Kraton (KRA) 10-Q 29 Oct 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 26, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-34581
Entity Registrant Name	Kraton Corp
Entity Central Index Key	0001321646
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0411521
Entity Address, Address Line One	15710 John F. Kennedy Blvd.
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77032
City Area Code	281
Local Phone Number	504-4700
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	KRA
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		31,871,895

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 62,821	$ 35,033
Receivables, net of allowances of $636 and $434	169,519	169,603
Inventories of products, net	322,292	332,457
Inventories of materials and supplies, net	33,143	32,211
Prepaid expenses	13,961	6,991
Other current assets	16,054	22,385
Current assets held for sale	0	51,356
Total current assets	617,790	650,036
Property, plant, and equipment, less accumulated depreciation of $705,084 and $639,197	921,528	925,940
Goodwill	373,845	772,418
Intangible assets, less accumulated amortization of $319,076 and $285,819	301,541	325,877
Investment in unconsolidated joint venture	12,160	11,971
Deferred income taxes	75,799	8,863
Long-term operating lease assets, net	86,839	85,003
Other long-term assets	20,535	25,219
Long-term assets held for sale	0	27,058
Total assets	2,410,037	2,832,385
Current liabilities:
Current portion of long-term debt	75,717	53,139
Accounts payable-trade	131,747	168,541
Other payables and accruals	153,534	112,645
Due to related party	16,805	17,470
Current liabilities held for sale	0	14,849
Total current liabilities	377,803	366,644
Long-term debt, net of current portion	859,030	1,311,486
Deferred income taxes	120,797	125,240
Long-term operating lease liabilities	70,786	66,624
Deferred income	161,351	11,049
Other long-term liabilities	157,480	161,911
Long-term liabilities held for sale	0	3
Total liabilities	1,747,247	2,042,957
Commitments and contingencies (note 11)
Kraton stockholders' equity:
Preferred stock, $0.01 par value; 100,000 shares authorized; none issued	0	0
Common stock, $0.01 par value; 500,000 shares authorized; 31,863 shares issued and outstanding at September 30, 2020; 31,751 shares issued and outstanding at December 31, 2019	319	318
Additional paid in capital	397,121	392,208
Retained earnings	262,385	464,712
Accumulated other comprehensive loss	(39,439)	(105,795)
Total Kraton stockholders' equity	620,386	751,443
Noncontrolling interest	42,404	37,985
Total equity	662,790	789,428
Total liabilities and equity	$ 2,410,037	$ 2,832,385

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Receivables, allowances	$ 636	$ 434
Accumulated depreciation	705,084	639,197
Total accumulated amortization	$ 319,076	$ 285,819
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	31,863,000	31,751,000
Common stock, shares outstanding (in shares)	31,863,000	31,751,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue	$ 373,438	$ 444,221	$ 1,156,386	$ 1,395,912
Cost of goods sold	304,684	342,942	875,388	1,058,429
Gross profit	68,754	101,279	280,998	337,483
Operating expenses:
Research and development	9,454	10,367	30,158	31,091
Selling, general, and administrative	35,285	32,272	122,745	111,623
Depreciation and amortization	31,313	34,804	93,828	98,230
Gain on insurance proceeds	0	(14,250)	0	(32,850)
Gain on disposal of fixed assets	(527)	(17)	(34)	(17)
Impairment of goodwill	400,000	0	400,000	0
Operating income (loss)	(406,771)	38,103	(365,699)	129,406
Other income	259	4,235	837	3,559
Disposition and exit of business activities	0	0	175,189	0
Gain (loss) on extinguishment of debt	(848)	0	(14,943)	210
Earnings of unconsolidated joint venture	81	102	310	363
Interest expense, net	(13,527)	(19,214)	(44,454)	(57,494)
Income (loss) before income taxes	(420,806)	23,226	(248,760)	76,044
Income tax benefit (expense)	18,189	(2,311)	48,082	1,881
Consolidated net income (loss)	(402,617)	20,915	(200,678)	77,925
Net income attributable to noncontrolling interest	(1,177)	(2,222)	(2,998)	(5,356)
Net income (loss) attributable to Kraton	$ (403,794)	$ 18,693	$ (203,676)	$ 72,569
Earnings (loss) per common share:
Basic (in dollars per share)	$ (12.67)	$ 0.59	$ (6.40)	$ 2.28
Diluted (in dollars per share)	$ (12.67)	$ 0.58	$ (6.40)	$ 2.26
Weighted average common shares outstanding:
Basic (in shares)	31,787	31,486	31,728	31,603
Diluted (in share)	31,787	31,823	31,728	31,914

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss) attributable to Kraton	$ (403,794)	$ 18,693	$ (203,676)	$ 72,569
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $0	11,656	(8,746)	14,136	(10,645)
Reclassification of foreign currency translation adjustments from disposition and exit of business activities, net of tax of $0	0	0	66,533	0
Unrealized gain (loss) on cash flow hedges, net of tax benefit of $151, expense of $458, and benefit of $1,135, respectively	0	(511)	1,387	(3,858)
Reclassification of loss on cash flow hedge, net of tax benefit of $293	0	0	1,002	0
Unrealized gain (loss) on net investment hedge, net of tax expense of $3,334, $3,192, $3,353, and $3,482, respectively	(11,434)	10,844	(14,089)	11,830
Reclassification of gain on net investment hedge, net of tax expense of $0	0	0	(899)	0
(Increase) decrease in benefit plans liability, net of tax benefit of $571, $0, $571, and $0, respectively	(1,714)	163	(1,714)	163
Other comprehensive income (loss), net of tax	(1,492)	1,750	66,356	(2,510)
Comprehensive income (loss) attributable to Kraton	(405,286)	20,443	(137,320)	70,059
Comprehensive income attributable to noncontrolling interest	1,856	2,233	4,419	5,035
Consolidated comprehensive income (loss)	$ (403,430)	$ 22,676	$ (132,901)	$ 75,094

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax effect	$ 0	$ 0	$ 0	$ 0
Reclassification of foreign currency translation adjustments from disposition and exit of business activities, tax effect	0	0	0	0
Unrealized gain (loss) on cash flow hedges, tax effect		(151,000)	458,000	(1,135,000)
Reclassification of (gain) loss on cash flow hedge, tax effect			(293,000)
Unrealized gain (loss) on net investment hedge, tax effect	(3,334,000)	3,192,000	(3,315,000)	3,482,000
Reclassification of gain on net investment hedge, tax effect			0
(Increase) decrease in pension liability, (tax) benefit	$ 571,000	$ 0	$ 571,000	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total Kraton Stockholders' Equity	Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2018	$ 747,599	$ 715,138	$ 319	$ 385,921	$ 420,597	$ (91,699)	$ 32,461
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income (loss)	13,612	12,668			12,668		944
Other comprehensive income (loss)	(1,327)	(1,218)				(1,218)	(109)
Retired treasury stock from employee tax withholdings	(2,684)	(2,684)		(1,274)	(1,410)
Exercise of stock options	1,545	1,545	1	1,544
Non-cash compensation related to equity awards	3,309	3,309		3,309
Ending balance at Mar. 31, 2019	762,054	728,758	320	389,500	431,855	(92,917)	33,296
Beginning balance at Dec. 31, 2018	747,599	715,138	319	385,921	420,597	(91,699)	32,461
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income (loss)	77,925
Ending balance at Sep. 30, 2019	819,766	782,270	317	390,207	485,955	(94,209)	37,496
Beginning balance at Mar. 31, 2019	762,054	728,758	320	389,500	431,855	(92,917)	33,296
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income (loss)	43,398	41,208			41,208		2,190
Other comprehensive income (loss)	(3,265)	(3,042)				(3,042)	(223)
Retired treasury stock from employee tax withholdings	(41)	(41)		(40)	(1)
Cancelled stock from share repurchases	(5,000)	(5,000)	(1)	(2,064)	(2,935)
Exercise of stock options	94	94		94
Non-cash compensation related to equity awards	2,190	2,190		2,190
Ending balance at Jun. 30, 2019	799,430	764,167	319	389,680	470,127	(95,959)	35,263
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income (loss)	20,915	18,693			18,693		2,222
Other comprehensive income (loss)	1,761	1,750				1,750	11
Retired treasury stock from employee tax withholdings	(2)	(2)		(2)	0
Cancelled stock from share repurchases	(5,000)	(5,000)	(2)	(2,133)	(2,865)
Exercise of stock options	3	3		3
Non-cash compensation related to equity awards	2,659	2,659		2,659
Ending balance at Sep. 30, 2019	819,766	782,270	317	390,207	485,955	(94,209)	37,496
Beginning balance at Dec. 31, 2019	789,428	751,443	318	392,208	464,712	(105,795)	37,985
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income (loss)	209,020	208,086			208,086		934
Other comprehensive income (loss)	64,381	64,788				64,788	(407)
Retired treasury stock from employee tax withholdings	(678)	(678)		(1,927)	1,249
Non-cash compensation related to equity awards	2,848	2,848	1	2,847
Ending balance at Mar. 31, 2020	1,064,999	1,026,487	319	393,128	674,047	(41,007)	38,512
Beginning balance at Dec. 31, 2019	789,428	751,443	318	392,208	464,712	(105,795)	37,985
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income (loss)	(200,678)
Ending balance at Sep. 30, 2020	662,790	620,386	319	397,121	262,385	(39,439)	42,404
Beginning balance at Mar. 31, 2020	1,064,999	1,026,487	319	393,128	674,047	(41,007)	38,512
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income (loss)	(7,081)	(7,968)			(7,968)		887
Other comprehensive income (loss)	4,209	3,060				3,060	1,149
Retired treasury stock from employee tax withholdings	(66)	(66)		(160)	94
Non-cash compensation related to equity awards	1,897	1,897		1,897
Ending balance at Jun. 30, 2020	1,063,958	1,023,410	319	394,865	666,173	(37,947)	40,548
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income (loss)	(402,617)	(403,794)			(403,794)		1,177
Other comprehensive income (loss)	(813)	(1,492)				(1,492)	679
Retired treasury stock from employee tax withholdings	(4)	(4)		(10)	6
Non-cash compensation related to equity awards	2,266	2,266		2,266
Ending balance at Sep. 30, 2020	$ 662,790	$ 620,386	$ 319	$ 397,121	$ 262,385	$ (39,439)	$ 42,404

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income (loss)	$ (200,678)	$ 77,925
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	93,828	98,230
Lease amortization	18,463	17,164
Amortization of debt original issue discount	148	808
Amortization of debt issuance costs	2,426	3,501
Amortization of deferred income	(8,460)	0
Gain on disposal of property, plant, and equipment	(34)	(17)
(Gain) loss on extinguishment of debt	14,943	(210)
Impairment of goodwill	400,000	0
Earnings from unconsolidated joint venture, net of dividends received	197	80
Deferred income tax (benefit) provision	(64,576)	8,604
Release of uncertain tax positions	(3,316)	(17,739)
Gain on disposition and exit of business activities	(175,189)	0
Gain on insurance proceeds for capital expenditures	0	(3,948)
Share-based compensation	7,011	8,158
Decrease (increase) in:
Accounts receivable	5,033	(19,682)
Inventories of products, materials, and supplies	10,083	(5,550)
Other assets	769	4,295
Increase (decrease) in:
Accounts payable-trade	(37,073)	(16,187)
Other payables and accruals	3,377	(20,715)
Other long-term liabilities	(3,567)	(12,317)
Due to related party	(1,032)	(3,634)
Net cash provided by operating activities	62,353	118,766
CASH FLOWS FROM INVESTING ACTIVITIES
Kraton purchase of property, plant, and equipment	(54,138)	(76,298)
KFPC purchase of property, plant, and equipment	(3,727)	(319)
Purchase of software and other intangibles	(6,118)	(7,274)
Insurance proceeds for capital expenditures	0	3,948
Cash proceeds from disposition and exit of business activities	510,500	0
Net cash provided by (used in) investing activities	446,517	(79,943)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt	77,000	57,941
Repayments of debt	(534,733)	(67,251)
KFPC proceeds from debt	63,559	33,262
KFPC repayments of debt	(76,555)	(53,147)
Capital lease payments	(134)	(126)
Purchase of treasury stock	(748)	(12,727)
Proceeds from the exercise of stock options	0	1,642
Settlement of interest rate swap	(1,295)	0
Debt issuance costs	(1,575)	0
Net cash used in financing activities	(474,481)	(40,406)
Effect of exchange rate differences on cash	(6,601)	(1,048)
Net increase (decrease) in cash and cash equivalents	27,788	(2,631)
Cash and cash equivalents, beginning of period	35,033	85,891
Cash and cash equivalents, end of period	62,821	83,260
Supplemental disclosures during the period:
Cash paid for income taxes, net of refunds received	6,649	9,351
Cash paid for interest, net of capitalized interest	43,966	41,689
Capitalized interest	2,226	3,112
Supplemental non-cash disclosures: increase (decrease) during the period
Property, plant, and equipment accruals	(13,054)	(1,564)
Operating leases	$ 18,012	$ 89,397

