets	595	380
Accrued liabilities	(126)	(596)
Other liabilities	(3,174)	(4,290)
Net amount recognized	(2,705)	(4,506)
Projected benefit obligation	22,846	25,566
Accumulated benefit obligation	22,846	25,566
Fair value of plan assets	$ 19,545	$ 20,680
Discount rate – projected benefit obligation	2.70%	2.25%
Discount rate – net periodic pension cost	2.25%	3.15%
Weighted average asset allocation:	100.00%
Minimum [Member]
Expected long-term rate of return on plan assets	1.80%	3.05%
Maximum [Member]
Expected long-term rate of return on plan assets	2.95%	3.40%
Equity Securities [Member]
Weighted average asset allocation:	16.00%
Debt Securities [Member]
Weighted average asset allocation:	81.00%
Other [Member]
Weighted average asset allocation:	3.00%

Note 14 - Employee Benefit Plans - Summary of Fair Values of Pension Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair value of plan assets	$ 30,051	$ 32,353	$ 31,738
Fair Value, Inputs, Level 1 [Member]
Fair value of plan assets	14,910	15,658
Fair Value, Inputs, Level 1 [Member] \| Cash and Cash Equivalents [Member]
Fair value of plan assets	2,371	2,744
Fair Value, Inputs, Level 1 [Member] \| Defined Benefit Plan, Equity Securities, US, Large Cap [Member]
Fair value of plan assets	2,008	2,272
Fair Value, Inputs, Level 1 [Member] \| Defined Benefit Plan, Equity Securities, US, Mid Cap [Member]
Fair value of plan assets	863	867
Fair Value, Inputs, Level 1 [Member] \| Defined Benefit Plan, Equity Securities, US, Small Cap [Member]
Fair value of plan assets	169	224
Fair Value, Inputs, Level 1 [Member] \| Defined Benefit Plan, Equity Securities, Non-US [Member]
Fair value of plan assets	1,733	2,256
Fair Value, Inputs, Level 1 [Member] \| Real Estate [Member]
Fair value of plan assets	405	391
Fair Value, Inputs, Level 1 [Member] \| Other Equity Securities [Member]
Fair value of plan assets	547	600
Fair Value, Inputs, Level 1 [Member] \| Fixed Income Securities [Member]
Fair value of plan assets	6,814	6,304
Fair Value, Inputs, Level 2 [Member]
Fair value of plan assets	15,141	16,695
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	$ 15,141	$ 16,695

Note 14 - Employee Benefit Plans - Benefits Expected to be Paid (Details) $ in Thousands	Dec. 31, 2021 USD ($)
2022	$ 2,616
2023	2,546
2024	2,486
2025	2,416
2026	2,326
2027-2031	10,409
Total	$ 22,799

Note 15 - Commitments and Contingencies (Details Textual) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Purchase Obligation, Total	$ 14,687,000
Accrual for Environmental Loss Contingencies, Ending Balance	$ 0	$ 0

Note 16 - Stock Option and Purchase Plans (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	3,429,771	3,598,271
Share-based Payment Arrangement, Expense	$ 491,000	$ 426,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 1.97	$ 0.33
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)	687,500	306,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 1,907,000	$ 392,000
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 762,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 515,000	113,000
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
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	$ 0	$ 392,000

Note 16 - Stock Option and Purchase Plans - Estimate Fair Value of Options Granted (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Expected life (years) (Year)	4 years 1 month 6 days	4 years
Expected volatility	83.00%	52.60%
Risk-free interest rates	0.79%	0.34%
Expected dividend yield	0.00%	0.00%

Note 16 - Stock Option and Purchase Plans - Summary of Restricted Stock Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Granted (in shares)	197,500
Granted, weighted average grant date fair value (in dollars per share)	$ 3.16
Vested (in shares)	0
Vested, weighted average grant date fair value (in dollars per share)	$ 0
Forfeited (in shares)	0
Forfeited, weighted average grant date fair value (in dollars per share)	$ 0
Nonvested shares, weighted average grant date fair value (in dollars per share)	$ 3.16
Nonvested shares (in shares)	197,500
Nonvested shares, weighted average grant date fair value (in dollars per share)	$ 3.16
Nonvested shares, weighted average remaining term (Year)	5 years 6 months 29 days
Nonvested shares, aggregate intrinsic value	$ 480,000
Restricted Stock [Member]
Novested shares (in shares)	0	324,500
Nonvested shares, weighted average grant date fair value (in dollars per share)	$ 0	$ 1.03
Granted (in shares)		0
Granted, weighted average grant date fair value (in dollars per share)
Vested (in shares)		(324,500)
Vested, weighted average grant date fair value (in dollars per share)		$ 1.03
Forfeited (in shares)		0
Forfeited, weighted average grant date fair value (in dollars per share)
Nonvested shares, weighted average grant date fair value (in dollars per share)		$ 0
Nonvested shares (in shares)		0
Nonvested shares, weighted average grant date fair value (in dollars per share)		$ 0

