10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2014

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-36473

Trinseo S.A.

(Exact name of registrant as specified in its charter)

Luxembourg	N/A
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

1000 Chesterbrook Boulevard

Suite 300

Berwyn, PA 19312

(Address of Principal Executive Offices)

(610) 240-3200

(Registrant’s telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ¨    No  x

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the Company is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

As of August 8, 2014, there were 48,769,567 shares of the registrant’s ordinary shares outstanding.

EXPLANATORY NOTE

Trinseo Materials Operating S.C.A., a Luxembourg partnership limited by shares (“Trinseo Materials”), and Trinseo Materials Finance, Inc., a Delaware corporation (together with Trinseo Materials, the “Subsidiary Registrants”) are two wholly-owned subsidiaries of Trinseo S.A., a public limited liability company (société anonyme) existing under the laws of Luxembourg (“Trinseo,” and together with its consolidated subsidiaries, the “Company”). The Subsidiary Registrants are the co-issuers of the Company’s 8.750% Senior Secured Notes due 2019 (the “Senior Notes”) and Trinseo is the parent guarantor of the Senior Notes. Trinseo’s registration statement on Form S-1 relating to the initial public offering of its ordinary shares was declared effective by the Securities and Exchange Commission on June 11, 2014. In reliance on Rule 12h-5 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Rule 3-10 of Regulation S-X, the Subsidiary Registrants are exempt from, and have ceased to file reports under the Exchange Act.

2

TABLE OF CONTENTS

		Page
Part I	Financial Information
Item 1.	Financial Statements		5
	Condensed Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013 (Unaudited)		5
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2013 (Unaudited)		6
	Condensed Consolidated Statements of Comprehensive Income (Loss) for three and six months ended June 30, 2014 and 2013 (Unaudited)		7
	Condensed Consolidated Statements of Shareholders’ Equity for six months ended June  30, 2014 and 2013 (Unaudited)		8
	Condensed Consolidated Statements of Cash Flows for six months ended June 30, 2014 and 2013 (Unaudited)		9
	Notes to Condensed Consolidated Financial Statements (Unaudited)		10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		33
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		48
Item 4.	Controls and Procedures		48
Part II	Other Information
Item 1.	Legal Proceedings		48
Item 1A.	Risk Factors		48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		52
Item 3.	Defaults Upon Senior Securities		52
Item 4.	Mine Safety Disclosures		52
Item 5.	Other Information		52
Item 6.	Exhibits		52
Signatures
Exhibit Index

3

Trinseo S.A.

Quarterly Report on Form 10-Q

For the quarterly period ended June 30, 2014

Unless otherwise indicated or required by context, as used in this Quarterly Report on Form 10-Q (“Quarterly Report”), the term “Trinseo” refers to Trinseo S.A. (NYSE: TSE), a public limited liability company (société anonyme) existing under the laws of Luxembourg, and not its subsidiaries. The terms “Company,” “we,” “us” and “our” refer to Trinseo and its consolidated subsidiaries, taken as a combined entity and as required by context, may also include our business as owned by our predecessor The Dow Chemical Company for any dates prior to June 17, 2010. All financial data provided in this Quarterly Report is the financial data of the Company unless otherwise indicated.

Prior to our formation, our business was wholly owned by The Dow Chemical Company. We refer to our predecessor business as “the Styron business.” On June 17, 2010, investment funds advised or managed by affiliates of Bain Capital Partners, LLC (“Bain Capital”) acquired the Styron business and Dow Europe Holding B.V., which we refer to as “Dow Europe,” or, together with other affiliates of The Dow Chemical Company, “Dow,” which also retained an ownership interest in the Styron business through an indirect ownership interest in us. We refer to our acquisition by Bain Capital as the “Acquisition.”

Cautionary Note on Forward-Looking Statements

This Quarterly Report contains forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts. Forward looking statements may be identified by the use of words like “expect,” “anticipate,” “intend,” “forecast,” “outlook,” “will,” “may,” “might,” “potential,” “likely,” “target,” “plan,” “contemplate,” “seek,” “attempt,” “should,” “could,” “would” or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Specific factors that may impact performance or other predictions of future actions have, in many but not all cases, been identified in connection with specific forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in this Quarterly Report in Part II, Item 1A — “Risk Factors,” and elsewhere in this Quarterly Report.

As a result of these or other factors, our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. We caution you therefore against relying on any of these forward-looking statements. The forward-looking statements included in this Quarterly Report are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Where You Can Find Additional Information

Our website is www.trinseo.com. Information contained on our website is not part of this Quarterly Report on Form 10-Q. Information that we file with or furnish to the Securities and Exchange Commission (the “SEC”), including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to or exhibits included in these reports are available for download, free of charge, on our website soon after such reports are filed with or furnished to the SEC. These reports and other information, including exhibits filed or furnished therewith, are also available at the SEC’s website at www.sec.gov. You may also obtain and copy any document we file with or furnish to the SEC at the SEC’s public reference room at 100 F Street, NE, Room 1580, Washington, D.C. 20549. You may obtain information on the operation of the SEC’s public reference facilities by calling the SEC at 1-800-SEC-0330. You may request copies of these documents, upon payment of a duplicating fee, by writing to the SEC at its principal office at 100 F Street, NE, Room 1580, Washington, D.C. 20549.

4

PART I —FINANCIAL INFORMATION

Item 1. Financial Statements

TRINSEO S.A.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

	June 30,			December 31,
	2014			2013
Assets
Current assets
Cash and cash equivalents	$	323,544		$	196,503
Accounts receivable, net of allowance for doubtful accounts (June 30, 2014—$6,672; December 31, 2013—$5,866)		775,152			717,482
Inventories		526,195			530,191
Deferred income tax assets		9,941			9,820
Other current assets		19,382			22,750
Total current assets		1,654,214			1,476,746
Investments in unconsolidated affiliates		162,738			155,887
Property, plant and equipment, net of accumulated depreciation (June 30, 2014—$312,383; December 31, 2013—$283,795)		586,420			606,427
Other assets
Goodwill		36,967			37,273
Other intangible assets, net		189,084			171,514
Deferred income tax assets—noncurrent		38,941			42,938
Deferred charges and other assets		72,752			83,996
Total other assets		337,744			335,721
Total assets	$	2,741,116		$	2,574,781
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings and current portion of long-term debt	$	142,055		$	8,754
Accounts payable		507,036			509,093
Income taxes payable		10,033			9,683
Deferred income tax liabilities		1,427			2,903
Accrued expenses and other current liabilities		134,045			136,129
Total current liabilities		794,596			666,562
Noncurrent liabilities
Long-term debt		1,195,028			1,327,667
Deferred income tax liabilities—noncurrent		32,622			26,932
Other noncurrent obligations		209,261			210,418
Total noncurrent liabilities		1,436,911			1,565,017
Commitments and contingencies (Note J)
Shareholders’ equity
Common stock, $0.01 nominal value, 50,000,000 shares authorized at June 30, 2014 and December 31, 2013, and 48,770 and 37,270 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively		488			373
Additional paid-in-capital		542,654			339,055
Accumulated deficit		(112,139	)		(84,604	)
Accumulated other comprehensive income		78,606			88,378
Total shareholders’ equity		509,609			343,202
Total liabilities and shareholders’ equity	$	2,741,116		$	2,574,781

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

TRINSEO S.A.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net sales	$	1,340,935		$	1,361,759		$	2,700,067		$	2,753,344
Cost of sales		1,248,525			1,296,250			2,509,028			2,607,032
Gross profit		92,410			65,509			191,039			146,312
Selling, general and administrative expenses		74,208			54,774			124,238			101,234
Equity in earnings of unconsolidated affiliates		5,378			8,929			20,328			11,728
Operating income		23,580			19,664			87,129			56,806
Interest expense, net		32,602			33,738			65,420			66,046
Loss on extinguishment of long-term debt		—			—			—			20,744
Other expense, net		30,149			11,840			31,044			5,708
Loss before income taxes		(39,171	)		(25,914	)		(9,335	)		(35,692	)
Provision for income taxes		5,450			2,150			18,200			2,050
Net loss	$	(44,621	)	$	(28,064	)	$	(27,535	)	$	(37,742	)
Weighted average shares- basic and diluted		38,912			37,270			38,096			37,270
Net loss per share- basic and diluted	$	(1.15	)	$	(0.75	)	$	(0.72	)	$	(1.01	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

TRINSEO S.A.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In thousands, unless otherwise stated)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net loss	$	(44,621	)	$	(28,064	)	$	(27,535	)	$	(37,742	)
Other comprehensive income (loss), net of tax (tax amounts shown in millions below for the three and six months ended June 30, 2014 and 2013, respectively):
Cumulative translation adjustments (net of tax of: 2014—$0.0 and $0.0; 2013—$0.0 and $0.0)		(8,927	)		21,459			(10,352	)		(10,839	)
Pension and other postretirement benefit plans before reclassifications (net of tax of: 2014—$0.0 and $0.0; 2013—$(0.2) and $2.6)		—			(2,660	)		—			19,901
Amounts reclassified from accumulated other comprehensive income:
Amortization of prior service credit (net of tax of: 2014—$0.0 and 0.0; 2013—$0.0 and $0.0)(1)		(216	)		(506	)		(430	)		(1,012	)
Amortization of net loss (net of tax of: 2014—$0.2 and $0.3; 2013—$0.2 and $0.4) (1)		552			622			1,010			1,243
Total other comprehensive income (loss), net of tax		(8,591	)		18,915			(9,772	)		9,293
Comprehensive loss	$	(53,212	)	$	(9,149	)	$	(37,307	)	$	(28,449	)

(1) These other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note K).

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

TRINSEO S.A.

Condensed Consolidated Statements of Shareholders’ Equity

(In thousands)

(Unaudited)

	Common Stock				Additional Paid-In		Accumulated Other Comprehensive			Accumulated			Total
	Shares		Amount		Capital		Income			Deficit
December 31, 2013		37,270	$	373	$	339,055	$	88,378		$	(84,604	)	$	343,202
Issuance of common stock (Note L)		11,500		115		198,479		—			—			198,594
Net loss		—		—		—		—			(27,535	)		(27,535	)
Other comprehensive loss		—		—		—		(9,772	)		—			(9,772	)
Stock-based compensation		—		—		5,120		—			—			5,120
June 30, 2014		48,770	$	488	$	542,654	$	78,606		$	(112,139	)	$	509,609
December 31, 2012		37,270	$	373	$	329,105	$	24,573		$	(62,386	)	$	291,665
Net loss		—		—		—		—			(37,742	)		(37,742	)
Other comprehensive income		—		—		—		9,293			—			9,293
Stock-based compensation		—		—		4,789		—			—			4,789
June 30, 2013		37,270	$	373	$	333,894	$	33,866		$	(100,128	)	$	268,005

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

TRINSEO S.A.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Six Months Ended June 30,
	2014			2013
Cash flows from operating activities
Net loss	$	(27,535	)	$	(37,742	)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization		50,941			47,800
Amortization of deferred financing costs and issuance discount		5,067			4,746
Deferred income tax		7,453			(2,895	)
Stock-based compensation		5,120			4,789
Earnings of unconsolidated affiliates, net of dividends		(7,829	)		(11,728	)
Loss on extinguishment of long-term debt		—			20,744
Impairment charges		—			4,571
Loss (gain) on sale of businesses and other assets		(116	)		3,261
Changes in assets and liabilities
Accounts receivable		(59,874	)		(109,924	)
Inventories		1,505			53,809
Accounts payable and other current liabilities		34,029			21,312
Income taxes payable		222			(4,325	)
Other assets, net		(1,153	)		(5,010	)
Other liabilities, net		34			4,104
Cash provided by (used in) operating activities		7,864			(6,488	)
Cash flows from investing activities
Capital expenditures		(55,744	)		(29,122	)
Proceeds from the sale of property, plant and equipment		5,434			—
Proceeds from capital expenditures subsidy		—			6,575
Payment for working capital adjustment from sale of business		(700	)		—
Advance payment refunded		—			(2,711	)
Distributions from unconsolidated affiliates		978			1,055
Decrease in restricted cash		—			7,852
Cash used in investing activities		(50,032	)		(16,351	)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		199,152			—
Deferred financing fees		—			(46,284	)
Short-term borrowings, net		(29,402	)		(17,848	)
Repayments of Term Loans		—			(1,239,000	)
Proceeds from the issuance of Senior Notes		—			1,325,000
Proceeds from Accounts Receivable Securitization Facility		178,603			222,592
Repayments of Accounts Receivable Securitization Facility		(179,170	)		(165,884	)
Proceeds from Revolving Facility		—			405,000
Repayments of Revolving Facility		—			(525,000	)
Cash provided by (used in) financing activities		169,183			(41,424	)
Effect of exchange rates on cash		26			(1,470	)
Net change in cash and cash equivalents		127,041			(65,733	)
Cash and cash equivalents—beginning of period		196,503			236,357
Cash and cash equivalents—end of period	$	323,544		$	170,624

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

NOTE A—BASIS OF PRESENTATION

The unaudited interim condensed consolidated financial statements of Trinseo S.A. and its subsidiaries (the “Company”) as of and for the periods ended June 30, 2014 and 2013 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 2013 audited consolidated financial statements included within the Company’s Registration Statement on Form S-1 (Registration No. 333-194561), which was declared effective by the SEC on June 11, 2014 (as amended, the “Registration Statement”).

The December 31, 2013 consolidated balance sheet data presented herein was derived from the Company’s December 31, 2013 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. See Note L for more information.

NOTE B—RECENT ACCOUNTING GUIDANCE

In February 2013, the Financial Accounting Standards Board (“FASB”) issued amendments for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, except for obligations addressed within existing guidance. This guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. This guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The Company adopted this guidance on a retrospective basis effective January 1, 2014, and the adoption did not have a significant impact on the Company’s financial position or results of operations.

In July 2013, the FASB issued guidance to clarify the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The new guidance requires that unrecognized tax benefits be netted against all available same-jurisdiction losses or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the unrecognized tax benefits. The Company adopted this guidance prospectively effective January 1, 2014, and the adoption did not have a significant impact on the Company’s financial position or results of operations.

In April 2014, the 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 amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). The implementation of the amended guidance is not expected to have a material impact on the Company’s consolidated financial position or results of operations.

10

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

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. The Company is currently assessing the impact of adopting this guidance on its financial statements and results of operations.

In June 2014, the FASB issued updated guidance related to stock compensation. The updated guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The updated guidance is effective for annual and interim periods beginning after December 15, 2015 and can be applied either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented and to all newly granted or modified awards thereafter. Early adoption is permitted. This guidance is not relevant to the Company’s currently outstanding awards; however, the Company will continue to evaluate the applicability of this guidance to future awards as necessary.

NOTE C—INVESTMENTS IN UNCONSOLIDATED AFFILIATES

The Company is supplemented by two strategic joint ventures: Americas Styrenics LLC (“AmSty”, a polystyrene joint venture with Chevron Phillips Chemical Company LP) and Sumika Styron Polycarbonate Limited (“Sumika Styron”, a polycarbonate joint venture with Sumitomo Chemical Company, Limited). Investments held in the unconsolidated affiliates are accounted for by the equity method.

At June 30, 2014 and December 31, 2013, respectively, the Company’s investment in AmSty was $128.1 million and $118.3 million. At June 30, 2014 and December 31, 2013, respectively, the Company’s investment in AmSty was $115.6 million and $130.8 million less than the Company’s 50% share of AmSty’s underlying net assets. 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 6.2 years as of June 30, 2014. The Company received dividends from AmSty of $7.5 million and $12.5 million during the three and six months ended June 30, 2014, respectively. The Company received no dividends from AmSty during the three and six months ended June 30, 2013.

At June 30, 2014 and December 31, 2013, respectively, the Company’s investment in Sumika Styron was $34.6 million and $37.6 million. At June 30, 2014 and December 31, 2013, respectively, the Company’s investment in Sumika Styron was $19.8 million and $20.8 million greater than the Company’s 50% share of Sumika Styron’s underlying net assets. This amount represents the fair value of certain identifiable assets which have not been recorded on the historical financial statements of Sumika Styron. This difference is being amortized over the remaining useful life of the contributed assets of 11.3 years as of June 30, 2014. The Company received dividends from Sumika Styron of $1.0 million and $1.1 million during the six months ended June 30, 2014 and 2013, respectively. The Company did not receive dividends from Sumika Styron, however, during either of the three months ended June 30, 2014 and 2013.

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 June 30,					Six Months Ended June 30,
	2014			2013		2014		2013
Sales	$	540,920		$	568,815	$	1,105,052	$	1,167,469
Gross profit	$	(2,529	)	$	24,407	$	35,479	$	23,402
Net income (loss)	$	(11,026	)	$	11,716	$	10,494	$	(1,891	)

11

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

NOTE D—INVENTORIES

Inventories consisted of the following:

	June 30,		December 31,
	2014		2013
Finished goods	$	307,868	$	302,379
Raw materials and semi-finished goods		182,965		191,081
Supplies		35,362		36,731
Total	$	526,195	$	530,191

NOTE E—GOODWILL AND INTANGIBLE ASSETS

Goodwill

The following table shows changes in the carrying amount of goodwill by segment from December 31, 2013 to June 30, 2014:

	Emulsion Polymers						Plastics
	Latex			Synthetic Rubber			Styrenics			Engineered Polymers			Total
December 31, 2013	$	14,901		$	10,205		$	8,669		$	3,498		$	37,273
Foreign currency impact		(122	)		(84	)		(71	)		(29	)		(306	)
June 30, 2014	$	14,779		$	10,121		$	8,598		$	3,469		$	36,967

Other Intangible Assets

The following table provides information regarding the Company’s other intangible assets as of June 30, 2014 and December 31, 2013, respectively:

			June 30, 2014							December 31, 2013
	Estimated Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Developed technology		15	$	208,818	$	(56,264	)	$	152,554	$	210,546	$	(49,713	)	$	160,833
Manufacturing Capacity Rights		6		25,939		(1,052	)		24,887		—		—			—
Software		5		11,395		(5,229	)		6,166		11,034		(4,099	)		6,935
Software in development		N/A		5,477		—			5,477		3,746		—			3,746
Total			$	251,629	$	(62,545	)	$	189,084	$	225,326	$	(53,812	)	$	171,514

In March 2014, the Company entered into an agreement with material supplier JSR Corporation, Tokyo (“JSR”) to acquire its current production capacity rights at the Company’s rubber production facility in Schkopau, Germany for a purchase price of €19.0 million (approximately $26.1 million). Prior to this agreement, JSR held 50% of the capacity rights of one of the Company’s three solution styrene-butadiene rubber (“SSBR”) production trains in Schkopau. As a result, effective March 31, 2014, the Company had full capacity rights to this production train. The €19.0 million purchase price was recorded in “Other intangible assets, net” in the condensed consolidated balance sheet as of March 31, 2014 to be amortized over its estimated useful life of approximately 6 years.

12

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

Further, the purchase price was recorded within capital expenditures in investing activities in the condensed consolidated statement of cash flows for the six months ended June 30, 2014.

Amortization expense on other intangible assets totaled $5.1 million and $9.2 million for the three and six months ended June 30, 2014, respectively. Amortization expense on other intangible assets totaled $4.0 million and $7.8 million for the three and six months ended June 30, 2013, respectively.

Estimated Amortization Expense for the Next Five Years
Remainder of 2014	$	10,264
2015		20,519
2016		19,954
2017		19,117
2018		18,402
2019		18,255

NOTE F—DEBT

Debt consisted of the following:

	June 30,			December 31,
	2014			2013
Senior Secured Credit Facility
Revolving Facility	$	—		$	—
Senior Notes		1,325,000			1,325,000
Accounts Receivable Securitization Facility		—			—
Other indebtedness		12,083			11,421
Total debt		1,337,083			1,336,421
Less: short-term borrowings and current portion of long-term debt		(142,055	)		(8,754	)
Total long-term debt	$	1,195,028		$	1,327,667

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).

Prior to the amendment, the Senior Secured Credit Facility required that the Company comply with certain affirmative and negative covenants, including restrictions with respect to payment of dividends and other distributions to shareholders, and financial covenants that include the maintenance of certain financial ratios. These ratios include both a maximum leverage ratio no greater than 5.25 to 1.00 and an interest coverage ratio no less than 2.00 to 1.00 for the most recent twelve-month period.

The 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

13

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

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 June 30, 2014, the Company was in compliance with all debt covenant requirements under the Senior Secured Credit Facility.

As a result of this amendment and repayment of the Term Loans in January 2013, the Company recognized a $20.7 million loss on extinguishment of long-term debt during the first quarter of 2013, which consisted of the write-off of existing unamortized debt issuance cost and debt discount attributable to the Term Loans. Fees and expenses incurred in connection with this amendment were $5.5 million, which were capitalized within “Deferred charges and other assets” in the condensed consolidated balance sheet and are being amortized into “Interest expense, net” in the condensed consolidated statement of operations over the remaining term of the Revolving Facility using the straight-line method.

As of June 30, 2014, the Company had no outstanding borrowings, and had $292.8 million (net of $7.2 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. Interest on the Senior Notes is payable semi-annually on February 1^st and August 1^st of each year, which commenced on August 1, 2013. The notes will mature on February 1, 2019, at which time the entire $1,325.0 million 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 make-whole 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		100.000	%

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 L), 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. As a result of this redemption, during the third quarter of 2014 the Company expects to incur a loss on the extinguishment of debt of approximately $7.4 million, which includes the above $4.0 million call premium and an approximately $3.4 million write-off of related unamortized debt issuance costs. The $132.5 million in aggregate principal amount of the Senior Notes was classified as a current liability within “Short-term borrowings and current portion of long-term debt” in the condensed consolidated balance sheet as of June 30, 2014. 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

14

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

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 June 30, 2014, the Company was in compliance with all debt covenant requirements under the indenture.

Fees and expenses incurred in connection with the issuance of Senior Notes were approximately $42.0 million, which were capitalized and included in “Deferred charges and other assets” in the condensed consolidated balance sheet, and are being amortized into “Interest expense, net” in the condensed consolidated statement of operations over the term of the Senior Notes using the effective interest rate method.

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. As a result of the amendment, the Company incurred $0.7 million in fees, which were capitalized within “Deferred charges and other assets” in the condensed consolidated balance sheet and are being amortized into “Interest expense, net” in the condensed consolidated statement of operations using the straight-line method over the remaining term.

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 June 30, 2014 and December 31, 2013, there were no amounts outstanding under the Accounts Receivable Securitization Facility, with approximately $199.8 million and $143.8 million, respectively, of accounts receivable available to support this facility, based on the pool of eligible accounts receivable.

NOTE G—FOREIGN EXCHANGE FORWARD CONTRACTS

The Company manages its exposures to changes in foreign currency exchange rates where possible by paying expenses in the same currency in which we generate sales in a particular country as well as using derivative contracts which are not designated for hedge accounting treatment. During 2012, the Company entered into foreign exchange forward contracts with a notional U.S. dollar equivalent of $82.0 million that were not designated as hedging instruments in order to manage volatility in foreign currency exposures. As these foreign exchange forward contracts were not designated for hedge accounting treatment, changes in the fair value of underlying instruments are recognized in “Other expense, net” in the condensed consolidated statement of operations.

These contracts were settled in February and May 2013, with no new contracts entered since that time. The Company recognized losses of $1.0 million and $0.6 million during the three and six months ended June 30, 2013, respectively.

15

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

NOTE H—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 tables present the estimated fair value of the Company’s outstanding debt not carried at fair value as of June 30, 2014 and December 31, 2013, respectively:

	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Total
June 30, 2014
Senior Notes	$	—	$	1,431,000	$	1,431,000
Total fair value	$	—	$	1,431,000	$	1,431,000

	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Total
December 31, 2013
Senior Notes	$	—	$	1,366,406	$	1,366,406
Total fair value	$	—	$	1,366,406	$	1,366,406

There were no other significant financial instruments outstanding as of June 30, 2014 and December 31, 2013.

NOTE I—PROVISION FOR INCOME TAXES

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Effective income tax rate		(13.9)%		(8.3)%		(195.0)%		(5.7)%

Provision for income taxes for the three and six months ended June 30, 2014 were $5.5 million, resulting in a negative effective tax rate of 13.9%, and $18.2 million, resulting in a negative effective tax rate of 195.0%, respectively. Provision for income taxes for the three and six months ended June 30, 2013 were $2.2 million, resulting in a negative effective tax rate of 8.3%, and $2.1 million, resulting in a negative effective tax rate of 5.7%, respectively.

The increase in provision for income taxes for the six months ended June 30, 2014 was primarily driven by the decrease in loss before income taxes from $35.7 million of loss for the six months ended June 30, 2013 to $9.3 million of loss for the six months ended June 30, 2014. During the periods ended June 30, 2013, the Company incurred a loss on extinguishment of debt of $20.7 million, which provided a $4.3 million tax benefit in those periods. This one time item did not recur in the periods ended June 30, 2014.

16

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

Although the Company had losses before income taxes for the three and six months ended June 30, 2014, it generated losses of approximately $73.6 million and $97.2 million during these respective periods mostly within our holding companies incorporated in Luxembourg which did not provide a tax benefit as management does not believe that the Company will utilize these losses in the foreseeable future. Included in these losses were payments made during the three months ended June 30, 2014 of $32.5 million related to an agreement with Dow to terminate the Latex JV Option Agreement and a portion of the fees related to the termination of the Advisory Agreement with Bain Capital of approximately $18.6 million (see Note N for further discussion on both of these payments). These non deductible expenses unfavorably impacted the effective tax rate during the three and six months ended June 30, 2014.

Offsetting the unfavorable impact to the effective tax rate was a tax benefit recognized for the three and six months ended June 30, 2014 as the Company effectively settled its 2010 and 2011 audit with the IRS and received a refund of $3.2 million in July 2014. As a result, the Company recorded a previously unrecognized tax benefit in the amount of $2.7 million, including penalties and interest, relating to its 2011 tax return filing. Additionally, the tax benefit generated from the Advisory Agreement termination fee noted above was $1.2 million for the periods ended June 30, 2014. No similar tax benefits were recorded in the periods ended June 30, 2013.

NOTE J—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 June 30, 2014 and December 31, 2013, 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 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 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 7 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 2013 consolidated financial statements.

The Company has service agreements with Dow which contain fixed annual fees. See Note N for further discussion.

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.

17

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

Legal costs, including those legal costs expected to be incurred in connection with a loss contingency, are expensed as incurred.

NOTE K—PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Defined Benefit Pension Plans
Service cost	$	3,529		$	3,679		$	7,044		$	7,357
Interest cost		1,943			1,660			3,876			3,321
Expected return on plan assets		(624	)		(428	)		(1,245	)		(856	)
Amortization of prior service credit		(257	)		(526	)		(513	)		(1,052	)
Amortization of net loss		598			812			1,065			1,624
Net periodic benefit cost	$	5,189		$	5,197		$	10,227		$	10,394
	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Other Postretirement Plans
Service cost	$	75		$	71		$	150		$	141
Interest cost		78			65			156			131
Amortization of prior service cost		26			—			52			—
Amortization of net gain		(37	)		—			(74	)		—
Net periodic benefit cost	$	142		$	136		$	284		$	272

As of June 30, 2014 and December 31, 2013, the Company’s benefit obligations included in “Other noncurrent obligations” in the condensed consolidated balance sheets were $167.1 million and $163.2 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 $2.7 million and $6.9 million during the three and six months ended June 30, 2014, respectively. The Company expects to make additional cash contributions, including benefit payments to unfunded plans, of approximately $9.1 million to its defined benefit plans for the remainder of 2014.

