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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2024
OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from______ to ______ |
Commission file number: 1-13888
GRAFTECH INTERNATIONAL LTD.
(Exact name of registrant as specified in its charter)
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Delaware | 27-2496053 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
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982 Keynote Circle | 44131 |
Brooklyn Heights, | OH | (Zip code) |
(Address of principal executive offices) | |
Registrant’s telephone number, including area code: (216) 676-2000
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, $0.01 par value per share | EAF | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Emerging Growth Company | ☐ |
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 19, 2024, 257,167,127 shares of common stock were outstanding.
TABLE OF CONTENTS
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Item 1A. Risk Factors | |
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SIGNATURE | |
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Presentation of Financial, Market and Industry Data
We present our financial information on a consolidated basis. Unless otherwise noted, when we refer to dollars, we mean U.S. dollars.
Certain market and industry data included in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 (the “Report”) has been obtained or derived from third-party sources that we believe to be reliable. Market estimates are calculated by using independent industry publications, government publications and third-party forecasts in conjunction with our assumptions about our markets. We cannot guarantee the accuracy or completeness of this market and market share data and have not independently verified it. None of the sources consented to the disclosure or use of data in this Report. While we are not aware of any misstatements regarding any market, industry or similar data presented herein, such data involves risks and uncertainties and is subject to change based on various factors, including those discussed under the headings “Cautionary Note Regarding Forward-Looking Statements” in this Report and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 ("Annual Report on Form 10-K") filed on February 14, 2024.
Cautionary Note Regarding Forward-Looking Statements
This Report may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current views with respect to, among other things, financial projections, plans and objectives of management for future operations, and future economic performance. Examples of forward-looking statements include, among others, statements we make regarding future estimated volume, pricing and revenue, anticipated levels of capital expenditures and cost of goods sold, anticipated reduction in our costs resulting from our cost rationalization initiatives and one-time costs of implementation and guidance relating to adjusted EBITDA and free cash flow. You can identify these forward-looking statements by the use of forward-looking words such as “will,” “may,” “plan,” “estimate,” “project,” “believe,” “anticipate,” “expect,” “foresee,” “intend,” “should,” “would,” “could,” “target,” “goal,” “continue to,” “positioned to,” “are confident,” or the negative versions of those words or other comparable words. Any forward-looking statements contained in this Report are based upon our historical performance and on our current plans, estimates and expectations considering information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates, or expectations contemplated by us will be achieved. Our expectations and targets are not predictions of actual performance and historically our performance has deviated, often significantly, from our expectations and targets. These forward-looking statements are subject to various risks
and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to:
•our dependence on the global steel industry generally and the electric arc furnace (“EAF”) steel industry in particular;
•the cyclical nature of our business and the selling prices of our products, which may continue to decline in the future, and may lead to prolonged periods of reduced profitability and net losses or adversely impact liquidity;
•the sensitivity of our business and operating results to economic conditions, including any recession, and the possibility others may not be able to fulfill their obligations to us in a timely fashion or at all;
•the possibility that we may be unable to implement our business strategies in an effective manner;
•the possibility that global graphite electrode overcapacity may adversely affect graphite electrode prices;
•the competitiveness of the graphite electrode industry;
•our dependence on the supply of raw materials, including decant oil and petroleum needle coke, and disruptions in supply chains for these materials;
•our primary reliance on one facility in Monterrey, Mexico for the manufacturing of connecting pins;
•the cost of electric power and natural gas, particularly in Europe;
•our manufacturing operations are subject to hazards;
•the legal, compliance, economic, social and political risks associated with our substantial operations in multiple countries;
•the possibility that fluctuation of foreign currency exchange rates could materially harm our financial results;
•the possibility that our results of operations could further deteriorate if our manufacturing operations were substantially disrupted for an extended period, including as a result of equipment failure, climate change, regulatory issues, natural disasters, public health crises, such as a global pandemic, political crises or other catastrophic events;
•the risks and uncertainties associated with litigation, arbitration, and like disputes, including disputes related to contractual commitments;
•our dependence on third parties for certain construction, maintenance, engineering, transportation, warehousing and logistics services;
•the possibility that we are subject to information technology systems failures, cybersecurity attacks, network disruptions and breaches of data security;
•the possibility that we are unable to recruit or retain key management and plant operating personnel or successfully negotiate with the representatives of our employees, including labor unions;
•the sensitivity of long-lived assets on our balance sheet to changes in the market;
•our dependence on protecting our intellectual property and the possibility that third parties may claim that our products or processes infringe their intellectual property rights;
•the impact of inflation and our ability to mitigate the effect on our costs;
•the impact of macroeconomic and geopolitical events on our business, results of operations, financial condition and cash flows, and the disruptions and inefficiencies in our supply chain that may occur as a result of such events;
•the possibility that our indebtedness could limit our financial and operating activities or that our cash flows may not be sufficient to service our indebtedness;
•recent increases in benchmark interest rates and the fact that any future borrowings may subject us to interest rate risk;
•risks and uncertainties associated with our ability to access the capital and credit markets could adversely affect our results of operations, cash flows and financial condition;
•the possibility that disruptions in the capital and credit markets could adversely affect our customers and suppliers;
•the possibility that restrictive covenants in our financing agreements could restrict or limit our operations;
•changes in, or more stringent enforcement of, health, safety and environmental regulations applicable to our manufacturing operations and facilities;
•the possibility that the cash dividends on our common stock, which are currently suspended, will remain suspended and we may not pay cash dividends on our common stock in the future; and
•our ability to continue to meet NYSE continued listing standards.
These factors should not be construed as exhaustive and should be read in conjunction with the Risk Factors and other cautionary statements that are included in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission (“SEC”). The forward-looking statements made in this Report relate only to events as of the date on which the statements are made. Except as required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this Report that could cause actual results to differ before making an investment decision to purchase our common stock. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
(Unaudited)
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| June 30, 2024 | | December 31, 2023 |
ASSETS | | | |
Current 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 | | | |
Current liabilities: | | | |
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 | |
Commitments and contingencies - Note 7 | | | |
Stockholders’ equity: | | | |
Preferred stock, par value $0.01, 300,000,000 shares authorized, none issued | — | | | — | |
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 | |
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See accompanying Notes to the Condensed Consolidated Financial Statements
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Dollars in thousands, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | | | | | | | |
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 | | | — | | | 4,073 | | | — | |
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 | | | — | | | 3,255 | | | — | |
Operating (loss) income | (2,679) | | | 8,598 | | | (24,040) | | | 11,412 | |
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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) | |
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Basic loss per common share: | | | | | | | |
Net loss per share | $ | (0.06) | | | $ | (0.03) | | | $ | (0.18) | | | $ | (0.06) | |
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Weighted average common shares outstanding | 257,772,069 | | | 257,003,691 | | | 257,587,613 | | | 256,935,763 | |
Diluted loss per common share: | | | | | | | |
Net loss per share | $ | (0.06) | | | $ | (0.03) | | | $ | (0.18) | | | $ | (0.06) | |
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Weighted average common shares outstanding | 257,772,069 | | | 257,003,691 | | | 257,587,613 | | | 256,935,763 | |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | | | | |
Net loss | $ | (14,752) | | | $ | (7,851) | | | $ | (45,621) | | | $ | (15,220) | |
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) | |
See accompanying Notes to the Condensed Consolidated Financial Statements
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Cash flow from operating activities: | | | |
Net loss | $ | (45,621) | | | $ | (15,220) | |
Adjustments to reconcile net loss to cash (used in) provided by operations: | | | |
Depreciation and amortization | 28,202 | | | 26,099 | |
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Deferred income tax benefit | (6,118) | | | (6,424) | |
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Non-cash stock-based compensation expense | 2,608 | | | 2,181 | |
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Non-cash interest expense | (2,970) | | | 11,684 | |
Lower of cost or market inventory valuation adjustment | 4,073 | | | — | |
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 | |
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Net cash used in investing activities | (17,410) | | | (39,575) | |
Cash flow from financing activities: | | | |
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Interest rate swap settlements | — | | | 27,453 | |
Debt issuance and modification costs | — | | | (6,324) | |
Proceeds from the issuance of long-term debt, net of original issuance discount | — | | | 438,552 | |
Principal payments on long-term debt | — | | | (433,708) | |
Payments for taxes related to net share settlement of equity awards | (82) | | | (129) | |
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Dividends paid | — | | | (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 | |
Cash and cash equivalents at end of period | $ | 120,726 | | | $ | 132,160 | |
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* 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 | |
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Net cash paid during the periods for: | | | |
Interest | $ | 34,219 | | | $ | 1,176 | |
Income taxes | $ | 3,132 | | | $ | 30,534 | |
Non-cash investing activities: | | | |
Change in capital expenditures in accounts payable | $ | (10,133) | | | $ | (15,129) | |
See accompanying Notes to the Condensed Consolidated Financial Statements
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Dollars in thousands, except per share data) (Unaudited) |
| Issued Shares of Common Stock | | Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Accumulated Deficit | | Total Stockholders’ Equity |
Balance as of December 31, 2023 | 256,831,870 | | | $ | 2,568 | | | $ | 749,527 | | | $ | (11,458) | | | $ | (662,390) | | | $ | 78,247 | |
Net loss | — | | | — | | | — | | | — | | | (30,869) | | | (30,869) | |
Other comprehensive loss: | | | | | | | | | | | |
Commodity, interest rate and foreign currency derivatives income, net of tax of $17 | — | | | — | | | — | | | (121) | | | — | | | (121) | |
Commodity, interest rate and foreign currency derivatives reclassification adjustments, net of tax of $1,135 | — | | | — | | | — | | | (4,132) | | | — | | | (4,132) | |
Foreign currency translation adjustments, net of tax of $45 | — | | | — | | | — | | | (6,472) | | | — | | | (6,472) | |
Total other comprehensive loss | — | | | — | | | — | | | (10,725) | | | — | | | (10,725) | |
Stock-based compensation | 390,490 | | | 4 | | | 1,043 | | | — | | | — | | | 1,047 | |
Payments for taxes related to net share settlement of equity awards | (61,185) | | | — | | | (173) | | | — | | | 91 | | | (82) | |
Balance as of March 31, 2024 | 257,161,175 | | | $ | 2,572 | | | $ | 750,397 | | | $ | (22,183) | | | $ | (693,168) | | | $ | 37,618 | |
