XML 26 R14.htm IDEA: XBRL DOCUMENT v3.19.1
Note 6 - Other Income, Net
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Other Income and Other Expense Disclosure [Text Block]
(
6
)
Other Income, Net
 
As described in Note
1,
the Company adopted ASU
2017
-
07
in the
first
quarter of
2018.
ASU
2017
-
07
requires the Company to disaggregate the service cost component from the other components of net periodic benefit costs and requires application on a retrospective basis. Accordingly, the other components of net periodic benefit costs included in other income for the year ended
December 31, 
2018
and
2017
were
$584,000
and
$398,000,
respectively.
 
During
2018,
the Company recognized an insurance recovery gain of
$2,275,000
related to the settlement of a property insurance claim on the Broadway Plant (see Note
5
). Additionally, the Company recognized a net loss of
$249,000
related to the sale of certain idle assets and foreign currency related translation gains of
$21,000
related to the U.S. dollar denominated monetary asset position of our Mexican subsidiaries for which the Mexican peso is the functional currency.
 
During the year ended
December 
31,
 
2017,
the Company recognized other income of
$1,515,000,
which consisted primarily of a gain of
$2,668,000
related to the gain recorded on the sale of assets within Sypris Technologies. The gain was partially offset by foreign currency related translation losses of
$773,000
related to the net U.S. dollar denominated monetary asset position of our Mexican subsidiaries for which the Mexican peso is the functional currency.