Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 11, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-13888 | ||
Entity Registrant Name | GRAFTECH INTERNATIONAL LTD. | ||
Entity Incorporation, State | DE | ||
Entity Tax Identification Number | 27-2496053 | ||
Entity Address, Street | 982 Keynote Circle | ||
Entity Address, City | Brooklyn Heights | ||
Entity Address, State | OH | ||
Entity Address, Zip Code | 44131 | ||
City Area Code | 216 | ||
Local Phone Number | 676-2000 | ||
Title of each class | Common Stock, $0.01 par value per share | ||
Trading Symbol(s) | EAF | ||
Name of each exchange on which registered | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,365 | ||
Entity Common Stock, Shares Outstanding | 263,255,708 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement (the “Proxy Statement”) to be filed with the Securities and Exchange Commission relative to the registrant’s 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this Report. | ||
Entity Central Index Key | 0000931148 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 34 |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Cleveland, Ohio |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Cash and cash equivalents | $ 57,514 | $ 145,442 | |
Accounts and notes receivable, net of allowance for doubtful accounts of $6,835 as of December 31, 2021 and $8,243 as of December 31, 2020 | 207,547 | 182,647 | |
Inventories | 289,432 | 265,964 | |
Prepaid expenses and other current assets | 73,364 | 35,114 | |
Total current assets | 627,857 | 629,167 | |
Property, plant and equipment | 815,298 | 784,902 | |
Less: accumulated depreciation | 313,825 | 278,685 | |
Net property, plant and equipment | [1] | 501,473 | 506,217 |
Deferred income taxes | 26,187 | 32,551 | |
Goodwill | 171,117 | 171,117 | |
Other assets | 85,684 | 93,660 | |
Total assets | 1,412,318 | 1,432,712 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||
Accounts payable | 117,112 | 70,989 | |
Short-term debt | 127 | 131 | |
Accrued income and other taxes | 57,097 | 48,720 | |
Other accrued liabilities | 56,405 | 56,501 | |
Related party payable - tax receivable agreement | 3,828 | 21,752 | |
Total current liabilities | 234,569 | 198,093 | |
Long-term debt | 1,029,561 | 1,420,000 | |
Other long-term obligations | 68,657 | 81,478 | |
Deferred income taxes | 40,674 | 43,428 | |
Related party payable - tax receivable agreement long-term | 15,455 | 19,098 | |
Commitments and contingencies – Note 12 | |||
Stockholders’ equity (deficit): | |||
Preferred stock, par value $.01, 10,000,000 shares authorized, none issued | 0 | 0 | |
Common stock, par value $0.01, 3,000,000,000 shares authorized, 263,255,708 and 267,188,547 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively | 2,633 | 2,672 | |
Additional paid – in capital | 761,412 | 758,354 | |
Accumulated other comprehensive loss | (7,444) | (19,641) | |
Accumulated deficit | (733,199) | (1,070,770) | |
Total stockholders’ equity (deficit) | 23,402 | (329,385) | |
Total liabilities and stockholders’ equity | $ 1,412,318 | $ 1,432,712 | |
[1] | Long-lived assets represent fixed assets, net of accumulated depreciation. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss | $ 6,835 | $ 8,243 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized (In shares) | 300,000,000 | 300,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 3,000,000,000 | 3,000,000,000 |
Common Stock, Shares, Issued | 263,255,708 | 267,188,547 |
Common Stock, Shares, Outstanding | 263,255,708 | 267,188,547 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net sales | $ 1,345,788 | $ 1,224,361 | $ 1,790,793 |
Cost of sales | 701,335 | 563,864 | 750,390 |
Gross profit | 644,453 | 660,497 | 1,040,403 |
Research and development | 3,771 | 3,975 | 2,684 |
Selling and administrative expenses | 132,608 | 67,913 | 63,674 |
Operating income | 508,074 | 588,609 | 974,045 |
Other (income) expense, net | (16,451) | 3,330 | 5,203 |
Related party Tax Receivable Agreement expense (benefit) | 231 | (21,090) | 3,393 |
Interest expense | 68,760 | 98,074 | 127,331 |
Interest income | (872) | (1,750) | (4,709) |
Income before provision for income taxes | 456,406 | 510,045 | 842,827 |
Provision for income taxes | 68,076 | 75,671 | 98,225 |
Net income | $ 388,330 | $ 434,374 | $ 744,602 |
Basic income per common share: | |||
Net income per share | $ 1.46 | $ 1.62 | $ 2.58 |
Weighted average shares outstanding (shares) | 266,251,097 | 267,916,483 | 289,057,356 |
Diluted loss per common share: | |||
Net income per share | $ 1.46 | $ 1.62 | $ 2.58 |
Weighted average common shares outstanding | 266,317,194 | 267,930,644 | 289,074,601 |
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Net income | $ 388,330 | $ 434,374 | $ 744,602 |
Foreign currency translation adjustments, net of tax of $0, $(162), and $(67), respectively | (19,605) | 6,568 | (6,371) |
Commodities and interest rate derivatives, net of tax of $(8,632), $5,399, and $(1,546), respectively | 31,802 | (18,848) | 4,810 |
Other comprehensive income (loss), net of tax: | 12,197 | (12,280) | (1,561) |
Comprehensive income | $ 400,527 | $ 422,094 | $ 743,041 |
Consolidated Statements Of Op_2
Consolidated Statements Of Operations And Comprehensive Income (Loss) (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Foreign currency translation adjustments, tax | $ 0 | $ (162,000) | $ (67,000) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Parent | $ (8,632,000) | $ 5,399,000 | $ (1,546,000) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flow from operating activities: | |||
Net income | $ 388,330 | $ 434,374 | $ 744,602 |
Adjustments to reconcile net income to cash provided by operations: | |||
Depreciation and amortization | 65,716 | 62,963 | 61,819 |
Related party Tax Receivable Agreement expense (benefit) | 231 | (21,090) | 3,393 |
Deferred income tax provision | (3,657) | 20,241 | 17,503 |
Loss on extinguishment of debt | 0 | 8,329 | 0 |
Stock-based compensation | 16,631 | 2,665 | 2,146 |
Interest expense | 12,051 | 6,192 | 6,344 |
Other charges, net | 7,107 | 7,861 | 19,685 |
Net change in working capital* | (16,377) | 86,438 | (47,687) |
Repayments Of Related Party Payable | (21,799) | (27,857) | 0 |
Change in long-term assets and liabilities | (5,193) | (16,470) | (2,489) |
Net cash provided by operating activities | 443,040 | 563,646 | 805,316 |
Cash flow from investing activities: | |||
Capital expenditures | (58,257) | (36,075) | (64,103) |
Proceeds from sale of fixed assets | 397 | 379 | 219 |
Net cash used in investing activities | (57,860) | (35,696) | (63,884) |
Cash flow from financing activities: | |||
Short-term debt reductions, net | (142) | (146) | 0 |
Refinancing fees and debt issuance costs | (3,109) | (6,278) | 0 |
Proceeds from Issuance of Secured Debt | 0 | 500,000 | 0 |
Repayments of Secured Debt | (400,000) | (896,214) | (350,140) |
Related Party Stock Repurchase | 0 | 0 | (250,000) |
Repurchase of common stock - non-related party | (50,000) | (30,099) | (10,868) |
Payments for taxes related to net share settlement of equity awards | (4,077) | (71) | 0 |
Dividends paid to non-related party | (7,439) | (8,603) | (20,613) |
Dividends paid to related party | (3,206) | (22,272) | (78,010) |
Other - primarily interest rate swap settlements | (3,819) | 0 | 0 |
Net cash used in financing activities | (471,792) | (463,683) | (709,631) |
Net change in cash and cash equivalents | (86,612) | 64,267 | 31,801 |
Effect of exchange rate changes on cash and cash equivalents | (1,316) | 240 | (746) |
Cash and cash equivalents at beginning of period | 145,442 | 80,935 | 49,880 |
Cash and cash equivalents at end of period | 57,514 | 145,442 | 80,935 |
Supplemental disclosures of cash flow information: | |||
Interest | 56,333 | 86,962 | 121,075 |
Income taxes | 63,791 | 73,971 | 99,278 |
Decrease (increase) in current assets: | |||
Accounts and notes receivable, net | (28,927) | 63,557 | (404) |
Inventories | (28,165) | 44,633 | (21,549) |
Prepaid expenses and other current assets | (31,921) | 3,028 | 3,929 |
Increase (Decrease) in Income Taxes Payable | 5,674 | (12,420) | (18,174) |
Accounts payable and accruals | 66,591 | (12,790) | (11,551) |
Interest payable | 371 | 430 | 62 |
Net change in working capital* | $ (16,377) | $ 86,438 | $ (47,687) |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Affiliated Entity | Common Stock | Common StockAffiliated Entity | Additional Paid-in Capital | Additional Paid-in CapitalAffiliated Entity | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings (Accumulated Deficit)Affiliated Entity |
Balance (in shares) at Dec. 31, 2018 | 290,537,612 | ||||||||||
Balance at Dec. 31, 2018 | $ (1,076,769) | $ 2,905 | $ 819,622 | $ (5,800) | $ (1,893,496) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 744,602 | 744,602 | |||||||||
Other comprehensive income (loss): | |||||||||||
Commodity derivatives income, net of tax | 11,830 | 11,830 | |||||||||
Commodity and foreign currency derivatives reclassification adjustments, net of tax | (7,020) | (7,020) | |||||||||
Foreign currency translation adjustments, net of tax | (6,371) | (6,371) | |||||||||
Other comprehensive income (loss), net of tax: | (1,561) | (1,561) | |||||||||
Repurchase of common stock (in shares) | (1,004,685) | (19,047,619) | |||||||||
Repurchase of common stock | (10,868) | $ (250,000) | $ (10) | $ (190) | (2,825) | $ (53,524) | (8,033) | $ (196,286) | |||
Stock-based compensation | 2,146 | 2,146 | |||||||||
Dividends paid | (20,613) | (78,010) | (20,613) | (78,010) | |||||||
Balance (in shares) at Dec. 31, 2019 | 270,485,308 | ||||||||||
Balance at Dec. 31, 2019 | (691,073) | $ 2,705 | 765,419 | (7,361) | (1,451,836) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 434,374 | 434,374 | |||||||||
Other comprehensive income (loss): | |||||||||||
Commodity derivatives income, net of tax | (15,594) | (15,594) | |||||||||
Commodity and foreign currency derivatives reclassification adjustments, net of tax | (3,254) | (3,254) | |||||||||
Foreign currency translation adjustments, net of tax | 6,568 | 6,568 | |||||||||
Other comprehensive income (loss), net of tax: | (12,280) | (12,280) | |||||||||
Repurchase of common stock (in shares) | (3,328,574) | ||||||||||
Repurchase of common stock | (30,099) | $ (33) | (9,700) | (20,366) | |||||||
Stock-based compensation (in shares) | 42,411 | ||||||||||
Stock-based compensation | 2,665 | 2,665 | |||||||||
Payments for taxes related to net share settlement of equity awards (in shares) | (10,598) | ||||||||||
Payments for taxes related to net share settlement of equity awards | (71) | (30) | (41) | ||||||||
Dividends paid | $ (8,603) | (22,272) | (8,603) | (22,272) | |||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | ||||||||||
Balance (in shares) at Dec. 31, 2020 | 267,188,547 | ||||||||||
Balance at Dec. 31, 2020 | $ (329,385) | $ (2,026) | $ 2,672 | 758,354 | (19,641) | (1,070,770) | $ (2,026) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 388,330 | 388,330 | |||||||||
Other comprehensive income (loss): | |||||||||||
Commodity derivatives income, net of tax | 24,525 | 24,525 | |||||||||
Commodity and foreign currency derivatives reclassification adjustments, net of tax | 7,277 | 7,277 | |||||||||
Foreign currency translation adjustments, net of tax | (19,605) | (19,605) | |||||||||
Other comprehensive income (loss), net of tax: | 12,197 | 12,197 | |||||||||
Repurchase of common stock (in shares) | (4,658,544) | ||||||||||
Repurchase of common stock | (50,000) | $ (46) | (13,091) | (36,863) | |||||||
Stock-based compensation (in shares) | 1,009,545 | ||||||||||
Stock-based compensation | $ 16,631 | $ 11 | 16,620 | ||||||||
Options exercised (in shares) | 39,700 | 33,500 | |||||||||
Options exercised | $ 351 | 351 | |||||||||
Payments for taxes related to net share settlement of equity awards (in shares) | (317,340) | ||||||||||
Payments for taxes related to net share settlement of equity awards | (4,077) | $ (4) | (822) | (3,251) | |||||||
Dividends paid | (7,439) | $ (3,206) | (7,439) | $ (3,206) | |||||||
Balance (in shares) at Dec. 31, 2021 | 263,255,708 | ||||||||||
Balance at Dec. 31, 2021 | $ 23,402 | $ 2,633 | $ 761,412 | $ (7,444) | $ (733,199) |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commodity derivatives income, tax | $ (6,662) | $ 4,250 | $ (3,418) |
Commodity and foreign currency derivatives reclassification adjustments, tax | (1,970) | 879 | 1,872 |
Foreign currency translation adjustments, tax | $ 0 | $ (162) | $ (67) |
Dividends paid (in dollars per share) | $ 0.04 | $ 0.115 | $ 0.34 |
Affiliated Entity | |||
Dividends paid (in dollars per share) | $ 0.04 | $ 0.115 | $ 0.34 |
Business And Summary Of Signifi
Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Business And Summary Of Significant Accounting Policies | Business and Summary of Significant Accounting Policies Discussion of Business and Structure GrafTech International Ltd. (the “Company”) is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace ("EAF") steel and other ferrous and non-ferrous metals. References herein to “GTI,” “we,” “our,” or “us” refer collectively to the Company. and its subsidiaries. On August 15, 2015, GTI became an indirect wholly owned subsidiary of Brookfield Asset Management Inc. (together with its affiliates, “Brookfield”). In April 2018, we completed our initial public offering ("IPO") of 38,097,525 shares of our common stock held by Brookfield at a price of $15.00 per shares. We did not receive any proceeds related to the IPO. Our common stock is listed on the NYSE under the symbol “EAF.” Brookfield has since distributed a portion of its GrafTech common stock to the owners in the Brookfield consortium and sold shares of GrafTech common stock in public and private transactions, resulting in Brookfield's ownership of outstanding shares of GrafTech common stock decreasing to 55.3% as of December 31, 2020 and 24.3% as of December 31, 2021. See Note 14, "Stockholders Equity (Deficit)," for more information. The Company’s only reportable segment, Industrial Materials, is comprised of our two major product categories: graphite electrodes and needle coke products. Petroleum needle coke is a key raw material used in the production of graphite electrodes. The Company's vision is to provide highly engineered graphite electrode services, solutions and products to electric arc furnace operators. Summary of Significant Accounting Policies The Consolidated Financial Statements include the financial statements of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. Cash Equivalents We consider all highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of certificates of deposit, money market funds and commercial paper. Revenue Recognition Revenue is recognized when a customer obtains control of promised goods. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods. To achieve this core principle, the following five steps are performed: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. The Company sells the majority of its products directly to steel manufacturers located in various jurisdictions. The Company’s contracts consist of longer-term take-or-pay sales contracts of graphite electrodes with terms of up to five years and short-term purchase orders (deliveries within one year). Collectability is assessed based on the customer’s ability and intention to pay, reviewing a variety of factors including the customer’s historical payment experience and published credit and financial information. Additionally, for multi-year contracts, we may require the customer to post a bank guarantee, guarantee of a parent, a letter of credit or a significant pre-payment. The promises of delivery of graphite electrodes represent the distinct performance obligations of our contracts. A small portion of our sales consist of deliveries of by-products of the manufacturing processes, such as graphite powders, naphta and gasoil. Given their nature, the Company’s performance obligations are satisfied at a point in time when control of the products has been transferred to the customer. In most cases, control transfer is deemed to happen at the delivery point of the products defined under the incoterms, usually at time of loading the truck or the vessel. The Company has elected to treat the transportation activity as a fulfilment activity instead of as a distinct performance obligation, and outbound freight cost is accrued when the product delivery promises are satisfied. The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods to the customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer are excluded from the transaction price. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The estimated variable consideration is reflected through revenue reversal accruals that are based on the Company's experience as well as anticipated performance. Historically, these reversals have been insignificant. Additionally, when termination fees are invoiced under certain provisions of the LTAs, they are accounted for as an element of variable consideration that is constrained, i.e. not recognized, until collected. Contracts that contain multiple distinct performance obligations require an allocation of the transaction price to each performance obligation based on a relative stand-alone selling price basis. The Company regularly reviews market conditions and internally approved pricing guidelines to determine stand-alone selling prices for the different types of its customer contracts. The stand-alone prices as known at contract inception are utilized as the basis to allocate the transaction price to the distinct performance obligations. The allocation of the transaction price to the performance obligations remains unchanged if stand-alone selling prices change after contract inception. Changes to LTAs are reviewed to assess whether there has been a change in volume, price or both and whether any additional volumes are at their stand-alone selling price to determine whether the contract modification should be accounted for as (1) part of the existing contract, (2) the termination of the existing contract and the creation of a new contract or (3) a separate contract. Under the most commonly negotiated terms, the accounting is such that it treats these modified contracts as the termination of the existing contract and the creation of a new contract. Inventories Inventories are stated at the lower of cost or market. Cost is principally determined using the FIFO and average cost, which approximates FIFO, methods. Elements of cost in inventory include raw materials, energy costs, direct labor, manufacturing overhead and depreciation of manufacturing fixed assets. We allocate fixed production overheads to the costs of conversion based on normal capacity of the production facilities. We recognize abnormal amounts of idle facility expense, freight, handling costs, and wasted materials (spoilage) as current period charges. Property, Plant and Equipment Expenditures for property, plant and equipment are recorded at cost. Maintenance and repairs of property and equipment are expensed as incurred. Expenditures for replacements and betterments are capitalized and the replaced assets are retired. Gains and losses from the sale of property are included in cost of sales or other (income) expense, net. We depreciate our assets using the straight-line method over the estimated useful lives of the assets. The ranges of estimated useful lives are as follows: Years Buildings 25-40 Land improvements 20 Machinery and equipment 5-20 Furniture and fixtures 5-10 The carrying value of fixed assets is assessed when events and circumstances indicating impairment are present. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Depreciation expense was $55.0 million, $51.5 million and $49.7 million in 2021, 2020 and 2019, respectively. Accounts payable associated with capital expenditures totaled $15.7 million and $8.9 million as of December 31, 2021 and 2020, respectively. Leases The Company determines if an arrangement is a lease at inception. When an arrangement contains a lease, we then determine if it meets any of the criteria to be classified as a finance lease. Leases with a term of 12 months or less are not recorded on the balance sheet. Right of Use ("RoU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. RoU assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. In order to compute the lease liability, when the rate implicit in the lease is not readily determinable, we discount the lease payments using our estimated incremental borrowing rate for secured fixed rate debt over the same term, derived from information available at the lease commencement date. Our lease term includes the option to extend the lease when it is reasonably certain that we will exercise that option. Lease and non-lease components are treated as a single lease component, except for leases of warehouse space where they will be accounted for separately. Leases may include variable lease and variable non-lease components costs, which are accounted for as variable lease expense in the income statement. Accounts Receivable Trade accounts receivable primarily arise from sales of goods to customers and distributors in the normal course of business. Allowance for Doubtful Accounts We recognize credit losses at the time the financial assets originate or are acquired using a lifetime of expected credit losses measurement. Our expected losses are adjusted each period for changes in expected lifetime credit losses. Deferred Debt Issuance Costs We defer debt issuance costs upon the incurrence of debt and record them as a direct reduction against our debt. We had deferred debt issuance costs of $11.8 million and $18.1 million as of December 31, 2021 and 2020, respectively. We amortize such amounts over the life of the respective debt instrument using the effective interest method. The estimated life may be adjusted upon the occurrence of a triggering event. Amortization of debt issuance costs amounted to $8.6 million, $9.2 million and $4.1 million in 2021, 2020 and 2019, respectively. Debt issuance costs amortization is included in interest expense. Derivative Financial Instruments We do not use derivative financial instruments for trading purposes. They are used to manage well-defined commercial risks associated with commodity purchases, interest rates and currency exchange rate risks. On the date that a derivative contract for a hedging instrument is entered into, the Company designates the derivative as either (1) a hedge of the exposure to changes in the fair value of a recognized asset or liability or of an unrecognized firm commitment (a fair value hedge), (2) a hedge of the exposure of a forecasted transaction or of the variability in the cash flows of a recognized asset or liability (a cash flow hedge), (3) a hedge of a net investment in a foreign operation (a net investment hedge) or (4) a contract not designated as a hedging instrument. For a fair value hedge, both the effective and ineffective portions of the change in the fair value of the derivative are recorded in earnings and reflected in the Consolidated Statement of Operations on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in accumulated other comprehensive loss in the Consolidated Balance Sheet. When the underlying hedged transaction is realized, the gain or loss included in accumulated other comprehensive loss is recorded in earnings and reflected in the Consolidated Statement of Operations on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a net investment hedge, the effective portion of the change in the fair value of the derivative is recorded in cumulative translation adjustment, which is a component of accumulated other comprehensive loss in the Consolidated Balance Sheet and is de-recognized upon liquidation or sale of the entity. We formally document our hedge relationships, including the identification of the hedging instruments and the related hedged items, as well as our risk management objectives and strategies for undertaking the hedge transaction. Derivatives are recorded at fair value in prepaid expenses and other current assets, other long-term assets, other current liabilities and other long-term obligations in the consolidated balance sheets. We also formally assess, both at inception and at least quarterly thereafter, whether a derivative used in a hedging transaction is highly effective in offsetting changes in either the fair value or the cash flows of the hedged item. When it is determined that a derivative ceases to be highly effective or that the hedged transaction is no longer probable of occurring, we discontinue hedge accounting. Foreign Currency Derivatives We enter into foreign currency derivatives from time to time to manage exposure to changes in currency exchange rates. These instruments, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures, relating to non-dollar denominated debt and identifiable foreign currency receivables, payables and commitments held by our foreign and domestic subsidiaries. Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a specified rate. Purchased foreign currency options are instruments which give the holder the right, but not the obligation, to exchange different currencies at a specified rate at a specified date or over a range of specified dates. The result is the creation of a range in which a best and worst price is defined, while minimizing option cost. Forward exchange contracts and purchased currency options are carried at fair value. These contracts may be designated as cash flow or fair value hedges to the extent that they are effective and are accounted for as described in section above (“Derivative Financial Instruments”). For derivatives that are not designated as a hedge, any gain or loss is immediately recognized in cost of sales on the Consolidated Statements of Operations. Derivatives used in this manner relate to risks resulting from assets or liabilities denominated in a foreign currency. Commodity Contracts We have entered into derivative contracts for refined oil products. These contracts are entered into to protect against the risk that eventual cash flows related to these products will be adversely affected by future changes in prices. All commodity contracts are carried at fair value and are treated as cash flow hedges to the extent they are effective. Changes in their fair values are included in accumulated other comprehensive loss in the Consolidated Balance Sheets until settlement. Realized gains and losses resulting from settlement are first recognized in accumulated other comprehensive loss and are recorded in cost of sales on the Consolidated Statements of Operations when the underlying hedged item is realized. Interest Rate Swap Contracts We have entered into interest rate swap contracts that are "pay fixed, receive variable" with maturities of either two Income Taxes We file a consolidated U.S. federal income tax return for GTI and its eligible domestic subsidiaries. Our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carry forwards. Deferred tax assets and liabilities at the end of each period are determined using enacted tax rates. A valuation allowance is established or maintained, when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. Under the guidance on accounting for uncertainty in income taxes, we recognize the benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. The Company treats taxes due on future U.S. inclusions in taxable income related to Global Intangible Low Tax Income ("GILTI") as a current period expense when incurred. See Note 13, "Income Taxes" for more information. Related Party Tax Receivable Agreement On April 23, 2018, the Company entered into a Tax Receivable Agreement that provides Brookfield, as the sole pre-IPO stockholder, the right to receive future payments from us for 85% of the amount of cash savings, if any, in U.S. federal income tax and Swiss tax that we and our subsidiaries realize as a result of the utilization of certain tax assets attributable to periods prior to our IPO, including certain federal net operating losses ("NOLs"), previously taxed income under Section 959 of the Internal Revenue Code of 1986, as amended from time to time (the "Code"), foreign tax credits, and certain NOLs in Swissco (collectively, the "Pre-IPO Tax Assets"). In addition, we will pay interest on the payments we will make to Brookfield with respect to the amount of these cash savings from the due date (without extensions) of our tax return where we realize these savings to the payment date at a rate equal to LIBOR plus 1.00% per annum. The term of the Tax Receivable Agreement commenced on April 23, 2018 and will continue until there is no potential for any future tax benefit payments. The Tax Receivable Agreement liability is recorded based on the best estimate of the utilization of Pre-IPO Tax Assets and is revised annually in the fourth quarter or earlier if and when significant changes in the forecast are identified. Retirement Plans and Post-Employment Benefits We use actuarial methods and assumptions to account for our defined benefit pension plans and our post-employment benefits. We recognize in earnings the change in the fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each year with a mark-to-market adjustment ("MTM Adjustment") and whenever a plan is remeasured (e.g., due to a significant curtailment, settlement, etc.). Pension and post-employment benefits expense includes the MTM Adjustment, actuarially computed cost of benefits earned during the current service period, the interest cost on accrued obligations, the expected return on plan assets and adjustments due to plan settlements and curtailments. Contributions to the qualified U.S. retirement plan are made in accordance with the requirements of the Employee Retirement Income Security Act of 1974. Additional information with respect to benefits plans is set forth in Note 11, “Retirement Plans and Post-Employment Benefits.” Stock-based Compensation The Company recognizes stock-based compensation expense based on the grant date fair value of the award over the period during which an employee is required to provide service in exchange for the award. Stock-based awards include stock options, restricted stock units ("RSUs") and deferred share units ("DSUs"). The fair value of RSUs and DSUs is primarily based on the closing market price of a share of the Company's common stock on the date of grant, modified as appropriate to take into account the features of such grants. Stock options are granted with an exercise price equal to the closing price of the Company's common shares on the date of grant. The fair value of stock options is determined using a Black-Scholes option-pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate, and the expected dividend yield. The Company accounts for forfeitures as they occur. See Note 3, "Stock-Based and Other Management Compensation" for additional information. Environmental, Health and Safety Matters Our operations are governed by laws addressing protection of the environment and worker safety and health. These laws provide for civil and criminal penalties and fines, as well as injunctive and remedial relief, for noncompliance and require remediation at sites where hazardous substances have been released into the environment. We have been in the past, and may become in the future, the subject of formal or informal enforcement actions or proceedings regarding noncompliance with these laws or the remediation of company-related substances released into the environment. Historically, such matters have been resolved by negotiation with regulatory authorities resulting in commitments to compliance, abatement or remediation programs and in some cases payment of penalties. Historically, neither the commitments undertaken nor the penalties imposed on us have been material. Environmental considerations are part of all significant capital expenditure decisions. Environmental remediation, compliance and management expenses were approximately $16.9 million, $11.1 million and $11.6 million in 2021, 2020 and 2019, respectively. A charge to income is recorded when it is probable that a liability has been incurred and the cost can be reasonably estimated. When payments are fixed or determinable, the liability is discounted using a rate at which the payments could be effectively settled. The accrued liability relating to environmental remediation was $4.9 million as of December 31, 2021 and 2020. Our environmental liabilities do not take into consideration possible recoveries of insurance proceeds. Because of the uncertainties associated with environmental remediation activities at sites where we may be potentially liable, future expenses to remediate sites could be considerably higher than the accrued liability. Foreign Currency Translation and Remeasurement We translate the financial statements of foreign subsidiaries, whose local currency is their functional currency, to U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for each period for revenues, expenses, gains and losses. Differences arising from exchange rate changes are included in accumulated other comprehensive loss on the Consolidated Balance Sheets until such time as the operations of such non-U.S. subsidiaries are sold or substantially or completely liquidated. For our Mexican, Swiss, United Kingdom and Russian subsidiaries, whose functional currency is the U.S. dollar, we remeasure non-monetary balance sheet accounts and the related income statement accounts at historical exchange rates. Resulting gains and losses arising from the fluctuations in currency for monetary accounts are recognized in other (income) expense, net, in the Consolidated Statements of Operations. Gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred. We have non-dollar denominated intercompany loans between some of our foreign subsidiaries. These loans are subject to remeasurement gains and losses due to changes in currency exchange rates. One of these loans has been deemed to be essentially permanent prior to settlement and, as a result, remeasurement gains and losses on this loan were recorded as a component of accumulated other comprehensive loss in the stockholders’ equity (deficit) section of the Consolidated Balance Sheets. The remaining loans are deemed to be temporary and, as a result, remeasurement gains and losses on these loans are recorded as currency (gains) losses in other (income) expense, net, on the Consolidated Statements of Operations. Goodwill and Other Intangible Assets Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. We do not recognize deferred income taxes for the difference between the assigned value and the tax basis related to nondeductible goodwill. Goodwill is not amortized; however, impairment testing is performed annually or more frequently if circumstances indicate that impairment may have occurred. We perform the annual goodwill impairment test at December 31. The annual goodwill impairment testing may begin with a qualitative assessment of potential impairment indicators in order to determine whether it is necessary to perform the quantitative goodwill impairment test. Other amortizable intangible assets, which consist primarily of trademarks and trade names, customer-related intangibles and technological know-how, are amortized over their estimated useful lives using the straight line or sum-of-the-years digits method. The estimated useful lives for each major category of amortizable intangible assets are: Years Trade name 5-20 Technology and know-how 5-14 Customer related intangible 5-15 Additional information about goodwill and other intangibles is set forth in Note 6, “Goodwill and Other Intangible Assets.” Major Maintenance and Repair Costs We perform scheduled major maintenance of the storage and processing units at our Seadrift plant (referred to as “overhaul”). Time periods between overhauls vary by unit. We also perform significant maintenance and repair shutdown of the plant (referred to as “turnaround”) every other year. Costs of overhauls and turnarounds include plant personnel, contract services, materials and rental equipment. We defer these costs when incurred and use the straight-line method to amortize them over the period of time estimated to lapse until the next scheduled overhaul of the applicable storage or processing unit. Under this policy, $0.7 million was deferred in 2021 and $10.2 million of costs were deferred in 2020. Amortization of deferred maintenance costs totaled $4.6 million, $6.0 million and $5.1 million in 2021, 2020 and 2019, respectively. Earnings per share The calculation of basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share recognizes the dilution that would occur if stock options or restricted shares were exercised or converted into common shares. See Note 15, “Earnings per Share”. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses. Significant estimates and assumptions are used for, but are not limited to inventory valuation, pension and other post-employment benefits, allowance for doubtful accounts, contingent liabilities, accruals and valuation allowances, asset impairment, and environmental-related accruals. Actual results could differ from our estimates. Reclassifications and Adjustments Certain items previously reported in specific financial statement captions within the Consolidated Statements of Cash Flows have been reclassified between lines within cash flow from operations to conform to the current presentation. Subsequent Events We evaluate events that occur after the balance sheet date but before financial statements are issued to determine if a material event requires our amending the financial statements or disclosing the event. See Note 17, "Subsequent Events" for further details. Recently Adopted Accounting Standards In January 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-01, Reference Rate Reform (Topic 848): Scope , which amended Topic 848 reference rate reform to clarify the scope and availability of expedients for certain derivative instruments affected by reference rate reform. We have elected various optional expedients in Topic 848 related to hedging relationships and expect to make future elections related to contract modifications and other hedging relationships. The future election and application of these expedients are not expected to have a material impact on our financial position, results of operations and cash flows. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 is intended to improve consistent application of Topic 740 and simplify the accounting for income taxes. This pronouncement removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance. ASU 2019-12 is effective for annual and interim reporting periods beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2021, with an immaterial effect on our financial position, results of operations and cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which introduces the Current Expected Credit Losses ("CECL") accounting model. CECL requires earlier recognition of credit losses, while also providing additional transparency about credit risk. CECL utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. ASU No. 2016-13 was effective for the Company on January 1, 2020. The adoption of ASU No. 2016-13 resulted in a cumulative-effect adjustment of $2.0 million included as an adjustment to our accounts receivable reserve and to retained earnings on January 1, 2020. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregation of Revenue The following table provides information about disaggregated revenue by type of product and contract: For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Graphite Electrodes - LTAs $ 1,040,214 $ 1,069,772 $ 1,437,354 Graphite Electrodes - Non-LTAs 258,426 123,845 260,979 By-products and other 47,148 30,744 92,460 Total Revenues $ 1,345,788 $ 1,224,361 $ 1,790,793 The Graphite Electrodes revenue categories include only graphite electrodes manufactured by GrafTech. The revenue category “By-products and other" also includes re-sales of low-grade electrodes purchased from third-party suppliers, which represent a minimal contribution to our profitability. Contract Balances Substantially all the Company's receivables relate to contracts with customers. Accounts receivables are recorded when the right to consideration becomes unconditional. Payment terms on invoices range from 30 to 120 days depending on the customary business practices of the jurisdictions in which we do business. Certain short-term and longer-term sales contracts require up-front payments prior to the Company’s fulfillment of any performance obligation. These contract liabilities are recorded as current or long-term deferred revenue, depending on the lag between the pre-payment and the expected delivery of the related products. Additionally, deferred revenue or contract assets originate from contracts where the allocation of the transaction price to the performance obligations based on their relative stand-alone selling prices results in the timing of revenue recognition being different from the timing of the invoicing. In this case, deferred revenue is amortized into revenue based on the transaction price allocated to the remaining performance obligations and contract assets are realized through the contract invoicing. Contract assets as of December 31, 2021 were $1.2 million, which are included in "Prepaid expenses and other current assets", on the Consolidated Balance Sheets. Contract assets as of December 31, 2020 were $2.7 million, of which $1.5 million and $1.2 million are included in "Prepaid expenses and other current assets" and "Other assets," respectively, on the Consolidated Balance Sheets. The following table provides information about deferred revenue from contracts with customers. Current deferred revenue is included in "Other accrued liabilities" and long-term deferred revenue is included in "Other long-term obligations" on the Consolidated Balance Sheets. Current deferred revenue Long-Term deferred revenue (Dollars in thousands) Balance as of December 31, 2019 $ 11,776 $ 3,858 Increases due to cash received 10,110 — Revenue recognized (6,270) — Reclassification between long-term and current (1,804) 1,804 Foreign currency impact (756) — Balance as of December 31, 2020 13,056 5,662 Increases due to cash received 32,466 — Revenue recognized (37,030) — Reclassification between long-term and current 1,359 (1,359) Foreign currency impact (11) — Balance as of December 31, 2021 $ 9,840 $ 4,303 Transaction Price Allocated to the Remaining Performance Obligations The following table presents estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of reporting period. The estimated revenues do not include contracts with original duration of one year or less. The remaining revenue associated with our LTAs is expected to be approximately as follows: 2022 2023 through 2024 Estimated LTA revenue $910-$1,010 $350-$450 (1) (1) Includes expected termination fees from a few customers that have failed to meet certain obligations under their LTAs. The majority of the LTAs are defined as pre-determined fixed annual volume contracts while a small portion are defined with a specified volume range. For the year 2022 and beyond, the contractual revenue amounts above are based upon the minimum volume for those contracts with specified ranges. The actual revenue realized from these contracted volumes may vary in timing and total due to contract non-performance, arbitrations, credit risk associated with certain customers facing financial challenges and customer demand related to contracted volume ranges. In addition to the expected remaining revenue to be recognized with the LTAs, the Company recorded $1,040.2 million, $1,069.8 million and $1,437.4 million of revenue pursuant to these contracts in the year ended December 31, 2021, 2020 and 2019, respectively. |
Stock Based and Other Managemen
Stock Based and Other Management Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based and Other Management Compensation | Stock-Based and Other Management Compensation Our Omnibus Equity Incentive Plan permits the granting of options and other stock-based awards (including restricted stock units ("RSUs") and deferred share units ("DSUs")). As of December 31, 2021, the aggregate number of shares authorized under the plan since its initial adoption was 15.0 million. Shares issued upon vesting of awards or exercise of options are new share issuances. Upon the vesting or payment of stock awards, an employee may elect receipt of the full share amount and either pay the resulting taxes or have the Company withhold shares to cover the tax obligation. At December 31, 2021, 12.1 million common stock shares were available for future issuance. Stock-based compensation expense was $16.6 million, $2.7 million and $2.1 million in 2021, 2020 and 2019, respectively. A majority of the expense, $14.6 million in 2021, $2.3 million in 2020 and $1.9 million in 2019 was recorded as selling and administrative expenses in the Consolidated Statement of Operations, with the remaining expenses incurred as cost of sales. Stock-based compensation expense for 2021 includes $14.7 million, recorded in the second quarter of 2021, due to the Change in Control accelerated vesting provisions of certain of our awards. For the purpose of these grants, a Change in Control occurred when Brookfield and any affiliates thereof ceased to own stock of the Company that constitutes at least thirty percent (30%) or thirty-five percent (35%), as applicable, of the total fair market value or total voting power of the stock of the Company. Out of the $14.7 million recorded with the Change in Control, $0.9 million accelerated at the 35% ownership level and the remaining $13.8 million accelerated at the 30% ownership level. The Company derives a tax deduction measured by the excess of the market value over the grant price at the date stock-based compensation awards are exercised or vest. We recognized $1.8 million of tax benefits in 2021, compared to $0.5 million of tax benefits in both 2020 and 2019 relating to the issuance of common stock for the exercise/vesting of equity awards. Stock Options. Non-qualified stock options may be granted to our employees and directors. Stock options vest over a five year period, with one-fifth of the award vesting on the anniversary date of the grant in each of the next five years and expire 10 years from the date of grant. Option exercises are satisfied through the issuance of common shares. Compensation expense for stock options is based on the estimated fair value of the option on the date of the grant. We calculate the estimated fair value of the option using the Black-Scholes option-pricing model. The weighted average assumptions used in our Black-Scholes option pricing model for options granted in 2021, 2020 and 2019 were as follows: 2021 2020 2019 Dividend yield 0.32% - 0.35% 0.44% - 3.77% 2.39% - 3.05% Expected volatility 62 % 50 % 50 % Risk-free interest rate 1.1% - 1.21% 0.37% - 1.22% 1.79% - 2.63% Expected term in years 6.5 years 6.5 years 6.5 years Dividend Yield . Our dividend yield estimate is based on our expected dividends and the stock price on the grant date. Expected Volatility . For 2021 and 2020, we estimated the volatility of our common stock at the date of grant based on the historical volatility of the Company’s stock. The volatility factor we use is based on our historical closing prices since our stock has been publicly traded. For 2019, we estimated the volatility of our common stock at the date of grant based on the historical volatility of comparable companies over the most recent period commensurate with the expected life of the award. Risk-Free Interest Rate. We base the risk-free interest rate on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. Expected Term In Years. The expected life of awards granted represents the time period that the awards are expected to be outstanding. We determined the expected term of the grants using the “simplified” method as described by the SEC, since we do not have a history of stock option awards to provide a reliable basis for estimating such term. The following table summarizes activity related to stock options during 2021: Number Weighted- Aggregate Intrinsic Value (thousands) Weighted Average Remaining Term (Years) Outstanding at December 31, 2020 1,248,935 $ 13.66 Granted 479,500 $ 11.49 Exercised (39,700) $ 10.67 Forfeited or expired (72,015) $ 14.02 Outstanding at December 31, 2021 1,616,720 $ 13.08 $ 972,123 7.6 years Vested and Expected to vest as of December 31, 2021 1,616,720 $ 13.08 $ 972,123 7.6 years Exercisable at December 31, 2021 1,500,800 $ 12.79 $ 972,123 7.6 years Outstanding options have exercise prices ranging from $7.28 per share to $20.00 per share. A summary of the status and changes of stock options and the related average price per share follows: Number Weighted- Outstanding unvested as of December 31, 2020 906,361 $ 4.94 Granted 479,500 6.50 Vested (1,227,592) 5.38 Forfeited (42,349) 5.09 Outstanding unvested as of December 31, 2021 115,920 $ 6.64 We recognized stock-based compensation expense of $5.9 million, $1.1 million and $1.2 million in 2021, 2020 and 2019, respectively, relating to stock options. As of December 31, 2021, there was $0.5 million of total unrecognized compensation cost related to unvested stock options, which is expected to be amortized over a weighted average period of 1.4 years. The total fair value of shares vested was $6.6 million in 2021 and $1.1 million in both 2020 and 2019. There were 39,700 options exercised during 2021. No options were exercised during 2020 or 2019. Cash received from option exercises during 2021 was $0.4 million. RSUs. RSUs constitute an agreement to deliver shares of common stock to the participant at the end of a vesting period. Compensation expense for RSUs is based on the closing price of our common stock on the date of grant, less forfeitures or cancellations of awards throughout the vesting period. RSUs vest over a five year period, with one-fifth of the award vesting on the anniversary date of the grant in each of the next five years. A summary of the status and changes of shares subject to RSU awards for employees and the related average price per share follows: Number Weighted- Outstanding unvested as of December 31, 2020 502,770 $ 10.28 Granted 515,960 11.49 Cancelled (16,795) 10.78 Vested (999,239) 10.88 Outstanding unvested as of December 31, 2021 2,696 $ 13.96 During 2021, 2020 and 2019, we recognized stock-based compensation expense of $10.0 million, $1.0 million and $0.5 million, respectively, relating to RSU awards for employees. The total fair value of RSU awards vested during 2021 and 2020 was $10.8 million and $0.6 million, respectively. No RSUs vested in 2019. As of December 31, 2021, less than $0.1 million of expense with respect to non-vested RSUs has yet to be recognized and will be amortized into expense over a weighted-average period of approximately 1.3 years. DSUs. DSUs are granted to our independent directors in lieu of cash retainers and vest immediately upon grant. All whole DSUs will be settled in shares of our common stock after the Director's termination of service on the Board and any fractional shares will be settled in cash. During 2021, we granted 61,351 DSUs to our independent directors with a weighted-average grant date fair value of $11.48 per share. During 2021, 2020 and 2019, we recognized stock-based compensation expense of $0.7 million, $0.6 million and $0.4 million, respectively, relating to DSU awards. The total fair value of DSU awards vested during 2021, 2020 and 2019 was $1.0 million, $0.5 million and $0.4 million, respectively. Annual Cash Incentive Plan |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Reporting | Segment Reporting Our Industrial Materials segment, our only reportable segment, manufactures high-quality graphite electrodes essential to the production of EAF steel and other ferrous and non-ferrous metals. Petroleum needle coke, a crystalline form of carbon derived from decant oil, is a key raw material used in the production of graphite electrodes. We utilize substantially all the needle coke that we produce internally to manufacture our graphite electrodes and as a result approximately 96% of our revenues from external customers are derived from the sale of graphite electrodes. In 2021, no customer accounted for more than 10% of our net sales. The following tables summarize information as to our operations in different geographic areas: 2021 2020 2019 (Dollars in thousands) Net sales: United States $ 285,710 $ 260,867 $ 403,916 Americas (excluding the United States) 241,442 187,779 348,670 Asia Pacific 154,084 127,415 172,439 Europe, Middle East, Africa 664,552 648,300 865,768 Total $ 1,345,788 $ 1,224,361 $ 1,790,793 At December 31, 2021 2020 (Dollars in thousands) Long-lived assets (a): United States $ 179,003 $ 169,208 Mexico 123,997 132,867 Brazil 4,090 4,309 France 93,579 92,805 Spain 100,248 106,467 Other countries 556 561 Total $ 501,473 $ 506,217 (a) Long-lived assets represent fixed assets, net of accumulated depreciation. |
Debt And Liquidity