Affiliation Agreements and Successor Plans

A majority of Company employees are participants in various defined benefit pension and other postretirement plans which are administered and sponsored by Trinseo. In connection with the Acquisition, the Company and Dow entered into affiliation agreements in certain jurisdictions (the “Affiliation Agreements”) allowing employees who transferred from Dow to the Company as of June 17, 2010 to remain in the Dow operated pension plans (“Dow Plans”) until the Company established its own pension plans. The Affiliation Agreements ended on December 31, 2012. Effective January 1, 2013, all remaining employees of the Company who were previously participants of the Dow Plans in Switzerland and the Netherlands transferred to separately administered and sponsored pension plans of the Company (the “Successor Plans”). The benefit obligation and related plan assets in the Dow Plans belonging to the Company’s employees were transferred to the Successor Plans. As a result of the transfer, the Company recognized prior service credits and net losses of approximately $26.8 million and $1.4 million, respectively, in other comprehensive income for the six months ended June 30, 2013.

18

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

NOTE L—STOCKHOLDERS’ EQUITY

On May 30, 2014, the Company amended its Articles of Association to effect a 1-for-436.69219 reverse split of its issued and outstanding common stock and to increase its authorized shares of common stock to 50.0 billion. Pursuant to the reverse split, every 436.69219 shares of the Company’s then issued and outstanding common stock was converted into one share of common stock. The reverse split did not change the par value of the Company’s common stock. The condensed consolidated financial statements have been retroactively adjusted to give effect to the reverse split.

On June 17, 2014, the Company completed the IPO of 11,500,000 ordinary shares at a price of $19.00 per share. The number of ordinary shares at closing included 1,500,000 of shares sold pursuant to the underwriters’ over-allotment option. The Company received cash proceeds of $203.2 million from this transaction, net of underwriting discounts. These net proceeds were used by the Company for: i) the July 2014 repayment of $132.5 million in aggregate principal amount of the 8.750% Senior Notes due 2019, together with accrued and unpaid interest thereon of $5.2 million and a call premium of $4.0 million (see Note F); ii) the payment of approximately $23.3 million in connection with the termination of the Advisory Agreement with Bain Capital (see Note N); iii) the payment of approximately $4.6 million of advisory, accounting, legal and printing expenses directly related to the offering which were recorded to additional paid-in capital in the condensed consolidated balance sheet; and iv) general corporate purposes.

NOTE M—STOCK-BASED COMPENSATION

Restricted Stock Awards

On June 17, 2010, Bain Capital Everest Manager Holding SCA, which we refer to as the “Parent”, 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 grants will be issued under the Parent’s restricted stock awards plan.

Time-based Restricted Stock Awards

For the six month period ended June 30, 2014, there were no grants of time-based restricted stock awards. Total compensation expense for time-based restricted stock awards was $2.2 million for each of the three months ended June 30, 2014 and 2013, respectively, and $4.7 million and $3.9 million for the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014, there was $7.6 million of total unrecognized compensation cost related to time-based restricted stock awards. This cost is expected to be recognized over a weighted-average period of 3.0 years.

Performance-based Restricted Stock Awards

For the six month period ended June 30, 2014, there were no grants of performance-based restricted stock awards. In previous periods, the performance-based restricted stock awards contained provisions wherein vesting was subject to the full satisfaction of both time and performance vesting criterion. The performance component of the awards could only be satisfied if certain targets were achieved based on various returns realized by the Company’s shareholders on a change in control or an IPO. The time vesting requirements for the performance-based restricted stock generally vested in the same manner as the related time-based award. In previous periods, the Company has not recorded any compensation expense related to these awards as the likelihood of achieving the existing performance condition of a change in control or IPO was not deemed to be probable.

Prior to the completion of the Company’s IPO, on June 10, 2014 the Parent entered into agreements to modify the outstanding performance-based restricted stock awards held by the Company’s employees to remove the performance-based vesting condition associated with such awards related to the achievement of certain investment returns (while maintaining the requirement for a change in control or IPO). This modification also changed the time-based vesting requirement associated with such shares to provide that any shares which would have satisfied the time-based vesting condition previously applicable to such shares on or prior to June 30, 2017 will instead vest on June 30, 2017, subject to the holder remaining continuously employed by us through such date. Any such shares that are subject to a time-based vesting condition beyond June 30, 2017 will remain subject to the time-based vesting condition previously applicable to such awards. Henceforth, these awards will be described as the Company’s modified time-based restricted stock awards.

19

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

On June 17, 2014, with the completion of the Company’s IPO, the remaining performance condition associated with these modified time-based restricted stock awards was achieved. As a result, the Company will now begin recognizing compensation expense related to these awards based on the vesting described above. However, the compensation expense related to these modified time-based restricted stock awards was not material for the six months ended June 30, 2014. As of June 30, 2014, there was $13.8 million of total unrecognized compensation cost related to these awards, which will be recognized over a weighted-average period of 3.2 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 $0.2 million and $0.3 million for the three months ended June 30, 2014 and 2013, respectively, and $0.5 million and $0.7 million for the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014, there was $0.8 million in unrecognized compensation cost related to these retention awards. This cost is expected to be recognized over a period of 1.6 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. Following the IPO, all equity-based awards granted by the Company will be granted under the 2014 Omnibus Plan. The 2014 Omnibus Plan provides for awards of stock options, share appreciation rights, restricted stock, unrestricted stock, stock units, performance awards, cash awards and other awards convertible into or otherwise based on shares of the Company’s common stock. For a full description of all provisions of this plan, refer to the Company’s Registration Statement, to which the 2014 Omnibus Plan in full has been filed as an exhibit.

In connection with the IPO, two of the Company’s newly appointed independent directors (Messrs. Cote and De Leener) received a grant of 4,736 restricted stock units, respectively, under the 2014 Omnibus Plan with a grant date fair value of $0.1 million, which will vest in full on the first anniversary of the date of grant, subject to the director’s continued service as a member of the Company’s board through such date. For the three and six months ended June 30, 2014, the compensation expense related these restricted stock units was not material to the Company’s results of operations.

NOTE N—RELATED PARTY AND DOW TRANSACTIONS

In connection with the Acquisition, the Company entered into the Advisory Agreement wherein Bain Capital provides management and consulting services and financial and other advisory services to the Company. Pursuant to this agreement, we paid Bain Capital fees (including out-of-pocket expenses) of $0.8 million and $1.2 million for the three months ended June 30, 2014 and 2013, respectively, and $2.0 million and $2.4 million for the six months ended June 30, 2014 and 2013, respectively. The Advisory Agreement terminated upon consummation of the Company’s IPO in June 2014 and pursuant to the terms of the Advisory Agreement, the Company paid $23.3 million of termination fees representing acceleration of the advisory fees for the remainder of the original term. The termination fee was paid in June 2014 using the proceeds from the IPO, and was recorded as an expense within “Selling, general and administrative expenses” in the condensed consolidated statements of operations for the three and six months ended June 30, 2014.

Bain Capital also provides 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 June 30, 2014 (see Note L). Bain Capital also received fees of approximately $13.9 million related to the issuance of the Senior Notes and the amendment to the Senior Secured Credit Facility in January 2013, which were included in the financing fees capitalized and included in “Deferred charges and other assets” in the condensed consolidated balance sheet (see Note F for further discussion).

In connection with the Acquisition in 2010, certain of the Company’s affiliates entered into a latex joint venture option agreement (the “Latex JV Option Agreement”) with Dow, pursuant to which Dow was granted an irrevocable option to purchase 50% of the issued and outstanding interests in a joint venture to be formed by Dow and the Company’s affiliates with respect to the SB Latex business in Asia, Latin America, the Middle East, Africa, Eastern Europe, Russia and India. On May 30, 2014, the Company’s

20

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

affiliates entered into an agreement with Dow to terminate the Latex JV Option Agreement, Dow’s rights to the option, and all other obligations thereunder, in exchange for a termination payment of $32.5 million. This termination payment was made on May 30, 2014, and the termination of the Latex JV Option Agreement became effective as of such date. This termination payment was recorded as an expense within “Other expense, net” in the condensed consolidated statements of operations for the three and six months ended June 30, 2014.

NOTE O—SEGMENTS

The Company operates four segments under two principal business units. The Emulsion Polymers business unit includes a Latex segment and a Synthetic Rubber segment. The Plastics business unit includes a Styrenics segment and an Engineered Polymers segment.

The Latex segment produces styrene-butadiene latex (“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 Styrenics and Engineered Polymers segments offer complementary plastics products with formulations developed for durable applications, such as consumer electronics, automotive and construction. Through these two segments, the Company provides a broad set of plastics product solutions to its customers.

	Emulsion Polymers				Plastics
Three Months Ended	Latex		Synthetic Rubber		Styrenics		Engineered Polymers			Corporate Unallocated		Total
June 30, 2014
Sales to external customers	$	320,682	$	164,926	$	589,739	$	265,588		$	—	$	1,340,935
Equity in earnings (losses) of unconsolidated affiliates		—		—		6,806		(1,428	)		—		5,378
EBITDA(1)		24,818		37,034		27,168		5,116
Investment in unconsolidated affiliates		—		—		128,107		34,631			—		162,738
Depreciation and amortization		7,336		8,474		7,360		3,166			877		27,213
June 30, 2013
Sales to external customers	$	344,962	$	156,174	$	597,327	$	263,296		$	—	$	1,361,759
Equity in earnings (losses) of unconsolidated affiliates		—		—		9,246		(317	)		—		8,929
EBITDA(1)		22,047		27,946		17,572		(2,922	)
Investment in unconsolidated affiliates		—		—		113,695		37,282			—		150,977
Depreciation and amortization		6,660		7,407		7,306		1,792			768		23,933
	Emulsion Polymers				Plastics
Six Months Ended	Latex		Synthetic Rubber		Styrenics		Engineered Polymers			Corporate Unallocated		Total
June 30, 2014
Sales to external customers	$	646,988	$	341,639	$	1,184,080	$	527,360		$	—	$	2,700,067
Equity in earnings (losses) of unconsolidated affiliates		—		—		22,342		(2,014	)		—		20,328
EBITDA(1)		50,331		80,134		69,435		2,757
Investment in unconsolidated affiliates		—		—		128,107		34,631			—		162,738
Depreciation and amortization		13,639		15,645		14,749		4,940			1,968		50,941
June 30, 2013
Sales to external customers	$	701,718	$	332,590	$	1,199,297	$	519,739		$	—	$	2,753,344
Equity in earnings (losses) of unconsolidated affiliates		—		—		12,378		(650	)		—		11,728

21

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

	Emulsion Polymers				Plastics
Six Months Ended	Latex		Synthetic Rubber		Styrenics		Engineered Polymers			Corporate Unallocated		Total
EBITDA(1)		48,773		58,605		42,963		(3,717	)
Investment in unconsolidated affiliates		—		—		113,695		37,282			—		150,977
Depreciation and amortization		13,471		14,439		14,904		3,473			1,513		47,800

(1) Reconciliation of EBITDA to net loss is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Total Segment EBITDA	$	94,136		$	64,643		$	202,657		$	146,624
Corporate unallocated		(73,492	)		(32,886	)		(95,631	)		(68,470	)
Less: Interest expense, net		32,602			33,738			65,420			66,046
Less: Provision for income taxes		5,450			2,150			18,200			2,050
Less: Depreciation and amortization		27,213			23,933			50,941			47,800
Net loss	$	(44,621	)	$	(28,064	)	$	(27,535	)	$	(37,742	)

Corporate unallocated includes certain corporate overhead costs, loss on extinguishment of long-term debt, 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 analysis 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.

NOTE P—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 Styrenics segment, under a sale and purchase agreement which was signed in July 2013. The sale closed on September 30, 2013 and the Company received $15.2 million of sales proceeds during the third quarter of 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 six months ended June 30, 2014.

EPS business results of operations were not classified as discontinued operations as the Company will have significant continuing cash flows as a result of a long-term supply agreement of styrene monomer to the EPS business, which was entered into contemporaneously with the sale and purchase agreement. The supply agreement will have an initial term of approximately 10 years from the closing date of the sale and will continue year-to-year thereafter. Under the supply agreement, we will supply a minimum of approximately 77 million pounds and maximum of approximately 132 million pounds of styrene monomer annually or equivalent to 70% to 100% of the EPS business’s historical production consumption.

22

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

Livorno Land Sale

In April 2014, the Company completed the sale of a portion of land at its manufacturing site in Livorno, Italy for a purchase price of €4.95 million (approximately $6.8 million). As a result, the Company recognized a gain on sale of $0.1 million within “Other expense, net” in the condensed consolidated statements of operations for the three and six months ended June 30, 2014. As of December 31, 2013, this land was classified as held-for-sale within the caption “Other current assets” in the condensed consolidated balance sheet.

NOTE Q—RESTRUCTURING

Restructuring in Engineered Polymers Business

During the second quarter of 2014, the Company announced a planned restructuring within its Engineered Polymers business 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 Company also entered into a new long-term supply contract with a third party to supply polycarbonate in North America. These revised arrangements are expected to become operational in the fourth quarter of 2014. In addition, the Company has executed revised supply contracts for certain raw materials that are processed at its polycarbonate manufacturing facility in Stade, Germany, which is expected to take effect beginning January 1, 2015. These revised agreements are expected to facilitate improvements in future results of operations for the Engineered Polymers segment.

For the three and six months ended June 30, 2014, the Company recorded restructuring charges of $1.5 million relating to the accelerated depreciation of the related assets at Dow’s Freeport, Texas facility and other charges. These charges were included in “Selling, general and administrative expenses” in the condensed consolidated statements of operations, and were allocated entirely to the Engineered Polymers segment. The Company is likely to incur additional charges, not to exceed $10.0 million, in conjunction with the reimbursement of Dow’s expected decommissioning and demolition costs from its Freeport, Texas facility which will be expensed as incurred. Decommissioning and demolition is expected to commence in second half of 2014.

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 expected throughout 2014. As a result of the plant closure, the Company recorded restructuring charges of $10.8 million for the year ended December 31, 2013 ($6.5 million of which were recorded in the three and six month periods ended June 30, 2013). These charges consisted of property, plant and equipment and other asset impairment charges, employee termination benefit charges, contract termination charges, and incurred decommissioning charges, of which approximately $4.8 million remained accrued on the Company’s consolidated balance sheet as of December 31, 2013. For the three and six months ended June 30, 2014, the Company recorded additional restructuring charges of approximately $1.5 million and $2.1 million, respectively, related to incremental employee termination benefit charges, contract termination charges, and decommissioning costs. 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. The remaining employee termination benefits, contract termination costs, and decommissioning costs are recorded in “Accrued expenses and other current liabilities” in the condensed consolidated balance sheet.

The following table provides a rollforward of the liability balances associated with the Altona plant shutdown:

	Balance at December 31, 2013		Expenses		Deductions*			Balance at June 30, 2014
Employee termination benefit charges	$	1,408	$	302	$	(1,327	)	$	383
Contract termination charges		3,388		1,409		(1,534	)		3,263
Other**		26		548		(504	)		70
Total	$	4,822	$	2,259	$	(3,365	)	$	3,716

* Includes primarily payments made against the existing accrual, as well as immaterial impacts of foreign currency remeasurement.

** Includes decommissioning charges primarily related to labor service costs.

23

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

NOTE R—ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components of accumulated other comprehensive income (loss), net of income taxes, consisted of:

	Currency Translation Adjustment, Net			Employee Benefits, Net			Total
December 31, 2013	$	116,146		$	(27,768	)	$	88,378
Other comprehensive income (loss)		(10,352	)		580			(9,772	)
June 30, 2014	$	105,794		$	(27,188	)	$	78,606
December 31, 2012	$	62,807		$	(38,234	)	$	24,573
Other comprehensive income (loss)		(10,839	)		20,132			9,293
June 30, 2013	$	51,968		$	(18,102	)	$	33,866

NOTE S—EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share (“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 restricted shares. 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 and six months ended June 30, 2014 and 2013, 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 L to the condensed consolidated financial statements.

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)	2014			2013			2014			2013
Earnings (losses):
Net loss available to common shareholders	$	(44,621	)	$	(28,064	)	$	(27,535	)	$	(37,742	)
Shares:
Weighted average common shares outstanding		38,912			37,270			38,096			37,270
Dilutive effect of restricted stock units*		—			—			—			—
Diluted weighted average shares outstanding		38,912			37,270			38,096			37,270
Loss per share:
Loss per share—basic and diluted	$	(1.15	)	$	(0.75	)	$	(0.72	)	$	(1.01	)

* Refer to Note M for discussion of restricted stock units granted in June 2014 to certain Company directors. As net loss was reported for each of the above periods, potentially dilutive awards have not been included within the calculation of diluted EPS, as they would have an anti-dilutive effect.

24

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

NOTE T—SUBSEQUENT EVENTS

In July 2014, using proceeds from the Company’s IPO, the Company redeemed $132.5 million in aggregate principal amount of its 8.750% Senior Notes due 2019. See Note F for additional information.

NOTE U—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 June 30, 2014 and December 31, 2013;

• the Condensed Consolidating Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2014 and 2013; and

• the Condensed Consolidating Statements of Cash Flows for the six months ended June 30, 2014 and 2013.

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.

In connection with the preparation of the Issuers’ Registration Statement on Form S-4 (Registration No. 333-191460), and all related amendments (the “Form S-4”), the Company determined its subsidiary Styron Italia S.R.L. (“Styron Italy”), which had previously been a Guarantor Subsidiary of the Senior Notes, did not meet the “full and unconditional” guarantee requirements under Rule 3-10 of Regulation S-X (“Rule 3-10”) in order for this entity to be presented as a guarantor entity within the supplemental guarantor condensed consolidating financial statements. Therefore, the Company removed Styron Italy as a Guarantor Subsidiary under both the Indenture and Credit Agreement, through the provisions allowable under such agreements, in order to comply with Rule 3-10. The supplemental guarantor condensed consolidating financial statements presented below now reflect Styron Italy as a Non-Guarantor Subsidiary for all periods presented. The revision to the supplemental condensed consolidating statement of comprehensive income (loss) and statement of cash flows for the six month period ended June 30, 2013 are reflected below.

The Company also identified an incorrect presentation of an intercompany loan between an Issuer and Non-Guarantor Subsidiary in the supplemental condensed consolidating statement of cash flows for the six months ended June 30, 2013 presented in the Issuers’ initial Form S-4. The impact of this misclassification to the Issuers was a $4.0 million overstatement of cash flows from investing activities with an offsetting understatement of cash flow from financing activities and the impact to Non-Guarantor Subsidiaries was a $4.0 million reclassification between captions within cash flows from financing activities. This error did not change the total cash flows reported for either the Issuers or Non-Guarantor Subsidiaries and had no impact on the consolidated financial statements of the Company or any debt covenants. The revision to the supplemental condensed consolidating statement of cash flows for the six months ended June 30, 2013 is reflected below.

25

TRINSEO S.A.

Notes to Condensed Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

(Unaudited)

The Company assessed the materiality of these items on its previously issued supplemental condensed consolidating financial information in accordance with SEC Staff Accounting Bulletin No. 99 and No. 108, and concluded that the errors were not material to any prior period.

The impact of the revisions noted above is reflected in the following tables:

Supplemental Condensed Consolidating Statements of Comprehensive Income (Loss):

	Parent Guarantor						Issuers						Guarantor Subsidiaries						Non-Guarantor Subsidiaries						Eliminations
	As Reported			As Revised			As Reported			As Revised			As Reported			As Revised			As Reported			As Revised			As Reported			As Revised
Six Months Ended June 30, 2013
Net sales	$	—		$	—		$	—		$	—		$	2,493,615		$	2,492,478		$	656,638		$	766,674		$	(396,909	)	$	(505,808	)
Operating income (loss)		(5,266	)		(5,266	)		(1,983	)		(1,983	)		53,683			53,351			9,452			9,784			920			920
Net income (loss)		(37,742	)		(37,742	)		(23,328	)		(23,328	)		(10,013	)		(10,006	)		(1,484	)		(1,673	)		34,825			35,007

Supplemental Condensed Consolidating Statements of Cash Flows:

	Parent Guarantor						Issuers						Guarantor Subsidiaries						Non-Guarantor Subsidiaries						Eliminations
	As Reported			As Revised			As Reported			As Revised			As Reported			As Revised			As Reported			As Revised			As Reported			As Revised
Six Months Ended June 30, 2013
Cash flows from operating activities	$	(29	)	$	(29	)	$	61,692		$	61,692		$	(19,911	)	$	(17,783	)	$	(48,240	)	$	(50,368	)	$	—		$	—
Cash flows from investing activities		—			—			—			(4,000	)		(220,820	)		(218,353	)		3,660			1,193			200,809			204,809
Cash flows from financing activities		36			36			(90,003	)		(86,003	)		188,834			184,224			60,518			65,128			(200,809	)		(204,809	)

26

SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET

(In thousands)

	June 30, 2014
	Parent Guarantor		Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	2,857	$	2,439	$	267,815	$	50,433	$	—		$	323,544
Accounts receivable, net		—		49		250,423		524,680		—			775,152
Intercompany receivables		—		505,580		1,349,191		134,327		(1,989,098	)		—
Inventories		—		—		433,033		96,137		(2,975	)		526,195
Deferred income tax assets		—		—		4,633		5,308		—			9,941
Other current assets		—		270		7,916		11,196		—			19,382
Total current assets		2,857		508,338		2,313,011		822,081		(1,992,073	)		1,654,214
Investments in unconsolidated affiliates		—		—		162,738		—		—			162,738
Property, plant and equipment, net		—		—		456,142		130,278		—			586,420
Other assets
Goodwill		—		—		36,967		—		—			36,967
Other intangible assets, net		—		—		188,911		173		—			189,084
Investments in subsidiaries		508,555		1,291,864		626,186		—		(2,426,605	)		—
Intercompany notes receivable— noncurrent		—		1,355,675		17,593		—		(1,373,268	)		—
Deferred income tax assets—noncurrent		—		—		33,064		5,877		—			38,941
Deferred charges and other assets		14		44,581		26,824		687		646			72,752
Total other assets		508,569		2,692,120		929,545		6,737		(3,799,227	)		337,744
Total assets	$	511,426	$	3,200,458	$	3,861,436	$	959,096	$	(5,791,300	)	$	2,741,116
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings and current portion of long-term debt	$	—	$	132,500	$	—	$	9,555	$	—		$	142,055
Accounts payable		64		2,154		441,654		63,164		—			507,036
Intercompany payables		1,295		780,468		527,708		678,598		(1,988,069	)		—
Income taxes payable		—		4		7,147		2,916		(34	)		10,033
Deferred income tax liabilities		—		—		1,112		315		—			1,427
Accrued expenses and other current liabilities		458		57,009		61,361		15,217		—			134,045
Total current liabilities		1,817		972,135		1,038,982		769,765		(1,988,103	)		794,596
Noncurrent liabilities
Long-term debt		—		1,192,500		2,528		—		—			1,195,028
Intercompany notes payable—noncurrent		—		—		1,343,860		29,408		(1,373,268	)		—
Deferred income tax liabilities—noncurrent		—		2,441		21,428		8,753		—			32,622
Other noncurrent obligations		—		—		196,678		12,583		—			209,261
Total noncurrent liabilities		—		1,194,941		1,564,494		50,744		(1,373,268	)		1,436,911
Commitments and contingencies (Note J)
Shareholders’ equity		509,609		1,033,382		1,257,960		138,587		(2,429,929	)		509,609
Total liabilities and shareholders’ equity	$	511,426	$	3,200,458	$	3,861,436	$	959,096	$	(5,791,300	)	$	2,741,116

27

SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET

(In thousands)

	December 31, 2013
	Parent Guarantor		Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	2	$	954	$	154,770	$	40,777	$	—		$	196,503
Accounts receivable, net		—		—		272,745		444,739		(2	)		717,482
Intercompany receivables		—		554,795		1,242,405		93,841		(1,891,041	)		—
Inventories		—		—		439,952		93,019		(2,780	)		530,191
Deferred income tax assets		—		—		5,077		4,743		—			9,820
Other current assets		—		3,954		4,386		14,410		—			22,750
Total current assets		2		559,703		2,119,335		691,529		(1,893,823	)		1,476,746
Investments in unconsolidated affiliates		—		—		155,887		—		—			155,887
Property, plant and equipment, net		—		—		476,137		130,290		—			606,427
Other assets
Goodwill		—		—		37,273		—		—			37,273
Other intangible assets, net		—		—		171,352		162		—			171,514
Investments in subsidiaries		343,429		1,232,608		615,153		—		(2,191,190	)		—
Intercompany notes receivable— noncurrent		—		1,359,637		17,739		—		(1,377,376	)		—
Deferred income tax assets—noncurrent		—		—		36,260		6,678		—			42,938
Deferred charges and other assets		—		48,801		33,607		990		598			83,996
Total other assets		343,429		2,641,046		911,384		7,830		(3,567,968	)		335,721
Total assets	$	343,431	$	3,200,749	$	3,662,743	$	829,649	$	(5,461,791	)	$	2,574,781
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings and current portion of long-term debt	$	—	$	3,646	$	—	$	5,108	$	—		$	8,754
Accounts payable		—		2,570		436,147		70,378		(2	)		509,093
Intercompany payables		158		763,022		550,741		576,354		(1,890,275	)		—
Income taxes payable		—		—		9,407		276		—			9,683
Deferred income tax liabilities		—		—		784		2,119		—			2,903
Accrued expenses and other current liabilities		71		58,977		66,061		11,020		—			136,129
Total current liabilities		229		828,215		1,063,140		665,255		(1,890,277	)		666,562
Noncurrent liabilities
Long-term debt		—		1,325,000		2,667		—		—			1,327,667
Intercompany notes payable—noncurrent		—		—		1,347,773		29,602		(1,377,375	)		—
Deferred income tax liabilities—noncurrent		—		1,600		17,115		8,217		—			26,932
Other noncurrent obligations		—		—		198,479		11,939		—			210,418
Total noncurrent liabilities		—		1,326,600		1,566,034		49,758		(1,377,375	)		1,565,017
Commitments and contingencies (Note J)
Shareholders’ equity		343,202		1,045,934		1,033,569		114,636		(2,194,139	)		343,202
Total liabilities and shareholders’ equity	$	343,431	$	3,200,749	$	3,662,743	$	829,649	$	(5,461,791	)	$	2,574,781

