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Note 6 - Exit and Disposal Activities

6 Months Ended

Jul. 05, 2020

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. On

April 13, 2020,

the Company completed the sale of the Broadway Plant real estate for

$1,700,000

and recognized a gain of

$807,000.

Management is currently evaluating options for any remaining assets in the Broadway Plant.

As a result of these initiatives, the Company recorded charges of

$124,000,

or less than

$0.01

per share, and

$201,000,

or less than

$0.01

per share, during the

first

six

months of

2020

and

2019,

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 amounts incurred were recorded within Sypris Technologies. The charges for the

first

six

months of

2020

and

2019

were primarily related to mothball costs associated with the closed facility.

						Costs Incurred
						Six Months				Total				Remaining
		Total				Ended				Recognized				Costs to be
		Program				July 5, 2020				to date				Recognized
Severance and benefit related costs		$	1,350			$	0			$	1,350			$	0
Asset impairments			188				0				188				0
Equipment relocation costs			1,826				0				1,826				0
Other			1,670				124				1,670				0
		$	5,034			$	124			$	5,034			$	0

The following assets have been segregated and included in assets held for sale in the consolidated balance sheets (in thousands):

		July 5,				December 31,
		2020				2019
		(Unaudited)
Property, plant and equipment		$	8,784			$	13,346
Accumulated depreciation			(7,554	)			(11,113	)
Property, plant and equipment, net		$	1,230			$	2,233

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- References

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- 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

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