Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 7-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | TSE | |
Entity Registrant Name | Trinseo S.A. | |
Entity Central Index Key | 1519061 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 48,769,567 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $218,697 | $220,786 |
Accounts receivable, net of allowance for doubtful accounts (March 31, 2015-$4,988; December 31, 2014-$6,268) | 590,065 | 601,066 |
Inventories | 390,972 | 473,861 |
Deferred income tax assets | 8,423 | 11,786 |
Other current assets | 11,378 | 15,164 |
Total current assets | 1,219,535 | 1,322,663 |
Investments in unconsolidated affiliates | 189,364 | 167,658 |
Property, plant and equipment, net of accumulated depreciation (March 31, 2015-$315,614; December 31, 2014-$324,383) | 505,105 | 556,697 |
Other assets | ||
Goodwill | 30,540 | 34,574 |
Other intangible assets, net | 145,326 | 165,358 |
Deferred income tax assets-noncurrent | 48,220 | 46,812 |
Deferred charges and other assets | 57,006 | 62,354 |
Total other assets | 281,092 | 309,098 |
Total assets | 2,195,096 | 2,356,116 |
Current liabilities | ||
Short-term borrowings | 4,139 | 7,559 |
Accounts payable | 395,031 | 434,692 |
Income taxes payable | 15,968 | 9,413 |
Deferred income tax liabilities | 1,930 | 1,413 |
Accrued expenses and other current liabilities | 84,746 | 120,928 |
Total current liabilities | 501,814 | 574,005 |
Noncurrent liabilities | ||
Long-term debt | 1,194,621 | 1,194,648 |
Deferred income tax liabilities-noncurrent | 29,146 | 27,311 |
Other noncurrent obligations | 220,607 | 239,287 |
Total noncurrent liabilities | 1,444,374 | 1,461,246 |
Commitments and contingencies (Note 10) | ||
Shareholders' equity | ||
Common stock, $0.01 nominal value, 50,000,000 shares authorized at March 31, 2015 and December 31, 2014, and 48,770 shares issued and outstanding at March 31, 2015 and December 31, 2014 | 488 | 488 |
Additional paid-in-capital | 550,152 | 547,530 |
Accumulated deficit | -114,232 | -151,936 |
Accumulated other comprehensive loss | -187,500 | -75,217 |
Total shareholders' equity | 248,908 | 320,865 |
Total liabilities and shareholders' equity | $2,195,096 | $2,356,116 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $4,988 | $6,268 |
Accumulated depreciation | $315,614 | $324,383 |
Common stock, nominal value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000,000 | 50,000,000,000 |
Common stock, shares issued | 48,770,000 | 48,770,000 |
Common stock, shares outstanding | 48,770,000 | 48,770,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net sales | $1,018,265 | $1,359,132 |
Cost of sales | 915,186 | 1,260,503 |
Gross profit | 103,079 | 98,629 |
Selling, general and administrative expenses | 51,775 | 50,030 |
Equity in earnings of unconsolidated affiliates | 36,707 | 14,950 |
Operating income | 88,011 | 63,549 |
Interest expense, net | 28,856 | 32,818 |
Other expense, net | 3,551 | 895 |
Income before income taxes | 55,604 | 29,836 |
Provision for income taxes | 17,900 | 12,750 |
Net income | $37,704 | $17,086 |
Weighted average shares- basic | 48,770 | 37,270 |
Net income per share- basic | $0.77 | $0.46 |
Weighted average shares- diluted | 48,851 | 37,270 |
Net income per share- diluted | $0.77 | $0.46 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $37,704 | $17,086 | ||
Other comprehensive income (loss), net of tax (tax amounts shown in millions below for the three months ended March 31, 2015 and 2014, respectively): | ||||
Cumulative translation adjustments | -114,155 | -1,425 | ||
Unrealized gain on foreign exchange cash flow hedges (net of tax of: 2015-$0.1; 2014-$0.0) | 1,035 | |||
Amounts reclassified from accumulated other comprehensive income: | ||||
Amortization of prior service credit (net of tax of: 2015-$(0.1); 2014-$0.0) | -340 | [1] | -214 | [1] |
Amortization of net loss (net of tax of: 2015-$0.4; 2014-$0.1) | 1,177 | [1] | 458 | [1] |
Total other comprehensive loss, net of tax | -112,283 | -1,181 | ||
Comprehensive income (loss) | ($74,579) | $15,905 | ||
[1] | These other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 11). |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain on foreign exchange cash flow hedges, tax | $0.10 | $0 | ||
Amortization of prior service credit, tax | -0.1 | [1] | 0 | [1] |
Amortization of net loss, tax | $0.40 | [1] | $0.10 | [1] |
[1] | These other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 11). |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
In Thousands | |||||
Balance at Dec. 31, 2013 | $343,202 | $373 | $339,055 | $88,378 | ($84,604) |
Balance, Shares at Dec. 31, 2013 | 37,270 | ||||
Net income | 17,086 | 17,086 | |||
Other comprehensive loss | -1,181 | -1,181 | |||
Stock-based compensation | 2,689 | 2,689 | |||
Balance at Mar. 31, 2014 | 361,796 | 373 | 341,744 | 87,197 | -67,518 |
Balance, Shares at Mar. 31, 2014 | 37,270 | ||||
Balance at Dec. 31, 2014 | 320,865 | 488 | 547,530 | -75,217 | -151,936 |
Balance, Shares at Dec. 31, 2014 | 48,770 | ||||
Net income | 37,704 | 37,704 | |||
Other comprehensive loss | -112,283 | -112,283 | |||
Stock-based compensation | 2,622 | 2,622 | |||
Balance at Mar. 31, 2015 | $248,908 | $488 | $550,152 | ($187,500) | ($114,232) |
Balance, Shares at Mar. 31, 2015 | 48,770 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net income | $37,704 | $17,086 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Depreciation and amortization | 22,554 | 23,728 |
Amortization of deferred financing costs | 2,446 | 2,516 |
Deferred income tax | 3,775 | 5,458 |
Stock-based compensation | 2,622 | 2,689 |
Earnings of unconsolidated affiliates, net of dividends | -21,707 | -9,950 |
Unrealized net losses on foreign exchange forward contracts | 2,815 | |
Changes in assets and liabilities | ||
Accounts receivable | -42,091 | -79,204 |
Inventories | 53,722 | 20,148 |
Accounts payable and other current liabilities | -11,944 | 18,522 |
Income taxes payable | 7,074 | -720 |
Other assets, net | 3,892 | -2,649 |
Other liabilities, net | -17,948 | 1,193 |
Cash provided by (used in) operating activities | 42,914 | -1,183 |
Cash flows from investing activities | ||
Capital expenditures | -27,670 | -41,141 |
Proceeds from the sale of businesses and other assets | 560 | |
Payment for working capital adjustment from sale of business | -700 | |
Distributions from unconsolidated affiliates | 978 | |
Cash used in investing activities | -27,110 | -40,863 |
Cash flows from financing activities | ||
Short-term borrowings, net | -9,487 | -14,837 |
Proceeds from Accounts Receivable Securitization Facility | 60,971 | |
Repayments of Accounts Receivable Securitization Facility | -61,538 | |
Cash used in financing activities | -9,487 | -15,404 |
Effect of exchange rates on cash | -8,406 | 36 |
Net change in cash and cash equivalents | -2,089 | -57,414 |
Cash and cash equivalents-beginning of period | 220,786 | 196,503 |
Cash and cash equivalents-end of period | $218,697 | $139,089 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1—BASIS OF PRESENTATION |
The unaudited interim condensed consolidated financial statements of Trinseo S.A. and its subsidiaries (the “Company”) as of and for the periods ended March 31, 2015 and 2014 were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all adjustments, consisting only of normal recurring adjustments, which, in the opinion of management, are considered necessary for the fair statement of the results for the periods presented. Because they cover interim periods, the statements and related notes to the financial statements do not include all disclosures normally provided in annual financial statements and, therefore, these statements should be read in conjunction with the 2014 audited consolidated financial statements included within the Company’s Annual Report on Form 10-K (“Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on March 10, 2015. | |
The December 31, 2014 condensed consolidated balance sheet data presented herein was derived from the Company’s December 31, 2014 audited consolidated financial statements, but does not include all disclosures required by GAAP for annual periods. | |
Reverse Stock Split and Initial Public Offering | |
On May 30, 2014, the Company amended its Articles of Association to effect a 1-for-436.69219 reverse stock split of its issued and outstanding common stock (“reverse split”) and to increase its authorized shares to 50.0 billion. All share and per share data have been retroactively adjusted in the accompanying financial statements to give effect to the reverse split. | |
On June 17, 2014, the Company completed an initial public offering (the “IPO”) of 11,500,000 ordinary shares at a price of $19.00 per share, which included 1,500,000 of shares sold pursuant to the underwriters’ exercise of their over-allotment option. The Company received cash proceeds of $203.2 million from this transaction, net of underwriting discounts. | |
Company Realignment | |
Until January 1, 2015, the chief executive officer, who is the Company’s chief operating decision maker, managed the Company’s operations under two divisions, Emulsion Polymers and Plastics, which included the following four reporting segments: Latex, Synthetic Rubber, Styrenics, and Engineered Polymers. | |
Effective January 1, 2015, the Company was reorganized under two new divisions called Performance Materials and Basic Plastics & Feedstocks. The Performance Materials division now includes the following reporting segments: Synthetic Rubber, Latex, and Performance Plastics. The Basic Plastics & Feedstocks division represents a separate segment for financial reporting purposes. These condensed consolidated financial statements and related notes thereto have been retroactively adjusted to reflect this change in reporting segments. See Note 14 for more information. |
Recent_Accounting_Guidance
Recent Accounting Guidance | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Guidance | NOTE 2—RECENT ACCOUNTING GUIDANCE |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The Company adopted this guidance effective January 1, 2015, and the adoption did not have a significant impact on the Company’s financial position, results of operations, or disclosures. | |
In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued new guidance which clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (“IFRS”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for public entities for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted under GAAP and retrospective application is permitted, but not required. In April 2015, the FASB proposed to defer the effective date of this new guidance by one year. If the proposal is approved, subject to the FASB’s due process requirement, early adoption would be permitted as of the original effective date, and the standard would be effective for the Company beginning January 1, 2018. The Company is currently assessing the impact of adopting this guidance on its financial statements and results of operations. | |
In January 2015, the FASB issued guidance to simplify income statement classification by removing the concept of extraordinary items from GAAP. The Company adopted this guidance effective January 1, 2015, and the adoption did not have a significant impact on the Company’s financial position or results of operations. | |
In April 2015, the FASB issued guidance that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. This new guidance, which is to be applied on a retrospective basis, is effective for public companies for annual and interim periods beginning after December 31, 2015, with early adoption permitted. The Company will adopt this guidance effective January 1, 2016. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Affiliates | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
Investments in Unconsolidated Affiliates | NOTE 3—INVESTMENTS IN UNCONSOLIDATED AFFILIATES | ||||||||
The Company is supplemented by two strategic joint ventures, the results of which are included within the Basic Plastics & Feedstocks reporting segment: Americas Styrenics LLC (“Americas Styrenics”, a polystyrene joint venture with Chevron Phillips Chemical Company LP) and Sumika Styron Polycarbonate Limited (“Sumika Styron Polycarbonate”, a polycarbonate joint venture with Sumitomo Chemical Company, Limited). Investments held in the unconsolidated affiliates are accounted for by the equity method. | |||||||||
As of March 31, 2015 and December 31, 2014, respectively, the Company’s investment in Americas Styrenics was $153.7 million and $133.5 million, which was $104.5 million and $108.4 million less than the Company’s 50% share of the underlying net assets of Americas Styrenics. This amount represents the difference between the book value of assets contributed to the joint venture at the time of formation (May 1, 2008) and the Company’s 50% share of the total recorded value of the joint venture’s assets and certain adjustments to conform with the Company’s accounting policies. This difference is being amortized over a weighted average remaining useful life of the contributed assets of approximately 5.5 years as of March 31, 2015. The Company received dividends from Americas Styrenics of $15.0 million and $5.0 million during the three months ended March 31, 2015 and 2014, respectively. | |||||||||
As of March 31, 2015 and December 31, 2014, respectively, the Company’s investment in Sumika Styron Polycarbonate was $35.6 million and $34.1 million, which was $21.0 million and $21.3 million greater than the Company’s 50% share of the underlying net assets of Sumika Styron Polycarbonate. This amount represents the fair value of certain identifiable assets which have not been recorded on the historical financial statements of Sumika Styron Polycarbonate. This difference is being amortized over the remaining useful life of the contributed assets of 10.5 years as of March 31, 2015. The Company received dividends from Sumika Styron Polycarbonate of $1.0 million during the three months ended March 31, 2014, with no dividends received during the three months ended March 31, 2015. | |||||||||
Both of the unconsolidated affiliates are privately held companies; therefore, quoted market prices for their stock are not available. The summarized financial information of the Company’s unconsolidated affiliates is shown below: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Sales | $ | 439,570 | $ | 564,132 | |||||
Gross profit | $ | 77,670 | $ | 38,008 | |||||
Net income | $ | 66,019 | $ | 21,520 |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | NOTE 4—INVENTORIES | ||||||||
Inventories consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Finished goods | $ | 197,762 | $ | 235,949 | |||||
Raw materials and semi-finished goods | 162,647 | 205,061 | |||||||
Supplies | 30,563 | 32,851 | |||||||
Total | $ | 390,972 | $ | 473,861 | |||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets | NOTE 5—GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||
The following table shows changes in the carrying amount of goodwill by segment from December 31, 2014 to March 31, 2015: | |||||||||||||||||||||||||||||
Performance Materials | |||||||||||||||||||||||||||||
Latex | Synthetic | Performance | Basic Plastics | Total | |||||||||||||||||||||||||
Rubber | Plastics | & Feedstocks | |||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 13,815 | $ | 9,461 | $ | 3,243 | $ | 8,055 | $ | 34,574 | |||||||||||||||||||
Foreign currency impact | (1,612 | ) | (1,104 | ) | (378 | ) | (940 | ) | (4,034 | ) | |||||||||||||||||||
Balance at March 31, 2015 | $ | 12,203 | $ | 8,357 | $ | 2,865 | $ | 7,115 | $ | 30,540 | |||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||||||||||
The following table provides information regarding the Company’s other intangible assets as of March 31, 2015 and December 31, 2014, respectively: | |||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||
Estimated | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||
Useful Life | Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||||||
(Years) | Amount | Amount | |||||||||||||||||||||||||||
Developed technology | 15 | $ | 166,823 | $ | (53,003 | ) | $ | 113,820 | $ | 188,854 | $ | (56,782 | ) | $ | 132,072 | ||||||||||||||
Manufacturing Capacity Rights | 6 | 20,400 | (3,308 | ) | 17,092 | 23,095 | (2,809 | ) | 20,286 | ||||||||||||||||||||
Software | 5 | 13,581 | (7,078 | ) | 6,503 | 13,177 | (6,441 | ) | 6,736 | ||||||||||||||||||||
Software in development | N/A | 7,678 | — | 7,678 | 6,000 | — | 6,000 | ||||||||||||||||||||||
Other | N/A | 233 | — | 233 | 264 | — | 264 | ||||||||||||||||||||||
Total | $ | 208,715 | $ | (63,389 | ) | $ | 145,326 | $ | 231,390 | $ | (66,032 | ) | $ | 165,358 | |||||||||||||||
Amortization expense on other intangible assets totaled $4.5 million and $4.0 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||||||
The following table details the Company’s estimated amortization expense for the next five years, excluding any amortization expense related to software currently in development: | |||||||||||||||||||||||||||||
Estimated Amortization Expense for the Next Five Years | |||||||||||||||||||||||||||||
Remainder of 2015 | $ | 13,108 | |||||||||||||||||||||||||||
2016 | 16,918 | ||||||||||||||||||||||||||||
2017 | 16,083 | ||||||||||||||||||||||||||||
2018 | 15,396 | ||||||||||||||||||||||||||||
2019 | 15,151 | ||||||||||||||||||||||||||||
2020 | 11,903 |
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | NOTE 6—DEBT | ||||||||
Debt consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Senior Secured Credit Facility | |||||||||
Revolving Facility | $ | — | $ | — | |||||
Senior Notes | 1,192,500 | 1,192,500 | |||||||
Accounts Receivable Securitization Facility | — | — | |||||||
Other indebtedness | 6,260 | 9,707 | |||||||
Total debt | 1,198,760 | 1,202,207 | |||||||
Less: short-term borrowings | (4,139 | ) | (7,559 | ) | |||||
Total long-term debt | $ | 1,194,621 | $ | 1,194,648 | |||||
Senior Secured Credit Facility | |||||||||
In January 2013, the Company amended its credit agreement (“Senior Secured Credit Facility”) to, among other things, increase the Company’s revolving credit facility (“Revolving Facility”) borrowing capacity from $240.0 million to $300.0 million, decrease the borrowing rate of the Revolving Facility through a decrease in the applicable margin rate from 4.75% to 3.00% as applied to base rate loans (which shall bear interest at a rate per annum equal to the base rate plus the applicable margin (as defined therein)), or 5.75% to 4.00% as applied to LIBO rate loans (which shall bear interest at a rate per annum equal to the LIBO rate plus the applicable margin and the mandatory cost (as defined therein), if applicable), and extend the maturity date to January 2018. Concurrently, the Company repaid its then outstanding term loans under the Senior Secured Credit Facility (the “Term Loans”) of $1,239.0 million using the proceeds from its sale of $1,325.0 million aggregate principal amount of the 8.750% senior secured notes (“Senior Notes”) issued in January 2013 (refer below for further discussion). | |||||||||
This amendment replaced the Company’s total leverage ratio requirement with a first lien net leverage ratio (as defined under the amended agreement) and removed the interest coverage ratio requirement. If the outstanding balance on the Revolving Facility exceeds 25% of the $300.0 million borrowing capacity (excluding undrawn letters of credit up to $10.0 million) at a quarter end, then the Company’s first lien net leverage ratio may not exceed 5.25 to 1.00 for the quarter ending March 31, 2013, 5.00 to 1.00 for the subsequent quarters through December 31, 2013, 4.50 to 1.00 for each of the quarters ending in 2014 and 4.25 to 1.00 for each of the quarters ending in 2015 and thereafter. As of March 31, 2015, the Company was in compliance with all debt covenant requirements under the Senior Secured Credit Facility. | |||||||||
