Kraton (KRA) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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	2021
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,148,136

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 90,196	$ 85,901
Receivables, net of allowance for doubtful accounts of $764 and $598	263,234	180,258
Inventories of products, net	411,993	318,885
Inventories of materials and supplies, net	34,512	34,164
Prepaid expenses	13,953	11,844
Other current assets	17,843	15,338
Total current assets	831,731	646,390
Property, plant, and equipment, net of accumulated depreciation of $778,466 and $732,279	929,481	942,703
Goodwill	373,303	375,061
Intangible assets, net of accumulated amortization of $359,505 and $330,070	269,848	294,734
Investment in unconsolidated joint venture	12,050	12,723
Deferred income taxes	77,683	83,534
Long-term operating lease assets, net	95,100	84,042
Other long-term assets	20,113	21,770
Total assets	2,609,309	2,460,957
Current liabilities:
Current portion of long-term debt	74,923	72,347
Accounts payable-trade	221,308	176,229
Other payables and accruals	203,206	167,364
Due to related party	14,619	17,147
Total current liabilities	514,056	433,087
Long-term debt, net of current portion	825,459	865,516
Deferred income taxes	123,700	125,559
Long-term operating lease liabilities	77,894	67,898
Deferred income	137,439	151,329
Other long-term liabilities	151,997	168,566
Total liabilities	1,830,545	1,811,955
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; 32,148 shares issued and outstanding at September 30, 2021; 31,873 shares issued and outstanding at December 31, 2020	321	319
Additional paid in capital	409,799	401,445
Retained earnings	362,062	240,464
Accumulated other comprehensive loss	(43,859)	(37,865)
Total Kraton stockholders’ equity	728,323	604,363
Noncontrolling interest	50,441	44,639
Total equity	778,764	649,002
Total liabilities and equity	$ 2,609,309	$ 2,460,957

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Receivables, allowances	$ 764	$ 598
Accumulated depreciation	778,466	732,279
Total accumulated amortization	$ 359,505	$ 330,070
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)	32,148,000	31,873,000
Common stock, shares outstanding (in shares)	32,148,000	31,873,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 526,888	$ 373,438	$ 1,457,782	$ 1,156,386
Cost of goods sold	360,197	304,684	1,015,533	875,388
Gross profit	166,691	68,754	442,249	280,998
Operating expenses:
Research and development	10,378	9,454	29,621	30,158
Selling, general, and administrative	44,927	35,285	120,243	122,745
Depreciation and amortization	31,674	31,313	94,947	93,828
(Gain) loss on disposal of fixed assets	180	(527)	526	(34)
Impairment of goodwill	0	400,000	0	400,000
Operating income (loss)	79,532	(406,771)	196,912	(365,699)
Other income (expense)	808	259	(877)	837
Disposition and exit of business activities	0	0	0	175,189
Loss on extinguishment of debt	0	(848)	0	(14,943)
Earnings of unconsolidated joint venture	89	81	344	310
Interest expense, net	(9,989)	(13,527)	(31,353)	(44,454)
Income (loss) before income taxes	70,440	(420,806)	165,026	(248,760)
Income tax benefit (expense)	(15,234)	18,189	(36,876)	48,082
Consolidated net income (loss)	55,206	(402,617)	128,150	(200,678)
Net income attributable to noncontrolling interest	(2,182)	(1,177)	(5,486)	(2,998)
Net income (loss) attributable to Kraton	$ 53,024	$ (403,794)	$ 122,664	$ (203,676)
Earnings (loss) per common share:
Basic (in dollars per share)	$ 1.65	$ (12.67)	$ 3.82	$ (6.40)
Diluted (in dollars per share)	$ 1.62	$ (12.67)	$ 3.76	$ (6.40)
Weighted average common shares outstanding:
Basic (in shares)	32,148	31,787	32,075	31,728
Diluted (in share)	32,692	31,787	32,610	31,728

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss) attributable to Kraton	$ 53,024	$ (403,794)	$ 122,664	$ (203,676)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $0	(11,620)	11,656	(21,402)	14,136
Reclassification of foreign currency translation adjustments from disposition and exit of business activities, net of tax of $0	0	0	0	66,533
Unrealized gain on cash flow hedges, net of tax expense of $458	0	0	0	1,387
Reclassification of loss on cash flow hedge, net of tax benefit of $293	0	0	0	1,002
Unrealized gain (loss) on net investment hedge, net of tax expense of $1,991, benefit of $3,334, expense of $4,574, and benefit of $3,315, respectively	6,708	(11,434)	15,408	(14,089)
Reclassification of gain on net investment hedge, net of tax of $0	0	0	0	(899)
Increase in benefit plans liability, net of tax benefit of $571 and $571, respectively	0	(1,714)	0	(1,714)
Other comprehensive income (loss), net of tax	(4,912)	(1,492)	(5,994)	66,356
Comprehensive income (loss) attributable to Kraton	48,112	(405,286)	116,670	(137,320)
Comprehensive income attributable to noncontrolling interest	2,229	1,856	5,904	4,419
Consolidated comprehensive income (loss)	$ 50,341	$ (403,430)	$ 122,574	$ (132,901)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax effect			$ 0	$ 0
Reclassification of foreign currency translation adjustments from disposition and exit of business activities, tax effect		$ 0	0
Unrealized gain (loss) on cash flow hedges, tax effect				458,000
Reclassification of (gain) loss on cash flow hedge, tax effect				(293,000)
Unrealized gain (loss) on net investment hedge, tax expense (benefit)	$ 1,991,000	(3,334,000)	4,574,000	(3,315,000)
Reclassification of gain on net investment hedge, tax effect			$ 0	0
(Increase) decrease in pension liability, (tax) benefit		$ 571,000		$ 571,000

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, 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	0	2,266
Ending balance at Sep. 30, 2020	662,790	620,386	319	397,121	262,385	(39,439)	42,404
Beginning balance at Dec. 31, 2020	649,002	604,363	319	401,445	240,464	(37,865)	44,639
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income (loss)	34,593	33,229			33,229		1,364
Other comprehensive income (loss)	(9,427)	(8,775)				(8,775)	(652)
Retired treasury stock from employee tax withholdings	(4,862)	(4,862)	1	(3,816)	(1,047)
Exercise of stock options	4,092	4,092	1	4,091
Non-cash compensation related to equity awards	2,924	2,924	0	2,924
Ending balance at Mar. 31, 2021	676,322	630,971	321	404,644	272,646	(46,640)	45,351
Beginning balance at Dec. 31, 2020	649,002	604,363	319	401,445	240,464	(37,865)	44,639
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income (loss)	128,150
Ending balance at Sep. 30, 2021	778,764	728,323	321	409,799	362,062	(43,859)	50,441
Beginning balance at Mar. 31, 2021	676,322	630,971	321	404,644	272,646	(46,640)	45,351
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income (loss)	38,351	36,411			36,411		1,940
Other comprehensive income (loss)	8,716	7,693				7,693	1,023
Retired treasury stock from employee tax withholdings	(69)	(69)		(50)	(19)
Non-cash compensation related to equity awards	2,595	2,595		2,595
Ending balance at Jun. 30, 2021	725,915	677,601	321	407,189	309,038	(38,947)	48,314
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Consolidated net income (loss)	55,206	53,024			53,024		2,182
Other comprehensive income (loss)	(4,865)	(4,912)				(4,912)	47
Distribution to noncontrolling interest	(102)	0					(102)
Non-cash compensation related to equity awards	2,610	2,610		2,610
Ending balance at Sep. 30, 2021	$ 778,764	$ 728,323	$ 321	$ 409,799	$ 362,062	$ (43,859)	$ 50,441

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income	$ 128,150	$ (200,678)
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	94,947	93,828
Lease amortization	18,138	18,463
Amortization of debt original issue discount	0	148
Amortization of debt issuance costs	1,893	2,426
Amortization of deferred income	(10,821)	(8,460)
(Gain) loss on disposal of property, plant, and equipment	526	(34)
Loss on extinguishment of debt	0	14,943
Impairment of goodwill	0	400,000
Earnings from unconsolidated joint venture, net of dividends received	123	197
Deferred income tax benefit	(3,040)	(64,576)
Release of uncertain tax positions	0	(3,316)
Gain on disposition and exit of business activities	0	(175,189)
Share-based compensation	8,129	7,011
Decrease (increase) in:
Accounts receivable	(88,336)	5,033
Inventories of products, materials, and supplies	(100,657)	10,083
Other assets	(4,811)	769
Increase (decrease) in:
Accounts payable-trade	50,371	(37,073)
Other payables and accruals	16,670	3,377
Other long-term liabilities	(13,395)	(3,567)
Due to related party	(1,493)	(1,032)
Net cash provided by operating activities	96,394	62,353
CASH FLOWS FROM INVESTING ACTIVITIES
Kraton purchase of property, plant, and equipment	(61,884)	(54,138)
KFPC purchase of property, plant, and equipment	(350)	(3,727)
Purchase of software and other intangibles	(8,657)	(6,118)
Cash proceeds (payments) from disposition and exit of business activities	(876)	510,500
Net cash provided by (used in) investing activities	(71,767)	446,517
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt	103,000	77,000
Repayments of debt	(103,000)	(534,733)
KFPC proceeds from debt	54,889	63,559
KFPC repayments of debt	(71,654)	(76,555)
Finance lease payments	(559)	(134)
Purchase of treasury stock	(4,931)	(748)
Proceeds from the exercise of stock options	4,092	0
Settlement of interest rate swap	0	(1,295)
Debt issuance costs	0	(1,575)
Net cash used in financing activities	(18,163)	(474,481)
Effect of exchange rate differences on cash	(2,169)	(6,601)
Net increase in cash and cash equivalents	4,295	27,788
Cash and cash equivalents, beginning of period	85,901	35,033
Cash and cash equivalents, end of period	90,196	62,821
Supplemental disclosures during the period:
Cash paid for income taxes, net of refunds received	21,053	6,649
Cash paid for interest, net of capitalized interest	19,566	43,966
Capitalized interest	2,367	2,226
Supplemental non-cash disclosures: increase (decrease) during the period:
Property, plant, and equipment accruals	766	(13,054)
Operating leases	$ 27,063	$ 18,012

