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Note 5 - Other Expense (Income), Net | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Other Income and Other Expense Disclosure [Text Block] |
( 5 ) | Other Expense (Income), Net
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 Broadway Plant real estate for $1,700,000 and other idle assets for $268,000 and recognized net gains of $813,000 (see Note 4 ). 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. Foreign currency related expenses were not material for the year ended December 31, 2020. The Company recognized other income of $1,256,000 during the year ended December 31, 2019. During 2019, the Company recognized a gain of $1,500,000 as a result of a settlement agreement with one of its customers to resolve various outstanding disputes between the two parties. As a result of the agreement, the customer paid the Company $1,500,000 in compensation during 2019. Additionally, the Company recognized a net gain of $654,000 in the year ended December 31, 2019 related to the sale of idle assets and foreign currency related gains of $152,000 related to the net U.S. dollar denominated monetary asset position of our Mexican subsidiaries for which the Mexican peso is the functional currency. This was offset by pension expense of $970,000.

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- Definition The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 720 -URI http://asc.fasb.org/topic&trid=2122503 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 610 -URI http://asc.fasb.org/topic&trid=49130413 + Details
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