Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 02, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-36473
Entity Registrant Name	Trinseo S.A.
Entity Incorporation, State or Country Code	N4
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	1000 Chesterbrook Boulevard
Entity Address, Address Line Two	Suite 300
Entity Address, Address Line Three	Berwyn
Entity Address, City or Town	Berwyn, PA 19312
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19312
City Area Code	610
Local Phone Number	240-3200
Title of 12(b) Security	Ordinary Shares, par value $0.01 per share
Trading Symbol	TSE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,827,828
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001519061
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 367.0	$ 588.7
Accounts receivable, net of allowance for doubtful accounts (June 30, 2021: $4.5; December 31, 2020: $5.6)	769.0	469.5
Inventories	562.9	324.1
Other current assets	30.2	14.5
Current assets held for sale	383.0	120.3
Total current assets	2,112.1	1,517.1
Investments in unconsolidated affiliates	253.2	240.1
Property, plant and equipment, net of accumulated depreciation (June 30, 2021: $546.9; December 31, 2020: $524.7)	641.3	431.1
Other assets
Goodwill	623.5	62.1
Other intangible assets, net	649.4	162.6
Right of use assets - operating, net	81.2	77.8
Deferred income tax assets	78.5	90.2
Deferred charges and other assets	65.5	36.0
Noncurrent assets held for sale		228.2
Total other assets	1,498.1	656.9
Total assets	4,504.7	2,845.2
Current liabilities
Short-term borrowings and current portion of long-term debt	19.1	12.2
Accounts payable	495.1	325.9
Current lease liabilities - operating	18.2	15.5
Income taxes payable	26.3	10.0
Accrued expenses and other current liabilities	168.9	127.5
Current liabilities held for sale	86.4	42.2
Total current liabilities	814.0	533.3
Noncurrent liabilities
Long-term debt, net of unamortized deferred financing fees	2,310.1	1,158.1
Noncurrent lease liabilities - operating	65.5	65.5
Deferred income tax liabilities	90.7	60.7
Other noncurrent obligations	394.6	395.0
Noncurrent liabilities held for sale		42.3
Total noncurrent liabilities	2,860.9	1,721.6
Shareholders' equity
Ordinary shares, $0.01 nominal value, 50,000.0 shares authorized (June 30, 2021: 48.8 shares issued and 38.8 shares outstanding; December 31, 2020: 48.8 shares issued and 38.4 shares outstanding)	0.5	0.5
Additional paid-in-capital	578.7	579.6
Treasury shares, at cost (June 30, 2021: 10.0 shares; December 31, 2020: 10.4 shares)	(525.3)	(542.9)
Retained earnings	955.8	739.2
Accumulated other comprehensive loss	(179.9)	(186.1)
Total shareholders' equity	829.8	590.3
Total liabilities and shareholders' equity	$ 4,504.7	$ 2,845.2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets
Allowance for doubtful accounts	$ 4.5	$ 5.6
Accumulated depreciation	$ 546.9	$ 524.7
Ordinary shares, nominal value	$ 0.01	$ 0.01
Ordinary shares, shares authorized	50,000,000,000.0	50,000,000,000.0
Ordinary shares, shares issued	48,800,000	48,800,000
Ordinary shares, shares outstanding	38,800,000	38,400,000
Treasury stock, shares	10,000,000.0	10,400,000

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Operations
Net sales	$ 1,273.7	$ 534.3	$ 2,259.7	$ 1,297.3
Cost of sales	1,053.7	510.9	1,850.8	1,216.2
Gross profit (loss)	220.0	23.4	408.9	81.1
Selling, general and administrative expenses	97.3	52.9	153.8	125.7
Equity in earnings of unconsolidated affiliates	30.1	14.4	53.0	24.2
Impairment charges	1.8		1.8	10.3
Operating income (loss)	151.0	(15.1)	306.3	(30.7)
Interest expense, net	21.6	11.7	33.6	22.0
Acquisition purchase price hedge (gain) loss	(33.0)		22.0
Loss on extinguishment of long-term debt	0.5		0.5
Other expense (income), net	5.6	0.4	8.0	1.7
Income (loss) before income taxes	156.3	(27.2)	242.2	(54.4)
Provision for (benefit from) income taxes	23.3	(53.0)	43.4	(10.8)
Net income (loss) from continuing operations	133.0	25.8	198.8	(43.6)
Net income (loss) from discontinued operations, net of income taxes	18.6	(154.2)	24.3	(121.1)
Net income (loss)	$ 151.6	$ (128.4)	$ 223.1	$ (164.7)
Earnings Per Share
Weighted average shares- basic	38.8	38.2	38.6	38.4
Net income (loss) per share- basic, continuing	$ 3.43	$ 0.68	$ 5.15	$ (1.14)
Net income (loss) per share- basic, discontinued operations	0.48	(4.04)	0.62	(3.15)
Net income (loss) per share- basic	$ 3.91	$ (3.36)	$ 5.77	$ (4.29)
Weighted average shares- diluted	39.6	38.3	39.6	38.4
Net income (loss) per share- diluted, continuing	$ 3.35	$ 0.67	$ 5.02	$ (1.14)
Net income (loss) per share- diluted, discontinued operations	0.47	(4.02)	0.61	(3.15)
Net income (loss) per share- diluted	$ 3.82	$ (3.35)	$ 5.63	$ (4.29)

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 151.6	$ (128.4)	$ 223.1	$ (164.7)
Other comprehensive income (loss), net of tax
Cumulative translation adjustments	(0.7)	(1.1)	(0.3)	9.6
Net gain (loss) on cash flow hedges	(0.2)	(1.3)	4.4	(5.0)
Pension and other postretirement benefit plans:
Net gain arising during period (net of tax of $0.0, $0.0, $0.0 and $0.1)				0.6
Amounts reclassified from accumulated other comprehensive income	1.0	0.5	2.1	1.1
Total other comprehensive income (loss), net of tax	0.1	(1.9)	6.2	6.3
Comprehensive income (loss)	$ 151.7	$ (130.3)	$ 229.3	$ (158.4)

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net gain (loss) during period, tax (benefit) expense	$ 0.0	$ 0.0	$ 0.0	$ (0.1)

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Ordinary Shares	Additional Paid-In Capital	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
Balance at beginning of period at Dec. 31, 2019	$ 0.5	$ 574.7	$ (524.9)	$ (162.4)	$ 781.0	$ 668.9
Balance at beginning of period, shares at Dec. 31, 2019	39.0		9.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)					(36.3)	(36.3)
Other comprehensive income (loss)				8.2		8.2
Share-based compensation		1.0	$ 1.7			2.7
Purchase of treasury shares			$ (25.0)			(25.0)
Purchase of treasury shares, shares	(0.8)		0.8
Dividends on ordinary shares					(15.5)	(15.5)
Balance at end of period at Mar. 31, 2020	$ 0.5	575.7	$ (548.2)	(154.2)	729.2	603.0
Balance at end of period, shares at Mar. 31, 2020	38.2		10.6
Balance at beginning of period at Dec. 31, 2019	$ 0.5	574.7	$ (524.9)	(162.4)	781.0	668.9
Balance at beginning of period, shares at Dec. 31, 2019	39.0		9.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)						(164.7)
Other comprehensive income (loss)						6.3
Balance at end of period at Jun. 30, 2020	$ 0.5	576.3	$ (547.3)	(156.1)	585.4	458.8
Balance at end of period, shares at Jun. 30, 2020	38.3		10.5
Balance at beginning of period at Mar. 31, 2020	$ 0.5	575.7	$ (548.2)	(154.2)	729.2	603.0
Balance at beginning of period, shares at Mar. 31, 2020	38.2		10.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)					(128.4)	(128.4)
Other comprehensive income (loss)				(1.9)		(1.9)
Share-based compensation		0.6	$ 0.9			1.5
Share-based compensation, shares	0.1		(0.1)
Dividends on ordinary shares					(15.4)	(15.4)
Balance at end of period at Jun. 30, 2020	$ 0.5	576.3	$ (547.3)	(156.1)	585.4	458.8
Balance at end of period, shares at Jun. 30, 2020	38.3		10.5
Balance at beginning of period at Dec. 31, 2020	$ 0.5	579.6	$ (542.9)	(186.1)	739.2	$ 590.3
Balance at beginning of period, shares at Dec. 31, 2020	38.4		10.4			38.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)					71.5	$ 71.5
Other comprehensive income (loss)				6.1		6.1
Share-based compensation		(1.1)	$ 12.9			11.8
Share-based compensation, shares	0.3		(0.3)
Dividends on ordinary shares					(3.4)	(3.4)
Balance at end of period at Mar. 31, 2021	$ 0.5	578.5	$ (530.0)	(180.0)	807.3	676.3
Balance at end of period, shares at Mar. 31, 2021	38.7		10.1
Balance at beginning of period at Dec. 31, 2020	$ 0.5	579.6	$ (542.9)	(186.1)	739.2	$ 590.3
Balance at beginning of period, shares at Dec. 31, 2020	38.4		10.4			38.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)						$ 223.1
Other comprehensive income (loss)						6.2
Balance at end of period at Jun. 30, 2021	$ 0.5	578.7	$ (525.3)	(179.9)	955.8	$ 829.8
Balance at end of period, shares at Jun. 30, 2021	38.8		10.0			38.8
Balance at beginning of period at Mar. 31, 2021	$ 0.5	578.5	$ (530.0)	(180.0)	807.3	$ 676.3
Balance at beginning of period, shares at Mar. 31, 2021	38.7		10.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)					151.6	151.6
Other comprehensive income (loss)				0.1		0.1
Share-based compensation		0.2	$ 4.7			4.9
Share-based compensation, shares	0.1		(0.1)
Dividends on ordinary shares					(3.1)	(3.1)
Balance at end of period at Jun. 30, 2021	$ 0.5	$ 578.7	$ (525.3)	$ (179.9)	$ 955.8	$ 829.8
Balance at end of period, shares at Jun. 30, 2021	38.8		10.0			38.8

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical)) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Condensed Consolidated Statement of Stockholders' Equity
Dividends on ordinary shares	$ 0.08	$ 0.08	$ 0.40	$ 0.40

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net income (loss)	$ 223.1	$ (164.7)
Net income (loss) from discontinued operations	24.3	(121.1)
Net income (loss) from continuing operations	198.8	(43.6)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities - continuing operations
Depreciation and amortization	61.2	48.6
Amortization of deferred financing fees, issuance discount, and excluded component of hedging instruments	3.2	1.6
Deferred income tax	3.6	(12.0)
Share-based compensation expense	7.0	6.1
Earnings of unconsolidated affiliates, net of dividends	(13.1)	(24.2)
Unrealized net gain on foreign exchange forward contracts	(31.5)	(2.0)
Acquisition purchase price hedge (gain) loss	22.0
Loss on extinguishment of debt	0.5
Gain on sale of businesses and other assets	(0.2)	(0.4)
Asset impairment charges or write-offs	1.8	10.3
Changes in assets and liabilities
Accounts receivable	(268.0)	87.8
Inventories	(165.4)	112.2
Accounts payable and other current liabilities	196.5	(115.4)
Income taxes payable	16.2	54.0
Other assets, net	(8.5)	(7.9)
Other liabilities, net	20.2	3.3
Cash provided by operating activities, continuing operations	44.3	118.4
Cash used in operating activities, discontinued operations	(14.3)	(42.6)
Cash provided by operating activities	30.0	75.8
Cash flows from investing activities
Capital expenditures	(30.0)	(38.2)
Cash received (paid) for asset and business acquisitions, net of cash acquired ($10.4)	(1,358.6)	0.1
Proceeds from the sale of businesses and other assets	0.2	11.9
Proceeds from (payments for) the settlement of hedging instruments	(14.7)	51.6
Cash provided by (used in) investing activities, continuing operations	(1,403.1)	25.4
Cash used in investing activities, discontinued operations	(2.4)	(10.0)
Cash provided by (used in) investing activities	(1,405.5)	15.4
Cash flows from financing activities
Deferred financing fees	(35.0)
Short-term borrowings, net	(6.2)	(5.4)
Purchase of treasury shares		(25.0)
Dividends paid	(6.4)	(31.2)
Proceeds from exercise of option awards	10.5
Withholding taxes paid on restricted share units	(0.8)	(0.6)
Net proceeds from issuance of Term Loan B	746.3
Repayments of 2024 Term Loan B	(3.5)	(3.4)
Net proceeds from issuance of Senior Notes	450.0
Proceeds from draw on 2022 Revolving Facility		100.0
Cash provided by financing activities	1,154.9	34.4
Effect of exchange rates on cash	(1.1)	(0.5)
Net change in cash, cash equivalents and restricted cash	(221.7)	125.1
Cash, cash equivalents and restricted cash, beginning of period	588.7	457.4
Cash, cash equivalents and restricted cash, end of period	367.0	582.5
Restricted cash		(0.7)
Cash and cash equivalents, end of period	367.0	$ 581.8
Supplemental disclosure of cash flow information
Net cash received	$ 10.4

Basis of Presentation

6 Months Ended

Jun. 30, 2021

Basis of Presentation

Basis of Presentation

NOTE 1—BASIS OF PRESENTATION

The unaudited interim condensed consolidated financial statements of Trinseo S.A. and its subsidiaries (the “Company”) as of and for the periods ended June 30, 2021 and 2020 were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all adjustments, consisting only of normal recurring adjustments, which, in the opinion of management, are considered necessary for the fair statement of the results for the periods presented. Because they cover interim periods, the statements and related notes to the financial statements do not include all disclosures normally provided in annual financial statements, and therefore, these statements should be read in conjunction with the 2020 audited consolidated financial statements included within the Company’s Annual Report on Form 10-K (“Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on February 22, 2021. The Company’s condensed consolidated financial statements presented herein reflect the latest estimates and assumptions made by management that affect the reported amounts and related disclosures as of and for the period ended June 30, 2021. However, actual results could differ from these estimates and assumptions.

The December 31, 2020 condensed consolidated balance sheet data presented herein was derived from the Company’s December 31, 2020 audited consolidated financial statements, but does not include all disclosures required by GAAP for annual periods.

Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications pertain primarily to the Company’s entry into an agreement during the second quarter of 2021 to sell its Synthetic Rubber business, as a result of which the Company reclassified its Synthetic Rubber assets and liabilities as held-for-sale and reclassified the operating results of its Synthetic Rubber business, net of taxes, as discontinued operations for all periods presented. Refer to Note 4 for further information. Throughout this Quarterly Report, unless otherwise indicated, amounts and activity are presented on a continuing operations basis. Additionally, the condensed consolidated financial statements herein reflect reclassifications related to the Company’s resegmentation effective October 1, 2020, as described in Note 16.

Recent Accounting Guidance

6 Months Ended

Jun. 30, 2021

Recent Accounting Guidance

Recent Accounting Guidance

NOTE 2—RECENT ACCOUNTING GUIDANCE

In December 2019, the FASB issued guidance that simplifies the accounting for income taxes. The amended guidance includes removal of certain exceptions to the general principles of Accounting Standards Codification (“ASC”) 740, Income Taxes, and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. The Company adopted the guidance effective January 1, 2021, noting that adoption did not have a material impact on its condensed consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

Acquisitions

6 Months Ended

Jun. 30, 2021

Acquisitions

Acquisitions

NOTE 3—ACQUISITIONS

Acquisition of the Arkema PMMA Business

On May 3, 2021, the Company completed its previously-announced acquisition of the polymethyl methacrylates (“PMMA”) and activated methyl methacrylates (“MMA”) business (together, the “PMMA business”) from Arkema S.A., (“Arkema”) through the purchase of 100% of the shares of certain subsidiaries of Arkema (the “Acquisition”). The Acquisition was completed pursuant to the Share Purchase Agreement, dated March 19, 2021 (the “SPA”), by and between the Company and Arkema. PMMA is a transparent and rigid plastic with a wide range of end uses, and is an attractive adjacent chemistry which complements Trinseo’s existing offerings across several end markets including automotive, building & construction, medical and consumer electronics.

The following table illustrates each component of the purchase price consideration related to the Acquisition:



Initial cash purchase price paid ⁽¹⁾	$	1,369.0
Known purchase price adjustment, not yet paid ⁽²⁾		1.7
Total purchase price consideration	$	1,370.7

(1)

The Acquisition had an initial purchase price consideration of $1,370.7 million, of which $1,369.0 million was paid during the second quarter of 2021. This initial purchase price consideration is subject to customary working capital and other closing adjustments.

(2)

Known purchase price adjustment not yet paid relates primarily to consideration for certain assets at the Porto Marghera, Italy manufacturing site which will be legally transferred to Trinseo at a later date due to local transfer restrictions; however, the Company has the benefits and risks of ownership during the period from May 3, 2021 until the site legally transfers. This purchase price consideration is expected to be paid in the second half of 2021.

The Acquisition was funded using the net proceeds from the Company’s new financing arrangements, including $450.0 million from its 2029 Senior Notes issued on March 24, 2021 and $750.0 million of incremental borrowings under the 2028 Term Loan B entered into in conjunction with closing of the transaction, as well as available cash. Refer to Note 8 for further information on the financing arrangements used to fund the Acquisition.

The Company accounted for the Acquisition as a business combination pursuant to ASC 805. In accordance with ASC 805, fair values are assigned to tangible and identifiable intangible assets acquired and liabilities assumed at the acquisition date based on the information that was available as of that date. The Company believes that the information available provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed for the Acquisition; however, preliminary measurements of fair value, including, but not limited to, inventory, intangible assets, property, plant and equipment, pension and postretirement obligations, contingent liabilities, including environmental remediation obligations, and deferred tax assets and liabilities are subject to change during the measurement period, and such changes could be material. The Company expects to finalize the valuation and accounting for the Acquisition as soon as practicable, but no later than one year after the acquisition date. During the measurement period, if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities as of that date, the Company will revise the preliminary purchase price allocation. The effect of measurement period adjustments to the estimated fair values will be reflected as if the adjustments had been completed on the acquisition date. The impact of all changes that do not qualify as measurement period adjustments will be included in current period earnings.

The Company allocated the purchase price of the Acquisition to identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the purchase price over the aggregate fair values was recorded as goodwill. The Company calculated the fair value of the assets acquired using the income and cost approaches (or a combination thereof). Fair values were determined based on various inputs including estimated future cash flows, discount rates, royalty rates, growth rates, sales projections, customer retention rates and terminal values. The fair value of pension liabilities assumed was determined in accordance with ASC 715 using key inputs including, but not limited to, discount rates, expected rates of return on plan assets, and future compensation growth rates. The various inputs used in the asset and pension valuations require significant management judgment.

The table below summarizes the preliminary purchase price allocation for the assets acquired and liabilities assumed, based on their relative fair values, which have been assessed as of the May 3, 2021 acquisition date:


	May 3,
	2021
Cash and cash equivalents	$	10.4
Accounts receivable		19.1
Inventories ⁽¹⁾		78.6
Other current assets		8.7
Property, plant and equipment		236.0
Other intangible assets ⁽²⁾
Customer relationships		326.6
Developed technology		133.0
Tradenames		46.0
Other amortizable intangible assets		0.4
Right-of-use assets - operating		4.1
Deferred charges and other assets		27.9
Total fair value of assets acquired		890.8

Accounts payable		(15.0)
Current lease liabilities - operating		(1.7)
Income taxes payable		(0.1)
Accrued expenses and other current liabilities		(11.7)
Noncurrent lease liabilities - operating		(2.5)
Deferred income tax liabilities		(34.3)
Other noncurrent obligations ⁽³⁾		(22.5)
Total fair value of liabilities assumed		(87.8)
Net identifiable assets acquired		803.0
Purchase price consideration		1,370.7
Goodwill ⁽⁴⁾		567.7

(1)

Fair value of finished goods inventory acquired included a step-up in the value of approximately $10.1 million, which was fully amortized during the second quarter of 2021 within "Cost of sales" on the condensed consolidated statements of operations as the related inventory was sold to customers.

(2)

The expected weighted average useful life of the acquired intangible assets are 13 years for customer relationships, 10 years for developed technology, 16 years for tradenames, and 1-5 years for other amortizable intangible assets.

(3)

Includes $18.2 million of net pension and other employee benefits assumed as part of the Acquisition.

