Company: SSUP
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034599
Chunk: 79

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 79
---
 
    $
    16,196

    $
    14,479

    Non-cash Investing Activities

    Period end balance of accounts payable for property, plant, and equipment
     
    $
    3,760

    $
    4,418

    Non-cash Financing Activities

    Debt modification
     
    $
    169,683

    $
    —

The accompanying notes are an integral part of these consolidated financial statements. 

42

SUPERIOR INDUSTRIES INTERNATIONAL, INC. 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

December 31, 2024

(in thousands, except share or per share amounts, or as otherwise noted)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESNature of OperationsThe principal business of Superior Industries International, Inc. (referred herein as the “Company” or “Superior”) is the design and manufacture of aluminum wheels for sale to original equipment manufacturers (“OEMs”) in North America and Europe, and to the aftermarket in Europe. The Company’s aluminum wheels are primarily sold to OEMs for factory installation on new light vehicles. Aluminum wheels sold in the European aftermarket are under the brands ATS, RIAL, ALUTEC, and ANZIO. North America and Europe represent the primary markets for the Company’s products, but it has a diversified global customer base consisting of North American, European, and Asian OEMs. Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions are eliminated in consolidation. Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts presented and related disclosures. The Company believes that the accounting estimates employed are appropriate and the resulting balances are reasonable. Due to the inherent uncertainty involved in developing estimates, actual results in future periods could differ from the original estimates.ReclassificationsCertain prior year amounts have been reclassified to conform with the current year presentation.Cash and Cash Equivalents Cash and cash equivalents generally consist of cash, certificates of deposit, fixed deposits, and money market funds with original maturities of three months or less. The Company is required to provide cash collateral in connection with certain contractual arrangements. The Company has $0.4 million of restricted cash as of December 31, 2024 and December 31, 2023 in support of these arrangements and requirements. Der