28

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Three Months Ended June 30, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	1,236,394		$	358,624		$	(254,083	)	$	1,340,935
Cost of sales		—			211			1,156,891			344,556			(253,133	)		1,248,525
Gross profit		—			(211	)		79,503			14,068			(950	)		92,410
Selling, general and administrative expenses		2,590			16,444			49,108			6,066			—			74,208
Equity in earnings of unconsolidated affiliates		—			—			5,378			—			—			5,378
Operating income (loss)		(2,590	)		(16,655	)		35,773			8,002			(950	)		23,580
Interest expense, net		—			31,628			328			646			—			32,602
Intercompany interest expense (income), net		3			(20,898	)		18,031			2,861			3			—
Other expense (income)		727			23,894			101			5,441			(14	)		30,149
Equity in loss (earnings) of subsidiaries		41,301			(23,627	)		30,980			—			(48,654	)		—
Income (loss) before income taxes		(44,621	)		(27,652	)		(13,667	)		(946	)		47,715			(39,171	)
Provision for (benefit from) income taxes		—			1,017			4,019			741			(327	)		5,450
Net income (loss)	$	(44,621	)	$	(28,669	)	$	(17,686	)	$	(1,687	)	$	48,042		$	(44,621	)
Comprehensive income (loss)	$	(53,212	)	$	(37,260	)	$	(26,536	)	$	(1,428	)	$	65,224		$	(53,212	)

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Three Months Ended June 30, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	1,223,278		$	393,342		$	(254,861	)	$	1,361,759
Cost of sales		—			217			1,165,656			384,801			(254,424	)		1,296,250
Gross profit		—			(217	)		57,622			8,541			(437	)		65,509
Selling, general and administrative expenses		3,112			272			45,994			5,396			—			54,774
Equity in earnings of unconsolidated affiliates		—			—			8,929			—			—			8,929
Operating income (loss)		(3,112	)		(489	)		20,557			3,145			(437	)		19,664
Interest expense, net		—			31,830			1,258			650			—			33,738
Intercompany interest expense (income), net		2			(22,235	)		18,990			3,182			61			—
Other expense (income)		2			(3,238	)		11,290			4,144			(358	)		11,840
Equity in loss (earnings) of subsidiaries		24,948			12,888			23,886			—			(61,722	)		—
Income (loss) before income taxes		(28,064	)		(19,734	)		(34,867	)		(4,831	)		61,582			(25,914	)
Provision for (benefit from) income taxes		—			—			3,268			(918	)		(200	)		2,150
Net income (loss)	$	(28,064	)	$	(19,734	)	$	(38,135	)	$	(3,913	)	$	61,782		$	(28,064	)
Comprehensive income (loss)	$	(9,149	)	$	(819	)	$	(20,060	)	$	(3,073	)	$	23,952		$	(9,149	)

29

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Six Months Ended June 30, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	2,463,957		$	705,921		$	(469,811	)	$	2,700,067
Cost of sales		—			368			2,303,968			674,279			(469,587	)		2,509,028
Gross profit		—			(368	)		159,989			31,642			(224	)		191,039
Selling, general and administrative expenses		5,296			17,130			91,184			10,628			—			124,238
Equity in earnings of unconsolidated affiliates		—			—			20,328			—			—			20,328
Operating income (loss)		(5,296	)		(17,498	)		89,133			21,014			(224	)		87,129
Interest expense, net		—			63,216			641			1,563			—			65,420
Intercompany interest expense (income), net		5			(40,728	)		34,678			6,013			32			—
Other expense (income)		727			20,806			(723	)		10,248			(14	)		31,044
Equity in loss (earnings) of subsidiaries		21,507			(59,013	)		3,813			—			33,693			—
Income (loss) before income taxes		(27,535	)		(1,779	)		50,724			3,190			(33,935	)		(9,335	)
Provision for (benefit from) income taxes		—			1,017			13,201			4,057			(75	)		18,200
Net income (loss)	$	(27,535	)	$	(2,796	)	$	37,523		$	(867	)	$	(33,860	)	$	(27,535	)
Comprehensive income (loss)	$	(37,307	)	$	(12,568	)	$	28,098		$	(1,214	)	$	(14,316	)	$	(37,307	)

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Six Months Ended June 30, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	2,492,478		$	766,674		$	(505,808	)	$	2,753,344
Cost of sales		—			578			2,367,050			746,132			(506,728	)		2,607,032
Gross profit		—			(578	)		125,428			20,542			920			146,312
Selling, general and administrative expenses		5,266			1,405			83,805			10,758			—			101,234
Equity in earnings of unconsolidated affiliates		—			—			11,728			—			—			11,728
Operating income (loss)		(5,266	)		(1,983	)		53,351			9,784			920			56,806
Interest expense, net		—			62,561			2,477			1,008			—			66,046
Intercompany interest expense (income), net		3			(43,109	)		36,756			6,346			4			—
Loss on extinguishment of long-term debt		—			20,744			—			—			—			20,744
Other expense (income)		(1	)		3,661			(4,272	)		6,501			(181	)		5,708
Equity in loss (earnings) of subsidiaries		32,474			(22,688	)		24,904			—			(34,690	)		—
Income (loss) before income taxes		(37,742	)		(23,152	)		(6,514	)		(4,071	)		35,787			(35,692	)
Provision for (benefit from) income taxes		—			176			3,492			(2,398	)		780			2,050
Net income (loss)	$	(37,742	)	$	(23,328	)	$	(10,006	)	$	(1,673	)	$	35,007		$	(37,742	)
Comprehensive income (loss)	$	(28,449	)	$	(14,035	)	$	(1,585	)	$	(801	)	$	16,421		$	(28,449	)

30

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Six Months Ended June 30, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(119	)	$	(54,821	)	$	18,723		$	44,081		$	—		$	7,864
Cash flows from investing activities
Capital expenditures		—			—			(49,676	)		(6,068	)		—			(55,744	)
Proceeds from the sale of property, plant and equipment		—			—			—			5,434			—			5,434
Payment for working capital adjustment from sale of business		—			—			(700	)		—			—			(700	)
Distributions from unconsolidated affiliates		—			—			978			—			—			978
Investments in subsidiaries		(196,400	)		(10,000	)		(7,226	)		—			213,626			—
Intercompany investing activities		—			2,000			(89,900	)		—			87,900			—
Cash provided by (used in) investing activities		(196,400	)		(8,000	)		(146,524	)		(634	)		301,526			(50,032	)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		199,152			—			—			—			—			199,152
Intercompany short-term borrowings, net		222			67,924			21,670			(12,916	)		(76,900	)		—
Short-term borrowings, net		—			(3,646	)		(140	)		(25,616	)		—			(29,402	)
Contributions from parent companies		—			—			206,400			7,226			(213,626	)		—
Proceeds from issuance of intercompany long-term debt		—			—			13,000			(2,000	)		(11,000	)		—
Proceeds from issuance of Accounts Receivable Securitization Facility		—			—			—			178,603			—			178,603
Repayments of Accounts Receivable Securitization Facility		—			—			—			(179,170	)		—			(179,170	)
Cash provided by (used in) financing activities		199,374			64,278			240,930			(33,873	)		(301,526	)		169,183
Effect of exchange rates on cash		—			28			(84	)		82			—			26
Net change in cash and cash equivalents		2,855			1,485			113,045			9,656			—			127,041
Cash and cash equivalents—beginning of period		2			954			154,770			40,777			—			196,503
Cash and cash equivalents—end of period	$	2,857		$	2,439		$	267,815		$	50,433		$	—		$	323,544

31

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Six Months Ended June 30, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(29	)	$	61,692		$	(17,783	)	$	(50,368	)	$	—		$	(6,488	)
Cash flows from investing activities
Capital expenditures		—			—			(25,174	)		(3,948	)		—			(29,122	)
Proceeds from capital expenditures subsidy		—			—			6,575			—			—			6,575
Advance payment refunded		—			—			—			(2,711	)		—			(2,711	)
Distributions from unconsolidated affiliates		—			—			1,055			—			—			1,055
Intercompany investing activities		—			(4,000	)		(200,809	)		—			204,809			—
Decrease in restricted cash		—			—			—			7,852			—			7,852
Cash provided by (used in) investing activities		—			(4,000	)		(218,353	)		1,193			204,809			(16,351	)
Cash flows from financing activities
Deferred financing fees		—			(46,284	)		—			—			—			(46,284	)
Intercompany short-term borrowings, net		36			(2,178	)		184,355			18,596			(200,809	)		—
Short-term borrowings, net		—			(3,541	)		(131	)		(14,176	)		—			(17,848	)
Proceeds from issuance of intercompany long-term debt		—			—			—			4,000			(4,000	)		—
Repayments of Term Loans		—			(1,239,000	)		—			—			—			(1,239,000	)
Proceeds from issuance of Senior Notes		—			1,325,000			—			—			—			1,325,000
Proceeds from issuance of Accounts Receivable Securitization Facility		—			—			—			222,592			—			222,592
Repayments of Accounts Receivable Securitization Facility		—			—			—			(165,884	)		—			(165,884	)
Proceeds from the draw of revolving debt		—			405,000			—			—			—			405,000
Repayments on the revolving debt		—			(525,000	)		—			—			—			(525,000	)
Cash provided by (used in) financing activities		36			(86,003	)		184,224			65,128			(204,809	)		(41,424	)
Effect of exchange rates on cash		—			31			(1,295	)		(206	)		—			(1,470	)
Net change in cash and cash equivalents		7			(28,280	)		(53,207	)		15,747			—			(65,733	)
Cash and cash equivalents—beginning of period		3			29,411			182,088			24,855			—			236,357
Cash and cash equivalents—end of period	$	10		$	1,131		$	128,881		$	40,602		$	—		$	170,624

32

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are a leading global materials company engaged in the manufacture and marketing of emulsion polymers and plastics, including various specialty and technologically differentiated products. We have leading market positions in many of the markets in which we compete. We believe we have developed these strong market positions due to our technological differentiation, diverse global manufacturing base, long-standing customer relationships, commitment to sustainable solutions and competitive cost positions. We believe that growth in overall consumer spending and construction activity, increased demand in the automotive industry for higher fuel efficiency and lighter-weight materials, and improving living standards in emerging markets will result in growth in the global markets in which we compete. In addition, we believe our increasing business presence in developing regions such as China, Southeast Asia, Latin America and Eastern Europe further enhances our prospects.

We develop emulsion polymers and plastics products that are incorporated into a wide range of our customers’ products throughout the world, including tires and other products for automotive applications, carpet and artificial turf backing, coated paper and packaging board, food service packaging, appliances, medical devices, consumer electronics and construction applications, among others. We seek to regularly develop new and improved products and processes, supported by our strong patent portfolio, designed to enhance our customers’ product offerings. We have long-standing relationships with a diverse base of global customers, many of whom are leaders in their markets and rely on us for formulation, technological differentiation, and compounding expertise to find sustainable solutions for their businesses. Many of our products represent only a small portion of a finished product’s production costs, but provide critical functionality to the finished product and are often specifically developed to customer specifications. We believe these product traits result in substantial customer loyalty for our products.

We operate in four reporting segments under two business units. Our Emulsion Polymers business unit includes our Latex reporting segment and our Synthetic Rubber reporting segment. Our Plastics business unit includes our Styrenics reporting segment and our Engineered Polymers reporting segment.

1^st Quarter 2014 Highlights

In February 2014, the Company announced plans to add an additional 25 kMT of SB latex capacity at our facility in Zhangjiagang, China, which we expect to become operational in the second quarter of 2015 and will represent a 33% increase in our SB latex capacity in China. This expansion will allow us to capitalize on the expected growth in demand for latex in China’s paper and paperboard industry, forecast to grow in the next five years.

In March 2014, the Company entered into an agreement with material supplier JSR to acquire its current production capacity rights at the Company’s rubber production facility in Schkopau, Germany for a purchase price of €19.0 million (approximately $26.1 million). Prior to this agreement, JSR held 50% of the capacity rights of one of the Company’s three SSBR production trains in Schkopau. As a result, effective March 31, 2014, the Company had full capacity rights to this production train, enabling us to increase our capabilities to serve the global tire market.

2^nd Quarter 2014 Highlights

In April 2014, the Company completed the sale of a portion of our land at our manufacturing site in Livorno, Italy for a purchase price of €4.95 million (approximately $6.8 million). This sale had no significant impact on the ongoing operations of the Company, but provided an opportunity to generate additional cash flows for the Company.

Also in April 2014, the Company announced plans for the conversion of our nickel polybutadiene rubber (“Ni-PBR”) production train in Schkopau, Germany, to neodymium polybutadiene rubber (“Nd-PBR”), which we expect to be completed and operational in the fourth quarter of 2015. Nd-PBR is a synthetic rubber used mainly in the production of tires as well as in a variety of other applications such as industrial rubber goods and polymer modification. Nd-PBR in ultra-high performance tires allows for the increase of elasticity, endurance and durability which results in improved rolling resistance in tires. The Nd-PBR conversion will allow us to further grow our rubber business and broaden our product range.

On May 30, 2014, our affiliates entered into an agreement with Dow to terminate the Latex JV Option Agreement, eliminating Dow’s right to exercise their option, and all other obligations of the Company thereunder, in exchange for a termination payment thereon of $32.5 million.

33

During the second quarter of 2014, the Company announced a planned restructuring within our Engineered Polymers business to exit the commodity market for polycarbonate in North America and to terminate its existing arrangements with Dow regarding manufacturing services for the Company at Dow’s Freeport, Texas 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 are expected to become operational in the fourth quarter of 2014. In addition, the Company has executed revised supply contracts for certain raw materials that are processed at its polycarbonate manufacturing facility in Stade, Germany, which is expected to take effect beginning January 1, 2015. These revised agreements are expected to facilitate improvements in our future results of operations of our Engineered Polymers segment.

On June 17, 2014, the Company completed an initial public offering of 11,500,000 ordinary shares at a price of $19.00 per share, receiving cash proceeds of $203.2 million from this transaction, net of underwriting discounts. These net proceeds were primarily used by the Company to repay, in July 2014, $132.5 million in aggregate principal amount of our 8.750% Senior Notes due 2019 at a call premium of 103%, together with accrued and unpaid interest thereon, along with certain related contract termination and offering expenses and general corporate purposes.

Results of Operations

Results of Operations for the Three and Six Months Ended June 30, 2014 and 2013

The tables below set forth our historical results of operations, and these results as a percentage of net sales for the periods indicated:

(in millions)	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net sales	$	1,340.9		$	1,361.8		$	2,700.1		$	2,753.3
Cost of sales		1,248.5			1,296.3			2,509.0			2,607.0
Gross profit		92.4			65.5			191.1			146.3
Selling, general and administrative expenses		74.2			54.8			124.2			101.2
Equity in earnings of unconsolidated affiliates		5.4			8.9			20.3			11.7
Operating income		23.6			19.6			87.2			56.8
Interest expense, net		32.6			33.7			65.4			66.0
Loss on extinguishment of long-term debt		—			—			—			20.7
Other expense, net		30.1			11.8			31.1			5.7
Loss before income taxes		(39.1	)		(25.9	)		(9.3	)		(35.6	)
Provision for income taxes		5.5			2.2			18.2			2.1
Net loss	$	(44.6	)	$	(28.1	)	$	(27.5	)	$	(37.7	)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net sales		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		93.1	%		95.2	%		92.9	%		94.7	%
Gross profit		6.9	%		4.8	%		7.1	%		5.3	%
Selling, general and administrative expenses		5.5	%		4.0	%		4.6	%		3.7	%
Equity in earnings of unconsolidated affiliates		0.4	%		0.7	%		0.8	%		0.4	%
Operating income		1.8	%		1.5	%		3.3	%		2.0	%
Interest expense, net		2.4	%		2.5	%		2.4	%		2.4	%
Loss on extinguishment of long-term debt		0.0	%		0.0	%		0.0	%		0.8	%
Other expense, net		2.2	%		0.9	%		1.2	%		0.2	%
Loss before income taxes		(2.8	)%		(1.9	)%		(0.3	)%		(1.4	)%
Provision for income taxes		0.4	%		0.2	%		0.7	%		0.1	%
Net loss		(3.2	)%		(2.1	)%		(1.0	)%		(1.5	)%

34

Three Months Ended June 30, 2014 Compared to the Three Months Ended June 30, 2013

Net Sales

Net sales for the three months ended June 30, 2014 decreased by $20.9 million, or 1.5%, to $1,340.9 million from $1,361.8 million in the three months ended June 30, 2013. Of the 1.5% decrease, 5.2% was due to lower selling prices, which was offset by a favorable currency impact of approximately 3.3%, as the U.S. dollar weakened compared to the euro, and a slight increase due to sales volume. The overall decrease in selling prices was primarily due to the pass through of lower butadiene costs to our customers in Latex and Synthetic Rubber and lower styrene monomer related costs to our Styrenics and Latex customers.

Cost of Sales

Cost of sales for the three months ended June 30, 2014 decreased by $47.8 million, or 3.7%, to $1,248.5 million from $1,296.3 million in the three months ended June 30, 2013. Of the 3.7% decrease, 8.1% was attributable to lower prices for raw materials, primarily butadiene and styrene monomer and the impact of product mix, partially offset by an unfavorable currency impact of approximately 3.3% due to the weakening of the U.S. dollar compared to the euro and 1.1% slight increase in sales volume. The remaining variance is due to a slight decrease in manufacturing costs.

Gross Profit

Gross profit for the three months ended June 30, 2014 increased by $26.9 million, or 41.1%, to $92.4 million from $65.5 million in the three months ended June 30, 2013. The increase was primarily attributable to higher margin in the Styrenics and Engineered Polymers segments, with lower raw material cost, as well as higher volume to SSBR customers due to an improving Europe tire market.

Selling, General and Administrative Expenses

SG&A expenses for the three months ended June 30, 2014 increased by $19.4 million, or 35.4%, to $74.2 million from $54.8 million in the three months ended June 30, 2013. The increase in SG&A expenses was primarily due to $23.3 million in termination fees paid related to the Advisory Agreement with Bain which we terminated upon consummation of the IPO on June 17, 2014, offset by higher restructuring charges incurred in the second quarter of 2013 related to the shutdown of our latex facility in Altona, Australia of approximately $6.5 million compared to the additional restructuring charges of $1.5 million during the second quarter of 2014. Other increases in expenses included salaries, incentives and other normal increases in operating costs. For more information regarding the Advisory Agreement termination fee and restructuring charges noted above, refer to Notes N and Q to the condensed consolidated financial statements.

Equity in Earnings of Unconsolidated Affiliates

Equity in earnings of unconsolidated affiliates for the three months ended June 30, 2014 was $5.4 million compared to equity in earnings of $8.9 million for the three months ended June 30, 2013. AmSty equity earnings decreased to $6.8 million for the three months ended June 30, 2014 from $9.2 million for the three months ended June 30, 2013 while Sumika Styron had equity losses of $1.4 million for the three months ended June 30, 2014 and $0.3 million for the three months ended June 30, 2013, respectively. AmSty earnings decreased primarily due to decreases in Styrenics sales volume and increases in the cost of raw materials.

Interest Expense, Net

Interest expense, net for the three months ended June 30, 2014 was $32.6 million compared to $33.7 million for the three months ended June 30, 2013. This decrease in interest expense was primarily attributable to the lower average borrowings and outstanding balance on both the Revolving Facility and the Accounts Receivable Securitization Facility during the three months ended June 30, 2014 compared to the three months ended June 30, 2013.

Other Expense, net

Other expense, net in the three months ended June 30, 2014 was $30.1 million, which included a $32.5 million termination payment made to Dow in connection with termination of the Latex JV Option Agreement as discussed in Note N in the condensed consolidated financial statements, offset by $2.1 million of foreign exchange transaction gains.

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Other expense, net in the three months ended June 30, 2013 was $11.8 million, of which $7.6 million relates to foreign exchange transaction losses and $3.3 million was due to losses in connection with the sale of our Styrenics EPS business as discussed in Note P in the condensed consolidated financial statements.

Foreign exchange transaction gains and losses are primarily driven by the remeasurement of our euro denominated payables to the U.S. dollar.

Provision for (Benefit from) Income Taxes

Provision for income taxes for the three months ended June 30, 2014 was $5.5 million, resulting in a negative effective tax rate of 13.9%. Provision for income tax for the three months ended June 30, 2013 was $2.2 million, resulting in a negative effective tax rate of 8.3%.

Although the Company had losses before income taxes of $39.2 million for the three months ended June 30, 2014, it generated losses of approximately $73.6 million mostly within our holding companies incorporated in Luxembourg which did not provide a tax benefit as management does not believe that the Company will utilize these losses in the foreseeable future. Included in these losses were payments made during the three months ended June 30, 2014 of $32.5 million related to an agreement with Dow to terminate the Latex JV Option Agreement and a portion of the fees related to the termination of the Advisory Agreement with Bain Capital of approximately $18.6 million (see Note N to the condensed consolidating financial statements for further discussion on both of these payments).

Offsetting the unfavorable impact to the effective tax rate was a tax benefit recognized for the period ended June 30, 2014 as the Company effectively settled its 2010 and 2011 audit with the IRS and received a refund of $3.2 million in July 2014. As a result, the Company recorded a previously unrecognized tax benefit in the amount of $2.7 million, including penalties and interest, relating to its 2011 tax return filing. Additionally, the tax benefit generated from the Advisory Agreement termination fee noted above was $1.2 million for the three months ended June 30, 2014. No similar tax benefits were recorded in the three months ended June 30, 2013.

Six Months Ended June 30, 2014 Compared to the Six Months Ended June 30, 2013

Net Sales

Net sales for the six months ended June 30, 2014 decreased by $53.2 million, or 1.9%, to $2,700.1 million from $2,753.3 million in the six months ended June 30, 2013. Of the 1.9% decrease, 5.3% was due to lower selling prices, which was offset by favorable currency impact of approximately 2.5% as the U.S. dollar weakened compared to the euro and slight increases in sales volume. The overall decrease in selling prices was primarily due to the pass through of lower butadiene costs to our customers in Latex and Synthetic Rubber and styrene monomer to our Styrenics and Latex customers.

Cost of Sales

Cost of sales for the six months ended June 30, 2014 decreased by $98.0 million, or 3.8%, to $2,509.0 million from $2,607.0 million in the six months ended June 30, 2013. Of the 3.8% decrease, 7.9% was attributable to lower prices for raw materials, primarily butadiene and styrene monomer, and the impact of product mix, partially offset by unfavorable currency impact of approximately 2.5% due to the weakening of the U.S. dollar compared to the euro and 1.6% slight increase in sales volume. The remaining variance was due to a slight increase in manufacturing costs in the first half of 2014.

Gross Profit

Gross profit for the six months ended June 30, 2014 increased by $44.8 million, or 30.6%, to $191.1 million from $146.3 million in the six months ended June 30, 2013. The increase was primarily attributable to higher volume to SSBR customers due to the improving tire market in Europe, as well as higher margin due to lower raw material costs.

Selling, General and Administrative Expenses

SG&A expenses for the six months ended June 30, 2014 increased by $23.0 million, or 22.7%, to $124.2 million from $101.2 million in the six months ended June 30, 2013. The increase in SG&A expenses was primarily due to $23.3 million in termination fees paid related to the Advisory Agreement with Bain which terminated upon consummation of the IPO on June 17, 2014, and $1.5 million restructuring charges in connection with the restructuring part of our Engineered Polymers business to exit the commodity

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market for polycarbonate in North America. These increases were offset by higher restructuring charges incurred in the first half of 2013 of approximately $6.5 million related to the shutdown of our latex facility in Altona, Australia compared to the additional restructuring charges of $2.1 million in 2014. Other increases in expenses included salaries, incentives and other normal increases in operating costs. For more information regarding the Advisory Agreement termination fee and restructuring charges noted above, refer to Notes N and Q to the condensed consolidated financial statements.

Equity in Earnings of Unconsolidated Affiliates

Equity in earnings of unconsolidated affiliates for the six months ended June 30, 2014 was $20.3 million compared to equity in earnings of $11.7 million for the six months ended June 30, 2013. AmSty equity earnings increased to $22.3 million for the six months ended June 30, 2014 from $12.4 million for the six months ended June 30, 2013 primarily due to stronger operating performance driven by improved market conditions. Sumika Styron had equity losses of $2.0 million for the six months ended June 30, 2014 and $0.7 million for the six months ended June 30, 2013, respectively.

Interest Expense, Net

Interest expense, net for the six months ended June 30, 2014 was $65.4 million compared to $66.0 million for the six months ended June 30, 2013. The decrease in interest expense is primarily attributable to the lower average borrowings and outstanding principal balances on both the Revolving Facility and the Accounts Receivable Securitization Facility during the six months ended June 30, 2014 compared to the six months ended June 30, 2013. Partially offsetting this decrease was increased interest expense on our Senior Notes, which were issued in late January 2013, which bear an interest rate of 8.75% compared to a 6.0% interest rate on the Term Loans during the month of January 2013.

Other Expense, net

Other expense, net in the six months ended June 30, 2014 was $31.1 million, which included a $32.5 million termination payment made to Dow in connection with termination of the Latex JV Option Agreement as discussed in Note N in the condensed consolidated financial statements, slightly offset by foreign exchange transaction gains of $1.7 million and other income.

Other expense, net in the six months ended June 30, 2013 was $5.7 million, of which $3.3 million was due to losses in connection with the sale of our Styrenics EPS business as discussed in Note P in the condensed consolidated financial statements. The remaining $2.4 million relates to foreign exchange transaction losses and other expenses.

Foreign exchange transaction gains and losses are primarily driven by the remeasurement of our euro denominated payables to the U.S. dollar.

Provision for (Benefit from) Income Taxes

Provision for income taxes for the six months ended June 30, 2014 was $18.2 million, resulting in a negative effective tax rate of 195%. Provision for income taxes for the six months ended June 30, 2013 was $2.1 million, resulting in a negative effective tax rate of 5.7%.

The increase in provision for income taxes was primarily driven by the decrease in loss before income taxes from $35.7 million of loss for the six months ended June 30, 2013 to $9.3 million of loss for the six months ended June 30, 2014. During the period ended June 30, 2013, the Company incurred a loss on extinguishment of debt of $20.7 million, which provided a $4.3 million tax benefit. This one time item did not recur in the six month period ended June 30, 2014.

Although the Company had a loss before income taxes of $9.3 million for the period ended June 30, 2014, it generated losses of approximately $97.2 million mostly within our holding companies incorporated in Luxembourg which did not provide a tax benefit as management does not believe the Company will utilize these losses in the foreseeable future. As discussed above, these losses included payments made during the three months ended related to an agreement with Dow to terminate the Latex JV Option Agreement and a portion of the fees related to the termination of the Advisory Agreement with Bain Capital. These non deductible expenses unfavorably impacted the effective tax rate during the period ended June 30, 2014.

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Partially offsetting this unfavorable impact to the effective tax rate was a tax benefit recognized for the six months ended June 30, 2014 related to the settlement of prior period audits by the IRS as the Company effectively settled its 2010 and 2011 audit with the IRS and received a refund of $3.2 million in July 2014. As a result, the Company recorded a previously unrecognized tax benefit in the amount of $2.7 million, including penalties and interest, relating to its 2011 tax return filing. No similar tax benefits were recorded in the six months ended June 30, 2013.