General

General	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
General	General Description of our Business. We are a leading global sustainable specialty chemicals company that manufactures styrenic block copolymers (“SBCs”), specialty polymers, and high-value bio-based 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 DL Chemical. 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. Agreement and Plan of Merger. On September 27, 2021, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with DL Chemical, a company organized under the laws of the Republic of Korea (“Parent”), DLC US Holdings, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“Intermediate Merger Subsidiary”), and DLC US, Inc., a Delaware corporation and a wholly-owned subsidiary of Intermediate Merger Subsidiary (“Merger Subsidiary”). Parent is a subsidiary of DL Holdings Co., Ltd. (formerly Daelim Industrial Co., Ltd.). Pursuant to the Merger Agreement, and subject to the terms and conditions thereof, the Merger Subsidiary will merge with and into the Company (the “Merger”), with the Company surviving the Merger as an indirect and wholly-owned subsidiary of Parent. Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock of the Company, par value $0.01 per share, then outstanding will be converted into the right to receive $46.50 in cash, without interest, other than (1) those shares owned by Parent or any subsidiary of Parent or the Company (which will be cancelled without any consideration) and (2) any shares as to which appraisal rights have been properly exercised, and not withdrawn, in accordance with the Delaware General Corporation Law. The Merger Agreement also provides that all outstanding awards of restricted stock units (including those that are performance-based), notional units and phantom units with respect to the Company’s common stock that are outstanding prior to the effective time of the Merger will be cancelled at or immediately prior to the effective time and converted into the right to receive an amount in cash based on an agreed price. The obligations of the parties to consummate the Merger, which is expected to occur by the end of the first half of 2022, are subject to the satisfaction or waiver of customary closing conditions set forth in the Merger Agreement, including, among others, (1) the adoption of the Merger Agreement by the Company’s stockholders, (2) the expiration or termination of any waiting period applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, as well as the receipt of certain antitrust approvals outside of the United States, (3) the receipt of clearance from the Committee on Foreign Investment in the United States, (4) the lack of any governmental authority restraining, enjoining or otherwise prohibiting the Merger and (5) the absence of a “material adverse effect” with respect to the Company. While the Merger is not conditioned on Parent or any other party obtaining debt financing, Parent has obtained debt financing commitments pursuant to a debt commitment letter from the parties thereto for the purpose of financing the transactions contemplated by the Merger and paying related fees and expenses. The obligations of the financing sources under the debt commitment letter are subject to customary conditions. Either the Company or Parent may terminate the Merger Agreement prior to the Effective Time in certain circumstances, including (1) by mutual agreement, (2) by either party if the Merger is not completed by September 26, 2022, (3) by either party if a governmental authority of competent jurisdiction has issued a final non-appealable governmental order or law permanently prohibiting the Merger (provided such party is not in breach of any provision of the Merger Agreement that resulted in such prohibition), (4) the Company’s stockholders fail to adopt the Merger Agreement, or (5) the other party breaches its representations, warranties or covenants in the Merger Agreement or otherwise breaches its obligations under the Merger Agreement such that the applicable condition to the consummation of the Merger is not satisfied, subject in certain cases, to the right of the breaching party to cure the breach and payment of termination fees. In addition, subject to the conditions and applicable termination fees as prescribed in the Merger Agreement, prior to obtaining approval of the Company’s stockholders, (x) the Company may terminate the Merger Agreement in order to enter into a definitive agreement with a third party to effect a superior proposal, and (y) Parent may terminate the Merger Agreement in the event of an adverse recommendation change with respect to the Merger. For additional information related to the Merger Agreement and related transactions, please refer to our Current Report on Form 8-K filed with the SEC on September 27, 2021 and our Proxy Statement filed with the SEC on October 21, 2021. 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, 2020 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 may 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, 2021. Therefore, a discrete year-to-date method of reporting was used for the quarter ended September 30, 2021. 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

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2021
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 December 2019, the Financial Accounting Standards Board (“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. Adoption of this standard did not materially impact our financial position, results of operations, and cash flows. We adopted ASU 2019-12 effective January 1, 2021. 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 exceptions 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope . This standard is effective beginning on January 7, 2021. Our analysis of ASU 2021-01 was completed during 2021, and there is no material change to our financial position, results of operations, and cash flows. We adopted ASU 2021-01 effective January 7, 2021. New Accounting Standards to be Adopted in Future Periods In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) . This standard is effective for fiscal years beginning after December 15, 2021. 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 2020-06 effective on January 1, 2022.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2021
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 $164.2 million related to contractual commitments with customers for which the performance obligation will be satisfied over time, which currently ranges from one Specific to the IRSA, the contract provided Isoprene Rubber sales revenue of $5.3 million and $1.8 million for the three months ended September 30, 2021 and 2020, respectively, and $21.2 million and $17.4 million for the nine months ended September 30, 2021 and 2020, respectively. Included within Isoprene Rubber sales revenue is amortization of deferred income of $2.4 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively, and $10.0 million and $7.5 million for the nine months ended September 30, 2021 and 2020, respectively, which represents non-cash revenue realized as the products are sold under 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. We did not recognize any revenue related to bill-and-hold arrangements for the three months ended September 30, 2021 and 2020 and the nine months ended September 30, 2021. During the nine months ended September 30, 2020, we recognized $4.2 million of revenue related to these bill-and-hold arrangements. 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, 2021 2020 2021 2020 Polymer Segment (In thousands) Performance Products $ 180,671 $ 117,353 $ 485,770 $ 354,452 Specialty Polymers 110,673 78,629 308,481 232,851 Cariflex (1) — — — 36,930 Isoprene Rubber 5,261 1,833 21,191 17,436 Other 484 725 1,243 1,103 Polymer Product Line Revenue $ 297,089 $ 198,540 $ 816,685 $ 642,772 ____________________________________________________ (1) Cariflex is included in the results of operations through March 6, 2020. See Note 4 Disposition and Exit of Business Activities for further information on the divestiture of our Cariflex business. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Chemical Segment (In thousands) Adhesives $ 82,239 $ 63,901 $ 228,295 $ 189,789 Performance Chemicals 131,300 99,919 368,639 295,509 Tires 16,260 11,078 44,163 28,316 Chemical Product Line Revenue $ 229,799 $ 174,898 $ 641,097 $ 513,614 September 30, 2021 December 31, 2020 (In thousands) Contract receivables (1) $ 260,081 $ 179,805 Contract liabilities (2) $ 164,204 $ 175,511 ____________________________________________________ (1) Contract receivables are recorded within receivables, net of allowances on our Condensed Consolidated Balance Sheets.

Disposition and Exit of Busines

Disposition and Exit of Business Activities	9 Months Ended
	Sep. 30, 2021
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 Industrial Co., Ltd. for gross proceeds of $530.0 million, adjusted for incremental working capital of $4.9 million, less contractual capital contributions of $25.3 million. The original $5.8 million of incremental working capital was reduced in the second quarter of 2021 by $0.9 million due to payment of a statutory tax obligation. The sale closed and 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 DL Chemical. 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 as of March 31, 2020. 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 DL Chemical for a period of five years from the sale closing date, with an optional extension for an additional five years. We used the $509.6 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 used the remaining proceeds in accordance with the terms of the Term Loan Facility to make additional repayments of debt and invested in strategic assets of the Company. For further discussion on assets held for sale, see Note 5 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, 2021
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 $2.6 million and $2.3 million for the three months ended September 30, 2021 and 2020, respectively, and $8.1 million and $7.0 million for the nine months ended September 30, 2021 and 2020, respectively. The Company’s annual grant of share-based awards generally occurs in the first quarter under our Kraton Corporation Amended and Restated 2016 Equity and Cash Incentive Plan, as amended (the “A&R 2016 Plan”).

