GrafTech International (EAF) 10-Q 26 Jul 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		257,167,127
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000931148
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 120,726	$ 176,878
Accounts and notes receivable, net of allowance for doubtful accounts of $7,942 as of June 30, 2024 and $7,708 as of December 31, 2023	95,043	101,387
Inventories	304,786	330,146
Prepaid expenses and other current assets	62,448	66,382
Total current assets	583,003	674,793
Property, plant and equipment	913,710	920,444
Less: accumulated depreciation	418,157	398,330
Net property, plant and equipment	495,553	522,114
Deferred income taxes	30,793	31,542
Other assets	53,648	60,440
Total assets	1,162,997	1,288,889
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	61,011	83,268
Long-term debt, current maturities	132	134
Accrued income and other taxes	9,791	10,022
Other accrued liabilities	65,245	91,702
Tax Receivable Agreement	1,949	5,417
Total current liabilities	138,128	190,543
Long-term debt	928,046	925,511
Other long-term obligations	52,723	55,645
Deferred income taxes	24,073	33,206
Tax Receivable Agreement long-term	3,788	5,737
Stockholders’ equity:
Preferred stock, par value $0.01, 300,000,000 shares authorized, none issued	0	0
Common stock, par value $0.01, 3,000,000,000 shares authorized, 257,167,127 and 256,831,870 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	2,572	2,568
Additional paid-in capital	751,958	749,527
Accumulated other comprehensive loss	(30,371)	(11,458)
Accumulated deficit	(707,920)	(662,390)
Total stockholders’ equity	16,239	78,247
Total liabilities and stockholders’ equity	$ 1,162,997	$ 1,288,889

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 7,942	$ 7,708
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	300,000,000	300,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, shares issued (in shares)	257,167,127	256,831,870
Common stock, shares, outstanding (in shares)	257,167,127	256,831,870

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net sales	$ 137,327	$ 185,561	$ 273,911	$ 324,363
Cost of goods sold	131,970	157,216	267,174	269,861
Lower of cost or market inventory valuation adjustment	1,381	0	4,073	0
Gross profit	3,976	28,345	2,664	54,502
Research and development	1,447	1,196	3,074	2,388
Selling and administrative expenses	5,098	18,551	20,375	40,702
Rationalization expenses	110	0	3,255	0
Operating (loss) income	(2,679)	8,598	(24,040)	11,412
Other (income) expense, net	(1,091)	455	(1,484)	1,108
Interest expense	15,609	13,907	31,235	26,713
Interest income	(1,853)	(242)	(3,377)	(614)
Loss before (benefit) provision for income taxes	(15,344)	(5,522)	(50,414)	(15,795)
(Benefit) provision for income taxes	(592)	2,329	(4,793)	(575)
Net loss	$ (14,752)	$ (7,851)	$ (45,621)	$ (15,220)
Basic loss per common share:
Net (loss) income per share (usd per share)	$ (0.06)	$ (0.03)	$ (0.18)	$ (0.06)
Weighted average common shares outstanding (shares)	257,772,069	257,003,691	257,587,613	256,935,763
Diluted loss per common share:
Net (loss) income per share (usd per share)	$ (0.06)	$ (0.03)	$ (0.18)	$ (0.06)
Weighted average common shares outstanding (shares)	257,772,069	257,003,691	257,587,613	256,935,763
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of tax of $0, $0, $45 and $0, respectively	$ (6,240)	$ 2,949	$ (12,712)	$ 7,572
Commodities, interest rate and foreign currency derivatives, net of tax benefit of $573, $952, $1,725 and $1,905, respectively	(1,948)	(3,596)	(6,201)	(6,173)
Other comprehensive (loss) income, net of tax	(8,188)	(647)	(18,913)	1,399
Comprehensive loss	$ (22,940)	$ (8,498)	$ (64,534)	$ (13,821)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 45	$ 0
Commodities, interest rate and foreign currency derivatives, tax	$ 573	$ 952	$ 1,725	$ 1,905

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flow from operating activities:
Net loss	$ (14,752)	$ (30,869)	$ (7,851)	$ (7,369)	$ (45,621)	$ (15,220)
Adjustments to reconcile net loss to cash (used in) provided by operations:
Depreciation and amortization					28,202	26,099
Deferred income tax benefit					(6,118)	(6,424)
Non-cash stock-based compensation expense	1,600		1,400		2,608	2,181
Non-cash interest expense					(2,970)	11,684
Lower of cost or market inventory valuation adjustment	1,381		0		4,073	0	$ 12,400
Other adjustments					2,239	(6,416)
Net change in working capital					(13,345)	6,400
Change in Tax Receivable Agreement					(5,417)	(4,631)
Change in long-term assets and liabilities					(1,036)	2,101
Net cash (used in) provided by operating activities					(37,385)	15,774
Cash flow from investing activities:
Capital expenditures					(17,490)	(39,789)
Proceeds from the sale of fixed assets					80	214
Net cash used in investing activities					(17,410)	(39,575)
Cash flow from financing activities:
Interest rate swap settlements					0	27,453
Debt issuance and modification costs					0	(6,324)
Proceeds from the issuance of long-term debt, net of original issuance discount					0	438,552
Principal payments on long-term debt					0	(433,708)
Payments for taxes related to net share settlement of equity awards					(82)	(129)
Dividends paid					0	(5,134)
Principal payments under finance lease obligations					(35)	(10)
Net cash (used in) provided by financing activities					(117)	20,700
Net change in cash and cash equivalents					(54,912)	(3,101)
Effect of exchange rate changes on cash and cash equivalents					(1,240)	620
Cash and cash equivalents at beginning of period		$ 176,878		$ 134,641	176,878	134,641	134,641
Cash and cash equivalents at end of period	$ 120,726		$ 132,160		120,726	132,160	$ 176,878
* Net change in working capital due to changes in the following components:
Accounts and notes receivable, net					4,442	34,720
Inventories					20,786	18,732
Prepaid expenses and other current assets					717	4,133
Income taxes payable					(2,864)	(22,396)
Accounts payable and accruals					(36,412)	(29,141)
Interest payable					(14)	352
Net change in working capital					(13,345)	6,400
Net cash paid during the periods for:
Interest					34,219	1,176
Income taxes					3,132	30,534
Change in capital expenditures in accounts payable					$ (10,133)	$ (15,129)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (shares) at Dec. 31, 2022		256,597,342
Beginning balance at Dec. 31, 2022	$ 337,715	$ 2,566	$ 745,164	$ (8,070)	$ (401,945)
Increase (Decrease) in Stockholders' Equity [Rollforward]
Net loss	(7,369)				(7,369)
Other Comprehensive Income (Loss)
Commodity, interest rate and foreign currency derivatives income, net of tax	(241)			(241)
Commodity derivative and interest rate swap reclassification adjustments, net of tax	(2,336)			(2,336)
Foreign currency translation adjustments, net of tax	4,623			4,623
Total other comprehensive (loss) income	2,046			2,046
Stock based compensation (in shares)		104,533
Stock-based compensation	796	$ 1	795
Payment for taxes related to net share settlement of equity awards (in shares)		(23,577)
Payments for taxes related to net share settlement of equity awards	(129)		(68)		(61)
Dividends paid	(2,566)				(2,566)
Ending balance (shares) at Mar. 31, 2023		256,678,298
Ending balance at Mar. 31, 2023	330,493	$ 2,567	745,891	(6,024)	(411,941)
Beginning balance (shares) at Dec. 31, 2022		256,597,342
Beginning balance at Dec. 31, 2022	337,715	$ 2,566	745,164	(8,070)	(401,945)
Increase (Decrease) in Stockholders' Equity [Rollforward]
Net loss	(15,220)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments, net of tax	7,572
Ending balance (shares) at Jun. 30, 2023		256,795,420
Ending balance at Jun. 30, 2023	320,812	$ 2,568	747,275	(6,671)	(422,360)
Beginning balance (shares) at Mar. 31, 2023		256,678,298
Beginning balance at Mar. 31, 2023	330,493	$ 2,567	745,891	(6,024)	(411,941)
Increase (Decrease) in Stockholders' Equity [Rollforward]
Net loss	(7,851)				(7,851)
Other Comprehensive Income (Loss)
Commodity, interest rate and foreign currency derivatives income, net of tax	2,513			2,513
Commodity derivative and interest rate swap reclassification adjustments, net of tax	(6,109)			(6,109)
Foreign currency translation adjustments, net of tax	2,949			2,949
Total other comprehensive (loss) income	(647)			(647)
Stock based compensation (in shares)		117,170
Stock-based compensation	1,385	$ 1	1,384
Payment for taxes related to net share settlement of equity awards (in shares)		(48)
Payments for taxes related to net share settlement of equity awards	0	$ 0	0		0
Dividends paid	(2,568)				(2,568)
Ending balance (shares) at Jun. 30, 2023		256,795,420
Ending balance at Jun. 30, 2023	320,812	$ 2,568	747,275	(6,671)	(422,360)
Beginning balance (shares) at Dec. 31, 2023		256,831,870
Beginning balance at Dec. 31, 2023	78,247	$ 2,568	749,527	(11,458)	(662,390)
Increase (Decrease) in Stockholders' Equity [Rollforward]
Net loss	(30,869)				(30,869)
Other Comprehensive Income (Loss)
Commodity, interest rate and foreign currency derivatives income, net of tax	(121)			(121)
Commodity derivative and interest rate swap reclassification adjustments, net of tax	(4,132)			(4,132)
Foreign currency translation adjustments, net of tax	(6,472)			(6,472)
Total other comprehensive (loss) income	(10,725)			(10,725)
Stock based compensation (in shares)		390,490
Stock-based compensation	1,047	$ 4	1,043
Payment for taxes related to net share settlement of equity awards (in shares)		(61,185)
Payments for taxes related to net share settlement of equity awards	(82)	$ 0	(173)		91
Ending balance (shares) at Mar. 31, 2024		257,161,175
Ending balance at Mar. 31, 2024	37,618	$ 2,572	750,397	(22,183)	(693,168)
Beginning balance (shares) at Dec. 31, 2023		256,831,870
Beginning balance at Dec. 31, 2023	78,247	$ 2,568	749,527	(11,458)	(662,390)
Increase (Decrease) in Stockholders' Equity [Rollforward]
Net loss	(45,621)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments, net of tax	(12,712)
Ending balance (shares) at Jun. 30, 2024		257,167,127
Ending balance at Jun. 30, 2024	16,239	$ 2,572	751,958	(30,371)	(707,920)
Beginning balance (shares) at Mar. 31, 2024		257,161,175
Beginning balance at Mar. 31, 2024	37,618	$ 2,572	750,397	(22,183)	(693,168)
Increase (Decrease) in Stockholders' Equity [Rollforward]
Net loss	(14,752)				(14,752)
Other Comprehensive Income (Loss)
Commodity, interest rate and foreign currency derivatives income, net of tax	(151)			(151)
Commodity derivative and interest rate swap reclassification adjustments, net of tax	(1,797)			(1,797)
Foreign currency translation adjustments, net of tax	(6,240)			(6,240)
Total other comprehensive (loss) income	(8,188)			(8,188)
Stock based compensation (in shares)		5,952
Stock-based compensation	1,561	$ 0	1,561
Ending balance (shares) at Jun. 30, 2024		257,167,127
Ending balance at Jun. 30, 2024	$ 16,239	$ 2,572	$ 751,958	$ (30,371)	$ (707,920)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Commodity, interest rate and foreign currency derivative income, tax	$ 21	$ 17	$ (146)	$ 67
Commodity, interest rate and foreign currency derivative reclassification adjustments, tax	552	1,135	1,098	886
Foreign currency translation adjustments, tax	$ 0	$ 45	$ 0	$ 0
Dividends paid (in dollars per share)			$ 0.01	$ 0.01