Debt And Liquidity | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt And Liquidity | Debt and Liquidity The following table presents our long-term debt: As of As of (Dollars in thousands) 2018 Term Loan Facility $ 543,708 $ 943,708 2020 Senior Secured Notes 500,000 500,000 Other Debt 429 615 Unamortized debt discount and issuance costs (14,449) (24,192) Total Debt 1,029,688 1,420,131 Less: Short-term Debt (127) (131) Long-term Debt $ 1,029,561 $ 1,420,000 2018 Term Loan and 2018 Revolving Credit Facility In February 2018, the Company entered into a credit agreement (the “2018 Credit Agreement”), which provides for (i) a $2,250 million senior secured term facility (the “2018 Term Loan Facility”) after giving effect to the June 2018 amendment (the “First Amendment”) that increased the aggregate principal amount of the 2018 Term Loan Facility from $1,500 million to $2,250 million and (ii) a $250 million senior secured revolving credit facility (the “2018 Revolving Credit Facility” and, together with the 2018 Term Loan Facility, the “Senior Secured Credit Facilities”). GrafTech Finance Inc. (“GrafTech Finance”) is the sole borrower under the 2018 Term Loan Facility while GrafTech Finance, GrafTech Switzerland SA (“Swissco”) and GrafTech Luxembourg II S.à.r.l. (“Luxembourg Holdco” and, together with GrafTech Finance and Swissco, the “Co-Borrowers”) are co-borrowers under the 2018 Revolving Credit Facility. The 2018 Term Loan Facility and the 2018 Revolving Credit Facility mature on February 12, 2025 and February 12, 2023, respectively. As of December 31, 2021 and 2020, there was no debt outstanding on the 2018 Revolving Credit Facility and there was $3.3 million and $3.6 million of letters of credit drawn against the 2018 Revolving Credit Facility, respectively. The 2018 Term Loan Facility bears interest, at our option, at a rate equal to either (i) the Adjusted LIBO Rate (as defined in the 2018 Credit Agreement), plus an applicable margin equal to 3.00% per annum following an amendment in February 2021 (the “Second Amendment”) that decreased the Applicable Rate (as defined in the 2018 Credit Agreement) by 0.50% for each pricing level or (ii) the ABR Rate (as defined in the 2018 Credit Agreement), plus an applicable margin equal to 2.00% per annum following the Second Amendment, in each case with one step down of 25 basis points based on achievement of certain public ratings of the 2018 Term Loan Facility. The Second Amendment also decreased the interest rate floor from 1.0% to 0.50% for the 2018 Term Loan Facility. The 2018 Revolving Credit Facility bears interest, at our option, at a rate equal to either (i) the Adjusted LIBO Rate, plus an applicable margin initially equal to 3.75% per annum or (ii) the ABR Rate, plus an applicable margin initially equal to 2.75% per annum, in each case with two 25 basis point step downs based on achievement of certain senior secured first lien net leverage ratios. In addition, we are required to pay a quarterly commitment fee on the unused commitments under the 2018 Revolving Credit Facility in an amount equal to 0.25% per annum. The Senior Secured Credit Facilities are guaranteed by each of our domestic subsidiaries, subject to certain customary exceptions, and by GrafTech Luxembourg I S.à.r.l., a Luxembourg société à responsabilité limitée and an indirect wholly owned subsidiary of GrafTech, Luxembourg HoldCo, and Swissco (collectively, the “Guarantors”) with respect to all obligations under the 2018 Credit Agreement of each of our foreign subsidiaries that is a Controlled Foreign Corporation (within the meaning of Section 956 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”)). All obligations under the 2018 Credit Agreement are secured, subject to certain exceptions, by: (i) a pledge of all of the equity securities of each domestic Guarantor and of each other direct, wholly owned domestic subsidiary of GrafTech and any Guarantor, (ii) a pledge on no more than 65% of the equity interests of each subsidiary that is a Controlled Foreign Corporation (within the meaning of Section 956 of the Code), and (iii) security interests in, and mortgages on, personal property and material real property of each domestic Guarantor, subject to permitted liens and certain exceptions specified in the 2018 Credit Agreement. The obligations of each foreign subsidiary of GrafTech that is a Controlled Foreign Corporation under the 2018 Revolving Credit Facility are secured by (i) a pledge of all of the equity securities of each Guarantor that is a Controlled Foreign Corporation and of each direct, wholly owned subsidiary of any Guarantor that is a Controlled Foreign Corporation, and (ii) security interests in certain receivables and personal property of each Guarantor that is a Controlled Foreign Corporation, subject to permitted liens and certain exceptions specified in the 2018 Credit Agreement. The 2018 Term Loan Facility amortizes at a rate of $112.5 million a year payable in equal quarterly installments, with the remainder due at maturity. The Co-Borrowers are permitted to make voluntary prepayments at any time without premium or penalty. GrafTech Finance is required to make prepayments under the 2018 Term Loan Facility (without payment of a premium) with (i) net cash proceeds from non-ordinary course asset sales (subject to customary reinvestment rights and other customary exceptions and exclusions), and (ii) commencing with the Company’s fiscal year ended December 31, 2019, 75% of Excess Cash Flow (as defined in the 2018 Credit Agreement), subject to step-downs to 50% and 0% of Excess Cash Flow based on achievement of a senior secured first lien net leverage ratio greater than 1.25 to 1.00 but less than or equal to 1.75 to 1.00 and less than or equal to 1.25 to 1.00, respectively. Scheduled quarterly amortization payments of the 2018 Term Loan Facility during any calendar year reduce, on a dollar-for-dollar basis, the amount of the required Excess Cash Flow prepayment for such calendar year, and the aggregate amount of Excess Cash Flow prepayments for any calendar year reduce subsequent quarterly amortization payments of the 2018 Term Loan Facility as directed by GrafTech Finance. As of December 31, 2021, we have satisfied all required amortization installments through the maturity date. The 2018 Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to GrafTech and restricted subsidiaries, including, among other things, restrictions on indebtedness, liens, investments, fundamental changes, dispositions, and dividends and other distributions. The 2018 Credit Agreement contains a financial covenant that requires GrafTech to maintain a senior secured first lien net leverage ratio not greater than 4.00:1.00 when the aggregate principal amount of borrowings under the 2018 Revolving Credit Facility and outstanding letters of credit issued under the 2018 Revolving Credit Facility (except for undrawn letters of credit in an aggregate amount equal to or less than $35 million), taken together, exceed 35% of the total amount of commitments under the 2018 Revolving Credit Facility. The 2018 Credit Agreement also contains customary events of default. 2020 Senior Secured Notes In December 2020, GrafTech Finance issued $500 million aggregate principal amount of 4.625% senior secured notes due 2028 (the “2020 Senior Secured Notes”) in a private offering. The 2020 Senior Secured Notes and related guarantees are secured on a pari passu basis by the collateral securing the Senior Secured Credit Facilities. All of the proceeds from the 2020 Senior Secured Notes were used to partially repay borrowings under our 2018 Term Loan Facility. The 2020 Senior Secured Notes pay interest in arrears on June 15 and December 15 of each year, with the principal due in full on December 15, 2028. Prior to December 15, 2023, up to 40% of the 2020 Senior Secured Notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 104.625% of the principal amount thereof, together with accrued and unpaid interest, if any. The 2020 Senior Secured Notes may be redeemed, in whole or in part, at any time prior to December 15, 2023 at a price equal to 100% of the principal amount of the notes redeemed plus a premium together with accrued and unpaid interest, if any, to, but not including, the redemption date. Thereafter, the 2020 Senior Secured Notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. The indenture governing the 2020 Senior Secured Notes (the “Indenture”) contains certain covenants that, among other things, limit the Company’s ability, and the ability of certain of its subsidiaries, to incur or guarantee additional indebtedness or issue preferred stock, pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt, incur or suffer to exist liens securing indebtedness, make certain investments, engage in certain transactions with affiliates, consummate certain asset sales and effect a consolidation or merger, or sell, transfer, lease or otherwise dispose of all or substantially all assets. Pursuant to the Indenture, if our pro forma consolidated first lien net leverage ratio is no greater than 2.00 to 1.00, we can make restricted payments so long as no default or event of default has occurred and is continuing. If our pro forma consolidated first lien net leverage ratio is greater than 2.00 to 1.00, we can make restricted payments pursuant to certain baskets. The Indenture contains events of default customary for agreements of its type (with customary grace periods, as applicable) and provides that, upon the occurrence of an event of default arising from certain events of bankruptcy or insolvency with respect to the Company or GrafTech Finance, all outstanding 2020 Senior Secured Notes will become due and payable immediately without further action or notice. If any other type of event of default occurs and is continuing, then the trustee or the holders of at least 30% in principal amount of the then outstanding 2020 Senior Secured Notes may declare all of the 2020 Senior Secured Notes to be due and payable immediately. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets We are required to review goodwill and indefinite-lived intangible assets annually for impairment. Goodwill impairment is tested at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. For the years ended December 31, 2021 and 2020, an assessment for potential impairment was performed and an impairment adjustment was not required. There has been no change in the carrying value of goodwill for the years 2020 and 2021. The following table summarizes acquired intangible assets with determinable useful lives by major category which are included in "Other assets" on our Consolidated Balance Sheets: As of December 31, 2021 As of December 31, 2020 Gross Accumulated Net Gross Accumulated Net (Dollars in thousands) Trade name $ 22,500 $ (13,935) $ 8,565 $ 22,500 $ (11,932) $ 10,568 Technology and know-how 55,300 (38,486) 16,814 55,300 (34,091) 21,209 Customer related intangible 64,500 (28,195) 36,305 64,500 (23,848) 40,652 Total finite-lived intangible assets $ 142,300 $ (80,616) $ 61,684 $ 142,300 $ (69,871) $ 72,429 Amortization expense of intangible assets was $10.7 million, $11.4 million and $12.2 million in 2021, 2020 and 2019, respectively. Estimated annual amortization expense for the next five years will approximate $10.1 million in 2022, $9.2 million in 2023, $8.0 million in 2024, $7.3 million in 2025 and $6.7 million in 2026. |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2021 | |
Interest and Debt Expense [Abstract] | |
Interest Expense | Interest Expense The following table presents an analysis of interest expense: For the Year Ended December 31 2021 2020 2019 (Dollars in thousands) Interest incurred on debt $ 56,731 $ 83,555 $ 121,010 Accretion of original issue discount on 2018 Term Loan Facility 3,387 5,340 2,196 Amortization of debt issuance and modification costs 8,642 9,179 4,125 Total interest expense $ 68,760 $ 98,074 $ 127,331 Interest rates The 2020 Senior Secured Notes carry a fixed interest rate of 4.625%. The 2018 Term Loan Facility had an interest rate of 3.50% as of December 31, 2021, 4.50% as of December 31, 2020 and 5.30% as of December 31, 2019. See Note 5, "Debt and Liquidity" for details of these transactions. In 2021 we made prepayments for a total of $400 million under our 2018 Term Loan Facility. In connection with this, we recorded $2.3 million of accelerated accretion of the original issue discount and we recorded $3.7 million of accelerated amortization of the debt issuance costs. We also recorded $1.6 million of modification costs related to the 2018 Term Loan Facility repricing in the first quarter of 2021. See Note 5, "Debt and Liquidity" for details of the Second Amendment. In December 2020, the proceeds from the issuance of the $500 million 2020 Senior Secured Notes were used to repay $500 million of principal on the 2018 Term Loan Facility. The repayment of the 2018 Term Loan Facility was accounted for as a partial debt extinguishment and triggered $3.2 million of accelerated accretion of the original issue discount and $5.2 million of accelerated amortization of the debt issuance costs. The 2020 Senior Secured Notes were accounted for as new debt and the related debt issuance costs were deferred. |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements And Derivative Instruments | Fair Value Measurements and Derivative Instruments Fair Value Measurements Depending on the inputs, we classify each fair value measurement as follows: • Level 1 – based upon quoted prices for identical instruments in active markets, • Level 2 – based upon quoted prices for similar instruments, prices for identical or similar instruments in markets that are not active, or model-derived valuations of all of whose significant inputs are observable, and • Level 3 – based upon one or more significant unobservable inputs. The following section describes key inputs and assumptions used in valuation methodologies of our assets and liabilities measured at fair value on a recurring basis: Cash and cash equivalents, short-term notes and accounts receivable, accounts payable and other current payables – The carrying amount approximates fair value because of the short maturity of these instruments. Debt – The fair value of our debt as of December 31, 2021 and 2020 was $1,051.6 million and $1,453.1 million, respectively. The fair values were determined using Level 3 inputs. Foreign currency derivatives – Foreign currency derivatives are carried at fair value using Level 2 inputs. We had an outstanding gain of $0.4 million as of December 31, 2021 and an outstanding loss of $0.1 million as of December 31, 2020. Commodity derivative contracts – Commodity derivative contracts are carried at fair value. We determine the fair value using observable, quoted refined oil product prices that are determined by active markets and therefore classify the commodity derivative contracts as Level 2. We had outstanding unrealized gains of $8.5 million as of December 31, 2021, outstanding unrealized gains of $0.6 million and outstanding unrealized losses of $2.8 million as of December 31, 2020. Interest rate swap contracts – Interest rate swap contracts are carried at fair value. We determine the fair value using the income approach to value the derivatives, using observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single discounted present amount reflecting current market expectations about those future amounts. We had outstanding unrealized gains of $6.1 million and outstanding unrealized losses of $0.1 million as of December 31, 2021. We had no outstanding unrealized gains and outstanding unrealized losses of $11.9 million as of December 31, 2020. Additional fair value information related to our pension funds' assets can be found in Note 11, "Retirement Plans and Post-Employment Benefits". Derivative Instruments We use derivative instruments as part of our overall foreign currency and commodity risk management strategies to manage the risk of exchange rate movements that would reduce the value of our foreign cash flows and to minimize commodity price volatility. Foreign currency exchange rate movements create a degree of risk by affecting the value of sales made and costs incurred in currencies other than the U.S. dollar. Certain of our derivative contracts contain provisions that require us to provide collateral. Since the counterparties to these financial instruments are large commercial banks and similar financial institutions, we do not believe that we are exposed to material counterparty credit risk. We do not anticipate nonperformance by any of the counterparties to our instruments. Foreign currency derivatives We enter into foreign currency derivatives from time to time to attempt to manage exposure to changes in currency exchange rates. These foreign currency instruments, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures such as foreign currency denominated debt, sales, receivables, payables, and purchases. We had no foreign currency cash flow hedges outstanding as of December 31, 2021 and December 31, 2020 and, therefore, no unrealized gains or losses reported under accumulated other comprehensive loss. As of December 31, 2021, we had outstanding Mexican peso, South African rand, euro, Swiss franc and Japanese yen currency contracts, with aggregate notional amounts of $99.3 million. As of December 31, 2020, we had outstanding Mexican peso, South African rand, euro, Swiss franc and Japanese yen currency contracts, with aggregate notional amounts of $71.0 million. The foreign currency derivatives outstanding as of December 31, 2021 had maturity dates from January 2022 to April 2022, and were not designated as hedging instruments. Commodity derivative contracts We have entered into commodity derivative contracts for refined oil products. These contracts are entered into to protect against the risk that eventual cash flows related to these products will be adversely affected by future changes in prices. In the fourth quarter of 2017, we began to enter into LTAs, which are three In connection with de-designated commodity derivative contracts, we recognized no unrealized gains or losses in cost of sales in 2021 and a $0.4 million unrealized gain in 2020 as a result of the variation in fair value from the de-designation date. This resulted from a small portion of our commodity derivative contracts that ceased to qualify for hedge accounting. Interest rate swap contracts During the third quarter of 2019, the Company entered into interest rate swap contracts. The contracts are "pay fixed, receive variable" with notional amounts of $500 million maturing in two years and another $500 million maturing in five years. The Company’s risk management objective was to fix its cash flows associated with the risk in variability in the one-month USD LIBOR for a portion of our outstanding debt. It was expected that these swaps would fix the cash flows associated with the forecasted interest payments on this notional amount of debt to an effective fixed interest rate of 5.1%, which could be lowered to 4.85% depending on credit ratings. In December 2020, in connection with the $500 million principal repayment of the 2018 Term Loan Facility, we de-designated one interest rate swap contract of $250 million notional maturing in the third quarter of 2021, and in February 2021, we closed the contract and recorded a $0.9 million charge in interest expense. Additionally, in February 2021, the Company modified the three remaining swaps with notional amounts of $250 million that matured in the third quarter 2021 and $500 million maturing in the third quarter 2024 in order to align their terms to the amended 2018 Term Loan Facility (see Note 5, "Debt and Liquidity" for details of the February 2021 repricing of the 2018 Term Loan Facility). It is expected that these swaps will fix the cash flows associated with the forecasted interest payments on this notional amount of debt to an effective fixed interest rate of 4.2%, which could be lowered to 3.95% depending on credit ratings. The modification triggered the de-designation and re-designation of the swaps. Because the modified swaps contained an other-than-insignificant financing element at re-designation date, they are considered hybrid instruments composed of a debt host and an embedded derivative and the associated cash (outflows)/inflows are classified as financing (use)/source of cash. The debt host portion amounted to a liability of $7.0 million as of December 31, 2021 with $2.6 million included in "Other accrued liabilities" and $4.4 million in "Other long-term obligations." The corresponding loss is accounted for in "Accumulated other comprehensive loss" and is amortized over the remaining life of the swaps. The embedded derivative is treated as a cash flow hedge. Within accumulated other comprehensive loss, we recorded a net unrealized pre-tax gain of $5.9 million and a net unrealized pre-tax loss of $11.9 million as of December 31, 2021 and 2020, respectively. The fair value of these contracts was determined using Level 2 inputs. The change in the fair value of the de-designated interest rate swap contract from the de-designation date to December 31, 2020, was recorded in interest expense and was immaterial. The fair value of all derivatives is recorded as assets or liabilities on a gross basis in our Consolidated Balance Sheets. At December 31, 2021 and 2020, the fair value of our derivatives and their respective balance sheet locations are presented in the following table: Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value As of December 31, 2021 (Dollars in thousands) Derivatives designated as cash flow hedges: Commodity derivative contracts Prepaid and other current assets $ 8,469 Other accrued liabilities $ — Other assets — Other long-term obligations — Interest rate swap contracts Prepaid and other current assets $ — Other accrued liabilities $ 140 Other assets 6,060 Other long-term obligations — Total fair value $ 14,529 $ 140 As of December 31, 2020 Commodity derivative contracts Prepaid and other current assets $ 518 Other accrued liabilities $ 888 Other assets 63 Other long-term obligations 1,898 Interest rate swap contracts Prepaid and other current assets $ — Other accrued liabilities $ 4,080 Other assets — Other long-term obligations 6,903 Total fair value $ 581 $ 13,769 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value As of December 31, 2021 (Dollars in Thousands) Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 388 Other accrued liabilities $ 2 Total fair value $ 388 $ 2 As of December 31, 2020 Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 6 Other accrued liabilities $ 111 Interest rate swap contracts Prepaid and other current assets — Other accrued liabilities 952 Total fair value $ 6 $ 1,063 The realized (gains) losses resulting from the settlement of commodity derivative contracts designated as hedges remain in "Accumulated other comprehensive loss" until they are recognized in the Statement of Operations when the hedged item impacts earnings, which is when the finished product is sold. As a result of the settlement of commodity derivative contracts, as of December 31, 2021 and December 31, 2020, net realized pre-tax gain of $11.5 million and net realized pre-tax loss of $7.4 million, respectively, were reported in accumulated other comprehensive income (loss) and will be (were) released to earnings within the following 12 months. See the table below for amounts recognized in the Statement of Operations. The realized (gains) losses on derivatives are recognized in the Statements of Operations when the hedged item impacts earnings and are as follows for the years ended December 31, 2021, 2020 and 2019: Amount of (Gain)/Loss Location of Realized (Gain)/Loss Recognized in the Consolidated Statement of Operations 2021 2020 2019 Derivatives designated as cash flow hedges: (Dollars in thousands) Commodity derivative contracts Cost of sales $ 6,440 $ (4,134) $ (8,892) Interest rate swaps Interest expense (income) 1,846 4,390 (1,050) Amount of (Gain)/Loss Location of Realized (Gain)/Loss Recognized in the Consolidated Statement of Operations 2021 2020 2019 Derivatives not designated as hedges: (Dollars in thousands) Foreign currency derivatives Cost of sales, Other (income) expense, net $ 3,895 $ (2,671) $ (506) Commodity derivative contracts Cost of sales (1,399) (530) (223) Interest rate swap contracts Interest expense 866 — — In addition, the loss deferred to "Accumulated other comprehensive loss" in the first quarter of 2021 as a result of the portion of the interest rate swaps qualifying as a debt host is amortized to interest expense over the term of the swaps. The amount of the amortization is as follows for 2021: Amount of (Gain)/Loss Location of Realized (Gain)/Loss Recognized in the Consolidated Statement of Operations 2021 2020 2019 Derivatives not designated as hedges: (Dollars in thousands) Interest rate swap contracts Interest expense 2,807 — — The balance of the deferred pre-tax loss is $7.0 million as of December 31, 2021, reported in "Accumulated other comprehensive loss", of which $2.6 million will be released to earnings within the next 12 months. |
Supplementary Balance Sheet Det
Supplementary Balance Sheet Detail | 12 Months Ended |
Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplementary Balance Sheet Detail | Supplementary Balance Sheet Detail The following tables present supplementary balance sheet details: As of As of (Dollars in thousands) Inventories: Raw materials and supplies $ 132,113 $ 101,098 Work in process 127,127 110,331 Finished goods 30,192 54,535 $ 289,432 $ 265,964 Prepaid expenses and other current assets: Prepaid expenses $ 8,193 $ 9,242 Value-added tax and other indirect taxes receivable* 40,861 10,666 Spare parts inventory 12,408 11,825 Other current assets 11,902 3,381 $ 73,364 $ 35,114 Property, plant and equipment: Land and improvements $ 49,201 $ 50,285 Buildings 79,660 80,041 Machinery and equipment and other 621,808 621,478 Construction in progress 64,629 33,098 $ 815,298 $ 784,902 Other accrued liabilities: Payrolls (including incentive programs) $ 16,904 $ 13,159 Employee benefits 7,272 7,128 Deferred revenue 9,840 13,056 Other 22,389 23,158 $ 56,405 $ 56,501 Other long-term obligations: Post-employment benefits $ 14,597 $ 15,669 Pension and related benefits 31,139 37,847 Other 22,921 27,962 $ 68,657 $ 81,478 *Included in "Value-added tax and other indirect taxes receivable" is the recognition of the Brazil value-added tax credit of $11.5 million (see Note 16, "Other (Income) Expense, net"). The following table presents an analysis of the allowance for doubtful accounts: 2021 2020 2019 Balance at beginning of year $ 8,243 $ 5,474 $ 1,129 Charge to retained earnings - ASC 326 adoption impact — 2,026 — (Credit) charge to income (1,266) 1,458 4,636 Deductions (142) (715) (291) Balance at end of year $ 6,835 $ 8,243 $ 5,474 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases We lease certain transportation and mobile manufacturing equipment such as railcars and forklifts, as well as real estate. Components of lease expense are as follows: For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Operating lease cost $ 5,399 $ 6,138 $ 4,816 Short-term lease cost 408 159 14 Variable lease cost 453 429 227 Total lease cost $ 6,260 $ 6,726 $ 5,057 Supplemental cash-flow and other information related to leases is as follows: For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) RoU assets obtained in exchange for new operating lease liabilities (non-cash) 5,584 5,262 4,995 Cash payments for operating leases (5,466) (6,177) (4,724) Supplemental balance sheet information related to leases is as follows: As of December 31, 2021 2020 (Dollars in thousands) Location Operating RoU lease assets Other assets $ 7,646 $ 7,164 Current operating lease liabilities Other accrued liabilities 4,109 4,102 Non-current operating lease liabilities Other long-term obligations 3,528 3,195 Total operating lease liabilities $ 7,637 $ 7,297 Weighted average remaining lease term (in years) 2.3 2.7 Weighted average discount rate 4.31 % 5.82 % As of December 31, 2021, lease commitments under non-cancelable operating leases extending for one year or more will require the following future payments: (Dollars in thousands) 2022 4,200 2023 2,238 2024 969 2025 451 2026 and after 152 Total lease payments $ 8,010 Less: Imputed interest (373) Present value of lease payments $ 7,637 As of December 31, 2021, we have not entered into any additional operating lease commitments that have yet to commence. |
Retirement Plans And Postretire
Retirement Plans And Postretirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits, Description [Abstract] | |
