TRINSEO PLC, 10-Q filed on 11/6/2023
Quarterly Report
v3.23.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2023
Oct. 31, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
Document Transition Report false  
Entity File Number 001-36473  
Entity Registrant Name Trinseo PLC  
Entity Incorporation, State or Country Code L2  
Entity Tax Identification Number 00-0000000  
Entity Address, Address Line One 440 East Swedesford Road  
Entity Address, Address Line Two Suite 301  
Entity Address, City or Town Wayne  
Entity Address, State or Province PA  
Entity Address, Postal Zip Code 19087  
City Area Code 610  
Local Phone Number 240-3200  
Title of 12(b) Security Ordinary Shares, par value $0.01 per share  
Trading Symbol TSE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   35,195,245
Entity Central Index Key 0001519061  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 278.6 $ 211.7
Accounts receivable, net of allowance for doubtful accounts (September 30, 2023: $8.0; December 31, 2022: $7.3) 542.1 586.0
Inventories 445.9 553.6
Other current assets 39.7 39.4
Total current assets 1,306.3 1,390.7
Investments in unconsolidated affiliate 249.2 255.1
Property, plant and equipment, net of accumulated depreciation (September 30, 2023: $729.1; December 31, 2022: $668.8) 640.1 691.1
Other assets    
Goodwill 61.2 410.4
Other intangible assets, net 707.9 772.0
Right-of-use assets - operating, net 65.3 76.1
Deferred income tax assets 182.3 97.3
Deferred charges and other assets 58.9 67.5
Total other assets 1,075.6 1,423.3
Total assets 3,271.2 3,760.2
Current liabilities    
Short-term borrowings and current portion of long-term debt 20.9 16.0
Accounts payable 426.5 438.1
Current lease liabilities - operating 15.4 17.1
Income taxes payable 30.4 9.9
Accrued expenses and other current liabilities 198.3 208.3
Total current liabilities 691.5 689.4
Noncurrent liabilities    
Long-term debt, net of unamortized deferred financing fees 2,274.2 2,301.6
Noncurrent lease liabilities - operating 52.4 60.2
Deferred income tax liabilities 43.5 59.8
Other noncurrent obligations 231.0 228.9
Total noncurrent liabilities 2,601.1 2,650.5
Commitments and contingencies (Note 13)
Shareholders' equity    
Ordinary shares, $0.01 nominal value, 4,000.0 shares authorized (September 30, 2023: 39.3 shares issued and 35.2 shares outstanding; December 31, 2022: 39.2 shares issued and 35.1 shares outstanding) 0.4 0.4
Preferred shares, €0.01 nominal value, 1,000.0 shares authorized (no shares issued or outstanding)
Additional paid-in-capital 500.9 486.7
Treasury shares, at cost (September 30, 2023: 4.1 shares; December 31, 2022: 4.1 shares) (200.0) (200.0)
Retained earnings (accumulated deficit) (177.6) 264.5
Accumulated other comprehensive loss (145.1) (131.3)
Total shareholders' equity (21.4) 420.3
Total liabilities and shareholders' equity $ 3,271.2 $ 3,760.2
v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical)
shares in Thousands, $ in Millions
Sep. 30, 2023
USD ($)
$ / shares
shares
Sep. 30, 2023
€ / shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2022
€ / shares
Allowance for doubtful accounts | $ $ 8.0   $ 7.3  
Accumulated depreciation | $ $ 729.1   $ 668.8  
Ordinary shares, nominal value | $ / shares $ 0.01   $ 0.01  
Ordinary shares, shares authorized 4,000,000   4,000,000  
Ordinary shares, shares issued 39,300   39,200  
Ordinary shares, shares outstanding 35,200   35,100  
Treasury stock, shares 4,100   4,100  
Preferred stock, par value | € / shares   € 0.01   € 0.01
Preferred stock, shares authorized 1,000,000   1,000,000  
Preferred stock, shares issued 0   0  
Preferred stock, shares outstanding 0   0  
Deferred Ordinary Shares        
Ordinary shares, nominal value | € / shares   € 1.00   € 1.00
Ordinary shares, shares authorized 25   25  
Ordinary shares, shares issued 25   25  
Ordinary shares, shares outstanding 25   25  
v3.23.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Condensed Consolidated Statements of Operations        
Net sales $ 879.0 $ 1,178.1 $ 2,837.9 $ 3,990.3
Cost of sales 847.7 1,217.6 2,715.9 3,714.8
Gross profit (loss) 31.3 (39.5) 122.0 275.5
Selling, general and administrative expenses 66.6 80.5 205.1 262.8
Equity in earnings of unconsolidated affiliate 19.0 22.8 49.2 83.8
Impairment and other charges 0.1 1.9 349.5 39.5
Operating income (loss) (16.4) (99.1) (383.4) 57.0
Interest expense, net 46.6 30.4 125.1 77.7
(Gain) loss on extinguishment of long-term debt 6.3 (0.8) 6.3 (0.8)
Other expense (income), net (13.2) 1.3 (19.0) 2.4
Loss from continuing operations before income taxes (56.1) (130.0) (495.8) (22.3)
Provision for (benefit from) income taxes (17.7) (12.1) (59.5) 41.4
Net loss from continuing operations (38.4) (117.9) (436.3) (63.7)
Net loss from discontinued operations, net of income taxes   (1.9)   (1.9)
Net loss $ (38.4) $ (119.8) $ (436.3) $ (65.6)
Earnings Per Share        
Weighted average shares- basic 35.2 35.2 35.1 36.3
Net loss per share- basic: continuing operations $ (1.09) $ (3.35) $ (12.42) $ (1.76)
Net loss per share- basic: discontinued operations   (0.06)   (0.05)
Net income (loss) per share- basic $ (1.09) $ (3.41) $ (12.42) $ (1.81)
Weighted average shares- diluted 35.2 35.2 35.1 36.3
Net loss per share- diluted: continuing operations $ (1.09) $ (3.35) $ (12.42) $ (1.76)
Net loss per share- diluted: discontinued operations   (0.06)   (0.05)
Net loss per share- diluted $ (1.09) $ (3.41) $ (12.42) $ (1.81)
v3.23.3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Condensed Consolidated Statements of Comprehensive Income (Loss)        
Net Income (Loss) $ (38.4) $ (119.8) $ (436.3) $ (65.6)
Other comprehensive income (loss), net of tax:        
Cumulative translation adjustments (net of tax of $0.0, $0.0, $0.0, $3.9) (12.8) (45.0) (10.9) (84.1)
Net gain (loss) on cash flow hedges (net of tax of $2.1, $0.0, $(0.4), $0.6) 6.3 (5.6) (0.9) (3.8)
Pension and other postretirement benefit plans:        
Net gain (loss) arising during period (net of tax of $0.0, $0.8, $0.3, $1.6)   2.4   10.0
Amounts reclassified from accumulated other comprehensive income (1.5) (0.9) (2.0) (1.9)
Total other comprehensive loss, net of tax (8.0) (49.1) (13.8) (79.8)
Comprehensive loss $ (46.4) $ (168.9) $ (450.1) $ (145.4)
v3.23.3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Condensed Consolidated Statements of Comprehensive Income (Loss)        
Cumulative translation adjustments, tax $ 0.0 $ 0.0 $ 0.0 $ 3.9
Net gain (loss) on cash flow hedges, tax 2.1 0.0 (0.4) 0.6
Net gain (loss) during period, tax expense $ 0.0 $ 0.8 $ 0.0 $ 1.6
v3.23.3
Condensed Consolidated Statements of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Common Stock
Additional Paid-In Capital
Treasury Shares
Accumulated Other Comprehensive Income (Loss)
Retained Earnings (Accumulated Deficit)
Total
Balance at beginning of period at Dec. 31, 2021 $ 0.4 $ 468.1 $ (50.0) $ (147.2) $ 741.8 $ 1,013.1
Balance at beginning of period, shares at Dec. 31, 2021 37.9          
Balance at beginning of period, Treasury shares at Dec. 31, 2021     1.0      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss)         16.7 16.7
Other comprehensive income (loss)       (2.5)   (2.5)
Share-based compensation activity   7.6       7.6
Share-based compensation activity, shares 0.2          
Purchase of treasury shares     $ (50.0)     (50.0)
Purchase of treasury shares, shares (0.9)   0.9      
Dividends on ordinary shares         (12.1) (12.1)
Balance at end of period at Mar. 31, 2022 $ 0.4 475.7 $ (100.0) (149.7) 746.4 972.8
Balance at end of period, shares at Mar. 31, 2022 37.2          
Balance at end of period, Treasury shares at Mar. 31, 2022     1.9      
Balance at beginning of period at Dec. 31, 2021 $ 0.4 468.1 $ (50.0) (147.2) 741.8 1,013.1
Balance at beginning of period, shares at Dec. 31, 2021 37.9          
Balance at beginning of period, Treasury shares at Dec. 31, 2021     1.0      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss)           (65.6)
Other comprehensive income (loss)           (79.8)
Balance at end of period at Sep. 30, 2022 $ 0.4 483.7 $ (200.0) (227.0) 641.0 698.1
Balance at end of period, shares at Sep. 30, 2022 35.1          
Balance at end of period, Treasury shares at Sep. 30, 2022     4.1      
Balance at beginning of period at Mar. 31, 2022 $ 0.4 475.7 $ (100.0) (149.7) 746.4 972.8
Balance at beginning of period, shares at Mar. 31, 2022 37.2          
Balance at beginning of period, Treasury shares at Mar. 31, 2022     1.9      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss)         37.4 37.4
Other comprehensive income (loss)       (28.2)   (28.2)
Share-based compensation activity   4.4       4.4
Share-based compensation activity, shares 0.1          
Purchase of treasury shares     $ (50.0)     (50.0)
Purchase of treasury shares, shares (1.0)   (1.0)      
Dividends on ordinary shares         (11.8) (11.8)
Balance at end of period at Jun. 30, 2022 $ 0.4 480.1 $ (150.0) (177.9) 772.0 924.6
Balance at end of period, shares at Jun. 30, 2022 36.3          
Balance at end of period, Treasury shares at Jun. 30, 2022     2.9      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss)         (119.8) (119.8)
Other comprehensive income (loss)       (49.1)   (49.1)
Share-based compensation activity   3.6       3.6
Purchase of treasury shares $ (1.2)   $ (50.0)     (50.0)
Purchase of treasury shares, shares     1.2      
Dividends on ordinary shares         (11.2) (11.2)
Balance at end of period at Sep. 30, 2022 $ 0.4 483.7 $ (200.0) (227.0) 641.0 698.1
Balance at end of period, shares at Sep. 30, 2022 35.1          
Balance at end of period, Treasury shares at Sep. 30, 2022     4.1      
Balance at beginning of period at Dec. 31, 2022 $ 0.4 486.7 $ (200.0) (131.3) 264.5 $ 420.3
Balance at beginning of period, shares at Dec. 31, 2022 35.1         35.1
Balance at beginning of period, Treasury shares at Dec. 31, 2022     4.1     4.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss)         (48.9) $ (48.9)
Other comprehensive income (loss)       3.4   3.4
Share-based compensation activity   6.6       6.6
Share-based compensation activity, shares 0.1          
Dividends on ordinary shares         (5.2) (5.2)
Balance at end of period at Mar. 31, 2023 $ 0.4 493.3 $ (200.0) (127.9) 210.4 376.2
Balance at end of period, shares at Mar. 31, 2023 35.2          
Balance at end of period, Treasury shares at Mar. 31, 2023     4.1      
Balance at beginning of period at Dec. 31, 2022 $ 0.4 486.7 $ (200.0) (131.3) 264.5 $ 420.3
Balance at beginning of period, shares at Dec. 31, 2022 35.1         35.1
Balance at beginning of period, Treasury shares at Dec. 31, 2022     4.1     4.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss)           $ (436.3)
Other comprehensive income (loss)           (13.8)
Balance at end of period at Sep. 30, 2023 $ 0.4 500.9 $ (200.0) (145.1) (177.6) $ (21.4)
Balance at end of period, shares at Sep. 30, 2023 35.2         35.2
Balance at end of period, Treasury shares at Sep. 30, 2023     4.1     4.1
Balance at beginning of period at Mar. 31, 2023 $ 0.4 493.3 $ (200.0) (127.9) 210.4 $ 376.2
Balance at beginning of period, shares at Mar. 31, 2023 35.2          
Balance at beginning of period, Treasury shares at Mar. 31, 2023     4.1      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss)         (349.0) (349.0)
Other comprehensive income (loss)       (9.2)   (9.2)
Share-based compensation activity   3.5       3.5
Dividends on ordinary shares         (0.3) (0.3)
Balance at end of period at Jun. 30, 2023 $ 0.4 496.8 $ (200.0) (137.1) (138.9) 21.2
Balance at end of period, shares at Jun. 30, 2023 35.2          
Balance at end of period, Treasury shares at Jun. 30, 2023     4.1      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss)         (38.4) (38.4)
Other comprehensive income (loss)       (8.0)   (8.0)
Share-based compensation activity   4.1       4.1
Dividends on ordinary shares         (0.3) (0.3)
Balance at end of period at Sep. 30, 2023 $ 0.4 $ 500.9 $ (200.0) $ (145.1) $ (177.6) $ (21.4)
Balance at end of period, shares at Sep. 30, 2023 35.2         35.2
Balance at end of period, Treasury shares at Sep. 30, 2023     4.1     4.1
v3.23.3
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2022
Condensed Consolidated Statements of Shareholders' Equity            
Dividends on ordinary shares $ 0.01 $ 0.01 $ 0.14 $ 0.32 $ 0.32 $ 0.32
v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (436.3) $ (65.6)
Less: Net loss from discontinued operations   (1.9)
Net loss from continuing operations (436.3) (63.7)
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities - continuing operations    
Depreciation and amortization 146.7 147.1
Amortization of deferred financing fees and issuance discount 7.3 6.9
Deferred income tax (benefit) (101.5) (8.0)
Share-based compensation expense 16.1 15.6
Earnings of unconsolidated affiliate, net of dividends 5.8 (21.3)
Unrealized net (gain) loss on foreign exchange forward contracts (21.6) 1.6
Unrealized net loss on commodity economic swap contracts 1.1  
Pension curtailment and settlement gain (0.6) (3.0)
(Gain) loss on extinguishment of long-term debt 6.3 (0.8)
Gain on sale of businesses and other assets (25.6)  
Impairment charges or write-offs 349.5 3.9
Changes in assets and liabilities    
Accounts receivable 54.5 5.1
Inventories 107.0 (43.1)
Accounts payable and other current liabilities (2.5) (81.9)
Income taxes payable 20.7 (23.7)
Other assets, net 14.2 13.5
Other liabilities, net (9.9) 62.6
Cash provided by operating activities - continuing operations 131.2 10.8
Cash used in operating activities - discontinued operations   (1.4)
Cash provided by operating activities 131.2 9.4
Cash flows from investing activities    
Capital expenditures (49.1) (94.0)
Cash paid for asset or business acquisitions, net of cash acquired ($0.0 and $1.0)   (22.2)
Proceeds from the sale of businesses and other assets 38.0 5.3
Proceeds from the settlement of hedging instruments   1.9
Cash used in investing activities - continuing operations (11.1) (109.0)
Cash used in investing activities - discontinued operations   (0.8)
Cash used in investing activities (11.1) (109.8)
Cash flows from financing activities    
Deferred financing fees (9.5)  
Short-term borrowings, net (8.9) (12.2)
Purchase of treasury shares   (151.9)
Dividends paid (17.6) (36.3)
Proceeds from exercise of option awards 0.1 2.9
Withholding taxes paid on restricted share units (2.0) (3.1)
Acquisition-related contingent consideration payment (1.2)  
Net proceeds from issuance of 2028 Refinance Term Loans 1,044.9  
Repurchases and repayments of long-term debt (1,054.0) (12.9)
Cash used in financing activities (48.2) (213.5)
Effect of exchange rates on cash (5.0) (16.3)
Net change in cash, cash equivalents, and restricted cash 66.9 (330.2)
Cash, cash equivalents, and restricted cash-beginning of period 211.7 573.0
Cash, cash equivalents, and restricted cash-end of period 278.6 242.8
Cash and cash equivalents-end of period $ 278.6 $ 242.8
v3.23.3
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Condensed Consolidated Statements of Cash Flows    
Cash acquired from acquisition $ 0.0 $ 1.0
v3.23.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2023
Basis of Presentation  
Basis of Presentation

NOTE 1—BASIS OF PRESENTATION

The unaudited interim condensed consolidated financial statements of Trinseo PLC and its subsidiaries (the “Company”) as of and for the periods ended September 30, 2023 and 2022 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 2022 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 27, 2023. 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 September 30, 2023. However, actual results could differ from these estimates and assumptions.

The December 31, 2022 condensed consolidated balance sheet data presented herein was derived from the Company’s December 31, 2022 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. Throughout this Quarterly Report, unless otherwise indicated, amounts and activity are presented on a continuing operations basis.

v3.23.3
Recent Accounting Guidance
 9 Months Ended
Sep. 30, 2023
Recent Accounting Guidance  
Recent Accounting Guidance

NOTE 2—RECENT ACCOUNTING GUIDANCE

As of September 30, 2023, there was no recently issued accounting standards which would have a material effect on the Company’s condensed consolidated financial statements.

v3.23.3
Acquisitions
 9 Months Ended
Sep. 30, 2023
Acquisitions  
Acquisitions

NOTE 3—ACQUISITIONS

Acquisition of Heathland B.V.

On January 3, 2022, the Company completed the acquisition of Heathland B.V. (“Heathland”) from Heathland Holding B.V. (“Heathland Holding”), through the purchase of all issued and outstanding shares (the “Heathland Acquisition”). Heathland is a leading collector and recycler of post-consumer and post-industrial plastic wastes in Europe. The total purchase price consideration is estimated to be $29.3 million, including an initial cash purchase price of $22.9 million which was paid during the nine months ended September 30, 2022, as well as $6.4 million of contingent cash consideration, representing the fair value of certain earn-out payments. The maximum amount of potential earn-out payments is $6.8 million, which will become payable to Heathland Holding as and when the related performance milestones or thresholds are achieved over the three-year period following the date of acquisition. Heathland results are included within the Plastics Solution segment. 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. Refer to the Annual Report for further information.

In February 2023, the Company delivered the first year earn-out to Heathland Holding based on its first related performance milestones or threshold in the amount of $1.2 million.

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v3.23.3
Divestitures and Discontinued Operations
 9 Months Ended
Sep. 30, 2023
Divestitures and Discontinued Operations  
Divestitures and Discontinued Operations

NOTE 4—DIVESTITURES AND DISCONTINUED OPERATIONS

On December 1, 2021, the Company completed the divestiture of its Synthetic Rubber business to Synthos S.A. and certain of its subsidiaries (together, “Synthos”) for a purchase price of $402.4 million, which reflected a reduction of approximately $41.6 million for the assumption of pension liabilities by Synthos and $47.0 million for net working capital (excluding inventory) retained by Trinseo. Refer to the Annual Report for further information. At closing, the Company and Synthos executed a long-term supply agreement, in which Trinseo will supply Synthos certain raw

materials used in the Synthetic Rubber business subsequent to the sale. For the three and nine months ended September 30, 2023, the Company recorded net sales of $11.9 million and $36.5 million, respectively, and $13.8 million and $55.6 million for the three and nine months ended September 30, 2022, respectively. For the three and nine months ended September 30, 2023, the Company recorded cost of sales of $9.8 million and $38.7 million, respectively, and $14.5 million and $46.3 million for the three and nine months ended September 30, 2022, respectively related to the supply agreement, which is recorded in continuing operations.

The results of the Synthetic Rubber business for the three and nine months ended September 30, 2023 were insignificant. The following table summarizes the results of the Synthetic Rubber business for the three and nine months ended September 30, 2022, which are reflected as discontinued operations in the Company’s condensed consolidated statements of operations:

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Three Months Ended

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Nine Months Ended

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September 30, 

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September 30, 

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2023

    

2022

    

2023

    

2022

    

Net sales

    

$

—

    

$

—

    

$

0.1

    

$

0.1

    

Cost of sales

​

 

—

​

 

2.2

​

 

0.1

​

 

3.6

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Gross loss

​

 

—

​

 

(2.2)

​

 

—

​

 

(3.5)

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Selling, general and administrative expenses

​

 

—

​

 

—

​

 

—

​

 

(0.3)

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Operating loss

​

 

—

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(2.2)

​

 

—

​

 

(3.2)

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Gain on sale of businesses and other assets

​

​

—

​

​

—

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​

—

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1.2

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Income from discontinued operations before income taxes

​

 

—

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(2.2)

​

 

—

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(2.0)

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Provision for income taxes

​

 

—

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(0.3)

​

 

—

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(0.1)

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Net income from discontinued operations

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$

—

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$

(1.9)

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$

—

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$

(1.9)

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v3.23.3
Net Sales
 9 Months Ended
Sep. 30, 2023
Net Sales  
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 nine months ended September 30, 2023 and 2022.

