Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 02, 2017 | May 08, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | SYPRIS SOLUTIONS INC | |
Entity Central Index Key | 864,240 | |
Trading Symbol | sypr | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 21,399,200 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 2, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Net revenue | $ 18,185 | $ 26,938 |
Cost of sales | 18,875 | 26,211 |
Gross profit (loss) | (690) | 727 |
Selling, general and administrative | 3,423 | 6,503 |
Research and development | 22 | 124 |
Severance, relocation and other costs | 998 | 484 |
Operating loss | (5,133) | (6,384) |
Interest expense, net | 188 | 876 |
Other (income), net | (2,004) | (2,162) |
Loss before taxes | (3,317) | (5,098) |
Income tax (benefit) expense, net | (9) | 1 |
Net loss | $ (3,308) | $ (5,099) |
Loss per share: | ||
Basic (in dollars per share) | $ (0.16) | $ (0.26) |
Diluted (in dollars per share) | $ (0.16) | $ (0.26) |
Weighted average shares outstanding: | ||
Basic (in shares) | 20,173 | 19,702 |
Diluted (in shares) | 20,173 | 19,702 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Net loss | $ (3,308) | $ (5,099) |
Other comprehensive income: | ||
Foreign currency translation adjustments, net of tax | 876 | (30) |
Comprehensive loss | $ (2,432) | $ (5,129) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Apr. 02, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 16,717 | $ 15,270 |
Restricted cash | 1,500 | 1,500 |
Accounts receivable, net | 8,990 | 8,010 |
Inventory, net | 19,544 | 14,558 |
Other current assets | 2,182 | 2,730 |
Assets held for sale | 1,062 | 832 |
Total current assets | 49,995 | 42,900 |
Property, plant and equipment, net | 17,445 | 17,943 |
Other assets | 1,939 | 1,794 |
Total assets | 69,379 | 62,637 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 12,702 | 6,973 |
Accrued liabilities | 13,497 | 10,541 |
Current portion of capital lease obligations | 232 | 208 |
Total current liabilities | 26,431 | 17,722 |
Long-term capital lease obligations | 2,889 | 2,950 |
Note payable – related party | 6,390 | 6,375 |
Other liabilities | 9,831 | 9,492 |
Total liabilities | 45,541 | 36,539 |
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Common stock | 214 | 213 |
Additional paid-in capital | 153,423 | 153,252 |
Retained deficit | (104,077) | (100,769) |
Accumulated other comprehensive loss | (25,722) | (26,598) |
Treasury stock, 1,192 and 1,192 shares in 2017 and 2016, respectively | 0 | 0 |
Total stockholders’ equity | 23,838 | 26,098 |
Total liabilities and stockholders’ equity | 69,379 | 62,637 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Stockholders’ equity: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Apr. 02, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 975,150 | 975,150 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 21,453,095 | 21,330,882 |
Common stock, shares outstanding (in shares) | 21,451,903 | 21,329,690 |
Treasury stock (in shares) | 1,192 | 1,192 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 24,850 | 24,850 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Condensed Consolidated Cash Flo
Condensed Consolidated Cash Flow Statements - USD ($) | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (3,308,000) | $ (5,099,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,016,000 | 1,953,000 |
Stock-based compensation expense | 175,000 | 363,000 |
Deferred loan costs recognized | 15,000 | 205,000 |
Gain on the sale of assets | (2,416,000) | (2,370,000) |
Provision for excess and obsolete inventory | 35,000 | 25,000 |
Other noncash items | 507,000 | 137,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,041,000) | (1,066,000) |
Inventory | (5,027,000) | (630,000) |
Other current assets | 413,000 | 423,000 |
Accounts payable | 5,729,000 | (1,048,000) |
Accrued and other liabilities | 3,062,000 | 2,397,000 |
Net cash used in operating activities | (840,000) | (4,710,000) |
Cash flows from investing activities: | ||
Capital expenditures, net | (176,000) | (40,000) |
Proceeds from sale of assets | 2,502,000 | 11,066,000 |
Change in restricted cash | 0 | (6,000,000) |
Net cash provided by investing activities | 2,326,000 | 5,026,000 |
Cash flows from financing activities: | ||
Capital lease payments | (37,000) | 0 |
Principal payments on Term Loan | 0 | (429,000) |
Proceeds from related party note payable | 0 | 1,000,000 |
Net change in debt under New Revolving Credit Agreement | 0 | 449,000 |
Debt issuance and modification costs | 0 | (379,000) |
Indirect repurchase of shares of minimum statutory tax withholdings | (2,000) | 0 |
Net cash (used in) provided by financing activities | (39,000) | 641,000 |
Net increase in cash and cash equivalents | 1,447,000 | 957,000 |