Retirement Plans And Postretirement Benefits | Retirement Plans and Post-Employment Benefits Retirement Plans On February 26, 1991, we formed our own retirement plan covering substantially all our U.S. employees. Under our plan, covered employees earned benefit payments based primarily on their service credits and wages subsequent to February 26, 1991. Prior to that date, substantially all our U.S. employees were participants in the U.S. retirement plan of Union Carbide Corporation (“Union Carbide”). While service credit was frozen, covered employees continued to earn benefits under the Union Carbide plan based on their final average wages through February 26, 1991, adjusted for salary increases (not to exceed six percent per annum) through January 26, 1995, the date Union Carbide ceased to own a minimum 50% of the equity of GTI. The Union Carbide plan is responsible for paying retirement and death benefits earned as of February 26, 1991. Effective January 1, 2002, we established a defined contribution plan for U.S. employees. Certain employees had the option to remain in our defined benefit plan for an additional period of up to five years. Employees not covered by this option had their benefits under our defined benefit plan frozen as of December 31, 2001, and began participating in the defined contribution plan. Effective March 31, 2003, we curtailed our qualified benefit plan and the benefits were frozen as of that date for the U.S. employees who had the option to remain in our defined benefit plan. We also closed our non-qualified U.S. defined benefit plan for the participating salaried workforce. The employees began participating in the defined contribution plan as of April 1, 2003. Pension coverage for employees of foreign subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are systematically provided for by depositing funds with trustees, under insurance policies or by book reserves. The components of our consolidated net pension costs are set forth in the following table: For the Year Ended December 31, 2021 2020 2019 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ 1,328 $ 1,349 $ 1,322 $ 1,183 $ 1,297 $ 624 Interest cost 2,962 111 3,949 174 5,070 275 Expected return on assets (4,213) (545) (4,730) (401) (5,026) (424) Mark-to-market (gain) loss (2,428) (1,327) 613 2,596 205 3,302 Pension (benefits) costs $ (2,351) $ (412) $ 1,154 $ 3,552 $ 1,546 $ 3,777 The mark-to-market gain in 2021 was the result of a favorable change in the discount rate and favorable foreign currency translation, as well as a better than expected return on plan assets, particularly for the U.S. plans. The mark-to-market loss in 2020 was the result of the unfavorable change in the discount rate, new employee obligations and unfavorable foreign currency translation, partially offset by better than expected return on plan assets, particularly for the U.S. plans. The mark-to-market loss in 2019 was the result of the unfavorable change in the discount rate, partially offset by better than expected return on plan assets, particularly for the U.S. plans. The reconciliation of the beginning and ending balances of our pension plans’ benefit obligations, fair value of assets, and funded status at December 31, 2021 and 2020 are: As of As of U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net benefit obligation at beginning of period $ 140,254 $ 38,716 $ 135,810 $ 28,903 Service cost 1,328 1,349 1,322 1,183 Interest cost 2,962 111 3,949 174 Participant contributions — 580 — 470 Foreign currency exchange changes — (1,318) — 2,869 Actuarial (gain) loss (4,316) (1,104) 9,583 2,683 Benefits paid* (10,322) 237 (10,410) 2,434 Net benefit obligation at end of period $ 129,906 $ 38,571 $ 140,254 $ 38,716 Changes in Plan Assets: Fair value of plan assets at beginning of period $ 115,568 $ 25,082 $ 107,832 $ 18,980 Actual return on plan assets 2,325 799 13,700 488 Foreign currency exchange rate changes — (746) — 1,893 Employer contributions 2,390 961 4,446 817 Participant contributions — 580 — 470 Benefits paid* (10,322) 237 (10,410) 2,434 Fair value of plan assets at end of period $ 109,961 $ 26,913 $ 115,568 $ 25,082 Funded status (underfunded): $ (19,945) $ (11,658) $ (24,686) $ (13,634) Amounts recognized in the statement Non-current assets $ — $ — $ — $ 13 Current liabilities (420) (44) (423) (50) Non-current liabilities (19,525) (11,614) (24,263) (13,597) Net amount recognized $ (19,945) $ (11,658) $ (24,686) $ (13,634) • For certain international jurisdictions, the amount reported under "Benefits paid" include obligations and assets that have been transferred into our plans in connection with personnel hired during the year. The accumulated benefit obligation for all defined benefit pension plans was $166.1 million and $176.3 million as of December 31, 2021 and 2020, respectively. Plan Assets The accounting guidance on fair value measurements specifies a hierarchy based on the observability of inputs used in valuation techniques (Level 1, 2 and 3). See Note 8, “Fair Value Measurements and Derivative Instruments" for a discussion of the fair value hierarchy. The following describes the methods and significant assumptions used to estimate the fair value of the investments: Cash and cash equivalents – Valued at cost. Cash equivalents are valued at net asset value as provided by the administrator of the fund. Foreign government bonds – Valued by the trustees using various pricing services of financial institutions. Equity securities – Valued at the closing price reported on the active market on which the security is traded. Fixed insurance contract – Valued at the present value of the guaranteed payment streams. Investment contracts – Valued at the total cost of annuity contracts purchased, adjusted for market differences from the date of purchase to year-end. Collective trusts – Valued at the net asset value provided by the administrator of the fund (the practical expedient). The net asset value is primarily based on quoted market prices of the underlying securities for which quoted market prices of the underlying securities of the funds. Some of the underlying investments include securities for which quoted market prices are not available and are valued using data obtained by the trustee from the best available source or market value. This method may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although we believe its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The fair value of other plan assets by category is summarized below (dollars in thousands): As of December 31, 2021 Level 1 Level 2 Level 3 Total U.S. Plan Assets Cash and cash equivalents $ 715 $ — $ — $ 715 International Plan Assets Foreign government bonds — 910 — 910 Fixed insurance contracts — — 26,003 26,003 Total assets in the fair value hierarchy $ — $ 910 $ 26,003 $ 26,913 U.S. Plan - Investments measured at net asset value $ 109,246 Total $ 715 $ 910 $ 26,003 $ 136,874 As of December 31, 2020 Level 1 Level 2 Level 3 Total U.S. Plan Assets Cash and cash equivalents $ 1,850 $ — $ — $ 1,850 International Plan Assets Foreign government bonds $ — $ 995 $ — $ 995 Fixed insurance contracts — — 24,087 24,087 Total assets in the fair value hierarchy $ — $ 995 $ 24,087 $ 25,082 U.S. Plan - Investments measured at net asset value $ 113,718 Total $ 1,850 $ 995 $ 24,087 $ 140,650 The following table presents the changes for those financial instruments classified within Level 3 of the valuation hierarchy for international plan pension assets for the years ended December 31, 2020 and 2021 (dollars in thousands): Fixed Insurance Balance at December 31, 2019 $ 17,985 Gain / contributions / currency impact 6,149 Distributions (16) Balance at December 31, 2020 24,118 Gain / contributions / currency impact 1,900 Distributions (15) Balance at December 31, 2021 $ 26,003 We annually re-evaluate assumptions and estimates used in projecting pension assets, liabilities and expenses. These assumptions and estimates may affect the carrying value of pension assets, liabilities and expenses in our Consolidated Financial Statements. Assumptions used to determine net pension costs and projected benefit obligations are: Pension Benefit Obligations Key Assumptions As of December 31, 2021 2020 Weighted average assumptions to determine benefit obligations: Discount rate 2.14 % 1.78 % Rate of compensation increase 1.46 % 1.46 % Pension Cost Key Assumptions Weighted average assumptions to determine net cost: Discount rate 1.78 % 2.59 % Expected return on plan assets 3.48 % 4.14 % Rate of compensation increase 1.46 % 1.50 % We adjust our discount rate annually in relation to the rate at which the benefits could be effectively settled. Discount rates are set for each plan in reference to the yields available on AA-rated corporate bonds of appropriate currency and duration. The appropriate discount rate is derived by developing an AA-rated corporate bond yield curve in each currency. The discount rate for a given plan is the rate implied by the yield curve for the duration of that plan’s liabilities. In certain countries, where little public information is available on which to base discount rate assumptions, the discount rate is based on government bond yields or other indices and approximate adjustments to allow for the differences in weighted durations for the specific plans and/or allowance for assumed credit spreads between government and AA-rated corporate bonds. The expected return on assets assumption represents our best estimate of the long-term return on plan assets and generally was estimated by computing a weighted average return of the underlying long-term expected returns on the different asset classes, based on the target asset allocations. The expected return on assets assumption is a long-term assumption that is expected to remain the same from one year to the next unless there is a significant change in the target asset allocation, the fees and expenses paid by the plan or market conditions. The rate of compensation increase assumption is generally based on salary increases. Plan Assets. The following table presents our retirement plan weighted average asset allocations at December 31, 2021, by asset category : Percentage of Plan Assets as of December 31, 2021 U.S. Foreign Equity securities and return seeking assets 20 % — % Fixed income, debt securities, or cash 80 % 100 % Total 100 % 100 % Investment Policy and Strategy. The investment policy and strategy of the U.S. plan is to invest approximately 20% in equities and return seeking assets and approximately 80% in fixed income securities. Rebalancing is undertaken monthly. To the extent we maintain plans in other countries, target asset allocation is 100% fixed income investments. For each plan, the investment policy is set within both asset return and local statutory requirements. Information for our pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2020 and 2021 follows: 2021 2020 U.S. Foreign U.S. Foreign (Dollars in thousands) Accumulated benefit obligation $ 129,906 $ 35,247 $ 140,254 $ 35,316 Fair value of plan assets 109,961 26,003 115,568 24,118 Information for our pension plans with a projected benefit obligation in excess of plan assets at December 31, 2021 and 2020 follows: 2021 2020 U.S. Foreign U.S. Foreign (Dollars in thousands) Projected benefit obligation $ 129,906 $ 37,412 $ 140,254 $ 37,734 Fair value of plan assets 109,961 26,003 115,568 24,118 Following is our projected future pension plan cash flow by year: U.S. Foreign (Dollars in thousands) Expected contributions in 2022: Expected employer contributions $ 420 $ 958 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2022 9,224 1,352 2023 9,186 1,503 2024 9,067 2,916 2025 9,015 1,581 2026 8,914 2,663 2027-2031 40,997 12,312 Post-Employment Benefit Plans We have legacy post-employment medical coverage and life insurance benefits for eligible retired employees in the U.S. and in certain foreign jurisdictions. Effective December 31, 2005, all U.S. post-employment medical coverage plans were frozen. The post-employment benefit plans are un-funded and our periodic contributions correspond to the amount of benefits paid in the period. Our funding contributions were $1.4 million and $1.3 million in 2021 and 2020, respectively. The estimated liability for post-employment benefit plans was $16.0 million and $17.2 million as of December 31, 2021 and 2020, respectively. The expense recognized in the Consolidated Statement of Operations for post-employment benefits was $0.5 million, $0.7 million and $1.6 million for 2021, 2020 and 2019, respectively. Included in post-employment benefit expense are mark-to-market gains of $0.1 million and less than $0.1 million for 2021 and 2020, respectively, and a mark-to-market loss of $0.6 million in 2019. Savings Plan Our employee savings plan provides eligible employees the opportunity for long-term savings and investment. The plan allows employees to contribute up to 5% of pay as a basic contribution and an additional 45% of pay as supplemental contribution. In 2021, 2020 and 2019, the Company's matching contributions to our savings plan were $2.5 million, $2.2 million and $2.1 million, respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies Legal Proceedings We are involved in various investigations, lawsuits, claims, demands, environmental compliance programs and other legal proceedings arising out of or incidental to the conduct of our business. While it is not possible to determine the ultimate disposition of each of these matters, we do not believe that their ultimate disposition will have a material adverse effect on our financial position, results of operations or cash flows. Additionally, we are involved in the following legal proceedings described below. We are involved in various arbitrations, sometimes as claimants and other times as respondents/counterclaimants, pending before the International Chamber of Commerce with several customers who, among other things, have failed to perform under their LTAs and in certain instances are seeking to modify or frustrate their contractual commitments to us. In particular, Aperam South America LTDA, Aperam Sourcing S.C.A., ArcelorMittal Sourcing S.C.A., and ArcelorMittal Brasil S.A. (collectively, the “Claimants”) initiated a single arbitration proceeding against two of the Company’s subsidiaries in the International Chamber of Commerce in June 2020. In June 2021, the Claimants filed their statement of claim, seeking approximately $61 million plus interest in monetary relief and/or reimbursement in respect of several fixed price LTAs that were executed between such subsidiaries and the Claimants in 2017 and 2018. The Claimants argue, among other things, that they should no longer be required to comply with the terms of the LTAs that they signed due to an alleged drop in market prices for graphite electrodes in January 2020. Alternatively, the Claimants argue that they should not be required to comply with the LTAs that they signed due to alleged market circumstances at the time of execution. We believe we have valid defenses to these claims. We intend to vigorously defend them and enforce our rights under the LTAs. Pending litigation in Brazil has been brought by employees seeking to recover additional amounts and interest thereon under certain wage increase provisions applicable in 1989 and 1990 under collective bargaining agreements to which employers in the Bahia region of Brazil were a party (including our subsidiary in Brazil). Companies in Brazil have settled claims arising out of these provisions and, in May 2015, the litigation was remanded by the Brazilian Supreme Court in favor of the employees union. After denying an interim appeal by the Bahia region employers on June 26, 2019, the Brazilian Supreme Court finally ruled in favor of the employees union on September 26, 2019. The employers union has determined not to seek annulment of such decision. Separately, on October 1, 2015, a related action was filed by current and former employees against our subsidiary in Brazil to recover amounts under such provisions, plus interest thereon, which amounts together with interest could be material to us. If the Brazilian Supreme Court proceeding above had been determined in favor of the employers union, it would also have resolved this proceeding in our favor. In the first quarter of 2017, the state court initially ruled in favor of the employees. We appealed this state court ruling, and the appellate court issued a decision in our favor on May 19, 2020. The employees have further appealed and, on December 16, 2020, the court upheld the decision in favor of GrafTech Brazil. On February 22, 2021, the employees filed a further appeal and, on April 28, 2021, the court rejected the employees' appeal in favor of GrafTech Brazil. The employees filed a further appeal and we intend to vigorously defend our position. As of December 31, 2021, we are unable to assess the potential loss associated with these proceedings as the claims do not currently specify the number of employees seeking damages or the amount of damages being sought. Product Warranties We generally sell products with a limited warranty. We accrue for known warranty claims if a loss is probable and can be reasonably estimated. We also accrue for estimated warranty claims incurred based on a historical claims charge analysis. Claims accrued but not yet paid and the related activity within the reserve for 2020 and 2021 are as follows: (Dollars in thousands) Balance as of December 31, 2019 $ 1,835 Product warranty charges/adjustments 1,220 Payments and settlements (1,058) Balance as of December 31, 2020 $ 1,997 Product warranty charges/adjustments 1,183 Payments and settlements (2,092) Balance as of December 31, 2021 $ 1,088 Related Party Tax Receivable Agreement On April 23, 2018, the Company entered into the Tax Receivable Agreement that provides Brookfield, as the sole Pre-IPO stockholder, the right to receive future payments from us for 85% of the amount of cash savings, if any, in U.S. federal income tax and Swiss tax that we and our subsidiaries realize as a result of the utilization of the pre-IPO Tax Assets. In addition, we will pay interest on the payments we will make to Brookfield with respect to the amount of these cash savings from the due date (without extensions) of our tax return where we realize these savings to the payment date at a rate equal to LIBOR plus 1.00% per annum. The term of the Tax Receivable Agreement commenced on April 23, 2018 and will continue until there is no potential for any future tax benefit payments. As of December 31, 2020, total Tax Receivable Agreement liability was $40.9 million, of which $21.8 million was classified as current liability "Related party payable - Tax Receivable Agreement" on the Consolidated Balance Sheets, as we expected this portion to be settled within 12 months, and $19.1 million of the liability remained as a long-term liability in "Related party payable - Tax Receivable Agreement long-term" on the Consolidated Balance Sheets. The 2020 current liability was settled in the first quarter of 2021. In 2021, the Tax Receivable Agreement liability increased $0.2 million as a result of revised U.S. income estimates affecting the future usage of our U.S. tax attributes and related interest. The increase was recorded in "Related Party Tax Receivable Agreement Expense (Benefit)" on the Consolidated Statement of Operations. As of December 31, 2021, the total Tax Receivable Agreement liability is $19.3 million, of which $3.8 million is classified as a current liability "Related party payable - Tax Receivable Agreement" on the Consolidated Balance Sheets, as we expect this portion to be settled within 12 months, and $15.5 million of the liability remains as a long-term liability in "Related party payable - Tax Receivable Agreement long-term" on the Consolidated Balance Sheets. Long-term Incentive Plan The long-term incentive plan ("LTIP") was adopted by the Company in August 2015 and amended and restated in March 2018. The purpose of the plan was to retain senior management of the Company, to incentivize them to make decisions with a long-term view and to influence behavior in a way that is consistent with maximizing value for the pre-IPO stockholder of the Company in a prudent manner. Each participant was allocated a number of profit units, with a maximum of 30,000 profit units ("Profit Units") available under the plan. Awards of Profit Units generally vested in equal increments over a five-year period beginning on the first anniversary of the grant date of the Profit Units, subject to continued employment with the Company through each vesting date. If a participant ceased to provide services prior to any applicable vesting date for any reason, other than a termination for cause, then the participant forfeited all unvested Profit Units and any vested Profit Units remained outstanding. If a participant had been terminated for cause, both vested and unvested Profit Units would have been forfeited. Upon a Change in Control (as defined in the LTIP), the Profit Units entitled the participant to a payment based on a percentage of the sum of (i) all net "Sale Proceeds" (as defined in the LTIP) received by Brookfield Capital IV L.P. and its affiliates ("Brookfield Capital IV") less (ii) the "Threshold Value" (as defined in the LTIP), with such payment amount being determined by the Company's Board of Directors in its sole discretion. In the event that, in connection with a Change in Control, Brookfield Capital IV disposes of less than 100% of its ownership interest in the Company, the amount of the Sale Proceeds in excess of the Threshold Value shall be determined on a pro-rata basis by reference to the percentage of ownership interest disposed, as determined by the Board of Directors of the Company. The May 2021 secondary offering of our common stock by Brookfield Capital IV constituted a Change in Control under the LTIP. A Change in Control under the LTIP is defined as, among other things, a transaction or series of transactions (including, without limitation, the consummation of a combination, share purchases, recapitalization, redemption, issuance of capital stock, consolidation, reorganization or otherwise) pursuant to which following a public offering of the Company’s stock, Brookfield Capital IV ceases to have a beneficial ownership interest in at least 30% of the Company’s outstanding voting securities (effective on the first of such date). Upon completion of the May 2021 secondary offering, Brookfield beneficially owned approximately 24% of the Company's outstanding voting securities. Accordingly, the Company settled the vested Profit Units in lump sum payments within 30 days following the Change in Control. In the second quarter 2021, the settlement of the Profit Units resulted in the recording of a pre-tax charge of $73.4 million, of which $30.7 million was recorded in cost of sales and $42.7 million was recorded in selling and administrative expense. As of December 31, 2021, $71.4 million of the charges have been settled in cash by the Company while the remainder of the liability, related to payroll taxes, is expected to be paid in subsequent quarters, which will satisfy all obligations under the LTIP. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table summarizes the U.S. and non-U.S. components of income before provision for income taxes: For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) U.S. $ (69,087) $ 51,672 $ 85,365 Non-U.S. 525,493 458,373 757,462 Income before provision for income taxes $ 456,406 $ 510,045 $ 842,827 Provision for income taxes consists of the following: For the Year Ended December 31, 2021 2020 2019 U.S. income taxes: Current $ 645 $ (7,660) $ 16,589 Deferred 2,132 27,822 5,690 2,777 20,162 22,279 Non-U.S. income taxes: Current 71,088 63,092 64,134 Deferred (5,789) (7,583) 11,812 65,299 55,509 75,946 Provision for income taxes $ 68,076 $ 75,671 $ 98,225 Provision for income taxes in 2021 was $68.1 million on income before taxes of $456.4 million. In 2020, provision for income taxes was $75.7 million on income before taxes of $510.0 million, and in 2019, provision for income taxes was $98.2 million on income before taxes of $842.8 million. The change in tax expense from year to year is primarily due to the reduction in pre-tax income, the mix of worldwide earnings from various countries taxed at different rates and the U.S. taxation of GILTI. The years 2019 and 2021 also included the partial release of a valuation allowance recorded against the deferred tax asset related to certain foreign, U.S. federal and state tax attributes. Provision for income taxes differed from the amount computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2021, 2020 and 2019 to income before the provision for income taxes as set forth in the following table: For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Tax at statutory U.S. federal rate $ 95,845 $ 107,109 $ 176,994 Impact of U.S. Tax Cuts and Jobs Act of 2017 - GILTI 51,016 45,539 65,531 Impact of Tax Receivable Agreement 49 (4,429) 713 Valuation allowance (2,208) (980) (14,548) State taxes, net of federal tax benefit 1,414 3,591 4,231 U.S. tax impact of foreign earnings (net of foreign tax credits) 537 2,113 2,181 Establishment/resolution of uncertain tax positions (48) (78) (1,293) Adjustment for foreign income taxed at different rates (38,530) (38,464) (76,922) Foreign tax credits (43,821) (37,280) (56,171) Change-in-Control-related compensation 10,626 — — Other (6,804) (1,450) (2,491) Provision for income taxes $ 68,076 $ 75,671 $ 98,225 The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 are set forth in the following table: As of December 31, 2021 2020 (Dollars in thousands) Deferred tax assets: Post-employment and other employee benefits $ 17,375 $ 18,202 Foreign tax credit and other carryforwards 32,452 37,101 Capitalized research and experimental costs 1,935 3,897 Environmental reserves 1,133 1,111 Inventory adjustments 10,545 7,381 Long-term contract option amortization 982 1,031 Provision for rationalization charges 71 96 Mark-to-market hedges — 3,552 Previously taxed income 5,229 2,163 Other 2,175 1,483 Total gross deferred tax assets 71,897 76,017 Less: valuation allowance (10,550) (12,773) Total deferred tax assets 61,347 63,244 Deferred tax liabilities: Fixed assets $ 51,595 $ 54,485 Inventory 8,834 8,573 Goodwill and acquired intangibles 9,502 7,552 Mark-to-market hedges 2,824 — Other 3,079 3,254 Total deferred tax liabilities 75,834 73,864 Net deferred tax (liability) $ (14,487) $ (10,620) Net deferred tax assets are separately stated as deferred income taxes in the amount of $61.3 million as of December 31, 2021 and $63.2 million as of December 31, 2020. Net deferred tax liabilities are separately stated as deferred income taxes in the amount of $75.8 million at December 31, 2021 and $73.9 million at December 31, 2020. At each reporting period, we assess the need for valuation allowances against deferred tax assets based on determinations of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. Examples of positive evidence would include a strong earnings history, an event or events that would increase our taxable income through a continued reduction of expenses, and tax planning strategies that would indicate an ability to realize deferred tax assets. Examples of negative evidence would include cumulative losses in recent years and history of tax attributes expiring unused. In circumstances where the significant positive evidence does not outweigh the negative evidence in our assessment, we have established and maintained valuation allowances on those net deferred tax assets. However, the recognition of the valuation allowance does not result in or limit the Company's ability to utilize these tax assets in the future. Valuation allowance activity for the years ended December 31, 2021, 2020 and 2019 is as follows: (Dollars in thousands) Balance as of December 31, 2018 $ 58,446 Credited to income (14,548) Changes attributable to write-off of underlying assets (30,138) Translation adjustment (24) Balance as of December 31, 2019 $ 13,736 Credited to income (980) Translation adjustment 17 Balance as of December 31, 2020 $ 12,773 Credited to income (2,208) Translation adjustment (15) Balance as of December 31, 2021 $ 10,550 During 2018, we determined that sufficient positive evidence existed that allowed us to conclude that a full valuation allowance was no longer required to be recorded against the deferred tax assets related the U.S. tax attributes. This positive evidence was primarily supplied by the Company exiting a cumulative loss period in the United States as well as sufficient U.S. current and forecasted taxable income that would utilize the U.S. tax attributes. As a result, a partial release (to reflect only the economic benefit of the attributes) of the valuation allowance against federal net operating losses and state losses was recorded in 2018, while a full release of the valuation allowance against the federal foreign tax credit carryforward, other federal deferred tax assets was also recorded. A valuation allowance of $35.8 million is included in the December 31, 2018 balance reflected above as there was not sufficient positive evidence that the deferred tax asset related to the U.S. federal net operating loss would generate more than its estimated economic benefit. This valuation allowance and the related deferred tax asset were subsequently released to the income statement in 2019. In 2020, the reduction in the valuation allowance resulted primarily from expirations of NOLs upon which a valuation allowance was previously recorded. In 2021, the decrease in valuation allowance was mainly attributable to changes in expected future utilization, state law changes and expiration of U.S. state NOL carryforward during the year. As of December 31, 2021, we have a total foreign tax credit carryforward of $13.1 million. These tax credit carryforwards begin to expire in 2027. In addition, we have state net operating loss carryforwards of $239.6 million (net of federal benefit), which can be carried forward from five to 20 years. These state net operating loss carryforwards result in a deferred tax asset of $14.3 million as of December 31, 2021. We also have U.S. state tax credits of $0.1 million as of December 31, 2021. Our foreign loss carryforwards on a gross basis are $6.8 million and may be carried forward indefinitely. As of December 31, 2021, we had unrecognized tax benefits of $0.1 million, which, if recognized, would have a favorable impact on our effective tax rate. No material amounts of accrued interest or penalties have been recorded as of December 31, 2021 or 2020. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (Dollars in thousands) Balance as of December 31, 2019 $ 184 Settlements (75) Foreign currency impact 16 Balance as of December 31, 2020 $ 125 Lapse of statutes of limitations (45) Foreign currency impact (7) Balance as of December 31, 2021 $ 73 It is reasonably possible that a reduction of unrecognized tax benefits of up to $0.1 million may occur within 12 months due to settlements and the expiration of statutes of limitation. We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. All U.S. federal tax years prior to 2018 are generally closed by statute or have been audited and settled with the applicable domestic tax authorities. Other jurisdictions are generally closed for years prior to 2016. As of December 31, 2021, the Company has accumulated undistributed earnings generated by our foreign subsidiaries of approximately $1.2 billion. Because $1.1 billion of such earnings have previously been subject to taxation by way of the transition tax on foreign earnings required by the Tax Cuts and Jobs Act of 2017, as well as the current and previous years’ GILTI inclusion, any additional taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of our foreign investments would generally be limited to foreign withholding and state taxes. We intend, however, to indefinitely reinvest these earnings and expect future U.S. cash generation to be sufficient to meet future U.S. cash needs. GrafTech has considered the tax impact of COVID-19 legislation, including the American Rescue Plan Act, and has concluded that there is no material tax impact. The Company continues to monitor the tax effects of any legislative changes. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Stockholders' Equity | Stockholders' Equity (Deficit) The following information should be read in conjunction with the Consolidated Statement of Stockholders' Equity (Deficit). Follow-on Offerings and Common Stock Repurchases On December 5, 2019, GrafTech announced two separate transactions. The first was a Rule 144 secondary block trade in which Brookfield sold 11,175,927 shares of GrafTech common stock at a price of $13.125 per share to a broker-dealer who placed the shares with institutional and other investors. Separately, GrafTech entered into a share repurchase agreement with Brookfield to repurchase $250 million of stock from Brookfield at the arm's length price of $13.125 per share, set by the competitive bidding process of the secondary block trade. As a result, GrafTech repurchased 19,047,619 shares of common stock, reducing total shares outstanding at the time by approximately 7%. Brookfield has since distributed a portion of its GrafTech common stock to the owners in the Brookfield consortium and sold shares of GrafTech common stock in public and private transactions, resulting in Brookfield's ownership of outstanding shares of GrafTech common stock decreasing to 55.3% as of December 31, 2020 and 24.3% as of December 31, 2021. We announced on July 31, 2019, that our Board of Directors authorized a program to repurchase up to $100 million of our outstanding common stock. We may purchase shares from time to time on the open market, including under Rule 10b5-1 and/or Rule 10b-18 plans. The amount and timing of repurchases are subject to a variety of factors including liquidity, stock price, applicable legal requirements, other business objectives and market conditions. On November 4, 2021, we announced that our Board of Directors approved an additional $150 million open market stock repurchase authorization. The stock repurchase program does not have an expiration date. We repurchased 1,004,685 shares for $10.9 million in 2019, 3,328,574 shares for $30.1 million in 2020 and 4,658,544 shares for $50.0 million in 2021, under the stock repurchase program. As of December 31, 2021 , we are authorized to repurchase up to $159 million in shares of our common stock under the stock repurchase program, inclusive of the amount remaining under the previous authorization. Dividends The Company paid regular quarterly dividends of $0.085 through the first quarter of 2020. Effective in the second quarter of 2020, the regular quarterly dividend was reduced to $0.01 per share. Accumulated other comprehensive loss The balance in our Accumulated other comprehensive loss is set forth in the following table: As of As of (Dollars in thousands) Foreign currency translation adjustments, net of tax $ (22,330) $ (2,725) Commodities and interest rate derivatives, net of tax 14,886 (16,916) Total accumulated other comprehensive loss $ (7,444) $ (19,641) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (15) Earnings per Share The following table shows the information used in the calculation of our basic and diluted earnings per share calculation as of December 31, 2021, 2020 and 2019. See Note 14, "Stockholders' Equity (Deficit)" for details of our common stock repurchases in 2021, 2020 and 2019. For the Year Ended December 31, 2021 2020 2019 Weighted average common shares outstanding for basic calculation 266,251,097 267,916,483 289,057,356 Add: Effect of equity awards 66,097 14,161 17,245 Weighted average common shares outstanding for diluted calculation 266,317,194 267,930,644 289,074,601 Basic earnings per common share are calculated by dividing net income by the weighted average number of common shares outstanding, which includes 130,624, 73,320 and 32,981 shares of participating securities in 2021, 2020 and 2019, respectively. Diluted earnings per share are calculated by dividing net income by the sum of the weighted average number of common shares outstanding plus the additional common shares that would have been outstanding if potentially dilutive securities had been issued. The weighted average common shares outstanding for the diluted earnings per share calculation excludes consideration of 1,499,128, 1,667,325 and 1,082,113 equivalent shares in 2021, 2020 and 2019, respectively, as these shares are anti-dilutive. |
Other (Income) Expense, net
Other (Income) Expense, net | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense, net | Other (Income) Expense, net The following table presents the details of other (income) expense: For the Year Ended December 31 2021 2020 2019 (Dollars in thousands) Brazil value-added tax credit $ (11,511) $ — $ — Pension and post-employment non-service cost (5,298) 3,584 4,382 Bank charges 1,098 962 1,173 Other (740) (1,216) (352) Total other (income) expense, net $ (16,451) $ 3,330 $ 5,203 In May 2021, the Brazilian Supreme Court ruled definitely to exclude the ICMS (state value-added tax) from the basis of calculation of certain federal value-added taxes, specifically the tax relative to the program of social integration ("PIS") and to the contribution for the financing of social security ("COFINS"), and confirmed the methodology for calculating the PIS-COFINS tax credit to which taxpayers are entitled. The Company's Brazilian subsidiary had previously filed a legal claim on this matter and is entitled to receive tax credits and interests dating back to five years preceding the date of the claim. The overpayments, plus interests, of PIS-COFINS related to the period from June 2005 to August 2021 represent $11.5 million, net of legal fees. In the fourth quarter of 2021, the Company's subsidiary obtained the approval by the Brazilian Tax Authorities to start offsetting the PIS-COFINS credit against the current federal value-added tax payable and recorded the one-time credit as a realizable gain. As of December 31, 2021, the Company had offset $1.2 million of the credit. The balance of the PIS-COFINS credit is expected to be utilized within the next 12 months and is reported within "Prepaid expenses and other current assets" on the Consolidated Balance Sheet. Pension and post-employment non-service costs include the components of pension and post-employment costs other than service cost. The income in 2021 was due to a $3.8 million mark-to-market gain, compared to mark-to-market losses of $3.2 million and $3.5 million recorded in 2020 and 2019, respectively. See Note 11, "Retirement Plans and Post-Employment Benefits" for further discussion. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend declaration On February 2, 2022, the Board of Directors declared a dividend of $0.01 per share of common stock to stockholders of record as of the close of business on February 28, 2022, to be paid on March 31, 2022. |
Business And Summary Of Signi_2
Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Discussion Of Business And Structure | Discussion of Business and Structure |
Consolidation | The Consolidated Financial Statements include the financial statements of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. |
Cash Equivalents | Cash Equivalents We consider all highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of certificates of deposit, money market funds and commercial paper. |
Revenue Recognition | Revenue Recognition Revenue is recognized when a customer obtains control of promised goods. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods. To achieve this core principle, the following five steps are performed: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. The Company sells the majority of its products directly to steel manufacturers located in various jurisdictions. The Company’s contracts consist of longer-term take-or-pay sales contracts of graphite electrodes with terms of up to five years and short-term purchase orders (deliveries within one year). Collectability is assessed based on the customer’s ability and intention to pay, reviewing a variety of factors including the customer’s historical payment experience and published credit and financial information. Additionally, for multi-year contracts, we may require the customer to post a bank guarantee, guarantee of a parent, a letter of credit or a significant pre-payment. The promises of delivery of graphite electrodes represent the distinct performance obligations of our contracts. A small portion of our sales consist of deliveries of by-products of the manufacturing processes, such as graphite powders, naphta and gasoil. Given their nature, the Company’s performance obligations are satisfied at a point in time when control of the products has been transferred to the customer. In most cases, control transfer is deemed to happen at the delivery point of the products defined under the incoterms, usually at time of loading the truck or the vessel. The Company has elected to treat the transportation activity as a fulfilment activity instead of as a distinct performance obligation, and outbound freight cost is accrued when the product delivery promises are satisfied. The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods to the customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer are excluded from the transaction price. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The estimated variable consideration is reflected through revenue reversal accruals that are based on the Company's experience as well as anticipated performance. Historically, these reversals have been insignificant. Additionally, when termination fees are invoiced under certain provisions of the LTAs, they are accounted for as an element of variable consideration that is constrained, i.e. not recognized, until collected. Contracts that contain multiple distinct performance obligations require an allocation of the transaction price to each performance obligation based on a relative stand-alone selling price basis. The Company regularly reviews market conditions and internally approved pricing guidelines to determine stand-alone selling prices for the different types of its customer contracts. The stand-alone prices as known at contract inception are utilized as the basis to allocate the transaction price to the distinct performance obligations. The allocation of the transaction price to the performance obligations remains unchanged if stand-alone selling prices change after contract inception. Changes to LTAs are reviewed to assess whether there has been a change in volume, price or both and whether any additional volumes are at their stand-alone selling price to determine whether the contract modification should be accounted for as (1) part of the existing contract, (2) the termination of the existing contract and the creation of a new contract or (3) a separate contract. Under the most commonly negotiated terms, the accounting is such that it treats these modified contracts as the termination of the existing contract and the creation of a new contract. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is principally determined using the FIFO and average cost, which approximates FIFO, methods. Elements of cost in inventory include raw materials, energy costs, direct labor, manufacturing overhead and depreciation of manufacturing fixed assets. |
Property, Plant And Equipment | Property, Plant and Equipment Expenditures for property, plant and equipment are recorded at cost. Maintenance and repairs of property and equipment are expensed as incurred. Expenditures for replacements and betterments are capitalized and the replaced assets are retired. Gains and losses from the sale of property are included in cost of sales or other (income) expense, net. We depreciate our assets using the straight-line method over the estimated useful lives of the assets. The ranges of estimated useful lives are as follows: Years Buildings 25-40 Land improvements 20 Machinery and equipment 5-20 Furniture and fixtures 5-10 The carrying value of fixed assets is assessed when events and circumstances indicating impairment are present. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Depreciation expense was $55.0 million, $51.5 million and $49.7 million in 2021, 2020 and 2019, respectively. Accounts payable associated with capital expenditures totaled $15.7 million and $8.9 million as of December 31, 2021 and 2020, respectively. |
Leases | Leases The Company determines if an arrangement is a lease at inception. When an arrangement contains a lease, we then determine if it meets any of the criteria to be classified as a finance lease. Leases with a term of 12 months or less are not recorded on the balance sheet. Right of Use ("RoU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. RoU assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. In order to compute the lease liability, when the rate implicit in the lease is not readily determinable, we discount the lease payments using our estimated incremental borrowing rate for secured fixed rate debt over the same term, derived from information available at the lease commencement date. Our lease term includes the option to extend the lease when it is reasonably certain that we will exercise that option. Lease and non-lease components are treated as a single lease component, except for leases of warehouse space where they will be accounted for separately. Leases may include variable lease and variable non-lease components costs, which are accounted for as variable lease expense in the income statement. |
Accounts Receivable | Accounts Receivable Trade accounts receivable primarily arise from sales of goods to customers and distributors in the normal course of business. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts We recognize credit losses at the time the financial assets originate or are acquired using a lifetime of expected credit losses measurement. Our expected losses are adjusted each period for changes in expected lifetime credit losses. |
Deferred Debt Issuance Costs | Deferred Debt Issuance Costs We defer debt issuance costs upon the incurrence of debt and record them as a direct reduction against our debt. We had deferred debt issuance costs of $11.8 million and $18.1 million as of December 31, 2021 and 2020, respectively. We amortize such amounts over the life of the respective debt instrument using the effective interest method. The estimated life may be adjusted upon the occurrence of a triggering event. Amortization of debt issuance costs amounted to $8.6 million, $9.2 million and $4.1 million in 2021, 2020 and 2019, respectively. Debt issuance costs amortization is included in interest expense. |
Derivative Financial Instruments | Derivative Financial Instruments We do not use derivative financial instruments for trading purposes. They are used to manage well-defined commercial risks associated with commodity purchases, interest rates and currency exchange rate risks. On the date that a derivative contract for a hedging instrument is entered into, the Company designates the derivative as either (1) a hedge of the exposure to changes in the fair value of a recognized asset or liability or of an unrecognized firm commitment (a fair value hedge), (2) a hedge of the exposure of a forecasted transaction or of the variability in the cash flows of a recognized asset or liability (a cash flow hedge), (3) a hedge of a net investment in a foreign operation (a net investment hedge) or (4) a contract not designated as a hedging instrument. For a fair value hedge, both the effective and ineffective portions of the change in the fair value of the derivative are recorded in earnings and reflected in the Consolidated Statement of Operations on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in accumulated other comprehensive loss in the Consolidated Balance Sheet. When the underlying hedged transaction is realized, the gain or loss included in accumulated other comprehensive loss is recorded in earnings and reflected in the Consolidated Statement of Operations on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a net investment hedge, the effective portion of the change in the fair value of the derivative is recorded in cumulative translation adjustment, which is a component of accumulated other comprehensive loss in the Consolidated Balance Sheet and is de-recognized upon liquidation or sale of the entity. We formally document our hedge relationships, including the identification of the hedging instruments and the related hedged items, as well as our risk management objectives and strategies for undertaking the hedge transaction. Derivatives are recorded at fair value in prepaid expenses and other current assets, other long-term assets, other current liabilities and other long-term obligations in the consolidated balance sheets. We also formally assess, both at inception and at least quarterly |
Foreign Currency Derivatives | Foreign Currency Derivatives We enter into foreign currency derivatives from time to time to manage exposure to changes in currency exchange rates. These instruments, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures, relating to non-dollar denominated debt and identifiable foreign currency receivables, payables and commitments held by our foreign and domestic subsidiaries. Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a specified rate. Purchased foreign currency options are instruments which give the holder the right, but not the obligation, to exchange different currencies at a specified rate at a specified date or over a range of specified dates. The result is the creation of a range in which a best and worst price is defined, while minimizing option cost. Forward exchange contracts and purchased currency options are carried at fair value. These contracts may be designated as cash flow or fair value hedges to the extent that they are effective and are accounted for as described in section above (“Derivative Financial Instruments”). For derivatives that are not designated as a hedge, any gain or loss is immediately recognized in cost of sales on the Consolidated Statements of Operations. Derivatives used in this manner relate to risks resulting from assets or liabilities denominated in a foreign currency. |
Commodity Derivative Contracts | Commodity Contracts We have entered into derivative contracts for refined oil products. These contracts are entered into to protect against the risk that eventual cash flows related to these products will be adversely affected by future changes in prices. All commodity contracts are carried at fair value and are treated as cash flow hedges to the extent they are effective. Changes in their fair values are included in accumulated other comprehensive loss in the Consolidated Balance Sheets until settlement. Realized gains and losses resulting from settlement are first recognized in accumulated other comprehensive loss and are recorded in cost of sales on the Consolidated Statements of Operations when the underlying hedged item is realized. |
Interest rate swap Contracts | Interest Rate Swap Contracts We have entered into interest rate swap contracts that are "pay fixed, receive variable" with maturities of either two |
Income Taxes | Income Taxes We file a consolidated U.S. federal income tax return for GTI and its eligible domestic subsidiaries. Our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carry forwards. Deferred tax assets and liabilities at the end of each period are determined using enacted tax rates. A valuation allowance is established or maintained, when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. Under the guidance on accounting for uncertainty in income taxes, we recognize the benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. The Company treats taxes due on future U.S. inclusions in taxable income related to Global Intangible Low Tax Income ("GILTI") as a current period expense when incurred. See Note 13, "Income Taxes" for more information. |
Related Party Tax Receivable Agreement | Related Party Tax Receivable Agreement On April 23, 2018, the Company entered into a Tax Receivable Agreement that provides Brookfield, as the sole pre-IPO stockholder, the right to receive future payments from us for 85% of the amount of cash savings, if any, in U.S. federal income tax and Swiss tax that we and our subsidiaries realize as a result of the utilization of certain tax assets attributable to periods prior to our IPO, including certain federal net operating losses ("NOLs"), previously taxed income under Section 959 of the Internal Revenue Code of 1986, as amended from time to time (the "Code"), foreign tax credits, and certain NOLs in Swissco (collectively, the "Pre-IPO Tax Assets"). In addition, we will pay interest on the payments we will make to Brookfield with respect to the amount of these cash savings from the due date (without extensions) of our tax return where we realize these savings to the payment date at a rate equal to LIBOR plus 1.00% per annum. The term of the Tax Receivable Agreement commenced on April 23, 2018 and will continue until there is no potential for any future tax benefit payments. |
Retirement Plans And Postretirement Benefits | Retirement Plans and Post-Employment Benefits We use actuarial methods and assumptions to account for our defined benefit pension plans and our post-employment benefits. We recognize in earnings the change in the fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each year with a mark-to-market adjustment ("MTM Adjustment") and whenever a plan is remeasured (e.g., due to a significant curtailment, settlement, etc.). Pension and post-employment benefits expense includes the MTM Adjustment, actuarially computed cost of benefits earned during the current service period, the interest cost on accrued obligations, the expected return on plan assets and adjustments due to plan settlements and curtailments. Contributions to the qualified U.S. retirement plan are made in accordance with the requirements of the Employee Retirement Income Security Act of 1974. Additional information with respect to benefits plans is set forth in Note 11, “Retirement Plans and Post-Employment Benefits.” |
Stock-based Compensation | Stock-based Compensation The Company recognizes stock-based compensation expense based on the grant date fair value of the award over the period during which an employee is required to provide service in exchange for the award. Stock-based awards include stock options, restricted stock units ("RSUs") and deferred share units ("DSUs"). The fair value of RSUs and DSUs is primarily based on the closing market price of a share of the Company's common stock on the date of grant, modified as appropriate to take into account the features of such grants. Stock options are granted with an exercise price equal to the closing price of the Company's common shares on the date of grant. The fair value of stock options is determined using a Black-Scholes option-pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate, and the expected dividend yield. The Company accounts for forfeitures as they occur. See Note 3, "Stock-Based and Other Management Compensation" for additional information. |
Environmental, Health And Safety Matters | Environmental, Health and Safety Matters Our operations are governed by laws addressing protection of the environment and worker safety and health. These laws provide for civil and criminal penalties and fines, as well as injunctive and remedial relief, for noncompliance and require remediation at sites where hazardous substances have been released into the environment. We have been in the past, and may become in the future, the subject of formal or informal enforcement actions or proceedings regarding noncompliance with these laws or the remediation of company-related substances released into the environment. Historically, such matters have been resolved by negotiation with regulatory authorities resulting in commitments to compliance, abatement or remediation programs and in some cases payment of penalties. Historically, neither the commitments undertaken nor the penalties imposed on us have been material. Environmental considerations are part of all significant capital expenditure decisions. Environmental remediation, compliance and management expenses were approximately $16.9 million, $11.1 million and $11.6 million in 2021, 2020 and 2019, respectively. A charge to income is recorded when it is probable that a liability has been incurred and the cost can be reasonably estimated. When payments are fixed or determinable, the liability is discounted using a rate at which the payments could be effectively settled. The accrued liability relating to environmental remediation was $4.9 million as of December 31, 2021 and 2020. |