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​

​

​

​

​

​

​

​

​

​

Engineered

​

Latex

​

Plastics

​

​

​

​

​

​

​

 

Three Months Ended

​

Materials

​

Binders

​

Solutions

​

Polystyrene

​

Feedstocks

​

Total

 

September 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

100.4

​

$

64.0

​

$

54.1

​

$

—

​

$

3.5

​

$

222.0

​

Europe

​

 

57.7

​

 

100.6

​

 

131.5

​

 

109.9

​

 

46.6

​

 

446.3

​

Asia-Pacific

​

 

25.7

​

 

55.6

​

 

31.5

​

 

65.2

​

 

—

​

 

178.0

​

Rest of World

​

 

2.2

​

 

1.8

​

 

28.7

​

 

—

​

 

—

​

 

32.7

​

Total

​

$

186.0

​

$

222.0

​

$

245.8

​

$

175.1

​

$

50.1

​

$

879.0

​

September 30, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

128.9

​

$

105.4

​

$

73.7

​

$

—

​

$

4.5

​

$

312.5

​

Europe

​

 

72.5

​

 

160.1

​

 

157.1

​

 

174.0

​

 

48.9

​

 

612.6

​

Asia-Pacific

​

 

38.9

​

 

72.9

​

 

33.3

​

 

73.7

​

 

—

​

​

218.8

​

Rest of World

​

 

2.4

​

 

2.5

​

 

29.3

​

 

—

​

 

—

​

 

34.2

​

Total

​

$

242.7

​

$

340.9

​

$

293.4

​

$

247.7

​

$

53.4

​

$

1,178.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineered

​

Latex

​

Plastics

​

​

​

​

​

​

​

 

Nine Months Ended

​

Materials

​

Binders

​

Solutions

​

Polystyrene

​

Feedstocks

​

Total

 

September 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

319.6

​

$

202.0

​

$

186.3

​

$

—

​

$

10.2

​

$

718.1

​

Europe

​

 

200.5

​

 

351.7

​

 

453.4

​

 

377.9

​

 

120.4

​

 

1,503.9

​

Asia-Pacific

​

 

70.3

​

 

165.5

​

 

82.4

​

 

199.1

​

 

—

​

 

517.3

​

Rest of World

​

 

8.0

​

 

4.9

​

 

85.7

​

 

—

​

 

—

​

 

98.6

​

Total

​

$

598.4

​

$

724.1

​

$

807.8

​

$

577.0

​

$

130.6

​

$

2,837.9

​

September 30, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

418.0

​

$

290.1

​

$

264.3

​

$

—

​

$

13.0

​

$

985.4

​

Europe

​

 

300.1

​

 

480.4

​

 

602.2

​

 

604.5

​

 

207.3

​

 

2,194.5

​

Asia-Pacific

​

 

112.4

​

 

223.9

​

 

102.1

​

 

273.1

​

 

—

​

​

711.5

​

Rest of World

​

 

8.7

​

 

6.9

​

 

83.2

​

 

0.1

​

 

—

​

 

98.9

​

Total

​

$

839.2

​

$

1,001.3

​

$

1,051.8

​

$

877.7

​

$

220.3

​

$

3,990.3

​

​
v3.23.3
Investments in Unconsolidated Affiliate
 9 Months Ended
Sep. 30, 2023
Investments in Unconsolidated Affiliate  
Investments in Unconsolidated Affiliates

NOTE 6—INVESTMENTS IN UNCONSOLIDATED AFFILIATE

The Company maintains an investment in an unconsolidated affiliate, 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 separate 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

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

    

2023

    

2022

    

2023

    

2022

    

Sales

    

$

455.2

    

$

535.3

    

$

1,315.1

    

$

1,654.3

​

Gross profit

​

$

54.0

​

$

70.6

​

$

146.0

​

$

212.2

​

Net income

​

$

40.4

​

$

48.3

​

$

104.0

​

$

164.5

​

​

As of September 30, 2023 and December 31, 2022, the Company’s investment in Americas Styrenics was $249.2 million and $255.1 million, respectively, which was $5.6 million and $8.4 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 held by the joint venture and the Company’s 50% share of the total recorded value of the joint venture’s assets, inclusive of certain adjustments to conform with the Company’s accounting policies. This difference is being amortized over a weighted average remaining useful life of approximately 1.2 years as of September 30, 2023. The Company received dividends of $25.0 million and $55.0 million from Americas Styrenics during the three and nine months ended September 30, 2023, respectively, and $25.0 million and $62.5 million during the three and nine months ended September 30, 2022, respectively.
v3.23.3
Inventories
 9 Months Ended
Sep. 30, 2023
Inventories  
Inventories

NOTE 7—INVENTORIES

Inventories consisted of the following:

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31,

​

    

2023

​

2022

Finished goods

    

$

176.5

    

$

218.4

Raw materials and semi-finished goods

​

 

228.3

​

 

295.6

Supplies

​

 

41.1

​

 

39.6

Total

​

$

445.9

​

$

553.6

​
v3.23.3
Debt
 9 Months Ended
Sep. 30, 2023
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 September 30, 2023 and December 31, 2022.

As of September 30, 2023 and December 31, 2022, debt consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2023

​

December 31, 2022

​

​

   

Interest Rate as of
September 30, 2023

   

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

​

2029 Senior Notes

​

5.125%

​

April 2029

​

$

447.0

​

$

(11.6)

​

$

435.4

​

$

447.0

​

$

(12.9)

​

$

434.1

​

2025 Senior Notes

​

5.375%

​

September 2025 (2)

​

​

115.0

​

​

(0.6)

​

​

114.4

​

​

500.0

​

​

(3.7)

​

​

496.3

​

Senior Credit Facility

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024 Term Loan B

​

—

​

September 2024 (2)

​

​

—

​

​

—

​

​

—

​

​

663.4

​

​

(5.1)

​

​

658.3

​

2028 Term Loan B

​

7.931%

​

May 2028

​

​

730.6

​

​

(12.5)

​

​

718.1

​

​

735.9

​

​

(14.4)

​

​

721.5

​

2026 Revolving Facility (3)

​

Various

​

May 2026

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

2028 Refinance Term Loans

​

13.827%

​

May 2028 (2)

​

​

1,045.2

​

​

(25.4)

​

​

1,019.8

​

​

—

​

​

—

​

​

—

​

Accounts Receivable Securitization Facility (4)

​

Various

​

November 2024

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Other indebtedness

​

Various

​

Various

​

​

7.4

​

​

—

​

​

7.4

​

​

7.4

​

​

—

​

​

7.4

​

Total debt

​

​

​

​

​

$

2,345.2

​

$

(50.1)

​

$

2,295.1

​

$

2,353.7

​

$

(36.1)

​

$

2,317.6

​

Less: current portion(5)

​

​

​

​

​

​

​

​

​

​

​

​

(20.9)

​

​

​

​

​

​

​

​

(16.0)

​

Total long-term debt, net of unamortized deferred financing fees

​

​

​

​

​

​

​

​

​

​

​

$

2,274.2

​

​

​

​

​

​

​

$

2,301.6

​

(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)The 2024 Term Loan B was repaid in full on September 8, 2023 using the proceeds of the 2028 Refinance Term Loans, discussed below. Additionally, the 2025 Senior Notes were partially repaid on September 8, 2023 using the proceeds of the 2028 Refinance Term Loans.
(3)As of September 30, 2023, under the 2026 Revolving Facility, the Company had a capacity of $375.0 million and $26.8 million outstanding letters of credit. As of September 30, 2023, the Company had funds available for borrowing of $95.7 million (net of the applicable $16.8 million outstanding letters of credit as defined in the secured credit agreement), which reflects the borrowing limit imposed by the springing covenant. The springing covenant applies when 30% or more of the 2026 Revolving Facility’s capacity is drawn which then requires the Company to meet a first lien net leverage ratio (as defined in the secured credit agreement) not to exceed 3.50x at the end of each financial quarter. As of September 30, 2023, the first lien net leverage ratio was 6.41x and the outstanding borrowings did not exceed the 30% threshold. 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.
(4)As of September 30, 2023, this facility had a borrowing capacity of $150.0 million, and the Company had approximately $120.4 million of accounts receivable available to support this facility, based on the pool of eligible accounts receivable.
(5)The current portion of long-term debt as of September 30, 2023 was primarily related to $18.3 million of the scheduled future principal payments on both the 2028 Term Loan B and the 2028 Refinance Term Loans while the current portion of long-term debt as of December 31, 2022 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.

Pursuant to the terms of the existing senior secured credit agreement that was entered into during 2017 (the “Credit

Agreement”), the Company implemented the benchmark replacement to replace the LIBO rate with the Secured Overnight Financing Rate (“SOFR”) in the third quarter of 2023. Accounting Standards Codification (“ASC”) 848, Reference Rate Reform, will allow the Company to account for the modification as a continuation of the existing contract without additional analysis.

2028 Refinance Term Loans

On September 8, 2023, the Company entered into a Credit Agreement (the “2028 Refinance Credit Agreement”) which provides for a senior secured term loan facility of $1,077.3 million maturing in May 2028 (the “2028 Refinance Term Loans”). The 2028 Refinance Term Loans bear interest at a rate per annum equal to Term SOFR (as defined in the 2028 Refinance Credit Agreement) plus 8.50%, subject to a 3.00% SOFR floor, and was issued at a 3.0% original issue discount. Further, the 2028 Refinance Term Loans require scheduled quarterly payments, commencing on January 2, 2024, in amounts equal to 0.25% of the original principal amount of the 2028 Refinance Term Loans, with the balance to be paid at maturity.

The obligations under the 2028 Refinance Term Loans are secured by equity pledges of 100% of the equity interests and substantially all assets of certain subsidiaries of the Company that do not guaranty the obligations under the Credit Agreement.

The 2028 Refinance Credit Agreement requires the Company to comply with customary affirmative, negative and financial covenants, and contains events of default including (i) relating to a change of control or (ii) failure to maintain at least $100.0 million of Liquidity at the end of any calendar month, and (iii) a cross default to the Credit Agreement. If an event of default occurs, the Term Lenders will be entitled to take various actions, including the acceleration of amounts due under the 2028 Refinance Term Loans. Liquidity is defined under the 2028 Refinance Credit Agreement as a combination of cash and cash equivalents held at certain of the Company’s restricted subsidiaries as well as the funds available for borrowing under both the 2026 Revolving Facility and the Accounts Receivable Securitization Facility, subject to certain restrictions outlined in the 2028 Refinance Credit Agreement.

As of September 30, 2023, the Company was in compliance with all debt covenant requirements under the 2028 Refinance Credit Agreement and the Credit Agreement. The Company had Liquidity of $492.9 million, comprised of $276.8 million of cash and cash equivalents and approximately $216.1 million of funds available for borrowing under both the 2026 Revolving Facility and the Accounts Receivable Securitization Facility, $95.7 million and $120.4 million respectively.

Fees incurred in connection with the issuance of the 2028 Refinance Term Loans were $26.6 million. Due to a portion of the 2028 Refinance Term Loans meeting the criteria for modification accounting, $0.9 million of these fees were expensed and included within “(Gain) loss on extinguishment of long-term debt” in the condensed consolidated statement of operations for the three and nine months ended September 30, 2023. The remaining $25.7 million of fees were capitalized and recorded within “Long-term debt, net of unamortized deferred financing fees” on the condensed consolidated balance sheet. Capitalized fees related to the 2028 Refinance Term Loans are being amortized over the 4.7 year term of the facility using the effective interest method.

2024 Term Loan B

On September 6, 2017, the Company entered into the Credit Agreement, which provides senior secured financing of up to $1,075.0 million (the “Senior Credit Facility”), which included $700.0 million senior secured Term Loan B facility maturing in September 2024 (the “2024 Term Loan B”).

On September 8, 2023, upon completion of the refinancing transactions discussed above, the Company repaid in full the outstanding principal amount of, and all accrued and unpaid interest on, the 2024 Term Loan B, in an aggregate amount of $659.9 million. As a result of this termination, the Company recognized a $3.1 million loss on extinguishment of debt, comprised of $3.0 million for the write-off of unamortized deferred financing costs, and $0.1 million of unamortized original issue discount.

2025 Senior Notes

On August 29, 2017, the Company executed an indenture (the “2017 Indenture”) pursuant to which it issued $500.0 million aggregate principal amount of 5.375% senior notes due 2025 (the “2025 Senior Notes”) in a 144A private transaction exempt from the registration requirements of the Securities Act of 1933, as amended.

On September 8, 2023, upon completion of the refinancing transactions discussed above, the Company redeemed $385.0 million of the 2025 Senior Notes. As a result, the Company recognized a $2.2 million loss on extinguishment of debt, which was comprised entirely of the write-off of unamortized deferred financing fees.

v3.23.3
Goodwill
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible assets  
Goodwill

NOTE 9—GOODWILL

The following table shows changes in the carrying amount of goodwill, by segment, from December 31, 2022 to September 30, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineered

​

Latex

​

Plastics

​

​

​

​

​

Americas

​

​

​

 

​

    

Materials

    

Binders

    

Solutions

    

Polystyrene

    

Feedstocks

    

Styrenics

    

Total

 

Balance at December 31, 2022

​

$

348.9

​

$

14.8

​

$

42.5

​

$

4.2

​

$

—

​

$

—

​

$

410.4

​

Impairment losses

​

​

(349.0)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(349.0)

​

Foreign currency impact

​

 

0.1

​

​

—

​

​

(0.3)

​

​

—

​

​

—

​

​

—

​

 

(0.2)

​

Balance at September 30, 2023

​

$

—

​

$

14.8

​

$

42.2

​

$

4.2

​

$

—

​

$

—

​

$

61.2

​

​

Goodwill impairment testing is performed annually as of October 1, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below the carrying value. The Company primarily utilizes an income approach (under the discounted cash flow method) to calculate the fair value of its reporting units as it is most representative of the value that would be received from a market participant. Refer to the Annual Report for further information on the Company’s accounting policies.

As a result of the Company’s fourth quarter 2022 annual goodwill impairment testing, a $297.1 million impairment charge was taken for the polymethyl methacrylates (“PMMA”) business and Aristech Surfaces reporting units primarily due to the continuation of the challenging macroeconomic environment experienced in 2022 into the fourth quarter of 2022, including significantly lower demand for building & construction and wellness applications, which led to lower operating results including slower growth projections, and a prolonged drop in market capitalization, as well as an increase in the weighted average cost of capital.

As of January 1, 2023, the Company realigned the Engineered Materials segment reporting structure. The PMMA business and Aristech Surfaces reporting units were combined with the Legacy Engineered Materials reporting unit to form the Engineered Materials reporting unit. Impairment assessments on each reporting unit were performed immediately before and after the change in organizational structure where it was concluded there was no goodwill impairment.

During the second quarter 2023, the Company determined that a triggering event had occurred for the Engineered Materials reporting unit indicating it was more likely than not that the fair value of this goodwill was less than the associated carrying value. This determination resulted from the persistence of the challenging operating conditions, customer destocking and underlying demand weakness that contributed to a revised outlook reflecting a further reduction in near-term forecasted operating results, growth projections, as well as an additional decrease in market capitalization. Therefore, the Company performed a goodwill impairment assessment as of June 1, 2023 and recorded a goodwill impairment charge of $349.0 million, reflected within “Impairment and other charges” on the condensed consolidated statement of operations. The Company did not identify any impairment indicators in any of the other reporting units for the nine months ended September 30, 2023.

As of September 30, 2023 and December 31, 2022, the reported balance of goodwill included accumulated impairment losses of $646.1 million and $297.1 million in the Engineered Materials segment, respectively.
v3.23.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2023
Derivative Instruments  
Derivative Instruments

NOTE 10—DERIVATIVE INSTRUMENTS

The Company’s ongoing business operations expose it to various risks, including fluctuating foreign exchange rates, interest rate risk, and commodity price risk, in particular natural gas. To manage these risks, the Company periodically enters into derivative financial instruments, such as foreign exchange forward contracts, interest rate swap agreements, and commodity swap agreements, forward contracts, or options. 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. These derivative contracts are not designated for hedge accounting treatment.

As of September 30, 2023, the Company had open foreign exchange forward contracts with a notional U.S. dollar equivalent absolute value of $507.1 million. The following table displays the notional amounts of the most significant net foreign exchange hedge positions outstanding as of September 30, 2023:

​

​

​

​

​

Buy / (Sell) 

    

September 30, 2023

Euro

​

$

(386.8)

Chinese Yuan

​

$

(41.0)

Swiss Franc

​

$

(19.5)

Indonesian Rupiah

​

$

(16.1)

South Korean Won

​

$

(15.9)

​

Open foreign exchange forward contracts as of September 30, 2023 had maturities occurring over a period of two months.

Foreign Exchange Cash Flow Hedges

The Company also enters into forward contracts, as deemed appropriate, 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.

The Company had no open foreign exchange cash flow hedges as of September 30, 2023.

Commodity Cash Flow Hedges & Commodity Economic Hedges

The Company purchases certain commodities, primarily natural gas, to operate facilities and generate heat and steam for various manufacturing processes, which purchases are subject to price volatility. In order to manage the risk of price fluctuations associated with these commodity purchases, as deemed appropriate, the Company may enter into commodity swaps, forward contracts, or options. As of September 30, 2023, the Company had open commodity swap agreements, which effectively convert a portion of its natural gas costs into a fixed rate obligation. These commodity derivatives 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 cost of sales in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur.

Open commodity cash flow hedges as of September 30, 2023 had maturities occurring over a period of 15 months and had a notional value of approximately 748 thousand megawatt hours of natural gas purchases.

The Company may also enter into certain commodity swap agreements to economically hedge the impact of these price fluctuations, which are not designated for hedge accounting treatment. Open commodity economic hedges as of September 30, 2023 had maturities occurring over a period of 18 months and had a notional value of approximately 615 thousand megawatt hours of natural gas purchases.

Interest Rate Swaps

On September 6, 2017, the Company issued the 2024 Term Loan B, which bore 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. Under the terms of the swap agreements, with a net notional U.S. dollar equivalent of $200.0 million and an effective date of September 29, 2017, the Company was 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 from the counterparties. These interest rate swap agreements matured in September 2022, and the Company has no remaining open interest rate swap agreements.

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. When applicable, 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. 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. 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. Refer to the Annual Report for further information.

On April 7, 2022, the Company settled its existing 2020 CCS, which were set to mature in November 2022. Upon settlement of the 2020 CCS, the Company realized net cash proceeds of $1.9 million.

​

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 nine months ended September 30, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Location and Amount of Gain (Loss) Recognized in
 Statements of Operations

​

​

Three Months Ended

​

Three Months Ended

​

​

September 30, 2023

​

September 30, 2022

​

  

Cost of
sales

​

Interest expense, net

​

Other (expense) income, net

​

Cost of
sales

​

Interest expense, net

​

Other (expense) income, net

Total amount of income and (expense) line items presented in the statements of operations in which the effects of derivative instruments are recorded

​

$

(847.7)

​

$

(46.6)

​

$

13.2

​

$

(1,217.6)

​

$

(30.4)

​

$

(1.3)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of cash flow hedge instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity cash flow hedges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain (loss) reclassified from AOCI into income

​

$

(9.4)

​

$

—

​

$

—

​

$

2.0

​

$

—

​

$

—

Interest rate swaps

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain reclassified from AOCI into income

​

$

—

​

$

—

​

$

—

​

$

—

​

$

0.2

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of derivatives not designated as hedge instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign exchange forward contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain recognized in income

​

$

—

​

$

—

​

$

8.5

​

$

—

​

$

—

​

$

33.7

Commodity economic hedges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of loss recognized in income

​

$

(1.3)

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Location and Amount of Gain (Loss) Recognized in
 Statements of Operations

​

​

Nine Months Ended

​

Nine Months Ended

​

​

September 30, 2023

​

September 30, 2022

​

  

Cost of
sales

​

Interest expense, net

​

Other (expense) income, net

​

Cost of
sales

​

Interest expense, net

​

Other (expense) income, net

Total amount of income and (expense) line items presented in the statements of operations in which the effects of derivative instruments are recorded

​

$

(2,715.9)

​

$

(125.1)

​

$

19.0

​

$

(3,714.8)

​

$

(77.7)

​

$

(2.4)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of cash flow hedge instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity cash flow hedges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain (loss) reclassified from AOCI into income

​

$

(25.5)

​

$

—

​

$

—

​

$

2.0

​

$

—

​

$

—

Interest rate swaps

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of loss reclassified from AOCI into income

​

$

—

​

$

—

​

$

—

​

$

—

​

$

(1.2)

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of net investment hedge instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cross currency swaps

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain excluded from effectiveness testing

​

$

—

​

$

—

​

$

—

​

$

—

​

$

2.4

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of derivatives not designated as hedge instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign exchange forward contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain recognized in income

​

$

—

​

$

—

​

$

6.7

​

$

—

​

$

—

​

$

81.6

Commodity economic hedges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of loss recognized in income

​

$

(16.3)

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

The following table presents the effect of cash flow and net investment hedge accounting on AOCI for the three and nine months ended September 30, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

`

​

Gain (Loss) Recognized in AOCI on Balance Sheet

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

​

2023

​

2022

​

2023

​

2022

Designated as Cash Flow Hedges

​

​

​

​

​

​

​

​

​

​

​

​

Commodity cash flow hedges

​

$

8.4

​

$

(5.4)

​

$

(1.3)

​

$

(5.4)

Interest rate swaps

​

​

—

​

​

(0.2)

​

​

—

​

​

2.2

Total

​

$

8.4

​

$

(5.6)

​

$

(1.3)

​

$

(3.2)

Designated as Net Investment Hedges

​

​

​

​

​

​

​

​

​

​

​

​

Cross currency swaps (CCS)

​

$

—

​

$

—

​

$

—

​

$

15.8

Total

​

$

—

​

$

—

​

$

—

​

$

15.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain (Loss) Recognized in Other expense (income), net in Statement of Operations

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

    

2023

    

2022

    

2023

    

2022

    

Settlements and changes in the fair value of forward contracts (not designated as hedges)

    

$

8.5

    

$

33.7

    

$

6.7

    

$

81.6

    

Remeasurement of foreign currency-denominated assets and liabilities

​

​

(4.0)

​

​

(35.4)

​

​

3.9

​

​

(83.4)

​

Total

​

$

4.5

​

$

(1.7)

​

$

10.6

​

$

(1.8)

​

​

The Company expects to reclassify in the next twelve months an approximate $15.8 million net loss from AOCI into earnings related to the Company’s outstanding commodity cash flow hedges as of September 30, 2023, based on current commodity price indices.