General

General	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
General	General Description of our Business. We are a leading global specialty chemicals company that manufactures styrenic block copolymers (“SBCs”), specialty polymers, and high-value performance products primarily derived from pine wood pulping co-products. Our operations are managed through two operating segments: (i) Polymer segment and (ii) Chemical segment. SBCs are highly-engineered synthetic elastomers, which we originally invented and commercialized. Our SBCs enhance the performance of numerous products by imparting greater flexibility, resilience, strength, durability, and processability, and are used in a wide range of applications, including adhesives, coatings, consumer and personal care products, sealants, lubricants, medical, packaging, automotive, and paving and roofing products. We manufacture and sell isoprene rubber through a multi-year Isoprene Rubber Supply Agreement (“IRSA”) with Daelim Industrial Co, Ltd. (“Daelim”). We refine and further upgrade crude tall oil and crude sulfate turpentine, into value-added specialty chemicals. These pine-based specialty products are sold into adhesive and tire markets, and we produce and sell a broad range of performance chemicals into markets that include fuel additives, oilfield chemicals, coatings, metalworking fluids and lubricants, inks, flavors and fragrances, and mining. Basis of Presentation. The accompanying unaudited condensed consolidated financial statements presented in this report are for us and our consolidated subsidiaries, each of which is a wholly-owned subsidiary, except our 50% investment in our joint venture, Kraton Formosa Polymers Corporation (“KFPC”), located in Mailiao, Taiwan. KFPC is a variable interest entity for which we have determined that we are the primary beneficiary and, therefore, have consolidated into our financial statements. Our 50% investment in our joint venture located in Kashima, Japan, is accounted for under the equity method of accounting. All significant intercompany transactions have been eliminated. These interim financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and reflect all normal recurring adjustments that are, in the opinion of management, necessary to present fairly our results of operations and financial position. Amounts reported in our Condensed Consolidated Statements of Operations are not necessarily indicative of amounts expected for the respective annual periods or any other interim period, in particular due to the effect of seasonal changes and weather conditions that typically affect our sales into paving, roadmarking, roofing, and construction applications. In particular, sales volumes into these applications are generally higher in the second and third quarter of the calendar year as warm and dry weather is more conducive to paving and roofing activity. Reclassifications. Certain amounts reported in the condensed consolidated financial statements and notes to the condensed consolidated financial statements for the prior periods have been reclassified to conform to the current reporting presentation. Significant Accounting Policies. Our significant accounting policies have been disclosed in Note 1 Description of Business, Basis of Presentation, and Significant Accounting Policies in our most recent Annual Report on Form 10-K. There have been no changes to the accounting policies, which are disclosed in our most recent Annual Report on Form 10-K. The accompanying unaudited condensed consolidated financial statements we present in this report have been prepared in accordance with our policies. Use of Estimates. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include: • the useful lives of long-lived assets; • allowances for doubtful accounts and sales returns; • valuation of goodwill; • the valuation of derivatives, deferred taxes, property, plant and equipment, inventory, share-based compensation, and deferred income; and • liabilities for employee benefit obligations, environmental matters, asset retirement obligations, income tax uncertainties, and other contingencies. Income Tax in Interim Periods. We conduct operations in separate legal entities in different jurisdictions. As a result, income tax amounts are reflected in these condensed consolidated financial statements for each of those jurisdictions. Tax laws and tax rates vary substantially in these jurisdictions and are subject to change based on the political and economic climate in those countries. We file our tax returns in accordance with our interpretations of each jurisdiction’s tax laws. Overall effective tax rate may therefore vary considerably from quarter to quarter and from year to year based on the actual or projected location of operations, levels of income, intercompany gains or losses, and other factors. In accordance with U.S. GAAP for interim reporting, we have historically estimated our full-year effective tax rate and applied this rate to ordinary income or loss for the reporting period. We have determined that since small changes in estimated ordinary income would result in significant changes in the estimated annual effective tax rate this historical method would not provide reliable results for the quarter ended September 30, 2020. Therefore, a discrete year-to-date method of reporting was used for the quarter ended September 30, 2020. We will continue to evaluate income tax estimates under the historical method in subsequent quarters and employ a discrete effective tax rate method if warranted. We have established valuation allowances against a variety of deferred tax assets, including net operating loss carryforwards, foreign tax credits and other income tax credits. Valuation allowances take into consideration our expected ability to realize these deferred tax assets and reduce the value of such assets to the amount that is deemed more likely than not to be recoverable. Our ability to realize these deferred tax assets is dependent on achieving our forecast of future taxable operating income over an extended period of time. We review our forecast in relation to actual results and expected trends on a quarterly basis. If we fail to achieve our operating income targets, we may change our assessment regarding the recoverability of our net deferred tax assets and such change could result in a valuation allowance being recorded against some or all of our net deferred tax assets. A change in our valuation allowance would impact our income tax benefit (expense) and our stockholders’ equity and could have a significant impact on our results of operations or financial condition in future periods.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Adopted in the Current Period We have implemented all new accounting pronouncements that are in effect and that management believes would materially affect our financial statements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard is effective for fiscal years beginning after December 15, 2019. Our analysis of ASU 2016-13 was completed during 2019, and there is no material change to our financial position, results of operations, and cash flows. We adopted ASU 2016-13 effective January 1, 2020. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This standard is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Our analysis of ASU 2017-04 was completed during 2019, and there is no material change to our financial position, results of operations, and cash flows. We adopted ASU 2017-04 effective January 1, 2020. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This standard is effective for fiscal years beginning after December 15, 2019. Our analysis of ASU 2018-18 was completed during 2019, and there is no material change to our financial position, results of operations, and cash flows. We adopted ASU 2018-18 effective January 1, 2020. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides practical expedients and exception for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This standard is applicable to our contracts and hedging relationships that reference LIBOR. The amendments may be applied through December 31, 2022. We will apply this guidance to transactions and modifications of these arrangements as appropriate. New Accounting Standards to be Adopted in Future Periods In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This standard is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted for any interim period after issuance of the ASU. Our evaluation of this standard is currently ongoing, and we expect to adopt ASU 2019-12 effective on January 1, 2021.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs at a point in time when the risk of loss and title to the product transfers to the customer. Our standard terms of delivery are included in our contracts of sale, order confirmation documents, and invoices. As such, all revenue is considered revenue recognized from contracts with customers, and we do not have other sources of revenue. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Revenue is recognized net of sales tax, value-added taxes, and other taxes. Shipping and other transportation costs charged to customers are recorded in both revenue and cost of goods sold. We do not have any material significant payment terms as payment is received at or shortly after the point of sale. Certain customers may receive cash-based incentives (including rebates, price supports, and sales commission), which are accounted for as variable consideration. We estimate rebates and price supports based on the expected amount to be provided to customers and reduce revenues recognized once the performance obligation has been met. Sales commissions are recorded as an increase in cost of goods sold once the performance obligation has been met. We do not expect to have significant changes in our estimates for variable considerations. We have deferred revenue of $185.2 million related to contractual commitments with customers for which the performance obligation will be satisfied over time, which ranges from one Disposition and Exit of Business Activities for further discussion of the IRSA. Occasionally, we enter into bill-and-hold contracts, where we invoice the customer for products even though we retain possession of the products until a point in time in the future when the products are shipped to the customer. In these contracts, the primary performance obligation is satisfied at a point in time when the product is segregated from our general inventory, it is ready for shipment to customer, and we do not have the ability to use the product or direct it to another customer. Additionally, we have a secondary performance obligation related to custodial costs, including storage and freight, which is satisfied over time once the product has been delivered to the customer. During the three months ended September 30, 2020 and 2019, we did not recognize any revenue related to these bill-and-hold arrangements. During the nine months ended September 30, 2020 and 2019, we recognized $4.2 million and $5.6 million of revenue related to these bill-and-hold arrangements, respectively. We disaggregate our revenue by segment product lines, which is how we market our products and review results of operations. The following tables disaggregate our segment revenue by major product lines: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Polymer Segment (In thousands) Performance Products $ 117,353 $ 141,267 $ 354,452 $ 422,539 Specialty Polymers 78,629 70,986 232,851 256,483 Cariflex (1) — 49,241 36,930 141,117 Isoprene Rubber 1,833 — 17,436 — Other 725 99 1,103 370 Polymer Product Line Revenue $ 198,540 $ 261,593 $ 642,772 $ 820,509 ____________________________________________________ (1) Cariflex is included in the results of operations through March 6, 2020. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Chemical Segment (In thousands) Adhesives $ 63,901 $ 64,391 $ 189,789 $ 198,785 Performance Chemicals 99,919 105,367 295,509 337,766 Tires 11,078 12,870 28,316 38,852 Chemical Product Line Revenue $ 174,898 $ 182,628 $ 513,614 $ 575,403 September 30, 2020 December 31, 2019 (In thousands) Contract receivables (1) $ 169,720 $ 190,093 Contract liabilities (2) $ 185,227 $ 12,456 ____________________________________________________ (1) Contract receivables are recorded within receivables, net of allowances on our Condensed Consolidated Balance Sheets. This includes $20.4 million of contract receivables related to the Cariflex business recorded as current assets held for sale for the year ended December 31, 2019.

Disposition and Exit of Busines

Disposition and Exit of Business Activities	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposition and Exit of Business Activities	Disposition and Exit of Business Activities On March 6, 2020, we completed the sale of our Cariflex business to Daelim for gross proceeds of $530.0 million, adjusted for incremental working capital of $5.8 million, less contractual capital contributions of $25.3 million. The closing is subject to a customary post-closing working capital adjustment and a contractual capital contribution post-closing adjustment. Upon closing, we recognized a gain of $175.2 million, and as part of the consideration received, entered into a multi-year IRSA with Daelim. As the IRSA product sales are at cost, we deferred approximately $180.6 million, of which $158.2 million and $22.4 million were recorded within deferred income and other payables and accruals, respectively, on the condensed consolidated balance sheet. The deferred income will be amortized into revenue as a non-cash transaction when the products are sold. In accordance with the IRSA, we will supply Isoprene Rubber to Daelim for a period of five years, with an optional extension for an additional five years. The IRSA provided $1.8 million and $17.4 million of Isoprene Rubber sales revenue for the three and nine months ended September 30, 2020, respectively. Included within Isoprene Rubber sales revenue is $0.3 million and $7.5 million of amortization of deferred income, which represents non-cash revenue realized as the products are sold under the IRSA for the three and nine months ended September 30, 2020, respectively. See Note 3 Revenue Recognition for further discussion of the impact to the nine months ended September 30, 2020 related to Cariflex and Isoprene Rubber sales. We used the $510.5 million net proceeds from the sale of our Cariflex business principally for repayment of the full outstanding balance of $290.0 million under the U.S. dollar denominated tranche (the “USD Tranche”) of the Company's senior secured term loan facility (the “Term Loan Facility”) and repayment in the amount of €145.0 million, or approximately $166.8 million, of borrowings under the Euro dollar denominated tranche (the “Euro Tranche”) of the Term Loan Facility. We intend to use the remaining proceeds in accordance with the terms of the Term Loan Facility to make additional repayments of debt and/or invest in strategic assets of the Company. For further discussion on assets held for sale, see Note 4 Assets Held for Sale to the consolidated financial statements set forth in our most recently filed Annual Report on Form 10-K.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation We account for share-based awards under the provisions of ASC 718, Compensation—Stock Compensation . Accordingly, share-based compensation cost is measured at the grant date based on the fair value of the award, and we expense these costs using the straight-line method over the requisite service period, generally three years. Share-based compensation expense was $2.3 million and $2.7 million for the three months ended September 30, 2020 and 2019, respectively, and $7.0 million and $8.2 million for the nine months ended September 30, 2020 and 2019, respectively.

Detail of Certain Balance Sheet

Detail of Certain Balance Sheet Accounts	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Detail of Certain Balance Sheet Accounts	Detail of Certain Balance Sheet Accounts September 30, 2020 December 31, 2019 (In thousands) Inventories of products: Finished products $ 251,420 $ 255,406 Work in progress 2,322 4,589 Raw materials 75,423 80,647 Inventories of products, gross 329,165 340,642 Inventory reserves (6,873) (8,185) Total inventories of products, net $ 322,292 $ 332,457 Intangible assets: Contractual agreements $ 263,609 $ 261,923 Technology 146,322 145,663 Customer relationships 60,453 60,291 Tradenames/trademarks 82,763 80,638 Software 67,470 63,181 Intangible assets 620,617 611,696 Less accumulated amortization: Contractual agreements 104,590 87,576 Technology 72,948 68,132 Customer relationships 39,827 38,760 Tradenames/trademarks 52,418 48,162 Software 49,293 43,189 Total accumulated amortization 319,076 285,819 Intangible assets, net of accumulated amortization $ 301,541 $ 325,877 Other payables and accruals: Employee related $ 44,339 $ 27,078 Short-term operating lease liabilities 18,215 20,908 Interest payable 13,448 16,289 Capital project accruals 1,833 13,259 Customer related 9,243 10,329 Short-term deferred income 23,876 1,407 Income tax payable 16,732 3,372 Utilities payable 2,365 2,397 Property and other taxes 2,339 1,548 Other 21,144 16,058 Total other payables and accruals $ 153,534 $ 112,645 Other long-term liabilities: Pension and other post-retirement benefits $ 123,219 $ 126,386 Long-term tax liability 19,458 21,022 Other 14,803 14,503 Total other long-term liabilities $ 157,480 $ 161,911 Changes in accumulated other comprehensive income (loss) by component were as follows: Cumulative Foreign Currency Translation Cash Flow Hedges, Net of Tax Net Investment Hedges, Net of Tax Benefit Plans Liability, Net of Tax Total (In thousands) December 31, 2018 $ (24,093) $ 3,922 $ 6,153 $ (77,681) $ (91,699) Other comprehensive income (loss) before reclassifications (10,645) (3,858) 11,830 163 (2,510) Net other comprehensive income (loss) for the year (10,645) (3,858) 11,830 163 (2,510) September 30, 2019 $ (34,738) $ 64 $ 17,983 $ (77,518) $ (94,209) December 31, 2019 $ (29,389) $ (2,389) $ 13,624 $ (87,641) $ (105,795) Other comprehensive income (loss) before reclassifications 14,136 1,387 (14,089) (1,714) (280) Amounts reclassified to (income) expense from accumulated other comprehensive loss (1) 66,533 1,002 (899) — 66,636 Net other comprehensive income (loss) for the year 80,669 2,389 (14,988) (1,714) 66,356 September 30, 2020 $ 51,280 $ — $ (1,364) $ (89,355) $ (39,439) ____________________________________________________ (1) Amounts reclassified to (income) expense from accumulated other comprehensive income (loss) are related to cumulative foreign currency translation and settlement of a net investment hedge, which are recorded in disposition and exit of business activities in the Condensed Consolidated Statement of Operations. Additionally, the settlement of interest rate swaps are recorded in loss on extinguishment of debt in the Condensed Consolidated Statement of Operations. All these costs are in connection with the divestiture of our Cariflex business and subsequent repayments of debt.