Net loss | — | | | — | | | — | | | — | | | (14,752) | | | (14,752) | |
Other comprehensive loss: | | | | | | | | | | | |
Interest rate and foreign currency derivatives loss, net of tax of $21 | — | | | — | | | — | | | (151) | | | — | | | (151) | |
Interest rate and foreign currency derivatives reclassification adjustments, net of tax of $552 | — | | | — | | | — | | | (1,797) | | | — | | | (1,797) | |
Foreign currency translation adjustments, net of tax of $0 | — | | | — | | | — | | | (6,240) | | | — | | | (6,240) | |
Total other comprehensive loss | — | | | — | | | — | | | (8,188) | | | — | | | (8,188) | |
Stock-based compensation | 5,952 | | | — | | | 1,561 | | | — | | | — | | | 1,561 | |
Balance as of June 30, 2024 | 257,167,127 | | | $ | 2,572 | | | $ | 751,958 | | | $ | (30,371) | | | $ | (707,920) | | | $ | 16,239 | |
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Dollars in thousands, except per share data) (Unaudited) |
| Issued Shares of Common Stock | | Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Accumulated Deficit | | Total Stockholders’ Equity |
Balance as of December 31, 2022 | 256,597,342 | | | $ | 2,566 | | | $ | 745,164 | | | $ | (8,070) | | | $ | (401,945) | | | $ | 337,715 | |
Net loss | — | | | — | | | — | | | — | | | (7,369) | | | (7,369) | |
Other comprehensive (loss) income: | | | | | | | | | | | |
Commodity, interest rate and foreign currency derivatives income, net of tax of $67 | — | | | — | | | — | | | (241) | | | — | | | (241) | |
Commodity, interest rate and foreign currency derivatives reclassification adjustments, net of tax of $886 | — | | | — | | | — | | | (2,336) | | | — | | | (2,336) | |
Foreign currency translation adjustments, net of tax of $0 | — | | | — | | | — | | | 4,623 | | | — | | | 4,623 | |
Total other comprehensive income | — | | | — | | | — | | | 2,046 | | | — | | | 2,046 | |
Stock-based compensation | 104,533 | | | 1 | | | 795 | | | — | | | — | | | 796 | |
Payments for taxes related to net share settlement of equity awards | (23,577) | | | — | | | (68) | | | — | | | (61) | | | (129) | |
Dividends paid ($0.01 per share) | — | | | — | | | — | | | — | | | (2,566) | | | (2,566) | |
Balance as of March 31, 2023 | 256,678,298 | | | $ | 2,567 | | | $ | 745,891 | | | $ | (6,024) | | | $ | (411,941) | | | $ | 330,493 | |
Net loss | — | | | — | | | — | | | — | | | (7,851) | | | (7,851) | |
Other comprehensive income (loss): | | | | | | | | | | | |
Commodity, interest rate and foreign currency derivatives income, net of tax of $(146) | — | | | — | | | — | | | 2,513 | | | — | | | 2,513 | |
Commodity, interest rate and foreign currency derivatives reclassification adjustments, net of tax of $1,098 | — | | | — | | | — | | | (6,109) | | | — | | | (6,109) | |
Foreign currency translation adjustments, net of tax of $0 | — | | | — | | | — | | | 2,949 | | | — | | | 2,949 | |
Total other comprehensive loss | — | | | — | | | — | | | (647) | | | — | | | (647) | |
Stock-based compensation | 117,170 | | | 1 | | | 1,384 | | | — | | | — | | | 1,385 | |
Payments for taxes related to net share settlement of equity awards | (48) | | | — | | | — | | | — | | | — | | | — | |
Dividends paid ($0.01 per share) | — | | | — | | | — | | | — | | | (2,568) | | | (2,568) | |
Balance as of June 30, 2023 | 256,795,420 | | | $ | 2,568 | | | $ | 747,275 | | | $ | (6,671) | | | $ | (422,360) | | | $ | 320,812 | |
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See accompanying Notes to the Condensed Consolidated Financial Statements
PART I (CONT'D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1)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, which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies the Company’s required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and related disclosures.
PART I (CONT'D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(2)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 June 30, | | Six Months Ended June 30, |
| 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:
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| June 30, 2024 | | 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.
PART I (CONT'D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.
(3)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:
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| June 30, 2024 | | December 31, 2023 |
| Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
| (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 | |
Amortization expense for intangible assets was $2.1 million and $2.5 million in the three months ended June 30, 2024 and 2023, respectively, and $4.1 million and $4.9 million in the six months ended June 30, 2024 and 2023, respectively. Amortization expense is expected to be approximately $3.9 million for the remainder of 2024, $7.3 million in 2025, $6.7 million in 2026, $6.1 million in 2027, $5.5 million in 2028 and $4.9 million in 2029.
(4)Debt and Liquidity
The following table presents our long-term debt:
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| 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.
PART I (CONT'D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.
(5)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.
(6)Interest Expense
The following table presents the components of interest expense:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 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
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.
(7) 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
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.
(8) 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 June 30, | | Six Months Ended June 30, |
| 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
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.
(9) 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.
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.
PART I (CONT'D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.
PART I (CONT'D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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) Recognized |
| | 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) Recognized |
| | Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statement of Operations | | Six Months Ended June 30, |
| | | 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 Recognized |
| | 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 Recognized |
| | Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations | | Six Months Ended June 30, |
| | | 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) | |
PART I (CONT'D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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) | |
(10) 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) | |
(11) 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 June 30, | | Six Months Ended June 30, | | | | |
| 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,
PART I (CONT'D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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.
(12) 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.
(13) 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.
PART I (CONT'D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
As of June 30, 2024 and December 31, 2023, $5.6 million and $4.6 million, respectively, of SFP obligations were included in accounts payable on the Condensed Consolidated Balance Sheets and upon settlement, are reflected as cash flow from operating activities in the Condensed Consolidated Statements of Cash Flows.
(14) 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 June 30, | Six Months Ended June 30, | | | | |
| | | | | 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 | | | | | |
PART I (CONT’D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The Company
We are a leading manufacturer of high-quality graphite electrode products essential to the production of EAF steel and other ferrous and non‑ferrous metals. We believe that we have the most competitive portfolio of low cost ultra-high power graphite electrode manufacturing facilities in the industry, with some of the highest capacity facilities in the world. We are the only large scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, our key raw material for graphite electrode manufacturing.
The environmental and economic advantages of EAF steel production position both that industry and the graphite electrode industry for continued long-term growth.
We believe GrafTech's leadership position and vertical integration are sustainable competitive advantages. The services and solutions we provide will position our customers and us for a better future.
Operational and Commercial Update
Sales volume for the second quarter of 2024 was 25.5 thousand MT, consisting of 22.7 thousand MT of non-LTA volume and 2.8 thousand MT of LTA volume, and decreased 3% compared to the second quarter of 2023. Sales volume for the first half of 2023 was significantly impacted by the temporary suspension of our operations in Monterrey, Mexico in late 2022.
For the second quarter of 2024, the weighted-average realized price for our non-LTA volume was approximately $4,300 per MT, a decrease of 23% compared to the second quarter of 2023, with the decline reflecting the persistent challenges in the commercial environment. For our LTA volume, the weighted-average realized price was approximately $8,300 per MT for the second quarter of 2024.
Production volume was 26.8 thousand MT in the second quarter of 2024, an increase of 6% compared to the second quarter of 2023. We continue to proactively align our production volume with our evolving demand outlook.
Cost Rationalization and Footprint Optimization Plan Announced in February 2024
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. We continue to expect these initiatives will result in annualized cost savings of approximately $25.0 million, excluding the impact of one-time costs. Of the anticipated annualized cost savings, approximately $15.0 million are expected to be realized in cost of goods sold with the remainder in selling and administrative expenses.
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.
Outlook
We expect demand for graphite electrodes in the near term will remain weak, reflecting persistent challenges in the commercial environment as steel industry production remains constrained by global economic uncertainty. Given these trends, challenging pricing dynamics have persisted in most regions. As a result, we remain selective in the commercial opportunities we choose to pursue. Sales volume in the third quarter of 2024 is expected to be broadly in line with sales volume for the second quarter of 2024 and we continue to expect a modest year-over-year improvement in sales volume for the full year.
We continue to expect a mid-teen percentage point decline in our full year 2024 cash cost of goods sold per MT compared to 2023. This significant improvement in our year-over-year cost structure reflects (1) the deliberate actions we have taken to reduce our fixed manufacturing costs, (2) the benefit of additional actions we are taking to reduce our variable costs and (3) the anticipated year-over-year improvement in our sales and production volume levels. We anticipate cash cost of goods
PART I (CONT’D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
sold per MT to decline further in 2025. In addition, we continue to closely manage our working capital levels and capital expenditures. We continue to anticipate our full-year 2024 capital expenditures will be in the range of $35 million to $40 million.
Longer term, we remain confident that the steel industry’s accelerating efforts to decarbonize will lead to increased adoption of the electric arc furnace method of steelmaking, driving long-term demand growth for graphite electrodes. We also anticipate the demand for petroleum needle coke, the key raw material we use to produce graphite electrodes, to accelerate driven by its utilization in producing synthetic graphite for use in lithium-ion batteries for the growing electric vehicle market. We believe that the near-term actions we are taking, supported by an industry-leading position and our sustainable competitive advantages, including our substantial vertical integration into petroleum needle coke via our Seadrift facility, will optimally position GrafTech to benefit from that long-term growth.
The table of estimated shipments of graphite electrodes under existing LTAs has been updated as follows, reflecting our current expectations for the full year 2024: | | | | | | | | | | |
| | | | 2024 Outlook |
Estimated LTA volume(1) | | | | 13-14 |
Estimated LTA revenue(2) | | | | $110-$120(3) |
(1) In thousands of MT
(2) In millions
(3) Estimated LTA revenue includes payments from customers that failed to meet certain obligations under their LTAs
We recorded 6.9 thousand MT of LTA volume and $62.7 million of LTA revenue in the first six months of 2024 and we expect to record six thousand to seven thousand MT of LTA volume and 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.
Capital Structure and Liquidity
As of June 30, 2024, we had liquidity of $231.8 million, consisting of cash and cash equivalents of $120.7 million and $111.1 million of availability under our 2018 Revolving Credit Facility. As of June 30, 2024, we had gross debt of $950.1 million.
Key metrics used by management to measure performance
In addition to measures of financial performance presented in our Condensed Consolidated Financial Statements in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain other financial measures and operating metrics to analyze the performance of our Company. Our “non-GAAP” financial measures consist of EBITDA, adjusted EBITDA, adjusted net loss and adjusted loss per share, which help us evaluate growth trends, establish budgets, assess operational efficiencies and evaluate our overall financial performance. Our key operating metrics consist of sales volume, production volume, production capacity and capacity utilization.