As of March 31, 2015, the Company had no outstanding borrowings, and had $291.2 million (net of $8.8 million outstanding letters of credit) of funds available for borrowings under the Revolving Facility. | |||||||||
Senior Notes | |||||||||
In January 2013, the Company issued $1,325.0 million 8.750% Senior Notes under the indenture. Interest on the Senior Notes is payable semi-annually on February 1st and August 1st of each year, which commenced on August 1, 2013. The notes will mature on February 1, 2019, at which time the principal amounts then outstanding will be due and payable. The proceeds from the issuance of the Senior Notes were used to repay all of the Company’s outstanding Term Loans and related refinancing fees and expenses. | |||||||||
The Company may redeem all or part of the Senior Notes at any time prior to August 1, 2015 by paying a call premium, plus accrued and unpaid interest to the redemption date. The Company may redeem all or part of the Senior Notes at any time after August 1, 2015 at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the notes redeemed, to the applicable date of redemption, if redeemed during the twelve-month period beginning on of the year indicated below: | |||||||||
12-month period commencing August 1 in Year | Percentage | ||||||||
2015 | 104.375 | % | |||||||
2016 | 102.188 | % | |||||||
2017 and thereafter | 100 | % | |||||||
In addition, at any time prior to August 1, 2015, the Company may redeem up to 35% of the original principal amount of the notes at a redemption price equal to 108.750% of the face amount thereof plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds that the Company raises in certain equity offerings. The Company may also redeem, during any 12-month period commencing from the issue date until August 1, 2015, up to 10% of the original principal amount of the Senior Notes at a redemption price equal to 103% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. | |||||||||
In July 2014, using proceeds from the Company’s IPO (see Note 1), the Company redeemed $132.5 million in aggregate principal amount of the Senior Notes, including a 103% call premium totaling $4.0 million, together with accrued and unpaid interest thereon of $5.2 million. Pursuant to the indenture, the Company may redeem another 10% of the original principal amount of the Senior Notes prior to August 1, 2015. | |||||||||
The Senior Notes rank equally in right of payment with all of the Company’s existing and future senior secured debt and pari passu with the Company and the Guarantors’ (as defined below) indebtedness that is secured by first-priority liens, including the Company’s Senior Secured Credit Facility (as defined above), to the extent of the value of the collateral securing such indebtedness and ranking senior in right of payment to all of the Company’s existing and future subordinated debt. However, claims under the Senior Notes effectively rank behind the claims of holders of debt, including interest, under the Senior Secured Credit Facility in respect of proceeds from any enforcement action with respect to the collateral or in any bankruptcy, insolvency or liquidation proceeding. The Senior Notes are unconditionally guaranteed on a senior secured basis by each of the Company’s existing and future wholly-owned subsidiaries that guarantee the Senior Secured Credit Facility (other than the Company’s subsidiaries in France and Spain) (the “Guarantors”). The note guarantees rank equally in right of payment with all of the Guarantors’ existing and future senior secured debt and senior in right of payment to all of the Guarantors’ existing and future subordinated debt. The notes are structurally subordinated to all of the liabilities of each of the Company’s subsidiaries that do not guarantee the notes. | |||||||||
The indenture contains covenants that, among other things, limit the Company’s ability and the ability of the Company’s restricted subsidiaries to incur additional indebtedness, pay dividends or make other distributions, subject to certain exceptions. If the Senior Notes are assigned an investment grade by the rating agencies and the Company is not in default, certain covenants will be suspended. If the ratings on the Senior Notes decline to below investment grade, the suspended covenants will be reinstated. As of March 31, 2015, the Company was in compliance with all debt covenant requirements under the indenture. | |||||||||
Accounts Receivable Securitization Facility | |||||||||
In May 2013, the Company amended its existing accounts receivable securitization facility (“Accounts Receivable Securitization Facility”) which increased its borrowing capacity from $160.0 million to $200.0 million, extended the maturity date to May 2016 and allows for the expansion of the pool of eligible accounts receivable to include previously excluded U.S. and Netherlands subsidiaries. | |||||||||
The Accounts Receivable Securitization Facility is subject to interest charges against the amount of outstanding borrowings as well as the amount of available, but undrawn borrowings. As a result of the amendment to the Accounts Receivable Securitization Facility, in regards to outstanding borrowings, fixed interest charges decreased from 3.25% plus commercial paper rates to 2.60% plus variable commercial paper rates. In regards to available, but undrawn borrowings, fixed interest charges decreased from 1.50% to 1.40%. | |||||||||
As of March 31, 2015 and December 31, 2014, there were no amounts outstanding under the Accounts Receivable Securitization Facility, with approximately $147.7 million and $136.1 million, respectively, of accounts receivable available to support this facility, based on the pool of eligible accounts receivable. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Derivative Instruments | NOTE 7— DERIVATIVE INSTRUMENTS | ||||||||||||||||||
Foreign Exchange Forward Contracts | |||||||||||||||||||
Certain subsidiaries have assets and liabilities denominated in currencies other than their respective functional currencies, which creates foreign exchange risk. The Company’s principal strategy in managing its exposure to changes in foreign currency exchange rates is to naturally hedge the foreign currency-denominated liabilities on our balance sheet against corresponding assets of the same currency such that any changes in liabilities due to fluctuations in exchange rates are offset by changes in their corresponding foreign currency assets. In order to further reduce its exposure, the Company also uses foreign exchange forward contracts to economically hedge the impact of the variability in exchange rates on our assets and liabilities denominated in certain foreign currencies. These derivative contracts are not designated for hedge accounting treatment. The Company does not hold or enter into financial instruments for trading or speculative purposes. | |||||||||||||||||||
As of March 31, 2015, the Company had open foreign exchange forward contracts with a net notional U.S. dollar equivalent of $33.8 million. The following table displays the notional amounts of the most significant net foreign exchange hedge positions outstanding as of March 31, 2015. | |||||||||||||||||||
Buy / (Sell) | March 31, | ||||||||||||||||||
2015 | |||||||||||||||||||
Euro | $ | 167,979 | |||||||||||||||||
Chinese Yuan | $ | (97,476 | ) | ||||||||||||||||
Swiss Franc | $ | 40,700 | |||||||||||||||||
Indonesian Rupiah | $ | (37,450 | ) | ||||||||||||||||
British Pound | $ | (12,157 | ) | ||||||||||||||||
Foreign Exchange Cash Flow Hedges | |||||||||||||||||||
In March 2015, the Company entered into forward contracts with the objective of managing the currency risk associated with forecasted U.S. dollar-denominated raw materials purchases by one of its subsidiaries whose functional currency is the euro. By entering into these forward contracts, which are designated as cash flow hedges, the Company will sell a designated amount of euros and buy U.S. dollars at the prevailing market rate to mitigate the risk associated with the fluctuations in the euro-to-U.S. dollar foreign currency exchange rates. The qualifying hedge contracts are marked-to-market at each reporting date and any unrealized gains or losses are included in accumulated other comprehensive income to the extent effective, and reclassified to cost of goods sold in the period during which the transaction affects earnings or it becomes probable that the forecasted transaction will not occur. | |||||||||||||||||||
The foreign exchange cash flow hedges, all of which remained open as of March 31, 2015, have maturities occurring over a period of 18 months, and have a net notional U.S. dollar equivalent of $90.0 million. | |||||||||||||||||||
Summary of Derivative Instruments | |||||||||||||||||||
Information regarding changes in the fair value of the Company’s derivative instruments, including those not designated for hedge accounting treatment is as follows: | |||||||||||||||||||
Gain (Loss) Recognized in | Gain (Loss) Recognized in | ||||||||||||||||||
Other Comprehensive | Statement of Operations | ||||||||||||||||||
Income (Loss) on Balance Sheet | |||||||||||||||||||
Three Months Ended March 31, | Statement of Operations | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | Classification | |||||||||||||||
Designated as Cash Flow Hedges | |||||||||||||||||||
Foreign exchange cash flow hedges | $ | 1,035 | $ | — | $ | — | $ | — | Cost of sales | ||||||||||
Total | $ | 1,035 | $ | — | $ | — | $ | — | |||||||||||
Not Designated as Hedges | |||||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | — | $ | (20,962 | ) | $ | — | Other expense, net | |||||||||
Total | $ | — | $ | — | $ | (20,962 | ) | $ | — | ||||||||||
The Company recorded losses from settlements and changes in the fair value of outstanding forward contracts (not designated as hedges) of $21.0 million during the three months ended March 31, 2015. These losses offset net foreign exchange transaction gains of $18.0 million during the quarter, which resulted from the remeasurement of the Company’s foreign currency denominated assets and liabilities. The cash settlements of these foreign exchange forward contracts are included within operating activities in the condensed consolidated statement of cash flows. | |||||||||||||||||||
As of March 31, 2015, none of the foreign exchange cash flow hedges entered into during the quarter had settled. As a result, no amounts have been reclassified out of other comprehensive income (loss). The Company has no ineffectiveness related to its foreign exchange cash flow hedges. Further, the Company expects to reclassify in the next twelve months approximately $0.7 million from other comprehensive income (loss) into earnings related to the Company’s outstanding cash flow hedges as of March 31, 2015 based on current foreign exchange rates. | |||||||||||||||||||
Forward contracts are entered into with a limited number of counterparties, each of which allows for net settlement of all contracts through a single payment in a single currency in the event of a default on or termination of any one contract. As such, in accordance with the Company’s accounting policy, we record these foreign exchange forward contracts on a net basis, by counterparty within the condensed consolidated balance sheet. Net unrealized gains and losses are recorded within “Accounts receivable, net of allowance” and “Accounts payable,” respectively, in the condensed consolidated balance sheets. | |||||||||||||||||||
Information regarding the gross amounts of the Company’s derivative instruments and the amounts offset in the condensed consolidated balance sheets is as follows: | |||||||||||||||||||
March 31, 2015 | |||||||||||||||||||
Description | Gross Amounts of | Gross Amounts of Offset in the | Net Amounts of Assets Presented | ||||||||||||||||
Recognized | Condensed Consolidated | in the Condensed Consolidated | |||||||||||||||||
Assets | Balance Sheet | Balance Sheet | |||||||||||||||||
Foreign exchange forward contracts | $ | 1,779 | $ | (1,779 | ) | $ | — | ||||||||||||
Foreign exchange cash flow hedges | 1,074 | — | 1,074 | ||||||||||||||||
Total | $ | 2,853 | $ | (1,779 | ) | $ | 1,074 | ||||||||||||
March 31, 2015 | |||||||||||||||||||
Description | Gross Amounts of | Gross Amounts of Offset in the | Net Amounts of Liabilities Presented | ||||||||||||||||
Recognized | Condensed Consolidated | in the Condensed Consolidated | |||||||||||||||||
Liabilities | Balance Sheet | Balance Sheet | |||||||||||||||||
Foreign exchange forward contracts | $ | 9,148 | $ | (1,779 | ) | $ | 7,369 | ||||||||||||
Foreign exchange cash flow hedges | — | — | — | ||||||||||||||||
Total | $ | 9,148 | $ | (1,779 | ) | $ | 7,369 | ||||||||||||
December 31, 2014 | |||||||||||||||||||
Description | Gross Amounts of | Gross Amounts of Offset in the | Net Amounts of Assets Presented | ||||||||||||||||
Recognized | Condensed Consolidated | in the Condensed Consolidated | |||||||||||||||||
Assets | Balance Sheet | Balance Sheet | |||||||||||||||||
Foreign exchange forward contracts | $ | 2,037 | $ | (1,739 | ) | $ | 298 | ||||||||||||
Total | $ | 2,037 | $ | (1,739 | ) | $ | 298 | ||||||||||||
December 31, 2014 | |||||||||||||||||||
Description | Gross Amounts of | Gross Amounts of Offset in the | Net Amounts of Liabilities Presented | ||||||||||||||||
Recognized | Condensed Consolidated | in the Condensed Consolidated | |||||||||||||||||
Liabilities | Balance Sheet | Balance Sheet | |||||||||||||||||
Foreign exchange forward contracts | $ | 6,589 | $ | (1,739 | ) | $ | 4,850 | ||||||||||||
Total | $ | 6,589 | $ | (1,739 | ) | $ | 4,850 | ||||||||||||
Refer to Note 8 of the condensed consolidated financial statements for further information regarding the fair value of the Company’s derivative instruments. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | NOTE 8—FAIR VALUE MEASUREMENTS | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date. | |||||||||||||||||
Level 1—Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||||||
Level 2—Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |||||||||||||||||
Level 3—Valuation is based upon other unobservable inputs that are significant to the fair value measurement. | |||||||||||||||||
The following table summarizes the basis used to measure certain assets and liabilities at fair value on a recurring basis in the condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014. | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Assets (Liabilities) at Fair Value | Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||
Identical Items | Inputs (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Foreign exchange forward contracts—Assets | $ | — | $ | — | $ | — | $ | — | |||||||||
Foreign exchange forward contracts—(Liabilities) | — | (7,369 | ) | — | (7,369 | ) | |||||||||||
Foreign exchange cash flow hedges —Assets | — | 1,074 | — | 1,074 | |||||||||||||
Total fair value | $ | — | $ | (6,295 | ) | $ | — | $ | (6,295 | ) | |||||||
December 31, 2014 | |||||||||||||||||
Assets (Liabilities) at Fair Value | Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||
Identical Items | Inputs (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Foreign exchange forward contracts—Assets | $ | — | $ | 298 | $ | — | $ | 298 | |||||||||
Foreign exchange forward contracts—(Liabilities) | — | (4,850 | ) | — | (4,850 | ) | |||||||||||
Total fair value | $ | — | $ | (4,552 | ) | $ | — | $ | (4,552 | ) | |||||||
The Company uses an income approach to value its derivative instruments, utilizing discounted cash flow techniques, considering the terms of the contract and observable market information available as of the reporting date. Significant inputs to the valuation for foreign exchange forward contracts are obtained from broker quotations or from listed or over-the-counter market data, and are classified as Level 2 in the fair value hierarchy. | |||||||||||||||||
Fair Value of Debt Instruments | |||||||||||||||||
The following table presents the estimated fair value of the Company’s outstanding debt not carried at fair value as of March 31, 2015 and December 31, 2014, respectively: | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Senior Notes (Level 2) | $ | 1,253,616 | $ | 1,212,045 | |||||||||||||
Total fair value | $ | 1,253,616 | $ | 1,212,045 | |||||||||||||
There were no other significant financial instruments outstanding as of March 31, 2015 and December 31, 2014. |
Provision_for_Income_Taxes
Provision for Income Taxes | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Provision for Income Taxes | NOTE 9—PROVISION FOR INCOME TAXES | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Effective income tax rate | 32.2 | % | 42.7 | % | |||||
Provision for income taxes for the three months ended March 31, 2015 was $17.9 million, resulting in an effective tax rate of 32.2%. Provision for income taxes for the three months ended March 31, 2014 was $12.8 million, resulting in an effective tax rate of 42.7%. | |||||||||
The effective income tax rate is impacted by losses primarily within our holding companies incorporated in Luxembourg, which do not provide a tax benefit to the Company. For the three months ended March 31, 2015 and 2014 these losses totaled approximately $18.0 million and $23.9 million, respectively. In both periods, these losses were primarily from non-deductible interest and stock-based compensation expenses. Specifically, the decrease in losses is the result of a decrease in non-deductible interest expense within our holding companies incorporated in Luxembourg, primarily attributable to the redemption of $132.5 million in aggregate principal amount of the Senior Notes in July 2014. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | NOTE 10—COMMITMENTS AND CONTINGENCIES |
Environmental Matters | |
Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law, existing technologies and other information. At March 31, 2015 and December 31, 2014, the Company had no accrued obligations for environmental remediation and restoration costs. Pursuant to the terms of the Styron sales and purchase agreement, the pre-closing environmental conditions were retained by Dow and the Company has been indemnified by Dow from and against all environmental liabilities incurred or relating to the predecessor periods. There are several properties which the Company now owns on which Dow has been conducting investigation, monitoring, or remediation to address historical contamination. Those properties include Allyn’s Point, Connecticut; Dalton, Georgia; and Livorno, Italy. There are other properties with historical contamination that are owned by Dow that the Company leases for its operations, including its facilities in Midland, Michigan; Schkopau, Germany; Terneuzen, The Netherlands; and Guaruja, Brazil. No environmental claims have been asserted or threatened against the Company, and the Company is not a potentially responsible party at any Superfund Sites. | |
Inherent uncertainties exist in the Company’s potential environmental liabilities primarily due to unknown conditions, whether future claims may fall outside the scope of the indemnity, changing governmental regulations and legal standards regarding liability, and evolving technologies for handling site remediation and restoration. In connection with the Company’s existing indemnification, the possibility is considered remote that environmental remediation costs will have a material adverse impact on the condensed consolidated financial statements. | |
Purchase Commitments | |
In the normal course of business, the Company has certain raw material purchase contracts where it is required to purchase certain minimum volumes at current market prices. These commitments range from 1 to 6 years. In certain raw material purchase contracts, the Company has the right to purchase less than the required minimums and pay a liquidated damages fee, or, in case of a permanent plant shutdown, to terminate the contracts. In such cases, these obligations would be less than the annual commitment as disclosed in the consolidated financial statements included in the 2014 Annual Report. | |