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share ("EPS")	Earnings Per Share (“EPS”) Basic EPS is computed by dividing net income attributable to Kraton by the weighted-average number of shares outstanding, excluding non-vested restricted stock awards during the period. Diluted EPS is computed by dividing net income attributable to Kraton by the diluted weighted-average number of shares outstanding during the period and, accordingly, reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as stock options, were exercised, settled, or converted into common stock and were dilutive. The diluted weighted-average number of shares used in our diluted EPS calculation is determined using the treasury stock method. The computation of diluted EPS excludes weighted average restricted share units of 493,187 and 454,366 for the three and nine months ended September 30, 2020, respectively, as they are anti-dilutive due to a net loss attributable to Kraton. The calculations of basic and diluted EPS are as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Net Loss Attributable to Kraton Weighted Average Shares Outstanding Loss Per Share Net Income Attributable to Kraton Weighted Average Shares Outstanding Earnings Per Share (In thousands, except per share data) Basic: As reported $ (403,794) 31,863 $ 18,693 31,710 Amounts allocated to unvested restricted shares 963 (76) (132) (224) Amounts available to common stockholders (402,831) 31,787 $ (12.67) 18,561 31,486 $ 0.59 Diluted: Amounts allocated to unvested restricted shares (963) 76 132 224 Non participating share units — — — 282 Stock options added under the treasury stock method — — — 55 Amounts reallocated to unvested restricted shares 963 (76) (131) (224) Amounts available to stockholders and assumed conversions $ (402,831) 31,787 $ (12.67) $ 18,562 31,823 $ 0.58 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Net Loss Attributable to Kraton Weighted Average Shares Outstanding Loss Per Share Net Income Attributable to Kraton Weighted Average Shares Outstanding Earnings Per Share (In thousands, except per share data) Basic: As reported $ (203,676) 31,836 $ 72,569 31,861 Amounts allocated to unvested restricted shares 691 (108) (588) (258) Amounts available to common stockholders (202,985) 31,728 $ (6.40) 71,981 31,603 $ 2.28 Diluted: Amounts allocated to unvested restricted shares (691) 108 588 258 Non participating share units — — — 252 Stock options added under the treasury stock method — — — 59 Amounts reallocated to unvested restricted shares 691 (108) (582) (258) Amounts available to stockholders and assumed conversions $ (202,985) 31,728 $ (6.40) $ 71,987 31,914 $ 2.26 Share Repurchase Program. In February 2019, we announced a repurchase program for up to $50.0 million of the Company's common stock by March 2021. Repurchases may be made at management's discretion from time to time through privately-negotiated transactions, in the open market, or through broker-negotiated purchases in compliance with applicable securities law, including through a 10b5-1 Plan. The repurchase program may be suspended for periods or discontinued at any time, and the amount and timing of the repurchases are subject to a number of factors, including Kraton's stock price. During the three months ended September 30, 2020, we did not repurchase any shares of our common stock under this program. From the inception of the program through September 30, 2020, we repurchased 311,152 shares of our common stock at an average price of $32.14 per share and a total cost of $10.0 million. We are not obligated to acquire any specific number of shares of our common stock.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following: September 30, 2020 December 31, 2019 Principal Discount Debt Issuance Costs Total Principal Discount Debt Issuance Costs Total (In thousands) USD Tranche $ — $ — $ — $ — $ 290,000 $ (5,057) $ (6,985) $ 277,958 Euro Tranche 117,250 — (1,183) 116,067 277,134 — (3,237) 273,897 7.0% Senior Notes 394,750 — (5,150) 389,600 394,750 — (5,846) 388,904 5.25% Senior Notes 340,024 — (4,386) 335,638 325,378 — (4,879) 320,499 ABL Facility — — — — — — — — KFPC Loan Agreement 51,159 — (22) 51,137 82,375 — (33) 82,342 KFPC Revolving Facilities 41,424 — — 41,424 20,010 — — 20,010 Capital lease obligation 881 — — 881 1,015 — — 1,015 Total debt 945,488 — (10,741) 934,747 1,390,662 (5,057) (20,980) 1,364,625 Less current portion of total debt 75,717 — — 75,717 53,139 — — 53,139 Long-term debt $ 869,771 $ — $ (10,741) $ 859,030 $ 1,337,523 $ (5,057) $ (20,980) $ 1,311,486 Senior Secured Term Loan Facility. On March 6, 2020, we sold our Cariflex business and the net proceeds from the transaction were used to fully repay $290.0 million of outstanding borrowings under the USD Tranche and repay €75.0 million (or approximately $84.7 million) of outstanding borrowings under the Euro Tranche. During the three months ended September 30, 2020, we repaid an additional €70.0 million (or approximately $82.1 million) of outstanding borrowings under the Euro Tranche. We recorded a $14.9 million loss on extinguishment of debt during the nine months ended September 30, 2020, which includes a write off of $8.7 million related to previously capitalized deferred financing costs, a write off of $4.9 million related to original issue discount on our USD Tranche, and a $1.3 million loss on the settlement of the ineffective portion of interest rate swaps. The Euro Tranche interest rate applicable margin is 2.0%. Our Term Loan Facility will mature on March 8, 2025. For a summary of additional terms of the Term Loan Facility, see Note 8 Long-Term Debt to the consolidated financial statements set forth in our most recently filed Annual Report on Form 10-K. As of the date of this filing, the effective interest rate for the Euro Tranche is 2.78%. The Term Loan Facility contains a number of customary affirmative and negative covenants, and we were in compliance with those covenants as of the date of this filing. 7.0% Senior Notes due 2025. Kraton Polymers LLC and its wholly-owned financing subsidiary Kraton Polymers Capital Corporation issued $400.0 million aggregate principal amount of 7.0% Senior Notes due 2025 (the “7.0% Senior Notes”) in March 2017, which mature on April 15, 2025. The 7.0% Senior Notes are general unsecured, senior obligations, and are unconditionally guaranteed on a senior unsecured basis by each of Kraton Corporation and certain of our wholly-owned domestic subsidiaries. We pay interest on the senior notes at 7.0% per annum, semi-annually in arrears on January 15 and July 15 of each year. We repurchased $5.3 million of our 7.0% Senior Notes during the term of the 10b5-1 Plan, which ended on March 4, 2019. 5.25% Senior Notes due 2026. Kraton Polymers LLC and its wholly-owned financing subsidiary Kraton Polymers Capital Corporation issued €290.0 million (or approximately $340.0 million as of September 30, 2020 ) aggregate principal amount of 5.25% Senior Notes due 2026 (the “5.25% Senior Notes”) in May 2018, which mature on May 15, 2026. The 5.25% Senior Notes are general unsecured, senior obligations, and are unconditionally guaranteed on a senior unsecured basis by each of Kraton Corporation and certain of our wholly-owned domestic subsidiaries. We pay interest on the senior notes at 5.25% per annum, semi-annually in arrears on May 15 and November 15 of each year. ABL Facility. Our asset-based revolving credit facility provides financing of up to $250.0 million (the “ABL Facility”). The ABL Facility also provides that we have the right at any time to request up to $100.0 million of additional commitments, provided that we satisfy certain additional conditions. We had no outstanding borrowings under the ABL Facility as of September 30, 2020. The ABL Facility originally matured on January 6, 2021. In April 2020, we amended and restated the credit agreement governing the ABL Facility to extend the term through January 6, 2023. Borrowing availability under the ABL Facility is subject to borrowing base limitations based on the level of receivables and inventory available for security. Revolver commitments under the ABL Facility consist of U.S. and Dutch revolving credit facility commitments, and the terms of the ABL Facility require the U.S. revolver commitment comprises at least 60.0% of the commitments under the ABL Facility. The ABL Facility contains a number of customary affirmative and negative covenants, and we were in compliance with those covenants as of the date of this filing. As part of the April 2020 amendment and restatement, there was no significant change in terms and a price increase of fifty basis points in the borrowing margin for amounts outstanding under the ABL Facility, while improving certain borrowing base advance rates and borrowing base eligibility criteria from the existing agreement. KFPC Loan Agreement. As of September 30, 2020, approximately NTD 1.5 billion (or approximately $51.2 million) was outstanding on KFPC's syndicated loan agreement (the “KFPC Loan Agreement”). For the nine months ended September 30, 2020, the effective interest rate for borrowings on the KFPC Loan Agreement was 1.8%. The KFPC Loan Agreement contains certain financial covenants that change during the term of the KFPC Loan Agreement. KFPC was in compliance with those covenants as of the date of this filing. In each case, these covenants are calculated and tested on an annual basis at December 31 st each year. The KFPC Loan Agreement will mature on January 17, 2022. For a summary of additional terms of the KFPC Loan Agreement, see Note 8 Long-Term Debt to the consolidated financial statements set forth in our most recently filed Annual Report on Form 10-K. KFPC Revolving Facilities. KFPC also has four revolving credit facilities (the “KFPC Revolving Facilities”) to provide funding for working capital requirements and/or general corporate purposes, which allow for total borrowings of up to NTD 2.2 billion (or approximately $74.2 million). All of the KFPC Revolving Facilities are subject to variable interest rates. As of September 30, 2020, NTD 1.2 billion (or approximately $41.4 million) was drawn on the KFPC Revolving Facilities. Debt Issuance Costs. We had debt issuance cost of $12.6 million as of September 30, 2020, of which $1.9 million related to the ABL Facility, which is recorded as an asset (of which $0.8 million was included in other current assets) and $10.7 million is recorded as a reduction to long-term debt. We amortized $2.4 million and $3.5 million during the nine months ended September 30, 2020 and 2019, respectively. Debt Maturities . The remaining principal payments on our outstanding total debt as of September 30, 2020, are as follows: Principal Payments (In thousands) October 1, 2020 through September 30, 2021 $ 75,717 October 1, 2021 through September 30, 2022 17,252 October 1, 2022 through September 30, 2023 211 October 1, 2023 through September 30, 2024 224 October 1, 2024 through September 30, 2025 512,060 Thereafter 340,024 Total debt $ 945,488 See Note 9 Fair Value Measurements, Financial Instruments, and Credit Risk for fair value information related to our long-term debt.

Fair Value Measurements, Financ

Fair Value Measurements, Financial Instruments, and Credit Risk	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value Measurements, Financial Instruments, and Credit Risk	Fair Value Measurements, Financial Instruments, and Credit Risk ASC 820, Fair Value Measurements and Disclosures defines fair value, establishes a consistent framework for measuring fair value and expands disclosure requirements about fair value measurements. ASC 820 requires entities to, among other things, maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. In accordance with ASC 820, these two types of inputs have created the following fair value hierarchy: • Level 1—Inputs that are quoted prices (unadjusted) for identical assets or liabilities in active markets; • Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability, including: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in markets that are not active; • Inputs other than quoted prices that are observable for the asset or liability; and • Inputs that are derived principally from or corroborated by observable market data by correlation or other means; and • Level 3—Inputs that are unobservable and reflect our assumptions used in pricing the asset or liability based on the best information available under the circumstances (e.g., internally derived assumptions surrounding the timing and amount of expected cash flows). Recurring Fair Value Measurements . The following tables set forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. These financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, which judgment may affect the valuation of their fair value and placement within the fair value hierarchy levels. As of September 30, 2020 and December 31, 2019, the Company has no assets or liabilities utilizing significant unobservable inputs (or Level 3) to derive its estimated fair values. Fair Value Measurements at Reporting Date Using Balance Sheet Location September 30, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (In thousands) Retirement plan asset – noncurrent Other long-term asset $ 2,896 $ 2,896 $ — Derivative liability – current Other payables and accruals (904) — (904) Total $ 1,992 $ 2,896 $ (904) Fair Value Measurements at Reporting Date Using Balance Sheet Location December 31, 2019 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (In thousands) Derivative asset – current Other current assets $ 14 $ — $ 14 Derivative asset – noncurrent Other long-term assets 32 — 32 Retirement plan asset – noncurrent Other long-term assets 2,547 2,547 — Derivative liability – current Other payables and accruals (170) — (170) Total $ 2,423 $ 2,547 $ (124) The following table presents the carrying values and approximate fair values of our long-term debt. September 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (In thousands) USD Tranche (significant other observable inputs – level 2) $ — $ — $ 290,000 $ 290,183 Euro Tranche (significant other observable inputs – level 2) $ 117,250 $ 115,125 $ 277,134 $ 277,827 7.0% Senior Notes (quoted prices in active market for identical assets – level 1) $ 394,750 $ 402,811 $ 394,750 $ 406,214 5.25% Senior Notes (quoted prices in active market for identical assets – level 1) $ 340,024 $ 344,509 $ 325,378 $ 338,364 ABL Facility $ — $ — $ — $ — Capital lease obligation $ 881 $ 881 $ 1,015 $ 1,015 KFPC Loan Agreement $ 51,159 $ 51,159 $ 82,375 $ 82,375 KFPC Revolving Facilities $ 41,424 $ 41,424 $ 20,010 $ 20,010 The ABL Facility, Capital lease obligation, KFPC Loan Agreement, and KFPC Revolving Facilities are variable rate instruments, and as such, the fair value approximates the carrying value. Financial Instruments Interest Rate Swap Agreements. Periodically, we enter into interest rate swap agreements to hedge or otherwise protect against interest rate fluctuation on a portion of our variable rate debt. These interest rate swap agreements are designated as cash flow hedges on our exposure to the variability of future cash flows. In an effort to convert a substantial portion of our future interest payments pursuant to the USD Tranche to a fixed interest rate, in February and March 2016, we entered into a series of interest rate swap agreements with an aggregate notional value of $925.4 million, effective dates of January 3, 2017, and maturity dates of December 31, 2020. Based on debt repayments, we have exited all of the interest rate swap agreements originally entered into in 2017. We reclassified out of other comprehensive income (loss) the settlement of our interest rate swaps that amounted to a $1.3 million loss on extinguishment of debt for the nine months ended September 30, 2020. We recorded an unrealized loss of $0.7 million and $5.0 million during the three and nine months ended September 30, 2019, respectively, in other comprehensive income (loss) related to the effective portion of these interest rate swap agreements. Foreign Currency Hedges. Periodically, we enter into foreign currency agreements to hedge or otherwise protect against fluctuations in foreign currency exchange rates. These agreements do not qualify for hedge accounting, and gains/losses resulting from both the up-front premiums and/or settlement of the hedges at expiration of the agreements are recognized in the period in which they are incurred. We settled these hedges and recorded a loss of $0.1 million and $1.2 million for the three months ended September 30, 2020 and 2019, respectively, and a gain of $0.5 million and a loss of $3.0 million for the nine months ended September 30, 2020 and 2019, respectively, which are recorded in cost of goods sold in the Condensed Consolidated Statements of Operations. These contracts are structured such that these gains/losses from the mark-to-market impact of the hedging instruments materially offset the underlying foreign currency exchange gains/losses to reduce the overall impact of foreign currency exchange movements throughout the period. Net Investment Hedge. During the year ended December 31, 2018, we designated €290.0 million of euro-denominated borrowing as a hedge against a portion of our net investment in the Company's European operations. The mark to market of this instrument was a loss of $14.8 million and a gain of $14.0 million for the three months ended September 30, 2020 and 2019, respectively, and a loss of $14.6 million and a gain of $15.3 million for the nine months ended September 30, 2020 and 2019, respectively, which is recorded within accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets. Credit Risk The use of derivatives creates exposure to credit risk in the event that the counterparties to these instruments fail to perform their obligations under the contracts, which we seek to minimize by limiting our counterparties to major financial institutions with acceptable credit ratings and by monitoring the total value of positions with individual counterparties. We analyze our counterparties’ financial condition prior to extending credit, and we establish credit limits and monitor the appropriateness of those limits on an ongoing basis. We also obtain cash, letters of credit, or other acceptable forms of security from customers to provide credit support, where appropriate, based on our financial analysis of the customer and the contractual terms and conditions applicable to each transaction.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our income tax provision was a benefit of $18.2 million and an expense of $2.3 million for the three months ended September 30, 2020 and 2019, respectively, and a benefit of $48.1 million and $1.9 million for the nine months ended September 30, 2020 and 2019, respectively. During the nine months ended September 30, 2020, our effective tax rate differed from the U.S. corporate statutory tax rate of 21.0% primarily due to the non-deductible goodwill impairment loss and the mix of our pretax income or loss generated in various foreign jurisdictions, offset by the intercompany transfer of certain intellectual property rights to our Dutch subsidiary and the tax impact of the sale of our Cariflex business. During the nine months ended September 30, 2019, our effective tax rate differed from the U.S. corporate statutory tax rate of 21.0% primarily due to the mix of our pretax income or loss generated in various foreign jurisdictions, the tax impact of certain permanent items, and our uncertain tax positions, particularly the release from the closing of the U.S. tax audit. The provision for income taxes differs from the amount computed by applying the U.S. corporate statutory income tax rate to income (loss) before income taxes for the reasons set forth below. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Income taxes at the statutory rate $ 88,370 $ (4,877) $ 52,240 $ (15,969) State taxes, net of federal benefit 266 (440) 530 (1,142) Foreign tax rate differential (240) 2,590 (7,539) 5,896 Permanent differences (928) (3,681) (4,846) (4,813) Cariflex disposition 18,912 — 22,652 — Dutch transfer of assets — — 65,527 — Tax credits 157 — 800 — Uncertain tax positions (209) 3,936 2,698 17,364 Valuation allowance (139) 162 282 572 Goodwill impairment (84,000) — (84,000) — Return to provision adjustments (4,000) (1) (262) (27) Income tax benefit (expense) $ 18,189 $ (2,311) $ 48,082 $ 1,881 As of September 30, 2020, we have recorded a deferred tax asset of $65.5 million related to the intercompany transfers of certain intellectual property rights to our Dutch subsidiary. This transfer was concluded as part of a broader internal restructuring to simplify our organizational structure. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted by the U.S. on March 27, 2020. The CARES Act among other things, includes provisions relating to modifications of the net interest deduction limitations and revisions to alternative minimum tax credit, (“AMT”), refunds. We have recognized a provisional current tax benefit of $15.0 million related to the modification to the interest deduction limitation. As a result of the CARES Act, we reclassified $1.6 million of expected AMT refunds from long-term to current. We are continuing to analyze the CARES Act, but we do not anticipate the other income tax provisions of the CARES Act to have a material impact on our financial statements. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a deferred tax benefit will not be realized. We consider all available material evidence, both positive and negative, in assessing the appropriateness of a valuation allowance for our deferred tax assets. As of September 30, 2020 and December 31, 2019, we recorded a valuation allowance of $38.2 million and $38.4 million, respectively, against our net operating loss carryforwards and other deferred tax assets. We currently believe that certain unremitted foreign earnings of our subsidiaries will permanently reinvest for an infinite period of time. Accordingly, we have not provided deferred taxes for the differences between these subsidiaries' book basis and underlying tax basis or on related foreign currency translation adjustment amounts. We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. Our U.S. federal income tax returns, for 2004 remain open to examination, as a result of the utilization of net operating loss carryforwards from 2004. In addition, open tax years for state and foreign jurisdictions remain subject to examination. Although the outcome of tax audits is always uncertain, we believe that adequate amounts of tax, interest, and penalties have been provided for in the accompanying condensed consolidated financial statements for any adjustments that might be incurred due to federal, state, or foreign audits. We recognize the effect of income tax positions only when it is more likely than not of being sustainable. The taxes are recorded in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes . Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits in income tax expense. As of September 30, 2020 and December 31, 2019, we had total unrecognized tax benefits of $8.8 million and $11.3 million, respectively, if recognized, would impact our effective tax rate. The net decrease was primarily due to the lapse in a statute of limitations for unrecognized tax benefits in the U.S. and China of $3.3 million. During the nine months ended September 30, 2019, we had a decrease of $17.7 million, primarily related to the closing of the U.S. tax audit for the pre-acquisition tax return filing and foreign tax audits. We recorded interest and penalties related to unrecognized tax benefits within the provision for income taxes. It is reasonable that the existing liabilities for the unrecognized tax benefits may increase or decrease over the next 12 months as a result of audit closures and statute expirations; however, the ultimate timing of the resolution and/or closure of audits is highly uncertain.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Lease Commitments - accounted for under ASC 842, Leases All of our lease right-of-use (“ROU”) assets and lease liabilities are related to operating leases, where the lease term exceeds one year. Our operating leases are generally for railcars, office space, and equipment used to conduct our operations. We currently have no finance leases as that term is defined under ASC 842. These leases were discounted using a weighted-average rate of 3.55%, which is based on a weighted average borrowing rate of specific debt. Non-variable lease costs include the amortization of the asset recorded on a straight-line basis. Variable lease components are non-index based payments based on performance or usage of the underlying asset. We have no material lessor or sublease income. The components of lease cost for operating leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Lease cost $ 6,035 $ 5,849 $ 18,463 $ 17,164 Variable lease cost 759 187 813 302 Operating lease expense $ 6,794 $ 6,036 $ 19,276 $ 17,466 The operating lease liabilities on a discounted basis arising from obtaining ROU assets as of September 30, 2020 were comprised as follows: Leased Asset Class Polymer Chemical Percentage Average Months Remaining on the Lease Weighted Average in Months (in thousands) Railcars $ 2,950 $ 28,143 34.9 % 68 23.9 Buildings 25,853 10,307 40.6 % 26 11.3 Equipment 1,298 7,630 10.0 % 36 3.7 Land 6,835 42 7.7 % 363 28.0 Other 686 5,257 6.7 % 23 1.6 Total $ 37,622 $ 51,379 68.5 The following tables show the undiscounted cash flows for the operating lease liabilities. September 30, 2020 (In thousands) October 1, 2020 through December 31, 2020 $ 5,892 2021 19,415 2022 15,676 2023 14,068 2024 10,501 Thereafter 35,376 Total undiscounted operating lease liabilities 100,928 Present value discount (11,934) Foreign currency and other 7 Total discounted operating lease liabilities $ 89,001 December 31, 2019 (In thousands) 2020 $ 23,310 2021 17,629 2022 13,087 2023 9,665 2024 6,264 Thereafter 27,860 Total undiscounted operating lease liabilities 97,815 Present value discount (10,400) Foreign currency and other 117 Total discounted operating lease liabilities $ 87,532 (b) Legal Proceedings We received an initial notice from the tax authorities in Brazil during the fourth quarter of 2012 in connection with tax credits that were generated from the purchase of certain goods that were subsequently applied by us against taxes owed. The tax authorities are currently assessing R$10.2 million, or approximately $1.8 million, including penalties and interest. We have appealed the assertion by the tax authorities in Brazil that the goods purchased were not eligible to earn the credits. While the outcome of this proceeding cannot be predicted with certainty, we do not expect this matter to have a material adverse effect upon our financial position, results of operations or cash flows. We and certain of our subsidiaries, from time to time, are parties to various other legal proceedings, claims and disputes that have arisen in the ordinary course of business. These claims may involve significant amounts, some of which would not be covered by insurance. A substantial settlement payment or judgment in excess of our accruals could have a material adverse effect on our financial position, results of operations or cash flows. While the outcome of these proceedings cannot be predicted with certainty, we do not expect any of these existing matters, individually or in the aggregate, to have a material adverse effect upon our financial position, results of operations or cash flows. (c) Asset Retirement Obligations. The changes in the aggregate carrying amount of our asset retirement obligations are as follows: Nine Months Ended September 30, 2020 2019 (In thousands) Beginning balance $ 6,523 $ 5,703 Additional accruals 119 780 Accretion expense 257 262 Obligations settled (344) (206) Foreign currency translation 246 (233) Ending balance $ 6,801 $ 6,306