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:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2023

​

​

Foreign

​

​

​

​

​

​

​

​

​

​

Exchange

​

Commodity

​

Commodity

​

​

​

Balance Sheet

​

Forward

​

Economic

​

Cash Flow

​

​

Classification

    

Contracts

​

Hedges

​

Hedges

​

Total

Asset Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

Accounts receivable, net of allowance

​

$

10.8

​

$

—

​

$

—

​

$

10.8

Gross derivative asset position

​

​

10.8

​

​

—

​

​

—

​

​

10.8

Less: Counterparty netting

​

​

(0.1)

​

​

—

​

​

—

​

​

(0.1)

Net derivative asset position

​

$

10.7

​

$

—

​

$

—

​

$

10.7

Liability Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

Accounts payable

​

$

(0.1)

​

$

(7.6)

​

$

(15.8)

​

$

(23.5)

Other noncurrent obligations

​

​

—

​

​

(1.2)

​

​

(2.2)

​

​

(3.4)

Gross derivative liability position

​

​

(0.1)

​

​

(8.8)

​

​

(18.0)

​

​

(26.9)

Less: Counterparty netting

​

​

0.1

​

​

—

​

​

—

​

​

0.1

Net derivative liability position

​

$

—

​

$

(8.8)

​

$

(18.0)

​

$

(26.8)

Total net derivative position

​

$

10.7

​

$

(8.8)

​

$

(18.0)

​

$

(16.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

   

​

​

Foreign

​

​

​

​

​

​

 

​

​

Exchange

​

Commodity

​

Commodity

​

​

​

​

Balance Sheet

​

Forward

​

Economic

​

Cash Flow

​

​

 

Classification

    

Contracts

    

Hedges

    

Hedges

    

Total

     

Asset Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Accounts receivable, net of allowance

​

$

0.2

​

$

—

​

$

—

​

$

0.2

​

Gross derivative asset position

​

​

0.2

​

​

—

​

​

—

​

​

0.2

​

Less: Counterparty netting

​

​

(0.1)

​

​

—

​

​

—

​

​

(0.1)

​

Net derivative asset position

​

$

0.1

​

$

—

​

$

—

​

$

0.1

​

Liability Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Accounts payable

​

$

(11.1)

​

$

(5.3)

​

$

(11.3)

​

$

(27.7)

​

Other noncurrent obligations

​

​

—

​

​

(1.3)

​

​

(0.9)

​

​

(2.2)

​

Gross derivative liability position

​

​

(11.1)

​

​

(6.6)

​

​

(12.2)

​

​

(29.9)

​

Less: Counterparty netting

​

​

0.1

​

​

—

​

​

—

​

​

0.1

​

Net derivative liability position

​

$

(11.0)

​

$

(6.6)

​

$

(12.2)

​

$

(29.8)

​

Total net derivative position

​

$

(10.9)

​

$

(6.6)

​

$

(12.2)

​

$

(29.7)

​

​

Forward contracts, interest rate swaps, commodity forward contracts, swaps, or options, 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.
v3.23.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2023
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 September 30, 2023 and December 31, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2023

 

​

​

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

    

$

—

    

$

10.7

    

$

—

    

$

10.7

​

Commodity economic hedges—(Liabilities)

​

​

—

​

​

(8.8)

​

​

—

​

​

(8.8)

​

Commodity cash flow hedges—(Liabilities)

​

​

—

​

​

(18.0)

​

​

—

​

​

(18.0)

​

Total fair value

​

$

—

​

$

(16.1)

​

$

—

​

$

(16.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

 

​

​

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

​

$

—

    

$

0.1

    

$

—

    

$

0.1

​

Foreign exchange forward contracts—(Liabilities)

​

​

—

​

​

(11.0)

​

​

—

​

​

(11.0)

​

Commodity economic hedges—(Liabilities)

​

​

—

​

​

(6.6)

​

​

—

​

​

(6.6)

​

Commodity cash flow hedges—(Liabilities)

​

​

—

​

​

(12.2)

​

​

—

​

​

(12.2)

​

Total fair value

​

$

—

​

$

(29.7)

​

$

—

​

$

(29.7)

​

​

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, 2022, which were still held as of September 30, 2023. These financial assets represent the Company’s styrene monomer assets in Boehlen, Germany, which it continued to operate until the fourth quarter of 2022 when the Company decided to close this plant in connection with the asset restructuring plan. Refer to Note 17 for further information. 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. During the three and nine months ended September 30, 2023, the Company recorded additional impairment charges of $0.1 million and $0.5 million, respectively, related to capital expenditures at the Boehlen styrene monomer facility that it determined to be impaired, which are also included within “Impairment and other charges” on the condensed consolidated statements of operations. Refer to the Company’s Annual Report for further information. As of September 30, 2023 and December 31, 2022, the value of the Boehlen styrene monomer assets are recorded at $3.2 million within the Company’s condensed consolidated balance sheets herein.

There were no other financial assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2022.

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 September 30, 2023 and December 31, 2022:

​

​

​

​

​

​

​

​

​

​

    

As of

​

As of

 

​

    

September 30, 2023

    

December 31, 2022

 

2029 Senior Notes

​

$

234.0

​

$

292.3

​

2025 Senior Notes

​

​

106.1

​

​

416.9

​

2028 Term Loan B

​

​

616.5

​

​

687.1

​

2028 Refinance Term Loans

​

​

1,067.4

​

​

—

​

2024 Term Loan B

​

​

—

​

​

645.6

​

Total fair value

​

$

2,024.0

​

$

2,041.9

​

​

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. The fair value amount presented reflect the Company’s carrying value of debt, net of original issuance discount.

There were no other significant financial instruments outstanding as of September 30, 2023 and December 31, 2022.
v3.23.3
Provision For Income Taxes
 9 Months Ended
Sep. 30, 2023
Provision For Income Taxes  
Provision For Income Taxes

NOTE 12—PROVISION FOR INCOME TAXES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

​

September 30, 

​

September 30, 

​

​

​

    

2023

    

2022

    

2023

    

2022

 

​

Effective income tax rate

​

​

31.6

%  

​

9.3

%  

​

12.0

%  

​

(185.2)

%

​

​

Benefit from income taxes for the three and nine months ended September 30, 2023 totaled $(17.7) million and $(59.5) million, respectively, resulting in an effective tax rate of 31.6% and 12.0% respectively. Provision for income taxes for the three and nine months ended September 30, 2022 totaled $(12.1) million and $41.4 million, respectively, resulting in an effective tax rate of 9.3% and (185.2)%, respectively.

The most significant drivers of the increase in the effective income tax rate for the three and nine months ended September 30, 2023 compared to the prior year was the change in the Company’s forecasted earnings, where the overall decrease in profitability is expected to be generated primarily in lower rate jurisdictions, and a reduction in losses not anticipated to provide a tax benefit.

The effective tax rate for the nine months ended September 30, 2023 was impacted by a $349.0 million charge related to goodwill impairment, as described within Note 9 of the condensed consolidated financial statements, for which the Company recorded a tax benefit of $63.5 million.

Impacting the effective tax rate for the nine months ended September 30, 2022 was the revaluation of the Company’s net deferred tax assets in Switzerland, which were originally established as part of the Swiss cantonal tax reform measures enacted in 2019. This revaluation resulted in a one-time deferred tax expense of $15.3 million recorded in the second quarter of 2022. This expense was partially offset by the release of a valuation allowance of $8.5 million during the second quarter of 2022, as a result of improvements in actual and projected future results in one of the Company’s subsidiaries in Luxembourg. Additionally, the effective income tax rate for the nine months ended September 30, 2022 was impacted by a $35.6 million charge related to the European Commission request for information, as described within Note 13 in the condensed consolidated financial statements, for which the Company estimates no tax benefit.

In determining the need for a valuation allowance, the Company weighs both positive and negative evidence in the various jurisdictions in which it operates to determine whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. Based on cumulative earnings in one of the Company’s Switzerland subsidiaries during the prior three years, as well as other positive evidence, the Company believes it is more likely than

not that the net deferred tax assets in the Company’s Switzerland subsidiary will be realized as of September 30, 2023. However, given the Company’s prior year losses and current year losses, the Company will continue to evaluate positive and negative evidence over the next 12 months, that could result in sufficient objective negative evidence for the Company to reach a conclusion that an increased or full valuation allowance against the net deferred tax assets in the Switzerland subsidiary will be needed. An increased or full valuation allowance would result in the material reduction of deferred tax assets and a corresponding increase to income tax expense in the period the valuation allowance is recorded. The exact timing and amount of the valuation allowance are subject to change on the basis of the losses sustained in Switzerland in the current year and forecasted future earnings, as well as other evidence. The Company’s Switzerland Subsidiary has $40.4 million of deferred tax assets as of September 30, 2023, net of its current valuation allowance.
v3.23.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies.  
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 PMMA Acquisition and the Aristech Surfaces Acquisition, no material environmental claims have been asserted against the Company, and the Company does not have any material accrued obligations for any Superfund Sites. As of September 30, 2023 and December 31, 2022, the Company had $3.8 million and $3.5 million, respectively, of accrued obligations for environmental remediation or restoration costs, which were recorded at fair value within the opening balance sheets of the PMMA business and Aristech Surfaces during 2021.

On March 24, 2023, due to equipment failure at the Bristol, Pennsylvania facility, operated by our wholly-owned subsidiary, Altuglas LLC, an accidental release of a latex emulsion product occurred, which ultimately flowed into a local waterway (the “Bristol Spill”). We reported the event and cooperated closely with local, state, and federal authorities on the response activities. Water sampling conducted by the authorities did not detect site-related material in the waterway. See “Litigation Matters” below for information on environmental proceedings related to this incident. In the event of one or more adverse determinations related to this matter, it is possible that the ultimate liability resulting from this matter and the impact on the Company’s results of operations could be material.

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 four 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.

During the three and nine months ended September 30, 2022, the Company recorded a one-time charge of approximately $19.0 million related to raw material purchase contract obligations, which was recorded within “Cost of sales” in the condensed consolidated statement of operations. While the estimated liability is subject to change, there were no material charges in the three and nine months ended September 30, 2023.

Asset Retirement Obligations

The Company has built certain manufacturing facilities on leased land and is required to remove these facilities at the end of the corresponding contract term. Legal obligations for these demolition and decommissioning activities exist in connection with the retirement of these assets triggered upon closure of the facilities. In instances when the Company

plans to continue operations at these facilities indefinitely, and therefore, a reasonable estimate of fair value cannot be determined, an asset retirement obligation is not recognized.

In connection with the Asset Restructuring Plan as described within Note 17, the Company concluded the Boehlen, Germany site no longer had an indeterminate life. Accordingly, during the fourth quarter of 2022, the Company recorded the fair value of an asset retirement obligation and a corresponding asset retirement cost, which was capitalized as part of the carrying amount of the related long-lived assets and depreciated over the asset’s shortened useful life. The asset retirement cost was fully depreciated as of September 30, 2023.

​

​

​

​

​

Change in asset retirement obligation

​

​

Balance at December 31, 2022

​

$

35.8

Obligations incurred and adjustments to estimated obligations (1)

​

​

(7.7)

Settlements

​

​

(9.3)

Accretion expense

​

​

1.1

Currency translation adjustment

​

​

0.2

Balance at September 30, 2023

​

$

20.1

(1)During the three months ended September 30, 2023, the Company was able to realize efficiencies during decommissioning which allowed for a change in the cost estimate of the retirement obligation.

Accretion expense is included within “Selling, general and administrative expenses” in the condensed consolidated statement of operations. The current portion of the asset retirement obligation is recorded within “Accrued expenses and other current liabilities” and the long-term portion is recorded within “Other noncurrent obligations” in the condensed consolidated balance sheets. As of September 30, 2023 and December 31, 2022, the current portion was $10.9 million and $25.3 million, respectively, and the long-term portion was $9.2 million and $10.5 million, respectively.

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.

Legal Proceedings related to the Bristol Spill

(a)Jonnie Helfrich v. Trinseo PLC (No. 2:23-cv-01525) (United States District Court for the Eastern District of Pennsylvania)

On April 20, 2023, a complaint was filed purporting to be on behalf of a class of purchasers of the Company’s securities between May 3, 2021 and March 27, 2023. It named the Company, our chief executive officer and chief financial officer as defendants and sought unspecified damages and other relief for alleged violations of Sections 10(b) and 20(a) of, and Rule 10b-5 under, of the Securities Exchange Act of 1934. On October 19, 2023, plaintiffs filed a notice of voluntary dismissal of the complaint, discontinuing all claims against the defendants.

(b)Timothy McGraw, Emily Cohen & Danielle Byrd v. Altuglas LLC and Trinseo LLC (United States District Court for the Eastern District of Pennsylvania)

On March 29, 2023, a putative class action complaint was filed which seeks to certify a class that could potentially include all persons and entities that reside in the area served by the Baxter Drinking Water Treatment Plant. The plaintiffs allege claims of breach of duty of care based on negligence as a result of the Bristol Spill, as well as other causes of action, and seek compensatory damages, restitution, or refund of damages, including actual, statutory, and punitive damages, as well as injunctive relief. On May 12, 2023, the Company filed notice to remove the case from Pennsylvania state court to United States District Court for the Eastern District of Pennsylvania, with immediate effect. On May 19, 2023, the Company also filed a motion to dismiss with the U.S.

district court, on the grounds that the alleged harms do not fall within the parameters of the relevant public and private nuisance or negligence laws. On June 2, 2023, plaintiffs objected to federal jurisdiction and asked the court to remand the action to state court. On August 23, 2023, plaintiffs filed a voluntary dismissal of the federal complaint, which was granted on August 29, and plaintiffs are expected to re-file the claim in Pennsylvania state court. The Company intends to vigorously defend this action.

As of September 2023, the Company established an accrual for the estimated resolution of the class action complaint. The Company expects any damages related to these claims will be reimbursed through its insurance coverage.

(c)Environmental Proceedings

On March 25, 2023, the Company received a Notice of Federal Interest from the United States Coast Guard (“USCG”), identifying the Company as a “potentially responsible party” (“PRP”) related to the Bristol Spill. The Company also received a Notice of Federal Assumption and an Administrative Order, dated April 20, 2023 from the USCG, identifying the Company as a PRP related to the Bristol Spill. The USCG notices and order do not designate specific fines or penalties against the Company. In October 2023, the Pennsylvania Department of Environmental Protection (PADEP) notified the Company of its intent to impose penalties related to a Notice of Violation dated April 26, 2023 alleging water violations associated with the Spill. Discussions between the Company and PADEP are ongoing and while the Company believes that it is reasonably possible a loss may be incurred, such loss is not expected to be material to our business.

It is not possible at this time for the Company to estimate its ultimate liability pursuant to these matters or other potential administrative actions related to the Bristol Spill, whether a material loss to our business is probable or remote, or estimate a potential range of loss, if any.

Synthos Matter

On November 21, 2022, the Company received formal notice from the German Arbitration Institute that Synthos had initiated an arbitration dispute on October 14, 2022 against Trinseo and its following subsidiaries: Trinseo Deutschland GmbH, Trinseo Belgium BV, Trinseo Europe GmbH, and Trinseo Export GmbH, related to Synthos’ purchase of Trinseo’s Rubber Business in 2021.

As discussed in Note 4, Synthos and Trinseo are parties to an asset purchase agreement (“APA”) dated May 21, 2021, whereby Trinseo transferred its Rubber Business to Synthos, pending regulatory approval and other administrative pre-closing conditions, for an enterprise value of approximately $491.0 million. This transaction formally closed on December 1, 2021. Synthos claims that Trinseo did not properly disclose certain information including the natural gas pricing mechanism for the steam which is supplied by a third party to the Rubber Business. Synthos is seeking non-monetary restitution and monetary damages related to the spike of utility prices in Germany that commenced in the fall of 2021.

The Company believes it has valid and prevailing defenses to Synthos’ claims and intends to vigorously defend itself against all allegations.

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.

As a result of further developments in this matter, during the first quarter of 2022, the Company recorded a charge of $35.6 million which is included within “Impairment and other charges” on the condensed consolidated statements of operations. In November 2022, the Company reached a final settlement with the European Commission in respect of this matter of $33.8 million, adjusted for foreign exchange rate impacts, which was subsequently paid in full in December 2022.

v3.23.3
Pension Plans And Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2023
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

​

Three Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

​

Non-U.S. Defined Benefit Pension Plans

​

U.S. Defined Benefit Pension

​

​

    

2023

    

2022

    

2023

    

2022

 

Net periodic benefit cost

    

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

$

2.1

​

$

3.0

    

$

0.1

​

$

0.2

​

Interest cost

​

 

2.7

​

 

0.6

​

 

0.2

​

 

0.2

​

Expected return on plan assets

​

 

(1.2)

​

 

(0.1)

​

 

(0.1)

​

 

(0.2)

​

Amortization of prior service credit

​

 

(0.8)

​

 

(0.1)

​

 

—

​

 

—

​

Amortization of net (gain) loss

​

 

(1.4)

​

 

0.6

​

 

—

​

 

—

​

Settlement and curtailment (gain) loss

​

 

0.6

​

 

(1.2)

​

 

—

​

 

(0.2)

​

Net periodic benefit cost

​

$

2.0

​

$

2.8

​

$

0.2

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

​

Non-U.S. Defined Benefit Pension Plans

​

U.S. Defined Benefit Pension

​

​

    

2023

    

2022

    

2023

    

2022

 

Net periodic benefit cost

    

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

$

6.2

​

$

9.3

    

$

0.4

​

$

0.7

​

Interest cost

​

 

6.1

​

 

2.0

​

 

0.6

​

 

0.5

​

Expected return on plan assets

​

 

(1.5)

​

 

(0.2)

​

 

(0.4)

​

 

(0.7)

​

Amortization of prior service credit

​

 

(0.9)

​

 

(0.3)

​

 

—

​

 

—

​

Amortization of net (gain) loss

​

 

(2.9)

​

 

1.9

​

 

—

​

 

—

​

Settlement and curtailment (gain) loss

​

​

0.6

​

​

(3.1)

​

​

—

​

​

(0.2)

​

Net periodic benefit cost

​

$

7.6

​

$

9.6

​

$

0.6

​

$

0.3

​

​

The Company had less than $0.4 million of net periodic benefit costs for its other postretirement plans for the three and nine months ended September 30, 2023 and 2022.

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 (income), net” in the condensed consolidated statements of operations. As of September 30, 2023 and December 31, 2022, the Company’s benefit obligations included primarily in “Other noncurrent obligations” in the condensed consolidated balance sheets were $177.9 million and $177.8 million, respectively.

The Company made cash contributions and benefit payments to unfunded plans of approximately $5.6 million and $10.0 million during the three and nine months ended September 30, 2023, respectively. The Company expects to make additional cash contributions, including benefit payments to unfunded plans, of approximately $3.4 million to its defined benefit plans for the remainder of 2023.
v3.23.3
Share-Based Compensation
 9 Months Ended
Sep. 30, 2023
Share-Based Compensation.  
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 nine months ended September 30, 2023 and 2022, as well as unrecognized compensation cost as of September 30, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of

​

​

​

Three Months Ended

​

Nine Months Ended

​

September 30, 2023

​

​

​

September 30, 

​

September 30, 

​

Unrecognized

​

Weighted

​

​

  

2023

  

2022

  

2023

  

2022

  

Compensation Cost

  

Average Years

​

RSUs

​

$

2.6

​

$

2.1

​

$

9.6

​

$

9.1

​

$

9.1

​

1.6

​

Options

​

​

1.1

​

​

0.6

​

​

4.4

​

​

4.4

​

​

1.9

​

1.3

​

PSUs

​

​

0.4

​

​

0.7

​

​

2.1

​

​

2.1

​

​

4.9

​

2.0

​

Total share-based compensation expense

​

$

4.1

​

$

3.4

​

$

16.1

​

$

15.6

​

​

​

​

​

​

​

The following table summarizes awards granted and the respective weighted average grant date fair value for the nine months ended September 30, 2023:

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended

​

​

​

September 30, 2023

​

​

​

Awards Granted

​

Weighted Average Grant Date Fair Value per Award

​

RSUs

​

​

523,231

​

$

21.22

​

Options

​

​

438,727

​

​

10.86

​

PSUs

​

​

219,238

​

​

20.23

​

​

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 nine months ended September 30, 2023:

​

​

​

​

​

​

​

Nine Months Ended

​

    

September 30, 2023

Expected term (in years)

 

5.50

​

Expected volatility

 

54.01

%

Risk-free interest rate

 

4.06

%

Dividend yield

​

2.00

%  

​

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 nine months ended September 30, 2023, 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 nine months ended September 30, 2023:

​

​

​

​

​

​

​

Nine Months Ended

​

​

September 30, 2023

Expected term (in years)

​

3.00

​

Expected volatility

 

62.60

%

Risk-free interest rate

 

4.41

%

Share price

$

24.08

​

​

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.
v3.23.3
Segments
 9 Months Ended
Sep. 30, 2023
Segments  
Segments

NOTE 16—SEGMENTS

The Company operates under six segments: Engineered Materials, Latex Binders, Plastics Solutions, Polystyrene, Feedstocks, and Americas Styrenics. On January 1, 2023, the Base Plastics segment was renamed to Plastics Solutions to better reflect Trinseo’s strategic focus on providing solutions in areas such as sustainability and material substitution. 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 PMMA Acquisition and the Aristech Surfaces Acquisition in 2021, the Engineered Materials segment also includes PMMA and activated methyl methacrylates (“MMA”) products, which are sold into a variety of applications including automotive, building & construction, medical, consumer electronics, and wellness, among others. 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 Plastics Solutions 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 Plastics Solutions segment also includes the results of Heathland, which was acquired in the first quarter of 2022. 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 nine months ended September 30, 2023 and 2022. Asset and intersegment sales information by reporting segment are 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 nine months ended September 30, 2023 and 2022.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineered

​

Latex

​

Plastics

​

​

​

​

​

Americas

​

Total Segment

​

 

Three Months Ended (1)

​

Materials

​

Binders

​

Solutions

​

Polystyrene

​

Feedstocks

​

Styrenics

​

Adjusted EBITDA

​

 

September 30, 2023

  

$

4.8

  

$

22.8

​

$

22.0

​

$

9.2

  

$

(19.4)

  

$

19.0

  

$

58.4

  

​

September 30, 2022

​

$

7.5

​

$

31.0

​

$

(14.9)

​

$

18.7

​

$

(78.0)

​

$

22.8

​

$

(12.9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineered

​

Latex

​

Plastics

​

​

​

​

​

Americas

​

Total Segment

​

 

Nine Months Ended (1)

​

Materials

​

Binders

​

Solutions

​

Polystyrene

​

Feedstocks

​

Styrenics

​

Adjusted EBITDA

​

 

September 30, 2023

​

$

4.9

​

$

74.2

​

$

73.1

​

$

31.2

​

$

(37.1)

​

$

49.1

​

$

195.4

​

​

September 30, 2022

​

$

76.2

​

$

90.6

​

$

99.8

​

$

87.0

​

$

(59.8)

​

$

83.8

​

$

377.6

​

​

(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

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

    

2023

    

2022

    

2023

    

2022

    

Loss from continuing operations before income taxes

​

$

(56.1)

​

$

(130.0)

​

$

(495.8)

​

$

(22.3)

​

Interest expense, net

​

 

46.6

​

 

30.4

​

 

125.1

​

 

77.7

​

Depreciation and amortization(2)

​

 

38.2

​

 

45.9

​

​

146.7

​

 

147.1

​

Corporate Unallocated(3)

​

​

17.5

​

​

23.7

​

​

61.4

​

​

72.1

​

Adjusted EBITDA Addbacks(4)

​

 

12.2

​

 

17.1

​

 

358.0

​

 

103.0

​

Segment Adjusted EBITDA

​

$

58.4

​

$

(12.9)

​

$

195.4

​

$

377.6

​

(2)

Includes a $12.9 million change in cost estimate related to the Boehlen, Germany Asset Retirement Obligation as the Company was able to realize efficiencies during decommissioning.

