
	For the Year Ended December 31,
	2020		2019		2018
	(Dollars in thousands)
Graphite Electrodes - Long-term agreements	$	1,069,772	$	1,437,354	$	1,341,557
Graphite Electrodes - Short-term agreements and spot sales	123,845		260,979		395,928
By-products and other	30,744		92,460		158,425
Total Revenues	$	1,224,361	$	1,790,793	$	1,895,910

Effective the first quarter of 2019, the Graphite Electrodes revenue categories include only graphite electrodes manufactured by GrafTech. The revenue category “By-products and Other” now includes re-sales of low-grade electrodes purchased from third-party suppliers, which represent a minimal contribution to our profitability. For comparability purposes, the prior period has been recast to conform to this presentation.

Contract Balances

Substantially all the Company's receivables relate to contracts with customers. Accounts receivables are recorded when the right to consideration becomes unconditional. Payment terms on invoices range from 30 to 120 days depending on the customary business practices of the jurisdictions in which we do business.

Certain short-term and longer-term sales contracts require up-front payments prior to the Company’s fulfillment of any performance obligation. These contract liabilities are recorded as current or long-term deferred revenue, depending on the lag between the pre-payment and the expected delivery of the related products. Deferred revenue or contract assets originate from contracts where the allocation of the transaction price to the performance obligations based on their relative stand-alone selling prices results in the timing of revenue recognition being different from the timing of the invoicing. In this case, deferred revenue is amortized into revenue based on the transaction price allocated to the remaining performance obligations and contract assets are realized through the contract invoicing.

Contract assets as of December 31, 2020 were $2.7 million, of which $1.5 million and $1.2 million are included in "Prepaid expenses and other assets" and "Other long-term assets," respectively, on the Condensed Consolidated Balance Sheets. There were no contract assets as of December 31, 2019.

Current deferred revenue is included in "Other accrued liabilities" and long-term deferred revenue is included in "Other long-term obligations" on the Condensed Consolidated Balance Sheets.

The following table provides information about deferred revenue from contracts with customers (in thousands):


	Current deferred revenue		Long-Term deferred revenue
	(Dollars in thousands)
Balance as of December 31, 2018	$	5,380	$	7,716
Increases due to cash received	7,961		—
Revenue recognized	(4,678)		—
Revision of estimates	—		(694)
Reclassification between long-term and current	3,042		(3,042)
Foreign currency impact	71		(122)
Balance as of December 31, 2019	11,776		3,858
Increases due to cash received	10,110		—
Revenue recognized	(6,270)		—
Reclassification between long-term and current	(1,804)		1,804
Foreign currency impact	(756)		—
Balance as of December 31, 2020	$	13,056	$	5,662

Transaction Price Allocated to the Remaining Performance Obligations

The following table presents estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of reporting period. The estimated revenues do not include contracts with original duration of one year or less. During the challenging market conditions in 2020, we were able to work with our customers to develop mutually beneficial solutions to their challenges, including volume commitments. We have negotiated long-term sales agreement ("LTA") modifications with many of these customers. We also worked to preserve our rights under the LTAs in a few arbitrations that arose from some non-performance and other disputes during the year. As a result of recent contract modifications, as well as on-going discussions with many of our customers, the remaining revenue associated with our LTAs is expected to be approximately as follows:


	2021	2022	2023 through 2024
	(Dollars in millions)
Estimated LTA revenue	$925-$1,025	$910-$1,010	$350-$450(1)

(1) Includes expected termination fees from a few customers that have failed to meet certain obligations under their LTAs.

The majority of the LTAs are defined as pre-determined fixed annual volume contracts while a small portion are defined with a specified volume range. For the year 2021 and beyond, the contractual revenue amounts above are based upon the minimum volume for those contracts with specified ranges. The actual revenue realized from these contracted volumes may vary in timing and total due to the credit risk associated with certain customers facing financial challenges and non-performance on contracts, as well as customer demand related to contracted volume ranges.

In addition to the expected remaining revenue to be recognized with the LTAs, the Company recorded $1,069.8 million, $1,437.4 million and $1,341.6 million of revenue pursuant to these contracts in the year ended December 31, 2020, 2019 and 2018, respectively.

Minimum [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts Receivable Invoice Payment Term Days Range

30 years

Maximum [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts Receivable Invoice Payment Term Days Range

120 days