(4)

Goodwill largely consists of strategic and synergistic opportunities resulting from combining the PMMA business with the Company’s existing businesses and is allocated entirely to the Engineered Materials segment. Approximately $310.0 million of goodwill related to this acquisition will be deductible for income tax purposes based on the preliminary purchase price.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information presents the condensed consolidated results of operations of the Company including the PMMA business for the three and six months ended June 30, 2021 and 2020, respectively, as if the Acquisition had occurred on January 1, 2020. The proforma results were calculated by combining the results of Trinseo with the PMMA business, but do not include adjustments related to cost savings or other synergies that are anticipated as a result of the Acquisition. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations would have been if the Acquisition had occurred as of January 1, 2020, nor are they indicative of future results of operations.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net sales	$	1,324.7	$	676.0	$	2,474.4	$	1,580.7
Net income (loss)	$	162.4	$	(126.2)	$	250.6	$	(177.9)
Income (loss) from continuing operations	$	143.8	$	28.0	$	226.3	$	(56.8)

Net sales and net loss of the PMMA business between the May 3, 2021 acquisition date and June 30, 2021 were $107.4 million and $3.8 million, respectively, and are recognized within the Company's condensed consolidated statements of operations for the three and six months ended June 30, 2021.

Transaction-related costs

Pursuant to GAAP, costs incurred to complete the Acquisition as well as costs incurred to integrate into our operations are expensed as incurred. The Company incurred $18.2 million and $19.8 million of transaction-related costs for the three and six months ended June 30, 2021, respectively. The amount was recorded within “Selling, general and administrative expenses” in the Company’s condensed consolidated statements of operations, and are reflected in the six months ended June 30, 2020 in the supplemental pro forma information above.

In connection with the Acquisition, the Company entered into certain customary transitional services agreements with Arkema to provide for the orderly separation and transition of various functions and processes. These services will be provided by Arkema to the Company for up to 18 months after closing, with certain extension options available. These services include information technology, accounting and finance, procurement, supply chain, and other services, while we assume the operations of the PMMA business.

Additionally, the Company paid Arkema $10.6 million for certain information technology separation costs in order to support the transition services agreements entered into at the time of close. These payments have not been included as a component of consideration transferred, and instead have been capitalized as prepaid assets within “Other current assets” on the condensed consolidated balance sheets. The cost will be recognized as expense over the period in which the services are expected to be rendered under the transition services agreements.

Subsequent Event – Announced Agreement to Acquire Aristech Surfaces

On July 19, 2021, the Company entered into an agreement with SK AA Holdings, LLC, the sole member of Aristech Surfaces LLC (“Aristech Surfaces”), to acquire Aristech Surfaces, a leading North America manufacturer and global provider of PMMA continuous cast and solid surface sheets, serving the wellness, architectural, transportation and industrial markets, for a preliminary purchase price of $445.0 million, subject to customary working capital and other closing adjustments. Aristech Surfaces’ products are used for a variety of applications, including the construction of hot tubs, swim spas, counter tops, signage, bath products and recreational vehicles. The business will become part of the Company’s Engineered Materials segment. The transaction will be funded with cash on hand and existing credit facilities. The Company anticipates the transaction will close by year-end 2021 subject to customary closing conditions and regulatory approvals.

Divestitures and Discontinued Operations

6 Months Ended

Jun. 30, 2021

Divestitures

Divestitures and Discontinued Operations

NOTE 4—DIVESTITURES AND DISCONTINUED OPERATIONS

On May 21, 2021, the Company and Synthos S.A. and certain of its subsidiaries (together, “Synthos”) entered into an Asset Purchase Agreement (the “Purchase Agreement”), pursuant to which the Company has agreed to sell its Synthetic Rubber business to Synthos in an all-cash transaction for an aggregate price of $449.4 million, which reflects a reduction of approximately $41.6 million for the assumption of pension liabilities by Synthos, subject to certain adjustments related to working capital and the exercise of certain option rights related to equity investments held by the Company. This sale is expected to close in the first half of 2022, subject to customary closing conditions and regulatory approvals. As a result of entering into the Purchase Agreement, the assets and liabilities of the Company’s Synthetic Rubber business were classified as held-for-sale during the second quarter of 2021 in the condensed consolidated balance sheets and the associated operating results of the Synthetic Rubber business, net of income tax, have been

classified as discontinued operations in the condensed consolidated statements of operations and statements of cash flows for all periods presented, in accordance with the guidance in ASC 205-20, Discontinued Operations.

The following table summarizes the assets and liabilities classified as held-for-sale at June 30, 2021 and December 31, 2020:


	June 30,		December 31,
	2021		2020
Assets
Current assets
Accounts receivable, net of allowance	$	85.7	$	59.7
Inventories and other current assets		89.2		60.6
Total current assets		174.9		120.3
Property, plant and equipment, net		154.6		170.3
Other assets
Goodwill		11.7		12.1
Other intangible assets, net		17.9		20.2
Deferred charges and other assets		23.9		25.6
Total other assets		53.5		57.9
Total assets held-for-sale ⁽¹⁾	$	383.0	$	348.5
Liabilities
Current liabilities
Accounts payable		33.7		29.5
Accrued expenses and other current liabilities		10.3		12.7
Total current liabilities		44.0		42.2
Noncurrent liabilities
Other noncurrent obligations		42.4		42.3
Total noncurrent liabilities		42.4		42.3
Total liabilities held-for-sale ⁽¹⁾	$	86.4	$	84.5

(1)

All balance sheet amounts as of June 30, 2021 have been classified as current within the condensed consolidated balance sheets, as the sale is expected to occur within one year of the balance sheet date.

The following table summarizes the results of the Synthetic Rubber business for the three and six months ended June 30, 2021 and 2020, which are reflected as discontinued operations in the Company’s condensed consolidated statements of operations:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net sales	$	135.7	$	36.4	$	259.9	$	138.1
Cost of sales		108.2		66.9		219.3		156.5
Gross profit (loss)		27.5		(30.5)		40.6		(18.4)
Selling, general and administrative expenses		5.6		5.4		11.8		10.3
Impairment charges		—		—		—		28.0
Operating income (loss)		21.9		(35.9)		28.8		(56.7)
Other expense, net		0.8		0.6		1.0		0.8
Income (loss) from discontinued operations before income taxes		21.1		(36.5)		27.8		(57.5)
Provision for income taxes		2.5		117.7		3.5		63.6
Net income (loss) from discontinued operations	$	18.6	$	(154.2)	$	24.3	$	(121.1)

Amounts for operating net sales and costs of sales which had previously been eliminated in consolidation related to intercompany sales of styrene monomer to the Synthetic Rubber business are now reflected on a gross basis as a component of net sales and costs of sales from continuing operations for all periods presented. The Company has recast these amounts because upon completion of the sale of the Synthetic Rubber business, the Company will continue to have these ongoing transactions with Synthos, under a supply agreement executed in conjunction with the divestiture. Refer to Note 5 for recast segment net sales reflecting this adjustment.

Additionally, the Company previously allocated certain corporate management overhead costs to the former Synthetic Rubber segment which may no longer be allocated to discontinued operations under the relevant authoritative accounting guidance. Accordingly, the Company has recast its segment reporting results to reflect the reattribution of these expenses in all periods presented. Refer to Note 16 for recast segment results reflecting this adjustment.

Net Sales

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Net Sales

NOTE 5—NET SALES

Refer to the Annual Report for information on the Company's accounting policies and further background related to its net sales.

The following table provides disclosure of net sales to external customers by primary geographical market (based on the location where sales originated), by segment for the three and six months ended June 30, 2021 and 2020. Prior period balances in this table have been recast to reflect current period presentation, as described in Notes 1 and 4, including updates for the classification of the Company’s former Synthetic Rubber segment as discontinued operations and the Company’s prior year resegmentation.


	Latex		Engineered		Base
Three Months Ended	Binders		Materials		Plastics		Polystyrene		Feedstocks		Total
June 30, 2021
United States	$	74.1	$	60.9	$	71.6	$	—	$	3.3	$	209.9
Europe		160.5		80.3		253.8		199.8		68.0		762.4
Asia-Pacific		74.3		37.8		51.9		113.5		—		277.5
Rest of World		2.3		2.0		19.6		—		—		23.9
Total	$	311.2	$	181.0	$	396.9	$	313.3	$	71.3	$	1,273.7
June 30, 2020
United States	$	50.9	$	7.4	$	30.0	$	—	$	1.3	$	89.6
Europe		72.3		8.7		89.1		95.1		21.6		286.8
Asia-Pacific		40.4		21.3		26.8		60.7		1.7		150.9
Rest of World		1.3		0.1		5.6		—		—		7.0
Total	$	164.9	$	37.5	$	151.5	$	155.8	$	24.6	$	534.3

Placeholder


	Latex		Engineered		Base
Six Months Ended	Binders		Materials		Plastics		Polystyrene		Feedstocks		Total
June 30, 2021
United States	$	141.9	$	71.1	$	134.2	$	—	$	6.7	$	353.9
Europe		278.1		101.4		451.7		349.0		138.1		1,318.3
Asia-Pacific		138.1		72.1		100.6		231.1		—		541.9
Rest of World		4.1		2.2		39.3		—		—		45.6
Total	$	562.2	$	246.8	$	725.8	$	580.1	$	144.8	$	2,259.7
June 30, 2020
United States	$	113.1	$	17.4	$	90.7	$	—	$	3.9	$	225.1
Europe		174.2		23.6		239.2		204.9		61.8		703.7
Asia-Pacific		92.8		44.2		53.6		133.7		14.8		339.1
Rest of World		3.9		0.1		25.4		—		—		29.4
Total	$	384.0	$	85.3	$	408.9	$	338.6	$	80.5	$	1,297.3

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Investments in Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2021

Investments in Unconsolidated Affiliates

Investments in Unconsolidated Affiliates

NOTE 6—INVESTMENTS IN UNCONSOLIDATED AFFILIATES

The Company is currently supplemented by one joint venture, Americas Styrenics LLC (“Americas Styrenics,” a styrene and polystyrene joint venture with Chevron Phillips Chemical Company LP), which is accounted for using the equity method. The results of Americas Styrenics are included within its own reporting segment.

Americas Styrenics is a privately held company; therefore, a quoted market price for its equity interests is not available. The summarized financial information of the Company’s unconsolidated affiliate is shown below.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Sales	$	495.6	$	225.4	$	918.5	$	547.5
Gross profit	$	74.5	$	31.3	$	139.9	$	38.4
Net income	$	63.6	$	20.1	$	114.6	$	11.8

As of June 30, 2021 and December 31, 2020, the Company’s investment in Americas Styrenics was $253.2 million and $240.1 million, respectively, which was $12.0 million and $16.3 million greater than the Company’s 50% share of the underlying net assets of Americas Styrenics, respectively. This amount represents the difference between the book value of assets contributed to the joint venture at the time of formation (May 1, 2008) and the Company’s 50% share of the total recorded value of the joint venture’s assets and certain adjustments to conform with the Company’s accounting policies. This difference is being amortized over the weighted average remaining useful life of the contributed assets of

approximately 2.8 years as of June 30, 2021. The Company received dividends of $25.0 million and $40.0 million from Americas Styrenics during the three and six months ended June 30, 2021, respectively, while no dividends were received during the three and six months ended June 30, 2020.

Inventories

6 Months Ended

Jun. 30, 2021

Inventories

Inventories

NOTE 7—INVENTORIES

Inventories consisted of the following:


	June 30,		December 31,
	2021		2020
Finished goods	$	262.3	$	132.9
Raw materials and semi-finished goods		262.8		161.7
Supplies		37.8		29.5
Total	$	562.9	$	324.1

Debt

6 Months Ended

Jun. 30, 2021

Debt

Debt

NOTE 8—DEBT

Refer to the Annual Report for definitions of capitalized terms not included herein and further background on the Company’s debt structure discussed below. The Company was in compliance with all debt related covenants as of June 30, 2021 and December 31, 2020.

As of June 30, 2021 and December 31, 2020, debt consisted of the following:


			June 30, 2021						December 31, 2020
	Interest Rate as of June 30, 2021	Maturity Date	Carrying Amount		Unamortized Deferred Financing Fees ⁽¹⁾		Total Debt, Less Unamortized Deferred Financing Fees		Carrying Amount		Unamortized Deferred Financing Fees ⁽¹⁾		Total Debt, Less Unamortized Deferred Financing Fees
Senior Credit Facility
2024 Term Loan B	2.104%	September 2024	$	673.9	$	(9.5)	$	664.4	$	677.3	$	(10.8)	$	666.5
2028 Term Loan B	2.604%	May 2028		746.3		(18.3)		728.0		—		—		—
2026 Revolving Facility⁽²⁾	Various	May 2026		—		—		—		—		—		—
2029 Senior Notes	5.125%	April 2029		450.0		(15.5)		434.5		—		—		—
2025 Senior Notes	5.375%	September 2025		500.0		(5.6)		494.4		500.0		(6.2)		493.8
Accounts Receivable Securitization Facility⁽³⁾	Various	September 2021		—		—		—		—		—		—
Other indebtedness	Various	Various		7.9		—		7.9		10.0		—		10.0
Total debt			$	2,378.1	$	(48.9)	$	2,329.2	$	1,187.3	$	(17.0)	$	1,170.3
Less: current portion⁽⁴⁾								(19.1)						(12.2)
Total long-term debt, net of unamortized deferred financing fees							$	2,310.1					$	1,158.1

(1)

This caption does not include deferred financing fees related to the Company’s revolving facilities, which are included within “Deferred charges and other assets” on the condensed consolidated balance sheets.

(2)

On May 3, 2021, in conjunction with the Acquisition, the Company extended its Revolving Facility (previously the “2022 Revolving Facility,” now the “2026 Revolving Facility”), originally maturing in September 2022, to May 2026, as described further below. As of June 30, 2021, under the 2026 Revolving Facility, the Company had a capacity of $375.0 million and funds available for borrowing of $360.4 million (net of $14.6 million outstanding letters of credit). Additionally, the Company is required to pay a quarterly commitment fee in respect of any unused commitments under this facility equal to 0.375% per annum.

(3)

As of June 30, 2021, this facility had a borrowing capacity of $150.0 million, and the Company had approximately $150.0 million of accounts receivable available to support this facility, based on the pool of eligible accounts receivable. In regard to outstanding borrowings, fixed interest charges are 1.95% plus variable commercial paper rates, while for available, but undrawn commitments, fixed interest charges are 1.00%.

(4)

As of June 30, 2021, the current portion of long-term debt was primarily related to $14.5 million of the scheduled future principal payments on both the 2024 Term Loan B and 2028 Term Loan B. As of December 31, 2020, the current portion of long-term debt was primarily related to $7.0 million of the scheduled future principal payments on the 2024 Term Loan B.

2029 Senior Notes

On March 24, 2021, Trinseo Materials Operating S.C.A. and Trinseo Materials Finance, Inc. (together, the “Issuers”), each an indirect, wholly-owned subsidiary of the Company, executed an indenture pursuant to which they issued $450.0 million aggregate principal amount of 5.125% senior notes due 2029 (the “2029 Senior Notes”) in a 144A private transaction exempt from the registration requirements of the Securities Act of 1933, as amended. Interest on the 2029 Senior Notes is payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2021. The 2029 Senior Notes mature on April 1, 2029. The net proceeds from the 2029 Senior Notes offering were used as a portion of the funding needed for the Acquisition, in addition to fees and expenses related to the offering and the Acquisition. The gross proceeds from the 2029 Senior Notes offering were released upon satisfaction of certain escrow release conditions, including closing of the Acquisition, which was completed on May 3, 2021.

At any time prior to April 1, 2024, the Issuers may redeem the 2029 Senior Notes in whole or in part, at their option, at a redemption price equal to 100% of the principal amount of such notes plus the relevant applicable premium as of, and accrued and unpaid interest to, but not including, the redemption date. At any time and from time to time after April 1, 2024, the Issuers may redeem the 2029 Senior Notes, in whole or in part, at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the notes redeemed to, but not including, the redemption date:


12-month period commencing April 1 in Year	Percentage
2024	102.563	%
2025	101.281	%
2026 and thereafter	100.000	%

At any time prior to April 1, 2024, the Issuers may redeem up to 40% of the aggregate principal amount of the 2029 Senior Notes at a redemption price equal to 105.125%, plus accrued and unpaid interest to, but not including, the redemption date, with the aggregate gross proceeds from certain equity offerings.

The 2029 Senior Notes are the Issuers’ senior unsecured obligations and rank equally in right of payment with all of the Issuers’ existing and future indebtedness that is not expressly subordinated in right of payment thereto. The 2029 Senior Notes will be senior in right of payment to any future indebtedness that is expressly subordinated in right of payment thereto and effectively junior to (a) the Issuers’ existing and future secured indebtedness, including the Company’s accounts receivable facility and the Issuers’ Credit Facility, to the extent of the value of the collateral securing such indebtedness and (b) all existing and future liabilities of the Issuers’ non-guarantor subsidiaries.

The Indenture contains customary covenants, including restrictions on the Issuers’ and certain of its subsidiaries’ ability to incur additional indebtedness and guarantee indebtedness; pay dividends on, redeem or repurchase capital stock; make investments; prepay certain indebtedness; create liens; enter into transactions with the Issuers’ affiliates; designate the Issuers’ subsidiaries as Unrestricted Subsidiaries (as defined in the Indenture); and consolidate, merge, or transfer all or substantially all of the Issuers’ assets. The covenants are subject to a number of exceptions and qualifications. Certain of these covenants, excluding without limitation those relating to transactions with the Issuers’ affiliates and consolidation, merger, or transfer of all or substantially all of the Issuers’ assets, will be suspended during any period of time that (1) the 2029 Senior Notes have Investment Grade Status (as defined in the Indenture) and (2) no default has occurred and is continuing under the Indenture. In the event that the 2029 Senior Notes are downgraded to below an Investment Grade Status, the Issuers and certain subsidiaries will again be subject to the suspended covenants with respect to future events. As of June 30, 2021, the Company was in compliance with all debt covenant requirements under the Indenture.

Total fees incurred in connection with the issuance of the 2029 Senior Notes were $15.9 million, which were capitalized and recorded within “Long-term debt, net of unamortized deferred financing fees” on the condensed

consolidated balance sheet, and are being amortized into “Interest expense, net” in the condensed consolidated statements of operations over their eight-year term using the effective interest method.

Senior Credit Facility

On May 3, 2021, the Issuers entered into (i) an amendment to the existing credit agreement dated as of September 6, 2017 in which the Issuers borrowed a new tranche of term loans in an aggregate amount of $750.0 million senior secured term loan B facility maturing in May 2028 (the “2028 Term Loan B”), used to finance a portion of the purchase price of the Acquisition, and (ii) an amendment to the existing credit agreement, pursuant to which the existing revolving credit facility has been refinanced with a new revolving credit facility in an aggregate amount of $375.0 million, with a $25.0 million swingline subfacility and a $35.0 million letter of credit subfacility, maturing in May 2026. Amounts under the 2026 Revolving Facility are available in U.S. dollars and euros. The terms under the 2026 Revolving Facility are substantially unchanged from the 2022 Revolving Facility. Refer to the Annual Report for the terms of the 2022 Revolving Facility. As a result of amending the revolving credit facility, during the three and six months ended June 30, 2021, the Company recognized a $0.5 million loss on extinguishment of long-term debt related to the write-off of a portion of the existing unamortized deferred financing fees.

The 2028 Term Loan B bears an interest rate of LIBOR plus 2.50%, subject to a 0.00% LIBOR floor, and was issued at a 0.5% original issue discount. Further, the 2028 Term Loan B requires scheduled quarterly payments in amounts equal to 0.25% of the original principal amount of the 2028 Term Loan B, with the balance to be paid at maturity.

The 2026 Revolving Facility contains a financial covenant that requires compliance with a springing first lien net leverage ratio test. If the outstanding balance under the 2026 Revolving Facility exceeds 30% of the $375.0 million borrowing capacity (excluding undrawn letters of credit up to $10.0 million and cash collateralized letters of credit) at a quarter end, then the Borrowers’ first lien net leverage ratio may not exceed 3.50 to 1.00. As of June 30, 2021, the Company was in compliance with all debt covenant requirements under the Senior Credit Facility.

Fees incurred in connection with the issuance of the 2028 Term Loan B were $18.7 million, which were capitalized and recorded within “Long-term debt, net of unamortized deferred financing fees” on the condensed consolidated balance sheet, and are being amortized into “Interest expense, net” in the condensed consolidated statements of operations over their seven-year term using the effective interest method.

Fees incurred in connection with the 2026 Revolving Facility were $0.4 million, which were capitalized and recorded within “Deferred charges and other assets” on the condensed consolidated balance sheet, and are being amortized along with the remaining $0.8 million of unamortized deferred financing fees from the Company’s former revolving credit facility (“2022 Revolving Facility”) into “Interest expense, net” in the condensed consolidated statements of operations over the five-year term of the facility using the straight-line method.

Goodwill

6 Months Ended

Jun. 30, 2021

Goodwill.