Litigation Matters | |
From time to time, the Company may be subject to various legal claims and proceedings incidental to the normal conduct of business, relating to such matters as product liability, antitrust/competition, past waste disposal practices and release of chemicals into the environment. While it is impossible at this time to determine with certainty the ultimate outcome of these routine claims, the Company does not believe that the ultimate resolution of these claims will have a material adverse effect on the Company’s results of operations, financial condition or cash flow. | |
Legal costs, including those legal costs expected to be incurred in connection with a loss contingency, are expensed as incurred. |
Pension_Plans_and_Other_Postre
Pension Plans and Other Postretirement Benefits | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Pension Plans and Other Postretirement Benefits | NOTE 11—PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | ||||||||
The components of net periodic benefit costs for all significant plans were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Defined Benefit Pension Plans | |||||||||
Service cost | $ | 4,301 | $ | 3,515 | |||||
Interest cost | 1,360 | 1,933 | |||||||
Expected return on plan assets | (421 | ) | (621 | ) | |||||
Amortization of prior service credit | (423 | ) | (256 | ) | |||||
Amortization of net loss | 1,381 | 467 | |||||||
Net periodic benefit cost | $ | 6,198 | $ | 5,038 | |||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Other Postretirement Plans | |||||||||
Service cost | $ | 88 | $ | 75 | |||||
Interest cost | 140 | 78 | |||||||
Amortization of prior service cost | 26 | 26 | |||||||
Amortization of net gain | — | (37 | ) | ||||||
Net periodic benefit cost | $ | 254 | $ | 142 | |||||
As of March 31, 2015 and December 31, 2014, the Company’s benefit obligations included primarily in “Other noncurrent obligations” in the condensed consolidated balance sheets were $178.5 million and $196.6 million, respectively. The net periodic benefit costs are recognized in the condensed consolidated statement of operations as “Cost of sales” and “Selling, general and administrative expenses.” | |||||||||
The Company made cash contributions of approximately $4.8 million during the three months ended March 31, 2015. The Company expects to make additional cash contributions, including benefit payments to unfunded plans, of approximately $12.0 million to its defined benefit plans for the remainder of 2015. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Stock-Based Compensation | NOTE 12—STOCK-BASED COMPENSATION | ||||
Restricted Stock Awards issued by the Parent | |||||
On June 17, 2010, Bain Capital Everest Manager Holding SCA (“the Parent”), an affiliate of Bain Capital, authorized the issuance of up to 750,000 shares in time-based and performance-based restricted stock to certain key members of management. Any related compensation associated with these awards is allocated to the Company from the Parent. With the adoption of the Company’s 2014 Omnibus Incentive Plan (see discussion below), no further restricted stock awards will be issued by the Parent on behalf of the Company. | |||||
Time-based Restricted Stock Awards | |||||
For the three months ended March 31, 2015, there were no grants of time-based restricted stock awards. Total compensation expense for time-based restricted stock awards was $1.1 million and $2.4 million for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, there was $3.9 million of total unrecognized compensation cost related to time-based restricted stock awards, which is expected to be recognized over a weighted-average period of 2.3 years. | |||||
Modified Time-based Restricted Stock Awards | |||||
For the three months ended March 31, 2015, there were no grants of modified time-based restricted stock awards. Total compensation expense recognized for modified time-based restricted stock awards was $0.9 million for the three months ended March 31, 2015. As of March 31, 2015, there was $8.3 million of total unrecognized compensation cost related to the modified time-based restricted stock awards, which is expected to be recognized over a weighted-average period of 2.3 years. | |||||
Management Retention Awards | |||||
During the year ended December 31, 2012, the Parent agreed to retention awards with certain officers. These awards generally vest over one to four years, and are payable upon vesting subject to the participant’s continued employment with the Company on the vesting date. Compensation expense related to these retention awards is equivalent to the value of the award, and is being recognized ratably over the applicable service period. Total compensation expense for these retention awards was $0.1 million and $0.2 million for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, there was $0.3 million in unrecognized compensation cost related to these retention awards. This cost is expected to be recognized over a period of 0.8 years. | |||||
2014 Omnibus Incentive Plan | |||||
In connection with the IPO, the Company’s board of directors approved the Trinseo S.A. 2014 Omnibus Incentive Plan (“2014 Omnibus Plan”), adopted on May 28, 2014, under which the maximum number of shares of common stock that may be delivered upon satisfaction of awards granted under such plan is 4.5 million shares. During the three months ended March 31, 2015, the Board of Directors of the Company approved equity award grants for certain executives and employees, comprised of restricted share units (or RSUs) and options to purchase shares. | |||||
The RSUs vest in full on the third anniversary of the date of grant, generally subject to the employee remaining continuously employed by the Company on the vesting date. Upon a termination of employment due to the employee’s death or retirement or a termination of employment by the Company without cause in connection with a restructuring or redundancy or due to the employee’s disability prior to the vesting date, the RSUs will vest in full or in part, depending on the type of termination. Dividends and dividend equivalents will not accumulate on unvested RSUs. Compensation cost for the RSUs is measured at the grant date based on the fair value of the award and is recognized ratably as expense over the three year vesting term. | |||||
The option awards, which contain an exercise term of nine years from the date of grant, vest in three equal annual installments beginning on the on the first anniversary of the date of grant, generally subject to the employee remaining continuously employed on the applicable vesting date. Upon a termination of employment due to the employee’s death or retirement or a termination of employment by the Company without cause in connection with a restructuring or redundancy or due to the employee’s disability prior to a vesting date, the options will vest in full or will continue to vest on the original vesting schedule, depending on the type of termination. In the event employment is terminated for cause, all vested and unvested options will be forfeited. Compensation cost for the option awards is measured at the grant date based on the fair value of the award and is recognized as expense over the appropriate service period utilizing graded vesting. | |||||
The fair value of RSUs is equal to the fair market value of the Company’s common shares based on the closing price on the date of grant. During the three months ended March 31, 2015, the Company granted 412,538 RSUs at a weighted-average grant date fair value of $18.14 per unit. Total compensation expense recognized for the RSUs was $0.2 million for the three months ended March 31, 2015. As of March 31, 2015, there was $7.3 million of total unrecognized compensation cost related to the RSUs, which is expected to be recognized over a weighted-average period of 2.9 years. | |||||
The fair value for option awards is computed using the Black-Scholes pricing model, whose significant inputs and assumptions are determined at the date of grant. Determining the fair value of the option awards requires considerable judgment, including estimating the expected term of stock options and the expected volatility of the Company’s stock price. During the three months ended March 31, 2015, the Company granted 603,702 option awards to purchase common shares at a weighted-average grant date fair value of $7.79 per option award. | |||||
Since the Company’s equity interests were privately held prior to the IPO in June 2014, there is limited publicly traded stock history, and as a result the expected volatility used in the Black-Scholes pricing model is based on the historical volatility of similar companies’ stock that are publicly traded as well as the Company’s debt-to-equity ratio. Until such time that the Company has enough publicly traded stock history to determine expected volatility based solely on its stock, estimated volatility of options granted will be based on a combination of our historical volatility and similar companies’ stock that are publicly traded. The expected term of options represents the period of time that options granted are expected to be outstanding. For the grants presented herein, the simplified method was used to calculate the expected term of options, given the Company’s limited historical exercise data. The risk free interest rate for the periods within the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield is assumed to be zero based on historical and expected dividend activity. | |||||
The following are the weighted-average assumptions used within the Black-Scholes pricing model for grants during the three months ended March 31, 2015: | |||||
Assumptions | Three Months Ended | ||||
March 31, | |||||
2015 | |||||
Expected term (in years) | 5.5 | ||||
Expected volatility | 45 | % | |||
Risk-free interest rate | 1.65 | % | |||
Dividend yield | 0 | % | |||
Total compensation expense for the option awards was $0.2 million for the three months ended March 31, 2015. As of March 31, 2015, there was $4.5 million of total unrecognized compensation cost related to the option awards, which is expected to be recognized over a weighted-average period of 2.9 years. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 13—RELATED PARTY TRANSACTIONS |
In connection with the Acquisition, the Company entered into a ten year initial term advisory agreement with Bain Capital (the “Advisory Agreement”) wherein Bain Capital provides management and consulting services and financial and other advisory services to the Company. The Advisory Agreement terminated upon consummation of the Company’s IPO in June 2014. Bain Capital will continue to provide an immaterial level of ad hoc advisory services for the Company going forward. In conjunction with the above, we paid Bain Capital fees (including out-of-pocket expenses) of $0.1 million and $1.2 million for the three months ended March 31, 2015 and 2014, respectively. | |
Bain Capital also provided advice pursuant to a 10-year transaction services agreement with fees payable equaling 1% of the transaction value of each financing, acquisition or similar transaction. In connection with the IPO, Bain Capital received $2.2 million of transaction fees, which were recorded within “Additional paid-in-capital” on the condensed consolidated balance sheet as of March 31, 2015 and December 31, 2014. This transaction services agreement also terminated upon consummation of the Company’s IPO in June 2014. |
Segments
Segments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segments | NOTE 14—SEGMENTS | ||||||||||||||||||||||||
Until January 1, 2015, the chief executive officer, who is the Company’s chief operating decision maker, managed the Company’s operations under two divisions, Emulsion Polymers and Plastics, which included the following four reporting segments: Latex, Synthetic Rubber, Styrenics, and Engineered Polymers. | |||||||||||||||||||||||||
Effective January 1, 2015, the Company was reorganized under two new divisions called Performance Materials and Basic Plastics & Feedstocks. The Performance Materials division now includes the following reporting segments: Synthetic Rubber, Latex, and Performance Plastics. The Basic Plastics & Feedstocks division represents a separate segment for financial reporting purposes. This new organizational structure better reflects the nature of the Company by grouping together segments with similar strategies, business drivers and operating characteristics. | |||||||||||||||||||||||||
The information below for the three months ended March 31, 2014 has been retroactively adjusted to reflect this change in reporting segments. | |||||||||||||||||||||||||
The Latex segment produces SB latex primarily for coated paper and packaging board, carpet and artificial turf backings, as well as a number of performance latex applications. The Synthetic Rubber segment produces synthetic rubber products used predominantly in tires, with additional applications in polymer modification and technical rubber goods, including conveyer and fan belts, hoses, seals and gaskets. The Performance Plastics segment produces highly engineered compounds and blends for automotive end markets, as well as consumer electronics, medical, and lighting, collectively consumer essential markets, or CEM. The Basic Plastics & Feedstocks segment includes styrenic polymers, polycarbonate, or PC, and styrene monomer, and also includes the results of the Company’s two 50%-owned joint ventures, Americas Styrenics and Sumika Styron Polycarbonate. | |||||||||||||||||||||||||
Performance Materials | |||||||||||||||||||||||||
Three Months Ended | Latex | Synthetic | Performance | Basic Plastics | Corporate | Total | |||||||||||||||||||
Rubber | Plastics | & Feedstocks | Unallocated | ||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Sales to external customers | $ | 238,256 | $ | 129,404 | $ | 196,944 | $ | 453,661 | $ | — | $ | 1,018,265 | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | 36,707 | — | 36,707 | |||||||||||||||||||
EBITDA(1) | 21,459 | 26,177 | 25,097 | 59,012 | |||||||||||||||||||||
Investment in unconsolidated affiliates | — | — | — | 189,364 | — | 189,364 | |||||||||||||||||||
Depreciation and amortization | 6,370 | 7,790 | 1,413 | 6,230 | 751 | 22,554 | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Sales to external customers | $ | 326,305 | $ | 176,714 | $ | 202,005 | $ | 654,108 | $ | — | $ | 1,359,132 | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | 14,950 | — | 14,950 | |||||||||||||||||||
EBITDA(1) | 25,513 | 43,101 | 17,349 | 22,558 | |||||||||||||||||||||
Investment in unconsolidated affiliates | — | — | — | 164,859 | — | 164,859 | |||||||||||||||||||
Depreciation and amortization | 6,304 | 7,170 | 1,243 | 7,920 | 1,091 | 23,728 | |||||||||||||||||||
-1 | Reconciliation of EBITDA to net income is as follows: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Total Segment EBITDA | $ | 131,745 | $ | 108,521 | |||||||||||||||||||||
Corporate unallocated | (24,731 | ) | (22,139 | ) | |||||||||||||||||||||
Less: Interest expense, net | 28,856 | 32,818 | |||||||||||||||||||||||
Less: Provision for income taxes | 17,900 | 12,750 | |||||||||||||||||||||||
Less: Depreciation and amortization | 22,554 | 23,728 | |||||||||||||||||||||||
Net income | $ | 37,704 | $ | 17,086 | |||||||||||||||||||||
Corporate unallocated includes corporate overhead costs and certain other income and expenses. | |||||||||||||||||||||||||
The primary measure of segment operating performance is EBITDA, which is defined as net income (loss) before interest, income taxes, depreciation and amortization. EBITDA is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts, and prior year financial results, providing a measure that management believes reflects the Company’s core operating performance. EBITDA is useful for analytical purposes; however, it should not be considered an alternative to the Company’s reported GAAP results, as there are limitations in using such financial measures. Other companies in the industry may define EBITDA differently than the Company, and as a result, it may be difficult to use EBITDA, or similarly-named financial measures, that other companies may use to compare the performance of those companies to the Company’s performance. | |||||||||||||||||||||||||
Asset and capital expenditure information is not accounted for at the segment level and consequently is not reviewed or included with the Company’s internal management reporting. Therefore, the Company has not disclosed asset and capital expenditure information for each reportable segment. |
Divestitures
Divestitures | 3 Months Ended |
Mar. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | NOTE 15—DIVESTITURES |
EPS Divestiture | |
In June 2013, the Company’s board of directors approved the sale of its expandable polystyrene (“EPS”) business within the Company’s Basic Plastics & Feedstocks segment, under a sale and purchase agreement which was signed in July 2013. The sale closed on September 30, 2013, subject to a $0.7 million working capital adjustment, which was paid by the Company during the first quarter of 2014 and is reflected within investing activities in the condensed consolidated statement of cash flows the three months ended March 31, 2014. | |
Further, under the terms of the sale and purchase agreement, should the divested EPS business record EBITDA (as defined therein) greater than zero for fiscal year 2014, the Company would receive an incremental payment of €0.5 million. The EBITDA threshold was met for fiscal year 2014 and the Company received the €0.5 million payment (approximately $0.6 million based upon the applicable foreign exchange rate in the period the payment was received) during the three months ended March 31, 2015, which is reflected within cash flows used in investing activities in the condensed consolidated statement of cash flows for the period. |
Restructuring
Restructuring | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Restructuring | NOTE 16—RESTRUCTURING | ||||||||||||||||
Restructuring in Polycarbonate | |||||||||||||||||
During the second quarter of 2014, the Company announced a restructuring within its Basic Plastics & Feedstocks segment to exit the commodity market for polycarbonate in North America and to terminate existing arrangements with Dow regarding manufacturing services for the Company at Dow’s Freeport, Texas facility (the “Freeport facility”). The Company also entered into a new long-term supply contract with a third party to supply polycarbonate in North America. These revised arrangements became operational in the fourth quarter of 2014. In addition, the Company executed revised supply contracts for certain raw materials that were processed at its polycarbonate manufacturing facility in Stade, Germany, which took effect January 1, 2015. These revised agreements are expected to facilitate improvements in future results of operations for the Basic Plastics & Feedstocks segment. Production at the Freeport facility ceased as of September 30, 2014, and decommissioning and demolition began thereafter, with completion in the first quarter of 2015. | |||||||||||||||||