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies A. Organization GrafTech International Ltd. (the “Company” or “GrafTech”) 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. The Company’s common stock is listed on the New York Stock Exchange under the symbol “EAF.” The Company’s only reportable segment, Industrial Materials, is comprised of its two major product categories: graphite electrodes and petroleum needle coke products. Petroleum needle coke is our key raw material used in the production of graphite electrodes. The Company's vision is to provide highly engineered graphite electrode products, services and solutions to EAF operators. B. Basis of Presentation The interim condensed consolidated financial statements are unaudited; however, in the opinion of management, they have been prepared in accordance with Rule 10-01 of Regulation S-X and in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The December 31, 2023 Consolidated Balance Sheet data included herein was derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 14, 2024, but does not include all disclosures required by GAAP in audited financial statements. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including the accompanying notes, contained in the Company's Annual Report on Form 10-K. The unaudited condensed consolidated financial statements reflect all adjustments (all of which are of a normal, recurring nature) which management considers necessary for a fair presentation of our financial statements for the interim periods presented. The results for the interim periods are not necessarily indicative of results which may be expected for any other interim period or for the full year. C. New Accounting Standards Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2024
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, including our take or pay contracts with initial terms of three to five years (“LTA”) and short-term agreements and spot sales (“non-LTA”): Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) Graphite Electrodes - LTAs $ 26,595 $ 76,369 $ 62,689 $ 146,235 Graphite Electrodes - Non-LTAs 98,212 101,137 186,105 158,097 By-products and other 12,520 8,055 25,117 20,031 Total Revenues $ 137,327 $ 185,561 $ 273,911 $ 324,363 Contract Balances Substantially all of 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. We did not have any contract asset balances as of June 30, 2024 or December 31, 2023. Current deferred revenue is included in “Other accrued liabilities” on the Condensed Consolidated Balance Sheets. The following table provides our contract liability balances as of June 30, 2024 and December 31, 2023: June 30, December 31, 2023 (Dollars in thousands) Current deferred revenue $ 18,109 $ 31,583 The amount of revenue recognized in the first six months of 2024 that was included in the December 31, 2023 current deferred revenue balance was $19.1 million. The decrease in the current deferred revenue balance since December 31, 2023 is due to revenue recognized in the current year, partially offset by customer prepayments. Transaction Price Allocated to the Remaining Performance Obligations The following table presents estimated revenues expected to be recognized in the corresponding period below related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of reporting period. The revenue associated with our LTAs is expected to be approximately as follows for the full year of 2024: 2024 (Dollars in millions) Estimated LTA revenue $110-$120 (1) (1) Estimated LTA revenue includes payments from customers that failed to meet certain obligations under their LTAs. We recorded $62.7 million of LTA revenue in the six months ended June 30, 2024, and we expect to record approximately $47.3 million to $57.3 million of LTA revenue for the remainder of 2024. The remaining LTAs are defined as pre-determined fixed annual volume contracts. The actual revenue realized from these contracted volumes may vary in timing and total due to contract non-performance, force majeure notices, arbitrations and credit risk associated with certain customers facing financial challenges.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Intangible Assets The following table summarizes intangible assets with determinable useful lives by major category, which are included in “Other assets” on our Condensed Consolidated Balance Sheets: June 30, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net (Dollars in thousands) Trade names $ 22,500 $ (17,815) $ 4,685 $ 22,500 $ (17,379) $ 5,121 Technology and know-how 55,300 (47,275) 8,025 55,300 (45,746) 9,554 Customer-related intangibles 64,500 (38,937) 25,563 64,500 (36,802) 27,698 Total finite-lived intangible assets $ 142,300 $ (104,027) $ 38,273 $ 142,300 $ (99,927) $ 42,373

Debt and Liquidity

Debt and Liquidity	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt and Liquidity	Debt and Liquidity The following table presents our long-term debt: June 30, 2024 December 31, 2023 (Dollars in thousands) 2020 Senior Secured Notes 500,000 500,000 2023 Senior Secured Notes 450,000 450,000 Other debt 135 139 Unamortized debt discount and issuance costs (21,957) (24,494) Total debt 928,178 925,645 Less: Long-term debt, current portion (132) (134) Long-term debt $ 928,046 $ 925,511 The fair value of our debt was approximately $646.1 million and $676.6 million as of June 30, 2024 and December 31, 2023, respectively. The fair values were determined using Level 2 quoted market prices for the same or similar debt instruments. 2018 Term Loan and 2018 Revolving Credit Facility In February 2018, the Company entered into a credit agreement (as amended, the “2018 Credit Agreement”), which provided 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 $330 million senior secured revolving credit facility after giving effect to the May 2022 amendment that increased the revolving commitments under the 2018 Credit Agreement by $80 million from $250 million (the “2018 Revolving Credit Facility”). GrafTech Finance Inc. (“GrafTech Finance”) was 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 Revolving Credit Facility matures on May 31, 2027. The net proceeds from the 2023 Senior Secured Notes (as defined below) were used to repay outstanding borrowings under our 2018 Term Loan Facility. As of June 30, 2024 and December 31, 2023, the availability under our 2018 Revolving Credit Facility was $111.1 million and $112.4 million, respectively. As any borrowings under the 2018 Revolving Credit Facility remain subject to compliance with the financial covenant thereunder, our operating performance as of June 30, 2024 and December 31, 2023 resulted in a reduction of the availability under the facility. As of June 30, 2024 and December 31, 2023, there were no borrowings outstanding on the 2018 Revolving Credit Facility and there was $4.4 million and $3.1 million of letters of credit drawn against the 2018 Revolving Credit Facility as of each date, respectively. The 2018 Revolving Credit Facility bears interest, at our option, at a rate equal to either (i) the Adjusted Term SOFR Rate and Adjusted EURIBOR Rate (each, as defined in the 2018 Credit Agreement), plus an applicable margin initially equal to 3.00% per annum or (ii) the ABR Rate, plus an applicable margin initially equal to 2.00% 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 2018 Revolving Credit Facility is 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 Revolving Credit Facility 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”)). Any obligations under the 2018 Revolving Credit Facility 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 Revolving Credit Facility. 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 no more than 65% 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 Revolving Credit Facility. The 2018 Revolving Credit Facility 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 Revolving Credit Facility contains a financial covenant that requires GrafTech to maintain a senior secured first lien net leverage ratio not greater than 4.00 to 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 $35.0 million), taken together, exceed 35% of the total amount of commitments under the 2018 Revolving Credit Facility. The 2018 Revolving Credit Facility also contains customary events of default. We were in compliance with all of our debt covenants as of June 30, 2024 and December 31, 2023. 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 2018 Revolving Credit Facility and the 2023 Senior Secured Notes (as defined below). All of the net 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. 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. We were in compliance with all of our debt covenants as of June 30, 2024 and December 31, 2023. 2023 Senior Secured Notes In June 2023, GrafTech Global Enterprises Inc. issued $450 million aggregate principal amount of 9.875% senior secured notes due 2028 (the “2023 Senior Secured Notes”), including $11.4 million of original issue discount. The 2023 Senior Secured Notes were issued at an issue price of 97.456% of the principal amount thereof in a private offering. The 2023 Senior Secured Notes and related guarantees are secured on a pari passu basis by the collateral securing the 2018 Revolving Credit Facility and the 2020 Senior Secured Notes. The net proceeds from the 2023 Senior Secured Notes were used to repay borrowings under our 2018 Term Loan Facility. The 2023 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, 2025, up to 40% of the 2023 Senior Secured Notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 109.875% of the principal amount thereof, together with accrued and unpaid interest, if any. The 2023 Senior Secured Notes may be redeemed, in whole or in part, at any time prior to December 15, 2025 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 2023 Senior Secured Notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. The indenture governing the 2023 Senior Secured Notes (the “2023 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 2023 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 2023 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 Global Enterprises Inc., all outstanding 2023 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 2023 Senior Secured Notes may declare all of the 2023 Senior Secured Notes to be due and payable immediately. We were in compliance with all of our debt covenants as of June 30, 2024 and December 31, 2023.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are comprised of the following: June 30, 2024 December 31, 2023 (Dollars in thousands) Inventories: Raw materials and supplies $ 98,079 $ 109,084 Work in process 165,488 186,473 Finished goods 41,219 34,589 Total $ 304,786 $ 330,146 In the first six months of 2024 and for the full year of 2023, we recorded lower of cost or market (“LCM”) inventory valuation adjustments of $4.1 million and $12.4 million, respectively, in order to state our inventories at market. As of June 30, 2024 and December 31, 2023, the carrying value of our inventory reflected total write-downs of $5.1 million and $12.4 million, respectively, due to the impact of the LCM adjustments.

