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Segment Reporting
 12 Months Ended
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,
202420232022
(Dollars in thousands)
Net sales$538,782 $620,500 $1,281,250 
Cash cost of goods sold(1)
442,699 507,233 636,082 
Other segment expenses91,058 64,624 90,291 
Lower of cost or market inventory valuation adjustment24,878 12,431 — 
Research and development5,706 5,520 3,641 
Selling and administrative expenses46,510 74,012 76,977 
Rationalization expenses3,156 — — 
Goodwill impairment charges— 171,117 — 
Other (income) expense, net(1,569)4,679 (10,147)
Interest expense85,313 58,087 36,568 
Interest income(5,701)(3,439)(4,480)
Income tax (benefit) expense(22,103)(18,514)69,356 
Net (loss) income$(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,
202420232022
 (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 Pacific57,581 66,214 116,849 
Europe, Middle East, Africa214,496 247,659 567,355 
Total$538,782 $620,500 $1,281,250 

 December 31,
20242023
(Dollars in thousands)
Long-lived assets (a):
United States$182,087 $196,847 
Mexico109,020 117,414 
Brazil3,451 4,424 
France84,059 93,660 
Spain103,734 109,127 
Other countries348 642 
Total$482,699 $522,114 
(a)Long-lived assets represent fixed assets, net of accumulated depreciation.