The Company recorded certain restructuring charges during the year ended December 31, 2014 primarily relating to the reimbursement of decommissioning and demolition costs incurred by Dow, none of which were incurred during the three months ended March 31, 2014. Of the charges incurred, $4.2 million remained accrued within “Accounts payable” in the condensed consolidated balance sheet as of December 31, 2014. For the three months ended March 31, 2015, the Company recorded the remainder of the expected restructuring charges of $0.5 million related to the reimbursement of decommissioning and demolition costs incurred by Dow. These charges were included in “Selling, general and administrative expenses” in the consolidated statements of operations, and were allocated entirely to the Basic Plastics & Feedstocks segment. There were no remaining amounts accrued in the condensed consolidated balance sheet as of March 31, 2015. | |||||||||||||||||
Altona Plant Shutdown | |||||||||||||||||
In July 2013, the Company’s board of directors approved the plan to close the Company’s latex manufacturing facility in Altona, Australia. This restructuring plan was a strategic business decision to improve the results of the overall Latex segment. The facility manufactured SB latex used in the carpet and paper markets. Production at the facility ceased in the third quarter of 2013, followed by decommissioning, with demolition throughout most of 2014. | |||||||||||||||||
For the year ended December 31, 2014, the Company recorded additional net restructuring charges of approximately $2.8 million, related primarily to incremental employee termination benefit charges, contract termination charges, and decommissioning costs (of which $0.6 million was recorded during the three months ended March 31, 2014). These charges were included in “Selling, general and administrative expenses” in the condensed consolidated statements of operations, and were allocated entirely to the Latex segment. There were no additional restructuring charges recorded related to the Altona plant shutdown during the three months ended March 31, 2015. Of the remaining balances at March 31, 2015 and December 31, 2014, $1.0 million and $1.2 million, respectively, are recorded in “Accrued expenses and other current liabilities” and $0.8 million and $0.9 million, respectively, were recorded in “Other noncurrent liabilities” in the condensed consolidated balance sheet. | |||||||||||||||||
The following tables provide a rollforward of the liability balances associated with the Altona plant shutdown for the three months ended March 31, 2015: | |||||||||||||||||
Balance at | Expenses | Deductions(1) | Balance at | ||||||||||||||
December 31, 2014 | March 31, 2015 | ||||||||||||||||
Contract termination charges | $ | 2,128 | $ | — | $ | (369 | ) | $ | 1,759 | ||||||||
Total | $ | 2,128 | $ | — | $ | (369 | ) | $ | 1,759 | ||||||||
-1 | Includes primarily payments made against the existing accrual, as well as immaterial impacts of foreign currency remeasurement. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | NOTE 17—ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
The components of accumulated other comprehensive income (loss), net of income taxes, consisted of: | |||||||||||||||||
Currency | Employee | Foreign Exchange | Total | ||||||||||||||
Translation | Benefits, Net | Cash Flow | |||||||||||||||
Adjustment, Net | Hedges, Net | ||||||||||||||||
December 31, 2014 | $ | (17,755 | ) | $ | (57,462 | ) | $ | — | $ | (75,217 | ) | ||||||
Other comprehensive income (loss) | (114,155 | ) | 837 | 1,035 | (112,283 | ) | |||||||||||
March 31, 2015 | $ | (131,910 | ) | $ | (56,625 | ) | $ | 1,035 | $ | (187,500 | ) | ||||||
December 31, 2013 | $ | 116,146 | $ | (27,768 | ) | $ | — | $ | 88,378 | ||||||||
Other comprehensive income (loss) | (1,425 | ) | 244 | — | (1,181 | ) | |||||||||||
March 31, 2014 | $ | 114,721 | $ | (27,524 | ) | $ | — | $ | 87,197 | ||||||||
As noted above, the foreign exchange cash flow hedges were first entered during the three months ended March 31, 2015, with no settled contracts during that period. As such, for the three months ended March 31, 2015, there were no amounts related to the foreign exchange cash flow hedges reclassified into net income (loss) from accumulated other comprehensive income (loss). In future periods, when the underlying hedged transaction occurs, the effective portion of the gain or loss on the derivative will be reclassified from accumulated other comprehensive income (loss) into “Cost of sales” within the condensed consolidated statement of operations. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings (Loss) Per Share | NOTE 18—EARNINGS (LOSS) PER SHARE | ||||||||
Basic earnings (loss) per share (“basic EPS”) is computed by dividing net income (loss) available to common shareholders by the weighted average number of the Company’s common shares outstanding for the applicable period. Diluted earnings (loss) per share (“diluted EPS”) is calculated using net income (loss) available to common shareholders divided by diluted weighted-average shares of common shares outstanding during each period, which includes unvested RSUs and stock option awards. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. | |||||||||
The following table presents EPS and diluted EPS for the three months ended March 31, 2015 and 2014, respectively. These balances have been retroactively adjusted to give effect to the Company’s 1-for-436.69219 reverse stock split declared effective on May 30, 2014, discussed in Note 1. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands, except per share data) | 2015 | 2014 | |||||||
Earnings (losses): | |||||||||
Net income available to common shareholders | $ | 37,704 | $ | 17,086 | |||||
Shares: | |||||||||
Weighted average common shares outstanding | 48,770 | 37,270 | |||||||
Dilutive effect of RSUs and option awards* | 81 | — | |||||||
Diluted weighted average shares outstanding | 48,851 | 37,270 | |||||||
Income per share: | |||||||||
Income per share—basic | $ | 0.77 | $ | 0.46 | |||||
Income per share—diluted | $ | 0.77 | $ | 0.46 | |||||
* | Refer to Note 12 for discussion of RSUs and option awards granted in June of 2014 and in the first quarter of 2015 to certain Company directors and employees. No such awards were outstanding during the three months ended March 31, 2014. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 19—SUBSEQUENT EVENTS |
In May 2015, the Company issued $700.0 million equivalent in gross proceeds of senior notes, consisting of $300.0 million of senior notes due May 1, 2022 (the “Dollar Notes”) and €375.0 million of senior notes due May 1, 2022 (the “Euro Notes” and, together with the Dollar Notes, the “Notes”) by its subsidiaries Trinseo Materials Operating S.C.A. and Trinseo Materials Finance, Inc. (together, the “Issuers”). The Dollar Notes will bear interest at a rate of 6.750% and the Euro Notes will bear interest at a rate of 6.375%. The Issuers will pay interest semi-annually in arrears on the Notes on May 1 and November 1 of each year beginning on November 1, 2015. | |
Additionally, in May 2015, the Company entered into a new senior secured credit facility to, among other things, issue a $500.0 million term loan facility (the “Term Loans”) bearing an interest rate of LIBOR plus 3.25%, subject to a 1.00% LIBOR floor. The Term Loans were issued with an original issue discount of 0.25%, and mature November 1, 2021. The new senior secured credit facility includes a revolving credit facility with a borrowing capacity of $325.0 million that matures in May 2020. | |
The net proceeds from the Notes offering, together with approximately $500.0 million of borrowings under the Term Loans and available cash, will be used to repay all outstanding indebtedness under the Issuers’ 8.750% Senior Secured Notes due 2019 totaling $1,192.5 million, together with a call premium of approximately $69.0 million and accrued and unpaid interest thereon of approximately $30.0 million. |
Supplemental_Guarantor_Condens
Supplemental Guarantor Condensed Consolidating Financial Statements | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Supplemental Guarantor Condensed Consolidating Financial Statements | NOTE 20—SUPPLEMENTAL GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ||||||||||||||||||||||||
In connection with the issuance of the Senior Notes by Trinseo Materials Operating S.C.A. and Trinseo Materials Finance, Inc. (the “Issuers”), this supplemental guarantor financial statement disclosure is included in accordance with Rule 3-10 of Regulation S-X. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis, in each case, subject to certain exceptions, by Trinseo S.A. (the “Parent Guarantor”) and by certain subsidiaries (together, the “Guarantor Subsidiaries”). | |||||||||||||||||||||||||
Each of the Guarantor Subsidiaries is 100 percent owned by the Company. None of the other subsidiaries of the Company, either direct or indirect, guarantee the Senior Notes (together, the “Non-Guarantor Subsidiaries”). The Guarantor Subsidiaries of the Senior Notes, excluding the Parent Guarantor, will be automatically released from those guarantees upon the occurrence of certain customary release provisions. | |||||||||||||||||||||||||
The following supplemental condensed consolidating financial information is presented to comply with the Company’s requirements under Rule 3-10 of Regulation S-X: | |||||||||||||||||||||||||
• | the Condensed Consolidating Balance Sheets as of March 31, 2015 and December 31, 2014; | ||||||||||||||||||||||||
• | the Condensed Consolidating Statements of Comprehensive Income (Loss) for the three months ended March 31, 2015 and 2014; and | ||||||||||||||||||||||||
• | the Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||
The Condensed Consolidating Financial Statements are presented using the equity method of accounting for its investments in 100 percent owned subsidiaries. Under the equity method, the investments in subsidiaries are recorded at cost and adjusted for the share of the subsidiaries cumulative results of operations, capital contributions, distributions and other equity changes. The elimination entries principally eliminate investments in subsidiaries and intercompany balances and transactions. The financial information in this footnote should be read in conjunction with the Condensed Consolidated Financial Statements presented and other notes related thereto contained within this Quarterly Report. | |||||||||||||||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Parent | Issuers | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 332 | $ | 672 | $ | 146,314 | $ | 71,379 | $ | — | $ | 218,697 | |||||||||||||
Accounts receivable, net of allowance | 17 | 71 | 208,344 | 381,244 | 389 | 590,065 | |||||||||||||||||||
Intercompany receivables | — | 466,636 | 1,322,623 | 109,510 | (1,898,769 | ) | — | ||||||||||||||||||
Inventories | — | — | 312,440 | 82,845 | (4,313 | ) | 390,972 | ||||||||||||||||||
Deferred income tax assets | — | — | 4,811 | 3,612 | — | 8,423 | |||||||||||||||||||
Other current assets | — | 67 | 5,879 | 5,432 | — | 11,378 | |||||||||||||||||||
Total current assets | 349 | 467,446 | 2,000,411 | 654,022 | (1,902,693 | ) | 1,219,535 | ||||||||||||||||||
Investments in unconsolidated affiliates | — | — | 189,364 | — | — | 189,364 | |||||||||||||||||||
Property, plant and equipment, net | — | — | 381,705 | 123,400 | — | 505,105 | |||||||||||||||||||
Other assets | |||||||||||||||||||||||||
Goodwill | — | — | 30,540 | — | — | 30,540 | |||||||||||||||||||
Other intangible assets, net | — | — | 143,555 | 1,771 | — | 145,326 | |||||||||||||||||||
Investments in subsidiaries | 258,121 | 1,268,922 | 531,264 | — | (2,058,307 | ) | — | ||||||||||||||||||
Intercompany notes receivable— noncurrent | — | 1,277,039 | 13,837 | — | (1,290,876 | ) | — | ||||||||||||||||||
Deferred income tax assets—noncurrent | — | — | 41,465 | 6,755 | — | 48,220 | |||||||||||||||||||
Deferred charges and other assets | — | 35,241 | 20,200 | 752 | 813 | 57,006 | |||||||||||||||||||
Total other assets | 258,121 | 2,581,202 | 780,861 | 9,278 | (3,348,370 | ) | 281,092 | ||||||||||||||||||
Total assets | $ | 258,470 | $ | 3,048,648 | $ | 3,352,341 | $ | 786,700 | $ | (5,251,063 | ) | $ | 2,195,096 | ||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | — | $ | 4,139 | $ | — | $ | 4,139 | |||||||||||||
Accounts payable | — | 2,439 | 335,572 | 57,020 | — | 395,031 | |||||||||||||||||||
Intercompany payables | 9,489 | 844,367 | 488,649 | 556,217 | (1,898,722 | ) | — | ||||||||||||||||||
Income taxes payable | — | — | 15,168 | 170 | 630 | 15,968 | |||||||||||||||||||
Deferred income tax liabilities | — | — | 1,454 | 476 | — | 1,930 | |||||||||||||||||||
Accrued expenses and other current liabilities | 73 | 26,862 | 46,801 | 11,010 | — | 84,746 | |||||||||||||||||||
Total current liabilities | 9,562 | 873,668 | 887,644 | 629,032 | (1,898,092 | ) | 501,814 | ||||||||||||||||||
Noncurrent liabilities | |||||||||||||||||||||||||
Long-term debt | — | 1,192,500 | 2,121 | — | — | 1,194,621 | |||||||||||||||||||
Intercompany notes payable—noncurrent | — | — | 1,251,314 | 39,562 | (1,290,876 | ) | — | ||||||||||||||||||
Deferred income tax liabilities—noncurrent | — | 3,175 | 18,232 | 7,739 | — | 29,146 | |||||||||||||||||||
Other noncurrent obligations | — | — | 208,523 | 12,084 | — | 220,607 | |||||||||||||||||||
Total noncurrent liabilities | — | 1,195,675 | 1,480,190 | 59,385 | (1,290,876 | ) | 1,444,374 | ||||||||||||||||||
Commitments and contingencies (Note 10) | |||||||||||||||||||||||||
Shareholders’ equity | 248,908 | 979,305 | 984,507 | 98,283 | (2,062,095 | ) | 248,908 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 258,470 | $ | 3,048,648 | $ | 3,352,341 | $ | 786,700 | $ | (5,251,063 | ) | $ | 2,195,096 | ||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Parent | Issuers | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 904 | $ | 2,653 | $ | 166,106 | $ | 51,123 | $ | — | $ | 220,786 | |||||||||||||
Accounts receivable, net of allowance | — | 62 | 207,465 | 393,539 | — | 601,066 | |||||||||||||||||||
Intercompany receivables | 55 | 493,090 | 1,369,837 | 101,716 | (1,964,698 | ) | — | ||||||||||||||||||
Inventories | — | — | 381,797 | 99,709 | (7,645 | ) | 473,861 | ||||||||||||||||||
Deferred income tax assets | — | — | 5,382 | 6,404 | — | 11,786 | |||||||||||||||||||
Other current assets | — | 148 | 6,476 | 8,540 | — | 15,164 | |||||||||||||||||||
Total current assets | 959 | 495,953 | 2,137,063 | 661,031 | (1,972,343 | ) | 1,322,663 | ||||||||||||||||||
Investments in unconsolidated affiliates | — | — | 167,658 | — | — | 167,658 | |||||||||||||||||||
Property, plant and equipment, net | — | — | 426,905 | 129,792 | — | 556,697 | |||||||||||||||||||
Other assets | |||||||||||||||||||||||||
Goodwill | — | — | 34,574 | — | — | 34,574 | |||||||||||||||||||
Other intangible assets, net | — | — | 164,020 | 1,338 | — | 165,358 | |||||||||||||||||||
Investments in subsidiaries | 327,100 | 1,327,675 | 595,755 | — | (2,250,530 | ) | — | ||||||||||||||||||
Intercompany notes receivable—noncurrent | — | 1,323,401 | 15,664 | — | (1,339,065 | ) | — | ||||||||||||||||||
Deferred income tax assets—noncurrent | — | — | 43,676 | 3,136 | — | 46,812 | |||||||||||||||||||
Deferred charges and other assets | — | 36,899 | 23,398 | 718 | 1,339 | 62,354 | |||||||||||||||||||
Total other assets | 327,100 | 2,687,975 | 877,087 | 5,192 | (3,588,256 | ) | 309,098 | ||||||||||||||||||
Total assets | $ | 328,059 | $ | 3,183,928 | $ | 3,608,713 | $ | 796,015 | $ | (5,560,599 | ) | $ | 2,356,116 | ||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | — | $ | 7,559 | $ | — | $ | 7,559 | |||||||||||||
Accounts payable | 46 | 2,323 | 366,882 | 65,441 | — | 434,692 | |||||||||||||||||||
Intercompany payables | 6,944 | 888,660 | 522,930 | 546,150 | (1,964,684 | ) | — | ||||||||||||||||||
Income taxes payable | — | — | 8,864 | 549 | — | 9,413 | |||||||||||||||||||
Deferred income tax liabilities | — | — | 1,171 | 242 | — | 1,413 | |||||||||||||||||||
Accrued expenses and other current liabilities | 204 | 52,001 | 55,412 | 13,311 | — | 120,928 | |||||||||||||||||||
Total current liabilities | 7,194 | 942,984 | 955,259 | 633,252 | (1,964,684 | ) | 574,005 | ||||||||||||||||||
Noncurrent liabilities | |||||||||||||||||||||||||
Long-term debt | — | 1,192,500 | 2,148 | — | — | 1,194,648 | |||||||||||||||||||
Intercompany notes payable—noncurrent | — | — | 1,296,121 | 42,944 | (1,339,065 | ) | — | ||||||||||||||||||
Deferred income tax liabilities—noncurrent | — | 2,300 | 16,145 | 8,866 | — | 27,311 | |||||||||||||||||||
Other noncurrent obligations | — | — | 226,708 | 12,579 | — | 239,287 | |||||||||||||||||||
Total noncurrent liabilities | — | 1,194,800 | 1,541,122 | 64,389 | (1,339,065 | ) | 1,461,246 | ||||||||||||||||||
Commitments and contingencies (Note 10) | |||||||||||||||||||||||||
Shareholders’ equity | 320,865 | 1,046,144 | 1,112,332 | 98,374 | (2,256,850 | ) | 320,865 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 328,059 | $ | 3,183,928 | $ | 3,608,713 | $ | 796,015 | $ | (5,560,599 | ) | $ | 2,356,116 | ||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Parent | Issuers | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 936,736 | $ | 271,853 | $ | (190,324 | ) | $ | 1,018,265 | ||||||||||||
Cost of sales | — | 156 | 840,114 | 268,578 | (193,662 | ) | 915,186 | ||||||||||||||||||
Gross profit | — | (156 | ) | 96,622 | 3,275 | 3,338 | 103,079 | ||||||||||||||||||
Selling, general and administrative expenses | 3,107 | 82 | 43,884 | 4,702 | — | 51,775 | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 36,707 | — | — | 36,707 | |||||||||||||||||||
Operating income (loss) | (3,107 | ) | (238 | ) | 89,445 | (1,427 | ) | 3,338 | 88,011 | ||||||||||||||||
Interest expense, net | — | 28,692 | 133 | 31 | — | 28,856 | |||||||||||||||||||
Intercompany interest expense (income), net | 3 | (18,847 | ) | 16,239 | 2,605 | — | — | ||||||||||||||||||
Other expense (income), net | 2,476 | (2,966 | ) | (4,054 | ) | 8,092 | 3 | 3,551 | |||||||||||||||||
Equity in loss (earnings) of subsidiaries | (43,290 | ) | (53,480 | ) | (36,218 | ) | — | 132,988 | — | ||||||||||||||||
Income (loss) before income taxes | 37,704 | 46,363 | 113,345 | (12,155 | ) | (129,653 | ) | 55,604 | |||||||||||||||||
Provision for (benefit from) income taxes | — | 969 | 16,573 | (818 | ) | 1,176 | 17,900 | ||||||||||||||||||
Net income (loss) | $ | 37,704 | $ | 45,394 | $ | 96,772 | $ | (11,337 | ) | $ | (130,829 | ) | $ | 37,704 | |||||||||||
Comprehensive income (loss) | $ | (74,579 | ) | $ | (66,889 | ) | $ | (13,012 | ) | $ | (13,836 | ) | $ | 93,737 | $ | (74,579 | ) | ||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Parent | Issuers | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,227,563 | $ | 347,297 | $ | (215,728 | ) | $ | 1,359,132 | ||||||||||||
Cost of sales | — | 157 | 1,147,077 | 329,723 | (216,454 | ) | 1,260,503 | ||||||||||||||||||
Gross profit | — | (157 | ) | 80,486 | 17,574 | 726 | 98,629 | ||||||||||||||||||
Selling, general and administrative expenses | 2,706 | 685 | 42,076 | 4,563 | — | 50,030 | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 14,950 | — | — | 14,950 | |||||||||||||||||||
Operating income (loss) | (2,706 | ) | (842 | ) | 53,360 | 13,011 | 726 | 63,549 | |||||||||||||||||
Interest expense, net | — | 31,590 | 312 | 916 | — | 32,818 | |||||||||||||||||||
Intercompany interest expense (income), net | 2 | (19,831 | ) | 16,647 | 3,152 | 30 | — | ||||||||||||||||||
Other expense (income), net | — | (3,088 | ) | (824 | ) | 4,807 | — | 895 | |||||||||||||||||
Equity in loss (earnings) of subsidiaries | (19,794 | ) | (35,386 | ) | (27,168 | ) | — | 82,348 | — | ||||||||||||||||
Income (loss) before income taxes | 17,086 | 25,873 | 64,393 | 4,136 | (81,652 | ) | 29,836 | ||||||||||||||||||
Provision for income taxes | — | — | 9,182 | 3,316 | 252 | 12,750 | |||||||||||||||||||
Net income (loss) | $ | 17,086 | $ | 25,873 | $ | 55,211 | $ | 820 | $ | (81,904 | ) | $ | 17,086 | ||||||||||||
Comprehensive income (loss) | $ | 15,905 | $ | 24,692 | $ | 54,636 | $ | 214 | $ | (79,542 | ) | $ | 15,905 | ||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Parent | Issuers | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiaries | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (636 | ) | $ | (36,376 | ) | $ | 42,502 | $ | 37,424 | $ | — | $ | 42,914 | |||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||
