Company: SSUP
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034599
Chunk: 183

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-03-06
Form: 10-K
Item: Item 8
Chunk 183
---
        1,165

        7,346

        Less: Imputed interest

        (75
        )

        (394
        )

        Total lease liabilities, net of interest
         
        $
        1,090

        $
        6,952

NOTE 14 - RETIREMENT PLANS The Company has an unfunded salary continuation plan covering certain directors, officers, and other key members of management. Subject to certain vesting requirements, the plan provides for a benefit based on final average compensation, which becomes payable on the employee’s death or upon attaining age 65, if retired. The plan was closed to new participants effective February 3, 2011. The Company made contributions of $1.5 million and $1.5 million for the years ended December 31, 2024 and 2023. The Company expects to make $1.7 million in contributions in 2025.The following table summarizes the changes in plan benefit obligations for the years ended December 31, 2024 and 2023: 

        Year Ended December 31,
         
        2024

        2023

        Beginning benefit obligation
         
        $
        23,661

        $
        23,155

        Interest cost

        1,158

        1,217

        Actuarial loss (gain)

        (1,355
        )

        739

        Benefit payments

        (1,456
        )

        (1,450
        )

        Ending benefit obligation

        22,008

        23,661

        Fair value of plan assets at end of year

        —

        —

        (Unfunded) funded status
         
        $
        (22,008
        )
         
        $
        (23,661
        )

60

 The actuarial gain in 2024 was due to an increase in the year-over-year discount rate and the actuarial loss in 2023 was due to a decrease in the year-over-year discount rate. The following table summarizes amounts recognized in the consolidated balance sheets and accumulated other comprehensive loss for the years ended December 31, 2024 and 2023: 

        Year Ended December 31,
         
        2024

        2023

        Amounts recognized in the consolidated balance sheets consist of:

        Accrued expenses
         
        $
        1,619