Cash and cash equivalents at beginning of period | 15,270,000 | 1,349,000 |
Cash and cash equivalents at end of period | $ 16,717,000 | $ 2,306,000 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | (1) All references to “Sypris,” the “Company,” “we” or “our” include Sypris Solutions, Inc. and its wholly-owned subsidiaries. Sypris is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts with corporations and government agencies. The Company offers such products through its two 13). August 16, 2016, 6). |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | (2) The accompanying unaudited condensed consolidated financial statements include the accounts of Sypris Solutions, Inc. and its wholly-owned subsidiaries and have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form 10 10 December 31, 2016 The Company’s operations are domiciled in the United States (U.S.) and Mexico, and we serve a wide variety of domestic and international customers. All intercompany transactions and accounts have been eliminated. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state the results of operations, financial position and cash flows for the periods presented, and the disclosures herein are adequate to make the information presented not misleading. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Actual results for the three April 2, 2017 may December 31, 2017. December 31, 2016 10 |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | (3) In May 2014, 2014 09, 2014 09). 2014 09 August 2015, 2015 14, 2014 09 one January 1, 2018. March 2016, 2016 08, April 2016, 2016 10, 606) May 2016, 2016 12, 606) 2016 12), 2016 12 2016 12 In July 2015, 2015 11, December 15, 2016, In February 2016, 2016 02, 842). 840, December 15, 2018, In March 2016, 2016 09, 2016 09) 2016 09 January 1, 2017, first 2017, In August 2016, 2016 15, 2016 15). December 15, 2017, 2016 15 In October 2016, January 1, 2018 In November 2016, January 1, 2018 In March 2017, 2017 07, 2017 07). 2017 07 December 15, 2017, 2017 07 |
Note 4 - Strategic Actions
Note 4 - Strategic Actions | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 4 ) Strategic Actions The Company completed a number of strategic actions during 2015 2016 fourth 2015 two 2015 2016 5), 6), 7), 2015, August 2016 $6,500,000 During 2016, first 2016. During the fourth 2016, 50,000 300,000 January 1, 2017 2016. The Company has embraced a strategic shift away from certain of its traditional Tier 1 January 1, 2017, Corporation (“Eaton”). As a result of these decisions, the Company anticipates a significant reduction in its commercial vehicle revenues in 2017 5). |
Note 5 - Exit and Disposal Acti
Note 5 - Exit and Disposal Activities | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | ( 5 ) Exit and Disposal Activities On November 22, 2016, February 21, 2017, 2018. As a result of these initiatives, the Company recorded charges of $645,000, $0.03 2016. first 2017, $998,000, $0.05 Recognized Remaining Total as of Costs to be Program April 2, 2017 Recognized Severance and benefit-related costs $ 1,422 $ 1,054 $ 368 Asset impairments 188 188 0 Equipment relocation costs 2,014 371 1,643 Other 530 30 500 $ 4,154 $ 1,643 $ 2,511 Severance and benefit-related costs tied to workforce reductions were recorded in accordance with ASC 420, 420) 712, 420, one one $427,000 2016, $627,000 first 2017 $368,000 2017. The Company evaluates its long-lived assets for impairment when events or circumstances indicate that the carrying value may 360, $188,000 fourth 2016. A summary of costs and related reserves for the transition of production from the Broadway Plant at April 2, 2017 Accrued Cash Accrued Balance at Payments Balance at Dec. 31, 2017 or Asset April 2, 2016 Charge Write-Offs 2017 Severance and benefit-related costs $ 427 $ 627 $ 0 $ 1,054 Equipment relocation costs 0 371 (371 ) 0 $ 427 $ 998 $ (371 ) $ 1,054 The Company expects to incur additional pre-tax costs of approximately $2,511,000 As noted above, management expects to use proceeds from the sale of underutilized or non-core assets to fund costs incurred on the transfer of 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 condensed consolidated balance sheets (in thousands): April 2, December 31, 2017 2016 (Unaudited) Machinery, equipment, furniture and fixtures $ 7,629 $ 6,673 Accumulated depreciation (6,567 ) (5,841 ) Property, plant and equipment, net $ 1,062 $ 832 |
Note 6 - CSS Sale
