Company: SSUP
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034599
Chunk: 63

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 63
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 date of issuance through September 14, 2025 using the effective interest method. The accretion is treated as a deemed dividend, recorded as a charge to retained earnings, and deducted in computing earnings per share (analogous to the treatment for stated and participating dividends paid on the redeemable preferred shares). The cumulative premium accretion as of December 31, 2024 and 2023 was $142.9 million and $112.7 million. 

29

Factoring Arrangements

We sell certain customer trade receivables under factoring arrangements with designated financial institutions and accounted for them as a sale. The fair value of assets received as proceeds in exchange for the transfer of accounts receivable under these factoring arrangements approximates fair value of such receivables and cash proceeds are included in cash provided by operating activities. Our ongoing involvement under the factoring arrangements is limited to processing of customer payments on the factored receivables. Factoring arrangements incorporate customary representations and warranties, including representations as to validity of amounts due, completeness of performance obligations, and absence of commercial disputes.  

During the years ended December 31, 2024 and 2023, the Company sold trade receivables totaling $708.8 million and $734.8 million and incurred factoring fees of $5.9 million and $4.2 million.  

As of December 31, 2024 and December 31, 2023, receivables of $70.9 million and $92.4 million had been factored and had not yet been paid by customers to the respective financial institutions. The collective limit under the Company's factoring arrangements was $142.1 million as of December 31, 2024 and December 31, 2023. 

As of December 31, 2024, we had no other significant off-balance sheet arrangements. 

Cash Flows

The following table summarizes the cash flows from operating, investing, and financing activities as reflected in the consolidated statements of cash flows. 

    Fiscal Year Ended December 31,
     
    2024

    2023

    (Dollars in thousands)

    Net cash provided (used) by operating activities

    18,313

    64,431

    Net cash provided (used) by investing activities

    (28,283
    )

    (45,607
    )

    Net cash provided (used) by financing activities

    (148,339