Company: SSUP
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034599
Chunk: 52

Company: SUPERIOR INDUSTRIES INTERNATIONAL INC
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 52
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 during the year ended December 31, 2023 and a decrease in restructuring charges of $1.3 million during the year ended December 31, 2024 (refer to Note 18 “Restructuring” in the Notes to Consolidated Financial Statements in Item 8, “Financial Statements and Supplementary Data” ), partially offset by other debt refinancing costs of $6.8 million and charges related to certain losses incurred by SPG as a result of continuing production to ensure the Company's supply to its customers of $4.0 million during the year ended December 31, 2024.  

Loss on Deconsolidation of Subsidiary

The Company deconsolidated SPG from its consolidated financial statements and recognized a charge to operations of $79.6 million during the year ended December 31, 2023 (refer to Note 19, “Deconsolidation of Subsidiary” in the Notes to Consolidated Financial Statements in Item 8, “Financial Statements and Supplementary Data”).

Interest Expense, Net 

Net interest expense was $67.1 million for the year ended December 31, 2024 compared to net interest expense of $62.1 million for the same period in 2023, an increase of 8.0%. The increase in net interest expense was primarily due to the upsizing of the borrowings under the amended and restated term loan, a decrease in interest income, and an increase in interest expense on borrowings under the Revolving Credit Facility, which was partially offset by a decrease in interest related to the senior notes, which were redeemed during the year ended December 31, 2024.

Loss on Extinguishment of Debt

Loss on extinguishment of debt for the year ended December 31, 2024 was $13.1 million related to the prepayment of our term loan facility in connection with the debt refinancing and redemption of the senior notes; refer to “Financial Condition, Liquidity and Capital Resources” within this Management’s Discussion and Analysis for additional information. 

Other Income (Expense), Net

Other expense was $1.8 million for the year ended December 31, 2024 compared to other expense of $3.2 million for the same period in 2023. This decrease was primarily due to the unfavorable adjustment to a casualty loss reserve of $1.4 million for the year ended December 31, 2023.

Income Tax Provision

The income tax provision for the year ended December