Company: SSUP
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034599
Chunk: 96

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 96
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 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.

NOTE 9 - SUPPLIER FINANCE PROGRAMThe Company receives extended payment terms for a portion of its purchases (90 days rather than 60 days) with one of its principal aluminum suppliers in exchange for a nominal adjustment to the product pricing. The payment terms provided are consistent with aluminum industry norms, as well as those offered to the supplier’s other customers. The supplier factors receivables due from the Company with a financial institution. The Company is not a party to the supplier’s factoring agreement with the financial institution. The Company remits payments directly to the supplier, except with respect to products purchased under extended terms which have been factored by the supplier. These payments are remitted directly to the financial institution in accordance with the payment terms originally negotiated with the supplier. These payments are included in cash flows from operations within the consolidated statements of cash flows. The following table summarizes activity in the amounts owed to the financial institution for the years ended December 31, 2024 and December 31, 2023: 

        Year Ended December 31,
         
        2024

        2023

        Outstanding at the beginning of the period
         
        $
        18,000

        $
        14,371

        Added during the period

        128,704

        117,595

        Settled during the period

        (120,695
        )

        (113,966
        )

        Outstanding at the end of the period
         
        $
        26,009

        $
        18,000

NOTE 10 - REDEEMABLE SHARESDuring 2017, the Company issued 150,000 shares of Series A (140,202 shares) and Series B (9,798 shares) Perpetual Convertible Preferred Stock, par value $0.01 per share for $150.0 million. On August 30,