2024 Q2 Form 10-Q Financial Statement

#000093114824000065 Filed on April 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $137.3M $136.6M
YoY Change -25.99% -1.6%
Cost Of Revenue $133.4M $137.9M
YoY Change -15.18% 22.42%
Gross Profit $3.976M -$1.312M
YoY Change -85.97% -105.02%
Gross Profit Margin 2.9% -0.96%
Selling, General & Admin $5.098M $15.28M
YoY Change -72.52% -31.03%
% of Gross Profit 128.22%
Research & Development $1.447M $1.627M
YoY Change 20.99% 36.49%
% of Gross Profit 36.39%
Depreciation & Amortization $14.32M $13.88M
YoY Change -6.55% 28.82%
% of Gross Profit 360.14%
Operating Expenses $6.545M $16.90M
YoY Change -66.86% -27.58%
Operating Profit -$2.679M -$21.36M
YoY Change -131.16% -859.1%
Interest Expense $15.61M $15.63M
YoY Change 12.24% 22.02%
% of Operating Profit
Other Income/Expense, Net $1.091M $393.0K
YoY Change -339.78% -160.18%
Pretax Income -$15.34M -$35.07M
YoY Change 177.87% 241.38%
Income Tax -$592.0K -$4.201M
% Of Pretax Income
Net Earnings -$14.75M -$30.87M
YoY Change 87.9% 318.9%
Net Earnings / Revenue -10.74% -22.6%
Basic Earnings Per Share -$0.06 -$0.12
Diluted Earnings Per Share -$0.06 -$0.12
COMMON SHARES
Basic Shares Outstanding 257.2M shares 256.8M shares
Diluted Shares Outstanding 257.8M shares 257.4M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.7M $165.2M
YoY Change -8.65% 21.97%
Cash & Equivalents $120.7M $165.2M
Short-Term Investments
Other Short-Term Assets $62.45M $60.38M
YoY Change -0.8% -16.93%
Inventory $304.8M $302.9M
Prepaid Expenses
Receivables $95.04M $91.59M
Other Receivables $0.00 $0.00
Total Short-Term Assets $583.0M $620.0M
YoY Change -21.17% -18.49%
LONG-TERM ASSETS
Property, Plant & Equipment $495.6M $507.2M
YoY Change -5.54% -3.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $53.65M $57.36M
YoY Change -22.71% -26.85%
Total Long-Term Assets $580.0M $595.8M
YoY Change -26.22% -25.01%
TOTAL ASSETS
Total Short-Term Assets $583.0M $620.0M
Total Long-Term Assets $580.0M $595.8M
Total Assets $1.163B $1.216B
YoY Change -23.77% -21.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.01M $60.33M
YoY Change -21.47% -30.37%
Accrued Expenses $75.04M $104.0M
YoY Change -22.92% -2.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $132.0K $132.0K
YoY Change 1.54% 3.13%
Total Short-Term Liabilities $138.1M $166.4M
YoY Change -23.39% -16.01%
LONG-TERM LIABILITIES
Long-Term Debt $928.0M $926.8M
YoY Change 0.5% 0.46%
Other Long-Term Liabilities $52.72M $54.15M
YoY Change 6.97% 4.92%
Total Long-Term Liabilities $980.8M $980.9M
YoY Change 0.83% 0.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.1M $166.4M
Total Long-Term Liabilities $980.8M $980.9M
Total Liabilities $1.119B $1.147B
YoY Change -2.96% -2.13%
SHAREHOLDERS EQUITY
Retained Earnings -$707.9M -$693.2M
YoY Change 67.61% 68.27%
Common Stock $2.572M $2.572M
YoY Change 0.16% 0.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.24M $37.62M
YoY Change
Total Liabilities & Shareholders Equity $1.163B $1.216B
YoY Change -23.77% -21.82%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$14.75M -$30.87M
YoY Change 87.9% 318.9%
Depreciation, Depletion And Amortization $14.32M $13.88M
YoY Change -6.55% 28.82%
Cash From Operating Activities -$36.86M -$530.0K
YoY Change 308.41% -102.14%
INVESTING ACTIVITIES
Capital Expenditures $6.979M $10.51M
YoY Change -51.93% -58.41%
Acquisitions
YoY Change
Other Investing Activities $77.00K $3.000K
YoY Change -36.89% -96.74%
Cash From Investing Activities -$6.902M -$10.51M
YoY Change -52.06% -58.27%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change -100.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.00K -$98.00K
YoY Change -100.1% -112.14%
NET CHANGE
Cash From Operating Activities -36.86M -$530.0K
Cash From Investing Activities -6.902M -$10.51M
Cash From Financing Activities -19.00K -$98.00K
Net Change In Cash -43.78M -$11.14M
YoY Change 1141.17% -2714.08%
FREE CASH FLOW
Cash From Operating Activities -$36.86M -$530.0K
Capital Expenditures $6.979M $10.51M
Free Cash Flow -$43.83M -$11.04M
YoY Change 86.19% 2234.25%

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CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
101978000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
40322000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
142300000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2100000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2400000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
5500000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