Interest Expense

Interest Expense	6 Months Ended
	Jun. 30, 2024
Interest and Debt Expense [Abstract]
Interest Expense	Interest Expense The following table presents the components of interest expense: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) Interest incurred on debt $ 17,110 $ 11,325 $ 34,205 $ 21,947 Accretion of original issue discount 521 1,308 1,041 1,476 Amortization of debt issuance costs 749 2,488 1,497 3,143 Amortization of interest rate swap deferred gains (2,771) (45) (5,508) (45) Realized gain on termination of de-designated interest rate swap — (6,918) — (6,918) Unrealized loss on de-designated interest rate swap — 5,749 — 7,110 Total interest expense $ 15,609 $ 13,907 $ 31,235 $ 26,713 The 2023 Senior Secured Notes and the 2020 Senior Secured Notes carry fixed interest rates of 9.875% and 4.625%, respectively. In June 2023, the net proceeds from the issuance of the 2023 Senior Secured Notes were used to repay the $433.7 million of principal outstanding on the 2018 Term Loan Facility. The repayment of the 2018 Term Loan Facility was accounted for as a debt extinguishment and triggered $1.2 million of accelerated accretion of the original issue discount and $1.9 million of accelerated amortization of debt issuance costs. The 2023 Senior Secured Notes were accounted for as new debt and the related discount and debt issuance costs were deferred. In connection with the repayment of the 2018 Term Loan Facility in June 2023, we terminated the outstanding interest rate swap contracts that were in place to fix the cash flows associated with the risk in variability in the one-month USD London Interbank Offered Rate (“USD LIBOR”) for the 2018 Term Loan Facility. As a result of the swaps termination, we recorded realized gains of $6.9 million in interest expense relative to our de-designated swap and we deferred realized gains of $13.5 million into accumulated other comprehensive loss (“AOCL”) in connection with our designated swap. The gains deferred into AOCL for the designated swap are being amortized into interest expense until August 2024, consistent with the term of the discontinued cash-flow hedging relationship. See Note 4, “Debt and Liquidity” for details of our debt and Note 9, “Fair Value Measurements and Derivative Instruments” for additional details on our interest rate swaps and embedded derivative.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Loss Contingency [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings We are involved in various investigations, lawsuits, claims, demands, labor disputes and other legal proceedings, including with respect to environmental and human exposure or other personal injury matters, 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 and proceedings, 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. Since 2020, we have been involved in a number of arbitrations before the International Chamber of Commerce with a few customers who failed to perform under their LTAs or sought relief in respect of the LTAs. 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. The Claimants argued, among other things, that they should not 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 argued that they should not be required to comply with the LTAs that they signed due to alleged market circumstances at the time of execution. In June 2021, the Claimants filed their statement of claim, seeking approximately $61.0 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. On December 16, 2022, the Claimants revised their calculation of alleged damages to approximately $178.9 million including interest, with damages covering the period from the first quarter of 2020 through the end of the third quarter of 2022 and interest covering the period from June 2020 through December 16, 2022. In March 2023, an International Chamber of Commerce hearing was held before the party-appointed sole arbitrator with the Claimants, the Company, and witnesses in attendance. On March 31, 2023, the Claimants further revised their calculation of alleged damages to approximately $171.7 million, including interest, for the period covering the first quarter of 2020 through 2022. In June 2023, the Claimants again revised their calculation of alleged damages to approximately $188.2 million, including interest, for the period covering the first quarter of 2020 through the first quarter of 2023. On April 16, 2024, we were formally notified that on March 14, 2024 the sole arbitrator appointed by the International Chamber of Commerce issued the final award in the arbitration in which he entirely dismissed all of the Claimants’ claims against the two Company subsidiaries, and ordered Claimants to pay an aggregate of approximately $9.2 million to the Company in legal fees and other related expenses, and ordered the Company to pay approximately $60,000 to the Claimants in legal fees and expenses. The Claimants paid the Company approximately $9.2 million during the second quarter of 2024, which is recorded in selling and administrative expenses on the Condensed Consolidated Statements of Operations. 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 on September 12, 2022, we filed our response in opposition. We intend to vigorously defend our position. As of June 30, 2024, 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 accrual for the six months ended June 30, 2024, are presented below: (Dollars in thousands) Balance as of December 31, 2023 $ 77 Product warranty charges/adjustments 313 Payments and settlements (39) Balance as of June 30, 2024 $ 351 Tax Receivable Agreement On April 23, 2018, the Company entered into the tax receivable agreement (“Tax Receivable Agreement”) that provides Brookfield Corporation and its affiliates (together, “Brookfield”) as the sole stockholder prior to the Company’s initial public offering in April 2018 (the “IPO”), 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. On April 10, 2023, the Tax Receivable Agreement was amended and restated to change the applicable interest rate from LIBOR plus 1.00% per year to the one-month period secured overnight financing rate administered by the Federal Reserve Bank of New York plus 1.10%. 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 June 30, 2024, the total Tax Receivable Agreement liability was $5.7 million, of which $1.9 million was classified as current liability Tax Receivable Agreement on the Condensed Consolidated Balance Sheets and $3.8 million was classified as a long-term liability in Tax Receivable Agreement long-term on the Condensed Consolidated Balance Sheets. As of December 31, 2023, the total Tax Receivable Agreement liability was $11.1 million, of which $5.4 million was classified as a current liability and $5.7 million was classified as a long-term liability. Mexico Value-Added Tax (“VAT”) In July 2019, the Mexican Tax Authority (“MTA”) opened an audit of the VAT filings of GrafTech Comercial de Mexico S. de R.L. de C.V. (“GrafTech Commercial Mexico”) for the period of January 1 to April 30, 2019. In September 2021, the MTA issued a tax assessment, claiming improper use of a certain VAT exemption rule for purchases from a foreign affiliate. As of June 30, 2024, the tax assessment for the four month period under audit amounted to approximately $28.0 million, including penalties, inflation and interest. Interest will continue to accrue up to five years from the date the corresponding VAT returns were filed and inflation will continue to accrue with the passage of time. GrafTech Commercial Mexico filed an administrative appeal against the tax assessment with the MTA’s appeals office. In November 2022, the MTA’s appeals office concluded its review and confirmed the tax assessment. GrafTech Commercial Mexico believes that the purchases from a foreign affiliate are exempt from VAT back-up withholding and in December 2022, GrafTech Commercial Mexico filed a Claim for Nullity with the Chamber Specialized in exclusive resolution of substance of the Federal Court of Administrative Justice. On February 17, 2023, the MTA filed the response to the nullity petition. On May 31, 2023, the court held a hearing to determine the scope of the issues to be decided in the proceedings. At the court’s request, GrafTech Commercial Mexico submitted formal pleadings on August 1, 2023. On January 8, 2024, the court ruled in GrafTech Commercial Mexico’s favor and annulled the tax assessment. On January 31, 2024, the MTA filed an appeal for review. On March 15, 2024, GrafTech Commercial Mexico filed the Tax Adhesive Appeal for Review before the Collegiate Court in Administrative Matters who has authority to hear the MTA’s appeal. The MTA’s appeal and the Adhesive appeal are still pending to be resolved. In March 2022, the MTA opened another audit of the VAT filings of GrafTech Commercial Mexico for the period January 1 to December 31, 2018. In the proposed assessment received in January 2023, the MTA is alleging the same improper use of certain VAT exemption rules on purchases from a foreign affiliate and has provided notice of its intent to assess approximately $51.0 million, including penalties, inflation and interest. Interest would continue to accrue up to five years from the date the corresponding VAT returns were filed and inflation would continue to accrue with the passage of time. In Mexico, each tax assessment requires a separate claim. In the first quarter of 2023, GrafTech Commercial Mexico requested a conclusive agreement with the Mexican ombudsman (“PRODECON”) to reach a settlement with the MTA. The MTA responded to GrafTech Commercial Mexico’s request on May 30, 2023. On August 2, 2023, GrafTech Commercial Mexico filed a motion exhibiting additional information and reaffirming its position. On September 22, 2023, the MTA responded to GrafTech Commercial Mexico’s motion. On October 2, 2023, GrafTech Commercial Mexico filed a motion requesting a formal meeting with the MTA and PRODECON, which occurred on November 14, 2023. During the meeting, the parties agreed that GrafTech Commercial Mexico will provide additional documentation and information to be evaluated by the MTA, and, on November 29, 2023, GrafTech Commercial Mexico filed the information requested. On January 24, 2024, the MTA filed its response. On that same day, GrafTech Commercial Mexico submitted before PRODECON the favorable ruling it obtained on January 8, 2024 in connection with the 2019 proceeding for the MTA’s consideration. On February 1, 2024, the MTA confirmed its position, holding that GrafTech Commercial Mexico was required to withhold the VAT. On March 20, 2024, a meeting was held at PRODECON where the parties confirmed their final positions. No agreement between the parties was reached, the conclusive agreement procedure came to an end, and the tax audit process resumed. On July 10, 2024, the MTA concluded the tax audit and determined that there is no tax deficiency to be assessed for the period January 1, 2018 to December 31, 2018. As evidenced by the favorable court decision issued on January 8, 2024 with respect to the 2019 proceeding and the MTA’s conclusion of the tax audit for the 2018 proceeding, GrafTech Commercial Mexico’s application of the VAT exemption rules is appropriate and, accordingly, GrafTech Commercial Mexico does not believe that it is probable that it will incur a loss related to this matter for the 2019 proceeding under the MTA’s audit. The Company intends to vigorously defend its position in the 2019 proceeding.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We compute and apply to ordinary income an estimated annual effective tax rate on a quarterly basis based on current and forecasted business levels and activities, including the mix of domestic and foreign results and enacted tax laws. The estimated annual effective tax rate is updated quarterly based on actual results and updated operating forecasts. Ordinary income refers to income before the provision for income taxes excluding significant, unusual or infrequently occurring items. The tax effect of an unusual or infrequently occurring item is recorded in the interim period in which it occurs as a discrete item of tax. The following table summarizes the (benefit) provision for income taxes: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) (Benefit) provision for income taxes $ (592) $ 2,329 $ (4,793) $ (575) Pre-tax loss (15,344) (5,522) (50,414) (15,795) Effective tax rate 3.9 % (42.2) % 9.5 % 3.6 % The effective tax rate for the second quarter and first six months of 2024 and 2023 was different than the U.S. statutory tax rate of 21% primarily due to the mix of U.S. and foreign earnings, tax incentives and provisions of the Tax Cuts and Jobs Act of 2017 (the “Tax Cuts and Jobs Act”). 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 2020 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 2018. We continue to assess the realization of our 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. In circumstances where the significant positive evidence does not outweigh the negative evidence in regards to whether or not a valuation allowance is required, we have established and maintained valuation allowances on those net deferred tax assets. There were no material changes to our valuation allowances in the first six months of 2024.