Note 6 - CSS Sale | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ( 6 ) CSS Sale On August 16, 2016, $42,000,000 $1,500,000 12 $8,137,000, $6,613,000 $1,050,000 $624,000 $150,000 $2,674,000, $31,189,000 December 31, 2016. A portion of the proceeds from the CSS Sale was used to pay off the Company’s most senior, secured debt consisting of a “Term Loan” and a “Revolving Credit Facility.” The retained portion of the Sypris Electronics segment will continue to provide electronic manufacturing and design support services to customers in the aerospace, defense, medical and severe environment markets, among others. Revenue from the CSS product lines for the three April 3, 2016 $5,369,000. While the Company is able to distinguish revenue and contribution margin information related to the CSS product lines, the Company is not able to present meaningful information about the results of operations and cash flows of the CSS product lines. Therefore, the sale was not classified as a discontinued operation. |
Note 7 - Toluca Sale-leaseback
Note 7 - Toluca Sale-leaseback | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Sale Leaseback Transactions [Text Block] | ( 7 ) Toluca Sale-Leaseback On March 9, 2016, 24 215,000,000 $12,182,000 9 $1,116,000. As a result of the Toluca Sale-Leaseback, the Company initially recorded a capital lease of $3,315,000, $2,370,000 three April 3, 2016, $4,694,000 April 2, 2017, ten $936,000 |
Note 8 - Other (Income), Net
Note 8 - Other (Income), Net | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | ( 8 ) Other (Income), Net During the three April 2, 2017, $2,416,000 $430,000 three April 3, 2016, $2,370,000 7). $269,000 three April 3, 2016. |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 9) On April 1, 2017, 199,000 third 200,000 April 1, 2017 five three |
Note 10 - Loss Per Common Share
Note 10 - Loss Per Common Share | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 10 ) Loss Per Common Share The Company computes earnings per share using the two Our potentially dilutive securities include potential common shares related to our stock options and restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. Diluted earnings per share excludes the impact of common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the three April 2, 2017 April 3, 2016, A reconciliation of the weighted average shares outstanding used in the calculation of basic and diluted loss per common share is as follows (in thousands): Three Months Ended April 2, April 3, 2017 2016 (Unaudited) Loss attributable to stockholders: Net loss as reported $ (3,308 ) $ (5,099 ) Less distributed and undistributed earnings allocable to restricted awarded holders 0 0 Less dividends declared attributed to restricted awarded holders 0 0 Net loss allocable to common stockholders $ (3,308 ) $ (5,099 ) Loss per common share attributable to stockholders: Basic $ (0.16 ) $ (0.26 ) Diluted $ (0.16 ) $ (0.26 ) Weighted average shares outstanding – basic 20,173 19,702 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 20,173 19,702 |
Note 11 - Inventory
Note 11 - Inventory | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 11 ) Inventory Inventory consists of the following (in thousands): April 2, December 31, 2017 2016 (Unaudited) Raw materials $ 11,458 $ 8,187 Work in process 6,944 6,211 Finished goods 2,983 2,020 Reserve for excess and obsolete inventory (1,841 ) (1,860 ) Total $ 19,544 $ 14,558 |
Note 12 - Property, Plant and E
Note 12 - Property, Plant and Equipment | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 12 ) Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): April 2, December 31, 2017 2016 (Unaudited) Land and land improvements $ 219 $ 219 Buildings and building improvements 10,630 10,056 Machinery, equipment, furniture and fixtures 74,296 76,495 Construction in progress 2,594 646 87,739 87,416 Accumulated depreciation (70,294 ) (69,473 ) $ 17,445 $ 17,943 |
Note 13 - Debt
Note 13 - Debt | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | (1 3 ) Debt Debt outstanding consists of the following (in thousands): April 2, December 31, 2017 2016 (Unaudited) Current: Current portion of capital lease obligation $ 232 $ 208 Long Term: Note payable – related party $ 6,500 $ 6,500 Capital lease obligation 2,889 2,950 Less unamortized debt issuance and modification costs (110 ) (125 ) Long term debt net of unamortized debt costs $ 9,279 $ 9,325 Note Payable – Related Party The Company has received the benefit of cash infusions from GFCM in the form of secured promissory note obligations totaling $6,500,000 April 2, 2017 December 31, 2016. one 8.0% January 30, 2019. Obligations under the promissory note are guaranteed by all of the U.S. subsidiaries and are secured by a first Capital Lease Obligation On March 9, 2016, 24 215,000,000 $12,182,000 ten 9 7). $3,121,000 April 2, 2017. |
Note 14 - Segment Data