Detail of Certain Balance Sheet

Detail of Certain Balance Sheet Accounts	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Detail of Certain Balance Sheet Accounts	Detail of Certain Balance Sheet Accounts September 30, 2021 December 31, 2020 (In thousands) Inventories of products: Finished products $ 300,738 $ 240,021 Work in progress 3,140 3,074 Raw materials 115,023 84,039 Inventories of products, gross 418,901 327,134 Inventory reserves (6,908) (8,249) Total inventories of products, net $ 411,993 $ 318,885 Intangible assets: Contractual agreements $ 263,075 $ 265,375 Technology 146,113 147,011 Customer relationships 60,402 60,623 Tradenames/trademarks 84,379 83,519 Software 75,384 68,276 Intangible assets 629,353 624,804 Less accumulated amortization: Contractual agreements 126,267 110,811 Technology 79,113 74,693 Customer relationships 41,210 40,205 Tradenames/trademarks 57,943 53,951 Software 54,972 50,410 Total accumulated amortization 359,505 330,070 Intangible assets, net of accumulated amortization $ 269,848 $ 294,734 Other payables and accruals: Employee related $ 48,494 $ 52,145 Short-term operating lease liabilities 18,825 18,299 Interest payable 12,912 3,873 Capital project accruals 5,912 1,149 Customer related 10,958 10,484 Short-term deferred income 26,765 24,182 Income tax payable 44,850 26,367 Utilities payable 3,705 2,886 Property and other taxes 2,515 1,303 Other 28,270 26,676 Total other payables and accruals $ 203,206 $ 167,364 Other long-term liabilities: Pension and other post-retirement benefits $ 117,890 $ 133,634 Long-term tax liability 18,359 19,530 Other 15,748 15,402 Total other long-term liabilities $ 151,997 $ 168,566 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, 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) December 31, 2020 $ 73,575 $ — $ (13,156) $ (98,284) $ (37,865) Other comprehensive income (loss) before reclassifications (21,402) — 15,408 — (5,994) Net other comprehensive income (loss) for the year (21,402) — 15,408 — (5,994) September 30, 2021 $ 52,173 $ — $ 2,252 $ (98,284) $ (43,859) ____________________________________________________ (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, 2021
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, 2021 Three Months Ended September 30, 2020 Net Income Attributable to Kraton Weighted Average Shares Outstanding Earnings Per Share Net Loss Attributable to Kraton Weighted Average Shares Outstanding Loss Per Share (In thousands, except per share data) Basic: As reported $ 53,024 32,148 $ (403,794) 31,863 Amounts allocated to unvested restricted shares — — 963 (76) Amounts available to common stockholders 53,024 32,148 $ 1.65 (402,831) 31,787 $ (12.67) Diluted: Amounts allocated to unvested restricted shares — — (963) 76 Non participating share units — 473 — — Stock options added under the treasury stock method — 71 — — Amounts reallocated to unvested restricted shares — — 963 (76) Amounts available to stockholders and assumed conversions $ 53,024 32,692 $ 1.62 $ (402,831) 31,787 $ (12.67) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Net Income Attributable to Kraton Weighted Average Shares Outstanding Earnings Per Share Net Loss Attributable to Kraton Weighted Average Shares Outstanding Loss Per Share (In thousands, except per share data) Basic: As reported $ 122,664 32,089 $ (203,676) 31,836 Amounts allocated to unvested restricted shares (54) (14) 691 (108) Amounts available to common stockholders 122,610 32,075 $ 3.82 (202,985) 31,728 $ (6.40) Diluted: Amounts allocated to unvested restricted shares 54 14 (691) 108 Non participating share units — 475 — — Stock options added under the treasury stock method — 60 — — Amounts reallocated to unvested restricted shares (53) (14) 691 (108) Amounts available to stockholders and assumed conversions $ 122,611 32,610 $ 3.76 $ (202,985) 31,728 $ (6.40) Share Repurchase Program. During the nine months ended September 30, 2021, we did not repurchase any shares of our common stock. Under our previously authorized share repurchase program, which ended on February 7, 2021, 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.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following: September 30, 2021 December 31, 2020 Principal Debt Issuance Costs Total Principal Debt Issuance Costs Total (In thousands) Euro Tranche $ 98,303 $ (779) $ 97,524 $ 104,159 $ (996) $ 103,163 4.25% Senior Notes 400,000 (6,139) 393,861 400,000 (6,995) 393,005 5.25% Senior Notes 335,384 (3,700) 331,684 355,366 (4,221) 351,145 ABL Facility — — — — — — KFPC Loan Agreement 17,730 — 17,730 52,730 (18) 52,712 KFPC Revolving Facilities 55,988 — 55,988 37,003 — 37,003 Finance lease obligations 3,595 — 3,595 835 — 835 Total debt 911,000 (10,618) 900,382 950,093 (12,230) 937,863 Less current portion of total debt 74,923 — 74,923 72,347 — 72,347 Long-term debt $ 836,077 $ (10,618) $ 825,459 $ 877,746 $ (12,230) $ 865,516 Senior Secured Term Loan Facility. 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 9 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 2.79%. 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. 4.25% 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 4.25% Senior Notes due 2025 (the “4.25% Senior Notes”) in December 2020, which mature on December 15, 2025. The 4.25% 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 4.25% per annum, semi-annually in arrears on June 15 and December 15 of each year. 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 $335.4 million) 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 $300.0 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, 2021. The termination date of the ABL Facility is December 3, 2025 (subject to earlier termination if certain outstanding indebtedness under the Term Loan Facility or our senior unsecured notes is not previously refinanced). 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, which may be reallocated subject to certain conditions, provided the Dutch revolver commitments may not exceed $100.0 million. 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. For a summary of additional terms of the ABL Facility, see Note 9 Long-Term Debt to the consolidated financial statements set forth in our most recently filed Annual Report on Form 10-K. KFPC Loan Agreement. As of September 30, 2021, approximately NTD 494.0 million (or approximately $17.7 million) was outstanding on KFPC’s syndicated loan agreement (the “KFPC Loan Agreement”). For the nine months ended September 30, 2021, 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 9 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 2.5 billion (or approximately $89.8 million). All of the KFPC Revolving Facilities are subject to variable interest rates. As of September 30, 2021, NTD 1.6 billion (or approximately $56.0 million) was drawn on the KFPC Revolving Facilities. Debt Issuance Costs. We had debt issuance cost of $12.5 million as of September 30, 2021, of which $1.9 million related to the ABL Facility, which is recorded as an asset (of which $0.5 million was included in other current assets) and $10.6 million is recorded as a reduction to long-term debt. We amortized $1.9 million and $2.4 million during the nine months ended September 30, 2021 and 2020, respectively. Debt Maturities . The remaining principal payments on our outstanding total debt, including finance leases, as of September 30, 2021, are as follows: Principal Payments (In thousands) October 1, 2021 through September 30, 2022 $ 74,923 October 1, 2022 through September 30, 2023 993 October 1, 2023 through September 30, 2024 1,094 October 1, 2024 through September 30, 2025 98,599 October 1, 2025 through September 30, 2026 735,391 Thereafter — Total debt $ 911,000 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, 2021
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, 2021 and December 31, 2020. 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, 2021 and December 31, 2020, 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, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (In thousands) Retirement plan asset – noncurrent Other long-term asset $ 2,828 $ 2,828 $ — Derivative liability – current Other payables and accruals (14) — (14) Total $ 2,814 $ 2,828 $ (14) Fair Value Measurements at Reporting Date Using Balance Sheet Location December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (In thousands) Retirement plan asset – noncurrent Other long-term assets $ 2,454 $ 2,454 $ — Derivative liability – current Other payables and accruals (219) — (219) Total $ 2,235 $ 2,454 $ (219) The following table presents the carrying values and approximate fair values of our long-term debt. September 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Euro Tranche (significant other observable inputs – level 2) $ 98,303 $ 98,242 $ 104,159 $ 103,574 4.25% Senior Notes (quoted prices in active market for identical assets – level 1) $ 400,000 $ 415,784 $ 400,000 $ 409,880 5.25% Senior Notes (quoted prices in active market for identical assets – level 1) $ 335,384 $ 345,288 $ 355,366 $ 367,886 ABL Facility $ — $ — $ — $ — Finance lease obligations $ 3,595 $ 3,595 $ 835 $ 835 KFPC Loan Agreement $ 17,730 $ 17,730 $ 52,730 $ 52,730 KFPC Revolving Facilities $ 55,988 $ 55,988 $ 37,003 $ 37,003 The ABL Facility, finance lease obligations, 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. 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 $0.2 million and a loss of $0.1 million for the three months ended September 30, 2021 and 2020, respectively, and a loss of $2.4 million and a gain of $0.5 million for the nine months ended September 30, 2021 and 2020, 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 gain of $8.7 million and a loss of $14.8 million for the three months ended September 30, 2021 and 2020, respectively, and a gain of $20.0 million and a loss of $14.6 million for the nine months ended September 30, 2021 and 2020, 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, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our income tax provision was an expense of $15.2 million and a benefit of $18.2 million for the three months ended September 30, 2021 and 2020, respectively, and an expense of $36.9 million and a benefit of $48.1 million for the nine months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021, 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 local and foreign jurisdictions, partially offset by the change in valuation allowance. 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. 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, 2021 2020 2021 2020 (In thousands) Income taxes at the statutory rate $ (14,792) $ 88,370 $ (34,655) $ 52,240 State taxes, net of federal benefit (934) 266 (2,317) 530 Foreign tax rate differential (921) (240) (1,566) (7,539) Permanent differences 800 (928) (773) (4,846) Cariflex disposition — 18,912 — 22,652 Dutch transfer of assets — — — 65,527 Tax credits — 157 800 800 Uncertain tax positions (129) (209) (490) 2,698 Valuation allowance 580 (139) 1,614 282 Goodwill impairment — (84,000) — (84,000) Return to provision adjustments 162 (4,000) 511 (262) Income tax benefit (expense) $ (15,234) $ 18,189 $ (36,876) $ 48,082 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, 2021 and December 31, 2020, we recorded a valuation allowance of $37.9 million and $39.5 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 2005 remain open to examination, as a result of the utilization of net operating loss carryforwards from 2005. 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. As of September 30, 2021 and December 31, 2020, we had total unrecognized tax benefits of $9.1 million and $8.8 million, respectively, if recognized, would impact our effective tax rate. During the nine months ended September 30, 2021 and 2020, we had an increase of $0.3 million and a decrease of $2.5 million, respectively, primarily related to our uncertain tax positions in the U.S. and Europe. We recorded interest and penalties related to unrecognized tax benefits within the provision for income taxes.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Lease Commitments All of our lease right-of-use (“ROU”) assets and lease liabilities are related to operating and finance leases, where the lease term exceeds one year. Our operating leases are generally for railcars, office space, and equipment and our finance leases are generally related to equipment and buildings used to conduct our operations. These operating and finance leases were discounted using a weighted-average rate of 3.66% and 4.78%, respectively, 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 resulting from usage or performance of the underlying asset. We have no material lessor or sublease income. Operating Leases The components of lease cost for operating leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) Lease cost $ 6,056 $ 6,035 $ 18,138 $ 18,463 Variable lease cost 99 759 415 813 Operating lease expense $ 6,155 $ 6,794 $ 18,553 $ 19,276 The operating lease liabilities on a discounted basis arising from obtaining ROU assets as of September 30, 2021 were comprised as follows: Leased Asset Class Polymer Chemical Percentage Average Months Remaining on the Lease Weighted Average in Months (In thousands) Railcars $ 2,052 $ 22,697 25.6 % 41 10.5 Buildings 29,925 11,500 42.8 % 43 18.3 Equipment 1,441 16,993 19.1 % 30 5.7 Land 6,756 41 7.0 % 235 16.5 Other 579 4,735 5.5 % 25 1.4 Total $ 40,753 $ 55,966 52.4 The following tables show the undiscounted cash flows for the operating lease liabilities. September 30, 2021 (In thousands) October 1, 2021 through December 31, 2021 $ 5,810 2022 21,494 2023 18,714 2024 14,610 2025 12,246 Thereafter 36,293 Total undiscounted operating lease liabilities 109,167 Present value discount (12,414) Foreign currency and other (34) Total discounted operating lease liabilities $ 96,719 December 31, 2020 (In thousands) 2021 $ 21,098 2022 15,992 2023 14,309 2024 10,668 2025 8,605 Thereafter 26,988 Total undiscounted operating lease liabilities 97,660 Present value discount (11,474) Foreign currency and other 11 Total discounted operating lease liabilities $ 86,197 Finance Leases The components of lease cost for finance leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) Lease amortization $ 186 $ 177 $ 765 $ 533 Lease interest 50 13 125 40 Finance lease expense $ 236 $ 190 $ 890 $ 573 The finance lease liabilities on a discounted basis arising from obtaining ROU assets as of September 30, 2021 were comprised as follows: Leased Asset Class Polymer Chemical Percentage Average Months Remaining on the Lease Weighted Average in Months (In thousands) Equipment $ 694 $ 2,901 100.0 % 64 64.0 Total $ 694 $ 2,901 64.0 The following tables show the undiscounted cash flows for the finance lease liabilities. September 30, 2021 (In thousands) October 1, 2021 through December 31, 2021 $ 631 2022 964 2023 1,142 2024 1,142 2025 18 Thereafter 3 Total undiscounted finance lease liabilities 3,900 Present value discount (301) Foreign currency and other (4) Total discounted finance lease liabilities $ 3,595 December 31, 2020 (In thousands) 2021 $ 232 2022 232 2023 232 2024 232 2025 — Thereafter — Total undiscounted finance lease liabilities 928 Present value discount (92) Foreign currency and other (1) Total discounted finance lease liabilities $ 835 These finance lease liabilities are included within current and long-term debt on the Condensed Consolidated Balance Sheets. See Note 8 Long-Term Debt for additional information. (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 $1.9 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 (“ARO”) are as follows: Nine Months Ended September 30, 2021 2020 (In thousands) Beginning balance $ 6,332 $ 6,523 Additional accruals 316 119 Accretion expense 310 257 Obligations settled (707) (344) Foreign currency translation (309) 246 Ending balance $ 5,942 $ 6,801 In the first quarter of 2021, the Company recorded an ARO of $0.3 million related to the office rebuild of our research facility in Europe.

Employee Benefits

Employee Benefits	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 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 $ — $ 513 $ 48 $ 443 $ — $ 1,538 $ 143 $ 1,327 Interest cost 1,398 311 1,665 419 4,193 933 4,965 1,259 Expected return on plan assets (2,485) (852) (2,303) (675) (7,455) (2,554) (6,908) (2,057) Amortization of prior service cost — 5 — 4 — 14 — 13 Amortization of net actuarial loss 605 262 408 253 1,815 786 1,223 758 Net periodic benefit (income) cost $ (482) $ 239 $ (182) $ 444 $ (1,447) $ 717 $ (577) $ 1,300 The components of net periodic benefit cost other than the service cost component are included in other income (expense) on our Condensed Consolidated Statements of Operations. We made contributions of $12.8 million and $5.9 million to our pension plans in the nine months ended September 30, 2021 and 2020, 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, 2021 2020 2021 2020 U.S. Plans U.S. Plans U.S. Plans U.S. Plans (In thousands) Service cost $ 85 $ 85 $ 255 $ 255 Interest cost 163 195 488 585 Amortization of prior service cost (438) (438) (1,313) (1,313) Amortization of net actuarial loss 243 213 728 638 Net periodic benefit cost $ 53 $ 55 $ 158 $ 165 The components of net periodic benefit cost other than the service cost component are included in other income (expense) on our Condensed Consolidated Statements of Operations. We made contributions of $0.7 million and $1.0 million to our other post-retirement plans in the nine months ended September 30, 2021 and 2020, respectively.