Selected Segment Information

The following tables present net sales and EBITDA by segment and as a percentage of total net sales and net sales by segment, respectively, for the following periods:

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2014			2013			2014			2013
Net sales(1)
Latex segment	$	320.7		$	345.0		$	647.0		$	701.7
Synthetic Rubber segment		164.9			156.2			341.6			332.6
Styrenics segment		589.7			597.3			1,184.1			1,199.3
Engineered Polymers segment		265.6			263.3			527.4			519.7
Corporate unallocated(2)		—			—			—			—
Total	$	1,340.9		$	1,361.8		$	2,700.1		$	2,753.3
EBITDA(3)
Latex segment	$	24.8		$	22.1		$	50.3		$	48.8
Synthetic Rubber segment		37.0			27.9			80.1			58.6
Styrenics segment		27.2			17.5			69.4			43.0
Engineered Polymers segment		5.1			(2.9	)		2.8			(3.7	)
Corporate unallocated(2)		(73.5	)		(32.8	)		(95.6	)		(68.5	)
Total	$	20.6		$	31.8		$	107.0		$	78.2
	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net sales(1)
Latex segment		23.9	%		25.3	%		24.0	%		25.5	%
Synthetic Rubber segment		12.3	%		11.5	%		12.7	%		12.1	%
Styrenics segment		44.0	%		43.9	%		43.9	%		43.6	%
Engineered Polymers segment		19.8	%		19.3	%		19.4	%		18.8	%
Corporate unallocated(2)		0.0	%		0.0	%		0.0	%		0.0	%
Total		100.0	%		100.0	%		100.0	%		100.0	%
EBITDA(3)
Latex segment		7.7	%		6.4	%		7.8	%		7.0	%
Synthetic Rubber segment		22.4	%		17.9	%		23.4	%		17.6	%
Styrenics segment		4.6	%		2.9	%		5.9	%		3.6	%
Engineered Polymers segment		1.9	%		(1.1	)%		0.5	%		(0.7	)%
Corporate unallocated(2)		(5.5	)%		(2.4	)%		(3.5	)%		(2.5	)%
Total		1.5	%		2.3	%		4.0	%		2.8	%

(1) Inter-segment sales have been eliminated.

(2) Corporate unallocated includes corporate overhead costs, loss on extinguishment of long-term debt, and certain other income and expenses. Percentages for corporate unallocated are based on total sales.

(3) EBITDA is a non-GAAP financial measure that we refer to in making operating decisions because we believe it provides meaningful supplemental information regarding our operational performance. We present EBITDA because we believe that it is useful for investors to analyze disclosures of our operating results on the same basis as that used by our management. We believe the use of EBITDA as a metric assists our board of directors, management and investors in comparing our operating performance on a consistent basis because it removes the impact of our capital structure (such as interest expense), asset base (such as depreciation and amortization) and tax structure. See a reconciliation of net loss to EBITDA below:

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	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2014			2013			2014			2013
Net loss	$	(44.6	)	$	(28.1	)	$	(27.5	)	$	(37.7	)
Interest expense, net		32.6			33.7			65.4			66.0
Provision for income taxes		5.5			2.2			18.2			2.1
Depreciation and amortization		27.1			24.0			50.9			47.8
EBITDA	$	20.6		$	31.8		$	107.0		$	78.2

There are limitations to using financial measures such as EBITDA. Other companies in our industry may define EBITDA differently than we do. 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 our performance. We compensate for these limitations by providing reconciliations of our EBITDA results to our net loss, which is determined in accordance with GAAP.

Latex Segment

We are a global leader in SB latex, holding a strong market position across the geographies and applications in which we compete. We produce SB latex primarily for coated paper used in advertising and magazines, packaging board coatings, carpet and artificial turf backings, as well as a number of performance latex applications. For the six months ended June 30, 2014, approximately half of our Latex segment’s net sales were generated in Europe, approximately 25% were generated in the United States and the remainder was generated in Asia and other geographies.

Three Months Ended June 30, 2014 Compared to the Three Months Ended June 30, 2013

Net sales for the three months ended June 30, 2014 decreased by $24.3 million, or 7.0%, to $320.7 million from $345.0 million in the three months ended June 30, 2013. Of the 7.0% decrease in net sales, 6.4% was due to lower selling prices primarily from the pass through of lower butadiene and styrene cost and 3.0% from lower sales volume driven by lower sales to the Europe and North America paper markets which were partially offset by higher sales to the Asia paper and North America carpet markets. Currency had a favorable impact of 2.4% as the U.S. dollar weakened compared to the euro.

EBITDA for the three months ended June 30, 2014 increased by $2.7 million, or 12.2%, to $24.8 million from $22.1 million in the three months ended June 30, 2013. The EBITDA increase was driven by a decrease in restructuring related charges of $5.0 million (see Note Q in the condensed consolidated financial statements) as well as a favorable currency impact of 2.1% as the U.S. dollar weakened compared to the euro. These favorable impacts were partially offset by a lower volume impact of 7.2% driven by lower sales to the Europe and North America paper markets.

Six Months Ended June 30, 2014 Compared to the Six Months Ended June 30, 2013

Net sales for the six months ended June 30, 2014 decreased by $54.7 million, or 7.8%, to $647.0 million from $701.7 million in the six months ended June 30, 2013. Of the 7.8% decrease in net sales, 6.8% was due to lower selling prices primarily from the pass through of lower butadiene and styrene cost and 2.9% from lower sales volume driven by lower sales to the Europe and North America paper markets. The volume impact was partially offset by a 1.8% favorable currency impact as the U.S. dollar weakened compared to the euro.

EBITDA for the six months ended June 30, 2014 increased by $1.5 million, or 3.1%, to $50.3 million from $48.8 million in the six months ended June 30, 2013. The EBITDA increase was driven by a decrease in restructuring related charges of $4.4 million (see Note Q in the condensed consolidated financial statements) as well as a favorable currency impact of 1.8% as the U.S. dollar weakened compared to the euro. Offsetting these increases was lower sales volume, driven by lower sales to the Europe and North America paper markets, which caused EBITDA to decrease by 6.8%.

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Synthetic Rubber Segment

We are a significant producer of styrene-butadiene and polybutadiene-based rubber products and we have a leading European market position in SSBR. While 100% of our sales were generated in Europe for the six months ended June 30, 2014, approximately 15% of these net sales were exported to Asia, 10% to Latin America and 6% to North America.

We have a broad synthetic rubber technology and product portfolio, focusing on specialty products, such as SSBR and lithium polybutadiene rubber (“Li-PBR”), while also producing core products, such as emulsion styrene-butadiene rubber (“ESBR”), and Ni-PBR. Our synthetic rubber products are extensively used in tires, with an estimated 86% of our net sales from this segment in 2013 attributable to the tire market. We estimate that three quarters of these sales relate to replacement tires. Other applications for our synthetic rubber products include polymer modification and technical rubber goods.

Three Months Ended June 30, 2014 Compared to the Three Months Ended June 30, 2013

Net sales for the three months ended June 30, 2014 increased by $8.7 million, or 5.6%, to $164.9 million from $156.2 million in the three months ended June 30, 2013. Of the 5.6% increase in net sales, 14.0% was due to an increase in sales volume resulting from higher sales of SSBR to tire producers, plus a 4.4% increase in net sales due to a favorable currency impact as the U.S dollar weakened compared to the euro. These increases were partially offset by a decrease in net sales of 12.8% due to lower selling prices mostly from lower butadiene costs passed through to customers.

EBITDA for the three months ended June 30, 2014 increased by $9.1 million, or 32.6%, to $37.0 million from $27.9 million in the three months ended June 30, 2013. Higher volume, driven by an increase in SSBR sales, resulted in a 24.6% increase in EBITDA plus a favorable currency impact of approximately 5.7% as the U.S. dollar weakened compared to the euro.

Six Months Ended June 30, 2014 Compared to the Six Months Ended June 30, 2013

Net sales for the six months ended June 30, 2014 increased by $9.0 million, or 2.7%, to $341.6 million from $332.6 million in the six months ended June 30, 2013. Of the 2.7% increase in net sales, 13.9% was due to an increase in sales volume resulting from higher sales of SSBR to tire producers, plus a favorable currency impact of approximately 3.0% as the U.S dollar weakened compared to the euro. These increases were offset by lower selling prices due to the pass through of lower butadiene costs to customers, which decreased net sales by approximately 14.2%.

EBITDA for the six months ended June 30, 2014 increased by $21.5 million, or 36.7%, to $80.1 million from $58.6 million in the six months ended June 30, 2013. Higher volume and margins, driven by higher SSBR sales, increased EBITDA by approximately 42.8% plus a favorable currency impact of approximately 4.5% as the U.S. dollar weakened compared to the euro. These increases were partially offset by higher fixed costs which decreased EBITDA by approximately 10.6%.

Styrenics Segment

Our Styrenics segment includes polystyrene, acrylonitrile butadiene-styrene (“ABS”) and styrene-acrylonitrile (“SAN”) products, as well as our internal production and sourcing of styrene monomer, a raw material common in SB latex, synthetic rubber and styrenics products. We are a leading producer of polystyrene and mass ABS, or mABS, where we focus our efforts on differentiated applications such as the liners and encasements of appliances and consumer electronics including smartphones and tablets. Within these applications, we have worked collaboratively with customers to develop more advanced grades of plastics such as our high impact polystyrene (“HIPS”) and mABS products. These products offer superior properties, such as rigidity, insulation and colorability, and, in some cases, an improved environmental footprint compared to general purpose polystyrene or emulsion ABS. Our Styrenics segment also serves the packaging and construction end-markets, where we have launched a new general purpose polystyrene product for improved performance in foam insulation applications.

Three Months Ended June 30, 2014 Compared to the Three Months Ended June 30, 2013

Net sales for the three months ended June 30, 2014 decreased by $7.6 million, or 1.3%, to $589.7 million from $597.3 million in the three months ended June 30, 2013. Of the 1.3% decrease in net sales, 3.8% was driven by decreases in selling prices due primarily to the pass through of lower styrene cost to customers and approximately 1.3% was due to a decrease in sales volume. These decreases were partially offset by a favorable currency impact of approximately 3.8% as the U.S. dollar weakened compared to the euro.

EBITDA for the three months ended June 30, 2014 increased by $9.7 million, or 55.4%, to $27.2 million from $17.5 million in the three months ended June 30, 2013. Of the 55.4% increase, 44.3% was driven by higher margins due to lower raw material and utility costs compared to the three months ended June 30, 2013. In addition, 18.9% of the increase was due to lower fixed costs, 18.5% was due to an impairment loss in the prior year in connection with the sale of our EPS business, and 8.1% was due to favorable currency impacts as the U.S. dollar weakened compared to the euro. These increases were offset by lower volumes, which reduced EBITDA by 20.8% and a decrease of $2.4 million in equity earnings from our AmSty joint venture, which reduced EBITDA by 13.9%.

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Six Months Ended June 30, 2014 Compared to the Six Months Ended June 30, 2013

Net sales for the six months ended June 30, 2014 decreased by $15.2 million, or 1.3%, to $1,184.1 million from $1,199.3 million in the six months ended June 30, 2013. Of the 1.3% decrease in net sales, 3.2% was driven by decreases in selling prices due to the pass through of lower styrene cost to customers and approximately 0.9% was due to a decrease in sales volume. These decreases were partially offset by a 2.8% favorable currency impact to our net sales as the U.S. dollar weakened compared to the euro.

EBITDA for the six months ended June 30, 2014 increased by $26.4 million, or 61.4%, to $69.4 million from $43.0 million in the six months ended June 30, 2013. Of the 61.4% increase, 29.2% was driven by higher margins due to lower raw material and utility costs compared to the six months ended June 30, 2013. In addition, 23.2% of the increase was due to equity earnings from our AmSty joint venture which increased by $10.0 million during the six months ended June 30, 2014, and 20.8% was due to lower fixed costs, driven by the EPS divestiture and continued cost management. These increases were offset by lower volumes, which reduced EBITDA by 16.4%.

Engineered Polymers Segment

We are a leading producer of engineered polymers. Our products are predominantly used in the automotive, consumer electronics, construction, and medical device markets. We are focused on differentiated products which we produce in our polymer and compounds and blends manufacturing facilities located across Europe, Asia, North America and Latin America. We believe that the strategic locations of these facilities combined with close customer collaboration offers us a strategic advantage in serving our customers. Many of our polycarbonate (“PC”) products and more than half of our compounds and blends products are differentiated based on their physical properties, performance and aesthetic advantages. Our history of innovation has contributed to long-standing relationships with customers who are recognized leaders in their respective end-markets. We have established a strong market presence in the global automotive and electronics sector, targeting both component suppliers and final product manufacturers. Our Engineered Polymers segment also compounds and blends our PC and mABS plastics into differentiated products for customers within these sectors, as well as into compounds of polypropylene. We have also developed compounds containing post-consumer recycle polymers to respond to what we believe is a growing need for some customers to include recycled content in their products. We are currently focused on reducing costs in order to improve our competitiveness in polycarbonate.

Three Months Ended June 30, 2014 Compared to the Three Months Ended June 30, 2013

Net sales for the three months ended June 30, 2014 increased by $2.3 million, or 0.9%, to $265.6 million from $263.3 million in the three months ended June 30, 2013. The 0.9% increase in net sales was due to favorable currency impact of approximately 3.0% as the U.S. dollar weakened compared to the euro plus a slight increase in sales volume of approximately 0.1%, offset by a selling price decrease of approximately 2.2% due to the pass through of lower raw material and a continued competitive environment in the polycarbonate market.

EBITDA for the three months ended June 30, 2014 increased by $8.0 million, or 275.9%, to $5.1 million from $(2.9) million in the three months ended June 30, 2013. This increase was primarily due to higher margins in the second quarter of 2014 from sales of our compounds and blends products to the automotive and electronic markets.

Six Months Ended June 30, 2014 Compared to the Six Months Ended June 30, 2013

Net sales for the six months ended June 30, 2014 increased by $7.7 million, or 1.5%, to $527.4 million from $519.7 million in the six months ended June 30, 2013. The 1.5% increase in net sales was due to a favorable currency impact of 2.3% as the U.S. dollar weakened compared to the euro plus increased sales volume of approximately 1.5% from higher sales to the Europe, North America, and Asia automotive markets as well as the Asia electronics market. These increases were partially offset by a 2.3% decrease in selling prices primarily due to the pass through of lower raw materials costs and continued competitive challenges in the polycarbonate market.

EBITDA for the six months ended June 30, 2014 increased by $6.5 million, or 175.7%, to $2.8 million from $(3.7) million in the six months ended June 30, 2013. This increase was primarily due to higher margins in the first half of 2014 from sales of our compounds and blends products to the automotive and electronic markets.

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Other Important Performance Measures

We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding inventory revaluation provides investors with a useful analytical indicator of our performance and of our ability to service our indebtedness.

We define Adjusted EBITDA as income (loss) from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense; loss on extinguishment of long-term debt; asset impairment charges; advisory fees paid to affiliates of Bain Capital; gains or losses on the dispositions of businesses and assets; restructuring and other non-recurring items. We describe these other costs in more detail below.

We present Adjusted EBITDA excluding inventory revaluation in order to facilitate the comparability of results from period to period by adjusting cost of sales to reflect the cost of raw material during the period, which is often referred to as the replacement cost method of inventory valuation. We believe this measure minimizes the impact of raw material purchase price volatility in evaluating our performance. Our approach to calculating inventory revaluation is intended to represent the difference between the results under the FIFO and the replacement cost methods. However, our calculation could differ from the replacement cost method if the monthly raw material standards are different from the actual raw material prices during the month and production and purchase volumes differ from sales volumes during the month. These factors could have a significant impact on the inventory revaluation calculation.

There are limitations to using financial measures such as Adjusted EBITDA and Adjusted EBITDA excluding inventory revaluation. These performance measures are not intended to represent cash flow from operations as defined by GAAP and should not be used as alternatives to net income (loss) as indicators of operating performance or to cash flow as measures of liquidity. Other companies in our industry may define Adjusted EBITDA and Adjusted EBITDA excluding inventory revaluation differently than we do. As a result, it may be difficult to use these or similarly-named financial measures that other companies may use, to compare the performance of those companies to our performance. We compensate for these limitations by providing reconciliations of these performance measures to our net income (loss), which is determined in accordance with GAAP.

Adjusted EBITDA and Adjusted EBITDA excluding inventory revaluation are calculated as follows for the three and six months ended June 30, 2014 and 2013, respectively:

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2014			2013			2014			2013
Net loss	$	(44.6	)	$	(28.1	)	$	(27.5	)	$	(37.7	)
Interest expense, net		32.6			33.7			65.4			66.0
Provision for income taxes		5.5			2.2			18.2			2.1
Depreciation and amortization		27.1			24.0			50.9			47.8
EBITDA(a)	$	20.6		$	31.8		$	107.0		$	78.2
Loss on extinguishment of long-term debt		—			—			—			20.7
Asset impairment charges or write-offs (b)		—			0.7			—			0.7
Net loss on disposition of businesses and assets (c)		—			3.2			—			3.2
Restructuring and other charges (d)		2.1			6.5			2.7			6.5
Fees paid pursuant to advisory agreement (e)		24.2			1.2			25.4			2.4
Other non-recurring items (f)		32.5			—			32.5			1.1
Adjusted EBITDA	$	79.4		$	43.4		$	167.6		$	112.8
Inventory revaluation		(2.6	)		26.2			(8.2	)		26.0
Adjusted EBITDA, excluding inventory revaluation (g)	$	76.8		$	69.6		$	159.4		$	138.8

(a) We refer to EBITDA in making operating decisions because we believe it provides meaningful supplemental information regarding our operational performance. Other companies in our industry may define EBITDA differently than we do. 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 our performance. We compensate for these limitations by providing reconciliations of our EBITDA results to our net income (loss), which is determined in accordance with GAAP. See the “Selected Segment Information” for further detail.

(b) Asset impairment charges or write-offs for the three and six months ended June 30, 2013 includes the impairment of land at our manufacturing site in Livorno, Italy, prior to its eventual sale.

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(c) Net loss on disposition of businesses or assets for the three and six months ended June 30, 2013 related to a loss on sale of the Company’s expandable polystyrene business, which was approved by the Company’s board of directors in June 2013 and closed in September 2013, as discussed in Note P in the condensed consolidated financial statements.

(d) Restructuring and other charges for the three and six months ended June 30, 2014 and June 30, 2013, were incurred primarily in connection with the shutdown of our latex manufacturing plant in Altona, Australia. See Note Q in the condensed consolidated financial statements for further discussion.

(e) Represents fees paid under the terms of our Advisory Agreement with Bain Capital. For the three and six months ended June 30, 2014, this includes a charge of $23.3 million for fees incurred in connection with the termination of the Advisory Agreement, pursuant to its terms, upon consummation of the Company’s IPO in June 2014. See Note N in the condensed consolidated financial statements for further discussion.

(f) Other non-recurring items incurred for the three and six months ended June 30, 2014 include a one-time $32.5 million termination payment made to Dow in connection with the termination of our Latex JV Option Agreement. See Note N in the condensed consolidated financial statements for further discussion.

(g) See the discussion above this table for a description of Adjusted EBITDA excluding inventory revaluation.

Liquidity and Capital Resources

Cash Flows

The table below summarizes our primary sources and uses of cash for the six months ended June 30, 2014 and 2013, respectively. We have derived the summarized cash flow information from our unaudited financial statements.

	Six Months Ended June 30,
(in millions)	2014			2013
Net cash provided by (used in):
Operating activities	$	7.8		$	(6.5	)
Investing activities		(50.0	)		(16.3	)
Financing activities		169.2			(41.4	)
Effect of exchange rates on cash*		—			(1.5	)
Net change in cash and cash equivalents	$	127.0		$	(65.7	)

* For the six months ended June 30, 2014, the effect of exchange rates on cash was less than $0.1 million.

Operating Activities

Net cash provided by operating activities during the six months ended June 30, 2014 totaled $7.8 million, with net cash used in operating assets and liabilities totaling $25.2 million. The most significant components of the changes in operating assets and liabilities for the six months ended June 30, 2014 of $25.2 million was an increase in accounts receivable of $59.9 million, offset by an increase in accounts payable and other current liabilities of $34.0 million. The increase in accounts receivable is primarily due to higher sales during the second quarter of 2014, compared to the fourth quarter of 2013. Our accounts payable and other current liabilities increased mainly due to the purchase of raw materials and the timing of payments. Our operating cash flow for the six months ended June 30, 2014 was negatively impacted by two significant one-time cash payments in the second quarter of 2014 totaling approximately $55.8 million related to the termination of our Latex JV Option Agreement with Dow and our Advisory Agreement with Bain Capital. Refer to Note N of the condensed consolidated financial statements for further details.

Net cash used in operating activities during the six months ended June 30, 2013 totaled $6.5 million, with net cash used in operating assets and liabilities totaling $40.0 million. The most significant components of the changes in operating assets and liabilities for the six months ended June 30, 2013 of $40.0 million were increases in accounts receivable of $109.9 million, offset by an increase in accounts payable and other current liabilities of $21.3 million and a decrease in inventory of $53.8 million. The increase in accounts receivable reflects an increase in sales during the period ended June 30, 2013, when compared to the sales in the period ended December 31, 2012, driven by higher sales volume. Inventory decreased due to higher inventory at the end of 2012 as a result of our rubber capacity expansion project placed in operation in the fourth quarter of 2012 and higher volume sold during the first half of 2013. Our accounts payable and other current liabilities increased mainly due to timing of payments.

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Investing Activities

Net cash used in investing activities for the six months ended June 30, 2014 totaled $50.0 million consisting primarily of capital expenditures of $55.7 million, of which approximately $26.1 million (€19.0 million) was related to the Company’s acquisition of production capacity rights from JSR at its rubber production facility in Schkopau, Germany. These investing activities were partially offset by cash proceeds of $5.4 million from the sale of a portion of land at our manufacturing site in Livorno, Italy.

Net cash used in investing activities for the six months ended June 30, 2013 totaled $16.3 million consisting primarily of capital expenditures of $22.5 million during the period, net of proceeds from a government subsidy of $6.6 million related to our capital expansion project at our rubber facility in Schkopau, Germany. These investing activities were offset by cash proceeds from our accounts receivable securitization facility released from restrictions.

Financing Activities

Net cash provided by financing activities during the six months ended June 30, 2014 totaled $169.2 million. During the period, the Company completed the IPO of 11,500,000 ordinary shares at a price of $19.00 per share. As a result, the Company received net cash proceeds from the issuance of common stock of $199.2 million, which is net of underwriting discounts as well as advisory, accounting, and legal expenses directly related to the offering. In addition, we had net repayments of short-term borrowings of $29.4 million, which largely consisted of borrowings under our short-term revolving credit facility through our subsidiary in China. We also continue to utilize our Accounts Receivable Securitization Facility to fund our working capital requirements. For the six months ended June 30, 2014, we had borrowings from our Accounts Receivable Securitization Facility of $178.6 million and repayments of $179.2 million, resulting in net repayments of $0.6 million due to changes in foreign currency exchange rates, as a portion of our borrowings under the Accounts Receivable Securitization Facility originate in euros.

Net cash used in financing activities during the six months ended June 30, 2013 totaled $41.4 million. During the period, we repaid our outstanding term loans of $1,239.0 million using the proceeds from the issuance of $1,325.0 million in senior secured notes issued in January 2013. In connection with the issuance of the senior secured notes and amendment to our senior secured credit facility, we paid approximately $46.3 million of refinancing fees. In addition, during the period, we continued to utilize our revolving credit facility and our accounts receivable securitization facility to fund our working capital requirements. During the six months ended June 30, 2013, our borrowings and repayments to our revolving facility were $405.0 million and $525.0 million, respectively, and we had net proceeds from our accounts receivable securitization facility of $56.7 million.

Indebtedness and Liquidity

The following table outlines our outstanding indebtedness as of June 30, 2014 and December 31, 2013 and the associated interest expense, including amortization of deferred financing fees and debt discounts, and effective interest rates for such borrowings as of June 30, 2014 and December 31, 2013. Note that the effective interest rates below exclude the impact of deferred financing fee amortization.

	As of and for the Six Months Ended June 30, 2014							As of and for the Year Ended December 31, 2013
(dollars in millions)	Balance		Effective Interest Rate			Interest Expense		Balance		Effective Interest Rate			Interest Expense
Senior Secured Credit Facility
Term Loans	$	—		n/a		$	—	$	—		n/a		$	8.0
Revolving Facility		—		0	%		2.3		—		6.6	%		5.7
Senior Notes		1,325.0		8.8	%		60.9		1,325.0		8.8	%		111.9
Accounts Receivable Securitization Facility		—		2.7	%		2.1		—		3.1	%		5.6
Other Indebtedness		12.1		1.2	%		0.1		11.4		1.6	%		0.1
Total	$	1,337.1				$	65.4	$	1,336.4				$	131.3

Senior Secured Credit Facility

In January 2013, the Company amended its Senior Secured Credit Facility to, among other things, increase its 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

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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 of $1,239.0 million using the proceeds from its sale of $1,325.0 million aggregate principal amount of the 8.750% Senior Notes issued in January 2013.

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 June 30, 2014, the Company was in compliance with all debt covenant requirements under the Senior Secured Credit Facility.

There were no amounts outstanding under the Revolving Facility as of June 30, 2014. Available borrowings under the Revolving Facility totaled $292.8 million (net of $7.2 million of outstanding letters of credit) as of June 30, 2014.

Senior Notes

In January 2013, the Company issued $1,325.0 million 8.750% Senior Notes. Interest on the Senior Notes is payable semi-annually on February 1^st and August 1^st of each year, which commenced on August 1, 2013. The notes will mature on February 1, 2019, at which time the entire $1,325.0 million 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 make-whole 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		100.000	%

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 L to the condensed consolidated financial statements), 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. As a result of this redemption, during the third quarter of 2014 the Company expects to incur a loss on the extinguishment of debt of approximately $7.4 million, which includes the above $4.0 million call premium and approximately $3.4 million to write-off related unamortized debt issuance costs. The $132.5 million in aggregate principal amount of the Senior Notes was classified as a current liability within “Short-term borrowings and current portion of long-term debt” in the condensed consolidated balance sheet as of June 30, 2014. 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 our 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 our existing and future wholly-owned subsidiaries that guarantee our Senior Secured Credit Facility (other than our 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 our subsidiaries that do not guarantee the notes.

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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 June 30, 2014, 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, 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 our 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 June 30, 2014, there were no amounts outstanding under the Accounts Receivable Securitization Facility, with approximately $199.8 million of accounts receivable available to support this facility, based on the pool of eligible accounts receivable.

Other Indebtedness

As of June 30, 2014, we had $9.6 million of outstanding borrowings under our short-term revolving credit facility through our subsidiary in China that provides for up to $15.0 million of uncommitted funds available for borrowings, subject to the availability of collateral. The facility is subject to annual renewal.

Our Senior Secured Credit Facility limits our foreign working capital facilities to an aggregate principal amount of $75.0 million and further limits our foreign working capital facilities in certain jurisdictions in Asia, including China, to an aggregate principal amount of $25.0 million, except as otherwise permitted by the Senior Secured Credit Facility.

