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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting Information, Revenue for Reportable Segment [Abstract] |
Segment Reporting | Segment Reporting Our Industrial Materials segment, our only operating and reportable segment, manufactures high-quality graphite electrodes essential to the production of EAF steel and other ferrous and non-ferrous metals. Petroleum needle coke, a crystalline form of carbon derived from decant oil, is a key raw material used in the production of graphite electrodes. We utilize the majority of the needle coke that we produce internally to manufacture our graphite electrodes and as a result approximately 92% of our revenues from external customers are derived from the sale of graphite electrodes. No single customer accounted for 10% or more of the Company's net sales in 2024, 2023 or 2022. The accounting policies of our Industrial Materials segment are the same as those described in Note 1, “Business and Summary of Significant Accounting Policies.” Our chief operating decision maker is our chief executive officer. The chief operating decision maker assesses performance for our Industrial Materials segment and decides how to allocate resources based on net (loss) income, which is also reported on the Consolidated Statements of Operations and Comprehensive (Loss) Income as consolidated net (loss) income. The measure of segment assets is reported on the Consolidated Balance Sheets as total consolidated assets. The chief operating decision maker uses net (loss) income to evaluate growth trends, establish budgets, assess operational efficiencies and evaluate our overall financial performance. The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31,
| 2024 | 2023 | 2022
| (Dollars in thousands)
Net sales | $ | 538,782 |  | $ | 620,500 |  | $ | 1,281,250 |
Cash cost of goods sold(1) | 442,699 |  | 507,233 |  | 636,082 |
Other segment expenses | 91,058 |  | 64,624 |  | 90,291 |
Lower of cost or market inventory valuation adjustment | 24,878 |  | 12,431 |  | — |
Research and development | 5,706 |  | 5,520 |  | 3,641 |
Selling and administrative expenses | 46,510 |  | 74,012 |  | 76,977 |
Rationalization expenses | 3,156 |  | — |  | — |
Goodwill impairment charges | — |  | 171,117 |  | — |
Other (income) expense, net | (1,569) |  | 4,679 |  | (10,147) |
Interest expense | 85,313 |  | 58,087 |  | 36,568 |
Interest income | (5,701) |  | (3,439) |  | (4,480) |
Income tax (benefit) expense | (22,103) |  | (18,514) |  | 69,356 |
Net (loss) income | $ | (131,165) |  | $ | (255,250) |  | $ | 382,962 |
(1) Cash cost of goods sold is defined as cost of goods sold less depreciation and amortization and less cost of goods sold associated with the portion of our sales that consist of deliveries of by-products of the manufacturing processes, and is the significant expense the chief operating decision maker uses to evaluate segment expenses. The following tables summarize information as to the Company's operations in different geographic areas:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Dollars in thousands)
Net sales: |  |  |  |  |
United States | $ | 171,192 |  |  | $ | 206,263 |  |  | $ | 340,793 |
Americas (excluding the United States) | 95,513 |  |  | 100,364 |  |  | 256,253 |
Asia Pacific | 57,581 |  |  | 66,214 |  |  | 116,849 |
Europe, Middle East, Africa | 214,496 |  |  | 247,659 |  |  | 567,355 |
Total | $ | 538,782 |  |  | $ | 620,500 |  |  | $ | 1,281,250 |
| December 31,
2024 |  | 2023
(Dollars in thousands)
Long-lived assets (a): |  |  |
United States | $ | 182,087 |  |  | $ | 196,847 |
Mexico | 109,020 |  |  | 117,414 |
Brazil | 3,451 |  |  | 4,424 |
France | 84,059 |  |  | 93,660 |
Spain | 103,734 |  |  | 109,127 |
Other countries | 348 |  |  | 642 |
Total | $ | 482,699 |  |  | $ | 522,114 |
(a)Long-lived assets represent fixed assets, net of accumulated depreciation.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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