(3)

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

(4)

Adjusted EBITDA addbacks for the three and nine months ended September 30, 2023 and 2022 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

​

2023

    

2022

    

2023

    

2022

    

Net gain on disposition of businesses and assets (a)

​

$

(9.3)

​

$

—

​

$

(25.6)

​

$

(1.8)

​

Restructuring and other charges (Note 17)

​

​

13.8

​

​

—

​

​

19.0

​

​

(1.0)

​

Acquisition transaction and integration net costs (Note 3)

​

​

—

​

​

0.4

​

​

0.1

​

​

6.2

​

Asset impairment charges or write-offs (Note 11) (b)

​

​

0.5

​

​

1.9

​

​

2.1

​

​

3.9

​

European Commission request for information (Note 13)

​

​

—

​

​

—

​

​

—

​

​

35.6

​

Goodwill impairment charges (Note 9)

​

​

—

​

​

—

​

​

349.0

​

​

—

​

Other items (c)

​

​

7.2

​

​

14.8

​

​

13.4

​

​

60.1

​

Total Adjusted EBITDA Addbacks

​

$

12.2

​

$

17.1

​

$

358.0

​

$

103.0

​

(a)In September 2023, the Company entered into an agreement to sell certain European emission certifications the Company no longer intends to utilize for a cash consideration of approximately $15.7 million. The Company recorded a pre-tax gain on sale of $9.3 million during the three and nine months ended September 30, 2023, which was recorded within “Other expense (income), net” in the condensed consolidated statements of operations. In April 2023, the Company entered into an agreement to sell its land, buildings and equipment in Matamoros, Mexico for a cash consideration of approximately $19.0 million, which was received in May 2023 when the transaction closed. The Company recorded a pre-tax gain on sale of $14.4 million during the nine months ended September 30, 2023, which was recorded within “Selling, general and administrative expenses” in the condensed consolidated statements of operations.
(b)Asset impairment charges or write-offs for the three and nine months ended September 30, 2023 primarily relate to write-offs and other charges, as well as the impairment of the Company’s styrene monomer assets in Boehlen. Asset impairment charges or write-offs for the three and nine months ended September 30, 2022 primarily relate to the impairment of the Company’s styrene monomer assets in Boehlen.
(c)Other items for the three and nine months ended September 30, 2023 and 2022 primarily relate to fees incurred in conjunction with certain of the Company’s strategic initiatives. Other items for the three and nine months ended September 30, 2022 also relate to fees incurred in conjunction with our transition to a new enterprise resource planning system.
v3.23.3
Restructuring
 9 Months Ended
Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

Cumulative

​

​

​

​

​

September 30, 

​

September 30, 

​

Life-to-date

​

​

​

​

​

2023

    

2022

​

2023

    

2022

​

Charges

    

Segment

​

Asset Optimization and Corporate Restructuring(1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineered Materials:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accelerated depreciation

​

$

3.2

​

$

—

​

$

3.2

​

$

—

​

$

3.2

​

Engineered Materials

​

Employee termination benefits

​

​

1.2

​

​

—

​

​

1.2

​

​

—

​

​

1.2

​

Engineered Materials

​

Decommissioning and other

​

​

1.6

​

​

—

​

​

1.6

​

​

—

​

​

1.6

​

Engineered Materials

​

Corporate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee termination benefits

​

$

8.4

​

$

—

​

$

8.4

​

$

—

​

$

8.4

​

N/A(2)

​

Asset Optimization and Corporate Restructuring Subtotal

​

$

14.4

​

$

—

​

$

14.4

​

$

—

​

$

14.4

​

​

​

Asset Restructuring Plan(3)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Feedstocks:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accelerated depreciation

​

$

(12.9)

​

$

—

​

$

(7.7)

​

$

—

​

$

27.4

​

Feedstocks

​

Employee termination benefits

​

​

—

​

​

—

​

​

(0.2)

​

​

—

​

​

3.7

​

Feedstocks

​

Contract terminations

​

​

2.0

​

​

—

​

​

6.3

​

​

—

​

​

6.7

​

Feedstocks

​

Decommissioning and other

​

​

0.2

​

​

—

​

​

1.1

​

​

—

​

​

4.4

​

Feedstocks

​

Plastics Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accelerated depreciation

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1.4

​

Plastics Solutions

​

Employee termination benefits

​

​

—

​

​

—

​

​

(0.4)

​

​

—

​

​

3.0

​

Plastics Solutions

​

Decommissioning and other

​

​

0.4

​

​

—

​

​

1.8

​

​

—

​

​

1.8

​

Plastics Solutions

​

Engineered Materials:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accelerated depreciation

​

​

—

​

​

—

​

​

3.1

​

​

—

​

​

6.3

​

Engineered Materials

​

Employee termination benefits

​

​

0.3

​

​

—

​

​

0.3

​

​

—

​

​

2.7

​

Engineered Materials

​

Decommissioning and other

​

​

—

​

​

—

​

​

(0.8)

​

​

—

​

​

2.9

​

Engineered Materials

​

Asset Restructuring Plan subtotal

​

$

(10.0)

​

$

—

​

$

3.5

​

$

—

​

$

60.3

​

​

​

Transformational Restructuring Program

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee termination benefits

​

$

(0.4)

​

$

—

​

$

(0.4)

​

$

0.1

​

$

8.4

​

​

​

Transformational Restructuring Program Subtotal

​

$

(0.4)

​

$

—

​

$

(0.4)

​

$

0.1

​

$

8.4

​

N/A(2)

​

Other Restructurings

​

​

—

​

​

—

​

​

—

​

​

(1.1)

​

​

​

​

Various

​

Total Restructuring Charges

​

$

4.0

​

$

—

​

$

17.5

​

$

(1.0)

​

​

​

​

​

​

(1)On August 23, 2023, the Company announced a restructuring plan to optimize its PMMA sheet network, primarily in Europe, consolidate manufacturing operations and certain other workforce reductions to streamline its general & administrative network. The Asset Optimization and Corporate Restructuring plan includes closure of certain plants and product lines, including (i) closure of manufacturing operations at the Company’s PMMA cast sheets plant in Bronderslev, Denmark, (ii) closure of manufacturing operations at the Company’s batch polyester tray casting plant in Belen, New Mexico, and (iii) closure of its PMMA extruded sheet production line at its Rho, Italy plant.

During the third quarter of 2023, the Company incurred employee termination benefit charges, net of $9.6 million. The majority of these charges are expected to be paid through second quarter of 2025. The Company also incurred accelerated depreciation charges of $3.2 million and decommissioning and other charges of $1.6 million, which included a write-down of inventory, during the third quarter of 2023.

The Company expects to incur incremental accelerated depreciation charges of $5.8 million and an incremental $2.5 million of decommissioning and other charges through the end of 2024.

On October 26, 2023, the Company approved additional restructuring actions to discontinue styrene production at the Company’s Terneuzen, the Netherlands plant. These actions are expected to result in additional estimated restructuring charges of $58 million to $68 million, consisting of approximately $19 million to $21 million of asset-related charges, primarily for accelerated depreciation, approximately $20 million to $23 million related to decommissioning costs, approximately $16 million to $19 million of other costs, principally contract terminations, and $3 million to $5 million of severance benefits to affected employees. Actions are expected to be substantially completed by the end of 2025.  The cash amount of these charges, primarily related to decommissioning and contract termination costs, as well as severance benefits to affected employees is expected to be approximately $32 million to $40 million with substantially all payments to be made by the end of 2025.

(2)Reflects certain employee termination benefit charges associated with streamlining internal general & administrative network. As these employee termination benefit charges were identified as a corporate-related activity, the charges related to this portion of the Asset Optimization and Corporate Restructuring plan were not allocated to a specific segment, but rather included within corporate unallocated.
(3)In December 2022, the Company announced an asset restructuring plan designed to reduce costs, improve profitability, reduce exposure to cyclical markets and elevated natural gas prices, and address market overcapacity. The asset restructuring plan includes (i) closure of manufacturing operations at the styrene production facility in Boehlen, Germany, (ii) closure of one of its production lines at the Stade, Germany polycarbonate plant, and (iii) closure of the PMMA sheet manufacturing site in Matamoros, Mexico. The program is expected to be substantially completed by the second quarter of 2025.

In connection with this restructuring plan, during the three and nine months ended September 30, 2023, the Company incurred employee termination benefit charges, net of $0.3 million and $(0.3) million, respectively, contract termination charges of $2.0 million and $6.3 million, respectively, accelerated depreciation charges of $(12.9) million and $(4.6) million, respectively, and decommissioning and other charges of $0.6 million and $2.1 million, respectively. The decrease in accelerated depreciation charges reflects a change in cost estimate related to the Boehlen, Germany Asset Retirement Obligation as the Company was able to realize efficiencies during decommissioning. Production at all facilities has ceased and decommissioning activities are expected to continue through the end of 2024. The Company expects to incur incremental contract termination charges of $13.8 million, decommissioning and other charges of $1.2 million, as well as a limited amount of incremental employee termination benefit charges, the majority of which is expected to be paid by the end of 2024. Of the total incremental charges, $14.8 million is expected to be incurred in the Feedstocks segment, and less than $0.2 million is expected to be incurred in the Plastics Solution segment.

In April 2023, the Company entered into an agreement to sell its land, buildings and equipment in Matamoros, Mexico for a cash consideration of approximately $19.0 million, which was received in May 2023 when the transaction closed. The Company recorded a pre-tax gain on sale of $14.4 million during the nine months ended September 30, 2023, which was recorded within “Selling, general and administrative expenses” in the condensed consolidated statements of operations.

(4)In May 2021, the Company approved a transformational restructuring program associated with the Company’s strategic initiatives. The Company expects to incur incremental employee termination benefit charges related to impacted employees as of September 30, 2023 of less than $1.0 million, the majority of which are expected to be paid in 2023. 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.

Refer to Note 13 for further information regarding the asset retirement obligation. The following table provides a roll forward of the other liability balances associated with the Company’s restructuring activities as of September 30, 2023. Employee termination benefits 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, 2022

    

Expenses 

    

Deductions(1)

    

September 30, 2023

  

Employee termination benefits

​

$

13.3

​

$

8.1

​

$

(5.6)

​

$

15.8

​

Contract terminations

​

 

—

​

 

6.4

​

 

(6.4)

​

 

—

​

Decommissioning and other

​

​

—

​

​

3.8

​

​

(3.8)

​

​

—

​

Total

​

$

13.3

​

$

18.3

​

$

(15.8)

​

$

15.8

​

(1)Primarily includes payments made against the existing accrual, as well as immaterial impacts of foreign currency remeasurement.
v3.23.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss).  
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 September 30, 2023 and 2022

    

Adjustments

    

Plans, Net

    

​

Hedges, Net

    

Total

 

Balance as of June 30, 2023

​

$

(149.3)

​

$

28.5

​

$

(16.3)

​

$

(137.1)

​

Other comprehensive loss

​

 

(12.8)

​

 

—

​

 

(2.2)

​

 

(15.0)

​

Amounts reclassified from AOCI to net income(1)

​

​

—

​

​

(1.5)

​

​

8.5

​

​

7.0

​

Balance as of September 30, 2023

​

$

(162.1)

​

$

27.0

​

$

(10.0)

​

$

(145.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as of June 30, 2022

​

$

(153.4)

​

$

(27.0)

​

$

2.5

​

$

(177.9)

​

Other comprehensive income (loss)

​

 

(45.0)

​

 

2.4

​

 

(3.4)

​

 

(46.0)

​

Amounts reclassified from AOCI to net income (1)

​

​

—

​

​

(0.9)

​

​

(2.2)

​

​

(3.1)

​

Balance as of September 30, 2022

​

$

(198.4)

​

$

(25.5)

​

$

(3.1)

​

$

(227.0)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Cumulative

    

Pension & Other

    

​

​

​

​

​

​

​

Translation

​

Postretirement Benefit

​

Cash Flow

​

​

​

​

Nine Months Ended September 30, 2023 and 2022

​

Adjustments

    

Plans, Net

    

Hedges, Net

    

Total

​

Balance at December 31, 2022

​

$

(151.2)

​

$

29.0

​

$

(9.1)

​

$

(131.3)

​

Other comprehensive income (loss)

​

 

(10.9)

​

 

—

​

 

(23.8)

​

 

(34.7)

​

Amounts reclassified from AOCI to net income(1)

​

​

—

​

​

(2.0)

​

​

22.9

​

​

20.9

​

Balance as of September 30, 2023

​

$

(162.1)

​

$

27.0

​

$

(10.0)

​

$

(145.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as of December 31, 2021

​

$

(114.3)

​

$

(33.6)

​

$

0.7

​

$

(147.2)

​

Other comprehensive income (loss)

​

 

(84.1)

​

 

10.0

​

 

(2.7)

​

 

(76.8)

​

Amounts reclassified from AOCI to net income(1)

​

​

—

​

​

(1.9)

​

​

(1.1)

​

​

(3.0)

​

Balance as of September 30, 2022

​

$

(198.4)

​

$

(25.5)

​

$

(3.1)

​

$

(227.0)

​

(1)The following is a summary of amounts reclassified from AOCI to net income (loss) for the three and nine months ended September 30, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

​

​

September 30, 

​

September 30, 

​

Statements of Operations

​

AOCI Components

   

2023

   

2022

   

2023

   

2022

   

Classification

​

Cash flow hedging items

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity cash flow hedges

​

$

9.4

​

$

(2.0)

​

$

25.5

​

$

(2.0)

​

Cost of sales

​

Interest rate swaps

​

​

—

​

​

(0.2)

​

​

—

​

​

1.2

​

Interest expense, net

​

Total before tax

​

​

9.4

​

​

(2.2)

​

​

25.5

​

​

(0.8)

​

​

​

Tax effect

​

​

(0.9)

​

​

—

​

​

(2.6)

​

​

(0.3)

​

Provision for (benefit from) income taxes

​

Total, net of tax

​

$

8.5

​

$

(2.2)

​

$

22.9

​

$

(1.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortization of pension and other postretirement benefit plan items

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prior service credit

​

$

(0.1)

​

$

(0.1)

​

$

(0.1)

​

$

(0.4)

​

(a)

​

Net actuarial (gain) loss

​

​

(1.2)

​

​

0.6

​

​

(1.9)

​

​

2.0

​

(a)

​

Net curtailment and settlement gain

​

​

(0.6)

​

​

(1.4)

​

​

(0.6)

​

​

(3.3)

​

(a)

​

Total before tax

​

​

(1.9)

​

​

(0.9)

​

​

(2.6)

​

​

(1.7)

​

​

​

Tax effect

​

​

0.4

​

​

—

​

​

0.6

​

​

(0.2)

​

Provision for (benefit from) income taxes

​

Total, net of tax

​

$

(1.5)

​

$

(0.9)

​

$

(2.0)

​

$

(1.9)

​

​

​

(a)These AOCI components are included in the computation of net periodic benefit costs (see Note 14).
v3.23.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

(in millions, except per share data)

    

2023

    

2022

    

2023

    

2022

    

Earnings:

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss from continuing operations

​

$

(38.4)

​

$

(117.9)

​

$

(436.3)

​

$

(63.7)

​

Net loss from discontinued operations

​

​

—

​

​

(1.9)

​

​

—

​

​

(1.9)

​

Net loss

​

$

(38.4)

​

$

(119.8)

​

$

(436.3)

​

$

(65.6)

​

Shares:

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average ordinary shares outstanding

​

 

35.2

​

 

35.2

​

 

35.1

​

 

36.3

​

Dilutive effect of RSUs, option awards, and PSUs(1)

​

 

—

​

 

—

​

 

—

​

 

—

​

Diluted weighted average ordinary shares outstanding

​

 

35.2

​

 

35.2

​

 

35.1

​

 

36.3

​

Loss per share:

​

​

​

​

​

​

​

​

​

​

​

​

​

Loss per share—basic:

​

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

(1.09)

​

$

(3.35)

​

$

(12.42)

​

$

(1.76)

​

Discontinued operations

​

​

—

​

​

(0.06)

​

​

—

​

​

(0.05)

​

Loss per share—basic

​

$

(1.09)

​

$

(3.41)

​

$

(12.42)

​

$

(1.81)

​

Loss per share—diluted:

​

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

(1.09)

​

$

(3.35)

​

$

(12.42)

​

$

(1.76)

​

Discontinued operations

​

​

—

​

​

(0.06)

​

​

—

​

​

(0.05)

​

Loss per share—diluted

​

$

(1.09)

​

$

(3.41)

​

$

(12.42)

​

$

(1.81)

​

(1)Refer to Note 15 for discussion of RSUs, option awards, and PSUs granted to certain Company directors and employees. As the Company recorded a net loss from continuing operations for the three and nine months ended September 30, 2023 and September 30, 2022, potential shares related to equity-based awards have been excluded from the calculation of diluted EPS, as doing so would be anti-dilutive.
v3.23.3
Impairment and Other Charges
 9 Months Ended
Sep. 30, 2023
Impairment and Other Charges.  
Impairment and Other Charges

NOTE 20—IMPAIRMENT AND OTHER CHARGES

​

Impairment and other charges consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

  

2023

  

2022

  

2023

  

2022

Asset impairment charges or write-offs (Note 11)

​

$

0.1

​

$

1.9

​

$

0.5

​

$

3.9

European Commission request for information (Note 13)

​

​

—

​

​

—

​

​

—

​

​

35.6

Goodwill impairment charges (Note 9)

​

​

—

​

​

—

​

​

349.0

​

​

—

Total

​

$

0.1

​

$

1.9

​

$

349.5

​

$

39.5

​
v3.23.3
Recent Accounting Guidance (Policies)
 9 Months Ended
Sep. 30, 2023
Recent Accounting Guidance  
Basis of Presentation

The unaudited interim condensed consolidated financial statements of Trinseo PLC and its subsidiaries (the “Company”) as of and for the periods ended September 30, 2023 and 2022 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 2022 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 27, 2023. 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 September 30, 2023. However, actual results could differ from these estimates and assumptions.

The December 31, 2022 condensed consolidated balance sheet data presented herein was derived from the Company’s December 31, 2022 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. Throughout this Quarterly Report, unless otherwise indicated, amounts and activity are presented on a continuing operations basis.

v3.23.3
Divestitures and Discontinued Operations (Tables)
 9 Months Ended
Sep. 30, 2023
Discontinued Operations, Held-for-sale  
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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

    

2023

    

2022

    

2023

    

2022

    

Net sales

    

$

—

    

$

—

    

$

0.1

    

$

0.1

    

Cost of sales

​

 

—

​

 

2.2

​

 

0.1

​

 

3.6

​

Gross loss

​

 

—

​

 

(2.2)

​

 

—

​

 

(3.5)

​

Selling, general and administrative expenses

​

 

—

​

 

—

​

 

—

​

 

(0.3)

​

Operating loss

​

 

—

​

 

(2.2)

​

 

—

​

 

(3.2)

​

Gain on sale of businesses and other assets

​

​

—

​

​

—

​

​

—

​

​

1.2

​

Income from discontinued operations before income taxes

​

 

—

​

 

(2.2)

​

 

—

​

 

(2.0)

​

Provision for income taxes

​

 

—

​

 

(0.3)

​

 

—

​

 

(0.1)

​

Net income from discontinued operations

​

$

—

​

$

(1.9)

​

$

—

​

$

(1.9)

​

​
v3.23.3
Net Sales (Tables)
 9 Months Ended
Sep. 30, 2023
Net Sales  
Disaggregation of Revenue [Table Text Block]

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineered

​

Latex

​

Plastics

​

​

​

​

​

​

​

 

Three Months Ended

​

Materials

​

Binders

​

Solutions

​

Polystyrene

​

Feedstocks

​

Total

 

September 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

100.4

​

$

64.0

​

$

54.1

​

$

—

​

$

3.5

​

$

222.0

​

Europe

​

 

57.7

​

 

100.6

​

 

131.5

​

 

109.9

​

 

46.6

​

 

446.3

​

Asia-Pacific

​

 

25.7

​

 

55.6

​

 

31.5

​

 

65.2

​

 

—

​

 

178.0

​

Rest of World

​

 

2.2

​

 

1.8

​

 

28.7

​

 

—

​

 

—

​

 

32.7

​

Total

​

$

186.0

​

$

222.0

​

$

245.8

​

$

175.1

​

$

50.1

​

$

879.0

​

September 30, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

128.9

​

$

105.4

​

$

73.7

​

$

—

​

$

4.5

​

$

312.5

​

Europe

​

 

72.5

​

 

160.1

​

 

157.1

​

 

174.0

​

 

48.9

​

 

612.6

​

Asia-Pacific

​

 

38.9

​

 

72.9

​

 

33.3

​

 

73.7

​

 

—

​

​

218.8

​

Rest of World

​

 

2.4

​

 

2.5

​

 

29.3

​

 

—

​

 

—

​

 

34.2

​

Total

​

$

242.7

​

$

340.9

​

$

293.4

​

$

247.7

​

$

53.4

​

$

1,178.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineered

​

Latex

​

Plastics

​

​

​

​

​

​

​

 

Nine Months Ended

​

Materials

​

Binders

​

Solutions

​

Polystyrene

​

Feedstocks

​

Total

 

September 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

319.6

​

$

202.0

​

$

186.3

​

$

—

​

$

10.2

​

$

718.1

​

Europe

​

 

200.5

​

 