Goodwill

NOTE 9—GOODWILL

The following table shows changes in the carrying amount of goodwill, by segment, from December 31, 2020 to June 30, 2021:


	Latex		Engineered		Base						Americas
	Binders		Materials		Plastics		Polystyrene		Feedstocks		Styrenics		Total
Balance at December 31, 2020	$	17.1	$	16.0	$	24.2	$	4.8	$	—	$	—	$	62.1
Acquisitions (Note 3)		—		567.7		—		—		—		—		567.7
Foreign currency impact		(0.6)		(4.8)		(0.8)		(0.1)		—		—		(6.3)
Balance at June 30, 2021	$	16.5	$	578.9	$	23.4	$	4.7	$	—	$	—	$	623.5

Derivative Instruments

6 Months Ended

Jun. 30, 2021

Derivative Instruments [Abstract]

Derivative Instruments

NOTE 10—DERIVATIVE INSTRUMENTS

The Company’s ongoing business operations expose it to various risks, including fluctuating foreign exchange rates and interest rate risk. To manage these risks, the Company periodically enters into derivative financial instruments, such as foreign exchange forward contracts and interest rate swap agreements. The Company does not hold or enter into financial instruments for trading or speculative purposes. All derivatives are recorded on the condensed consolidated balance sheets at fair value.

Foreign Exchange Forward Contracts

Certain subsidiaries have assets and liabilities denominated in currencies other than their respective functional currencies, which creates foreign exchange risk. The Company’s principal strategy in managing its exposure to changes in foreign currency exchange rates is to naturally hedge the foreign currency-denominated liabilities on its balance sheet against corresponding assets of the same currency, such that any changes in liabilities due to fluctuations in exchange rates are offset by changes in their corresponding foreign currency assets. In order to further reduce this exposure, the Company also uses foreign exchange forward contracts to economically hedge the impact of the variability in exchange rates on assets and liabilities denominated in certain foreign currencies. The Company entered into a specific such foreign exchange forward contract in December 2020 in order to economically hedge the euro-denominated purchase price of the Arkema PMMA business, which was acquired on May 3, 2021, as discussed in Note 3. These derivative contracts are not designated for hedge accounting treatment.

As of June 30, 2021, the Company had open foreign exchange forward contracts with a notional U.S. dollar equivalent absolute value of $1,185.3 million. The following table displays the notional amounts of the most significant net foreign exchange hedge positions outstanding as of June 30, 2021:


	June 30,
Buy / (Sell)	2021
Euro	$	(1,046.0)
Chinese Yuan	$	(50.9)
Swiss Franc	$	31.1
Mexican Peso	$	(15.3)
New Taiwan Dollar	$	12.2

Open foreign exchange forward contracts as of June 30, 2021 had maturities occurring over a period of two months.

Foreign Exchange Cash Flow Hedges

The Company also enters into forward contracts with the objective of managing the currency risk associated with forecasted U.S. dollar-denominated raw materials purchases by one of its subsidiaries whose functional currency is the euro. By entering into these forward contracts, which are designated as cash flow hedges, the Company buys a designated amount of U.S. dollars and sells euros at the prevailing market rate to mitigate the risk associated with the fluctuations in the euro-to-U.S. dollar foreign currency exchange rates. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in Accumulated Other Comprehensive Income (“AOCI”) to the extent effective, and reclassified to cost of sales in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur.

Open foreign exchange cash flow hedges as of June 30, 2021 had maturities occurring over a period of six months, and had a net notional U.S. dollar equivalent of $48.0 million.

Interest Rate Swaps

On September 6, 2017, the Company issued the 2024 Term Loan B, which currently bears an interest rate of LIBOR plus 2.00%, subject to a 0.00% LIBOR floor. In order to reduce the variability in interest payments associated with the Company’s variable rate debt, during 2017 the Company entered into certain interest rate swap agreements to convert a portion of these variable rate borrowings into a fixed rate obligation. These interest rate swap agreements are designated as cash flow hedges, and as such, the contracts are marked-to-market at each reporting date and any

unrealized gains or losses are included in AOCI to the extent effective, and reclassified to interest expense in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur.

As of June 30, 2021, the Company had open interest rate swap agreements with a net notional U.S. dollar equivalent of $200.0 million which had an effective date of September 29, 2017 and mature in September 2022. Under the terms of the swap agreements, the Company is required to pay the counterparties a stream of fixed interest payments at a rate of 1.81%, and in turn, receives variable interest payments based on 1-month LIBOR (0.10% as of June 30, 2021) from the counterparties.

Net Investment Hedge

The Company accounts for its cross currency swaps (“CCS”) under the spot method, meaning that changes in the fair value of the hedge included in the assessment of effectiveness (changes due to spot foreign exchange rates) are recorded within AOCI, where they remain until either the sale or substantially complete liquidation of the subsidiary subject to the hedge. Additionally, the initial value of any component excluded from the assessment of effectiveness is recognized in income using a systematic and rational method over the life of the hedging instrument and any difference between the change in the fair value of the excluded component and amounts recognized in income under that systematic and rational method is recognized in AOCI. The Company amortizes any initial excluded component value of a CCS as a reduction of “Interest expense, net” in the condensed consolidated statements of operations using the straight-line method over the remaining term of the related CCS. Additionally, interest receipts and payments are accrued under the terms of the Company’s CCS and are recognized within “Interest expense, net” in the condensed consolidated statements of operations.

The Company entered into a CCS arrangement (the “2017 CCS”) on September 1, 2017, swapping U.S. dollar principal and interest payments of $500.0 million at an interest rate of 5.375% on its 2025 Senior Notes for euro-denominated payments of €420.0 million at a weighted average interest rate of 3.45% for approximately five years. The 2017 CCS was initially designated under the forward method and then redesignated under the spot method effective April 1, 2018. At the time of redesignation, the 2017 CCS had a cumulative foreign currency translation loss in AOCI of $38.0 million. The excluded component value related to the 2017 CCS at April 1, 2018 was $23.6 million, which was being amortized over its remaining term. On February 26, 2020, the Company settled its 2017 CCS and replaced it with a new CCS arrangement (the “2020 CCS”) that carried substantially the same terms as the 2017 CCS. Upon settlement of the 2017 CCS, the Company realized net cash proceeds of $51.6 million. The remaining $13.8 million unamortized balance of the initial excluded component related to the 2017 CCS at the time of settlement will remain in AOCI until either the sale or substantially complete liquidation of the relevant subsidiaries. Under the 2020 CCS, the Company notionally exchanged $500.0 million at an interest rate of 5.375% for €459.3 million at a weighted average interest rate of 3.672% for approximately 2.7 years, with a final maturity of November 3, 2022. The cash flows under the 2020 CCS are aligned with the Company’s principal and interest obligations on its 5.375% 2025 Senior Notes.

Summary of Derivative Instruments

The following table presents the effect of the Company’s derivative instruments, including those not designated for hedge accounting treatment, on the condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020:


	Location and Amount of Gain (Loss) Recognized in Statements of Operations
	Three Months Ended								Three Months Ended
	June 30, 2021								June 30, 2020
	Cost of sales		Interest expense, net		Acquisition purchase price hedge gain (loss)		Other expense, net		Cost of sales		Interest expense, net		Acquisition purchase price hedge gain (loss)		Other expense, net
Total amount of income and (expense) line items presented in the statements of operations in which the effects of derivative instruments are recorded	$	(1,053.7)	$	(21.6)	$	33.0	$	(5.6)	$	(510.9)	$	(11.7)	$	—	$	(0.4)

The effects of cash flow hedge instruments:
Foreign exchange cash flow hedges
Amount of gain reclassified from AOCI into income	$	—	$	—	$	—	$	—	$	0.5	$	—	$	—	$	—
Interest rate swaps
Amount of loss reclassified from AOCI into income	$	—	$	(0.9)	$	—	$	—	$	—	$	(0.7)	$	—	$	—

The effects of net investment hedge instruments:
Cross currency swaps (CCS)
Amount of gain excluded from effectiveness testing	$	—	$	1.7	$	—	$	—	$	—	$	2.0	$	—	$	—

The effects of derivatives not designated as hedge instruments:
Foreign exchange forward contracts
Amount of gain (loss) recognized in income ⁽¹⁾	$	—	$	—	$	33.0	$	0.4	$	—	$	—	$	—	$	(8.1)


	Location and Amount of Gain (Loss) Recognized in Statements of Operations
	Six Months Ended								Six Months Ended
	June 30, 2021								June 30, 2020
	Cost of sales		Interest expense, net		Acquisition purchase price hedge gain (loss)		Other expense, net		Cost of sales		Interest expense, net		Acquisition purchase price hedge gain (loss)		Other expense, net
Total amount of income and (expense) line items presented in the statements of operations in which the effects of derivative instruments are recorded	$	(1,850.8)	$	(33.6)	$	(22.0)	$	(8.0)	$	(1,216.2)	$	(22.0)	$	—	$	(1.7)

Effects of cash flow hedge instruments:
Foreign exchange cash flow hedges
Amount of gain (loss) reclassified from AOCI into income	$	(0.3)	$	—	$	—	$	—	$	0.6	$	—	$	—	$	—
Interest rate swaps
Amount of loss reclassified from AOCI into income	$	—	$	(1.7)	$	—	$	—	$	—	$	(0.7)	$	—	$	—

Effects of net investment hedge instruments:
Cross currency swaps
Amount of gain excluded from effectiveness testing ⁽²⁾	$	—	$	3.6	$	—	$	—	$	—	$	5.4	$	—	$	—

Effects of derivatives not designated as hedge instruments:
Foreign exchange forward contracts
Amount of gain (loss) recognized in income ⁽¹⁾	$	—	$	—	$	(22.0)	$	20.1	$	—	$	—	$	—	$	5.7

(1)

The $33.0 million gain and $22.0 million loss incurred from the change in fair value of the forward currency hedge arrangement on the euro-denominated purchase price of the Arkema PMMA business during the three and six months ended June 30, 2021, respectively, is presented separately in the condensed consolidated statements of operations from the gains recorded on the Company’s other foreign exchange forward contracts.

(2)

Amounts for the three and six months ended June 30, 2020 represents both the 2017 CCS through its settlement on February 26, 2020 and the 2020 CCS from when it was entered into on February 26, 2020 through June 30, 2020.

The following table presents the effect of cash flow and net investment hedge accounting on AOCI for the three and six months ended June 30, 2021 and 2020:


`	Gain (Loss) Recognized in AOCI on Balance Sheet
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Designated as Cash Flow Hedges
Foreign exchange cash flow hedges	$	(1.0)	$	(1.2)	$	2.7	$	0.9
Interest rate swaps		0.8		(0.1)		1.7		(5.9)
Total	$	(0.2)	$	(1.3)	$	4.4	$	(5.0)
Designated as Net Investment Hedges
Cross currency swaps (CCS) ⁽¹⁾	$	(7.1)	$	(10.3)	$	19.1	$	12.6
Total	$	(7.1)	$	(10.3)	$	19.1	$	12.6

(1)

Amount for the six months ended June 30, 2020 represents both the 2017 CCS through its settlement on February 26, 2020 and the 2020 CCS from when it was entered into on February 26, 2020 through June 30, 2021.


	Gain (Loss) Recognized in Other expense, net in Statement of Operations
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Settlements and changes in the fair value of forward contracts (not designated as hedges) ⁽¹⁾	$	0.4	$	(8.1)	$	20.1	$	5.7
Remeasurement of foreign currency-denominated assets and liabilities	$	0.6	$	9.0	$	(19.3)	$	(5.1)
	$	1.0	$	0.9	$	0.8	$	0.6

(1)

Amounts do not include the gains of $33.0 million and losses of $22.0 million recorded from the change in fair value of the forward currency hedge arrangement on the euro-denominated purchase price of the Arkema PMMA business during the three and six months ended June 30, 2021, respectively.

The Company expects to reclassify in the next twelve months an approximate $2.9 million net loss from AOCI into earnings related to the Company’s outstanding foreign exchange cash flow hedges and interest rate swaps as of June 30, 2021 based on current foreign exchange rates.

The following tables summarize the gross and net unrealized gains and losses, as well as the balance sheet classification, of outstanding derivatives recorded in the condensed consolidated balance sheets:


	June 30, 2021
	Foreign		Foreign
	Exchange		Exchange		Interest		Cross
Balance Sheet	Forward		Cash Flow		Rate		Currency
Classification	Contracts		Hedges		Swaps		Swaps		Total
Asset Derivatives:
Accounts receivable, net of allowance	$	25.4	$	0.5	$	—	$	5.6	$	31.5
Deferred charges and other assets		—		—		—		—		—
Gross derivative asset position		25.4		0.5		—		5.6		31.5
Less: Counterparty netting		(0.9)		—		—		—		(0.9)
Net derivative asset position	$	24.5	$	0.5	$	—	$	5.6	$	30.6
Liability Derivatives:
Accounts payable	$	(1.3)	$	—	$	(3.4)	$	—	$	(4.7)
Other noncurrent obligations		—		—		(0.8)		(48.1)		(48.9)
Gross derivative liability position		(1.3)		—		(4.2)		(48.1)		(53.6)
Less: Counterparty netting		0.9		—		—		—		0.9
Net derivative liability position	$	(0.4)	$	—	$	(4.2)	$	(48.1)	$	(52.7)
Total net derivative position	$	24.1	$	0.5	$	(4.2)	$	(42.5)	$	(22.1)


	December 31, 2020
	Foreign		Foreign
	Exchange		Exchange		Interest		Cross
Balance Sheet	Forward		Cash Flow		Rate		Currency
Classification	Contracts		Hedges		Swaps		Swaps		Total
Asset Derivatives:
Accounts receivable, net of allowance ⁽¹⁾	$	8.2	$	—	$	—	$	5.0	$	13.2
Deferred charges and other assets		—		—		—		—		—
Gross derivative asset position		8.2		—		—		5.0		13.2
Less: Counterparty netting		(6.5)		—		—		—		(6.5)
Net derivative asset position	$	1.7	$	—	$	—	$	5.0	$	6.7
Liability Derivatives:
Accounts payable ⁽¹⁾	$	(8.3)	$	(2.1)	$	(3.4)	$	—	$	(13.8)
Other noncurrent obligations		—		—		(2.5)		(66.5)		(69.0)
Gross derivative liability position		(8.3)		(2.1)		(5.9)		(66.5)		(82.8)
Less: Counterparty netting		6.5		—		—		—		6.5
Net derivative liability position	$	(1.8)	$	(2.1)	$	(5.9)	$	(66.5)	$	(76.3)
Total net derivative position	$	(0.1)	$	(2.1)	$	(5.9)	$	(61.5)	$	(69.6)

(1)

Balance as of December 31, 2020 includes a $7.3 million receivable representing the fair value of the forward currency hedge arrangement on the euro-denominated purchase price of the Arkema PMMA business.

Forward contracts, interest rate swaps, and cross currency swaps are entered into with a limited number of counterparties, each of which allows for net settlement of all contracts through a single payment in a single currency in the event of a default on or termination of any one contract. As such, in accordance with the Company’s accounting policy, these derivative instruments are recorded on a net basis by counterparty within the condensed consolidated balance sheets.

Refer to Notes 11 and 18 of the condensed consolidated financial statements for further information regarding the fair value of the Company’s derivative instruments and the related changes in AOCI.

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Measurements

Fair Value Measurements

NOTE 11—FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date.

Level 1—Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3—Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

The following table summarizes the basis used to measure certain assets and liabilities at fair value on a recurring basis in the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020:


	June 30, 2021
	Quoted Prices in Active Markets for Identical Items		Significant Other Observable Inputs		Significant Unobservable Inputs
Assets (Liabilities) at Fair Value	(Level 1)		(Level 2)		(Level 3)		Total
Foreign exchange forward contracts—Assets	$	—	$	24.5	$	—	$	24.5
Foreign exchange forward contracts—(Liabilities)		—		(0.4)		—		(0.4)
Foreign exchange cash flow hedges—Assets		—		0.5		—		0.5
Interest rate swaps—(Liabilities)		—		(4.2)		—		(4.2)
Cross currency swaps—Assets		—		5.6		—		5.6
Cross currency swaps—(Liabilities)		—		(48.1)		—		(48.1)
Total fair value	$	—	$	(22.1)	$	—	$	(22.1)


	December 31, 2020
	Quoted Prices in Active Markets for Identical Items		Significant Other Observable Inputs		Significant Unobservable Inputs
Assets (Liabilities) at Fair Value	(Level 1)		(Level 2)		(Level 3)		Total
Foreign exchange forward contracts—Assets	$	—	$	1.7	$	—	$	1.7
Foreign exchange forward contracts—(Liabilities)		—		(1.8)		—		(1.8)
Foreign exchange cash flow hedges—(Liabilities)		—		(2.1)		—		(2.1)
Interest rate swaps—(Liabilities)		—		(5.9)		—		(5.9)
Cross currency swaps—Assets		—		5.0		—		5.0
Cross currency swaps—(Liabilities)		—		(66.5)		—		(66.5)
Total fair value	$	—	$	(69.6)	$	—	$	(69.6)

The Company uses an income approach to value its derivative instruments, utilizing discounted cash flow techniques, considering the terms of the contract and observable market information available as of the reporting date, such as interest rate yield curves and currency spot and forward rates. Significant inputs to the valuation for these derivative instruments are obtained from broker quotations or from listed or over-the-counter market data, and are classified as Level 2 in the fair value hierarchy.

Nonrecurring Fair Value Measurements

The Company measured certain financial assets at fair value on a nonrecurring basis during the year ended December 31, 2020, which were still held as of June 30, 2021. These financial assets represent the Company’s styrene monomer assets in Boehlen, Germany, which it continues to operate. These assets were measured at fair value using underlying fixed asset records in conjunction with the use of industry experience and available market data, which are classified as Level 3 significant unobservable inputs in the fair value hierarchy. As a result of the fair value measurements performed, the Company recorded impairment charges on the Boehlen styrene monomer assets of $10.3 million during the first quarter of 2020. During the three and six months ended June 30, 2021, the Company recorded additional impairment charges of $1.8 million related to capital expenditures at the Boehlen styrene monomer facility that it determined to be impaired, which are also included within “Impairment charges” on the condensed consolidated statements of operations. Refer to the Company’s Annual Report for further information. As of June 30, 2021 and December 31, 2020, the value of the Boehlen styrene monomer assets are recorded at $3.5 million and $3.7 million, respectively, within the Company’s condensed consolidated balance sheets herein.

The Company’s polybutadiene rubber (“PBR,” specifically nickel and neodymium PBR) assets in Schkopau, Germany, which were mothballed in 2020, had also been measured on a nonrecurring basis during the year ended December 31, 2020, resulting in impairment charges of $28.0 million being recorded during the first quarter of 2020. However, as the Schkopau PBR assets are part of the Synthetic Rubber business, during the second quarter of 2021 they were classified as held-for-sale and their operating results were classified as discontinued operations for all periods presented, along with the rest of the Synthetic Rubber business. Refer to Note 4 for further information.

There were no other financial assets or liabilities measured at fair value on a nonrecurring basis as December 31, 2020.

Fair Value of Debt Instruments

The following table presents the estimated fair value of the Company’s outstanding debt not carried at fair value as of June 30, 2021 and December 31, 2020:


	As of		As of
	June 30, 2021		December 31, 2020
2029 Senior Notes	$	460.3	$	—
2028 Term Loan B		741.7		—
2025 Senior Notes		513.0		513.5
2024 Term Loan B		667.5		674.0
Total fair value	$	2,382.5	$	1,187.5

The fair value of the Company’s debt facilities above (each Level 2 securities) is determined using over-the-counter market quotes and benchmark yields received from independent vendors.

There were no other significant financial instruments outstanding as of June 30, 2021 and December 31, 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Provision for Income Taxes

6 Months Ended

Jun. 30, 2021

Provision for Income Taxes

Income Taxes

NOTE 12—PROVISION FOR INCOME TAXES


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Effective income tax rate		14.9	%		195.0	%		17.9	%		19.8	%

Provision for income taxes for the three and six months ended June 30, 2021 totaled $23.3 million and $43.4 million, respectively, resulting in an effective tax rate of 14.9% and 17.9%, respectively. Benefit from income taxes for the three and six months ended June 30, 2020 totaled $53.0 million and $10.8 million, respectively, resulting in an effective tax rate of 195.0% and 19.8%, respectively.