Industry Segments and Foreign O

Industry Segments and Foreign Operations	9 Months Ended
	Sep. 30, 2021
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, 2021 Three Months Ended September 30, 2020 Polymer Chemical Total Polymer Chemical Total (In thousands) Revenue $ 297,089 $ 229,799 $ 526,888 $ 198,540 $ 174,898 $ 373,438 Cost of goods sold 206,766 153,431 360,197 163,544 141,140 304,684 Gross profit 90,323 76,368 166,691 34,996 33,758 68,754 Operating expenses: Research and development 7,835 2,543 10,378 7,234 2,220 9,454 Selling, general, and administrative 25,860 19,067 44,927 19,112 16,173 35,285 Depreciation and amortization 12,794 18,880 31,674 13,042 18,271 31,313 (Gain) loss on disposal of fixed assets 12 168 180 698 (1,225) (527) Impairment of goodwill — — — — 400,000 400,000 Operating income (loss) $ 43,822 $ 35,710 79,532 $ (5,090) $ (401,681) (406,771) Other income 808 259 Loss on extinguishment of debt — (848) Earnings of unconsolidated joint venture 89 81 Interest expense, net (9,989) (13,527) Income (loss) before income taxes $ 70,440 $ (420,806) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Polymer Chemical Total Polymer Chemical Total (In thousands) Revenue $ 816,685 $ 641,097 $ 1,457,782 $ 642,772 $ 513,614 $ 1,156,386 Cost of goods sold 564,941 450,592 1,015,533 481,200 394,188 875,388 Gross profit 251,744 190,505 442,249 161,572 119,426 280,998 Operating expenses: Research and development 21,921 7,700 29,621 22,056 8,102 30,158 Selling, general, and administrative 65,654 54,589 120,243 70,074 52,671 122,745 Depreciation and amortization 38,394 56,553 94,947 39,337 54,491 93,828 (Gain) loss on disposal of fixed assets 126 400 526 508 (542) (34) Impairment of goodwill — — — — 400,000 400,000 Operating income (loss) $ 125,649 $ 71,263 196,912 $ 29,597 $ (395,296) (365,699) Other income (expense) (877) 837 Disposition and exit of business activities — 175,189 Loss on extinguishment of debt — (14,943) Earnings of unconsolidated joint venture 344 310 Interest expense, net (31,353) (44,454) Income (loss) before income taxes $ 165,026 $ (248,760) The following table presents long-lived assets including goodwill and total assets. September 30, 2021 December 31, 2020 Polymer Chemical Total Polymer Chemical Total (In thousands) Property, plant, and equipment, net $ 520,796 $ 408,685 $ 929,481 $ 523,067 $ 419,636 $ 942,703 Investment in unconsolidated joint venture $ 12,050 $ — $ 12,050 $ 12,723 $ — $ 12,723 Goodwill $ — $ 373,303 $ 373,303 $ — $ 375,061 $ 375,061 Total assets $ 1,230,473 $ 1,378,836 $ 2,609,309 $ 1,104,954 $ 1,356,003 $ 2,460,957 (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. Changes in goodwill from January 1, 2021 through September 30, 2021 were as follows: Chemical (In thousands) Balance at January 1, 2021 $ 375,061 Foreign currency translation (1,758) Balance at September 30, 2021 $ 373,303 (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, 2021 Three Months Ended September 30, 2020 Polymer Chemical Total Polymer Chemical Total (In thousands) (In thousands) Revenue: United States $ 124,399 $ 93,472 $ 217,871 $ 77,586 $ 69,559 $ 147,145 Germany 36,541 15,461 52,002 21,388 11,390 32,778 All other countries 136,149 120,866 257,015 99,566 93,949 193,515 $ 297,089 $ 229,799 $ 526,888 $ 198,540 $ 174,898 $ 373,438 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Polymer Chemical Total Polymer Chemical Total (In thousands) (In thousands) Revenue: United States $ 317,594 $ 248,497 $ 566,091 $ 235,289 $ 214,684 $ 449,973 Germany 98,211 43,887 142,098 69,256 32,610 101,866 All other countries 400,880 348,713 749,593 338,227 266,320 604,547 $ 816,685 $ 641,097 $ 1,457,782 $ 642,772 $ 513,614 $ 1,156,386 (c) Capital Expenditures Our capital expenditures of property, plant, and equipment for the Polymer segment, excluding capital expenditures by the KFPC joint venture, were $33.2 million and $27.3 million during the nine months ended September 30, 2021 and 2020, respectively, and capital expenditures of property, plant, and equipment for our Chemical segment were $28.7 million and $26.9 million during the nine months ended September 30, 2021 and 2020, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
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 $14.1 million and $14.8 million as of September 30, 2021 and December 31, 2020, respectively, which were recorded in due to related party on the Condensed Consolidated Balance Sheets. Our total purchases from the joint venture were $6.3 million and $6.1 million for the three months ended September 30, 2021 and 2020, respectively, and $21.7 million and $20.9 million for the nine months ended September 30, 2021 and 2020, 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 $0.5 million and $2.3 million as of September 30, 2021 and December 31, 2020, respectively, which were recorded in due to related party on the Condensed Consolidated Balance Sheets. Our total purchases from this joint venture were $15.8 million and $10.7 million for the three months ended September 30, 2021 and 2020, respectively, and $40.2 million and $36.4 million for the nine months ended September 30, 2021 and 2020, 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, 2021
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. During the three months ended September 30, 2021, KFPC declared a dividend to Kraton and FPCC in aggregate of $0.2 million. The dividend is expected to be paid in the fourth quarter of 2021. The following table summarizes the carrying amounts of assets and liabilities as of September 30, 2021 and December 31, 2020 for KFPC before intercompany eliminations. September 30, 2021 December 31, 2020 (In thousands) Cash and cash equivalents $ 5,918 $ 3,097 Other current assets 19,607 17,304 Property, plant, and equipment, net 144,472 150,838 Intangible assets 7,485 7,959 Long-term operating lease assets, net 6,978 7,178 Other long-term assets 5,734 5,187 Total assets $ 190,194 $ 191,563 Current portion of long-term debt $ 73,718 $ 72,156 Current liabilities 8,494 5,209 Long-term debt — 17,559 Deferred income taxes 699 661 Long-term operating lease liabilities 6,401 6,700 Total liabilities $ 89,312 $ 102,285

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
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, 2021.

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2021
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, 2020 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 may 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, 2021. Therefore, a discrete year-to-date method of reporting was used for the quarter ended September 30, 2021. 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
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 December 2019, the Financial Accounting Standards Board (“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. Adoption of this standard did not materially impact our financial position, results of operations, and cash flows. We adopted ASU 2019-12 effective January 1, 2021. 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 exceptions 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope . This standard is effective beginning on January 7, 2021. Our analysis of ASU 2021-01 was completed during 2021, and there is no material change to our financial position, results of operations, and cash flows. We adopted ASU 2021-01 effective January 7, 2021. New Accounting Standards to be Adopted in Future Periods In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) . This standard is effective for fiscal years beginning after December 15, 2021. 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 2020-06 effective on January 1, 2022.
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 $164.2 million related to contractual commitments with customers for which the performance obligation will be satisfied over time, which currently ranges from one Specific to the IRSA, the contract provided Isoprene Rubber sales revenue of $5.3 million and $1.8 million for the three months ended September 30, 2021 and 2020, respectively, and $21.2 million and $17.4 million for the nine months ended September 30, 2021 and 2020, respectively. Included within Isoprene Rubber sales revenue is amortization of deferred income of $2.4 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively, and $10.0 million and $7.5 million for the nine months ended September 30, 2021 and 2020, respectively, which represents non-cash revenue realized as the products are sold under 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. We did not recognize any revenue related to bill-and-hold arrangements for the three months ended September 30, 2021 and 2020 and the nine months ended September 30, 2021. During the nine months ended September 30, 2020, we recognized $4.2 million of revenue related to these bill-and-hold arrangements. 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, 2021 2020 2021 2020 Polymer Segment (In thousands) Performance Products $ 180,671 $ 117,353 $ 485,770 $ 354,452 Specialty Polymers 110,673 78,629 308,481 232,851 Cariflex (1) — — — 36,930 Isoprene Rubber 5,261 1,833 21,191 17,436 Other 484 725 1,243 1,103 Polymer Product Line Revenue $ 297,089 $ 198,540 $ 816,685 $ 642,772 ____________________________________________________ (1) Cariflex is included in the results of operations through March 6, 2020. See Note 4 Disposition and Exit of Business Activities for further information on the divestiture of our Cariflex business. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Chemical Segment (In thousands) Adhesives $ 82,239 $ 63,901 $ 228,295 $ 189,789 Performance Chemicals 131,300 99,919 368,639 295,509 Tires 16,260 11,078 44,163 28,316 Chemical Product Line Revenue $ 229,799 $ 174,898 $ 641,097 $ 513,614 September 30, 2021 December 31, 2020 (In thousands) Contract receivables (1) $ 260,081 $ 179,805 Contract liabilities (2) $ 164,204 $ 175,511 ____________________________________________________ (1) Contract receivables are recorded within receivables, net of allowances on our Condensed Consolidated Balance Sheets. (2) Our contract liability consists of $152.7 million of non-cash deferred income related to the IRSA and $9.7 million of non-cash deferred income related to a supply agreement with a significant lubricant additive customer. The impact from currency exchange rates is $1.9 million.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 Polymer Segment (In thousands) Performance Products $ 180,671 $ 117,353 $ 485,770 $ 354,452 Specialty Polymers 110,673 78,629 308,481 232,851 Cariflex (1) — — — 36,930 Isoprene Rubber 5,261 1,833 21,191 17,436 Other 484 725 1,243 1,103 Polymer Product Line Revenue $ 297,089 $ 198,540 $ 816,685 $ 642,772 ____________________________________________________ (1) Cariflex is included in the results of operations through March 6, 2020. See Note 4 Disposition and Exit of Business Activities for further information on the divestiture of our Cariflex business. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Chemical Segment (In thousands) Adhesives $ 82,239 $ 63,901 $ 228,295 $ 189,789 Performance Chemicals 131,300 99,919 368,639 295,509 Tires 16,260 11,078 44,163 28,316 Chemical Product Line Revenue $ 229,799 $ 174,898 $ 641,097 $ 513,614
Schedule of contract with customer, asset and liability	September 30, 2021 December 31, 2020 (In thousands) Contract receivables (1) $ 260,081 $ 179,805 Contract liabilities (2) $ 164,204 $ 175,511 ____________________________________________________ (1) Contract receivables are recorded within receivables, net of allowances on our Condensed Consolidated Balance Sheets.