Note 14 - Segment Data | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (1 4 ) Segment Data The Company is organized into two August 16, 2016, 6). The following table presents financial information for the reportable segments of the Company (in thousands): Three Months Ended April 2, April 3, 2017 2016 (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 12,760 $ 17,827 Sypris Electronics 5,425 9,111 $ 18,185 $ 26,938 Gross profit (loss): Sypris Technologies $ (787 ) $ (656 ) Sypris Electronics 97 1,383 $ (690 ) $ 727 Operating loss: Sypris Technologies $ (3,296 ) $ (2,974 ) Sypris Electronics (431 ) (1,060 ) General, corporate and other (1,406 ) (2,350 ) $ (5,133 ) $ (6,384 ) Loss before taxes: Sypris Technologies $ (1,358 ) $ (839 ) Sypris Electronics (431 ) (1,060 ) General, corporate and other (1,528 ) (3,199 ) $ (3,317 ) $ (5,098 ) April 2, December 31, 2017 2016 (Unaudited) Total assets: Sypris Technologies $ 34,697 $ 32,110 Sypris Electronics 14,949 12,881 General, corporate and other 19,733 17,646 $ 69,379 $ 62,637 Total liabilities: Sypris Technologies $ 27,781 $ 24,466 Sypris Electronics 9,866 3,542 General, corporate and other 7,894 8,531 $ 45,541 $ 36,539 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (1 5 ) Commitments and Contingencies The provision for estimated warranty costs is recorded at the time of sale and periodically adjusted to reflect actual experience. The Company’s warranty liability, which is included in accrued liabilities in the accompanying condensed consolidated balance sheets as of April 2 , 2017 December 31, 2016 $654,000 $856,000, three April 2, 2017 April 3, 2016 Additionally, prior to the sale of the CSS product lines (see Note 6) three five April 2, 2017 December 31, 2016, $94,000 $162,000, The Company bears insurance risk as a member of a group captive insurance entity for certain general liability, automobile and workers’ compensation insurance programs, a self-insured worker’s compensation program and a self-insured employee health program. The Company records estimated liabilities for its insurance programs based on information provided by the third may The Company is involved in certain litigation and contract issues arising in the normal course of business. While the outcome of these matters cannot, at this time, be predicted in light of the uncertainties inherent therein, management does not expect that these matters will have a material adverse effect on the consolidated financial position or results of operations of the Company. The Company accounts for loss contingencies in accordance with U.S. GAAP. Estimated loss contingencies are accrued only if the loss is probable and the amount of the loss can be reasonably estimated. With respect to a particular loss contingency, it may On May 3, 2016, December 31, 2016. 1, $500,000 three April 3, 2016, April 2, 2017, $52,000 April 7, 2017, $448,000 The Company has various current and previously-owned facilities subject to a variety of environmental regulations. The Company has received certain indemnifications from either companies previously owning these facilities or from purchasers of those facilities. As of April 2, 2017 December 31, 2016, no On December 16, 2016, 401(k) five 2011 2015 March 3, 2017, $20,000, As of April 2, 2017, $11,837,000, |
Note 16 - Income Taxes
Note 16 - Income Taxes | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (1 6 ) Income Taxes The provision for income taxes includes federal, state, local and foreign taxes. The Company’s effective tax rate varies from period to period due to the proportion of foreign and domestic pre-tax income expected to be generated by the Company. The Company provides for income taxes for its domestic operations at a statutory rate of 35% 30% 2017 2016. The Company recognizes liabilities or assets for the deferred tax consequences of temporary differences between the tax bases of assets or liabilities and their reported amounts in the financial statements in accordance with ASC 740, 740). 740 As of April 2, 2017 December 31, 2016, no 2016 2017 December 31, 2016. 2016 first 2017 |
Note 17 - Employee Benefit Plan
Note 17 - Employee Benefit Plans | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | (1 7 ) Employee Benefit Plans Pension expense (benefit) consisted of the following (in thousands): Three Months Ended April 2, April 3, 2017 2016 (Unaudited) Service cost $ 2 $ 3 Interest cost on projected benefit obligation 388 426 Net amortizations of actuarial loss 183 174 Expected return on plan assets (415 ) (496 ) Net periodic benefit cost $ 158 $ 107 |
Note 18 - Accumulated Other Com
Note 18 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | (1 8 ) Accumulated Other Comprehensive Loss The Company’s accumulated other comprehensive loss consists of employee benefit related adjustments and foreign currency translation adjustments. Accumulated other comprehensive loss consisted of the following (in thousands): April 3, December 31, 2016 201 6 (Unaudited) Foreign currency translation adjustments $ (10,458 ) $ (11,334 ) Employee benefit related adjustments – U.S. (15,445 ) (15,445 ) Employee benefit related adjustments – Mexico 181 181 Accumulated other comprehensive loss $ (25,722 ) $ (26,598 ) |