PART I (CONT’D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
Key financial measures
| | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands, except per share data) | 2024 | 2023 | | 2024 | 2023 |
Net sales | $ | 137,327 | | $ | 185,561 | | | $ | 273,911 | | $ | 324,363 | |
Net loss | (14,752) | | (7,851) | | | (45,621) | | (15,220) | |
Loss per share(1) | (0.06) | | (0.03) | | | (0.18) | | (0.06) | |
EBITDA(2) | 12,731 | | 23,465 | | | 5,646 | | 36,403 | |
Adjusted net loss(2) | (13,564) | | (5,768) | | | (38,725) | | (11,317) | |
Adjusted loss per share(1)(2) | (0.05) | | (0.02) | | | (0.15) | | (0.04) | |
Adjusted EBITDA(2) | 14,493 | | 26,022 | | | 14,687 | | 41,137 | |
(1) Loss per share represents diluted loss per share. Adjusted loss per share represents adjusted diluted loss per share.
(2) Non-GAAP financial measure; see below for information and reconciliations of EBITDA, adjusted EBITDA and adjusted net loss to net loss and adjusted loss per share to loss per share, the most directly comparable financial measures calculated and presented in accordance with GAAP.
Key operating measures
In addition to measures of financial performance presented in accordance with GAAP, we use certain operating metrics to analyze the performance of our Company. These metrics align with management's assessment of our revenue performance and profit margin, and will help investors understand the factors that drive our profitability.
Sales volume reflects the total volume of graphite electrodes sold for which revenue has been recognized during the period. For a discussion of our revenue recognition policy, see “—Critical accounting policies—Revenue recognition” in our Annual Report on Form 10-K. Sales volume helps investors understand the factors that drive our net sales.
Production volume, production capacity and capacity utilization help us understand the efficiency of our production, evaluate cost of goods sold and consider how to approach our sales contract initiative.
| | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands, except utilization) | 2024 | 2023 | | 2024 | 2023 |
Sales volume (MT) | 25.5 | | 26.4 | | | 49.6 | | 43.3 | |
Production volume (MT)(1) | 26.8 | | 25.2 | | | 52.8 | | 41.0 | |
Production capacity (MT)(2)(3) | 45.0 | | 51.0 | | | 90.0 | | 102.0 | |
Capacity utilization(4) | 60 | % | 49 | % | | 59 | % | 40 | % |
(1) Production volume reflects graphite electrodes we produced during the period.
(2) Production capacity reflects expected maximum production volume during the period depending on product mix and expected maintenance outage. Actual production may vary.
(3) Includes graphite electrode facilities in Calais, France; Monterrey, Mexico; and Pamplona, Spain. While maintaining the capability to produce up to 28,000 MT of graphite electrodes and pins on an annual basis at our St. Marys, Pennsylvania facility, most production activities at St. Marys have been suspended. The wind down of these production activities was completed during the second quarter of 2024. Remaining activities at St. Marys are limited to machining graphite electrodes and pins sourced from our other plants.
(4) Capacity utilization reflects production volume as a percentage of production capacity.
PART I (CONT’D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
Results of Operations
The Three Months Ended June 30, 2024 Compared to the Three Months Ended June 30, 2023
The table presented in our period-over-period comparisons summarizes our Condensed Consolidated Statements of Operations and illustrates key financial indicators used to assess the consolidated financial results. Throughout this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Report (“MD&A”), insignificant changes may be deemed not meaningful and are generally excluded from the discussion.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Increase/ Decrease | | % Change |
| | 2024 | | 2023 | | |
| | (Dollars in thousands) | | | | |
| | | | | | | | |
Net sales | | $ | 137,327 | | | $ | 185,561 | | | $ | (48,234) | | | (26) | % |
Cost of goods sold | | 131,970 | | | 157,216 | | | (25,246) | | | (16) | % |
Lower of cost or market inventory valuation adjustment | | 1,381 | | | — | | | 1,381 | | | NM |
Gross profit | | 3,976 | | | 28,345 | | | (24,369) | | | (86) | % |
Research and development | | 1,447 | | | 1,196 | | | 251 | | | 21 | % |
Selling and administrative expenses | | 5,098 | | | 18,551 | | | (13,453) | | | (73) | % |
Rationalization expenses | | 110 | | | — | | | 110 | | | NM |
Operating (loss) income | | (2,679) | | | 8,598 | | | (11,277) | | | (131) | % |
Other (income) expense, net | | (1,091) | | | 455 | | | (1,546) | | | (340) | % |
| | | | | | | | |
Interest expense | | 15,609 | | | 13,907 | | | 1,702 | | | 12 | % |
Interest income | | (1,853) | | | (242) | | | (1,611) | | | 666 | % |
Loss before (benefit) provision for income taxes | | (15,344) | | | (5,522) | | | (9,822) | | | 178 | % |
(Benefit) provision for income taxes | | (592) | | | 2,329 | | | (2,921) | | | (125) | % |
Net loss | | $ | (14,752) | | | $ | (7,851) | | | $ | (6,901) | | | 88 | % |
NM = Not Meaningful.
Net sales decreased $48.2 million, or 26%, compared to the second quarter of 2023. The decline primarily reflected a decrease in the weighted-average realized price for volume derived from non-LTAs and a shift in the mix of our business from volume derived from LTAs to volume derived from non-LTAs.
Cost of goods sold decreased $25.2 million, or 16%, compared to the second quarter of 2023. The decrease was primarily due to reduced manufacturing costs. Additionally, due to reduced production levels, we recorded fixed manufacturing costs of $1.7 million (which includes $1.1 million of depreciation and amortization) and $12.8 million (which includes $2.5 million of depreciation and amortization) that would have otherwise been inventoried for the second quarter of 2024 and 2023, respectively. Also, the LCM inventory valuation adjustments recorded at December 31, 2023 and in the first quarter of 2024 generated a $6.0 million favorable impact to cost of goods sold in the second quarter of 2024.
LCM inventory valuation adjustment represents a write-down of inventory recorded in the second quarter of 2024. The net realizable value of certain of our inventories fell below their carrying amounts as of June 30, 2024, and as a result, we recorded a LCM inventory valuation adjustment of $1.4 million in order to state our inventories at market.
Selling and administrative expenses decreased $13.5 million, or 73%, compared to the second quarter of 2023, primarily due to the $9.2 million reimbursement of legal fees in connection with the favorable outcome of an arbitration, reduced selling expenses and a decrease in variable compensation expenses. See Note 7, “Commitments and Contingencies” in the Notes to the Condensed Consolidated Financial Statements for further discussion.
Interest expense increased $1.7 million, or 12%, compared to the second quarter of 2023 primarily due to higher interest incurred on debt associated with our 2023 Senior Secured Notes that carry a fixed interest rate of 9.875%, partially
PART I (CONT’D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
offset by an increase in net gains recognized related to our interest rate swaps that were terminated in the second quarter of 2023. See Note 6, “Interest Expense” in the Notes to the Condensed Consolidated Financial Statements for further discussion.
The following table summarizes the (benefit) provision for income taxes:
| | | | | | | | | | | |
| Three Months Ended June 30, |
| 2024 | | 2023 |
| (Dollars in thousands) |
| | | |
(Benefit) provision for income taxes | $ | (592) | | | $ | 2,329 | |
Pre-tax loss | (15,344) | | | (5,522) | |
Effective tax rate | 3.9 | % | | (42.2) | % |
The effective tax rate for the second quarter 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”).
The Six Months Ended June 30, 2024 Compared to the Six Months Ended June 30, 2023
The table presented in our period-over-period comparisons summarize our Consolidated Statements of Operations and illustrate key financial indicators used to assess the consolidated financial results. Throughout this MD&A, insignificant changes may be deemed not meaningful and are generally excluded from the discussion.
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, | | Increase/ Decrease | | % Change |
| 2024 | | 2023 | | |
| (Dollars in thousands) | | | | |
| | | | | | | |
Net sales | $ | 273,911 | | | $ | 324,363 | | | $ | (50,452) | | | (16) | % |
Cost of goods sold | 267,174 | | | 269,861 | | | (2,687) | | | (1) | % |
Lower of cost or market inventory valuation adjustment | 4,073 | | | — | | | 4,073 | | | NM |
Gross profit | 2,664 | | | 54,502 | | | (51,838) | | | (95) | % |
Research and development | 3,074 | | | 2,388 | | | 686 | | | 29 | % |
Selling and administrative expenses | 20,375 | | | 40,702 | | | (20,327) | | | (50) | % |
Rationalization expenses | 3,255 | | | — | | | 3,255 | | | NM |
Operating (loss) income | (24,040) | | | 11,412 | | | (35,452) | | | (311) | % |
Other (income) expense, net | (1,484) | | | 1,108 | | | (2,592) | | | (234) | % |
Interest expense | 31,235 | | | 26,713 | | | 4,522 | | | 17 | % |
Interest income | (3,377) | | | (614) | | | 2,763 | | | (450) | % |
Loss before benefit for income taxes | (50,414) | | | (15,795) | | | (34,619) | | | 219 | % |
Benefit for income taxes | (4,793) | | | (575) | | | (4,218) | | | 734 | % |
| | | | | | | |
| | | | | | | |
Net loss | $ | (45,621) | | | $ | (15,220) | | | $ | (30,401) | | | 200 | % |
NM = Not Meaningful.
Net sales decreased $50.5 million, or 16%, compared to the first six months of 2023. The decline primarily reflected a decrease in the weighted-average realized price for volume derived from non-LTAs and a shift in the mix of our business from volume derived from LTAs to volume derived from non-LTAs. These factors were partially offset by a 15% increase in sales volume in the first six months of 2024, compared to the same period in 2023.
Cost of goods sold decreased $2.7 million, or 1%, compared to the first six months of 2023, primarily reflecting a decrease in our manufacturing costs. Additionally, due to reduced production levels, we recorded excess fixed manufacturing costs of $11.5 million (which includes $4.6 million of depreciation and amortization) and $25.4 million (which includes $5.3
PART I (CONT’D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
million of depreciation and amortization) that would have otherwise been inventoried in the first six months of 2024 and 2023, respectively. Also, the LCM inventory valuation adjustment recorded at December 31, 2023 and in the first quarter of 2024 generated an $11.1 million favorable impact to cost of goods sold in the first six months of 2024. These decreases were partially offset by the impact of increased volume.
LCM inventory valuation adjustment represents a write-down of inventory recorded in the first six months of 2024. The net realizable value of certain of our inventories fell below their carrying amounts in the first six months of 2024, and as a result, we recorded a LCM inventory valuation adjustment of $4.1 million in order to state our inventories at market.