Employee Benefits

Employee Benefits	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits The components of net periodic benefit cost related to pension benefits are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (In thousands) Service cost $ 48 $ 443 $ 655 $ 345 $ 143 $ 1,327 $ 1,965 $ 1,123 Interest cost 1,665 419 2,041 508 4,965 1,259 5,925 1,557 Expected return on plan assets (2,303) (675) (2,515) (581) (6,908) (2,057) (7,545) (1,825) Amortization of prior service cost — 4 — 8 — 13 — 25 Amortization of net actuarial loss 408 253 918 100 1,223 758 2,753 310 Curtailment income — — — (352) — — — (352) Settlement cost — — — 24 — — — 24 Net periodic benefit (income) cost $ (182) $ 444 $ 1,099 $ 52 $ (577) $ 1,300 $ 3,098 $ 862 During the fourth quarter of 2019 (the effective date), we amended our Polymer segment U.S. Pension Plan, eliminating future participant benefit accruals after January 31, 2020, which resulted in a pension curtailment and remeasurement as of the effective date. The components of net periodic benefit cost other than the service cost component are included in other income on our Condensed Consolidated Statements of Operations. We made contributions of $5.9 million and $9.6 million to our pension plans in the nine months ended September 30, 2020 and 2019, respectively. The components of net periodic benefit cost related to other post-retirement benefits are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 U.S. Plans U.S. Plans U.S. Plans U.S. Plans (In thousands) Service cost $ 85 $ 38 $ 255 $ 218 Interest cost 195 225 585 705 Amortization of prior service cost (438) (438) (1,313) (1,313) Amortization of net actuarial loss 213 115 638 465 Net periodic benefit (income) cost $ 55 $ (60) $ 165 $ 75 The components of net periodic benefit cost other than the service cost component are included in other income on our Condensed Consolidated Statements of Operations.

Industry Segments and Foreign O

Industry Segments and Foreign Operations	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Industry Segments and Foreign Operations	Industry Segments and Foreign Operations Our operations are managed through two operating segments: (i) Polymer segment; and (ii) Chemical segment. In accordance with the provisions of ASC 280, Segment Reporting , our chief operating decision maker has been identified as our President and Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire company. • Polymer Segment is comprised of our SBCs and other engineered polymers business. • Chemical Segment is comprised of our pine-based specialty products business. Our chief operating decision maker uses operating income (loss) as the primary measure of each segment's operating results in order to allocate resources and in assessing the company's performance. In accordance with ASC 280, Segment Reporting , we have presented operating income for each segment. The following table summarizes our operating results by segment. We do not have sales between segments. Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Polymer Chemical Total Polymer Chemical Total (In thousands) Revenue $ 198,540 $ 174,898 $ 373,438 $ 261,593 $ 182,628 $ 444,221 Cost of goods sold 163,544 141,140 304,684 203,115 139,827 342,942 Gross profit 34,996 33,758 68,754 58,478 42,801 101,279 Operating expenses: Research and development 7,234 2,220 9,454 7,322 3,045 10,367 Selling, general, and administrative 19,112 16,173 35,285 17,922 14,350 32,272 Depreciation and amortization 13,042 18,271 31,313 14,982 19,822 34,804 Gain on insurance proceeds — — — — (14,250) (14,250) (Gain) loss on disposal of fixed assets 698 (1,225) (527) (17) — (17) Impairment of goodwill — 400,000 400,000 — — — Operating income (loss) $ (5,090) $ (401,681) (406,771) $ 18,269 $ 19,834 38,103 Other income 259 4,235 Disposition and exit of business activities — — Loss on extinguishment of debt (848) — Earnings of unconsolidated joint venture 81 102 Interest expense, net (13,527) (19,214) Income (loss) before income taxes $ (420,806) $ 23,226 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Polymer Chemical Total Polymer Chemical Total (In thousands) Revenue $ 642,772 $ 513,614 $ 1,156,386 $ 820,509 $ 575,403 $ 1,395,912 Cost of goods sold 481,200 394,188 875,388 629,279 429,150 1,058,429 Gross profit 161,572 119,426 280,998 191,230 146,253 337,483 Operating expenses: Research and development 22,056 8,102 30,158 22,227 8,864 31,091 Selling, general, and administrative 70,074 52,671 122,745 63,226 48,397 111,623 Depreciation and amortization 39,337 54,491 93,828 43,296 54,934 98,230 Gain on insurance proceeds — — — — (32,850) (32,850) (Gain) loss on disposal of fixed assets 508 (542) (34) (17) — (17) Impairment of goodwill — 400,000 400,000 — — — Operating income (loss) $ 29,597 $ (395,296) (365,699) $ 62,498 $ 66,908 129,406 Other income 837 3,559 Disposition and exit of business activities 175,189 — Gain (loss) on extinguishment of debt (14,943) 210 Earnings of unconsolidated joint venture 310 363 Interest expense, net (44,454) (57,494) Income before income taxes $ (248,760) $ 76,044 The following table presents long-lived assets including goodwill and total assets. September 30, 2020 December 31, 2019 Polymer Chemical Total Polymer Chemical Total (In thousands) Property, plant, and equipment, net $ 515,460 $ 406,068 $ 921,528 $ 526,692 $ 399,248 $ 925,940 Investment in unconsolidated joint venture $ 12,160 $ — $ 12,160 $ 11,971 $ — $ 11,971 Goodwill $ — $ 373,845 $ 373,845 $ — $ 772,418 $ 772,418 Total assets $ 1,070,354 $ 1,339,683 $ 2,410,037 $ 1,097,691 $ 1,734,694 $ 2,832,385 (a) Goodwill The Company conducts an annual impairment review of goodwill on October 1st of each year, unless events occur which trigger the need for an interim impairment review. During the third quarter of 2020, the Company updated its annual long-range plan, taking into consideration the following: • a continued decline in rosin margins, resulting from excess hydrocarbon supply, negatively affecting our adhesives applications • a significant decline in gum turpentine pricing, which began in the second half of 2019, resulting in lower CST margins • the impacts of COVID-19, which weakened demand fundamentals, including applications such as oilfield, tires, and automotive These and other factors were considered indicators of impairment of our Chemical segment’s goodwill. We performed an interim impairment test of goodwill as of September 30, 2020. As a result, we recorded a non-cash impairment charge of $400.0 million within the Chemical segment. There can be no assurances that future sustained declines in macroeconomic or business conditions affecting our industry will not occur, which could result in goodwill impairment charges in future periods. The Company estimated the fair value using both an income and market approach. The determination of the fair value using the income approach requires management to make significant estimates and assumptions related to forecasts of future revenues, profit margins, and discount rates. The determination of the fair value using the market approach requires management to make significant assumptions related to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples. The Company estimates future cash flows based upon EBITDA projections within our long-range plan, discounted at an appropriate risk-adjusted rate. Under the income approach, the fair value for Chemical segment was determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. We used our internal forecast, including our annual long-range plan, updated for recent events, to estimate future cash flows, including a terminal value. Our internal forecast includes assumptions about future commodity pricing and expected demand for goods and services. Due to the inherent uncertainties involved in making estimates and assumptions, actual results may differ from those assumed in our forecast. Valuations using the market approach were derived from metrics of selected publicly traded peer companies. The selection of peer companies was based on the markets in which the Chemical segment operates, considering risk profiles, size, geography, and diversity of products and services. We derived our risk-adjusted rate using a capital asset pricing model and analyzing published rates for industries and comparable businesses similar to our Chemical segment taking into account the cost of equity and debt. We used a risk-adjusted rate that is commensurate with the risks and uncertainties inherent in the respective businesses and in our internally developed forecast. Changes in goodwill from January 1, 2020 through September 30, 2020 were as follows: Chemical (In thousands) Balance at January 1, 2020 $ 772,418 Goodwill impairment charge (400,000) Foreign currency translation 1,427 Balance at September 30, 2020 $ 373,845 (b) Revenue by Geography For geographic reporting, revenue is attributed to the geographic location in which the customers’ facilities are located. Long-lived assets consist primarily of property, plant, and equipment, which are attributed to the geographic location in which they are located and are presented at historical cost. Following is a summary of revenue by geographic region: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Polymer Chemical Total Polymer Chemical Total (In thousands) (In thousands) Revenue: United States $ 77,586 $ 69,559 $ 147,145 $ 78,640 $ 78,516 $ 157,156 Germany 21,388 11,390 32,778 29,970 13,282 43,252 All other countries 99,566 93,949 193,515 152,983 90,830 243,813 $ 198,540 $ 174,898 $ 373,438 $ 261,593 $ 182,628 $ 444,221 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Polymer Chemical Total Polymer Chemical Total (In thousands) (In thousands) Revenue: United States $ 235,289 $ 214,684 $ 449,973 $ 270,786 $ 244,139 $ 514,925 Germany 69,256 32,610 101,866 84,967 40,560 125,527 All other countries 338,227 266,320 604,547 464,756 290,704 755,460 $ 642,772 $ 513,614 $ 1,156,386 $ 820,509 $ 575,403 $ 1,395,912 (c) Capital Expenditures Our capital expenditures for the Polymer segment, excluding capital expenditures by the KFPC joint venture, were $27.3 million and $44.5 million during the nine months ended September 30, 2020 and 2019, respectively, and capital expenditures for our Chemical segment were $26.9 million and $31.8 million during the nine months ended September 30, 2020 and 2019, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We own a 50% equity investment in an SBC manufacturing joint venture in Kashima, Japan. Our outstanding payables were $12.7 million and $16.4 million as of September 30, 2020 and December 31, 2019, respectively, which were recorded in due to related party on the Condensed Consolidated Balance Sheets. Our total purchases from the joint venture were $6.1 million and $7.0 million for the three months ended September 30, 2020 and 2019, respectively, and $20.9 million and $23.4 million for the nine months ended September 30, 2020 and 2019, respectively. We own a 50% variable interest in KFPC, an HSBC manufacturing joint venture in Mailiao, Taiwan. The KFPC joint venture is fully consolidated in our financial statements, and our joint venture partner, Formosa Petrochemical Corporation (“FPCC”), is a related party affiliate. Under the terms of the joint venture agreement, FPCC is to provide certain site services and raw materials to KFPC. Additionally, we purchase certain raw materials from FPCC for our other manufacturing locations. Our outstanding payables were $4.1 million and $1.1 million as of September 30, 2020 and December 31, 2019, respectively, which were recorded in due to related party on the Condensed Consolidated Balance Sheets. Our total purchases from this joint venture were $10.7 million and $15.8 million for the three months ended September 30, 2020 and 2019, respectively, and $36.4 million and $41.2 million for the nine months ended September 30, 2020 and 2019, respectively. See Note 15 Variable Interest Entity, for further discussion related to the KFPC joint venture.