Note 19 - Fair Value of Financi
Note 19 - Fair Value of Financial Instruments | 3 Months Ended |
Apr. 02, 2017 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | (1 9 ) Fair Value of Financial Instruments Cash, accounts receivable, accounts payable and accrued liabilities are reflected in the condensed consolidated financial statements at their carrying amount which approximates fair value because of the short-term maturity of those instruments. The carrying amount of debt outstanding at April 2, 2017 2). |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 02, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, 2014 09, 2014 09). 2014 09 August 2015, 2015 14, 2014 09 one January 1, 2018. March 2016, 2016 08, April 2016, 2016 10, 606) May 2016, 2016 12, 606) 2016 12), 2016 12 2016 12 In July 2015, 2015 11, December 15, 2016, In February 2016, 2016 02, 842). 840, December 15, 2018, In March 2016, 2016 09, 2016 09) 2016 09 January 1, 2017, first 2017, In August 2016, 2016 15, 2016 15). December 15, 2017, 2016 15 In October 2016, January 1, 2018 In November 2016, January 1, 2018 In March 2017, 2017 07, 2017 07). 2017 07 December 15, 2017, 2017 07 |
Note 5 - Exit and Disposal Ac27
Note 5 - Exit and Disposal Activities (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Recognized Remaining Total as of Costs to be Program April 2, 2017 Recognized Severance and benefit-related costs $ 1,422 $ 1,054 $ 368 Asset impairments 188 188 0 Equipment relocation costs 2,014 371 1,643 Other 530 30 500 $ 4,154 $ 1,643 $ 2,511 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Accrued Cash Accrued Balance at Payments Balance at Dec. 31, 2017 or Asset April 2, 2016 Charge Write-Offs 2017 Severance and benefit-related costs $ 427 $ 627 $ 0 $ 1,054 Equipment relocation costs 0 371 (371 ) 0 $ 427 $ 998 $ (371 ) $ 1,054 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | April 2, December 31, 2017 2016 (Unaudited) Machinery, equipment, furniture and fixtures $ 7,629 $ 6,673 Accumulated depreciation (6,567 ) (5,841 ) Property, plant and equipment, net $ 1,062 $ 832 |
Note 10 - Loss Per Common Sha28
Note 10 - Loss Per Common Share (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended April 2, April 3, 2017 2016 (Unaudited) Loss attributable to stockholders: Net loss as reported $ (3,308 ) $ (5,099 ) Less distributed and undistributed earnings allocable to restricted awarded holders 0 0 Less dividends declared attributed to restricted awarded holders 0 0 Net loss allocable to common stockholders $ (3,308 ) $ (5,099 ) Loss per common share attributable to stockholders: Basic $ (0.16 ) $ (0.26 ) Diluted $ (0.16 ) $ (0.26 ) Weighted average shares outstanding – basic 20,173 19,702 Weighted average additional shares assuming conversion of potential common shares 0 0 Weighted average shares outstanding – diluted 20,173 19,702 |
Note 11 - Inventory (Tables)
Note 11 - Inventory (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 2, December 31, 2017 2016 (Unaudited) Raw materials $ 11,458 $ 8,187 Work in process 6,944 6,211 Finished goods 2,983 2,020 Reserve for excess and obsolete inventory (1,841 ) (1,860 ) Total $ 19,544 $ 14,558 |
Note 12 - Property, Plant and30
Note 12 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | April 2, December 31, 2017 2016 (Unaudited) Land and land improvements $ 219 $ 219 Buildings and building improvements 10,630 10,056 Machinery, equipment, furniture and fixtures 74,296 76,495 Construction in progress 2,594 646 87,739 87,416 Accumulated depreciation (70,294 ) (69,473 ) $ 17,445 $ 17,943 |
Note 13 - Debt (Tables)
Note 13 - Debt (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | April 2, December 31, 2017 2016 (Unaudited) Current: Current portion of capital lease obligation $ 232 $ 208 Long Term: Note payable – related party $ 6,500 $ 6,500 Capital lease obligation 2,889 2,950 Less unamortized debt issuance and modification costs (110 ) (125 ) Long term debt net of unamortized debt costs $ 9,279 $ 9,325 |
Note 14 - Segment Data (Tables)
Note 14 - Segment Data (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended April 2, April 3, 2017 2016 (Unaudited) Net revenue from unaffiliated customers: Sypris Technologies $ 12,760 $ 17,827 Sypris Electronics 5,425 9,111 $ 18,185 $ 26,938 Gross profit (loss): Sypris Technologies $ (787 ) $ (656 ) Sypris Electronics 97 1,383 $ (690 ) $ 727 Operating loss: Sypris Technologies $ (3,296 ) $ (2,974 ) Sypris Electronics (431 ) (1,060 ) General, corporate and other (1,406 ) (2,350 ) $ (5,133 ) $ (6,384 ) Loss before taxes: Sypris Technologies $ (1,358 ) $ (839 ) Sypris Electronics (431 ) (1,060 ) General, corporate and other (1,528 ) (3,199 ) $ (3,317 ) $ (5,098 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | April 2, December 31, 2017 2016 (Unaudited) Total assets: Sypris Technologies $ 34,697 $ 32,110 Sypris Electronics 14,949 12,881 General, corporate and other 19,733 17,646 $ 69,379 $ 62,637 Total liabilities: Sypris Technologies $ 27,781 $ 24,466 Sypris Electronics 9,866 3,542 General, corporate and other 7,894 8,531 $ 45,541 $ 36,539 |