Selling and administrative expenses decreased $20.3 million, or 50%, compared to the first six months of 2023, primarily due to the $9.2 million reimbursement of legal fees in connection with the favorable outcome of an arbitration, decreased variable compensation expenses and reduced selling expenses. See Note 7, “Commitments and Contingencies” in the Notes to the Condensed Consolidated Financial Statements for further discussion.
Rationalization expenses represent severance and contract termination costs related to the cost rationalization and footprint optimization plan announced in February 2024. See Note 14, “Rationalization Expenses” in the Notes to the Condensed Consolidated Financial Statements for further discussion.
Interest expense increased $4.5 million, or 17%, compared to the first six months of 2023 primarily due to higher interest incurred on debt associated with our 2023 Senior Secured Notes that carry a fixed interest rate of 9.875%, partially offset by an increase of net gains recognized related to our interest rate swaps that were terminated in the second quarter of 2023. See Note 6, “Interest Expense” in the Notes to the Condensed Consolidated Financial Statements for further discussion.
The following table summarizes the benefit for income taxes:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
| (Dollars in thousands) |
Benefit for income taxes | $ | (4,793) | | | $ | (575) | |
Pre-tax loss | (50,414) | | | (15,795) | |
Effective tax rate | 9.5 | % | | 3.6 | % |
The benefit for income taxes increased in the first six months of 2024 compared to the first six months of 2023 due to the mix of U.S. and foreign earnings, tax incentives and provisions of the Tax Cuts and Jobs Act.
Effects of Changes in Currency Exchange Rates
When the currencies of non-U.S. countries in which we have a manufacturing facility decline (or increase) in value relative to the U.S. dollar, this has the effect of reducing (or increasing) the U.S. dollar equivalent cost of goods sold and other expenses with respect to those facilities. In certain countries in which we have manufacturing facilities, and in certain export markets, we sell in currencies other than the U.S. dollar. Accordingly, when these currencies increase (or decline) in value relative to the U.S. dollar, this has the effect of increasing (or reducing) net sales. The result of these effects is to increase (or decrease) operating and net loss.
Many of the non-U.S. countries in which we have a manufacturing facility have been subject to significant economic and political changes, which have significantly impacted currency exchange rates. We cannot predict changes in currency exchange rates in the future or whether those changes will have net positive or negative impacts on our net sales, cost of goods sold or net loss.
The impact of these changes in the average exchange rates of other currencies against the U.S. dollar on our net sales was an increase of less than $0.1 million for the second quarter of 2024 and a decrease of $0.1 million for the first six months of 2024, compared to the same periods of 2023. The impact of these changes on our cost of goods sold was decreases of $0.2 million and $1.7 million for the second quarter of 2024 and first six months of 2024, respectively, compared to the same periods of 2023.
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
We have in the past and may in the future use various financial instruments to manage certain exposures to risks caused by currency exchange rate changes, as described under Part I, Item 3., Quantitative and Qualitative Disclosures about Market Risk.
Liquidity and Capital Resources
Our sources of funds have consisted principally of cash flow from operations and debt, including our credit facilities (subject to continued compliance with the financial covenants and representations). Our uses of those funds (other than for operations) have consisted principally of capital expenditures, debt repayment, dividends, share repurchases and other general purposes. On an ongoing basis, we expect to evaluate and consider strategic transactions, including acquisitions, divestitures, joint ventures, equity investments, debt issuances, refinancing our existing debt or repurchases of our outstanding debt obligations in open market or privately negotiated transactions, as well as other strategic transactions. These transactions may require cash expenditures, which may be funded through a combination of cash on hand, proceeds from the issuance of debt or from equity offerings. Disruptions in the U.S. and international financial markets could adversely affect our liquidity and the cost and availability of financing to us in the future.
We believe that we have adequate liquidity to meet our needs for at least the next twelve months. As of June 30, 2024, we had liquidity of $231.8 million, consisting of $111.1 million of availability under our 2018 Revolving Credit Facility, after giving effect to $4.4 million of letters of credit, and cash and cash equivalents of $120.7 million. As any borrowings under the 2018 Revolving Credit Facility remain subject to compliance with the financial covenants thereunder (see below and Note 4, “Debt and Liquidity”), our operating performance as of June 30, 2024 resulted in a reduction of the availability under the facility. We do not anticipate the need to borrow against our 2018 Revolving Credit Facility in 2024. We had gross long-term debt of $950.0 million and gross short-term debt of $0.1 million as of each of June 30, 2024 and December 31, 2023. As of December 31, 2023, we had liquidity of $289.3 million consisting of $112.4 million available under our 2018 Revolving Credit Facility and cash and cash equivalents of $176.9 million.
As of June 30, 2024 and December 31, 2023, $56.8 million and $77.6 million, respectively, of our cash and cash equivalents were located outside of the U.S. We repatriate funds from our foreign subsidiaries through dividends. All of our subsidiaries face the customary statutory limitation that distributed dividends cannot exceed the amount of retained and current earnings. Upon repatriation to the U.S., the foreign source portion of dividends we receive from our foreign subsidiaries are not subject to U.S. federal income tax because the amounts were either previously taxed or are exempted from tax by Section 245A of the Internal Revenue Service Code (the “Code”).
Our continued access to capital resources and the cost of financing depends on multiple factors, including global economic conditions, the condition of global financial markets, the availability of sufficient amounts of financing, our ability to meet debt covenant requirements, our operating performance, financial outlook, demand for our products and our credit ratings. Global economic disruptions or declines could lead to further market disruption and potential increases to our funding costs. While the terms of our outstanding indebtedness allow us to incur additional debt, as described herein, we are subject to covenants that limit, among other things, our ability, and the ability of certain of our subsidiaries, to incur additional indebtedness, including secured indebtedness. If our credit ratings were to be downgraded, or financing sources were to become more limited or to ascribe higher risk to our rating levels or our industry, our access to capital and the cost of any financing would be negatively impacted. There is no guarantee that additional debt financing will be available in the future to fund our expenditures or obligations, or that it will be available on commercially reasonable terms, in which case we may need to seek other sources of funding. In addition, the terms of future debt agreements could include more restrictive covenants than those we are currently subject to, which could restrict our business operations.
Cash flow. Our cash flow typically fluctuates significantly between quarters due to various factors. These factors include customer order patterns, fluctuations in working capital requirements, timing of tax and interest payments and other factors.
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
Debt Structure
2018 Term Loan and 2018 Revolving Credit Facility
In February 2018, the Company entered into the 2018 Credit Agreement, which provided for (i) the $2,250 million 2018 Term Loan Facility after giving effect to 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) the $330 million 2018 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. GrafTech Finance is the sole borrower under the 2018 Term Loan Facility while GrafTech Finance, 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 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 covenants 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 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 the 2020 Senior Secured Notes at an issue price of 100% of the principal amount thereof in a private offering to qualified institutional buyers in
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
accordance with Rule 144A under the Securities Act of 1933 (the "Securities Act") and to non-U.S. persons outside the United States under Regulation S under the Securities Act.
The 2020 Senior Secured Notes are guaranteed on a senior secured basis by the Company and all of its existing and future direct and indirect U.S. subsidiaries that guarantee, or borrow under, the 2018 Revolving Credit Facility, other than GrafTech Finance. The 2020 Senior Secured Notes are secured on a pari passu basis by the collateral securing the term loans under the 2018 Credit Agreement and the 2023 Senior Secured Notes. GrafTech Finance, the Company and the other guarantors granted a security interest in such collateral, consisting of substantially all of their respective assets, as security for the obligations of GrafTech Finance, the Company and the other guarantors under the 2020 Senior Secured Notes and the Indenture pursuant to a collateral agreement, dated as of December 22, 2020 (the “Collateral Agreement”), among GrafTech Finance, the Company, the other subsidiaries of the Company named therein as grantors and U.S. Bank National Association, as collateral agent.
The 2020 Senior Secured Notes bear interest at the rate of 4.625% per annum, which accrued from December 22, 2020 and is payable in arrears on June 15 and December 15 of each year, commencing on June 15, 2021. The 2020 Senior Secured Notes will mature on December 15, 2028, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the Indenture.
GrafTech Finance may redeem some or all of the 2020 Senior Secured Notes at the redemption prices and on the terms specified in the Indenture. If the Company or GrafTech Finance experiences specific kinds of changes in control or the Company or any of its restricted subsidiaries sells certain of its assets, then GrafTech Finance must offer to repurchase the 2020 Senior Secured Notes on the terms set forth in the Indenture.
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. 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 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 to qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons outside the United States under Regulation S under the Securities Act.
The 2023 Senior Secured Notes are or will be, as applicable, guaranteed on a senior secured basis by (i) GrafTech Finance, (ii) the Company and all of its direct and indirect U.S. subsidiaries that, as of the date of the 2023 Senior Secured Notes, guarantee (or are borrowers of) the debt under the 2018 Term Loan Facility and the 2018 Revolving Credit Facility, other than GrafTech Global Enterprises Inc., and (iii) all of the Company’s future direct and indirect subsidiaries that guarantee (or are borrowers of) debt under the 2018 Term Loan Facility and the 2018 Revolving Credit Facility, the 2020 Senior Secured Notes and certain other future indebtedness, in each case, other than certain excluded foreign subsidiaries and GrafTech Global Enterprises Inc. The 2023 Senior Secured Notes and the note guarantees are secured on a first-priority basis by liens on the collateral of GrafTech Global Enterprises Inc. and the guarantors securing the debt under the 2018 Revolving Credit Facility and the 2020 Senior Secured Notes, on an equal and ratable basis with the debt under the 2018 Revolving Credit Facility and 2020 Senior Secured Notes, in each case subject to permitted liens and certain exceptions, pursuant to a collateral agreement, dated as of June 26, 2023 among GrafTech Global Enterprises Inc., the Company, the other subsidiaries of the Company named therein as grantors and U.S. Bank Trust Company, National Association, as collateral agent.
The 2023 Senior Secured Notes bear interest at a rate of 9.875% per annum which accrued from June 26, 2023 and is payable in arrears on June 15 and December 15 of each year, commencing on December 15, 2023. The 2023 Senior Secured Notes will mature on December 15, 2028, unless earlier redeemed or repurchased, and are subject to the terms of the indenture governing the 2023 Senior Secured Notes (the “2023 Indenture”).
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
GrafTech Global Enterprises Inc. may redeem some or all of the 2023 Senior Secured Notes at the redemption prices and on the terms specified in the 2023 Indenture. If the Company or GrafTech Global Enterprises experiences specific kinds of changes in control or the Company or any of its restricted subsidiaries sells certain of its assets, then GrafTech Global Enterprises Inc. must offer to repurchase the 2023 Senior Secured Notes on the terms set forth in the 2023 Indenture.