Variable Interest Entity

Variable Interest Entity	9 Months Ended
	Sep. 30, 2020
Noncontrolling Interest [Abstract]
Variable Interest Entity	Variable Interest Entity We hold a variable interest in a joint venture with FPCC to own and operate a 30 kiloton HSBC plant at FPCC’s petrochemical site in Mailiao, Taiwan. Included in the below assets and liabilities is a land lease with FPCC to support our operations at the HSBC plant. Kraton and FPCC are each 50% owners of the joint venture company, KFPC. Under the provisions of an offtake agreement with KFPC, we have exclusive rights to purchase all production from KFPC. Additionally, following a ramp-up period, the agreement requires us to purchase a minimum of 80% of the plant production capacity each year at a defined fixed margin. This offtake agreement represents a variable interest that provides us the power to direct the most significant activities of KFPC and exposes us to the economic variability of the joint venture. As such, we have determined that we are the primary beneficiary of this variable interest entity. As a result, we have consolidated KFPC in our financial statements and reflected FPCC’s 50% ownership as a noncontrolling interest. The following table summarizes the carrying amounts of assets and liabilities as of September 30, 2020 and December 31, 2019 for KFPC before intercompany eliminations. September 30, 2020 December 31, 2019 (In thousands) Cash and cash equivalents $ 2,914 $ 10,402 Other current assets 17,365 14,847 Property, plant, and equipment, net 148,509 155,153 Intangible assets 7,896 8,133 Long-term operating lease assets, net 7,046 7,044 Other long-term assets 4,386 2,147 Total assets $ 188,116 $ 197,726 Current portion of long-term debt $ 75,530 $ 52,961 Current liabilities 4,247 12,801 Long-term debt 17,031 49,391 Long-term operating lease liabilities 6,501 6,603 Total liabilities $ 103,309 $ 121,756

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsWe have evaluated events and transactions that occurred after the balance sheet date and determined that there were no other significant events or transactions that would require recognition or disclosure in our condensed consolidated financial statements for the period ended September 30, 2020.

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying unaudited condensed consolidated financial statements presented in this report are for us and our consolidated subsidiaries, each of which is a wholly-owned subsidiary, except our 50% investment in our joint venture, Kraton Formosa Polymers Corporation (“KFPC”), located in Mailiao, Taiwan. KFPC is a variable interest entity for which we have determined that we are the primary beneficiary and, therefore, have consolidated into our financial statements. Our 50% investment in our joint venture located in Kashima, Japan, is accounted for under the equity method of accounting. All significant intercompany transactions have been eliminated. These interim financial statements should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and reflect all normal recurring adjustments that are, in the opinion of management, necessary to present fairly our results of operations and financial position. Amounts reported in our Condensed Consolidated Statements of Operations are not necessarily indicative of amounts expected for the respective annual periods or any other interim period, in particular due to the effect of seasonal changes and weather conditions that typically affect our sales into paving, roadmarking, roofing, and construction applications. In particular, sales volumes into these applications are generally higher in the second and third quarter of the calendar year as warm and dry weather is more conducive to paving and roofing activity.
Reclassifications	Reclassifications. Certain amounts reported in the condensed consolidated financial statements and notes to the condensed consolidated financial statements for the prior periods have been reclassified to conform to the current reporting presentation.
Use of Estimates	Use of Estimates. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include: • the useful lives of long-lived assets; • allowances for doubtful accounts and sales returns; • valuation of goodwill; • the valuation of derivatives, deferred taxes, property, plant and equipment, inventory, share-based compensation, and deferred income; and • liabilities for employee benefit obligations, environmental matters, asset retirement obligations, income tax uncertainties, and other contingencies.
Income Tax in Interim Periods	Income Tax in Interim Periods. We conduct operations in separate legal entities in different jurisdictions. As a result, income tax amounts are reflected in these condensed consolidated financial statements for each of those jurisdictions. Tax laws and tax rates vary substantially in these jurisdictions and are subject to change based on the political and economic climate in those countries. We file our tax returns in accordance with our interpretations of each jurisdiction’s tax laws. Overall effective tax rate may therefore vary considerably from quarter to quarter and from year to year based on the actual or projected location of operations, levels of income, intercompany gains or losses, and other factors. In accordance with U.S. GAAP for interim reporting, we have historically estimated our full-year effective tax rate and applied this rate to ordinary income or loss for the reporting period. We have determined that since small changes in estimated ordinary income would result in significant changes in the estimated annual effective tax rate this historical method would not provide reliable results for the quarter ended September 30, 2020. Therefore, a discrete year-to-date method of reporting was used for the quarter ended September 30, 2020. We will continue to evaluate income tax estimates under the historical method in subsequent quarters and employ a discrete effective tax rate method if warranted. We have established valuation allowances against a variety of deferred tax assets, including net operating loss carryforwards, foreign tax credits and other income tax credits. Valuation allowances take into consideration our expected ability to realize these deferred tax assets and reduce the value of such assets to the amount that is deemed more likely than not to be recoverable. Our ability to realize these deferred tax assets is dependent on achieving our forecast of future taxable operating income over an extended period of time. We review our forecast in relation to actual results and expected trends on a quarterly basis. If we fail to achieve our operating income targets, we may change our assessment regarding the recoverability of our net deferred tax assets and such change could result in a valuation allowance being recorded against some or all of our net deferred tax assets. A change in our valuation allowance would impact our income tax benefit (expense) and our stockholders’ equity and could have a significant impact on our results of operations or financial condition in future periods.
New Accounting Pronouncements	Accounting Standards Adopted in the Current Period We have implemented all new accounting pronouncements that are in effect and that management believes would materially affect our financial statements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard is effective for fiscal years beginning after December 15, 2019. Our analysis of ASU 2016-13 was completed during 2019, and there is no material change to our financial position, results of operations, and cash flows. We adopted ASU 2016-13 effective January 1, 2020. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This standard is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Our analysis of ASU 2017-04 was completed during 2019, and there is no material change to our financial position, results of operations, and cash flows. We adopted ASU 2017-04 effective January 1, 2020. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This standard is effective for fiscal years beginning after December 15, 2019. Our analysis of ASU 2018-18 was completed during 2019, and there is no material change to our financial position, results of operations, and cash flows. We adopted ASU 2018-18 effective January 1, 2020. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides practical expedients and exception for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. This standard is applicable to our contracts and hedging relationships that reference LIBOR. The amendments may be applied through December 31, 2022. We will apply this guidance to transactions and modifications of these arrangements as appropriate. New Accounting Standards to be Adopted in Future Periods In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This standard is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted for any interim period after issuance of the ASU. Our evaluation of this standard is currently ongoing, and we expect to adopt ASU 2019-12 effective on January 1, 2021.
Revenue from Contract with Customers	Revenue is recognized when obligations under the terms of a contract with our customers are satisfied; generally, this occurs at a point in time when the risk of loss and title to the product transfers to the customer. Our standard terms of delivery are included in our contracts of sale, order confirmation documents, and invoices. As such, all revenue is considered revenue recognized from contracts with customers, and we do not have other sources of revenue. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Revenue is recognized net of sales tax, value-added taxes, and other taxes. Shipping and other transportation costs charged to customers are recorded in both revenue and cost of goods sold. We do not have any material significant payment terms as payment is received at or shortly after the point of sale. Certain customers may receive cash-based incentives (including rebates, price supports, and sales commission), which are accounted for as variable consideration. We estimate rebates and price supports based on the expected amount to be provided to customers and reduce revenues recognized once the performance obligation has been met. Sales commissions are recorded as an increase in cost of goods sold once the performance obligation has been met. We do not expect to have significant changes in our estimates for variable considerations. We have deferred revenue of $185.2 million related to contractual commitments with customers for which the performance obligation will be satisfied over time, which ranges from one Disposition and Exit of Business Activities for further discussion of the IRSA. Occasionally, we enter into bill-and-hold contracts, where we invoice the customer for products even though we retain possession of the products until a point in time in the future when the products are shipped to the customer. In these contracts, the primary performance obligation is satisfied at a point in time when the product is segregated from our general inventory, it is ready for shipment to customer, and we do not have the ability to use the product or direct it to another customer. Additionally, we have a secondary performance obligation related to custodial costs, including storage and freight, which is satisfied over time once the product has been delivered to the customer. During the three months ended September 30, 2020 and 2019, we did not recognize any revenue related to these bill-and-hold arrangements. During the nine months ended September 30, 2020 and 2019, we recognized $4.2 million and $5.6 million of revenue related to these bill-and-hold arrangements, respectively.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	We disaggregate our revenue by segment product lines, which is how we market our products and review results of operations. The following tables disaggregate our segment revenue by major product lines: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Polymer Segment (In thousands) Performance Products $ 117,353 $ 141,267 $ 354,452 $ 422,539 Specialty Polymers 78,629 70,986 232,851 256,483 Cariflex (1) — 49,241 36,930 141,117 Isoprene Rubber 1,833 — 17,436 — Other 725 99 1,103 370 Polymer Product Line Revenue $ 198,540 $ 261,593 $ 642,772 $ 820,509 ____________________________________________________ (1) Cariflex is included in the results of operations through March 6, 2020. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Chemical Segment (In thousands) Adhesives $ 63,901 $ 64,391 $ 189,789 $ 198,785 Performance Chemicals 99,919 105,367 295,509 337,766 Tires 11,078 12,870 28,316 38,852 Chemical Product Line Revenue $ 174,898 $ 182,628 $ 513,614 $ 575,403
Schedule of Contract with Customer, Asset and Liability	September 30, 2020 December 31, 2019 (In thousands) Contract receivables (1) $ 169,720 $ 190,093 Contract liabilities (2) $ 185,227 $ 12,456 ____________________________________________________ (1) Contract receivables are recorded within receivables, net of allowances on our Condensed Consolidated Balance Sheets. This includes $20.4 million of contract receivables related to the Cariflex business recorded as current assets held for sale for the year ended December 31, 2019.

Detail of Certain Balance She_2

Detail of Certain Balance Sheet Accounts (Tables)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Detail of certain balance sheet accounts	September 30, 2020 December 31, 2019 (In thousands) Inventories of products: Finished products $ 251,420 $ 255,406 Work in progress 2,322 4,589 Raw materials 75,423 80,647 Inventories of products, gross 329,165 340,642 Inventory reserves (6,873) (8,185) Total inventories of products, net $ 322,292 $ 332,457 Intangible assets: Contractual agreements $ 263,609 $ 261,923 Technology 146,322 145,663 Customer relationships 60,453 60,291 Tradenames/trademarks 82,763 80,638 Software 67,470 63,181 Intangible assets 620,617 611,696 Less accumulated amortization: Contractual agreements 104,590 87,576 Technology 72,948 68,132 Customer relationships 39,827 38,760 Tradenames/trademarks 52,418 48,162 Software 49,293 43,189 Total accumulated amortization 319,076 285,819 Intangible assets, net of accumulated amortization $ 301,541 $ 325,877 Other payables and accruals: Employee related $ 44,339 $ 27,078 Short-term operating lease liabilities 18,215 20,908 Interest payable 13,448 16,289 Capital project accruals 1,833 13,259 Customer related 9,243 10,329 Short-term deferred income 23,876 1,407 Income tax payable 16,732 3,372 Utilities payable 2,365 2,397 Property and other taxes 2,339 1,548 Other 21,144 16,058 Total other payables and accruals $ 153,534 $ 112,645 Other long-term liabilities: Pension and other post-retirement benefits $ 123,219 $ 126,386 Long-term tax liability 19,458 21,022 Other 14,803 14,503 Total other long-term liabilities $ 157,480 $ 161,911
Schedule of accumulated other comprehensive income (loss)	Changes in accumulated other comprehensive income (loss) by component were as follows: Cumulative Foreign Currency Translation Cash Flow Hedges, Net of Tax Net Investment Hedges, Net of Tax Benefit Plans Liability, Net of Tax Total (In thousands) December 31, 2018 $ (24,093) $ 3,922 $ 6,153 $ (77,681) $ (91,699) Other comprehensive income (loss) before reclassifications (10,645) (3,858) 11,830 163 (2,510) Net other comprehensive income (loss) for the year (10,645) (3,858) 11,830 163 (2,510) September 30, 2019 $ (34,738) $ 64 $ 17,983 $ (77,518) $ (94,209) December 31, 2019 $ (29,389) $ (2,389) $ 13,624 $ (87,641) $ (105,795) Other comprehensive income (loss) before reclassifications 14,136 1,387 (14,089) (1,714) (280) Amounts reclassified to (income) expense from accumulated other comprehensive loss (1) 66,533 1,002 (899) — 66,636 Net other comprehensive income (loss) for the year 80,669 2,389 (14,988) (1,714) 66,356 September 30, 2020 $ 51,280 $ — $ (1,364) $ (89,355) $ (39,439) ____________________________________________________ (1) Amounts reclassified to (income) expense from accumulated other comprehensive income (loss) are related to cumulative foreign currency translation and settlement of a net investment hedge, which are recorded in disposition and exit of business activities in the Condensed Consolidated Statement of Operations. Additionally, the settlement of interest rate swaps are recorded in loss on extinguishment of debt in the Condensed Consolidated Statement of Operations. All these costs are in connection with the divestiture of our Cariflex business and subsequent repayments of debt.