Note 17 - Employee Benefit Pl33
Note 17 - Employee Benefit Plans (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended April 2, April 3, 2017 2016 (Unaudited) Service cost $ 2 $ 3 Interest cost on projected benefit obligation 388 426 Net amortizations of actuarial loss 183 174 Expected return on plan assets (415 ) (496 ) Net periodic benefit cost $ 158 $ 107 |
Note 18 - Accumulated Other C34
Note 18 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 02, 2017 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | April 3, December 31, 2016 201 6 (Unaudited) Foreign currency translation adjustments $ (10,458 ) $ (11,334 ) Employee benefit related adjustments – U.S. (15,445 ) (15,445 ) Employee benefit related adjustments – Mexico 181 181 Accumulated other comprehensive loss $ (25,722 ) $ (26,598 ) |
Note 1 - Nature of Business (De
Note 1 - Nature of Business (Details Textual) | 3 Months Ended |
Apr. 02, 2017 | |
Number of Operating Segments | 2 |
Note 4 - Strategic Actions (Det
Note 4 - Strategic Actions (Details Textual) | Apr. 02, 2017USD ($) | Dec. 31, 2016USD ($)ft² | Aug. 31, 2016USD ($) |
Leased Facility in Tampa, Florida [Member] | Sypris Electronics [Member] | |||
Area of Real Estate Property | 50,000 | ||
Previously Leased Facility in Tampa, Florida [Member] | Sypris Electronics [Member] | |||
Area of Real Estate Property | 300,000 | ||
Gill Family Capital Management [Member] | Promissory Note [Member] | |||
Subordinated Debt | $ | $ 6,500,000 | $ 6,500,000 | $ 6,500,000 |
Note 5 - Exit and Disposal Ac37
Note 5 - Exit and Disposal Activities (Details Textual) - Transition of Production from the Broadway Plant [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |
Apr. 02, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | |
Restructuring and Related Cost, Incurred Cost | $ 998,000 | $ 645,000 | |
Restructuring and Related Cost, Incurred Cost, Per Share | $ 0.05 | $ 0.03 | |
Restructuring and Related Cost, Expected Cost Remaining | $ 2,511,000 | ||
Impairment of Long-Lived Assets to be Disposed of | $ 188,000 | ||
Sypris Electronics [Member] | |||
Restructuring and Related Cost, Expected Cost Remaining | 2,511,000 | ||
Employee Severance [Member] | |||
Restructuring and Related Cost, Incurred Cost | 627,000 | $ 427,000 | |
Restructuring and Related Cost, Expected Cost Remaining | $ 368,000 |
Note 5 - Exit and Disposal Ac38
Note 5 - Exit and Disposal Activities - Summary of Pre-tax Restructuring Chargers (Details) - Transition of Production from the Broadway Plant [Member] | Apr. 02, 2017USD ($) |
Total Program | $ 4,154,000 |
Recognized Costs | 1,643,000 |
Remaining Costs to be Recognized | 2,511,000 |
Employee Severance [Member] | |
Total Program | 1,422,000 |
Recognized Costs | 1,054,000 |
Remaining Costs to be Recognized | 368,000 |
Asset Impairment [Member] | |
Total Program | 188,000 |
Recognized Costs | 188,000 |
Remaining Costs to be Recognized | 0 |
Equipment Relocation Costs [Member] | |
Total Program | 2,014,000 |
Recognized Costs | 371,000 |
Remaining Costs to be Recognized | 1,643,000 |
Other Restructuring [Member] | |
Total Program | 530,000 |
Recognized Costs | 30,000 |
Remaining Costs to be Recognized | $ 500,000 |
Note 5 - Exit and Disposal Ac39
Note 5 - Exit and Disposal Activities - Costs and Related Restructuring Reserves (Details) - Transition of Production from the Broadway Plant [Member] $ in Thousands | 3 Months Ended |
Apr. 02, 2017USD ($) | |
Severance and benefit-related costs | $ 427 |
Severance and benefit-related costs | 998 |
Severance and benefit-related costs | (371) |
Severance and benefit-related costs | 1,054 |
Employee Severance [Member] | |
Severance and benefit-related costs | 427 |
Severance and benefit-related costs | 627 |
Severance and benefit-related costs | 0 |
Severance and benefit-related costs | 1,054 |
Equipment Relocation Costs [Member] | |
Severance and benefit-related costs | 0 |
Severance and benefit-related costs | 371 |
Severance and benefit-related costs | (371) |
Severance and benefit-related costs | $ 0 |
Note 5 - Exit and Disposal Ac40
Note 5 - Exit and Disposal Activities - Segregation of Assets Held for Sale (Details) - USD ($) $ in Thousands | Apr. 02, 2017 | Dec. 31, 2016 |
Machinery, equipment, furniture and fixtures | $ 7,629 | $ 6,673 |