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. 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.
Uses of Liquidity
In July 2019, our Board of Directors authorized a program to repurchase up to $100.0 million of our outstanding common stock. In November 2021, our Board of Directors authorized the repurchase of an additional $150.0 million of stock repurchases under this program. We may purchase shares from time to time on the open market, including under Rule 10b5-1 and/or Rule 10b-18 plans. The amount and timing of repurchases are subject to a variety of factors including liquidity, stock price, applicable legal requirements, other business objectives and market conditions. In the first six months of 2024, we did not repurchase any shares of our common stock. As of June 30, 2024, we had $99.0 million remaining under our stock repurchase authorization.
Throughout 2022 and through the second quarter of 2023, we paid a quarterly dividend of $0.01 per share. On August 2, 2023, the Company’s Board of Directors elected to suspend the quarterly cash dividend of $0.01 per share. There can be no assurance that we will resume paying dividends in the future in these amounts or at all. Our Board of Directors may change the timing and amount of any future dividend payments, if reinstated, or eliminate the payment of future dividends in its sole discretion, without any prior notice to our stockholders. Our ability to pay dividends will depend upon many factors, including our financial position and liquidity, results of operations, legal requirements, restrictions that may be imposed by the terms of our current and future credit facilities and other debt obligations and other factors deemed relevant by our Board of Directors.
Potential uses of our liquidity (other than operations) include capital expenditures, debt repayments, dividends, share repurchases, and other general purposes. Any such potential uses of our liquidity may be funded by existing available liquidity, the incurrence of new secured or unsecured loans, capital market issuances, divestitures, joint ventures or equity investments. An improving economy, while resulting in improved results of operations, could increase our cash requirements to purchase inventories, make capital expenditures and fund payables and other obligations until increased accounts receivable are converted into cash. A downturn, including any recession or potential resurgence of a global pandemic, could significantly and negatively impact our results of operations and cash flows, which, coupled with increased borrowings, could negatively impact our credit ratings, our ability to comply with debt covenants, our ability to secure additional financing and the cost and availability of such financing.
In order to seek to minimize our credit risks, we may reduce our sales of, or refuse to sell (except for prepayment, cash on delivery or under letters of credit or parent guarantees), our products to some customers and potential customers. Our unrecovered trade receivables worldwide have not been material during the last two years individually or in the aggregate.
We manage our capital expenditures by taking into account quality, plant reliability, safety, environmental and regulatory requirements, prudent or essential maintenance requirements, global economic conditions, available capital resources, liquidity, long-term business strategy and return on invested capital for the relevant expenditures, cost of capital and return on invested capital of the Company as a whole and other factors. Capital expenditures totaled $17.5 million in the six months ended June 30, 2024. We continue to expect full-year capital expenditures to be in the range of $35.0 million to $40.0 million for 2024.
In the event that operating cash flows fail to provide sufficient liquidity to meet our business needs, including capital expenditures, any such shortfall would need to be made up by increased borrowings under our 2018 Revolving Credit Facility,
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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
to the extent available, or other liquidity options described above. The Company also maintains access to credit and capital markets and may incur additional debt or issue equity securities from time to time, which may provide an additional source of liquidity. However, there can be no guarantee that we would be able to access the credit or capital markets on commercially satisfactory terms or at all.
Cash Flow
The following table summarizes our cash flow activities:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
| (in thousands) |
Net cash (used in) provided by: | | | |
Operating activities | $ | (37,385) | | | $ | 15,774 | |
Investing activities | (17,410) | | | (39,575) | |
Financing activities | (117) | | | 20,700 | |
Net change in cash and cash equivalents | $ | (54,912) | | | $ | (3,101) | |
Net cash (used in) provided by operating activities represented a $37.4 million use of cash in the first six months of 2024 compared to $15.8 million source of cash in the prior-year period. The decrease in operating cash flow was primarily due to the $30.4 million increased net loss in the first six months of 2024 versus the first six months of 2023. In addition, cash used for working capital increased $19.7 million. Cash flow provided by accounts receivable decreased $30.3 million in the first six months of 2024, compared to the first six months of 2023 primarily due to the reduction in sales. Cash flow used for accounts payable and accruals increased $7.3 million in the first six months of 2024 compared to the first six months of 2023 primarily due to the timing of payments in the first six months of 2024 versus the first six months of 2023. Cash flow used for income taxes decreased $19.5 million in the first six months of 2024 compared to the first six months of 2023 driven by reduced federal tax payments made in the first six months of 2024.
Net cash used in investing activities was $17.4 million in the six months ended June 30, 2024 compared to $39.6 million in the six months ended June 30, 2023. The decrease is primarily due to reduced capital expenditures.
Net cash (used in) provided by financing activities represented a $0.1 million use of cash for the first six months of 2024 compared to a $20.7 million source of cash in the first six months of 2023. Cash flow provided by financing activities in the first six months of 2023 included $27.5 million cash received from the settlement of interest rate swaps partially offset by $6.3 million of cash used for debt issuance costs
Description of Our Financing Structure
We discuss our financing structure in more detail in Note 4, “Debt and Liquidity” in the Notes to the Condensed Consolidated Financial Statements.
Non-GAAP financial measures
In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in accordance with GAAP. EBITDA, adjusted EBITDA, adjusted net loss, adjusted loss per share, free cash flow, adjusted free cash flow and cash cost of goods sold per MT are non-GAAP financial measures.
We define EBITDA, a non‑GAAP financial measure, as net loss plus interest expense, minus interest income, plus income taxes and depreciation and amortization. We define adjusted EBITDA, a non-GAAP financial measure, as EBITDA adjusted by any pension and other post-employment benefit ("OPEB") plan expenses or benefits, rationalization and rationalization-related expenses, non‑cash gains or losses from foreign currency remeasurement of non‑operating assets and liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar, stock-based compensation expense, proxy contest expenses, and Tax Receivable Agreement adjustments. Adjusted EBITDA is the primary metric used by our management and our Board of Directors to establish budgets and operational goals for managing our business and evaluating our performance.
PART I (CONT’D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
We monitor adjusted EBITDA as a supplement to our GAAP measures, and believe it is useful to present to investors, because we believe that it facilitates evaluation of our period‑to‑period operating performance by eliminating items that are not operational in nature, allowing comparison of our recurring core business operating results over multiple periods unaffected by differences in capital structure, capital investment cycles and fixed asset base. In addition, we believe adjusted EBITDA and similar measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance and debt‑service capabilities.
Our use of adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
•adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
•adjusted EBITDA does not reflect our cash expenditures for capital equipment or other contractual commitments, including any capital expenditure requirements to augment or replace our capital assets;
•adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our indebtedness;
•adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us;
•adjusted EBITDA does not reflect expenses or benefits relating to our pension and OPEB plans;
•adjusted EBITDA does not reflect rationalization or rationalization-related expenses;
•adjusted EBITDA does not reflect the non‑cash gains or losses from foreign currency remeasurement of non‑operating assets and liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar;
•adjusted EBITDA does not reflect stock-based compensation expense;
•adjusted EBITDA does not reflect proxy contest expenses;
•adjusted EBITDA does not reflect Tax Receivable Agreement adjustments; and
•other companies, including companies in our industry, may calculate EBITDA and adjusted EBITDA differently, which reduces its usefulness as a comparative measure.
We define adjusted net loss, a non‑GAAP financial measure, as net loss, excluding the items used to calculate adjusted EBITDA, less the tax effect of those adjustments. We define adjusted loss per share, a non‑GAAP financial measure, as adjusted net loss divided by the weighted average diluted common shares outstanding during the period. We believe adjusted net loss and adjusted loss per share are useful to present to investors because we believe that they assist investors’ understanding of the underlying operational profitability of the Company.
We define free cash flow, a non-GAAP financial measure, as net cash provided by operating activities less capital expenditures. We define adjusted free cash flow, a non-GAAP financial measure, as free cash flow adjusted by payments made or received from the settlement of interest rate swap contracts. We use free cash flow and adjusted free cash flow as critical measures in the evaluation of liquidity in conjunction with related GAAP amounts. We also use these measures when considering available cash, including for decision-making purposes related to dividends and discretionary investments. Further, these measures help management, the audit committee, and investors evaluate the Company's ability to generate liquidity from operating activities.
We define cash cost of goods sold per MT, a non-GAAP financial measure, as cost of goods sold less depreciation and amortization, less cost of goods sold associated with the portion of our sales that consists of deliveries of by-products of the manufacturing processes and less rationalization-related expenses, with this total divided by our sales volume measured in MT. We believe this is an important measure as it is used by our management and Board of Directors to evaluate our costs on a per MT basis.
In evaluating these non-GAAP financial measures, you should be aware that in the future, we may incur expenses similar to the adjustments in the reconciliations presented below. Our presentations of these non-GAAP financial measures should not be construed as suggesting that our future results will be unaffected by these expenses or any unusual or non‑recurring items. When evaluating our performance, you should consider these non-GAAP financial measures alongside
PART I (CONT’D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
other measures of financial performance and liquidity, including our net loss, loss per share, cash flow from operating activities, cost of goods sold, and other GAAP measures.
The following tables reconcile our non-GAAP financial measures to the most directly comparable GAAP measures:
| | | | | | | | | | | | | | | | | |
Reconciliation of Net Loss to Adjusted Net Loss | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | 2023 | | 2024 | 2023 |
| (Dollars in thousands, except per share data) |
Net loss | $ | (14,752) | | $ | (7,851) | | | $ | (45,621) | | $ | (15,220) | |
| | | | | |
Diluted loss per common share: | | | | | |
Net loss per share | $ | (0.06) | | $ | (0.03) | | | $ | (0.18) | | $ | (0.06) | |
Weighted average shares outstanding | 257,772,069 | | 257,003,691 | | | 257,587,613 | | 256,935,763 | |
| | | | | |
Adjustments, pre-tax: | | | | | |
Pension and OPEB plan expenses(1) | 477 | | 899 | | | 824 | | 1,817 | |
Rationalization expenses(2) | 110 | | — | | | 3,255 | | — | |
Rationalization-related expenses(3) | — | | — | | | 2,655 | | — | |
Non-cash (gains) losses on foreign currency remeasurement(4) | (928) | | 273 | | | (1,090) | | 720 | |
Stock-based compensation expense(5) | 1,561 | | 1,385 | | | 2,608 | | 2,181 | |
Proxy contest expenses(6) | 542 | | — | | | 752 | | — | |
Tax Receivable Agreement adjustment(7) | — | | — | | | 37 | | 16 | |
| | | | | |
Total non-GAAP adjustments pre-tax | 1,762 | | 2,557 | | | 9,041 | | 4,734 | |
Income tax impact on non-GAAP adjustments(8) | 574 | | 474 | | | 2,145 | | 831 | |
Adjusted net loss | $ | (13,564) | | $ | (5,768) | | | $ | (38,725) | | $ | (11,317) | |
(1)Net periodic benefit cost for our pension and OPEB plans.