Foreign Currency Translation | Foreign Currency Translation and Remeasurement We translate the financial statements of foreign subsidiaries, whose local currency is their functional currency, to U.S. dollars using period-end exchange rates for assets and liabilities and average exchange rates for each period for revenues, expenses, gains and losses. Differences arising from exchange rate changes are included in accumulated other comprehensive loss on the Consolidated Balance Sheets until such time as the operations of such non-U.S. subsidiaries are sold or substantially or completely liquidated. For our Mexican, Swiss, United Kingdom and Russian subsidiaries, whose functional currency is the U.S. dollar, we remeasure non-monetary balance sheet accounts and the related income statement accounts at historical exchange rates. Resulting gains and losses arising from the fluctuations in currency for monetary accounts are recognized in other (income) expense, net, in the Consolidated Statements of Operations. Gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred. We have non-dollar denominated intercompany loans between some of our foreign subsidiaries. These loans are subject to remeasurement gains and losses due to changes in currency exchange rates. One of these loans has been deemed to be essentially permanent prior to settlement and, as a result, remeasurement gains and losses on this loan were recorded as a component of accumulated other comprehensive loss in the stockholders’ equity (deficit) section of the Consolidated Balance Sheets. The remaining loans are deemed to be temporary and, as a result, remeasurement gains and losses on these loans are recorded as currency (gains) losses in other (income) expense, net, on the Consolidated Statements of Operations. |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. We do not recognize deferred income taxes for the difference between the assigned value and the tax basis related to nondeductible goodwill. Goodwill is not amortized; however, impairment testing is performed annually or more frequently if circumstances indicate that impairment may have occurred. We perform the annual goodwill impairment test at December 31. The annual goodwill impairment testing may begin with a qualitative assessment of potential impairment indicators in order to determine whether it is necessary to perform the quantitative goodwill impairment test. Other amortizable intangible assets, which consist primarily of trademarks and trade names, customer-related intangibles and technological know-how, are amortized over their estimated useful lives using the straight line or sum-of-the-years digits method. The estimated useful lives for each major category of amortizable intangible assets are: Years Trade name 5-20 Technology and know-how 5-14 Customer related intangible 5-15 Additional information about goodwill and other intangibles is set forth in Note 6, “Goodwill and Other Intangible Assets.” |
Major Maintenance And Repair Costs | Major Maintenance and Repair Costs We perform scheduled major maintenance of the storage and processing units at our Seadrift plant (referred to as “overhaul”). Time periods between overhauls vary by unit. We also perform significant maintenance and repair shutdown of the plant (referred to as “turnaround”) every other year. |
Earnings Per Share | Earnings per share The calculation of basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share recognizes the dilution that would occur if stock options or restricted shares were exercised or converted into common shares. See Note 15, “Earnings per Share”. |
Use Of Estimates | Use of EstimatesThe preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses. Significant estimates and assumptions are used for, but are not limited to inventory valuation, pension and other post-employment benefits, allowance for doubtful accounts, contingent liabilities, accruals and valuation allowances, asset impairment, and environmental-related accruals. Actual results could differ from our estimates |
Reclassifications and Adjustments | . Reclassifications and Adjustments Certain items previously reported in specific financial statement captions within the Consolidated Statements of Cash Flows have been reclassified between lines within cash flow from operations to conform to the current presentation. |
Subsequent Events | Subsequent Events We evaluate events that occur after the balance sheet date but before financial statements are issued to determine if a material event requires our amending the financial statements or disclosing the event. See Note 17, "Subsequent Events" for further details. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In January 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-01, Reference Rate Reform (Topic 848): Scope , which amended Topic 848 reference rate reform to clarify the scope and availability of expedients for certain derivative instruments affected by reference rate reform. We have elected various optional expedients in Topic 848 related to hedging relationships and expect to make future elections related to contract modifications and other hedging relationships. The future election and application of these expedients are not expected to have a material impact on our financial position, results of operations and cash flows. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 is intended to improve consistent application of Topic 740 and simplify the accounting for income taxes. This pronouncement removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance. ASU 2019-12 is effective for annual and interim reporting periods beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 on January 1, 2021, with an immaterial effect on our financial position, results of operations and cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which introduces the Current Expected Credit Losses ("CECL") accounting model. CECL requires earlier recognition of credit losses, while also providing additional transparency about credit risk. CECL utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. ASU No. 2016-13 was effective for the Company on January 1, 2020. The adoption of ASU No. 2016-13 resulted in a cumulative-effect adjustment of $2.0 million included as an adjustment to our accounts receivable reserve and to retained earnings on January 1, 2020. |
Business And Summary Of Signi_3
Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Ranges Of Estimated Useful Lives | The ranges of estimated useful lives are as follows: Years Buildings 25-40 Land improvements 20 Machinery and equipment 5-20 Furniture and fixtures 5-10 |
Schedule Of Estimated Useful Lives For Each Major Category Of Amortizable Intangible Assets | The estimated useful lives for each major category of amortizable intangible assets are: Years Trade name 5-20 Technology and know-how 5-14 Customer related intangible 5-15 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table provides information about disaggregated revenue by type of product and contract: For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Graphite Electrodes - LTAs $ 1,040,214 $ 1,069,772 $ 1,437,354 Graphite Electrodes - Non-LTAs 258,426 123,845 260,979 By-products and other 47,148 30,744 92,460 Total Revenues $ 1,345,788 $ 1,224,361 $ 1,790,793 |
Contract with Customer, Asset and Liability | The following table provides information about deferred revenue from contracts with customers. Current deferred revenue is included in "Other accrued liabilities" and long-term deferred revenue is included in "Other long-term obligations" on the Consolidated Balance Sheets. Current deferred revenue Long-Term deferred revenue (Dollars in thousands) Balance as of December 31, 2019 $ 11,776 $ 3,858 Increases due to cash received 10,110 — Revenue recognized (6,270) — Reclassification between long-term and current (1,804) 1,804 Foreign currency impact (756) — Balance as of December 31, 2020 13,056 5,662 Increases due to cash received 32,466 — Revenue recognized (37,030) — Reclassification between long-term and current 1,359 (1,359) Foreign currency impact (11) — Balance as of December 31, 2021 $ 9,840 $ 4,303 |
Remaining Performance Obligation, Expected Timing of Satisfaction\ | The remaining revenue associated with our LTAs is expected to be approximately as follows: 2022 2023 through 2024 Estimated LTA revenue $910-$1,010 $350-$450 (1) (1) Includes expected termination fees from a few customers that have failed to meet certain obligations under their LTAs. |
Stock Based and Other Managem_2
Stock Based and Other Management Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options, Valuation Assumptions | The weighted average assumptions used in our Black-Scholes option pricing model for options granted in 2021, 2020 and 2019 were as follows: 2021 2020 2019 Dividend yield 0.32% - 0.35% 0.44% - 3.77% 2.39% - 3.05% Expected volatility 62 % 50 % 50 % Risk-free interest rate 1.1% - 1.21% 0.37% - 1.22% 1.79% - 2.63% Expected term in years 6.5 years 6.5 years 6.5 years |
Stock Options, Activity | The following table summarizes activity related to stock options during 2021: Number Weighted- Aggregate Intrinsic Value (thousands) Weighted Average Remaining Term (Years) Outstanding at December 31, 2020 1,248,935 $ 13.66 Granted 479,500 $ 11.49 Exercised (39,700) $ 10.67 Forfeited or expired (72,015) $ 14.02 Outstanding at December 31, 2021 1,616,720 $ 13.08 $ 972,123 7.6 years Vested and Expected to vest as of December 31, 2021 1,616,720 $ 13.08 $ 972,123 7.6 years Exercisable at December 31, 2021 1,500,800 $ 12.79 $ 972,123 7.6 years A summary of the status and changes of stock options and the related average price per share follows: Number Weighted- Outstanding unvested as of December 31, 2020 906,361 $ 4.94 Granted 479,500 6.50 Vested (1,227,592) 5.38 Forfeited (42,349) 5.09 Outstanding unvested as of December 31, 2021 115,920 $ 6.64 |
Schedule of Nonvested Restricted Stock Units Activity | A summary of the status and changes of shares subject to RSU awards for employees and the related average price per share follows: Number Weighted- Outstanding unvested as of December 31, 2020 502,770 $ 10.28 Granted 515,960 11.49 Cancelled (16,795) 10.78 Vested (999,239) 10.88 Outstanding unvested as of December 31, 2021 2,696 $ 13.96 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | The following tables summarize information as to our operations in different geographic areas: 2021 2020 2019 (Dollars in thousands) Net sales: United States $ 285,710 $ 260,867 $ 403,916 Americas (excluding the United States) 241,442 187,779 348,670 Asia Pacific 154,084 127,415 172,439 Europe, Middle East, Africa 664,552 648,300 865,768 Total $ 1,345,788 $ 1,224,361 $ 1,790,793 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | At December 31, 2021 2020 (Dollars in thousands) Long-lived assets (a): United States $ 179,003 $ 169,208 Mexico 123,997 132,867 Brazil 4,090 4,309 France 93,579 92,805 Spain 100,248 106,467 Other countries 556 561 Total $ 501,473 $ 506,217 (a) Long-lived assets represent fixed assets, net of accumulated depreciation. |
Debt And Liquidity (Tables)
Debt And Liquidity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | The following table presents our long-term debt: As of As of (Dollars in thousands) 2018 Term Loan Facility $ 543,708 $ 943,708 2020 Senior Secured Notes 500,000 500,000 Other Debt 429 615 Unamortized debt discount and issuance costs (14,449) (24,192) Total Debt 1,029,688 1,420,131 Less: Short-term Debt (127) (131) Long-term Debt $ 1,029,561 $ 1,420,000 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets With Determinable Useful Lives By Major Category | The following table summarizes acquired intangible assets with determinable useful lives by major category which are included in "Other assets" on our Consolidated Balance Sheets: As of December 31, 2021 As of December 31, 2020 Gross Accumulated Net Gross Accumulated Net (Dollars in thousands) Trade name $ 22,500 $ (13,935) $ 8,565 $ 22,500 $ (11,932) $ 10,568 Technology and know-how 55,300 (38,486) 16,814 55,300 (34,091) 21,209 Customer related intangible 64,500 (28,195) 36,305 64,500 (23,848) 40,652 Total finite-lived intangible assets $ 142,300 $ (80,616) $ 61,684 $ 142,300 $ (69,871) $ 72,429 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interest and Debt Expense [Abstract] | |
Schedule Of Interest Expense | The following table presents an analysis of interest expense: For the Year Ended December 31 2021 2020 2019 (Dollars in thousands) Interest incurred on debt $ 56,731 $ 83,555 $ 121,010 Accretion of original issue discount on 2018 Term Loan Facility 3,387 5,340 2,196 Amortization of debt issuance and modification costs 8,642 9,179 4,125 Total interest expense $ 68,760 $ 98,074 $ 127,331 |
Fair Value Measurements And D_2
Fair Value Measurements And Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | At December 31, 2021 and 2020, the fair value of our derivatives and their respective balance sheet locations are presented in the following table: Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value As of December 31, 2021 (Dollars in thousands) Derivatives designated as cash flow hedges: Commodity derivative contracts Prepaid and other current assets $ 8,469 Other accrued liabilities $ — Other assets — Other long-term obligations — Interest rate swap contracts Prepaid and other current assets $ — Other accrued liabilities $ 140 Other assets 6,060 Other long-term obligations — Total fair value $ 14,529 $ 140 As of December 31, 2020 Commodity derivative contracts Prepaid and other current assets $ 518 Other accrued liabilities $ 888 Other assets 63 Other long-term obligations 1,898 Interest rate swap contracts Prepaid and other current assets $ — Other accrued liabilities $ 4,080 Other assets — Other long-term obligations 6,903 Total fair value $ 581 $ 13,769 |
Derivatives Not Designated as Hedging Instruments | Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value As of December 31, 2021 (Dollars in Thousands) Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 388 Other accrued liabilities $ 2 Total fair value $ 388 $ 2 As of December 31, 2020 Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 6 Other accrued liabilities $ 111 Interest rate swap contracts Prepaid and other current assets — Other accrued liabilities 952 Total fair value $ 6 $ 1,063 |
Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Operations | The realized (gains) losses on derivatives are recognized in the Statements of Operations when the hedged item impacts earnings and are as follows for the years ended December 31, 2021, 2020 and 2019: Amount of (Gain)/Loss Location of Realized (Gain)/Loss Recognized in the Consolidated Statement of Operations 2021 2020 2019 Derivatives designated as cash flow hedges: (Dollars in thousands) Commodity derivative contracts Cost of sales $ 6,440 $ (4,134) $ (8,892) Interest rate swaps Interest expense (income) 1,846 4,390 (1,050) Amount of (Gain)/Loss Location of Realized (Gain)/Loss Recognized in the Consolidated Statement of Operations 2021 2020 2019 Derivatives not designated as hedges: (Dollars in thousands) Foreign currency derivatives Cost of sales, Other (income) expense, net $ 3,895 $ (2,671) $ (506) Commodity derivative contracts Cost of sales (1,399) (530) (223) Interest rate swap contracts Interest expense 866 — — |
Derivatives Not Designated as Hedging Instruments 2 | The amount of the amortization is as follows for 2021: Amount of (Gain)/Loss Location of Realized (Gain)/Loss Recognized in the Consolidated Statement of Operations 2021 2020 2019 Derivatives not designated as hedges: (Dollars in thousands) Interest rate swap contracts Interest expense 2,807 — — |
Supplementary Balance Sheet D_2
Supplementary Balance Sheet Detail (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule Of Amounts Recognized In Balance Sheet | The following tables present supplementary balance sheet details: As of As of (Dollars in thousands) Inventories: Raw materials and supplies $ 132,113 $ 101,098 Work in process 127,127 110,331 Finished goods 30,192 54,535 $ 289,432 $ 265,964 Prepaid expenses and other current assets: Prepaid expenses $ 8,193 $ 9,242 Value-added tax and other indirect taxes receivable* 40,861 10,666 Spare parts inventory 12,408 11,825 Other current assets 11,902 3,381 $ 73,364 $ 35,114 Property, plant and equipment: Land and improvements $ 49,201 $ 50,285 Buildings 79,660 80,041 Machinery and equipment and other 621,808 621,478 Construction in progress 64,629 33,098 $ 815,298 $ 784,902 Other accrued liabilities: Payrolls (including incentive programs) $ 16,904 $ 13,159 Employee benefits 7,272 7,128 Deferred revenue 9,840 13,056 Other 22,389 23,158 $ 56,405 $ 56,501 Other long-term obligations: Post-employment benefits $ 14,597 $ 15,669 Pension and related benefits 31,139 37,847 Other 22,921 27,962 $ 68,657 $ 81,478 |
Schedule Of Analysis Of The Allowance For Doubtful Accounts | The following table presents an analysis of the allowance for doubtful accounts: 2021 2020 2019 Balance at beginning of year $ 8,243 $ 5,474 $ 1,129 Charge to retained earnings - ASC 326 adoption impact — 2,026 — (Credit) charge to income (1,266) 1,458 4,636 Deductions (142) (715) (291) Balance at end of year $ 6,835 $ 8,243 $ 5,474 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | Components of lease expense are as follows: For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Operating lease cost $ 5,399 $ 6,138 $ 4,816 Short-term lease cost 408 159 14 Variable lease cost 453 429 227 Total lease cost $ 6,260 $ 6,726 $ 5,057 Supplemental cash-flow and other information related to leases is as follows: For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) RoU assets obtained in exchange for new operating lease liabilities (non-cash) 5,584 5,262 4,995 Cash payments for operating leases (5,466) (6,177) (4,724) |
Supplemental Balance Sheet | Supplemental balance sheet information related to leases is as follows: As of December 31, 2021 2020 (Dollars in thousands) Location Operating RoU lease assets Other assets $ 7,646 $ 7,164 Current operating lease liabilities Other accrued liabilities 4,109 4,102 Non-current operating lease liabilities Other long-term obligations 3,528 3,195 Total operating lease liabilities $ 7,637 $ 7,297 Weighted average remaining lease term (in years) 2.3 2.7 Weighted average discount rate 4.31 % 5.82 % |
Operating Lease, Liability, Maturity | As of December 31, 2021, lease commitments under non-cancelable operating leases extending for one year or more will require the following future payments: (Dollars in thousands) 2022 4,200 2023 2,238 2024 969 2025 451 2026 and after 152 Total lease payments $ 8,010 Less: Imputed interest (373) Present value of lease payments $ 7,637 |
Retirement Plans And Postreti_2
Retirement Plans And Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits, Description [Abstract] | |
Components Of Consolidated Net Pension Costs Retirement Plans | The components of our consolidated net pension costs are set forth in the following table: For the Year Ended December 31, 2021 2020 2019 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ 1,328 $ 1,349 $ 1,322 $ 1,183 $ 1,297 $ 624 Interest cost 2,962 111 3,949 174 5,070 275 Expected return on assets (4,213) (545) (4,730) (401) (5,026) (424) Mark-to-market (gain) loss (2,428) (1,327) 613 2,596 205 3,302 Pension (benefits) costs $ (2,351) $ (412) $ 1,154 $ 3,552 $ 1,546 $ 3,777 |
Reconciliation Of Pension Plans' Benefit Obligations, Fair Value Of Assets Retirement Plans | The reconciliation of the beginning and ending balances of our pension plans’ benefit obligations, fair value of assets, and funded status at December 31, 2021 and 2020 are: As of As of U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net benefit obligation at beginning of period $ 140,254 $ 38,716 $ 135,810 $ 28,903 Service cost 1,328 1,349 1,322 1,183 Interest cost 2,962 111 3,949 174 Participant contributions — 580 — 470 Foreign currency exchange changes — (1,318) — 2,869 Actuarial (gain) loss (4,316) (1,104) 9,583 2,683 Benefits paid* (10,322) 237 (10,410) 2,434 Net benefit obligation at end of period $ 129,906 $ 38,571 $ 140,254 $ 38,716 Changes in Plan Assets: Fair value of plan assets at beginning of period $ 115,568 $ 25,082 $ 107,832 $ 18,980 Actual return on plan assets 2,325 799 13,700 488 Foreign currency exchange rate changes — (746) — 1,893 Employer contributions 2,390 961 4,446 817 Participant contributions — 580 — 470 Benefits paid* (10,322) 237 (10,410) 2,434 Fair value of plan assets at end of period $ 109,961 $ 26,913 $ 115,568 $ 25,082 Funded status (underfunded): $ (19,945) $ (11,658) $ (24,686) $ (13,634) Amounts recognized in the statement Non-current assets $ — $ — $ — $ 13 Current liabilities (420) (44) (423) (50) Non-current liabilities (19,525) (11,614) (24,263) (13,597) Net amount recognized $ (19,945) $ (11,658) $ (24,686) $ (13,634) |
Assumptions Used To Determine Net Pension Costs And Projected Benefit Obligations | Assumptions used to determine net pension costs and projected benefit obligations are: Pension Benefit Obligations Key Assumptions As of December 31, 2021 2020 Weighted average assumptions to determine benefit obligations: Discount rate 2.14 % 1.78 % Rate of compensation increase 1.46 % 1.46 % Pension Cost Key Assumptions Weighted average assumptions to determine net cost: Discount rate 1.78 % 2.59 % Expected return on plan assets 3.48 % 4.14 % Rate of compensation increase 1.46 % 1.50 % |
Retirement Plan Weighted Average Asset Allocations | The following table presents our retirement plan weighted average asset allocations at December 31, 2021, by asset category: Percentage of Plan Assets as of December 31, 2021 U.S. Foreign Equity securities and return seeking assets 20 % — % Fixed income, debt securities, or cash 80 % 100 % Total 100 % 100 % |
Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets | Information for our pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2020 and 2021 follows: 2021 2020 U.S. Foreign U.S. Foreign (Dollars in thousands) Accumulated benefit obligation $ 129,906 $ 35,247 $ 140,254 $ 35,316 Fair value of plan assets 109,961 26,003 115,568 24,118 |
Pension Plans With Projected Benefit Obligation In Excess Of Plan Assets | Information for our pension plans with a projected benefit obligation in excess of plan assets at December 31, 2021 and 2020 follows: 2021 2020 U.S. Foreign U.S. Foreign (Dollars in thousands) Projected benefit obligation $ 129,906 $ 37,412 $ 140,254 $ 37,734 Fair value of plan assets 109,961 26,003 115,568 24,118 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table presents the changes for those financial instruments classified within Level 3 of the valuation hierarchy for international plan pension assets for the years ended December 31, 2020 and 2021 (dollars in thousands): Fixed Insurance Balance at December 31, 2019 $ 17,985 Gain / contributions / currency impact 6,149 Distributions (16) Balance at December 31, 2020 24,118 Gain / contributions / currency impact 1,900 Distributions (15) Balance at December 31, 2021 $ 26,003 |
Schedule of Allocation of Plan Assets | The fair value of other plan assets by category is summarized below (dollars in thousands): As of December 31, 2021 Level 1 Level 2 Level 3 Total U.S. Plan Assets Cash and cash equivalents $ 715 $ — $ — $ 715 International Plan Assets Foreign government bonds — 910 — 910 Fixed insurance contracts — — 26,003 26,003 Total assets in the fair value hierarchy $ — $ 910 $ 26,003 $ 26,913 U.S. Plan - Investments measured at net asset value $ 109,246 Total $ 715 $ 910 $ 26,003 $ 136,874 As of December 31, 2020 Level 1 Level 2 Level 3 Total U.S. Plan Assets Cash and cash equivalents $ 1,850 $ — $ — $ 1,850 International Plan Assets Foreign government bonds $ — $ 995 $ — $ 995 Fixed insurance contracts — — 24,087 24,087 Total assets in the fair value hierarchy $ — $ 995 $ 24,087 $ 25,082 U.S. Plan - Investments measured at net asset value $ 113,718 Total $ 1,850 $ 995 $ 24,087 $ 140,650 |
Schedule of Expected Benefit Payments | Following is our projected future pension plan cash flow by year: U.S. Foreign (Dollars in thousands) Expected contributions in 2022: Expected employer contributions $ 420 $ 958 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2022 9,224 1,352 2023 9,186 1,503 2024 9,067 2,916 2025 9,015 1,581 2026 8,914 2,663 2027-2031 40,997 12,312 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loss Contingency [Abstract] | |
Schedule Of Product Warranties Accrual | Claims accrued but not yet paid and the related activity within the reserve for 2020 and 2021 are as follows: (Dollars in thousands) Balance as of December 31, 2019 $ 1,835 Product warranty charges/adjustments 1,220 Payments and settlements (1,058) Balance as of December 31, 2020 $ 1,997 Product warranty charges/adjustments 1,183 Payments and settlements (2,092) Balance as of December 31, 2021 $ 1,088 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule Of U.S. And Non-U.S. Components Of Income (Loss) Before Provision (Benefit) For Income Taxes | The following table summarizes the U.S. and non-U.S. components of income before provision for income taxes: For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) U.S. $ (69,087) $ 51,672 $ 85,365 Non-U.S. 525,493 458,373 757,462 Income before provision for income taxes $ 456,406 $ 510,045 $ 842,827 |
Schedule Of Income Tax Expense (Benefit) | Provision for income taxes consists of the following: For the Year Ended December 31, 2021 2020 2019 U.S. income taxes: Current $ 645 $ (7,660) $ 16,589 Deferred 2,132 27,822 5,690 2,777 20,162 22,279 Non-U.S. income taxes: Current 71,088 63,092 64,134 Deferred (5,789) (7,583) 11,812 65,299 55,509 75,946 Provision for income taxes $ 68,076 $ 75,671 $ 98,225 |
Schedule Of Income Tax Expense (Benefit) Computed By Applying The U.S. Federal Income Tax Rate | For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Tax at statutory U.S. federal rate $ 95,845 $ 107,109 $ 176,994 Impact of U.S. Tax Cuts and Jobs Act of 2017 - GILTI 51,016 45,539 65,531 Impact of Tax Receivable Agreement 49 (4,429) 713 Valuation allowance (2,208) (980) (14,548) State taxes, net of federal tax benefit 1,414 3,591 4,231 U.S. tax impact of foreign earnings (net of foreign tax credits) 537 2,113 2,181 Establishment/resolution of uncertain tax positions (48) (78) (1,293) Adjustment for foreign income taxed at different rates (38,530) (38,464) (76,922) Foreign tax credits (43,821) (37,280) (56,171) Change-in-Control-related compensation 10,626 — — Other (6,804) (1,450) (2,491) Provision for income taxes $ 68,076 $ 75,671 $ 98,225 |
Schedule Of Deferred Tax Assets And Deferred Tax Liabilities | As of December 31, 2021 2020 (Dollars in thousands) Deferred tax assets: Post-employment and other employee benefits $ 17,375 $ 18,202 Foreign tax credit and other carryforwards 32,452 37,101 Capitalized research and experimental costs 1,935 3,897 Environmental reserves 1,133 1,111 Inventory adjustments 10,545 7,381 Long-term contract option amortization 982 1,031 Provision for rationalization charges 71 96 Mark-to-market hedges — 3,552 Previously taxed income 5,229 2,163 Other 2,175 1,483 Total gross deferred tax assets 71,897 76,017 Less: valuation allowance (10,550) (12,773) Total deferred tax assets 61,347 63,244 Deferred tax liabilities: Fixed assets $ 51,595 $ 54,485 Inventory 8,834 8,573 Goodwill and acquired intangibles 9,502 7,552 Mark-to-market hedges 2,824 — Other 3,079 3,254 Total deferred tax liabilities 75,834 73,864 Net deferred tax (liability) $ (14,487) $ (10,620) |
