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Dana Settlement Agreement
12 Months Ended
Dec. 31, 2011
Dana Settlement Agreement [Abstract]  
Dana Settlement Agreement
(5) Dana Settlement Agreement

On March 3, 2006, the Company's largest customer, Dana Corporation ("Dana"), and 40 of its U.S. subsidiaries, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. On August 7, 2007, the Company entered into a comprehensive settlement agreement with Dana (the "Settlement Agreement") to resolve all outstanding disputes between the parties, terminate previously approved arbitration payments and replace three existing supply agreements with a single, revised contract running through 2014. In addition, Dana provided the Company with an allowed general unsecured non-priority claim in the face amount of $89,900,000 (the "Claim").

The Claim provided to Sypris was agreed to by Sypris and Dana as consideration for the aggregate economic impact of the various elements the two parties were negotiating. After the aggregate Claim value of $89,900,000 was established, Sypris recorded the claim at the estimated fair value of $76,483,000 and allocated the estimated fair value to each commercial issue negotiated. The revenues and resulting net income associated with each of those issues requiring the Company's continued involvement was deferred and will be recognized over the applicable period of the involvement. For the years ended December 31, 2011 and 2010, the Company recognized into revenue $6,884,000 and $6,112,000, respectively, related to the Claim.

On August 31, 2011, the Company received 143,966 shares of Dana common stock, representing the final distribution to be received in conjunction with the settlement. At December 31, 2011, the cost basis and fair value of the Company's holdings of Dana common stock amounted to $64,000 and $1,749,000, respectively. In accordance with ASC 320-10-25, the $1,685,000 increase in value was recorded as an unrealized holding gain in other comprehensive loss for the year ended December 31, 2011.