(2)Severance and contract termination costs associated with the cost rationalization and footprint optimization plan announced in February 2024.
(3)Other non-cash costs, primarily inventory and fixed asset write-offs, associated with the cost rationalization and footprint optimization plan announced in February 2024.
(4)Non-cash (gains) losses from foreign currency remeasurement of non-operating assets and liabilities of our non-U.S. subsidiaries where the functional currency is the U.S. dollar.
(5)Non-cash expense for stock-based compensation grants.
(6)Expenses associated with our proxy contest.
(7)Expense adjustment for future payment to our sole pre-IPO stockholder for tax assets that are expected to be utilized.
(8)The tax impact on the non-GAAP adjustments is affected by their tax deductibility and the applicable jurisdictional tax rates.
PART I (CONT’D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
| | | | | | | | | | | | | | | | | |
Reconciliation of Loss per share to Adjusted Loss per Share | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | 2023 | | 2024 | 2023 |
Loss per share | $ | (0.06) | | $ | (0.03) | | | $ | (0.18) | | $ | (0.06) | |
Adjustments per share: | | | | | |
Pension and OPEB plan expenses(1) | — | | — | | | — | | 0.01 | |
Rationalization expenses(2) | — | | — | | | 0.01 | | — | |
Rationalization-related expenses(3) | — | | — | | | 0.01 | | — | |
Non-cash (gains) losses on foreign currency remeasurement(4) | — | | — | | | — | | — | |
Stock-based compensation expense(5) | 0.01 | | 0.01 | | | 0.01 | | 0.01 | |
Proxy contest expenses(6) | — | | — | | | — | | — | |
Tax Receivable Agreement adjustment(7) | — | | — | | | — | | — | |
Total non-GAAP adjustments pre-tax per share | 0.01 | | 0.01 | | | 0.03 | | 0.02 | |
Income tax impact on non-GAAP adjustments per share(8) | — | | — | | | — | | — | |
Adjusted loss per share | $ | (0.05) | | $ | (0.02) | | | $ | (0.15) | | $ | (0.04) | |
(1)Net periodic benefit cost for our pension and OPEB plans.
(2)Severance and contract termination costs associated with the cost rationalization and footprint optimization plan announced in February 2024.
(3)Other non-cash costs, primarily inventory and fixed asset write-offs, associated with the cost rationalization and footprint optimization plan announced in February 2024.
(4)Non-cash (gains) losses from foreign currency remeasurement of non-operating assets and liabilities of our non-U.S. subsidiaries where the functional currency is the U.S. dollar.
(5)Non-cash expense for stock-based compensation grants.
(6)Expenses associated with our proxy contest.
(7)Expense adjustment for future payment to our sole pre-IPO stockholder for tax assets that are expected to be utilized.
(8)The tax impact on the non-GAAP adjustments is affected by their tax deductibility and the applicable jurisdictional tax rates.
PART I (CONT’D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
| | | | | | | | | | | | | | | | | |
Reconciliation of Net Loss to Adjusted EBITDA | Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | 2023 | | 2024 | 2023 |
| (Dollars in thousands) |
Net loss | $ | (14,752) | | $ | (7,851) | | | $ | (45,621) | | $ | (15,220) | |
Add: | | | | | |
| | | | | |
Depreciation and amortization | 14,319 | | 15,322 | | | 28,202 | | 26,099 | |
Interest expense | 15,609 | | 13,907 | | | 31,235 | | 26,713 | |
Interest income | (1,853) | | (242) | | | (3,377) | | (614) | |
Income taxes | (592) | | 2,329 | | | (4,793) | | (575) | |
EBITDA | 12,731 | | 23,465 | | | 5,646 | | 36,403 | |
Adjustments: | | | | | |
Pension and OPEB plan expenses(1) | 477 | | 899 | | | 824 | | 1,817 | |
Rationalization expenses(2) | 110 | | — | | | 3,255 | | — | |
Rationalization-related expenses(3) | — | | — | | | 2,655 | | — | |
Non-cash (gains) losses on foreign currency remeasurement(4) | (928) | | 273 | | | (1,090) | | 720 | |
Stock-based compensation expense(5) | 1,561 | | 1,385 | | | 2,608 | | 2,181 | |
Proxy contest expenses(6) | 542 | | — | | | 752 | | — | |
Tax Receivable Agreement adjustment(7) | — | | — | | | 37 | | 16 | |
| | | | | |
| | | | | |
Adjusted EBITDA | $ | 14,493 | | $ | 26,022 | | | $ | 14,687 | | $ | 41,137 | |
(1)Net periodic benefit cost for our pension and OPEB plans.
(2)Severance and contract termination costs associated with the cost rationalization and footprint optimization plan announced in February 2024.
(3)Other non-cash costs, primarily inventory and fixed asset write-offs, associated with the cost rationalization and footprint optimization plan announced in February 2024.
(4)Non-cash (gains) losses from foreign currency remeasurement of non-operating assets and liabilities of our non-U.S. subsidiaries where the functional currency is the U.S. dollar.
(5)Non-cash expense for stock-based compensation grants.
(6)Expenses associated with our proxy contest.
(7)Expense adjustment for future payment to our sole pre-IPO stockholder for tax assets that are expected to be utilized.
PART I (CONT’D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
| | | | | | | | | | | | | | |
Reconciliation of Net Cash (Used in) Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow |
| Three Months Ended June 30, | Six Months Ended June 30, |
| 2024 | 2023 | 2024 | 2023 |
| (Dollars in thousands) |
Net cash (used in) provided by operating activities | $ | (36,855) | | $ | (9,024) | | $ | (37,385) | | $ | 15,774 | |
Capital expenditures | (6,979) | | (14,518) | | (17,490) | | (39,789) | |
Free cash flow | (43,834) | | (23,542) | | (54,875) | | (24,015) | |
| | | | |
Interest rate swap settlements(1) | — | | 23,823 | | — | | 27,453 | |
Adjusted free cash flow | $ | (43,834) | | $ | 281 | | $ | (54,875) | | $ | 3,438 | |
(1) Receipt of cash related to the monthly settlement of our interest rate swap contracts prior to their termination in the second quarter of 2023, as well as receipt of cash related to the termination of the interest rate swap contracts.
| | | | | | | | | | | | | | |
Reconciliation of Cost of Goods Sold to Cash Cost of Goods Sold per MT | | |
| | | | |
| Three Months Ended June 30, | Six Months Ended June 30, |
| 2024 | 2023 | 2024 | 2023 |
| (Dollars in thousands, except per MT amounts) |
Cost of goods sold | $ | 131,970 | | $ | 157,216 | | $ | 267,174 | | $ | 269,861 | |
Less: | | | | |
Depreciation and amortization(1) | 12,648 | | 13,605 | | 24,855 | | 22,670 | |
Cost of goods sold - by-products and other(2) | 9,301 | | 4,958 | | 18,901 | | 13,290 | |
Rationalization-related expenses(3) | — | | — | | 2,655 | | — | |
Cash cost of goods sold | 110,021 | | 138,653 | | 220,763 | | 233,901 | |
Sales volume (in thousands of MT) | 25.5 | | 26.4 | | 49.6 | | 43.3 | |
Cash cost of goods sold per MT | $ | 4,315 | | $ | 5,252 | | $ | 4,451 | | $ | 5,402 | |
(1) Reflects the portion of depreciation and amortization that is recognized in cost of goods sold.
(2) Primarily reflects cost of goods sold associated with the portion of our sales that consists of deliveries of by-products of the manufacturing processes.
(3) Other non-cash costs, primarily inventory and fixed asset write-offs, associated with the cost rationalization and footprint optimization plan announced in February 2024.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risks, primarily from changes in interest rates, currency exchange rates, energy commodity prices and commercial energy rates. From time to time, we enter into transactions that have been authorized according to documented policies and procedures in order to manage these risks. These transactions primarily relate to financial instruments described below. 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 use financial instruments for trading purposes.
If we utilized our 2018 Revolving Credit Facility, we would be exposed to changes in interest rates. Our 2018 Revolving Credit Facility bears interest, at our option, at a rate 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.
PART I (CONT’D)
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
Our exposure to changes in currency exchange rates results primarily from:
•sales made by our subsidiaries in currencies other than local currencies;
•raw material purchases made by our foreign subsidiaries in currencies other than local currencies; and
•investments in and intercompany loans to our foreign subsidiaries and our share of the earnings of those subsidiaries, to the extent denominated in currencies other than the U.S. dollar.
Our exposure to changes in energy commodity prices and commercial energy rates results primarily from the purchase or sale of refined oil products and the purchase of natural gas and electricity for use in our manufacturing operations.
Currency rate management. We enter into foreign currency derivatives from time to time to attempt to manage exposure to changes in currency exchange rates. These foreign currency derivatives, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures. Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a specified rate. Purchased currency options are instruments which give the holder the right, but not the obligation, to exchange different currencies at a specified rate at a specified date or over a range of specified dates. Forward exchange contracts and purchased currency options are carried at fair value.
The outstanding foreign currency derivatives represented unrealized pre-tax net gains of $0.2 million and $0.1 million as of June 30, 2024 and December 31, 2023, respectively.
Sensitivity analysis. We use sensitivity analysis to quantify potential impacts that market rate changes may have on the underlying exposures as well as on the fair values of our derivatives. The sensitivity analysis for the derivatives represents the hypothetical changes in value of the hedge position and does not reflect the related gain or loss on the forecasted underlying transaction.
As of June 30, 2024, a 10% appreciation or depreciation in the value of the U.S. dollar against foreign currencies from the prevailing market rates would have resulted in a corresponding decrease of $2.0 million or a corresponding increase of $2.0 million, respectively, in the fair value of the foreign currency hedge portfolio.
For further information related to the financial instruments described above, see Note 9, “Fair Value Measurements and Derivative Instruments” in the Notes to the Condensed Consolidated Financial Statements.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures. Management is responsible for establishing and maintaining adequate disclosure controls and procedures. Disclosure controls and procedures are designed to ensure that information required to be disclosed by a reporting company in the reports that it files or submits under Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by it in the reports that it files under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Interim Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Under the supervision and with the participation of our management, including our Chief Executive Officer and Interim Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2024. Based on that evaluation, our Chief Executive Officer and Interim Chief Financial Officer concluded that these controls and procedures were effective as of June 30, 2024.
Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting that occurred during the three months ended June 30, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
Item 1. 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.
Arbitration
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 of 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.
Monterrey, Mexico Suspension of Operations
Background
On September 15, 2022, inspectors from the State Attorney’s Office for the Secretary of Environment of the State of Nuevo León, Mexico visited GrafTech México’s graphite electrode manufacturing facility located in Monterrey, Mexico to inspect GrafTech Mexico’s facility and certain of the facility’s environmental and operating permits. At the conclusion of the inspection, the inspectors issued a Record of Inspection providing for the results of the inspection, their observations, and the imposition of a temporary suspension of GrafTech Mexico’s facilities within seven days. In parallel, the Director of Comprehensive Atmospheric Management of the Undersecretary of Climate Change and Air Quality of the Ministry of the Environment of the State of Nuevo León formally denied GrafTech Mexico’s previously requested modification to its operating license stating that such license was no longer valid. On September 22, 2022, GrafTech Mexico submitted observations and responses to the Record of Inspection, requested an extension of the shutdown of the facility until October 7, 2022, and requested a clarification of the scope of the shutdown. On September 23, 2022, inspectors from the State Attorney’s Office for the Secretary of Environment visited GrafTech Mexico’s manufacturing facility to verify the information presented in GrafTech Mexico’s observations and responses submitted on September 22, 2022. On October 4, 2022, the State Attorney’s Office for the Secretary of Environment granted an extension of the shutdown of the facility until October 7, 2022 and clarified the suspension permitting GrafTech Mexico to perform several activities, including extracting or withdrawing finished or unfinished product. On November 17, 2022, the State Attorney’s Office for the Secretary of Environment lifted the suspension notice, subject to the completion of certain agreed-upon activities, including the submission of an environmental impact study with respect to the facility’s operations, allowing the Monterrey facility to resume operations. Notwithstanding that the suspension notice has been conditionally lifted and that the Monterrey facility has resumed operations, GrafTech Mexico believes it is prudent to continue to pursue the related legal proceeding set forth below.
Table of PART II. OTHER INFORMATION (CONT'D) GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
Administrative Proceeding
On November 17, 2022, the State Attorney’s Office for the Secretary of Environment issued a summons opening an administrative proceeding against GrafTech Mexico, citing the lack of an environmental impact authorization and environmental risk study with respect to the facility’s operations. The summons ordered GrafTech Mexico to submit an environmental impact authorization and risk study within 30 business days. GrafTech Mexico submitted its environmental impact authorization and risk study for the full site on November 25, 2022, and filed its response to the summons on December 2, 2022. Once the State Attorney’s Office for the Secretary of Environment initiates the summary argument period, GrafTech Mexico will have three business days to provide its summary arguments. A final resolution is expected to be issued within fifteen business days from submission of the summary arguments, but can be extended up to an additional three months and is subject to appeal.
Brazil Clause IV
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.
Mexico VAT
In July 2019, the MTA opened an audit of the VAT filings of 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
Table of PART II. OTHER INFORMATION (CONT'D) GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
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.
Stockholder Class Action
On January 25, 2024, a stockholder of the Company filed a class action complaint on behalf of a putative class consisting of purchasers of GrafTech common stock between February 8, 2019 and August 3, 2023 in the United States District Court for the Northern District of Ohio. The complaint names the Company, certain past and present executive officers, and two entities associated with Brookfield as defendants. The complaint alleges that certain public filings and statements made by the Company contained material misrepresentations or omissions relating to the circumstances before and after the prior temporary suspension of the Company’s graphite electrode facility located in Monterrey, Mexico, in September 2022. The complaint seeks unspecified compensatory damages, costs and expenses, and unspecified equitable or injunctive relief. On May 15, 2024, the Court appointed the University of Puerto Rico Retirement System as the lead plaintiff. At this stage of the proceedings, it is too early to determine if the matter would reasonably be expected to have a material adverse effect on our financial condition.
Item 1A. Risk Factors
There have been no material changes to the Risk Factors disclosed in Part 1, Item 1A., “Risk Factors,” in our Annual Report on Form 10-K filed on February 14, 2024. You should not interpret the disclosure of any risk factor to imply that the risk has not already materialized.
Item 5. Other Information
None of the Company’s directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as each term is defined in Item 408 of Regulation S-K) during the Company’s fiscal quarter ended June 30, 2024.
Table of PART II. OTHER INFORMATION (CONT'D) GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES
Item 6. Exhibits
| | | | | |
Exhibit Number | Description of Exhibit |
| | | | | | | | |
| | |
| | |
| | |
| | |
| | |
| | |
3.1 | | |
| | |
3.2 | | |
| | |
10.1* | | |
| | |
31.1* | | |
| | |
31.2* | | |
| | |
32.1** | | |
| | |
32.2** | | |
| | |
101 | The following financial information from GrafTech International Ltd.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations and Comprehensive Loss, (iii) the Condensed Consolidated Statements of Cash Flows, (iv) the Condensed Consolidated Statements of Stockholders’ Equity, and (v) Notes to the Condensed Consolidated Financial Statements. | |
| | |
104 | Cover Page Interactive Data file (formatted as Inline XBRL and contained in Exhibit 101). | |
| | |
____________________________
* Filed herewith
** Furnished herewith
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | | | | |
| | | GRAFTECH INTERNATIONAL LTD. |
Date: | July 26, 2024 | By: | /s/ Catherine Hedoux-Delgado |
| | | Catherine Hedoux-Delgado |
| | | Interim Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) |
982 Keynote Circle
Brooklyn Heights, Ohio 44131
Tel: 216.266.9566
April 26, 2024
Timothy K. Flanagan
c/o GrafTech International Ltd.
982 Keynote Circle
Brooklyn Heights, OH 44131
Dear Tim,
Congratulations on your appointment as Chief Executive Officer and President (“CEO”) of GrafTech International Ltd. (“GrafTech”), effective as of March 26, 2024 (the “Effective Date”).
Revised 2024 Base Salary. Effective as of April 1, 2024, your annual base salary rate will be increased to $702,000 per year (the “New Base Salary”), payable in accordance with the normal payroll practices of GrafTech International Holdings Inc. (“Holdings”) and subject to applicable withholding taxes (as of such date, you will no longer receive any monthly stipend for your service in the role of Interim CEO).
Clarified 2024 STIP and LTIP Award Opportunities. For purposes of your target award opportunity for 2024 under GrafTech’s Short-Term Incentive Plan (including any successor program, the “STIP”), as well as your long-term incentive award opportunity under the GrafTech International Ltd. Omnibus Equity Incentive Plan (the “LTIP”) for 2024, such STIP target award opportunity will remain unchanged, based on 100% of the New Base Salary, and such LTIP target award opportunity will remain unchanged, based on 200% of the New Base Salary.
Revised Severance Benefit. You are currently a party to an offer letter, dated October 29, 2021, with Holdings (the “Offer Letter”). Pursuant to the Offer Letter, you are currently entitled to receive a “Severance Benefit,” upon termination of your employment by GrafTech without “Cause,” equal to 12 months of base salary at the rate in effect for you immediately prior to such termination of employment, payable in substantially equal installments in accordance with GrafTech’s payroll practices in effect from time to time, commencing on the 60th day following the date of such termination and ending on the last payroll date in the last month of such 12-month period (the first such installment payment shall include all amounts that would have been paid to you in accordance with GrafTech’s payroll practices if such payments had begun on the date of such termination). This benefit is referred to as the “Severance Benefit.”
For purposes of the Severance Benefit, “Cause” means: (1) gross negligence or willful failure by you to perform your duties and responsibilities to GrafTech (or a subsidiary or a successor, if appropriate) (collectively, the “GrafTech Companies”) after written notice thereof and a failure to remedy such failure within 30 days of such notice; (2) commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct (or failure to act) by you, at your direction, or with your prior personal
knowledge, that has caused or is reasonably expected to cause injury to the GrafTech Companies; (3) your conviction of, or pleading guilty or nolo contendere to, (A) a felony or (B) a crime that has, or could reasonably be expected to result in, an adverse impact on the performance of your duties and responsibilities to the GrafTech Companies, or otherwise has, or could reasonably be expected to result in, an adverse impact on the business, business reputation or business relationships of the GrafTech Companies: (4) material unauthorized use or disclosure by you of any confidential information of the GrafTech Companies or any other party to whom you owe an obligation of nonuse and nondisclosure as a result of your relationship with the GrafTech Companies unless otherwise permitted; (5) breach by you of any of your material obligations under any written agreement with the GrafTech Companies, or of the Code of Conduct, code of ethics or any other material written policy of, or a fiduciary duty or responsibility to, the GrafTech Companies after written notice thereof and a failure to remedy such breach within 30 days of such notice; or (6) your misappropriation of the assets or business opportunities of the GrafTech Companies.
GrafTech has no obligation to provide the Severance Benefit unless (1) within 60 days, or such shorter period as designated by GrafTech, following the date of such termination of employment, you execute and deliver to GrafTech a release of claims in the form reasonably requested by GrafTech in connection with such termination of employment and (2) any applicable revocation period for such release of claims expires without you having revoked such release of claims. Each Severance Benefit payment shall be considered a separate payment and not one of a series of payments for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). Further, notwithstanding anything to the contrary, if you are a “specified employee,” determined pursuant to procedures adopted by GrafTech in compliance with Section 409A, on the date of your termination and if any portion of the payments or benefits to be received by you upon your termination of employment would constitute a “deferral of compensation” subject to Section 409A, then to the extent necessary to comply with Section 409A, amounts that would otherwise be payable pursuant to the Severance Benefit during the six-month period immediately following your termination of employment will instead be paid or made available on the earlier of (1) the first business day of the seventh month after your termination of employment, or (2) your death.
Effective as of the Effective Date, the amount of the Severance Benefit you are eligible to receive if GrafTech or Holdings terminates your employment without Cause will be increased to an amount equal to the product of (1) 1.5, multiplied by (2) the sum of (A) your annual base salary rate on the date of such termination (without regard to any reduction thereto) plus (B) your target annual incentive award opportunity under the STIP (without regard to any reduction thereto) for the year in which such termination occurs (the “New Severance Benefit”). The New Severance Benefit will otherwise be subject to substantially the terms and conditions for the Severance Benefit as described above.