Note 16 - Stock Option and Purchase Plans - Summary of Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Outstanding, shares (in shares)	2,746,250	2,567,750
Outstanding, weighted average exercise price per share (in dollars per share)	$ 1.10	$ 1.26
Granted, shares (in shares)	38,000	930,000
Granted, weighted average exercise price per shar (in dollars per share)	$ 3.24	$ 0.82
Exercised, shares (in shares)	(687,500)	(306,500)
Exercised, weighted average exercise price per shar (in dollars per share)	$ 1.21	$ 0.96
Forfeited, shares (in shares)	(107,000)	0
Forfeited, weighted average exercise price per shar (in dollars per share)	$ 0.93	$ 0
Expired, shares (in shares)	(12,500)	(445,000)
Expired, weighted average exercise price per shar (in dollars per share)	$ 0.96	$ 1.50
Outstanding, shares (in shares)	1,977,250	2,746,250
Outstanding, weighted average exercise price per shar (in dollars per share)	$ 1.11	$ 1.10
Outstanding, weighted average remaining term (Year)	2 years 7 months 28 days
Outstanding, aggregate intrinsic value	$ 2,635,000
Exercisable, shares (in shares)	448,050
Exercisable, weighted average exercise price per share (in dollars per share)	$ 1.58
Exercisable, weighted average remaining term (Year)	1 year 3 months 7 days
Exercisable, aggregate intrinsic value	$ 382,000

Note 17 - Stockholders' Equity (Details Textual) - shares	Dec. 31, 2021	Dec. 31, 2020
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 17 - Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Foreign currency translation adjustments, net of tax	$ (11,440)	$ (10,847)
Accumulated other comprehensive loss	(22,994)	(24,698)
Internal Revenue Service (IRS) [Member]
Employee benefit related adjustments, net of tax	(11,745)	(13,867)
Mexican Tax Authority [Member]
Employee benefit related adjustments, net of tax	$ 191	$ 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

Note 17 - Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Balance	$ 14,775
Currency translation adjustments, net of tax	(593)	$ (224)
Balance	19,286	14,775
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(10,847)	(10,623)
Currency translation adjustments, net of tax	(593)	(224)
Net actuarial loss for the year, net of tax	0	0
Amortization for the year, net of tax	0	0
Balance	(11,440)	(10,847)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(13,851)	(13,428)
Currency translation adjustments, net of tax	0	0
Net actuarial loss for the year, net of tax	1,684	(1,054)
Amortization for the year, net of tax	613	631
Balance	(11,554)	(13,851)
AOCI Attributable to Parent [Member]
Balance	(24,698)	(24,051)
Currency translation adjustments, net of tax	(593)	(224)
Net actuarial loss for the year, net of tax	1,684	(1,054)
Amortization for the year, net of tax	613	631
Balance	$ (22,994)	$ (24,698)

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-Name Accounting Standards Codification
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-Section 55
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 2
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 825
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-Name Accounting Standards Codification
-Topic 323
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-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Note 18 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
Note 18 - Income Taxes (Details Textual) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets, Foreign Deferred Revenue and Other Provision	$ 2,548,000	$ 3,604,000
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	6,000	13,000
Proceeds from Income Tax Refunds	0	5,000
Operating Loss Carryforwards, Total	109,358,000
Operating Loss Carryforwards, Subject to Expiration	103,386,000
Operating Loss Carryforwards, Not Subject to Expiration	5,972,000
State and Local Jurisdiction [Member] \| FL [Member]
Operating Loss Carryforwards, Total	61,197,000
State and Local Jurisdiction [Member] \| Kentucky 1 [Member]
Operating Loss Carryforwards, Total	48,161,000
Foreign Tax Authority [Member]
Income Taxes Paid	211,000	206,000
Proceeds from Income Tax Refunds	$ 0	0
Foreign Tax Authority [Member] \| MEXICO
Income Tax Examination, Year under Examination	2016
Domestic Tax Authority [Member]
Income Taxes Paid	$ 0	0
Proceeds from Income Tax Refunds	0	$ 92,000
Operating Loss Carryforwards, Total	146,619,000
Operating Loss Carryforwards, Subject to Expiration	135,646,000
Operating Loss Carryforwards, Not Subject to Expiration	$ 10,973,000

Note 18 - Income Taxes - Components of Income (Loss) From Continuing Operations Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Domestic	$ 408	$ (3,115)
Foreign	3,588	1,823
Total	$ 3,996	$ (1,292)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 18 - Income Taxes - Components of Income Tax Expense (Benefit) Applicable to Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 0	$ 0
State	6	(125)
Foreign	52	235
Total current income tax expense	58	110
Deferred:
Federal	0	0
State	0	0
Foreign	1,015	(3,070)
Total deferred income tax expense (benefit)	1,015	(3,070)
Income tax expense (benefit), net	$ 1,073	$ (2,960)