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value Measurements and Derivative Instruments	Fair Value Measurements and Derivative Instruments In the normal course of business, we are exposed to certain risks related to fluctuations in currency exchange rates, commodity prices and interest rates. We use various derivative financial instruments, primarily foreign currency derivatives, commodity derivative contracts, and interest rate swaps as part of our overall strategy to manage risks from these market fluctuations. 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, are used to hedge global currency exposures such as foreign currency denominated debt, receivables, payables, sales and purchases. Foreign currency forward and swap contracts are used to mitigate the foreign exchange risk of balance sheet items. These derivatives are fair value hedges. Gains and losses from these derivatives are recorded in cost of goods sold and they are largely offset by the financial impact of translating foreign currency-denominated payables and receivables. In the second, third and fourth quarters of 2023 and in the second quarter of 2024, we entered into foreign currency derivatives with maturities of one month to 12 months in order to protect against the risk that cash flows associated with certain sales and purchases denominated in a currency other than the U.S. dollar will be adversely affected by future changes in foreign exchange rates. These derivatives are designated as cash flow hedges. The resulting unrealized gains or losses from these derivatives are recorded in AOCL and subsequently, when realized, are reclassified to net sales or cost of goods sold in the Condensed Consolidated Statements of Operations when the hedged exposures affect earnings. Commodity derivative contracts From time to time, we enter 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. The unrealized gains or losses related to commodity derivative contracts designated as cash flow hedges are recorded in AOCL and subsequently, when realized, are reclassified to the Condensed Consolidated Statement of Operations when the hedged item impacts earnings, which is when the finished product is sold. The last of our commodity derivative contracts matured as of June 30, 2022 and we have not entered into any new contracts as of June 30, 2024. Interest rate swap contracts We have utilized interest rate swaps in the past to limit exposure to market fluctuations on our variable-rate debt. For each derivative agreement that is designated as a cash-flow hedge, the unrealized gain or loss is recorded in AOCL and, when realized, is recorded to interest expense. Upon discontinuance of a designated cash-flow hedging relationship, when interest payments are still probable of occurring, the fair value at the date of discontinuance is deferred into AOCL and amortized into interest expense based upon the term of the cash-flow hedging relationship. We entered into interest rate swap contracts that were "pay fixed, receive variable." Our risk management objective was to fix our cash flows associated with the risk of variability in the one-month USD LIBOR for a portion of our outstanding debt. It was expected that the swaps would fix the cash flows associated with the forecasted interest payments on our debt to an effective fixed interest rate of 4.2%, which could be lowered to 3.95% depending on credit ratings. Since their modification concurrent with the 2018 Term Loan Facility modification in the first quarter of 2021, the swaps contained an other-than-insignificant financing element. As such, they were 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 embedded derivative is treated as a cash-flow hedge. In the first quarter of 2022, in connection with the partial repayment of principal on our 2018 Term Loan Facility and our probability assessment of the variable-rate debt remaining outstanding through the term of the swaps, we de-designated one interest rate swap contract with a $250.0 million notional amount, maturing in the third quarter of 2024. The fair value of the embedded derivative at the de-designation date was a gain of $6.6 million and was recorded in AOCL and is being amortized into interest expense over the remaining life of the swap. In the third quarter of 2022, we redeemed $67.0 million of our $250.0 million notional amount de-designated interest rate swap. The change in fair value of the de-designated embedded derivative in the second quarter and first six months of 2023 resulted in losses of $5.7 million and $7.1 million, respectively, and were recorded in interest expense in the Condensed Consolidated Statements of Operations. In the second quarter of 2023, in connection with the repayment of the $433.7 million outstanding balance on our 2018 Term Loan Facility, we terminated our $183.0 million notional de-designated interest rate swap and our $250.0 million notional designated interest rate swap and received net cash of $20.4 million. The net cash received included a $23.1 million gain on the embedded derivatives, partially offset by a $2.8 million loss on the settlement of our debt host liability as of the termination date. As of June 30, 2024, the balance of the loss related to the settlement of the debt host liability recorded in AOCL was $0.5 million and will be amortized into interest expense using the effective interest method through August 2024. Out of the $23.1 million gain on the embedded derivatives, $6.9 million for the de-designated swap was recorded in interest expense and $16.2 million for the designated swap was recorded in AOCL and will be amortized into interest expense using the effective interest method through August 2024. As of June 30, 2024, the balance related to the settlement of the embedded derivative recorded in AOCL was $2.3 million. All derivatives are recorded on the balance sheet at fair value. If the derivative is designated and effective as a cash flow hedge, changes in the fair value of the derivative are recognized in AOCL until the hedged item is recognized in earnings. The ineffective portion of a derivative's fair value, if any, is recognized in earnings immediately. If a derivative is not a hedge, changes in the fair value are adjusted through earnings. The fair values of the outstanding derivatives are recorded on the balance sheet as assets (if the derivatives are in a gain position) or liabilities (if the derivatives are in a loss position). The fair values will also be classified as short-term or long-term depending upon their maturity dates. The fair value of all of our derivatives was determined using Level 2 inputs. The notional amounts of our outstanding derivative instruments as of June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 Notional Amount Notional Amount (Dollars in thousands) Derivative instruments designated as hedges: Foreign currency derivatives $ 19,535 $ 10,684 Derivative instruments not designated as hedges: Foreign currency derivatives $ 9,725 $ 41,863 The following table summarizes the fair value of our outstanding derivatives designated as hedges (on a gross basis) and balance sheet classification as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Fair Value Fair Value (Dollars in thousands) Prepaid and other current assets Foreign currency derivatives $ — $ 386 Total $ — $ 386 Other accrued liabilities Foreign currency derivatives $ (164) $ — Net (liability) asset $ (164) $ 386 As a result of the settlement of interest rate swaps, as of June 30, 2024, net realized pre-tax gains of $2.3 million were reported in AOCL and will be released to earnings within the next 12 months. As of June 30, 2024, net realized pre-tax gains of $0.2 million related to our foreign currency derivatives were reported in AOCL and will be released to earnings within the next 12 months. No ineffectiveness expense was recorded in the second quarter or first six months of 2024 or 2023. See the table below for amounts recognized on the effective portion of our commodity derivative contracts in the Condensed Consolidated Statement of Operations. The pre-tax realized (gains) losses on designated cash flow hedges are recognized in the Statements of Operations when the hedged item impacts earnings and were as follows for the periods ended June 30, 2024 and 2023: Amount of Loss/(Gain) Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statement of Operations Three Months Ended June 30, 2024 2023 Derivatives designated as cash flow hedges: (Dollars in thousands) Foreign currency derivatives Cost of goods sold $ 423 $ — Commodity derivative contracts Cost of goods sold — (4,470) Interest rate swap contracts Interest expense (2,771) (2,737) Amount of Loss/(Gain) Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statement of Operations Six Months Ended 2024 2023 Derivatives designated as cash flow hedges: (Dollars in thousands) Foreign currency derivatives Cost of goods sold $ 355 $ 2,040 Commodity derivative contracts Cost of goods sold (2,462) (7,287) Interest rate swap contracts Interest expense (5,508) (5,182) Pretax gains and losses on non-designated derivatives recognized in earnings were as follows: Amount of (Gain)/Loss Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations Three Months Ended June, 2024 2023 Derivatives not designated as hedges: (Dollars in thousands) Foreign currency derivatives Cost of goods sold, other (income) expense, net $ (170) $ (116) Interest rate swap contracts Interest expense — (4,318) Amount of (Gain)/Loss Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations Six Months Ended 2024 2023 Derivatives not designated as hedges: (Dollars in thousands) Foreign currency derivatives Cost of goods sold, other (income) expense, net $ (43) $ 320 Interest rate swap contracts Interest expense — (2,957) The following table summarizes the fair value of our outstanding derivatives not designated as hedges (on a gross basis) and balance sheet classification as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Fair Value Fair Value (Dollars in thousands) Prepaid and other current assets Foreign currency derivatives 389 244 Other accrued liabilities Foreign currency derivatives — (519) Net asset (liability) $ 389 $ (275)