351.7

​

 

453.4

​

 

377.9

​

 

120.4

​

 

1,503.9

​

Asia-Pacific

​

 

70.3

​

 

165.5

​

 

82.4

​

 

199.1

​

 

—

​

 

517.3

​

Rest of World

​

 

8.0

​

 

4.9

​

 

85.7

​

 

—

​

 

—

​

 

98.6

​

Total

​

$

598.4

​

$

724.1

​

$

807.8

​

$

577.0

​

$

130.6

​

$

2,837.9

​

September 30, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

418.0

​

$

290.1

​

$

264.3

​

$

—

​

$

13.0

​

$

985.4

​

Europe

​

 

300.1

​

 

480.4

​

 

602.2

​

 

604.5

​

 

207.3

​

 

2,194.5

​

Asia-Pacific

​

 

112.4

​

 

223.9

​

 

102.1

​

 

273.1

​

 

—

​

​

711.5

​

Rest of World

​

 

8.7

​

 

6.9

​

 

83.2

​

 

0.1

​

 

—

​

 

98.9

​

Total

​

$

839.2

​

$

1,001.3

​

$

1,051.8

​

$

877.7

​

$

220.3

​

$

3,990.3

​

​
v3.23.3
Investments in Unconsolidated Affiliate (Tables)
 9 Months Ended
Sep. 30, 2023
Investments in Unconsolidated Affiliate  
Summarized financial information of unconsolidated affiliates

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

    

2023

    

2022

    

2023

    

2022

    

Sales

    

$

455.2

    

$

535.3

    

$

1,315.1

    

$

1,654.3

​

Gross profit

​

$

54.0

​

$

70.6

​

$

146.0

​

$

212.2

​

Net income

​

$

40.4

​

$

48.3

​

$

104.0

​

$

164.5

​
v3.23.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2023
Inventories  
Schedule of Inventories

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31,

​

    

2023

​

2022

Finished goods

    

$

176.5

    

$

218.4

Raw materials and semi-finished goods

​

 

228.3

​

 

295.6

Supplies

​

 

41.1

​

 

39.6

Total

​

$

445.9

​

$

553.6

​
v3.23.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt  
Schedule of Debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2023

​

December 31, 2022

​

​

   

Interest Rate as of
September 30, 2023

   

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

​

2029 Senior Notes

​

5.125%

​

April 2029

​

$

447.0

​

$

(11.6)

​

$

435.4

​

$

447.0

​

$

(12.9)

​

$

434.1

​

2025 Senior Notes

​

5.375%

​

September 2025 (2)

​

​

115.0

​

​

(0.6)

​

​

114.4

​

​

500.0

​

​

(3.7)

​

​

496.3

​

Senior Credit Facility

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024 Term Loan B

​

—

​

September 2024 (2)

​

​

—

​

​

—

​

​

—

​

​

663.4

​

​

(5.1)

​

​

658.3

​

2028 Term Loan B

​

7.931%

​

May 2028

​

​

730.6

​

​

(12.5)

​

​

718.1

​

​

735.9

​

​

(14.4)

​

​

721.5

​

2026 Revolving Facility (3)

​

Various

​

May 2026

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

2028 Refinance Term Loans

​

13.827%

​

May 2028 (2)

​

​

1,045.2

​

​

(25.4)

​

​

1,019.8

​

​

—

​

​

—

​

​

—

​

Accounts Receivable Securitization Facility (4)

​

Various

​

November 2024

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Other indebtedness

​

Various

​

Various

​

​

7.4

​

​

—

​

​

7.4

​

​

7.4

​

​

—

​

​

7.4

​

Total debt

​

​

​

​

​

$

2,345.2

​

$

(50.1)

​

$

2,295.1

​

$

2,353.7

​

$

(36.1)

​

$

2,317.6

​

Less: current portion(5)

​

​

​

​

​

​

​

​

​

​

​

​

(20.9)

​

​

​

​

​

​

​

​

(16.0)

​

Total long-term debt, net of unamortized deferred financing fees

​

​

​

​

​

​

​

​

​

​

​

$

2,274.2

​

​

​

​

​

​

​

$

2,301.6

​

(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)The 2024 Term Loan B was repaid in full on September 8, 2023 using the proceeds of the 2028 Refinance Term Loans, discussed below. Additionally, the 2025 Senior Notes were partially repaid on September 8, 2023 using the proceeds of the 2028 Refinance Term Loans.
(3)As of September 30, 2023, under the 2026 Revolving Facility, the Company had a capacity of $375.0 million and $26.8 million outstanding letters of credit. As of September 30, 2023, the Company had funds available for borrowing of $95.7 million (net of the applicable $16.8 million outstanding letters of credit as defined in the secured credit agreement), which reflects the borrowing limit imposed by the springing covenant. The springing covenant applies when 30% or more of the 2026 Revolving Facility’s capacity is drawn which then requires the Company to meet a first lien net leverage ratio (as defined in the secured credit agreement) not to exceed 3.50x at the end of each financial quarter. As of September 30, 2023, the first lien net leverage ratio was 6.41x and the outstanding borrowings did not exceed the 30% threshold. 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.
(4)As of September 30, 2023, this facility had a borrowing capacity of $150.0 million, and the Company had approximately $120.4 million of accounts receivable available to support this facility, based on the pool of eligible accounts receivable.
(5)The current portion of long-term debt as of September 30, 2023 was primarily related to $18.3 million of the scheduled future principal payments on both the 2028 Term Loan B and the 2028 Refinance Term Loans while the current portion of long-term debt as of December 31, 2022 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.
v3.23.3
Goodwill (Tables)
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible assets  
Changes in Carrying Amount of Goodwill, by Segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineered

​

Latex

​

Plastics

​

​

​

​

​

Americas

​

​

​

 

​

    

Materials

    

Binders

    

Solutions

    

Polystyrene

    

Feedstocks

    

Styrenics

    

Total

 

Balance at December 31, 2022

​

$

348.9

​

$

14.8

​

$

42.5

​

$

4.2

​

$

—

​

$

—

​

$

410.4

​

Impairment losses

​

​

(349.0)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(349.0)

​

Foreign currency impact

​

 

0.1

​

​

—

​

​

(0.3)

​

​

—

​

​

—

​

​

—

​

 

(0.2)

​

Balance at September 30, 2023

​

$

—

​

$

14.8

​

$

42.2

​

$

4.2

​

$

—

​

$

—

​

$

61.2

​
v3.23.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments  
Notional Amounts of Most Significant Net Foreign Exchange Hedge Positions Outstanding

​

​

​

​

​

Buy / (Sell) 

    

September 30, 2023

Euro

​

$

(386.8)

Chinese Yuan

​

$

(41.0)

Swiss Franc

​

$

(19.5)

Indonesian Rupiah

​

$

(16.1)

South Korean Won

​

$

(15.9)
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

​

​

September 30, 2023

​

September 30, 2022

​

  

Cost of
sales

​

Interest expense, net

​

Other (expense) income, net

​

Cost of
sales

​

Interest expense, net

​

Other (expense) income, net

Total amount of income and (expense) line items presented in the statements of operations in which the effects of derivative instruments are recorded

​

$

(847.7)

​

$

(46.6)

​

$

13.2

​

$

(1,217.6)

​

$

(30.4)

​

$

(1.3)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of cash flow hedge instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity cash flow hedges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain (loss) reclassified from AOCI into income

​

$

(9.4)

​

$

—

​

$

—

​

$

2.0

​

$

—

​

$

—

Interest rate swaps

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain reclassified from AOCI into income

​

$

—

​

$

—

​

$

—

​

$

—

​

$

0.2

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of derivatives not designated as hedge instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign exchange forward contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain recognized in income

​

$

—

​

$

—

​

$

8.5

​

$

—

​

$

—

​

$

33.7

Commodity economic hedges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of loss recognized in income

​

$

(1.3)

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Location and Amount of Gain (Loss) Recognized in
 Statements of Operations

​

​

Nine Months Ended

​

Nine Months Ended

​

​

September 30, 2023

​

September 30, 2022

​

  

Cost of
sales

​

Interest expense, net

​

Other (expense) income, net

​

Cost of
sales

​

Interest expense, net

​

Other (expense) income, net

Total amount of income and (expense) line items presented in the statements of operations in which the effects of derivative instruments are recorded

​

$

(2,715.9)

​

$

(125.1)

​

$

19.0

​

$

(3,714.8)

​

$

(77.7)

​

$

(2.4)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of cash flow hedge instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity cash flow hedges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain (loss) reclassified from AOCI into income

​

$

(25.5)

​

$

—

​

$

—

​

$

2.0

​

$

—

​

$

—

Interest rate swaps

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of loss reclassified from AOCI into income

​

$

—

​

$

—

​

$

—

​

$

—

​

$

(1.2)

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of net investment hedge instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cross currency swaps

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain excluded from effectiveness testing

​

$

—

​

$

—

​

$

—

​

$

—

​

$

2.4

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The effects of derivatives not designated as hedge instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign exchange forward contracts

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of gain recognized in income

​

$

—

​

$

—

​

$

6.7

​

$

—

​

$

—

​

$

81.6

Commodity economic hedges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of loss recognized in income

​

$

(16.3)

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—
Schedule of Effect of Hedges on AOCI

​

​

​

​

​

​

​

​

​

​

​

​

​

​

`

​

Gain (Loss) Recognized in AOCI on Balance Sheet

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

​

2023

​

2022

​

2023

​

2022

Designated as Cash Flow Hedges

​

​

​

​

​

​

​

​

​

​

​

​

Commodity cash flow hedges

​

$

8.4

​

$

(5.4)

​

$

(1.3)

​

$

(5.4)

Interest rate swaps

​

​

—

​

​

(0.2)

​

​

—

​

​

2.2

Total

​

$

8.4

​

$

(5.6)

​

$

(1.3)

​

$

(3.2)

Designated as Net Investment Hedges

​

​

​

​

​

​

​

​

​

​

​

​

Cross currency swaps (CCS)

​

$

—

​

$

—

​

$

—

​

$

15.8

Total

​

$

—

​

$

—

​

$

—

​

$

15.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain (Loss) Recognized in Other expense (income), net in Statement of Operations

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

    

2023

    

2022

    

2023

    

2022

    

Settlements and changes in the fair value of forward contracts (not designated as hedges)

    

$

8.5

    

$

33.7

    

$

6.7

    

$

81.6

    

Remeasurement of foreign currency-denominated assets and liabilities

​

​

(4.0)

​

​

(35.4)

​

​

3.9

​

​

(83.4)

​

Total

​

$

4.5

​

$

(1.7)

​

$

10.6

​

$

(1.8)

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2023

​

​

Foreign

​

​

​

​

​

​

​

​

​

​

Exchange

​

Commodity

​

Commodity

​

​

​

Balance Sheet

​

Forward

​

Economic

​

Cash Flow

​

​

Classification

    

Contracts

​

Hedges

​

Hedges

​

Total

Asset Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

Accounts receivable, net of allowance

​

$

10.8

​

$

—

​

$

—

​

$

10.8

Gross derivative asset position

​

​

10.8

​

​

—

​

​

—

​

​

10.8

Less: Counterparty netting

​

​

(0.1)

​

​

—

​

​

—

​

​

(0.1)

Net derivative asset position

​

$

10.7

​

$

—

​

$

—

​

$

10.7

Liability Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

Accounts payable

​

$

(0.1)

​

$

(7.6)

​

$

(15.8)

​

$

(23.5)

Other noncurrent obligations

​

​

—

​

​

(1.2)

​

​

(2.2)

​

​

(3.4)

Gross derivative liability position

​

​

(0.1)

​

​

(8.8)

​

​

(18.0)

​

​

(26.9)

Less: Counterparty netting

​

​

0.1

​

​

—

​

​

—

​

​

0.1

Net derivative liability position

​

$

—

​

$

(8.8)

​

$

(18.0)

​

$

(26.8)

Total net derivative position

​

$

10.7

​

$

(8.8)

​

$

(18.0)

​

$

(16.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

   

​

​

Foreign

​

​

​

​

​

​

 

​

​

Exchange

​

Commodity

​

Commodity

​

​

​

​

Balance Sheet

​

Forward

​

Economic

​

Cash Flow

​

​

 

Classification

    

Contracts

    

Hedges

    

Hedges

    

Total

     

Asset Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Accounts receivable, net of allowance

​

$

0.2

​

$

—

​

$

—

​

$

0.2

​

Gross derivative asset position

​

​

0.2

​

​

—

​

​

—

​

​

0.2

​

Less: Counterparty netting

​

​

(0.1)

​

​

—

​

​

—

​

​

(0.1)

​

Net derivative asset position

​

$

0.1

​

$

—

​

$

—

​

$

0.1

​

Liability Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Accounts payable

​

$

(11.1)

​

$

(5.3)

​

$

(11.3)

​

$

(27.7)

​

Other noncurrent obligations

​

​

—

​

​

(1.3)

​

​

(0.9)

​

​

(2.2)

​

Gross derivative liability position

​

​

(11.1)

​

​

(6.6)

​

​

(12.2)

​

​

(29.9)

​

Less: Counterparty netting

​

​

0.1

​

​

—

​

​

—

​

​

0.1

​

Net derivative liability position

​

$

(11.0)

​

$

(6.6)

​

$

(12.2)

​

$

(29.8)

​

Total net derivative position

​

$

(10.9)

​

$

(6.6)

​

$

(12.2)

​

$

(29.7)

​
v3.23.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Measurements  
Schedule of Assets and Liabilities at Fair Value on Recurring Basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2023

 

​

​

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

    

$

—

    

$

10.7

    

$

—

    

$

10.7

​

Commodity economic hedges—(Liabilities)

​

​

—

​

​

(8.8)

​

​

—

​

​

(8.8)

​

Commodity cash flow hedges—(Liabilities)

​

​

—

​

​

(18.0)

​

​

—

​

​

(18.0)

​

Total fair value

​

$

—

​

$

(16.1)

​

$

—

​

$

(16.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

 

​

​

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

​

$

—

    

$

0.1

    

$

—

    

$

0.1

​

Foreign exchange forward contracts—(Liabilities)

​

​

—

​

​

(11.0)

​

​

—

​

​

(11.0)

​

Commodity economic hedges—(Liabilities)

​

​

—

​

​

(6.6)

​

​

—

​

​

(6.6)

​

Commodity cash flow hedges—(Liabilities)

​

​

—

​

​

(12.2)

​

​

—

​

​

(12.2)

​

Total fair value

​

$

—

​

$

(29.7)

​

$

—

​

$

(29.7)

​
Estimated Fair Value of Outstanding Debt Not Carried at Fair Value

​

​

​

​

​

​

​

​

​

​

    

As of

​

As of

 

​

    

September 30, 2023

    

December 31, 2022

 

2029 Senior Notes

​

$

234.0

​

$

292.3

​

2025 Senior Notes

​

​

106.1

​

​

416.9

​

2028 Term Loan B

​

​

616.5

​

​

687.1

​

2028 Refinance Term Loans

​

​

1,067.4

​

​

—

​

2024 Term Loan B

​

​

—

​

​

645.6

​

Total fair value

​

$

2,024.0

​

$

2,041.9

​
v3.23.3
Provision For Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2023
Provision For Income Taxes  
Schedule of Effective Tax Rate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

​

September 30, 

​

September 30, 

​

​

​

    

2023

    

2022

    

2023

    

2022

 

​

Effective income tax rate

​

​

31.6

%  

​

9.3

%  

​

12.0

%  

​

(185.2)

%

​
v3.23.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies.  
Schedule of asset retirement cost

​

​

​

​

​

Change in asset retirement obligation

​

​

Balance at December 31, 2022

​

$

35.8

Obligations incurred and adjustments to estimated obligations (1)

​

​

(7.7)

Settlements

​

​

(9.3)

Accretion expense

​

​

1.1

Currency translation adjustment

​

​

0.2

Balance at September 30, 2023

​

$

20.1
v3.23.3
Pension Plans and Other Postretirement Benefits (Tables)
 9 Months Ended
Sep. 30, 2023
Pension Plans and Other Postretirement Benefits  
Schedule of Net Periodic Benefit Costs

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Three Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

​

Non-U.S. Defined Benefit Pension Plans

​

U.S. Defined Benefit Pension

​

​

    

2023

    

2022

    

2023

    

2022

 

Net periodic benefit cost

    

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

$

2.1

​

$

3.0

    

$

0.1

​

$

0.2

​

Interest cost

​

 

2.7

​

 

0.6

​

 

0.2

​

 

0.2

​

Expected return on plan assets

​

 

(1.2)

​

 

(0.1)

​

 

(0.1)

​

 

(0.2)

​

Amortization of prior service credit

​

 

(0.8)

​

 

(0.1)

​

 

—

​

 

—

​

Amortization of net (gain) loss

​

 

(1.4)

​

 

0.6

​

 

—

​

 

—

​

Settlement and curtailment (gain) loss

​

 

0.6

​

 

(1.2)

​

 

—

​

 

(0.2)

​

Net periodic benefit cost

​

$

2.0

​

$

2.8

​

$

0.2

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

​

Non-U.S. Defined Benefit Pension Plans

​

U.S. Defined Benefit Pension

​

​

    

2023

    

2022

    

2023

    

2022

 

Net periodic benefit cost

    

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

$

6.2

​

$

9.3

    

$

0.4

​

$

0.7

​

Interest cost

​

 

6.1

​

 

2.0

​

 

0.6

​

 

0.5

​

Expected return on plan assets

​

 

(1.5)

​

 

(0.2)

​

 

(0.4)

​

 

(0.7)

​

Amortization of prior service credit

​

 

(0.9)

​

 

(0.3)

​

 

—

​

 

—

​

Amortization of net (gain) loss

​

 

(2.9)

​

 

1.9

​

 

—

​

 

—

​

Settlement and curtailment (gain) loss

​

​

0.6

​

​

(3.1)

​

​

—

​

​

(0.2)

​

Net periodic benefit cost

​

$

7.6

​

$

9.6

​

$

0.6

​

$

0.3

​
v3.23.3
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2023
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

​

Nine Months Ended

​

September 30, 2023

​

​

​

September 30, 

​

September 30, 

​

Unrecognized

​

Weighted

​

​

  

2023

  

2022

  

2023

  

2022

  

Compensation Cost

  

Average Years

​

RSUs

​

$

2.6

​

$

2.1

​

$

9.6

​

$

9.1

​

$

9.1

​

1.6

​

Options

​

​

1.1

​

​

0.6

​

​

4.4

​

​

4.4

​

​

1.9

​

1.3

​

PSUs

​

​

0.4

​

​

0.7

​

​

2.1

​

​

2.1

​

​

4.9

​

2.0

​

Total share-based compensation expense

​

$

4.1

​

$

3.4

​

$

16.1

​

$

15.6

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended

​

​

​

September 30, 2023

​

​

​

Awards Granted

​

Weighted Average Grant Date Fair Value per Award

​

RSUs

​

​

523,231

​

$

21.22

​

Options

​

​

438,727

​

​

10.86

​

PSUs

​

​

219,238

​

​

20.23

​
Employee Stock Option [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Weighted-average Assumptions

​

​

​

​

​

​

​

Nine Months Ended

​

    

September 30, 2023

Expected term (in years)

 

5.50

​

Expected volatility

 

54.01

%

Risk-free interest rate

 

4.06

%

Dividend yield

​

2.00

%  
Performance Share Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Weighted-average Assumptions

​

​

​

​

​

​

​

Nine Months Ended

​

​

September 30, 2023

Expected term (in years)

​

3.00

​

Expected volatility

 

62.60

%

Risk-free interest rate

 

4.41

%

Share price

$

24.08

​
v3.23.3
Segments (Tables)
 9 Months Ended
Sep. 30, 2023
Segments  
Reconciliation of Segment Reporting to Consolidated

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineered

​

Latex

​

Plastics

​

​

​

​

​

Americas

​

Total Segment

​

 

Three Months Ended (1)

​

Materials

​

Binders

​

Solutions

​

Polystyrene

​

Feedstocks

​

Styrenics

​

Adjusted EBITDA

​

 

September 30, 2023

  

$

4.8

  

$

22.8

​

$

22.0

​

$

9.2

  

$

(19.4)

  

$

19.0

  

$

58.4

  

​

September 30, 2022

​

$

7.5

​

$

31.0

​

$

(14.9)

​

$

18.7

​

$

(78.0)

​

$

22.8

​

$

(12.9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineered

​

Latex

​

Plastics

​

​

​

​

​

Americas

​

Total Segment

​

 

Nine Months Ended (1)

​

Materials

​

Binders

​

Solutions

​

Polystyrene

​

Feedstocks

​

Styrenics

​

Adjusted EBITDA

​

 

September 30, 2023

​

$

4.9

​

$

74.2

​

$

73.1

​

$

31.2

​

$

(37.1)

​

$

49.1

​

$

195.4

​

​

September 30, 2022

​

$

76.2

​

$

90.6

​

$

99.8

​

$

87.0

​

$

(59.8)

​

$

83.8

​

$

377.6

​

​

(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

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

    

2023

    

2022

    

2023

    

2022

    

Loss from continuing operations before income taxes

​

$

(56.1)

​

$

(130.0)

​

$

(495.8)

​

$

(22.3)

​

Interest expense, net

​

 

46.6

​

 

30.4

​

 

125.1

​

 

77.7

​

Depreciation and amortization(2)

​

 

38.2

​

 

45.9

​

​

146.7

​

 

147.1

​

Corporate Unallocated(3)

​

​

17.5

​

​

23.7

​

​

61.4

​

​

72.1

​

Adjusted EBITDA Addbacks(4)

​

 

12.2

​

 

17.1

​

 

358.0

​

 

103.0

​

Segment Adjusted EBITDA

​

$

58.4

​

$

(12.9)

​

$

195.4

​

$

377.6

​

(2)

Includes a $12.9 million change in cost estimate related to the Boehlen, Germany Asset Retirement Obligation as the Company was able to realize efficiencies during decommissioning.

