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Receivable from SPG Bankruptcy Estate
6 Months Ended
Jun. 30, 2024
Noncontrolling Interest [Abstract]  
Receivable from SPG Bankruptcy Estate

NOTE 18 – RECEIVABLE FROM SPG BANKRUPTCY ESTATE

On August 31, 2023, the Company’s owned subsidiary Superior Industries Production Germany GmbH (“SPG”) filed voluntary petitions for preliminary insolvency proceedings (i.e., equivalent to Chapter 11 under the U.S. Bankruptcy Code). Effective August 31, 2023, the Company no longer controls SPG and deconsolidated the subsidiary, therefore, it is no longer included in the Company’s condensed consolidated financial statements.

As of June 30, 2024 and December 31, 2023, the Company’s receivable due from the SPG bankruptcy estate was $15.1 million and $15.3 million and the associated allowance was $12.0 million and $14.8 million. The resulting net receivable as of June 30, 2024 and December 31, 2023 was $3.1 million and $0.5 million which has been included in other noncurrent assets in the Company’s condensed consolidated balance sheet.