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The balance in our Accumulated other comprehensive loss is set forth in the following table: June 30, 2024 December 31, 2023 (Dollars in thousands) Foreign currency translation adjustments, net of tax $ (31,900) $ (19,188) Commodity, interest rate, and foreign currency derivatives, net of tax 1,529 7,730 Total accumulated other comprehensive loss $ (30,371) $ (11,458)

(Loss) Earnings per Share

(Loss) Earnings per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
(Loss) Earnings per Share	Loss per Share We did not repurchase any shares of our common stock during the second quarter or first six months of 2024 or 2023. The following table presents a reconciliation of the numerator and denominator of basic and diluted loss per share for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands, except per share amounts) Numerator for basic and diluted loss per share: Net loss $ (14,752) $ (7,851) $ (45,621) $ (15,220) Denominator: Weighted average common shares outstanding for basic calculation 257,772,069 257,003,691 257,587,613 256,935,763 Add: Effect of equity awards — — — — Weighted average common shares outstanding for diluted calculation 257,772,069 257,003,691 257,587,613 256,935,763 Basic loss per share $ (0.06) $ (0.03) $ (0.18) $ (0.06) Diluted loss per share $ (0.06) $ (0.03) $ (0.18) $ (0.06) Basic loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding, which included 605,204 and 535,921 shares of participating securities in the three and six months ended June 30, 2024, respectively, and 256,682 and 245,277 shares of participating securities in the three and six months ended June 30, 2023, respectively. Diluted loss per share is calculated by dividing net loss 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 loss per share calculation for the three and six months ended June 30, 2024 excludes the dilutive effect of approximately 2,543 and 1,490 shares, respectively, and 15,461 and 11,211 shares for the three and six months ended June 30, 2023, respectively, primarily related to restricted stock units (“RSUs”), as their inclusion would have been anti-dilutive due to the Company’s net loss. Additionally, the weighted average common shares outstanding for the diluted loss per share calculation excludes consideration of 5,671,092 and 4,574,726 equivalent shares for the three and six months ended June 30, 2024, respectively, and 3,905,182 and 3,423,368 equivalent shares for the three and six months ended June 30, 2023, respectively, as their effect would have been anti-dilutive.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Human Resources and Compensation Committee of our Board of Directors granted 3,114,328 RSUs and 1,353,661 performance-based restricted stock units (“PSUs”) to our employees during the first six months of 2024 under our Omnibus Equity Incentive Plan. Our electing non-employee directors received 151,884 deferred share units (“DSUs”), 112,994 RSUs and 282,486 deferred RSUs (“DRSUs”) during the six months ended June 30, 2024 under our Omnibus Equity Incentive Plan. We measure the fair value of grants of RSUs, DRSUs and DSUs based on the closing market price of a share of our common stock on the date of the grant. The weighted average fair value per share was $1.87 for RSUs granted to employees, $1.72 for RSUs and DRSUs granted to non-employee directors and $1.15 for DSUs granted to non-employee directors during the six months ended June 30, 2024. We measure the fair value of grants of PSUs using a Monte Carlo valuation. The weighted average fair value of the PSUs granted in the first six months of 2024 was $1.15 per share and will be expensed over a vesting period of three years. The final payout to holders of PSUs will be based upon the Company’s total shareholder return relative to a peer group’s performance measured at the end of each performance period. The final payout for PSUs granted in 2024 is subject to a 3.5x value cap. In the three months ended June 30, 2024 and 2023, we recognized $1.6 million and $1.4 million, respectively, of stock-based compensation expense. The majority of the expense, $1.4 million and $1.3 million, respectively, was recorded in selling and administrative expense in the Condensed Consolidated Statements of Operations, with the remaining expense recorded in cost of goods sold. In the six months ended June 30, 2024 and 2023, we recognized $2.6 million and $2.2 million, respectively, of stock-based compensation expense. The majority of the expense, $2.2 million and $2.0 million, respectively, was recorded in selling and administrative expense in the Condensed Consolidated Statements of Operations, with the remaining expense recorded in cost of goods sold. As of June 30, 2024, the unrecognized compensation cost related to the unvested portion of all stock-based awards was approximately $13.1 million and is expected to be recognized over the remaining vesting period of the respective grants.

Supplementary Balance Sheet Det

Supplementary Balance Sheet Detail	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Supplementary Balance Sheet Detail	Supplementary Balance Sheet Detail Supplier Finance Program (“SFP”) Obligations GrafTech Mexico S.A. De C.V. (“GrafTech Mexico”) participates in an electronic vendor voucher payment program supported by the Mexican Government through one of its national banks, whereby suppliers can factor their invoices through a financial intermediary. This program gives GrafTech Mexico’s suppliers the option to settle trade receivables by obtaining payment from the financial intermediary prior to the invoice due date for a discounted amount. GrafTech Mexico’s responsibility is limited to making payment on the terms originally negotiated with its supplier, regardless of whether the supplier elects to receive early payment. The range of payment terms GrafTech Mexico negotiates with its suppliers is consistent, irrespective of whether a supplier participates in the program.

Rationalizations

Rationalizations	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Rationalizations	Rationalization Expenses In the first quarter of 2024, we announced a set of initiatives designed to reduce our cost structure and optimize our manufacturing footprint. As part of these initiatives, we indefinitely suspended production activities at our St. Marys, Pennsylvania facility, with the exception of graphite electrode and pin machining. In addition, we indefinitely idled certain assets within our remaining graphite electrode manufacturing footprint. As a result, our graphite electrode production capacity has been reduced to approximately 178 thousand metric tons (“MT”) in 2024. In parallel, we adopted measures for additional overhead reductions to reduce our selling and administrative expenses. Collectively, these initiatives resulted in a reduction of our global headcount by approximately 130 employees, or 10% of our workforce. Rationalization charges of $3.3 million related to severance and contract terminations will be paid in cash and we expect the substantial majority to be paid by the end of the second quarter of 2025. Rationalization-related charges of $2.7 million represent the non-cash write-off of inventory and fixed assets. Substantially all charges relative to this plan were recorded during the first quarter of 2024 and wind-down activities were completed by the end of the second quarter of 2024. The following table summarizes costs incurred related to these initiatives: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) Recorded in Cost of Goods Sold Inventory write-offs $ — $ — $ 2,202 $ — Fixed asset write-offs — — 453 — Total rationalization-related expenses $ — $ — $ 2,655 $ — Recorded in Rationalization Expenses Severance and related costs $ 35 $ — $ 2,913 $ — Contract terminations 75 — 342 — Total rationalization expenses $ 110 $ — $ 3,255 $ — The following table presents a roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the rationalization initiatives described above. Balance Sheet Line Item Other Accrued Liabilities Other Long-Term Obligations (Dollars in thousands) Balance as of December 31, 2023 $ — $ — Charges incurred 2,543 712 Payments and settlements (1,049) — Adjustments (74) 42 Balance as of June 30, 2024 $ 1,420 $ 754