(3)

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

(4)

Adjusted EBITDA addbacks for the three and nine months ended September 30, 2023 and 2022 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

​

2023

    

2022

    

2023

    

2022

    

Net gain on disposition of businesses and assets (a)

​

$

(9.3)

​

$

—

​

$

(25.6)

​

$

(1.8)

​

Restructuring and other charges (Note 17)

​

​

13.8

​

​

—

​

​

19.0

​

​

(1.0)

​

Acquisition transaction and integration net costs (Note 3)

​

​

—

​

​

0.4

​

​

0.1

​

​

6.2

​

Asset impairment charges or write-offs (Note 11) (b)

​

​

0.5

​

​

1.9

​

​

2.1

​

​

3.9

​

European Commission request for information (Note 13)

​

​

—

​

​

—

​

​

—

​

​

35.6

​

Goodwill impairment charges (Note 9)

​

​

—

​

​

—

​

​

349.0

​

​

—

​

Other items (c)

​

​

7.2

​

​

14.8

​

​

13.4

​

​

60.1

​

Total Adjusted EBITDA Addbacks

​

$

12.2

​

$

17.1

​

$

358.0

​

$

103.0

​

(a)In September 2023, the Company entered into an agreement to sell certain European emission certifications the Company no longer intends to utilize for a cash consideration of approximately $15.7 million. The Company recorded a pre-tax gain on sale of $9.3 million during the three and nine months ended September 30, 2023, which was recorded within “Other expense (income), net” in the condensed consolidated statements of operations. In April 2023, the Company entered into an agreement to sell its land, buildings and equipment in Matamoros, Mexico for a cash consideration of approximately $19.0 million, which was received in May 2023 when the transaction closed. The Company recorded a pre-tax gain on sale of $14.4 million during the nine months ended September 30, 2023, which was recorded within “Selling, general and administrative expenses” in the condensed consolidated statements of operations.
(b)Asset impairment charges or write-offs for the three and nine months ended September 30, 2023 primarily relate to write-offs and other charges, as well as the impairment of the Company’s styrene monomer assets in Boehlen. Asset impairment charges or write-offs for the three and nine months ended September 30, 2022 primarily relate to the impairment of the Company’s styrene monomer assets in Boehlen.
(c)Other items for the three and nine months ended September 30, 2023 and 2022 primarily relate to fees incurred in conjunction with certain of the Company’s strategic initiatives. Other items for the three and nine months ended September 30, 2022 also relate to fees incurred in conjunction with our transition to a new enterprise resource planning system.
v3.23.3
Restructuring (Tables)
 9 Months Ended
Sep. 30, 2023
Restructuring  
Detail of Restructuring Charges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

Cumulative

​

​

​

​

​

September 30, 

​

September 30, 

​

Life-to-date

​

​

​

​

​

2023

    

2022

​

2023

    

2022

​

Charges

    

Segment

​

Asset Optimization and Corporate Restructuring(1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Engineered Materials:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accelerated depreciation

​

$

3.2

​

$

—

​

$

3.2

​

$

—

​

$

3.2

​

Engineered Materials

​

Employee termination benefits

​

​

1.2

​

​

—

​

​

1.2

​

​

—

​

​

1.2

​

Engineered Materials

​

Decommissioning and other

​

​

1.6

​

​

—

​

​

1.6

​

​

—

​

​

1.6

​

Engineered Materials

​

Corporate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee termination benefits

​

$

8.4

​

$

—

​

$

8.4

​

$

—

​

$

8.4

​

N/A(2)

​

Asset Optimization and Corporate Restructuring Subtotal

​

$

14.4

​

$

—

​

$

14.4

​

$

—

​

$

14.4

​

​

​

Asset Restructuring Plan(3)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Feedstocks:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accelerated depreciation

​

$

(12.9)

​

$

—

​

$

(7.7)

​

$

—

​

$

27.4

​

Feedstocks

​

Employee termination benefits

​

​

—

​

​

—

​

​

(0.2)

​

​

—

​

​

3.7

​

Feedstocks

​

Contract terminations

​

​

2.0

​

​

—

​

​

6.3

​

​

—

​

​

6.7

​

Feedstocks

​

Decommissioning and other

​

​

0.2

​

​

—

​

​

1.1

​

​

—

​

​

4.4

​

Feedstocks

​

Plastics Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accelerated depreciation

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1.4

​

Plastics Solutions

​

Employee termination benefits

​

​

—

​

​

—

​

​

(0.4)

​

​

—

​

​

3.0

​

Plastics Solutions

​

Decommissioning and other

​

​

0.4

​

​

—

​

​

1.8

​

​

—

​

​

1.8

​

Plastics Solutions

​

Engineered Materials:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accelerated depreciation

​

​

—

​

​

—

​

​

3.1

​

​

—

​

​

6.3

​

Engineered Materials

​

Employee termination benefits

​

​

0.3

​

​

—

​

​

0.3

​

​

—

​

​

2.7

​

Engineered Materials

​

Decommissioning and other

​

​

—

​

​

—

​

​

(0.8)

​

​

—

​

​

2.9

​

Engineered Materials

​

Asset Restructuring Plan subtotal

​

$

(10.0)

​

$

—

​

$

3.5

​

$

—

​

$

60.3

​

​

​

Transformational Restructuring Program

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Employee termination benefits

​

$

(0.4)

​

$

—

​

$

(0.4)

​

$

0.1

​

$

8.4

​

​

​

Transformational Restructuring Program Subtotal

​

$

(0.4)

​

$

—

​

$

(0.4)

​

$

0.1

​

$

8.4

​

N/A(2)

​

Other Restructurings

​

​

—

​

​

—

​

​

—

​

​

(1.1)

​

​

​

​

Various

​

Total Restructuring Charges

​

$

4.0

​

$

—

​

$

17.5

​

$

(1.0)

​

​

​

​

​

​

(1)On August 23, 2023, the Company announced a restructuring plan to optimize its PMMA sheet network, primarily in Europe, consolidate manufacturing operations and certain other workforce reductions to streamline its general & administrative network. The Asset Optimization and Corporate Restructuring plan includes closure of certain plants and product lines, including (i) closure of manufacturing operations at the Company’s PMMA cast sheets plant in Bronderslev, Denmark, (ii) closure of manufacturing operations at the Company’s batch polyester tray casting plant in Belen, New Mexico, and (iii) closure of its PMMA extruded sheet production line at its Rho, Italy plant.

During the third quarter of 2023, the Company incurred employee termination benefit charges, net of $9.6 million. The majority of these charges are expected to be paid through second quarter of 2025. The Company also incurred accelerated depreciation charges of $3.2 million and decommissioning and other charges of $1.6 million, which included a write-down of inventory, during the third quarter of 2023.

The Company expects to incur incremental accelerated depreciation charges of $5.8 million and an incremental $2.5 million of decommissioning and other charges through the end of 2024.

On October 26, 2023, the Company approved additional restructuring actions to discontinue styrene production at the Company’s Terneuzen, the Netherlands plant. These actions are expected to result in additional estimated restructuring charges of $58 million to $68 million, consisting of approximately $19 million to $21 million of asset-related charges, primarily for accelerated depreciation, approximately $20 million to $23 million related to decommissioning costs, approximately $16 million to $19 million of other costs, principally contract terminations, and $3 million to $5 million of severance benefits to affected employees. Actions are expected to be substantially completed by the end of 2025.  The cash amount of these charges, primarily related to decommissioning and contract termination costs, as well as severance benefits to affected employees is expected to be approximately $32 million to $40 million with substantially all payments to be made by the end of 2025.

(2)Reflects certain employee termination benefit charges associated with streamlining internal general & administrative network. As these employee termination benefit charges were identified as a corporate-related activity, the charges related to this portion of the Asset Optimization and Corporate Restructuring plan were not allocated to a specific segment, but rather included within corporate unallocated.
(3)In December 2022, the Company announced an asset restructuring plan designed to reduce costs, improve profitability, reduce exposure to cyclical markets and elevated natural gas prices, and address market overcapacity. The asset restructuring plan includes (i) closure of manufacturing operations at the styrene production facility in Boehlen, Germany, (ii) closure of one of its production lines at the Stade, Germany polycarbonate plant, and (iii) closure of the PMMA sheet manufacturing site in Matamoros, Mexico. The program is expected to be substantially completed by the second quarter of 2025.

In connection with this restructuring plan, during the three and nine months ended September 30, 2023, the Company incurred employee termination benefit charges, net of $0.3 million and $(0.3) million, respectively, contract termination charges of $2.0 million and $6.3 million, respectively, accelerated depreciation charges of $(12.9) million and $(4.6) million, respectively, and decommissioning and other charges of $0.6 million and $2.1 million, respectively. The decrease in accelerated depreciation charges reflects a change in cost estimate related to the Boehlen, Germany Asset Retirement Obligation as the Company was able to realize efficiencies during decommissioning. Production at all facilities has ceased and decommissioning activities are expected to continue through the end of 2024. The Company expects to incur incremental contract termination charges of $13.8 million, decommissioning and other charges of $1.2 million, as well as a limited amount of incremental employee termination benefit charges, the majority of which is expected to be paid by the end of 2024. Of the total incremental charges, $14.8 million is expected to be incurred in the Feedstocks segment, and less than $0.2 million is expected to be incurred in the Plastics Solution segment.

In April 2023, the Company entered into an agreement to sell its land, buildings and equipment in Matamoros, Mexico for a cash consideration of approximately $19.0 million, which was received in May 2023 when the transaction closed. The Company recorded a pre-tax gain on sale of $14.4 million during the nine months ended September 30, 2023, which was recorded within “Selling, general and administrative expenses” in the condensed consolidated statements of operations.

(4)In May 2021, the Company approved a transformational restructuring program associated with the Company’s strategic initiatives. The Company expects to incur incremental employee termination benefit charges related to impacted employees as of September 30, 2023 of less than $1.0 million, the majority of which are expected to be paid in 2023. 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, 2022

    

Expenses 

    

Deductions(1)

    

September 30, 2023

  

Employee termination benefits

​

$

13.3

​

$

8.1

​

$

(5.6)

​

$

15.8

​

Contract terminations

​

 

—

​

 

6.4

​

 

(6.4)

​

 

—

​

Decommissioning and other

​

​

—

​

​

3.8

​

​

(3.8)

​

​

—

​

Total

​

$

13.3

​

$

18.3

​

$

(15.8)

​

$

15.8

​

(1)Primarily includes payments made against the existing accrual, as well as immaterial impacts of foreign currency remeasurement.
v3.23.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss).  
Components of AOCI, Net of Income Taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Cumulative

    

Pension & Other

    

​

​

​

​

​

​

​

​

Translation

​

Postretirement Benefit

​

​

Cash Flow

​

​

​

​

Three Months Ended September 30, 2023 and 2022

    

Adjustments

    

Plans, Net

    

​

Hedges, Net

    

Total

 

Balance as of June 30, 2023

​

$

(149.3)

​

$

28.5

​

$

(16.3)

​

$

(137.1)

​

Other comprehensive loss

​

 

(12.8)

​

 

—

​

 

(2.2)

​

 

(15.0)

​

Amounts reclassified from AOCI to net income(1)

​

​

—

​

​

(1.5)

​

​

8.5

​

​

7.0

​

Balance as of September 30, 2023

​

$

(162.1)

​

$

27.0

​

$

(10.0)

​

$

(145.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as of June 30, 2022

​

$

(153.4)

​

$

(27.0)

​

$

2.5

​

$

(177.9)

​

Other comprehensive income (loss)

​

 

(45.0)

​

 

2.4

​

 

(3.4)

​

 

(46.0)

​

Amounts reclassified from AOCI to net income (1)

​

​

—

​

​

(0.9)

​

​

(2.2)

​

​

(3.1)

​

Balance as of September 30, 2022

​

$

(198.4)

​

$

(25.5)

​

$

(3.1)

​

$

(227.0)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Cumulative

    

Pension & Other

    

​

​

​

​

​

​

​

Translation

​

Postretirement Benefit

​

Cash Flow

​

​

​

​

Nine Months Ended September 30, 2023 and 2022

​

Adjustments

    

Plans, Net

    

Hedges, Net

    

Total

​

Balance at December 31, 2022

​

$

(151.2)

​

$

29.0

​

$

(9.1)

​

$

(131.3)

​

Other comprehensive income (loss)

​

 

(10.9)

​

 

—

​

 

(23.8)

​

 

(34.7)

​

Amounts reclassified from AOCI to net income(1)

​

​

—

​

​

(2.0)

​

​

22.9

​

​

20.9

​

Balance as of September 30, 2023

​

$

(162.1)

​

$

27.0

​

$

(10.0)

​

$

(145.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as of December 31, 2021

​

$

(114.3)

​

$

(33.6)

​

$

0.7

​

$

(147.2)

​

Other comprehensive income (loss)

​

 

(84.1)

​

 

10.0

​

 

(2.7)

​

 

(76.8)

​

Amounts reclassified from AOCI to net income(1)

​

​

—

​

​

(1.9)

​

​

(1.1)

​

​

(3.0)

​

Balance as of September 30, 2022

​

$

(198.4)

​

$

(25.5)

​

$

(3.1)

​

$

(227.0)

​

(1)The following is a summary of amounts reclassified from AOCI to net income (loss) for the three and nine months ended September 30, 2023 and 2022:
Summary of amounts reclassified from AOCI to net income (loss)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

​

​

September 30, 

​

September 30, 

​

Statements of Operations

​

AOCI Components

   

2023

   

2022

   

2023

   

2022

   

Classification

​

Cash flow hedging items

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity cash flow hedges

​

$

9.4

​

$

(2.0)

​

$

25.5

​

$

(2.0)

​

Cost of sales

​

Interest rate swaps

​

​

—

​

​

(0.2)

​

​

—

​

​

1.2

​

Interest expense, net

​

Total before tax

​

​

9.4

​

​

(2.2)

​

​

25.5

​

​

(0.8)

​

​

​

Tax effect

​

​

(0.9)

​

​

—

​

​

(2.6)

​

​

(0.3)

​

Provision for (benefit from) income taxes

​

Total, net of tax

​

$

8.5

​

$

(2.2)

​

$

22.9

​

$

(1.1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortization of pension and other postretirement benefit plan items

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Prior service credit

​

$

(0.1)

​

$

(0.1)

​

$

(0.1)

​

$

(0.4)

​

(a)

​

Net actuarial (gain) loss

​

​

(1.2)

​

​

0.6

​

​

(1.9)

​

​

2.0

​

(a)

​

Net curtailment and settlement gain

​

​

(0.6)

​

​

(1.4)

​

​

(0.6)

​

​

(3.3)

​

(a)

​

Total before tax

​

​

(1.9)

​

​

(0.9)

​

​

(2.6)

​

​

(1.7)

​

​

​

Tax effect

​

​

0.4

​

​

—

​

​

0.6

​

​

(0.2)

​

Provision for (benefit from) income taxes

​

Total, net of tax

​

$

(1.5)

​

$

(0.9)

​

$

(2.0)

​

$

(1.9)

​

​

​

(a)These AOCI components are included in the computation of net periodic benefit costs (see Note 14).
v3.23.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2023
Earnings Per Share  
Schedule of Earnings per Share Basic and Diluted

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

(in millions, except per share data)

    

2023

    

2022

    

2023

    

2022

    

Earnings:

​

​

​

​

​

​

​

​

​

​

​

​

​

Net loss from continuing operations

​

$

(38.4)

​

$

(117.9)

​

$

(436.3)

​

$

(63.7)

​

Net loss from discontinued operations

​

​

—

​

​

(1.9)

​

​

—

​

​

(1.9)

​

Net loss

​

$

(38.4)

​

$

(119.8)

​

$

(436.3)

​

$

(65.6)

​

Shares:

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average ordinary shares outstanding

​

 

35.2

​

 

35.2

​

 

35.1

​

 

36.3

​

Dilutive effect of RSUs, option awards, and PSUs(1)

​

 

—

​

 

—

​

 

—

​

 

—

​

Diluted weighted average ordinary shares outstanding

​

 

35.2

​

 

35.2

​

 

35.1

​

 

36.3

​

Loss per share:

​

​

​

​

​

​

​

​

​

​

​

​

​

Loss per share—basic:

​

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

(1.09)

​

$

(3.35)

​

$

(12.42)

​

$

(1.76)

​

Discontinued operations

​

​

—

​

​

(0.06)

​

​

—

​

​

(0.05)

​

Loss per share—basic

​

$

(1.09)

​

$

(3.41)

​

$

(12.42)

​

$

(1.81)

​

Loss per share—diluted:

​

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

(1.09)

​

$

(3.35)

​

$

(12.42)

​

$

(1.76)

​

Discontinued operations

​

​

—

​

​

(0.06)

​

​

—

​

​

(0.05)

​

Loss per share—diluted

​

$

(1.09)

​

$

(3.41)

​

$

(12.42)

​

$

(1.81)

​

(1)Refer to Note 15 for discussion of RSUs, option awards, and PSUs granted to certain Company directors and employees. As the Company recorded a net loss from continuing operations for the three and nine months ended September 30, 2023 and September 30, 2022, potential shares related to equity-based awards have been excluded from the calculation of diluted EPS, as doing so would be anti-dilutive.
v3.23.3
Impairment and Other Charges (Tables)
 9 Months Ended
Sep. 30, 2023
Impairment and Other Charges.  
Schedule of Other Charges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

​

  

2023

  

2022

  

2023

  

2022

Asset impairment charges or write-offs (Note 11)

​

$

0.1

​

$

1.9

​

$

0.5

​

$

3.9

European Commission request for information (Note 13)

​

​

—

​

​

—

​

​

—

​

​

35.6

Goodwill impairment charges (Note 9)