Schedule Of Valuation Allowance Activity | Valuation allowance activity for the years ended December 31, 2021, 2020 and 2019 is as follows: (Dollars in thousands) Balance as of December 31, 2018 $ 58,446 Credited to income (14,548) Changes attributable to write-off of underlying assets (30,138) Translation adjustment (24) Balance as of December 31, 2019 $ 13,736 Credited to income (980) Translation adjustment 17 Balance as of December 31, 2020 $ 12,773 Credited to income (2,208) Translation adjustment (15) Balance as of December 31, 2021 $ 10,550 |
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | (Dollars in thousands) Balance as of December 31, 2019 $ 184 Settlements (75) Foreign currency impact 16 Balance as of December 31, 2020 $ 125 Lapse of statutes of limitations (45) Foreign currency impact (7) Balance as of December 31, 2021 $ 73 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The balance in our Accumulated other comprehensive loss is set forth in the following table: As of As of (Dollars in thousands) Foreign currency translation adjustments, net of tax $ (22,330) $ (2,725) Commodities and interest rate derivatives, net of tax 14,886 (16,916) Total accumulated other comprehensive loss $ (7,444) $ (19,641) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule Of Calculation Of Basic And Diluted Earnings Per Share | The following table shows the information used in the calculation of our basic and diluted earnings per share calculation as of December 31, 2021, 2020 and 2019. See Note 14, "Stockholders' Equity (Deficit)" for details of our common stock repurchases in 2021, 2020 and 2019. For the Year Ended December 31, 2021 2020 2019 Weighted average common shares outstanding for basic calculation 266,251,097 267,916,483 289,057,356 Add: Effect of equity awards 66,097 14,161 17,245 Weighted average common shares outstanding for diluted calculation 266,317,194 267,930,644 289,074,601 |
Other (Income) Expense, net (Ta
Other (Income) Expense, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Expense) | The following table presents the details of other (income) expense: For the Year Ended December 31 2021 2020 2019 (Dollars in thousands) Brazil value-added tax credit $ (11,511) $ — $ — Pension and post-employment non-service cost (5,298) 3,584 4,382 Bank charges 1,098 962 1,173 Other (740) (1,216) (352) Total other (income) expense, net $ (16,451) $ 3,330 $ 5,203 |
Business And Summary Of Signi_4
Business And Summary Of Significant Accounting Policies (Narrative) (Details) | Dec. 31, 2021 | May 31, 2021 | Dec. 31, 2020 | Dec. 05, 2019$ / shares | Apr. 26, 2018$ / sharesshares |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Sale of Stock, Price Per Share | $ / shares | $ 13.125 | $ 15 | |||
Shares, Issued | shares | 38,097,525 | ||||
Number of Major Product Categories | 2 | ||||
GrafTech International Ltd [Member] | Brookfield [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 24.30% | 24.00% | 55.30% |
Business And Summary Of Signi_5
Business And Summary Of Significant Accounting Policies (Narrative) (Details 1) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | |
Revenue from External Customer [Line Items] | |
Delivery Term1 | 1 year |
Business And Summary Of Signi_6
Business And Summary Of Significant Accounting Policies (Narrative) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Depreciation expense | $ 55,000 | $ 51,500 | $ 49,700 |
Capital Expenditures Incurred but Not yet Paid | 15,700 | 8,900 | |
Debt Issuance Costs, Net | 11,800 | 18,100 | |
Amortization of debt issuance costs | $ 8,642 | 9,179 | 4,125 |
Related Party Tax Agreement Percent Of Savings | 85.00% | ||
Environmental remediation, compliance and management expenses | $ 16,900 | 11,100 | 11,600 |
Accrued liability relating to environmental remediation | 4,900 | 4,900 | |
Amortization of Other Deferred Charges | 4,600 | 6,000 | $ 5,100 |
Deferred costs; amount deferred in period. | $ 700 | $ 10,200 |
Business And Summary Of Signi_7
Business And Summary Of Significant Accounting Policies (Narrative) (Details 3) | 12 Months Ended |
Dec. 31, 2021 | |
Interest rate swap | |
Offsetting Assets [Line Items] | |
Derivative, Term of Contract | 2 years |
Interest rate swap 2 | |
Offsetting Assets [Line Items] | |
Derivative, Term of Contract | 5 years |
Business And Summary Of Signi_8
Business And Summary Of Significant Accounting Policies (Narrative) (Details 4) | 12 Months Ended |
Dec. 31, 2021 | |
London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Due to Related Party, Basis Spread on Variable Rate | 0.0100 |
Business And Summary Of Signi_9
Business And Summary Of Significant Accounting Policies (Details 5) $ in Millions | Jan. 01, 2020USD ($) |
Cumulative Effect, Period of Adoption, Adjustment | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2 |
Business And Summary Of Sign_10
Business And Summary Of Significant Accounting Policies (Ranges Of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 25 years |
Buildings [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Machinery And Equipment [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Machinery And Equipment [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Furniture And Fixtures [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Furniture And Fixtures [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Business And Summary Of Sign_11
Business And Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives For Each Major Category Of Amortizable Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Trade Name [Member] | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Trade Name [Member] | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 20 years |
Technological Know-How [Member] | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Technological Know-How [Member] | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 14 years |
Customer Related Intangible [Member] | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Customer Related Intangible [Member] | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 15 years |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total Revenues | $ 1,345,788 | $ 1,224,361 | $ 1,790,793 |
Graphite Electrodes - LTAs | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 1,040,214 | 1,069,772 | 1,437,354 |
Graphite Electrodes - Non-LTAs | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | 258,426 | 123,845 | 260,979 |
By-products and other | |||
Disaggregation of Revenue [Line Items] | |||
Total Revenues | $ 47,148 | $ 30,744 | $ 92,460 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Contract Balances Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current deferred revenue | ||
Current deferred revenue | ||
Balance as of beginning of period | $ 13,056 | $ 11,776 |
Increases due to cash received | 32,466 | 10,110 |
Revenue recognized | (6,270) | |
Revenue recognized | (37,030) | |
Reclassification between long-term and current | 1,359 | (1,804) |
Foreign currency impact | (11) | (756) |
Balance as of end of period | 9,840 | 13,056 |
Long-Term deferred revenue | ||
Reclassification between long-term and current | 1,359 | (1,804) |
Foreign currency impact | (11) | (756) |
Long-Term deferred revenue | ||
Current deferred revenue | ||
Increases due to cash received | 0 | 0 |
Revenue recognized | 0 | |
Revenue recognized | 0 | |
Reclassification between long-term and current | (1,359) | 1,804 |
Foreign currency impact | 0 | 0 |
Long-Term deferred revenue | ||
Balance as of beginning of period | 5,662 | 3,858 |
Reclassification between long-term and current | (1,359) | 1,804 |
Foreign currency impact | 0 | 0 |
Balance as of end of period | $ 4,303 | $ 5,662 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers - Remaining Performance Obligation (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Minimum [Member] | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 910 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 910 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Maximum [Member] | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,010 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 1,010 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Minimum [Member] | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 350 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Amount | $ 350 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Maximum [Member] | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 450 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Revenue, Remaining Performance Obligation, Amount | $ 450 |
Revenue From Contracts With C_6
Revenue From Contracts With Customers - Narratives (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contract with Customer, Asset, before Allowance for Credit Loss | $ 2,700 | |
Contract with Customer, Asset, before Allowance for Credit Loss, Current | $ 1,200 | 1,500 |
Contract with Customer, Asset, before Allowance for Credit Loss, Noncurrent | $ 1,200 | |
Minimum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable Invoice Payment Term Days Range | 30 days | |
Maximum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable Invoice Payment Term Days Range | 120 days |
Stock Based and Other Managem_3
Stock Based and Other Management Compensation - Narratives (Details) - Omnibus Equity Incentive Plan shares in Millions | Dec. 31, 2021shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Authorized (in shares) | 15 |
Stock Available for Future Issuance (in shares) | 12.1 |
Stock Based and Other Managem_4
Stock Based and Other Management Compensation - Narratives (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 16,631 | $ 2,665 | $ 2,146 | |
Accelerated stock-based compensation expense | $ 14,700 | |||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 1,800 | 500 | 500 | |
Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Accelerated stock-based compensation expense | $ 13,800 | |||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | ||
Scenario, Adjustment | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Accelerated stock-based compensation expense | $ 900 | |||
Equity Method Investment, Ownership Percentage | 35.00% | 35.00% | ||
Selling, General and Administrative Expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 14,600 | $ 2,300 | $ 1,900 |
Stock Based and Other Managem_5
Stock Based and Other Management Compensation - Narratives (Details 3) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price (in dollars per share) | $ 13.08 | $ 13.66 | |
Stock-based compensation | $ 16,631 | $ 2,665 | $ 2,146 |
Stock Options Exercised (in shares) | 39,700 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Award Expiration Period | 10 years | ||
Stock-based compensation | $ 5,900 | 1,100 | 1,200 |
Cost Not yet Recognized for Stock Options | $ 500 | ||
Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | ||
Fair Value of Stock Options Vested | $ 6,600 | $ 1,100 | $ 1,100 |
Stock Options Exercised (in shares) | 39,700 | 0 | 0 |
Cash Received from Stock Options Exercised | $ 400 | ||
Stock Options | Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Rights, Percentage | 20.00% | ||
Stock Options | Tranche Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Rights, Percentage | 20.00% | ||
Stock Options | Tranche Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Rights, Percentage | 20.00% | ||
Stock Options | Tranche Four | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Rights, Percentage | 20.00% | ||
Stock Options | Tranche Five | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Rights, Percentage | 20.00% | ||
Stock Options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price (in dollars per share) | $ 7.28 | ||
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price (in dollars per share) | $ 20 |
Stock Based and Other Managem_6
Stock Based and Other Management Compensation - Narratives (Details 4) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock or Unit Expense | $ 10,000 | $ 1,000 | $ 500 |
Fair Value of Awards Vested | 10,800 | 600 | 0 |
Cost Not yet Recognized | 100 | ||
Accrued STIP | 10,900 | 8,900 | |
Stock-based compensation | $ 16,631 | 2,665 | 2,146 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | ||
Granted (in shares) | 515,960 | ||
Grant Date Fair Value (in dollars per share) | $ 11.49 | ||
RSUs | Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Rights, Percentage | 20.00% | ||
RSUs | Tranche Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Rights, Percentage | 20.00% | ||
RSUs | Tranche Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Rights, Percentage | 20.00% | ||
RSUs | Tranche Four | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Rights, Percentage | 20.00% | ||
RSUs | Tranche Five | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Rights, Percentage | 20.00% | ||
DSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value of Awards Vested | $ 1,000 | 500 | 400 |
Grant Date Fair Value (in dollars per share) | $ 11.48 | ||
Stock-based compensation | $ 700 | $ 600 | $ 400 |
DSUs | Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 61,351 |
Stock Based and Other Managem_7
Stock Based and Other Management Compensation - Valuation Assumptions (Details) - Stock Options | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 62.00% | 50.00% | 50.00% |
Risk-free interest rate, Minimum | 1.10% | 0.37% | 1.79% |
Risk-free interest rate, Maximum | 1.21% | 1.22% | 2.63% |
Expected term in years | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.32% | 0.44% | 2.39% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.35% | 3.77% | 3.05% |
Stock Based and Other Managem_8
Stock Based and Other Management Compensation - Stock Options Outstanding and Exercisable (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Number of Options | |
Beginning Balance (in shares) | shares | 1,248,935 |
Granted (in shares) | shares | 479,500 |
Exercised (in shares) | shares | (39,700) |
Forfeited or expired (in share) | shares | (72,015) |
Ending Balance (in shares) | shares | 1,616,720 |
Weighted- Average Exercise Price Per Share | |
Beginning Balance (in dollars per share) | $ / shares | $ 13.66 |
Granted (in dollars per share) | $ / shares | 11.49 |
Exercised (in dollars per share) | $ / shares | 10.67 |
Forfeited or expired (in dollars per share) | $ / shares | 14.02 |
Ending Balance (in dollars per share) | $ / shares | $ 13.08 |
Outstanding, Aggregate Intrinsic Value | $ | $ 972,123 |
Outstanding, Weighted Average Remaining Term | 7 years 7 months 6 days |
Vested and Expected to Vest (in shares) | shares | 1,616,720 |
Vested and Expected to Vest, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 13.08 |
Vested and Expected to Vest, Aggregate Intrinsic Value | $ | $ 972,123 |
Vested and Expected to Vest, Weighted Average Remaining Term | 7 years 7 months 6 days |
Exercisable (in shares) | shares | 1,500,800 |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 12.79 |
Exercisable, Aggregate Intrinsic Value | $ | $ 972,123 |
Exercisable, Weighted Average Remaining Term | 7 years 7 months 6 days |
Stock Based and Other Managem_9
Stock Based and Other Management Compensation - Unvested Stock Options Rollforward (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number of Options | |
Beginning Balance (in shares) | shares | 906,361 |
Granted (in shares) | shares | 479,500 |
Vested (in shares) | shares | (1,227,592) |
Forfeited (in shares) | shares | (42,349) |
Ending Balance (in shares) | shares | 115,920 |
Weighted- Average Grant Date Fair Value | |
Beginning Balance (in dollars per share) | $ / shares | $ 4.94 |
Granted (in dollars per share) | $ / shares | 6.50 |
Vested (in dollars per share) | $ / shares | 5.38 |
Forfeited (in dollars per share) | $ / shares | 5.09 |
Ending Balance (in dollars per share) | $ / shares | $ 6.64 |
Stock Based and Other Manage_10
Stock Based and Other Management Compensation - Restricted Stock Units Rollforward (Details) - RSUs | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 502,770 |
Granted (in shares) | shares | 515,960 |
Cancelled (in shares) | shares | (16,795) |
Vested (in shares) | shares | (999,239) |
Ending balance (in shares) | shares | 2,696 |
Weighted- Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 10.28 |
Granted (in dollars per share) | $ / shares | 11.49 |
Cancelled (in dollars per share) | $ / shares | 10.78 |
Vested (in dollars per share) | $ / shares | 10.88 |
Ending balance (in dollars per share) | $ / shares | $ 13.96 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Financial Information Concerning Reportable Segments) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Graphite Electrodes | Product Concentration Risk | Sales Revenue, Net | |
Segment Reporting Information [Line Items] | |
Concentration Risk, Percentage | 96.00% |
Segment Reporting Revenue from
Segment Reporting Revenue from External Customers by Products and Services (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | |||
Total Revenues | $ 1,345,788 | $ 1,224,361 | $ 1,790,793 |
United States | |||
Revenue from External Customer [Line Items] | |||
Total Revenues | 285,710 | 260,867 | 403,916 |
Americas (excluding the United States) | |||
Revenue from External Customer [Line Items] | |||
Total Revenues | 241,442 | 187,779 | 348,670 |
Asia Pacific | |||
Revenue from External Customer [Line Items] | |||
Total Revenues | 154,084 | 127,415 | 172,439 |
Europe, Middle East, Africa | |||
Revenue from External Customer [Line Items] | |||
Total Revenues | $ 664,552 | $ 648,300 | $ 865,768 |
Segment Reporting Summary Of In
Segment Reporting Summary Of Information Of Long-Lived Assets In Different Geographic Areas (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | $ 501,473 | $ 506,217 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | 179,003 | 169,208 | |
Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | 123,997 | 132,867 | |
Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | 4,090 | 4,309 | |
France | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | 93,579 | 92,805 | |
Spain | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | 100,248 | 106,467 | |
Other countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | $ 556 | $ 561 | |
[1] | Long-lived assets represent fixed assets, net of accumulated depreciation. |
Debt And Liquidity (Schedule Of
Debt And Liquidity (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total | $ 1,029,688 | $ 1,420,131 |
Long-term debt | 1,029,561 | 1,420,000 |
Senior Secured Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 543,708 | 943,708 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 500,000 | 500,000 |
Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 429 | 615 |
Unamortized Financing Costs member | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (14,449) | (24,192) |
2018 Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Less: Short-term Debt | $ (127) | $ (131) |
Debt And Liquidity (2018 Credit
Debt And Liquidity (2018 Credit Facility, Term Loan ) (Details) - 2018 Credit Agreement [Member] - USD ($) | 1 Months Ended | ||
Feb. 28, 2021 | Jun. 30, 2018 | Feb. 28, 2018 | |
Debt Instrument [Line Items] | |||
Equity Interest Pledge | 65.00% | ||
Ratio of Indebtedness to Net Capital | 4 | ||
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,250,000,000 | $ 1,500,000,000 | |
Debt Instrument, Annual Amortization Rate, Amount | $ 112,500,000 | ||
Repayment Of Excess Cashflow Percentage | 75.00% | ||
Line of Credit [Member] | Contingent Event One [Member] | |||
Debt Instrument [Line Items] | |||
Repayment Of Excess Cashflow Percentage | 50.00% | ||
Line of Credit [Member] | Contingent Event Two [Member] | |||
Debt Instrument [Line Items] | |||
Repayment Of Excess Cashflow Percentage | 0.00% | ||
Line of Credit [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate, Decrease Upon Achievement Of Specific Credit Ratings | 0.50% | 1.00% | |
Line of Credit [Member] | Minimum [Member] | Contingent Event One [Member] | |||
Debt Instrument [Line Items] | |||
Ratio of Indebtedness to Net Capital | 1.25 | ||
Line of Credit [Member] | Maximum | Contingent Event One [Member] | |||
Debt Instrument [Line Items] | |||
Ratio of Indebtedness to Net Capital | 1.75 | ||
Line of Credit [Member] | Adjusted LIBO Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
Basis spread on variable rate, decrease | 0.50% | ||
Debt Instrument, Basis Spread on Variable Rate, Decrease Upon Achievement Of Specific Credit Ratings | 0.25% | ||
Line of Credit [Member] | ABR [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Debt And Liquidity (2018 Cred_2
Debt And Liquidity (2018 Credit Facility, Revolving Credit Facility ) (Details) - 2018 Credit Agreement [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2018 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000,000 | ||
Amount Outstanding | $ 0 | $ 0 | |
Letters of Credit Outstanding, Amount | $ 3,300,000 | $ 3,600,000 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||
Borrowing Threshold | $ 35,000,000 | ||
Borrowing Threshold Percentage | 35.00% | ||
Revolving Credit Facility [Member] | Adjusted LIBO Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||
Revolving Credit Facility [Member] | ABR [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||
2018 Revolving Credit Facility [Member] | Adjusted LIBO Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate, Decrease Upon Achievement Of Specific Credit Ratings | 0.25% |
Debt And Liquidity (2020 Senior
Debt And Liquidity (2020 Senior Notes) (Details) $ in Millions | 1 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Event Of Default, Percentage Of Debt Held | 30.00% | |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 500 | |
Debt Instrument, Covenant, Restricted Payments Allowable With No Default Or Event Of Default, Pro Forma Consolidated First Lien Net Leverage Ratio, Maximum | 2 | |
Debt Instrument, Covenant, Restricted Payments Allowable Pursuant To Certain Baskets, Pro Forma Consolidated First Lien Net Leverage Ratio, Maximum | 2 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | |
Secured Debt | Prior to December 15, 2023 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 40.00% | |
Redemption price related to net cash proceeds of certain equity offerings | 104.625% | |
Debt Instrument, Redemption Price, Premium Applicable, Percentage | 100.00% |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense of intangible assets | $ 10.7 | $ 11.4 | $ 12.2 |
Future Amortization Expense, 2022 | 10.1 | ||
Future Amortization Expense, 2023 | 9.2 | ||
Future Amortization Expense, 2024 | 8 | ||
Future Amortization Expense, 2025 | 7.3 | ||
Future Amortization Expense, 2026 | $ 6.7 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Determinable Useful Lives By Major Category) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||
Gross Carrying Amount | $ 142,300 | $ 142,300 |
Accumulated Amortization | (80,616) | (69,871) |
Net Carrying Amount | 61,684 | 72,429 |
Trade Name [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 22,500 | 22,500 |
Accumulated Amortization | (13,935) | (11,932) |
Net Carrying Amount | 8,565 | 10,568 |
Technological Know-How [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 55,300 | 55,300 |
Accumulated Amortization | (38,486) | (34,091) |
Net Carrying Amount | 16,814 | 21,209 |
Customer Related Intangible [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 64,500 | 64,500 |
Accumulated Amortization | (28,195) | (23,848) |
Net Carrying Amount | $ 36,305 | $ 40,652 |
Interest Expense (Details)
Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and Debt Expense [Abstract] | |||
Interest Expense, Debt, Excluding Amortization | $ 56,731 | $ 83,555 | $ 121,010 |
Accretion of original issue discount on 2018 Term Loan Facility | 3,387 | 5,340 | 2,196 |
Amortization of debt issuance costs | 8,642 | 9,179 | 4,125 |
Total interest expense | $ 68,760 | $ 98,074 | $ 127,331 |
Interest Expense - Narrative (D
Interest Expense - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Effective interest rate | 4.20% | ||
Repayments of Secured Debt | $ 400,000 | $ 896,214 | $ 350,140 |
Accelerated Accretion Expense | 3,387 | 5,340 | 2,196 |
Amortization of debt issuance costs | $ 8,642 | $ 9,179 | $ 4,125 |
2018 Credit Agreement [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 3.50% | 4.50% | 5.30% |
Repayments of Secured Debt | $ 400,000 | $ 500,000 | |
Accelerated Accretion Expense | 2,300 | 3,200 | |
Amortization of debt issuance costs | 3,700 | 5,200 | |
Payments of Debt Restructuring Costs | $ 1,600 | ||
Secured Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | ||
Debt Instrument, Face Amount | $ 500,000 |
Fair Value Measurements And D_3
Fair Value Measurements And Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of long-term debt | $ 1,051.6 | $ 1,453.1 |
Foreign currency derivatives | Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets, Fair Value Disclosure | 0.4 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0.1 | |
Commodity derivative contracts | Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets, Fair Value Disclosure | 8.5 | 0.6 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2.8 | |
Interest rate swap | ||
Derivatives, Fair Value [Line Items] | ||
Assets, Fair Value Disclosure | 5.9 | |
Interest rate swap | Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets, Fair Value Disclosure | 6.1 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0.1 | $ 11.9 |
Fair Value Measurements And D_4
Fair Value Measurements And Derivative Instruments (Narrative) (Details 2) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 0 | $ 0 |
Asset Derivatives | 0 | |
Liability Derivatives | 0 | |
Foreign currency derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 99.3 | $ 71 |
Fair Value Measurements And D_5
Fair Value Measurements And Derivative Instruments (Narrative) (Details 3) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commodity derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 19,500,000 | $ 61,300,000 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain | 400,000 | |
Asset Derivatives | $ 8,500,000 | |
Liability Derivatives | $ (2,200,000) | |
Minimum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Term Of Contract | 3 years | |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Term Of Contract | 5 years |
Fair Value Measurements And D_6
Fair Value Measurements And Derivative Instruments (Narrative) (Details 4) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2018 | |
Derivatives, Fair Value [Line Items] | ||||
Effective interest rate | 4.20% | |||
Repayments of Secured Debt | $ 400,000,000 | $ 896,214,000 | $ 350,140,000 | |
Interest expense | 68,760,000 | 98,074,000 | $ 127,331,000 | |
host financial instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Liability Derivatives | 7,000,000 | |||
Derivatives not designated as hedges: | ||||
Derivatives, Fair Value [Line Items] | ||||
Liability Derivatives | 2,000 | 1,063,000 | ||
Other long-term obligations | host financial instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Liability Derivatives | 4,400,000 | |||
2018 Credit Agreement [Member] | Senior Subordinated Notes [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Repayments of Secured Debt | 500,000,000 | |||