The effective income tax rate for the three months ended June 30, 2020 was primarily driven by the change in the Company’s forecasted jurisdictional mix of earnings from first quarter 2020 estimates. The second quarter 2020 forecast

anticipated a greater amount of income from continuing operations to be generated in lower rate jurisdictions than was previously estimated, resulting in a significant increase to the second quarter 2020 effective tax rate. Also impacting the rate for the three and six months ended June 30, 2020 was a tax benefit related to the impairment charges recorded during the period related to the Company’s assets in Boehlen, Germany. Refer to Note 9 in the condensed consolidated financial statements for further information.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure

Commitments and Contingencies

NOTE 13—COMMITMENTS AND CONTINGENCIES

Environmental Matters

Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law, existing technologies and other information. Pursuant to the terms of the agreement associated with the Company’s formation, the pre-closing environmental liabilities were retained by Dow, and Dow agreed, subject to temporal, monetary, and other limitations to indemnify the Company from and against environmental liabilities incurred or relating to the predecessor periods. Other than certain immaterial environmental liabilities assumed as part of the Acquisition, no environmental claims have been asserted or threatened against the Company, and the Company is not a potentially responsible party at any Superfund Sites. As of June 30, 2021 the Company had $5.0 million of accrued obligations for environmental remediation or restoration costs, which were recorded at fair value within the opening balance sheet of the acquired PMMA business during the second quarter 2021. The Company had no accrued obligations for environmental remediation or restoration costs as of December 31, 2020.

Inherent uncertainties exist in the Company’s potential environmental liabilities primarily due to unknown conditions, whether future claims may fall outside the scope of the indemnity, changing governmental regulations and legal standards regarding liability, and evolving technologies for handling site remediation and restoration. In connection with the Company’s existing indemnification, the possibility is considered remote that environmental remediation costs will have a material adverse impact on the condensed consolidated financial statements over the next 12 months.

Purchase Commitments

In the normal course of business, the Company has certain raw material purchase contracts where it is required to purchase certain minimum volumes at current market prices. These commitments range from one to seven years. In certain raw material purchase contracts, the Company has the right to purchase less than the required minimums and pay a liquidated damages fee, or, in case of a permanent plant shutdown, to terminate the contracts. In such cases, these obligations would be less than the annual commitment as disclosed in the Notes to Consolidated Financial Statements included in the Annual Report.

Litigation Matters

From time to time, the Company may be subject to various legal claims and proceedings incidental to the normal conduct of business, relating to such matters as employees, product liability, antitrust/competition, past waste disposal practices and release of chemicals into the environment. While it is impossible at this time to determine with certainty the ultimate outcome of these routine claims, the Company does not believe that the ultimate resolution of these claims will have a material adverse effect on the Company’s results of operations, financial condition or cash flow. Legal costs, including those legal costs expected to be incurred in connection with a loss contingency, are expensed as incurred.

European Commission Request for Information

On June 6, 2018, Trinseo Europe GmbH, a subsidiary of the Company, received a Request for Information in the form of a letter from the European Commission Directorate General for Competition (the “European Commission”) related to styrene monomer commercial activity in the European Economic Area. The Company subsequently commenced an internal investigation into these commercial activities and discovered instances of inappropriate activity.

On October 28, 2019, a supplemental request for information was received from the European Commission. This request was limited to historical employment, entity, and organizational structures, along with certain financial, styrene purchasing, and styrene market information, as well as certain spot styrene purchase contracts. The Company has provided this information and continues to fully cooperate with the European Commission.

The proceedings with the European Commission continue and its outcome remains open. Based on its findings, the

European Commission may decide to: (i) require further information; (ii) conduct unannounced raids of the Company’s premises; (iii) adopt a decision imposing fines, and/or request certain behavioral or structural commitments from the Company; or (iv) in view of defense arguments by the Company close the proceedings. As a result of the above factors, the Company is unable to predict the ultimate outcome of this matter or estimate the range of reasonably possible losses that could be incurred. However, any potential losses incurred could be material to the Company’s results of operations, balance sheet, and cash flows for the period in which they are resolved or become probable and reasonably estimable.

Pension Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2021

Pension Plans and Other Postretirement Benefits

Pension Plans and Other Postretirement Benefits

NOTE 14—PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS

The components of net periodic benefit costs for all significant plans were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Defined Benefit Pension Plans ⁽¹⁾
Service cost	$	4.1	$	3.1	$	8.2	$	6.5
Interest cost		0.5		0.7		1.0		1.4
Expected return on plan assets		(0.3)		(0.3)		(0.3)		(0.6)
Amortization of prior service credit		(0.2)		(0.3)		(0.4)		(0.6)
Amortization of net loss		1.6		1.0		3.1		2.0
Net periodic benefit cost	$	5.7	$	4.2	$	11.6	$	8.7

(1)

All amounts represent components of net periodic benefit costs.

The Company had less than $0.1 million of net periodic benefit costs for its other postretirement plans for the three and six months ended June 30, 2021 and 2020.

Service cost related to the Company’s defined benefit pension plans and other postretirement plans is included within “Cost of sales” and “Selling, general and administrative expenses,” whereas all other components of net periodic benefit cost are included within “Other expense, net” in the condensed consolidated statements of operations. As of June 30, 2021 and December 31, 2020, the Company’s benefit obligations included primarily in “Other noncurrent obligations” in the condensed consolidated balance sheets were $307.6 million and $294.4 million, respectively.

The Company made cash contributions and benefit payments to unfunded plans of approximately $2.0 million and $3.6 million during the three and six months ended June 30, 2021, respectively. The Company expects to make additional cash contributions, including benefit payments to unfunded plans, of approximately $2.9 million to its defined benefit plans for the remainder of 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Share-Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

NOTE 15—SHARE-BASED COMPENSATION

Refer to the Annual Report for definitions of capitalized terms not included herein and further background on the Company’s share-based compensation programs included in the tables below.

The following table summarizes the Company’s share-based compensation expense for the three and six months ended June 30, 2021 and 2020, as well as unrecognized compensation cost as of June 30, 2021:


									As of
	Three Months Ended				Six Months Ended				June 30, 2021
	June 30,				June 30,				Unrecognized		Weighted
	2021		2020		2021		2020		Compensation Cost		Average Years
RSUs	$	1.9	$	1.7	$	3.6	$	3.3	$	13.9	2.0
Options		1.1		0.8		2.2		1.8		4.7	1.5
PSUs		0.7		0.5		1.2		1.0		4.4	2.1
Total share-based compensation expense	$	3.7	$	3.0	$	7.0	$	6.1

The following table summarizes awards granted and the respective weighted average grant date fair value for the six months ended June 30, 2021:


	Six Months Ended
	June 30, 2021
	Awards Granted		Weighted Average Grant Date Fair Value per Award
RSUs		166,575	$	60.96
Options		240,412		23.35
PSUs		49,463		61.06

Option Awards

The following are the weighted average assumptions used within the Black-Scholes pricing model for the Company’s option awards granted during the six months ended June 30, 2021:


	Six Months Ended
	June 30, 2021
Expected term (in years)	5.50
Expected volatility	48.72	%
Risk-free interest rate	0.75	%
Dividend yield	1.78	%

The expected volatility assumption is determined based on the historical volatility of the Company’s publicly traded ordinary shares. The expected term of option awards represents the period of time that option awards granted are expected to be outstanding. For the option awards granted during the six months ended June 30, 2021, the simplified method was used to calculate the expected term, given the Company’s limited historical exercise data. The risk-free interest rate for the periods within the expected term of option awards is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield is estimated based on historical and expected dividend activity.

Performance Share Units (PSUs)

The following are the weighted average assumptions used within the Monte Carlo valuation model for PSUs granted during the six months ended June 30, 2021:


		Six Months Ended
		June 30, 2021
Expected term (in years)		3.00
Expected volatility		58.00	%
Risk-free interest rate		0.20	%
Share price	$	61.06

Determining the fair value of PSUs requires considerable judgment, including estimating the expected volatility of the price of the Company’s ordinary shares, the correlation between the Company’s share price and that of its peer companies, and the expected rate of interest. The expected volatility for each grant is determined based on the historical volatility of the Company’s ordinary shares. The expected term of PSUs represents the length of the performance period. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a duration equivalent to the performance period. The share price is the closing price of the Company’s ordinary shares on the grant date.

Segments

6 Months Ended

Jun. 30, 2021

Segments

Segments

NOTE 16—SEGMENTS

Beginning in the second quarter of 2021, the Company reported the results of the Synthetic Rubber business as discontinued operations in the condensed consolidated statements of operations for all periods presented, and therefore it is no longer presented as a separate reportable segment. Refer to Note 4 for further information. Additionally, as discussed in the Annual Report, the Company realigned its reporting segments effective October 1, 2020, as a result of which the Company’s former Performance Plastics segment was reorganized into two standalone reporting segments: Engineered Materials and Base Plastics. There were no changes to the Company’s remaining four segments. Refer to the Annual Report for further information on the resegmentation. The information in the tables below has been retroactively adjusted to reflect these changes in reporting segments.

The Latex Binders segment produces styrene-butadiene latex (“SB latex”) and other latex polymers and binders, primarily for coated paper and packaging board, carpet and artificial turf backings, as well as a number of performance latex binders applications, such as adhesive, building and construction and the technical textile paper market. The Engineered Materials segment includes the Company’s compounds and blends products sold into higher growth and value applications, such as consumer electronics and medical, as well as soft thermoplastic elastomers (“TPEs”) products which are sold into markets such as footwear and automotive. Additionally, following the Acquisition on May 3, 2021, the Engineered Materials segment also includes PMMA and MMA products, which are sold into a variety of applications including automotive, building & construction, medical and consumer electronics. The Base Plastics segment contains the results of the acrylonitrile-butadiene-styrene (“ABS”), styrene-acrylonitrile (“SAN”), and polycarbonate (“PC”) businesses, as well as compounds and blends for automotive and other applications. The Polystyrene segment includes a variety of general purpose polystyrenes (“GPPS”) and polystyrene that has been modified with polybutadiene rubber to increase its impact resistant properties (“HIPS”). The Feedstocks segment includes the Company’s production and procurement of styrene monomer outside of North America, which is used as a key raw material in many of the Company’s products, including polystyrene, SB latex, and ABS resins. Lastly, the Americas Styrenics segment consists solely of the operations of the Company’s 50%-owned joint venture, Americas Styrenics, a producer of both styrene monomer and polystyrene in North America.

The following table provides disclosure of the Company’s segment Adjusted EBITDA, which is used to measure segment operating performance and is defined below, for the three and six months ended June 30, 2021 and 2020. Asset and intersegment sales information by reporting segment is not regularly reviewed or included with the Company’s reporting to the chief operating decision maker. Therefore, this information has not been disclosed below. Refer to Note 5 for the Company’s net sales to external customers by segment for the three and six months ended June 30, 2021 and 2020.


	Latex		Engineered		Base						Americas
Three Months Ended ⁽¹⁾	Binders		Materials		Plastics		Polystyrene		Feedstocks		Styrenics
June 30, 2021	$	32.2	$	27.8	$	82.0	$	51.1	$	39.8	$	30.1
June 30, 2020	$	16.1	$	4.8	$	(11.7)	$	14.6	$	(3.9)	$	14.4


	Latex		Engineered		Base						Americas
Six Months Ended ⁽¹⁾	Binders		Materials		Plastics		Polystyrene		Feedstocks		Styrenics
June 30, 2021	$	49.0	$	35.8	$	147.5	$	98.4	$	86.1	$	53.0
June 30, 2020	$	36.7	$	12.9	$	15.2	$	26.0	$	(20.8)	$	24.2

(1)

The Company’s primary measure of segment operating performance is Adjusted EBITDA, which is defined as income from continuing operations before interest expense, net; provision for income taxes; depreciation and amortization expense; loss on extinguishment of long-term debt; asset impairment charges; gains or losses on the dispositions of businesses and assets; restructuring charges; acquisition related costs and benefits and other items. Segment Adjusted EBITDA is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts, and prior year financial results, providing a measure that management believes reflects core operating performance by removing the impact of transactions and events that would not be considered a part of core operations. Other companies in the industry may define segment Adjusted EBITDA differently than the Company, and as a result, it may be difficult to use segment Adjusted EBITDA, or similarly named financial measures, that other companies may use to compare the performance of those companies to the Company’s segment performance.

The reconciliation of income (loss) from continuing operations before income taxes to segment Adjusted EBITDA is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Income (loss) from continuing operations before income taxes	$	156.3	$	(27.2)	$	242.2	$	(54.4)
Interest expense, net		21.6		11.7		33.6		22.0
Depreciation and amortization		38.1		24.3		61.2		48.6
Corporate Unallocated⁽²⁾		23.9		17.5		46.4		39.5
Adjusted EBITDA Addbacks⁽³⁾		23.1		8.0		86.4		38.5
Segment Adjusted EBITDA	$	263.0	$	34.3	$	469.8	$	94.2

(2)

Corporate unallocated includes corporate overhead costs and certain other income and expenses.

(3)

Adjusted EBITDA addbacks for the three and six months ended June 30, 2021 and 2020 are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Loss on extinguishment of long-term debt (Note 8)	$	0.5	$	—	$	0.5	$	—
Net gain on disposition of businesses and assets		—		—		(0.2)		(0.4)
Restructuring and other charges (Note 17)		6.3		5.4		6.7		7.2
Acquisition transaction and integration net costs ^(a)		43.2		(0.4)		49.2		(0.3)
Acquisition purchase price hedge (gain) loss (Note 10)		(33.0)		—		22.0		—
Asset impairment charges or write-offs (Note 11)		1.8		—		1.8		10.3
Other items ^(b)		4.3		3.0		6.4		21.7
Total Adjusted EBITDA Addbacks	$	23.1	$	8.0	$	86.4	$	38.5

(a)

Amounts for the three months ended June 30, 2021 include $18.2 million of acquisition costs, $10.4 million of integration costs, $10.1 million related to amortization of the fair-value step-up to inventory, and $4.5 million of transfer taxes associated with the Acquisition. Amounts for the six months ended June 30, 2021 include $19.8 million of acquisition costs, $14.8 million of integration costs, $10.1 million related to amortization of the fair-value step-up to inventory, and $4.5 million of transfer taxes associated with the Acquisition. Refer to Note 3 for further information.

(b)

Other items for the three and six months ended June 30, 2021 primarily relate to fees incurred in conjunction with certain of the Company’s strategic initiatives. Other items for the three and six months ended June 30, 2020 primarily relate to advisory and professional fees incurred in conjunction with the Company’s initiative to transition business services from Dow, including certain administrative services such as accounts payable, logistics, and IT services, which was substantially completed in 2020, as well as fees incurred in conjunction with certain of the Company’s strategic initiatives.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Restructuring

6 Months Ended

Jun. 30, 2021

Restructuring

Restructuring

NOTE 17—RESTRUCTURING

Refer to the Annual Report for further details regarding the Company’s previously announced restructuring activities included in the tables below. Restructuring charges are included within “Selling, general and administrative expenses” in the condensed consolidated statements of operations.

The following table provides detail of the Company’s restructuring charges for the three and six months ended June 30, 2021 and 2020:


	Three Months Ended				Six Months Ended				Cumulative
	June 30,				June 30,				Life-to-date
	2021		2020		2021		2020		Charges		Segment
Corporate Restructuring Program
Accelerated depreciation	$	(0.4)	$	1.2	$	(0.4)	$	2.5	$	2.5
Employee termination benefits		0.1		4.1		0.5		4.4		20.0
Contract terminations		—		1.2		—		2.4		2.8
Decommissioning and other		—		—		—		—		0.2
Corporate Program Subtotal	$	(0.3)	$	6.5	$	0.1	$	9.3	$	25.5	N/A⁽¹⁾
Transformational Restructuring Program
Employee termination benefits	$	6.2	$	—	$	6.2	$	—	$	6.2	N/A⁽²⁾
Transformational Program Subtotal	$	6.2	$	—	$	6.2	$	—	$	6.2
Other Restructurings		—		0.1		—		0.4			Various
Total Restructuring Charges	$	5.9	$	6.6	$	6.3	$	9.7

(1)

In November 2019, the Company announced a corporate restructuring program associated with the Company’s shift to a global functional structure and business excellence initiatives to drive greater focus on business process optimization and efficiency, which continued through the three and six months ended June 30, 2021. The Company expects to incur a limited amount of incremental employee termination benefit charges through the end of 2021, and the majority of these benefits are expected to be paid by the end of 2021. As this was identified as a corporate-related activity, the charges related to this restructuring program were not allocated to a specific segment, but rather included within corporate unallocated.

(2)

In May 2021, the Company approved a transformational restructuring program associated with the Company’s recent strategic initiatives. In connection with this restructuring program, during the second quarter of 2021, the Company incurred initial employee termination benefits charges of $6.2 million. The Company expects to incur incremental employee termination benefit charges related to impacted employees as of June 30, 2021 of less than $1.0 million, the majority of which are expected to be paid by June 30, 2022. As this was identified as a corporate-related activity, the charges related to this restructuring program were not allocated to a specific segment, but rather included within corporate unallocated.

The following table provides a roll forward of the liability balances associated with the Company’s restructuring activities as of June 30, 2021. Employee termination benefit and contract termination charges are primarily recorded within “Accrued expenses and other current liabilities” in the condensed consolidated balance sheets.


	Balance at						Balance at
	December 31, 2020		Expenses		Deductions⁽¹⁾		June 30, 2021
Employee termination benefits	$	7.9	$	6.7	$	(4.3)	$	10.3
Contract terminations		0.1		—		—		0.1
Total	$	8.0	$	6.7	$	(4.3)	$	10.4

(1)

Primarily includes payments made against the existing accrual, as well as immaterial impacts of foreign currency remeasurement.

Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2021

Shareholders' Equity.

Accumulated Other Comprehensive Income (Loss)

NOTE 18—ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components of AOCI, net of income taxes, consisted of:


	Cumulative		Pension & Other
	Translation		Postretirement Benefit			Cash Flow
Three Months Ended June 30, 2021 and 2020	Adjustments		Plans, Net			Hedges, Net	Total
Balance as of March 31, 2021	$	(108.6)	$	(70.8)	$	(0.6)	$	(180.0)
Other comprehensive loss		(0.7)		—		(1.1)		(1.8)
Amounts reclassified from AOCI to net income⁽¹⁾		—		1.0		0.9		1.9
Balance as of June 30, 2021	$	(109.3)	$	(69.8)	$	(0.8)	$	(179.9)

Balance as of March 31, 2020	$	(96.0)	$	(55.1)	$	(3.1)	$	(154.2)
Other comprehensive loss		(1.1)		—		(1.5)		(2.6)
Amounts reclassified from AOCI to net income ⁽¹⁾		—		0.5		0.2		0.7
Balance as of June 30, 2020	$	(97.1)	$	(54.6)	$	(4.4)	$	(156.1)


	Cumulative		Pension & Other
	Translation		Postretirement Benefit		Cash Flow
Six Months Ended June 30, 2021 and 2020	Adjustments		Plans, Net		Hedges, Net		Total
Balance as of December 31, 2020	$	(109.0)	$	(71.9)	$	(5.2)	$	(186.1)
Other comprehensive income (loss)		(0.3)		—		2.4		2.1
Amounts reclassified from AOCI to net income⁽¹⁾		—		2.1		2.0		4.1
Balance as of June 30, 2021	$	(109.3)	$	(69.8)	$	(0.8)	$	(179.9)

Balance as of December 31, 2019	$	(106.7)	$	(56.3)	$	0.6	$	(162.4)
Other comprehensive income (loss)		9.6		0.6		(5.1)		5.1
Amounts reclassified from AOCI to net income ⁽¹⁾		—		1.1		0.1		1.2
Balance as of June 30, 2020	$	(97.1)	$	(54.6)	$	(4.4)	$	(156.1)

(1)

The following is a summary of amounts reclassified from AOCI to net income (loss) for the three and six months ended June 30, 2021 and 2020:


	Three Months Ended				Six Months Ended
	June 30,				June 30,				Statements of Operations
AOCI Components	2021		2020		2021		2020		Classification
Cash flow hedging items
Foreign exchange cash flow hedges	$	—	$	(0.5)	$	0.3	$	(0.6)	Cost of sales
Interest rate swaps		0.9		0.7		1.7		0.7	Interest expense, net
Total before tax		0.9		0.2		2.0		0.1
Tax effect		—		—		—		—	Provision for (benefit from) income taxes
Total, net of tax	$	0.9	$	0.2	$	2.0	$	0.1

Amortization of pension and other postretirement benefit plan items
Prior service credit	$	(0.2)	$	(0.3)	$	(0.5)	$	(0.6)	(a)
Net actuarial loss		1.7		1.1		3.6		2.3	(a)
Total before tax		1.5		0.8		3.1		1.7
Tax effect		(0.5)		(0.3)		(1.0)		(0.6)	Provision for (benefit from) income taxes
Total, net of tax	$	1.0	$	0.5	$	2.1	$	1.1

(a)

These AOCI components are included in the computation of net periodic benefit costs (see Note 14).

.

Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share

Earnings Per Share

NOTE 19—EARNINGS PER SHARE

Basic earnings per ordinary share (“basic EPS”) is computed by dividing net income available to ordinary shareholders by the weighted average number of the Company’s ordinary shares outstanding for the applicable period. Diluted earnings per ordinary share (“diluted EPS”) is calculated using net income available to ordinary shareholders divided by diluted weighted average ordinary shares outstanding during each period, which includes unvested RSUs, option awards, and PSUs. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss from continuing operations because the inclusion of the potential ordinary shares would have an anti-dilutive effect.

The following table presents basic EPS and diluted EPS for the three and six months ended June 30, 2021 and 2020. Amounts have been recast to reflect the Company’s classification of its Synthetic Rubber business as discontinued operations for all periods presented.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share data)	2021		2020		2021		2020
Earnings:
Net income (loss) from continuing operations	$	133.0	$	25.8	$	198.8	$	(43.6)
Net income (loss) from discontinued operations		18.6		(154.2)		24.3		(121.1)
Net income (loss)	$	151.6	$	(128.4)	$	223.1	$	(164.7)
Shares:
Weighted average ordinary shares outstanding		38.8		38.2		38.6		38.4
Dilutive effect of RSUs, option awards, and PSUs⁽¹⁾		0.8		0.1		1.0		—
Diluted weighted average ordinary shares outstanding		39.6		38.3		39.6		38.4
Income (loss) per share:
Income (loss) per share—basic:
Continuing operations		3.43		0.68		5.15		(1.14)
Discontinued operations		0.48		(4.04)		0.62		(3.15)
Income (loss) per share—basic	$	3.91	$	(3.36)	$	5.77	$	(4.29)
Income (loss) per share—diluted:
Continuing operations		3.35		0.67		5.02		(1.14)
Discontinued operations		0.47		(4.02)		0.61		(3.15)
Income (loss) per share—diluted	$	3.82	$	(3.35)	$	5.63	$	(4.29)

(1)

Refer to Note 15 for discussion of RSUs, option awards, and PSUs granted to certain Company directors and employees. There were 0.6 million anti-dilutive shares that have been excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2021. There were 1.9 million anti-dilutive shares that have been excluded from the computation of diluted earnings per share for the three months ended June 30, 2020. As the Company recorded a net loss from continuing operations for the six months ended June 30, 2020, potential shares related to equity-based awards have been excluded from the calculation of diluted EPS, as doing so would be anti-dilutive.

lder

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2021
Basis of Presentation
Basis of Presentation	The unaudited interim condensed consolidated financial statements of Trinseo S.A. and its subsidiaries (the “Company”) as of and for the periods ended June 30, 2021 and 2020 were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all adjustments, consisting only of normal recurring adjustments, which, in the opinion of management, are considered necessary for the fair statement of the results for the periods presented. Because they cover interim periods, the statements and related notes to the financial statements do not include all disclosures normally provided in annual financial statements, and therefore, these statements should be read in conjunction with the 2020 audited consolidated financial statements included within the Company’s Annual Report on Form 10-K (“Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on February 22, 2021. The Company’s condensed consolidated financial statements presented herein reflect the latest estimates and assumptions made by management that affect the reported amounts and related disclosures as of and for the period ended June 30, 2021. However, actual results could differ from these estimates and assumptions. The December 31, 2020 condensed consolidated balance sheet data presented herein was derived from the Company’s December 31, 2020 audited consolidated financial statements, but does not include all disclosures required by GAAP for annual periods.
Reclassifications	Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications pertain primarily to the Company’s entry into an agreement during the second quarter of 2021 to sell its Synthetic Rubber business, as a result of which the Company reclassified its Synthetic Rubber assets and liabilities as held-for-sale and reclassified the operating results of its Synthetic Rubber business, net of taxes, as discontinued operations for all periods presented. Refer to Note 4 for further information. Throughout this Quarterly Report, unless otherwise indicated, amounts and activity are presented on a continuing operations basis. Additionally, the condensed consolidated financial statements herein reflect reclassifications related to the Company’s resegmentation effective October 1, 2020, as described in Note 16.

Acquisitions (Tables) - Arkema

6 Months Ended

Jun. 30, 2021

Business Acquisition [Line Items]

Schedule of components of the consideration paid



Initial cash purchase price paid ⁽¹⁾	$	1,369.0
Known purchase price adjustment, not yet paid ⁽²⁾		1.7
Total purchase price consideration	$	1,370.7

(1)

The Acquisition had an initial purchase price consideration of $1,370.7 million, of which $1,369.0 million was paid during the second quarter of 2021. This initial purchase price consideration is subject to customary working capital and other closing adjustments.

(2)

Known purchase price adjustment not yet paid relates primarily to consideration for certain assets at the Porto Marghera, Italy manufacturing site which will be legally transferred to Trinseo at a later date due to local transfer restrictions; however, the Company has the benefits and risks of ownership during the period from May 3, 2021 until the site legally transfers. This purchase price consideration is expected to be paid in the second half of 2021.

Schedule of purchase price allocation


	May 3,
	2021
Cash and cash equivalents	$	10.4
Accounts receivable		19.1
Inventories ⁽¹⁾		78.6
Other current assets		8.7
Property, plant and equipment		236.0
Other intangible assets ⁽²⁾
Customer relationships		326.6
Developed technology		133.0
Tradenames		46.0
Other amortizable intangible assets		0.4
Right-of-use assets - operating		4.1
Deferred charges and other assets		27.9
Total fair value of assets acquired		890.8

Accounts payable		(15.0)
Current lease liabilities - operating		(1.7)
Income taxes payable		(0.1)
Accrued expenses and other current liabilities		(11.7)
Noncurrent lease liabilities - operating		(2.5)
Deferred income tax liabilities		(34.3)
Other noncurrent obligations ⁽³⁾		(22.5)
Total fair value of liabilities assumed		(87.8)
Net identifiable assets acquired		803.0
Purchase price consideration		1,370.7
Goodwill ⁽⁴⁾		567.7

(1)

Fair value of finished goods inventory acquired included a step-up in the value of approximately $10.1 million, which was fully amortized during the second quarter of 2021 within "Cost of sales" on the condensed consolidated statements of operations as the related inventory was sold to customers.

(2)

The expected weighted average useful life of the acquired intangible assets are 13 years for customer relationships, 10 years for developed technology, 16 years for tradenames, and 1-5 years for other amortizable intangible assets.

(3)

Includes $18.2 million of net pension and other employee benefits assumed as part of the Acquisition.

(4)

Goodwill largely consists of strategic and synergistic opportunities resulting from combining the PMMA business with the Company’s existing businesses and is allocated entirely to the Engineered Materials segment. Approximately $310.0 million of goodwill related to this acquisition will be deductible for income tax purposes based on the preliminary purchase price.

Schedule of unaudited pro forma financial information


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net sales	$	1,324.7	$	676.0	$	2,474.4	$	1,580.7
Net income (loss)	$	162.4	$	(126.2)	$	250.6	$	(177.9)
Income (loss) from continuing operations	$	143.8	$	28.0	$	226.3	$	(56.8)

Divestitures and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2021

Synthetic Rubber Segment | Discontinued Operations, Held-for-sale [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Summary of the assets and liabilities classified as held-for-sale and results reflected as discontinued operations


	June 30,		December 31,
	2021		2020
Assets
Current assets
Accounts receivable, net of allowance	$	85.7	$	59.7
Inventories and other current assets		89.2		60.6
Total current assets		174.9		120.3
Property, plant and equipment, net		154.6		170.3
Other assets
Goodwill		11.7		12.1
Other intangible assets, net		17.9		20.2
Deferred charges and other assets		23.9		25.6
Total other assets		53.5		57.9
Total assets held-for-sale ⁽¹⁾	$	383.0	$	348.5
Liabilities
Current liabilities
Accounts payable		33.7		29.5
Accrued expenses and other current liabilities		10.3		12.7
Total current liabilities		44.0		42.2
Noncurrent liabilities
Other noncurrent obligations		42.4		42.3
Total noncurrent liabilities		42.4		42.3
Total liabilities held-for-sale ⁽¹⁾	$	86.4	$	84.5

(1)

All balance sheet amounts as of June 30, 2021 have been classified as current within the condensed consolidated balance sheets, as the sale is expected to occur within one year of the balance sheet date.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net sales	$	135.7	$	36.4	$	259.9	$	138.1
Cost of sales		108.2		66.9		219.3		156.5
Gross profit (loss)		27.5		(30.5)		40.6		(18.4)
Selling, general and administrative expenses		5.6		5.4		11.8		10.3
Impairment charges		—		—		—		28.0
Operating income (loss)		21.9		(35.9)		28.8		(56.7)
Other expense, net		0.8		0.6		1.0		0.8
Income (loss) from discontinued operations before income taxes		21.1		(36.5)		27.8		(57.5)
Provision for income taxes		2.5		117.7		3.5		63.6
Net income (loss) from discontinued operations	$	18.6	$	(154.2)	$	24.3	$	(121.1)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Net Sales (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]


	Latex		Engineered		Base
Three Months Ended	Binders		Materials		Plastics		Polystyrene		Feedstocks		Total
June 30, 2021
United States	$	74.1	$	60.9	$	71.6	$	—	$	3.3	$	209.9
Europe		160.5		80.3		253.8		199.8		68.0		762.4
Asia-Pacific		74.3		37.8		51.9		113.5		—		277.5
Rest of World		2.3		2.0		19.6		—		—		23.9
Total	$	311.2	$	181.0	$	396.9	$	313.3	$	71.3	$	1,273.7
June 30, 2020
United States	$	50.9	$	7.4	$	30.0	$	—	$	1.3	$	89.6
Europe		72.3		8.7		89.1		95.1		21.6		286.8
Asia-Pacific		40.4		21.3		26.8		60.7		1.7		150.9
Rest of World		1.3		0.1		5.6		—		—		7.0
Total	$	164.9	$	37.5	$	151.5	$	155.8	$	24.6	$	534.3

Placeholder


	Latex		Engineered		Base
Six Months Ended	Binders		Materials		Plastics		Polystyrene		Feedstocks		Total
June 30, 2021
United States	$	141.9	$	71.1	$	134.2	$	—	$	6.7	$	353.9
Europe		278.1		101.4		451.7		349.0		138.1		1,318.3
Asia-Pacific		138.1		72.1		100.6		231.1		—		541.9
Rest of World		4.1		2.2		39.3		—		—		45.6
Total	$	562.2	$	246.8	$	725.8	$	580.1	$	144.8	$	2,259.7
June 30, 2020
United States	$	113.1	$	17.4	$	90.7	$	—	$	3.9	$	225.1
Europe		174.2		23.6		239.2		204.9		61.8		703.7
Asia-Pacific		92.8		44.2		53.6		133.7		14.8		339.1
Rest of World		3.9		0.1		25.4		—		—		29.4
Total	$	384.0	$	85.3	$	408.9	$	338.6	$	80.5	$	1,297.3

Investments in Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2021

Investments in Unconsolidated Affiliates

Summarized Financial Information of Unconsolidated Affiliates


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Sales	$	495.6	$	225.4	$	918.5	$	547.5
Gross profit	$	74.5	$	31.3	$	139.9	$	38.4
Net income	$	63.6	$	20.1	$	114.6	$	11.8

Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Inventories

Schedule of Inventories


	June 30,		December 31,
	2021		2020
Finished goods	$	262.3	$	132.9
Raw materials and semi-finished goods		262.8		161.7
Supplies		37.8		29.5
Total	$	562.9	$	324.1

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt

Schedule of Debt [Table Text Block]


			June 30, 2021						December 31, 2020
	Interest Rate as of June 30, 2021	Maturity Date	Carrying Amount		Unamortized Deferred Financing Fees ⁽¹⁾		Total Debt, Less Unamortized Deferred Financing Fees		Carrying Amount		Unamortized Deferred Financing Fees ⁽¹⁾		Total Debt, Less Unamortized Deferred Financing Fees
Senior Credit Facility
2024 Term Loan B	2.104%	September 2024	$	673.9	$	(9.5)	$	664.4	$	677.3	$	(10.8)	$	666.5
2028 Term Loan B	2.604%	May 2028		746.3		(18.3)		728.0		—		—		—
2026 Revolving Facility⁽²⁾	Various	May 2026		—		—		—		—		—		—
2029 Senior Notes	5.125%	April 2029		450.0		(15.5)		434.5		—		—		—
2025 Senior Notes	5.375%	September 2025		500.0		(5.6)		494.4		500.0		(6.2)		493.8
Accounts Receivable Securitization Facility⁽³⁾	Various	September 2021		—		—		—		—		—		—
Other indebtedness	Various	Various		7.9		—		7.9		10.0		—		10.0
Total debt			$	2,378.1	$	(48.9)	$	2,329.2	$	1,187.3	$	(17.0)	$	1,170.3
Less: current portion⁽⁴⁾								(19.1)						(12.2)
Total long-term debt, net of unamortized deferred financing fees							$	2,310.1					$	1,158.1

(1)

This caption does not include deferred financing fees related to the Company’s revolving facilities, which are included within “Deferred charges and other assets” on the condensed consolidated balance sheets.

(2)

On May 3, 2021, in conjunction with the Acquisition, the Company extended its Revolving Facility (previously the “2022 Revolving Facility,” now the “2026 Revolving Facility”), originally maturing in September 2022, to May 2026, as described further below. As of June 30, 2021, under the 2026 Revolving Facility, the Company had a capacity of $375.0 million and funds available for borrowing of $360.4 million (net of $14.6 million outstanding letters of credit). Additionally, the Company is required to pay a quarterly commitment fee in respect of any unused commitments under this facility equal to 0.375% per annum.

(3)

As of June 30, 2021, this facility had a borrowing capacity of $150.0 million, and the Company had approximately $150.0 million of accounts receivable available to support this facility, based on the pool of eligible accounts receivable. In regard to outstanding borrowings, fixed interest charges are 1.95% plus variable commercial paper rates, while for available, but undrawn commitments, fixed interest charges are 1.00%.

(4)

As of June 30, 2021, the current portion of long-term debt was primarily related to $14.5 million of the scheduled future principal payments on both the 2024 Term Loan B and 2028 Term Loan B. As of December 31, 2020, the current portion of long-term debt was primarily related to $7.0 million of the scheduled future principal payments on the 2024 Term Loan B.

Redemption Price as Percentage of Principal Amount to Applicable Date of Redemption


12-month period commencing April 1 in Year	Percentage
2024	102.563	%
2025	101.281	%
2026 and thereafter	100.000	%

Goodwill (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill.

Changes in Carrying Amount of Goodwill, by Segment


	Latex		Engineered		Base						Americas
	Binders		Materials		Plastics		Polystyrene		Feedstocks		Styrenics		Total
Balance at December 31, 2020	$	17.1	$	16.0	$	24.2	$	4.8	$	—	$	—	$	62.1
Acquisitions (Note 3)		—		567.7		—		—		—		—		567.7
Foreign currency impact		(0.6)		(4.8)		(0.8)		(0.1)		—		—		(6.3)
Balance at June 30, 2021	$	16.5	$	578.9	$	23.4	$	4.7	$	—	$	—	$	623.5

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments [Abstract]

Notional Amounts of Most Significant Net Foreign Exchange Hedge Positions Outstanding


	June 30,
Buy / (Sell)	2021
Euro	$	(1,046.0)
Chinese Yuan	$	(50.9)
Swiss Franc	$	31.1
Mexican Peso	$	(15.3)
New Taiwan Dollar	$	12.2

Schedule of Effect of Derivative Instruments on Statements of Operations


	Location and Amount of Gain (Loss) Recognized in Statements of Operations
	Three Months Ended								Three Months Ended
	June 30, 2021								June 30, 2020
	Cost of sales		Interest expense, net		Acquisition purchase price hedge gain (loss)		Other expense, net		Cost of sales		Interest expense, net		Acquisition purchase price hedge gain (loss)		Other expense, net
Total amount of income and (expense) line items presented in the statements of operations in which the effects of derivative instruments are recorded	$	(1,053.7)	$	(21.6)	$	33.0	$	(5.6)	$	(510.9)	$	(11.7)	$	—	$	(0.4)

The effects of cash flow hedge instruments:
Foreign exchange cash flow hedges
Amount of gain reclassified from AOCI into income	$	—	$	—	$	—	$	—	$	0.5	$	—	$	—	$	—
Interest rate swaps
Amount of loss reclassified from AOCI into income	$	—	$	(0.9)	$	—	$	—	$	—	$	(0.7)	$	—	$	—

The effects of net investment hedge instruments:
Cross currency swaps (CCS)
Amount of gain excluded from effectiveness testing	$	—	$	1.7	$	—	$	—	$	—	$	2.0	$	—	$	—

The effects of derivatives not designated as hedge instruments:
Foreign exchange forward contracts
Amount of gain (loss) recognized in income ⁽¹⁾	$	—	$	—	$	33.0	$	0.4	$	—	$	—	$	—	$	(8.1)


	Location and Amount of Gain (Loss) Recognized in Statements of Operations
	Six Months Ended								Six Months Ended
	June 30, 2021								June 30, 2020
	Cost of sales		Interest expense, net		Acquisition purchase price hedge gain (loss)		Other expense, net		Cost of sales		Interest expense, net		Acquisition purchase price hedge gain (loss)		Other expense, net
Total amount of income and (expense) line items presented in the statements of operations in which the effects of derivative instruments are recorded	$	(1,850.8)	$	(33.6)	$	(22.0)	$	(8.0)	$	(1,216.2)	$	(22.0)	$	—	$	(1.7)

Effects of cash flow hedge instruments:
Foreign exchange cash flow hedges
Amount of gain (loss) reclassified from AOCI into income	$	(0.3)	$	—	$	—	$	—	$	0.6	$	—	$	—	$	—
Interest rate swaps
Amount of loss reclassified from AOCI into income	$	—	$	(1.7)	$	—	$	—	$	—	$	(0.7)	$	—	$	—

Effects of net investment hedge instruments:
Cross currency swaps
Amount of gain excluded from effectiveness testing ⁽²⁾	$	—	$	3.6	$	—	$	—	$	—	$	5.4	$	—	$	—

Effects of derivatives not designated as hedge instruments:
Foreign exchange forward contracts
Amount of gain (loss) recognized in income ⁽¹⁾	$	—	$	—	$	(22.0)	$	20.1	$	—	$	—	$	—	$	5.7

(1)

The $33.0 million gain and $22.0 million loss incurred from the change in fair value of the forward currency hedge arrangement on the euro-denominated purchase price of the Arkema PMMA business during the three and six months ended June 30, 2021, respectively, is presented separately in the condensed consolidated statements of operations from the gains recorded on the Company’s other foreign exchange forward contracts.

(2)

Amounts for the three and six months ended June 30, 2020 represents both the 2017 CCS through its settlement on February 26, 2020 and the 2020 CCS from when it was entered into on February 26, 2020 through June 30, 2020.

Schedule of Effect of Hedges on AOCI


`	Gain (Loss) Recognized in AOCI on Balance Sheet
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Designated as Cash Flow Hedges
Foreign exchange cash flow hedges	$	(1.0)	$	(1.2)	$	2.7	$	0.9
Interest rate swaps		0.8		(0.1)		1.7		(5.9)
Total	$	(0.2)	$	(1.3)	$	4.4	$	(5.0)
Designated as Net Investment Hedges
Cross currency swaps (CCS) ⁽¹⁾	$	(7.1)	$	(10.3)	$	19.1	$	12.6
Total	$	(7.1)	$	(10.3)	$	19.1	$	12.6

(1)

Amount for the six months ended June 30, 2020 represents both the 2017 CCS through its settlement on February 26, 2020 and the 2020 CCS from when it was entered into on February 26, 2020 through June 30, 2021.


	Gain (Loss) Recognized in Other expense, net in Statement of Operations
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Settlements and changes in the fair value of forward contracts (not designated as hedges) ⁽¹⁾	$	0.4	$	(8.1)	$	20.1	$	5.7
Remeasurement of foreign currency-denominated assets and liabilities	$	0.6	$	9.0	$	(19.3)	$	(5.1)
	$	1.0	$	0.9	$	0.8	$	0.6

(1)

Amounts do not include the gains of $33.0 million and losses of $22.0 million recorded from the change in fair value of the forward currency hedge arrangement on the euro-denominated purchase price of the Arkema PMMA business during the three and six months ended June 30, 2021, respectively.