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Calculations of basic and diluted earnings per share	The calculations of basic and diluted EPS are as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Net Loss Attributable to Kraton Weighted Average Shares Outstanding Loss Per Share Net Income Attributable to Kraton Weighted Average Shares Outstanding Earnings Per Share (In thousands, except per share data) Basic: As reported $ (403,794) 31,863 $ 18,693 31,710 Amounts allocated to unvested restricted shares 963 (76) (132) (224) Amounts available to common stockholders (402,831) 31,787 $ (12.67) 18,561 31,486 $ 0.59 Diluted: Amounts allocated to unvested restricted shares (963) 76 132 224 Non participating share units — — — 282 Stock options added under the treasury stock method — — — 55 Amounts reallocated to unvested restricted shares 963 (76) (131) (224) Amounts available to stockholders and assumed conversions $ (402,831) 31,787 $ (12.67) $ 18,562 31,823 $ 0.58 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Net Loss Attributable to Kraton Weighted Average Shares Outstanding Loss Per Share Net Income Attributable to Kraton Weighted Average Shares Outstanding Earnings Per Share (In thousands, except per share data) Basic: As reported $ (203,676) 31,836 $ 72,569 31,861 Amounts allocated to unvested restricted shares 691 (108) (588) (258) Amounts available to common stockholders (202,985) 31,728 $ (6.40) 71,981 31,603 $ 2.28 Diluted: Amounts allocated to unvested restricted shares (691) 108 588 258 Non participating share units — — — 252 Stock options added under the treasury stock method — — — 59 Amounts reallocated to unvested restricted shares 691 (108) (582) (258) Amounts available to stockholders and assumed conversions $ (202,985) 31,728 $ (6.40) $ 71,987 31,914 $ 2.26

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consists of the following: September 30, 2020 December 31, 2019 Principal Discount Debt Issuance Costs Total Principal Discount Debt Issuance Costs Total (In thousands) USD Tranche $ — $ — $ — $ — $ 290,000 $ (5,057) $ (6,985) $ 277,958 Euro Tranche 117,250 — (1,183) 116,067 277,134 — (3,237) 273,897 7.0% Senior Notes 394,750 — (5,150) 389,600 394,750 — (5,846) 388,904 5.25% Senior Notes 340,024 — (4,386) 335,638 325,378 — (4,879) 320,499 ABL Facility — — — — — — — — KFPC Loan Agreement 51,159 — (22) 51,137 82,375 — (33) 82,342 KFPC Revolving Facilities 41,424 — — 41,424 20,010 — — 20,010 Capital lease obligation 881 — — 881 1,015 — — 1,015 Total debt 945,488 — (10,741) 934,747 1,390,662 (5,057) (20,980) 1,364,625 Less current portion of total debt 75,717 — — 75,717 53,139 — — 53,139 Long-term debt $ 869,771 $ — $ (10,741) $ 859,030 $ 1,337,523 $ (5,057) $ (20,980) $ 1,311,486
Remaining principal payments on outstanding total debt	The remaining principal payments on our outstanding total debt as of September 30, 2020, are as follows: Principal Payments (In thousands) October 1, 2020 through September 30, 2021 $ 75,717 October 1, 2021 through September 30, 2022 17,252 October 1, 2022 through September 30, 2023 211 October 1, 2023 through September 30, 2024 224 October 1, 2024 through September 30, 2025 512,060 Thereafter 340,024 Total debt $ 945,488

Fair Value Measurements, Fina_2

Fair Value Measurements, Financial Instruments, and Credit Risk (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of financial assets and liabilities accounted for at fair value on a recurring basis	The following tables set forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. These financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, which judgment may affect the valuation of their fair value and placement within the fair value hierarchy levels. As of September 30, 2020 and December 31, 2019, the Company has no assets or liabilities utilizing significant unobservable inputs (or Level 3) to derive its estimated fair values. Fair Value Measurements at Reporting Date Using Balance Sheet Location September 30, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (In thousands) Retirement plan asset – noncurrent Other long-term asset $ 2,896 $ 2,896 $ — Derivative liability – current Other payables and accruals (904) — (904) Total $ 1,992 $ 2,896 $ (904) Fair Value Measurements at Reporting Date Using Balance Sheet Location December 31, 2019 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (In thousands) Derivative asset – current Other current assets $ 14 $ — $ 14 Derivative asset – noncurrent Other long-term assets 32 — 32 Retirement plan asset – noncurrent Other long-term assets 2,547 2,547 — Derivative liability – current Other payables and accruals (170) — (170) Total $ 2,423 $ 2,547 $ (124)
Schedule of carrying values and approximate fair values of long-term debt	The following table presents the carrying values and approximate fair values of our long-term debt. September 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (In thousands) USD Tranche (significant other observable inputs – level 2) $ — $ — $ 290,000 $ 290,183 Euro Tranche (significant other observable inputs – level 2) $ 117,250 $ 115,125 $ 277,134 $ 277,827 7.0% Senior Notes (quoted prices in active market for identical assets – level 1) $ 394,750 $ 402,811 $ 394,750 $ 406,214 5.25% Senior Notes (quoted prices in active market for identical assets – level 1) $ 340,024 $ 344,509 $ 325,378 $ 338,364 ABL Facility $ — $ — $ — $ — Capital lease obligation $ 881 $ 881 $ 1,015 $ 1,015 KFPC Loan Agreement $ 51,159 $ 51,159 $ 82,375 $ 82,375 KFPC Revolving Facilities $ 41,424 $ 41,424 $ 20,010 $ 20,010

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Reconciliation of effective tax rates	The provision for income taxes differs from the amount computed by applying the U.S. corporate statutory income tax rate to income (loss) before income taxes for the reasons set forth below. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Income taxes at the statutory rate $ 88,370 $ (4,877) $ 52,240 $ (15,969) State taxes, net of federal benefit 266 (440) 530 (1,142) Foreign tax rate differential (240) 2,590 (7,539) 5,896 Permanent differences (928) (3,681) (4,846) (4,813) Cariflex disposition 18,912 — 22,652 — Dutch transfer of assets — — 65,527 — Tax credits 157 — 800 — Uncertain tax positions (209) 3,936 2,698 17,364 Valuation allowance (139) 162 282 572 Goodwill impairment (84,000) — (84,000) — Return to provision adjustments (4,000) (1) (262) (27) Income tax benefit (expense) $ 18,189 $ (2,311) $ 48,082 $ 1,881

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Lease, Cost	The components of lease cost for operating leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Lease cost $ 6,035 $ 5,849 $ 18,463 $ 17,164 Variable lease cost 759 187 813 302 Operating lease expense $ 6,794 $ 6,036 $ 19,276 $ 17,466
Schedule of Lease by Asset Type	The operating lease liabilities on a discounted basis arising from obtaining ROU assets as of September 30, 2020 were comprised as follows: Leased Asset Class Polymer Chemical Percentage Average Months Remaining on the Lease Weighted Average in Months (in thousands) Railcars $ 2,950 $ 28,143 34.9 % 68 23.9 Buildings 25,853 10,307 40.6 % 26 11.3 Equipment 1,298 7,630 10.0 % 36 3.7 Land 6,835 42 7.7 % 363 28.0 Other 686 5,257 6.7 % 23 1.6 Total $ 37,622 $ 51,379 68.5
Lessee, Operating Lease, Liability, Maturity	The following tables show the undiscounted cash flows for the operating lease liabilities. September 30, 2020 (In thousands) October 1, 2020 through December 31, 2020 $ 5,892 2021 19,415 2022 15,676 2023 14,068 2024 10,501 Thereafter 35,376 Total undiscounted operating lease liabilities 100,928 Present value discount (11,934) Foreign currency and other 7 Total discounted operating lease liabilities $ 89,001 December 31, 2019 (In thousands) 2020 $ 23,310 2021 17,629 2022 13,087 2023 9,665 2024 6,264 Thereafter 27,860 Total undiscounted operating lease liabilities 97,815 Present value discount (10,400) Foreign currency and other 117 Total discounted operating lease liabilities $ 87,532
Changes in the aggregate carrying amount of ARO liability	The changes in the aggregate carrying amount of our asset retirement obligations are as follows: Nine Months Ended September 30, 2020 2019 (In thousands) Beginning balance $ 6,523 $ 5,703 Additional accruals 119 780 Accretion expense 257 262 Obligations settled (344) (206) Foreign currency translation 246 (233) Ending balance $ 6,801 $ 6,306

Employee Benefits (Tables)

Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Components of net periodic benefit cost	The components of net periodic benefit cost related to pension benefits are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (In thousands) Service cost $ 48 $ 443 $ 655 $ 345 $ 143 $ 1,327 $ 1,965 $ 1,123 Interest cost 1,665 419 2,041 508 4,965 1,259 5,925 1,557 Expected return on plan assets (2,303) (675) (2,515) (581) (6,908) (2,057) (7,545) (1,825) Amortization of prior service cost — 4 — 8 — 13 — 25 Amortization of net actuarial loss 408 253 918 100 1,223 758 2,753 310 Curtailment income — — — (352) — — — (352) Settlement cost — — — 24 — — — 24 Net periodic benefit (income) cost $ (182) $ 444 $ 1,099 $ 52 $ (577) $ 1,300 $ 3,098 $ 862 The components of net periodic benefit cost related to other post-retirement benefits are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 U.S. Plans U.S. Plans U.S. Plans U.S. Plans (In thousands) Service cost $ 85 $ 38 $ 255 $ 218 Interest cost 195 225 585 705 Amortization of prior service cost (438) (438) (1,313) (1,313) Amortization of net actuarial loss 213 115 638 465 Net periodic benefit (income) cost $ 55 $ (60) $ 165 $ 75

Industry Segments and Foreign_2

Industry Segments and Foreign Operations (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Sales revenue for primary product lines	The following table summarizes our operating results by segment. We do not have sales between segments. Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Polymer Chemical Total Polymer Chemical Total (In thousands) Revenue $ 198,540 $ 174,898 $ 373,438 $ 261,593 $ 182,628 $ 444,221 Cost of goods sold 163,544 141,140 304,684 203,115 139,827 342,942 Gross profit 34,996 33,758 68,754 58,478 42,801 101,279 Operating expenses: Research and development 7,234 2,220 9,454 7,322 3,045 10,367 Selling, general, and administrative 19,112 16,173 35,285 17,922 14,350 32,272 Depreciation and amortization 13,042 18,271 31,313 14,982 19,822 34,804 Gain on insurance proceeds — — — — (14,250) (14,250) (Gain) loss on disposal of fixed assets 698 (1,225) (527) (17) — (17) Impairment of goodwill — 400,000 400,000 — — — Operating income (loss) $ (5,090) $ (401,681) (406,771) $ 18,269 $ 19,834 38,103 Other income 259 4,235 Disposition and exit of business activities — — Loss on extinguishment of debt (848) — Earnings of unconsolidated joint venture 81 102 Interest expense, net (13,527) (19,214) Income (loss) before income taxes $ (420,806) $ 23,226 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Polymer Chemical Total Polymer Chemical Total (In thousands) Revenue $ 642,772 $ 513,614 $ 1,156,386 $ 820,509 $ 575,403 $ 1,395,912 Cost of goods sold 481,200 394,188 875,388 629,279 429,150 1,058,429 Gross profit 161,572 119,426 280,998 191,230 146,253 337,483 Operating expenses: Research and development 22,056 8,102 30,158 22,227 8,864 31,091 Selling, general, and administrative 70,074 52,671 122,745 63,226 48,397 111,623 Depreciation and amortization 39,337 54,491 93,828 43,296 54,934 98,230 Gain on insurance proceeds — — — — (32,850) (32,850) (Gain) loss on disposal of fixed assets 508 (542) (34) (17) — (17) Impairment of goodwill — 400,000 400,000 — — — Operating income (loss) $ 29,597 $ (395,296) (365,699) $ 62,498 $ 66,908 129,406 Other income 837 3,559 Disposition and exit of business activities 175,189 — Gain (loss) on extinguishment of debt (14,943) 210 Earnings of unconsolidated joint venture 310 363 Interest expense, net (44,454) (57,494) Income before income taxes $ (248,760) $ 76,044
Schedule of assets by segment	The following table presents long-lived assets including goodwill and total assets. September 30, 2020 December 31, 2019 Polymer Chemical Total Polymer Chemical Total (In thousands) Property, plant, and equipment, net $ 515,460 $ 406,068 $ 921,528 $ 526,692 $ 399,248 $ 925,940 Investment in unconsolidated joint venture $ 12,160 $ — $ 12,160 $ 11,971 $ — $ 11,971 Goodwill $ — $ 373,845 $ 373,845 $ — $ 772,418 $ 772,418 Total assets $ 1,070,354 $ 1,339,683 $ 2,410,037 $ 1,097,691 $ 1,734,694 $ 2,832,385
Schedule of Goodwill	Changes in goodwill from January 1, 2020 through September 30, 2020 were as follows: Chemical (In thousands) Balance at January 1, 2020 $ 772,418 Goodwill impairment charge (400,000) Foreign currency translation 1,427 Balance at September 30, 2020 $ 373,845 (b) Revenue by Geography
Summary of revenue by geographic region	Following is a summary of revenue by geographic region: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Polymer Chemical Total Polymer Chemical Total (In thousands) (In thousands) Revenue: United States $ 77,586 $ 69,559 $ 147,145 $ 78,640 $ 78,516 $ 157,156 Germany 21,388 11,390 32,778 29,970 13,282 43,252 All other countries 99,566 93,949 193,515 152,983 90,830 243,813 $ 198,540 $ 174,898 $ 373,438 $ 261,593 $ 182,628 $ 444,221 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Polymer Chemical Total Polymer Chemical Total (In thousands) (In thousands) Revenue: United States $ 235,289 $ 214,684 $ 449,973 $ 270,786 $ 244,139 $ 514,925 Germany 69,256 32,610 101,866 84,967 40,560 125,527 All other countries 338,227 266,320 604,547 464,756 290,704 755,460 $ 642,772 $ 513,614 $ 1,156,386 $ 820,509 $ 575,403 $ 1,395,912

Variable Interest Entity (Table

Variable Interest Entity (Tables)	9 Months Ended
	Sep. 30, 2020
Noncontrolling Interest [Abstract]
Summary of carrying amounts of assets and liabilities	The following table summarizes the carrying amounts of assets and liabilities as of September 30, 2020 and December 31, 2019 for KFPC before intercompany eliminations. September 30, 2020 December 31, 2019 (In thousands) Cash and cash equivalents $ 2,914 $ 10,402 Other current assets 17,365 14,847 Property, plant, and equipment, net 148,509 155,153 Intangible assets 7,896 8,133 Long-term operating lease assets, net 7,046 7,044 Other long-term assets 4,386 2,147 Total assets $ 188,116 $ 197,726 Current portion of long-term debt $ 75,530 $ 52,961 Current liabilities 4,247 12,801 Long-term debt 17,031 49,391 Long-term operating lease liabilities 6,501 6,603 Total liabilities $ 103,309 $ 121,756

General (Details)

General (Details)	9 Months Ended
	Sep. 30, 2020segment
Accounting Policies [Abstract]
Number of operating segments	2
KFPC
Schedule of Equity Method Investments [Line Items]
Percentage of investment in joint venture	50.00%
Styrenic Block Copolymer Joint Venture
Schedule of Equity Method Investments [Line Items]
Percentage of investment in joint venture	50.00%

New Accounting Pronouncements (

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Operating lease, right-of-use asset	$ 86,839	$ 85,003
Total discounted operating lease liabilities	$ 89,001	$ 87,532

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 185,227,000		$ 185,227,000		$ 12,456,000
Liability, revenue recognized	0	$ 0	4,200,000	$ 5,600,000
Revenue	373,438,000	444,221,000	1,156,386,000	1,395,912,000
Contract receivables	169,720,000		169,720,000		190,093,000
Cariflex | Held-for-sale
Disaggregation of Revenue [Line Items]
Receivable					$ 20,400,000
Polymer
Disaggregation of Revenue [Line Items]
Revenue	198,540,000	261,593,000	642,772,000	820,509,000
Polymer | Performance Products
Disaggregation of Revenue [Line Items]
Revenue	117,353,000	141,267,000	354,452,000	422,539,000
Polymer | Specialty Polymers
Disaggregation of Revenue [Line Items]
Liability, revenue recognized			11,400,000
Revenue	78,629,000	70,986,000	232,851,000	256,483,000
Effect of exchange rate differences on cash			800,000
Polymer | Specialty Polymers | Cariflex
Disaggregation of Revenue [Line Items]
Additions to contract liabilities			180,600,000
Liability, revenue recognized			173,100,000
Polymer | Cariflex
Disaggregation of Revenue [Line Items]
Revenue	0	49,241,000	36,930,000	141,117,000
Polymer | Isoprene Rubber
Disaggregation of Revenue [Line Items]
Revenue	1,833,000	0	17,436,000	0
Polymer | Other
Disaggregation of Revenue [Line Items]
Revenue	725,000	99,000	1,103,000	370,000
Chemical
Disaggregation of Revenue [Line Items]
Revenue	174,898,000	182,628,000	513,614,000	575,403,000
Chemical | Adhesives
Disaggregation of Revenue [Line Items]
Revenue	63,901,000	64,391,000	189,789,000	198,785,000
Chemical | Performance Chemicals
Disaggregation of Revenue [Line Items]
Revenue	99,919,000	105,367,000	295,509,000	337,766,000
Chemical | Tires
Disaggregation of Revenue [Line Items]
Revenue	$ 11,078,000	$ 12,870,000	$ 28,316,000	$ 38,852,000

Revenue Recognition - Obligatio

Revenue Recognition - Obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01	Sep. 30, 2020
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation	10 years

