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Revenue From Contracts With Customers
 12 Months Ended
Dec. 31, 2023
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:
Year Ended December 31,
202320222021
(Dollars in thousands)
Graphite Electrodes - LTAs$253,262 $870,287 $1,040,214 
Graphite Electrodes - Non-LTAs338,746 351,140 258,426 
By-products and other28,492 59,823 47,148 
Total Revenues$620,500 $1,281,250 $1,345,788 
Contract Balances
Substantially all the Company's receivables relate to contracts with customers. Accounts receivable 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 prepayment 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.
    The Company did not have any contract asset balances as of December 31, 2023 or 2022.
Current deferred revenue is included in "Other accrued liabilities" on the Consolidated Balance Sheets. The following table provides our contract liability balances as of December 31, 2023 and 2022.
December 31, 2023December 31, 2022
(Dollars in thousands)
Current deferred revenue$31,583 $27,878 
The amount of revenue recognized in 2023 that was included in the December 31, 2022 current deferred revenue balance was $13.0 million. The increase in the December 31, 2023 current deferred revenue balance versus the prior year was primarily driven by the net difference between up-front payments received and the related shipments. The amount of revenue recognized in 2022 that was included in the December 31, 2021 deferred revenue current balance was $2.5 million.
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:
2024
(Dollars in millions)
Estimated LTA revenue
$100-$135(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 2024, the contractual revenue amounts above are based upon the minimum volume for those contracts with specified ranges. The actual revenue realized from these contracted volumes may vary in timing and total due to contract non-performance, force majeure notices, arbitrations, credit risk associated with certain customers facing financial challenges and customer demand related to contracted volume ranges.