Capital expenditures | — | — | (22,689 | ) | (4,981 | ) | — | (27,670 | ) | ||||||||||||||||
Proceeds from the sale of businesses and other assets | — | — | 560 | — | — | 560 | |||||||||||||||||||
Intercompany investing activities | — | — | 15,691 | — | (15,691 | ) | — | ||||||||||||||||||
Cash used in investing activities | — | — | (6,438 | ) | (4,981 | ) | (15,691 | ) | (27,110 | ) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||
Intercompany short-term borrowings, net | 65 | 34,046 | (48,986 | ) | (816 | ) | 15,691 | — | |||||||||||||||||
Short-term borrowings, net | — | — | (66 | ) | (9,421 | ) | — | (9,487 | ) | ||||||||||||||||
Cash provided by (used in) financing activities | 65 | 34,046 | (49,052 | ) | (10,237 | ) | 15,691 | (9,487 | ) | ||||||||||||||||
Effect of exchange rates on cash | (1 | ) | 349 | (6,804 | ) | (1,950 | ) | — | (8,406 | ) | |||||||||||||||
Net change in cash and cash equivalents | (572 | ) | (1,981 | ) | (19,792 | ) | 20,256 | — | (2,089 | ) | |||||||||||||||
Cash and cash equivalents—beginning of period | 904 | 2,653 | 166,106 | 51,123 | — | 220,786 | |||||||||||||||||||
Cash and cash equivalents—end of period | $ | 332 | $ | 672 | $ | 146,314 | $ | 71,379 | $ | — | $ | 218,697 | |||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Parent | Issuers | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiaries | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (15 | ) | $ | (33,173 | ) | $ | 14,291 | $ | 17,714 | $ | — | $ | (1,183 | ) | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||
Capital expenditures | — | — | (38,254 | ) | (2,887 | ) | — | (41,141 | ) | ||||||||||||||||
Payment for working capital adjustment from sale of business | — | — | (700 | ) | — | — | (700 | ) | |||||||||||||||||
Distributions from unconsolidated affiliates | — | — | 978 | — | — | 978 | |||||||||||||||||||
Investments in subsidiaries | — | (10,000 | ) | — | — | 10,000 | — | ||||||||||||||||||
Intercompany investing activities | — | — | (76,566 | ) | — | 76,566 | — | ||||||||||||||||||
Cash provided by (used in) investing activities | — | (10,000 | ) | (114,542 | ) | (2,887 | ) | 86,566 | (40,863 | ) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||
Intercompany short-term borrowings, net | 30 | 44,908 | 13,050 | 5,578 | (63,566 | ) | — | ||||||||||||||||||
Short-term borrowings, net | — | (2,188 | ) | (70 | ) | (12,579 | ) | — | (14,837 | ) | |||||||||||||||
Contributions from parent companies | — | — | 10,000 | — | (10,000 | ) | — | ||||||||||||||||||
Proceeds from issuance of intercompany indebtedness | — | — | 13,000 | — | (13,000 | ) | — | ||||||||||||||||||
Proceeds from Accounts Receivable Securitization Facility | — | — | — | 60,971 | — | 60,971 | |||||||||||||||||||
Repayments of Accounts Receivable Securitization Facility | — | — | — | (61,538 | ) | — | (61,538 | ) | |||||||||||||||||
Cash provided by (used in) financing activities | 30 | 42,720 | 35,980 | (7,568 | ) | (86,566 | ) | (15,404 | ) | ||||||||||||||||
Effect of exchange rates on cash | — | 2 | 322 | (288 | ) | — | 36 | ||||||||||||||||||
Net change in cash and cash equivalents | 15 | (451 | ) | (63,949 | ) | 6,971 | — | (57,414 | ) | ||||||||||||||||
Cash and cash equivalents—beginning of period | 2 | 954 | 154,770 | 40,777 | — | 196,503 | |||||||||||||||||||
Cash and cash equivalents—end of period | $ | 17 | $ | 503 | $ | 90,821 | $ | 47,748 | $ | — | $ | 139,089 | |||||||||||||
Recent_Accounting_Guidance_Pol
Recent Accounting Guidance (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Guidance | In April 2014, the Financial Accounting Standards Board (“FASB”) issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The Company adopted this guidance effective January 1, 2015, and the adoption did not have a significant impact on the Company’s financial position, results of operations, or disclosures. |
In May 2014, the FASB and the International Accounting Standards Board (“IASB”) jointly issued new guidance which clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (“IFRS”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance is effective for public entities for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted under GAAP and retrospective application is permitted, but not required. In April 2015, the FASB proposed to defer the effective date of this new guidance by one year. If the proposal is approved, subject to the FASB’s due process requirement, early adoption would be permitted as of the original effective date, and the standard would be effective for the Company beginning January 1, 2018. The Company is currently assessing the impact of adopting this guidance on its financial statements and results of operations. | |
In January 2015, the FASB issued guidance to simplify income statement classification by removing the concept of extraordinary items from GAAP. The Company adopted this guidance effective January 1, 2015, and the adoption did not have a significant impact on the Company’s financial position or results of operations. | |
In April 2015, the FASB issued guidance that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. This new guidance, which is to be applied on a retrospective basis, is effective for public companies for annual and interim periods beginning after December 31, 2015, with early adoption permitted. The Company will adopt this guidance effective January 1, 2016. |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Affiliates (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
Summarized Financial Information of Unconsolidated Affiliates | The summarized financial information of the Company’s unconsolidated affiliates is shown below: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Sales | $ | 439,570 | $ | 564,132 | |||||
Gross profit | $ | 77,670 | $ | 38,008 | |||||
Net income | $ | 66,019 | $ | 21,520 |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventories | Inventories consisted of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Finished goods | $ | 197,762 | $ | 235,949 | |||||
Raw materials and semi-finished goods | 162,647 | 205,061 | |||||||
Supplies | 30,563 | 32,851 | |||||||
Total | $ | 390,972 | $ | 473,861 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill, by Segment | The following table shows changes in the carrying amount of goodwill by segment from December 31, 2014 to March 31, 2015: | ||||||||||||||||||||||||||||
Performance Materials | |||||||||||||||||||||||||||||
Latex | Synthetic | Performance | Basic Plastics | Total | |||||||||||||||||||||||||
Rubber | Plastics | & Feedstocks | |||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 13,815 | $ | 9,461 | $ | 3,243 | $ | 8,055 | $ | 34,574 | |||||||||||||||||||
Foreign currency impact | (1,612 | ) | (1,104 | ) | (378 | ) | (940 | ) | (4,034 | ) | |||||||||||||||||||
Balance at March 31, 2015 | $ | 12,203 | $ | 8,357 | $ | 2,865 | $ | 7,115 | $ | 30,540 | |||||||||||||||||||
Schedule of Other Intangible Assets | The following table provides information regarding the Company’s other intangible assets as of March 31, 2015 and December 31, 2014, respectively: | ||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||
Estimated | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||
Useful Life | Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||||||
(Years) | Amount | Amount | |||||||||||||||||||||||||||
Developed technology | 15 | $ | 166,823 | $ | (53,003 | ) | $ | 113,820 | $ | 188,854 | $ | (56,782 | ) | $ | 132,072 | ||||||||||||||
Manufacturing Capacity Rights | 6 | 20,400 | (3,308 | ) | 17,092 | 23,095 | (2,809 | ) | 20,286 | ||||||||||||||||||||
Software | 5 | 13,581 | (7,078 | ) | 6,503 | 13,177 | (6,441 | ) | 6,736 | ||||||||||||||||||||
Software in development | N/A | 7,678 | — | 7,678 | 6,000 | — | 6,000 | ||||||||||||||||||||||
Other | N/A | 233 | — | 233 | 264 | — | 264 | ||||||||||||||||||||||
Total | $ | 208,715 | $ | (63,389 | ) | $ | 145,326 | $ | 231,390 | $ | (66,032 | ) | $ | 165,358 | |||||||||||||||
Estimated Amortization Expense for Next Five Years | The following table details the Company’s estimated amortization expense for the next five years, excluding any amortization expense related to software currently in development: | ||||||||||||||||||||||||||||
Estimated Amortization Expense for the Next Five Years | |||||||||||||||||||||||||||||
Remainder of 2015 | $ | 13,108 | |||||||||||||||||||||||||||
2016 | 16,918 | ||||||||||||||||||||||||||||
2017 | 16,083 | ||||||||||||||||||||||||||||
2018 | 15,396 | ||||||||||||||||||||||||||||
2019 | 15,151 | ||||||||||||||||||||||||||||
2020 | 11,903 |
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Debt | Debt consisted of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Senior Secured Credit Facility | |||||||||
Revolving Facility | $ | — | $ | — | |||||
Senior Notes | 1,192,500 | 1,192,500 | |||||||
Accounts Receivable Securitization Facility | — | — | |||||||
Other indebtedness | 6,260 | 9,707 | |||||||
Total debt | 1,198,760 | 1,202,207 | |||||||
Less: short-term borrowings | (4,139 | ) | (7,559 | ) | |||||
Total long-term debt | $ | 1,194,621 | $ | 1,194,648 | |||||
Redemption Price as Percentage of Principal Amount to Applicable Date of Redemption | The Company may redeem all or part of the Senior Notes at any time prior to August 1, 2015 by paying a call premium, plus accrued and unpaid interest to the redemption date. The Company may redeem all or part of the Senior Notes at any time after August 1, 2015 at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the notes redeemed, to the applicable date of redemption, if redeemed during the twelve-month period beginning on of the year indicated below: | ||||||||
12-month period commencing August 1 in Year | Percentage | ||||||||
2015 | 104.375 | % | |||||||
2016 | 102.188 | % | |||||||
2017 and thereafter | 100 | % |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||
Notional Amounts of Most Significant Net Foreign Exchange Hedge Positions Outstanding | The following table displays the notional amounts of the most significant net foreign exchange hedge positions outstanding as of March 31, 2015. | ||||||||||||||||||
Buy / (Sell) | March 31, | ||||||||||||||||||
2015 | |||||||||||||||||||
Euro | $ | 167,979 | |||||||||||||||||
Chinese Yuan | $ | (97,476 | ) | ||||||||||||||||
Swiss Franc | $ | 40,700 | |||||||||||||||||
Indonesian Rupiah | $ | (37,450 | ) | ||||||||||||||||
British Pound | $ | (12,157 | ) | ||||||||||||||||
Schedule of Changes in Fair Value of Company's Derivative Instruments | Information regarding changes in the fair value of the Company’s derivative instruments, including those not designated for hedge accounting treatment is as follows: | ||||||||||||||||||
Gain (Loss) Recognized in | Gain (Loss) Recognized in | ||||||||||||||||||
Other Comprehensive | Statement of Operations | ||||||||||||||||||
Income (Loss) on Balance Sheet | |||||||||||||||||||
Three Months Ended March 31, | Statement of Operations | ||||||||||||||||||
2015 | 2014 | 2015 | 2014 | Classification | |||||||||||||||
Designated as Cash Flow Hedges | |||||||||||||||||||
Foreign exchange cash flow hedges | $ | 1,035 | $ | — | $ | — | $ | — | Cost of sales | ||||||||||
Total | $ | 1,035 | $ | — | $ | — | $ | — | |||||||||||
Not Designated as Hedges | |||||||||||||||||||
Foreign exchange forward contracts | $ | — | $ | — | $ | (20,962 | ) | $ | — | Other expense, net | |||||||||
Total | $ | — | $ | — | $ | (20,962 | ) | $ | — | ||||||||||
Information Regarding Gross Amounts of Company's Derivative Instruments and Amounts Offset in Condensed Consolidated Balance Sheets | Information regarding the gross amounts of the Company’s derivative instruments and the amounts offset in the condensed consolidated balance sheets is as follows: | ||||||||||||||||||
March 31, 2015 | |||||||||||||||||||
Description | Gross Amounts of | Gross Amounts of Offset in the | Net Amounts of Assets Presented | ||||||||||||||||
Recognized | Condensed Consolidated | in the Condensed Consolidated | |||||||||||||||||
Assets | Balance Sheet | Balance Sheet | |||||||||||||||||
Foreign exchange forward contracts | $ | 1,779 | $ | (1,779 | ) | $ | — | ||||||||||||
Foreign exchange cash flow hedges | 1,074 | — | 1,074 | ||||||||||||||||
Total | $ | 2,853 | $ | (1,779 | ) | $ | 1,074 | ||||||||||||
March 31, 2015 | |||||||||||||||||||
Description | Gross Amounts of | Gross Amounts of Offset in the | Net Amounts of Liabilities Presented | ||||||||||||||||
Recognized | Condensed Consolidated | in the Condensed Consolidated | |||||||||||||||||
Liabilities | Balance Sheet | Balance Sheet | |||||||||||||||||
Foreign exchange forward contracts | $ | 9,148 | $ | (1,779 | ) | $ | 7,369 | ||||||||||||
Foreign exchange cash flow hedges | — | — | — | ||||||||||||||||
Total | $ | 9,148 | $ | (1,779 | ) | $ | 7,369 | ||||||||||||
December 31, 2014 | |||||||||||||||||||
Description | Gross Amounts of | Gross Amounts of Offset in the | Net Amounts of Assets Presented | ||||||||||||||||
Recognized | Condensed Consolidated | in the Condensed Consolidated | |||||||||||||||||
Assets | Balance Sheet | Balance Sheet | |||||||||||||||||
Foreign exchange forward contracts | $ | 2,037 | $ | (1,739 | ) | $ | 298 | ||||||||||||
Total | $ | 2,037 | $ | (1,739 | ) | $ | 298 | ||||||||||||
December 31, 2014 | |||||||||||||||||||
Description | Gross Amounts of | Gross Amounts of Offset in the | Net Amounts of Liabilities Presented | ||||||||||||||||
Recognized | Condensed Consolidated | in the Condensed Consolidated | |||||||||||||||||
Liabilities | Balance Sheet | Balance Sheet | |||||||||||||||||
Foreign exchange forward contracts | $ | 6,589 | $ | (1,739 | ) | $ | 4,850 | ||||||||||||
Total | $ | 6,589 | $ | (1,739 | ) | $ | 4,850 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Assets and Liabilities at Fair Value on Recurring Basis | The following table summarizes the basis used to measure certain assets and liabilities at fair value on a recurring basis in the condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014. | ||||||||||||||||
March 31, 2015 | |||||||||||||||||
Assets (Liabilities) at Fair Value | Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||
Identical Items | Inputs (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Foreign exchange forward contracts—Assets | $ | — | $ | — | $ | — | $ | — | |||||||||
Foreign exchange forward contracts—(Liabilities) | — | (7,369 | ) | — | (7,369 | ) | |||||||||||
Foreign exchange cash flow hedges —Assets | — | 1,074 | — | 1,074 | |||||||||||||
Total fair value | $ | — | $ | (6,295 | ) | $ | — | $ | (6,295 | ) | |||||||
December 31, 2014 | |||||||||||||||||
Assets (Liabilities) at Fair Value | Quoted Prices in | Significant | Significant | Total | |||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||
Identical Items | Inputs (Level 2) | Inputs | |||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||
Foreign exchange forward contracts—Assets | $ | — | $ | 298 | $ | — | $ | 298 | |||||||||
Foreign exchange forward contracts—(Liabilities) | — | (4,850 | ) | — | (4,850 | ) | |||||||||||
Total fair value | $ | — | $ | (4,552 | ) | $ | — | $ | (4,552 | ) | |||||||
Estimated Fair Value of Outstanding Debt Not Carried at Fair Value | The following table presents the estimated fair value of the Company’s outstanding debt not carried at fair value as of March 31, 2015 and December 31, 2014, respectively: | ||||||||||||||||
As of | As of | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Senior Notes (Level 2) | $ | 1,253,616 | $ | 1,212,045 | |||||||||||||
Total fair value | $ | 1,253,616 | $ | 1,212,045 | |||||||||||||
Provision_for_Income_Taxes_Tab
Provision for Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Effective Income Tax Rate | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Effective income tax rate | 32.2 | % | 42.7 | % |
Pension_Plans_and_Other_Postre1
Pension Plans and Other Postretirement Benefits (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Components of Net Periodic Benefit Costs for All Significant Plans | The components of net periodic benefit costs for all significant plans were as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Defined Benefit Pension Plans | |||||||||
Service cost | $ | 4,301 | $ | 3,515 | |||||
Interest cost | 1,360 | 1,933 | |||||||
Expected return on plan assets | (421 | ) | (621 | ) | |||||
Amortization of prior service credit | (423 | ) | (256 | ) | |||||
Amortization of net loss | 1,381 | 467 | |||||||
Net periodic benefit cost | $ | 6,198 | $ | 5,038 | |||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Other Postretirement Plans | |||||||||
Service cost | $ | 88 | $ | 75 | |||||
Interest cost | 140 | 78 | |||||||
Amortization of prior service cost | 26 | 26 | |||||||
Amortization of net gain | — | (37 | ) | ||||||
Net periodic benefit cost | $ | 254 | $ | 142 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Summary of Weighted-Average Assumptions Used Within Black-Scholes Pricing Model for Grants | The following are the weighted-average assumptions used within the Black-Scholes pricing model for grants during the three months ended March 31, 2015: | ||||
Assumptions | Three Months Ended | ||||
March 31, | |||||
2015 | |||||
Expected term (in years) | 5.5 | ||||
Expected volatility | 45 | % | |||
Risk-free interest rate | 1.65 | % | |||
Dividend yield | 0 | % |
Segments_Tables
Segments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Reconciliation of Segment Reporting to Consolidated | |||||||||||||||||||||||||
Performance Materials | |||||||||||||||||||||||||
Three Months Ended | Latex | Synthetic | Performance | Basic Plastics | Corporate | Total | |||||||||||||||||||
Rubber | Plastics | & Feedstocks | Unallocated | ||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Sales to external customers | $ | 238,256 | $ | 129,404 | $ | 196,944 | $ | 453,661 | $ | — | $ | 1,018,265 | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | 36,707 | — | 36,707 | |||||||||||||||||||
EBITDA(1) | 21,459 | 26,177 | 25,097 | 59,012 | |||||||||||||||||||||
Investment in unconsolidated affiliates | — | — | — | 189,364 | — | 189,364 | |||||||||||||||||||
Depreciation and amortization | 6,370 | 7,790 | 1,413 | 6,230 | 751 | 22,554 | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Sales to external customers | $ | 326,305 | $ | 176,714 | $ | 202,005 | $ | 654,108 | $ | — | $ | 1,359,132 | |||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | 14,950 | — | 14,950 | |||||||||||||||||||
EBITDA(1) | 25,513 | 43,101 | 17,349 | 22,558 | |||||||||||||||||||||
Investment in unconsolidated affiliates | — | — | — | 164,859 | — | 164,859 | |||||||||||||||||||
Depreciation and amortization | 6,304 | 7,170 | 1,243 | 7,920 | 1,091 | 23,728 | |||||||||||||||||||
-1 | Reconciliation of EBITDA to net income is as follows: | ||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Total Segment EBITDA | $ | 131,745 | $ | 108,521 | |||||||||||||||||||||
Corporate unallocated | (24,731 | ) | (22,139 | ) | |||||||||||||||||||||
Less: Interest expense, net | 28,856 | 32,818 | |||||||||||||||||||||||
Less: Provision for income taxes | 17,900 | 12,750 | |||||||||||||||||||||||
Less: Depreciation and amortization | 22,554 | 23,728 | |||||||||||||||||||||||
Net income | $ | 37,704 | $ | 17,086 | |||||||||||||||||||||
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Rollforward of Liability Balances | The following tables provide a rollforward of the liability balances associated with the Altona plant shutdown for the three months ended March 31, 2015: | ||||||||||||||||
Balance at | Expenses | Deductions(1) | Balance at | ||||||||||||||
December 31, 2014 | March 31, 2015 | ||||||||||||||||
Contract termination charges | $ | 2,128 | $ | — | $ | (369 | ) | $ | 1,759 | ||||||||
