XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Note 6 - Exit and Disposal Activities | 9 Months Ended
--- | ---
Sep. 30, 2018
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] |
( 6 ) | Exit and Disposal Activities
On February 21, 2017, the Board of Directors approved a modified exit or disposal plan with respect to the Broadway Plant, which included the relocation of production to other Company facilities, as needed, and/or the closure of the plant. The relocation of production was complete as of the end of 2017. The Company has relocated certain assets from the Broadway Plant to other manufacturing facilities, as needed, to serve its existing and target customer base and identified underutilized or non-core assets for disposal. Management expects to apply the proceeds from the sale of any underutilized or non-core assets to help fund the costs to transfer any additional equipment from the Broadway Plant. Management is currently evaluating options for the real estate and any remaining assets in the Broadway Plant. As a result of these initiatives, the Company recorded charges of $1,088,000, or $0.05 per share, and $2,235,000, or $0.11 per share, during the first nine months of 2018 and 2017, respectively, related to the transition of production from the Broadway Plant, which is included in severance, relocation and other costs in the consolidated statement of operations. All $1,088,000 incurred during the nine months ended September 30, 2018 was recorded within Sypris Technologies. Of these costs, $254,000 was for equipment relocation costs and $834,000 was primarily related to mothball costs associated with the closed facility. The charges for the nine months ended October 1, 2017 included $1,017,000 for severance and benefit related costs and $1,218,000 for equipment relocation costs. A summary of the total pre-tax charges is as follows (in thousands):
|  |  |  |  |  | Costs Incurred |  |  |  |  |
|  |  |  |  |  | Nine Months |  |  | Total |  |  | Remaining |
|  | Total |  |  | Ended |  |  | Recognized |  |  | Costs to be |
|  | Program |  |  | Sept. 30, 2018 |  |  | to date |  |  | Recognized |
Severance and benefit related costs |  | $ | 1,350 |  |  | $ | 0 |  |  | $ | 1,350 |  |  | $ | 0 |
Asset impairments |  |  | 188 |  |  |  | 0 |  |  |  | 188 |  |  |  | 0 |
Equipment relocation costs |  |  | 1,804 |  |  |  | 254 |  |  |  | 1,678 |  |  |  | 126 |
Other |  |  | 1,302 |  |  |  | 834 |  |  |  | 877 |  |  |  | 425 |
|  | $ | 4,644 |  |  | $ | 1,088 |  |  | $ | 4,093 |  |  | $ | 551 |
A summary of costs and related reserves for the transition of production from the Broadway Plant at September 30, 2018 is as follows (in thousands):
|  | Accrued |  |  |  |  |  |  | Cash |  |  | Accrued |
|  | Balance at |  |  |  |  |  |  | Payments |  |  | Balance at |
|  | Dec. 31, |  |  | 2018 |  |  | or Asset |  |  | Sept. 30, |
|  | 2017 |  |  | Charge |  |  | Write-Offs |  |  | 2018 |
Severance and benefit-related costs |  | $ | 145 |  |  | $ | 0 |  |  | $ | (145 | ) |  | $ | 0 |
Equipment relocation costs |  |  | 0 |  |  |  | 254 |  |  |  | (254 | ) |  |  | 0 |
Other |  |  | 0 |  |  |  | 834 |  |  |  | (834 | ) |  |  | 0 |
|  | $ | 145 |  |  | $ | 1,088 |  |  | $ | (1,233 | ) |  | $ | 0 |
The Company expects to incur additional pre-tax costs of approximately $551,000 within Sypris Technologies, the majority of which is expected to be cash expenditures. As noted above, management expects to apply proceeds from the sale of underutilized or non-core assets to help fund the costs to transfer additional equipment from the Broadway Plant and the transition of the related production. The following assets have been segregated and included in assets held for sale in the consolidated balance sheets (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2018 |  |  | 2017 |
|  | (Unaudited) |  |  |  |  |
Machinery, equipment, furniture and fixtures |  | $ | 16,819 |  |  | $ | 28,874 |
Accumulated depreciation |  |  | (14,803 | ) |  |  | (25,976 | )
Total assets |  | $ | 2,016 |  |  | $ | 2,898 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration