Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2018 | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | GrafTech International LTD. |
Entity Central Index Key | 931,148 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Document Type | S1 |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Cash and cash equivalents | $ 49,880 | $ 13,365 | |
Accounts and notes receivable, net of allowance for doubtful accounts of $1,129 as of December 31, 2018 and $1,097 as of December 31, 2017 | 248,286 | 116,841 | |
Inventories | 293,717 | 174,151 | |
Prepaid expenses and other current assets | 46,168 | 44,872 | |
Current assets of discontinued operations | 0 | 5,313 | |
Total current assets | 638,051 | 354,542 | |
Property, plant and equipment | 688,842 | 642,651 | |
Less: accumulated depreciation | 175,137 | 129,810 | |
Net property, plant and equipment | [1] | 513,705 | 512,841 |
Deferred income taxes | 71,707 | 30,768 | |
Goodwill | 171,117 | 171,117 | |
Other assets | 110,911 | 129,835 | |
Total assets | 1,505,491 | 1,199,103 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||
Accounts payable | 88,097 | 69,110 | |
Short-term debt | 106,323 | 16,474 | |
Accrued income and other taxes | 82,255 | 9,737 | |
Other accrued liabilities | 50,452 | 53,226 | |
Current liabilities of discontinued operations | 0 | 3,412 | |
Total current liabilities | 327,127 | 151,959 | |
Long-term debt | 2,050,311 | 322,900 | |
Other long-term obligations | 72,519 | 68,907 | |
Deferred income taxes | 45,825 | 41,746 | |
Long-term debt - affiliate | 86,478 | 0 | |
Long-term liabilities of discontinued operations | 0 | 376 | |
Commitments and Contingencies – Notes 11 and 13 | |||
Stockholders’ (deficit) equity: | |||
Preferred stock, par value $.01, 10,000,000 shares authorized, none issued | 0 | 0 | |
Common stock, par value $.01, 3,000,000,000 shares authorized, 290,537,612 and 302,225,923 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively | 2,905 | 3,022 | |
Additional paid – in capital | 819,622 | 851,315 | |
Accumulated other comprehensive (loss) income | (5,800) | 20,289 | |
Accumulated deficit | (1,893,496) | (261,411) | |
Total stockholders’ (deficit) equity | (1,076,769) | 613,215 | |
Total liabilities and stockholders’ equity (deficit) | $ 1,505,491 | $ 1,199,103 | |
[1] | Long-lived assets represent fixed assets, net of accumulated depreciation. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, allowance for doubt accounts | $ 1,129 | $ 1,097 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 300,000,000 | 300,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 290,537,612 | 302,225,923 |
Common Stock, Shares, Outstanding | 290,537,612 | 302,225,923 |
Consolidated Statements Of Inco
Consolidated Statements Of Income And Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net sales | $ 1,895,910 | $ 550,771 | $ 437,963 |
Cost of sales | 705,698 | 461,545 | 449,228 |
Additions to lower of cost or market reserve | 0 | 1,509 | 18,974 |
Gross profit (loss) | 1,190,212 | 87,717 | (30,239) |
Research and development | 2,129 | 3,456 | 2,534 |
Selling and administrative expenses | 62,032 | 52,506 | 58,515 |
Impairment of long-lived assets and goodwill | 0 | 0 | 2,843 |
Operating income (loss) | 1,126,051 | 31,755 | (94,131) |
Other expense (income), net | 3,361 | (2,104) | (4,266) |
Related party Tax Receivable Agreement expense | 86,478 | 0 | 0 |
Interest expense | 135,061 | 30,823 | 26,914 |
Interest income | (1,657) | (395) | (358) |
Income (loss) from continuing operations before provision (benefit) for income taxes | 902,808 | 3,431 | (116,421) |
Provision (benefit) for income taxes | 48,920 | (10,781) | (7,552) |
Net income (loss) from continuing operations | 853,888 | 14,212 | (108,869) |
Income (loss) from discontinued operations, net of tax | 331 | (6,229) | (126,974) |
Net income (loss) | $ 854,219 | $ 7,983 | $ (235,843) |
Basic loss per common share: | |||
Net income (loss) per share | $ 2.87 | $ 0.03 | $ (0.78) |
Income (Loss) from Continuing Operations, Per Basic Share | 2.87 | 0.05 | (0.36) |
Diluted loss per common share: | |||
Weighted average shares outstanding | 2.87 | 0.03 | (0.78) |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 2.87 | $ 0.05 | $ (0.36) |
Weighted average diluted shares outstanding | 297,753,770 | 302,225,923 | 302,225,923 |
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Net income (loss) | $ 854,219 | $ 7,983 | $ (235,843) |
Foreign currency translation adjustments, net of tax of ($288), $0, and $0, respectively | (18,391) | 23,028 | 2,574 |
Commodities and foreign currency derivatives and other, net of tax of $802, $0, and ($20), respectively | (7,698) | 4,819 | 125 |
Other comprehensive (loss) income, net of tax: | (26,089) | 27,847 | 2,699 |
Comprehensive income (loss) | $ 828,130 | $ 35,830 | $ (233,144) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flow from operating activities: | |||
Net income (loss) | $ 854,219 | $ 7,983 | $ (235,843) |
Adjustments to reconcile net income (loss) to cash provided by operations: | |||
Depreciation and amortization | 66,413 | 66,443 | 82,891 |
Impairment of long-lived assets | 0 | 5,300 | 122,750 |
Related party Tax Receivable Agreement expense | 86,478 | 0 | 0 |
Deferred income tax provision | (37,078) | (15,695) | (12,062) |
Loss on extinguishment of debt | 23,827 | 0 | 0 |
Non-cash interest expense | 5,320 | 6,805 | 6,551 |
Other charges, net | 15,761 | (9,607) | (735) |
Net change in working capital | (177,754) | (20,004) | 68,630 |
Change in long-term assets and liabilities | (583) | (4,652) | (9,367) |
Net cash provided by operating activities | 836,603 | 36,573 | 22,815 |
Cash flow from investing activities: | |||
Capital expenditures | (68,221) | (34,664) | (27,858) |
Cash received from divestitures | 0 | 27,254 | 15,889 |
Derivative instrument settlements, net | 0 | 0 | 377 |
Proceeds from the sale of fixed assets | 926 | 5,211 | 1,121 |
Net cash used in investing activities | (67,295) | (2,199) | (10,471) |
Cash flow from financing activities: | |||
Short-term debt (reductions) borrowings, net | (12,607) | 5,110 | 7,363 |
Credit Facility borrowings | 0 | 77,000 | 56,000 |
Credit Facility reductions | (45,692) | (114,839) | (70,469) |
Repayment of Senior Notes | (304,782) | 0 | 0 |
Principal payments on long-term debt | (56,372) | (266) | (289) |
Related-party promissory note repayment | (225,000) | 0 | 0 |
Refinancing fees and debt issuance costs | (27,326) | 0 | (922) |
Net cash (used in) provided by financing activities | (731,044) | (32,995) | (8,317) |
Payments of Dividends | (55,616) | 0 | 0 |
Net change in cash and cash equivalents | 38,264 | 1,379 | 4,027 |
Effect of exchange rate changes on cash and cash equivalents | (1,749) | 376 | 656 |
Cash and cash equivalents at beginning of period | 13,365 | 11,610 | 6,927 |
Cash and cash equivalents at end of period | 49,880 | 13,365 | 11,610 |
Supplemental disclosures of cash flow information: | |||
Interest | 108,006 | 25,277 | 23,578 |
Income taxes | 21,444 | 3,467 | 3,329 |
Non-cash financing activities: | |||
Dividend payable - Promissory Note | 750,000 | 0 | 0 |
Decrease (increase) in current assets: | |||
Accounts and notes receivable, net | (139,180) | (29,755) | (3,432) |
Inventories | (126,355) | (15,649) | (53,548) |
Prepaid expenses and other current assets | 7,116 | (10,565) | 1,424 |
Increase (Decrease) in Income Taxes Payable | 67,054 | 2,762 | 313 |
Accounts payable and accruals | 15,724 | 33,317 | 12,686 |
Interest payable | (2,113) | (114) | 75 |
Net change in working capital | (177,754) | (20,004) | 68,630 |
Proceeds from Issuance of Secured Debt | 2,235,000 | 0 | 0 |
Dividends - Related Party | (1,488,649) | 0 | 0 |
Repayments of Related Party Debt | $ (750,000) | $ 0 | $ 0 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2015 | $ 810,529,000 | $ 3,022,000 | $ 851,315,000 | $ (10,257,000) | $ (33,551,000) |
Balance, shares at Dec. 31, 2015 | 302,225,923 | ||||
Comprehensive income (loss): | |||||
Net income (loss) | (235,843,000) | (235,843,000) | |||
Other comprehensive income: | |||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 125,000 | 125,000 | |||
Foreign currency translation adjustments, net of tax of ($288), $0, and $0, respectively | 2,574,000 | 2,574,000 | |||
Other comprehensive (loss) income, net of tax: | 2,699,000 | 2,699,000 | |||
Allocated Share-based Compensation Expense | 0 | ||||
Dividends - Related Party | 0 | ||||
Repayments of Related Party Debt | 0 | ||||
Payments of Dividends | 0 | ||||
Balance at Dec. 31, 2016 | 577,385,000 | $ 3,022,000 | 851,315,000 | (7,558,000) | (269,394,000) |
Balance, shares at Dec. 31, 2016 | 302,225,923 | ||||
Comprehensive income (loss): | |||||
Net income (loss) | 7,983,000 | 7,983,000 | |||
Other comprehensive income: | |||||
Unrealized losses on securities, net of tax | 4,819,000 | 4,819,000 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0 | 0 | |||
Foreign currency translation adjustments, net of tax of ($288), $0, and $0, respectively | 23,028,000 | 23,028,000 | |||
Other comprehensive (loss) income, net of tax: | 27,847,000 | 27,847,000 | |||
Allocated Share-based Compensation Expense | 0 | ||||
Dividends - Related Party | 0 | ||||
Repayments of Related Party Debt | 0 | ||||
Payments of Dividends | 0 | ||||
Balance at Dec. 31, 2017 | $ 613,215,000 | $ 3,022,000 | 851,315,000 | 20,289,000 | (261,411,000) |
Balance, shares at Dec. 31, 2017 | 38,097,525 | 302,225,923 | |||
Comprehensive income (loss): | |||||
Net income (loss) | $ 854,219,000 | ||||
Other comprehensive income: | |||||
Unrealized losses on securities, net of tax | (6,866,000) | (6,866,000) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (832,000) | (832,000) | |||
Foreign currency translation adjustments, net of tax of ($288), $0, and $0, respectively | (18,391,000) | ||||
Other comprehensive (loss) income, net of tax: | (26,089,000) | (26,089,000) | |||
Stock Repurchased and Retired During Period, Shares | (11,688,311) | ||||
Stock Repurchased and Retired During Period, Value | $ (225,000,000) | $ (117,000) | (32,844,000) | (192,039,000) | |
Granted | 979,790 | ||||
Allocated Share-based Compensation Expense | $ 1,151,000 | 1,151,000 | 0 | ||
Dividends - Related Party | (1,488,649,000) | (1,488,649,000) | |||
Repayments of Related Party Debt | (750,000,000) | 750,000,000 | |||
Payments of Dividends | (55,616,000) | (55,616,000) | |||
Balance at Dec. 31, 2018 | $ (1,076,769,000) | $ 2,905,000 | $ 819,622,000 | $ (5,800,000) | $ (1,893,496,000) |
Balance, shares at Dec. 31, 2018 | 290,537,612 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Aug. 14, 2015 | Dec. 31, 2018 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Unrealized losses on securities, net of tax | $ 21 | $ (68) | $ (20) | $ (63) |
Business And Summary Of Signifi
Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Business And Summary Of Significant Accounting Policies | Business and Summary of Significant Accounting Policies Discussion of Business and Structure GrafTech International Ltd. (the “Company”) is a leading manufacturer of high quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. References herein to “GTI,” “we,” “our,” or “us” refer collectively to GrafTech International Ltd. and its subsidiaries. On August 15, 2015, GTI became an indirect wholly owned subsidiary of Brookfield Asset Management Inc. (“Brookfield”) through a tender offer to our former stockholders and subsequent merger transaction. The Company’s only reportable segment, Industrial Materials, is comprised of our two major product categories: graphite electrodes and needle coke products. Needle coke is the key raw material to producing graphite electrodes. The Company's vision is to provide the highest quality graphite electrodes at the lowest cost while providing the best customer service all while striving to be the lowest cost producer. We previously operated an Engineered Solutions business segment. See Note 3 “Discontinued Operations and Assets Held for Sale” for further information. All results from the Engineered Solutions business have been excluded from continuing operations, unless otherwise indicated. Summary of Significant Accounting Policies The Consolidated Financial Statements include the financial statements of GrafTech International Ltd. and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. Cash Equivalents We consider all highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of certificates of deposit, money market funds and commercial paper. Revenue Recognition The Company adopted ASC 606 on January 1, 2018. The adoption of ASC 606 represents a change in accounting principle that will more closely align revenue recognition with the delivery of the Company's goods and will provide financial statement readers with enhanced disclosures. The reported results for 2018 reflect the application of ASC 606 guidance while the reported results for 2017 and prior were prepared under the guidance of ASC 605, Revenue Recognition (ASC 605), which is also referred to herein as the "previous revenue guidance". Prior to the adoption of ASC 606, revenue from sales of our commercial products was recognized when they met four basic criteria (1) persuasive evidence of an arrangement existed, (2) delivery had occurred, (3) the amount was determinable and (4) collection was reasonably assured. Sales were recognized when both title and the risks and rewards of ownership were transferred to the customer or services had been rendered and fees had been earned in accordance with the contract. In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods. See Note 2 "Revenue from Contracts with Customers" for more information. Inventories Inventories are stated at the lower of cost or market. Cost is principally determined using the “first-in first-out” (“FIFO”) and average cost, which approximates FIFO, methods. Elements of cost in inventory include raw materials, direct labor and manufacturing overhead. We allocate fixed production overheads to the costs of conversion based on normal capacity of the production facilities. We recognize abnormal amounts of idle facility expense, freight, handling costs, and wasted materials (spoilage) as current period charges. Property, Plant and Equipment Expenditures for property, plant and equipment are recorded at cost. Maintenance and repairs of property and equipment are expensed as incurred. Expenditures for replacements and betterments are capitalized and the replaced assets are retired. Gains and losses from the sale of property are included in cost of sales or other expense (income), net. We depreciate our assets using the straight-line method over the estimated useful lives of the assets. The ranges of estimated useful lives are as follows: Years Buildings 25-40 Land improvements 20 Machinery and equipment 5-20 Furniture and fixtures 5-10 The carrying value of fixed assets is assessed when events and circumstances indicating impairment are present. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Depreciation expense was $53.5 million , $50.4 million , and $63.4 million in 2018, 2017 and 2016, respectively. Capital expenditures within accounts payable totaled $13.7 million and $13.6 as of December 31, 2018 and 2017, respectively. Accounts Receivable Trade accounts receivable primarily arise from sales of goods to customers and distributors in the normal course of business. Allowance for Doubtful Accounts Judgment is required in assessing the likelihood of collection of receivables, including the current creditworthiness of each customer, related aging of the past due balances and the facts and circumstances surrounding any non-payment. We evaluate specific accounts when we become aware of a situation where a customer may not be able to meet its financial obligations. The reserve requirements are based on the best facts available to us and are reevaluated and adjusted as additional information is received. Receivables are charged off when amounts are determined to be uncollectible. Capitalized Bank Fees We capitalize bank fees upon the incurrence of debt and record them as a contra-liability against our debt. We had capitalized bank fees of $24.3 million and $0.4 million as of December 31, 2018 and 2017 , respectively. We amortize such amounts over the life of the respective debt instrument using the effective interest method. The estimated life may be adjusted upon the occurrence of a triggering event. Amortization of capitalized bank fees amounted to $3.5 million and $0.3 million and $0.2 million in 2018 , 2017 and 2016 , respectively. Capitalized bank fee amortization is included in interest expense. Derivative Financial Instruments We do not use derivative financial instruments for trading purposes. They are used to manage well-defined commercial risks associated with commodity purchases and currency exchange rate risks. On the date that a derivative contract for a hedging instrument is entered into, the Company designates the derivative as either (1) a hedge of the exposure to changes in the fair value of a recognized asset or liability or of an unrecognized firm commitment (a fair value hedge), (2) a hedge of the exposure of a forecasted transaction or of the variability in the cash flows of a recognized asset or liability (a cash flow hedge), (3) a hedge of a net investment in a foreign operation (a net investment hedge) or 4) a contract not designated as a hedging instrument. For a fair value hedge, both the effective and ineffective portions of the change in the fair value of the derivative are recorded in earnings and reflected in the Consolidated Statement of Operations on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in accumulated other comprehensive loss in the consolidated balance sheet. When the underlying hedged transaction is realized, the gain or loss included in accumulated other comprehensive loss is recorded in earnings and reflected in the Consolidated Statement of Operations on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a net investment hedge, the effective portion of the change in the fair value of the derivative is recorded in cumulative translation adjustment, which is a component of accumulated other comprehensive loss in the consolidated balance sheet. We formally document our hedge relationships, including the identification of the hedging instruments and the related hedged items, as well as our risk management objectives and strategies for undertaking the hedge transaction. Derivatives are recorded at fair value in other current and long-term assets and other current and long-term liabilities in the consolidated balance sheet. We also formally assess, both at inception and at least quarterly thereafter, whether a derivative used in a hedging transaction is highly effective in offsetting changes in either the fair value or the cash flows of the hedged item. When it is determined that a derivative ceases to be highly effective, we discontinue hedge accounting. Foreign Currency Derivatives We enter into foreign currency derivatives from time to time to manage exposure to changes in currency exchange rates. These instruments, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures, relating to non-dollar denominated debt and identifiable foreign currency receivables, payables and commitments held by our foreign and domestic subsidiaries. Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a specified rate. Purchased foreign 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. The result is the creation of a range in which a best and worst price is defined, while minimizing option cost. Forward exchange contracts and purchased currency options are carried at fair value. These contracts may be designated as Cash-Flow or Fair Value hedges to the extent that they are effective and are accounted for as described in section above (“Derivative Financial Instruments”).. For derivatives that are not designated as a hedge, any gain or loss is immediately recognized in Cost of Sales on the Consolidated Statements of Operations. Derivatives used in this manner relate to risks resulting from assets or liabilities denominated in a foreign currency. Commodity Derivative Contracts We have entered into 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. All commodity contracts are carried at fair value and are treated as hedges to the extent they are effective. Changes in their fair values are included in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets until settlement. Realized gains and losses resulting from settlement are recognized in accumulated other comprehensive income (loss) and are recorded in cost of sales on the Consolidated Statements of Operations when the underlying hedged item is realized. Research and Development Expenditures relating to the development of new products and processes, including significant improvements to existing products, are expensed as incurred. Income Taxes We file a consolidated United States (“U.S.”) federal income tax return for GTI and its eligible domestic subsidiaries. Our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carry forwards. Deferred tax assets and liabilities at the end of each period are determined using enacted tax rates. A valuation allowance is established or maintained, when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. Under the guidance on accounting for uncertainty in income taxes, we recognize the benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. As a result of the enactment of the Tax Act of 2017, the Company is required to make an accounting policy election of either (1) treating taxes due on future U.S. inclusions in taxable income related to Global Intangible Low Tax Income ("GILTI") as a current period expense when incurred (the “period cost method”) or (2) factoring such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). The Company’s accounting policy will be to treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred. See Note 14 "Income Taxes" for more information. Retirement Plans and Postretirement Benefits We use actuarial methods and assumptions to account for our defined benefit pension plans and our postretirement benefits. We immediately recognize the change in the fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each year with a mark-to-market adjustment ("MTM Adjustment") and whenever a plan is remeasured (e.g. due to a significant curtailment, settlement, etc.). Pension and postretirement benefits expense includes the MTM adjustment, actuarially computed cost of benefits earned during the current service period, the interest cost on accrued obligations, the expected return on plan assets based on fair market values, and adjustments due to plan settlements and curtailments. Contributions to the qualified U.S. retirement plan are made in accordance with the requirements of the Employee Retirement Income Security Act of 1974. Postretirement benefits and benefits under the non-qualified retirement plan have been accrued, but not funded. The estimated cost of future postretirement life insurance benefits is determined by the Company with assistance from independent actuarial firms using the “projected unit credit” actuarial cost method. Such costs are recognized as employees render the service necessary to earn the postretirement benefits. We record our balance sheet position based on the funded status of the plan. Additional information with respect to benefits plans is set forth in Note 12, “Retirement Plans and Postretirement Benefits.” Environmental, Health and Safety Matters Our operations are governed by laws addressing protection of the environment and worker safety and health. These laws provide for civil and criminal penalties and fines, as well as injunctive and remedial relief, for noncompliance and require remediation at sites where hazardous substances have been released into the environment. We have been in the past, and may become in the future, the subject of formal or informal enforcement actions or proceedings regarding noncompliance with these laws or the remediation of company-related substances released into the environment. Historically, such matters have been resolved by negotiation with regulatory authorities resulting in commitments to compliance, abatement or remediation programs and in some cases payment of penalties. Historically, neither the commitments undertaken nor the penalties imposed on us have been material. Environmental considerations are part of all significant capital expenditure decisions. Environmental remediation, compliance and management expenses were approximately $12.4 million , $8.0 million and $8.3 million in 2018 , 2017 and 2016 , respectively. A charge to income is recorded when it is probable that a liability has been incurred and the cost can be reasonably estimated. When payments are fixed or determinable, the liability is discounted using a rate at which the payments could be effectively settled. The accrued liability relating to environmental remediation was $4.2 million as of December 31, 2018 and $2.1 million as of December 31, 2017 . The increase in the liability was the result of a revised estimate for asset retirement obligations related to landfills. Our environmental liabilities do not take into consideration possible recoveries of insurance proceeds. Because of the uncertainties associated with environmental remediation activities at sites where we may be potentially liable, future expenses to remediate sites could be considerably higher than the accrued liability. Foreign Currency Translation and Remeasurement We translate the financial statements of foreign subsidiaries, whose local currency is their functional currency, to U.S. dollars using period-end exchange rates for assets and liabilities and weighted average exchange rates for each period for revenues, expenses, gains and losses. Differences arising from exchange rate changes are included in accumulated other comprehensive loss on the Consolidated Balance Sheets until such time as the operations of such non-U.S. subsidiaries are sold or substantially or completely liquidated. For our Mexican, Swiss and Russian subsidiaries, whose functional currency is the U.S. dollar, we remeasure non-monetary balance sheet accounts and the related income statement accounts at historical exchange rates. Resulting gains and losses arising from the fluctuations in currency for monetary accounts are recognized in other (income) expense, net, in the Consolidated Statements of Operations. Gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred. We have non-dollar denominated intercompany loans between some of our foreign subsidiaries. These loans are subject to remeasurement gains and losses due to changes in currency exchange rates. Certain of these loans had been deemed to be essentially permanent prior to settlement and, as a result, remeasurement gains and losses on these loans were recorded as a component of accumulated other comprehensive income (loss) in the stockholders’ equity section of the Consolidated Balance Sheets. The remaining loans are deemed to be temporary and, as a result, remeasurement gains and losses on these loans are recorded as currency (gains/losses) in other (income) expense, net, on the Consolidated Statements of Operations. Goodwill and Other Intangible Assets Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. We do not recognize deferred income taxes for the difference between the assigned value and the tax basis related to nondeductible goodwill. Goodwill is not amortized; however, impairment testing is performed annually or more frequently if circumstances indicate that impairment may have occurred. We perform the annual goodwill impairment test at December 31. The annual goodwill impairment testing may begin with a qualitative assessment of potential impairment indicators in order to determine whether it is necessary to perform the two-step goodwill impairment test. The impairment test for goodwill uses a two-step approach, which is performed at the reporting unit level. Step one compares the fair value of the reporting unit to its carrying value. The fair value for each reporting unit with goodwill is determined in accordance with accounting guidance on determining fair value, which requires consideration of the income, market, and cost approaches as applicable. If the carrying value exceeds the fair value, there is potential impairment and step two must be performed. Step two compares the carrying value of the reporting unit’s goodwill to its implied fair value (i.e., fair value of the reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible assets). If the implied fair value of goodwill is less than the carrying amount of goodwill, an impairment is recognized. Other amortizable intangible assets, which consist primarily of trademarks and trade names, customer-related intangibles and technological know-how, are amortized over their estimated useful lives using the straight line or sum-of-the-years digits method. The estimated useful lives for each major category of amortizable intangible assets are: Years Trade name 5-10 Technology and know-how 5-9 Customer related intangible 5-14 Additional information about goodwill and other intangibles is set forth in Note 6 “Goodwill and Other Intangible Assets.” Major Maintenance and Repair Costs We perform scheduled major maintenance of the storage and processing units at our Seadrift plant (referred to as “overhaul”). Time periods between overhauls vary by unit. We also perform an annual scheduled significant maintenance and repair shutdown of the plant (referred to as “turnaround”). Costs of overhauls and turnarounds include plant personnel, contract services, materials, and rental equipment. We defer these costs when incurred and use the straight-line method to amortize them over the period of time estimated to lapse until the next scheduled overhaul of the applicable storage or processing unit. Under this policy $9.8 million was deferred in 2018 and no costs were deferred in 2017 . Amortization of deferred maintenance costs totaled $3.1 million , $3.3 million and $7.0 million in 2018 , 2017 and 2016 , respectively. Earnings per share The calculation of basic earnings per share is based on the number of common shares outstanding after giving effect to the stock split effected on April 12, 2018 and common stock repurchase on August 13, 2018. Diluted earnings per share recognizes the dilution that would occur if stock options or restricted shares were exercised or converted into common shares. See Note 15 “Earnings Per Share”. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses. Significant estimates and assumptions are used for, but are not limited to inventory valuation, pension and other post-retirement benefits, allowance for doubtful accounts, contingent liabilities, accruals and valuation allowances, asset impairment, and environmental-related accruals. Actual results could differ from our estimates. Discontinued Operations and Assets Held for Sale When Management commits to a plan to sell assets or asset groups and a sale is probable, we reclassify those assets or asset groups into "Assets Held for Sale". Upon reclassification to assets held for sale, we evaluate the book value of the disposal groups against their fair value less costs to sell and as a result may impair the assets / asset groups. As and if new information becomes available on the fair value of the assets/asset groups , we may adjust accordingly the impairment. Once the assets of a business have been classified as held for sale, we evaluate if the divestiture represents a strategic shift in operations and if so, we exclude the results of this business from continuing operations. All results are reported as gain or loss from discontinued operations, net of tax. During the second quarter of 2016, our Engineered Solutions business qualified as discontinued operations and as such, all its results have been excluded from continuing operations. See Note 3 "Discontinued Operations and Related Assets Held for Sale". Subsequent Events We evaluate events that occur after the balance sheet date but before financial statements are issued to determine if a material event requires our amending the financial statements or disclosing the event. See Note 18 "Subsequent Events" for further details. Recent Accounting Standards Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) . The Company adopted ASU 2014-09 and its related amendments (collectively known as ASC 606) effective on January 1, 2018 using the modified retrospective method. Please see Note 2 "Revenue from Contracts with Customers" for the required disclosures related to the impact of adopting this standard and a discussion of the Company's updated policies related to revenue recognition. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Payments,clarifying guidance on the classification of certain cash receipts and payments in the statement of cash flows. The adoption of ASU 2016-15 on January 1, 2018 did not have a material impact on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715). This standard requires an entity to report the service cost component in the same line item as other compensation costs. The other components of net (benefit) cost, including our annual mark-to-market remeasurement, will be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The adoption of ASU No. 2017-07 on January 1, 2018 changed the presentation of benefit expenses, but did not have a material impact on our consolidated financial statements. The components of the net (benefit) cost are shown in Note 12, "Retirement Plans and Postretirement Benefits." The following table summarizes the adjustments made to conform prior period classifications to the new guidance: For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 (dollars in thousands) As Reported Effect of Accounting Change As Adjusted As Reported Effect of Accounting Change As Adjusted Cost of Sales $ 461,339 $ 206 $ 461,545 $ 448,016 $ 1,212 $ 449,228 Research and development 2,951 505 3,456 2,399 135 2,534 Selling and administrative expenses 49,479 3,027 52,506 57,784 731 58,515 Other (income) expense, net 1,634 (3,738 ) (2,104 ) (2,188 ) (2,078 ) (4,266 ) Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Under this new guidance, a company will now recognize most leases on its balance sheet as lease liabilities with corresponding right-of-use assets. This ASU is effective for fiscal years beginning after December 15, 2018. The Company plans to adopt ASU No. 2016-02 on January 1, 2019, using the modified retrospective approach with the option of not restating comparative prior periods presented in the financial statements. Under this method, we will recognize the effects of applying ASC 842 as a cumulative-effect adjustment to the opening balance of retained earnings as of the effective date of adoption of January 1, 2019. The Company has completed its evaluation of the contracts. We anticipate additional assets and liabilities of approximately $10 million to be recorded as a result with no material adjustment to retained earning required. In January 2017, the FASB issued ASU No. 2017‑04, Intangibles‑Goodwill and Other (Topic 350). This guidance was issued to simplify the accounting for goodwill impairment. The guidance removes the second step of the goodwill impairment test, which requires that a hypothetical purchase price allocation be performed to determine the amount of impairment, if any. Under this new guidance, a goodwill impairment charge will be based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will become effective on a prospective basis for the Company on January 1, 2020 with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this standard is not expected to have a material effect on the Company’s financial position, results of operations or cash flows. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The Company adopted ASC 606 on January 1, 2018. The adoption of ASC 606 represents a change in accounting principle that will more closely align revenue recognition with the delivery of the Company's goods and will provide financial statement readers with enhanced disclosures. The reported results for 2018 reflect the application of ASC 606 guidance while the reported results for 2017 and 2016 were prepared under the guidance of ASC 605, Revenue Recognition (ASC 605), which is also referred to herein as the "previous revenue guidance". Financial Statement Impact of Adopting ASC 606 The Company adopted ASC 606 effective January 1, 2018 using the modified retrospective method. Under this method, we could elect to apply the cumulative effect method to either all contracts as of the date of initial application or only to contracts that are not complete as of that date. We elected to apply the modified retrospective method to contracts that are not complete as of the date of initial application. The cumulative effect of applying the new guidance to all contracts with customers that were not completed as of January 1, 2018 was to be recorded as an adjustment to accumulated deficit as of the adoption date. As a result of using the modified retrospective method, there were no adjustments that were made to accounts on the Company's consolidated balance sheet as of January 1, 2018. Impact of the adoption of ASC 606 on accounting policies In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods. To achieve this core principle, the following five steps are performed: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy a performance obligation. The Company sells the majority of its products directly to steel manufacturers located in various jurisdictions. The Company’s contracts consist of longer-term take-or-pay sales contracts of graphite electrodes with terms of up to five years and short-term purchase orders (deliveries within one year). Collectability is assessed based on the customer’s ability and intention to pay, reviewing a variety of factors including the customer’s historical payment experience and published credit and financial information. Additionally, for multi-year contracts, we may require the customer to post a bank guarantee, guarantee of a parent, a letter of credit or a significant pre-payment. The promises of delivery of graphite electrodes represent the distinct performance obligations of our contracts. A small portion of our sales consist of deliveries of by-products of the manufacturing processes, such as graphite powders, naphta and gasoil. Given their nature, the Company’s performance obligations are satisfied at a point in time when control of the products has been transferred to the customer. In most cases, control transfer is deemed to happen at the delivery point of the products defined under the incoterms, usually at time of loading the truck or the vessel. The Company has elected to treat the transportation activity as a fulfilment activity instead of as a distinct performance obligation, and outbound freight cost is accrued when the product delivery promises are satisfied. The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods to the customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer are excluded from the transaction price. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The Company’s contracts and customary practices involve few rebates or discounts. The Company provides a limited warranty on its products and may issue credit notes or replace products free of charge for valid quality claims; historically, quality claims have been insignificant and the Company records appropriate accruals for the estimated credit notes based on the historical statistical experience. Certain contracts provide for limited rebates when deliveries are late versus committed dates. These rebates are accrued for based on historical statistics of late deliveries on the contracts to which those terms apply. Contracts that contain multiple distinct performance obligations require an allocation of the transaction price to each performance obligation based on a relative stand-alone selling price basis. The Company regularly reviews market conditions and internally approved pricing guidelines to determine stand-alone selling prices for the different types of its customer contracts. The stand-alone prices as known at contract inception are utilized as the basis to allocate the transaction price to the distinct performance obligations. The allocation of the transaction price to the performance obligations remains unchanged if stand-alone selling prices change after contract inception. The Company expenses sales commissions as earned as their amortization period would not extend beyond the year in which they are incurred. These costs are recorded within selling and administrative expense. Disaggregation of Revenue The following table provides information about disaggregated revenue by type of product and contract for 2018: For the Year Ended December 31, 2018 (Dollars in thousands) Graphite Electrodes - Three-to-five-year contracts $ 1,341,557 Graphite Electrodes - Short-term contracts 500,834 By-products 53,519 Total Revenues $ 1,895,910 Impact of New Revenue Guidance on Financial Statement Line Items There would be no differences to the reported consolidated balance sheet, statement of operations and cash flows, as of and for the twelve months ended December 31, 2018, had the previous revenue guidance still been in effect. Contract Balances Receivables, net of allowances for doubtful accounts, were $248.3 million as of December 31, 2018 and $116.8 million as of December 31, 2017. 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, under ASC 606, deferred revenue originates 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. Current deferred revenue is included in "Other accrued liabilities" and long-term deferred revenue is included in "Other long-term obligations" on the 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, 2017 $ 20,784 $ — Increases due to billings 15,548 8,241 Revenue recognized (30,803 ) — Foreign currency impact (149 ) (525 ) Balance as of December 31, 2018 $ 5,380 $ 7,716 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 the reporting period (in thousands). The estimated revenues do not include contracts with original duration of one year or less. Three-to-five-year take-or-pay contracts (Dollars in thousands) 2019 $ 1,404,618 2020 1,327,449 2021 1,172,536 2022 1,127,105 Thereafter 8,715 Total $ 5,040,423 In addition to the expected remaining revenue to be recognized with the longer-term sales contracts, the Company recorded $1,341.6 million of revenue pursuant to these contracts in the twelve months ended December 31, 2018. |
Discontinued Operations and Rel
Discontinued Operations and Related Assets Held for Sale | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Related Assets Held for Sale | Discontinued Operations and Related Assets Held for Sale On February 26, 2016, the Company announced that it had initiated a strategic review of its Engineered Solutions business segment to better direct its resources and simplify its operations. Any potential sale of assets was prohibited by its revolving facility without approval of the requisite lenders thereunder. On April 27, 2016, GrafTech and certain of its subsidiaries entered into an amendment to the revolving facility (see Note 7 "Debt and Liquidity") which, among other things, permits the sale of assets with the restriction that the proceeds be utilized to pay down revolver borrowings. As of June 30, 2016, the Engineered Solutions segment qualified for reporting as discontinued operations as its divestiture represented a strategic shift for the Company. During 2016, we evaluated the fair value of the Engineered Solutions business segment utilizing the market approach (Level 3 measure). As a result, we incurred an impairment charge to our Engineered Solutions business segment of $120 million to align the carrying value with estimated fair value. We continued to update this estimate and during 2017, we further reduced the estimated fair value by $5.3 million based upon current information at that time. On November 30, 2016, we completed the sale of our Fiber Materials Inc. ("Fiber Materials") business, which was a business line within our former Engineered Solutions business. The sale resulted in cash proceeds of $15.9 million and a loss of $0.2 million . We have the ability to realize up to $8.5 million of additional proceeds based on the earnings of the Fiber Materials business over the 24 months following the transaction. We have elected to record this contingent consideration as it is realized and accordingly, it has not been recognized to date. Based on the 2017 and preliminary 2018 results of Fiber Materials, we do not expect any material additional proceeds from this contingent consideration. On July 3, 2017, we completed the sale of our Advanced Energy Technologies ("AET") business. AET was a product line within our Engineered Solutions business that had been classified as held for sale since the second quarter of 2016. The sale resulted in cash proceeds of $28.5 million . On September 30, 2017, we completed the sale of the majority of the U.S. assets of our GrafTech Advanced Graphite Materials ("GAGM") business, which was a component of our Engineered Solutions business. The sale of the Italian GAGM assets closed on October 5, 2017. In the jurisdictions where the GAGM assets were not acquired, we initiated the wind-down of the business. The sale was structured as a non-cash transaction with the buyer assuming certain liabilities associated with the assets acquired. In addition, GrafTech retained certain current assets of GAGM, mostly receivables, which were substantially realized in the fourth quarter of 2017. As a result of the sales described above, we recorded a gain of $6.1 million in 2017. The disposition of the Engineered Solutions business is now substantially complete and in accordance with our Credit Facility, all cash proceeds from these sales were used to pay down our revolving facility and term loan. As of December 31, 2018, we have ceased reporting discontinued operations and have included all remaining assets and liabilities within continuing operations. The following tables summarize the results of the Engineered Solutions business segment, reclassified as discontinued operations: For the Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Net sales $ 2,574 $ 82,299 $ 115,336 Cost of sales 3,310 74,723 98,440 Gross (loss) profit (736 ) 7,576 16,896 Research and development — 1,429 3,145 Selling and administrative expenses (628 ) 12,239 19,022 (Gain) loss on sale of assets (508 ) (6,091 ) 198 Rationalizations — (35 ) (405 ) Impairment — 5,300 119,907 400 (5,266 ) (124,971 ) Other expense (income) 30 (115 ) (66 ) Interest expense — 1,133 3,258 Income (loss) from discontinued operations before income taxes 370 (6,284 ) (128,163 ) Benefit for income taxes on discontinued operations (39 ) (55 ) (1,189 ) Income (loss) from discontinued operations $ 331 $ (6,229 ) $ (126,974 ) Basic and diluted income (loss) from discontinued operations per share $ — $ (0.02 ) $ (0.42 ) The significant components of our Statements of Cash Flows for discontinued operations are as follows: For the Year Ended December 31 2018 2017 2016 (Dollars in thousands) Depreciation and amortization $ — $ 2,418 $ 5,277 Impairment — 5,300 119,907 (Gain) loss on sale of assets (508 ) (6,091 ) 198 Net change in inventory 502 15,217 (917 ) Cash received from divestitures — 27,254 15,889 Credit facility reductions — (27,254 ) (15,889 ) Deferred income taxes 40 (55 ) (1,189 ) Capital expenditures — 558 4,713 The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2018 and 2017. As of December 31, 2018 As of (Dollars in thousands) Assets of discontinued operations: Accounts receivable $ — $ 3,351 Inventories — 502 Prepaid expenses and other current assets — 1,137 Net property, plant and equipment — 226 Other assets — 97 Total assets of discontinued operations $ — $ 5,313 Liabilities of discontinued operations: Accounts payable $ — $ 512 Accrued income and other taxes — 158 Other accrued liabilities — 2,742 Total current liabilities of discontinued operations — 3,412 Other long-term obligations — 376 Total liabilities of discontinued operations $ — $ 3,788 |
Stock Based and Other Managemen
Stock Based and Other Management Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based and Other Management Compensation | Stock Based and Other Management Compensation Our Omnibus Equity Incentive Plan permits the granting of options, and other stock-based awards (including restricted stock units and deferred share units). As of December 31, 2018, the aggregate number of shares authorized under the plans since their initial adoption was 15,000,000 . Shares issued upon vesting of awards or exercise of options are new share issuances. Upon the vesting or payment of stock awards, an employee may elect receipt of the full share amount and either pay the resulting taxes or sell shares in the open market to cover the tax obligation. During 2018 our Board of Directors granted 979,790 stock options, 42,243 deferred share units and 6,740 restricted stock units under our Omnibus Equity Incentive Plan. Accounting for Stock-Based Compensation Stock-based compensation expense recognized was $1.2 million in 2018. A majority of the expense, $1.0 million , was recorded as "Selling and Administrative Expenses" in the Consolidated Statement of Operations, with the remaining expenses incurred as cost of sales. There was no stock-based compensation expense recognized in 2017 and 2016. As of December 31, 2018, unrecognized compensation cost related to non-vested stock options, deferred share units and restricted stock units represents $5.4 million , which will be recognized over a weighted average period of 4.3 years . Deferred Share and Restricted Stock Units. Deferred share units represent one share of our common stock and will be delivered as shares of our common stock when the recipient ceases to provide services to the Company. Compensation expense for deferred share units and restricted stock share awards is based on the closing price of our common stock on the date of grant. The weighted average grant date fair value of deferred share units and restricted stock units was approximately $12.88 per share at December 31, 2018. Deferred share units and restricted stock unit awards activity under the Omnibus Equity Incentive Plan for 2018 was as follows: Number of Shares Weighted- Average Grant Date Fair Value Outstanding unvested as of January 1, 2018 — $ — Granted 48,983 13.94 Vested (21,413 ) 15.29 Outstanding unvested as of December 31, 2018 27,570 $ 12.88 During 2018, we granted 48,983 shares of deferred share units and restricted stock units to certain directors, officers and employees at prices ranging from $15.00 to $19.44 . Of the total deferred share units granted, 21,413 were granted to our Board of Directors and vested immediately upon grant. The remaining deferred share units and restricted stock units vest over a period of two to five years. Stock Options. Compensation expense for stock options is based on the estimated fair value of the option on the date of the grant. We calculate the estimated fair value of the option using the Black-Scholes option-pricing model. During 2018, we granted 979,790 options to certain of our officers and employees. The weighted-average fair value of the options granted in 2018 was $6.08. The weighted average assumptions used in our Black-Scholes option-pricing model for options granted in 2018 are: For the Year Ended December 31, 2018 Dividend yield 1.70% - 2.27% Expected volatility 45 % Risk-free interest rate 2.84% - 2.98% Expected term in years 6.5 years Dividend Yield . Our dividend yield estimate is based on our expected dividends and the stock price on the grant date. Expected Volatility . We estimate the volatility of our common stock at the date of grant based on the historical volatility of comparable companies over the most recent period commensurate with the expected life of the award. Risk-Free Interest Rate. We base the risk-free interest rate on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. Expected Term In Years. The expected life of awards granted represents the time period that the awards are expected to be outstanding. We determined the expected term of the grants using the “simplified” method as described by the SEC, since we do not have a history of stock option awards to provide a reliable basis for estimating such term. The stock options vest over a five year period, with one-fifth of the award vesting on the anniversary date of the grant in each of the next five years. Options outstanding at December 31, 2018, have a weighted average remaining contractual life of 9.3 years years, a weighted average remaining vesting period of 2.3 years, and an aggregate intrinsic value of zero. There were no options exercised during 2018. Stock options outstanding and exercisable under our plans at December 31, 2018 are: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Prices Number Exercisable Weighted Average Exercise Prices $15.00 - $20.00 968,720 9.3 $15.68 — $ — Stock option awards activity under the Omnibus Equity Incentive Plan for 2018 was as follows: Number of Shares Weighted- Average Exercise Price Outstanding unvested as of January 1, 2018 — $ — Granted 979,790 15.67 Forfeited (11,070 ) 15.00 Outstanding unvested as of December 31, 2018 968,720 $ 15.68 As of December 31, 2018, we have 193,744 options expected to vest in the next year. No options were exercisable as of December 31, 2018. Incentive Compensation Plans We have a global incentive program for our worldwide salaried and hourly employees, the Incentive Compensation Program (the “ICP”), which includes a stockholder-approved executive incentive compensation plan. The ICP is based primarily on earnings before income taxes and achieving cash flow targets and, to a lesser extent, strategic targets. The balance of our accrued liability for ICP was $10.4 million at December 31, 2018 and $8.9 million as of December 31, 2017. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Reporting | Segment Reporting We previously operated two reportable business segments, Industrial Materials and Engineered Solutions. During the second quarter of 2016 the Company decided to sell the businesses that comprised our Engineered Solutions segment to focus on our Industrial Materials segment. Accordingly, the Engineered Solutions business qualified as held for sale status and the related results have been excluded from continuing operations. See Note 3 "Discontinued Operations and Related Assets Held for Sale" for significant components of the results of our Engineered Solutions segment. Our Industrial Materials segment manufactures high quality graphite electrodes essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. Petroleum needle coke, a crystalline form of carbon derived from decant oil, is the primary raw material used in the production of graphite electrodes. We utilize substantially all the needle coke that we produce internally to manufacture our graphite electrodes and as a result more than 95% of our revenues from external customers are derived from the sale of graphite electrodes and graphite electrode by-products from our manufacturing processes. In 2018, one customer accounted for more than 10% of our net sales. Due to the increased demand for our products, we believe this customer does not pose a significant concentration of risk, as sales to this customer could be replaced by demand from other customers. The following tables summarize information as to our continuing operations in different geographic areas. 2018 2017 2016 (Dollars in thousands) Net sales: U.S. $ 429,599 $ 103,890 $ 74,526 Americas 367,561 129,103 116,944 Asia Pacific 131,578 46,329 41,302 Europe, Middle East, Africa 967,172 271,449 205,191 Total $ 1,895,910 $ 550,771 $ 437,963 At December 31, 2018 2017 (Dollars in thousands) Long-lived assets (a): U.S. $ 169,301 $ 177,298 Mexico 146,790 147,959 Brazil 3,320 3,547 France 91,022 80,035 Spain 103,121 103,819 Other countries 151 183 Total $ 513,705 $ 512,841 (a) Long-lived assets represent fixed assets, net of accumulated depreciation. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets We are required to review goodwill and indefinite-lived intangible assets annually for impairment. Goodwill impairment is tested at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. For the years ended December 31, 2018 and 2017 an assessment for potential impairment was performed and an impairment adjustment was not required. The following table represents the changes in the carrying value of goodwill and intangibles from December 31, 2016 through December 31, 2018: Total (Dollars in Thousands) Balance as of December 31, 2016 $ 171,117 Adjustments — Balance as of December 31, 2017 171,117 Adjustments — Balance as of December 31, 2018 $ 171,117 The following table summarizes acquired intangible assets with determinable useful lives by major category which are included in "Other Assets" on our consolidated balance sheets: As of December 31, 2018 As of December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in Thousands) Trade name $ 22,500 $ (7,721 ) $ 14,779 $ 22,500 $ (5,512 ) $ 16,988 Technology and know-how 55,300 (23,503 ) 31,797 55,300 (17,265 ) 38,035 Customer related intangible 64,500 (15,070 ) 49,430 64,500 (10,637 ) 53,863 Total finite-lived intangible assets $ 142,300 $ (46,294 ) $ 96,006 $ 142,300 $ (33,414 ) $ 108,886 Amortization expense of intangible assets was $12.9 million , $13.6 million , $14.3 million in 2018, 2017 and 2016, respectively. Estimated annual amortization expense for the next five years will approximate $12.2 million in 2019, $11.4 million in 2020, $10.7 million in 2021, $10.1 million in 2022 and $9.2 million in 2023. |
Debt And Liquidity
Debt And Liquidity | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Debt And Liquidity | Debt and Liquidity The following table presents our long-term debt: As of As of (Dollars in thousands) Old Credit Facility (Old Revolving Facility and Old Term Loan Facility) $ — $ 58,192 Senior Notes — 280,586 2018 Credit Facility (2018 Term Loan and 2018 Revolving Facility) 2,155,883 — Other Debt 751 596 Total Debt 2,156,634 339,374 Less: Short-term Debt (106,323 ) (16,474 ) Long-term Debt $ 2,050,311 $ 322,900 Old Revolving Facility and Term Loan Facility On April 23, 2014, the Company and certain of its subsidiaries entered into an amended and restated credit agreement governing a revolving facility with a borrowing capacity of $400 million and a maturity date of April 2019. On February 27, 2015, GrafTech and certain of its subsidiaries entered into a further amended and restated credit agreement that provided for, among other things, greater financial flexibility and a $40 million senior secured delayed draw term loan facility. On July 28, 2015, GrafTech and certain of its subsidiaries entered into an amendment to the amended and restated credit agreement to change the terms regarding the occurrence of a default upon a change in control (which is defined thereunder to include the acquisition by any person of more than 25% of GrafTech’s outstanding shares) to exclude the acquisition of shares by Brookfield. In addition, effective upon such acquisition, the financial covenants were eased, resulting in increased availability under the revolving facility. The size of the revolving facility was also reduced from $400 million to $375 million . The size of the term loan facility remained at $40 million . On April 27, 2016, GrafTech and certain of its subsidiaries entered into an amendment to the revolving facility. The size of the revolving facility was permanently reduced from $375 million to $225 million . New covenants were also added to the revolving facility, including a requirement to make mandatory repayments of outstanding amounts under the revolving facility and the term loan facility with the proceeds of any sale of all or any substantial part of the assets included in the Engineered Solutions segment and a requirement to maintain minimum liquidity (consisting of domestic cash, cash equivalents and availability under the revolving facility) in excess of $25 million . The covenants were also modified to provide for: the elimination of certain exceptions to the Company’s negative covenants limiting the Company’s ability to make certain investments, sell assets, make restricted payments, incur liens and incur debt; a restriction on the amount of cash and cash equivalents permitted to be held on the balance sheet at any one time without paying down the revolving facility and the term loan facility; and changes to the Company’s financial covenants so that until the earlier of March 31, 2019 or the Company has $75 million in trailing twelve month EBITDA (as defined in the revolving facility), the Company is required to maintain trailing twelve month EBITDA above certain minimums ranging from ( $40 million ) to $35 million after which the Company’s existing financial covenants under the revolving facility will apply. With this amendment, the Company had full access to the $225 million revolving facility, subject to the $25 million minimum liquidity requirement. As of December 31, 2017, the Company had $39.5 million of borrowings and $8.7 million of letters of credit, for a total of $48.2 million drawn against the revolving facility. See "Refinancing" below. The $40 million term loan facility was fully drawn on August 11, 2015, in connection with the repayment of the Senior Subordinated Notes in 2015. See "Refinancing" below. The interest rate applicable to the revolving facility and term loan facility was LIBOR plus a margin ranging from 2.25% to 4.75% (depending on our total senior secured leverage ratio). The borrowers were required to pay a per annum fee ranging from 0.35% to 0.70% (depending on our senior secured leverage ratio) on the undrawn portion of the commitments under the Revolving Facility. 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 revolving facility, to the extent available. In accordance with our credit facility, we used cash proceeds from the sale of our Engineered Solutions businesses to repay borrowings outstanding under the revolving facility and the term loan. As of December 31, 2017, we were in compliance with all financial and other covenants contained in the revolving facility, as applicable. Senior Notes On November 20, 2012, the Company issued $300 million principal amount of 6.375% Senior Notes due 2020 (the "Senior Notes"). The Senior Notes were the Company's senior unsecured obligations and rank pari passu with all of the Company's existing and future senior unsecured indebtedness. The Senior Notes were guaranteed on a senior unsecured basis by each of the Company's existing and future subsidiaries that guarantee certain other indebtedness of the Company or another guarantor. The Senior Notes bore interest at a rate of 6.375% per year, payable semi-annually in arrears on May 15 and November 15 of each year. The Senior Notes were to mature on November 15, 2020. The Company was entitled to redeem some or all of the Senior Notes at any time on or after November 15, 2016, at the redemption prices set forth in the indenture. In addition, prior to November 15, 2016, the Company could redeem some or all of the Senior Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus a “make whole” premium determined as set forth in the indenture. If, prior to maturity, a change in control (as defined in the indenture) of the Company occurred and thereafter certain downgrades of the ratings of the Senior Notes as specified in the indenture occurred, the Company would be required to offer to repurchase any or all of the Senior Notes at a repurchase price equal to 101% of the aggregate principal amount of the Senior Notes, plus any accrued and unpaid interest. On August 17, 2015 a change in control occurred due to our acquisition by Brookfield. However, the downgrade of the ratings of the Senior Notes, as specified in the indenture, did not occur. Therefore, the company was not and will not be required to offer to repurchase the Senior Notes as a result of the merger. The indenture for the Senior Notes also contained covenants that, among other things, limited the ability of the Company and certain of its subsidiaries to: (i) create liens or use assets as security in other transactions; (ii) engage in certain sale/leaseback transactions; and (iii) merge, consolidate or sell, transfer, lease or dispose of substantially all of their assets. The indenture for the Senior Notes also contained customary events of default, including (i) failure to pay principal or interest on the Senior Notes when due and payable, (ii) failure to comply with covenants or agreements in the indenture or the Senior Notes which failures are not cured or waived as provided in the indenture, (iii) failure to pay indebtedness of the Company, any Subsidiary Guarantor or Significant Subsidiary (each, as defined in the indenture) within any applicable grace period after maturity or acceleration and the total amount of such indebtedness unpaid or accelerated exceeds $50.0 million , (iv) certain events of bankruptcy, insolvency, or reorganization, (v) failure to pay any judgment or decree for an amount in excess of $50.0 million against the Company, any Subsidiary Guarantor or any Significant Subsidiary that is not discharged, waived or stayed as provided in the indenture, (vi) cessation of any Subsidiary Guarantee (as defined in the indenture) to be in full force and effect or denial or disaffirmance by any subsidiary guarantor of its obligations under its subsidiary guarantee, and (vii) a default under the Company's Senior Subordinated Notes which were repaid in 2015. In the case of an event of default, the principal amount of the Senior Notes plus accrued and unpaid interest may be accelerated. Refinancing On February 12, 2018, the Company entered into a credit agreement (the “2018 Credit Agreement”) among the Company, GrafTech Finance Inc., a Delaware corporation and a wholly owned subsidiary of GrafTech (“GrafTech Finance”), GrafTech Switzerland SA, a Swiss corporation and a wholly owned subsidiary of GrafTech (“Swissco”), GrafTech Luxembourg II S.à.r.l., a Luxembourg société à responsabilité limitée and a wholly owned subsidiary of GrafTech (“Luxembourg Holdco” and, together with GrafTech Finance and Swissco, the “Co‑Borrowers”), the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A. as administrative agent (the "Administrative Agent") and as collateral agent, which provides for (i) a $1,500 million senior secured term facility (the “2018 Term Loan Facility”) and (ii) a $250 million senior secured revolving credit facility (the “2018 Revolving Credit Facility” and, together with the 2018 Term Loan Facility, the “Senior Secured Credit Facilities”), which may be used from time to time for revolving credit borrowings denominated in dollars or Euro, the issuance of one or more letters of credit denominated in dollars, Euro, Pounds Sterling or Swiss Francs and one or more swing line loans denominated in dollars. GrafTech Finance is the sole borrower under the 2018 Term Loan Facility while GrafTech Finance, Swissco and Lux Holdco are Co‑Borrowers under the 2018 Revolving Credit Facility. On February 12, 2018, GrafTech Finance borrowed $1,500 million under the 2018 Term Loan Facility (the "2018 Term Loans"). The 2018 Term Loans mature on February 12, 2025. The maturity date for the 2018 Revolving Credit Facility is February 12, 2023. The proceeds of the 2018 Term Loans were used to (i) repay in full all outstanding indebtedness of the Co‑Borrowers under the Old Credit Agreement and terminate all commitments thereunder, (ii) redeem in full the Senior Notes at a redemption price of 101.594% of the principal amount thereof plus accrued and unpaid interest to the date of redemption, (iii) pay fees and expenses incurred in connection with (i) and (ii) above and the Senior Secured Credit Facilities and related expenses, and (iv) declare and pay a dividend to the sole pre-IPO stockholder, with any remainder to be used for general corporate purposes. See Note 8 "Interest Expense" for a breakdown of expenses associated with these repayments. In connection with the repayment of the Old Credit Agreement and redemption of the Senior Notes, all guarantees of obligations under the Old Credit Agreement, the Senior Notes and related indenture were terminated, all mortgages and other security interests securing obligations under the Old Credit Agreement were released and the Old Credit Agreement and the indenture were terminated. Borrowings under the 2018 Term Loan Facility bear interest, at GrafTech Finance’s option, at a rate equal to either (i) the Adjusted LIBO Rate (as defined in the 2018 Credit Agreement), plus an applicable margin initially equal to 3.50% per annum or (ii) the ABR Rate (as defined in the 2018 Credit Agreement), plus an applicable margin initially equal to 2.50% per annum, in each case with one step down of 25 basis points based on achievement of certain public ratings of the 2018 Term Loans. Borrowings under the 2018 Revolving Credit Facility bear interest, at the applicable Co‑Borrower’s option, at a rate equal to either (i) the Adjusted LIBO Rate, plus an applicable margin initially equal to 3.75% per annum or (ii) the ABR Rate, plus an applicable margin initially equal to 2.75% 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, the Co‑Borrowers will be 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. For borrowings under both the 2018 Term Loan Facility and the 2018 Revolving Credit Facility, if the Administrative Agent determines that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate and such circumstances are unlikely to be temporary or the relevant authority has made a public statement identifying a date after which the LIBO Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Co-Borrowers shall endeavor to establish an alternate rate of interest, which shall be effective so long as the majority in interest of the lenders for each Class (as defined in the 2018 Credit Agreement) of loans under the 2018 Credit Agreement do not notify the Administrative Agent otherwise. Until such an alternate rate of interest is determined, (a) any request for a borrowing denominated in dollars based on the Adjusted LIBO Rate will be deemed to be a request for a borrowing at the ABR Rate plus the applicable margin for an ABR Rate borrowing of such loan while any request for a borrowing denominated in any other currency will be ineffective and (b) any outstanding borrowings based on the Adjusted LIBO Rate denominated in dollars will be converted to a borrowing at the ABR Rate plus the applicable margin for an ABR Rate borrowing of such loan while any outstanding borrowings denominated in any other currency will be repaid. All obligations under the 2018 Credit Agreement are guaranteed by GrafTech Finance and each domestic subsidiary of GrafTech, subject to certain customary exceptions, and all obligations under the 2018 Credit Agreement of each foreign subsidiary of GrafTech 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")) are guaranteed by GrafTech Luxembourg I S.à.r.l., a Luxembourg société à responsabilité limitée and an indirect wholly owned subsidiary of GrafTech ("Luxembourg Parent"), Luxembourg Holdco and Swissco (collectively, the "Guarantors"). All obligations under the 2018 Credit Agreement are secured, subject to certain exceptions and Excluded Assets (as defined in the 2018 Credit Agreement), by: (i) a pledge of all of the equity securities of GrafTech Finance and each domestic Guarantor (other than GrafTech) 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 GrafTech Finance and each domestic Guarantor, subject to permitted liens and certain exceptions specified in the 2018 Credit Agreement. The obligations of each foreign subsidiary of GrafTech that is a Controlled Foreign Corporation under the Revolving Credit Facility are secured by (i) a pledge of all 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 Credit Agreement. The 2018 Term Loans amortize at a rate equal to 5% per annum of the original principal amount of the 2018 Term Loans payable in equal quarterly installments, with the remainder due at maturity. The Co‑Borrowers are permitted to make voluntary prepayments at any time without premium or penalty, except in the case of prepayments made in connection with certain repricing transactions with respect to the 2018 Term Loans effected within twelve months of the closing date of the 2018 Credit Agreement, to which a 1.00% prepayment premium applies. GrafTech Finance is required to make prepayments under the 2018 Term Loans (without payment of a premium) with (i) net cash proceeds from non‑ordinary course asset sales (subject to customary reinvestment rights and other customary exceptions and exclusions), and (ii) commencing with the Company’s fiscal year ending December 31, 2019, 75% of Excess Cash Flow (as defined in the 2018 Credit Agreement), subject to step‑downs to 50% and 0% of Excess Cash Flow based on achievement of a senior secured first lien net leverage ratio greater than 1.25 to 1.00 but less than or equal to 1.75 to 1.00 and less than or equal to 1.25 to 1.00, respectively. Scheduled quarterly amortization payments of the 2018 Term Loans during any calendar year reduce, on a dollar‑for‑dollar basis, the amount of the required Excess Cash Flow prepayment for such calendar year, and the aggregate amount of Excess Cash Flow prepayments for any calendar year reduce subsequent quarterly amortization payments of the 2018 Term Loans as directed by GrafTech Finance. The 2018 Credit Agreement 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 Credit Agreement contains a financial covenant that requires GrafTech to maintain a senior secured first lien net leverage ratio not greater than 4.00 :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 million ), taken together, exceed 35% of the total amount of commitments under the 2018 Revolving Credit Facility. The 2018 Credit Agreement also contains customary events of default. Brookfield Promissory Note On April 19, 2018, we declared a dividend in the form of a $750 million promissory note (the “Brookfield Promissory Note”) to the sole pre-IPO stockholder. The $750 million Brookfield Promissory Note was conditioned upon (i) the Senior Secured First Lien Net Leverage Ratio (as defined in the 2018 Credit Agreement), as calculated based on our final financial results for the first quarter of 2018, being equal to or less than 1.75 to 1.00, (ii) no Default or Event of Default (each as defined in the 2018 Credit Agreement) having occurred and continuing or that would result from the $750 million Brookfield Promissory Note and (iii) the satisfaction of the conditions occurring within 60 days from the dividend record date. Upon publication of our first quarter report on Form 10-Q, these conditions were met and, as a result, the Brookfield Promissory Note became payable. The Brookfield Promissory Note had a maturity of eight years from the date of issuance and bore interest at a rate equal to the Adjusted LIBO Rate (as defined in the Brookfield Promissory Note) plus an applicable margin equal to 4.50% per annum, with an additional 2.00% per annum starting from the third anniversary from the date of issuance. We were permitted to make voluntary prepayments at any time without premium or penalty. All obligations under the Brookfield Promissory Note were unsecured and guaranteed by all of our existing and future domestic wholly owned subsidiaries that guarantee, or are borrowers under, the Senior Secured Credit Facilities. No funds were lent or otherwise contributed to us by the pre-IPO stockholder in connection with the Brookfield Promissory Note. As a result, we received no consideration in connection with its issuance. As described below, the Promissory Note was repaid in full on June 15, 2018. First Amendment to 2018 Credit Agreement On June 15, 2018, the Company entered into a first amendment (the “First Amendment”) to its 2018 Credit Agreement. The First Amendment amended the 2018 Credit Agreement to provide for an additional $750 million in aggregate principal amount of incremental term loans (the “Incremental Term Loans”) to GrafTech Finance. The Incremental Term Loans increased the aggregate principal amount of term loans incurred by GrafTech Finance under the 2018 Credit Agreement from $1,500 million to $2,250 million . The Incremental Term Loans have the same terms as those applicable to the 2018 Term Loans, including interest rate, payment and prepayment terms, representations and warranties and covenants. The Incremental Term Loans mature on February 12, 2025, the same date as the 2018 Term Loans. GrafTech paid an upfront fee of 1.00% of the aggregate principal amount of the Incremental Term Loans on the effective date of the First Amendment. The proceeds of the Incremental Term Loans were used to repay, in full, the $750 million of principal outstanding on the Brookfield Promissory Note. |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2018 | |
Interest and Debt Expense [Abstract] | |
Interest Expense | Interest Expense The following table presents an analysis of interest expense: For the Year Ended December 31 2018 2017 2016 (Dollars in thousands) Interest incurred on debt $ 100,844 $ 24,060 $ 20,408 Related Party Promissory Note interest expense 5,090 — — Senior Note redemption premium 4,782 — — Accretion of fair value adjustment on Senior Notes 19,414 6,454 6,305 Accretion of original issue discount on 2018 Term Loans 1,455 — — Amortization of debt issuance costs 3,476 309 201 Total interest expense $ 135,061 $ 30,823 $ 26,914 Interest rates The 2018 Credit Agreement had an effective interest rate of 6.02% as of December 31, 2018. The Old Revolving Facility and Old Term Loan Facility had an effective interest rate of 4.57% as of December 31, 2017 and the Senior Notes had a fixed interest rate of 6.375% , both of which were repaid on February 12, 2018 as part of our refinancing (See Note 7 "Debt and Liquidity"). As a result of our February 12, 2018 refinancing, we paid a prepayment premium for the redemption of our Senior Notes totaling $4.8 million. The accretion of the August 15, 2015 fair value adjustment to our Senior Notes totaling $19.4 million in 2018, included accelerated accretion of $18.7 million resulting from the prepayment. Amortization of debt issuance costs included $0.3 million of accelerated amortization related to the refinancing. |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements And Derivative Instruments | Fair Value Measurements and Derivative Instruments Fair Value Measurements Depending on the inputs, we classify each fair value measurement as follows: • Level 1 – based upon quoted prices for identical instruments in active markets, • Level 2 – based upon quoted prices for similar instruments, prices for identical or similar instruments in markets that are not active, or model-derived valuations of all of whose significant inputs are observable, and • Level 3 – based upon one or more significant unobservable inputs. The following section describes key inputs and assumptions used in valuation methodologies of our assets and liabilities measured at fair value on a recurring basis: Cash and cash equivalents, short-term notes and accounts receivable, accounts payable and other current payables – The carrying amount approximates fair value because of the short maturity of these instruments. Debt – The fair value of our debt as of December 31, 2018 approximated book value of $ 2,156.6 million . The fair value of our debt as of December 31, 2017 was $359.2 million versus a book value of $339.4 million . The fair values of the Senior Notes and the revolving facility were determined using level 2 and level 3 inputs, respectively. Assets held for sale – Assets held for sale values are determined using Level 3 fair value inputs. These represent management's estimate of fair value based upon current quotes from participants in the sales process. Foreign currency derivatives – Foreign currency derivatives are carried at market value using Level 2 inputs. We had outstanding loss of $0.1 million as of December 31, 2018 and 2017 . Commodity derivative contracts – Commodity derivative contracts are carried at fair value. We determine the fair value using observable, quoted refined oil product prices that are determined by active markets and therefore classify the commodity derivative contracts as Level 2. We had outstanding gains of $0.3 million and outstanding losses of $11.0 million as of December 31, 2018 and outstanding gains of $5.3 million and outstanding losses of $0.6 million losses as of December 31, 2017 . Additional fair value information related to our Pension funds' assets can be found in Note 12 "Retirement Plans and Postretirement Benefits". Derivative Instruments We use derivative instruments as part of our overall foreign currency and commodity risk management strategies to manage the risk of exchange rate movements that would reduce the value of our foreign cash flows and to minimize commodity price volatility. Foreign currency exchange rate movements create a degree of risk by affecting the value of sales made and costs incurred in currencies other than the US dollar. 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 counter-parties 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, attempt to hedge global currency exposures such as foreign currency denominated debt, sales, receivables, payables, and purchases. We had no foreign currency cashflow hedges outstanding as of December 31, 2018 and December 31, 2017 and therefore, no unrealized gains or losses reported under accumulated other comprehensive income (loss). As of December 31, 2018 , we had outstanding Mexican peso, South African rand, euro, Swiss franc and Japanese yen currency contracts, with aggregate notional amounts of $19.6 million . As of December 31, 2017, we had outstanding Mexican peso, South African rand, euro, Swiss franc and Japanese yen currency contracts, with aggregate notional amounts of $18.9 million . The foreign currency derivatives outstanding as of December 31, 2018 and December 31, 2017 had maturity dates in January 2019 and January 2018, respectively, and were not designated as hedging instruments. Commodity derivative contracts We have entered 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. In the fourth quarter of 2017, we began to enter into three -to five -year take-or-pay contracts with many of our customers and began to hedge the cash flows related to these contracts. As of December 31, 2018 , we had outstanding commodity derivative contracts with a notional amount of $142.1 million and maturities from January 2019 to June 2022 . As of December 31, 2017, we had outstanding commodity derivative contracts with a notional amount of $143.9 million with maturities from January 2018 to June 2022. Within Accumulated Other Comprehensive income (loss), we had a net unrealized pre-tax loss of $10.7 million and a net unrealized pre-tax gain of $4.7 million as of December 31, 2018 and 2017, respectively. Net Investment Hedges We use certain intercompany debt to hedge a portion of our net investment in our foreign operations against currency exposure (net investment hedge). Intercompany debt designated in foreign currency and designated as a non-derivative net investment hedging instrument was $9.5 million and $14.8 million as of December 31, 2018 and 2017 , respectively. Within our currency translation adjustment portion of other comprehensive income (loss), we recorded a gain of $2.2 million in 2018 , and a loss of $1.4 million in 2017 , resulting from these net investment hedges. The fair value of all derivatives is recorded as assets or liabilities on a gross basis in our Consolidated Balance Sheets. At December 31, 2018 and 2017 , the fair value of our derivatives and their respective balance sheet locations are presented in the following table: Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value As of December 31, 2018 (Dollars in thousands) Derivatives designated as cash flow hedges: Commodity derivative contracts Prepaid and other current assets $ 90 Other accrued liabilities $ 4,630 Other long-term assets 260 Other long-term obligations 6,393 Total fair value $ 350 $ 11,023 As of December 31, 2017 Commodity derivative contracts Prepaid and other $ 2,518 Other accrued liabilities $ — Other long-term assets 2,808 Other long-term obligations 581 Total fair value $ 5,326 $ 581 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value As of December 31, 2018 (Dollars in Thousands) Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ — Other current liabilities $ 43 As of December 31, 2017 Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 9 Other current liabilities $ 90 As a result of the settlement of commodity derivative contracts, as of December 31, 2018 and December 31, 2017, net realized pre-tax gains of $7.0 million and $0.1 , respectively, were reported in Accumulated Other Comprehensive Income (loss) and will be released to earnings within the next 12 months. The location and amount of realized (gains) losses on derivatives are recognized in the Statements of Operations when the hedged item impacts earnings and are as follows for the years ended 2018 , 2017 and 2016: Amount of (Gain)/Loss Recognized Location of (Gain)/Loss Recognized in the Consolidated Statement of Operations 2018 2017 2016 Derivatives designated as cash flow hedges: (Dollars in thousands) Commodity forward derivatives Cost of sales $ (919 ) $ — $ — Amount of (Gain)/Loss Recognized Location of (Gain)/Loss Recognized in the Consolidated Statement of Operations 2018 2017 2016 Derivatives not designated as hedges: (Dollars in thousands) Foreign currency derivatives Cost of sales, Other expense/(income) $ (522 ) $ (1,565 ) $ 549 |
Supplementary Balance Sheet Det
Supplementary Balance Sheet Detail | 12 Months Ended |
Dec. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplementary Balance Sheet Detail | Supplementary Balance Sheet Detail The following tables present supplementary balance sheet details: As of As of (Dollars in thousands) Inventories: Raw materials and supplies $ 99,935 $ 39,434 Work in process 125,767 85,852 Finished goods 68,015 48,865 $ 293,717 $ 174,151 Prepaid expenses and other current assets: Prepaid expenses $ 10,720 $ 9,505 Value added tax and other indirect taxes receivable 19,242 18,627 Spare parts inventory 11,507 11,010 Other current assets 4,699 5,730 $ 46,168 $ 44,872 Property, plant and equipment: Land and improvements $ 45,947 $ 46,599 Buildings 68,680 59,608 Machinery and equipment and other 532,084 495,069 Construction in progress 42,131 41,375 $ 688,842 $ 642,651 Other accrued liabilities: Payrolls (including incentive programs) $ 17,284 $ 14,196 Employee benefits 6,977 4,684 Deferred Revenue 5,380 20,784 Other 20,811 13,562 $ 50,452 $ 53,226 Other long term obligations: Postretirement benefits $ 16,192 $ 20,508 Pension and related benefits 33,718 36,116 Other 22,609 12,283 $ 72,519 $ 68,907 The following table presents an analysis of the allowance for doubtful accounts: 2018 2017 2016 Balance at beginning of year $ 1,097 $ 326 $ 244 Additions 122 771 129 Deductions (90 ) — (47 ) Balance at end of year $ 1,129 $ 1,097 $ 326 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments Lease commitments under non-cancelable operating leases extending for one year or more will require the following future payments: (Dollars in thousands) 2019 $ 4,474 2020 2,747 2021 1,497 2022 334 2023 269 After 2023 343 Total lease expenses under non-cancelable operating leases extending one year or more approximated $4.9 million in 2018, $5.3 million in 2017 and $3.6 million in 2016. |
Retirement Plans And Postretire
Retirement Plans And Postretirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits, Description [Abstract] | |