Capital Resources and Liquidity

Our sources of liquidity include cash on hand, cash flow from operations and amounts available under the Senior Secured Credit Facility and the Accounts Receivable Securitization Facility. We believe, based on our current level of operations, that these sources of liquidity will be sufficient to fund our operations, capital expenditures and debt service for at least the next twelve months.

Our liquidity requirements are significant due to our highly leveraged nature, as well as our working capital requirements. As of June 30, 2014, we had $1,337.1 million in outstanding indebtedness and $859.6 million in working capital. As of December 31, 2013, we had $1,336.4 million in outstanding indebtedness and $810.2 million in working capital. As of June 30, 2014 and December 31, 2013, we had $86.2 million and $74.0 million of foreign cash and cash equivalents on our balance sheet, respectively, all of which is readily convertible into other foreign currencies, including the U.S. dollar. Our intention is not to permanently reinvest our foreign cash and cash equivalents. Accordingly, we record deferred income tax liabilities related to the unremitted earnings of our subsidiaries.

As discussed above, in January 2013, we repaid our outstanding Term Loans of $1,239.0 million through issuance of $1,325.0 million in Senior Notes. Concurrently, with this repayment, we amended our Senior Secured Credit Facility to increase our Revolving Facility borrowing capacity from $240.0 million to $300.0 million. Also, in May 2013, we amended our Accounts Receivable Securitization Facility to increase our borrowing capacity from $160.0 million to $200.0 million, extend the maturity date to May 2016, and expand the pool of eligible accounts receivable to include previously excluded U.S. and Netherlands subsidiaries. These amendments to our facilities provide for additional liquidity resources for us.

Also noted above, in July 2014, using proceeds from the Company’s IPO, the Company redeemed $132.5 million in aggregate principal amount of the Senior Notes, at a 103% call premium totaling $4.0 million, together with accrued and unpaid interest thereon of $5.2 million.

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Our ability to raise additional financing and our borrowing costs may be impacted by short and long-term debt ratings assigned by independent rating agencies, which are based, in significant part, on our performance as measured by certain credit metrics such as interest coverage and leverage ratios.

We and our subsidiaries, affiliates or significant direct or indirect shareholders may from time to time seek to retire or purchase our outstanding debt through cash purchases in the open market, privately negotiated transactions, exchange transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

We cannot make assurances that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under the Senior Secured Credit Facility in an amount sufficient to enable us to pay our indebtedness, or to fund our other liquidity needs. Further, our highly leveraged nature may limit our ability to procure additional financing in the future. As of June 30, 2014 and December 31, 2013, we were in compliance with all the covenants and default provisions under our credit arrangements.

We believe that funds provided by operations, our existing cash and cash equivalent balances, borrowings available under our Revolving Facility and borrowings available under our Accounts Receivable Securitization Facility will be adequate to meet planned operating and capital expenditures for at least the next 12 months under current operating conditions. However, if we were to undertake any significant acquisitions or investments, it may be necessary for us to obtain additional debt or equity financings. We may not be able to obtain such financing on reasonable terms, or at all.

Contractual Obligations and Commercial Commitments

Other than the impact of payments related to the termination of our Advisory Agreement with Bain Capital and the redemption of $132.5 million in Senior Notes in July 2014 in connection with the IPO (discussed in Notes N and F to the condensed consolidated financial statements, respectively), there have been no material revisions outside the ordinary course of business to our contractual obligations as described within “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Contractual Obligations and Commercial Commitments” within our Registration Statement.

Critical Accounting Policies and Estimates

Our unaudited interim consolidated financial statements are based on the selection and application of significant accounting policies. The preparation of unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses at the date of and during the reporting period. Actual results could differ from those estimates. However, we are not currently aware of any reasonably likely events or circumstances that would result in materially different results.

We describe our significant accounting policies in Note B, Summary of Accounting Policies, of the Notes to Consolidated Financial Statements included in our Registration Statement, while we discuss our critical accounting policies and estimates in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” within our Registration Statement.

There have been no material revisions to the critical accounting policies as filed in our Registration Statement.

Off-balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

Recent Accounting Pronouncements

We describe the impact of recent accounting pronouncements in Note B to our condensed consolidated financial statements, included elsewhere within this Quarterly Report.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

As discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” within our Registration Statement, we are exposed to changes in interest rates and foreign currency exchange rates as well as changes in the prices of certain commodities that we use in production. There have been no material changes in our exposure to market risks from the information provided within our Registration Statement.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining internal controls designed to provide reasonable assurance that information required to be disclosed by us in our reports that we file or submit under the Exchange Act (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, with the participation of our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q were effective.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarter ended June 30, 2014 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

From time to time we 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, waste disposal practices, release of chemicals into the environment and other matters that may arise in the ordinary course of our business. We currently believe that there is no litigation pending that is likely to have a material adverse effect on our business. Regardless of the outcome, legal proceedings can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Item 1A. Risk Factors

Our business faces various risks. Certain important factors may have a material adverse effect on our business prospects, financial condition and results of operations, and you should carefully consider them. Accordingly, in evaluating our business, we encourage you to consider the risk factors disclosed below related to our ordinary shares as well those related to our business and industry which have been previously disclosed in our Registration Statement under “Risk Factors- Risks relating to our Business and our Industry”, for which there have been no material changes. We encourage you to consider these risks, in their entirety, in addition to other information contained in or incorporated by reference into this Quarterly Report and our other public filings with the SEC. Other events that we do not currently anticipate or that we currently deem immaterial may also affect our business, prospects, financial condition and results of operations.

Risks Related to Our Ordinary Shares

We are a “controlled company” within the meaning of the New York Stock Exchange listing rules and, as a result, we will qualify for, and intend to rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to shareholders of companies that are subject to such requirements.

Bain Capital Everest Manager Holding S.C.A. (our “Parent”) controls a majority of the voting power of our outstanding equity. As a result, we are a “controlled company” within the meaning of the corporate governance standards of the New York Stock Exchange. Under these rules, a company of which more than 50% of the voting power is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance requirements including:

• the requirement that a majority of the board of directors consist of independent directors;

• the requirement that we have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and

• the requirement for an annual performance evaluation of the nominating/corporate governance and compensation committees.

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We intend to utilize these exemptions. As a result, we may not have a majority of independent directors, our compensation committee will not consist entirely of independent directors and the board committees will not be subject to annual performance evaluations. Accordingly, you will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of the New York Stock Exchange.

Our Parent, however, is not subject to any contractual obligation to retain its controlling interest, except that it has agreed, subject to certain exceptions, not to sell or otherwise dispose of any ordinary shares or other equity securities or other securities exercisable or convertible therefore through December 8, 2014 without the prior written consent of Goldman, Sachs & Co., Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC. Except for this brief period, there can be no assurance as to the period of time during which the Parent will maintain its ownership of our ordinary shares following the offering.

Our share price could be extremely volatile, and, as a result, you may not be able to resell your ordinary shares at or above the price you paid for them.

Prior to our initial public offering, there has not been a public market for our ordinary shares. An active public market for our ordinary shares may not develop or be sustained. In addition, the stock market in general has been highly volatile. As a result, the market price of our ordinary shares is likely to be similarly volatile, and investors in our ordinary shares may experience a decrease, which could be substantial, in the value of their ordinary shares, including decreases unrelated to our operating performance or prospects, and could lose part or all of their investment. The price of our ordinary shares could be subject to wide fluctuations in response to a number of factors, including those described elsewhere in this Quarterly Report and others such as:

• variations in our operating performance and the performance of our competitors;

• actual or anticipated fluctuations in our quarterly or annual operating results;

• publication of research reports by securities analysts about us or our competitors or our industry;

• our failure or the failure of our competitors to meet analysts’ projections or guidance that we or our competitors may give to the market;

• additions and departures of key personnel;

• strategic decisions by us or our competitors, such as acquisitions, divestitures, spin-offs, joint ventures, strategic investments or changes in business strategy;

• the passage of legislation or other regulatory developments affecting us or our industry;

• speculation in the press or investment community;

• changes in accounting principles;

• terrorist acts, acts of war or periods of widespread civil unrest;

• natural disasters and other calamities; and

• changes in general market and economic conditions.

In the past, securities class action litigation has often been initiated against companies following periods of volatility in their stock price. This type of litigation could result in substantial costs and divert our management’s attention and resources, and could also require us to make substantial payments to satisfy judgments or to settle litigation.

Your percentage ownership in us may be diluted by future equity issuances, which could reduce your influence over matters on which shareholders vote.

Our board of directors, or Board, has the authority, without action or vote of our shareholders, to issue all or any part of our authorized but unissued ordinary shares, including shares issuable upon the exercise of options, or shares of our authorized but unissued preferred equity. Issuances of ordinary shares or voting preferred stock would reduce your influence over matters on which our shareholders vote and, in the case of issuances of preferred stock, would likely result in your interest in us being subject to the prior rights of holders of that preferred stock.

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There may be future sales of a substantial amount of our ordinary shares by our current shareholders, and these sales could cause the price of our ordinary shares to fall.

As of August 8, 2014, there were 48,769,567 ordinary shares outstanding. Of our issued and outstanding ordinary shares, all of the ordinary shares sold in our initial public offering are freely transferable, except for any ordinary shares held by our “affiliates,” as that term is defined in Rule 144 under the Securities Act. Approximately 76% of our outstanding ordinary shares are held by our Parent.

Each of our directors, executive officers and significant equity holders (including affiliates of our Parent) has entered into a lock-up agreement with Goldman, Sachs & Co., Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC, on behalf of the underwriters, which regulates their sales of our ordinary shares, through December 8, 2014, subject to certain exceptions and automatic extensions in certain circumstances.

Sales of substantial amounts of our ordinary shares in the public market, or the perception that such sales will occur, could adversely affect the market price of our ordinary shares and make it difficult for us to raise funds through securities offerings in the future. The shares offered in our initial public offering became eligible for immediate sale in the public market without restriction by persons other than our affiliates. Our remaining outstanding shares will become available for resale in the public market as shown in the chart below, subject to the provisions of Rule 144.

Number of Shares	Date Available for Resale
37,269,567	180 days after the initial public offering (December 8, 2014) subject to certain exceptions and automatic extensions in certain circumstances

Beginning on December 8, 2014, subject to certain exceptions and automatic extensions in certain circumstances, our Parent may require us to register the ordinary shares held by it for resale under the federal securities laws, subject to reduction upon the request of the underwriter of our initial public offering, if any. Registration of those ordinary shares would allow our Parent to immediately resell these ordinary shares in the public market. Any such sales or anticipation thereof could cause the market price of our ordinary shares to decline.

In addition, we have registered ordinary shares that we expect to issue pursuant to our 2014 Omnibus Incentive Plan. Therefore, those shares can be freely sold in the public market upon issuance, subject to any vesting or contractual lock-up agreements.

We are a Luxembourg company and, as a result, shareholders may have difficulty effecting service of process or litigation against us or our officers and directors and will not have the same protections afforded to shareholders of a company incorporated in Delaware.

We are organized under the laws of the Grand Duchy of Luxembourg. Many of our assets are located outside the United States and some of our directors and officers reside outside the United States and most of their assets are located outside the United States. As a result, investors may find it more difficult to effect service of process within the United States upon us or these persons or to enforce outside the United States judgments obtained against us or these persons in U.S. courts, including judgments in actions predicated upon the civil liability provisions of the U.S. federal securities laws. Likewise, it may also be difficult for an investor to enforce in U.S. courts judgments obtained against us or these persons in courts located in jurisdictions outside the United States, including actions predicated upon the civil liability provisions of the U.S. federal securities laws. It may also be difficult for an investor to bring an original action in a Luxembourg court predicated upon the civil liability provisions of the U.S. federal securities laws against us or these persons. Luxembourg law does not recognize a shareholder’s right to bring a derivative action on behalf of a company.

Our corporate affairs are governed by our articles of association and by the laws of the Grand Duchy of Luxembourg. The rights of our shareholders and the responsibilities of our directors and officers under Luxembourg law are different from those applicable to a corporation incorporated in Delaware, or any other state of the United States. Luxembourg law and regulations in respect of corporate governance matters might not be as protective of minority shareholders as the General Corporation Law of the State of Delaware or other state corporation laws. Therefore, our shareholders may have more difficulty in protecting their interests in connection with actions taken by our directors and officers or our principal shareholders than they would as shareholders of a Delaware corporation or a corporation incorporated in another state of the United States.

50

Provisions in our organizational documents and Luxembourg law may deter takeover efforts or other actions, including share repurchases that could be beneficial to shareholder value.

In addition to our Parent’s beneficial ownership of a controlling percentage of our ordinary shares, our articles of association and Luxembourg law contain provisions that could make it harder for a third party to acquire us, even if doing so might be beneficial to our shareholders. These provisions include a staggered board of directors, the ability of the board of directors to approve a merger or other acquisition and to issue additional ordinary shares without shareholder approval that could be used to dilute a potential hostile acquirer. As a result, you may lose your ability to sell your stock for a price in excess of the prevailing market price due to these protective measures, and efforts by shareholders to change the direction or management of the company may be unsuccessful.

Pursuant to Luxembourg corporate law, existing shareholders are generally entitled to preemptive subscription rights in the event of capital increases and issues of shares against cash contributions. However, under our articles of association and shareholder approvals obtained prior to the completion of our initial public offering, our board of directors has been authorized to waive, limit or suppress such pre-emptive subscription rights until the fifth anniversary of such authorization and, in the future at a general meeting of our shareholders, our shareholders may renew, expand or amend such authorization, which could result in the extension of such waiver beyond the initial five year period.

In addition, our board of directors is authorized to acquire and sell issued ordinary shares subject to certain price and ownership restrictions until the fifth anniversary of such authorization and, in the future at a general meeting of our shareholders, our shareholders may renew, expand or amend such authorization. These limitations on share repurchases may have the effect of limiting the terms and duration of any potential share repurchase program or other repurchase transaction.

Our Parent has significant influence over us, which could limit your ability to influence the outcome of key transactions, including a change of control.

We are controlled by the Parent. Our Parent beneficially owns 76% of our outstanding ordinary shares. For as long as the Parent continues to beneficially own more than 50% of the voting power of our ordinary shares, it will be able to direct the election of all of the members of our board of directors and could exercise a controlling influence over our business and affairs, including any determinations with respect to mergers or other business combinations, the acquisition or disposition of assets, the incurrence of indebtedness, the issuance of any additional ordinary shares or other equity securities, the repurchase or redemption of ordinary shares and the payment of dividends. Similarly, the Parent will have the power to determine matters submitted to a vote of our shareholders without the consent of our other shareholders, will have the power to prevent a change in our control and could take other actions that might be favorable to it. Even if its ownership falls below 50%, the Parent and its affiliates will continue to be able to strongly influence or effectively control our decisions.

Additionally, certain affiliates of the Parent are in the business of making investments in companies and may acquire and hold interests in businesses that compete directly or indirectly with us. They may also pursue acquisition opportunities that may be complementary to our business, and, as a result, those acquisition opportunities may not be available to us.

There is no assurance that an active trading market will develop to provide you with adequate liquidity to sell our ordinary shares at prices equal to or greater than the price you paid in the initial public offering.

Prior to our initial public offering in June 2014, there has not been a public market for our ordinary shares. Currently, our ordinary shares are traded on the New York Stock Exchange (“NYSE”). We cannot predict the extent to which an active trading market on NYSE will develop for our ordinary shares. If an active trading market does not develop, you may have difficulty selling any of our ordinary shares that you buy.

Because we have no current plans to pay cash dividends on our ordinary shares for the foreseeable future, you may not receive any return on investment unless you sell your ordinary shares for a price greater than that which you paid for it.

We may retain future earnings, if any, for future operations, expansion and debt repayment and have no current plans to pay any cash dividends for the foreseeable future. Any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on, among other things, our results of operations, financial condition, cash requirements, contractual restrictions and other factors that our board of directors may deem relevant. In addition, our ability to pay dividends may be limited by covenants of any existing and future outstanding indebtedness we or our subsidiaries incur, including our Revolving Facility. As a result, you may not receive any return on an investment in our ordinary shares unless you sell our ordinary shares for a price greater than that which you paid for them.

51

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) Recent sales of unregistered securities

None

(b) Use of Proceeds from registered securities

On June 11, 2014, our Registration Statement on Form S-1, as amended (File No. 333-194561), relating to our initial public offering of 10,000,000 ordinary shares was declared effective by the SEC. On June 17, 2014, we closed the sale of 11,500,000 of our ordinary shares at a price of $19 per share, which included the sale of an additional 1,500,000 shares of our ordinary shares pursuant to their over-allotment option. Goldman, Sachs & Co., Deutsche Bank Securities Inc., Citigroup and Morgan Stanley & Co. LLC served as joint book-running managers and the representatives of the underwriters. Barclays Capital Inc., BofA Merrill Lynch, HSBC Securities (USA) Inc. and Jefferies LLC are also acted as book-running managers. Mizuho Securities USA Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC acted as co-managers of the offering.

We paid to the underwriters underwriting discounts and commissions totaling approximately $15.3 million in connection with the offering. In addition, we incurred additional costs of approximately $4.6 million in connection with the offering, which when added to the underwriting discounts and commissions paid by us, amounts to total fees and costs of approximately $19.9 million. We received approximately $198.6 million of proceeds from the offering, net of underwriting fees and estimated expenses. No offering costs were paid directly or indirectly to any of our directors or officers (or their associates) or persons owning ten percent or more of any class of our equity securities or to any other affiliates.

On July 14, 2014, the net proceeds from the offering were used to redeem $132.5 million in aggregate principal amount of our 8.750% Senior Secured Notes due 2019, at a redemption price equal to 103% of the principal amount plus accrued and unpaid interest through the redemption date. The remaining proceeds were used to pay fees and expenses associated with the offering and for working capital and general corporate purposes.

(c) Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

See Exhibit Index.

52

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, duly authorized.

Date: August 11, 2014

TRINSEO S.A.
By:	/s/ Christopher D. Pappas
Name:	Christopher D. Pappas
Title:	President and Chief Executive Officer (Principal Executive Officer)
By:	/s/ John A. Feenan
Name:	John A. Feenan
Title:	Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

EXHIBIT INDEX

Exhibit No.	Description
3.1	Amended and Restated Articles of Association of Trinseo S.A. (incorporated herein by reference to Exhibit 3.1 to Amendment No. 4 to the Registration Statement filed on Form S-1, File No. 333-194561, filed June 2, 2014)
3.2	Amendment to the Amended and Restated Articles of Association of Trinseo S.A. (incorporated herein by reference to Exhibit 3.1 to current report on Form 8-K, File No. 001-36473, filed on July 18, 2014)
4.1	Form of Specimen Share Certificate of Trinseo S.A. (incorporated herein by reference to Exhibit 4.1 to Amendment No. 3 to the Registration Statement filed on Form S-1, File No. 333-194561, filed May 16, 2014)
4.2	Indenture, dated as of January 29, 2013, including Form of 8.750% Senior Secured Notes due 2019, by and among Trinseo Materials Operating S.C.A., Trinseo Materials Finance, Inc., the Guarantors named therein and Wilmington Trust, National Association, as trustee and collateral agent. (incorporated herein by reference to Exhibit 4.1 to the Registration Statement filed on Form S-4, File No. 333-191460, filed September 30, 2013)
4.3	First Supplemental Indenture, dated as of March 12, 2013, by and among Trinseo Materials Operating S.C.A., Trinseo Materials Finance, Inc., the Guarantors named therein and Wilmington Trust, National Association, as trustee and collateral agent. (incorporated herein by reference to Exhibit 4.2 to the Registration Statement filed on Form S-4, File No. 333-191460, filed September 30, 2013)
4.4	Second Supplemental Indenture, dated as of May 10, 2013, by and among Trinseo Materials Operating S.C.A., Trinseo Materials Finance, Inc., the Guarantors named therein and Wilmington Trust, National Association, as trustee and collateral agent. (incorporated herein by reference to Exhibit 4.3 to the Registration Statement filed on Form S-4, File No. 333-191460, filed September 30, 2013)
4.5	Third Supplemental Indenture, dated as of September 16, 2013, by and among Trinseo Materials Operating S.C.A., Trinseo Materials Finance, Inc., the Guarantors named therein and Wilmington Trust, National Association, as trustee and collateral agent. (incorporated herein by reference to Exhibit 4.4 to the Registration Statement filed on Form S-4, File No. 333-191460, filed September 30, 2013)
4.6	Fourth Supplemental Indenture, dated as of December 3, 2013, by and among Trinseo Materials Operating S.C.A., Trinseo Materials Finance, Inc., the Guarantors named therein and Wilmington Trust, National Association, as trustee and collateral agent. (incorporated herein by reference to Exhibit 4.9 to Amendment No. 1 to the Registration Statement filed on Form S-4, File No. 333-191460, filed December 6, 2013)
4.7†	Fifth Supplemental Indenture, dated as of July 9, 2014, by and among Trinseo Materials Operating S.C.A., Trinseo Materials Finance, Inc., the Guarantors named therein and Wilmington Trust, National Association, as trustee.
4.8	Intercreditor and Collateral Agency Agreement, dated as of January 29, 2013, by and among Trinseo Materials Operating S.C.A., the other Grantors party hereto, Deutsche Bank AG New York Branch, Wilmington Trust, National Association and each Additional Collateral Agent from time to time party hereto. (incorporated herein by reference to Exhibit 4.5 to the Registration Statement filed on Form S-4, File No. 333-191460, filed September 30, 2013)
4.9	Registration Rights Agreement, dated as of January 29, 2013, by and among Trinseo Materials Operating S.C.A., Trinseo Materials Finance, Inc., the Guarantors party hereto and Deutsche Bank Securities Inc. (incorporated herein by reference to Exhibit 4.6 to the Registration Statement filed on Form S-4, File No. 333-191460, filed September 30, 2013)
4.10	Purchase Agreement, dated January 24, 2013, by and among Trinseo Materials Operating S.C.A., Trinseo Materials Finance, Inc., the Guarantors party hereto and Deutsche Bank Securities Inc. (incorporated herein by reference to Exhibit 4.8 to Amendment No. 1 to the Registration Statement filed on Form S-4, File No. 333-191460, filed December 6, 2013)
4.11	Joinder to Purchase Agreement, dated May 10, 2013, by and among Trinseo Materials Operating S.C.A., Trinseo Materials Finance, Inc., the Guarantors party hereto and Deutsche Bank Securities Inc. (incorporated herein by reference to Exhibit 4.7 to the Registration Statement filed on Form S-4, File No. 333-191460, filed September 30, 2013)

10.1	Letter agreement, dated as of May 30, 2014, terminating the Latex Joint Venture Option Agreement among The Dow Chemical Company, Styron LLC and Styron Holding B.V. (incorporated herein by reference to Exhibit 10.39 to Amendment No. 4 to the Registration Statement filed on Form S-1, File No. 333-194561, filed June 2, 2014)
31.1†	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2†	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1††	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2††	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101*	INS — XBRL Instance Document
101*	SCH — XBRL Taxonomy Extension Schema Document
101*	CAL — XBRL Taxonomy Extension Calculation Linkbase Document
101*	DEF — XBRL Taxonomy Extension Definition Linkbase Document
101*	LAB — XBRL Taxonomy Extension Label Linkbase Document
101*	PRE — XBRL Taxonomy Extension Presentation Linkbase Document

† Filed herewith.

†† Furnished herewith.

* Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

EX-4.7

Exhibit 4.7

FIFTH SUPPLEMENTAL INDENTURE

FIFTH SUPPLEMENTAL INDENTURE, (this “Supplemental Indenture”) dated as of July 9, 2014, by and among the party signatory hereto as Guarantor (the “Guaranteeing Subsidiary”), Trinseo Materials Operating S.C.A., a company (société en commandite par actions) organized and existing under the laws of the Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register under number B 153586 (the “Company”), Trinseo Materials Finance, Inc., a Delaware corporation (“Trinseo Finance” and, together with the Company, the “Issuers”), the other Guarantors (as defined in the Indenture referred to herein) and Wilmington Trust, National Association, as Trustee under the Indenture referred to below.

W I T N E S S E T H:

WHEREAS, each of the Issuers, the Guarantors and the Trustee have heretofore executed and delivered an indenture dated as of January 29, 2013 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an aggregate principal amount of $1,325.0 million of 8.750% Senior Secured Notes due 2019 of the Issuers (the “Notes”);

WHEREAS, the Indenture provides that under certain circumstances parties may execute and deliver to the Trustee a supplemental indenture to which they shall unconditionally guarantee, on a joint and several basis with the other Guarantors, all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and

WHEREAS, pursuant to Section 9.1 of the Indenture, the Issuers, any Guarantor and the Trustee are authorized to execute and deliver this Supplemental Indenture to amend or supplement the Indenture, without the consent of any Holder.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary, the Issuers, the other Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

ARTICLE I

DEFINITIONS

SECTION 1.1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

ARTICLE II

AGREEMENT TO BE BOUND; GUARANTEE

SECTION 2.1. Agreement to Be Bound. Subject to Section 2.3, the Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as such will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture.

SECTION 2.2. Guarantee. Subject to Section 2.3, the Guaranteeing Subsidiary agrees, on a joint and several basis with all the existing Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of the Notes and the Trustee the Guaranteed Obligations pursuant to Article X of the Indenture on a senior basis.

SECTION 2.3 Limitation for Irish Guarantors. The Guarantee does not apply to any liability to the extent that it would result in the Guarantee constituting unlawful financial assistance within the meaning of, in respect of a Guarantor incorporated under the laws of Ireland, section 60 of the Companies Act 1963 of Ireland.

ARTICLE III

MISCELLANEOUS

SECTION 3.1. Notices. All notices and other communications to the Guarantor shall be given as provided in the Indenture to the Guarantor, at its address set forth below, with a copy to the Issuers as provided in the Indenture for notices to the Issuers.

SECTION 3.2. Merger and Consolidation. The Guaranteeing Subsidiary shall not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into another Person (other than an Issuer or any Restricted Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction) except in accordance with Section 4.1(f) of the Indenture.

SECTION 3.3. Release of Guarantee. This Guarantee shall be released in accordance with Section 10.2 of the Indenture.

SECTION 3.4. Parties. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein contained.

SECTION 3.5. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. THE APPLICATION OF THE PROVISIONS SET OUT IN ARTICLES 86 TO 94-8 OF THE LUXEMBOURG LAW ON COMMERCIAL COMPANIES DATED AUGUST 10, 1915 IS EXCLUDED.

SECTION 3.6. Severability. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

SECTION 3.7. Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits.

SECTION 3.8. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

SECTION 3.9. The Trustee. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto.

SECTION 3.10. Counterparts. The parties hereto may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

SECTION 3.11. Execution and Delivery. The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of any such Guarantee.

SECTION 3.12. Headings. The headings of the Articles and the Sections in this Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

TRINSEO MATERIALS OPERATING S.C.A.