Schedule of Gross and Net Unrealized Gains and Losses and Balance Sheet Classification


	June 30, 2021
	Foreign		Foreign
	Exchange		Exchange		Interest		Cross
Balance Sheet	Forward		Cash Flow		Rate		Currency
Classification	Contracts		Hedges		Swaps		Swaps		Total
Asset Derivatives:
Accounts receivable, net of allowance	$	25.4	$	0.5	$	—	$	5.6	$	31.5
Deferred charges and other assets		—		—		—		—		—
Gross derivative asset position		25.4		0.5		—		5.6		31.5
Less: Counterparty netting		(0.9)		—		—		—		(0.9)
Net derivative asset position	$	24.5	$	0.5	$	—	$	5.6	$	30.6
Liability Derivatives:
Accounts payable	$	(1.3)	$	—	$	(3.4)	$	—	$	(4.7)
Other noncurrent obligations		—		—		(0.8)		(48.1)		(48.9)
Gross derivative liability position		(1.3)		—		(4.2)		(48.1)		(53.6)
Less: Counterparty netting		0.9		—		—		—		0.9
Net derivative liability position	$	(0.4)	$	—	$	(4.2)	$	(48.1)	$	(52.7)
Total net derivative position	$	24.1	$	0.5	$	(4.2)	$	(42.5)	$	(22.1)


	December 31, 2020
	Foreign		Foreign
	Exchange		Exchange		Interest		Cross
Balance Sheet	Forward		Cash Flow		Rate		Currency
Classification	Contracts		Hedges		Swaps		Swaps		Total
Asset Derivatives:
Accounts receivable, net of allowance ⁽¹⁾	$	8.2	$	—	$	—	$	5.0	$	13.2
Deferred charges and other assets		—		—		—		—		—
Gross derivative asset position		8.2		—		—		5.0		13.2
Less: Counterparty netting		(6.5)		—		—		—		(6.5)
Net derivative asset position	$	1.7	$	—	$	—	$	5.0	$	6.7
Liability Derivatives:
Accounts payable ⁽¹⁾	$	(8.3)	$	(2.1)	$	(3.4)	$	—	$	(13.8)
Other noncurrent obligations		—		—		(2.5)		(66.5)		(69.0)
Gross derivative liability position		(8.3)		(2.1)		(5.9)		(66.5)		(82.8)
Less: Counterparty netting		6.5		—		—		—		6.5
Net derivative liability position	$	(1.8)	$	(2.1)	$	(5.9)	$	(66.5)	$	(76.3)
Total net derivative position	$	(0.1)	$	(2.1)	$	(5.9)	$	(61.5)	$	(69.6)

(1)

Balance as of December 31, 2020 includes a $7.3 million receivable representing the fair value of the forward currency hedge arrangement on the euro-denominated purchase price of the Arkema PMMA business.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Measurements

Schedule of Assets and Liabilities at Fair Value on Recurring Basis


	June 30, 2021
	Quoted Prices in Active Markets for Identical Items		Significant Other Observable Inputs		Significant Unobservable Inputs
Assets (Liabilities) at Fair Value	(Level 1)		(Level 2)		(Level 3)		Total
Foreign exchange forward contracts—Assets	$	—	$	24.5	$	—	$	24.5
Foreign exchange forward contracts—(Liabilities)		—		(0.4)		—		(0.4)
Foreign exchange cash flow hedges—Assets		—		0.5		—		0.5
Interest rate swaps—(Liabilities)		—		(4.2)		—		(4.2)
Cross currency swaps—Assets		—		5.6		—		5.6
Cross currency swaps—(Liabilities)		—		(48.1)		—		(48.1)
Total fair value	$	—	$	(22.1)	$	—	$	(22.1)


	December 31, 2020
	Quoted Prices in Active Markets for Identical Items		Significant Other Observable Inputs		Significant Unobservable Inputs
Assets (Liabilities) at Fair Value	(Level 1)		(Level 2)		(Level 3)		Total
Foreign exchange forward contracts—Assets	$	—	$	1.7	$	—	$	1.7
Foreign exchange forward contracts—(Liabilities)		—		(1.8)		—		(1.8)
Foreign exchange cash flow hedges—(Liabilities)		—		(2.1)		—		(2.1)
Interest rate swaps—(Liabilities)		—		(5.9)		—		(5.9)
Cross currency swaps—Assets		—		5.0		—		5.0
Cross currency swaps—(Liabilities)		—		(66.5)		—		(66.5)
Total fair value	$	—	$	(69.6)	$	—	$	(69.6)

Estimated Fair Value of Outstanding Debt Not Carried at Fair Value


	As of		As of
	June 30, 2021		December 31, 2020
2029 Senior Notes	$	460.3	$	—
2028 Term Loan B		741.7		—
2025 Senior Notes		513.0		513.5
2024 Term Loan B		667.5		674.0
Total fair value	$	2,382.5	$	1,187.5

Provision for Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Provision for Income Taxes

Schedule of Effective Tax Rate


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Effective income tax rate		14.9	%		195.0	%		17.9	%		19.8	%

Pension Plans and Other Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2021

Pension Plans and Other Postretirement Benefits

Schedule of Net Periodic Benefit Costs


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Defined Benefit Pension Plans ⁽¹⁾
Service cost	$	4.1	$	3.1	$	8.2	$	6.5
Interest cost		0.5		0.7		1.0		1.4
Expected return on plan assets		(0.3)		(0.3)		(0.3)		(0.6)
Amortization of prior service credit		(0.2)		(0.3)		(0.4)		(0.6)
Amortization of net loss		1.6		1.0		3.1		2.0
Net periodic benefit cost	$	5.7	$	4.2	$	11.6	$	8.7

(1)

All amounts represent components of net periodic benefit costs.

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Share-Based Compensation Expense and Unrecognized Compensation Cost


									As of
	Three Months Ended				Six Months Ended				June 30, 2021
	June 30,				June 30,				Unrecognized		Weighted
	2021		2020		2021		2020		Compensation Cost		Average Years
RSUs	$	1.9	$	1.7	$	3.6	$	3.3	$	13.9	2.0
Options		1.1		0.8		2.2		1.8		4.7	1.5
PSUs		0.7		0.5		1.2		1.0		4.4	2.1
Total share-based compensation expense	$	3.7	$	3.0	$	7.0	$	6.1

Summary of Awards Granted and Weighted Average Grant-Date Fair Value


	Six Months Ended
	June 30, 2021
	Awards Granted		Weighted Average Grant Date Fair Value per Award
RSUs		166,575	$	60.96
Options		240,412		23.35
PSUs		49,463		61.06

Option Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Weighted-average Assumptions


	Six Months Ended
	June 30, 2021
Expected term (in years)	5.50
Expected volatility	48.72	%
Risk-free interest rate	0.75	%
Dividend yield	1.78	%

Performance Share Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Weighted-average Assumptions


		Six Months Ended
		June 30, 2021
Expected term (in years)		3.00
Expected volatility		58.00	%
Risk-free interest rate		0.20	%
Share price	$	61.06

Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segments

Schedule of Segment Reporting Information, by Segment [Table Text Block]


	Latex		Engineered		Base						Americas
Three Months Ended ⁽¹⁾	Binders		Materials		Plastics		Polystyrene		Feedstocks		Styrenics
June 30, 2021	$	32.2	$	27.8	$	82.0	$	51.1	$	39.8	$	30.1
June 30, 2020	$	16.1	$	4.8	$	(11.7)	$	14.6	$	(3.9)	$	14.4


	Latex		Engineered		Base						Americas
Six Months Ended ⁽¹⁾	Binders		Materials		Plastics		Polystyrene		Feedstocks		Styrenics
June 30, 2021	$	49.0	$	35.8	$	147.5	$	98.4	$	86.1	$	53.0
June 30, 2020	$	36.7	$	12.9	$	15.2	$	26.0	$	(20.8)	$	24.2

(1)

The Company’s primary measure of segment operating performance is Adjusted EBITDA, which is defined as income from continuing operations before interest expense, net; provision for income taxes; depreciation and amortization expense; loss on extinguishment of long-term debt; asset impairment charges; gains or losses on the dispositions of businesses and assets; restructuring charges; acquisition related costs and benefits and other items. Segment Adjusted EBITDA is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts, and prior year financial results, providing a measure that management believes reflects core operating performance by removing the impact of transactions and events that would not be considered a part of core operations. Other companies in the industry may define segment Adjusted EBITDA differently than the Company, and as a result, it may be difficult to use segment Adjusted EBITDA, or similarly named financial measures, that other companies may use to compare the performance of those companies to the Company’s segment performance.

Reconciliation of IBT to Adjusted EBITDA


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Income (loss) from continuing operations before income taxes	$	156.3	$	(27.2)	$	242.2	$	(54.4)
Interest expense, net		21.6		11.7		33.6		22.0
Depreciation and amortization		38.1		24.3		61.2		48.6
Corporate Unallocated⁽²⁾		23.9		17.5		46.4		39.5
Adjusted EBITDA Addbacks⁽³⁾		23.1		8.0		86.4		38.5
Segment Adjusted EBITDA	$	263.0	$	34.3	$	469.8	$	94.2

(2)

Corporate unallocated includes corporate overhead costs and certain other income and expenses.

(3)

Adjusted EBITDA addbacks for the three and six months ended June 30, 2021 and 2020 are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Loss on extinguishment of long-term debt (Note 8)	$	0.5	$	—	$	0.5	$	—
Net gain on disposition of businesses and assets		—		—		(0.2)		(0.4)
Restructuring and other charges (Note 17)		6.3		5.4		6.7		7.2
Acquisition transaction and integration net costs ^(a)		43.2		(0.4)		49.2		(0.3)
Acquisition purchase price hedge (gain) loss (Note 10)		(33.0)		—		22.0		—
Asset impairment charges or write-offs (Note 11)		1.8		—		1.8		10.3
Other items ^(b)		4.3		3.0		6.4		21.7
Total Adjusted EBITDA Addbacks	$	23.1	$	8.0	$	86.4	$	38.5

(a)

Amounts for the three months ended June 30, 2021 include $18.2 million of acquisition costs, $10.4 million of integration costs, $10.1 million related to amortization of the fair-value step-up to inventory, and $4.5 million of transfer taxes associated with the Acquisition. Amounts for the six months ended June 30, 2021 include $19.8 million of acquisition costs, $14.8 million of integration costs, $10.1 million related to amortization of the fair-value step-up to inventory, and $4.5 million of transfer taxes associated with the Acquisition. Refer to Note 3 for further information.

(b)

Other items for the three and six months ended June 30, 2021 primarily relate to fees incurred in conjunction with certain of the Company’s strategic initiatives. Other items for the three and six months ended June 30, 2020 primarily relate to advisory and professional fees incurred in conjunction with the Company’s initiative to transition business services from Dow, including certain administrative services such as accounts payable, logistics, and IT services, which was substantially completed in 2020, as well as fees incurred in conjunction with certain of the Company’s strategic initiatives.

Restructuring (Tables)

6 Months Ended

Jun. 30, 2021

Restructuring

Detail of Restructuring Charges


	Three Months Ended				Six Months Ended				Cumulative
	June 30,				June 30,				Life-to-date
	2021		2020		2021		2020		Charges		Segment
Corporate Restructuring Program
Accelerated depreciation	$	(0.4)	$	1.2	$	(0.4)	$	2.5	$	2.5
Employee termination benefits		0.1		4.1		0.5		4.4		20.0
Contract terminations		—		1.2		—		2.4		2.8
Decommissioning and other		—		—		—		—		0.2
Corporate Program Subtotal	$	(0.3)	$	6.5	$	0.1	$	9.3	$	25.5	N/A⁽¹⁾
Transformational Restructuring Program
Employee termination benefits	$	6.2	$	—	$	6.2	$	—	$	6.2	N/A⁽²⁾
Transformational Program Subtotal	$	6.2	$	—	$	6.2	$	—	$	6.2
Other Restructurings		—		0.1		—		0.4			Various
Total Restructuring Charges	$	5.9	$	6.6	$	6.3	$	9.7

(1)

In November 2019, the Company announced a corporate restructuring program associated with the Company’s shift to a global functional structure and business excellence initiatives to drive greater focus on business process optimization and efficiency, which continued through the three and six months ended June 30, 2021. The Company expects to incur a limited amount of incremental employee termination benefit charges through the end of 2021, and the majority of these benefits are expected to be paid by the end of 2021. As this was identified as a corporate-related activity, the charges related to this restructuring program were not allocated to a specific segment, but rather included within corporate unallocated.

(2)

In May 2021, the Company approved a transformational restructuring program associated with the Company’s recent strategic initiatives. In connection with this restructuring program, during the second quarter of 2021, the Company incurred initial employee termination benefits charges of $6.2 million. The Company expects to incur incremental employee termination benefit charges related to impacted employees as of June 30, 2021 of less than $1.0 million, the majority of which are expected to be paid by June 30, 2022. As this was identified as a corporate-related activity, the charges related to this restructuring program were not allocated to a specific segment, but rather included within corporate unallocated.

Rollforward of Liability Balances


	Balance at						Balance at
	December 31, 2020		Expenses		Deductions⁽¹⁾		June 30, 2021
Employee termination benefits	$	7.9	$	6.7	$	(4.3)	$	10.3
Contract terminations		0.1		—		—		0.1
Total	$	8.0	$	6.7	$	(4.3)	$	10.4

(1)

Primarily includes payments made against the existing accrual, as well as immaterial impacts of foreign currency remeasurement.

Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2021

Shareholders' Equity.

Components of AOCI, Net of Income Taxes


	Cumulative		Pension & Other
	Translation		Postretirement Benefit			Cash Flow
Three Months Ended June 30, 2021 and 2020	Adjustments		Plans, Net			Hedges, Net	Total
Balance as of March 31, 2021	$	(108.6)	$	(70.8)	$	(0.6)	$	(180.0)
Other comprehensive loss		(0.7)		—		(1.1)		(1.8)
Amounts reclassified from AOCI to net income⁽¹⁾		—		1.0		0.9		1.9
Balance as of June 30, 2021	$	(109.3)	$	(69.8)	$	(0.8)	$	(179.9)

Balance as of March 31, 2020	$	(96.0)	$	(55.1)	$	(3.1)	$	(154.2)
Other comprehensive loss		(1.1)		—		(1.5)		(2.6)
Amounts reclassified from AOCI to net income ⁽¹⁾		—		0.5		0.2		0.7
Balance as of June 30, 2020	$	(97.1)	$	(54.6)	$	(4.4)	$	(156.1)


	Cumulative		Pension & Other
	Translation		Postretirement Benefit		Cash Flow
Six Months Ended June 30, 2021 and 2020	Adjustments		Plans, Net		Hedges, Net		Total
Balance as of December 31, 2020	$	(109.0)	$	(71.9)	$	(5.2)	$	(186.1)
Other comprehensive income (loss)		(0.3)		—		2.4		2.1
Amounts reclassified from AOCI to net income⁽¹⁾		—		2.1		2.0		4.1
Balance as of June 30, 2021	$	(109.3)	$	(69.8)	$	(0.8)	$	(179.9)

Balance as of December 31, 2019	$	(106.7)	$	(56.3)	$	0.6	$	(162.4)
Other comprehensive income (loss)		9.6		0.6		(5.1)		5.1
Amounts reclassified from AOCI to net income ⁽¹⁾		—		1.1		0.1		1.2
Balance as of June 30, 2020	$	(97.1)	$	(54.6)	$	(4.4)	$	(156.1)

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]


	Three Months Ended				Six Months Ended
	June 30,				June 30,				Statements of Operations
AOCI Components	2021		2020		2021		2020		Classification
Cash flow hedging items
Foreign exchange cash flow hedges	$	—	$	(0.5)	$	0.3	$	(0.6)	Cost of sales
Interest rate swaps		0.9		0.7		1.7		0.7	Interest expense, net
Total before tax		0.9		0.2		2.0		0.1
Tax effect		—		—		—		—	Provision for (benefit from) income taxes
Total, net of tax	$	0.9	$	0.2	$	2.0	$	0.1

Amortization of pension and other postretirement benefit plan items
Prior service credit	$	(0.2)	$	(0.3)	$	(0.5)	$	(0.6)	(a)
Net actuarial loss		1.7		1.1		3.6		2.3	(a)
Total before tax		1.5		0.8		3.1		1.7
Tax effect		(0.5)		(0.3)		(1.0)		(0.6)	Provision for (benefit from) income taxes
Total, net of tax	$	1.0	$	0.5	$	2.1	$	1.1

(a)

These AOCI components are included in the computation of net periodic benefit costs (see Note 14).

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share

Schedule of Earnings per Share Basic and Diluted


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share data)	2021		2020		2021		2020
Earnings:
Net income (loss) from continuing operations	$	133.0	$	25.8	$	198.8	$	(43.6)
Net income (loss) from discontinued operations		18.6		(154.2)		24.3		(121.1)
Net income (loss)	$	151.6	$	(128.4)	$	223.1	$	(164.7)
Shares:
Weighted average ordinary shares outstanding		38.8		38.2		38.6		38.4
Dilutive effect of RSUs, option awards, and PSUs⁽¹⁾		0.8		0.1		1.0		—
Diluted weighted average ordinary shares outstanding		39.6		38.3		39.6		38.4
Income (loss) per share:
Income (loss) per share—basic:
Continuing operations		3.43		0.68		5.15		(1.14)
Discontinued operations		0.48		(4.04)		0.62		(3.15)
Income (loss) per share—basic	$	3.91	$	(3.36)	$	5.77	$	(4.29)
Income (loss) per share—diluted:
Continuing operations		3.35		0.67		5.02		(1.14)
Discontinued operations		0.47		(4.02)		0.61		(3.15)
Income (loss) per share—diluted	$	3.82	$	(3.35)	$	5.63	$	(4.29)

(1)

Refer to Note 15 for discussion of RSUs, option awards, and PSUs granted to certain Company directors and employees. There were 0.6 million anti-dilutive shares that have been excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2021. There were 1.9 million anti-dilutive shares that have been excluded from the computation of diluted earnings per share for the three months ended June 30, 2020. As the Company recorded a net loss from continuing operations for the six months ended June 30, 2020, potential shares related to equity-based awards have been excluded from the calculation of diluted EPS, as doing so would be anti-dilutive.