Disposition and Exit of Busin_2

Disposition and Exit of Business Activities - Narrative (Details) $ in Thousands, € in Millions	Mar. 06, 2020USD ($)	Mar. 06, 2020EUR (€)	Sep. 30, 2020USD ($)	Sep. 30, 2020EUR (€)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition			$ 0		$ 0	$ 175,189	$ 0
Contract liabilities			185,227			185,227		$ 12,456
Revenue			373,438		444,221	1,156,386	1,395,912
Amortization of deferred income						8,460	0
Cash proceeds from disposition and exit of business activities						510,500	0
Polymer
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue			198,540		261,593	642,772	820,509
Polymer | Specialty Polymers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue			78,629		70,986	232,851	256,483
Polymer | Isoprene Rubber
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue			1,833		$ 0	17,436	$ 0
Secured Debt | Euro Tranche
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt	$ 166,800	€ 145
Term Loan | Secured Debt | USD Tranche
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt	290,000
Term Loan | Secured Debt | Euro Tranche
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Extinguishment of debt	84,700	€ 75	82,100	€ 70
Cariflex | Polymer | Specialty Polymers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amortization of deferred income			$ 300			7,500
Cariflex | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration	530,000
Incremental working capital	5,800
Contractual capital contributions	25,300
Gain on disposition						$ 175,200
Contract liabilities	$ 180,600
Performance obligation, optional extension period	5 years	5 years
Cash proceeds from disposition and exit of business activities	$ 510,500
Cariflex | Disposed of by Sale | Other payables and accruals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract liabilities	22,400
Cariflex | Disposed of by Sale | Deferred Income
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract liabilities	$ 158,200

Disposition and Exit of Busin_3

Disposition and Exit of Business Activities - Obligations (Details) - Cariflex - Disposed of by Sale	Mar. 06, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Performance obligation, optional extension period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Performance obligation	5 years

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Award requisite service period			3 years
Share-based compensation expense	$ 2.3	$ 2.7	$ 7	$ 8.2

Detail of Certain Balance She_3

Detail of Certain Balance Sheet Accounts - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventories of products:
Finished products	$ 251,420	$ 255,406
Work in progress	2,322	4,589
Raw materials	75,423	80,647
Inventories of products, gross	329,165	340,642
Inventory reserves	(6,873)	(8,185)
Total inventories of products, net	322,292	332,457
Other payables and accruals:
Employee related	44,339	27,078
Short-term operating lease liabilities	18,215	20,908
Interest payable	13,448	16,289
Capital project accruals	1,833	13,259
Customer related	9,243	10,329
Short-term deferred income	23,876	1,407
Income tax payable	16,732	3,372
Utilities payable	2,365	2,397
Property and other taxes	2,339	1,548
Other	21,144	16,058
Total other payables and accruals	153,534	112,645
Other long-term liabilities:
Pension and other post-retirement benefits	123,219	126,386
Long-term tax liability	19,458	21,022
Other	14,803	14,503
Total other long-term liabilities	157,480	161,911
Supplemental Balance Sheet Information [Line Items]
Intangible assets	620,617	611,696
Less accumulated amortization	319,076	285,819
Intangible assets, net of accumulated amortization	301,541	325,877
Contractual agreements
Supplemental Balance Sheet Information [Line Items]
Intangible assets	263,609	261,923
Less accumulated amortization	104,590	87,576
Technology
Supplemental Balance Sheet Information [Line Items]
Intangible assets	146,322	145,663
Less accumulated amortization	72,948	68,132
Customer relationships
Supplemental Balance Sheet Information [Line Items]
Intangible assets	60,453	60,291
Less accumulated amortization	39,827	38,760
Tradenames/trademarks
Supplemental Balance Sheet Information [Line Items]
Intangible assets	82,763	80,638
Less accumulated amortization	52,418	48,162
Software
Supplemental Balance Sheet Information [Line Items]
Intangible assets	67,470	63,181
Less accumulated amortization	$ 49,293	$ 43,189

Detail of Certain Balance She_4

Detail of Certain Balance Sheet Accounts - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,063,958	$ 799,430	$ 789,428	$ 747,599
Other comprehensive income (loss) before reclassifications			(280)	(2,510)
Amounts reclassified to (income) expense from accumulated other comprehensive loss			66,636
Other comprehensive income (loss), net of tax	(1,492)	1,750	66,356	(2,510)
Ending balance	662,790	819,766	662,790	819,766
Cumulative Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(29,389)	(24,093)
Other comprehensive income (loss) before reclassifications			14,136	(10,645)
Amounts reclassified to (income) expense from accumulated other comprehensive loss			66,533
Other comprehensive income (loss), net of tax			80,669	(10,645)
Ending balance	51,280	(34,738)	51,280	(34,738)
Cash Flow Hedges, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(2,389)	3,922
Other comprehensive income (loss) before reclassifications			1,387	(3,858)
Amounts reclassified to (income) expense from accumulated other comprehensive loss			1,002
Other comprehensive income (loss), net of tax			2,389	(3,858)
Ending balance	0	64	0	64
Net Investment Hedges, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			13,624	6,153
Other comprehensive income (loss) before reclassifications			(14,089)	11,830
Amounts reclassified to (income) expense from accumulated other comprehensive loss			(899)
Other comprehensive income (loss), net of tax			(14,988)	11,830
Ending balance	(1,364)	17,983	(1,364)	17,983
Benefit Plans Liability, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(87,641)	(77,681)
Other comprehensive income (loss) before reclassifications			(1,714)	163
Amounts reclassified to (income) expense from accumulated other comprehensive loss			0
Other comprehensive income (loss), net of tax			(1,714)	163
Ending balance	(89,355)	(77,518)	(89,355)	(77,518)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(37,947)	(95,959)	(105,795)	(91,699)
Ending balance	$ (39,439)	$ (94,209)	$ (39,439)	$ (94,209)

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($)	3 Months Ended		9 Months Ended		16 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Feb. 28, 2019
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of diluted earnings per share	493,187		454,366
Net Income (Loss) Attributable to Kraton, Basic:
As reported	$ (403,794,000)	$ 18,693,000	$ (203,676,000)	$ 72,569,000
Amounts allocated to unvested restricted shares	(963,000)	132,000	(691,000)	588,000
Amounts available to common stockholders	(402,831,000)	18,561,000	(202,985,000)	71,981,000
Net Income Attributable to Kraton, Diluted:
Amounts allocated to unvested restricted shares	(963,000)	132,000	(691,000)	588,000
Amounts reallocated to unvested restricted shares	963,000	(131,000)	691,000	(582,000)
Amounts available to stockholders and assumed conversions	$ (402,831,000)	$ 18,562,000	$ (202,985,000)	$ 71,987,000
Weighted Average Shares Outstanding, Basic:
As reported (in shares)	31,863,000	31,710,000	31,836,000	31,861,000
Amounts allocated to unvested restricted shares (in shares)	(76,000)	(224,000)	(108,000)	(258,000)
Amounts available to common stockholders (in shares)	31,787,000	31,486,000	31,728,000	31,603,000
Weighted Average Shares Outstanding, Diluted:
Amounts allocated to unvested restricted shares (in shares)	(76,000)	(224,000)	(108,000)	(258,000)
Non participating share units (in shares)	0	282,000	0	252,000
Stock options added under the treasury stock method (in shares)	0	55,000	0	59,000
Amounts available to stockholders and assumed conversions (in shares)	31,787,000	31,823,000	31,728,000	31,914,000
Earnings (loss) per share, basic (in dollars per share)	$ (12.67)	$ 0.59	$ (6.40)	$ 2.28
Earnings (loss) per share, diluted (in dollars per share)	$ (12.67)	$ 0.58	$ (6.40)	$ 2.26
Stock repurchase program, authorized amount						$ 50,000,000
Stock repurchased during period (in shares)	0				311,152
Stock repurchased during period (in dollars per share)	$ 0				$ 32.14
Stock repurchased during period	$ 0				$ 10,000,000

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) $ in Thousands, $ in Millions	Sep. 30, 2020USD ($)	Sep. 30, 2020TWD ($)	Dec. 31, 2019USD ($)	May 31, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Total debt	$ 945,488		$ 1,390,662
Discount	0		(5,057)
Debt Issuance Costs	(10,741)		(20,980)
Total	934,747		1,364,625
Capital lease obligation	881		1,015
Less current portion of total debt	75,717		53,139
Long-term debt, noncurrent maturities	869,771		1,337,523
Long-term debt	859,030		1,311,486
KFPC Revolving Facilities
Debt Instrument [Line Items]
Total debt	41,400	$ 1,200	20,010
Discount	0		0
Debt Issuance Costs	0		0
Total	41,424		20,010
5.25% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate				5.25%
ABL Facility
Debt Instrument [Line Items]
Total debt	0		0
Discount	0		0
Debt Issuance Costs	0		0
Total	0		0
KFPC Loan Agreement
Debt Instrument [Line Items]
Total debt	51,159	$ 1,500	82,375
Discount	0		0
Debt Issuance Costs	(22)		(33)
Total	51,137		82,342
Term Loan | USD Tranche
Debt Instrument [Line Items]
Total debt	0		290,000
Discount	0		(5,057)
Debt Issuance Costs	0		(6,985)
Total	0		277,958
Term Loan | Euro Tranche
Debt Instrument [Line Items]
Total debt	117,250		277,134
Discount	0		0
Debt Issuance Costs	(1,183)		(3,237)
Total	116,067		273,897
Senior Notes | 7.0% Senior Notes
Debt Instrument [Line Items]
Total debt	394,750		394,750
Discount	0		0
Debt Issuance Costs	(5,150)		(5,846)
Total	389,600		388,904
Debt instrument interest rate					7.00%
Senior Notes | 5.25% Senior Notes
Debt Instrument [Line Items]
Total debt	340,024		325,378
Discount	0		0
Debt Issuance Costs	(4,386)		(4,879)
Total	$ 335,638		$ 320,499

Long-Term Debt - Senior Secured

Long-Term Debt - Senior Secured Term Loan Facility (Details) $ in Thousands, € in Millions	Mar. 06, 2020USD ($)	Mar. 06, 2020EUR (€)	Sep. 30, 2020USD ($)	Sep. 30, 2020EUR (€)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 848		$ 0	$ 14,943	$ (210)
Write off of previously capitalized deferred financing costs						8,700
Interest Rate Swap
Debt Instrument [Line Items]
Loses on interest rate swaps						1,300
Secured Debt | Euro Tranche
Debt Instrument [Line Items]
Extinguishment of debt	$ 166,800	€ 145
Term Loan | Secured Debt | Euro Tranche
Debt Instrument [Line Items]
Extinguishment of debt	$ 84,700	€ 75	$ 82,100	€ 70
Line of credit facility, fixed interest rate	2.78%	2.78%
Term Loan | Secured Debt | Euro Tranche | EURIBOR
Debt Instrument [Line Items]
Percentage added to basis	2.00%	2.00%
Term Loan | Secured Debt | USD Tranche
Debt Instrument [Line Items]
Extinguishment of debt	$ 290,000
Loss on extinguishment of debt						14,900
Write-off of debt discounts						$ 4,900

Long-Term Debt - Senior Notes (

Long-Term Debt - Senior Notes (Details)	Sep. 30, 2020USD ($)	Dec. 31, 2018EUR (€)	May 31, 2018	Sep. 30, 2017USD ($)
Europe
Debt Instrument [Line Items]
Face amount | €		€ 290,000,000
5.25% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate			5.25%
Face amount	$ 340,000,000
Senior Notes | 7.0% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate				7.00%
Face amount				$ 400,000,000
Repurchase amount	$ 5,300,000

Long-Term Debt - ABL Facility (

Long-Term Debt - ABL Facility (Details) - USD ($)	3 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Jan. 31, 2016
Debt Instrument [Line Items]
Outstanding amount	$ 945,488,000	$ 1,390,662,000
ABL Facility
Debt Instrument [Line Items]
Outstanding amount	0	$ 0
Revolving Credit Facility | ABL Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity			$ 250,000,000
Right of maximum additional commitments			$ 100,000,000
Outstanding amount	$ 0
Minimum percent required of federal outstanding commitments			60.00%
Price increase, basis points	0.50%

Long-Term Debt - KFPC Debt (Det

Long-Term Debt - KFPC Debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)facility	Sep. 30, 2020TWD ($)facility	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Outstanding amount | $	$ 945,488		$ 1,390,662
KFPC Revolving Facilities
Debt Instrument [Line Items]
Outstanding amount	41,400	$ 1,200,000,000	20,010
KFPC Loan Agreement
Debt Instrument [Line Items]
Outstanding amount	$ 51,159	$ 1,500,000,000	$ 82,375
Interest rate during period	1.80%
Number of debt instruments | facility	4	4
Credit facility, borrowing capacity	$ 74,200	$ 2,200,000,000

Long-Term Debt - Debt Issuance

Long-Term Debt - Debt Issuance Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Net debt issuance cost	$ 12,600
Debt issuance costs	10,700
Amortization of debt issuance costs	2,426	$ 3,501
ABL Facility
Debt Instrument [Line Items]
Debt issuance costs	1,900
ABL Facility | Other current assets
Debt Instrument [Line Items]
Debt issuance costs	$ 800

Long-Term Debt - Remaining Prin

Long-Term Debt - Remaining Principal Payments on Outstanding Total Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
October 1, 2020 through September 30, 2021	$ 75,717
October 1, 2021 through September 30, 2022	17,252
October 1, 2022 through September 30, 2023	211
October 1, 2023 through September 30, 2024	224
October 1, 2024 through September 30, 2025	512,060
Thereafter	340,024
Total debt	$ 945,488	$ 1,390,662

Fair Value Measurements, Fina_3

Fair Value Measurements, Financial Instruments, and Credit Risk - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements at Reporting Date Using - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	$ 1,992	$ 2,423
Other current assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset – current		14
Other long-term assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset – noncurrent		32
Retirement plan asset – noncurrent	2,896	2,547
Other payables and accruals
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability – current	(904)	(170)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	2,896	2,547
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other current assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset – current		0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other long-term assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset – noncurrent		0
Retirement plan asset – noncurrent	2,896	2,547
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other payables and accruals
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability – current	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	(904)	(124)
Significant Other Observable Inputs (Level 2) | Other current assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset – current		14
Significant Other Observable Inputs (Level 2) | Other long-term assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative asset – noncurrent		32
Retirement plan asset – noncurrent	0	0
Significant Other Observable Inputs (Level 2) | Other payables and accruals
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability – current	$ (904)	$ (170)

Fair Value Measurements, Fina_4

Fair Value Measurements, Financial Instruments, and Credit Risk - Carrying Values and Approximate Fair Values of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Carrying Value | KFPC Revolving Facilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	$ 41,424	$ 20,010
Carrying Value | ABL Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	0	0
Carrying Value | KFPC Loan Agreement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	51,159	82,375
Carrying Value | Capital lease obligation
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	881	1,015
Carrying Value | Significant Other Observable Inputs (Level 2) | Term Loan | USD Tranche
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	0	290,000
Carrying Value | Significant Other Observable Inputs (Level 2) | Term Loan | Euro Tranche
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	117,250	277,134
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | 7.0% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	394,750	394,750
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | 5.25% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	340,024	325,378
Fair Value | KFPC Revolving Facilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	41,424	20,010
Fair Value | ABL Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	0	0
Fair Value | KFPC Loan Agreement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	51,159	82,375
Fair Value | Capital lease obligation
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	881	1,015
Fair Value | Significant Other Observable Inputs (Level 2) | Term Loan | USD Tranche
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	0	290,183
Fair Value | Significant Other Observable Inputs (Level 2) | Term Loan | Euro Tranche
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	115,125	277,827
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | 7.0% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	402,811	406,214
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | 5.25% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	$ 344,509	$ 338,364