Retirement Plans And Postretirement Benefits | Retirement Plans and Postretirement Benefits Retirement Plans On February 26, 1991, we formed our own retirement plan covering substantially all our U.S. employees. Under our plan, covered employees earned benefit payments based primarily on their service credits and wages subsequent to February 26, 1991. Prior to that date, substantially all our U.S. employees were participants in the U.S. retirement plan of Union Carbide Corporation (“Union Carbide”). While service credit was frozen, covered employees continued to earn benefits under the Union Carbide plan based on their final average wages through February 26, 1991, adjusted for salary increases (not to exceed six percent per annum) through January 26, 1995, the date Union Carbide ceased to own a minimum 50% of the equity of GTI. The Union Carbide plan is responsible for paying retirement and death benefits earned as of February 26, 1991. Effective January 1, 2002, we established a defined contribution plan for U.S. employees. Certain employees had the option to remain in our defined benefit plan for an additional period of up to five years. Employees not covered by this option had their benefits under our defined benefit plan frozen as of December 31, 2001, and began participating in the defined contribution plan. Effective March 31, 2003, we curtailed our qualified benefit plan and the benefits were frozen as of that date for the U.S. employees who had the option to remain in our defined benefit plan. We also closed our non-qualified U.S. defined benefit plan for the participating salaried workforce. The employees began participating in the defined contribution plan as of April 1, 2003. Pension coverage for employees of foreign subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are systematically provided for by depositing funds with trustees, under insurance policies or by book reserves. The components of our consolidated net pension costs are set forth in the following table: For the Year Ended December 31, 2018 2017 2016 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ 1,315 $ 674 $ 1,305 $ 710 $ 1,325 $ 698 Interest cost 4,709 253 5,352 199 5,744 243 Expected return on assets (5,679 ) (330 ) (5,268 ) (299 ) (4,940 ) (298 ) Mark-to-market loss (gain) 2,473 503 (4,140 ) (53 ) (2,322 ) (220 ) Pension costs $ 2,818 $ 1,100 $ (2,751 ) $ 557 $ (193 ) $ 423 The mark-to-market loss in 2018 was the result of less than expected return on plan assets, partially offset by a favorable change to the discount rate. The mark-to-market gain in 2017 was the result of better than expected returns on assets, partially offset by an unfavorable change to the discount rate. The mark-to-market gain in 2016 was the result of better than expected returns on plan assets and favorable changes to the mortality tables, partially offset by unfavorable changes to the discount rate. The reconciliation of the beginning and ending balances of our pension plans’ benefit obligations, fair value of assets, and funded status at December 31, 2018 and 2017 are: As of As of U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net Benefit Obligation at beginning of period $ 139,746 $ 20,407 $ 140,230 $ 18,237 Service cost 1,315 674 1,305 710 Interest cost 4,709 253 5,352 199 Participant contributions — 392 — 252 Foreign currency exchange changes — (339 ) — 1,069 Actuarial (gain) loss (8,297 ) 711 3,212 63 Benefits paid (10,488 ) 234 (10,353 ) (123 ) Net benefit obligation at end of period $ 126,985 $ 22,332 $ 139,746 $ 20,407 Changes in Plan Assets: Fair value of plan assets at beginning of period $ 109,845 $ 13,618 $ 100,905 $ 11,871 Actual return on plan assets (5,091 ) 538 12,620 415 Foreign currency exchange rate changes (154 ) — 545 Employer contributions 5,579 726 6,673 658 Participant contributions 392 — 252 Benefits paid (10,488 ) 234 (10,353 ) (123 ) Fair value of plan assets at end of period $ 99,845 $ 15,354 $ 109,845 $ 13,618 Funded status (underfunded): $ (27,140 ) $ (6,978 ) $ (29,901 ) $ (6,789 ) Amounts recognized in accumulated other comprehensive loss: Prior service credit $ — $ — $ — $ — Amounts recognized in the statement of financial position: Non-current assets $ 147 $ — $ — Current liabilities (430 ) (117 ) (433 ) — (146 ) Non-current liabilities (26,710 ) (7,008 ) (29,468 ) — (6,643 ) Net amount recognized $ (27,140 ) $ (6,978 ) $ (29,901 ) $ (6,789 ) The accumulated benefit obligation for all defined benefit pension plans was $147.6 million and $158.6 million as of December 31, 2018 and 2017 , respectively. Plan Assets The accounting guidance on fair value measurements specifies a hierarchy based on the observability of inputs used in valuation techniques (Level 1, 2 and 3). See Note 9, “Fair Value Measurements and Derivative Instruments,” for a discussion of the fair value hierarchy. The following describes the methods and significant assumptions used to estimate the fair value of the investments: Cash and cash equivalents – Valued at cost. Cash equivalents are valued at net asset value as provided by the administrator of the fund. Foreign government bonds – Valued by the trustees using various pricing services of financial institutions. Debt securities – Valued by the trustee at year-end using various pricing services of financial institutions, including Interactive Data Corporation, Standard & Poor’s and Telekurs. Equity securities – Valued at the closing price reported on the active market on which the security is traded. Fixed insurance contract – Valued at the present value of the guaranteed payment streams. Investment contracts – Valued at the total cost of annuity contracts purchased, adjusted for market differences from the date of purchase to year-end. Collective trusts – Valued at the net asset value provided by the administrator of the fund (the practical expedient). The net asset value is primarily based on quoted market prices of the underlying securities for which quoted market prices of the underlying securities of the funds. Some of the underlying investments include securities for which quoted market prices are not available and are valued using data obtained by the trustee from the best available source or market value. This method may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although we believe its valuation method is appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The fair value of other plan assets by category is summarized below (dollars in thousands): As of December 31, 2018 Level 1 Level 2 Level 3 Total U.S. Plan Assets Cash and cash equivalents $ 1,978 $ — $ — $ 1,978 International Plan Assets Foreign government bonds $ — $ 958 $ — $ 958 Fixed insurance contracts — — 14,396 14,396 Total assets in the fair value hierarchy $ — $ 958 $ 14,396 $ 15,354 Investments measured at net asset value $ 97,867 Total $ 1,978 $ 958 $ 14,396 $ 115,199 As of December 31, 2017 Level 1 Level 2 Level 3 Total U.S. Plan Assets Cash and cash equivalents $ 2,094 $ — $ — $ 2,094 International Plan Assets Foreign government bonds $ — $ 831 $ — $ 831 Fixed insurance contracts — — 12,787 12,787 Total assets in the fair value hierarchy $ — $ 831 $ 12,787 $ 13,618 Investments measured at net asset value $ 107,751 Total $ 2,094 $ 831 $ 12,787 $ 123,463 The following table presents the changes for those financial instruments classified within Level 3 of the valuation hierarchy for international plan pension assets for the years ended December 31, 2017 and 2018 (dollars in thousands): Fixed Insurance Contracts Balance at December 31, 2016 $ 11,142 Gain / contributions / currency impact 1,651 Distributions (6 ) Balance at December 31, 2017 12,787 Gain / contributions / currency impact 1,619 Distributions (10 ) Balance at December 31, 2018 $ 14,396 We annually re-evaluate assumptions and estimates used in projecting pension assets, liabilities and expenses. These assumptions and estimates may affect the carrying value of pension assets, liabilities and expenses in our Consolidated Financial Statements. Assumptions used to determine net pension costs and projected benefit obligations are: Pension Benefit Obligations Key Assumptions As of December 31, 2018 2017 Weighted average assumptions to determine benefit obligations: Discount rate 3.71 % 3.20 % Rate of compensation increase 1.74 % 1.57 % Pension Cost Key Assumptions Weighted average assumptions to determine net cost: Discount rate 3.20 % 3.61 % Expected return on plan assets 4.94 % 4.95 % Rate of compensation increase 1.57 % 1.57 % We adjust our discount rate annually in relation to the rate at which the benefits could be effectively settled. Discount rates are set for each plan in reference to the yields available on AA-rated corporate bonds of appropriate currency and duration. The appropriate discount rate is derived by developing an AA-rated corporate bond yield curve in each currency. The discount rate for a given plan is the rate implied by the yield curve for the duration of that plan’s liabilities. In certain countries, where little public information is available on which to base discount rate assumptions, the discount rate is based on government bond yields or other indices and approximate adjustments to allow for the differences in weighted durations for the specific plans and/or allowance for assumed credit spreads between government and AA rated corporate bonds. The expected return on assets assumption represents our best estimate of the long-term return on plan assets and generally was estimated by computing a weighted average return of the underlying long-term expected returns on the different asset classes, based on the target asset allocations. The expected return on assets assumption is a long-term assumption that is expected to remain the same from one year to the next unless there is a significant change in the target asset allocation, the fees and expenses paid by the plan or market conditions. The rate of compensation increase assumption is generally based on salary increases. Plan Assets. The following table presents our retirement plan weighted average asset allocations at December 31, 2018, by asset category : Percentage of Plan Assets US Foreign Equity securities and return seeking assets 20 % — % Fixed income, debt securities, or cash 80 % 100 % Total 100 % 100 % Investment Policy and Strategy. The investment policy and strategy of the U.S. plan is to invest approximately 20% in equities and return seeking assets and approximately 80% in fixed income securities. Rebalancing is undertaken monthly. To the extent we maintain plans in other countries, target asset allocation is 100% fixed income investments. For each plan, the investment policy is set within both asset return and local statutory requirements. Information for our pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2017 and 2018 follows: 2018 2017 U.S. Foreign U.S. Foreign (Dollars in thousands) Accumulated benefit obligation $ 126,985 $ 20,601 $ 139,746 $ 18,843 Fair value of plan assets 99,845 14,396 109,845 13,618 Information for our pension plans with a projected benefit obligation in excess of plan assets at December 31, 2017 and 2018 follows: 2018 2017 U.S. Foreign U.S. Foreign (Dollars in thousands) Projected benefit obligation $ 126,985 $ 21,520 $ 139,746 $ 20,407 Fair value of plan assets 99,845 14,396 109,845 13,618 Following is our projected future pension plan cash flow by year: U.S. Foreign (Dollars in thousands) Expected contributions in 2019: Expected employer contributions $ 684 $ 744 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2019 9,240 858 2020 9,221 755 2021 9,221 824 2022 9,182 824 2023 9,136 955 2024-2028 43,993 8,223 Post-Employment Benefit Plans We provide life insurance benefits for eligible retired employees. These benefits are provided through various insurance companies. We accrue the estimated net postretirement benefit costs during the employees’ credited service periods. In July 2002, we amended our U.S. postretirement medical coverage. In 2003 and 2004, we discontinued the Medicare Supplement Plan (for retirees 65 years or older or those eligible for Medicare benefits). This change applied to all U.S. active employees and retirees. In June 2003, we announced the termination of the existing early retiree medical plan for retirees under age 65, effective December 31, 2005. In addition, we limited the amount of retiree’s life insurance after December 31, 2004. These modifications are accounted for prospectively. The impact of these changes is being amortized over the average remaining period to full eligibility of the related postretirement benefits. During 2009, we amended one of our U.S. plans to eliminate the life insurance benefit for certain non-pooled participants. The components of our consolidated net postretirement costs are set forth in the following table: For the Year Ended December 31, 2018 2017 2016 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ — $ 1 $ — $ 2 $ — $ 4 Interest cost 264 700 333 653 360 764 Plan amendment / curtailment — — — — — (993 ) Mark-to-market (gain) loss (1,028 ) 47 (1,257 ) 742 (191 ) (225 ) Post-employment benefits (benefit) cost $ (764 ) $ 748 $ (924 ) $ 1,397 $ 169 $ (450 ) The reconciliation of beginning and ending balances of benefit obligations under, fair value of assets of, and the funded status of, our postretirement plans is set forth in the following table: Postretirement Benefits As of As of U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net benefit obligation at beginning of period $ 8,461 $ 12,172 $ 10,175 $ 10,700 Service cost — 1 — 2 Interest cost 264 700 333 653 Foreign currency exchange rates — (1,333 ) — 931 Actuarial (gain) loss (1,028 ) 47 (1,257 ) 742 Gross benefits paid (532 ) (926 ) (790 ) (856 ) Plan amendment — — — — Net benefit obligation at end of period $ 7,165 $ 10,661 $ 8,461 $ 12,172 Changes in Plan Assets: Fair value of plan assets at beginning of period $ — $ — $ — $ — Employer contributions 532 926 790 856 Gross benefits paid (532 ) (926 ) (790 ) (856 ) Fair value of plan assets at end of period $ — $ — $ — $ — Funded status: $ (7,165 ) $ (10,661 ) $ (8,461 ) $ (12,172 ) Amounts recognized in accumulated other comprehensive loss: Prior service credit $ — $ — $ — $ — Amounts recognized in the statement of financial position: Current liabilities $ (783 ) $ (851 ) $ (855 ) $ (912 ) Non-current liabilities (6,382 ) (9,810 ) (7,606 ) (11,260 ) Net amount recognized $ (7,165 ) $ (10,661 ) $ (8,461 ) $ (12,172 ) We annually re-evaluate assumptions and estimates used in projecting the postretirement liabilities and expenses. These assumptions and estimates may affect the carrying value of postretirement plan liabilities and expenses in our Consolidated Financial Statements. Assumptions used to determine net postretirement benefit costs and postretirement projected benefit obligation are set forth in the following table: Postretirement Benefit Obligations 2018 2017 Weighted average assumptions to determine benefit obligations: Discount rate 5.57 % 5.07 % Health care cost trend on covered charges: Initial 6.53 % 6.86 % Ultimate 6.05 % 6.23 % Years to ultimate 8 8 Postretirement Benefit Costs 2018 2017 Weighted average assumptions to determine net cost: Discount rate 5.07 % 4.80 % Health care cost trend on covered charges: Initial 6.86 % 6.80 % Ultimate 6.23 % 5.96 % Years to ultimate 7 7 Assumed health care cost trend rates have a significant effect on the amounts reported for our postretirement benefits. A one-percentage point change in assumed health care cost trend rates would have the following effects at December 31, 2018: One Percentage Point Increase One Percentage Point Decrease U.S. Foreign U.S. Foreign (Dollars in thousands) Effect on total service cost and interest cost components $ 1 $ 32 $ (1 ) $ (66 ) Effect on benefit obligations $ 14 $ 506 $ (14 ) $ (442 ) Discount rates are set for each plan in reference to the yields available on AA-rated corporate bonds of appropriate currency and duration. The appropriate discount rate is derived by developing an AA-rated corporate bond yield curve in each currency. The discount rate for a given plan is the rate implied by the yield curve for the duration of that plan’s liabilities. In certain countries, where little public information is available on which to base discount rate assumptions, the discount rate is based on government bond yields or other indices and approximate adjustments to allow for the differences in weighted durations for the specific plans and/or allowance for assumed credit spreads between government and AA-rated corporate bonds. The following table represents projected future postretirement cash flow by year: U.S. Foreign (Dollars in thousands) Expected contributions in 2019: Expected employer contributions $ 783 $ 851 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2019 783 851 2020 724 866 2021 663 891 2022 607 904 2023 554 899 2024-2025 2,174 4,769 Savings Plan Our employee savings plan provides eligible employees the opportunity for long-term savings and investment. The plan allows employees to contribute up to 5% of pay as a basic contribution and an additional 45% of pay as supplemental contribution. In 2018, 2017 and 2016, the contributions to our Savings Plan were $1.3 million , $ 1.6 million and $2.5 million , respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies Legal Proceedings We are involved in various investigations, lawsuits, claims, demands, environmental compliance programs and other legal proceedings 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, we do not believe that their ultimate disposition will have a material adverse effect on our financial position, results of operations or cash flows. Litigation has been pending in Brazil 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). Prior to October 1, 2015, we were not party to such litigation. Companies in Brazil have recently settled claims arising out of these provisions and, in May 2015, the litigation was remanded, in favor of the employees, by the Brazil Supreme Court to the lower courts for further proceedings which included procedural aspects of the case, such as admissibility of instruments filed by the parties. On October 1, 2015, an 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. In the first quarter of 2017, the state court ruled in favor of the employees. We have appealed this ruling and intend to vigorously defend it. As of December 31, 2018, 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. Product warranties were not impacted by purchase price accounting adjustments. Claims accrued but not yet paid and the related activity within the reserve for 2017 and 2018 are as follows: (Dollars in Thousands) Balance as of December 31, 2016 $ 969 Product warranty charges/adjustments (149 ) Payments and settlements (471 ) Balance as of December 31, 2017 $ 349 Product warranty charges/adjustments 1,510 Payments and settlements (331 ) Balance as of December 31, 2018 $ 1,528 Tax Receivable Agreement On April 23, 2018, the Company entered into a tax receivable agreement (the "TRA") that provides Brookfield, as the sole pre-IPO stockholder, 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 certain tax assets attributable to periods prior to our IPO, including certain federal net operating losses ("NOLs"), previously taxed income under Section 959 of the Code, foreign tax credits, and certain NOLs in Swissco (collectively, 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 at a rate equal to LIBOR plus 1.00% per annum. The term of the TRA commenced on April 23, 2018 and will continue until there is no potential for any future tax benefit payments. There was no liability recognized on the date we entered into the TRA as the there was a full valuation allowance recorded against our deferred tax assets. During the second quarter of 2018, it was determined that the conditions were appropriate for the Company to release a valuation allowance of certain tax assets as we exited our three year cumulative loss position. This release resulted in the recording of a $86.5 million liability related to the TRA on the Consolidated Statements of Operations as "Related party Tax Receivable Agreement Expense." Long-term Incentive Plan The long-term incentive plan ("LTIP") was adopted by the Company effective as of August 17, 2015, as amended and restated as of March 15, 2018. The purpose of the plan is to retain senior management personnel of the Company, to incentivize them to make decisions with a long-term view and to influence behavior in a way that is consistent with maximizing value for the pre-IPO stockholder of the Company in a prudent manner. Each participant is allocated a number of profit units, with a maximum of 30,000 profit units (or Profit Units) available under the plan. Awards of Profit Units generally vest in equal increments over a five-year period beginning on the first anniversary of the grant date and subject to continued employment with the Company through each vesting date. Any unvested Profit Units that have not been previously forfeited will accelerate and become fully vested upon a ‘‘Change in Control’’ (as defined below). Profit Units will generally be settled in a lump sum payment within 30 days following a Change in Control based on the ‘‘Sales Proceeds’’ (as defined below) received by Brookfield Capital Partners IV, L.P. (or, together with its affiliates, Brookfield Capital IV) in connection with the Change in Control. The LTIP defines ‘‘Change in Control’’ as any transaction or series of transactions (including, without limitation, the consummation of a combination, share purchases, recapitalization, redemption, issuance of capital stock, consolidation, reorganization or otherwise) pursuant to which (a) a Person not affiliated with Brookfield Capital IV acquires securities representing more than seventy percent (70%) of the combined voting power of the outstanding voting securities of the Company or the entity surviving or resulting from such transaction, (b) following a public offering of the Company’s stock, Brookfield Capital IV has ceased to have a beneficial ownership interest in at least 30% of the Company’s outstanding voting securities (effective on the first of such date), or (c) the Company sells all or substantially all of the assets of the Company and its subsidiaries on a consolidated basis. It is intended that the occurrence of a Change in Control in which Sales Proceeds exceed the Threshold Value would constitute a ‘‘substantial risk of forfeiture’’ within the meaning of Section 409A of the Code. The LTIP defines ‘‘Threshold Value’’ as, as of any date of determination, an amount equal to $855,000,000 , (which represents the amount of the total invested capital of Brookfield Capital IV as of August 17, 2015), plus the dollar value of any cash or other consideration contributed to or invested in the Company by Brookfield Capital IV after August 17, 2015. The Threshold Value shall be determined by the Board of Directors in its sole discretion. The LTIP defines ‘‘Sales Proceeds’’ as, as of any date of determination, the sum of all proceeds actually received by the Brookfield Capital IV, net of all Sales Costs (as defined below), (i) as consideration (whether cash or equity) upon the Change in Control and (ii) as distributions, dividends, repurchases, redemptions or otherwise as a holder of such equity interests in the Company. Proceeds that are not paid upon or prior to or in connection with the Change in Control, including earn-outs, escrows and other contingent or deferred consideration shall become ‘‘Sale Proceeds’’ only as and when such proceeds are received by Brookfield Capital IV. ‘‘Sales Costs’’ means any costs or expenses (including legal or other advisor costs), fees (including investment banking fees), commissions or discounts payable directly by Brookfield Capital IV in connection with, arising out of or relating to a Change in Control, as determined by the Board of Directors in its sole discretion. Given the successful completion of the IPO in the second quarter, it is reasonably possible that a Change in Control, as defined above, may ultimately happen and that the awarded Profit Units will be subsequently paid out to the participants. Assuming 100% vesting of the awarded Profit Units and depending on Brookfield’s sales proceeds, the potential liability triggered by a Change in Control is estimated to be in the range of $65 million to $90 million . As of December 31, 2018, the awards are 60% vested. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table summarizes the U.S. and non-U.S. components of income (loss) from continuing operations before provision for income taxes: For the Year Ended December 31, 2018 2017 2016 (Dollars in thousands) U.S. $ (68,032 ) $ (26,981 ) $ (44,971 ) Non-U.S. 970,840 30,412 (71,450 ) $ 902,808 $ 3,431 $ (116,421 ) Income tax expense (benefit) consists of the following: For the Year Ended December 31, 2018 2017 2016 U.S income taxes: Current $ 787 $ (1,066 ) $ (878 ) Deferred (52,145 ) 38 1,152 (51,358 ) (1,028 ) 274 Non-U.S. income taxes: Current 85,252 5,924 5,389 Deferred 15,026 (15,677 ) (13,215 ) 100,278 (9,753 ) (7,826 ) Total income tax expense (benefit) $ 48,920 $ (10,781 ) $ (7,552 ) The tax expense changed from a benefit of $(7.6) million and $(10.8) million for the years ended December 31, 2016 and 2017 to a tax expense of $48.9 million for the year ended December 31, 2018 primarily due to the increase in earnings, the shift in the jurisdictional mix of earnings and losses from year to year, and offset by a partial release of a valuation allowance recorded against the deferred tax asset related to certain U.S. tax attributes. Certain jurisdictions shifted from pre-tax losses in 2016 and 2017 to pretax earnings in 2018. Tax Cuts and Jobs Act On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (“Tax Act”), which significantly revises the U.S. corporate income tax system. These changes include a federal statutory rate reduction from 35% to 21% , the elimination or reduction of certain domestic deductions and credits and limitations on the deductibility of interest expense and executive compensation. The Tax Act also transitions international taxation from a worldwide system to a modified territorial system and includes base erosion prevention measures which have the effect of subjecting certain earnings of our foreign subsidiaries to U.S. taxation as GILTI. In general, these changes were effective beginning in 2018. The Tax Act also includes a one time mandatory deemed repatriation or transition tax on the accumulated previously untaxed foreign earnings of our foreign subsidiaries. For the fourth quarter of 2017, we were able to reasonably estimate certain Tax Act effects and, therefore, recorded provisional adjustments associated with the deemed repatriation transition tax and remeasurement of certain deferred tax asset and liabilities. Due to the complexities involved in accounting for the enactment of the Tax Act, SAB No. 118 allowed the Company to record provisional amounts in earnings for the year ended December 31, 2017. SAB No. 118 provides that where reasonable estimates can be made, the provisional accounting should be based on such estimates and when no reasonable estimate can be made, the provisional accounting may be based on the tax law in effect before the Tax Act. On October 15, 2018, the Company’s U.S. tax returns for 2017 were filed and the changes to the provisional tax positions reflected in those returns compared to the estimates recorded in the Company’s earnings for the year ended December 31, 2017 were recorded in 2018. These adjustments were immaterial to the Company’s financial statements. On August 1, 2018, the U.S. Department of Treasury and the Internal Revenue Service ("IRS") issued proposed regulations under code section 965 and on January 15, 2019, the IRS issued final 965 regulations. The Company continues to analyze the effects of the Tax Act and newly issued final regulations on its financial statements. The final impact of the Tax Act and the regulations may differ from the amounts that have been recognized, due to, among other things, changes in the Company’s interpretation of the Tax Act, additional legislative or administrative actions to clarify the intent of the statutory language provided that they differ from the Company’s current interpretation, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates utilized to calculate the impacts, including changes to current year earnings estimates and applicable foreign exchange rates. We estimate that any change will be immaterial to the Company’s financial statements at this time. The Company has determined the impact of the GILTI provisions under the Tax Act and has recorded the estimate of this impact in the financial results of 2018. As these GILTI provisions under the Tax Act are complex and subject to continuing regulatory interpretation by the IRS, the Company will continue to evaluate the impact. The Company is required to make an accounting policy election of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred (the “period cost method”) or (2) factoring such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). As of December 31, 2018, the Company’s accounting policy will be to treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred. Income tax expense (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35% to income before expense (benefit) for taxes as set forth in the following table: For the Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Tax at statutory U.S. federal rate $ 189,590 $ 1,201 $ (40,747 ) Impact of U.S. Tax Cut and Jobs Act - GILTI 93,739 — — Impact of the 2017 Tax Act - transition tax — 39,628 — Impact of the 2017 Tax Act - tax rate change — 52,228 — Impact of Tax Receivable Agreement 18,160 — — Valuation allowance, net (93,125 ) (89,269 ) 35,091 State taxes, net of federal tax benefit 1,529 3,437 (2,324 ) U.S. tax impact of foreign earnings (net of foreign tax credits) 792 1,151 51 Investment in subsidiary impairment deduction — — (10,114 ) Establishment/resolution of uncertain tax positions (345 ) (840 ) (513 ) Adjustment for foreign income taxed at different rates (95,822 ) (2,359 ) 12,738 Foreign tax credits (65,046 ) (17,956 ) (175 ) Other (552 ) 1,998 (1,559 ) Provision (benefit) for income taxes $ 48,920 $ (10,781 ) $ (7,552 ) The company has been granted a tax holiday in Brazil, which expires in 2024. The availability of the tax holiday in Brazil did not have a significant impact on the current tax year. The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities at December 31, 2018 and December 31, 2017 are set forth in the following table. As of December 31, 2018 2017 (Dollars in thousands) Deferred tax assets: Postretirement and other employee benefits $ 18,395 $ 19,392 Foreign tax credit and other carryforwards 111,325 175,229 Capitalized research and experimental costs 7,695 9,417 Environmental reserves 976 493 Inventory 14,251 7,933 Original issue discount — 2,603 Long-term contract option amortization 1,144 1,204 Provision for rationalization charges 351 502 Other 4,270 1,536 Total gross deferred tax assets 158,407 218,309 Less: valuation allowance (58,446 ) (150,839 ) Total deferred tax assets 99,961 67,470 Deferred tax liabilities: Fixed assets $ 59,521 $ 68,098 Debt discount amortization / Deferred financing fees — 3,191 Inventory 7,751 5,128 Goodwill and acquired intangibles 3,668 — Other 3,138 2,031 Total deferred tax liabilities 74,078 78,448 Net deferred tax asset (liability) $ 25,883 $ (10,978 ) Net non-current deferred tax assets are separately stated as deferred income taxes in the amount of $30.8 million as of December 31, 2017 and $71.7 million as of December 31, 2018. Net non-current deferred tax liabilities are separately stated as deferred income taxes in the amount of $41.7 million at December 31, 2017 and $45.8 million at December 31, 2018. During 2016, an affiliate of Brookfield, purchased on the open market in aggregate approximately $53 million of GrafTech’s traded senior notes. This related party transaction generated a gain due to the discount at which the senior note was trading. This gain was taxable to GrafTech in 2016 and generated a deferred tax asset for an original issuance discount of approximately $6.5 million . This deferred tax asset was $2.6 million at December 31, 2017. The GrafTech senior notes were retired in 2018 and the related deferred tax asset was also released. We continue to assess the need for valuation allowances against 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. Examples of negative evidence would include cumulative losses in recent years and history of tax attributes expiring unused. 