​

​

—

​

​

—

​

​

349.0

​

​

—

Total

​

$

0.1

​

$

1.9

​

$

349.5

​

$

39.5

​
v3.23.3
Acquisitions - Heathland B.V (Details) - USD ($)
$ in Millions
 1 Months Ended 9 Months Ended
Jan. 03, 2022
Feb. 28, 2023
Sep. 30, 2023
Sep. 30, 2022
Business Acquisition [Line Items]        
Contingent consideration payment     $ 1.2  
Heathland B.V.        
Business Acquisition [Line Items]        
Contingent payments to be paid $ 6.4      
Consideration paid upon signing the agreement       $ 22.9
Contingent consideration payment   $ 1.2    
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]        
Purchase price consideration 29.3      
Heathland B.V. | Maximum        
Business Acquisition [Line Items]        
Consideration paid upon signing the agreement $ 6.8      
v3.23.3
Divestitures and Discontinued Operations (Details) - Emulsion Polymers, Synthetic Rubber - Disposal Group, Disposed of by Sale, Not Discontinued Operations
$ in Millions
Dec. 01, 2021
USD ($)
Disclosures by disposal group  
Consideration $ 402.4
Pension and other postretirement benefits 41.6
Working capital target $ 47.0
v3.23.3
Divestitures and Discontinued Operations - Results (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]        
Gain on sale of businesses and other assets     $ 25.6  
Net income from discontinued operations   $ (1.9)   $ (1.9)
Emulsion Polymers, Synthetic Rubber | Discontinued Operations, Held-for-sale        
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]        
Net sales     0.1 0.1
Cost of sales   2.2 0.1 3.6
Gross loss   (2.2)   (3.5)
Selling, general and administrative expenses       (0.3)
Operating loss   (2.2)   (3.2)
Gain on sale of businesses and other assets       1.2
Income from discontinued operations before income taxes   (2.2)   (2.0)
Provision for income taxes   (0.3)   (0.1)
Net income from discontinued operations   (1.9)   (1.9)
Emulsion Polymers, Synthetic Rubber | Disposal Group, Disposed of by Sale, Not Discontinued Operations        
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]        
Net sales related to supply agreement $ 11.9 13.8 36.5 55.6
Cost of sales related to supply agreement $ 9.8 $ 14.5 $ 38.7 $ 46.3
v3.23.3
Net Sales (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]        
Net sales $ 879.0 $ 1,178.1 $ 2,837.9 $ 3,990.3
Engineered Materials        
Disaggregation of Revenue [Line Items]        
Net sales 186.0 242.7 598.4 839.2
Latex Binders        
Disaggregation of Revenue [Line Items]        
Net sales 222.0 340.9 724.1 1,001.3
Plastics Solutions        
Disaggregation of Revenue [Line Items]        
Net sales 245.8 293.4 807.8 1,051.8
Polystyrene        
Disaggregation of Revenue [Line Items]        
Net sales 175.1 247.7 577.0 877.7
Feedstocks        
Disaggregation of Revenue [Line Items]        
Net sales 50.1 53.4 130.6 220.3
United States        
Disaggregation of Revenue [Line Items]        
Net sales 222.0 312.5 718.1 985.4
United States | Engineered Materials        
Disaggregation of Revenue [Line Items]        
Net sales 100.4 128.9 319.6 418.0
United States | Latex Binders        
Disaggregation of Revenue [Line Items]        
Net sales 64.0 105.4 202.0 290.1
United States | Plastics Solutions        
Disaggregation of Revenue [Line Items]        
Net sales 54.1 73.7 186.3 264.3
United States | Feedstocks        
Disaggregation of Revenue [Line Items]        
Net sales 3.5 4.5 10.2 13.0
Europe        
Disaggregation of Revenue [Line Items]        
Net sales 446.3 612.6 1,503.9 2,194.5
Europe | Engineered Materials        
Disaggregation of Revenue [Line Items]        
Net sales 57.7 72.5 200.5 300.1
Europe | Latex Binders        
Disaggregation of Revenue [Line Items]        
Net sales 100.6 160.1 351.7 480.4
Europe | Plastics Solutions        
Disaggregation of Revenue [Line Items]        
Net sales 131.5 157.1 453.4 602.2
Europe | Polystyrene        
Disaggregation of Revenue [Line Items]        
Net sales 109.9 174.0 377.9 604.5
Europe | Feedstocks        
Disaggregation of Revenue [Line Items]        
Net sales 46.6 48.9 120.4 207.3
Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Net sales 178.0 218.8 517.3 711.5
Asia-Pacific | Engineered Materials        
Disaggregation of Revenue [Line Items]        
Net sales 25.7 38.9 70.3 112.4
Asia-Pacific | Latex Binders        
Disaggregation of Revenue [Line Items]        
Net sales 55.6 72.9 165.5 223.9
Asia-Pacific | Plastics Solutions        
Disaggregation of Revenue [Line Items]        
Net sales 31.5 33.3 82.4 102.1
Asia-Pacific | Polystyrene        
Disaggregation of Revenue [Line Items]        
Net sales 65.2 73.7 199.1 273.1
Rest of World        
Disaggregation of Revenue [Line Items]        
Net sales 32.7 34.2 98.6 98.9
Rest of World | Engineered Materials        
Disaggregation of Revenue [Line Items]        
Net sales 2.2 2.4 8.0 8.7
Rest of World | Latex Binders        
Disaggregation of Revenue [Line Items]        
Net sales 1.8 2.5 4.9 6.9
Rest of World | Plastics Solutions        
Disaggregation of Revenue [Line Items]        
Net sales $ 28.7 $ 29.3 $ 85.7 83.2
Rest of World | Polystyrene        
Disaggregation of Revenue [Line Items]        
Net sales       $ 0.1
v3.23.3
Investments in Unconsolidated Affiliate (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Summarized Financial Information, Net Income        
Gross profit $ 31.3 $ (39.5) $ 122.0 $ 275.5
Net income (loss)     (436.3) (65.6)
AmSty        
Summarized Financial Information, Net Income        
Sales 455.2 535.3 1,315.1 1,654.3
Gross profit 54.0 70.6 146.0 212.2
Net income (loss) $ 40.4 $ 48.3 $ 104.0 $ 164.5
v3.23.3
Investments in Unconsolidated Affiliates - Americas Styrenics (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Investments in Unconsolidated Affiliates        
Investments in unconsolidated affiliate $ 249.2 $ 249.2   $ 255.1
AmSty        
Investments in Unconsolidated Affiliates        
Investments in unconsolidated affiliate $ 249.2 $ 249.2   $ 255.1
Percentage of ownership underlying net assets 50.00% 50.00%   50.00%
Amortized weighted average remaining useful life   P1Y8M12D    
Dividends received from operating activities $ 25.0 $ 55.0 $ 62.5  
Unconsolidated affiliates        
Investments in Unconsolidated Affiliates        
Investment in unconsolidated affiliates-difference between carrying amount and underlying equity $ 5.6 $ 5.6   $ 8.4
v3.23.3
Inventories (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Inventories    
Finished goods $ 176.5 $ 218.4
Raw materials and semi-finished goods 228.3 295.6
Supplies 41.1 39.6
Total $ 445.9 $ 553.6
v3.23.3
Debt - Schedule of Debt (Details)
€ in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 28, 2023
USD ($)
Sep. 08, 2023
USD ($)
Aug. 29, 2017
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Feb. 26, 2020
USD ($)
Feb. 26, 2020
EUR (€)
Sep. 06, 2017
USD ($)
Sep. 01, 2017
USD ($)
Debt Instruments                        
Carrying amount       $ 2,345.2   $ 2,345.2   $ 2,353.7        
Unamortized deferred financing fees       (50.1)   (50.1)   (36.1)        
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent       2,295.1   2,295.1   2,317.6        
Less: current portion       (20.9)   (20.9)   (16.0)        
Total long-term debt, net of unamortized deferred financing fees       2,274.2   2,274.2   2,301.6        
(Gain) loss on extinguishment of long-term debt       6.3 $ (0.8) 6.3 $ (0.8)          
Letter of Credit [Member]                        
Debt Instruments                        
Line of credit       26.8   26.8            
Term Loan B                        
Debt Instruments                        
Less: current portion       $ (18.3)   $ (18.3)   (14.5)        
2024 Term Loan B                        
Debt Instruments                        
Carrying amount               663.4        
Unamortized deferred financing fees               (5.1)        
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent               658.3        
Maximum borrowing amount                     $ 1,075.0  
Remaining borrowing amount                     $ 700.0  
(Gain) loss on extinguishment of long-term debt   $ 3.1                    
Unamortized discount   3.0                    
Original discount   0.1                    
Principal amount   659.9                    
2028 Term Loan B                        
Debt Instruments                        
Interest rate at end of period (as a percent)       7.931%   7.931%            
Carrying amount       $ 730.6   $ 730.6   735.9        
Unamortized deferred financing fees       (12.5)   (12.5)   (14.4)        
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent       718.1   718.1   721.5        
2026 Revolving Facility                        
Debt Instruments                        
Funds available for borrowings       95.7   95.7            
Letters of credit, amount outstanding       16.8   $ 16.8            
Commitment fee (as a percent)           0.375%            
Maximum borrowing amount       $ 375.0   $ 375.0            
Percentage of Revolving Facility borrowing capacity covenant trigger           30.00%            
Net leverage ratio       6.41   6.41            
2026 Revolving Facility | Maximum                        
Debt Instruments                        
Net leverage ratio       3.50   3.50            
2029 Senior Notes                        
Debt Instruments                        
Interest rate       5.125%   5.125%            
Carrying amount       $ 447.0   $ 447.0   447.0        
Unamortized deferred financing fees       (11.6)   (11.6)   (12.9)        
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent       $ 435.4   $ 435.4   434.1        
2025 Senior Notes                        
Debt Instruments                        
Interest rate       5.375%   5.375%     5.375% 5.375%   5.375%
Carrying amount       $ 115.0   $ 115.0   500.0        
Unamortized deferred financing fees       (0.6)   (0.6)   (3.7)        
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent       $ 114.4   $ 114.4   496.3 $ 500.0 € 459.3   $ 500.0
Principal amount     $ 500.0                  
Interest rate     5.375%                  
Debt instrument, redemption amount   385.0                    
Accrued interest on outstanding debt   $ 2.2                    
2028 Refinance Term Loans                        
Debt Instruments                        
Interest rate at end of period (as a percent)   3.00%   13.827%   13.827%            
Interest rate   8.50%                    
Carrying amount       $ 1,045.2   $ 1,045.2            
Unamortized deferred financing fees       (25.4)   (25.4)            
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent       1,019.8   1,019.8            
Total long-term debt, net of unamortized deferred financing fees       25.7   25.7            
Funds available for borrowings       216.1   216.1            
Maximum borrowing amount   $ 1,077.3                    
Effective percentage   0.25%                    
Original issue discount rate   3.00%                    
Debt issuance costs   $ 26.6                    
Debt modification       0.9   $ 0.9            
Debt instrument term           4 years 8 months 12 days            
Liquidity balance needed for Refinance Agreement $ 100.0                      
Liquidity balance       492.9                
Cash and cash equivalents       276.8   $ 276.8            
2028 Refinance Term Loans | Other Investees                        
Debt Instruments                        
Equity interest   100.00%                    
Accounts Receivable Securitization Facility                        
Debt Instruments                        
Carrying amount       0.0   0.0   0.0        
Unamortized deferred financing fees       0.0   0.0   0.0        
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent       0.0   0.0   0.0        
Funds available for borrowings       120.4   120.4            
Maximum borrowing amount       150.0   150.0            
Accounts receivable available to support facility       120.4   120.4            
Other Indebtedness                        
Debt Instruments                        
Carrying amount       7.4   7.4   7.4        
Total Debt, Less Unamortized Deferred Financing Fees, Current and Noncurrent       $ 7.4   $ 7.4   $ 7.4        
v3.23.3
Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2023
Dec. 31, 2022
Goodwill [Roll Forward]        
Beginning Balance     $ 410.4  
Impairment losses $ (349.0) $ (297.1) (349.0)  
Foreign currency impact     (0.2)  
Ending Balance 61.2 410.4 61.2 $ 410.4
Goodwill impairment charges 349.0 297.1 349.0  
PMMA business reporting unit        
Goodwill [Roll Forward]        
Impairment losses       0.0
Goodwill impairment charges       0.0
Aristech Surfaces reporting unit        
Goodwill [Roll Forward]        
Impairment losses       0.0
Goodwill impairment charges       0.0
Legacy Engineered Materials reporting unit        
Goodwill [Roll Forward]        
Accumulated impairment loss   0.0   0.0
Engineered Materials reporting unit        
Goodwill [Roll Forward]        
Impairment losses       0.0
Goodwill impairment charges       0.0
Engineered Materials        
Goodwill [Roll Forward]        
Beginning Balance     348.9  
Impairment losses     (349.0)  
Foreign currency impact     0.1  
Ending Balance   348.9   348.9
Goodwill impairment charges     349.0  
Accumulated impairment loss (646.1) (297.1) (646.1) (297.1)
Latex Binders        
Goodwill [Roll Forward]        
Beginning Balance     14.8  
Ending Balance 14.8 14.8 14.8 14.8
Plastics Solutions        
Goodwill [Roll Forward]        
Beginning Balance     42.5  
Foreign currency impact     (0.3)  
Ending Balance 42.2 42.5 42.2 42.5
Polystyrene        
Goodwill [Roll Forward]        
Beginning Balance     4.2  
Ending Balance 4.2 $ 4.2 $ 4.2 $ 4.2
Aristech Surfaces LLC        
Goodwill [Roll Forward]        
Impairment losses (349.0)      
Goodwill impairment charges $ 349.0      
v3.23.3
Derivative Instruments (Details)
MWh in Thousands, € in Millions, $ in Millions
 9 Months Ended
Apr. 07, 2022
USD ($)
Feb. 26, 2020
USD ($)
Sep. 06, 2017
Sep. 01, 2017
USD ($)
Sep. 30, 2023
USD ($)
MWh
item
Dec. 31, 2022
USD ($)
Feb. 26, 2020
EUR (€)
Sep. 01, 2017
EUR (€)
Derivative Instruments                
Total debt         $ 2,295.1 $ 2,317.6    
Foreign exchange forward contracts                
Derivative Instruments                
Derivative term         2 months      
Foreign exchange forward contracts | Not Designated as Hedging Instruments                
Derivative Instruments                
Derivative, Notional Amount, Buy / (Sell)         $ 507.1      
Foreign exchange forward contracts | Designated as Hedging Instrument                
Derivative Instruments                
Number of subsidiaries participating | item         1      
Foreign exchange forward contracts | Designated as Hedging Instrument | Cash Flow Hedges                
Derivative Instruments                
Amount hedged         $ 0.0      
Cross currency swaps                
Derivative Instruments                
Derivative, Notional Amount, Buy / (Sell) | €               € 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%        
Cash proceeds $ 1.9              
Interest rate swaps                
Derivative Instruments                
Derivative, Notional Amount, Buy / (Sell)         $ 200.0      
Fixed interest rate per agreement (as a percent)         1.81%      
Commodity Contract                
Derivative Instruments                
Derivative term         18 months      
Number of megawatt hours of natural gas purchases | MWh         615      
Commodity Contract | Cash Flow Hedges                
Derivative Instruments                
Derivative term         15 months      
Number of megawatt hours of natural gas purchases | MWh         748      
2025 Senior Notes                
Derivative Instruments                
Total debt   $ 500.0   $ 500.0 $ 114.4 496.3 € 459.3  
Interest rate   5.375%   5.375% 5.375%   5.375% 5.375%
2024 Term Loan B                
Derivative Instruments                
Total debt           $ 658.3    
Debt instrument, margin rate     2.00%          
Variable rate floor (as a percent)     0.00%          
Euro | Foreign exchange forward contracts | (Sell) | Not Designated as Hedging Instruments                
Derivative Instruments                
Derivative, Notional Amount, Buy / (Sell)         $ 386.8      
Chinese Yuan | Foreign exchange forward contracts | (Sell) | Not Designated as Hedging Instruments                
Derivative Instruments                
Derivative, Notional Amount, Buy / (Sell)         41.0      
Indonesian Rupiah | Foreign exchange forward contracts | (Sell) | Not Designated as Hedging Instruments                
Derivative Instruments                
Derivative, Notional Amount, Buy / (Sell)         16.1      
South Korean Won | Foreign exchange forward contracts | (Sell) | Not Designated as Hedging Instruments                
Derivative Instruments                
Derivative, Notional Amount, Buy / (Sell)         15.9      
Swiss Franc | Foreign exchange forward contracts | (Sell) | Not Designated as Hedging Instruments                
Derivative Instruments                
Derivative, Notional Amount, Buy / (Sell)         $ 19.5      
v3.23.3
Derivative Instruments - Income Statements (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative, Gain (Loss) on Derivative, Net [Abstract]        
Cost of Sales $ (847.7) $ (1,217.6) $ (2,715.9) $ (3,714.8)
Interest expense, net (46.6) (30.4) (125.1) (77.7)
Other expense (income), net 13.2 (1.3) 19.0 (2.4)
Cost of Sales        
Derivative, Gain (Loss) on Derivative, Net [Abstract]        
Amount of gain recognized in income, not designated (1.3)   (16.3)  
Foreign exchange forward contracts | Not Designated as Hedging Instruments        
Derivative, Gain (Loss) on Derivative, Net [Abstract]        
Amount of gain recognized in income, not designated 8.5 33.7 6.7 81.6
Foreign exchange forward contracts | Not Designated as Hedging Instruments | Other expense, net        
Derivative, Gain (Loss) on Derivative, Net [Abstract]        
Amount of gain recognized in income, not designated 8.5 33.7 6.7 81.6
Cross currency swaps | Interest Expense, Net        
Derivative, Gain (Loss) on Derivative, Net [Abstract]        
Amount of gain excluded from effectiveness testing       2.4
Interest rate swaps | Interest Expense, Net        
Derivative, Gain (Loss) on Derivative, Net [Abstract]        
Amount of gain reclassified from AOCI into income, interest rate cash flow hedges   0.2   (1.2)
Commodity Contract | Cash Flow Hedges | Cost of Sales        
Derivative, Gain (Loss) on Derivative, Net [Abstract]        
Amount of gain (loss) reclassified from AOCI into income $ (9.4) $ 2.0 $ (25.5) $ 2.0
v3.23.3
Derivative Instruments - Effect on AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative Instruments        
Gain (Loss) Recognized in AOCI, Cash flow hedges $ 8.4 $ (5.6) $ (1.3) $ (3.2)
Gain (Loss) Recognized in AOCI, Net investment hedges       15.8
Commodity Contract        
Derivative Instruments        
Gain (Loss) Recognized in AOCI, Cash flow hedges $ 8.4 (5.4) $ (1.3) (5.4)
Interest rate swaps        
Derivative Instruments        
Gain (Loss) Recognized in AOCI, Cash flow hedges   $ (0.2)   2.2
Cross currency swaps        
Derivative Instruments        
Gain (Loss) Recognized in AOCI, Net investment hedges       $ 15.8
v3.23.3
Derivative Instruments - Gains and Losses in Other expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative, Gain (Loss) on Derivative, Net [Abstract]        
Foreign exchange transaction gains (losses) $ (4.0) $ (35.4) $ 3.9 $ (83.4)
Derivative, Gain (Loss) on Derivative, Net, Total $ 4.5 $ (1.7) $ 10.6 $ (1.8)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Reclassification expected during next 12 months     $ 15.8  
Foreign exchange forward contracts | Not Designated as Hedging Instruments        
Derivative, Gain (Loss) on Derivative, Net [Abstract]        
Amount of gain recognized in income, not designated $ 8.5 $ 33.7 6.7 $ 81.6
Foreign exchange forward contracts | Not Designated as Hedging Instruments | Other expense, net        
Derivative, Gain (Loss) on Derivative, Net [Abstract]        
Amount of gain recognized in income, not designated $ 8.5 $ 33.7 $ 6.7 $ 81.6
v3.23.3
Derivative Instruments - Financial Assets and Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Derivatives, Financial Assets and Liabilities    
Gross derivative asset position $ 10.8 $ 0.2
Counterparty netting, derivative assets   (0.1)
Net derivative asset position 10.7 0.1
Liabilities at fair value $ (23.5) $ (27.7)
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current Accounts Payable, Current
Gross derivative liability position $ (26.9) $ (29.9)
Counterparty netting, derivative liabilities 0.1 0.1
Net derivative liability position (26.8) (29.8)
Total net derivative position (16.1) (29.7)
Other noncurrent obligations.    
Derivatives, Financial Assets and Liabilities    
Liabilities at fair value $ (3.4) $ (2.2)
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Accounts Receivable    
Derivatives, Financial Assets and Liabilities    
Gross derivative asset position $ 10.8 $ 0.2
Counterparty netting, derivative assets $ (0.1)  
Foreign exchange forward contracts | Not Designated as Hedging Instruments    
Derivatives, Financial Assets and Liabilities    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Accounts and Other Receivables, Net, Current Accounts and Other Receivables, Net, Current
Gross derivative asset position $ 10.8 $ 0.2
Counterparty netting, derivative assets   (0.1)
Net derivative asset position 10.7 0.1
Liabilities at fair value (0.1) $ (11.1)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]   Accounts Payable, Current
Gross derivative liability position (0.1) $ (11.1)
Counterparty netting, derivative liabilities 0.1 0.1
Net derivative liability position   (11.0)
Total net derivative position 10.7 (10.9)
Foreign exchange forward contracts | Not Designated as Hedging Instruments | Accounts Receivable    
Derivatives, Financial Assets and Liabilities    
Gross derivative asset position 10.8 0.2
Counterparty netting, derivative assets (0.1)  
Commodity Contract    
Derivatives, Financial Assets and Liabilities    
Liabilities at fair value (7.6) (5.3)
Gross derivative liability position (8.8) (6.6)
Net derivative liability position (8.8) (6.6)
Total net derivative position (8.8) (6.6)
Commodity Contract | Other noncurrent obligations.    
Derivatives, Financial Assets and Liabilities    
Liabilities at fair value $ (1.2) $ (1.3)
Commodity Contract | Not Designated as Hedging Instruments    
Derivatives, Financial Assets and Liabilities    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current Accounts Payable, Current
Commodity Contract | Cash Flow Hedges    
Derivatives, Financial Assets and Liabilities    
Liabilities at fair value $ (15.8) $ (11.3)
Gross derivative liability position (18.0) (12.2)
Net derivative liability position (18.0) (12.2)
Total net derivative position (18.0) (12.2)
Commodity Contract | Cash Flow Hedges | Other noncurrent obligations.    
Derivatives, Financial Assets and Liabilities    
Liabilities at fair value $ (2.2) $ (0.9)
Commodity Contract | Cash Flow Hedges | Not Designated as Hedging Instruments    
Derivatives, Financial Assets and Liabilities    
Derivative Liability, Statement of Financial Position [Extensible Enumeration]   Accounts Payable, Current
v3.23.3
Fair Value Measurements - Assets and Liabilities at Fair Value, Recurring (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Fair Value Measurements          
Liabilities at fair value $ (23.5)   $ (23.5)   $ (27.7)
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current   Accounts Payable, Current   Accounts Payable, Current
Total net derivative position $ (16.1)   $ (16.1)   $ (29.7)
Impairment loss on assets $ 0.1 $ 1.9 $ 0.5 $ 3.9  
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] Impairment And Other charges   Impairment And Other charges    
Boehlen Location          
Fair Value Measurements          
Impairment loss on assets $ 0.1   $ 0.5    
Property Plant And Equipment At Fair Value | Boehlen Location          
Fair Value Measurements          
Assets at fair value, nonrecurring 3.2   3.2   3.2
Commodity Contract          
Fair Value Measurements          
Liabilities at fair value (7.6)   (7.6)   (5.3)
Total net derivative position (8.8)   (8.8)   (6.6)
Commodity Contract | Cash Flow Hedges          
Fair Value Measurements          
Liabilities at fair value (15.8)   (15.8)   (11.3)
Total net derivative position $ (18.0)   $ (18.0)   $ (12.2)
Not Designated as Hedging Instruments | Foreign exchange forward contracts          
Fair Value Measurements          
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Accounts and Other Receivables, Net, Current   Accounts and Other Receivables, Net, Current   Accounts and Other Receivables, Net, Current
Liabilities at fair value $ (0.1)   $ (0.1)   $ (11.1)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]         Accounts Payable, Current
Total net derivative position $ 10.7   $ 10.7   $ (10.9)
Not Designated as Hedging Instruments | Commodity Contract          
Fair Value Measurements          
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current   Accounts Payable, Current   Accounts Payable, Current
Not Designated as Hedging Instruments | Commodity Contract | Cash Flow Hedges          
Fair Value Measurements          
Derivative Liability, Statement of Financial Position [Extensible Enumeration]         Accounts Payable, Current
Recurring          
Fair Value Measurements          
Total net derivative position $ (16.1)   $ (16.1)   $ (29.7)
Recurring | Level 2          
Fair Value Measurements          
Total net derivative position (16.1)   (16.1)   (29.7)
Recurring | Not Designated as Hedging Instruments | Foreign exchange forward contracts          
Fair Value Measurements          
Assets at fair value 10.7   10.7   0.1
Liabilities at fair value         (11.0)
Recurring | Not Designated as Hedging Instruments | Commodity Contract          
Fair Value Measurements          
Liabilities at fair value (8.8)   (8.8)   (6.6)
Recurring | Not Designated as Hedging Instruments | Commodity Contract | Cash Flow Hedges          
Fair Value Measurements          
Liabilities at fair value (18.0)   (18.0)   (12.2)