Detail of Certain Balance She_2

Detail of Certain Balance Sheet Accounts (Tables)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Detail of certain balance sheet accounts	September 30, 2021 December 31, 2020 (In thousands) Inventories of products: Finished products $ 300,738 $ 240,021 Work in progress 3,140 3,074 Raw materials 115,023 84,039 Inventories of products, gross 418,901 327,134 Inventory reserves (6,908) (8,249) Total inventories of products, net $ 411,993 $ 318,885 Intangible assets: Contractual agreements $ 263,075 $ 265,375 Technology 146,113 147,011 Customer relationships 60,402 60,623 Tradenames/trademarks 84,379 83,519 Software 75,384 68,276 Intangible assets 629,353 624,804 Less accumulated amortization: Contractual agreements 126,267 110,811 Technology 79,113 74,693 Customer relationships 41,210 40,205 Tradenames/trademarks 57,943 53,951 Software 54,972 50,410 Total accumulated amortization 359,505 330,070 Intangible assets, net of accumulated amortization $ 269,848 $ 294,734 Other payables and accruals: Employee related $ 48,494 $ 52,145 Short-term operating lease liabilities 18,825 18,299 Interest payable 12,912 3,873 Capital project accruals 5,912 1,149 Customer related 10,958 10,484 Short-term deferred income 26,765 24,182 Income tax payable 44,850 26,367 Utilities payable 3,705 2,886 Property and other taxes 2,515 1,303 Other 28,270 26,676 Total other payables and accruals $ 203,206 $ 167,364 Other long-term liabilities: Pension and other post-retirement benefits $ 117,890 $ 133,634 Long-term tax liability 18,359 19,530 Other 15,748 15,402 Total other long-term liabilities $ 151,997 $ 168,566
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, 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) December 31, 2020 $ 73,575 $ — $ (13,156) $ (98,284) $ (37,865) Other comprehensive income (loss) before reclassifications (21,402) — 15,408 — (5,994) Net other comprehensive income (loss) for the year (21,402) — 15,408 — (5,994) September 30, 2021 $ 52,173 $ — $ 2,252 $ (98,284) $ (43,859) ____________________________________________________ (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, 2021
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, 2021 Three Months Ended September 30, 2020 Net Income Attributable to Kraton Weighted Average Shares Outstanding Earnings Per Share Net Loss Attributable to Kraton Weighted Average Shares Outstanding Loss Per Share (In thousands, except per share data) Basic: As reported $ 53,024 32,148 $ (403,794) 31,863 Amounts allocated to unvested restricted shares — — 963 (76) Amounts available to common stockholders 53,024 32,148 $ 1.65 (402,831) 31,787 $ (12.67) Diluted: Amounts allocated to unvested restricted shares — — (963) 76 Non participating share units — 473 — — Stock options added under the treasury stock method — 71 — — Amounts reallocated to unvested restricted shares — — 963 (76) Amounts available to stockholders and assumed conversions $ 53,024 32,692 $ 1.62 $ (402,831) 31,787 $ (12.67) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Net Income Attributable to Kraton Weighted Average Shares Outstanding Earnings Per Share Net Loss Attributable to Kraton Weighted Average Shares Outstanding Loss Per Share (In thousands, except per share data) Basic: As reported $ 122,664 32,089 $ (203,676) 31,836 Amounts allocated to unvested restricted shares (54) (14) 691 (108) Amounts available to common stockholders 122,610 32,075 $ 3.82 (202,985) 31,728 $ (6.40) Diluted: Amounts allocated to unvested restricted shares 54 14 (691) 108 Non participating share units — 475 — — Stock options added under the treasury stock method — 60 — — Amounts reallocated to unvested restricted shares (53) (14) 691 (108) Amounts available to stockholders and assumed conversions $ 122,611 32,610 $ 3.76 $ (202,985) 31,728 $ (6.40)

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consists of the following: September 30, 2021 December 31, 2020 Principal Debt Issuance Costs Total Principal Debt Issuance Costs Total (In thousands) Euro Tranche $ 98,303 $ (779) $ 97,524 $ 104,159 $ (996) $ 103,163 4.25% Senior Notes 400,000 (6,139) 393,861 400,000 (6,995) 393,005 5.25% Senior Notes 335,384 (3,700) 331,684 355,366 (4,221) 351,145 ABL Facility — — — — — — KFPC Loan Agreement 17,730 — 17,730 52,730 (18) 52,712 KFPC Revolving Facilities 55,988 — 55,988 37,003 — 37,003 Finance lease obligations 3,595 — 3,595 835 — 835 Total debt 911,000 (10,618) 900,382 950,093 (12,230) 937,863 Less current portion of total debt 74,923 — 74,923 72,347 — 72,347 Long-term debt $ 836,077 $ (10,618) $ 825,459 $ 877,746 $ (12,230) $ 865,516
Remaining principal payments on outstanding total debt	The remaining principal payments on our outstanding total debt, including finance leases, as of September 30, 2021, are as follows: Principal Payments (In thousands) October 1, 2021 through September 30, 2022 $ 74,923 October 1, 2022 through September 30, 2023 993 October 1, 2023 through September 30, 2024 1,094 October 1, 2024 through September 30, 2025 98,599 October 1, 2025 through September 30, 2026 735,391 Thereafter — Total debt $ 911,000

Fair Value Measurements, Fina_2

Fair Value Measurements, Financial Instruments, and Credit Risk (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020. 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, 2021 and December 31, 2020, 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, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (In thousands) Retirement plan asset – noncurrent Other long-term asset $ 2,828 $ 2,828 $ — Derivative liability – current Other payables and accruals (14) — (14) Total $ 2,814 $ 2,828 $ (14) Fair Value Measurements at Reporting Date Using Balance Sheet Location December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (In thousands) Retirement plan asset – noncurrent Other long-term assets $ 2,454 $ 2,454 $ — Derivative liability – current Other payables and accruals (219) — (219) Total $ 2,235 $ 2,454 $ (219)
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, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Euro Tranche (significant other observable inputs – level 2) $ 98,303 $ 98,242 $ 104,159 $ 103,574 4.25% Senior Notes (quoted prices in active market for identical assets – level 1) $ 400,000 $ 415,784 $ 400,000 $ 409,880 5.25% Senior Notes (quoted prices in active market for identical assets – level 1) $ 335,384 $ 345,288 $ 355,366 $ 367,886 ABL Facility $ — $ — $ — $ — Finance lease obligations $ 3,595 $ 3,595 $ 835 $ 835 KFPC Loan Agreement $ 17,730 $ 17,730 $ 52,730 $ 52,730 KFPC Revolving Facilities $ 55,988 $ 55,988 $ 37,003 $ 37,003

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 (In thousands) Income taxes at the statutory rate $ (14,792) $ 88,370 $ (34,655) $ 52,240 State taxes, net of federal benefit (934) 266 (2,317) 530 Foreign tax rate differential (921) (240) (1,566) (7,539) Permanent differences 800 (928) (773) (4,846) Cariflex disposition — 18,912 — 22,652 Dutch transfer of assets — — — 65,527 Tax credits — 157 800 800 Uncertain tax positions (129) (209) (490) 2,698 Valuation allowance 580 (139) 1,614 282 Goodwill impairment — (84,000) — (84,000) Return to provision adjustments 162 (4,000) 511 (262) Income tax benefit (expense) $ (15,234) $ 18,189 $ (36,876) $ 48,082

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of lease, cost	The components of lease cost for operating leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) Lease cost $ 6,056 $ 6,035 $ 18,138 $ 18,463 Variable lease cost 99 759 415 813 Operating lease expense $ 6,155 $ 6,794 $ 18,553 $ 19,276 The components of lease cost for finance leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) Lease amortization $ 186 $ 177 $ 765 $ 533 Lease interest 50 13 125 40 Finance lease expense $ 236 $ 190 $ 890 $ 573
Schedule of lease by asset type	The operating lease liabilities on a discounted basis arising from obtaining ROU assets as of September 30, 2021 were comprised as follows: Leased Asset Class Polymer Chemical Percentage Average Months Remaining on the Lease Weighted Average in Months (In thousands) Railcars $ 2,052 $ 22,697 25.6 % 41 10.5 Buildings 29,925 11,500 42.8 % 43 18.3 Equipment 1,441 16,993 19.1 % 30 5.7 Land 6,756 41 7.0 % 235 16.5 Other 579 4,735 5.5 % 25 1.4 Total $ 40,753 $ 55,966 52.4 The finance lease liabilities on a discounted basis arising from obtaining ROU assets as of September 30, 2021 were comprised as follows: Leased Asset Class Polymer Chemical Percentage Average Months Remaining on the Lease Weighted Average in Months (In thousands) Equipment $ 694 $ 2,901 100.0 % 64 64.0 Total $ 694 $ 2,901 64.0
Schedule of operating lease, liability, maturity	The following tables show the undiscounted cash flows for the operating lease liabilities. September 30, 2021 (In thousands) October 1, 2021 through December 31, 2021 $ 5,810 2022 21,494 2023 18,714 2024 14,610 2025 12,246 Thereafter 36,293 Total undiscounted operating lease liabilities 109,167 Present value discount (12,414) Foreign currency and other (34) Total discounted operating lease liabilities $ 96,719 December 31, 2020 (In thousands) 2021 $ 21,098 2022 15,992 2023 14,309 2024 10,668 2025 8,605 Thereafter 26,988 Total undiscounted operating lease liabilities 97,660 Present value discount (11,474) Foreign currency and other 11 Total discounted operating lease liabilities $ 86,197
Schedule of finance lease, liability, maturity	The following tables show the undiscounted cash flows for the finance lease liabilities. September 30, 2021 (In thousands) October 1, 2021 through December 31, 2021 $ 631 2022 964 2023 1,142 2024 1,142 2025 18 Thereafter 3 Total undiscounted finance lease liabilities 3,900 Present value discount (301) Foreign currency and other (4) Total discounted finance lease liabilities $ 3,595 December 31, 2020 (In thousands) 2021 $ 232 2022 232 2023 232 2024 232 2025 — Thereafter — Total undiscounted finance lease liabilities 928 Present value discount (92) Foreign currency and other (1) Total discounted finance lease liabilities $ 835
Changes in the aggregate carrying amount of ARO liability	The changes in the aggregate carrying amount of our asset retirement obligations (“ARO”) are as follows: Nine Months Ended September 30, 2021 2020 (In thousands) Beginning balance $ 6,332 $ 6,523 Additional accruals 316 119 Accretion expense 310 257 Obligations settled (707) (344) Foreign currency translation (309) 246 Ending balance $ 5,942 $ 6,801

Employee Benefits (Tables)

Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 2021 2020 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 $ — $ 513 $ 48 $ 443 $ — $ 1,538 $ 143 $ 1,327 Interest cost 1,398 311 1,665 419 4,193 933 4,965 1,259 Expected return on plan assets (2,485) (852) (2,303) (675) (7,455) (2,554) (6,908) (2,057) Amortization of prior service cost — 5 — 4 — 14 — 13 Amortization of net actuarial loss 605 262 408 253 1,815 786 1,223 758 Net periodic benefit (income) cost $ (482) $ 239 $ (182) $ 444 $ (1,447) $ 717 $ (577) $ 1,300 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, 2021 2020 2021 2020 U.S. Plans U.S. Plans U.S. Plans U.S. Plans (In thousands) Service cost $ 85 $ 85 $ 255 $ 255 Interest cost 163 195 488 585 Amortization of prior service cost (438) (438) (1,313) (1,313) Amortization of net actuarial loss 243 213 728 638 Net periodic benefit cost $ 53 $ 55 $ 158 $ 165