In addition, you will be eligible to receive the New Severance Benefit if you terminate your employment with Holdings and GrafTech for “Good Reason.” For purposes of the New Severance Benefit, “Good Reason” means, in the absence of your prior written consent (and at a time when Cause does not exist):
1.GrafTech or any subsidiary materially diminishes your annual base salary rate or target annual incentive opportunity (provided, however, that any reduction in such annual base salary rate or such target annual incentive opportunity of 30% or less that is part of an across-the-board reduction involving substantially similar proportions applicable to all similarly situated
employees of GrafTech and/or Holdings (including other GrafTech executive officers) will not (by itself) be deemed to constitute a “Good Reason” event hereunder);
2.GrafTech or any subsidiary materially diminishes your job title and/or the nature and/or scope of your job responsibilities and duties; or
3.GrafTech or any subsidiary relocates the facility that is your principal place of business with GrafTech to a location more than 50 miles from the immediately preceding location (excluding travel in the ordinary course of business), unless either GrafTech or any subsidiary maintains or provides an alternate business location within 50 miles of such immediately preceding location that includes a reasonably suitable office for you to continue to perform your duties, or the board of directors of GrafTech permits you to perform your duties from a home office;
provided, however, that such termination of employment by you shall not be deemed to be for Good Reason unless (A) you have notified GrafTech and/or Holdings in writing describing the occurrence of one or more of such Good Reason events within 90 days of such occurrence, (B) Holdings and/or GrafTech fails to cure such Good Reason event(s) within 30 days after its receipt of such written notice and (C) the termination of employment occurs within 30 days after the occurrence of the applicable Good Reason event(s).
For the avoidance of doubt, the Severance Benefits described in this letter will replace the Severance Benefits described in the Offer Letter in their entirety, so that the only Severance Benefits you will be eligible to receive upon a qualifying termination of employment as described herein will be those Severance Benefits described herein.
Please confirm your acceptance of the terms and conditions of this letter and the matters to which it relates, as described herein, by signing and returning copy of this letter to GrafTech.
Sincerely,
/s/ Gina K. Gunning
Gina K. Gunning
Chief Legal Officer & Corporate Secretary
Acknowledgement and Acceptance:
Signature: /s/ Timothy K. Flanagan
Name: Timothy K. Flanagan
Date: April 26, 2024
EXHIBIT 31.1
CERTIFICATION
I, Timothy K. Flanagan, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of GrafTech International Ltd. (the “Registrant”);
2.Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;
3.Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Report;
4.The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and
(d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and
5.The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
| | | | | | | | |
By: | | /s/ Timothy K. Flanagan |
| | Timothy K. Flanagan Chief Executive Officer and President (Principal Executive Officer) |
| | July 26, 2024 |
EXHIBIT 31.2
CERTIFICATION
I, Catherine Hedoux-Delgado, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of GrafTech International Ltd. (the “Registrant”);
2.Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;
3.Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this Report;
4.The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and
(d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and
5.The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
| | | | | | | | |
By: | | /s/ Catherine Hedoux-Delgado |
| | Catherine Hedoux-Delgado Interim Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) |
| | July 26, 2024 |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In accordance with the rules and regulations of the Securities and Exchange Commission (the "Commission"), the following Certification shall not be deemed to be filed with the Commission under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of Section 18 of the Exchange Act and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, notwithstanding any general incorporation by reference of the Quarterly Report of GrafTech International Ltd. (the “Corporation”) on Form 10-Q for the period ended June 30, 2024, as filed with the Commission on the date hereof (the “Report”), into any other document filed with the Commission.
In connection with the Report, I, Timothy K. Flanagan, Chief Executive Officer and President of the Corporation, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.
| | | | | | | | |
By: | | /s/ Timothy K. Flanagan |
| | Timothy K. Flanagan Chief Executive Officer and President (Principal Executive Officer) |
| | July 26, 2024 |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In accordance with the rules and regulations of the Securities and Exchange Commission (the "Commission"), the following Certification shall not be deemed to be filed with the Commission under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of Section 18 of the Exchange Act and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, notwithstanding any general incorporation by reference of the Quarterly Report of GrafTech International Ltd. (the “Corporation”) on Form 10-Q for the period ended June 30, 2024, as filed with the Commission on the date hereof (the “Report”), into any other document filed with the Commission.
In connection with the Report, I, Catherine Hedoux-Delgado, Interim Chief Financial Officer and Treasurer of the Corporation, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.
| | | | | | | | |
By: | | /s/ Catherine Hedoux-Delgado |
| | Catherine Hedoux-Delgado Interim Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) |
| | July 26, 2024 |
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v3.24.2
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
|
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v3.24.2
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
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
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v3.24.2
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)
|
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v3.24.2
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)
|
|
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v3.24.2
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)
|
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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
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$ 0
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Dividends paid (in dollars per share) |
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$ 0.01
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$ 0.01
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v3.24.2
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, which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies the Company’s required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and related disclosures
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v3.24.2
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 June 30, | | Six Months Ended June 30, | | 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, 2024 | | 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.
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v3.24.2
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 Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | (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 | |
Amortization expense for intangible assets was $2.1 million and $2.5 million in the three months ended June 30, 2024 and 2023, respectively, and $4.1 million and $4.9 million in the six months ended June 30, 2024 and 2023, respectively. Amortization expense is expected to be approximately $3.9 million for the remainder of 2024, $7.3 million in 2025, $6.7 million in 2026, $6.1 million in 2027, $5.5 million in 2028 and $4.9 million in 2029.
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v3.24.2
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.
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v3.24.2
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.
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v3.24.2
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 June 30, | | Six Months Ended June 30, | | 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.
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v3.24.2
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.
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v3.24.2
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 June 30, | | Six Months Ended June 30, | | 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.
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v3.24.2
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) Recognized | | | 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) Recognized | | | Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statement of Operations | | Six Months Ended June 30, | | | | 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 Recognized | | | 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 Recognized | | | Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations | | Six Months Ended June 30, | | | | 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) | |
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v3.24.2
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) | |
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- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
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v3.24.2
(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 June 30, | | Six Months Ended June 30, | | | | | | 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.
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- DefinitionThe entire disclosure for earnings per share.
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v3.24.2
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.
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v3.24.2
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. As of June 30, 2024 and December 31, 2023, $5.6 million and $4.6 million, respectively, of SFP obligations were included in accounts payable on the Condensed Consolidated Balance Sheets and upon settlement, are reflected as cash flow from operating activities in the Condensed Consolidated Statements of Cash Flows.
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- DefinitionThe entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity.
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v3.24.2
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 June 30, | Six Months Ended June 30, | | | | | | | | | | 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 | | | | | |
|
X |
- DefinitionThe entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
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v3.24.2
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)
|
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2
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, which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies the Company’s required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on its consolidated financial statements and related disclosures
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v3.24.2
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 June 30, | | Six Months Ended June 30, | | 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, 2024 | | 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.
|
X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.
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- DefinitionTabular disclosure of expected timing for satisfying remaining performance obligation.
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v3.24.2
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 Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | (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 | |
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v3.24.2
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 | |
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v3.24.2
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.
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v3.24.2
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 June 30, | | Six Months Ended June 30, | | 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 | |
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v3.24.2
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 | |
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v3.24.2
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 June 30, | | Six Months Ended June 30, | | 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 | % |
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v3.24.2
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) Recognized | | | 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) Recognized | | | Location of Realized Loss/(Gain) Recognized in the Condensed Consolidated Statement of Operations | | Six Months Ended June 30, | | | | 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 Recognized | | | 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 Recognized | | | Location of (Gain)/Loss Recognized in the Condensed Consolidated Statement of Operations | | Six Months Ended June 30, | | | | 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) | |
|
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v3.24.2
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) | |
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v3.24.2
(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 June 30, | | Six Months Ended June 30, | | | | | | 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) | | | | | |
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v3.24.2
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 June 30, | Six Months Ended June 30, | | | | | | | | | | 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 | | | | | |
|
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v3.24.2
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
|
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v3.24.2
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
|
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- DefinitionAccounts Receivable Invoice Payment Term Days Range
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v3.24.2
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
|
|
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v3.24.2
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
|
X |
- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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v3.24.2
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
|
|
X |
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v3.24.2
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
|
|
X |
- DefinitionAmount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.
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v3.24.2
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 |
|
3.00%
|
|
|
|
Equity Interest Pledge |
65.00%
|
65.00%
|
|
|
|
Ratio of Indebtedness to Net Capital |
4.00
|
4.00
|
|
|
|
Borrowing Threshold |
$ 35,000,000
|
$ 35,000,000
|
|
|
|
Borrowing Threshold Percentage |
35.00%
|
35.00%
|
|
|
|
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 |
|
2.00%
|
|
|
|
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
|
|
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v3.24.2
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 |
30.00%
|
|
2020 Senior Secured Notes |
|
|
Debt Instrument [Line Items] |
|
|
Debt Instrument, Event Of Default, Percentage Of Debt Held |
30.00%
|
|
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 |
2.00
|
|
Debt Instrument, Covenant, Restricted Payments Allowable Pursuant To Certain Baskets, Pro Forma Consolidated First Lien Net Leverage Ratio, Maximum |
2.00
|
|
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 |
2.00
|
|
Debt Instrument, Covenant, Restricted Payments Allowable Pursuant To Certain Baskets, Pro Forma Consolidated First Lien Net Leverage Ratio, Maximum |
2.00
|
|
Secured Notes | Debt Instrument, Redemption, Period One |
|
|
Debt Instrument [Line Items] |
|
|
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed |
40.00%
|
|
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 |
100.00%
|
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v3.24.2
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 |
40.00%
|
|
|
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 |
30.00%
|
|
|
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 |
2.00
|
|
|
Debt Instrument, Covenant, Restricted Payments Allowable Pursuant To Certain Baskets, Pro Forma Consolidated First Lien Net Leverage Ratio, Maximum |
2.00
|
|
|
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 |
100.00%
|
|
|
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v3.24.2
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
|
X |
- DefinitionAmount before valuation and LIFO reserves of completed merchandise or goods expected to be sold within one year or operating cycle, if longer.
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v3.24.2
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
|
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v3.24.2
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
|
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v3.24.2
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 |
|
|
|
|
|
85.00%
|
|
85.00%
|
|
|
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
|
|
|
|
|
|
|
|
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v3.24.2
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v3.24.2
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%
|
v3.24.2
v3.24.2
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%
|
|
|
|
|
|
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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
|
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|
|
|
|
|
|
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
|
|
|
|
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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
|
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v3.24.2
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
|
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v3.24.2
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)
|
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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)
|
X |
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(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
|
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v3.24.2
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
|
|
X |
- DefinitionAmount of cost not yet recognized for nonvested award under share-based payment arrangement.
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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 |
|
|
10.00%
|
|
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
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