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. The recognition of the valuation allowance does not result in or limit the Company's ability to utilize these tax assets in the future. Valuation allowance activity for the years ended December 31, 2017 and 2018 was as follows: (Dollars in thousands) Balance as of December 31, 2015 $ 165,539 Charged to income 78,469 Translation adjustment 583 Changes attributable to movement in underlying assets 250 Balance as of December 31, 2016 $ 244,841 Credited to income (87,194 ) Translation adjustment 207 Changes attributable to movement in underlying assets (7,015 ) Balance as of December 31, 2017 $ 150,839 Credited to income (93,125 ) Translation adjustment (302 ) Changes attributable to movement in underlying assets 1,034 Balance as of December 31, 2018 $ 58,446 In the fourth quarter of 2017, with the enactment of the Tax Act, additional taxable income was derived as a result of inclusion of accumulated previously untaxed foreign earnings of GrafTech’s foreign subsidiaries. This additional taxable income lead to the utilization of the U.S. net operating loss carryforward in 2017 and a partial release of the valuation allowance against the U.S. deferred tax assets. The valuation allowance was further reduced by the U.S. tax rate decrease from 35% to 21% as a result of the Tax Act. During 2018, we determined that sufficient positive evidence existed that allowed us to conclude that a full valuation allowance was no longer required to be recorded against the deferred tax assets related the U.S. tax attributes. This positive evidence was primarily supplied by the company exiting a cumulative loss period in the U.S. as well as sufficient US current and forecasted taxable income that would utilize the U.S. tax attributes. As a result, a partial release (to reflect only the economic benefit of the attributes) of the valuation allowance against federal net operating losses and state losses was recorded in 2018 while a full release of the valuation allowance against the federal foreign tax credit carryforward, other federal deferred tax assets was also recorded. A valuation allowance of $35.8 million is included in the December 31, 2018 balance reflected above as there is not sufficient positive evidence that the deferred tax asset related to the U.S. net operating loss will generate more than its estimated economic benefit. In March of 2017, $19.5 million of foreign tax credit expired. During the fourth quarter of 2017, we increased our foreign tax credit carryforward by $37.7 million , as a result of additional foreign taxable income derived in connections with the new U.S. tax legislation that was enacted on December 22, 2017. As of December 31, 2018 we have a total foreign tax credit carryforward of $38.9 million . As indicated above, a valuation allowance is no longer recorded against this foreign tax credit carryforward. These tax credit carryforwards begin to expire as of March 15, 2025. In addition, we have a federal net operating loss carryforward of $25.2 million and state net operating losses carryforwards of $320.3 million (net of federal benefit), which can be carried forward from 5 to 20 years. These net operating losses carryforwards generate a deferred tax asset of $59.3 million as of December 31, 2018. We also have U.S. non-net operating loss related deferred tax assets of $3.0 million as of December 31, 2018. The federal net operating loss carryforward is limited by IRC §382. We have non-U.S. loss and tax credit carryforwards on a gross tax effected basis of $10.1 million , which can be carried forward from 7 years to indefinitely. During the fourth quarter of 2017, GrafTech Switzerland moved from a cumulative loss position to a cumulative profit position, as well as a current year utilization of its net operating loss carryforward. This positive evidence and utilization lead to a full release of the valuation allowance against the GrafTech Switzerland deferred tax asset in 2017. As of December 31, 2018, we had unrecognized tax benefits of $2.0 million , which, if recognized, would have a favorable impact on our effective tax rate. We have elected to report interest and penalties related to uncertain tax positions as income tax expense. Accrued interest and penalties were $0.8 million as of December 31, 2016 (an increase of $0.1 million ), $0.8 million as of December 31, 2017 (an increase of $0.0 million ) and $0.9 million as of December 31, 2018 (an increase of $0.1 million ). A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (Dollars in thousands) Balance as of December 31, 2016 $ 3,338 Additions for tax positions of prior years 114 Lapse of statutes of limitations (989 ) Foreign currency impact 29 Balance as of December 31, 2017 $ 2,492 Reductions for tax positions of prior years (100 ) Lapse of statutes of limitations (373 ) Settlements (21 ) Foreign currency impact (8 ) Balance as of December 31, 2018 $ 1,990 It is reasonably possible that a reduction of unrecognized tax benefits of up to $2.0 million may occur within 12 months due to settlements and the expiration of statutes of limitation. 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 2015 are generally closed by statute or have been audited and settled with the applicable domestic tax authorities. All other jurisdictions are still open to examination beginning after 2012. As of December 31, 2018, the Company has accumulated undistributed earnings generated by our foreign subsidiaries of approximately $1.6 billion . Because $998.3 million of such earnings have previously been subject to the one-time transition tax on foreign earnings required by the Tax Act, any additional taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of our foreign investments would generally be limited to foreign and state taxes. We intend, however, to indefinitely reinvest these earnings and expect future U.S. cash generation to be sufficient to meet future U.S. cash needs. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Stockholders' Equity | (15) Stockholders' Equity The following information should be read in conjunction with the Consolidated Statement of Stockholders' Equity. Stock Split On April 12, 2018, the Company effected a 3,022,259.23 to one stock split of the Company's then outstanding common stock. We have retroactively applied this split to all share presentations, as well as "Net income (loss) per share" and "Income (loss) from continuing operations per share" calculations for the periods presented. Conditional Dividend to Pre-IPO Stockholder On April 19, 2018, we declared a $160 million cash dividend payable to Brookfield, the sole pre-IPO stockholder. Payment of this dividend was conditional upon (i) the Senior Secured First Lien Net Leverage Ratio (as defined in the 2018 Credit Agreement), as calculated based on our final financial results for the first quarter of 2018, being equal to or less than 1.75 to 1.00, (ii) no Default or Event of Default (as defined in the 2018 Credit Agreement) having occurred and continuing or that would result from the payment of the dividend and (iii) the payment occurring within 60 days from the dividend record date. The conditions of this dividend were met upon filing of our first quarter report on Form 10-Q and the dividend was paid on May 8, 2018. Brookfield Promissory Note On April 19, 2018, we declared a dividend in the form of the Brookfield Promissory Note to the sole pre-IPO stockholder. This note was repaid on June 15, 2018 with proceeds from our Incremental Term Loans. See Note 7 "Debt and Liquidity". Initial Public Offering On April 23, 2018, we completed the IPO of 35,000,000 shares of our common stock at a price of $15 per share. This offering represented a sale of 11.6% of our sole pre-IPO stockholder's ownership in the Company. On April 26, 2018, we closed the sale of an additional 3,097,525 shares of common stock at a price to the public of $15 per share from the pre-IPO stockholder, as a result of the partial exercise by the underwriters in our IPO of their overallotment option. After giving effect to the partial exercise of the overallotment option, the total number of shares of common stock sold by the pre-IPO stockholder was 38,097,525 . The Company did not receive any proceeds related to the offering. We have incurred $5.1 million of legal, accounting, printing and other fees associated with this offering through December 31, 2018, which was recorded in "Selling and administrative" expenses in the Consolidated Statements of Operations. Dividends The Board of Directors declared and paid a dividend of $0.0645 per share for the first quarter of 2018 totaling $19.5 million , which was paid on June 29, 2018 and represented a prorated quarterly dividend of $0.085 (or $0.34 per annum) per share of our common stock prorated from the date of our IPO, April 23, 2018 to June 30, 2018. We paid our regular quarterly dividends of $0.85 per share on September 28 and December 31, 2018. Additionally, we paid a special dividend to stockholders of $0.70 per share on December 31, 2018. Follow-on Offering and Common Stock Repurchase On August 13, 2018, Brookfield completed an underwritten public secondary offering (the "Offering") of 23,000,000 shares of our common stock at a price to the public of $20.00 per share. The Company did not receive any proceeds related to the Offering. Pursuant to a share repurchase agreement with Brookfield, we concurrently repurchased 11,688,311 shares directly from Brookfield. The price per share paid by us in the repurchase was equal to the price at which the underwriters purchased the shares from Brookfield in the Offering net of underwriting commissions and discounts. We funded the share repurchase from cash on hand. The terms and conditions of the share repurchase were reviewed and approved by the audit committee of our board of directors, which is comprised solely of independent directors. All repurchased shares were retired. The balance in our accumulated other comprehensive income (loss) is set forth in the following table: As of December 31, 2018 As of (Dollars in thousands) Foreign currency translation adjustments, net of tax $ (2,922 ) $ 15,468 Commodities and foreign currency derivatives, net of tax (2,878 ) 4,821 Total accumulated comprehensive (loss) income $ (5,800 ) $ 20,289 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (16) Earnings per Share The following table shows the information used in the calculation of our basic and diluted earnings per share calculation as of December 31, 2018 and December 31, 2017. See Note 15 "Stockholders' Equity" for details on our April 12, 2018 stock split and our common stock repurchase on August 13, 2018. For the Year Ended December 31, 2018 2017 2016 Weighted average common shares outstanding for basic calculation 297,748,327 302,225,923 302,225,923 Add: Effect of stock options and restricted stock 5,443 — — Weighted average common shares outstanding for diluted calculation 297,753,770 302,225,923 302,225,923 Basic earnings per common share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted earnings per share are calculated by dividing net income (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 earnings per share calculation excludes consideration of stock options covering 650,432 shares in 2018, as these shares are anti-dilutive. |
Quarterly Information
Quarterly Information | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information | Summary of quarterly financial data (Unaudited) The following summarizes certain consolidated operating results by quarter for 2018 and 2017. 2017 periods presented have been revised for the change in accounting for pension and OPEB presentation. This change had no impact on Net income or Net income per share. 2018 2017 March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 (Dollars in thousands, except per share amounts) As Reported: Net Sales $ 451,899 $ 456,332 $ 454,890 $ 532,789 $ 104,739 $ 116,314 $ 137,245 $ 192,473 Gross profit 306,750 290,422 274,610 318,430 1,085 9,679 16,561 60,598 Research and development 429 581 518 601 829 943 1,338 (159 ) Selling and administrative expenses 15,876 16,239 14,234 15,683 11,683 12,195 13,322 12,280 Other expense (income), net 2,005 (974 ) 1,502 828 3,067 1,186 (643 ) (1,976 ) Related party Tax Receivable Agreement Expense — 61,801 — 24,677 — — — — Net income (loss) 223,673 201,448 199,466 229,632 (26,344 ) (17,383 ) (3,919 ) 55,628 Net income (loss) per share $ 0.74 $ 0.67 $ 0.67 $ 0.79 $ (0.09 ) $ (0.06 ) $ (0.01 ) $ 0.18 Effect of Change: Net Sales $ — $ — $ — $ — $ — $ — $ — $ — Gross profit — — — — 201 201 201 (809 ) Research and development — — — — (9 ) (10 ) (9 ) 532 Selling and administrative expenses — — — — (27 ) (26 ) (29 ) 3,109 Other expense (income), net — — — — 237 237 239 (4,450 ) Net income (loss) — — — — — — — — Net income (loss) per share $ — $ — $ — $ — $ — $ — $ — $ — Revised: Net Sales $ 451,899 $ 456,332 $ 454,890 $ 532,789 $ 104,739 $ 116,314 $ 137,245 $ 192,473 Gross profit 306,750 290,422 274,610 318,430 1,286 9,880 16,762 59,789 Research and development 429 581 518 601 820 933 1,329 373 Selling and administrative expenses 15,876 16,239 14,234 15,683 11,656 12,169 13,293 15,389 Other expense (income), net 2,005 (974 ) 1,502 828 3,304 1,423 (404 ) (6,426 ) Related party Tax Receivable — 61,801 — 24,677 — — — — Net income (loss) 223,673 201,448 199,466 229,632 (26,344 ) (17,383 ) (3,919 ) 55,628 Net income (loss) per share $ 0.74 $ 0.67 $ 0.67 $ 0.79 $ (0.09 ) $ (0.06 ) $ (0.01 ) $ 0.18 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 7, 2019, the Board of Directors declared a dividend of $.085 per share to stockholders of record as of the close of business on February 28, 2019, to be paid on March 29, 2019. |
Business And Summary Of Signi_2
Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Discussion Of Business And Structure | Discussion of Business and Structure GrafTech International Ltd. (the “Company”) is a leading manufacturer of high quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. References herein to “GTI,” “we,” “our,” or “us” refer collectively to GrafTech International Ltd. and its subsidiaries. On August 15, 2015, GTI became an indirect wholly owned subsidiary of Brookfield Asset Management Inc. (“Brookfield”) through a tender offer to our former stockholders and subsequent merger transaction. The Company’s only reportable segment, Industrial Materials, is comprised of our two major product categories: graphite electrodes and needle coke products. Needle coke is the key raw material to producing graphite electrodes. The Company's vision is to provide the highest quality graphite electrodes at the lowest cost while providing the best customer service all while striving to be the lowest cost producer. |
Consolidation | The Consolidated Financial Statements include the financial statements of GrafTech International Ltd. and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. |
Cash Equivalents | Cash Equivalents We consider all highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of certificates of deposit, money market funds and commercial paper. |
Revenue Recognition | Revenue Recognition The Company adopted ASC 606 on January 1, 2018. The adoption of ASC 606 represents a change in accounting principle that will more closely align revenue recognition with the delivery of the Company's goods and will provide financial statement readers with enhanced disclosures. The reported results for 2018 reflect the application of ASC 606 guidance while the reported results for 2017 and prior were prepared under the guidance of ASC 605, Revenue Recognition (ASC 605), which is also referred to herein as the "previous revenue guidance". Prior to the adoption of ASC 606, revenue from sales of our commercial products was recognized when they met four basic criteria (1) persuasive evidence of an arrangement existed, (2) delivery had occurred, (3) the amount was determinable and (4) collection was reasonably assured. Sales were recognized when both title and the risks and rewards of ownership were transferred to the customer or services had been rendered and fees had been earned in accordance with the contract. In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods. See Note 2 "Revenue from Contracts with Customers" for more information. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is principally determined using the “first-in first-out” (“FIFO”) and average cost, which approximates FIFO, methods. Elements of cost in inventory include raw materials, direct labor and manufacturing overhead. We allocate fixed production overheads to the costs of conversion based on normal capacity of the production facilities. We recognize abnormal amounts of idle facility expense, freight, handling costs, and wasted materials (spoilage) as current period charges. |
Property, Plant And Equipment | Property, Plant and Equipment Expenditures for property, plant and equipment are recorded at cost. Maintenance and repairs of property and equipment are expensed as incurred. Expenditures for replacements and betterments are capitalized and the replaced assets are retired. Gains and losses from the sale of property are included in cost of sales or other expense (income), net. We depreciate our assets using the straight-line method over the estimated useful lives of the assets. The ranges of estimated useful lives are as follows: Years Buildings 25-40 Land improvements 20 Machinery and equipment 5-20 Furniture and fixtures 5-10 The carrying value of fixed assets is assessed when events and circumstances indicating impairment are present. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. |
Accounts Receivable | Accounts Receivable Trade accounts receivable primarily arise from sales of goods to customers and distributors in the normal course of business. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Judgment is required in assessing the likelihood of collection of receivables, including the current creditworthiness of each customer, related aging of the past due balances and the facts and circumstances surrounding any non-payment. We evaluate specific accounts when we become aware of a situation where a customer may not be able to meet its financial obligations. The reserve requirements are based on the best facts available to us and are reevaluated and adjusted as additional information is received. Receivables are charged off when amounts are determined to be uncollectible. |
Capitalized Bank Fees | Capitalized Bank Fees We capitalize bank fees upon the incurrence of debt and record them as a contra-liability against our debt. We had capitalized bank fees of $24.3 million and $0.4 million as of December 31, 2018 and 2017 , respectively. We amortize such amounts over the life of the respective debt instrument using the effective interest method. The estimated life may be adjusted upon the occurrence of a triggering event. |
Derivative Financial Instruments | Derivative Financial Instruments We do not use derivative financial instruments for trading purposes. They are used to manage well-defined commercial risks associated with commodity purchases and currency exchange rate risks. On the date that a derivative contract for a hedging instrument is entered into, the Company designates the derivative as either (1) a hedge of the exposure to changes in the fair value of a recognized asset or liability or of an unrecognized firm commitment (a fair value hedge), (2) a hedge of the exposure of a forecasted transaction or of the variability in the cash flows of a recognized asset or liability (a cash flow hedge), (3) a hedge of a net investment in a foreign operation (a net investment hedge) or 4) a contract not designated as a hedging instrument. For a fair value hedge, both the effective and ineffective portions of the change in the fair value of the derivative are recorded in earnings and reflected in the Consolidated Statement of Operations on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in accumulated other comprehensive loss in the consolidated balance sheet. When the underlying hedged transaction is realized, the gain or loss included in accumulated other comprehensive loss is recorded in earnings and reflected in the Consolidated Statement of Operations on the same line as the gain or loss on the hedged item attributable to the hedged risk. For a net investment hedge, the effective portion of the change in the fair value of the derivative is recorded in cumulative translation adjustment, which is a component of accumulated other comprehensive loss in the consolidated balance sheet. We formally document our hedge relationships, including the identification of the hedging instruments and the related hedged items, as well as our risk management objectives and strategies for undertaking the hedge transaction. Derivatives are recorded at fair value in other current and long-term assets and other current and long-term liabilities in the consolidated balance sheet. We also formally assess, both at inception and at least quarterly thereafter, whether a derivative used in a hedging transaction is highly effective in offsetting changes in either the fair value or the cash flows of the hedged item. When it is determined that a derivative ceases to be highly effective, we discontinue hedge accounting. |
Foreign Currency Derivatives | Foreign Currency Derivatives We enter into foreign currency derivatives from time to time to manage exposure to changes in currency exchange rates. These instruments, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures, relating to non-dollar denominated debt and identifiable foreign currency receivables, payables and commitments held by our foreign and domestic subsidiaries. Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a specified rate. Purchased foreign 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. The result is the creation of a range in which a best and worst price is defined, while minimizing option cost. Forward exchange contracts and purchased currency options are carried at fair value. These contracts may be designated as Cash-Flow or Fair Value hedges to the extent that they are effective and are accounted for as described in section above (“Derivative Financial Instruments”).. For derivatives that are not designated as a hedge, any gain or loss is immediately recognized in Cost of Sales on the Consolidated Statements of Operations. Derivatives used in this manner relate to risks resulting from assets or liabilities denominated in a foreign currency. |
Commodity Derivative Contracts | Commodity Derivative Contracts We have entered into 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. All commodity contracts are carried at fair value and are treated as hedges to the extent they are effective. Changes in their fair values are included in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets until settlement. Realized gains and losses resulting from settlement are recognized in accumulated other comprehensive income (loss) and are recorded in cost of sales on the Consolidated Statements of Operations when the underlying hedged item is realized. |
Research And Development | Research and Development Expenditures relating to the development of new products and processes, including significant improvements to existing products, are expensed as incurred. |
Income Taxes | Income Taxes We file a consolidated United States (“U.S.”) federal income tax return for GTI and its eligible domestic subsidiaries. Our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carry forwards. Deferred tax assets and liabilities at the end of each period are determined using enacted tax rates. A valuation allowance is established or maintained, when, based on currently available information and other factors, it is more likely than not that all or a portion of a deferred tax asset will not be realized. Under the guidance on accounting for uncertainty in income taxes, we recognize the benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. As a result of the enactment of the Tax Act of 2017, the Company is required to make an accounting policy election of either (1) treating taxes due on future U.S. inclusions in taxable income related to Global Intangible Low Tax Income ("GILTI") as a current period expense when incurred (the “period cost method”) or (2) factoring such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). The Company’s accounting policy will be to treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred. See Note 14 "Income Taxes" for more information. |
Retirement Plans And Postretirement Benefits | Retirement Plans and Postretirement Benefits We use actuarial methods and assumptions to account for our defined benefit pension plans and our postretirement benefits. We immediately recognize the change in the fair value of plan assets and net actuarial gains and losses annually in the fourth quarter of each year with a mark-to-market adjustment ("MTM Adjustment") and whenever a plan is remeasured (e.g. due to a significant curtailment, settlement, etc.). Pension and postretirement benefits expense includes the MTM adjustment, actuarially computed cost of benefits earned during the current service period, the interest cost on accrued obligations, the expected return on plan assets based on fair market values, and adjustments due to plan settlements and curtailments. Contributions to the qualified U.S. retirement plan are made in accordance with the requirements of the Employee Retirement Income Security Act of 1974. Postretirement benefits and benefits under the non-qualified retirement plan have been accrued, but not funded. The estimated cost of future postretirement life insurance benefits is determined by the Company with assistance from independent actuarial firms using the “projected unit credit” actuarial cost method. Such costs are recognized as employees render the service necessary to earn the postretirement benefits. We record our balance sheet position based on the funded status of the plan. Additional information with respect to benefits plans is set forth in Note 12, “Retirement Plans and Postretirement Benefits.” |
Environmental, Health And Safety Matters | Environmental, Health and Safety Matters Our operations are governed by laws addressing protection of the environment and worker safety and health. These laws provide for civil and criminal penalties and fines, as well as injunctive and remedial relief, for noncompliance and require remediation at sites where hazardous substances have been released into the environment. We have been in the past, and may become in the future, the subject of formal or informal enforcement actions or proceedings regarding noncompliance with these laws or the remediation of company-related substances released into the environment. Historically, such matters have been resolved by negotiation with regulatory authorities resulting in commitments to compliance, abatement or remediation programs and in some cases payment of penalties. Historically, neither the commitments undertaken nor the penalties imposed on us have been material. Environmental considerations are part of all significant capital expenditure decisions. Environmental remediation, compliance and management expenses were approximately $12.4 million , $8.0 million and $8.3 million in 2018 , 2017 and 2016 , respectively. A charge to income is recorded when it is probable that a liability has been incurred and the cost can be reasonably estimated. When payments are fixed or determinable, the liability is discounted using a rate at which the payments could be effectively settled. The accrued liability relating to environmental remediation was $4.2 million as of December 31, 2018 and $2.1 million as of December 31, 2017 . The increase in the liability was the result of a revised estimate for asset retirement obligations related to landfills. Our environmental liabilities do not take into consideration possible recoveries of insurance proceeds. Because of the uncertainties associated with environmental remediation activities at sites where we may be potentially liable, future expenses to remediate sites could be considerably higher than the accrued liability. |
Foreign Currency Translation | Foreign Currency Translation and Remeasurement We translate the financial statements of foreign subsidiaries, whose local currency is their functional currency, to U.S. dollars using period-end exchange rates for assets and liabilities and weighted average exchange rates for each period for revenues, expenses, gains and losses. Differences arising from exchange rate changes are included in accumulated other comprehensive loss on the Consolidated Balance Sheets until such time as the operations of such non-U.S. subsidiaries are sold or substantially or completely liquidated. For our Mexican, Swiss and Russian subsidiaries, whose functional currency is the U.S. dollar, we remeasure non-monetary balance sheet accounts and the related income statement accounts at historical exchange rates. Resulting gains and losses arising from the fluctuations in currency for monetary accounts are recognized in other (income) expense, net, in the Consolidated Statements of Operations. Gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency are recognized in earnings as incurred. We have non-dollar denominated intercompany loans between some of our foreign subsidiaries. These loans are subject to remeasurement gains and losses due to changes in currency exchange rates. Certain of these loans had been deemed to be essentially permanent prior to settlement and, as a result, remeasurement gains and losses on these loans were recorded as a component of accumulated other comprehensive income (loss) in the stockholders’ equity section of the Consolidated Balance Sheets. The remaining loans are deemed to be temporary and, as a result, remeasurement gains and losses on these loans are recorded as currency (gains/losses) in other (income) expense, net, on the Consolidated Statements of Operations. |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is the excess of the acquisition cost of businesses over the fair value of the identifiable net assets acquired. We do not recognize deferred income taxes for the difference between the assigned value and the tax basis related to nondeductible goodwill. Goodwill is not amortized; however, impairment testing is performed annually or more frequently if circumstances indicate that impairment may have occurred. We perform the annual goodwill impairment test at December 31. The annual goodwill impairment testing may begin with a qualitative assessment of potential impairment indicators in order to determine whether it is necessary to perform the two-step goodwill impairment test. The impairment test for goodwill uses a two-step approach, which is performed at the reporting unit level. Step one compares the fair value of the reporting unit to its carrying value. The fair value for each reporting unit with goodwill is determined in accordance with accounting guidance on determining fair value, which requires consideration of the income, market, and cost approaches as applicable. If the carrying value exceeds the fair value, there is potential impairment and step two must be performed. Step two compares the carrying value of the reporting unit’s goodwill to its implied fair value (i.e., fair value of the reporting unit less the fair value of the unit’s assets and liabilities, including identifiable intangible assets). If the implied fair value of goodwill is less than the carrying amount of goodwill, an impairment is recognized. Other amortizable intangible assets, which consist primarily of trademarks and trade names, customer-related intangibles and technological know-how, are amortized over their estimated useful lives using the straight line or sum-of-the-years digits method. The estimated useful lives for each major category of amortizable intangible assets are: Years Trade name 5-10 Technology and know-how 5-9 Customer related intangible 5-14 Additional information about goodwill and other intangibles is set forth in Note 6 “Goodwill and Other Intangible Assets.” |
