XML 28 R13.htm IDEA: XBRL DOCUMENT v3.20.4
Note 5 - Other Expense (Income), Net
 12 Months Ended
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.