Recurring | Not Designated as Hedging Instruments | Level 2 | Foreign exchange forward contracts          
Fair Value Measurements          
Assets at fair value 10.7   10.7   0.1
Liabilities at fair value         (11.0)
Recurring | Not Designated as Hedging Instruments | Level 2 | Commodity Contract          
Fair Value Measurements          
Liabilities at fair value (8.8)   (8.8)   (6.6)
Recurring | Not Designated as Hedging Instruments | Level 2 | Commodity Contract | Cash Flow Hedges          
Fair Value Measurements          
Liabilities at fair value $ (18.0)   $ (18.0)   (12.2)
Nonrecurring          
Fair Value Measurements          
Assets at fair value, nonrecurring         0.0
Liabilities at fair value, nonrecurring         $ 0.0
v3.23.3
Fair Value Measurements - Items not at Fair Value (Details) - Level 2 - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Fair Value of Debt Instruments    
Total fair value of long term debt $ 2,024.0 $ 2,041.9
2029 Senior Notes    
Fair Value of Debt Instruments    
Total fair value of long term debt 234.0 292.3
2028 Term Loan B    
Fair Value of Debt Instruments    
Total fair value of long term debt 616.5 687.1
2025 Senior Notes    
Fair Value of Debt Instruments    
Total fair value of long term debt 106.1 416.9
2024 Term Loan B    
Fair Value of Debt Instruments    
Total fair value of long term debt   $ 645.6
2028 Refinance Term Loans    
Fair Value of Debt Instruments    
Total fair value of long term debt $ 1,067.4  
v3.23.3
Provision For Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Provision for Income Taxes            
Effective tax rate 31.60%   9.30%   12.00% (185.20%)
Swiss tax reform       $ 15.3    
Valuation allowance, provision against tax benefit expected to expire       $ 8.5    
Tax benefits $ 63.5   $ 0.0   $ 63.5 $ 0.0
Provision for (benefit from) income taxes (17.7)   $ (12.1)   (59.5) 41.4
Goodwill impairment charges 349.0 $ 297.1     349.0  
Change in valuation allowances           $ 35.6
Switzerland            
Provision for Income Taxes            
Deferred tax assets $ 40.4       $ 40.4  
v3.23.3
Commitments and Contingencies (Details)
$ in Millions
Sep. 30, 2023
USD ($)
item
Dec. 31, 2022
USD ($)
Commitments and Contingencies.    
Accrued obligations for environmental remediation and restoration costs | $ $ 3.8 $ 3.5
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities and Other Liabilities, Other Liabilities, Noncurrent Accrued Liabilities and Other Liabilities, Other Liabilities, Noncurrent
Environmental claims asserted | item 0  
v3.23.3
Commitments and Contingencies - Purchase Commitments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Nov. 30, 2022
Loss Contingencies [Line Items]        
Amount related to raw material purchase contract obligation     $ 19.0  
European Commission investigation $ 35.6   $ 35.6  
Estimated Liability relating to European Commission Request for Information       $ 33.8
Maximum        
Loss Contingencies [Line Items]        
Purchase commitment period   4 years    
Minimum        
Loss Contingencies [Line Items]        
Purchase commitment period   1 year    
v3.23.3
Commitments and Contingencies - Change in asset retirement obligation (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2023
USD ($)
Change in asset retirement obligation  
Balance at December 31, 2022 $ 35.8
Obligations incurred and adjustments to estimated obligations (7.7)
Settlements (9.3)
Accretion expense 1.1
Currency translation adjustment 0.2
Balance at September 30, 2023 $ 20.1
v3.23.3
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
May 31, 2021
Loss Contingencies [Line Items]      
Current portion $ 10.9 $ 25.3  
Long-term portion $ 9.2 $ 10.5  
Pending Litigation | Synthos      
Loss Contingencies [Line Items]      
Current portion     $ 491.0
v3.23.3
Pension Plans and Other Postretirement Benefits - Net Periodic Benefit Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net periodic benefit cost        
Settlement and curtailment (gain) loss $ (0.6) $ (1.4)    
U.S. Plans And Non-U.S. Plans        
Net periodic benefit cost        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement and Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible List] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Net settlement and curtailment loss, Statements of Operations location Other expense (income), net Other expense (income), net Other expense (income), net Other expense (income), net
Pension plans | Non-U.S. Plans        
Net periodic benefit cost        
Service cost $ 2.1 $ 3.0 $ 6.2 $ 9.3
Interest cost 2.7 0.6 6.1 2.0
Expected return on plan assets (1.2) (0.1) (1.5) (0.2)
Amortization of prior service cost (0.8) (0.1) (0.9) (0.3)
Amortization of net (gain) loss (1.4) 0.6 (2.9) 1.9
Settlement and curtailment (gain) loss 0.6 (1.2) 0.6 (3.1)
Net periodic benefit cost 2.0 2.8 7.6 9.6
Pension plans | United States        
Net periodic benefit cost        
Service cost 0.1 0.2 0.4 0.7
Interest cost 0.2 0.2 0.6 0.5
Expected return on plan assets (0.1) (0.2) (0.4) (0.7)
Settlement and curtailment (gain) loss   (0.2)   (0.2)
Net periodic benefit cost 0.2   0.6 0.3
Other Postretirement Benefit Plans | Maximum        
Net periodic benefit cost        
Net periodic benefit cost $ 0.4 $ 0.4 $ 0.4 $ 0.4
v3.23.3
Pension Plans and Other Postretirement Benefits - Net Amounts Recognized (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Dec. 31, 2022
Net amounts recognized in the balance sheets at December 31      
Benefit obligations $ 177.9 $ 177.9 $ 177.8
Cash contributions and benefit payments to unfunded plans 5.6 10.0  
Additional cash contributions, including benefit payments to unfunded plans $ 3.4 $ 3.4  
v3.23.3
Share-Based Compensation - Summary of Expense (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share-based compensation expense $ 4.1 $ 3.4 $ 16.1 $ 15.6
Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share-based compensation expense 2.6 2.1 9.6 9.1
Unrecognized compensation cost 9.1   $ 9.1  
Weighted-average period of recognition     1 year 7 months 6 days  
Employee Stock Option [Member]        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share-based compensation expense 1.1 0.6 $ 4.4 4.4
Unrecognized compensation cost, options 1.9   $ 1.9  
Weighted-average period of recognition     1 year 3 months 18 days  
Performance Share Units        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Share-based compensation expense 0.4 $ 0.7 $ 2.1 $ 2.1
Unrecognized compensation cost $ 4.9   $ 4.9  
Weighted-average period of recognition     2 years  
v3.23.3
Share-Based Compensation - RSU Options and PSUs (Details)
 9 Months Ended
Sep. 30, 2023
$ / shares
shares
Restricted Stock Units  
Other-than-Options, Shares Activity  
Granted, Shares | shares 523,231
Other-than-Options, FV Activity  
Granted, Weighted-Average Grant Date Fair Value per Share $ 21.22
Employee Stock Option [Member]  
Options Outstanding Roll Forward  
Granted, Options | shares 438,727
Fair Value Assumptions  
Expected term (in years) 5 years 6 months
Expected volatility 54.01%
Risk-free interest rate 4.06%
Dividend yield 2.00%
Options granted, Weighted average grant date fair value $ 10.86
Performance Share Units  
Fair Value Assumptions  
Expected term (in years) 3 years
Expected volatility 62.60%
Risk-free interest rate 4.41%
Share Price $ 24.08
Other-than-Options, Shares Activity  
Granted, Shares | shares 219,238
Other-than-Options, FV Activity  
Granted, Weighted-Average Grant Date Fair Value per Share $ 20.23
v3.23.3
Segments - Reconciliation of Segment Reporting to Consolidated (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
segment
Sep. 30, 2022
USD ($)
Dec. 31, 2022
Segment Reporting Information [Line Items]          
Number of operating segments | segment     6    
Total Segment Adjusted EBITDA $ 58.4 $ (12.9) $ 195.4 $ 377.6  
Engineered Materials          
Segment Reporting Information [Line Items]          
Total Segment Adjusted EBITDA 4.8 7.5 4.9 76.2  
Latex Binders          
Segment Reporting Information [Line Items]          
Total Segment Adjusted EBITDA 22.8 31.0 74.2 90.6  
Plastics Solutions          
Segment Reporting Information [Line Items]          
Total Segment Adjusted EBITDA 22.0 (14.9) 73.1 99.8  
Polystyrene          
Segment Reporting Information [Line Items]          
Total Segment Adjusted EBITDA 9.2 18.7 31.2 87.0  
Feedstocks          
Segment Reporting Information [Line Items]          
Total Segment Adjusted EBITDA (19.4) (78.0) (37.1) (59.8)  
Americas Styrenics          
Segment Reporting Information [Line Items]          
Total Segment Adjusted EBITDA $ 19.0 $ 22.8 $ 49.1 $ 83.8  
AmSty          
Segment Reporting Information [Line Items]          
Percentage of ownership underlying net assets 50.00%   50.00%   50.00%
AmSty | Americas Styrenics          
Segment Reporting Information [Line Items]          
Percentage of ownership underlying net assets 50.00%   50.00%    
v3.23.3
Segments - Reconciliation of Net Income to Segment Adjusted EBITDA (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2023
Apr. 30, 2023
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting Information [Line Items]              
Loss from continuing operations before income taxes     $ (56.1)   $ (130.0) $ (495.8) $ (22.3)
Interest expense, net     (46.6)   (30.4) (125.1) (77.7)
Depreciation and amortization     38.2   45.9 146.7 147.1
Corporate Unallocated     17.5   23.7 61.4 72.1
Adjusted EBITDA addbacks     12.2   17.1 358.0 103.0
Total Segment Adjusted EBITDA     58.4   (12.9) 195.4 377.6
Net gain on disposition of businesses and assets     (9.3)     (25.6) (1.8)
Restructuring and other charges     13.8     19.0 (1.0)
Acquisition transactions and integration net costs (benefit)         0.4 0.1 6.2
Asset impairment charges or write-offs     0.5   1.9 2.1 3.9
European Commission Request for Information (Note 16)             35.6
Goodwill impairment charges     349.0 $ 297.1   349.0  
Other items     7.2   $ 14.8 13.4 60.1
Pre tax gain on sale of disposition of business and assets           25.6  
Restructuring Charges     $ 4.0     $ 17.5 $ (1.0)
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]     Selling, General and Administrative Expense   Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense
Accelerated Depreciation              
Segment Reporting Information [Line Items]              
Restructuring Charges     $ 3.2        
Employee termination benefits              
Segment Reporting Information [Line Items]              
Restructuring Charges     9.6        
Decommissioning and other              
Segment Reporting Information [Line Items]              
Restructuring Charges     1.6        
Transformational Restructuring Program              
Segment Reporting Information [Line Items]              
Restructuring Charges     (0.4)     $ (0.4) $ 0.1
Transformational Restructuring Program | Employee termination benefits              
Segment Reporting Information [Line Items]              
Restructuring Charges     (0.4)     (0.4) 0.1
Other Restructurings              
Segment Reporting Information [Line Items]              
Restructuring Charges             (1.1)
Asset restructuring plan | Accelerated Depreciation              
Segment Reporting Information [Line Items]              
Restructuring Charges     (12.9)     (4.6)  
Asset restructuring plan | Employee termination benefits              
Segment Reporting Information [Line Items]              
Restructuring Charges     0.3     (0.3)  
Asset restructuring plan | Contract terminations              
Segment Reporting Information [Line Items]              
Restructuring Charges     2.0     6.3  
Asset restructuring plan | Decommissioning and other              
Segment Reporting Information [Line Items]              
Restructuring Charges     0.6     2.1  
Land, buildings and equipment in Matamoros, Mexico              
Segment Reporting Information [Line Items]              
Cash Consideration   $ 19.0          
Pre tax gain on sale of disposition of business and assets           14.4  
European emission certifications              
Segment Reporting Information [Line Items]              
Cash Consideration $ 15.7            
Pre tax gain on sale of disposition of business and assets     9.3     9.3  
Corporate Unallocated              
Segment Reporting Information [Line Items]              
Interest expense, net     $ 46.6   $ 30.4 $ 125.1 $ 77.7
v3.23.3
Restructuring (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Oct. 26, 2023
Oct. 25, 2023
Apr. 30, 2023
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]              
Asset Optimization and Corporate Restructuring Subtotal       $ 14.4   $ 14.4  
Restructuring Charges       $ 4.0   $ 17.5 $ (1.0)
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]       Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense
Gain on sale of property held-for-sale           $ 14.4  
Restructuring Reserve [Roll Forward]              
Accrued charges/Balance at beginning of period           13.3  
Expenses           18.3  
Deductions           (15.8)  
Accrued charges/Balance at end of period       $ 15.8   15.8  
MEXICO              
Restructuring Cost and Reserve [Line Items]              
Proceeds received on sale of property     $ 19.0        
Transformational Restructuring Program              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       (0.4)   (0.4) $ 0.1
Cumulative life-to-date charges       8.4   8.4  
Other Restructurings              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges             (1.1)
Discontinuing styrene production at the Company's Terneuzen, the Netherlands plant              
Restructuring Cost and Reserve [Line Items]              
Additional estimated restructuring charges $ 68.0 $ 58.0          
Accelerated Depreciation              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       3.2      
Expected restructuring charges       5.8   5.8  
Accelerated Depreciation | Discontinuing styrene production at the Company's Terneuzen, the Netherlands plant              
Restructuring Cost and Reserve [Line Items]              
Additional estimated restructuring charges 21.0 19.0          
Accelerated Depreciation | Asset restructuring plan              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       (12.9)   (4.6)  
Employee termination benefits              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       9.6      
Restructuring Reserve [Roll Forward]              
Accrued charges/Balance at beginning of period           13.3  
Expenses           8.1  
Deductions           (5.6)  
Accrued charges/Balance at end of period       15.8   15.8  
Employee termination benefits | Corporate Restructuring Program              
Restructuring Cost and Reserve [Line Items]              
Asset Optimization and Corporate Restructuring Subtotal       8.4   8.4  
Employee termination benefits | Transformational Restructuring Program              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       (0.4)   (0.4) $ 0.1
Cumulative life-to-date charges       8.4   8.4  
Employee termination benefits | Transformational Restructuring Program | Maximum              
Restructuring Cost and Reserve [Line Items]              
Expected restructuring charges       1.0   1.0  
Employee termination benefits | Discontinuing styrene production at the Company's Terneuzen, the Netherlands plant              
Restructuring Cost and Reserve [Line Items]              
Additional estimated restructuring charges 5.0 3.0          
Employee termination benefits | Asset restructuring plan              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       0.3   (0.3)  
Decommissioning, contract termination costs and severance benefits to affected employees | Discontinuing styrene production at the Company's Terneuzen, the Netherlands plant              
Restructuring Cost and Reserve [Line Items]              
Expected cash amount 40.0 32.0          
Contract terminations              
Restructuring Reserve [Roll Forward]              
Expenses           6.4  
Deductions           (6.4)  
Contract terminations | Discontinuing styrene production at the Company's Terneuzen, the Netherlands plant              
Restructuring Cost and Reserve [Line Items]              
Additional estimated restructuring charges 19.0 16.0          
Contract terminations | Asset restructuring plan              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       2.0   6.3  
Expected restructuring charges       13.8   13.8  
Decommissioning and other              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       1.6      
Expected restructuring charges       2.5   2.5  
Restructuring Reserve [Roll Forward]              
Expenses           3.8  
Deductions           (3.8)  
Decommissioning and other | Discontinuing styrene production at the Company's Terneuzen, the Netherlands plant              
Restructuring Cost and Reserve [Line Items]              
Additional estimated restructuring charges $ 23.0 $ 20.0          
Decommissioning and other | Asset restructuring plan              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       0.6   2.1  
Expected restructuring charges       1.2   1.2  
Plastic Solution | Asset restructuring plan              
Restructuring Cost and Reserve [Line Items]              
Expected restructuring charges       0.2   0.2  
Plastic Solution | Accelerated Depreciation              
Restructuring Cost and Reserve [Line Items]              
Cumulative life-to-date charges       1.4   1.4  
Plastic Solution | Employee termination benefits              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges           (0.4)  
Cumulative life-to-date charges       3.0   3.0  
Plastic Solution | Decommissioning and other              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       0.4   1.8  
Cumulative life-to-date charges       1.8   1.8  
Feedstocks | Asset restructuring plan              
Restructuring Cost and Reserve [Line Items]              
Expected restructuring charges       14.8   14.8  
Feedstocks | Accelerated Depreciation              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       (12.9)   (7.7)  
Cumulative life-to-date charges       27.4   27.4  
Feedstocks | Employee termination benefits              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges           (0.2)  
Cumulative life-to-date charges       3.7   3.7  
Feedstocks | Contract terminations              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       2.0   6.3  
Cumulative life-to-date charges       6.7   6.7  
Feedstocks | Decommissioning and other              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       0.2   1.1  
Cumulative life-to-date charges       4.4   4.4  
Engineered Materials              
Restructuring Cost and Reserve [Line Items]              
Restructuring Charges       (10.0)   3.5  
Cumulative life-to-date charges       60.3   60.3  
Engineered Materials | Accelerated Depreciation              
Restructuring Cost and Reserve [Line Items]              
Asset Optimization and Corporate Restructuring Subtotal       3.2   3.2  
Restructuring Charges           3.1  
Cumulative life-to-date charges       6.3   6.3  
Engineered Materials | Employee termination benefits              
Restructuring Cost and Reserve [Line Items]              
Asset Optimization and Corporate Restructuring Subtotal       1.2   1.2  
Restructuring Charges       0.3   0.3  
Cumulative life-to-date charges       2.7   2.7  
Engineered Materials | Decommissioning and other              
Restructuring Cost and Reserve [Line Items]              
Asset Optimization and Corporate Restructuring Subtotal       1.6   1.6  
Restructuring Charges           (0.8)  
Cumulative life-to-date charges       $ 2.9   $ 2.9  
v3.23.3
Accumulated Other Comprehensive Income (Loss) - Components (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Balance at beginning of period $ 21.2 $ 924.6 $ 420.3 $ 1,013.1
Balance at end of period (21.4) 698.1 (21.4) 698.1
Cumulative Translation Adjustments        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Balance at beginning of period (149.3) (153.4) (151.2) (114.3)
Other comprehensive income (loss) (12.8) (45.0) (10.9) (84.1)
Balance at end of period (162.1) (198.4) (162.1) (198.4)
Pension & Other Postretirement Benefit Plans, Net        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Balance at beginning of period 28.5 (27.0) 29.0 (33.6)
Other comprehensive income (loss)   2.4   10.0
Amounts reclassified from AOCI to net income (1.5) (0.9) (2.0) (1.9)
Balance at end of period 27.0 (25.5) 27.0 (25.5)
Cash Flow Hedges, Net        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Balance at beginning of period (16.3) 2.5 (9.1) 0.7
Other comprehensive income (loss) (2.2) (3.4) (23.8) (2.7)
Amounts reclassified from AOCI to net income 8.5 (2.2) 22.9 (1.1)
Balance at end of period (10.0) (3.1) (10.0) (3.1)
Accumulated Other Comprehensive Income (Loss)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Balance at beginning of period (137.1) (177.9) (131.3) (147.2)
Other comprehensive income (loss) (15.0) (46.0) (34.7) (76.8)
Amounts reclassified from AOCI to net income 7.0 (3.1) 20.9 (3.0)
Balance at end of period $ (145.1) $ (227.0) $ (145.1) $ (227.0)
v3.23.3
Accumulated Other Comprehensive Income (Loss) - Reclassification (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                
Cost of sales $ 847.7     $ 1,217.6     $ 2,715.9 $ 3,714.8
Interest expense, net 46.6     30.4     125.1 77.7
Settlement and curtailment (gain) loss (0.6)     (1.4)        
Income before income taxes 56.1     130.0     495.8 22.3
Provision for income taxes (17.7)     (12.1)     (59.5) 41.4
Net income $ 38.4 $ 349.0 $ 48.9 $ 119.8 $ (37.4) $ (16.7) 436.3 65.6
Reclassified from AOCI to net income (loss)                
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                
Settlement and curtailment (gain) loss             $ (0.6) $ (3.3)
Pension & Other Postretirement Benefit Plans, Net                
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement and Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible List] Other Nonoperating Income (Expense)     Other Nonoperating Income (Expense)     Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Income before income taxes $ (1.9)     $ (0.9)        
Provision for income taxes 0.4              
Net income (1.5)     (0.9)        
Pension & Other Postretirement Benefit Plans, Net | Reclassified from AOCI to net income (loss)                
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                
Income before income taxes             $ (2.6) $ (1.7)
Provision for income taxes             0.6 (0.2)
Net income             $ (2.0) $ (1.9)
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]                
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                
Prior service credit $ (0.1)     $ (0.1)        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense)     Other Nonoperating Income (Expense)     Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | Reclassified from AOCI to net income (loss)                
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                
Prior service credit             $ (0.1) $ (0.4)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]                
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                
Net actuarial loss $ (1.2)     $ 0.6        
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]     Other Nonoperating Income (Expense)     Other Nonoperating Income (Expense) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Reclassified from AOCI to net income (loss)                
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                
Net actuarial loss             $ (1.9) $ 2.0
Cash Flow Hedges, Net                
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                
Interest expense, net       (0.2)        
Income before income taxes 9.4     (2.2)        
Provision for income taxes (0.9)              
Net income 8.5     (2.2)        
Cash Flow Hedges, Net | Commodity Contract                
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                
Cost of sales $ 9.4     $ (2.0)        
Cash Flow Hedges, Net | Reclassified from AOCI to net income (loss)                
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                
Interest expense, net               1.2
Income before income taxes             25.5 (0.8)
Provision for income taxes             (2.6) (0.3)
Net income             22.9 (1.1)
Cash Flow Hedges, Net | Reclassified from AOCI to net income (loss) | Commodity Contract                
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]                
Cost of sales             $ 25.5 $ (2.0)
v3.23.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Earnings:                
Net loss from continuing operations $ (38.4)     $ (117.9)     $ (436.3) $ (63.7)
Net loss from discontinued operations, net of income taxes       (1.9)       (1.9)
Net loss $ (38.4) $ (349.0) $ (48.9) $ (119.8) $ 37.4 $ 16.7 $ (436.3) $ (65.6)
Shares:                
Weighted average ordinary shares outstanding 35.2     35.2     35.1 36.3
Diluted weighted average ordinary shares outstanding 35.2     35.2     35.1 36.3
Loss per share                
Loss per share-basic, Continuing operations $ (1.09)     $ (3.35)     $ (12.42) $ (1.76)
Loss per share-basic, Discontinued operations       (0.06)       (0.05)
Loss per share-basic (1.09)     (3.41)     (12.42) (1.81)
Loss per share-diluted, Continuing operations (1.09)     (3.35)     (12.42) (1.76)
Loss per share-diluted, Discontinued operations       (0.06)       (0.05)
Loss per share- diluted $ (1.09)     $ (3.41)     $ (12.42) $ (1.81)
v3.23.3
Impairment and Other Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Impairment and Other Charges.            
Asset impairment charges or write-offs (Note 11) $ 0.1   $ 1.9   $ 0.5 $ 3.9
European Commission request for information (Note 13)       $ 35.6   35.6
Goodwill impairment charges (Note 9) 349.0 $ 297.1     349.0  
Total $ 0.1   $ 1.9   $ 349.5 $ 39.5
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure                
Net Income (Loss) $ (38.4) $ (349.0) $ (48.9) $ (119.8) $ 37.4 $ 16.7 $ (436.3) $ (65.6)
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule10b51ArrModified [Flag] false
NonRule10b51ArrModified [Flag] false