Acquisitions (Details) - USD ($) $ in Millions			3 Months Ended	6 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	May 03, 2021	Mar. 24, 2021	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Proceeds from issuance of Senior Notes				$ 450.0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill			$ 623.5	623.5	$ 62.1
2028 Term Loan B
Business Acquisition [Line Items]
Debt instrument issued	$ 750.0
2029 Senior Notes
Business Acquisition [Line Items]
Proceeds from issuance of Senior Notes		$ 450.0
Debt instrument issued		$ 450.0
Arkema
Business Acquisition [Line Items]
Equity interest acquired	100.00%
Cash consideration	$ 1,369.0		1,369.0
Known purchase price adjustment, not yet paid	1.7
Total Consideration	1,370.7
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents	10.4
Accounts receivable	19.1
Inventories	78.6
Other current assets	8.7
Property, plant, and equipment	236.0
Right of use assets - operating	4.1
Deferred charges and other assets	27.9
Total fair value of assets acquired	890.8
Accounts payable	(15.0)
Current lease liabilities - operating	(1.7)
Income taxes payable	(0.1)
Accrued expenses and other current liabilities	(11.7)
Noncurrent lease liabilities - operating	(2.5)
Deferred income tax liabilities	(34.3)
Other noncurrent obligations	(22.5)
Total fair value of liabilities assumed	(87.8)
Net assets acquired	803.0
Goodwill	567.7
Acquisition-related costs			18.2	19.8
Inventory adjustment	10.1		$ 10.1	$ 10.1
Pension and other post-retirement plan liabilities	$ 18.2
Goodwill, Name of Segment [Extensible List]	Engineered Materials [Member]
Expected deduction for goodwill	$ 310.0
Arkema \| Customer Relationships [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 326.6
Expected life	13 years
Arkema \| Developed Technology [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 133.0
Expected life	10 years
Arkema \| Trade Names [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 46.0
Expected life	16 years
Arkema \| Other [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 0.4
Arkema \| Other [Member] \| Minimum
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Expected life	1 year
Arkema \| Other [Member] \| Maximum
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Expected life	5 years

Acquisitions - Pro Forma and transaction costs (Details) - Arkema - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	May 03, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition, Pro Forma Information [Abstract]
Net sales		$ 1,324.7	$ 676.0	$ 2,474.4	$ 1,580.7
Net income		162.4	(126.2)	250.6	(177.9)
Income (loss) from continuing operations		143.8	$ 28.0	226.3	$ (56.8)
Net sales since acquisition		107.4		107.4
Net income since acquisition		(3.8)		(3.8)
Acquisition-related costs		$ 18.2		$ 19.8
Agreement term	18 months
IT separation costs capitalized	$ 10.6
IT separation costs capitalized, Balance Sheet location	Other current assets

Acquisitions - Aristech (Details) $ in Millions	Jul. 19, 2021 USD ($)
Aristech Surfaces L L C [Member] \| Scenario, Plan [Member] \| Subsequent Event [Member]
Business Acquisition [Line Items]
Total Consideration	$ 445.0

Divestitures and Discontinued Operations (Details) - USD ($) $ in Millions	Jun. 30, 2021	May 21, 2021	Dec. 31, 2020
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
Total current assets	$ 383.0		$ 120.3
Total current liabilities	86.4		42.2
Total noncurrent liabilities			42.3
Synthetic Rubber Segment \| Discontinued Operations, Held-for-sale [Member]
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
Accounts receivable, net of allowance	85.7		59.7
Inventories	89.2		60.6
Total current assets	174.9		120.3
Property, plant and equipment, net	154.6		170.3
Goodwill	11.7		12.1
Other intangibles assets, net	17.9		20.2
Deferred charges and other assets	23.9		25.6
Total other assets	53.5		57.9
Total assets held for sale	383.0		348.5
Accounts payable	33.7		29.5
Accrued expenses and other current liabilities	10.3		12.7
Total current liabilities	44.0		42.2
Other non-current obligations	42.4		42.3
Total noncurrent liabilities	42.4		42.3
Total liabilities held for sale	$ 86.4		$ 84.5
Synthetic Rubber Segment \| Discontinued Operations, Held-for-sale [Member] \| Scenario, Plan [Member]
Disclosures by disposal group
Consideration		$ 449.4
Pension and other postretirement benefits		$ 41.6

Divestitures and Discontinued Operations - Results (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net income (loss) from discontinued operations	$ 18.6	$ (154.2)	$ 24.3	$ (121.1)
Synthetic Rubber Segment \| Discontinued Operations, Held-for-sale [Member]
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net sales	135.7	36.4	259.9	138.1
Cost of sales	108.2	66.9	219.3	156.5
Gross profit (loss)	27.5	(30.5)	40.6	(18.4)
Selling, general and administrative expenses	5.6	5.4	11.8	10.3
Impairment charges				28.0
Operating income (loss)	21.9	(35.9)	28.8	(56.7)
Other income (expense), net	(0.8)	(0.6)	(1.0)	(0.8)
Income (loss) from discontinued operations before income taxes	21.1	(36.5)	27.8	(57.5)
Provision for income taxes	2.5	117.7	3.5	63.6
Net income (loss) from discontinued operations	$ 18.6	$ (154.2)	$ 24.3	$ (121.1)

Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Net Sales (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,273.7	$ 534.3	$ 2,259.7	$ 1,297.3
Latex Binders Segment
Disaggregation of Revenue [Line Items]
Net sales	311.2	164.9	562.2	384.0
Engineered Materials [Member]
Disaggregation of Revenue [Line Items]
Net sales	181.0	37.5	246.8	85.3
Base Plastics [Member]
Disaggregation of Revenue [Line Items]
Net sales	396.9	151.5	725.8	408.9
Polystyrene [Member]
Disaggregation of Revenue [Line Items]
Net sales	313.3	155.8	580.1	338.6
Feedstocks [Member]
Disaggregation of Revenue [Line Items]
Net sales	71.3	24.6	144.8	80.5
United States [Member]
Disaggregation of Revenue [Line Items]
Net sales	209.9	89.6	353.9	225.1
United States [Member] \| Latex Binders Segment
Disaggregation of Revenue [Line Items]
Net sales	74.1	50.9	141.9	113.1
United States [Member] \| Engineered Materials [Member]
Disaggregation of Revenue [Line Items]
Net sales	60.9	7.4	71.1	17.4
United States [Member] \| Base Plastics [Member]
Disaggregation of Revenue [Line Items]
Net sales	71.6	30.0	134.2	90.7
United States [Member] \| Feedstocks [Member]
Disaggregation of Revenue [Line Items]
Net sales	3.3	1.3	6.7	3.9
Europe [Member]
Disaggregation of Revenue [Line Items]
Net sales	762.4	286.8	1,318.3	703.7
Europe [Member] \| Latex Binders Segment
Disaggregation of Revenue [Line Items]
Net sales	160.5	72.3	278.1	174.2
Europe [Member] \| Engineered Materials [Member]
Disaggregation of Revenue [Line Items]
Net sales	80.3	8.7	101.4	23.6
Europe [Member] \| Base Plastics [Member]
Disaggregation of Revenue [Line Items]
Net sales	253.8	89.1	451.7	239.2
Europe [Member] \| Polystyrene [Member]
Disaggregation of Revenue [Line Items]
Net sales	199.8	95.1	349.0	204.9
Europe [Member] \| Feedstocks [Member]
Disaggregation of Revenue [Line Items]
Net sales	68.0	21.6	138.1	61.8
Asia-Pacific [Member]
Disaggregation of Revenue [Line Items]
Net sales	277.5	150.9	541.9	339.1
Asia-Pacific [Member] \| Latex Binders Segment
Disaggregation of Revenue [Line Items]
Net sales	74.3	40.4	138.1	92.8
Asia-Pacific [Member] \| Engineered Materials [Member]
Disaggregation of Revenue [Line Items]
Net sales	37.8	21.3	72.1	44.2
Asia-Pacific [Member] \| Base Plastics [Member]
Disaggregation of Revenue [Line Items]
Net sales	51.9	26.8	100.6	53.6
Asia-Pacific [Member] \| Polystyrene [Member]
Disaggregation of Revenue [Line Items]
Net sales	113.5	60.7	231.1	133.7
Asia-Pacific [Member] \| Feedstocks [Member]
Disaggregation of Revenue [Line Items]
Net sales		1.7		14.8
Rest of World [Member]
Disaggregation of Revenue [Line Items]
Net sales	23.9	7.0	45.6	29.4
Rest of World [Member] \| Latex Binders Segment
Disaggregation of Revenue [Line Items]
Net sales	2.3	1.3	4.1	3.9
Rest of World [Member] \| Engineered Materials [Member]
Disaggregation of Revenue [Line Items]
Net sales	2.0	0.1	2.2	0.1
Rest of World [Member] \| Base Plastics [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 19.6	$ 5.6	$ 39.3	$ 25.4

Investments in Unconsolidated Affiliates (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($) item	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) item	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of joint ventures \| item	1		1
Equity in earnings of unconsolidated affiliates	$ 30.1	$ 14.4	$ 53.0	$ 24.2
Assets
Current assets	2,112.1		2,112.1		$ 1,517.1
Total assets	4,504.7		4,504.7		2,845.2
Liabilities
Current liabilities	814.0		814.0		533.3
Total noncurrent liabilities	2,860.9		2,860.9		$ 1,721.6
Summarized Financial Information, Net Income
Gross profit	220.0	23.4	408.9	81.1
Net income (loss)			223.1	(164.7)
Americas Styrenics
Summarized Financial Information, Net Income
Net sales	495.6	225.4	918.5	547.5
Gross profit	74.5	31.3	139.9	38.4
Net income (loss)	$ 63.6	$ 20.1	$ 114.6	$ 11.8

Investments in Unconsolidated Affiliates - Americas Styrenics (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020
Investments in Unconsolidated Affiliates
Investments in unconsolidated affiliates	$ 253,200,000		$ 253,200,000			$ 240,100,000
Americas Styrenics
Investments in Unconsolidated Affiliates
Investments in unconsolidated affiliates	253,200,000		253,200,000			240,100,000
Investment in unconsolidated affiliates-difference between carrying amount and underlying equity	$ 12,000,000.0		$ 12,000,000.0			$ 16,300,000
Percentage of ownership underlying net assets	50.00%		50.00%		50.00%	50.00%
Amortized weighted average remaining useful life			2.8
Dividends received from operating activities	$ 25,000,000.0	$ 0	$ 40,000,000.0	$ 0

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventories
Finished goods	$ 262.3	$ 132.9
Raw materials and semi-finished goods	262.8	161.7
Supplies	37.8	29.5
Total	$ 562.9	$ 324.1

Debt - Schedule of Debt (Details) € in Millions, $ in Millions		6 Months Ended
	May 03, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 24, 2021	Dec. 31, 2020 USD ($)	Feb. 26, 2020 USD ($)	Feb. 26, 2020 EUR (€)	Sep. 01, 2017 USD ($)
Debt Instruments
Carrying amount		$ 2,378.1		$ 1,187.3
Unamortized deferred financing fees		(48.9)		(17.0)
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent		2,329.2		1,170.3
Less: current portion		(19.1)		(12.2)
Total long-term debt, net of unamortized deferred financing fees		2,310.1		1,158.1
Term Loan B [Member]
Debt Instruments
Less: current portion		$ (14.5)
2024 Term Loan B
Debt Instruments
Interest rate at end of period (as a percent)		2.104%
Carrying amount		$ 673.9		677.3
Unamortized deferred financing fees		(9.5)		(10.8)
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent		$ 664.4		666.5
Less: current portion				(7.0)
2024 Term Loan B \| LIBOR [Member]
Debt Instruments
Debt instrument, margin rate		2.00%
2028 Term Loan B
Debt Instruments
Interest rate at end of period (as a percent)		2.604%
Carrying amount		$ 746.3
Unamortized deferred financing fees		(18.3)
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent		728.0
Maximum borrowing capacity	$ 750.0
2028 Term Loan B \| LIBOR [Member]
Debt Instruments
Debt instrument, margin rate	2.50%
2026 Revolving Facility
Debt Instruments
Funds available for borrowings		360.4
Letters of credit, amount outstanding		$ 14.6
Commitment fee (as a percent)		0.375%
Maximum borrowing capacity	$ 375.0	$ 375.0
2029 Senior Notes
Debt Instruments
Interest rate		5.125%	5.125%
Carrying amount		$ 450.0
Unamortized deferred financing fees		(15.5)
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent		$ 434.5
2025 Senior Notes
Debt Instruments
Interest rate		5.375%			5.375%	5.375%	5.375%
Carrying amount		$ 500.0		500.0
Unamortized deferred financing fees		(5.6)		(6.2)
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent		494.4		493.8	$ 500.0	€ 459.3	$ 500.0
Accounts Receivable Securitization Facility [Member]
Debt Instruments
Carrying amount		0.0		0.0
Unamortized deferred financing fees		0.0		0.0
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent		$ 0.0		0.0
Commitment fee (as a percent)		1.00%
Maximum borrowing capacity		$ 150.0
Accounts receivable available to support facility		$ 150.0
Accounts Receivable Securitization Facility [Member] \| Base Rate [Member]
Debt Instruments
Interest rate		1.95%
Other Indebtedness [Member]
Debt Instruments
Carrying amount		$ 7.9		10.0
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent		$ 7.9		$ 10.0

Debt - Senior Notes (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
Debt - Senior Notes (Details) - USD ($) $ in Millions	Mar. 24, 2021	Jun. 30, 2021	Jun. 30, 2021	May 03, 2021	Dec. 31, 2020
Debt Instruments
Loss on extinguishment of debt		$ 0.5	$ 0.5
Unamortized deferred financing fees		$ 48.9	$ 48.9		$ 17.0
2029 Senior Notes
Debt Instruments
Debt instrument issued	$ 450.0
Debt instrument, stated interest rate	5.125%	5.125%	5.125%
Unamortized deferred financing fees		$ 15.5	$ 15.5
Capitalization of issuance costs	$ 15.9
Amortization period	8 years
2029 Senior Notes \| Period prior to April 1, 2024
Debt Instruments
Debt instrument, redemption price percentage	100.00%
Aggregate principal amount that may be redeemed, as a percent	40.00%
Redemption price, as percentage of principal	105.125%
2029 Senior Notes \| 12-month period commencing April 1, 2024
Debt Instruments
Debt instrument, redemption price percentage	102.563%
2029 Senior Notes \| 12-month period commencing April 1, 2025
Debt Instruments
Debt instrument, redemption price percentage	101.281%
2029 Senior Notes \| 12-month period commencing April 1, 2026 and thereafter
Debt Instruments
Debt instrument, redemption price percentage	100.00%
2028 Term Loan B
Debt Instruments
Debt instrument issued				$ 750.0

Debt - Senior Credit Facility (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	May 03, 2021	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Debt Instruments
Loss on extinguishment of debt		$ 0.5	$ 0.5
Current portion		19.1	19.1	$ 12.2
2022 Revolving Facility
Debt Instruments
Unamortized deferred financing fees		0.8	0.8
2024 Term Loan B
Debt Instruments
Current portion				$ 7.0
2026 Revolving Facility
Debt Instruments
Maximum borrowing capacity	$ 375.0	$ 375.0	$ 375.0
Swingline subfacility capacity	25.0
Letter of credit capacity	35.0
Capitalization of issuance costs	$ 0.4
Amortization period			5 years
Percentage of Revolving Facility borrowing capacity covenant trigger	30.00%
Undrawn letters of credit	$ 10.0
2026 Revolving Facility \| Maximum
Debt Instruments
Net leverage ratio	3.50
2028 Term Loan B
Debt Instruments
Maximum borrowing capacity	$ 750.0
Capitalization of issuance costs	$ 18.7
Amortization period	7 years
Discount rate, as a percent	0.50%
Principal payable per quarter, as a percent	0.25%
LIBOR [Member] \| 2024 Term Loan B
Debt Instruments
Debt instrument, margin rate			2.00%
Variable rate floor (as a percent)			0.00%
LIBOR [Member] \| 2028 Term Loan B
Debt Instruments
Debt instrument, margin rate	2.50%
Variable rate floor (as a percent)	0.00%

Goodwill (Details) $ in Millions	6 Months Ended
Goodwill (Details) $ in Millions	Jun. 30, 2021 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 62.1
Acquisition	567.7
Foreign currency impact	(6.3)
Ending Balance	623.5
Latex Binders Segment
Goodwill [Roll Forward]
Beginning Balance	17.1
Foreign currency impact	(0.6)
Ending Balance	16.5
Engineered Materials [Member]
Goodwill [Roll Forward]
Beginning Balance	16.0
Acquisition	567.7
Foreign currency impact	(4.8)
Ending Balance	578.9
Base Plastics [Member]
Goodwill [Roll Forward]
Beginning Balance	24.2
Foreign currency impact	(0.8)
Ending Balance	23.4
Polystyrene [Member]
Goodwill [Roll Forward]
Beginning Balance	4.8
Foreign currency impact	(0.1)
Ending Balance	$ 4.7

Derivative Instruments (Details) € in Millions, $ in Millions			6 Months Ended
	Feb. 26, 2020 USD ($)	Sep. 01, 2017 USD ($)	Jun. 30, 2021 USD ($) item	Dec. 31, 2020 USD ($)	Feb. 26, 2020 EUR (€)	Apr. 01, 2018 USD ($)	Mar. 31, 2018 USD ($)	Sep. 01, 2017 EUR (€)
Derivative Instruments
Total debt			$ 2,329.2	$ 1,170.3
Initial excluded component value						$ 23.6
Foreign Exchange Forward Contracts
Derivative Instruments
Derivative term			2 months
Foreign Exchange Forward Contracts \| Not Designated as Hedging Instruments - Economic
Derivative Instruments
Derivative contracts, notional amount			$ 1,185.3
Foreign Exchange Forward Contracts \| Designated as Hedging Instrument
Derivative Instruments
Derivative contracts, notional amount			$ 48.0
Derivative term			6 months
Number of subsidiaries participating \| item			1
Cross Currency Swap
Derivative Instruments
Derivative contracts, notional amount \| €								€ 420.0
Derivative term	2 years 8 months 12 days	5 years
Cross currency swap weighted average interest rate (as a percent)	3.672%	3.45%
Cumulative translation adjustment, net of tax			$ 13.8				$ 38.0
Cash proceeds	$ 51.6
Interest Rate Swap
Derivative Instruments
Derivative contracts, notional amount			$ 200.0
Fixed interest rate per agreement (as a percent)			1.81%
LIBOR rate at end of period (as a percent)			0.10%
2025 Senior Notes
Derivative Instruments
Total debt	$ 500.0	$ 500.0	$ 494.4	493.8	€ 459.3
Interest rate	5.375%	5.375%	5.375%		5.375%			5.375%
2024 Term Loan B
Derivative Instruments
Total debt			$ 664.4	$ 666.5
2024 Term Loan B \| LIBOR [Member]
Derivative Instruments
Debt instrument, margin rate			2.00%
Variable rate floor (as a percent)			0.00%
Euro [Member] \| (Sell)
Derivative Instruments
Derivative contracts, notional amount			$ 1,046.0
Chinese Yuan [Member] \| (Sell)
Derivative Instruments
Derivative contracts, notional amount			50.9
Swiss Franc [Member] \| Buy
Derivative Instruments
Derivative contracts, notional amount			31.1
Mexico, Pesos \| (Sell)
Derivative Instruments
Derivative contracts, notional amount			15.3
Taiwan, New Dollars \| Buy
Derivative Instruments
Derivative contracts, notional amount			$ 12.2

Derivative Instruments - Income Statements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Cost of sales	$ 1,053.7	$ 510.9	$ 1,850.8	$ 1,216.2
Interest expense, net	21.6	11.7	33.6	22.0
Gain (Loss) on Derivative Instruments, Net, Pretax	33.0		(22.0)
Other expense (income), net	5.6	0.4	8.0	1.7
Total amounts of income and expense, derivative instruments	33.0		(22.0)
Amount of gain (loss) recognized in income, not designated	33.0		(22.0)
Cost of Sales
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Cost of sales	1,053.7	510.9	1,850.8	1,216.2
Acquisition purchase price hedge gain
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Gain (Loss) on Derivative Instruments, Net, Pretax	33.0		(22.0)
Total amounts of income and expense, derivative instruments	33.0		(22.0)
Interest Expense, Net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Interest expense, net	(21.6)	(11.7)	33.6	22.0
Other Income, Net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Other expense (income), net	(5.6)	(0.4)	8.0	1.7
Foreign Exchange Forward Contracts \| Not Designated as Hedging Instruments - Economic \| Acquisition purchase price hedge gain
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Amount of gain (loss) recognized in income, not designated	33.0		(22.0)
Foreign Exchange Forward Contracts \| Not Designated as Hedging Instruments - Economic \| Other Income, Net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Amount of gain (loss) recognized in income, not designated	0.4	(8.1)	20.1	5.7
Foreign Exchange Forward Contracts \| Designated as Hedging Instrument \| Cost of Sales
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Amount of gain (loss) reclassified from AOCI into income, foreign exchange cash flow hedges		0.5	(0.3)	0.6
Cross Currency Swap \| Interest Expense, Net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Amount of gain excluded from effectiveness testing	1.7	2.0	3.6	5.4
Interest Rate Swap \| Interest Expense, Net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Amount of gain (loss) reclassified from AOCI into income, interest rate cash flow hedges	$ (0.9)	$ (0.7)	$ (1.7)	$ (0.7)

Derivative Instruments - Effect on AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments
Gain (Loss) Recognized in AOCI, Cash flow hedges	$ (0.2)	$ (1.3)	$ 4.4	$ (5.0)
Gain (Loss) Recognized in AOCI, Net investment hedges	(7.1)	(10.3)	19.1	12.6
Foreign Exchange Forward Contracts
Derivative Instruments
Gain (Loss) Recognized in AOCI, Cash flow hedges	(1.0)	(1.2)	2.7	0.9
Cross Currency Swap
Derivative Instruments
Gain (Loss) Recognized in AOCI, Net investment hedges	(7.1)	(10.3)	19.1	12.6
Interest Rate Swap
Derivative Instruments
Gain (Loss) Recognized in AOCI, Cash flow hedges	$ 0.8	$ (0.1)	$ 1.7	$ (5.9)

Derivative Instruments - Gains and Losses in Other expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Amount of gain (loss) recognized in income, not designated	$ 33.0		$ (22.0)
Acquisition purchase price hedge loss	33.0		(22.0)
Reclassification expected during next 12 months			(2.9)
Other Income, Net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Foreign exchange transaction gains (losses)	0.6	$ 9.0	(19.3)	$ (5.1)
Derivative, Gain (Loss) on Derivative, Net, Total	1.0	0.9	0.8	0.6
Acquisition purchase price hedge gain
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Acquisition purchase price hedge loss	33.0		(22.0)
Foreign Exchange Forward Contracts \| Not Designated as Hedging Instruments - Economic \| Other Income, Net
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Amount of gain (loss) recognized in income, not designated	0.4	$ (8.1)	20.1	$ 5.7
Foreign Exchange Forward Contracts \| Not Designated as Hedging Instruments - Economic \| Acquisition purchase price hedge gain
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Amount of gain (loss) recognized in income, not designated	$ 33.0		$ (22.0)