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (14,752)	$ (30,869)	$ (7,851)	$ (7,369)	$ (45,621)	$ (15,220)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed consolidated financial statements are unaudited; however, in the opinion of management, they have been prepared in accordance with Rule 10-01 of Regulation S-X and in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The December 31, 2023 Consolidated Balance Sheet data included herein was derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 14, 2024, but does not include all disclosures required by GAAP in audited financial statements. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including the accompanying notes, contained in the Company's Annual Report on Form 10-K. The unaudited condensed consolidated financial statements reflect all adjustments (all of which are of a normal, recurring nature) which management considers necessary for a fair presentation of our financial statements for the interim periods presented. The results for the interim periods are not necessarily indicative of results which may be expected for any other interim period or for the full year.
New Accounting Standards	New Accounting Standards Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table provides information about disaggregated revenue by type of product and contract, including our take or pay contracts with initial terms of three to five years (“LTA”) and short-term agreements and spot sales (“non-LTA”): Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) Graphite Electrodes - LTAs $ 26,595 $ 76,369 $ 62,689 $ 146,235 Graphite Electrodes - Non-LTAs 98,212 101,137 186,105 158,097 By-products and other 12,520 8,055 25,117 20,031 Total Revenues $ 137,327 $ 185,561 $ 273,911 $ 324,363
Contract with Customer, Contract Liability	Current deferred revenue is included in “Other accrued liabilities” on the Condensed Consolidated Balance Sheets. The following table provides our contract liability balances as of June 30, 2024 and December 31, 2023: June 30, December 31, 2023 (Dollars in thousands) Current deferred revenue $ 18,109 $ 31,583
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The revenue associated with our LTAs is expected to be approximately as follows for the full year of 2024: 2024 (Dollars in millions) Estimated LTA revenue $110-$120 (1) (1) Estimated LTA revenue includes payments from customers that failed to meet certain obligations under their LTAs.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets with Determinable Useful Lives by Major Category	The following table summarizes intangible assets with determinable useful lives by major category, which are included in “Other assets” on our Condensed Consolidated Balance Sheets: June 30, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net (Dollars in thousands) Trade names $ 22,500 $ (17,815) $ 4,685 $ 22,500 $ (17,379) $ 5,121 Technology and know-how 55,300 (47,275) 8,025 55,300 (45,746) 9,554 Customer-related intangibles 64,500 (38,937) 25,563 64,500 (36,802) 27,698 Total finite-lived intangible assets $ 142,300 $ (104,027) $ 38,273 $ 142,300 $ (99,927) $ 42,373

Debt and Liquidity (Tables)

Debt and Liquidity (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The following table presents our long-term debt: June 30, 2024 December 31, 2023 (Dollars in thousands) 2020 Senior Secured Notes 500,000 500,000 2023 Senior Secured Notes 450,000 450,000 Other debt 135 139 Unamortized debt discount and issuance costs (21,957) (24,494) Total debt 928,178 925,645 Less: Long-term debt, current portion (132) (134) Long-term debt $ 928,046 $ 925,511

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are comprised of the following: June 30, 2024 December 31, 2023 (Dollars in thousands) Inventories: Raw materials and supplies $ 98,079 $ 109,084 Work in process 165,488 186,473 Finished goods 41,219 34,589 Total $ 304,786 $ 330,146 In the first six months of 2024 and for the full year of 2023, we recorded lower of cost or market (“LCM”) inventory valuation adjustments of $4.1 million and $12.4 million, respectively, in order to state our inventories at market. As of June 30, 2024 and December 31, 2023, the carrying value of our inventory reflected total write-downs of $5.1 million and $12.4 million, respectively, due to the impact of the LCM adjustments.

Interest Expense (Tables)

Interest Expense (Tables)	6 Months Ended
	Jun. 30, 2024
Interest and Debt Expense [Abstract]
Schedule of Interest Expense	The following table presents the components of interest expense: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) Interest incurred on debt $ 17,110 $ 11,325 $ 34,205 $ 21,947 Accretion of original issue discount 521 1,308 1,041 1,476 Amortization of debt issuance costs 749 2,488 1,497 3,143 Amortization of interest rate swap deferred gains (2,771) (45) (5,508) (45) Realized gain on termination of de-designated interest rate swap — (6,918) — (6,918) Unrealized loss on de-designated interest rate swap — 5,749 — 7,110 Total interest expense $ 15,609 $ 13,907 $ 31,235 $ 26,713

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Loss Contingency [Abstract]
Schedule of Product Warranties Accrual	Claims accrued but not yet paid and the related activity within the accrual for the six months ended June 30, 2024, are presented below: (Dollars in thousands) Balance as of December 31, 2023 $ 77 Product warranty charges/adjustments 313 Payments and settlements (39) Balance as of June 30, 2024 $ 351

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Summary of Provision for Income Taxes	The following table summarizes the (benefit) provision for income taxes: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) (Benefit) provision for income taxes $ (592) $ 2,329 $ (4,793) $ (575) Pre-tax loss (15,344) (5,522) (50,414) (15,795) Effective tax rate 3.9 % (42.2) % 9.5 % 3.6 %

Fair Value Measurements and D_2

Fair Value Measurements and Derivative Instruments (Tables)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions		The notional amounts of our outstanding derivative instruments as of June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 Notional Amount Notional Amount (Dollars in thousands) Derivative instruments designated as hedges: Foreign currency derivatives $ 19,535 $ 10,684 Derivative instruments not designated as hedges: Foreign currency derivatives $ 9,725 $ 41,863
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value		The following table summarizes the fair value of our outstanding derivatives designated as hedges (on a gross basis) and balance sheet classification as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Fair Value Fair Value (Dollars in thousands) Prepaid and other current assets Foreign currency derivatives $ — $ 386 Total $ — $ 386 Other accrued liabilities Foreign currency derivatives $ (164) $ — Net (liability) asset $ (164) $ 386
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location		The pre-tax realized (gains) losses on designated cash flow hedges are recognized in the Statements of Operations when the hedged item impacts earnings and were as follows for the periods ended June 30, 2024 and 2023: Amount of Loss/(Gain) Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statement of Operations Three Months Ended June 30, 2024 2023 Derivatives designated as cash flow hedges: (Dollars in thousands) Foreign currency derivatives Cost of goods sold $ 423 $ — Commodity derivative contracts Cost of goods sold — (4,470) Interest rate swap contracts Interest expense (2,771) (2,737) Amount of Loss/(Gain) Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statement of Operations Six Months Ended 2024 2023 Derivatives designated as cash flow hedges: (Dollars in thousands) Foreign currency derivatives Cost of goods sold $ 355 $ 2,040 Commodity derivative contracts Cost of goods sold (2,462) (7,287) Interest rate swap contracts Interest expense (5,508) (5,182)
Derivatives Not Designated as Hedging Instruments		The following table summarizes the fair value of our outstanding derivatives not designated as hedges (on a gross basis) and balance sheet classification as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Fair Value Fair Value (Dollars in thousands) Prepaid and other current assets Foreign currency derivatives 389 244 Other accrued liabilities Foreign currency derivatives — (519) Net asset (liability) $ 389 $ (275)
Pretax Gains (Losses) on Derivative Contracts Not Designated as Hedging Instruments Not Recognized in Earnings	Pretax gains and losses on non-designated derivatives recognized in earnings were as follows: Amount of (Gain)/Loss Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations Three Months Ended June, 2024 2023 Derivatives not designated as hedges: (Dollars in thousands) Foreign currency derivatives Cost of goods sold, other (income) expense, net $ (170) $ (116) Interest rate swap contracts Interest expense — (4,318) Amount of (Gain)/Loss Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations Six Months Ended 2024 2023 Derivatives not designated as hedges: (Dollars in thousands) Foreign currency derivatives Cost of goods sold, other (income) expense, net $ (43) $ 320 Interest rate swap contracts Interest expense — (2,957)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	The balance in our Accumulated other comprehensive loss is set forth in the following table: June 30, 2024 December 31, 2023 (Dollars in thousands) Foreign currency translation adjustments, net of tax $ (31,900) $ (19,188) Commodity, interest rate, and foreign currency derivatives, net of tax 1,529 7,730 Total accumulated other comprehensive loss $ (30,371) $ (11,458)

(Loss) Earnings per Share (Tabl

(Loss) Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Calculation of our Basic and Diluted Earnings per share Calculation	The following table presents a reconciliation of the numerator and denominator of basic and diluted loss per share for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands, except per share amounts) Numerator for basic and diluted loss per share: Net loss $ (14,752) $ (7,851) $ (45,621) $ (15,220) Denominator: Weighted average common shares outstanding for basic calculation 257,772,069 257,003,691 257,587,613 256,935,763 Add: Effect of equity awards — — — — Weighted average common shares outstanding for diluted calculation 257,772,069 257,003,691 257,587,613 256,935,763 Basic loss per share $ (0.06) $ (0.03) $ (0.18) $ (0.06) Diluted loss per share $ (0.06) $ (0.03) $ (0.18) $ (0.06)

Rationalizations (Tables)