Industry Segments and Foreign_2

Industry Segments and Foreign Operations (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 Three Months Ended September 30, 2020 Polymer Chemical Total Polymer Chemical Total (In thousands) Revenue $ 297,089 $ 229,799 $ 526,888 $ 198,540 $ 174,898 $ 373,438 Cost of goods sold 206,766 153,431 360,197 163,544 141,140 304,684 Gross profit 90,323 76,368 166,691 34,996 33,758 68,754 Operating expenses: Research and development 7,835 2,543 10,378 7,234 2,220 9,454 Selling, general, and administrative 25,860 19,067 44,927 19,112 16,173 35,285 Depreciation and amortization 12,794 18,880 31,674 13,042 18,271 31,313 (Gain) loss on disposal of fixed assets 12 168 180 698 (1,225) (527) Impairment of goodwill — — — — 400,000 400,000 Operating income (loss) $ 43,822 $ 35,710 79,532 $ (5,090) $ (401,681) (406,771) Other income 808 259 Loss on extinguishment of debt — (848) Earnings of unconsolidated joint venture 89 81 Interest expense, net (9,989) (13,527) Income (loss) before income taxes $ 70,440 $ (420,806) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Polymer Chemical Total Polymer Chemical Total (In thousands) Revenue $ 816,685 $ 641,097 $ 1,457,782 $ 642,772 $ 513,614 $ 1,156,386 Cost of goods sold 564,941 450,592 1,015,533 481,200 394,188 875,388 Gross profit 251,744 190,505 442,249 161,572 119,426 280,998 Operating expenses: Research and development 21,921 7,700 29,621 22,056 8,102 30,158 Selling, general, and administrative 65,654 54,589 120,243 70,074 52,671 122,745 Depreciation and amortization 38,394 56,553 94,947 39,337 54,491 93,828 (Gain) loss on disposal of fixed assets 126 400 526 508 (542) (34) Impairment of goodwill — — — — 400,000 400,000 Operating income (loss) $ 125,649 $ 71,263 196,912 $ 29,597 $ (395,296) (365,699) Other income (expense) (877) 837 Disposition and exit of business activities — 175,189 Loss on extinguishment of debt — (14,943) Earnings of unconsolidated joint venture 344 310 Interest expense, net (31,353) (44,454) Income (loss) before income taxes $ 165,026 $ (248,760)
Schedule of assets by segment	The following table presents long-lived assets including goodwill and total assets. September 30, 2021 December 31, 2020 Polymer Chemical Total Polymer Chemical Total (In thousands) Property, plant, and equipment, net $ 520,796 $ 408,685 $ 929,481 $ 523,067 $ 419,636 $ 942,703 Investment in unconsolidated joint venture $ 12,050 $ — $ 12,050 $ 12,723 $ — $ 12,723 Goodwill $ — $ 373,303 $ 373,303 $ — $ 375,061 $ 375,061 Total assets $ 1,230,473 $ 1,378,836 $ 2,609,309 $ 1,104,954 $ 1,356,003 $ 2,460,957
Schedule of goodwill	Changes in goodwill from January 1, 2021 through September 30, 2021 were as follows: Chemical (In thousands) Balance at January 1, 2021 $ 375,061 Foreign currency translation (1,758) Balance at September 30, 2021 $ 373,303 (b) Revenue by Geography
Summary of revenue by geographic region	Following is a summary of revenue by geographic region: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Polymer Chemical Total Polymer Chemical Total (In thousands) (In thousands) Revenue: United States $ 124,399 $ 93,472 $ 217,871 $ 77,586 $ 69,559 $ 147,145 Germany 36,541 15,461 52,002 21,388 11,390 32,778 All other countries 136,149 120,866 257,015 99,566 93,949 193,515 $ 297,089 $ 229,799 $ 526,888 $ 198,540 $ 174,898 $ 373,438 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Polymer Chemical Total Polymer Chemical Total (In thousands) (In thousands) Revenue: United States $ 317,594 $ 248,497 $ 566,091 $ 235,289 $ 214,684 $ 449,973 Germany 98,211 43,887 142,098 69,256 32,610 101,866 All other countries 400,880 348,713 749,593 338,227 266,320 604,547 $ 816,685 $ 641,097 $ 1,457,782 $ 642,772 $ 513,614 $ 1,156,386

Variable Interest Entity (Table

Variable Interest Entity (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020 for KFPC before intercompany eliminations. September 30, 2021 December 31, 2020 (In thousands) Cash and cash equivalents $ 5,918 $ 3,097 Other current assets 19,607 17,304 Property, plant, and equipment, net 144,472 150,838 Intangible assets 7,485 7,959 Long-term operating lease assets, net 6,978 7,178 Other long-term assets 5,734 5,187 Total assets $ 190,194 $ 191,563 Current portion of long-term debt $ 73,718 $ 72,156 Current liabilities 8,494 5,209 Long-term debt — 17,559 Deferred income taxes 699 661 Long-term operating lease liabilities 6,401 6,700 Total liabilities $ 89,312 $ 102,285

General (Details)

General (Details)	9 Months Ended
	Sep. 30, 2021segment$ / shares	Sep. 27, 2021$ / shares	Dec. 31, 2020$ / shares
Accounting Policies [Abstract]
Number of operating segments | segment	2
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
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%
Merger Agreement
Business Acquisition [Line Items]
Merger, conversion price per share outstanding (in dollars per share)		$ 46.50

New Accounting Pronouncements (

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Operating lease, right-of-use asset	$ 95,100	$ 84,042
Total discounted operating lease liabilities	$ 96,719	$ 86,197

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 164,204,000		$ 164,204,000		$ 175,511,000
Revenue	526,888,000	$ 373,438,000	1,457,782,000	$ 1,156,386,000
Amortization of deferred income			10,821,000	8,460,000
Liability, revenue recognized	0			4,200,000
Contract receivables	260,081,000		260,081,000		$ 179,805,000
Polymer
Disaggregation of Revenue [Line Items]
Revenue	297,089,000	198,540,000	816,685,000	642,772,000
Polymer | Performance Products
Disaggregation of Revenue [Line Items]
Revenue	180,671,000	117,353,000	485,770,000	354,452,000
Polymer | Specialty Polymers
Disaggregation of Revenue [Line Items]
Revenue	110,673,000	78,629,000	308,481,000	232,851,000
Liability, revenue recognized			9,700,000
Effect of exchange rate differences on cash			1,900,000
Polymer | Specialty Polymers | Cariflex
Disaggregation of Revenue [Line Items]
Amortization of deferred income	2,400,000	300,000	10,000,000	7,500,000
Liability, revenue recognized			152,700,000
Polymer | Cariflex
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	36,930,000
Polymer | Isoprene Rubber
Disaggregation of Revenue [Line Items]
Revenue	5,261,000	1,833,000	21,191,000	17,436,000
Polymer | Isoprene Rubber | IRSA
Disaggregation of Revenue [Line Items]
Revenue	5,300,000	1,800,000	21,200,000	17,400,000
Polymer | Other
Disaggregation of Revenue [Line Items]
Revenue	484,000	725,000	1,243,000	1,103,000
Chemical
Disaggregation of Revenue [Line Items]
Revenue	229,799,000	174,898,000	641,097,000	513,614,000
Chemical | Adhesives
Disaggregation of Revenue [Line Items]
Revenue	82,239,000	63,901,000	228,295,000	189,789,000
Chemical | Performance Chemicals
Disaggregation of Revenue [Line Items]
Revenue	131,300,000	99,919,000	368,639,000	295,509,000
Chemical | Tires
Disaggregation of Revenue [Line Items]
Revenue	$ 16,260,000	$ 11,078,000	$ 44,163,000	$ 28,316,000

Revenue Recognition - Obligatio

Revenue Recognition - Obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01	Sep. 30, 2021
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	9 years

Disposition and Exit of Busin_2

Disposition and Exit of Business Activities - Narrative (Details) $ in Thousands, € in Millions	Mar. 06, 2020USD ($)	Mar. 06, 2020EUR (€)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition			$ 0		$ 0	$ 0	$ 175,189
Contract liabilities			164,204			164,204		$ 175,511
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
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		$ 4,900			$ 4,900
Contractual capital contributions	25,300
Preliminary working capital adjustment				$ 900
Gain on disposition				$ 175,200
Contract liabilities	$ 180,600
Performance obligation, optional extension period	5 years	5 years
Cash proceeds (payments) from disposition and exit of business activities	$ 509,600
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)	Mar. 06, 2020
Cariflex | Disposed of by Sale | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Award requisite service period			3 years
Share-based compensation expense	$ 2.6	$ 2.3	$ 8.1	$ 7

Detail of Certain Balance She_3

Detail of Certain Balance Sheet Accounts - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventories of products:
Finished products	$ 300,738	$ 240,021
Work in progress	3,140	3,074
Raw materials	115,023	84,039
Inventories of products, gross	418,901	327,134
Inventory reserves	(6,908)	(8,249)
Total inventories of products, net	411,993	318,885
Other payables and accruals:
Employee related	48,494	52,145
Short-term operating lease liabilities	18,825	18,299
Interest payable	12,912	3,873
Capital project accruals	5,912	1,149
Customer related	10,958	10,484
Short-term deferred income	26,765	24,182
Income tax payable	44,850	26,367
Utilities payable	3,705	2,886
Property and other taxes	2,515	1,303
Other	28,270	26,676
Total other payables and accruals	203,206	167,364
Other long-term liabilities:
Pension and other post-retirement benefits	117,890	133,634
Long-term tax liability	18,359	19,530
Other	15,748	15,402
Total other long-term liabilities	151,997	168,566
Supplemental Balance Sheet Information [Line Items]
Intangible assets	629,353	624,804
Less accumulated amortization	359,505	330,070
Intangible assets, net of accumulated amortization	269,848	294,734
Contractual agreements
Supplemental Balance Sheet Information [Line Items]
Intangible assets	263,075	265,375
Less accumulated amortization	126,267	110,811
Technology
Supplemental Balance Sheet Information [Line Items]
Intangible assets	146,113	147,011
Less accumulated amortization	79,113	74,693
Customer relationships
Supplemental Balance Sheet Information [Line Items]
Intangible assets	60,402	60,623
Less accumulated amortization	41,210	40,205
Tradenames/trademarks
Supplemental Balance Sheet Information [Line Items]
Intangible assets	84,379	83,519
Less accumulated amortization	57,943	53,951
Software
Supplemental Balance Sheet Information [Line Items]
Intangible assets	75,384	68,276
Less accumulated amortization	$ 54,972	$ 50,410

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 725,915	$ 1,063,958	$ 649,002	$ 789,428
Other comprehensive income (loss) before reclassifications			(5,994)	(280)
Amounts reclassified to (income) expense from accumulated other comprehensive loss				66,636
Other comprehensive income (loss), net of tax	(4,912)	(1,492)	(5,994)	66,356
Ending balance	778,764	662,790	778,764	662,790
Cumulative Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			73,575	(29,389)
Other comprehensive income (loss) before reclassifications			(21,402)	14,136
Amounts reclassified to (income) expense from accumulated other comprehensive loss				66,533
Other comprehensive income (loss), net of tax			(21,402)	80,669
Ending balance	52,173	51,280	52,173	51,280
Cash Flow Hedges, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0	(2,389)
Other comprehensive income (loss) before reclassifications			0	1,387
Amounts reclassified to (income) expense from accumulated other comprehensive loss				1,002
Other comprehensive income (loss), net of tax			0	2,389
Ending balance	0	0	0	0
Net Investment Hedges, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(13,156)	13,624
Other comprehensive income (loss) before reclassifications			15,408	(14,089)
Amounts reclassified to (income) expense from accumulated other comprehensive loss				(899)
Other comprehensive income (loss), net of tax			15,408	(14,988)
Ending balance	2,252	(1,364)	2,252	(1,364)
Benefit Plans Liability, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(98,284)	(87,641)
Other comprehensive income (loss) before reclassifications			0	(1,714)
Amounts reclassified to (income) expense from accumulated other comprehensive loss				0
Other comprehensive income (loss), net of tax			0	(1,714)
Ending balance	(98,284)	(89,355)	(98,284)	(89,355)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(38,947)	(37,947)	(37,865)	(105,795)
Ending balance	$ (43,859)	$ (39,439)	$ (43,859)	$ (39,439)