Accumulated depreciation | (6,567) | (5,841) |
Property, plant and equipment, net | $ 1,062 | $ 832 |
Note 6 - CSS Sale (Details Text
Note 6 - CSS Sale (Details Textual) - Sypris Electronics Assets [Member] - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] - USD ($) | Aug. 16, 2016 | Apr. 03, 2016 | Dec. 31, 2016 |
Disposal Group, Including Discontinued Operation, Consideration | $ 42,000,000 | ||
Escrow Deposit | $ 1,500,000 | ||
Escrow Deposit, Holding Period | 1 year | ||
Disposal Group, Including Discontinued Operation, Assets | $ 8,137,000 | ||
Disposal Group, Including Discontinued Operation, Inventory | 6,613,000 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 1,050,000 | ||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 624,000 | ||
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 150,000 | ||
Disposal Group, Incurred Transaction Related Expenses | $ 2,674,000 | ||
Disposal Group, Including Discontinued Operation, Revenue | $ 5,369,000 | ||
Other Income [Member] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 31,189,000 |
Note 7 - Toluca Sale-leaseback
Note 7 - Toluca Sale-leaseback (Details Textual) - Toluca [Member] | Mar. 09, 2016USD ($)a | Mar. 09, 2016MXN | Apr. 02, 2017USD ($) | Apr. 03, 2016USD ($) |
Sale Leaseback Transaction, Transaction Related Expenses | $ 1,116,000 | |||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 3,121,000 | |||
Capital Lease Agreement Term | 10 years | |||
Sale Leaseback Transaction, Annual Rental Payments | $ 936,000 | |||
Other Income [Member] | ||||
Sale Leaseback Transaction, Current Period Gain Recognized | $ 2,370,000 | |||
Sale Leaseback Transaction, Deferred Gain, Net | $ 4,694,000 | |||
Property, Plant and Equipment [Member] | ||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 3,315,000 | |||
Sypris Technologies Mexico, S. de R.L. de C.V. [Member] | ||||
Area of Real Estate Property | a | 24 | |||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 12,182,000 | MXN 215,000,000 | ||
Sale Leaseback Transaction, Portion of Real Estate Property Leased Back to Seller | a | 9 |
Note 8 - Other (Income), Net (D
Note 8 - Other (Income), Net (Details Textual) - USD ($) | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 2,416,000 | $ 2,370,000 |
Foreign Currency Transaction Gain (Loss), before Tax | $ 430,000 | $ 269,000 |
Note 9 - Stock-based Compensa44
Note 9 - Stock-based Compensation (Details Textual) | Apr. 01, 2017shares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 200,000 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 199,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years |
Note 10 - Loss Per Common Sha45
Note 10 - Loss Per Common Share - Reconciliation of Weighted Average Shares Outstanding Used in Calculation of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Net loss | $ (3,308) | $ (5,099) |
Less distributed and undistributed earnings allocable to restricted awarded holders | 0 | 0 |
Less dividends declared attributed to restricted awarded holders | 0 | 0 |
Net loss allocable to common stockholders | $ (3,308) | $ (5,099) |
Loss per share: | ||
Basic (in dollars per share) | $ (0.16) | $ (0.26) |
Diluted (in dollars per share) | $ (0.16) | $ (0.26) |
Basic (in shares) | 20,173 | 19,702 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 0 | 0 |
Weighted average shares outstanding – diluted (in shares) | 20,173 | 19,702 |
Note 11 - Inventory - Inventory
Note 11 - Inventory - Inventory Components (Details) - USD ($) $ in Thousands | Apr. 02, 2017 | Dec. 31, 2016 |
Raw materials | $ 11,458 | $ 8,187 |
Work in process | 6,944 | 6,211 |
Finished goods | 2,983 | 2,020 |
Reserve for excess and obsolete inventory | (1,841) | (1,860) |
Total | $ 19,544 | $ 14,558 |
Note 12 - Property, Plant and47
Note 12 - Property, Plant and Equipment - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Apr. 02, 2017 | Dec. 31, 2016 |
Gross property, plant and equipment | $ 87,739 | $ 87,416 |
Accumulated depreciation | (70,294) | (69,473) |
Property plant and equipment net | 17,445 | 17,943 |
Land and Land Improvements [Member] | ||
Gross property, plant and equipment | 219 | 219 |
Building and Building Improvements [Member] | ||
Gross property, plant and equipment | 10,630 | 10,056 |
Property, Plant and Equipment, Other Types [Member] | ||
Gross property, plant and equipment | 74,296 | 76,495 |
Construction in Progress [Member] | ||
Gross property, plant and equipment | $ 2,594 | $ 646 |
Note 13 - Debt (Details Textual
Note 13 - Debt (Details Textual) | Mar. 09, 2016USD ($)a | Mar. 09, 2016MXNa | Apr. 02, 2017USD ($) | Dec. 31, 2016USD ($) | Aug. 31, 2016USD ($) |
Toluca [Member] | |||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ | $ 3,121,000 | ||||