Société en commandité par actions

9A, rue Gabriel Lippmann, L-5365 Munsbach

R.C.S. Luxembourg: B 153.586

By:	/s/ John A. Feenan
	Name: John A. Feenan
	Title:    Authorized Signatory

TRINSEO MATERIALS FINANCE, INC.
By:	/s/ John A. Feenan
	Name: John A. Feenan
	Title:   Executive Vice President and CFO

[Signature Page to Supplemental Indenture]

Given the common seal of

TRINSEO FINANCE IRELAND

/s/ Geraldine Lillis

Geraldine Lillis

Director

/s/ Andrew Ryan

Andrew Ryan

Director

[Signature Page to Supplemental Indenture]

TRINSEO S.A. Société anonyme 4, rue Lou Hemmer, L-1748, Luxembourg R.C.S. Luxembourg: B 153.549
as a Guarantor
By:	/s/ Aurelien Vasseur and Chistopher D. Pappas
	Name: Aurelien Vasseur and Chistopher D. Pappas
	Title: Director

STYRON LUXCO S.À R.L. Société à responsabilité limitée 4, rue Lou Hemmer, L-1748, Luxembourg R.C.S. Luxembourg: B 153.577 Share Capital: USD 162,815,835.14
as a Guarantor
By:	/s/ Aurelien Vasseur
	Name: Aurelien Vasseur Title: Manager

TRINSEO MATERIALS S.À R.L. Société à responsabilité limitée 4, rue Lou Hemmer, L-1748, Luxembourg R.C.S. Luxembourg: B 162.639 Share Capital: USD 23,517,398.72
as a Guarantor
By:	/s/ Aurelien Vasseur
	Name: Aurelien Vasseur Title: Manager

STYRON HOLDING S.À R.L. Société à responsabilité limitée 4, rue Lou Hemmer, L-1748, Luxembourg R.C.S. Luxembourg: B 153.582 Share Capital: USD 162,815,834.12
as a Guarantor
By:	/s/ Aurelien Vasseur
	Name: Aurelien Vasseur Title: Manager

[Signature Page to Supplemental Indenture]

Given the common seal of

STYRON INVESTMENT HOLDINGS IRELAND

/s/ Geraldine Lillis

Geraldine Lillis

Director

/s/ Andrew Ryan

Andrew Ryan

Director

[Signature Page to Supplemental Indenture]

STYRON US HOLDING, INC., as a Guarantor
By:	/s/ John A. Feenan
	Name: John A. Feenan Title: Executive Vice President and CFO

STYRON LLC, as a Guarantor
By:	/s/ John A. Feenan
	Name: John A. Feenan Title: Executive Vice President and CFO

[Signature Page to Supplemental Indenture]

STYRON HOLDING B.V., as a Guarantor
By:	/s/ Frans Kempenaars
	Name: Frans Kempenaars Title: Director

[Signature Page to Supplemental Indenture]

STYRON NETHERLANDS B.V., as a Guarantor
By:	/s/ Frans Kempenaars
	Name: Frans Kempenaars Title: Director

[Signature Page to Supplemental Indenture]

STYRON FINANCE LUXEMBOURG S.À R.L. Société à responsabilité limitée 4, rue Lou Hemmer, L-1748, Luxembourg R.C.S. Luxembourg: B 151.012 Share Capital: USD 25,001.-
as a Guarantor
By:	/s/ Ruth Springham
	Name: Ruth Springham Title: Manager

By:	/s/ Aurelien Vasseur
	Name: Aurelien Vasseur Title: Manager

[Signature Page to Supplemental Indenture]

STYRON DEUTSCHLAND GmbH, as a Guarantor
By:	/s/ Ralf Irmert
	Name: Ralf Irmert
	Title: Managing Director

STYRON DEUTSCHLAND ANLAGENGESELLSCHAFT mbH, as a Guarantor
By:	/s/ Hans-Heinrich Neuhaus
	Name: Hans-Heinrich Neuhaus Title: Managing Director

[Signature Page to Supplemental Indenture]

IN WITNESS WHEREOF, Styron (Hong Kong) Limited has caused this Supplemental Indenture to be duly executed and delivered as a deed, as of the date first above written.

STYRON (HONG KONG) LIMITED
SEALED with the COMMON SEAL of
STYRON (HONG KONG) LIMITED
and SIGNED BY Lee Chung Lok,
/s/ Lee Chung Lok
[Signature of Director]
Director
in the presence of:
/s/ Rachel Lau
[Signature of Witness]

Name of Witness: Address of Witness: Occupation of Witness: Rachel Lau 40-50 Tsing Yi Road, Tsing Yi Island, N.T., Hong Kong Administrative Specialist

[Signature Page to Supplemental Indenture]

IN WITNESS WHEREOF, Styron (Hong Kong) Limited has caused this Supplemental Indenture to be duly executed and delivered as a deed, as of the date first above written.

STYRON (HONG KONG) LIMITED

SEALED with the COMMON SEAL of STYRON (HONG KONG) LIMITED and SIGNED BY Lin Zhiqiang,
/s/ Lin Zhiqiang
[Signature of Director]
Director
in the presence of:

/s/ Isabel Hacker

[Signature of Witness]

Name of Witness: Address of Witness: Occupation of Witness: Dr. Isabel Hacker Styron Europe GmbH, Horgen, Switzerland Associate General Counsel - Europe

[Signature Page to Supplemental Indenture]

Given the common seal of

STYRON MATERIALS IRELAND

/s/ Geraldine Lillis

Geraldine Lillis

Director

/s/ Andrew Ryan

Andrew Ryan

Director

[Signature Page to Supplemental Indenture]

STYRON BELGIUM BVBA, as a Guarantor
By:	/s/ Rudolf Van Domburg
	Name:	Rudolf Van Domburg
	Title:	Director

[Signature Page to Supplemental Indenture]

STYRON UK LIMITED, as a Guarantor
By:	/s/ Stephen Wilkes
	Name:	Stephen Wilkes
	Title:	Director

[Signature Page to Supplemental Indenture]

Executed by Styron Australia Pty Ltd in accordance with section 127 of the Corporations Act 2001 (Cth):
/s/ Mark Stewart Tucker	/s/ Tim Thomas
Signature of director	Signature of director
Mark Stewart Tucker	Tim Thomas
Full name of director	Full name of director

[Signature Page to Supplemental Indenture]

STYRON CANADA ULC, as a Guarantor
By:	/s/ David Stasse
	Name:	David Stasse
	Title:	Treasurer

[Signature Page to Supplemental Indenture]

The COMMON SEAL of	)
STYRON HOLDINGS ASIA PTE. LTD.	)
was hereunto affixed in accordance with its	)
Articles of Association:	)

/s/ Cai Dongyu

Cai Dongyu

Director

Secretary

[Signature Page to Supplemental Indenture]

The COMMON SEAL of                               )
STYRON SINGAPORE PTE. LTD.           )
was hereunto affixed in accordance with its   )
Articles of Association:                                   )

/s/ Cai Dongyu

Cai Dongyu

Director

Secretary

[Signature Page to Supplemental Indenture]

STYRON EUROPE GmbH,
as a Guarantor
By:	/s/ Martin Pugh
	Name: Martin Pugh
	Title:   Manager

[Signature Page to Supplemental Indenture]

STYRON SVERIGE AB,
as a Guarantor
By:	/s/ Erkki Kesti
	Name: Erkki Kesti
	Title:   Ordinary Member

[Signature Page to Supplemental Indenture]

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
By:	/s/ Jane Schweiger
	Name: Jane Schweiger
	Title:   Vice President

[Signature Page to Supplemental Indenture]

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Christopher D. Pappas, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Trinseo S.A.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Not applicable;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2014

By:	/s/ Christopher D. Pappas
Name:	Christopher D. Pappas
Title:	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, John A. Feenan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Trinseo S.A.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Not applicable;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2014

By:	/s/ John A. Feenan
Name:	John A. Feenan
Title:	Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of CEO Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Trinseo S.A. (the “Company”) on Form 10-Q for the period ended June 30, 2014, as filed with the Securities and Exchange Commission on the date hereof, I, the undersigned, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1) The report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 as amended; and

(2) The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 11, 2014

By:	/s/ Christopher D. Pappas
Name:	Christopher D. Pappas
Title:	Chief Executive Officer

This certification accompanies this report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to liability pursuant to that section. The certification shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

Certification of CFO Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Trinseo S.A. (the “Company”) on Form 10-Q for the period ended June 30, 2014, as filed with the Securities and Exchange Commission on the date hereof, I, the undersigned, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1) The report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 as amended; and

(2) The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 11, 2014

By:	/s/ John A. Feenan
Name:	John A. Feenan
Title:	Chief Financial Officer

This certification accompanies this report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to liability pursuant to that section. The certification shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Restructuring (Tables)

6 Months Ended

Jun. 30, 2014

Restructuring And Related Activities [Abstract]

Rollforward of Liability Balances

The following table provides a rollforward of the liability balances associated with the Altona plant shutdown:

	Balance at December 31, 2013		Expenses		Deductions*			Balance at June 30, 2014
Employee termination benefit charges	$	1,408	$	302	$	(1,327	)	$	383
Contract termination charges		3,388		1,409		(1,534	)		3,263
Other**		26		548		(504	)		70
Total	$	4,822	$	2,259	$	(3,365	)	$	3,716

* Includes primarily payments made against the existing accrual, as well as immaterial impacts of foreign currency remeasurement.

** Includes decommissioning charges primarily related to labor service costs.

XML

Debt - Redemption Price as Percentage of Principal Amount to Applicable Date of Redemption (Detail) (Senior Notes [Member])	6 Months Ended
	Jun. 30, 2014
12-Month Period Commencing August 1 in Year 2015 [Member]
Debt Instrument, Redemption [Line Items]
Redemption price percentage	104.375%
12-Month Period Commencing August 1 in Year 2016 [Member]
Debt Instrument, Redemption [Line Items]
Redemption price percentage	102.188%
12-Month Period Commencing August 1 in Year 2017 and thereafter [Member]
Debt Instrument, Redemption [Line Items]
Redemption price percentage	100.00%

XML

Goodwill and Intangible Assets - Schedule of Other Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 251,629	$ 225,326
Accumulated Amortization	(62,545)	(53,812)
Net	189,084	171,514
Software in Development [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,477	3,746
Accumulated Amortization
Net	5,477	3,746
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (Years)	15 years
Gross Carrying Amount	208,818	210,546
Accumulated Amortization	(56,264)	(49,713)
Net	152,554	160,833
Manufacturing Capacity Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (Years)	6 years
Gross Carrying Amount	25,939
Accumulated Amortization	(1,052)
Net	24,887
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (Years)	5 years
Gross Carrying Amount	11,395	11,034
Accumulated Amortization	(5,229)	(4,099)
Net	$ 6,166	$ 6,935

XML

Restructuring - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Engineered Polymers Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,500,000		$ 1,500,000
Engineered Polymers Segment [Member] | Scenario, Forecast [Member]
Restructuring Cost and Reserve [Line Items]
Additional restructuring charges			10,000,000
Altona Plant [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		6,500,000	2,259,000	6,500,000	10,800,000
Accrued restructuring charges	3,716,000		3,716,000		4,822,000
Additional restructuring charges	$ 1,500,000		$ 2,100,000

XML

Debt - Accounts Receivable Securitization Facility (Detail) (Accounts Receivable Securitization Facility [Member], USD $) In Millions, unless otherwise specified	1 Months Ended	4 Months Ended	6 Months Ended
	May 31, 2013	Apr. 30, 2013	Jun. 30, 2014	Dec. 31, 2013
Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200.0	$ 160.0
Debt instrument, maturity date			2016-05
Deferred financing fees	0.7
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			$ 199.8	$ 143.8

XML

Supplemental Guarantor Condensed Consolidating Financial Statements - Impact of Revisions on Supplemental Condensed Consolidating Statements of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	$ 7,864	$ (6,488)
Cash flows from investing activities	(50,032)	(16,351)
Cash flows from financing activities	169,183	(41,424)
Parent Guarantor [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	(119)	(29)
Cash flows from investing activities	(196,400)
Cash flows from financing activities	199,374	36
Parent Guarantor [Member] | As Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities		(29)
Cash flows from financing activities		36
Parent Guarantor [Member] | As Revised [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities		(29)
Cash flows from financing activities		36
Issuers [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	(54,821)	61,692
Cash flows from investing activities	(8,000)	(4,000)
Cash flows from financing activities	64,278	(86,003)
Issuers [Member] | As Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities		61,692
Cash flows from financing activities		(90,003)
Issuers [Member] | As Revised [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities		61,692
Cash flows from investing activities		(4,000)
Cash flows from financing activities		(86,003)
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	18,723	(17,783)
Cash flows from investing activities	(146,524)	(218,353)
Cash flows from financing activities	240,930	184,224
Guarantor Subsidiaries [Member] | As Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities		(19,911)
Cash flows from investing activities		(220,820)
Cash flows from financing activities		188,834
Guarantor Subsidiaries [Member] | As Revised [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities		(17,783)
Cash flows from investing activities		(218,353)
Cash flows from financing activities		184,224
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	44,081	(50,368)
Cash flows from investing activities	(634)	1,193
Cash flows from financing activities	(33,873)	65,128
Non-Guarantor Subsidiaries [Member] | As Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities		(48,240)
Cash flows from investing activities		3,660
Cash flows from financing activities		60,518
Non-Guarantor Subsidiaries [Member] | As Revised [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities		(50,368)
Cash flows from investing activities		1,193
Cash flows from financing activities		65,128
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities
Cash flows from investing activities	301,526	204,809
Cash flows from financing activities	(301,526)	(204,809)
Eliminations [Member] | As Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from investing activities		200,809
Cash flows from financing activities		(200,809)
Eliminations [Member] | As Revised [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from investing activities		204,809
Cash flows from financing activities		$ (204,809)

XML

Inventories - Schedule of Inventories (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Inventory Disclosure [Abstract]
Finished goods	$ 307,868	$ 302,379
Raw materials and semi-finished goods	182,965	191,081
Supplies	35,362	36,731
Total	$ 526,195	$ 530,191

XML

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2014

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, 2013 to June 30, 2014:

	Emulsion Polymers						Plastics
	Latex			Synthetic Rubber			Styrenics			Engineered Polymers			Total
December 31, 2013	$	14,901		$	10,205		$	8,669		$	3,498		$	37,273
Foreign currency impact		(122	)		(84	)		(71	)		(29	)		(306	)
June 30, 2014	$	14,779		$	10,121		$	8,598		$	3,469		$	36,967

Schedule of Other Intangible Assets

The following table provides information regarding the Company’s other intangible assets as of June 30, 2014 and December 31, 2013, respectively:

			June 30, 2014							December 31, 2013
	Estimated Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Developed technology		15	$	208,818	$	(56,264	)	$	152,554	$	210,546	$	(49,713	)	$	160,833
Manufacturing Capacity Rights		6		25,939		(1,052	)		24,887		—		—			—
Software		5		11,395		(5,229	)		6,166		11,034		(4,099	)		6,935
Software in development		N/A		5,477		—			5,477		3,746		—			3,746
Total			$	251,629	$	(62,545	)	$	189,084	$	225,326	$	(53,812	)	$	171,514

Estimated Amortization Expense for Next Five Years

Estimated Amortization Expense for the Next Five Years
Remainder of 2014	$	10,264
2015		20,519
2016		19,954
2017		19,117
2018		18,402
2019		18,255

XML

Supplemental Guarantor Condensed Consolidating Financial Statements - Supplemental Condensed Consolidating Balance Sheet (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	$ 323,544	$ 196,503	$ 170,624	$ 236,357
Accounts receivable, net	775,152	717,482
Intercompany receivables
Inventories	526,195	530,191
Deferred income tax assets	9,941	9,820
Other current assets	19,382	22,750
Total current assets	1,654,214	1,476,746
Investments in unconsolidated affiliates	162,738	155,887	150,977
Property, plant and equipment, net	586,420	606,427
Other assets
Goodwill	36,967	37,273
Other intangible assets, net	189,084	171,514
Investments in subsidiaries
Intercompany notes receivable-noncurrent
Deferred income tax assets-noncurrent	38,941	42,938
Deferred charges and other assets	72,752	83,996
Total other assets	337,744	335,721
Total assets	2,741,116	2,574,781
Current liabilities
Short-term borrowings and current portion of long-term debt	142,055	8,754
Accounts payable	507,036	509,093
Intercompany payables
Income taxes payable	10,033	9,683
Deferred income tax liabilities	1,427	2,903
Accrued expenses and other current liabilities	134,045	136,129
Total current liabilities	794,596	666,562
Noncurrent liabilities
Long-term debt	1,195,028	1,327,667
Intercompany notes payable-noncurrent
Deferred income tax liabilities-noncurrent	32,622	26,932
Other noncurrent obligations	209,261	210,418
Total noncurrent liabilities	1,436,911	1,565,017
Commitments and contingencies (Note J)
Shareholders' equity	509,609	343,202	268,005	291,665
Total liabilities and shareholders' equity	2,741,116	2,574,781
Parent Guarantor [Member]
Current assets
Cash and cash equivalents	2,857	2	10	3
Accounts receivable, net
Intercompany receivables
Inventories
Deferred income tax assets
Other current assets
Total current assets	2,857	2
Investments in unconsolidated affiliates
Property, plant and equipment, net
Other assets
Goodwill
Other intangible assets, net
Investments in subsidiaries	508,555	343,429
Intercompany notes receivable-noncurrent
Deferred income tax assets-noncurrent
Deferred charges and other assets	14
Total other assets	508,569	343,429
Total assets	511,426	343,431
Current liabilities
Short-term borrowings and current portion of long-term debt
Accounts payable	64
Intercompany payables	1,295	158
Income taxes payable
Deferred income tax liabilities
Accrued expenses and other current liabilities	458	71
Total current liabilities	1,817	229
Noncurrent liabilities
Long-term debt
Intercompany notes payable-noncurrent
Deferred income tax liabilities-noncurrent
Other noncurrent obligations
Total noncurrent liabilities
Commitments and contingencies (Note J)
Shareholders' equity	509,609	343,202
Total liabilities and shareholders' equity	511,426	343,431
Issuers [Member]
Current assets
Cash and cash equivalents	2,439	954	1,131	29,411
Accounts receivable, net	49
Intercompany receivables	505,580	554,795
Inventories
Deferred income tax assets
Other current assets	270	3,954
Total current assets	508,338	559,703
Investments in unconsolidated affiliates
Property, plant and equipment, net
Other assets
Goodwill
Other intangible assets, net
Investments in subsidiaries	1,291,864	1,232,608
Intercompany notes receivable-noncurrent	1,355,675	1,359,637
Deferred income tax assets-noncurrent
Deferred charges and other assets	44,581	48,801
Total other assets	2,692,120	2,641,046
Total assets	3,200,458	3,200,749
Current liabilities
Short-term borrowings and current portion of long-term debt	132,500	3,646
Accounts payable	2,154	2,570
Intercompany payables	780,468	763,022
Income taxes payable	4
Deferred income tax liabilities
Accrued expenses and other current liabilities	57,009	58,977
Total current liabilities	972,135	828,215
Noncurrent liabilities
Long-term debt	1,192,500	1,325,000
Intercompany notes payable-noncurrent
Deferred income tax liabilities-noncurrent	2,441	1,600
Other noncurrent obligations
Total noncurrent liabilities	1,194,941	1,326,600
Commitments and contingencies (Note J)
Shareholders' equity	1,033,382	1,045,934
Total liabilities and shareholders' equity	3,200,458	3,200,749
Guarantor Subsidiaries [Member]
Current assets
Cash and cash equivalents	267,815	154,770	128,881	182,088
Accounts receivable, net	250,423	272,745
Intercompany receivables	1,349,191	1,242,405
Inventories	433,033	439,952
Deferred income tax assets	4,633	5,077
Other current assets	7,916	4,386
Total current assets	2,313,011	2,119,335
Investments in unconsolidated affiliates	162,738	155,887
Property, plant and equipment, net	456,142	476,137
Other assets
Goodwill	36,967	37,273
Other intangible assets, net	188,911	171,352
Investments in subsidiaries	626,186	615,153
Intercompany notes receivable-noncurrent	17,593	17,739
Deferred income tax assets-noncurrent	33,064	36,260
Deferred charges and other assets	26,824	33,607
Total other assets	929,545	911,384
Total assets	3,861,436	3,662,743
Current liabilities
Short-term borrowings and current portion of long-term debt
Accounts payable	441,654	436,147
Intercompany payables	527,708	550,741
Income taxes payable	7,147	9,407
Deferred income tax liabilities	1,112	784
Accrued expenses and other current liabilities	61,361	66,061
Total current liabilities	1,038,982	1,063,140
Noncurrent liabilities
Long-term debt	2,528	2,667
Intercompany notes payable-noncurrent	1,343,860	1,347,773
Deferred income tax liabilities-noncurrent	21,428	17,115
Other noncurrent obligations	196,678	198,479
Total noncurrent liabilities	1,564,494	1,566,034
Commitments and contingencies (Note J)
Shareholders' equity	1,257,960	1,033,569
Total liabilities and shareholders' equity	3,861,436	3,662,743
Non-Guarantor Subsidiaries [Member]
Current assets
Cash and cash equivalents	50,433	40,777	40,602	24,855
Accounts receivable, net	524,680	444,739
Intercompany receivables	134,327	93,841
Inventories	96,137	93,019
Deferred income tax assets	5,308	4,743
Other current assets	11,196	14,410
Total current assets	822,081	691,529
Investments in unconsolidated affiliates
Property, plant and equipment, net	130,278	130,290
Other assets
Goodwill
Other intangible assets, net	173	162
Investments in subsidiaries
Intercompany notes receivable-noncurrent
Deferred income tax assets-noncurrent	5,877	6,678
Deferred charges and other assets	687	990
Total other assets	6,737	7,830
Total assets	959,096	829,649
Current liabilities
Short-term borrowings and current portion of long-term debt	9,555	5,108
Accounts payable	63,164	70,378
Intercompany payables	678,598	576,354
Income taxes payable	2,916	276
Deferred income tax liabilities	315	2,119
Accrued expenses and other current liabilities	15,217	11,020
Total current liabilities	769,765	665,255
Noncurrent liabilities
Long-term debt
Intercompany notes payable-noncurrent	29,408	29,602
Deferred income tax liabilities-noncurrent	8,753	8,217
Other noncurrent obligations	12,583	11,939
Total noncurrent liabilities	50,744	49,758
Commitments and contingencies (Note J)
Shareholders' equity	138,587	114,636
Total liabilities and shareholders' equity	959,096	829,649
Eliminations [Member]
Current assets
Cash and cash equivalents
Accounts receivable, net		(2)
Intercompany receivables	(1,989,098)	(1,891,041)
Inventories	(2,975)	(2,780)
Deferred income tax assets
Other current assets
Total current assets	(1,992,073)	(1,893,823)
Investments in unconsolidated affiliates
Property, plant and equipment, net
Other assets
Goodwill
Other intangible assets, net
Investments in subsidiaries	(2,426,605)	(2,191,190)
Intercompany notes receivable-noncurrent	(1,373,268)	(1,377,376)
Deferred income tax assets-noncurrent
Deferred charges and other assets	646	598
Total other assets	(3,799,227)	(3,567,968)
Total assets	(5,791,300)	(5,461,791)
Current liabilities
Short-term borrowings and current portion of long-term debt
Accounts payable		(2)
Intercompany payables	(1,988,069)	(1,890,275)
Income taxes payable	(34)
Deferred income tax liabilities
Accrued expenses and other current liabilities
Total current liabilities	(1,988,103)	(1,890,277)
Noncurrent liabilities
Long-term debt
Intercompany notes payable-noncurrent	(1,373,268)	(1,377,375)
Deferred income tax liabilities-noncurrent
Other noncurrent obligations
Total noncurrent liabilities	(1,373,268)	(1,377,375)
Commitments and contingencies (Note J)
Shareholders' equity	(2,429,929)	(2,194,139)
Total liabilities and shareholders' equity	$ (5,791,300)	$ (5,461,791)

XML

Earnings (Loss) Per Share - Additional Information (Detail)	0 Months Ended
	May 30, 2014
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	436.69219

XML

Fair Value Measurements - Estimated Fair Value of Outstanding Debt Not Carried at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 1,431,000	$ 1,366,406
Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	1,431,000	1,366,406
Quoted Prices in Active Markets for Identical Items (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt
Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	1,431,000	1,366,406
Significant Other Observable Inputs (Level 2) [Member] | Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 1,431,000	$ 1,366,406

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Supplemental Guarantor Condensed Consolidating Financial Statements - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Condensed Financial Information Of Subsidiaries Disclosure [Abstract]
Ownership interest	100.00%
Overstatement amount	$ 4.0