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 07, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Income (Loss) Attributable to Kraton, Basic:
As reported		$ 53,024	$ (403,794)	$ 122,664	$ (203,676)
Amounts allocated to unvested restricted shares		0	963	(54)	691
Amounts available to common stockholders		53,024	(402,831)	122,610	(202,985)
Net Income Attributable to Kraton, Diluted:
Amounts allocated to unvested restricted shares		0	(963)	54	(691)
Amounts reallocated to unvested restricted shares		0	963	(53)	691
Amounts available to stockholders and assumed conversions		$ 53,024	$ (402,831)	$ 122,611	$ (202,985)
Weighted Average Shares Outstanding, Basic:
As reported (in shares)		32,148,000	31,863,000	32,089,000	31,836,000
Amounts allocated to unvested restricted shares (in shares)		0	(76,000)	(14,000)	(108,000)
Amounts available to common stockholders (in shares)		32,148,000	31,787,000	32,075,000	31,728,000
Weighted Average Shares Outstanding, Diluted:
Amounts allocated to unvested restricted shares (in shares)		0	(76,000)	(14,000)	(108,000)
Non participating share units (in shares)		473,000	0	475,000	0
Stock options added under the treasury stock method (in shares)		71,000	0	60,000	0
Amounts available to stockholders and assumed conversions (in shares)		32,692,000	31,787,000	32,610,000	31,728,000
Earnings per share, basic (in dollars per share)		$ 1.65	$ (12.67)	$ 3.82	$ (6.40)
Earnings per share, diluted (in dollars per share)		$ 1.62	$ (12.67)	$ 3.76	$ (6.40)
Stock repurchased during period (in shares)	311,152			0
Stock repurchased during period (in dollars per share)	$ 32.14
Stock repurchased during period	$ 10,000
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)			493,187		454,366

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) $ in Thousands, $ in Millions	Sep. 30, 2021USD ($)	Sep. 30, 2021TWD ($)	Dec. 31, 2020USD ($)	May 31, 2018
Debt Instrument [Line Items]
Total debt	$ 911,000		$ 950,093
Debt Issuance Costs	(10,618)		(12,230)
Total	900,382		937,863
Finance lease obligations	3,595		835
Less current portion of total debt	74,923		72,347
Long-term debt, noncurrent maturities	836,077		877,746
Long-term debt	825,459		865,516
KFPC Revolving Facilities
Debt Instrument [Line Items]
Total debt	56,000	$ 1,600	37,003
Debt Issuance Costs	0		0
Total	55,988		37,003
ABL Facility
Debt Instrument [Line Items]
Total debt	0		0
Debt Issuance Costs	0		0
Total	0		0
KFPC Loan Agreement
Debt Instrument [Line Items]
Total debt	17,730	$ 494	52,730
Debt Issuance Costs	0		(18)
Total	17,730		52,712
Term Loan | Euro Tranche
Debt Instrument [Line Items]
Total debt	98,303		104,159
Debt Issuance Costs	(779)		(996)
Total	$ 97,524		103,163
Senior Notes | 4.25% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	4.25%	4.25%
Total debt	$ 400,000		400,000
Debt Issuance Costs	(6,139)		(6,995)
Total	$ 393,861		393,005
Senior Notes | 5.25% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	5.25%	5.25%		5.25%
Total debt	$ 335,384		355,366
Debt Issuance Costs	(3,700)		(4,221)
Total	$ 331,684		$ 351,145

Long-Term Debt - Senior Secured

Long-Term Debt - Senior Secured Term Loan Facility (Details) - Term Loan - Secured Debt - Euro Tranche	Mar. 06, 2020
Debt Instrument [Line Items]
Line of credit facility, fixed interest rate	2.79%
EURIBOR
Debt Instrument [Line Items]
Percentage added to basis	2.00%

Long-Term Debt - Senior Notes (

Long-Term Debt - Senior Notes (Details) - Senior Notes	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2018EUR (€)	May 31, 2018
Europe
Debt Instrument [Line Items]
Face amount | €			€ 290,000,000
4.25% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	4.25%
Face amount		$ 400,000,000
5.25% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	5.25%			5.25%
Face amount	$ 335,400,000

Long-Term Debt - ABL Facility (

Long-Term Debt - ABL Facility (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Jan. 31, 2016
Debt Instrument [Line Items]
Outstanding amount	$ 911,000,000	$ 950,093,000
ABL Facility
Debt Instrument [Line Items]
Outstanding amount	0	$ 0
Revolving Credit Facility | ABL Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity			$ 300,000,000
Right of maximum additional commitments			$ 100,000,000
Outstanding amount	0
Revolving Credit Facility | ABL Facility | Nederland
Debt Instrument [Line Items]
Right of maximum additional commitments	$ 100,000,000

Long-Term Debt - KFPC Debt (Det

Long-Term Debt - KFPC Debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)facility	Sep. 30, 2021TWD ($)facility	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Outstanding amount | $	$ 911,000		$ 950,093
KFPC Revolving Facilities
Debt Instrument [Line Items]
Outstanding amount	56,000	$ 1,600,000,000	37,003
KFPC Loan Agreement
Debt Instrument [Line Items]
Outstanding amount	$ 17,730	$ 494,000,000	$ 52,730
Interest rate during period	1.80%
Number of debt instruments | facility	4	4
Credit facility, borrowing capacity	$ 89,800	$ 2,500,000,000

Long-Term Debt - Debt Issuance

Long-Term Debt - Debt Issuance Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Net debt issuance cost	$ 12,500
Debt issuance costs	10,600
Amortization of debt issuance costs	1,893	$ 2,426
ABL Facility
Debt Instrument [Line Items]
Debt issuance costs	1,900
ABL Facility | Other current assets
Debt Instrument [Line Items]
Debt issuance costs	$ 500

Long-Term Debt - Remaining Prin

Long-Term Debt - Remaining Principal Payments on Outstanding Total Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
October 1, 2021 through September 30, 2022	$ 74,923
October 1, 2022 through September 30, 2023	993
October 1, 2023 through September 30, 2024	1,094
October 1, 2024 through September 30, 2025	98,599
October 1, 2025 through September 30, 2026	735,391
Thereafter	0
Total debt	$ 911,000	$ 950,093

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, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	$ 2,814	$ 2,235
Other long-term assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Retirement plan asset – noncurrent	2,828	2,454
Other payables and accruals
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liability – current	(14)	(219)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	2,828	2,454
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]
Retirement plan asset – noncurrent	2,828	2,454
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	(14)	(219)
Significant Other Observable Inputs (Level 2) | Other long-term assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
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	$ (14)	$ (219)

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, 2021	Dec. 31, 2020
Carrying Value | KFPC Revolving Facilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	$ 55,988	$ 37,003
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	17,730	52,730
Carrying Value | Finance lease obligations
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	3,595	835
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	98,303	104,159
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | 4.25% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	400,000	400,000
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	335,384	355,366
Fair Value | KFPC Revolving Facilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	55,988	37,003
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	17,730	52,730
Fair Value | Finance lease obligations
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	3,595	835
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	98,242	103,574
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Senior Notes | 4.25% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt	415,784	409,880
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	$ 345,288	$ 367,886

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, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2018EUR (€)	Jan. 03, 2017USD ($)
Derivative [Line Items]
Notional amount						$ 925.4
Europe
Derivative [Line Items]
Mark to market gain recorded in accumulated other comprehensive gain (loss)	$ 8.7	$ (14.8)	$ 20	$ (14.6)
Europe | Senior Notes
Derivative [Line Items]
Face amount | €					€ 290,000,000
Interest Rate Swap
Derivative [Line Items]
Loss on interest rate swaps				1.3
Foreign Currency Hedges
Derivative [Line Items]
Aggregate gain (loss) on settlement of hedges	$ (0.2)	$ (0.1)	$ (2.4)	$ 0.5

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (15,234)	$ 18,189	$ (36,876)	$ 48,082
Tax rate differed from U.S. corporate statutory tax rate			21.00%
Valuation allowance for deferred tax assets	37,900		$ 37,900		$ 39,500
Unrecognized tax benefits	$ 9,100		9,100		$ 8,800
Increase (decrease) in unrecognized tax benefits			$ 300	$ (2,500)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Effective Tax Rate, Amount (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income taxes at the statutory rate	$ (14,792)	$ 88,370	$ (34,655)	$ 52,240
State taxes, net of federal benefit	(934)	266	(2,317)	530
Foreign tax rate differential	(921)	(240)	(1,566)	(7,539)
Permanent differences	800	(928)	(773)	(4,846)
Cariflex disposition	0	18,912	0	22,652
Dutch transfer of assets	0	0	0	65,527
Tax credits	0	157	800	800
Uncertain tax positions	(129)	(209)	(490)	2,698
Valuation allowance	580	(139)	1,614	282
Goodwill impairment	0	(84,000)	0	(84,000)
Return to provision adjustments	162	(4,000)	511	(262)
Income tax benefit (expense)	$ (15,234)	$ 18,189	$ (36,876)	$ 48,082

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands, R$ in Millions	Sep. 30, 2021BRL (R$)	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Loss Contingencies [Line Items]
Operating lease, discount rate, percent	3.66%	3.66%
Finance lease, discount rate, percent	4.78%	4.78%
Tax credits generated from purchase of certain goods	R$ 10.2	$ 1,900
Asset Retirement Obligation		$ 5,942		$ 6,332	$ 6,801	$ 6,523
Europe
Loss Contingencies [Line Items]
Asset Retirement Obligation			$ 300

Commitments and Contingencies_2

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Lease cost	$ 6,056	$ 6,035	$ 18,138	$ 18,463
Variable lease cost	99	759	415	813
Operating lease expense	6,155	6,794	18,553	19,276
Lease amortization	186	177	765	533
Lease interest	50	13	125	40
Finance lease expense	$ 236	$ 190	$ 890	$ 573