Rationalizations (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes costs incurred related to these initiatives: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in thousands) Recorded in Cost of Goods Sold Inventory write-offs $ — $ — $ 2,202 $ — Fixed asset write-offs — — 453 — Total rationalization-related expenses $ — $ — $ 2,655 $ — Recorded in Rationalization Expenses Severance and related costs $ 35 $ — $ 2,913 $ — Contract terminations 75 — 342 — Total rationalization expenses $ 110 $ — $ 3,255 $ —
Schedule of Restructuring Reserve by Type of Cost	The following table presents a roll-forward of the liability incurred for employee termination benefits and contract termination costs incurred in connection with the rationalization initiatives described above. Balance Sheet Line Item Other Accrued Liabilities Other Long-Term Obligations (Dollars in thousands) Balance as of December 31, 2023 $ — $ — Charges incurred 2,543 712 Payments and settlements (1,049) — Adjustments (74) 42 Balance as of June 30, 2024 $ 1,420 $ 754

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Details)	Jun. 30, 2024 majorProductCategory
Accounting Policies [Abstract]
Number of major product categories	2

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [line Items]
Net sales	$ 137,327	$ 185,561	$ 273,911	$ 324,363
Long-term Contract with Customer
Disaggregation of Revenue [line Items]
Net sales	26,595	76,369	62,689	146,235
Short-term Contract with Customer
Disaggregation of Revenue [line Items]
Net sales	98,212	101,137	186,105	158,097
By-products and other
Disaggregation of Revenue [line Items]
Net sales	$ 12,520	$ 8,055	$ 25,117	$ 20,031

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract with Customer, Asset, before Allowance for Credit Loss	$ 0	$ 0
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable payment terms	30 days
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable payment terms	120 days

Revenue from Contracts with C_5

Revenue from Contracts with Customers (Current and Deferred Contracts) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred Revenue	$ 18,109	$ 31,583
Revenue recognized	$ 19,100

Revenue from Contracts with C_6

Revenue from Contracts with Customers (Performance Obligation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Revenues	$ 137,327	$ 185,561	$ 273,911	$ 324,363
Long-term Contract with Customer
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Revenues	26,595	$ 76,369	62,689	$ 146,235
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated LTA revenue	$ 110,000		$ 110,000
Estimated LTA revenue, period	1 year		1 year
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated LTA revenue	$ 47,300		$ 47,300
Estimated LTA revenue, period	6 months		6 months
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated LTA revenue	$ 120,000		$ 120,000
Estimated LTA revenue, period	1 year		1 year
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated LTA revenue	$ 57,300		$ 57,300
Estimated LTA revenue, period	6 months		6 months

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Intangible Assets with Determinable Useful Lives by Major Category) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 142,300	$ 142,300
Accumulated Amortization	(104,027)	(99,927)
Net Carrying Amount	38,273	42,373
Trade names
Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	22,500	22,500
Accumulated Amortization	(17,815)	(17,379)
Net Carrying Amount	4,685	5,121
Technology and know-how
Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	55,300	55,300
Accumulated Amortization	(47,275)	(45,746)
Net Carrying Amount	8,025	9,554
Customer-related intangibles
Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	64,500	64,500
Accumulated Amortization	(38,937)	(36,802)
Net Carrying Amount	$ 25,563	$ 27,698

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 2.1	$ 2.5	$ 4.1	$ 4.9
Expected amortization, remainder of year	3.9		3.9
Expected amortization, year one	7.3		7.3
Expected amortization, year two	6.7		6.7
Expected amortization, year three	6.1		6.1
Expected amortization, year four	5.5		5.5
Expected amortization, year five	$ 4.9		$ 4.9

Debt and Liquidity (Summary of

Debt and Liquidity (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Unamortized debt discount and issuance costs	$ (21,957)	$ (24,494)
Total debt	928,178	925,645
Less: Long-term debt, current portion	(132)	(134)
Long-term debt	928,046	925,511
Secured Notes | 2020 Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt, gross	500,000	500,000
Secured Notes | 2023 Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt, gross	450,000	450,000	$ 450,000
Other debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 135	$ 139

Debt and Liquidity (Narrative)

Debt and Liquidity (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Fair Value of Debt	$ 646,100	$ 676,600

Debt and Liquidity (2018 Term L

Debt and Liquidity (2018 Term Loan and 2018 Revolving Credit Facility) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	May 30, 2022	Feb. 28, 2018
2018 Term Loan Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,250,000,000	$ 2,250,000,000			$ 1,500,000,000
Debt Instrument, Basis Spread on Variable Rate		3%
Equity Interest Pledge	65%	65%
Ratio of Indebtedness to Net Capital	4	4
Borrowing Threshold	$ 35,000,000	$ 35,000,000
Borrowing Threshold Percentage	35%	35%
2018 Term Loan Facility | Revolving Credit Facility | Term Loan Facility
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 111,100,000	$ 111,100,000	$ 112,400,000
2018 Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Line of Credit	0	0	0
Letters of Credit Outstanding, Amount	4,400,000	$ 4,400,000	$ 3,100,000
Debt Instrument, Basis Spread on Variable Rate		2%
Debt Instrument, Basis Spread on Variable Rate, Decrease Upon Achievement Of Specific Credit Ratings		0.25%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%
2018 Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	330,000,000	$ 330,000,000		$ 250,000,000
Line of Credit Facility, Increase (Decrease), Net	$ 80,000,000

Debt and Liquidity (2020 Senior

Debt and Liquidity (2020 Senior Secured Notes) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
2023 Senior Secured Notes
Debt Instrument [Line Items]
Debt Instrument, Event Of Default, Percentage Of Debt Held	30%
2020 Senior Secured Notes
Debt Instrument [Line Items]
Debt Instrument, Event Of Default, Percentage Of Debt Held	30%
Secured Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500
Debt instrument, interest rate, stated percentage	4.625%
Secured Notes | 2023 Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	9.875%	9.875%
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
Secured Notes | 2020 Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.625%
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
Secured Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	40%
Secured Notes | Debt Instrument, Redemption, Period One | 2023 Senior Secured Notes
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	109.875%
Debt Instrument, Redemption Price, Premium Applicable, Percentage	100%

Debt and Liquidity (2023 Senior

Debt and Liquidity (2023 Senior Secured Notes) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Debt Instrument, Issue Price			$ 0.97456
Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.625%
Secured Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	40%
2023 Senior Secured Notes
Debt Instrument [Line Items]
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums			11,400,000
Debt Instrument, Event Of Default, Percentage Of Debt Held	30%
2023 Senior Secured Notes | Secured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 450,000,000	$ 450,000,000	$ 450,000,000
Debt instrument, interest rate, stated percentage	9.875%		9.875%
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
2023 Senior Secured Notes | Secured Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	109.875%
Debt Instrument, Redemption Price, Premium Applicable, Percentage	100%

Inventories (Schedule of Invent

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Inventories:
Raw materials and supplies	$ 98,079		$ 98,079		$ 109,084
Work in process	165,488		165,488		186,473
Finished goods	41,219		41,219		34,589
Total	304,786		304,786		330,146
Lower of cost or market inventory valuation adjustment	1,381	$ 0	4,073	$ 0	12,400
Inventory Valuation Reserves	$ 5,100		$ 5,100		$ 12,400

Interest Expense (Components of

Interest Expense (Components of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest and Debt Expense [Abstract]
Interest incurred on debt	$ 17,110	$ 11,325	$ 34,205	$ 21,947
Accretion of original issue discount	521	1,308	1,041	1,476
Amortization of debt issuance costs	749	2,488	1,497	3,143
Amortization of interest rate swap deferred gains	(2,771)	(45)	(5,508)	(45)
Realized gain on termination of de-designated interest rate swap	0	(6,918)	0	(6,918)
Unrealized loss on de-designated interest rate swap	0	5,749	0	7,110
Total interest expense	$ 15,609	$ 13,907	$ 31,235	$ 26,713

Interest Expense (Narrative) (D

Interest Expense (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jun. 26, 2023
Debt Instrument [Line Items]
Accretion of original issue discount on 2018 Term Loan Facility	$ 521		$ 1,308	$ 1,041	$ 1,476
Amortization of debt issuance costs and modification costs	$ 749		2,488	$ 1,497	$ 3,143
Realized gain on interest rate swap termination		$ 6,900	6,900
AOCI including portion attributable to noncontrolling interest, period increase (decrease)			13,500
2018 Term Loan Facility
Debt Instrument [Line Items]
Accretion of original issue discount on 2018 Term Loan Facility			1,200
Amortization of debt issuance costs and modification costs			$ 1,900
Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.625%			4.625%
Secured Notes | 2023 Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	9.875%	9.875%		9.875%
Long-term debt, gross	$ 450,000	$ 450,000		$ 450,000		$ 450,000
Secured Notes | 2020 Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.625%			4.625%
Long-term debt, gross	$ 500,000			$ 500,000		$ 500,000
2018 Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross							$ 433,700