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Supplemental Guarantor Condensed Consolidating Financial Statements - Supplemental Condensed Consolidating Statement of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities
Cash provided by (used in) operating activities	$ 7,864	$ (6,488)
Cash flows from investing activities
Capital expenditures	(55,744)	(29,122)
Proceeds from capital expenditures subsidy		6,575
Proceeds from the sale of property, plant and equipment	5,434
Advance payment refunded		(2,711)
Payment for working capital adjustment from sale of business	(700)
Distributions from unconsolidated affiliates	978	1,055
Investments in subsidiaries
Intercompany investing activities
Decrease in restricted cash		7,852
Cash flows from investing activities	(50,032)	(16,351)
Cash flows from financing activities
Deferred financing fees		(46,284)
Proceeds from initial public offering, net of offering costs	199,152
Intercompany short-term borrowings, net
Short-term borrowings, net	(29,402)	(17,848)
Contributions from parent companies
Proceeds from issuance of intercompany long-term debt
Repayments of Term Loans		(1,239,000)
Proceeds from issuance of Senior Notes		1,325,000
Proceeds from issuance of Accounts Receivable Securitization Facility	178,603	222,592
Repayments of Accounts Receivable Securitization Facility	(179,170)	(165,884)
Proceeds from the draw of revolving debt		405,000
Repayments on the revolving debt		(525,000)
Cash provided by (used in) financing activities	169,183	(41,424)
Effect of exchange rates on cash	26	(1,470)
Net change in cash and cash equivalents	127,041	(65,733)
Cash and cash equivalents-beginning of period	196,503	236,357
Cash and cash equivalents-end of period	323,544	170,624
Parent Guarantor [Member]
Cash flows from operating activities
Cash provided by (used in) operating activities	(119)	(29)
Cash flows from investing activities
Capital expenditures
Proceeds from the sale of property, plant and equipment
Payment for working capital adjustment from sale of business
Distributions from unconsolidated affiliates
Investments in subsidiaries	(196,400)
Intercompany investing activities
Cash flows from investing activities	(196,400)
Cash flows from financing activities
Deferred financing fees
Proceeds from initial public offering, net of offering costs	199,152
Intercompany short-term borrowings, net	222	36
Short-term borrowings, net
Contributions from parent companies
Proceeds from issuance of intercompany long-term debt
Repayments of Term Loans
Proceeds from issuance of Senior Notes
Proceeds from issuance of Accounts Receivable Securitization Facility
Repayments of Accounts Receivable Securitization Facility
Proceeds from the draw of revolving debt
Repayments on the revolving debt
Cash provided by (used in) financing activities	199,374	36
Effect of exchange rates on cash
Net change in cash and cash equivalents	2,855	7
Cash and cash equivalents-beginning of period	2	3
Cash and cash equivalents-end of period	2,857	10
Issuers [Member]
Cash flows from operating activities
Cash provided by (used in) operating activities	(54,821)	61,692
Cash flows from investing activities
Capital expenditures
Proceeds from the sale of property, plant and equipment
Payment for working capital adjustment from sale of business
Distributions from unconsolidated affiliates
Investments in subsidiaries	(10,000)
Intercompany investing activities	2,000	(4,000)
Cash flows from investing activities	(8,000)	(4,000)
Cash flows from financing activities
Deferred financing fees		(46,284)
Proceeds from initial public offering, net of offering costs
Intercompany short-term borrowings, net	67,924	(2,178)
Short-term borrowings, net	(3,646)	(3,541)
Contributions from parent companies
Proceeds from issuance of intercompany long-term debt
Repayments of Term Loans		(1,239,000)
Proceeds from issuance of Senior Notes		1,325,000
Proceeds from issuance of Accounts Receivable Securitization Facility
Repayments of Accounts Receivable Securitization Facility
Proceeds from the draw of revolving debt		405,000
Repayments on the revolving debt		(525,000)
Cash provided by (used in) financing activities	64,278	(86,003)
Effect of exchange rates on cash	28	31
Net change in cash and cash equivalents	1,485	(28,280)
Cash and cash equivalents-beginning of period	954	29,411
Cash and cash equivalents-end of period	2,439	1,131
Guarantor Subsidiaries [Member]
Cash flows from operating activities
Cash provided by (used in) operating activities	18,723	(17,783)
Cash flows from investing activities
Capital expenditures	(49,676)	(25,174)
Proceeds from capital expenditures subsidy		6,575
Proceeds from the sale of property, plant and equipment
Payment for working capital adjustment from sale of business	(700)
Distributions from unconsolidated affiliates	978	1,055
Investments in subsidiaries	(7,226)
Intercompany investing activities	(89,900)	(200,809)
Cash flows from investing activities	(146,524)	(218,353)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs
Intercompany short-term borrowings, net	21,670	184,355
Short-term borrowings, net	(140)	(131)
Contributions from parent companies	206,400
Proceeds from issuance of intercompany long-term debt	13,000
Proceeds from issuance of Accounts Receivable Securitization Facility
Repayments of Accounts Receivable Securitization Facility
Cash provided by (used in) financing activities	240,930	184,224
Effect of exchange rates on cash	(84)	(1,295)
Net change in cash and cash equivalents	113,045	(53,207)
Cash and cash equivalents-beginning of period	154,770	182,088
Cash and cash equivalents-end of period	267,815	128,881
Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities
Cash provided by (used in) operating activities	44,081	(50,368)
Cash flows from investing activities
Capital expenditures	(6,068)	(3,948)
Proceeds from the sale of property, plant and equipment	5,434
Advance payment refunded		(2,711)
Payment for working capital adjustment from sale of business
Distributions from unconsolidated affiliates
Investments in subsidiaries
Intercompany investing activities
Decrease in restricted cash		7,852
Cash flows from investing activities	(634)	1,193
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs
Intercompany short-term borrowings, net	(12,916)	18,596
Short-term borrowings, net	(25,616)	(14,176)
Contributions from parent companies	7,226
Proceeds from issuance of intercompany long-term debt	(2,000)	4,000
Proceeds from issuance of Accounts Receivable Securitization Facility	178,603	222,592
Repayments of Accounts Receivable Securitization Facility	(179,170)	(165,884)
Cash provided by (used in) financing activities	(33,873)	65,128
Effect of exchange rates on cash	82	(206)
Net change in cash and cash equivalents	9,656	15,747
Cash and cash equivalents-beginning of period	40,777	24,855
Cash and cash equivalents-end of period	50,433	40,602
Eliminations [Member]
Cash flows from operating activities
Cash provided by (used in) operating activities
Cash flows from investing activities
Capital expenditures
Proceeds from the sale of property, plant and equipment
Payment for working capital adjustment from sale of business
Distributions from unconsolidated affiliates
Investments in subsidiaries	213,626
Intercompany investing activities	87,900	204,809
Cash flows from investing activities	301,526	204,809
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs
Intercompany short-term borrowings, net	(76,900)	(200,809)
Short-term borrowings, net
Contributions from parent companies	(213,626)
Proceeds from issuance of intercompany long-term debt	(11,000)	(4,000)
Proceeds from issuance of Accounts Receivable Securitization Facility
Repayments of Accounts Receivable Securitization Facility
Cash provided by (used in) financing activities	(301,526)	(204,809)
Effect of exchange rates on cash
Net change in cash and cash equivalents
Cash and cash equivalents-beginning of period
Cash and cash equivalents-end of period

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Supplemental Guarantor Condensed Consolidating Financial Statements - Impact of Revisions on Condensed Consolidated Statements of Comprehensive Income (Loss) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Condensed Financial Statements, Captions [Line Items]
Net sales	$ 1,340,935	$ 1,361,759	$ 2,700,067	$ 2,753,344
Operating income (loss)	23,580	19,664	87,129	56,806
Net income (loss)	(44,621)	(28,064)	(27,535)	(37,742)
Parent Guarantor [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales
Operating income (loss)	(2,590)	(3,112)	(5,296)	(5,266)
Net income (loss)	(44,621)	(28,064)	(27,535)	(37,742)
Parent Guarantor [Member] | As Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Operating income (loss)				(5,266)
Net income (loss)				(37,742)
Parent Guarantor [Member] | As Revised [Member]
Condensed Financial Statements, Captions [Line Items]
Operating income (loss)				(5,266)
Net income (loss)				(37,742)
Issuers [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales
Operating income (loss)	(16,655)	(489)	(17,498)	(1,983)
Net income (loss)	(28,669)	(19,734)	(2,796)	(23,328)
Issuers [Member] | As Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Operating income (loss)				(1,983)
Net income (loss)				(23,328)
Issuers [Member] | As Revised [Member]
Condensed Financial Statements, Captions [Line Items]
Operating income (loss)				(1,983)
Net income (loss)				(23,328)
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales	1,236,394	1,223,278	2,463,957	2,492,478
Operating income (loss)	35,773	20,557	89,133	53,351
Net income (loss)	(17,686)	(38,135)	37,523	(10,006)
Guarantor Subsidiaries [Member] | As Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales				2,493,615
Operating income (loss)				53,683
Net income (loss)				(10,013)
Guarantor Subsidiaries [Member] | As Revised [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales				2,492,478
Operating income (loss)				53,351
Net income (loss)				(10,006)
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales	358,624	393,342	705,921	766,674
Operating income (loss)	8,002	3,145	21,014	9,784
Net income (loss)	(1,687)	(3,913)	(867)	(1,673)
Non-Guarantor Subsidiaries [Member] | As Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales				656,638
Operating income (loss)				9,452
Net income (loss)				(1,484)
Non-Guarantor Subsidiaries [Member] | As Revised [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales				766,674
Operating income (loss)				9,784
Net income (loss)				(1,673)
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales	(254,083)	(254,861)	(469,811)	(505,808)
Operating income (loss)	(950)	(437)	(224)	920
Net income (loss)	48,042	61,782	(33,860)	35,007
Eliminations [Member] | As Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales				(396,909)
Operating income (loss)				920
Net income (loss)				34,825
Eliminations [Member] | As Revised [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales				(505,808)
Operating income (loss)				920
Net income (loss)				$ 35,007

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Restructuring - Rollforward of Liability Balances (Detail) (Altona Plant [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Restructuring Cost and Reserve [Line Items]
Balance at beginning of period		$ 4,822
Expenses	6,500	2,259	6,500	10,800
Deductions		(3,365)
Balance at end of period		3,716		4,822
Employee Termination Benefit Charges [Member]
Restructuring Cost and Reserve [Line Items]
Balance at beginning of period		1,408
Expenses		302
Deductions		(1,327)
Balance at end of period		383
Contract Termination Charges [Member]
Restructuring Cost and Reserve [Line Items]
Balance at beginning of period		3,388
Expenses		1,409
Deductions		(1,534)
Balance at end of period		3,263
Other [Member]
Restructuring Cost and Reserve [Line Items]
Balance at beginning of period		26
Expenses		548
Deductions		(504)
Balance at end of period		$ 70

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Restructuring

6 Months Ended

Jun. 30, 2014

Restructuring And Related Activities [Abstract]

Restructuring

NOTE Q—RESTRUCTURING

Restructuring in Engineered Polymers Business

During the second quarter of 2014, the Company announced a planned restructuring within its Engineered Polymers business 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 Company also entered into a new long-term supply contract with a third party to supply polycarbonate in North America. These revised arrangements are expected to become operational in the fourth quarter of 2014. In addition, the Company has executed revised supply contracts for certain raw materials that are processed at its polycarbonate manufacturing facility in Stade, Germany, which is expected to take effect beginning January 1, 2015. These revised agreements are expected to facilitate improvements in future results of operations for the Engineered Polymers segment.

For the three and six months ended June 30, 2014, the Company recorded restructuring charges of $1.5 million relating to the accelerated depreciation of the related assets at Dow’s Freeport, Texas facility and other charges. These charges were included in “Selling, general and administrative expenses” in the condensed consolidated statements of operations, and were allocated entirely to the Engineered Polymers segment. The Company is likely to incur additional charges, not to exceed $10.0 million, in conjunction with the reimbursement of Dow’s expected decommissioning and demolition costs from its Freeport, Texas facility which will be expensed as incurred. Decommissioning and demolition is expected to commence in second half of 2014.

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 expected throughout 2014. As a result of the plant closure, the Company recorded restructuring charges of $10.8 million for the year ended December 31, 2013 ($6.5 million of which were recorded in the three and six month periods ended June 30, 2013). These charges consisted of property, plant and equipment and other asset impairment charges, employee termination benefit charges, contract termination charges, and incurred decommissioning charges, of which approximately $4.8 million remained accrued on the Company’s consolidated balance sheet as of December 31, 2013. For the three and six months ended June 30, 2014, the Company recorded additional restructuring charges of approximately $1.5 million and $2.1 million, respectively, related to incremental employee termination benefit charges, contract termination charges, and decommissioning costs. 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. The remaining employee termination benefits, contract termination costs, and decommissioning costs are recorded in “Accrued expenses and other current liabilities” in the condensed consolidated balance sheet.

The following table provides a rollforward of the liability balances associated with the Altona plant shutdown:

	Balance at December 31, 2013		Expenses		Deductions*			Balance at June 30, 2014
Employee termination benefit charges	$	1,408	$	302	$	(1,327	)	$	383
Contract termination charges		3,388		1,409		(1,534	)		3,263
Other**		26		548		(504	)		70
Total	$	4,822	$	2,259	$	(3,365	)	$	3,716

* Includes primarily payments made against the existing accrual, as well as immaterial impacts of foreign currency remeasurement.

** Includes decommissioning charges primarily related to labor service costs.

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Goodwill and Intangible Assets - Estimated Amortization Expense for Next Five Years (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Estimated Amortization Expense, Remainder of 2014	$ 10,264
Estimated Amortization Expense, 2015	20,519
Estimated Amortization Expense, 2016	19,954
Estimated Amortization Expense, 2017	19,117
Estimated Amortization Expense, 2018	18,402
Estimated Amortization Expense, 2019	$ 18,255

XML

Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2014

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Impact of Revisions on Condensed Consolidated Statements of Comprehensive Income (Loss)

Supplemental Condensed Consolidating Statements of Comprehensive Income (Loss):

	Parent Guarantor						Issuers						Guarantor Subsidiaries						Non-Guarantor Subsidiaries						Eliminations
	As Reported			As Revised			As Reported			As Revised			As Reported			As Revised			As Reported			As Revised			As Reported			As Revised
Six Months Ended June 30, 2013
Net sales	$	—		$	—		$	—		$	—		$	2,493,615		$	2,492,478		$	656,638		$	766,674		$	(396,909	)	$	(505,808	)
Operating income (loss)		(5,266	)		(5,266	)		(1,983	)		(1,983	)		53,683			53,351			9,452			9,784			920			920
Net income (loss)		(37,742	)		(37,742	)		(23,328	)		(23,328	)		(10,013	)		(10,006	)		(1,484	)		(1,673	)		34,825			35,007

Impact of Revisions on Condensed Consolidated Statements of Cash Flows

Supplemental Condensed Consolidating Statements of Cash Flows:

	Parent Guarantor						Issuers						Guarantor Subsidiaries						Non-Guarantor Subsidiaries						Eliminations
	As Reported			As Revised			As Reported			As Revised			As Reported			As Revised			As Reported			As Revised			As Reported			As Revised
Six Months Ended June 30, 2013
Cash flows from operating activities	$	(29	)	$	(29	)	$	61,692		$	61,692		$	(19,911	)	$	(17,783	)	$	(48,240	)	$	(50,368	)	$	—		$	—
Cash flows from investing activities		—			—			—			(4,000	)		(220,820	)		(218,353	)		3,660			1,193			200,809			204,809
Cash flows from financing activities		36			36			(90,003	)		(86,003	)		188,834			184,224			60,518			65,128			(200,809	)		(204,809	)

SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET

SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET

(In thousands)

	June 30, 2014
	Parent Guarantor		Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	2,857	$	2,439	$	267,815	$	50,433	$	—		$	323,544
Accounts receivable, net		—		49		250,423		524,680		—			775,152
Intercompany receivables		—		505,580		1,349,191		134,327		(1,989,098	)		—
Inventories		—		—		433,033		96,137		(2,975	)		526,195
Deferred income tax assets		—		—		4,633		5,308		—			9,941
Other current assets		—		270		7,916		11,196		—			19,382
Total current assets		2,857		508,338		2,313,011		822,081		(1,992,073	)		1,654,214
Investments in unconsolidated affiliates		—		—		162,738		—		—			162,738
Property, plant and equipment, net		—		—		456,142		130,278		—			586,420
Other assets
Goodwill		—		—		36,967		—		—			36,967
Other intangible assets, net		—		—		188,911		173		—			189,084
Investments in subsidiaries		508,555		1,291,864		626,186		—		(2,426,605	)		—
Intercompany notes receivable— noncurrent		—		1,355,675		17,593		—		(1,373,268	)		—
Deferred income tax assets—noncurrent		—		—		33,064		5,877		—			38,941
Deferred charges and other assets		14		44,581		26,824		687		646			72,752
Total other assets		508,569		2,692,120		929,545		6,737		(3,799,227	)		337,744
Total assets	$	511,426	$	3,200,458	$	3,861,436	$	959,096	$	(5,791,300	)	$	2,741,116
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings and current portion of long-term debt	$	—	$	132,500	$	—	$	9,555	$	—		$	142,055
Accounts payable		64		2,154		441,654		63,164		—			507,036
Intercompany payables		1,295		780,468		527,708		678,598		(1,988,069	)		—
Income taxes payable		—		4		7,147		2,916		(34	)		10,033
Deferred income tax liabilities		—		—		1,112		315		—			1,427
Accrued expenses and other current liabilities		458		57,009		61,361		15,217		—			134,045
Total current liabilities		1,817		972,135		1,038,982		769,765		(1,988,103	)		794,596
Noncurrent liabilities
Long-term debt		—		1,192,500		2,528		—		—			1,195,028
Intercompany notes payable—noncurrent		—		—		1,343,860		29,408		(1,373,268	)		—
Deferred income tax liabilities—noncurrent		—		2,441		21,428		8,753		—			32,622
Other noncurrent obligations		—		—		196,678		12,583		—			209,261
Total noncurrent liabilities		—		1,194,941		1,564,494		50,744		(1,373,268	)		1,436,911
Commitments and contingencies (Note J)
Shareholders’ equity		509,609		1,033,382		1,257,960		138,587		(2,429,929	)		509,609
Total liabilities and shareholders’ equity	$	511,426	$	3,200,458	$	3,861,436	$	959,096	$	(5,791,300	)	$	2,741,116

SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET

(In thousands)

	December 31, 2013
	Parent Guarantor		Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	2	$	954	$	154,770	$	40,777	$	—		$	196,503
Accounts receivable, net		—		—		272,745		444,739		(2	)		717,482
Intercompany receivables		—		554,795		1,242,405		93,841		(1,891,041	)		—
Inventories		—		—		439,952		93,019		(2,780	)		530,191
Deferred income tax assets		—		—		5,077		4,743		—			9,820
Other current assets		—		3,954		4,386		14,410		—			22,750
Total current assets		2		559,703		2,119,335		691,529		(1,893,823	)		1,476,746
Investments in unconsolidated affiliates		—		—		155,887		—		—			155,887
Property, plant and equipment, net		—		—		476,137		130,290		—			606,427
Other assets
Goodwill		—		—		37,273		—		—			37,273
Other intangible assets, net		—		—		171,352		162		—			171,514
Investments in subsidiaries		343,429		1,232,608		615,153		—		(2,191,190	)		—
Intercompany notes receivable— noncurrent		—		1,359,637		17,739		—		(1,377,376	)		—
Deferred income tax assets—noncurrent		—		—		36,260		6,678		—			42,938
Deferred charges and other assets		—		48,801		33,607		990		598			83,996
Total other assets		343,429		2,641,046		911,384		7,830		(3,567,968	)		335,721
Total assets	$	343,431	$	3,200,749	$	3,662,743	$	829,649	$	(5,461,791	)	$	2,574,781
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings and current portion of long-term debt	$	—	$	3,646	$	—	$	5,108	$	—		$	8,754
Accounts payable		—		2,570		436,147		70,378		(2	)		509,093
Intercompany payables		158		763,022		550,741		576,354		(1,890,275	)		—
Income taxes payable		—		—		9,407		276		—			9,683
Deferred income tax liabilities		—		—		784		2,119		—			2,903
Accrued expenses and other current liabilities		71		58,977		66,061		11,020		—			136,129
Total current liabilities		229		828,215		1,063,140		665,255		(1,890,277	)		666,562
Noncurrent liabilities
Long-term debt		—		1,325,000		2,667		—		—			1,327,667
Intercompany notes payable—noncurrent		—		—		1,347,773		29,602		(1,377,375	)		—
Deferred income tax liabilities—noncurrent		—		1,600		17,115		8,217		—			26,932
Other noncurrent obligations		—		—		198,479		11,939		—			210,418
Total noncurrent liabilities		—		1,326,600		1,566,034		49,758		(1,377,375	)		1,565,017
Commitments and contingencies (Note J)
Shareholders’ equity		343,202		1,045,934		1,033,569		114,636		(2,194,139	)		343,202
Total liabilities and shareholders’ equity	$	343,431	$	3,200,749	$	3,662,743	$	829,649	$	(5,461,791	)	$	2,574,781

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Three Months Ended June 30, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	1,236,394		$	358,624		$	(254,083	)	$	1,340,935
Cost of sales		—			211			1,156,891			344,556			(253,133	)		1,248,525
Gross profit		—			(211	)		79,503			14,068			(950	)		92,410
Selling, general and administrative expenses		2,590			16,444			49,108			6,066			—			74,208
Equity in earnings of unconsolidated affiliates		—			—			5,378			—			—			5,378
Operating income (loss)		(2,590	)		(16,655	)		35,773			8,002			(950	)		23,580
Interest expense, net		—			31,628			328			646			—			32,602
Intercompany interest expense (income), net		3			(20,898	)		18,031			2,861			3			—
Other expense (income)		727			23,894			101			5,441			(14	)		30,149
Equity in loss (earnings) of subsidiaries		41,301			(23,627	)		30,980			—			(48,654	)		—
Income (loss) before income taxes		(44,621	)		(27,652	)		(13,667	)		(946	)		47,715			(39,171	)
Provision for (benefit from) income taxes		—			1,017			4,019			741			(327	)		5,450
Net income (loss)	$	(44,621	)	$	(28,669	)	$	(17,686	)	$	(1,687	)	$	48,042		$	(44,621	)
Comprehensive income (loss)	$	(53,212	)	$	(37,260	)	$	(26,536	)	$	(1,428	)	$	65,224		$	(53,212	)

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Three Months Ended June 30, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	1,223,278		$	393,342		$	(254,861	)	$	1,361,759
Cost of sales		—			217			1,165,656			384,801			(254,424	)		1,296,250
Gross profit		—			(217	)		57,622			8,541			(437	)		65,509
Selling, general and administrative expenses		3,112			272			45,994			5,396			—			54,774
Equity in earnings of unconsolidated affiliates		—			—			8,929			—			—			8,929
Operating income (loss)		(3,112	)		(489	)		20,557			3,145			(437	)		19,664
Interest expense, net		—			31,830			1,258			650			—			33,738
Intercompany interest expense (income), net		2			(22,235	)		18,990			3,182			61			—
Other expense (income)		2			(3,238	)		11,290			4,144			(358	)		11,840
Equity in loss (earnings) of subsidiaries		24,948			12,888			23,886			—			(61,722	)		—
Income (loss) before income taxes		(28,064	)		(19,734	)		(34,867	)		(4,831	)		61,582			(25,914	)
Provision for (benefit from) income taxes		—			—			3,268			(918	)		(200	)		2,150
Net income (loss)	$	(28,064	)	$	(19,734	)	$	(38,135	)	$	(3,913	)	$	61,782		$	(28,064	)
Comprehensive income (loss)	$	(9,149	)	$	(819	)	$	(20,060	)	$	(3,073	)	$	23,952		$	(9,149	)

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Six Months Ended June 30, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	2,463,957		$	705,921		$	(469,811	)	$	2,700,067
Cost of sales		—			368			2,303,968			674,279			(469,587	)		2,509,028
Gross profit		—			(368	)		159,989			31,642			(224	)		191,039
Selling, general and administrative expenses		5,296			17,130			91,184			10,628			—			124,238
Equity in earnings of unconsolidated affiliates		—			—			20,328			—			—			20,328
Operating income (loss)		(5,296	)		(17,498	)		89,133			21,014			(224	)		87,129
Interest expense, net		—			63,216			641			1,563			—			65,420
Intercompany interest expense (income), net		5			(40,728	)		34,678			6,013			32			—
Other expense (income)		727			20,806			(723	)		10,248			(14	)		31,044
Equity in loss (earnings) of subsidiaries		21,507			(59,013	)		3,813			—			33,693			—
Income (loss) before income taxes		(27,535	)		(1,779	)		50,724			3,190			(33,935	)		(9,335	)
Provision for (benefit from) income taxes		—			1,017			13,201			4,057			(75	)		18,200
Net income (loss)	$	(27,535	)	$	(2,796	)	$	37,523		$	(867	)	$	(33,860	)	$	(27,535	)
Comprehensive income (loss)	$	(37,307	)	$	(12,568	)	$	28,098		$	(1,214	)	$	(14,316	)	$	(37,307	)

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Six Months Ended June 30, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	2,492,478		$	766,674		$	(505,808	)	$	2,753,344
Cost of sales		—			578			2,367,050			746,132			(506,728	)		2,607,032
Gross profit		—			(578	)		125,428			20,542			920			146,312
Selling, general and administrative expenses		5,266			1,405			83,805			10,758			—			101,234
Equity in earnings of unconsolidated affiliates		—			—			11,728			—			—			11,728
Operating income (loss)		(5,266	)		(1,983	)		53,351			9,784			920			56,806
Interest expense, net		—			62,561			2,477			1,008			—			66,046
Intercompany interest expense (income), net		3			(43,109	)		36,756			6,346			4			—
Loss on extinguishment of long-term debt		—			20,744			—			—			—			20,744
Other expense (income)		(1	)		3,661			(4,272	)		6,501			(181	)		5,708
Equity in loss (earnings) of subsidiaries		32,474			(22,688	)		24,904			—			(34,690	)		—
Income (loss) before income taxes		(37,742	)		(23,152	)		(6,514	)		(4,071	)		35,787			(35,692	)
Provision for (benefit from) income taxes		—			176			3,492			(2,398	)		780			2,050
Net income (loss)	$	(37,742	)	$	(23,328	)	$	(10,006	)	$	(1,673	)	$	35,007		$	(37,742	)
Comprehensive income (loss)	$	(28,449	)	$	(14,035	)	$	(1,585	)	$	(801	)	$	16,421		$	(28,449	)

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Six Months Ended June 30, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(119	)	$	(54,821	)	$	18,723		$	44,081		$	—		$	7,864
Cash flows from investing activities
Capital expenditures		—			—			(49,676	)		(6,068	)		—			(55,744	)
Proceeds from the sale of property, plant and equipment		—			—			—			5,434			—			5,434
Payment for working capital adjustment from sale of business		—			—			(700	)		—			—			(700	)
Distributions from unconsolidated affiliates		—			—			978			—			—			978
Investments in subsidiaries		(196,400	)		(10,000	)		(7,226	)		—			213,626			—
Intercompany investing activities		—			2,000			(89,900	)		—			87,900			—
Cash provided by (used in) investing activities		(196,400	)		(8,000	)		(146,524	)		(634	)		301,526			(50,032	)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		199,152			—			—			—			—			199,152
Intercompany short-term borrowings, net		222			67,924			21,670			(12,916	)		(76,900	)		—
Short-term borrowings, net		—			(3,646	)		(140	)		(25,616	)		—			(29,402	)
Contributions from parent companies		—			—			206,400			7,226			(213,626	)		—
Proceeds from issuance of intercompany long-term debt		—			—			13,000			(2,000	)		(11,000	)		—
Proceeds from issuance of Accounts Receivable Securitization Facility		—			—			—			178,603			—			178,603
Repayments of Accounts Receivable Securitization Facility		—			—			—			(179,170	)		—			(179,170	)
Cash provided by (used in) financing activities		199,374			64,278			240,930			(33,873	)		(301,526	)		169,183
Effect of exchange rates on cash		—			28			(84	)		82			—			26
Net change in cash and cash equivalents		2,855			1,485			113,045			9,656			—			127,041
Cash and cash equivalents—beginning of period		2			954			154,770			40,777			—			196,503
Cash and cash equivalents—end of period	$	2,857		$	2,439		$	267,815		$	50,433		$	—		$	323,544

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Six Months Ended June 30, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(29	)	$	61,692		$	(17,783	)	$	(50,368	)	$	—		$	(6,488	)
Cash flows from investing activities
Capital expenditures		—			—			(25,174	)		(3,948	)		—			(29,122	)
Proceeds from capital expenditures subsidy		—			—			6,575			—			—			6,575
Advance payment refunded		—			—			—			(2,711	)		—			(2,711	)
Distributions from unconsolidated affiliates		—			—			1,055			—			—			1,055
Intercompany investing activities		—			(4,000	)		(200,809	)		—			204,809			—
Decrease in restricted cash		—			—			—			7,852			—			7,852
Cash provided by (used in) investing activities		—			(4,000	)		(218,353	)		1,193			204,809			(16,351	)
Cash flows from financing activities
Deferred financing fees		—			(46,284	)		—			—			—			(46,284	)
Intercompany short-term borrowings, net		36			(2,178	)		184,355			18,596			(200,809	)		—
Short-term borrowings, net		—			(3,541	)		(131	)		(14,176	)		—			(17,848	)
Proceeds from issuance of intercompany long-term debt		—			—			—			4,000			(4,000	)		—
Repayments of Term Loans		—			(1,239,000	)		—			—			—			(1,239,000	)
Proceeds from issuance of Senior Notes		—			1,325,000			—			—			—			1,325,000
Proceeds from issuance of Accounts Receivable Securitization Facility		—			—			—			222,592			—			222,592
Repayments of Accounts Receivable Securitization Facility		—			—			—			(165,884	)		—			(165,884	)
Proceeds from the draw of revolving debt		—			405,000			—			—			—			405,000
Repayments on the revolving debt		—			(525,000	)		—			—			—			(525,000	)
Cash provided by (used in) financing activities		36			(86,003	)		184,224			65,128			(204,809	)		(41,424	)
Effect of exchange rates on cash		—			31			(1,295	)		(206	)		—			(1,470	)
Net change in cash and cash equivalents		7			(28,280	)		(53,207	)		15,747			—			(65,733	)
Cash and cash equivalents—beginning of period		3			29,411			182,088			24,855			—			236,357
Cash and cash equivalents—end of period	$	10		$	1,131		$	128,881		$	40,602		$	—		$	170,624