Major Maintenance And Repair Costs | Major Maintenance and Repair Costs We perform scheduled major maintenance of the storage and processing units at our Seadrift plant (referred to as “overhaul”). Time periods between overhauls vary by unit. We also perform an annual scheduled significant maintenance and repair shutdown of the plant (referred to as “turnaround”). Costs of overhauls and turnarounds include plant personnel, contract services, materials, and rental equipment. We defer these costs when incurred and use the straight-line method to amortize them over the period of time estimated to lapse until the next scheduled overhaul of the applicable storage or processing unit. Under this policy $9.8 million was deferred in 2018 and no costs were deferred in 2017 . Amortization of deferred maintenance costs totaled $3.1 million , $3.3 million and $7.0 million in 2018 , 2017 and 2016 , respectively. Earnings per share The calculation of basic earnings per share is based on the number of common shares outstanding after giving effect to the stock split effected on April 12, 2018 and common stock repurchase on August 13, 2018. Diluted earnings per share recognizes the dilution that would occur if stock options or restricted shares were exercised or converted into common shares. See Note 15 “Earnings Per Share”. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses. Significant estimates and assumptions are used for, but are not limited to inventory valuation, pension and other post-retirement benefits, allowance for doubtful accounts, contingent liabilities, accruals and valuation allowances, asset impairment, and environmental-related accruals. Actual results could differ from our estimates. |
Discontinued Operations and Assets Held for Sale | Discontinued Operations and Assets Held for Sale When Management commits to a plan to sell assets or asset groups and a sale is probable, we reclassify those assets or asset groups into "Assets Held for Sale". Upon reclassification to assets held for sale, we evaluate the book value of the disposal groups against their fair value less costs to sell and as a result may impair the assets / asset groups. As and if new information becomes available on the fair value of the assets/asset groups , we may adjust accordingly the impairment. Once the assets of a business have been classified as held for sale, we evaluate if the divestiture represents a strategic shift in operations and if so, we exclude the results of this business from continuing operations. All results are reported as gain or loss from discontinued operations, net of tax. |
Subsequent Events | Subsequent Events We evaluate events that occur after the balance sheet date but before financial statements are issued to determine if a material event requires our amending the financial statements or disclosing the event. |
Recent Accounting Standards | Recent Accounting Standards Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) . The Company adopted ASU 2014-09 and its related amendments (collectively known as ASC 606) effective on January 1, 2018 using the modified retrospective method. Please see Note 2 "Revenue from Contracts with Customers" for the required disclosures related to the impact of adopting this standard and a discussion of the Company's updated policies related to revenue recognition. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Payments,clarifying guidance on the classification of certain cash receipts and payments in the statement of cash flows. The adoption of ASU 2016-15 on January 1, 2018 did not have a material impact on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715). This standard requires an entity to report the service cost component in the same line item as other compensation costs. The other components of net (benefit) cost, including our annual mark-to-market remeasurement, will be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The adoption of ASU No. 2017-07 on January 1, 2018 changed the presentation of benefit expenses, but did not have a material impact on our consolidated financial statements. The components of the net (benefit) cost are shown in Note 12, "Retirement Plans and Postretirement Benefits." The following table summarizes the adjustments made to conform prior period classifications to the new guidance: For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 (dollars in thousands) As Reported Effect of Accounting Change As Adjusted As Reported Effect of Accounting Change As Adjusted Cost of Sales $ 461,339 $ 206 $ 461,545 $ 448,016 $ 1,212 $ 449,228 Research and development 2,951 505 3,456 2,399 135 2,534 Selling and administrative expenses 49,479 3,027 52,506 57,784 731 58,515 Other (income) expense, net 1,634 (3,738 ) (2,104 ) (2,188 ) (2,078 ) (4,266 ) Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Under this new guidance, a company will now recognize most leases on its balance sheet as lease liabilities with corresponding right-of-use assets. This ASU is effective for fiscal years beginning after December 15, 2018. The Company plans to adopt ASU No. 2016-02 on January 1, 2019, using the modified retrospective approach with the option of not restating comparative prior periods presented in the financial statements. Under this method, we will recognize the effects of applying ASC 842 as a cumulative-effect adjustment to the opening balance of retained earnings as of the effective date of adoption of January 1, 2019. The Company has completed its evaluation of the contracts. We anticipate additional assets and liabilities of approximately $10 million to be recorded as a result with no material adjustment to retained earning required. In January 2017, the FASB issued ASU No. 2017‑04, Intangibles‑Goodwill and Other (Topic 350). This guidance was issued to simplify the accounting for goodwill impairment. The guidance removes the second step of the goodwill impairment test, which requires that a hypothetical purchase price allocation be performed to determine the amount of impairment, if any. Under this new guidance, a goodwill impairment charge will be based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will become effective on a prospective basis for the Company on January 1, 2020 with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this standard is not expected to have a material effect on the Company’s |
Business And Summary Of Signi_3
Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Ranges Of Estimated Useful Lives | The ranges of estimated useful lives are as follows: Years Buildings 25-40 Land improvements 20 Machinery and equipment 5-20 Furniture and fixtures 5-10 |
Schedule Of Estimated Useful Lives For Each Major Category Of Amortizable Intangible Assets | The estimated useful lives for each major category of amortizable intangible assets are: Years Trade name 5-10 Technology and know-how 5-9 Customer related intangible 5-14 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table summarizes the adjustments made to conform prior period classifications to the new guidance: For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 (dollars in thousands) As Reported Effect of Accounting Change As Adjusted As Reported Effect of Accounting Change As Adjusted Cost of Sales $ 461,339 $ 206 $ 461,545 $ 448,016 $ 1,212 $ 449,228 Research and development 2,951 505 3,456 2,399 135 2,534 Selling and administrative expenses 49,479 3,027 52,506 57,784 731 58,515 Other (income) expense, net 1,634 (3,738 ) (2,104 ) (2,188 ) (2,078 ) (4,266 ) |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table provides information about disaggregated revenue by type of product and contract for 2018: For the Year Ended December 31, 2018 (Dollars in thousands) Graphite Electrodes - Three-to-five-year contracts $ 1,341,557 Graphite Electrodes - Short-term contracts 500,834 By-products 53,519 Total Revenues $ 1,895,910 |
Contract with Customer, Asset and Liability | Current deferred revenue is included in "Other accrued liabilities" and long-term deferred revenue is included in "Other long-term obligations" on the 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, 2017 $ 20,784 $ — Increases due to billings 15,548 8,241 Revenue recognized (30,803 ) — Foreign currency impact (149 ) (525 ) Balance as of December 31, 2018 $ 5,380 $ 7,716 |
Remaining Performance Obligation, Expected Timing of Satisfaction\ | 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 the reporting period (in thousands). The estimated revenues do not include contracts with original duration of one year or less. Three-to-five-year take-or-pay contracts (Dollars in thousands) 2019 $ 1,404,618 2020 1,327,449 2021 1,172,536 2022 1,127,105 Thereafter 8,715 Total $ 5,040,423 |
Discontinued Operations and R_2
Discontinued Operations and Related Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following tables summarize the results of the Engineered Solutions business segment, reclassified as discontinued operations: For the Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Net sales $ 2,574 $ 82,299 $ 115,336 Cost of sales 3,310 74,723 98,440 Gross (loss) profit (736 ) 7,576 16,896 Research and development — 1,429 3,145 Selling and administrative expenses (628 ) 12,239 19,022 (Gain) loss on sale of assets (508 ) (6,091 ) 198 Rationalizations — (35 ) (405 ) Impairment — 5,300 119,907 400 (5,266 ) (124,971 ) Other expense (income) 30 (115 ) (66 ) Interest expense — 1,133 3,258 Income (loss) from discontinued operations before income taxes 370 (6,284 ) (128,163 ) Benefit for income taxes on discontinued operations (39 ) (55 ) (1,189 ) Income (loss) from discontinued operations $ 331 $ (6,229 ) $ (126,974 ) Basic and diluted income (loss) from discontinued operations per share $ — $ (0.02 ) $ (0.42 ) The significant components of our Statements of Cash Flows for discontinued operations are as follows: For the Year Ended December 31 2018 2017 2016 (Dollars in thousands) Depreciation and amortization $ — $ 2,418 $ 5,277 Impairment — 5,300 119,907 (Gain) loss on sale of assets (508 ) (6,091 ) 198 Net change in inventory 502 15,217 (917 ) Cash received from divestitures — 27,254 15,889 Credit facility reductions — (27,254 ) (15,889 ) Deferred income taxes 40 (55 ) (1,189 ) Capital expenditures — 558 4,713 The following table summarizes the carrying value of the assets and liabilities of discontinued operations as of December 31, 2018 and 2017. As of December 31, 2018 As of (Dollars in thousands) Assets of discontinued operations: Accounts receivable $ — $ 3,351 Inventories — 502 Prepaid expenses and other current assets — 1,137 Net property, plant and equipment — 226 Other assets — 97 Total assets of discontinued operations $ — $ 5,313 Liabilities of discontinued operations: Accounts payable $ — $ 512 Accrued income and other taxes — 158 Other accrued liabilities — 2,742 Total current liabilities of discontinued operations — 3,412 Other long-term obligations — 376 Total liabilities of discontinued operations $ — $ 3,788 |
Stock Based and Other Managem_2
Stock Based and Other Management Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock option awards activity under the Omnibus Equity Incentive Plan for 2018 was as follows: Number of Shares Weighted- Average Exercise Price Outstanding unvested as of January 1, 2018 — $ — Granted 979,790 15.67 Forfeited (11,070 ) 15.00 Outstanding unvested as of December 31, 2018 968,720 $ 15.68 Deferred share units and restricted stock unit awards activity under the Omnibus Equity Incentive Plan for 2018 was as follows: Number of Shares Weighted- Average Grant Date Fair Value Outstanding unvested as of January 1, 2018 — $ — Granted 48,983 13.94 Vested (21,413 ) 15.29 Outstanding unvested as of December 31, 2018 27,570 $ 12.88 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average assumptions used in our Black-Scholes option-pricing model for options granted in 2018 are: For the Year Ended December 31, 2018 Dividend yield 1.70% - 2.27% Expected volatility 45 % Risk-free interest rate 2.84% - 2.98% Expected term in years 6.5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Stock options outstanding and exercisable under our plans at December 31, 2018 are: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Prices Number Exercisable Weighted Average Exercise Prices $15.00 - $20.00 968,720 9.3 $15.68 — $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | The following tables summarize information as to our continuing operations in different geographic areas. 2018 2017 2016 (Dollars in thousands) Net sales: U.S. $ 429,599 $ 103,890 $ 74,526 Americas 367,561 129,103 116,944 Asia Pacific 131,578 46,329 41,302 Europe, Middle East, Africa 967,172 271,449 205,191 Total $ 1,895,910 $ 550,771 $ 437,963 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | At December 31, 2018 2017 (Dollars in thousands) Long-lived assets (a): U.S. $ 169,301 $ 177,298 Mexico 146,790 147,959 Brazil 3,320 3,547 France 91,022 80,035 Spain 103,121 103,819 Other countries 151 183 Total $ 513,705 $ 512,841 (a) Long-lived assets represent fixed assets, net of accumulated depreciation. |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Changes In The Carrying Value Of Goodwill | Total (Dollars in Thousands) Balance as of December 31, 2016 $ 171,117 Adjustments — Balance as of December 31, 2017 171,117 Adjustments — Balance as of December 31, 2018 $ 171,117 |
Schedule Of Intangible Assets With Determinable Useful Lives By Major Category | The following table summarizes acquired intangible assets with determinable useful lives by major category which are included in "Other Assets" on our consolidated balance sheets: As of December 31, 2018 As of December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in Thousands) Trade name $ 22,500 $ (7,721 ) $ 14,779 $ 22,500 $ (5,512 ) $ 16,988 Technology and know-how 55,300 (23,503 ) 31,797 55,300 (17,265 ) 38,035 Customer related intangible 64,500 (15,070 ) 49,430 64,500 (10,637 ) 53,863 Total finite-lived intangible assets $ 142,300 $ (46,294 ) $ 96,006 $ 142,300 $ (33,414 ) $ 108,886 |
Debt And Liquidity (Tables)
Debt And Liquidity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Schedule Of Long-Term Debt | The following table presents our long-term debt: As of As of (Dollars in thousands) Old Credit Facility (Old Revolving Facility and Old Term Loan Facility) $ — $ 58,192 Senior Notes — 280,586 2018 Credit Facility (2018 Term Loan and 2018 Revolving Facility) 2,155,883 — Other Debt 751 596 Total Debt 2,156,634 339,374 Less: Short-term Debt (106,323 ) (16,474 ) Long-term Debt $ 2,050,311 $ 322,900 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interest and Debt Expense [Abstract] | |
Schedule Of Interest Expense | The following table presents an analysis of interest expense: For the Year Ended December 31 2018 2017 2016 (Dollars in thousands) Interest incurred on debt $ 100,844 $ 24,060 $ 20,408 Related Party Promissory Note interest expense 5,090 — — Senior Note redemption premium 4,782 — — Accretion of fair value adjustment on Senior Notes 19,414 6,454 6,305 Accretion of original issue discount on 2018 Term Loans 1,455 — — Amortization of debt issuance costs 3,476 309 201 Total interest expense $ 135,061 $ 30,823 $ 26,914 |
Fair Value Measurements And D_2
Fair Value Measurements And Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Of Derivatives Designated As Fair Value Hedges | Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value As of December 31, 2018 (Dollars in Thousands) Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ — Other current liabilities $ 43 As of December 31, 2017 Derivatives not designated as hedges: Foreign currency derivatives Prepaid and other current assets $ 9 Other current liabilities $ 90 |
Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Operations | Amount of (Gain)/Loss Recognized Location of (Gain)/Loss Recognized in the Consolidated Statement of Operations 2018 2017 2016 Derivatives designated as cash flow hedges: (Dollars in thousands) Commodity forward derivatives Cost of sales $ (919 ) $ — $ — |
Supplementary Balance Sheet D_2
Supplementary Balance Sheet Detail (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule Of Amounts Recognized In Balance Sheet | The following tables present supplementary balance sheet details: As of As of (Dollars in thousands) Inventories: Raw materials and supplies $ 99,935 $ 39,434 Work in process 125,767 85,852 Finished goods 68,015 48,865 $ 293,717 $ 174,151 Prepaid expenses and other current assets: Prepaid expenses $ 10,720 $ 9,505 Value added tax and other indirect taxes receivable 19,242 18,627 Spare parts inventory 11,507 11,010 Other current assets 4,699 5,730 $ 46,168 $ 44,872 Property, plant and equipment: Land and improvements $ 45,947 $ 46,599 Buildings 68,680 59,608 Machinery and equipment and other 532,084 495,069 Construction in progress 42,131 41,375 $ 688,842 $ 642,651 Other accrued liabilities: Payrolls (including incentive programs) $ 17,284 $ 14,196 Employee benefits 6,977 4,684 Deferred Revenue 5,380 20,784 Other 20,811 13,562 $ 50,452 $ 53,226 Other long term obligations: Postretirement benefits $ 16,192 $ 20,508 Pension and related benefits 33,718 36,116 Other 22,609 12,283 $ 72,519 $ 68,907 |
Schedule Of Analysis Of The Allowance For Doubtful Accounts | The following table presents an analysis of the allowance for doubtful accounts: 2018 2017 2016 Balance at beginning of year $ 1,097 $ 326 $ 244 Additions 122 771 129 Deductions (90 ) — (47 ) Balance at end of year $ 1,129 $ 1,097 $ 326 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Lease Commitments Under Non-Cancelable Operating Leases | Lease commitments under non-cancelable operating leases extending for one year or more will require the following future payments: (Dollars in thousands) 2019 $ 4,474 2020 2,747 2021 1,497 2022 334 2023 269 After 2023 343 |
Retirement Plans And Postreti_2
Retirement Plans And Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits, Description [Abstract] | |
Components Of Consolidated Net Pension Costs Retirement Plans | The components of our consolidated net pension costs are set forth in the following table: For the Year Ended December 31, 2018 2017 2016 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ 1,315 $ 674 $ 1,305 $ 710 $ 1,325 $ 698 Interest cost 4,709 253 5,352 199 5,744 243 Expected return on assets (5,679 ) (330 ) (5,268 ) (299 ) (4,940 ) (298 ) Mark-to-market loss (gain) 2,473 503 (4,140 ) (53 ) (2,322 ) (220 ) Pension costs $ 2,818 $ 1,100 $ (2,751 ) $ 557 $ (193 ) $ 423 |
Reconciliation Of Pension Plans' Benefit Obligations, Fair Value Of Assets Retirement Plans | The reconciliation of the beginning and ending balances of our pension plans’ benefit obligations, fair value of assets, and funded status at December 31, 2018 and 2017 are: As of As of U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net Benefit Obligation at beginning of period $ 139,746 $ 20,407 $ 140,230 $ 18,237 Service cost 1,315 674 1,305 710 Interest cost 4,709 253 5,352 199 Participant contributions — 392 — 252 Foreign currency exchange changes — (339 ) — 1,069 Actuarial (gain) loss (8,297 ) 711 3,212 63 Benefits paid (10,488 ) 234 (10,353 ) (123 ) Net benefit obligation at end of period $ 126,985 $ 22,332 $ 139,746 $ 20,407 Changes in Plan Assets: Fair value of plan assets at beginning of period $ 109,845 $ 13,618 $ 100,905 $ 11,871 Actual return on plan assets (5,091 ) 538 12,620 415 Foreign currency exchange rate changes (154 ) — 545 Employer contributions 5,579 726 6,673 658 Participant contributions 392 — 252 Benefits paid (10,488 ) 234 (10,353 ) (123 ) Fair value of plan assets at end of period $ 99,845 $ 15,354 $ 109,845 $ 13,618 Funded status (underfunded): $ (27,140 ) $ (6,978 ) $ (29,901 ) $ (6,789 ) Amounts recognized in accumulated other comprehensive loss: Prior service credit $ — $ — $ — $ — Amounts recognized in the statement of financial position: Non-current assets $ 147 $ — $ — Current liabilities (430 ) (117 ) (433 ) — (146 ) Non-current liabilities (26,710 ) (7,008 ) (29,468 ) — (6,643 ) Net amount recognized $ (27,140 ) $ (6,978 ) $ (29,901 ) $ (6,789 ) |
Fair Asset Values Of Plan Assets | The fair value of other plan assets by category is summarized below (dollars in thousands): As of December 31, 2018 Level 1 Level 2 Level 3 Total U.S. Plan Assets Cash and cash equivalents $ 1,978 $ — $ — $ 1,978 International Plan Assets Foreign government bonds $ — $ 958 $ — $ 958 Fixed insurance contracts — — 14,396 14,396 Total assets in the fair value hierarchy $ — $ 958 $ 14,396 $ 15,354 Investments measured at net asset value $ 97,867 Total $ 1,978 $ 958 $ 14,396 $ 115,199 As of December 31, 2017 Level 1 Level 2 Level 3 Total U.S. Plan Assets Cash and cash equivalents $ 2,094 $ — $ — $ 2,094 International Plan Assets Foreign government bonds $ — $ 831 $ — $ 831 Fixed insurance contracts — — 12,787 12,787 Total assets in the fair value hierarchy $ — $ 831 $ 12,787 $ 13,618 Investments measured at net asset value $ 107,751 Total $ 2,094 $ 831 $ 12,787 $ 123,463 |
Fair Value Hierarchy, Assets At Fair Value | The following table presents the changes for those financial instruments classified within Level 3 of the valuation hierarchy for international plan pension assets for the years ended December 31, 2017 and 2018 (dollars in thousands): Fixed Insurance Contracts Balance at December 31, 2016 $ 11,142 Gain / contributions / currency impact 1,651 Distributions (6 ) Balance at December 31, 2017 12,787 Gain / contributions / currency impact 1,619 Distributions (10 ) Balance at December 31, 2018 $ 14,396 |
Assumptions Used To Determine Net Pension Costs And Projected Benefit Obligations | Assumptions used to determine net pension costs and projected benefit obligations are: Pension Benefit Obligations Key Assumptions As of December 31, 2018 2017 Weighted average assumptions to determine benefit obligations: Discount rate 3.71 % 3.20 % Rate of compensation increase 1.74 % 1.57 % Pension Cost Key Assumptions Weighted average assumptions to determine net cost: Discount rate 3.20 % 3.61 % Expected return on plan assets 4.94 % 4.95 % Rate of compensation increase 1.57 % 1.57 % Assumptions used to determine net postretirement benefit costs and postretirement projected benefit obligation are set forth in the following table: Postretirement Benefit Obligations 2018 2017 Weighted average assumptions to determine benefit obligations: Discount rate 5.57 % 5.07 % Health care cost trend on covered charges: Initial 6.53 % 6.86 % Ultimate 6.05 % 6.23 % Years to ultimate 8 8 Postretirement Benefit Costs 2018 2017 Weighted average assumptions to determine net cost: Discount rate 5.07 % 4.80 % Health care cost trend on covered charges: Initial 6.86 % 6.80 % Ultimate 6.23 % 5.96 % Years to ultimate 7 7 |
Retirement Plan Weighted Average Asset Allocations | The following table presents our retirement plan weighted average asset allocations at December 31, 2018, by asset category : Percentage of Plan Assets US Foreign Equity securities and return seeking assets 20 % — % Fixed income, debt securities, or cash 80 % 100 % Total 100 % 100 % |
Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets | Information for our pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2017 and 2018 follows: 2018 2017 U.S. Foreign U.S. Foreign (Dollars in thousands) Accumulated benefit obligation $ 126,985 $ 20,601 $ 139,746 $ 18,843 Fair value of plan assets 99,845 14,396 109,845 13,618 |
Pension Plans With Projected Benefit Obligation In Excess Of Plan Assets | Information for our pension plans with a projected benefit obligation in excess of plan assets at December 31, 2017 and 2018 follows: 2018 2017 U.S. Foreign U.S. Foreign (Dollars in thousands) Projected benefit obligation $ 126,985 $ 21,520 $ 139,746 $ 20,407 Fair value of plan assets 99,845 14,396 109,845 13,618 |
Projected Future Pension Plan Cash Flow By Year | Following is our projected future pension plan cash flow by year: U.S. Foreign (Dollars in thousands) Expected contributions in 2019: Expected employer contributions $ 684 $ 744 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2019 9,240 858 2020 9,221 755 2021 9,221 824 2022 9,182 824 2023 9,136 955 2024-2028 43,993 8,223 |
Recognized In Other Comprehensive Income Postretirement Benefit Plans | The components of our consolidated net postretirement costs are set forth in the following table: For the Year Ended December 31, 2018 2017 2016 U.S. Foreign U.S. Foreign U.S. Foreign (Dollars in thousands) Service cost $ — $ 1 $ — $ 2 $ — $ 4 Interest cost 264 700 333 653 360 764 Plan amendment / curtailment — — — — — (993 ) Mark-to-market (gain) loss (1,028 ) 47 (1,257 ) 742 (191 ) (225 ) Post-employment benefits (benefit) cost $ (764 ) $ 748 $ (924 ) $ 1,397 $ 169 $ (450 ) |
Fair Value Of Assets Of, And The Funded Status Of, Postretirement Plans | The reconciliation of beginning and ending balances of benefit obligations under, fair value of assets of, and the funded status of, our postretirement plans is set forth in the following table: Postretirement Benefits As of As of U.S. Foreign U.S. Foreign (Dollars in thousands) Changes in Benefit Obligation: Net benefit obligation at beginning of period $ 8,461 $ 12,172 $ 10,175 $ 10,700 Service cost — 1 — 2 Interest cost 264 700 333 653 Foreign currency exchange rates — (1,333 ) — 931 Actuarial (gain) loss (1,028 ) 47 (1,257 ) 742 Gross benefits paid (532 ) (926 ) (790 ) (856 ) Plan amendment — — — — Net benefit obligation at end of period $ 7,165 $ 10,661 $ 8,461 $ 12,172 Changes in Plan Assets: Fair value of plan assets at beginning of period $ — $ — $ — $ — Employer contributions 532 926 790 856 Gross benefits paid (532 ) (926 ) (790 ) (856 ) Fair value of plan assets at end of period $ — $ — $ — $ — Funded status: $ (7,165 ) $ (10,661 ) $ (8,461 ) $ (12,172 ) Amounts recognized in accumulated other comprehensive loss: Prior service credit $ — $ — $ — $ — Amounts recognized in the statement of financial position: Current liabilities $ (783 ) $ (851 ) $ (855 ) $ (912 ) Non-current liabilities (6,382 ) (9,810 ) (7,606 ) (11,260 ) Net amount recognized $ (7,165 ) $ (10,661 ) $ (8,461 ) $ (12,172 ) |
One-Percentage Point Change In Assumed Health Care Cost Trend Rates | A one-percentage point change in assumed health care cost trend rates would have the following effects at December 31, 2018: One Percentage Point Increase One Percentage Point Decrease U.S. Foreign U.S. Foreign (Dollars in thousands) Effect on total service cost and interest cost components $ 1 $ 32 $ (1 ) $ (66 ) Effect on benefit obligations $ 14 $ 506 $ (14 ) $ (442 ) |
Projected Future Postretirement Cash Flow By Year | The following table represents projected future postretirement cash flow by year: U.S. Foreign (Dollars in thousands) Expected contributions in 2019: Expected employer contributions $ 783 $ 851 Expected employee contributions — — Estimated future benefit payments reflecting expected future service for the years ending December 31: 2019 783 851 2020 724 866 2021 663 891 2022 607 904 2023 554 899 2024-2025 2,174 4,769 |
Management Compensation And Inc
Management Compensation And Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Management Compensation And Incentive Plans [Abstract] | |
Stock Option Activity Under The Plans | Stock option awards activity under the Omnibus Equity Incentive Plan for 2018 was as follows: Number of Shares Weighted- Average Exercise Price Outstanding unvested as of January 1, 2018 — $ — Granted 979,790 15.67 Forfeited (11,070 ) 15.00 Outstanding unvested as of December 31, 2018 968,720 $ 15.68 Deferred share units and restricted stock unit awards activity under the Omnibus Equity Incentive Plan for 2018 was as follows: Number of Shares Weighted- Average Grant Date Fair Value Outstanding unvested as of January 1, 2018 — $ — Granted 48,983 13.94 Vested (21,413 ) 15.29 Outstanding unvested as of December 31, 2018 27,570 $ 12.88 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Loss Contingency [Abstract] | |
Schedule Of Product Warranties Accrual | Claims accrued but not yet paid and the related activity within the reserve for 2017 and 2018 are as follows: (Dollars in Thousands) Balance as of December 31, 2016 $ 969 Product warranty charges/adjustments (149 ) Payments and settlements (471 ) Balance as of December 31, 2017 $ 349 Product warranty charges/adjustments 1,510 Payments and settlements (331 ) Balance as of December 31, 2018 $ 1,528 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule Of U.S. And Non-U.S. Components Of Income (Loss) Before Provision (Benefit) For Income Taxes | The following table summarizes the U.S. and non-U.S. components of income (loss) from continuing operations before provision for income taxes: For the Year Ended December 31, 2018 2017 2016 (Dollars in thousands) U.S. $ (68,032 ) $ (26,981 ) $ (44,971 ) Non-U.S. 970,840 30,412 (71,450 ) $ 902,808 $ 3,431 $ (116,421 ) |
Schedule Of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following: For the Year Ended December 31, 2018 2017 2016 U.S income taxes: Current $ 787 $ (1,066 ) $ (878 ) Deferred (52,145 ) 38 1,152 (51,358 ) (1,028 ) 274 Non-U.S. income taxes: Current 85,252 5,924 5,389 Deferred 15,026 (15,677 ) (13,215 ) 100,278 (9,753 ) (7,826 ) Total income tax expense (benefit) $ 48,920 $ (10,781 ) $ (7,552 ) |
Schedule Of Income Tax Expense (Benefit) Computed By Applying The U.S. Federal Income Tax Rate | Income tax expense (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35% to income before expense (benefit) for taxes as set forth in the following table: For the Year Ended December 31, 2018 2017 2016 (Dollars in thousands) Tax at statutory U.S. federal rate $ 189,590 $ 1,201 $ (40,747 ) Impact of U.S. Tax Cut and Jobs Act - GILTI 93,739 — — Impact of the 2017 Tax Act - transition tax — 39,628 — Impact of the 2017 Tax Act - tax rate change — 52,228 — Impact of Tax Receivable Agreement 18,160 — — Valuation allowance, net (93,125 ) (89,269 ) 35,091 State taxes, net of federal tax benefit 1,529 3,437 (2,324 ) U.S. tax impact of foreign earnings (net of foreign tax credits) 792 1,151 51 Investment in subsidiary impairment deduction — — (10,114 ) Establishment/resolution of uncertain tax positions (345 ) (840 ) (513 ) Adjustment for foreign income taxed at different rates (95,822 ) (2,359 ) 12,738 Foreign tax credits (65,046 ) (17,956 ) (175 ) Other (552 ) 1,998 (1,559 ) Provision (benefit) for income taxes $ 48,920 $ (10,781 ) $ (7,552 ) |