Derivative Instruments - Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Financial Assets and Liabilities
Gross derivative asset position	$ 31.5	$ 13.2
Counterparty netting, derivative assets	(0.9)	(6.5)
Net derivative asset position	30.6	6.7
Gross derivative liability position	(53.6)	(82.8)
Counterparty netting, derivative liabilities	0.9	6.5
Net derivative liability position	(52.7)	(76.3)
Total net derivative position	(22.1)	(69.6)
Accounts Receivable
Derivatives, Financial Assets and Liabilities
Gross derivative asset position	31.5	13.2
Accounts Receivable \| Arkema
Derivatives, Financial Assets and Liabilities
Derivative assets		7.3
Accounts Payable
Derivatives, Financial Assets and Liabilities
Gross derivative liability position	(4.7)	(13.8)
Other Noncurrent Obligations
Derivatives, Financial Assets and Liabilities
Gross derivative liability position	(48.9)	(69.0)
Foreign Exchange Forward Contracts \| Not Designated as Hedging Instruments - Economic
Derivatives, Financial Assets and Liabilities
Gross derivative asset position	25.4	8.2
Counterparty netting, derivative assets	(0.9)	(6.5)
Net derivative asset position	24.5	1.7
Gross derivative liability position	(1.3)	(8.3)
Counterparty netting, derivative liabilities	0.9	6.5
Net derivative liability position	(0.4)	(1.8)
Total net derivative position	24.1	(0.1)
Foreign Exchange Forward Contracts \| Not Designated as Hedging Instruments - Economic \| Accounts Receivable
Derivatives, Financial Assets and Liabilities
Gross derivative asset position	25.4	8.2
Foreign Exchange Forward Contracts \| Not Designated as Hedging Instruments - Economic \| Accounts Payable
Derivatives, Financial Assets and Liabilities
Gross derivative liability position	(1.3)	(8.3)
Foreign Exchange Forward Contracts \| Designated as Hedging Instrument
Derivatives, Financial Assets and Liabilities
Gross derivative asset position	0.5
Net derivative asset position	0.5
Gross derivative liability position		(2.1)
Net derivative liability position		(2.1)
Total net derivative position	0.5	(2.1)
Foreign Exchange Forward Contracts \| Designated as Hedging Instrument \| Accounts Receivable
Derivatives, Financial Assets and Liabilities
Gross derivative asset position	0.5
Foreign Exchange Forward Contracts \| Designated as Hedging Instrument \| Accounts Payable
Derivatives, Financial Assets and Liabilities
Gross derivative liability position		(2.1)
Interest Rate Swap
Derivatives, Financial Assets and Liabilities
Gross derivative liability position	(4.2)	(5.9)
Net derivative liability position	(4.2)	(5.9)
Total net derivative position	(4.2)	(5.9)
Interest Rate Swap \| Accounts Payable
Derivatives, Financial Assets and Liabilities
Gross derivative liability position	(3.4)	(3.4)
Interest Rate Swap \| Other Noncurrent Obligations
Derivatives, Financial Assets and Liabilities
Gross derivative liability position	(0.8)	(2.5)
Cross Currency Swap
Derivatives, Financial Assets and Liabilities
Gross derivative asset position	5.6	5.0
Net derivative asset position	5.6	5.0
Gross derivative liability position	(48.1)	(66.5)
Net derivative liability position	(48.1)	(66.5)
Total net derivative position	(42.5)	(61.5)
Cross Currency Swap \| Accounts Receivable
Derivatives, Financial Assets and Liabilities
Gross derivative asset position	5.6	5.0
Cross Currency Swap \| Other Noncurrent Obligations
Derivatives, Financial Assets and Liabilities
Gross derivative liability position	$ (48.1)	$ (66.5)

Fair Value Measurements - Assets and Liabilities at Fair Value, Recurring (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Fair Value Measurements
Total net derivative position	$ (22.1)		$ (22.1)		$ (69.6)
Impairment loss on assets	1.8		1.8	$ 10.3
Boehlen Location [Member]
Fair Value Measurements
Impairment loss on assets	1.8	$ 10.3	1.8
Schkopau PBR Location [Member]
Fair Value Measurements
Impairment loss on assets					28.0
Property Plant And Equipment At Fair Value [Member] \| Boehlen Location [Member]
Fair Value Measurements
Assets at fair value, nonrecurring	3.5		3.5		3.7
Interest Rate Swap
Fair Value Measurements
Total net derivative position	(4.2)		(4.2)		(5.9)
Cross Currency Swap
Fair Value Measurements
Total net derivative position	(42.5)		(42.5)		(61.5)
Designated as Hedging Instrument \| Foreign Exchange Forward Contracts
Fair Value Measurements
Total net derivative position	0.5		0.5		(2.1)
Not Designated as Hedging Instruments - Economic \| Foreign Exchange Forward Contracts
Fair Value Measurements
Total net derivative position	24.1		24.1		(0.1)
Recurring
Fair Value Measurements
Total net derivative position	(22.1)		(22.1)		(69.6)
Recurring \| Interest Rate Swap
Fair Value Measurements
Liabilities at fair value	(4.2)		(4.2)		(5.9)
Recurring \| Cross Currency Swap
Fair Value Measurements
Assets at fair value	5.6		5.6		5.0
Liabilities at fair value	(48.1)		(48.1)		(66.5)
Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value Measurements
Total net derivative position	(22.1)		(22.1)		(69.6)
Recurring \| Significant Other Observable Inputs (Level 2) \| Interest Rate Swap
Fair Value Measurements
Liabilities at fair value	(4.2)		(4.2)		(5.9)
Recurring \| Significant Other Observable Inputs (Level 2) \| Cross Currency Swap
Fair Value Measurements
Assets at fair value	5.6		5.6		5.0
Liabilities at fair value	(48.1)		(48.1)		(66.5)
Recurring \| Designated as Hedging Instrument \| Foreign Exchange Forward Contracts
Fair Value Measurements
Assets at fair value	0.5		0.5
Liabilities at fair value					(2.1)
Recurring \| Designated as Hedging Instrument \| Significant Other Observable Inputs (Level 2) \| Foreign Exchange Forward Contracts
Fair Value Measurements
Assets at fair value	0.5		0.5
Liabilities at fair value					(2.1)
Recurring \| Not Designated as Hedging Instruments - Economic \| Foreign Exchange Forward Contracts
Fair Value Measurements
Assets at fair value	24.5		24.5		1.7
Liabilities at fair value	(0.4)		(0.4)		(1.8)
Recurring \| Not Designated as Hedging Instruments - Economic \| Significant Other Observable Inputs (Level 2) \| Foreign Exchange Forward Contracts
Fair Value Measurements
Assets at fair value	24.5		24.5		1.7
Liabilities at fair value	$ (0.4)		$ (0.4)		$ (1.8)

Fair Value Measurements - Items not at Fair Value (Details) - Significant Other Observable Inputs (Level 2) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value of Debt Instruments
Total fair value of long term debt	$ 2,382.5	$ 1,187.5
2029 Senior Notes
Fair Value of Debt Instruments
Total fair value of long term debt	460.3
2028 Term Loan B
Fair Value of Debt Instruments
Total fair value of long term debt	741.7
2025 Senior Notes
Fair Value of Debt Instruments
Total fair value of long term debt	513.0	513.5
2024 Term Loan B
Fair Value of Debt Instruments
Total fair value of long term debt	$ 667.5	$ 674.0

Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Provision for Income Taxes
Effective tax rate	14.90%	195.00%	17.90%	19.80%
Provision for income taxes	$ 23.3	$ (53.0)	$ 43.4	$ (10.8)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2021 USD ($)
Commitments and Contingencies Disclosure
Accrued obligations for environmental remediation and restoration costs	$ 5.0

Commitments and Contingencies - Purchase Commitments (Details)	6 Months Ended
	Jun. 30, 2021
Maximum
Loss Contingencies [Line Items]
Purchase commitment period	7 years
Minimum
Loss Contingencies [Line Items]
Purchase commitment period	1 year

Pension Plans and Other Postretirement Benefits - Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Pension Plans
Net periodic benefit cost
Service cost	$ 4.1		$ 3.1		$ 8.2	$ 6.5
Interest cost	0.5		0.7		1.0	1.4
Expected return on plan assets	(0.3)		(0.3)		(0.3)	(0.6)
Amortization of prior service cost (credit)	(0.2)		(0.3)		(0.4)	(0.6)
Amortization of net (gain) loss	1.6		1.0		3.1	2.0
Net periodic benefit cost	5.7		4.2		11.6	8.7
Interest cost, Statements of Operations location		us-gaap:OtherNonoperatingIncomeExpense		us-gaap:OtherNonoperatingIncomeExpense
Expected return, Statements of Operations location		us-gaap:OtherNonoperatingIncomeExpense		us-gaap:OtherNonoperatingIncomeExpense
Amortization of prior service credit, Statements of Operations location		us-gaap:OtherNonoperatingIncomeExpense		us-gaap:OtherNonoperatingIncomeExpense
Amortization of gain (loss), Statements of Operations location		us-gaap:OtherNonoperatingIncomeExpense		us-gaap:OtherNonoperatingIncomeExpense
Amounts recognized in other comprehensive income (loss)
Net periodic benefit cost	$ 5.7		$ 4.2		$ 11.6	$ 8.7
Other Postretirement Plans \| Maximum
Net periodic benefit cost
Net periodic benefit cost		$ 0.1		$ 0.1
Amounts recognized in other comprehensive income (loss)
Net periodic benefit cost		$ 0.1		$ 0.1

Pension Plans and Other Postretirement Benefits - Net Amounts Recognized (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Net amounts recognized in the balance sheets at December 31
Noncurrent liabilities	$ (307.6)	$ (307.6)	$ (294.4)
Cash contributions and benefit payments to unfunded plans	2.0	3.6
Expected contributions, remainder of current year	$ 2.9	$ 2.9

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Share-Based Compensation - Summary of Expense (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 3.7	$ 3.0	$ 7.0	$ 6.1
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	1.9	1.7	3.6	3.3
Unrecognized compensation cost	13.9		$ 13.9
Weighted-average period of recognition			2 years
Option Awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	1.1	0.8	$ 2.2	1.8
Unrecognized compensation cost, options	4.7		$ 4.7
Weighted-average period of recognition			1 year 6 months
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	0.7	$ 0.5	$ 1.2	$ 1.0
Unrecognized compensation cost	$ 4.4		$ 4.4
Weighted-average period of recognition			2 years 1 month 6 days

Share-Based Compensation - RSUs (Details) - Restricted Share Units	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Other-than-Options, Shares Activity
Granted, Shares \| shares	166,575
Other-than-Options, FV Activity
Granted, Weighted-Average Grant Date Fair Value per Share \| $ / shares	$ 60.96

Share-Based Compensation - Options and PSUs (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares
Options, Additional Disclosures
Proceeds from exercise of option awards \| $	$ 10.5
Option Awards
Options Outstanding Roll Forward
Granted, Options \| shares	240,412
Options, Additional Disclosures
Unrecognized compensation cost, options \| $	$ 4.7
Fair Value Assumptions
Expected term (in years)	5 years 6 months
Expected volatility	48.72%
Risk-free interest rate	0.75%
Dividend yield	1.78%
Options granted, Weighted average grant date fair value	$ 23.35
Performance Share Units
Fair Value Assumptions
Expected term (in years)	3 years
Expected volatility	58.00%
Risk-free interest rate	0.20%
Share Price	$ 61.06
Other-than-Options, Shares Activity
Granted, Shares \| shares	49,463
Other-than-Options, FV Activity
Granted, Weighted-Average Grant Date Fair Value per Share	$ 61.06

Segments - Reconciliation of Segment Reporting to Consolidated (Details) $ in Millions		3 Months Ended		6 Months Ended
	Oct. 01, 2020 segment	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) segment	Jun. 30, 2020 USD ($)	Mar. 31, 2021	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments unchanged \| segment				4
Number of new operating segments \| segment	2
Sales to external customers		$ 1,273.7	$ 534.3	$ 2,259.7	$ 1,297.3
Equity in earnings of unconsolidated affiliates		30.1	14.4	53.0	24.2
Adjusted EBITDA		263.0	34.3	469.8	94.2
Investment in unconsolidated affiliates		253.2		253.2			$ 240.1
Depreciation and amortization				61.2	48.6
Capital expenditures				30.0	38.2
Operating Segments [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization		38.1	24.3	61.2	48.6
Latex Binders Segment
Segment Reporting Information [Line Items]
Sales to external customers		311.2	164.9	562.2	384.0
Adjusted EBITDA		32.2	16.1	49.0	36.7
Base Plastics [Member]
Segment Reporting Information [Line Items]
Sales to external customers		396.9	151.5	725.8	408.9
Adjusted EBITDA		82.0	(11.7)	147.5	15.2
Engineered Materials [Member]
Segment Reporting Information [Line Items]
Sales to external customers		181.0	37.5	246.8	85.3
Adjusted EBITDA		27.8	4.8	35.8	12.9
Polystyrene [Member]
Segment Reporting Information [Line Items]
Sales to external customers		313.3	155.8	580.1	338.6
Adjusted EBITDA		51.1	14.6	98.4	26.0
Feedstocks [Member]
Segment Reporting Information [Line Items]
Sales to external customers		71.3	24.6	144.8	80.5
Adjusted EBITDA		$ 39.8	(3.9)	$ 86.1	(20.8)
Americas Styrenics [Member]
Segment Reporting Information [Line Items]
Percentage of ownership underlying net assets		50.00%		50.00%
Adjusted EBITDA		$ 30.1	$ 14.4	$ 53.0	$ 24.2
Americas Styrenics
Segment Reporting Information [Line Items]
Percentage of ownership underlying net assets		50.00%		50.00%		50.00%	50.00%
Investment in unconsolidated affiliates		$ 253.2		$ 253.2			$ 240.1

Segments - Recon. of Net Income to Segment Adjusted EBITDA (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	May 03, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Income (loss) before income taxes		$ 156.3	$ (27.2)	$ 242.2	$ (54.4)
Interest expense, net		(21.6)	(11.7)	(33.6)	(22.0)
Depreciation and amortization				61.2	48.6
Adjusted EBITDA addbacks		23.1	8.0	86.4	38.5
Adjusted EBITDA		263.0	34.3	469.8	94.2
Loss on extinguishment of long-term debt		0.5		0.5
Net (gain) loss on disposition of businesses and assets				(0.2)	(0.4)
Restructuring and other charges		6.3	5.4	6.7	7.2
Acquisition transactions and integration net costs (benefit)		43.2	(0.4)	49.2	(0.3)
Acquisition purchase price hedge gain		(33.0)		22.0
Asset impairment charges or write-offs		1.8		1.8	10.3
Other items		4.3	3.0	6.4	21.7
Arkema
Segment Reporting Information [Line Items]
Acquisition-related costs		18.2		19.8
Integration costs		10.4		14.8
Inventory adjustment	$ 10.1	10.1		10.1
Jurisdictional asset transfer taxes		4.5		4.5
Operating Segments [Member]
Segment Reporting Information [Line Items]
Income (loss) before income taxes		156.3	(27.2)	242.2	(54.4)
Interest expense, net		21.6	11.7	33.6	22.0
Depreciation and amortization		38.1	24.3	61.2	48.6
Corporate Unallocated [Member]
Segment Reporting Information [Line Items]
Corporate Unallocated		$ 23.9	$ 17.5	$ 46.4	$ 39.5

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Restructuring (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 5.9	$ 6.6	$ 6.3	$ 9.7
Deferred taxes on land held for sale	86.4		86.4		$ 42.2
Restructuring Reserve [Roll Forward]
Accrued charges/Balance at beginning of period			8.0
Expenses			6.7
Payments/Deductions			(4.3)
Accrued charges/Balance at end of period	10.4		10.4
Corporate Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(0.3)	6.5	0.1	9.3
Cumulative life-to-date charges	25.5		25.5
Transformational Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	6.2		6.2
Cumulative life-to-date charges	6.2		6.2
Other Restructurings
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		0.1		0.4
Accelerated Depreciation \| Corporate Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	(0.4)	1.2	(0.4)	2.5
Cumulative life-to-date charges	2.5		2.5
Employee Termination Benefit Charges
Restructuring Reserve [Roll Forward]
Accrued charges/Balance at beginning of period			7.9
Expenses			6.7
Payments/Deductions			(4.3)
Accrued charges/Balance at end of period	10.3		10.3
Employee Termination Benefit Charges \| Corporate Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0.1	4.1	0.5	4.4
Cumulative life-to-date charges	20.0		20.0
Employee Termination Benefit Charges \| Transformational Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	6.2		6.2
Cumulative life-to-date charges	6.2		6.2
Employee Termination Benefit Charges \| Transformational Restructuring Program [Member] \| Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring charges	1.0		1.0
Contract Termination
Restructuring Reserve [Roll Forward]
Accrued charges/Balance at beginning of period			0.1
Accrued charges/Balance at end of period	0.1		0.1
Contract Termination \| Corporate Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		$ 1.2		$ 2.4
Cumulative life-to-date charges	2.8		2.8
Decommissioning and Other Charges \| Corporate Restructuring Program
Restructuring Cost and Reserve [Line Items]
Cumulative life-to-date charges	$ 0.2		$ 0.2

Accumulated Other Comprehensive Income (Loss) - Components (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	$ 676.3	$ 603.0	$ 590.3	$ 668.9
Balance at end of period	829.8	458.8	829.8	458.8
Cumulative Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(108.6)	(96.0)	(109.0)	(106.7)
Other comprehensive income (loss)	(0.7)	(1.1)	(0.3)	9.6
Balance at end of period	(109.3)	(97.1)	(109.3)	(97.1)
Pension and Other Postretirement Benefit Plans, Net
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(70.8)	(55.1)	(71.9)	(56.3)
Other comprehensive income (loss)				0.6
Amounts reclassified from AOCI to net income	1.0	0.5	2.1	1.1
Balance at end of period	(69.8)	(54.6)	(69.8)	(54.6)
Accumulated Gain Loss Net Cash Flow Hedge Parent
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(0.6)	(3.1)	(5.2)	0.6
Other comprehensive income (loss)	(1.1)	(1.5)	2.4	(5.1)
Amounts reclassified from AOCI to net income	0.9	0.2	2.0	0.1
Balance at end of period	(0.8)	(4.4)	(0.8)	(4.4)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at beginning of period	(180.0)	(154.2)	(186.1)	(162.4)
Other comprehensive income (loss)	(1.8)	(2.6)	2.1	5.1
Amounts reclassified from AOCI to net income	1.9	0.7	4.1	1.2
Balance at end of period	$ (179.9)	$ (156.1)	$ (179.9)	$ (156.1)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Accumulated Other Comprehensive Income (Loss) - Reclassification (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ 1,053.7		$ 510.9		$ 1,850.8	$ 1,216.2
Interest expense, net	21.6		11.7		33.6	22.0
Income before income taxes	(156.3)		27.2		(242.2)	54.4
Provision for income taxes	23.3		(53.0)		43.4	(10.8)
Net income	(151.6)	$ (71.5)	128.4	$ 36.3	(223.1)	164.7
Pension and Other Postretirement Benefit Plans, Net \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	1.5		0.8		3.1	1.7
Provision for income taxes	(0.5)		(0.3)		(1.0)	(0.6)
Net income	1.0		0.5		2.1	1.1
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior service credit	(0.2)		(0.3)		(0.5)	(0.6)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net actuarial loss	1.7		1.1		3.6	2.3
Accumulated Gain Loss Net Cash Flow Hedge Parent \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales			(0.5)		0.3	(0.6)
Interest expense, net	0.9		0.7		1.7	0.7
Income before income taxes	0.9		0.2		2.0	0.1
Net income	$ 0.9		$ 0.2		$ 2.0	$ 0.1

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings:
Net income from continuing operations	$ 133.0		$ 25.8		$ 198.8	$ (43.6)
Net income (loss) from discontinued operations, net of income taxes	18.6		(154.2)		24.3	(121.1)
Net income (loss)	$ 151.6	$ 71.5	$ (128.4)	$ (36.3)	$ 223.1	$ (164.7)
Shares:
Weighted average ordinary shares outstanding	38.8		38.2		38.6	38.4
Dilutive effect of RSUs, option awards and PSUs	0.8		0.1		1.0
Diluted weighted average ordinary shares outstanding	39.6		38.3		39.6	38.4
Income (loss) per share:
Net income (loss) per share- basic, continuing	$ 3.43		$ 0.68		$ 5.15	$ (1.14)
Net income (loss) per share- basic, discontinued operations	0.48		(4.04)		0.62	(3.15)
Net income (loss) per share- basic	3.91		(3.36)		5.77	(4.29)
Net income (loss) per share- diluted, continuing	3.35		0.67		5.02	(1.14)
Net income (loss) per share- diluted, discontinued operations	0.47		(4.02)		0.61	(3.15)
Net income (loss) per share- diluted	$ 3.82		$ (3.35)		$ 5.63	$ (4.29)
Anti-dilutive shares excluded	0.6		1.9		0.6