Total | $ | 2,128 | $ | — | $ | (369 | ) | $ | 1,759 | ||||||||
-1 | Includes primarily payments made against the existing accrual, as well as immaterial impacts of foreign currency remeasurement. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss), Net of Income Taxes | The components of accumulated other comprehensive income (loss), net of income taxes, consisted of: | ||||||||||||||||
Currency | Employee | Foreign Exchange | Total | ||||||||||||||
Translation | Benefits, Net | Cash Flow | |||||||||||||||
Adjustment, Net | Hedges, Net | ||||||||||||||||
December 31, 2014 | $ | (17,755 | ) | $ | (57,462 | ) | $ | — | $ | (75,217 | ) | ||||||
Other comprehensive income (loss) | (114,155 | ) | 837 | 1,035 | (112,283 | ) | |||||||||||
March 31, 2015 | $ | (131,910 | ) | $ | (56,625 | ) | $ | 1,035 | $ | (187,500 | ) | ||||||
December 31, 2013 | $ | 116,146 | $ | (27,768 | ) | $ | — | $ | 88,378 | ||||||||
Other comprehensive income (loss) | (1,425 | ) | 244 | — | (1,181 | ) | |||||||||||
March 31, 2014 | $ | 114,721 | $ | (27,524 | ) | $ | — | $ | 87,197 | ||||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings (Loss) per Share Basic and Diluted | The following table presents EPS and diluted EPS for the three months ended March 31, 2015 and 2014, respectively. These balances have been retroactively adjusted to give effect to the Company’s 1-for-436.69219 reverse stock split declared effective on May 30, 2014, discussed in Note 1. | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands, except per share data) | 2015 | 2014 | |||||||
Earnings (losses): | |||||||||
Net income available to common shareholders | $ | 37,704 | $ | 17,086 | |||||
Shares: | |||||||||
Weighted average common shares outstanding | 48,770 | 37,270 | |||||||
Dilutive effect of RSUs and option awards* | 81 | — | |||||||
Diluted weighted average shares outstanding | 48,851 | 37,270 | |||||||
Income per share: | |||||||||
Income per share—basic | $ | 0.77 | $ | 0.46 | |||||
Income per share—diluted | $ | 0.77 | $ | 0.46 | |||||
* | Refer to Note 12 for discussion of RSUs and option awards granted in June of 2014 and in the first quarter of 2015 to certain Company directors and employees. No such awards were outstanding during the three months ended March 31, 2014. |
Supplemental_Guarantor_Condens1
Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Parent | Issuers | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 332 | $ | 672 | $ | 146,314 | $ | 71,379 | $ | — | $ | 218,697 | |||||||||||||
Accounts receivable, net of allowance | 17 | 71 | 208,344 | 381,244 | 389 | 590,065 | |||||||||||||||||||
Intercompany receivables | — | 466,636 | 1,322,623 | 109,510 | (1,898,769 | ) | — | ||||||||||||||||||
Inventories | — | — | 312,440 | 82,845 | (4,313 | ) | 390,972 | ||||||||||||||||||
Deferred income tax assets | — | — | 4,811 | 3,612 | — | 8,423 | |||||||||||||||||||
Other current assets | — | 67 | 5,879 | 5,432 | — | 11,378 | |||||||||||||||||||
Total current assets | 349 | 467,446 | 2,000,411 | 654,022 | (1,902,693 | ) | 1,219,535 | ||||||||||||||||||
Investments in unconsolidated affiliates | — | — | 189,364 | — | — | 189,364 | |||||||||||||||||||
Property, plant and equipment, net | — | — | 381,705 | 123,400 | — | 505,105 | |||||||||||||||||||
Other assets | |||||||||||||||||||||||||
Goodwill | — | — | 30,540 | — | — | 30,540 | |||||||||||||||||||
Other intangible assets, net | — | — | 143,555 | 1,771 | — | 145,326 | |||||||||||||||||||
Investments in subsidiaries | 258,121 | 1,268,922 | 531,264 | — | (2,058,307 | ) | — | ||||||||||||||||||
Intercompany notes receivable— noncurrent | — | 1,277,039 | 13,837 | — | (1,290,876 | ) | — | ||||||||||||||||||
Deferred income tax assets—noncurrent | — | — | 41,465 | 6,755 | — | 48,220 | |||||||||||||||||||
Deferred charges and other assets | — | 35,241 | 20,200 | 752 | 813 | 57,006 | |||||||||||||||||||
Total other assets | 258,121 | 2,581,202 | 780,861 | 9,278 | (3,348,370 | ) | 281,092 | ||||||||||||||||||
Total assets | $ | 258,470 | $ | 3,048,648 | $ | 3,352,341 | $ | 786,700 | $ | (5,251,063 | ) | $ | 2,195,096 | ||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | — | $ | 4,139 | $ | — | $ | 4,139 | |||||||||||||
Accounts payable | — | 2,439 | 335,572 | 57,020 | — | 395,031 | |||||||||||||||||||
Intercompany payables | 9,489 | 844,367 | 488,649 | 556,217 | (1,898,722 | ) | — | ||||||||||||||||||
Income taxes payable | — | — | 15,168 | 170 | 630 | 15,968 | |||||||||||||||||||
Deferred income tax liabilities | — | — | 1,454 | 476 | — | 1,930 | |||||||||||||||||||
Accrued expenses and other current liabilities | 73 | 26,862 | 46,801 | 11,010 | — | 84,746 | |||||||||||||||||||
Total current liabilities | 9,562 | 873,668 | 887,644 | 629,032 | (1,898,092 | ) | 501,814 | ||||||||||||||||||
Noncurrent liabilities | |||||||||||||||||||||||||
Long-term debt | — | 1,192,500 | 2,121 | — | — | 1,194,621 | |||||||||||||||||||
Intercompany notes payable—noncurrent | — | — | 1,251,314 | 39,562 | (1,290,876 | ) | — | ||||||||||||||||||
Deferred income tax liabilities—noncurrent | — | 3,175 | 18,232 | 7,739 | — | 29,146 | |||||||||||||||||||
Other noncurrent obligations | — | — | 208,523 | 12,084 | — | 220,607 | |||||||||||||||||||
Total noncurrent liabilities | — | 1,195,675 | 1,480,190 | 59,385 | (1,290,876 | ) | 1,444,374 | ||||||||||||||||||
Commitments and contingencies (Note 10) | |||||||||||||||||||||||||
Shareholders’ equity | 248,908 | 979,305 | 984,507 | 98,283 | (2,062,095 | ) | 248,908 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 258,470 | $ | 3,048,648 | $ | 3,352,341 | $ | 786,700 | $ | (5,251,063 | ) | $ | 2,195,096 | ||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Parent | Issuers | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 904 | $ | 2,653 | $ | 166,106 | $ | 51,123 | $ | — | $ | 220,786 | |||||||||||||
Accounts receivable, net of allowance | — | 62 | 207,465 | 393,539 | — | 601,066 | |||||||||||||||||||
Intercompany receivables | 55 | 493,090 | 1,369,837 | 101,716 | (1,964,698 | ) | — | ||||||||||||||||||
Inventories | — | — | 381,797 | 99,709 | (7,645 | ) | 473,861 | ||||||||||||||||||
Deferred income tax assets | — | — | 5,382 | 6,404 | — | 11,786 | |||||||||||||||||||
Other current assets | — | 148 | 6,476 | 8,540 | — | 15,164 | |||||||||||||||||||
Total current assets | 959 | 495,953 | 2,137,063 | 661,031 | (1,972,343 | ) | 1,322,663 | ||||||||||||||||||
Investments in unconsolidated affiliates | — | — | 167,658 | — | — | 167,658 | |||||||||||||||||||
Property, plant and equipment, net | — | — | 426,905 | 129,792 | — | 556,697 | |||||||||||||||||||
Other assets | |||||||||||||||||||||||||
Goodwill | — | — | 34,574 | — | — | 34,574 | |||||||||||||||||||
Other intangible assets, net | — | — | 164,020 | 1,338 | — | 165,358 | |||||||||||||||||||
Investments in subsidiaries | 327,100 | 1,327,675 | 595,755 | — | (2,250,530 | ) | — | ||||||||||||||||||
Intercompany notes receivable—noncurrent | — | 1,323,401 | 15,664 | — | (1,339,065 | ) | — | ||||||||||||||||||
Deferred income tax assets—noncurrent | — | — | 43,676 | 3,136 | — | 46,812 | |||||||||||||||||||
Deferred charges and other assets | — | 36,899 | 23,398 | 718 | 1,339 | 62,354 | |||||||||||||||||||
Total other assets | 327,100 | 2,687,975 | 877,087 | 5,192 | (3,588,256 | ) | 309,098 | ||||||||||||||||||
Total assets | $ | 328,059 | $ | 3,183,928 | $ | 3,608,713 | $ | 796,015 | $ | (5,560,599 | ) | $ | 2,356,116 | ||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | — | $ | 7,559 | $ | — | $ | 7,559 | |||||||||||||
Accounts payable | 46 | 2,323 | 366,882 | 65,441 | — | 434,692 | |||||||||||||||||||
Intercompany payables | 6,944 | 888,660 | 522,930 | 546,150 | (1,964,684 | ) | — | ||||||||||||||||||
Income taxes payable | — | — | 8,864 | 549 | — | 9,413 | |||||||||||||||||||
Deferred income tax liabilities | — | — | 1,171 | 242 | — | 1,413 | |||||||||||||||||||
Accrued expenses and other current liabilities | 204 | 52,001 | 55,412 | 13,311 | — | 120,928 | |||||||||||||||||||
Total current liabilities | 7,194 | 942,984 | 955,259 | 633,252 | (1,964,684 | ) | 574,005 | ||||||||||||||||||
Noncurrent liabilities | |||||||||||||||||||||||||
Long-term debt | — | 1,192,500 | 2,148 | — | — | 1,194,648 | |||||||||||||||||||
Intercompany notes payable—noncurrent | — | — | 1,296,121 | 42,944 | (1,339,065 | ) | — | ||||||||||||||||||
Deferred income tax liabilities—noncurrent | — | 2,300 | 16,145 | 8,866 | — | 27,311 | |||||||||||||||||||
Other noncurrent obligations | — | — | 226,708 | 12,579 | — | 239,287 | |||||||||||||||||||
Total noncurrent liabilities | — | 1,194,800 | 1,541,122 | 64,389 | (1,339,065 | ) | 1,461,246 | ||||||||||||||||||
Commitments and contingencies (Note 10) | |||||||||||||||||||||||||
Shareholders’ equity | 320,865 | 1,046,144 | 1,112,332 | 98,374 | (2,256,850 | ) | 320,865 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 328,059 | $ | 3,183,928 | $ | 3,608,713 | $ | 796,015 | $ | (5,560,599 | ) | $ | 2,356,116 | ||||||||||||
Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Parent | Issuers | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 936,736 | $ | 271,853 | $ | (190,324 | ) | $ | 1,018,265 | ||||||||||||
Cost of sales | — | 156 | 840,114 | 268,578 | (193,662 | ) | 915,186 | ||||||||||||||||||
Gross profit | — | (156 | ) | 96,622 | 3,275 | 3,338 | 103,079 | ||||||||||||||||||
Selling, general and administrative expenses | 3,107 | 82 | 43,884 | 4,702 | — | 51,775 | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 36,707 | — | — | 36,707 | |||||||||||||||||||
Operating income (loss) | (3,107 | ) | (238 | ) | 89,445 | (1,427 | ) | 3,338 | 88,011 | ||||||||||||||||
Interest expense, net | — | 28,692 | 133 | 31 | — | 28,856 | |||||||||||||||||||
Intercompany interest expense (income), net | 3 | (18,847 | ) | 16,239 | 2,605 | — | — | ||||||||||||||||||
Other expense (income), net | 2,476 | (2,966 | ) | (4,054 | ) | 8,092 | 3 | 3,551 | |||||||||||||||||
Equity in loss (earnings) of subsidiaries | (43,290 | ) | (53,480 | ) | (36,218 | ) | — | 132,988 | — | ||||||||||||||||
Income (loss) before income taxes | 37,704 | 46,363 | 113,345 | (12,155 | ) | (129,653 | ) | 55,604 | |||||||||||||||||
Provision for (benefit from) income taxes | — | 969 | 16,573 | (818 | ) | 1,176 | 17,900 | ||||||||||||||||||
Net income (loss) | $ | 37,704 | $ | 45,394 | $ | 96,772 | $ | (11,337 | ) | $ | (130,829 | ) | $ | 37,704 | |||||||||||
Comprehensive income (loss) | $ | (74,579 | ) | $ | (66,889 | ) | $ | (13,012 | ) | $ | (13,836 | ) | $ | 93,737 | $ | (74,579 | ) | ||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Parent | Issuers | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,227,563 | $ | 347,297 | $ | (215,728 | ) | $ | 1,359,132 | ||||||||||||
Cost of sales | — | 157 | 1,147,077 | 329,723 | (216,454 | ) | 1,260,503 | ||||||||||||||||||
Gross profit | — | (157 | ) | 80,486 | 17,574 | 726 | 98,629 | ||||||||||||||||||
Selling, general and administrative expenses | 2,706 | 685 | 42,076 | 4,563 | — | 50,030 | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 14,950 | — | — | 14,950 | |||||||||||||||||||
Operating income (loss) | (2,706 | ) | (842 | ) | 53,360 | 13,011 | 726 | 63,549 | |||||||||||||||||
Interest expense, net | — | 31,590 | 312 | 916 | — | 32,818 | |||||||||||||||||||
Intercompany interest expense (income), net | 2 | (19,831 | ) | 16,647 | 3,152 | 30 | — | ||||||||||||||||||
Other expense (income), net | — | (3,088 | ) | (824 | ) | 4,807 | — | 895 | |||||||||||||||||
Equity in loss (earnings) of subsidiaries | (19,794 | ) | (35,386 | ) | (27,168 | ) | — | 82,348 | — | ||||||||||||||||
Income (loss) before income taxes | 17,086 | 25,873 | 64,393 | 4,136 | (81,652 | ) | 29,836 | ||||||||||||||||||
Provision for income taxes | — | — | 9,182 | 3,316 | 252 | 12,750 | |||||||||||||||||||
Net income (loss) | $ | 17,086 | $ | 25,873 | $ | 55,211 | $ | 820 | $ | (81,904 | ) | $ | 17,086 | ||||||||||||
Comprehensive income (loss) | $ | 15,905 | $ | 24,692 | $ | 54,636 | $ | 214 | $ | (79,542 | ) | $ | 15,905 | ||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Parent | Issuers | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiaries | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (636 | ) | $ | (36,376 | ) | $ | 42,502 | $ | 37,424 | $ | — | $ | 42,914 | |||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||
Capital expenditures | — | — | (22,689 | ) | (4,981 | ) | — | (27,670 | ) | ||||||||||||||||
Proceeds from the sale of businesses and other assets | — | — | 560 | — | — | 560 | |||||||||||||||||||
Intercompany investing activities | — | — | 15,691 | — | (15,691 | ) | — | ||||||||||||||||||
Cash used in investing activities | — | — | (6,438 | ) | (4,981 | ) | (15,691 | ) | (27,110 | ) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||
Intercompany short-term borrowings, net | 65 | 34,046 | (48,986 | ) | (816 | ) | 15,691 | — | |||||||||||||||||
Short-term borrowings, net | — | — | (66 | ) | (9,421 | ) | — | (9,487 | ) | ||||||||||||||||
Cash provided by (used in) financing activities | 65 | 34,046 | (49,052 | ) | (10,237 | ) | 15,691 | (9,487 | ) | ||||||||||||||||
Effect of exchange rates on cash | (1 | ) | 349 | (6,804 | ) | (1,950 | ) | — | (8,406 | ) | |||||||||||||||
Net change in cash and cash equivalents | (572 | ) | (1,981 | ) | (19,792 | ) | 20,256 | — | (2,089 | ) | |||||||||||||||
Cash and cash equivalents—beginning of period | 904 | 2,653 | 166,106 | 51,123 | — | 220,786 | |||||||||||||||||||
Cash and cash equivalents—end of period | $ | 332 | $ | 672 | $ | 146,314 | $ | 71,379 | $ | — | $ | 218,697 | |||||||||||||
SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Parent | Issuers | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
Guarantor | Subsidiaries | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | (15 | ) | $ | (33,173 | ) | $ | 14,291 | $ | 17,714 | $ | — | $ | (1,183 | ) | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||
Capital expenditures | — | — | (38,254 | ) | (2,887 | ) | — | (41,141 | ) | ||||||||||||||||
Payment for working capital adjustment from sale of business | — | — | (700 | ) | — | — | (700 | ) | |||||||||||||||||
Distributions from unconsolidated affiliates | — | — | 978 | — | — | 978 | |||||||||||||||||||
Investments in subsidiaries | — | (10,000 | ) | — | — | 10,000 | — | ||||||||||||||||||
Intercompany investing activities | — | — | (76,566 | ) | — | 76,566 | — | ||||||||||||||||||
Cash provided by (used in) investing activities | — | (10,000 | ) | (114,542 | ) | (2,887 | ) | 86,566 | (40,863 | ) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||
Intercompany short-term borrowings, net | 30 | 44,908 | 13,050 | 5,578 | (63,566 | ) | — | ||||||||||||||||||
Short-term borrowings, net | — | (2,188 | ) | (70 | ) | (12,579 | ) | — | (14,837 | ) | |||||||||||||||
Contributions from parent companies | — | — | 10,000 | — | (10,000 | ) | — | ||||||||||||||||||
Proceeds from issuance of intercompany indebtedness | — | — | 13,000 | — | (13,000 | ) | — | ||||||||||||||||||
Proceeds from Accounts Receivable Securitization Facility | — | — | — | 60,971 | — | 60,971 | |||||||||||||||||||
Repayments of Accounts Receivable Securitization Facility | — | — | — | (61,538 | ) | — | (61,538 | ) | |||||||||||||||||
Cash provided by (used in) financing activities | 30 | 42,720 | 35,980 | (7,568 | ) | (86,566 | ) | (15,404 | ) | ||||||||||||||||
Effect of exchange rates on cash | — | 2 | 322 | (288 | ) | — | 36 | ||||||||||||||||||
Net change in cash and cash equivalents | 15 | (451 | ) | (63,949 | ) | 6,971 | — | (57,414 | ) | ||||||||||||||||
Cash and cash equivalents—beginning of period | 2 | 954 | 154,770 | 40,777 | — | 196,503 | |||||||||||||||||||
Cash and cash equivalents—end of period | $ | 17 | $ | 503 | $ | 90,821 | $ | 47,748 | $ | — | $ | 139,089 | |||||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | 30-May-14 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 17, 2014 | Jan. 01, 2015 |
Divisions | Divisions | ||||
Segment | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Description of reverse stock split | 1-for-436.69219 reverse split of its issued and outstanding common stock | ||||
Authorized common stock after reverse split | 50,000,000,000 | 50,000,000,000 | |||
Reverse stock split ratio | 0.00229 | ||||
Number of business divisions | 2 | ||||
Number of reportable segments | 4 | ||||
Number of new business divisions | 2 | ||||
IPO [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Ordinary shares issued | 11,500,000 | ||||
Price per share | $19 | ||||
Shares for underwriters' over-allotment option | 1,500,000 | ||||
Cash proceeds from issuance of common stock | $203.20 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Affiliates - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Number of strategic joint ventures | 2 | ||
Investments in unconsolidated affiliates | $189,364,000 | $164,859,000 | $167,658,000 |
Dividends received from investing activities | 978,000 | ||
Basic Plastics & Feedstocks [Member] | Americas Styrenics [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated affiliates | 153,700,000 | 133,500,000 | |
Investment in unconsolidated affiliates-difference between carrying amount and underlying equity | 104,500,000 | 108,400,000 | |
Percentage of ownership underlying net assets | 50.00% | ||
Amortized weighted average remaining useful life | P5Y6M | ||
Dividends received from operating activities | 15,000,000 | 5,000,000 | |
Basic Plastics & Feedstocks [Member] | Sumika Styron Polycarbonate [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated affiliates | 35,600,000 | 34,100,000 | |
Investment in unconsolidated affiliates-difference between carrying amount and underlying equity | 21,000,000 | 21,300,000 | |
Percentage of ownership underlying net assets | 50.00% | ||
Amortized weighted average remaining useful life | P10Y6M | ||
Dividends received from investing activities | $0 | $1,000,000 |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Affiliates - Summarized Financial Information of Unconsolidated Affiliates (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) [Abstract] | ||
Sales | $439,570 | $564,132 |
Gross profit | 77,670 | 38,008 |
Net income | $66,019 | $21,520 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods | $197,762 | $235,949 |
Raw materials and semi-finished goods | 162,647 | 205,061 |
Supplies | 30,563 | 32,851 |
Total | $390,972 | $473,861 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill, by Segment (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill [Line Items] | |
Balance at December 31, 2014 | $34,574 |
Foreign currency impact | -4,034 |
Balance at March 31, 2015 | 30,540 |
Performance Materials, Latex [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2014 | 13,815 |
Foreign currency impact | -1,612 |
Balance at March 31, 2015 | 12,203 |
Performance Materials, Synthetic Rubber [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2014 | 9,461 |
Foreign currency impact | -1,104 |
Balance at March 31, 2015 | 8,357 |
Performance Materials, Performance Plastics [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2014 | 3,243 |
Foreign currency impact | -378 |
Balance at March 31, 2015 | 2,865 |
Basic Plastics & Feedstocks [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2014 | 8,055 |
Foreign currency impact | -940 |
Balance at March 31, 2015 | $7,115 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Schedule of Other Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $208,715 | $231,390 |
Accumulated Amortization | -63,389 | -66,032 |
Net | 145,326 | 165,358 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life (Years) | 15 years | |
Gross Carrying Amount | 166,823 | 188,854 |
Accumulated Amortization | -53,003 | -56,782 |
Net | 113,820 | 132,072 |
Manufacturing Capacity Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life (Years) | 6 years | |
Gross Carrying Amount | 20,400 | 23,095 |