Schedule Of Deferred Tax Assets And Deferred Tax Liabilities | As of December 31, 2018 2017 (Dollars in thousands) Deferred tax assets: Postretirement and other employee benefits $ 18,395 $ 19,392 Foreign tax credit and other carryforwards 111,325 175,229 Capitalized research and experimental costs 7,695 9,417 Environmental reserves 976 493 Inventory 14,251 7,933 Original issue discount — 2,603 Long-term contract option amortization 1,144 1,204 Provision for rationalization charges 351 502 Other 4,270 1,536 Total gross deferred tax assets 158,407 218,309 Less: valuation allowance (58,446 ) (150,839 ) Total deferred tax assets 99,961 67,470 Deferred tax liabilities: Fixed assets $ 59,521 $ 68,098 Debt discount amortization / Deferred financing fees — 3,191 Inventory 7,751 5,128 Goodwill and acquired intangibles 3,668 — Other 3,138 2,031 Total deferred tax liabilities 74,078 78,448 Net deferred tax asset (liability) $ 25,883 $ (10,978 ) |
Schedule Of Valuation Allowance Activity | (Dollars in thousands) Balance as of December 31, 2015 $ 165,539 Charged to income 78,469 Translation adjustment 583 Changes attributable to movement in underlying assets 250 Balance as of December 31, 2016 $ 244,841 Credited to income (87,194 ) Translation adjustment 207 Changes attributable to movement in underlying assets (7,015 ) Balance as of December 31, 2017 $ 150,839 Credited to income (93,125 ) Translation adjustment (302 ) Changes attributable to movement in underlying assets 1,034 Balance as of December 31, 2018 $ 58,446 |
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | (Dollars in thousands) Balance as of December 31, 2016 $ 3,338 Additions for tax positions of prior years 114 Lapse of statutes of limitations (989 ) Foreign currency impact 29 Balance as of December 31, 2017 $ 2,492 Reductions for tax positions of prior years (100 ) Lapse of statutes of limitations (373 ) Settlements (21 ) Foreign currency impact (8 ) Balance as of December 31, 2018 $ 1,990 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The balance in our accumulated other comprehensive income (loss) is set forth in the following table: As of December 31, 2018 As of (Dollars in thousands) Foreign currency translation adjustments, net of tax $ (2,922 ) $ 15,468 Commodities and foreign currency derivatives, net of tax (2,878 ) 4,821 Total accumulated comprehensive (loss) income $ (5,800 ) $ 20,289 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule Of Calculation Of Basic And Diluted Earnings Per Share | The following table shows the information used in the calculation of our basic and diluted earnings per share calculation as of December 31, 2018 and December 31, 2017. See Note 15 "Stockholders' Equity" for details on our April 12, 2018 stock split and our common stock repurchase on August 13, 2018. For the Year Ended December 31, 2018 2017 2016 Weighted average common shares outstanding for basic calculation 297,748,327 302,225,923 302,225,923 Add: Effect of stock options and restricted stock 5,443 — — Weighted average common shares outstanding for diluted calculation 297,753,770 302,225,923 302,225,923 |
Quarterly Information (Tables)
Quarterly Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 2018 2017 March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 (Dollars in thousands, except per share amounts) As Reported: Net Sales $ 451,899 $ 456,332 $ 454,890 $ 532,789 $ 104,739 $ 116,314 $ 137,245 $ 192,473 Gross profit 306,750 290,422 274,610 318,430 1,085 9,679 16,561 60,598 Research and development 429 581 518 601 829 943 1,338 (159 ) Selling and administrative expenses 15,876 16,239 14,234 15,683 11,683 12,195 13,322 12,280 Other expense (income), net 2,005 (974 ) 1,502 828 3,067 1,186 (643 ) (1,976 ) Related party Tax Receivable Agreement Expense — 61,801 — 24,677 — — — — Net income (loss) 223,673 201,448 199,466 229,632 (26,344 ) (17,383 ) (3,919 ) 55,628 Net income (loss) per share $ 0.74 $ 0.67 $ 0.67 $ 0.79 $ (0.09 ) $ (0.06 ) $ (0.01 ) $ 0.18 Effect of Change: Net Sales $ — $ — $ — $ — $ — $ — $ — $ — Gross profit — — — — 201 201 201 (809 ) Research and development — — — — (9 ) (10 ) (9 ) 532 Selling and administrative expenses — — — — (27 ) (26 ) (29 ) 3,109 Other expense (income), net — — — — 237 237 239 (4,450 ) Net income (loss) — — — — — — — — Net income (loss) per share $ — $ — $ — $ — $ — $ — $ — $ — Revised: Net Sales $ 451,899 $ 456,332 $ 454,890 $ 532,789 $ 104,739 $ 116,314 $ 137,245 $ 192,473 Gross profit 306,750 290,422 274,610 318,430 1,286 9,880 16,762 59,789 Research and development 429 581 518 601 820 933 1,329 373 Selling and administrative expenses 15,876 16,239 14,234 15,683 11,656 12,169 13,293 15,389 Other expense (income), net 2,005 (974 ) 1,502 828 3,304 1,423 (404 ) (6,426 ) Related party Tax Receivable — 61,801 — 24,677 — — — — Net income (loss) 223,673 201,448 199,466 229,632 (26,344 ) (17,383 ) (3,919 ) 55,628 Net income (loss) per share $ 0.74 $ 0.67 $ 0.67 $ 0.79 $ (0.09 ) $ (0.06 ) $ (0.01 ) $ 0.18 |
Business And Summary Of Signi_4
Business And Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Depreciation expense | $ 53,500,000 | $ 50,400,000 | $ 63,400,000 |
Deferred costs | 24,300,000 | 400,000 | |
Amortized costs | 3,500,000 | 300,000 | 200,000 |
Environmental remediation, compliance and management expenses | 12,400,000 | 8,000,000 | 8,300,000 |
Accrued liability relating to environmental remediation | 4,200,000 | 2,100,000 | |
Capitalized maintenance cost | 9,800,000 | 0 | |
Amortization of deferred maintenance cost | $ 3,100,000 | $ 3,300,000 | $ 7,000,000 |
Business And Summary Of Signi_5
Business And Summary Of Significant Accounting Policies (Ranges Of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 25 years |
Buildings [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Machinery And Equipment [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Machinery And Equipment [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Furniture And Fixtures [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Furniture And Fixtures [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Business And Summary Of Signi_6
Business And Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives For Each Major Category Of Amortizable Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Trade Name [Member] | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Trade Name [Member] | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 10 years |
Technological Know-How [Member] | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Technological Know-How [Member] | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 9 years |
Customer Related Intangible [Member] | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Customer Related Intangible [Member] | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 14 years |
Business And Summary Of Signi_7
Business And Summary Of Significant Accounting Policies - Reclass Adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Cost of sales | $ 705,698 | $ 461,545 | $ 449,228 | ||||||||
Research and development | $ 601 | $ 518 | $ 581 | $ 429 | $ 373 | $ 1,329 | $ 933 | $ 820 | 2,129 | 3,456 | 2,534 |
Selling and administrative expenses | 15,683 | 14,234 | 16,239 | 15,876 | 15,389 | 13,293 | 12,169 | 11,656 | 62,032 | 52,506 | 58,515 |
Other (income) expense, net | 828 | 1,502 | (974) | 2,005 | (6,426) | (404) | 1,423 | 3,304 | $ 3,361 | (2,104) | (4,266) |
As Reported | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Cost of sales | 461,339 | 448,016 | |||||||||
Research and development | 601 | 518 | 581 | 429 | 159 | 1,338 | 943 | 829 | 2,951 | 2,399 | |
Selling and administrative expenses | 15,683 | 14,234 | 16,239 | 15,876 | 12,280 | 13,322 | 12,195 | 11,683 | 49,479 | 57,784 | |
Other (income) expense, net | $ 828 | $ 1,502 | $ (974) | $ 2,005 | (1,976) | (643) | 1,186 | 3,067 | 1,634 | (2,188) | |
Effect of Accounting Change | |||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||
Cost of sales | 206 | 1,212 | |||||||||
Research and development | 532 | (9) | (10) | (9) | 505 | 135 | |||||
Selling and administrative expenses | 3,109 | (29) | (26) | (27) | 3,027 | 731 | |||||
Other (income) expense, net | $ (4,450) | $ 239 | $ 237 | $ 237 | $ (3,738) | $ (2,078) |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | $ 532,789 | $ 454,890 | $ 456,332 | $ 451,899 | $ 192,473 | $ 137,245 | $ 116,314 | $ 104,739 | $ 1,895,910 | $ 550,771 | $ 437,963 |
Graphite Electrodes - Three-to-five-year contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 1,341,557 | ||||||||||
Graphite Electrodes - Short-term contracts | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | 500,834 | ||||||||||
By-products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total Revenues | $ 53,519 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Contract Balances Outstanding (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Current deferred revenue | |
Balance as of December 31, 2017 | $ 20,784 |
Increases due to billings | 15,548 |
Revenue recognized | (30,803) |
Foreign currency impact | (149) |
Balance as of December 31, 2018 | 5,380 |
Long-Term deferred revenue | |
Increases due to billings | 15,548 |
Revenue recognized | (30,803) |
Foreign currency impact | (149) |
Long-Term deferred revenue | |
Current deferred revenue | |
Increases due to billings | 8,241 |
Revenue recognized | 0 |
Foreign currency impact | (525) |
Long-Term deferred revenue | |
Balance as of December 31, 2017 | 0 |
Increases due to billings | 8,241 |
Revenue recognized | 0 |
Foreign currency impact | (525) |
Balance as of December 31, 2018 | $ 7,716 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers - Remaining Performance Obligation (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 5,040,423 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 1,404,618 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 1,327,449 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 1,172,536 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | 1,127,105 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 8,715 |
Revenue From Contracts With C_6
Revenue From Contracts With Customers - Narratives (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable net | $ 248,286 | $ 116,841 |
Discontinued Operations and R_3
Discontinued Operations and Related Assets Held for Sale (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Inventories | $ (126,355) | $ (15,649) | $ (53,548) |
Discontinued Operation, Alternative Cash Flow Information | |||
Cash received from divestitures | 0 | 27,254 | 15,889 |
Current Liabilities | |||
Total current liabilities of discontinued operations | 0 | 3,412 | |
Engineered Solutions [Member] | Discontinued Operations, Held-for-sale [Member] | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Net sales | 2,574 | 82,299 | 115,336 |
Cost of sales | 3,310 | 74,723 | 98,440 |
Gross (loss) profit | (736) | 7,576 | 16,896 |
Research and development | 0 | 1,429 | 3,145 |
Selling and administrative expenses | (628) | (12,239) | (19,022) |
Gain on sale of assets | (508) | (6,091) | 198 |
Rationalizations | 0 | (35) | (405) |
Impairment | 0 | 5,300 | 119,907 |
Operating loss | 400 | (5,266) | (124,971) |
Other expense (income) | 30 | 115 | 66 |
Interest expense | 0 | 1,133 | 3,258 |
Income (loss) from discontinued operations before income taxes | 370 | (6,284) | (128,163) |
Benefit for income taxes on discontinued operations | 39 | 55 | 1,189 |
Deferred income taxes | (40) | 55 | 1,189 |
Income (loss) from discontinued operations | $ 331 | $ (6,229) | $ (126,974) |
Basic and diluted income (loss) from discontinued operations per share (usd per share) | $ 0 | $ (0.02) | $ (0.42) |
Inventories | $ 502 | $ 15,217 | $ (917) |
Discontinued Operation, Alternative Cash Flow Information | |||
Depreciation and amortization | 0 | 2,418 | 5,277 |
Cash received from divestitures | 27,254 | 15,889 | |
Capital expenditures | 0 | 558 | 4,713 |
Line of Credit Facility, Increase (Decrease), Net | 0 | (27,254) | $ (15,889) |
Current assets | |||
Accounts receivable | 0 | 3,351 | |
Inventories | 0 | 502 | |
Prepaid expenses and other current assets | 0 | 1,137 | |
Net property, plant and equipment | 0 | 226 | |
Other assets | 0 | 97 | |
Total assets of discontinued operations | 0 | 5,313 | |
Current Liabilities | |||
Accounts payable | 0 | 512 | |
Accrued income and other taxes | 0 | 158 | |
Other accrued liabilities | 0 | 2,742 | |
Total current liabilities of discontinued operations | 0 | 3,412 | |
Non-current Liabilities | |||
Other long-term obligations | 0 | 376 | |
Total liabilities of discontinued operations | $ 0 | $ 3,788 |
Discontinued Operations and R_4
Discontinued Operations and Related Assets Held for Sale - Narratives (Details) - USD ($) $ in Thousands | Jul. 03, 2017 | Nov. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash received from divestitures | $ 0 | $ 27,254 | $ 15,889 | ||
Discontinued Operations, Held-for-sale [Member] | Engineered Solutions [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment | $ 0 | 5,300 | 119,907 | ||
Cash received from divestitures | $ 27,254 | $ 15,889 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Fiber Materials Inc. | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash received from divestitures | $ 15,900 | ||||
Loss on sale of business | 200 | ||||
Potential Proceeds from Business Divested | $ 8,500 | ||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Advanced Energy Technologies [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash received from divestitures | $ 28,500 |
Stock Based and Other Managem_3
Stock Based and Other Management Compensation - Narratives (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 3 months 18 days | ||
Granted | 979,790 | ||
Allocated Share-based Compensation Expense | $ 1,151,000 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 193,744 | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 10,400,000 | $ 8,900,000 | |
Deferred and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 48,983 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 5,400,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.88 | $ 0 | |
Granted | $ 13.94 | ||
Omnibus Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 15,000,000 | ||
Omnibus Equity Incentive Plan | Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 979,790 | ||
Omnibus Equity Incentive Plan | Deferred Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 42,243 | ||
Omnibus Equity Incentive Plan | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 6,740 | ||
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 1,000,000 | ||
Director [Member] | Deferred and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 48,983 | ||
Director [Member] | Deferred and Restricted Stock Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | $ 15 | ||
Director [Member] | Deferred and Restricted Stock Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | $ 19.44 | ||
Board of Directors [Member] | Deferred and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 21,413 |
Stock Based and Other Managem_4
Stock Based and Other Management Compensation - Deferred and Restricted Stock Units Rollforwards (Details) - Deferred and Restricted Stock Units | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance | shares | 0 |
Granted | shares | 48,983 |
Vested | shares | (21,413) |
Ending balance | shares | 27,570 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning balance | $ / shares | $ 0 |
Granted | $ / shares | 13.94 |
Vested | $ / shares | 15.29 |
Ending balance | $ / shares | $ 12.88 |
Stock Based and Other Managem_5
Stock Based and Other Management Compensation - Valuation Assumptions (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 45.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 2.84% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 2.98% |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.70% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.27% |
Stock Based and Other Managem_6
Stock Based and Other Management Compensation - Stock Options Outstanding and Exercisable (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 968,720 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 3 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 15.68 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 15 |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 20 |
Stock Based and Other Managem_7
Stock Based and Other Management Compensation - Unvested Stock Options Rollforward (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding unvested as of January 1, 2018 | shares | 0 |
Granted | shares | 979,790 |
Forfeited | shares | (11,070) |
Outstanding unvested as of December 31, 2018 | shares | 968,720 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding unvested as of January 1, 2018 | $ / shares | $ 0 |
Granted | $ / shares | 15.67 |
Forfeited | $ / shares | 15 |
Outstanding unvested as of December 31, 2018 | $ / shares | $ 15.68 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||
Goodwill | $ 171,117 | $ 171,117 | $ 171,117 |
Acquisitions (Summary Of The Th
Acquisitions (Summary Of The Third-Party Debt Assumed And Not Repaid In Connection With The Close Of The Acquisitions) (Details) | Dec. 31, 2018 |
Business Acquisition [Line Items] | |
Stated interest rate | 6.375% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Financial Information Concerning Reportable Segments) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Graphite Electrodes | Product Concentration Risk | Sales Revenue, Net | |
Segment Reporting Information [Line Items] | |
Concentration Risk, Percentage | 95.00% |
Segment Reporting Revenue from
Segment Reporting Revenue from External Customers by Products and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from External Customer [Line Items] | |||||||||||
Total Revenues | $ 532,789 | $ 454,890 | $ 456,332 | $ 451,899 | $ 192,473 | $ 137,245 | $ 116,314 | $ 104,739 | $ 1,895,910 | $ 550,771 | $ 437,963 |
U.S. | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Revenues | 429,599 | 103,890 | 74,526 | ||||||||
Americas | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Revenues | 367,561 | 129,103 | 116,944 | ||||||||
Asia Pacific | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Revenues | 131,578 | 46,329 | 41,302 | ||||||||
Europe, Middle East, Africa | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total Revenues | $ 967,172 | $ 271,449 | $ 205,191 |
Segment Reporting Summary Of In
Segment Reporting Summary Of Information Of Long-Lived Assets In Different Geographic Areas (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | [1] | $ 513,705 | $ 512,841 |
U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | 169,301 | 177,298 | |
Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | 146,790 | 147,959 | |
Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | 3,320 | 3,547 | |
France | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | 91,022 | 80,035 | |
Spain | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | 103,121 | 103,819 | |
Other countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net property, plant and equipment | $ 151 | $ 183 | |
[1] | Long-lived assets represent fixed assets, net of accumulated depreciation. |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Amortization expense of intangible assets | 12,900 | $ 13,600 | $ 14,300 |
Future Amortization Expense, 2017 | 12,200 | ||
Future Amortization Expense, 2018 | 11,400 | ||
Future Amortization Expense, 2019 | 10,700 | ||
Future Amortization Expense, 2020 | 10,100 | ||
Future Amortization Expense, 2021 | $ 9,200 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Changes In The Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Balance | $ 171,117 | $ 171,117 |
Adjustments | 0 | 0 |
Balance | $ 171,117 | $ 171,117 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Determinable Useful Lives By Major Category) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill [Line Items] | ||
Gross Carrying Amount | $ 142,300 | $ 142,300 |
Accumulated Amortization | (46,294) | (33,414) |
Net Carrying Amount | 96,006 | 108,886 |
Trade Name [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 22,500 | 22,500 |
Accumulated Amortization | (7,721) | (5,512) |
Net Carrying Amount | 14,779 | 16,988 |
Technological Know-How [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 55,300 | 55,300 |
Accumulated Amortization | (23,503) | (17,265) |
Net Carrying Amount | 31,797 | 38,035 |
Customer Related Intangible [Member] | ||
Goodwill [Line Items] | ||
Gross Carrying Amount | 64,500 | 64,500 |
Accumulated Amortization | (15,070) | (10,637) |
Net Carrying Amount | $ 49,430 | $ 53,863 |
Debt And Liquidity (Schedule Of
Debt And Liquidity (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total | $ 2,156,634 | $ 339,374 |
Less: Short-term Debt | (106,323) | (16,474) |
Long-term debt | 2,050,311 | 322,900 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total | 0 | 280,586 |
Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total | 2,155,883 | 0 |
Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total | 751 | 596 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Facility | $ 0 | $ 58,192 |
Debt And Liquidity (Old Revolvi
Debt And Liquidity (Old Revolving Facility and Term Loan Facility) (Details) - USD ($) | Feb. 27, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 27, 2016 | Aug. 11, 2015 | Jul. 28, 2015 | Apr. 23, 2014 | Nov. 20, 2012 |
Debt Instrument [Line Items] | ||||||||
Minimum Liquidity | $ 25,000,000 | |||||||
12 Month Trailing EBITDA | $ 75,000,000 | |||||||
12 Month Trailing EBITDA Minimum (High End) | 35,000,000 | |||||||
Term Loan Balance | $ 40,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Line of Credit | $ 0 | 58,192,000 | ||||||
Letters of Credit Outstanding, Amount | 48,200,000 | |||||||
Revolving Credit Facility [Member] | Amended and Restated Credit Agreement February 2015 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | |||||||
Revolving Credit Facility [Member] | Amended and Restated Credit Agreement July 2015 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 225,000,000 | $ 375,000,000 | ||||||
Long-term Line of Credit | 39,500,000 | |||||||
Letters of Credit Outstanding, Amount | 8,700,000 | |||||||
Term Loan Facility [Member] | Amended and Restated Credit Agreement February 2015 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||||||
Minimum [Member] | Amended and Restated Credit Agreement February 2015 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Amended and Restated Credit Agreement February 2015 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||
Maximum | Amended and Restated Credit Agreement February 2015 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.70% | |||||||
Maximum | London Interbank Offered Rate (LIBOR) [Member] | Amended and Restated Credit Agreement February 2015 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | |||||||
Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 300,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | |||||||
Repurchase Percentage Price Of Aggregate Principal Due To Change In Control | 101.00% | |||||||
Senior Notes [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unpaid Indebtness After Maturity Or Acceleration | $ 50,000,000 |
Debt And Liquidity (Refinancing
Debt And Liquidity (Refinancing) (Details) - USD ($) | Apr. 19, 2018 | Feb. 12, 2018 | Dec. 31, 2018 | Jun. 15, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | |||||
Equity Interest Pledge | 65.00% | ||||
Dividends Payable | $ 160,000,000 | ||||
2018 Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Ratio of Indebtedness to Net Capital | 4 | ||||
Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 101.594% | ||||
Line of Credit [Member] | 2018 Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000,000 | ||||
Debt Instrument, Amortization Rate | 5.00% | ||||
Debt Instrument Prepayment Premium | 1.00% | ||||
Excess Cashflow Threshold Percentage | 75.00% | ||||
Line of Credit [Member] | 2018 Term Loan Facility [Member] | LIBO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||
Line of Credit [Member] | 2018 Term Loan Facility [Member] | ABR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||
Revolving Credit Facility [Member] | 2018 Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000,000 | $ 2,250,000,000 | $ 1,500,000,000 | ||
Borrowing Threshold | $ 35,000,000 | ||||
Borrowing Threshold Percentage | 35.00% | ||||
Revolving Credit Facility [Member] | 2018 Revolving Credit Facility [Member] | LIBO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||
Revolving Credit Facility [Member] | 2018 Revolving Credit Facility [Member] | ABR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Contingent Event One [Member] | Line of Credit [Member] | 2018 Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Excess Cashflow Threshold Percentage | 50.00% | ||||
Contingent Event One [Member] | Line of Credit [Member] | 2018 Term Loan Facility [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Ratio of Indebtedness to Net Capital | 1.25 | ||||
Contingent Event One [Member] | Line of Credit [Member] | 2018 Term Loan Facility [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Ratio of Indebtedness to Net Capital | 1.75 | ||||
Contingent Event Two [Member] | Line of Credit [Member] | 2018 Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Excess Cashflow Threshold Percentage | 0.00% | ||||
Brookfield [Member] | Brookfield Promissory Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Dividends Payable | $ 750,000,000 | ||||
Brookfield [Member] | Brookfield Promissory Note [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Supplementary Leverage Ratio | 175.00% | ||||
Brookfield [Member] | Brookfield Promissory Note [Member] | LIBO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||
Third Anniversary [Member] | Brookfield [Member] | Brookfield Promissory Note [Member] | LIBO [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Interest Expense (Details)
Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and Debt Expense [Abstract] | |||
Interest incurred on debt | $ 100,844 | $ 24,060 | $ 20,408 |
Interest expense - affiliate | 5,090 | 0 | 0 |
Redemption Premium | 4,782 | 0 | 0 |
Accretion Expense on Extinguished Debt | 19,414 | 6,454 | 6,305 |
Accretion of original issue discount on 2018 Term Loans | 1,455 | 0 | 0 |
Amortization of debt issuance costs | 3,476 | 309 | 201 |
Total interest expense | $ 135,061 | $ 30,823 | $ 26,914 |
Effective interest rate, revolving credit facility | 6.02% | 4.57% | |
Stated interest rate | 6.375% | ||
Accelerated Accretion | $ 18,700 | ||
Accelerated Amortization of Debt Issuance Costs | $ 300 |
Fair Value Measurements And D_3
Fair Value Measurements And Derivative Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Long-term Debt | $ 339,374,000 | $ 2,156,634,000 | $ 339,374,000 |
Fair value of long-term debt | 359,200,000 | 359,200,000 | |
Hedging Instruments, Non-derivative, Assets | 14,800,000 | 9,500,000 | 14,800,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 2,200,000 | 1,400,000 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 7,000,000 | 100,000 | |
Foreign currency derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Unrealized loss | 100,000 | ||
Notional amount | 18,900,000 | 19,600,000 | 18,900,000 |
Commodity derivative contracts | |||
Derivatives, Fair Value [Line Items] | |||
Unrealized gain | 300,000 | 5,300,000 | |
Unrealized loss | 11,000,000 | 600,000 | |
Notional amount | $ 143,900,000 | 142,100,000 | 143,900,000 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (10,700,000) | $ 4,700,000 | |
Minimum [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Term of Contract | 3 years | ||
Maximum [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Term of Contract | 5 years |
Fair Value Measurements And D_4
Fair Value Measurements And Derivative Instruments Fair Value Measurements And Derivative Instruments (Schedule Of Fair Value Of Derivatives) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives designated as cash flow hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 350 | $ 5,326 |
Liability Derivatives | 11,023 | 581 |
Derivatives designated as cash flow hedges: | Commodity derivative contracts | Prepaid and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 90 | |
Derivatives designated as cash flow hedges: | Commodity derivative contracts | Other accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 4,630 | |
Derivatives designated as cash flow hedges: | Commodity derivative contracts | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 260 | |
Derivatives designated as cash flow hedges: | Commodity derivative contracts | Other long-term obligations | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 6,393 | |
Derivatives not designated as hedges: | Foreign currency derivatives | Prepaid and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 9 |
Derivatives not designated as hedges: | Foreign currency derivatives | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 43 | $ 90 |
Fair Value Measurements And D_5
Fair Value Measurements And Derivative Instruments (Schedule Of Realized (Gains) Losses On Derivatives Recognized In Statement Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives designated as cash flow hedges: | Commodity Forward Derivatives [Member] | Recorded in Cost of Sales | |||
Derivatives, Fair Value [Line Items] | |||
Amount of (Gain)/Loss Recognized | $ (919) | $ 0 | $ 0 |
Derivatives not designated as hedges: | Foreign currency derivatives | Cost Of Good Sold Other Expense Income [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of (Gain)/Loss Recognized | $ (522) | $ (1,565) | $ 549 |
Supplementary Balance Sheet D_3
Supplementary Balance Sheet Detail (Schedule Of Amounts Recognized In Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials and supplies | $ 99,935 | $ 39,434 |
Work in process | 125,767 | 85,852 |
Finished goods | 68,015 | 48,865 |
Inventories | 293,717 | 174,151 |
Prepaid expenses | 10,720 | 9,505 |
Value added tax and other indirect taxes receivable | 19,242 | 18,627 |
Other Inventories, Spare Parts, Gross | 11,507 | 11,010 |
Other current assets | 4,699 | 5,730 |