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CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
23225000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
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CY2024Q1 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt
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CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2023Q2 gti Debt Instrument Issue Price
DebtInstrumentIssuePrice
0.97456 usd
CY2024Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
86004000 usd
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
109084000 usd
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
181977000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
186473000 usd
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
34892000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
34589000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
302873000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
330146000 usd
CY2024Q1 us-gaap Inventory Write Down
InventoryWriteDown
2700000 usd
CY2023 us-gaap Inventory Write Down
InventoryWriteDown
12400000 usd
CY2024Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
9900000 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
12400000 usd
CY2024Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
17095000 usd
CY2023Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
10622000 usd
CY2024Q1 us-gaap Accretion Expense
AccretionExpense
520000 usd
CY2023Q1 us-gaap Accretion Expense
AccretionExpense
168000 usd
CY2024Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
748000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
655000 usd
CY2024Q1 gti Amortization Of Interest Rate Swap Deferred Gains Losses
AmortizationOfInterestRateSwapDeferredGainsLosses
2737000 usd
CY2023Q1 gti Amortization Of Interest Rate Swap Deferred Gains Losses
AmortizationOfInterestRateSwapDeferredGainsLosses
0 usd
CY2024Q1 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
0 usd
CY2023Q1 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
-1361000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
15626000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
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CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
77000 usd
CY2024Q1 us-gaap Product Warranty Expense
ProductWarrantyExpense
144000 usd
CY2024Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1000 usd
CY2024Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
220000 usd
CY2024Q1 gti Related Party Tax Agreement Percent Of Savings
RelatedPartyTaxAgreementPercentOfSavings
0.85
CY2024Q1 gti Due To Related Party Basis Spread On Variable Rate
DueToRelatedPartyBasisSpreadOnVariableRate
0.0100
CY2024Q1 gti Related Party Payable Tax Receivable Agreement
RelatedPartyPayableTaxReceivableAgreement
5700000 usd
CY2024Q1 gti Related Party Payable Tax Receivable Agreement Current
RelatedPartyPayableTaxReceivableAgreementCurrent
1900000 usd
CY2024Q1 gti Related Party Payable Tax Receivable Agreement Long Term
RelatedPartyPayableTaxReceivableAgreementLongTerm
3800000 usd
CY2023Q4 gti Related Party Payable Tax Receivable Agreement
RelatedPartyPayableTaxReceivableAgreement
11100000 usd
CY2023Q4 gti Related Party Payable Tax Receivable Agreement Current
RelatedPartyPayableTaxReceivableAgreementCurrent
5400000 usd
CY2023Q4 gti Related Party Payable Tax Receivable Agreement Long Term
RelatedPartyPayableTaxReceivableAgreementLongTerm
5700000 usd
gti Value Added Tax Assessment Amount
ValueAddedTaxAssessmentAmount
30400000 usd
gti Value Added Tax Assessment Amount
ValueAddedTaxAssessmentAmount
51000000 usd
gti Value Added Tax Assessment Amount
ValueAddedTaxAssessmentAmount
51000000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4201000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-35070000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10273000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.120
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.283
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.042
CY2022Q3 gti Embedded Derivative Gain In Aoci
EmbeddedDerivativeGainInAOCI
6600000 usd
CY2024Q1 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
1400000 usd
CY2023Q2 us-gaap Derivative Cash Received On Hedge
DerivativeCashReceivedOnHedge
20400000 usd
CY2023Q2 us-gaap Embedded Derivative Gain On Embedded Derivative
EmbeddedDerivativeGainOnEmbeddedDerivative
23100000 usd
CY2023Q2 gti Loss On Debt Host
LossOnDebtHost
2800000 usd
CY2024Q1 gti Loss On Debt Host In Aoci