Accumulated Amortization | -3,308 | -2,809 |
Net | 17,092 | 20,286 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life (Years) | 5 years | |
Gross Carrying Amount | 13,581 | 13,177 |
Accumulated Amortization | -7,078 | -6,441 |
Net | 6,503 | 6,736 |
Software in Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7,678 | 6,000 |
Net | 7,678 | 6,000 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 233 | 264 |
Net | $233 | $264 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense on other intangible assets | $4.50 | $4 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Estimated Amortization Expense for Next Five Years (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Amortization Expense, Remainder of 2015 | $13,108 |
Estimated Amortization Expense, 2016 | 16,918 |
Estimated Amortization Expense, 2017 | 16,083 |
Estimated Amortization Expense, 2018 | 15,396 |
Estimated Amortization Expense, 2019 | 15,151 |
Estimated Amortization Expense, 2020 | $11,903 |
Debt_Schedule_of_Debt_Detail
Debt - Schedule of Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2013 |
Debt Instrument [Line Items] | |||
Senior Notes | $1,192,500,000 | $1,192,500,000 | $1,325,000,000 |
Other indebtedness | 6,260,000 | 9,707,000 | |
Total debt | 1,198,760,000 | 1,202,207,000 | |
Short-term borrowings | -4,139,000 | -7,559,000 | |
Total long-term debt | 1,194,621,000 | 1,194,648,000 | |
Total debt | 1,198,760,000 | 1,202,207,000 | |
Accounts Receivable Securitization Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit | $0 | $0 |
Debt_Senior_Secured_Credit_Fac
Debt - Senior Secured Credit Facility (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | |||||||||
Senior Secured Credit Facility first lien net leverage ratio | 4.5 | 5 | 5 | 5 | 5.25 | ||||
Scenario Forecast [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior Secured Credit Facility first lien net leverage ratio | 4.25 | ||||||||
8.750% Senior Secured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from the issuance of Senior Notes | $1,325,000,000 | ||||||||
Debt instrument interest rate | 8.75% | ||||||||
Revolving Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity, Revolving Credit Facility | 300,000,000 | 240,000,000 | |||||||
Repayment of term loans | 1,239,000,000 | ||||||||
Credit Facility, amount outstanding | 0 | ||||||||
Credit Facility, funds available for borrowings | 291,200,000 | ||||||||
Letters of credit, amount outstanding | 8,800,000 | ||||||||
Revolving Facility [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 3.00% | 4.75% | |||||||
Revolving Facility [Member] | LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 4.00% | 5.75% | |||||||
Debt instrument, maturity date | 2018-01 | ||||||||
Senior Secured Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of Revolving Facility borrowing capacity covenant trigger | 25.00% | ||||||||
Undrawn letters of credit | $10,000,000 |
Debt_Senior_Notes_Detail
Debt - Senior Notes (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||
Jul. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2013 | |
Debt Instrument [Line Items] | ||||
Debt, face amount | 1,192,500,000 | $1,192,500,000 | $1,325,000,000 | |
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, stated interest rate | 8.75% | |||
Debt instrument, interest payment frequency | Semi-annually on February 1st and August 1st of each year | |||
Debt instrument, maturity date | 1-Feb-19 | |||
Redemption of Senior Notes | 132,500,000 | |||
Call premium | 4,000,000 | |||
Accrued and unpaid interest | $5,200,000 | |||
Senior Notes [Member] | Any Time Prior to August 1, 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, percentage of aggregate principal amount that may be redeemed | 35.00% | |||
Debt instrument, redemption price percentage | 108.75% | |||
Senior Notes [Member] | During Any 12-Month Period Commencing from the Issue Date Until August 1, 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, percentage of aggregate principal amount that may be redeemed | 10.00% | |||
Debt instrument, redemption price percentage | 103.00% |
Debt_Redemption_Price_as_Perce
Debt - Redemption Price as Percentage of Principal Amount to Applicable Date of Redemption (Detail) (Senior Notes [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
12-Month Period Commencing August 1 in Year 2015 [Member] | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 104.38% |
12-Month Period Commencing August 1 in Year 2016 [Member] | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 102.19% |
12-Month Period Commencing August 1 in Year 2017 and Thereafter [Member] | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 100.00% |
Debt_Accounts_Receivable_Secur
Debt - Accounts Receivable Securitization Facility (Detail) (Accounts Receivable Securitization Facility [Member], USD $) | 1 Months Ended | 3 Months Ended | 4 Months Ended | |
31-May-13 | Mar. 31, 2015 | Apr. 30, 2013 | Dec. 31, 2014 | |
Accounts Receivable Securitization Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $200,000,000 | $160,000,000 | ||
Debt instrument, maturity date | 2016-05 | |||
Debt instrument, basis spread on variable rate | 2.60% | 3.25% | ||
Fixed interest charges on available, but undrawn borrowings | 1.40% | 1.50% | ||
Amounts outstanding | 0 | 0 | ||
Accounts receivable available to support facility | $147,700,000 | $136,100,000 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Recorded losses from settlements and changes in the fair value of outstanding forward contracts | $21,000,000 |
Foreign exchange transaction gains (losses) | 18,000,000 |
Foreign Exchange Forward Contracts [Member] | Not Designated as Hedges [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative contracts, notional amount | 33,800,000 |
Foreign Exchange Cash Flow Hedges [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative contracts, notional amount | 90,000,000 |
Maturity period range | 18 months |
Reclassified out of other comprehensive income (loss) | 0 |
Other comprehensive income loss estimated reclassification adjustment on derivatives included in net income in next twelve months | $700,000 |
Derivative_Instruments_Notiona
Derivative Instruments - Notional Amounts of Most Significant Net Foreign Exchange Hedge Positions Outstanding (Detail) (USD $) | Mar. 31, 2015 |
Euro [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount, Buy / (Sell) | $167,979,000 |
Chinese Yuan [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount, Buy / (Sell) | -97,476,000 |
Swiss Franc [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount, Buy / (Sell) | 40,700,000 |
Indonesian Rupiah [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount, Buy / (Sell) | -37,450,000 |
British Pound [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount, Buy / (Sell) | ($12,157,000) |
Derivative_Instruments_Schedul
Derivative Instruments - Schedule of Changes in Fair Value of Company's Derivative Instruments (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Balance Sheet | $1,035 |
Gain (Loss) Recognized in Statement of Operations | -20,962 |
Designated as Cash Flow Hedges [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member] | Cash Flow Hedges [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Balance Sheet | 1,035 |
Not Designated as Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Expense, Net [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) Recognized in Statement of Operations | ($20,962) |
Derivative_Instruments_Informa
Derivative Instruments - Information Regarding Gross Amounts of Company's Derivative Instruments and Amounts Offset in Condensed Consolidated Balance Sheets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets | $2,853 | $2,037 |
Gross Amounts of Offset in the Condensed Consolidated Balance Sheet | -1,779 | -1,739 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | 1,074 | 298 |
Gross Amounts of Recognized Liabilities | 9,148 | 6,589 |
Gross Amounts of Offset in the Condensed Consolidated Balance Sheet | -1,779 | -1,739 |
Net Amounts of liabilities Presented in the Condensed Consolidated Balance Sheet | 7,369 | 4,850 |
Foreign Exchange Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets | 1,779 | 2,037 |
Gross Amounts of Offset in the Condensed Consolidated Balance Sheet | -1,779 | -1,739 |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | 298 | |
Gross Amounts of Recognized Liabilities | 9,148 | 6,589 |
Gross Amounts of Offset in the Condensed Consolidated Balance Sheet | -1,779 | -1,739 |
Net Amounts of liabilities Presented in the Condensed Consolidated Balance Sheet | 7,369 | 4,850 |
Foreign Exchange Contract [Member] | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets | 1,074 | |
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | $1,074 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Assets and Liabilities at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at Fair Value | $1,074 | $298 |
Liabilities at Fair Value | -7,369 | -4,850 |
Foreign Exchange Contract [Member] | Cash Flow Hedges [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at Fair Value | 1,074 | |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | -6,295 | -4,552 |
Recurring [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedges [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at Fair Value | 1,074 | |
Recurring [Member] | Foreign Exchange Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at Fair Value | 298 | |
Liabilities at Fair Value | -7,369 | -4,850 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value | -6,295 | -4,552 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedges [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at Fair Value | 1,074 | |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at Fair Value | 298 | |
Liabilities at Fair Value | ($7,369) | ($4,850) |
Fair_Value_Measurements_Estima
Fair Value Measurements - Estimated Fair Value of Outstanding Debt Not Carried at Fair Value (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of long term debt | $1,253,616 | $1,212,045 |
Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of long term debt | $1,253,616 | $1,212,045 |
Provision_for_Income_Taxes_Sch
Provision for Income Taxes - Schedule of Effective Income Tax Rate (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 32.20% | 42.70% |
Provision_for_Income_Taxes_Add
Provision for Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Jul. 31, 2014 | |
Schedule Of Effective Tax Rate Reconciliation [Line Items] | |||
Effective income tax rate | 32.20% | 42.70% | |
Provision for income taxes | $17,900,000 | $12,750,000 | |
Senior Notes [Member] | |||
Schedule Of Effective Tax Rate Reconciliation [Line Items] | |||
Redemption of Senior Notes | 132,500,000 | ||
Senior Notes [Member] | LUXEMBOURG | Holding Company [Member] | |||
Schedule Of Effective Tax Rate Reconciliation [Line Items] | |||
Loss attributable to holding company | $18,000,000 | $23,900,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||
Accrued obligations for environmental remediation and restoration costs | 0 | $0 |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Purchase commitment period | 1 year | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Purchase commitment period | 6 years |
Pension_Plans_and_Other_Postre2
Pension Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Costs for All Significant Plans (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $4,301 | $3,515 |
Interest cost | 1,360 | 1,933 |
Expected return on plan assets | -421 | -621 |
Amortization of prior service cost (credit) | -423 | -256 |
Amortization of net (gain) loss | 1,381 | 467 |
Net periodic benefit cost | 6,198 | 5,038 |
Other Postretirement Plans [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 88 | 75 |
Interest cost | 140 | 78 |
Amortization of prior service cost (credit) | 26 | 26 |
Amortization of net (gain) loss | -37 | |
Net periodic benefit cost | $254 | $142 |
Pension_Plans_and_Other_Postre3
Pension Plans and Other Postretirement Benefits - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Pension and Other Postretirement Benefit Obligations- noncurrent | $178.50 | $196.60 |
Company contributions to the defined benefit plans | 4.8 | |
Additional cash contributions, including benefit payments to unfunded plans | $12 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 17, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $0.20 | ||
Weighted-average period of recognition | 2 years 10 months 24 days | ||
Option awards granted to purchase common shares | 603,702 | ||
Weighted-average grant date fair value of option awards | $7.79 | ||
Unrecognized compensation cost related to option awards | 4.5 | ||
2014 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option awards, exercise term from the date of grant | 9 years | ||
Maximum [Member] | 2014 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 4,500,000 | ||
Time-based and Performance-based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 750,000 | ||
Restricted Stock Units granted during period | 0 | ||
Time-based Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units granted during period | 0 | ||
Compensation expense | 1.1 | 2.4 | |
Unrecognized compensation cost | 3.9 | ||
Weighted-average period of recognition | 2 years 3 months 18 days | ||
Modified Time-based Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units granted during period | 0 | ||
Compensation expense | 0.9 | ||
Unrecognized compensation cost | 8.3 | ||
Weighted-average period of recognition | 2 years 3 months 18 days | ||
Management Retention Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 0.1 | 0.2 | |
Unrecognized compensation cost | 0.3 | ||
Weighted-average period of recognition | 9 months 18 days | ||
Management Retention Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards, vesting period | 4 years | ||
Management Retention Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards, vesting period | 1 year | ||
RSUs [Member] | 2014 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units granted during period | 412,538 | ||
Compensation expense | 0.2 | ||
Unrecognized compensation cost | $7.30 | ||
Weighted-average period of recognition | 2 years 10 months 24 days | ||
Stock awards, vesting period | 3 years | ||
Weighted-average grant date fair value per share of grants during period | $18.14 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Weighted-Average Assumptions Used Within Black-Scholes Pricing Model for Grants (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Expected term (in years) | 5 years 6 months |
Expected volatility | 45.00% |
Risk-free interest rate | 1.65% |
Dividend yield | 0.00% |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (Bain Capital [Member], USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 17, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Bain Capital [Member] | |||
Related Party Transaction [Line Items] | |||
Related party agreement term | 10 years | ||
Management fee expenses | $0.10 | $1.20 | |
Transaction services agreement, period | 10 years | ||
Percentage of advisory fees | 1.00% | ||
IPO expenses directly related to the offering | $2.20 |
Segments_Additional_Informatio
Segments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 31, 2015 | Jan. 01, 2015 | |
Segment | JointVenture | Divisions | |
Divisions | |||
Segment Reporting Information [Line Items] | |||
Number of divisions | 2 | ||
Number of reportable segments | 4 | ||
Number of divisions | 2 | ||
Number of strategic joint ventures | 2 | ||
Basic Plastics & Feedstocks [Member] | Americas Styrenics [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of ownership underlying net assets | 50.00% | ||
Basic Plastics & Feedstocks [Member] | Sumika Styron Polycarbonate [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of ownership underlying net assets | 50.00% |
Segments_Reconciliation_of_Seg
Segments - Reconciliation of Segment Reporting to Consolidated (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Sales to external customers | $1,018,265 | $1,359,132 | |
Equity in earnings (losses) of unconsolidated affiliates | 36,707 | 14,950 | |
EBITDA | 131,745 | 108,521 | |
Investment in unconsolidated affiliates | 189,364 | 164,859 | 167,658 |
Depreciation and amortization | 22,554 | 23,728 | |
Operating Segments [Member] | Performance Materials, Latex [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales to external customers | 238,256 | 326,305 | |
EBITDA | 21,459 | 25,513 | |
Depreciation and amortization | 6,370 | 6,304 | |
Operating Segments [Member] | Performance Materials, Synthetic Rubber [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales to external customers | 129,404 | 176,714 | |
EBITDA | 26,177 | 43,101 | |
Depreciation and amortization | 7,790 | 7,170 | |
Operating Segments [Member] | Performance Materials, Performance Plastics [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales to external customers | 196,944 | 202,005 | |
EBITDA | 25,097 | 17,349 | |
Depreciation and amortization | 1,413 | 1,243 | |
Operating Segments [Member] | Basic Plastics & Feedstocks [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales to external customers | 453,661 | 654,108 | |
Equity in earnings (losses) of unconsolidated affiliates | 36,707 | 14,950 | |
EBITDA | 59,012 | 22,558 | |
Investment in unconsolidated affiliates | 189,364 | 164,859 | |
Depreciation and amortization | 6,230 | 7,920 | |
Corporate Unallocated [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $751 | $1,091 |
Segments_Reconciliation_of_Seg1
Segments - Reconciliation of Segment Reporting to Consolidated (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reconciliation [Abstract] | ||
Total Segment EBITDA | $131,745 | $108,521 |
Corporate unallocated | -24,731 | -22,139 |
Less: Interest expense, net | 28,856 | 32,818 |
Less: Provision for income taxes | 17,900 | 12,750 |
Less: Depreciation and amortization | 22,554 | 23,728 |
Net income | $37,704 | $17,086 |
Divestitures_Additional_Inform
Divestitures - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | |
USD ($) | USD ($) | EUR (€) | |
Property, Plant and Equipment [Abstract] | |||
Business disposition, working capital adjustment paid | $700,000 | ||
Incremental payment | $600,000 | € 500,000 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Accrued expenses and other current liabilities | $84,746,000 | $120,928,000 | |
Other noncurrent liabilities | 220,607,000 | 239,287,000 | |
Altona Plant [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 600,000 | 2,800,000 |
Accrued charges | 1,759,000 | 2,128,000 | |
Accrued expenses and other current liabilities | 1,000,000 | 1,200,000 | |
Other noncurrent liabilities | 800,000 | 900,000 | |
Basic Plastics & Feedstocks [Member] | Dow [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 500,000 | 0 | |
Accrued charges | $0 | $4,200,000 |
Restructuring_Rollforward_of_L
Restructuring - Rollforward of Liability Balances (Detail) (Altona Plant [Member], USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Balance at beginning of period | $2,128,000 | ||
Expenses | 0 | 600,000 | 2,800,000 |
Deductions | -369,000 | ||
Balance at end of period | 1,759,000 | 2,128,000 | |
Contract Termination Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance at beginning of period | 2,128,000 | ||
Expenses | 0 | ||
Deductions | -369,000 | ||
Balance at end of period | $1,759,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss), Net of Income Taxes (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), beginning balance | ($75,217) | $88,378 |
Other comprehensive income (loss) | -112,283 | -1,181 |
Other comprehensive income (loss), ending balance | -187,500 | 87,197 |
Currency Translation Adjustment, Net [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), beginning balance | -17,755 | 116,146 |
Other comprehensive income (loss) | -114,155 | -1,425 |
Other comprehensive income (loss), ending balance | -131,910 | 114,721 |