Note 18 - Income Taxes - Summary of Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal tax expense at the statutory rate	$ 839	$ (271)
Current year permanent differences	(11)	273
State income taxes, net of federal tax impact	14	(166)
Effect of tax rates of foreign subsidiary	323	151
Currency translation effect on temporary differences	111	223
Change in valuation allowance	919	(2,994)
State NOL carryforwards	(256)	(471)
Other	(866)	295
Income tax expense (benefit), net	$ 1,073	$ (2,960)

- Definition

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

+ References + Details

Note 18 - Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Compensation and benefit accruals	$ 328,000	$ 386,000
Inventory valuation	863,000	877,000
Federal and state net operating loss carryforwards	35,351,000	33,851,000
Deferred revenue	21,000	391,000
Accounts receivable allowance	15,000	7,000
Defined benefit pension plan	621,000	708,000
Lease liabilities	1,037,000	1,193,000
Foreign deferred revenue and other provisions	2,548,000	3,604,000
Other	779,000	718,000
Total	41,563,000	41,735,000
Domestic valuation allowance	(37,441,000)	(37,015,000)
Total deferred tax assets	4,122,000	4,720,000
Deferred tax liabilities:
Depreciation	(714,000)	(114,000)
Right-of-use assets, net	(860,000)	(1,002,000)
Total deferred tax liabilities	(1,574,000)	(1,116,000)
Net deferred tax asset	$ 2,548,000	$ 3,604,000

Note 19 - Earnings Per Common Share (Details Textual) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	38,000	2,314,000

Note 19 - 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 2,923	$ 1,668
Less distributed and undistributed earnings allocable to restricted award holders	(12)	0
Net income allocable to common stockholders	$ 2,911	$ 1,668
Basic (in dollars per share)	$ 0.14	$ 0.08
Diluted (in dollars per share)	$ 0.13	$ 0.08
Basic (in shares)	21,585	21,084
Weighted average additional shares assuming conversion of potential common shares (in shares)	1,416	2
Weighted average shares outstanding – diluted (in shares)	23,001	21,086

- 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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Note 20 - Segment Information (Details Textual)	12 Months Ended
Note 20 - Segment Information (Details Textual)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Number of Operating Segments	2
Revenue from Contract with Customer, Including Assessed Tax	$ 97,434,000	$ 82,346,000
International Operation [Member]
Export Sales	4,463,000	3,423,000
Revenues, Total	47,077,000	29,812,000
Long-Lived Assets	7,083,000	5,819,000
Net Assets, Ending Balance	16,336,000	$ 14,344,000
Intersegment Eliminations [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 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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+ Details

Note 20 - Segment Information - Financial Information From Reportable Segments - Income Statement (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net revenue from unaffiliated customers	$ 97,434,000	$ 82,346,000
Gross profit (loss)	14,506,000	12,052,000
Operating income (loss)	1,910,000	90,000
Interest expense, net	868,000	838,000
Other (income) expense, net	(645,000)	(544,000)
Other expense, net	645,000	544,000
Income (loss) before taxes	3,996,000	(1,292,000)
Income tax expense (benefit), net	1,073,000	(2,960,000)
Depreciation and amortization	2,646,000	2,503,000
Capital expenditures	2,824,000	1,542,000
Sypris Technologies [Member]
Net revenue from unaffiliated customers	61,737,000	45,321,000
Gross profit (loss)	8,115,000	6,164,000
Operating income (loss)	3,484,000	1,731,000
Interest expense, net	281,000	251,000
Other (income) expense, net	647,000	547,000
Other expense, net	(647,000)	(547,000)
Income (loss) before taxes	2,555,000	935,000
Income tax expense (benefit), net	1,067,000	(2,835,000)
Depreciation and amortization	1,888,000	1,791,000
Capital expenditures	2,392,000	1,355,000
Sypris Electronics [Member]
Net revenue from unaffiliated customers	35,697,000	37,025,000
Gross profit (loss)	6,391,000	5,888,000
Operating income (loss)	2,846,000	2,591,000
Interest expense, net	37,000	25,000
Other (income) expense, net	(2,000)	(3,000)
Other expense, net	2,000	3,000
Income (loss) before taxes	2,812,000	2,567,000
Income tax expense (benefit), net	0	0
Depreciation and amortization	579,000	529,000
Capital expenditures	403,000	138,000
Corporate and Other [Member]
Operating income (loss)	(4,420,000)	(4,232,000)
Interest expense, net	550,000	562,000
Other (income) expense, net	0	0
Other expense, net	0	0
Income (loss) before taxes	(1,371,000)	(4,794,000)
Income tax expense (benefit), net	6,000	(125,000)
Depreciation and amortization	179,000	183,000
Capital expenditures	$ 29,000	$ 49,000

Note 20 - Segment Information - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Total assets	$ 79,505	$ 60,708
Total liabilities	60,219	45,933
Sypris Technologies [Member]
Total assets	35,977	31,425
Total liabilities	20,666	19,974
Sypris Electronics [Member]
Total assets	35,599	18,620
Total liabilities	31,030	13,545
Corporate and Other [Member]
Total assets	7,929	10,663
Total liabilities	$ 8,523	$ 12,414

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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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