Interest rate swap | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | $ 500,000,000 | |||
Derivative, Term of Contract | 2 years | |||
Effective interest rate | 5.10% | |||
Assets, Fair Value Disclosure | $ 5,900,000 | |||
Interest rate swap | Derivatives not designated as hedges: | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest expense | 900,000 | |||
Interest rate swap | Other Current Liabilities [Member] | Derivatives not designated as hedges: | ||||
Derivatives, Fair Value [Line Items] | ||||
Liability Derivatives | $ 952,000 | |||
Interest rate swap | Derivatives not designated as hedges: | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | 250,000,000 | |||
Interest rate swap 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | $ 500,000,000 | |||
Derivative, Term of Contract | 5 years | |||
Interest Rate Swap Four | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, notional amount | $ 250,000,000 | |||
Plan | ||||
Derivatives, Fair Value [Line Items] | ||||
Effective interest rate | 3.95% | |||
Plan | Interest rate swap | ||||
Derivatives, Fair Value [Line Items] | ||||
Effective interest rate | 4.85% |
Fair Value Measurements And D_7
Fair Value Measurements And Derivative Instruments (Narrative) (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 11,500 | $ 7,400 |
host financial instrument | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 7,000 | |
Other Current Liabilities [Member] | host financial instrument | ||
Derivatives, Fair Value [Line Items] | ||
Amount to be Reclassified During Next 12 Months, net | $ 2,600 | |
Commodity derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ (2,200) |
Fair Value Measurements And D_8
Fair Value Measurements And Derivative Instruments Fair Value Measurements And Derivative Instruments (Schedule Of Fair Value Of Derivatives) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commodity derivative contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 8,500 | |
Liability Derivatives | $ (2,200) | |
Derivatives designated as cash flow hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 14,529 | 581 |
Liability Derivatives | 140 | 13,769 |
Derivatives designated as cash flow hedges: | Commodity derivative contracts | Prepaid and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 8,469 | 518 |
Derivatives designated as cash flow hedges: | Commodity derivative contracts | Other accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 888 |
Derivatives designated as cash flow hedges: | Commodity derivative contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 63 |
Derivatives designated as cash flow hedges: | Commodity derivative contracts | Other long-term obligations | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 1,898 |
Derivatives designated as cash flow hedges: | Interest rate swap | Prepaid and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Derivatives designated as cash flow hedges: | Interest rate swap | Other accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 140 | 4,080 |
Derivatives designated as cash flow hedges: | Interest rate swap | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 6,060 | 0 |
Derivatives designated as cash flow hedges: | Interest rate swap | Other long-term obligations | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0 | 6,903 |
Derivatives not designated as hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 388 | 6 |
Liability Derivatives | 2 | 1,063 |
Derivatives not designated as hedges: | Interest rate swap | Prepaid and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | |
Derivatives not designated as hedges: | Interest rate swap | Other accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 952 | |
Derivatives not designated as hedges: | Foreign currency derivatives | Prepaid and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 388 | 6 |
Derivatives not designated as hedges: | Foreign currency derivatives | Other accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 2 | $ 111 |
Fair Value Measurements And D_9
Fair Value Measurements And Derivative Instruments (Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives designated as cash flow hedges: | Commodity Forward Derivatives | Cost of sales | |||
Derivatives, Fair Value [Line Items] | |||
Amount of (Gain)/Loss Recognized | $ 6,440 | $ (4,134) | $ (8,892) |
Derivatives designated as cash flow hedges: | Interest rate swap | Interest expense (income) | |||
Derivatives, Fair Value [Line Items] | |||
Amount of (Gain)/Loss Recognized | 1,846 | 4,390 | (1,050) |
Derivatives not designated as hedges: | Interest rate swap | Interest expense (income) | |||
Derivatives, Fair Value [Line Items] | |||
Amount of (Gain)/Loss Recognized | 866 | 0 | 0 |
Derivatives not designated as hedges: | Interest rate swap | Interest expense (income) | host financial instrument | |||
Derivatives, Fair Value [Line Items] | |||
Amount of (Gain)/Loss Recognized | 2,807 | 0 | 0 |
Derivatives not designated as hedges: | Foreign currency derivatives | Cost of sales, Other (income) expense, net | |||
Derivatives, Fair Value [Line Items] | |||
Amount of (Gain)/Loss Recognized | 3,895 | (2,671) | (506) |
Derivatives not designated as hedges: | Commodity Contract | Cost of sales | |||
Derivatives, Fair Value [Line Items] | |||
Amount of (Gain)/Loss Recognized | $ (1,399) | $ (530) | $ (223) |
Supplementary Balance Sheet D_3
Supplementary Balance Sheet Detail (Schedule Of Amounts Recognized In Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials and supplies | $ 132,113 | $ 101,098 |
Work in process | 127,127 | 110,331 |
Finished goods | 30,192 | 54,535 |
Inventories | 289,432 | 265,964 |
Prepaid expenses | 8,193 | 9,242 |
Value-added tax and other indirect taxes receivable* | 40,861 | 10,666 |
Spare parts inventory | 12,408 | 11,825 |
Other current assets | 11,902 | 3,381 |
Prepaid Expense and Other Assets, Current | 73,364 | 35,114 |
Land and improvements | 49,201 | 50,285 |
Buildings | 79,660 | 80,041 |
Machinery and equipment and other | 621,808 | 621,478 |
Construction in progress | 64,629 | 33,098 |
Property, plant and equipment | 815,298 | 784,902 |
Payrolls (including incentive programs) | 16,904 | 13,159 |
Employee benefits | 7,272 | 7,128 |
Deferred Revenue | 9,840 | 13,056 |
Other | 22,389 | 23,158 |
Accrued liabilities, net | 56,405 | 56,501 |
Post-employment benefits | 14,597 | 15,669 |
Pension and related benefits | 31,139 | 37,847 |
Other | 22,921 | 27,962 |
Other long - term obligations | $ 68,657 | $ 81,478 |
Supplementary Balance Sheet D_4
Supplementary Balance Sheet Detail (Schedule Of Amounts Recognized In Balance Sheet, Footnote) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |||
Brazil value-added tax credit | $ 11,511 | $ 0 | $ 0 |
Supplementary Balance Sheet D_5
Supplementary Balance Sheet Detail (Schedule Of Analysis Of The Allowance For Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of year | $ 8,243 | $ 5,474 | $ 1,129 |
(Credit) charge to income | (1,266) | 1,458 | 4,636 |
Deductions | 142 | 715 | 291 |
Balance at end of year | 6,835 | 8,243 | 5,474 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of year | 2,026 | 0 | |
Balance at end of year | $ 0 | $ 2,026 | $ 0 |
Leases - (Narratives) (Details)
Leases - (Narratives) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Right of use asset | $ 7,646 | $ 7,164 |
Operating lease liability | $ 7,637 | $ 7,297 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 5,399 | $ 6,138 | $ 4,816 |
Short-term lease cost | 408 | 159 | 14 |
Variable lease cost | 453 | 429 | 227 |
Total lease cost | $ 6,260 | $ 6,726 | $ 5,057 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
RoU assets obtained in exchange for new operating lease liabilities (non-cash) | $ 5,584 | $ 5,262 | $ 4,995 |
Cash payments for operating leases | $ (5,466) | $ (6,177) | $ (4,724) |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating RoU lease assets | $ 7,646 | $ 7,164 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Current operating lease liabilities | $ 4,109 | $ 4,102 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term obligations | Other long-term obligations |
Non-current operating lease liabilities | $ 3,528 | $ 3,195 |
Total operating lease liabilities | $ 7,637 | $ 7,297 |
Weighted average term (years) | 2 years 3 months 18 days | 2 years 8 months 12 days |
Weighted average discount rate (percent) | 4.31% | 5.82% |
Leases - Operating Lease Maturi
Leases - Operating Lease Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
2022 | $ 4,200 | |
2023 | 2,238 | |
2024 | 969 | |
2025 | 451 | |
2026 and after | 152 | |
Total lease payments | 8,010 | |
Less: Imputed interest | (373) | |
Total operating lease liabilities | $ 7,637 | $ 7,297 |
Retirement Plans And Postreti_3
Retirement Plans And Postretirement Benefits (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2001 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Option to Remain in Plan, Period | 5 years | |||
Defined benefit plan, accumulated benefit obligation | $ 166,100,000 | $ 176,300,000 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 2,500,000 | 2,200,000 | $ 2,100,000 | |
Mark-to-market adjustment | $ 3,800,000 | (3,200,000) | (3,500,000) | |
Defined Benefit Plan, maximum salary increase | 6.00% | |||
Scenario, Adjustment | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 45.00% | |||
Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | |||
Union Carbide | GrafTech International Ltd [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 50.00% | |||
Postemployment Retirement Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 1,400,000 | 1,300,000 | ||
Defined Benefit Plan, Benefit Obligation | 16,000,000 | 17,200,000 | ||
Net Cost | 500,000 | 700,000 | 1,600,000 | |
Mark-to-market adjustment | $ 100,000 | $ 100,000 | $ (600,000) |
Retirement Plans And Postreti_4
Retirement Plans And Postretirement Benefits (Components Of Consolidated Net Pension Costs Retirement Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Mark-to-market (gain) loss | $ (3,800) | $ 3,200 | $ 3,500 |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,328 | 1,322 | 1,297 |
Interest cost | 2,962 | 3,949 | 5,070 |
Expected return on assets | (4,213) | (4,730) | (5,026) |
Mark-to-market (gain) loss | (2,428) | 613 | 205 |
Net Cost | (2,351) | 1,154 | 1,546 |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,349 | 1,183 | 624 |
Interest cost | 111 | 174 | 275 |
Expected return on assets | (545) | (401) | (424) |
Mark-to-market (gain) loss | (1,327) | 2,596 | 3,302 |
Net Cost | $ (412) | $ 3,552 | $ 3,777 |
Retirement Plans And Postreti_5
Retirement Plans And Postretirement Benefits (Reconciliation Of Pension Plans' Benefit Obligations, Fair Value Of Assets Retirement Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of period | $ 140,650 | ||
Fair value of plan assets at end of year | 136,874 | $ 140,650 | |
United States | |||
Changes in Benefit Obligation: | |||
Net benefit obligation at beginning of period | 140,254 | 135,810 | |
Service cost | 1,328 | 1,322 | $ 1,297 |
Interest cost | 2,962 | 3,949 | 5,070 |
Participant contributions | 0 | 0 | |
Foreign currency exchange changes | 0 | 0 | |
Actuarial (gain) loss | (4,316) | 9,583 | |
Benefits paid | 10,322 | 10,410 | |
Net benefit obligation at end of period | 129,906 | 140,254 | 135,810 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of period | 115,568 | 107,832 | |
Actual return on plan assets | 2,325 | 13,700 | |
Foreign currency exchange rate changes | 0 | 0 | |
Employer contributions | 2,390 | 4,446 | |
Participant contributions | 0 | 0 | |
Benefits paid | (10,322) | (10,410) | |
Fair value of plan assets at end of year | 109,961 | 115,568 | 107,832 |
Funded status (underfunded): | (19,945) | (24,686) | |
Non-current assets | 0 | 0 | |
Current liabilities | (420) | (423) | |
Non-current liabilities | (19,525) | (24,263) | |
Net amount recognized | (19,945) | (24,686) | |
Foreign [Member] | |||
Changes in Benefit Obligation: | |||
Net benefit obligation at beginning of period | 38,716 | 28,903 | |
Service cost | 1,349 | 1,183 | 624 |
Interest cost | 111 | 174 | 275 |
Participant contributions | 580 | 470 | |
Foreign currency exchange changes | (1,318) | 2,869 | |
Actuarial (gain) loss | (1,104) | 2,683 | |
Benefits paid | 237 | 2,434 | |
Net benefit obligation at end of period | 38,571 | 38,716 | 28,903 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of period | 25,082 | 18,980 | |
Actual return on plan assets | 799 | 488 | |
Foreign currency exchange rate changes | (746) | 1,893 | |
Employer contributions | 961 | 817 | |
Participant contributions | 580 | 470 | |
Benefits paid | (237) | (2,434) | |
Fair value of plan assets at end of year | 26,913 | 25,082 | $ 18,980 |
Funded status (underfunded): | (11,658) | (13,634) | |
Non-current assets | 0 | 13 | |
Current liabilities | (44) | (50) | |
Non-current liabilities | (11,614) | (13,597) | |
Net amount recognized | $ (11,658) | $ (13,634) |
Retirement Plans And Postreti_6
Retirement Plans And Postretirement Benefits (Fair Asset Values Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 136,874 | $ 140,650 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 715 | 1,850 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 910 | 995 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,003 | 24,087 | |
Fair Value Measured at Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 109,246 | 113,718 | |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 109,961 | 115,568 | $ 107,832 |
United States | Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 715 | 1,850 | |
United States | Level 1 [Member] | Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 715 | 1,850 | |
United States | Level 2 [Member] | Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Level 3 [Member] | Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,913 | 25,082 | $ 18,980 |
Foreign [Member] | Foreign Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 910 | 995 | |
Foreign [Member] | Fixed Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,003 | 24,087 | |
Foreign [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign [Member] | Level 1 [Member] | Foreign Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign [Member] | Level 1 [Member] | Fixed Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 910 | 995 | |
Foreign [Member] | Level 2 [Member] | Foreign Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 910 | 995 | |
Foreign [Member] | Level 2 [Member] | Fixed Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,003 | 24,087 | |
Foreign [Member] | Level 3 [Member] | Foreign Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign [Member] | Level 3 [Member] | Fixed Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,003 | 24,087 | |
Foreign [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 26,913 | $ 25,082 |
Retirement Plans And Postreti_7
Retirement Plans And Postretirement Benefits (Fair Value Hierarchy, Assets At Fair Value) (Details) - Pension Plan [Member] - Fixed Insurance Contracts [Member] - Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning Balance | $ 24,118 | $ 17,985 |
Gain / contributions / currency impact | 1,900 | 6,149 |
Distributions | (15) | (16) |
Ending Balance | $ 26,003 | $ 24,118 |
Retirement Plans And Postreti_8
Retirement Plans And Postretirement Benefits (Assumptions Used To Determine Net Pension Costs And Projected Benefit Obligations) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted average assumptions to determine benefit obligations: | ||
Discount rate | 2.14% | 1.78% |
Rate of compensation increase | 1.46% | 1.46% |
Weighted average assumptions to determine net cost: | ||
Discount rate | 1.78% | 2.59% |
Expected return on plan assets | 3.48% | 4.14% |
Rate of compensation increase | 1.46% | 1.50% |
Retirement Plans And Postreti_9
Retirement Plans And Postretirement Benefits (Retirement Plan Weighted Average Asset Allocations) (Details) | Dec. 31, 2021 |
United States | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 100.00% |
United States | Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 20.00% |
United States | Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 80.00% |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 100.00% |
Foreign [Member] | Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 0.00% |
Foreign [Member] | Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 100.00% |
Retirement Plans And Postret_10
Retirement Plans And Postretirement Benefits (Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
United States | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Accumulated benefit obligation | $ 129,906 | $ 140,254 |
Fair value of plan assets | 109,961 | 115,568 |
Foreign [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Accumulated benefit obligation | 35,247 | 35,316 |
Fair value of plan assets | $ 26,003 | $ 24,118 |
Retirement Plans And Postret_11
Retirement Plans And Postretirement Benefits (Pension Plans With Projected Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 129,906 | $ 140,254 |
Fair value of plan assets | 109,961 | 115,568 |
Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 37,412 | 37,734 |
Fair value of plan assets | $ 26,003 | $ 24,118 |
Retirement Plans And Postret_12
Retirement Plans And Postretirement Benefits (Projected Future Pension Plan Cash Flow By Year) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
United States | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | $ 420 |
Expected employee contributions | 0 |
2022 | 9,224 |
2023 | 9,186 |
2024 | 9,067 |
2025 | 9,015 |
2026 | 8,914 |
2027-2031 | 40,997 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 958 |
Expected employee contributions | 0 |
2022 | 1,352 |
2023 | 1,503 |
2024 | 2,916 |
2025 | 1,581 |
2026 | 2,663 |
2027-2031 | $ 12,312 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 1,997 | $ 1,835 |
Product warranty adjustments | 1,183 | 1,220 |
Payments and settlements | (2,092) | (1,058) |
Ending balance | $ 1,088 | $ 1,997 |
Contingencies - Narratives (Det
Contingencies - Narratives (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($)shares | May 31, 2021 | Dec. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | |||||
Related Party Tax Agreement Percent Of Savings | 85.00% | ||||
Due to Related Parties | $ 19,300 | $ 40,900 | |||
Related party payable - tax receivable agreement | 3,828 | 21,752 | |||
Related party payable - tax receivable agreement long-term | 15,455 | $ 19,098 | |||
Increase (Decrease) in Due to Related Parties | $ 200 | ||||
Change in Control, Ownership Percentage Disposal, Threshold | 100.00% | ||||
Plan | |||||
Loss Contingencies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | ||
GrafTech International Ltd [Member] | Brookfield [Member] | |||||
Loss Contingencies [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 24.30% | 24.00% | 55.30% | ||
LTIP | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Loss in Period | $ 73,400 | ||||
Loss Contingency Accrual, Payments | $ 71,400 | ||||
LTIP | Cost of sales | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Loss in Period | 30,700 | ||||
LTIP | Selling, General and Administrative Expenses | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Loss in Period | $ 42,700 | ||||
Fixed Price LTAs | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Damages Sought, Value | $ 61,000 | ||||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Loss Contingencies [Line Items] | |||||
Due to Related Party, Basis Spread on Variable Rate | 0.0100 | ||||
Profit Units | LTIP | |||||
Loss Contingencies [Line Items] | |||||
Number of Shares Authorized (in shares) | shares | 30,000 | ||||
Award vesting period | 5 years |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Provision for income taxes | $ 68,076 | $ 75,671 | $ 98,225 |
Income before provision for income taxes | $ 456,406 | $ 510,045 | $ 842,827 |
U.S. federal income tax rate | 21.00% | 21.00% | 21.00% |
Net deferred tax assets | $ 61,347 | $ 63,244 | |
Deferred tax liabilities | 75,834 | $ 73,864 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 100 | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 100 | ||
Undistributed Earnings of Foreign Subsidiaries | 1,200,000 | ||
Undistributed Earnings of Foreign Subsidiaries Subjected to One Time Transition Fee | $ 1,100,000 |
Income Taxes (Narrative) (Det_2
Income Taxes (Narrative) (Details 2) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2018 |
Domestic Tax Authority [Member] | ||
Income Tax Examination [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | $ 35.8 | |
Foreign Tax Authority | ||
Income Tax Examination [Line Items] | ||
Operating Loss Carryforwards | $ 6.8 | |
Tax Credit Carryforward, Amount | 13.1 | |
State and Local Jurisdiction [Member] | ||
Income Tax Examination [Line Items] | ||
Operating Loss Carryforwards | 239.6 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 14.3 | |
Tax Credit Carryforward, Amount | $ 0.1 |
Income Taxes (Schedule Of U.S.
Income Taxes (Schedule Of U.S. And Non-U.S. Components Of Income (Loss) Before Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (69,087) | $ 51,672 | $ 85,365 |
Non-U.S. | 525,493 | 458,373 | 757,462 |
Income before provision for income taxes | $ 456,406 | $ 510,045 | $ 842,827 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. income taxes, Current | $ 645 | $ (7,660) | $ 16,589 |
U.S. income taxes, Deferred | 2,132 | 27,822 | 5,690 |
U.S. income taxes, Total | 2,777 | 20,162 | 22,279 |
Non-U.S. income taxes, Current | 71,088 | 63,092 | 64,134 |
Non-U.S. income taxes, Deferred | (5,789) | (7,583) | 11,812 |
Non-U.S. income taxes, Total | 65,299 | 55,509 | 75,946 |
Provision for income taxes | $ 68,076 | $ 75,671 | $ 98,225 |
Income Taxes (Schedule Of Inc_2
Income Taxes (Schedule Of Income Tax Expense (Benefit) Computed By Applying The U.S. Federal Income Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Tax at statutory U.S. federal rate | $ 95,845 | $ 107,109 | $ 176,994 |
Impact of U.S. Tax Cuts and Jobs Act of 2017 - GILTI | 51,016 | 45,539 | 65,531 |
Impact of Tax Receivable Agreement | 49 | (4,429) | 713 |
Valuation allowance | (2,208) | (980) | (14,548) |
State taxes, net of federal tax benefit | 1,414 | 3,591 | 4,231 |
U.S. tax impact of foreign earnings (net of foreign tax credits) | 537 | 2,113 | 2,181 |
Establishment/resolution of uncertain tax positions | (48) | (78) | (1,293) |
Adjustment for foreign income taxed at different rates | (38,530) | (38,464) | (76,922) |
Foreign tax credits | (43,821) | (37,280) | (56,171) |
Change-in-Control-related compensation | 10,626 | 0 | 0 |
Other | (6,804) | (1,450) | (2,491) |
Provision for income taxes | $ 68,076 | $ 75,671 | $ 98,225 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Post-employment and other employee benefits | $ 17,375 | $ 18,202 |
Foreign tax credit and other carryforwards | 32,452 | 37,101 |
Capitalized research and experimental costs | 1,935 | 3,897 |
Environmental reserves | 1,133 | 1,111 |
Inventory adjustments | 10,545 | 7,381 |
Long-term contract option amortization | 982 | 1,031 |
Provision for rationalization charges | 71 | 96 |
Mark-to-market hedges | 0 | 3,552 |
Previously taxed income | 5,229 | 2,163 |
Other | 2,175 | 1,483 |
Total gross deferred tax assets | 71,897 | 76,017 |
Less: valuation allowance | (10,550) | (12,773) |
Total deferred tax assets | 61,347 | 63,244 |
Deferred tax liabilities: | ||
Fixed assets | 51,595 | 54,485 |
Inventory | 8,834 | 8,573 |
Goodwill and acquired intangibles | 9,502 | 7,552 |
Mark-to-market hedges | 2,824 | 0 |
Other | 3,079 | 3,254 |
Total deferred tax liabilities | 75,834 | 73,864 |
Net deferred tax (liability) | $ (14,487) | $ (10,620) |
Income Taxes (Schedule Of Valua
Income Taxes (Schedule Of Valuation Allowance Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 12,773 | $ 13,736 | $ 58,446 |
Credited to income | (2,208) | (980) | (14,548) |
Changes attributable to write-off of underlying assets | (30,138) | ||
Translation adjustment | (15) | 17 | (24) |
Balance at end of year | $ 10,550 | $ 12,773 | $ 13,736 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Balance at January 1 | $ 125 | $ 184 |
Settlements | (75) | |
Foreign currency impact | 16 | |
Lapse of statutes of limitations | (45) | |
Foreign currency impact | (7) | |
Balance at December 31 | $ 73 | $ 125 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Foreign currency translation adjustments, net of tax | $ 22,330 | $ 2,725 |
Commodities and interest rate derivatives, net of tax | (14,886) | 16,916 |
Total accumulated other comprehensive loss | $ (7,444) | $ (19,641) |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 05, 2019 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 04, 2021 | May 31, 2021 | Jul. 31, 2019 | Dec. 31, 2018 | Apr. 26, 2018 |
Class of Stock [Line Items] | |||||||||||||||||||||
Shares, Issued | 38,097,525 | ||||||||||||||||||||
Sale of Stock, Price Per Share | $ 13.125 | $ 15 | |||||||||||||||||||
Sale of Stock, Transaction Date | 11,175,927 | ||||||||||||||||||||
Decrease in percentage of shares outstanding (percent) | 7.00% | ||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 150,000 | $ 100,000 | |||||||||||||||||||
Purchase of treasury shares | $ 50,000 | $ 30,099 | $ 10,868 | ||||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 159,000 | $ 159,000 | |||||||||||||||||||
Dividends paid (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.04 | $ 0.115 | $ 0.34 | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Repurchase of Shares by Subsidiary | $ 250,000 | ||||||||||||||||||||
Common Stock | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Shares, Issued | 263,255,708 | 267,188,547 | 270,485,308 | 263,255,708 | 267,188,547 | 270,485,308 | 290,537,612 | ||||||||||||||
Stock Repurchased and Retired During Period, Shares | 4,658,544 | 3,328,574 | 1,004,685 | ||||||||||||||||||
Affiliated Entity | Common Stock | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Stock Repurchased and Retired During Period, Shares | 19,047,619 | ||||||||||||||||||||
Brookfield [Member] | GrafTech International Ltd [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 24.30% | 55.30% | 24.30% | 55.30% | 24.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Weighted average shares outstanding (shares) | 266,251,097 | 267,916,483 | 289,057,356 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 66,097 | 14,161 | 17,245 |
Weighted average common shares outstanding for diluted calculation | 266,317,194 | 267,930,644 | 289,074,601 |
Earnings Per Share Narrative (D
Earnings Per Share Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share | 1,499,128 | 1,667,325 | 1,082,113 |
Participating Securities. | 130,624 | 73,320 | 32,981 |
Other (Income) Expense, net - C
Other (Income) Expense, net - Components of Other (Income) Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |||
Brazil value-added tax credit | $ (11,511) | $ 0 | $ 0 |
Pension and post-employment non-service cost | (5,298) | 3,584 | 4,382 |
Bank charges | 1,098 | 962 | 1,173 |
Other | (740) | (1,216) | (352) |
Other (income) expense, net | $ (16,451) | $ 3,330 | $ 5,203 |
Other (Income) Expense, net - N
Other (Income) Expense, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |||
Brazil value-added tax credit | $ (11,511) | $ 0 | $ 0 |
PIS-COFINS credit, amount offset | 1,200 | ||
Mark-to-market (gain) loss | $ (3,800) | $ 3,200 | $ 3,500 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 02, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | ||||||||||||||||
Dividends paid (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.085 | $ 0.04 | $ 0.115 | $ 0.34 | |
Subsequent Events | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Dividends paid (in dollars per share) | $ 0.01 |