LossOnDebtHostInAOCI
1100000 usd
CY2023Q2 us-gaap Embedded Derivative Gain On Embedded Derivative
EmbeddedDerivativeGainOnEmbeddedDerivative
23100000 usd
CY2023Q2 gti Realized Gain On Interest Rate Swap Termination
RealizedGainOnInterestRateSwapTermination
6900000 usd
CY2023Q2 gti Embedded Derivative Gain In Aoci
EmbeddedDerivativeGainInAOCI
16200000 usd
CY2023Q1 us-gaap Gain Loss On Fair Value Hedge Ineffectiveness Net
GainLossOnFairValueHedgeIneffectivenessNet
0 usd
CY2024Q1 us-gaap Gain Loss On Fair Value Hedge Ineffectiveness Net
GainLossOnFairValueHedgeIneffectivenessNet
0 usd
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-25660000 usd
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-19188000 usd
CY2024Q1 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
3477000 usd
CY2023Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
7730000 usd
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-22183000 usd
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-11458000 usd
CY2024Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
CY2023Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-30869000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-7369000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
257399365 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
256974904 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
257399365 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
256974904 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1000000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
800000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
14700000 usd
CY2024Q1 us-gaap Supplier Finance Program Obligation Current
SupplierFinanceProgramObligationCurrent
6100000 usd
CY2023Q4 us-gaap Supplier Finance Program Obligation Current
SupplierFinanceProgramObligationCurrent
4600000 usd
CY2024Q1 gti Production Capacity
ProductionCapacity
178000 capacity
CY2024Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
130 employee
CY2024Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.10
CY2024Q1 us-gaap Restructuring Charges
RestructuringCharges
3100000 usd
CY2024Q1 gti Rationalization Related Expenses
RationalizationRelatedExpenses
2700000 usd
CY2024Q1 gti Restructuring And Related Charges To Inventory
RestructuringAndRelatedChargesToInventory
2202000 usd
CY2023Q1 gti Restructuring And Related Charges To Inventory
RestructuringAndRelatedChargesToInventory
0 usd
CY2024Q1 gti Restructuring And Related Charges Fixed Asset Write Off
RestructuringAndRelatedChargesFixedAssetWriteOff
453000 usd
CY2023Q1 gti Restructuring And Related Charges Fixed Asset Write Off
RestructuringAndRelatedChargesFixedAssetWriteOff
0 usd
CY2024Q1 gti Rationalization Related Expenses
RationalizationRelatedExpenses
2655000 usd
CY2023Q1 gti Rationalization Related Expenses
RationalizationRelatedExpenses
0 usd
CY2024Q1 us-gaap Severance Costs1
SeveranceCosts1
2878000 usd
CY2023Q1 us-gaap Severance Costs1
SeveranceCosts1
0 usd
CY2024Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
267000 usd
CY2023Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
0 usd
CY2024Q1 us-gaap Restructuring Charges
RestructuringCharges
3145000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
0 usd
CY2023Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
0 usd
CY2023Q4 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
0 usd
CY2024Q1 gti Restructuring Charges Current
RestructuringChargesCurrent
2543000 usd
CY2024Q1 gti Restructuring Charges Noncurrent
RestructuringChargesNoncurrent
602000 usd
CY2024Q1 gti Payments For Restructuring Current
PaymentsForRestructuringCurrent
363000 usd
CY2024Q1 gti Payments For Restructuring Noncurrent
PaymentsForRestructuringNoncurrent
0 usd
CY2024Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
2180000 usd
CY2024Q1 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
602000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0000931148-24-000065.txt Edgar Link pending
0000931148-24-000065-xbrl.zip Edgar Link pending
a2024-1q10qex311.htm Edgar Link pending
a2024-1q10qex312.htm Edgar Link pending
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exhibit101-formofperform.htm Edgar Link pending
exhibit101-formofperform001.jpg Edgar Link pending
exhibit101-formofperform002.jpg Edgar Link pending
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exhibit101-formofperform004.jpg Edgar Link pending
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gti-20240331_lab.xml Edgar Link unprocessable