Toluca [Member] | Sypris Technologies Mexico, S. de R.L. de C.V. [Member] | |||||
Area of Land | a | 24 | 24 | |||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 12,182,000 | MXN 215,000,000 | |||
Sale Leaseback Transaction, Term of Lease | 10 years | 10 years | |||
Sale Leaseback Transaction, Portion of Real Estate Property Leased Back to Seller | a | 9 | 9 | |||
Promissory Note [Member] | Gill Family Capital Management [Member] | |||||
Subordinated Debt | $ | $ 6,500,000 | $ 6,500,000 | $ 6,500,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% |
Note 13 - Debt - Debt Component
Note 13 - Debt - Debt Components (Details) - USD ($) $ in Thousands | Apr. 02, 2017 | Dec. 31, 2016 |
Current portion of capital lease obligation | $ 232 | $ 208 |
Note payable – related party | 6,500 | 6,500 |
Capital lease obligation | 2,889 | 2,950 |
Less unamortized debt issuance and modification costs | (110) | (125) |
Long term debt net of unamortized debt costs | $ 9,279 | $ 9,325 |
Note 14 - Segment Data (Details
Note 14 - Segment Data (Details Textual) | 3 Months Ended | |
Apr. 02, 2017USD ($) | Apr. 03, 2016USD ($) | |
Number of Operating Segments | 2 | |
Revenues | $ 18,185,000 | $ 26,938,000 |
Intersegment Eliminations [Member] | ||
Revenues | $ 0 | $ 0 |
Note 14 - Segment Data - Financ
Note 14 - Segment Data - Financial Information from Reportable Segments - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Net revenue from unaffiliated customers | $ 18,185 | $ 26,938 |
Gross profit (loss) | (690) | 727 |
Operating loss | (5,133) | (6,384) |
Loss before taxes | (3,317) | (5,098) |
Sypris Technologies [Member] | ||
Net revenue from unaffiliated customers | 12,760 | 17,827 |
Gross profit (loss) | (787) | (656) |
Operating loss | (3,296) | (2,974) |
Loss before taxes | (1,358) | (839) |
Sypris Electronics [Member] | ||
Net revenue from unaffiliated customers | 5,425 | 9,111 |
Gross profit (loss) | 97 | 1,383 |
Operating loss | (431) | (1,060) |
Loss before taxes | (431) | (1,060) |
Corporate and Other [Member] | ||
Operating loss | (1,406) | (2,350) |
Loss before taxes | $ (1,528) | $ (3,199) |
Note 14 - Segment Data - Fina52
Note 14 - Segment Data - Financial Information From Reportable Segments - Balance Sheet (Details) - USD ($) $ in Thousands | Apr. 02, 2017 | Dec. 31, 2016 |
Total assets | $ 69,379 | $ 62,637 |
Total liabilities | 45,541 | 36,539 |
Sypris Technologies [Member] | ||
Total assets | 34,697 | 32,110 |
Total liabilities | 27,781 | 24,466 |
Sypris Electronics [Member] | ||
Total assets | 14,949 | 12,881 |
Total liabilities | 9,866 | 3,542 |
Corporate and Other [Member] | ||
Total assets | 19,733 | 17,646 |
Total liabilities | $ 7,894 | $ 8,531 |
Note 15 - Commitments and Con53
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) | Apr. 07, 2017 | Mar. 03, 2017 | Apr. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2016 | Apr. 03, 2016 |
Standard and Extended Product Warranty Accrual | $ 654,000 | $ 654,000 | $ 856,000 | |||
Extended Product Warranty Accrual, Increase for Warranties Issued | 94,000 | 162,000 | ||||
Defined Contribution Plan, Cost | $ 20,000 | |||||
Purchase Obligation | 11,837,000 | 11,837,000 | ||||
Accrual for Environmental Loss Contingencies | $ 0 | 0 | $ 0 | |||
Tampa Facility Litigation [Member] | ||||||
Cost of Property Repairs and Maintenance | $ 52,000 | |||||
Tampa Facility Litigation [Member] | Subsequent Event [Member] | ||||||
Litigation Settlement, Expense | $ 448,000 | |||||
Accrued Liabilities [Member] | Tampa Facility Litigation [Member] | ||||||
Loss Contingency Accrual | $ 500,000 | |||||
Link Encryption Products [Member] | Minimum [Member] | ||||||
Extended Product Warranty Term | 3 years | |||||
Link Encryption Products [Member] | Maximum [Member] | ||||||
Extended Product Warranty Term | 5 years |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 02, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 30.00% |
Undistributed Earnings of Foreign Subsidiaries | $ 0 | $ 0 |
Note 17 - Employee Benefit Pl55
Note 17 - Employee Benefit Plans - Components of Pension Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2017 | Apr. 03, 2016 | |
Service cost | $ 2 | $ 3 |
Interest cost on projected benefit obligation | 388 | 426 |
Net amortizations of actuarial loss | 183 | 174 |
Expected return on plan assets | (415) | (496) |
Net periodic benefit cost | $ 158 | $ 107 |
Note 18 - Accumulated Other C56
Note 18 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Apr. 02, 2017 | Dec. 31, 2016 |
Foreign currency translation adjustments | $ (10,458) | $ (11,334) |
Accumulated other comprehensive loss | (25,722) | (26,598) |
UNITED STATES | ||
Employee benefit related adjustments, net of tax | (15,445) | (15,445) |
MEXICO | ||
Employee benefit related adjustments, net of tax | $ 181 | $ 181 |