Prepaid Expense and Other Assets, Current | 46,168 | 44,872 |
Land and improvements | 45,947 | 46,599 |
Buildings | 68,680 | 59,608 |
Machinery and equipment and other | 532,084 | 495,069 |
Construction in progress | 42,131 | 41,375 |
Property, plant and equipment | 688,842 | 642,651 |
Payrolls (including incentive programs) | 17,284 | 14,196 |
Employee benefits | 6,977 | 4,684 |
Deferred Revenue | 5,380 | 20,784 |
Other | 20,811 | 13,562 |
Accrued liabilities, net | 50,452 | 53,226 |
Postretirement benefits | 16,192 | 20,508 |
Pension and related benefits | 33,718 | 36,116 |
Other | 22,609 | 12,283 |
Other long - term obligations | $ 72,519 | $ 68,907 |
Supplementary Balance Sheet D_4
Supplementary Balance Sheet Detail (Schedule Of Analysis Of The Allowance For Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of year | $ 1,097 | $ 326 | $ 244 |
Additions | 122 | 771 | 129 |
Deductions | 90 | 0 | 47 |
Balance at end of year | $ 1,129 | $ 1,097 | $ 326 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 4.9 | $ 5.3 | $ 3.6 |
Commitments (Schedule Of Lease
Commitments (Schedule Of Lease Commitments Under Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 4,474 |
2,020 | 2,747 |
2,021 | 1,497 |
2,022 | 334 |
2,023 | 269 |
After 2,023 | $ 343 |
Retirement Plans And Postreti_3
Retirement Plans And Postretirement Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, accumulated benefit obligation | $ 147,600 | $ 158,600 | |
Defined Benefit Plan, Plan Assets, Amount | $ 115,199 | 123,463 | |
Employee basic contribution percent | 5.00% | ||
Employee supplemental contribution percent | 45.00% | ||
Pension and other postretirement benefit contributions | $ 1,300 | 1,600 | $ 2,500 |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 5,579 | 6,673 | |
Defined Benefit Plan, Plan Assets, Amount | 99,845 | 109,845 | 100,905 |
U.S. [Member] | Postretirement Benefit Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 532 | 790 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 726 | 658 | |
Defined Benefit Plan, Plan Assets, Amount | 15,354 | 13,618 | 11,871 |
Foreign [Member] | Postretirement Benefit Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 926 | 856 | |
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | $ 0 |
Retirement Plans And Postreti_4
Retirement Plans And Postretirement Benefits (Components Of Consolidated Net Pension Costs Retirement Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,315 | $ 1,305 | $ 1,325 |
Interest cost | 4,709 | 5,352 | 5,744 |
Expected return on assets | (5,679) | (5,268) | (4,940) |
Mark-to-market loss (gain) | 2,473 | (4,140) | (2,322) |
Net Cost | 2,818 | (2,751) | (193) |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 674 | 710 | 698 |
Interest cost | 253 | 199 | 243 |
Expected return on assets | (330) | (299) | (298) |
Mark-to-market loss (gain) | 503 | (53) | (220) |
Net Cost | $ 1,100 | $ 557 | $ 423 |
Retirement Plans And Postreti_5
Retirement Plans And Postretirement Benefits (Reconciliation Of Pension Plans' Benefit Obligations, Fair Value Of Assets Retirement Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | $ 123,463 | ||
Fair value of plan assets at end of year | 115,199 | $ 123,463 | |
U.S. [Member] | |||
Changes in Benefit Obligation: | |||
Net benefit obligation at beginning of year | 139,746 | 140,230 | |
Service cost | 1,315 | 1,305 | $ 1,325 |
Interest cost | 4,709 | 5,352 | 5,744 |
Participant contributions | 0 | 0 | |
Foreign currency exchange rates | 0 | 0 | |
Actuarial (gain) loss | (8,297) | 3,212 | |
Gross benefits paid | 10,488 | 10,353 | |
Net benefit obligation at end of year | 126,985 | 139,746 | 140,230 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 109,845 | 100,905 | |
Actual return on plan assets | (5,091) | 12,620 | |
Foreign currency exchange rate changes | 0 | ||
Employer contributions | 5,579 | 6,673 | |
Participant contributions | 0 | ||
Gross benefits paid | (10,488) | (10,353) | |
Fair value of plan assets at end of year | 99,845 | 109,845 | 100,905 |
Funded status (underfunded): | (27,140) | (29,901) | |
Prior service credit | 0 | 0 | |
Non-current assets | 0 | ||
Current liabilities | (430) | (433) | |
Non-current liabilities | (26,710) | (29,468) | |
Net amount recognized | (27,140) | (29,901) | |
U.S. [Member] | Postretirement Benefit Costs [Member] | |||
Changes in Benefit Obligation: | |||
Net benefit obligation at beginning of year | 8,461 | 10,175 | |
Service cost | 0 | 0 | 0 |
Interest cost | 264 | 333 | 360 |
Foreign currency exchange rates | 0 | 0 | |
Actuarial (gain) loss | 1,028 | 1,257 | |
Gross benefits paid | 532 | 790 | |
Plan amendment | 0 | 0 | |
Net benefit obligation at end of year | 7,165 | 8,461 | 10,175 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employer contributions | 532 | 790 | |
Gross benefits paid | (532) | (790) | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status (underfunded): | (7,165) | (8,461) | |
Prior service credit | 0 | 0 | |
Current liabilities | (783) | (855) | |
Non-current liabilities | (6,382) | (7,606) | |
Net amount recognized | (7,165) | (8,461) | |
Foreign [Member] | |||
Changes in Benefit Obligation: | |||
Net benefit obligation at beginning of year | 20,407 | 18,237 | |
Service cost | 674 | 710 | 698 |
Interest cost | 253 | 199 | 243 |
Participant contributions | 392 | 252 | |
Foreign currency exchange rates | (339) | 1,069 | |
Actuarial (gain) loss | 711 | 63 | |
Gross benefits paid | 234 | 123 | |
Net benefit obligation at end of year | 22,332 | 20,407 | 18,237 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 13,618 | 11,871 | |
Actual return on plan assets | 538 | 415 | |
Foreign currency exchange rate changes | (154) | 545 | |
Employer contributions | 726 | 658 | |
Participant contributions | 392 | 252 | |
Gross benefits paid | (234) | (123) | |
Fair value of plan assets at end of year | 15,354 | 13,618 | 11,871 |
Funded status (underfunded): | (6,978) | (6,789) | |
Prior service credit | 0 | 0 | |
Non-current assets | 147 | 0 | |
Current liabilities | (117) | (146) | |
Non-current liabilities | (7,008) | (6,643) | |
Net amount recognized | (6,978) | (6,789) | |
Foreign [Member] | Postretirement Benefit Costs [Member] | |||
Changes in Benefit Obligation: | |||
Net benefit obligation at beginning of year | 12,172 | 10,700 | |
Service cost | 1 | 2 | 4 |
Interest cost | 700 | 653 | 764 |
Foreign currency exchange rates | (1,333) | 931 | |
Actuarial (gain) loss | (47) | (742) | |
Gross benefits paid | 926 | 856 | |
Plan amendment | 0 | 0 | |
Net benefit obligation at end of year | 10,661 | 12,172 | 10,700 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employer contributions | 926 | 856 | |
Gross benefits paid | (926) | (856) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status (underfunded): | (10,661) | (12,172) | |
Prior service credit | 0 | 0 | |
Current liabilities | (851) | (912) | |
Non-current liabilities | (9,810) | (11,260) | |
Net amount recognized | $ (10,661) | $ (12,172) |
Retirement Plans And Postreti_6
Retirement Plans And Postretirement Benefits (Fair Asset Values Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 115,199 | $ 123,463 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,978 | 2,094 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 958 | 831 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,396 | 12,787 | |
Fair Value Measured at Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 97,867 | 107,751 | |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 99,845 | 109,845 | $ 100,905 |
U.S. [Member] | Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,978 | 2,094 | |
U.S. [Member] | Level 1 [Member] | Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,978 | 2,094 | |
U.S. [Member] | Level 2 [Member] | Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. [Member] | Level 3 [Member] | Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,354 | 13,618 | $ 11,871 |
Foreign [Member] | Foreign Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 958 | 831 | |
Foreign [Member] | Fixed Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,396 | 12,787 | |
Foreign [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign [Member] | Level 1 [Member] | Foreign Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign [Member] | Level 1 [Member] | Fixed Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 958 | 831 | |
Foreign [Member] | Level 2 [Member] | Foreign Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 958 | 831 | |
Foreign [Member] | Level 2 [Member] | Fixed Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,396 | 12,787 | |
Foreign [Member] | Level 3 [Member] | Foreign Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Foreign [Member] | Level 3 [Member] | Fixed Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,396 | 12,787 | |
Foreign [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 15,354 | $ 13,618 |
Retirement Plans And Postreti_7
Retirement Plans And Postretirement Benefits (Fair Value Hierarchy, Assets At Fair Value) (Details) - Pension Plan [Member] - Fixed Insurance Contracts [Member] - Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in Plan Assets: | ||
Beginning Balance | $ 12,787 | $ 11,142 |
Gain / contributions / currency impact | 1,619 | 1,651 |
Distributions | (10) | (6) |
Ending Balance | $ 14,396 | $ 12,787 |
Retirement Plans And Postreti_8
Retirement Plans And Postretirement Benefits (Assumptions Used To Determine Net Pension Costs And Projected Benefit Obligations) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted average assumptions to determine benefit obligations: | ||
Discount rate | 3.71% | 3.20% |
Rate of compensation increase | 1.74% | 1.57% |
Weighted average assumptions to determine net cost: | ||
Discount rate | 3.20% | 3.61% |
Expected return on plan assets | 4.94% | 4.95% |
Rate of compensation increase | 1.57% | 1.57% |
Retirement Plans And Postreti_9
Retirement Plans And Postretirement Benefits (Retirement Plan Weighted Average Asset Allocations) (Details) | Dec. 31, 2018 |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 100.00% |
U.S. [Member] | Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 20.00% |
U.S. [Member] | Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 80.00% |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 100.00% |
Foreign [Member] | Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 0.00% |
Foreign [Member] | Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Weighted average asset allocations | 100.00% |
Retirement Plans And Postret_10
Retirement Plans And Postretirement Benefits (Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
U.S. [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Accumulated benefit obligation | $ 126,985 | $ 139,746 |
Fair value of plan assets | 99,845 | 109,845 |
Foreign [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Accumulated benefit obligation | 20,601 | 18,843 |
Fair value of plan assets | $ 14,396 | $ 13,618 |
Retirement Plans And Postret_11
Retirement Plans And Postretirement Benefits (Pension Plans With Projected Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
U.S. [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 126,985 | $ 139,746 |
Fair value of plan assets | 99,845 | 109,845 |
Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 21,520 | 20,407 |
Fair value of plan assets | $ 14,396 | $ 13,618 |
Retirement Plans And Postret_12
Retirement Plans And Postretirement Benefits (Projected Future Pension Plan Cash Flow By Year) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | $ 684 |
Expected employee contributions | 0 |
2,017 | 9,240 |
2,018 | 9,221 |
2,019 | 9,221 |
2,020 | 9,182 |
2,021 | 9,136 |
2024-2028 | 43,993 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 744 |
Expected employee contributions | 0 |
2,017 | 858 |
2,018 | 755 |
2,019 | 824 |
2,020 | 824 |
2,021 | 955 |
2024-2028 | $ 8,223 |
Retirement Plans And Postret_13
Retirement Plans And Postretirement Benefits (Components Of Net Postretirement Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,315 | $ 1,305 | $ 1,325 |
Interest cost | 4,709 | 5,352 | 5,744 |
Mark-to-market loss (gain) loss | 2,473 | (4,140) | (2,322) |
Net Cost | 2,818 | (2,751) | (193) |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 674 | 710 | 698 |
Interest cost | 253 | 199 | 243 |
Mark-to-market loss (gain) loss | 503 | (53) | (220) |
Net Cost | 1,100 | 557 | 423 |
Postretirement Benefit Costs [Member] | U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 264 | 333 | 360 |
Plan amendment / curtailment | 0 | 0 | 0 |
Mark-to-market loss (gain) loss | 1,028 | 1,257 | 191 |
Net Cost | (764) | (924) | 169 |
Postretirement Benefit Costs [Member] | Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1 | 2 | 4 |
Interest cost | 700 | 653 | 764 |
Plan amendment / curtailment | 0 | 0 | 993 |
Mark-to-market loss (gain) loss | (47) | (742) | 225 |
Net Cost | $ 748 | $ 1,397 | $ (450) |
Retirement Plans And Postret_14
Retirement Plans And Postretirement Benefits (Fair Value Of Assets Of, And The Funded Status Of, Postretirement Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | $ 123,463 | ||
Fair value of plan assets at end of year | 115,199 | $ 123,463 | |
U.S. [Member] | |||
Changes in Benefit Obligation: | |||
Net benefit obligation at beginning of year | 139,746 | 140,230 | |
Service cost | 1,315 | 1,305 | $ 1,325 |
Interest cost | 4,709 | 5,352 | 5,744 |
Foreign currency exchange rates | 0 | 0 | |
Actuarial (gain) loss | (8,297) | 3,212 | |
Gross benefits paid | (10,488) | (10,353) | |
Net benefit obligation at end of year | 126,985 | 139,746 | 140,230 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 109,845 | 100,905 | |
Employer contributions | 5,579 | 6,673 | |
Gross benefits paid | (10,488) | (10,353) | |
Fair value of plan assets at end of year | 99,845 | 109,845 | 100,905 |
Funded status: | (27,140) | (29,901) | |
Prior service credit | 0 | 0 | |
Current liabilities | (430) | (433) | |
Non-current liabilities | (26,710) | (29,468) | |
Net amount recognized | (27,140) | (29,901) | |
Foreign [Member] | |||
Changes in Benefit Obligation: | |||
Net benefit obligation at beginning of year | 20,407 | 18,237 | |
Service cost | 674 | 710 | 698 |
Interest cost | 253 | 199 | 243 |
Foreign currency exchange rates | (339) | 1,069 | |
Actuarial (gain) loss | 711 | 63 | |
Gross benefits paid | (234) | (123) | |
Net benefit obligation at end of year | 22,332 | 20,407 | 18,237 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 13,618 | 11,871 | |
Employer contributions | 726 | 658 | |
Gross benefits paid | (234) | (123) | |
Fair value of plan assets at end of year | 15,354 | 13,618 | 11,871 |
Funded status: | (6,978) | (6,789) | |
Prior service credit | 0 | 0 | |
Current liabilities | (117) | (146) | |
Non-current liabilities | (7,008) | (6,643) | |
Net amount recognized | (6,978) | (6,789) | |
Postretirement Benefit Costs [Member] | U.S. [Member] | |||
Changes in Benefit Obligation: | |||
Net benefit obligation at beginning of year | 8,461 | 10,175 | |
Service cost | 0 | 0 | 0 |
Interest cost | 264 | 333 | 360 |
Foreign currency exchange rates | 0 | 0 | |
Actuarial (gain) loss | 1,028 | 1,257 | |
Gross benefits paid | (532) | (790) | |
Plan amendment | 0 | 0 | |
Net benefit obligation at end of year | 7,165 | 8,461 | 10,175 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employer contributions | 532 | 790 | |
Gross benefits paid | (532) | (790) | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status: | (7,165) | (8,461) | |
Prior service credit | 0 | 0 | |
Current liabilities | (783) | (855) | |
Non-current liabilities | (6,382) | (7,606) | |
Net amount recognized | (7,165) | (8,461) | |
Postretirement Benefit Costs [Member] | Foreign [Member] | |||
Changes in Benefit Obligation: | |||
Net benefit obligation at beginning of year | 12,172 | 10,700 | |
Service cost | 1 | 2 | 4 |
Interest cost | 700 | 653 | 764 |
Foreign currency exchange rates | (1,333) | 931 | |
Actuarial (gain) loss | (47) | (742) | |
Gross benefits paid | (926) | (856) | |
Plan amendment | 0 | 0 | |
Net benefit obligation at end of year | 10,661 | 12,172 | 10,700 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employer contributions | 926 | 856 | |
Gross benefits paid | (926) | (856) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status: | (10,661) | (12,172) | |
Prior service credit | 0 | 0 | |
Current liabilities | (851) | (912) | |
Non-current liabilities | (9,810) | (11,260) | |
Net amount recognized | $ (10,661) | $ (12,172) |
Retirement Plans And Postret_15
Retirement Plans And Postretirement Benefits (Net Postretirement Benefit Costs And Postretirement Projected Benefit Obligation) (Details) | 5 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.71% | 3.20% | |
Discount rate | 3.20% | 3.61% | |
Postretirement Benefit Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.57% | 5.07% | |
Health care cost trend on covered charges, Initial | 6.53% | 6.86% | |
Health care cost trend on covered charges, Ultimate | 6.05% | 6.23% | |
Health care cost trend on covered charges, Years to ultimate | 8 years | 8 years | |
Postretirement Benefit Costs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.07% | 4.80% | |
Health care cost trend on covered charges, Initial | 6.86% | 6.80% | |
Health care cost trend on covered charges, Ultimate | 6.23% | 5.96% | |
Health care cost trend on covered charges, Years to ultimate | 7 years | 7 years |
Retirement Plans And Postret_16
Retirement Plans And Postretirement Benefits (One-Percentage Point Change In Assumed Health Care Cost Trend Rates) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
One Percentage Point Increase, Effect on total service cost and interest cost components | $ 1 |
One Percentage Point Increase, Effect on benefit obligations | 14 |
One Percentage Point Decrease, Effect on total service cost and interest cost components | (1) |
One Percentage Point Decrease, Effect on benefit obligations | (14) |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
One Percentage Point Increase, Effect on total service cost and interest cost components | 32 |
One Percentage Point Increase, Effect on benefit obligations | 506 |
One Percentage Point Decrease, Effect on total service cost and interest cost components | (66) |
One Percentage Point Decrease, Effect on benefit obligations | $ (442) |
Retirement Plans And Postret_17
Retirement Plans And Postretirement Benefits (Projected Future Postretirement Cash Flow By Year) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | $ 684 |
Expected employee contributions | 0 |
2,017 | 9,240 |
2,018 | 9,221 |
2,019 | 9,221 |
2,020 | 9,182 |
2,021 | 9,136 |
2024-2028 | 43,993 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 744 |
Expected employee contributions | 0 |
2,017 | 858 |
2,018 | 755 |
2,019 | 824 |
2,020 | 824 |
2,021 | 955 |
2024-2028 | 8,223 |
Postretirement Benefit Costs [Member] | U.S. [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 783 |
Expected employee contributions | 0 |
2,017 | 783 |
2,018 | 724 |
2,019 | 663 |
2,020 | 607 |
2,021 | 554 |
2024-2028 | 2,174 |
Postretirement Benefit Costs [Member] | Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 851 |
Expected employee contributions | 0 |
2,017 | 851 |
2,018 | 866 |
2,019 | 891 |
2,020 | 904 |
2,021 | 899 |
2024-2028 | $ 4,769 |
Management Compensation And I_2
Management Compensation And Incentive Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 1,151,000 | $ 0 | $ 0 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 349 | $ 969 |
Product warranty adjustments | 1,510 | 149 |
Payments and settlements | (331) | (471) |
Ending balance | $ 1,528 | $ 349 |
Contingencies - Narratives (Det
Contingencies - Narratives (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | ||
Long-term debt - affiliate | $ 86,478,000 | $ 0 |
Minimum | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 65,000,000 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 90,000,000 | |
Profit Units | LTIP | ||
Loss Contingencies [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 30,000 | |
Threshold Value | $ 855,000,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Income Tax Examination [Line Items] | |||||||
Provision (benefit) for income taxes | $ 48,920 | $ (10,781) | $ (7,552) | ||||
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% | ||||
Net non-current deferred tax assets | $ 30,768 | $ 71,707 | 30,768 | ||||
Net non-current deferred tax liabilities | 41,746 | 45,825 | 41,746 | ||||
Proceeds from Issuance of Long-term Debt | 53,000 | ||||||
Total foreign tax credit carryforwards | 175,229 | 111,325 | 175,229 | ||||
Deferred Tax Assets, Operating Loss Carryforwards | 59,300 | ||||||
Deferred Tax Assets, Non-Operating Loss Carryforwards | 3,000 | ||||||
Operating Loss Carryforwards, Valuation Allowance | 35,800 | ||||||
Tax Credit Carryforward, Amount | 10,100 | ||||||
Unrecognized tax benefits | 2,492 | 1,990 | 2,492 | 3,338 | |||
Expired Foreign Tax Credits | $ 19,500 | ||||||
Increase in Foreign Tax Credit Carryforward | 37,700 | ||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,000 | ||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 800 | 900 | 800 | 800 | |||
Unrecognized Tax Benefits, Increase (Decrease) Income Tax Penalties and Interest Accrued | 100 | 0 | 0 | ||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 2,000 | ||||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 373 | ||||||
Deferred Tax Assets, Net of Valuation Allowance | 67,470 | 99,961 | 67,470 | $ 6,500 | |||
Deferred Tax Assets, Capital Loss Carryforwards | $ 2,603 | 0 | $ 2,603 | ||||
Undistributed Earnings of Foreign Subsidiaries | 1,600,000 | ||||||
Undistributed Earnings of Foreign Subsidiaries Subjected to One Time Transition Fee | 998,300 | ||||||
Domestic Tax Authority [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Tax Credit Carryforward, Amount | 25,200 | ||||||
State and Local Jurisdiction [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Tax Credit Carryforward, Amount | $ 320,300 |
Income Taxes (Schedule Of U.S.
Income Taxes (Schedule Of U.S. And Non-U.S. Components Of Income (Loss) Before Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (68,032) | $ (26,981) | $ (44,971) |
Non-U.S. | 970,840 | 30,412 | (71,450) |
Income (loss) from continuing operations before provision (benefit) for income taxes | $ 902,808 | $ 3,431 | $ (116,421) |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. income taxes, Current | $ 787 | $ (1,066) | $ (878) |
U.S. income taxes, Deferred | (52,145) | 38 | 1,152 |
U.S. income taxes, Total | (51,358) | (1,028) | 274 |
Non-U.S. income taxes, Current | 85,252 | 5,924 | 5,389 |
Non-U.S. income taxes, Deferred | 15,026 | (15,677) | (13,215) |
Non-U.S. income taxes, Total | 100,278 | (9,753) | (7,826) |
Provision (benefit) for income taxes | $ 48,920 | $ (10,781) | $ (7,552) |
Income Taxes (Schedule Of Inc_2
Income Taxes (Schedule Of Income Tax Expense (Benefit) Computed By Applying The U.S. Federal Income Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Tax at statutory U.S. federal rate | $ 189,590 | $ 1,201 | $ (40,747) |
Impact of U.S. Tax Cut and Jobs Act - GILTI | 93,739 | 0 | 0 |
Impact of the 2017 Tax Act - transition tax | 0 | 39,628 | 0 |
Impact of the 2017 Tax Act - tax rate change | 0 | 52,228 | 0 |
Impact of Tax Receivable Agreement | 18,160 | 0 | 0 |
Valuation allowance, net | (93,125) | (89,269) | 35,091 |
State taxes, net of federal tax benefit | 1,529 | 3,437 | (2,324) |
U.S. tax impact of foreign earnings (net of foreign tax credits) | 792 | 1,151 | 51 |
Establishment/resolution of uncertain tax positions | (345) | (840) | (513) |
Adjustment for foreign income taxed at different rates | (95,822) | (2,359) | 12,738 |
Foreign tax credits | (65,046) | (17,956) | (175) |
Investment in subsidiary impairment deduction | 0 | 0 | (10,114) |
Other | (552) | 1,998 | (1,559) |
Provision (benefit) for income taxes | $ 48,920 | $ (10,781) | $ (7,552) |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | |||
Postretirement and other employee benefits | $ 18,395 | $ 19,392 | |
Foreign tax credit and other carryforwards | 111,325 | 175,229 | |
Capitalized research and experimental costs | 7,695 | 9,417 | |
Environmental reserves | 976 | 493 | |
Inventory | 14,251 | 7,933 | |
Original issue discount | 0 | 2,603 | |
Long-term contract option amortization | 1,144 | 1,204 | |
Provision for rationalization charges | 351 | 502 | |
Other | 4,270 | 1,536 | |
Total gross deferred tax assets | 158,407 | 218,309 | |
Less: valuation allowance | (58,446) | (150,839) | |
Total deferred tax assets | 99,961 | 67,470 | $ 6,500 |
Deferred tax liabilities: | |||
Fixed assets | 59,521 | 68,098 | |
Debt discount amortization / Deferred financing fees | 0 | 3,191 | |
Inventory | 7,751 | 5,128 | |
Goodwill and acquired intangibles | 3,668 | 0 | |
Other | 3,138 | 2,031 | |
Total deferred tax liabilities | 74,078 | 78,448 | |
Total deferred tax liabilities | $ 25,883 | $ 10,978 |
Income Taxes (Schedule Of Valua
Income Taxes (Schedule Of Valuation Allowance Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 150,839 | $ 244,841 | $ 165,539 |
(Credited) / charged to income | (93,125) | (87,194) | (78,469) |
Translation adjustment | (302) | 207 | 583 |
Changes attributable to movement in underlying assets | 1,034 | (7,015) | 250 |
Balance at end of year | $ 58,446 | $ 150,839 | $ 244,841 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Balance at January 1 | $ 2,492 | $ 3,338 |
Additions for tax positions of prior years | (100) | 114 |
Additions for tax positions of prior years | (989) | |
Lapse of statutes of limitations | (373) | |
Settlements | (21) | |
Foreign currency impact | 8 | (29) |
Balance at December 31 | $ 1,990 | $ 2,492 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total accumulated comprehensive (loss) income | $ 5,800 | $ (20,289) |
Successor [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation adjustments, net of tax | 2,922 | (15,468) |
Commodities and foreign currency derivatives, net of tax | 2,878 | (4,821) |
Total accumulated comprehensive (loss) income | $ 5,800 | $ 20,289 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 13, 2018 | Jun. 29, 2018 | Apr. 26, 2018 | Apr. 23, 2018 | Apr. 12, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Apr. 19, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||||||||||||
Stock Issued During Period, Shares, Stock Splits | 3,022,259.23 | |||||||||||
Dividends Payable | $ 160 | |||||||||||
Stock Issued During Period, Value, New Issues | 3,097,525 | 35,000,000 | ||||||||||
Shares, Issued | 38,097,525 | |||||||||||
Sale of Stock, Price Per Share | $ 15 | $ 15 | ||||||||||
Offering Costs | $ 5.1 | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.85 | $ 0.85 | $ 0.0645 | |||||||||
Dividends | $ 19.5 | |||||||||||
Pro rated Dividends | $ 0.085 | |||||||||||
Common Stock, Dividends, Per Share, Declared, Annualized | $ 0.34 | |||||||||||
Special Dividend | $ 0.70 | $ 0.70 | ||||||||||
Stock Repurchased During Period, Shares | 11,688,311 | |||||||||||
Brookfield [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock Issued During Period, Shares, Stock Splits | 23,000,000 | |||||||||||
Sale of Stock, Price Per Share | $ 20 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 650,432 | ||
Weighted Average Number of Shares Issued, Basic | 297,748,327 | 302,225,923 | 302,225,923 |
Weighted average common shares outstanding for diluted calculation | 297,753,770 | 302,225,923 | 302,225,923 |
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | $ 5,443 | $ 0 | $ 0 |
Earnings Per Share Treasury Sha
Earnings Per Share Treasury Share Buyback (Details) | 12 Months Ended |
Dec. 31, 2018shares | |
Earnings Per Share [Abstract] | |
Shares which exclude consideration of stock options in calculation of diluted shares outstanding | 650,432 |
Quarterly Information (Details)
Quarterly Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Net sales | $ 532,789 | $ 454,890 | $ 456,332 | $ 451,899 | $ 192,473 | $ 137,245 | $ 116,314 | $ 104,739 | $ 1,895,910 | $ 550,771 | $ 437,963 |
Gross profit | 318,430 | 274,610 | 290,422 | 306,750 | 59,789 | 16,762 | 9,880 | 1,286 | 1,190,212 | 87,717 | (30,239) |
Research and development | (601) | (518) | (581) | (429) | (373) | (1,329) | (933) | (820) | (2,129) | (3,456) | (2,534) |
Selling and administrative expenses | 15,683 | 14,234 | 16,239 | 15,876 | 15,389 | 13,293 | 12,169 | 11,656 | 62,032 | 52,506 | 58,515 |
Other expense (income), net | 828 | 1,502 | (974) | 2,005 | (6,426) | (404) | 1,423 | 3,304 | 3,361 | (2,104) | (4,266) |
Related party Tax Receivable Agreement Expense | 24,677 | 61,801 | |||||||||
Net income (loss) | $ 229,632 | $ 199,466 | $ 201,448 | $ 223,673 | $ 55,628 | $ (3,919) | $ (17,383) | $ (26,344) | $ 854,219 | $ 7,983 | $ (235,843) |
Income (Loss) from Continuing Operations, Per Basic Share | $ 790 | $ 670 | $ 670 | $ 740 | $ 180 | $ (10) | $ (60) | $ (90) | $ 2.87 | $ 0.05 | $ (0.36) |
As Reported | |||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Net sales | $ 532,789 | $ 454,890 | $ 456,332 | $ 451,899 | $ 192,473 | $ 137,245 | $ 116,314 | $ 104,739 | |||
Gross profit | 318,430 | 274,610 | 290,422 | 306,750 | 60,598 | 16,561 | 9,679 | 1,085 | |||
Research and development | (601) | (518) | (581) | (429) | (159) | (1,338) | (943) | (829) | $ (2,951) | $ (2,399) | |
Selling and administrative expenses | 15,683 | 14,234 | 16,239 | 15,876 | 12,280 | 13,322 | 12,195 | 11,683 | 49,479 | 57,784 | |
Other expense (income), net | 828 | 1,502 | (974) | 2,005 | (1,976) | (643) | 1,186 | 3,067 | 1,634 | (2,188) | |
Related party Tax Receivable Agreement Expense | 24,677 | 61,801 | |||||||||
Net income (loss) | $ 229,632 | $ 199,466 | $ 201,448 | $ 223,673 | $ 55,628 | $ (3,919) | $ (17,383) | $ (26,344) | |||
Income (Loss) from Continuing Operations, Per Basic Share | $ 790 | $ 670 | $ 670 | $ 740 | $ 180 | $ (10) | $ (60) | $ (90) | |||
Effect of Accounting Change | |||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||
Gross profit | $ (809) | $ 201 | $ 201 | $ 201 | |||||||
Research and development | (532) | 9 | 10 | 9 | (505) | (135) | |||||
Selling and administrative expenses | 3,109 | (29) | (26) | (27) | 3,027 | 731 | |||||
Other expense (income), net | $ (4,450) | $ 239 | $ 237 | $ 237 | $ (3,738) | $ (2,078) |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Feb. 07, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 |
Subsequent Event [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.85 | $ 0.85 | $ 0.0645 | |
Subsequent Events | ||||
Subsequent Event [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.085 |