Employee Benefits, Net [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), beginning balance | -57,462 | -27,768 |
Other comprehensive income (loss) | 837 | 244 |
Other comprehensive income (loss), ending balance | -56,625 | -27,524 |
Foreign Exchange Cash Flow Hedges, Net [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) | 1,035 | |
Other comprehensive income (loss), ending balance | $1,035 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) (Foreign Exchange Cash Flow Hedges, Net [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Foreign Exchange Cash Flow Hedges, Net [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Amounts reclassified into net income (loss) from accumulated other comprehensive income (loss) | $0 |
Earnings_Loss_Per_Share_Additi
Earnings (Loss) Per Share - Additional Information (Detail) | 0 Months Ended | 3 Months Ended |
30-May-14 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Reverse stock split, description | 1-for-436.69219 reverse split of its issued and outstanding common stock | |
Reverse stock split ratio | 0.00229 |
Earnings_Loss_Per_Share_Schedu
Earnings (Loss) Per Share - Schedule of Earnings (Loss) per Share Basic and Diluted (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings (losses): | ||
Net income available to common shareholders | $37,704 | $17,086 |
Shares: | ||
Weighted average common shares outstanding | 48,770 | 37,270 |
Dilutive effect of RSUs and option awards | 81 | |
Diluted weighted average shares outstanding | 48,851 | 37,270 |
Income per share: | ||
Income per share-basic | $0.77 | $0.46 |
Income per share-diluted | $0.77 | $0.46 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | Mar. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | 31-May-15 | 31-May-15 | 31-May-15 | 31-May-15 | 31-May-15 | 31-May-15 | 31-May-15 |
USD ($) | USD ($) | USD ($) | Revolving Facility [Member] | Revolving Facility [Member] | Revolving Facility [Member] | Revolving Facility [Member] | 8.750% Senior Secured Notes due 2019 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
USD ($) | USD ($) | LIBOR [Member] | LIBOR [Member] | USD ($) | USD ($) | Revolving Facility [Member] | Dollar Notes [Member] | Euro Notes [Member] | Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | ||||
USD ($) | USD ($) | EUR (€) | USD ($) | LIBOR [Member] | LIBOR [Member] | ||||||||||
Minimum [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Debt instrument face amount | $700,000,000 | $300,000,000 | € 375,000,000 | $500,000,000 | |||||||||||
Debt instrument maturity date | 1-May-22 | 1-May-22 | 1-Nov-21 | ||||||||||||
Debt instrument interest rate | 8.75% | 6.75% | 6.38% | 1.00% | |||||||||||
Debt instrument, interest payment frequency | The Issuers will pay interest semi-annually in arrears on the Notes on May 1 and November 1 of each year beginning on November 1, 2015. | ||||||||||||||
Debt instrument, description of reference rate | LIBOR | ||||||||||||||
Debt instrument, basis spread on variable rate | 4.00% | 5.75% | 3.25% | ||||||||||||
Debt instrument original issue discount | 0.25% | ||||||||||||||
Revolving credit facility, borrowing capacity | 300,000,000 | 240,000,000 | 325,000,000 | ||||||||||||
Debt instrument maturity period | 2018-01 | 2020-05 | |||||||||||||
Proceeds from borrowings under Term Loans | 500,000,000 | ||||||||||||||
Debt instrument maturity year | 2019 | ||||||||||||||
Senior Secured Notes | 1,192,500,000 | 1,192,500,000 | 1,325,000,000 | 1,192,500,000 | |||||||||||
Call premium | 69,000,000 | ||||||||||||||
Accrued and unpaid interest | $30,000,000 |
Supplemental_Guarantor_Condens2
Supplemental Guarantor Condensed Consolidating Financial Statements - Additional Information (Detail) | Mar. 31, 2015 |
Condensed Financial Information Of Subsidiaries Disclosure [Abstract] | |
Ownership interest | 100.00% |
Supplemental_Guarantor_Condens3
Supplemental Guarantor Condensed Consolidating Financial Statements - Supplemental Condensed Consolidating Balance Sheet (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $218,697 | $220,786 | $139,089 | $196,503 |
Accounts receivable, net of allowance | 590,065 | 601,066 | ||
Inventories | 390,972 | 473,861 | ||
Deferred income tax assets | 8,423 | 11,786 | ||
Other current assets | 11,378 | 15,164 | ||
Total current assets | 1,219,535 | 1,322,663 | ||
Investments in unconsolidated affiliates | 189,364 | 167,658 | 164,859 | |
Property, plant and equipment, net | 505,105 | 556,697 | ||
Other assets | ||||
Goodwill | 30,540 | 34,574 | ||
Other intangible assets, net | 145,326 | 165,358 | ||
Deferred income tax assets-noncurrent | 48,220 | 46,812 | ||
Deferred charges and other assets | 57,006 | 62,354 | ||
Total other assets | 281,092 | 309,098 | ||
Total assets | 2,195,096 | 2,356,116 | ||
Current liabilities | ||||
Short-term borrowings | 4,139 | 7,559 | ||
Accounts payable | 395,031 | 434,692 | ||
Income taxes payable | 15,968 | 9,413 | ||
Deferred income tax liabilities | 1,930 | 1,413 | ||
Accrued expenses and other current liabilities | 84,746 | 120,928 | ||
Total current liabilities | 501,814 | 574,005 | ||
Noncurrent liabilities | ||||
Long-term debt | 1,194,621 | 1,194,648 | ||
Deferred income tax liabilities-noncurrent | 29,146 | 27,311 | ||
Other noncurrent obligations | 220,607 | 239,287 | ||
Total noncurrent liabilities | 1,444,374 | 1,461,246 | ||
Commitments and contingencies (Note 10) | ||||
Shareholders' equity | 248,908 | 320,865 | 361,796 | 343,202 |
Total liabilities and shareholders' equity | 2,195,096 | 2,356,116 | ||
Parent Guarantor [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 332 | 904 | 17 | 2 |
Accounts receivable, net of allowance | 17 | |||
Intercompany receivables | 55 | |||
Total current assets | 349 | 959 | ||
Other assets | ||||
Investments in subsidiaries | 258,121 | 327,100 | ||
Total other assets | 258,121 | 327,100 | ||
Total assets | 258,470 | 328,059 | ||
Current liabilities | ||||
Accounts payable | 46 | |||
Intercompany payables | 9,489 | 6,944 | ||
Accrued expenses and other current liabilities | 73 | 204 | ||
Total current liabilities | 9,562 | 7,194 | ||
Noncurrent liabilities | ||||
Commitments and contingencies (Note 10) | ||||
Shareholders' equity | 248,908 | 320,865 | ||
Total liabilities and shareholders' equity | 258,470 | 328,059 | ||
Issuers [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 672 | 2,653 | 503 | 954 |
Accounts receivable, net of allowance | 71 | 62 | ||
Intercompany receivables | 466,636 | 493,090 | ||
Other current assets | 67 | 148 | ||
Total current assets | 467,446 | 495,953 | ||
Other assets | ||||
Investments in subsidiaries | 1,268,922 | 1,327,675 | ||
Intercompany notes receivable-noncurrent | 1,277,039 | 1,323,401 | ||
Deferred charges and other assets | 35,241 | 36,899 | ||
Total other assets | 2,581,202 | 2,687,975 | ||
Total assets | 3,048,648 | 3,183,928 | ||
Current liabilities | ||||
Accounts payable | 2,439 | 2,323 | ||
Intercompany payables | 844,367 | 888,660 | ||
Accrued expenses and other current liabilities | 26,862 | 52,001 | ||
Total current liabilities | 873,668 | 942,984 | ||
Noncurrent liabilities | ||||
Long-term debt | 1,192,500 | 1,192,500 | ||
Deferred income tax liabilities-noncurrent | 3,175 | 2,300 | ||
Total noncurrent liabilities | 1,195,675 | 1,194,800 | ||
Commitments and contingencies (Note 10) | ||||
Shareholders' equity | 979,305 | 1,046,144 | ||
Total liabilities and shareholders' equity | 3,048,648 | 3,183,928 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 146,314 | 166,106 | 90,821 | 154,770 |
Accounts receivable, net of allowance | 208,344 | 207,465 | ||
Intercompany receivables | 1,322,623 | 1,369,837 | ||
Inventories | 312,440 | 381,797 | ||
Deferred income tax assets | 4,811 | 5,382 | ||
Other current assets | 5,879 | 6,476 | ||
Total current assets | 2,000,411 | 2,137,063 | ||
Investments in unconsolidated affiliates | 189,364 | 167,658 | ||
Property, plant and equipment, net | 381,705 | 426,905 | ||
Other assets | ||||
Goodwill | 30,540 | 34,574 | ||
Other intangible assets, net | 143,555 | 164,020 | ||
Investments in subsidiaries | 531,264 | 595,755 | ||
Intercompany notes receivable-noncurrent | 13,837 | 15,664 | ||
Deferred income tax assets-noncurrent | 41,465 | 43,676 | ||
Deferred charges and other assets | 20,200 | 23,398 | ||
Total other assets | 780,861 | 877,087 | ||
Total assets | 3,352,341 | 3,608,713 | ||
Current liabilities | ||||
Accounts payable | 335,572 | 366,882 | ||
Intercompany payables | 488,649 | 522,930 | ||
Income taxes payable | 15,168 | 8,864 | ||
Deferred income tax liabilities | 1,454 | 1,171 | ||
Accrued expenses and other current liabilities | 46,801 | 55,412 | ||
Total current liabilities | 887,644 | 955,259 | ||
Noncurrent liabilities | ||||
Long-term debt | 2,121 | 2,148 | ||
Intercompany notes payable-noncurrent | 1,251,314 | 1,296,121 | ||
Deferred income tax liabilities-noncurrent | 18,232 | 16,145 | ||
Other noncurrent obligations | 208,523 | 226,708 | ||
Total noncurrent liabilities | 1,480,190 | 1,541,122 | ||
Commitments and contingencies (Note 10) | ||||
Shareholders' equity | 984,507 | 1,112,332 | ||
Total liabilities and shareholders' equity | 3,352,341 | 3,608,713 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 71,379 | 51,123 | 47,748 | 40,777 |
Accounts receivable, net of allowance | 381,244 | 393,539 | ||
Intercompany receivables | 109,510 | 101,716 | ||
Inventories | 82,845 | 99,709 | ||
Deferred income tax assets | 3,612 | 6,404 | ||
Other current assets | 5,432 | 8,540 | ||
Total current assets | 654,022 | 661,031 | ||
Property, plant and equipment, net | 123,400 | 129,792 | ||
Other assets | ||||
Other intangible assets, net | 1,771 | 1,338 | ||
Deferred income tax assets-noncurrent | 6,755 | 3,136 | ||
Deferred charges and other assets | 752 | 718 | ||
Total other assets | 9,278 | 5,192 | ||
Total assets | 786,700 | 796,015 | ||
Current liabilities | ||||
Short-term borrowings | 4,139 | 7,559 | ||
Accounts payable | 57,020 | 65,441 | ||
Intercompany payables | 556,217 | 546,150 | ||
Income taxes payable | 170 | 549 | ||
Deferred income tax liabilities | 476 | 242 | ||
Accrued expenses and other current liabilities | 11,010 | 13,311 | ||
Total current liabilities | 629,032 | 633,252 | ||
Noncurrent liabilities | ||||
Intercompany notes payable-noncurrent | 39,562 | 42,944 | ||
Deferred income tax liabilities-noncurrent | 7,739 | 8,866 | ||
Other noncurrent obligations | 12,084 | 12,579 | ||
Total noncurrent liabilities | 59,385 | 64,389 | ||
Commitments and contingencies (Note 10) | ||||
Shareholders' equity | 98,283 | 98,374 | ||
Total liabilities and shareholders' equity | 786,700 | 796,015 | ||
Eliminations [Member] | ||||
Current assets | ||||
Accounts receivable, net of allowance | 389 | |||
Intercompany receivables | -1,898,769 | -1,964,698 | ||
Inventories | -4,313 | -7,645 | ||
Total current assets | -1,902,693 | -1,972,343 | ||
Other assets | ||||
Investments in subsidiaries | -2,058,307 | -2,250,530 | ||
Intercompany notes receivable-noncurrent | -1,290,876 | -1,339,065 | ||
Deferred charges and other assets | 813 | 1,339 | ||
Total other assets | -3,348,370 | -3,588,256 | ||
Total assets | -5,251,063 | -5,560,599 | ||
Current liabilities | ||||
Intercompany payables | -1,898,722 | -1,964,684 | ||
Income taxes payable | 630 | |||
Total current liabilities | -1,898,092 | -1,964,684 | ||
Noncurrent liabilities | ||||
Intercompany notes payable-noncurrent | -1,290,876 | -1,339,065 | ||
Total noncurrent liabilities | -1,290,876 | -1,339,065 | ||
Commitments and contingencies (Note 10) | ||||
Shareholders' equity | -2,062,095 | -2,256,850 | ||
Total liabilities and shareholders' equity | ($5,251,063) | ($5,560,599) |
Supplemental_Guarantor_Condens4
Supplemental Guarantor Condensed Consolidating Financial Statements - Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | $1,018,265 | $1,359,132 |
Cost of sales | 915,186 | 1,260,503 |
Gross profit | 103,079 | 98,629 |
Selling, general and administrative expenses | 51,775 | 50,030 |
Equity in earnings of unconsolidated affiliates | 36,707 | 14,950 |
Operating income (loss) | 88,011 | 63,549 |
Interest expense, net | 28,856 | 32,818 |
Other expense (income), net | 3,551 | 895 |
Income before income taxes | 55,604 | 29,836 |
Provision for (benefit from) income taxes | 17,900 | 12,750 |
Net income | 37,704 | 17,086 |
Comprehensive income (loss) | -74,579 | 15,905 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | -190,324 | -215,728 |
Cost of sales | -193,662 | -216,454 |
Gross profit | 3,338 | 726 |
Operating income (loss) | 3,338 | 726 |
Intercompany interest expense (income), net | 30 | |
Other expense (income), net | 3 | |
Equity in loss (earnings) of subsidiaries | 132,988 | 82,348 |
Income before income taxes | -129,653 | -81,652 |
Provision for (benefit from) income taxes | 1,176 | 252 |
Net income | -130,829 | -81,904 |
Comprehensive income (loss) | 93,737 | -79,542 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Selling, general and administrative expenses | 3,107 | 2,706 |
Operating income (loss) | -3,107 | -2,706 |
Intercompany interest expense (income), net | 3 | 2 |
Other expense (income), net | 2,476 | |
Equity in loss (earnings) of subsidiaries | -43,290 | -19,794 |
Income before income taxes | 37,704 | 17,086 |
Net income | 37,704 | 17,086 |
Comprehensive income (loss) | -74,579 | 15,905 |
Issuers [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cost of sales | 156 | 157 |
Gross profit | -156 | -157 |
Selling, general and administrative expenses | 82 | 685 |
Operating income (loss) | -238 | -842 |
Interest expense, net | 28,692 | 31,590 |
Intercompany interest expense (income), net | -18,847 | -19,831 |
Other expense (income), net | -2,966 | -3,088 |
Equity in loss (earnings) of subsidiaries | -53,480 | -35,386 |
Income before income taxes | 46,363 | 25,873 |
Provision for (benefit from) income taxes | 969 | |
Net income | 45,394 | 25,873 |
Comprehensive income (loss) | -66,889 | 24,692 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 936,736 | 1,227,563 |
Cost of sales | 840,114 | 1,147,077 |
Gross profit | 96,622 | 80,486 |
Selling, general and administrative expenses | 43,884 | 42,076 |
Equity in earnings of unconsolidated affiliates | 36,707 | 14,950 |
Operating income (loss) | 89,445 | 53,360 |
Interest expense, net | 133 | 312 |
Intercompany interest expense (income), net | 16,239 | 16,647 |
Other expense (income), net | -4,054 | -824 |
Equity in loss (earnings) of subsidiaries | -36,218 | -27,168 |
Income before income taxes | 113,345 | 64,393 |
Provision for (benefit from) income taxes | 16,573 | 9,182 |
Net income | 96,772 | 55,211 |
Comprehensive income (loss) | -13,012 | 54,636 |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net sales | 271,853 | 347,297 |
Cost of sales | 268,578 | 329,723 |
Gross profit | 3,275 | 17,574 |
Selling, general and administrative expenses | 4,702 | 4,563 |
Operating income (loss) | -1,427 | 13,011 |
Interest expense, net | 31 | 916 |
Intercompany interest expense (income), net | 2,605 | 3,152 |
Other expense (income), net | 8,092 | 4,807 |
Income before income taxes | -12,155 | 4,136 |
Provision for (benefit from) income taxes | -818 | 3,316 |
Net income | -11,337 | 820 |
Comprehensive income (loss) | ($13,836) | $214 |
Supplemental_Guarantor_Condens5
Supplemental Guarantor Condensed Consolidating Financial Statements - Supplemental Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Cash provided by (used in) operating activities | $42,914 | ($1,183) |
Cash flows from investing activities | ||
Capital expenditures | -27,670 | -41,141 |
Payment for working capital adjustment from sale of business | -700 | |
Proceeds from the sale of businesses and other assets | 560 | |
Distributions from unconsolidated affiliates | 978 | |
Cash used in investing activities | -27,110 | -40,863 |
Cash flows from financing activities | ||
Short-term borrowings, net | -9,487 | -14,837 |
Proceeds from Accounts Receivable Securitization Facility | 60,971 | |
Repayments of Accounts Receivable Securitization Facility | -61,538 | |
Cash used in financing activities | -9,487 | -15,404 |
Effect of exchange rates on cash | -8,406 | 36 |
Net change in cash and cash equivalents | -2,089 | -57,414 |
Cash and cash equivalents-beginning of period | 220,786 | 196,503 |
Cash and cash equivalents-end of period | 218,697 | 139,089 |
Parent Guarantor [Member] | ||
Cash flows from operating activities | ||
Cash provided by (used in) operating activities | -636 | -15 |
Cash flows from financing activities | ||
Intercompany short-term borrowings, net | 65 | 30 |
Cash used in financing activities | 65 | 30 |
Effect of exchange rates on cash | -1 | |
Net change in cash and cash equivalents | -572 | 15 |
Cash and cash equivalents-beginning of period | 904 | 2 |
Cash and cash equivalents-end of period | 332 | 17 |
Issuers [Member] | ||
Cash flows from operating activities | ||
Cash provided by (used in) operating activities | -36,376 | -33,173 |
Cash flows from investing activities | ||
Investments in subsidiaries | -10,000 | |
Cash used in investing activities | -10,000 | |
Cash flows from financing activities | ||
Intercompany short-term borrowings, net | 34,046 | 44,908 |
Short-term borrowings, net | -2,188 | |
Cash used in financing activities | 34,046 | 42,720 |
Effect of exchange rates on cash | 349 | 2 |
Net change in cash and cash equivalents | -1,981 | -451 |
Cash and cash equivalents-beginning of period | 2,653 | 954 |
Cash and cash equivalents-end of period | 672 | 503 |
Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities | ||
Cash provided by (used in) operating activities | 42,502 | 14,291 |
Cash flows from investing activities | ||
Capital expenditures | -22,689 | -38,254 |
Payment for working capital adjustment from sale of business | -700 | |
Proceeds from the sale of businesses and other assets | 560 | |
Distributions from unconsolidated affiliates | 978 | |
Intercompany investing activities | 15,691 | -76,566 |
Cash used in investing activities | -6,438 | -114,542 |
Cash flows from financing activities | ||
Intercompany short-term borrowings, net | -48,986 | 13,050 |
Short-term borrowings, net | -66 | -70 |
Contributions from parent companies | 10,000 | |
Proceeds from issuance of intercompany indebtedness | 13,000 | |
Cash used in financing activities | -49,052 | 35,980 |
Effect of exchange rates on cash | -6,804 | 322 |
Net change in cash and cash equivalents | -19,792 | -63,949 |
Cash and cash equivalents-beginning of period | 166,106 | 154,770 |
Cash and cash equivalents-end of period | 146,314 | 90,821 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities | ||
Cash provided by (used in) operating activities | 37,424 | 17,714 |
Cash flows from investing activities | ||
Capital expenditures | -4,981 | -2,887 |
Cash used in investing activities | -4,981 | -2,887 |
Cash flows from financing activities | ||
Intercompany short-term borrowings, net | -816 | 5,578 |
Short-term borrowings, net | -9,421 | -12,579 |
Proceeds from Accounts Receivable Securitization Facility | 60,971 | |
Repayments of Accounts Receivable Securitization Facility | -61,538 | |
Cash used in financing activities | -10,237 | -7,568 |
Effect of exchange rates on cash | -1,950 | -288 |
Net change in cash and cash equivalents | 20,256 | 6,971 |
Cash and cash equivalents-beginning of period | 51,123 | 40,777 |
Cash and cash equivalents-end of period | 71,379 | 47,748 |
Eliminations [Member] | ||
Cash flows from investing activities | ||
Investments in subsidiaries | 10,000 | |
Intercompany investing activities | -15,691 | 76,566 |
Cash used in investing activities | -15,691 | 86,566 |
Cash flows from financing activities | ||
Intercompany short-term borrowings, net | 15,691 | -63,566 |
Contributions from parent companies | -10,000 | |
Proceeds from issuance of intercompany indebtedness | -13,000 | |
Cash used in financing activities | $15,691 | ($86,566) |