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) $ in Thousands			1 Months Ended			3 Months Ended	4 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 16, 2022 USD ($)	Apr. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2024 USD ($)	Apr. 30, 2019 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies
Related party tax agreement percent of savings						85%		85%
Due to related party, basis spread on variable rate								0.0100
Tax receivable agreement						$ 5,700		$ 5,700		$ 11,100
Tax receivable agreement, current						1,949		1,949		5,417
Tax receivable agreement, noncurrent						3,788		$ 3,788		$ 5,737
Value added tax assessment, amount							$ 28,000		$ 51,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Loss Contingencies
Due to related party, basis spread on variable rate								0.0110
Fixed Price LTAs
Loss Contingencies
Relief/reimbursement sought	$ 171,700	$ 178,900		$ 188,200	$ 61,000
Relief/reimbursement awarded			$ 60,000
Proceeds from legal settlements						$ 9,200
Fixed Price LTAs | Claimants
Loss Contingencies
Relief/reimbursement awarded			$ 9,200

Commitments and Contingencies_3

Commitments and Contingencies (Product Warranties Accrual) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease)
Balance as of December 31, 2023	$ 77
Product warranty charges/adjustments	313
Payments and settlements	(39)
Balance as of June 30, 2024	$ 351

Income Taxes (Summary of Provis

Income Taxes (Summary of Provision for Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
(Benefit) provision for income taxes	$ (592)	$ 2,329	$ (4,793)	$ (575)
Pre-tax loss	$ (15,344)	$ (5,522)	$ (50,414)	$ (15,795)
Effective tax rates (percentage)	3.90%	(42.20%)	9.50%	3.60%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	3.90%	(42.20%)	9.50%	3.60%
U.S. statutory rate			21%
Provision for income taxes	$ (592)	$ 2,329	$ (4,793)	$ (575)

Fair Value Measurements and D_3

Fair Value Measurements and Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jun. 23, 2023	Jun. 22, 2023	Dec. 31, 2022
Derivative
Debt Instrument, Interest Rate, Effective Percentage	4.20%			4.20%
Repayments of Long-term Debt				$ 0	$ 433,708
Derivative, Loss on Derivative			$ 5,700		7,100
Derivative, Cash Received on Hedge		$ 20,400
Embedded Derivative, Gain on Embedded Derivative		23,100
Realized gain on interest rate swap termination		6,900	6,900
Loss on Debt Host		2,800
Loss on debt host in AOCI	$ 500			500
Embedded Derivative Gain in AOCI		16,200							$ 6,600
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	0		0
2018 Term Loan Facility
Derivative
Repayments of Long-term Debt		$ 433,700
Not Designated as Hedging Instrument
Derivative
Derivative, Fair Value, Net	389			389		$ (275)
Interest rate swap contract
Derivative
Notional Amount			250,000		250,000				$ 250,000
Amount of derivative cash flow hedge to be recognized in the next 12 months				(2,300)
Interest rate swap contract | Not Designated as Hedging Instrument
Derivative
Notional Amount			$ 67,000		$ 67,000		$ 250,000	$ 183,000
Foreign Exchange Contract
Derivative
Amount of derivative cash flow hedge to be recognized in the next 12 months				200
Foreign Exchange Contract | Not Designated as Hedging Instrument
Derivative
Notional Amount	9,725			9,725		41,863
Foreign Exchange Contract | Other Current Liabilities | Not Designated as Hedging Instrument
Derivative
Derivative liability fair value	$ 0			$ 0		$ (519)
Scenario, Plan
Derivative
Debt Instrument, Interest Rate, Effective Percentage	3.95%			3.95%

Fair Value Measurements and D_4

Fair Value Measurements and Derivative Instruments (Notional Amounts) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 23, 2023	Jun. 22, 2023	Dec. 31, 2022
Interest rate swap contract
Derivative
Notional Amount			$ 250,000			$ 250,000
Interest rate swap contract | Not Designated as Hedging Instrument
Derivative
Notional Amount			$ 67,000	$ 250,000	$ 183,000
Foreign Exchange Contract | Designated as Hedging Instrument
Derivative
Notional Amount	$ 19,535	$ 10,684
Foreign Exchange Contract | Not Designated as Hedging Instrument
Derivative
Notional Amount	$ 9,725	$ 41,863

Fair Value Measurements and D_5

Fair Value Measurements and Derivative Instruments (Balance Sheet Classification) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued liabilities	Other accrued liabilities
Designated as Hedging Instrument
Derivatives, Fair Value
Derivative, Fair Value, Net	$ (164)	$ 386
Foreign Exchange Contract | Designated as Hedging Instrument
Derivatives, Fair Value
Derivative Liability, Current	(164)	0
Prepaid and other current assets | Designated as Hedging Instrument
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	0	386
Prepaid and other current assets | Foreign Exchange Contract | Designated as Hedging Instrument
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	$ 0	$ 386

Fair Value Measurements and D_6

Fair Value Measurements and Derivative Instruments (Impact in the Statement of Operations) (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commodity derivative contracts
Derivative Instruments, Gain (Loss)
Amount of (Gain)/Loss Recognized	$ 0	$ (4,470)	$ (2,462)	$ (7,287)
Interest rate swap contract
Derivative Instruments, Gain (Loss)
Amount of (Gain)/Loss Recognized	(2,771)	(2,737)	(5,508)	(5,182)
Foreign Exchange Contract
Derivative Instruments, Gain (Loss)
Amount of (Gain)/Loss Recognized	$ 423	$ 0	$ 355	$ 2,040

Fair Value Measurements and D_7

Fair Value Measurements and Derivatives Instruments (Not Designated as Hedges) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Not Designated as Hedging Instrument
Derivatives, Fair Value
Derivative, Fair Value, Net	$ 389		$ 389		$ (275)
Interest rate swap contract
Derivatives, Fair Value
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	$ (4,318)	0	$ (2,957)
Foreign Exchange Contract
Derivatives, Fair Value
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(170)	$ (116)	(43)	$ 320
Prepaid and other current assets | Foreign Exchange Contract | Not Designated as Hedging Instrument
Derivatives, Fair Value
Derivative Asset, Fair Value, Gross Asset	389		389		244
Other Current Liabilities | Foreign Exchange Contract | Not Designated as Hedging Instrument
Derivatives, Fair Value
Derivative liability fair value	$ 0		$ 0		$ (519)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Loss
Foreign currency translation adjustments, net of tax	$ (31,900)	$ (19,188)
Commodity, interest rate, and foreign currency derivatives, net of tax	1,529	7,730
Total accumulated other comprehensive loss	$ (30,371)	$ (11,458)

(Loss) Earnings per Share (Deta

(Loss) Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Shares repurchased and retired (shares)					0	0
Net loss	$ (14,752)	$ (30,869)	$ (7,851)	$ (7,369)	$ (45,621)	$ (15,220)
Weighted average common shares outstanding for basic calculation (shares)	257,772,069		257,003,691		257,587,613	256,935,763
Add: Effect of equity awards (shares)	0		0		0	0
Weighted average common shares outstanding for diluted calculation (shares)	257,772,069		257,003,691		257,587,613	256,935,763
Basic (loss) earnings per share (usd per share)	$ (0.06)		$ (0.03)		$ (0.18)	$ (0.06)
Diluted (loss) earnings per share (usd per share)	$ (0.06)		$ (0.03)		$ (0.18)	$ (0.06)
Out of the Money
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental common shares attributable to participating nonvested shares (shares)	605,204		256,682		535,921	245,277
Anti-dilutive shares (shares)	5,671,092		3,905,182		4,574,726	3,423,368
In the Money
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (shares)	2,543		15,461		1,490	11,211

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,600	$ 1,400	$ 2,608	$ 2,181
Stock-based compensation expense not yet recognized	13,100		$ 13,100
Award vesting period			3 years
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,400	$ 1,300	$ 2,200	$ 2,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (weighted average share price)			$ 1.87
RSUs | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			3,114,328
RSUs | Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			112,994
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (weighted average share price)			$ 1.15
PSUs | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			1,353,661
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (weighted average share price)			$ 1.15
DSUs | Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			151,884
Deferred RSUs | Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			282,486
RSUs and Deferred RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (weighted average share price)			$ 1.72

Supplementary Balance Sheet D_2

Supplementary Balance Sheet Detail (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Supplier finance program obligation current	$ 5.6	$ 4.6

Rationalizations (Details)

Rationalizations (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) capacity	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) employee capacity	Jun. 30, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Production capacity | capacity	178,000		178,000
Restructuring and related cost, number of positions eliminated | employee			130
Restructuring and related cost, number of positions eliminated, period percent			10%
Rationalization expenses	$ 110	$ 0	$ 3,255	$ 0
Rationalization-related expenses	0	$ 0	2,655	$ 0
Other Accrued Liabilities
Balance as of December 31, 2023			0
Charges incurred			2,543
Payments and settlements			(1,049)
Adjustments			(74)
Balance as of June 30, 2024	1,420		1,420
Other Long-Term Obligations
Balance as of December 31, 2023			0
Charges incurred			712
Payments and settlements			0
Adjustments			42
Balance as of June 30, 2024	$ 754		$ 754

Rationalizations (Details 1)

Rationalizations (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Rationalization expenses	$ 110	$ 0	$ 3,255	$ 0
Severance Costs	35	0	2,913	0
Other Restructuring Costs	75	0	342	0
Restructuring and Related Charges to Inventory	0	0	2,202	0
Restructuring and Related Charges Fixed Asset Write Off	0	0	453	0
Rationalization-related expenses	$ 0	$ 0	$ 2,655	$ 0