Fair Value Measurements, Fina_5

Fair Value Measurements, Financial Instruments, and Credit Risk - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018EUR (€)	Jan. 03, 2017USD ($)
Derivative [Line Items]
Notional amount						$ 925.4
Europe
Derivative [Line Items]
Face amount | €					€ 290,000,000
Mark to market gain recorded in accumulated other comprehensive loss	$ (14.8)	$ 14	$ (14.6)	$ 15.3
Interest Rate Swap
Derivative [Line Items]
Loses on interest rate swaps			1.3
Unrealized loss on derivatives		0.7		5
Foreign Currency Hedges
Derivative [Line Items]
Aggregate gain (loss) on settlement of hedges	$ (0.1)	$ (1.2)	$ 0.5	$ (3)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ 18,189	$ (2,311)	$ 48,082	$ 1,881
Tax rate differed from U.S. corporate statutory tax rate			21.00%
Current tax benefit	15,000
CARES Act, reclassification of expected AMT refunds from long-term to current	1,600
Valuation allowance for deferred tax assets	38,200		$ 38,200		$ 38,400
Unrecognized tax benefits	8,800		8,800		$ 11,300
Lapse in a statute of limitations for unrecognized tax benefits			3,300
Increase (decrease) in uncertain tax positions				$ 17,700
Denmark
Operating Loss Carryforwards [Line Items]
Deferred tax assets	$ 65,500		$ 65,500

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Effective Tax Rate, Amount (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income taxes at the statutory rate	$ 88,370	$ (4,877)	$ 52,240	$ (15,969)
State taxes, net of federal benefit	266	(440)	530	(1,142)
Foreign tax rate differential	(240)	2,590	(7,539)	5,896
Permanent differences	(928)	(3,681)	(4,846)	(4,813)
Cariflex disposition	18,912	0	22,652	0
Dutch transfer of assets	0	0	65,527	0
Tax credits	157	0	800	0
Uncertain tax positions	(209)	3,936	2,698	17,364
Valuation allowance	(139)	162	282	572
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount	(84,000)	0	(84,000)	0
Return to provision adjustments	(4,000)	(1)	(262)	(27)
Income tax benefit (expense)	$ 18,189	$ (2,311)	$ 48,082	$ 1,881

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) R$ in Millions, $ in Millions	Sep. 30, 2020BRL (R$)	Sep. 30, 2020USD ($)	Jun. 30, 2020
Loss Contingencies [Line Items]
Discount rate, percent			3.55%
Tax credits generated from purchase of certain goods	R$ 10.2	$ 1.8

Commitments and Contingencies_2

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Lease cost	$ 6,035	$ 5,849	$ 18,463	$ 17,164
Variable lease cost	759	187	813	302
Operating lease expense	$ 6,794	$ 6,036	$ 19,276	$ 17,466

Commitments and Contingencies_3

Commitments and Contingencies - Leased Assets Class (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating Lease Liability	$ 89,001	$ 87,532
Weighted Average in Months	61 months 9 days
Railcars
Lessee, Lease, Description [Line Items]
Average Months Remaining on the Lease	68 months
Weighted Average in Months	13 months 21 days
Buildings
Lessee, Lease, Description [Line Items]
Average Months Remaining on the Lease	26 months
Weighted Average in Months	12 months 27 days
Equipment
Lessee, Lease, Description [Line Items]
Average Months Remaining on the Lease	36 months
Weighted Average in Months	4 months 18 days
Land
Lessee, Lease, Description [Line Items]
Average Months Remaining on the Lease	363 months
Weighted Average in Months	28 months 27 days
Other
Lessee, Lease, Description [Line Items]
Average Months Remaining on the Lease	23 months
Weighted Average in Months	1 month 6 days
Operating Lease, Concentration Risk | Operating Lease Liability | Railcars
Lessee, Lease, Description [Line Items]
Percentage	34.90%
Operating Lease, Concentration Risk | Operating Lease Liability | Buildings
Lessee, Lease, Description [Line Items]
Percentage	40.60%
Operating Lease, Concentration Risk | Operating Lease Liability | Equipment
Lessee, Lease, Description [Line Items]
Percentage	10.00%
Operating Lease, Concentration Risk | Operating Lease Liability | Land
Lessee, Lease, Description [Line Items]
Percentage	7.70%
Operating Lease, Concentration Risk | Operating Lease Liability | Other
Lessee, Lease, Description [Line Items]
Percentage	6.70%
Polymer
Lessee, Lease, Description [Line Items]
Operating Lease Liability	$ 37,622
Polymer | Railcars
Lessee, Lease, Description [Line Items]
Operating Lease Liability	2,950
Polymer | Buildings
Lessee, Lease, Description [Line Items]
Operating Lease Liability	25,853
Polymer | Equipment
Lessee, Lease, Description [Line Items]
Operating Lease Liability	1,298
Polymer | Land
Lessee, Lease, Description [Line Items]
Operating Lease Liability	6,835
Polymer | Other
Lessee, Lease, Description [Line Items]
Operating Lease Liability	686
Chemical
Lessee, Lease, Description [Line Items]
Operating Lease Liability	51,379
Chemical | Railcars
Lessee, Lease, Description [Line Items]
Operating Lease Liability	28,143
Chemical | Buildings
Lessee, Lease, Description [Line Items]
Operating Lease Liability	10,307
Chemical | Equipment
Lessee, Lease, Description [Line Items]
Operating Lease Liability	7,630
Chemical | Land
Lessee, Lease, Description [Line Items]
Operating Lease Liability	42
Chemical | Other
Lessee, Lease, Description [Line Items]
Operating Lease Liability	$ 5,257

Commitments and Contingencies_4

Commitments and Contingencies - Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
October 1, 2020 through December 31, 2020	$ 5,892
2021	19,415	$ 23,310
2022	15,676	17,629
2023	14,068	13,087
2024	10,501	9,665
Thereafter	35,376
2024		6,264
Thereafter		27,860
Total undiscounted operating lease liabilities	100,928	97,815
Present value discount	(11,934)	(10,400)
Foreign currency and other	7	117
Total discounted operating lease liabilities	$ 89,001	$ 87,532

Commitments and Contingencies_5

Commitments and Contingencies - Changes in Aggregate Carrying Amount of Asset Retirement Obligation Liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 6,523	$ 5,703
Additional accruals	119	780
Accretion expense	257	262
Obligations settled	(344)	(206)
Foreign currency translation	246	(233)
Ending balance	$ 6,801	$ 6,306

Employee Benefits - Components

Employee Benefits - Components of Net Periodic Benefit Cost Related to U.S Pension Benefits (Details) - Pension Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 48	$ 655	$ 143	$ 1,965
Interest cost	1,665	2,041	4,965	5,925
Expected return on plan assets	(2,303)	(2,515)	(6,908)	(7,545)
Amortization of prior service cost	0	0	0	0
Amortization of net actuarial loss	408	918	1,223	2,753
Curtailment income	0	0	0	0
Settlement cost	0	0	0	0
Net periodic benefit (income) cost	(182)	1,099	(577)	3,098
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	443	345	1,327	1,123
Interest cost	419	508	1,259	1,557
Expected return on plan assets	(675)	(581)	(2,057)	(1,825)
Amortization of prior service cost	4	8	13	25
Amortization of net actuarial loss	253	100	758	310
Curtailment income	0	(352)	0	(352)
Settlement cost	0	24	0	24
Net periodic benefit (income) cost	$ 444	$ 52	$ 1,300	$ 862

Employee Benefits - Additional

Employee Benefits - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 5.9	$ 9.6
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 1	$ 1.1

Employee Benefits - Component_2

Employee Benefits - Components of Net Periodic Cost Related to Other Post-Retirement Benefits (Details) - Other Postretirement Benefits Plan - U.S. Plans - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 85	$ 38	$ 255	$ 218
Interest cost	195	225	585	705
Amortization of prior service cost	(438)	(438)	(1,313)	(1,313)
Amortization of net actuarial loss	213	115	638	465
Net periodic benefit (income) cost	$ 55	$ (60)	$ 165	$ 75

Industry Segments and Foreign_3

Industry Segments and Foreign Operations - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			2
Segment Reporting Information [Line Items]
Goodwill impairment charge	$ 400,000	$ 0	$ 400,000	$ 0
Capital expenditures			54,138	76,298
Chemical
Segment Reporting Information [Line Items]
Goodwill impairment charge	400,000	0	400,000	0
Capital expenditures			26,900	31,800
Polymer
Segment Reporting Information [Line Items]
Goodwill impairment charge	$ 0	$ 0	0	0
Capital expenditures			$ 27,300	$ 44,500

Industry Segments and Foreign_4

Industry Segments and Foreign Operations - Sales Revenue by Product Groups (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Revenue	$ 373,438	$ 444,221	$ 1,156,386	$ 1,395,912
Cost of goods sold	304,684	342,942	875,388	1,058,429
Gross profit	68,754	101,279	280,998	337,483
Operating expenses:
Research and development	9,454	10,367	30,158	31,091
Selling, general, and administrative	35,285	32,272	122,745	111,623
Depreciation and amortization	31,313	34,804	93,828	98,230
Gain on insurance proceeds	0	(14,250)	0	(32,850)
(Gain) loss on disposal of fixed assets	(527)	(17)	(34)	(17)
Impairment of goodwill	400,000	0	400,000	0
Operating income (loss)	(406,771)	38,103	(365,699)	129,406
Other income	259	4,235	837	3,559
Disposition and exit of business activities	0	0	175,189	0
Gain (loss) on extinguishment of debt	(848)	0	(14,943)	210
Earnings of unconsolidated joint venture	81	102	310	363
Interest expense, net	(13,527)	(19,214)	(44,454)	(57,494)
Income (loss) before income taxes	(420,806)	23,226	(248,760)	76,044
Polymer
Segment Reporting Information [Line Items]
Revenue	198,540	261,593	642,772	820,509
Cost of goods sold	163,544	203,115	481,200	629,279
Gross profit	34,996	58,478	161,572	191,230
Operating expenses:
Research and development	7,234	7,322	22,056	22,227
Selling, general, and administrative	19,112	17,922	70,074	63,226
Depreciation and amortization	13,042	14,982	39,337	43,296
Gain on insurance proceeds	0	0	0	0
(Gain) loss on disposal of fixed assets	698	(17)	508	(17)
Impairment of goodwill	0	0	0	0
Operating income (loss)	(5,090)	18,269	29,597	62,498
Chemical
Segment Reporting Information [Line Items]
Revenue	174,898	182,628	513,614	575,403
Cost of goods sold	141,140	139,827	394,188	429,150
Gross profit	33,758	42,801	119,426	146,253
Operating expenses:
Research and development	2,220	3,045	8,102	8,864
Selling, general, and administrative	16,173	14,350	52,671	48,397
Depreciation and amortization	18,271	19,822	54,491	54,934
Gain on insurance proceeds	0	(14,250)	0	(32,850)
(Gain) loss on disposal of fixed assets	(1,225)	0	(542)	0
Impairment of goodwill	400,000	0	400,000	0
Operating income (loss)	$ (401,681)	$ 19,834	$ (395,296)	$ 66,908

Industry Segments and Foreign_5

Industry Segments and Foreign Operations - Long-lived Assets Including Goodwill and Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Property, plant, and equipment, net	$ 921,528	$ 925,940
Investment in unconsolidated joint venture	12,160	11,971
Goodwill	373,845	772,418
Total assets	2,410,037	2,832,385
Polymer
Segment Reporting Information [Line Items]
Property, plant, and equipment, net	515,460	526,692
Investment in unconsolidated joint venture	12,160	11,971
Goodwill	0	0
Total assets	1,070,354	1,097,691
Chemical
Segment Reporting Information [Line Items]
Property, plant, and equipment, net	406,068	399,248
Investment in unconsolidated joint venture	0	0
Goodwill	373,845	772,418
Total assets	$ 1,339,683	$ 1,734,694

Industry Segments and Foreign_6

Industry Segments and Foreign Operations - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill [Roll Forward]
Balance at January 1, 2020			$ 772,418
Goodwill impairment charge	$ (400,000)	$ 0	(400,000)	$ 0
Balance at September 30, 2020	373,845		373,845
Polymer
Goodwill [Roll Forward]
Balance at January 1, 2020			0
Goodwill impairment charge	0	0	0	0
Balance at September 30, 2020	0		0
Chemical
Goodwill [Roll Forward]
Balance at January 1, 2020			772,418
Goodwill impairment charge	(400,000)	$ 0	(400,000)	$ 0
Foreign currency translation			1,427
Balance at September 30, 2020	$ 373,845		$ 373,845

Industry Segments and Foreign_7

Industry Segments and Foreign Operations - Sales Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	$ 373,438	$ 444,221	$ 1,156,386	$ 1,395,912
United States
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	147,145	157,156	449,973	514,925
Germany
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	32,778	43,252	101,866	125,527
All other countries
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	193,515	243,813	604,547	755,460
Polymer
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	198,540	261,593	642,772	820,509
Polymer | United States
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	77,586	78,640	235,289	270,786
Polymer | Germany
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	21,388	29,970	69,256	84,967
Polymer | All other countries
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	99,566	152,983	338,227	464,756
Chemical
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	174,898	182,628	513,614	575,403
Chemical | United States
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	69,559	78,516	214,684	244,139
Chemical | Germany
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	11,390	13,282	32,610	40,560
Chemical | All other countries
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	$ 93,949	$ 90,830	$ 266,320	$ 290,704

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Variable Interest Entity, Primary Beneficiary | KFPC
Related Party Transaction [Line Items]
Outstanding payables	$ 4.1		$ 4.1		$ 1.1
Variable interest entity, ownership percentage			50.00%
Purchases from related party	$ 10.7	$ 15.8	$ 36.4	$ 41.2
Styrenic Block Copolymer Joint Venture
Related Party Transaction [Line Items]
Percentage of equity investment	50.00%		50.00%
Outstanding payables	$ 12.7		$ 12.7		$ 16.4
Related party liability	$ 6.1	$ 7	$ 20.9	$ 23.4

Variable Interest Entity - Addi

Variable Interest Entity - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020kt
KFPC | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	50.00%
Minimum purchase commitment of plant production (as a percent)	80.00%
Joint venture | Taiwan | Formosa Petrochemical Corporation
Variable Interest Entity [Line Items]
Capacity of HSBC plant	30

Variable Interest Entity - Summ

Variable Interest Entity - Summary of Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Cash and cash equivalents	$ 62,821	$ 35,033
Other current assets	16,054	22,385
Property, plant, and equipment, net	921,528	925,940
Intangible assets	301,541	325,877
Long-term operating lease assets, net	86,839	85,003
Other long-term assets	20,535	25,219
Total assets	2,410,037	2,832,385
Current portion of long-term debt	75,717	53,139
Current liabilities	377,803	366,644
Long-term debt	859,030	1,311,486
Long-term operating lease liabilities	70,786	66,624
Total liabilities	1,747,247	2,042,957
KFPC
Noncontrolling Interest [Line Items]
Cash and cash equivalents	2,914	10,402
Other current assets	17,365	14,847
Property, plant, and equipment, net	148,509	155,153
Intangible assets	7,896	8,133
Long-term operating lease assets, net	7,046	7,044
Other long-term assets	4,386	2,147
Total assets	188,116	197,726
Current portion of long-term debt	75,530	52,961
Current liabilities	4,247	12,801
Long-term debt	17,031	49,391
Long-term operating lease liabilities	6,501	6,603
Total liabilities	$ 103,309	$ 121,756