Commitments and Contingencies_3

Commitments and Contingencies - Leased Assets Class (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Operating Lease]
Operating Lease Liability	$ 96,719	$ 86,197
Weighted Average in Months	52 months 12 days
Finance Lease
Finance Lease Liability	$ 3,595	$ 835
Weighted Average in Months	64 months
Railcars
Operating Lease]
Average Months Remaining on the Lease	41 months
Weighted Average in Months	10 months 15 days
Buildings
Operating Lease]
Average Months Remaining on the Lease	43 months
Weighted Average in Months	18 months 9 days
Equipment
Operating Lease]
Average Months Remaining on the Lease	30 months
Weighted Average in Months	5 months 21 days
Finance Lease
Average Months Remaining on the Lease	64 months
Weighted Average in Months	64 months
Land
Operating Lease]
Average Months Remaining on the Lease	235 months
Weighted Average in Months	16 months 15 days
Other
Operating Lease]
Average Months Remaining on the Lease	25 months
Weighted Average in Months	1 month 12 days
Operating Lease, Concentration Risk | Operating Lease Liability | Railcars
Operating Lease]
Percentage	25.60%
Operating Lease, Concentration Risk | Operating Lease Liability | Buildings
Operating Lease]
Percentage	42.80%
Operating Lease, Concentration Risk | Operating Lease Liability | Equipment
Operating Lease]
Percentage	19.10%
Operating Lease, Concentration Risk | Operating Lease Liability | Land
Operating Lease]
Percentage	7.00%
Operating Lease, Concentration Risk | Operating Lease Liability | Other
Operating Lease]
Percentage	5.50%
Finance Lease, Concentration Risk | Finance lease obligations | Equipment
Operating Lease]
Percentage	100.00%
Polymer
Operating Lease]
Operating Lease Liability	$ 40,753
Finance Lease
Finance Lease Liability	694
Polymer | Railcars
Operating Lease]
Operating Lease Liability	2,052
Polymer | Buildings
Operating Lease]
Operating Lease Liability	29,925
Polymer | Equipment
Operating Lease]
Operating Lease Liability	1,441
Finance Lease
Finance Lease Liability	694
Polymer | Land
Operating Lease]
Operating Lease Liability	6,756
Polymer | Other
Operating Lease]
Operating Lease Liability	579
Chemical
Operating Lease]
Operating Lease Liability	55,966
Finance Lease
Finance Lease Liability	2,901
Chemical | Railcars
Operating Lease]
Operating Lease Liability	22,697
Chemical | Buildings
Operating Lease]
Operating Lease Liability	11,500
Chemical | Equipment
Operating Lease]
Operating Lease Liability	16,993
Finance Lease
Finance Lease Liability	2,901
Chemical | Land
Operating Lease]
Operating Lease Liability	41
Chemical | Other
Operating Lease]
Operating Lease Liability	$ 4,735

Commitments and Contingencies_4

Commitments and Contingencies - Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
October 1, 2021 through December 31, 2021	$ 5,810
2022	21,494	$ 21,098
2023	18,714	15,992
2024	14,610	14,309
2025	12,246	10,668
Thereafter	36,293
2025		8,605
Thereafter		26,988
Total undiscounted operating lease liabilities	109,167	97,660
Present value discount	(12,414)	(11,474)
Foreign currency and other	(34)	11
Total discounted operating lease liabilities	$ 96,719	$ 86,197

Commitments and Contingencies_5

Commitments and Contingencies - Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
October 1, 2021 through December 31, 2021	$ 631
2022	964	$ 232
2023	1,142	232
2024	1,142	232
2025	18	232
Thereafter	3
2025		0
Thereafter		0
Total undiscounted finance lease liabilities	3,900	928
Present value discount	(301)	(92)
Foreign currency and other	(4)	(1)
Total discounted finance lease liabilities	$ 3,595	$ 835

Commitments and Contingencies_6

Commitments and Contingencies - Changes in Aggregate Carrying Amount of Asset Retirement Obligation Liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 6,332	$ 6,523
Additional accruals	316	119
Accretion expense	310	257
Obligations settled	(707)	(344)
Foreign currency translation	(309)	246
Ending balance	$ 5,942	$ 6,801

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 48	$ 0	$ 143
Interest cost	1,398	1,665	4,193	4,965
Expected return on plan assets	(2,485)	(2,303)	(7,455)	(6,908)
Amortization of prior service cost	0	0	0	0
Amortization of net actuarial loss	605	408	1,815	1,223
Net periodic benefit (income) cost	(482)	(182)	(1,447)	(577)
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	513	443	1,538	1,327
Interest cost	311	419	933	1,259
Expected return on plan assets	(852)	(675)	(2,554)	(2,057)
Amortization of prior service cost	5	4	14	13
Amortization of net actuarial loss	262	253	786	758
Net periodic benefit (income) cost	$ 239	$ 444	$ 717	$ 1,300

Employee Benefits - Additional

Employee Benefits - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 12.8	$ 5.9
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 0.7	$ 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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 85	$ 85	$ 255	$ 255
Interest cost	163	195	488	585
Amortization of prior service cost	(438)	(438)	(1,313)	(1,313)
Amortization of net actuarial loss	243	213	728	638
Net periodic benefit (income) cost	$ 53	$ 55	$ 158	$ 165

Industry Segments and Foreign_3

Industry Segments and Foreign Operations - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	2
Segment Reporting Information [Line Items]
Capital expenditures	$ 61,884	$ 54,138
Chemical
Segment Reporting Information [Line Items]
Capital expenditures	28,700	26,900
Polymer
Segment Reporting Information [Line Items]
Capital expenditures	$ 33,200	$ 27,300

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 526,888	$ 373,438	$ 1,457,782	$ 1,156,386
Cost of goods sold	360,197	304,684	1,015,533	875,388
Gross profit	166,691	68,754	442,249	280,998
Operating expenses:
Research and development	10,378	9,454	29,621	30,158
Selling, general, and administrative	44,927	35,285	120,243	122,745
Depreciation and amortization	31,674	31,313	94,947	93,828
(Gain) loss on disposal of fixed assets	180	(527)	526	(34)
Impairment of goodwill	0	400,000	0	400,000
Operating income (loss)	79,532	(406,771)	196,912	(365,699)
Other income (expense)	808	259	(877)	837
Disposition and exit of business activities	0	0	0	175,189
Loss on extinguishment of debt	0	(848)	0	(14,943)
Earnings of unconsolidated joint venture	89	81	344	310
Interest expense, net	(9,989)	(13,527)	(31,353)	(44,454)
Income (loss) before income taxes	70,440	(420,806)	165,026	(248,760)
Polymer
Segment Reporting Information [Line Items]
Revenue	297,089	198,540	816,685	642,772
Cost of goods sold	206,766	163,544	564,941	481,200
Gross profit	90,323	34,996	251,744	161,572
Operating expenses:
Research and development	7,835	7,234	21,921	22,056
Selling, general, and administrative	25,860	19,112	65,654	70,074
Depreciation and amortization	12,794	13,042	38,394	39,337
(Gain) loss on disposal of fixed assets	12	698	126	508
Impairment of goodwill	0	0	0	0
Operating income (loss)	43,822	(5,090)	125,649	29,597
Chemical
Segment Reporting Information [Line Items]
Revenue	229,799	174,898	641,097	513,614
Cost of goods sold	153,431	141,140	450,592	394,188
Gross profit	76,368	33,758	190,505	119,426
Operating expenses:
Research and development	2,543	2,220	7,700	8,102
Selling, general, and administrative	19,067	16,173	54,589	52,671
Depreciation and amortization	18,880	18,271	56,553	54,491
(Gain) loss on disposal of fixed assets	168	(1,225)	400	(542)
Impairment of goodwill	0	400,000	0	400,000
Operating income (loss)	$ 35,710	$ (401,681)	$ 71,263	$ (395,296)

Industry Segments and Foreign_5

Industry Segments and Foreign Operations - Long-lived Assets Including Goodwill and Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Property, plant, and equipment, net	$ 929,481	$ 942,703
Investment in unconsolidated joint venture	12,050	12,723
Goodwill	373,303	375,061
Total assets	2,609,309	2,460,957
Polymer
Segment Reporting Information [Line Items]
Property, plant, and equipment, net	520,796	523,067
Investment in unconsolidated joint venture	12,050	12,723
Goodwill	0	0
Total assets	1,230,473	1,104,954
Chemical
Segment Reporting Information [Line Items]
Property, plant, and equipment, net	408,685	419,636
Investment in unconsolidated joint venture	0	0
Goodwill	373,303	375,061
Total assets	$ 1,378,836	$ 1,356,003

Industry Segments and Foreign_6

Industry Segments and Foreign Operations - Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Balance at January 1, 2021	$ 375,061
Balance at September 30, 2021	373,303
Polymer
Goodwill [Roll Forward]
Balance at January 1, 2021	0
Balance at September 30, 2021	0
Chemical
Goodwill [Roll Forward]
Balance at January 1, 2021	375,061
Foreign currency translation	(1,758)
Balance at September 30, 2021	$ 373,303

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	$ 526,888	$ 373,438	$ 1,457,782	$ 1,156,386
United States
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	217,871	147,145	566,091	449,973
Germany
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	52,002	32,778	142,098	101,866
All other countries
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	257,015	193,515	749,593	604,547
Polymer
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	297,089	198,540	816,685	642,772
Polymer | United States
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	124,399	77,586	317,594	235,289
Polymer | Germany
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	36,541	21,388	98,211	69,256
Polymer | All other countries
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	136,149	99,566	400,880	338,227
Chemical
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	229,799	174,898	641,097	513,614
Chemical | United States
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	93,472	69,559	248,497	214,684
Chemical | Germany
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	15,461	11,390	43,887	32,610
Chemical | All other countries
Segment Reporting Revenue Reconciling Item [Line Items]
Revenue	$ 120,866	$ 93,949	$ 348,713	$ 266,320

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Variable Interest Entity, Primary Beneficiary | KFPC
Related Party Transaction [Line Items]
Outstanding payables	$ 0.5		$ 0.5		$ 2.3
Variable interest entity, ownership percentage			50.00%
Purchases from related party	$ 15.8	$ 10.7	$ 40.2	$ 36.4
Styrenic Block Copolymer Joint Venture
Related Party Transaction [Line Items]
Percentage of equity investment	50.00%		50.00%
Outstanding payables	$ 14.1		$ 14.1		$ 14.8
Related party liability	$ 6.3	$ 6.1	$ 21.7	$ 20.9

Variable Interest Entity - Addi

Variable Interest Entity - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)kt	Sep. 30, 2021kt
KFPC
Variable Interest Entity [Line Items]
Dividends, Cash | $	$ 0.2
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%	80.00%
Joint venture | Taiwan | Formosa Petrochemical Corporation
Variable Interest Entity [Line Items]
Capacity of HSBC plant | kt	30	30

Variable Interest Entity - Summ

Variable Interest Entity - Summary of Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Cash and cash equivalents	$ 90,196	$ 85,901
Other current assets	17,843	15,338
Property, plant, and equipment, net	929,481	942,703
Intangible assets	269,848	294,734
Long-term operating lease assets, net	95,100	84,042
Other long-term assets	20,113	21,770
Total assets	2,609,309	2,460,957
Current portion of long-term debt	74,923	72,347
Current liabilities	514,056	433,087
Long-term debt	900,382	937,863
Deferred income taxes	123,700	125,559
Long-term operating lease liabilities	77,894	67,898
Total liabilities	1,830,545	1,811,955
KFPC
Noncontrolling Interest [Line Items]
Cash and cash equivalents	5,918	3,097
Other current assets	19,607	17,304
Property, plant, and equipment, net	144,472	150,838
Intangible assets	7,485	7,959
Long-term operating lease assets, net	6,978	7,178
Other long-term assets	5,734	5,187
Total assets	190,194	191,563
Current portion of long-term debt	73,718	72,156
Current liabilities	8,494	5,209
Long-term debt	0	17,559
Deferred income taxes	699	661
Long-term operating lease liabilities	6,401	6,700
Total liabilities	$ 89,312	$ 102,285