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Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], 8.750% Senior Secured Notes [Member], USD $) In Millions, unless otherwise specified	1 Months Ended
	Jul. 31, 2014
Subsequent Event [Member] | 8.750% Senior Secured Notes [Member]
Subsequent Event [Line Items]
Redemption of Senior Notes	$ 132.5
Debt instrument interest rate	8.75%
Senior Notes due period	2019

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Pension Plans and Other Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2014

Compensation And Retirement Disclosure [Abstract]

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 June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Defined Benefit Pension Plans
Service cost	$	3,529		$	3,679		$	7,044		$	7,357
Interest cost		1,943			1,660			3,876			3,321
Expected return on plan assets		(624	)		(428	)		(1,245	)		(856	)
Amortization of prior service credit		(257	)		(526	)		(513	)		(1,052	)
Amortization of net loss		598			812			1,065			1,624
Net periodic benefit cost	$	5,189		$	5,197		$	10,227		$	10,394
	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Other Postretirement Plans
Service cost	$	75		$	71		$	150		$	141
Interest cost		78			65			156			131
Amortization of prior service cost		26			—			52			—
Amortization of net gain		(37	)		—			(74	)		—
Net periodic benefit cost	$	142		$	136		$	284		$	272

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Debt - Senior Secured Credit Facility (Detail) (USD $)	6 Months Ended						1 Months Ended	3 Months Ended	12 Months Ended			1 Months Ended		1 Months Ended	12 Months Ended	1 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2013	Sep. 30, 2013	Mar. 31, 2013	Dec. 31, 2014 Scenario, Forecast [Member] Future Period One [Member]	Dec. 31, 2015 Scenario, Forecast [Member] Future Period Two [Member]	Jan. 31, 2013 Senior Secured Credit Facility [Member]	Mar. 31, 2013 Senior Secured Credit Facility [Member]	Dec. 31, 2013 Senior Secured Credit Facility [Member]	Dec. 31, 2012 Senior Secured Credit Facility [Member]	Jun. 30, 2014 Senior Secured Credit Facility [Member]	Jan. 31, 2013 Senior Secured Credit Facility [Member] 8.750% Senior Secured Notes [Member]	Dec. 31, 2013 Senior Secured Credit Facility [Member] Letter of Credit [Member]	Jan. 31, 2013 Senior Secured Credit Facility [Member] Base Rate [Member]	Dec. 31, 2012 Senior Secured Credit Facility [Member] Base Rate [Member]	Jan. 31, 2013 Senior Secured Credit Facility [Member] LIBOR [Member]	Dec. 31, 2012 Senior Secured Credit Facility [Member] LIBOR [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 300,000,000			$ 240,000,000
Debt instrument, basis spread on variable rate														3.00%	4.75%	4.00%	5.75%
Debt instrument, maturity date																2018-01
Repayment of term loan	1,239,000,000						1,239,000,000
Proceeds from the issuance of Senior Notes	1,325,000,000											1,325,000,000
Debt instrument interest rate												8.75%
Senior Secured Credit Facility maximum leverage ratio										5.25
Senior Secured Credit Facility minimum interest coverage ratio										2.00
Percentage of Revolving Facility borrowing capacity covenant trigger									25.00%
Undrawn letters of credit													10,000,000
Senior Secured Credit Facility first lien net leverage ratio	5.00	5.00	5.00	5.25	4.50	4.25
Loss on extinguishment of debt	20,744,000							20,700,000
Debt Issuance Costs for fees and expenses incurred in connection with January 2013 amendment to Senior Secured Credit Facility									5,500,000
Credit Facility, amount outstanding											0
Credit Facility, funds available for borrowings											292,800,000
Letters of credit, amount outstanding											$ 7,200,000

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Segments - Reconciliation of Revenue from Segments to Consolidated (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]
Sales to external customers	$ 1,340,935	$ 1,361,759	$ 2,700,067	$ 2,753,344
Equity in earnings (losses) of unconsolidated affiliates	5,378	8,929	20,328	11,728
EBITDA	94,136	64,643	202,657	146,624
Investment in unconsolidated affiliates	162,738	150,977	162,738	150,977	155,887
Depreciation and amortization	27,213	23,933	50,941	47,800
Operating Segments [Member] | Emulsion Polymers, Latex [Member]
Segment Reporting Information [Line Items]
Sales to external customers	320,682	344,962	646,988	701,718
Equity in earnings (losses) of unconsolidated affiliates
EBITDA	24,818	22,047	50,331	48,773
Investment in unconsolidated affiliates
Depreciation and amortization	7,336	6,660	13,639	13,471
Operating Segments [Member] | Emulsion Polymers, Synthetic Rubber [Member]
Segment Reporting Information [Line Items]
Sales to external customers	164,926	156,174	341,639	332,590
Equity in earnings (losses) of unconsolidated affiliates
EBITDA	37,034	27,946	80,134	58,605
Investment in unconsolidated affiliates
Depreciation and amortization	8,474	7,407	15,645	14,439
Operating Segments [Member] | Plastics, Styrenics [Member]
Segment Reporting Information [Line Items]
Sales to external customers	589,739	597,327	1,184,080	1,199,297
Equity in earnings (losses) of unconsolidated affiliates	6,806	9,246	22,342	12,378
EBITDA	27,168	17,572	69,435	42,963
Investment in unconsolidated affiliates	128,107	113,695	128,107	113,695
Depreciation and amortization	7,360	7,306	14,749	14,904
Operating Segments [Member] | Plastics, Engineered Polymers [Member]
Segment Reporting Information [Line Items]
Sales to external customers	265,588	263,296	527,360	519,739
Equity in earnings (losses) of unconsolidated affiliates	(1,428)	(317)	(2,014)	(650)
EBITDA	5,116	(2,922)	2,757	(3,717)
Investment in unconsolidated affiliates	34,631	37,282	34,631	37,282
Depreciation and amortization	3,166	1,792	4,940	3,473
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Sales to external customers
Equity in earnings (losses) of unconsolidated affiliates
Investment in unconsolidated affiliates
Depreciation and amortization	$ 877	$ 768	$ 1,968	$ 1,513

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Pension Plans and Other Postretirement Benefits - Net Periodic Benefit Costs for All Significant Plans (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Defined Benefit Pension Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 3,529	$ 3,679	$ 7,044	$ 7,357
Interest cost	1,943	1,660	3,876	3,321
Expected return on plan assets	(624)	(428)	(1,245)	(856)
Amortization of prior service cost (credit)	(257)	(526)	(513)	(1,052)
Amortization of net loss (gain)	598	812	1,065	1,624
Net periodic benefit cost	5,189	5,197	10,227	10,394
Other Postretirement Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	75	71	150	141
Interest cost	78	65	156	131
Amortization of prior service cost (credit)	26		52
Amortization of net loss (gain)	(37)		(74)
Net periodic benefit cost	$ 142	$ 136	$ 284	$ 272

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Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Goodwill [Line Items]
Balance at December 31, 2013	$ 37,273
Foreign currency impact	(306)
Balance at June 30, 2014	36,967
Emulsion Polymers, Latex [Member]
Goodwill [Line Items]
Balance at December 31, 2013	14,901
Foreign currency impact	(122)
Balance at June 30, 2014	14,779
Emulsion Polymers, Synthetic Rubber [Member]
Goodwill [Line Items]
Balance at December 31, 2013	10,205
Foreign currency impact	(84)
Balance at June 30, 2014	10,121
Plastics, Styrenics [Member]
Goodwill [Line Items]
Balance at December 31, 2013	8,669
Foreign currency impact	(71)
Balance at June 30, 2014	8,598
Plastics, Engineered Polymers [Member]
Goodwill [Line Items]
Balance at December 31, 2013	3,498
Foreign currency impact	(29)
Balance at June 30, 2014	$ 3,469

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Basis of Presentation

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Basis of Presentation

NOTE A—BASIS OF PRESENTATION

The unaudited interim condensed consolidated financial statements of Trinseo S.A. and its subsidiaries (the “Company”) as of and for the periods ended June 30, 2014 and 2013 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 2013 audited consolidated financial statements included within the Company’s Registration Statement on Form S-1 (Registration No. 333-194561), which was declared effective by the SEC on June 11, 2014 (as amended, the “Registration Statement”).

The December 31, 2013 consolidated balance sheet data presented herein was derived from the Company’s December 31, 2013 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. See Note L for more information.

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Pension Plans and Other Postretirement Benefits - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013 Business Acquisitions [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension and Other Postretirement Benefit Obligations- noncurrent	$ 167.1	$ 167.1	$ 163.2
Company contributions to the defined benefit plans	2.7	6.9
Additional cash contributions, including benefit payments to unfunded plans	9.1	9.1
Recognition of prior service credits for transfer of pension plan resulting from an acquisition				26.8
Recognition of net losses for transfer of pension plan resulting from an acquisition				$ 1.4

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Basis of Presentation - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	0 Months Ended	6 Months Ended		0 Months Ended
	May 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 17, 2014 IPO [Member]	Jun. 17, 2014 IPO [Member]
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	436.69219
Ordinary shares issued				11,500,000
Price per share					$ 19.00
Shares for underwriters' over-allotment option				1,500,000
Cash proceeds from issuance of common stock		$ 199,152		$ 203,200

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Supplemental Guarantor Condensed Consolidating Financial Statements

6 Months Ended

Jun. 30, 2014

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Supplemental Guarantor Condensed Consolidating Financial Statements

NOTE U—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 June 30, 2014 and December 31, 2013;

• the Condensed Consolidating Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2014 and 2013; and

• the Condensed Consolidating Statements of Cash Flows for the six months ended June 30, 2014 and 2013.

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.

In connection with the preparation of the Issuers’ Registration Statement on Form S-4 (Registration No. 333-191460), and all related amendments (the “Form S-4”), the Company determined its subsidiary Styron Italia S.R.L. (“Styron Italy”), which had previously been a Guarantor Subsidiary of the Senior Notes, did not meet the “full and unconditional” guarantee requirements under Rule 3-10 of Regulation S-X (“Rule 3-10”) in order for this entity to be presented as a guarantor entity within the supplemental guarantor condensed consolidating financial statements. Therefore, the Company removed Styron Italy as a Guarantor Subsidiary under both the Indenture and Credit Agreement, through the provisions allowable under such agreements, in order to comply with Rule 3-10. The supplemental guarantor condensed consolidating financial statements presented below now reflect Styron Italy as a Non-Guarantor Subsidiary for all periods presented. The revision to the supplemental condensed consolidating statement of comprehensive income (loss) and statement of cash flows for the six month period ended June 30, 2013 are reflected below.

The Company also identified an incorrect presentation of an intercompany loan between an Issuer and Non-Guarantor Subsidiary in the supplemental condensed consolidating statement of cash flows for the six months ended June 30, 2013 presented in the Issuers’ initial Form S-4. The impact of this misclassification to the Issuers was a $4.0 million overstatement of cash flows from investing activities with an offsetting understatement of cash flow from financing activities and the impact to Non-Guarantor Subsidiaries was a $4.0 million reclassification between captions within cash flows from financing activities. This error did not change the total cash flows reported for either the Issuers or Non-Guarantor Subsidiaries and had no impact on the consolidated financial statements of the Company or any debt covenants. The revision to the supplemental condensed consolidating statement of cash flows for the six months ended June 30, 2013 is reflected below.

The Company assessed the materiality of these items on its previously issued supplemental condensed consolidating financial information in accordance with SEC Staff Accounting Bulletin No. 99 and No. 108, and concluded that the errors were not material to any prior period.

The impact of the revisions noted above is reflected in the following tables:

Supplemental Condensed Consolidating Statements of Comprehensive Income (Loss):

	Parent Guarantor						Issuers						Guarantor Subsidiaries						Non-Guarantor Subsidiaries						Eliminations
	As Reported			As Revised			As Reported			As Revised			As Reported			As Revised			As Reported			As Revised			As Reported			As Revised
Six Months Ended June 30, 2013
Net sales	$	—		$	—		$	—		$	—		$	2,493,615		$	2,492,478		$	656,638		$	766,674		$	(396,909	)	$	(505,808	)
Operating income (loss)		(5,266	)		(5,266	)		(1,983	)		(1,983	)		53,683			53,351			9,452			9,784			920			920
Net income (loss)		(37,742	)		(37,742	)		(23,328	)		(23,328	)		(10,013	)		(10,006	)		(1,484	)		(1,673	)		34,825			35,007

Supplemental Condensed Consolidating Statements of Cash Flows:

	Parent Guarantor						Issuers						Guarantor Subsidiaries						Non-Guarantor Subsidiaries						Eliminations
	As Reported			As Revised			As Reported			As Revised			As Reported			As Revised			As Reported			As Revised			As Reported			As Revised
Six Months Ended June 30, 2013
Cash flows from operating activities	$	(29	)	$	(29	)	$	61,692		$	61,692		$	(19,911	)	$	(17,783	)	$	(48,240	)	$	(50,368	)	$	—		$	—
Cash flows from investing activities		—			—			—			(4,000	)		(220,820	)		(218,353	)		3,660			1,193			200,809			204,809
Cash flows from financing activities		36			36			(90,003	)		(86,003	)		188,834			184,224			60,518			65,128			(200,809	)		(204,809	)

SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET

(In thousands)

	June 30, 2014
	Parent Guarantor		Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	2,857	$	2,439	$	267,815	$	50,433	$	—		$	323,544
Accounts receivable, net		—		49		250,423		524,680		—			775,152
Intercompany receivables		—		505,580		1,349,191		134,327		(1,989,098	)		—
Inventories		—		—		433,033		96,137		(2,975	)		526,195
Deferred income tax assets		—		—		4,633		5,308		—			9,941
Other current assets		—		270		7,916		11,196		—			19,382
Total current assets		2,857		508,338		2,313,011		822,081		(1,992,073	)		1,654,214
Investments in unconsolidated affiliates		—		—		162,738		—		—			162,738
Property, plant and equipment, net		—		—		456,142		130,278		—			586,420
Other assets
Goodwill		—		—		36,967		—		—			36,967
Other intangible assets, net		—		—		188,911		173		—			189,084
Investments in subsidiaries		508,555		1,291,864		626,186		—		(2,426,605	)		—
Intercompany notes receivable— noncurrent		—		1,355,675		17,593		—		(1,373,268	)		—
Deferred income tax assets—noncurrent		—		—		33,064		5,877		—			38,941
Deferred charges and other assets		14		44,581		26,824		687		646			72,752
Total other assets		508,569		2,692,120		929,545		6,737		(3,799,227	)		337,744
Total assets	$	511,426	$	3,200,458	$	3,861,436	$	959,096	$	(5,791,300	)	$	2,741,116
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings and current portion of long-term debt	$	—	$	132,500	$	—	$	9,555	$	—		$	142,055
Accounts payable		64		2,154		441,654		63,164		—			507,036
Intercompany payables		1,295		780,468		527,708		678,598		(1,988,069	)		—
Income taxes payable		—		4		7,147		2,916		(34	)		10,033
Deferred income tax liabilities		—		—		1,112		315		—			1,427
Accrued expenses and other current liabilities		458		57,009		61,361		15,217		—			134,045
Total current liabilities		1,817		972,135		1,038,982		769,765		(1,988,103	)		794,596
Noncurrent liabilities
Long-term debt		—		1,192,500		2,528		—		—			1,195,028
Intercompany notes payable—noncurrent		—		—		1,343,860		29,408		(1,373,268	)		—
Deferred income tax liabilities—noncurrent		—		2,441		21,428		8,753		—			32,622
Other noncurrent obligations		—		—		196,678		12,583		—			209,261
Total noncurrent liabilities		—		1,194,941		1,564,494		50,744		(1,373,268	)		1,436,911
Commitments and contingencies (Note J)
Shareholders’ equity		509,609		1,033,382		1,257,960		138,587		(2,429,929	)		509,609
Total liabilities and shareholders’ equity	$	511,426	$	3,200,458	$	3,861,436	$	959,096	$	(5,791,300	)	$	2,741,116

SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET

(In thousands)

	December 31, 2013
	Parent Guarantor		Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	2	$	954	$	154,770	$	40,777	$	—		$	196,503
Accounts receivable, net		—		—		272,745		444,739		(2	)		717,482
Intercompany receivables		—		554,795		1,242,405		93,841		(1,891,041	)		—
Inventories		—		—		439,952		93,019		(2,780	)		530,191
Deferred income tax assets		—		—		5,077		4,743		—			9,820
Other current assets		—		3,954		4,386		14,410		—			22,750
Total current assets		2		559,703		2,119,335		691,529		(1,893,823	)		1,476,746
Investments in unconsolidated affiliates		—		—		155,887		—		—			155,887
Property, plant and equipment, net		—		—		476,137		130,290		—			606,427
Other assets
Goodwill		—		—		37,273		—		—			37,273
Other intangible assets, net		—		—		171,352		162		—			171,514
Investments in subsidiaries		343,429		1,232,608		615,153		—		(2,191,190	)		—
Intercompany notes receivable— noncurrent		—		1,359,637		17,739		—		(1,377,376	)		—
Deferred income tax assets—noncurrent		—		—		36,260		6,678		—			42,938
Deferred charges and other assets		—		48,801		33,607		990		598			83,996
Total other assets		343,429		2,641,046		911,384		7,830		(3,567,968	)		335,721
Total assets	$	343,431	$	3,200,749	$	3,662,743	$	829,649	$	(5,461,791	)	$	2,574,781
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings and current portion of long-term debt	$	—	$	3,646	$	—	$	5,108	$	—		$	8,754
Accounts payable		—		2,570		436,147		70,378		(2	)		509,093
Intercompany payables		158		763,022		550,741		576,354		(1,890,275	)		—
Income taxes payable		—		—		9,407		276		—			9,683
Deferred income tax liabilities		—		—		784		2,119		—			2,903
Accrued expenses and other current liabilities		71		58,977		66,061		11,020		—			136,129
Total current liabilities		229		828,215		1,063,140		665,255		(1,890,277	)		666,562
Noncurrent liabilities
Long-term debt		—		1,325,000		2,667		—		—			1,327,667
Intercompany notes payable—noncurrent		—		—		1,347,773		29,602		(1,377,375	)		—
Deferred income tax liabilities—noncurrent		—		1,600		17,115		8,217		—			26,932
Other noncurrent obligations		—		—		198,479		11,939		—			210,418
Total noncurrent liabilities		—		1,326,600		1,566,034		49,758		(1,377,375	)		1,565,017
Commitments and contingencies (Note J)
Shareholders’ equity		343,202		1,045,934		1,033,569		114,636		(2,194,139	)		343,202
Total liabilities and shareholders’ equity	$	343,431	$	3,200,749	$	3,662,743	$	829,649	$	(5,461,791	)	$	2,574,781

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Three Months Ended June 30, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	1,236,394		$	358,624		$	(254,083	)	$	1,340,935
Cost of sales		—			211			1,156,891			344,556			(253,133	)		1,248,525
Gross profit		—			(211	)		79,503			14,068			(950	)		92,410
Selling, general and administrative expenses		2,590			16,444			49,108			6,066			—			74,208
Equity in earnings of unconsolidated affiliates		—			—			5,378			—			—			5,378
Operating income (loss)		(2,590	)		(16,655	)		35,773			8,002			(950	)		23,580
Interest expense, net		—			31,628			328			646			—			32,602
Intercompany interest expense (income), net		3			(20,898	)		18,031			2,861			3			—
Other expense (income)		727			23,894			101			5,441			(14	)		30,149
Equity in loss (earnings) of subsidiaries		41,301			(23,627	)		30,980			—			(48,654	)		—
Income (loss) before income taxes		(44,621	)		(27,652	)		(13,667	)		(946	)		47,715			(39,171	)
Provision for (benefit from) income taxes		—			1,017			4,019			741			(327	)		5,450
Net income (loss)	$	(44,621	)	$	(28,669	)	$	(17,686	)	$	(1,687	)	$	48,042		$	(44,621	)
Comprehensive income (loss)	$	(53,212	)	$	(37,260	)	$	(26,536	)	$	(1,428	)	$	65,224		$	(53,212	)

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Three Months Ended June 30, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	1,223,278		$	393,342		$	(254,861	)	$	1,361,759
Cost of sales		—			217			1,165,656			384,801			(254,424	)		1,296,250
Gross profit		—			(217	)		57,622			8,541			(437	)		65,509
Selling, general and administrative expenses		3,112			272			45,994			5,396			—			54,774
Equity in earnings of unconsolidated affiliates		—			—			8,929			—			—			8,929
Operating income (loss)		(3,112	)		(489	)		20,557			3,145			(437	)		19,664
Interest expense, net		—			31,830			1,258			650			—			33,738
Intercompany interest expense (income), net		2			(22,235	)		18,990			3,182			61			—
Other expense (income)		2			(3,238	)		11,290			4,144			(358	)		11,840
Equity in loss (earnings) of subsidiaries		24,948			12,888			23,886			—			(61,722	)		—
Income (loss) before income taxes		(28,064	)		(19,734	)		(34,867	)		(4,831	)		61,582			(25,914	)
Provision for (benefit from) income taxes		—			—			3,268			(918	)		(200	)		2,150
Net income (loss)	$	(28,064	)	$	(19,734	)	$	(38,135	)	$	(3,913	)	$	61,782		$	(28,064	)
Comprehensive income (loss)	$	(9,149	)	$	(819	)	$	(20,060	)	$	(3,073	)	$	23,952		$	(9,149	)

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Six Months Ended June 30, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	2,463,957		$	705,921		$	(469,811	)	$	2,700,067
Cost of sales		—			368			2,303,968			674,279			(469,587	)		2,509,028
Gross profit		—			(368	)		159,989			31,642			(224	)		191,039
Selling, general and administrative expenses		5,296			17,130			91,184			10,628			—			124,238
Equity in earnings of unconsolidated affiliates		—			—			20,328			—			—			20,328
Operating income (loss)		(5,296	)		(17,498	)		89,133			21,014			(224	)		87,129
Interest expense, net		—			63,216			641			1,563			—			65,420
Intercompany interest expense (income), net		5			(40,728	)		34,678			6,013			32			—
Other expense (income)		727			20,806			(723	)		10,248			(14	)		31,044
Equity in loss (earnings) of subsidiaries		21,507			(59,013	)		3,813			—			33,693			—
Income (loss) before income taxes		(27,535	)		(1,779	)		50,724			3,190			(33,935	)		(9,335	)
Provision for (benefit from) income taxes		—			1,017			13,201			4,057			(75	)		18,200
Net income (loss)	$	(27,535	)	$	(2,796	)	$	37,523		$	(867	)	$	(33,860	)	$	(27,535	)
Comprehensive income (loss)	$	(37,307	)	$	(12,568	)	$	28,098		$	(1,214	)	$	(14,316	)	$	(37,307	)

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Six Months Ended June 30, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	2,492,478		$	766,674		$	(505,808	)	$	2,753,344
Cost of sales		—			578			2,367,050			746,132			(506,728	)		2,607,032
Gross profit		—			(578	)		125,428			20,542			920			146,312
Selling, general and administrative expenses		5,266			1,405			83,805			10,758			—			101,234
Equity in earnings of unconsolidated affiliates		—			—			11,728			—			—			11,728
Operating income (loss)		(5,266	)		(1,983	)		53,351			9,784			920			56,806
Interest expense, net		—			62,561			2,477			1,008			—			66,046
Intercompany interest expense (income), net		3			(43,109	)		36,756			6,346			4			—
Loss on extinguishment of long-term debt		—			20,744			—			—			—			20,744
Other expense (income)		(1	)		3,661			(4,272	)		6,501			(181	)		5,708
Equity in loss (earnings) of subsidiaries		32,474			(22,688	)		24,904			—			(34,690	)		—
Income (loss) before income taxes		(37,742	)		(23,152	)		(6,514	)		(4,071	)		35,787			(35,692	)
Provision for (benefit from) income taxes		—			176			3,492			(2,398	)		780			2,050
Net income (loss)	$	(37,742	)	$	(23,328	)	$	(10,006	)	$	(1,673	)	$	35,007		$	(37,742	)
Comprehensive income (loss)	$	(28,449	)	$	(14,035	)	$	(1,585	)	$	(801	)	$	16,421		$	(28,449	)

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Six Months Ended June 30, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(119	)	$	(54,821	)	$	18,723		$	44,081		$	—		$	7,864
Cash flows from investing activities
Capital expenditures		—			—			(49,676	)		(6,068	)		—			(55,744	)
Proceeds from the sale of property, plant and equipment		—			—			—			5,434			—			5,434
Payment for working capital adjustment from sale of business		—			—			(700	)		—			—			(700	)
Distributions from unconsolidated affiliates		—			—			978			—			—			978
Investments in subsidiaries		(196,400	)		(10,000	)		(7,226	)		—			213,626			—
Intercompany investing activities		—			2,000			(89,900	)		—			87,900			—
Cash provided by (used in) investing activities		(196,400	)		(8,000	)		(146,524	)		(634	)		301,526			(50,032	)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		199,152			—			—			—			—			199,152
Intercompany short-term borrowings, net		222			67,924			21,670			(12,916	)		(76,900	)		—
Short-term borrowings, net		—			(3,646	)		(140	)		(25,616	)		—			(29,402	)
Contributions from parent companies		—			—			206,400			7,226			(213,626	)		—
Proceeds from issuance of intercompany long-term debt		—			—			13,000			(2,000	)		(11,000	)		—
Proceeds from issuance of Accounts Receivable Securitization Facility		—			—			—			178,603			—			178,603
Repayments of Accounts Receivable Securitization Facility		—			—			—			(179,170	)		—			(179,170	)
Cash provided by (used in) financing activities		199,374			64,278			240,930			(33,873	)		(301,526	)		169,183
Effect of exchange rates on cash		—			28			(84	)		82			—			26
Net change in cash and cash equivalents		2,855			1,485			113,045			9,656			—			127,041
Cash and cash equivalents—beginning of period		2			954			154,770			40,777			—			196,503
Cash and cash equivalents—end of period	$	2,857		$	2,439		$	267,815		$	50,433		$	—		$	323,544

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Six Months Ended June 30, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(29	)	$	61,692		$	(17,783	)	$	(50,368	)	$	—		$	(6,488	)
Cash flows from investing activities
Capital expenditures		—			—			(25,174	)		(3,948	)		—			(29,122	)
Proceeds from capital expenditures subsidy		—			—			6,575			—			—			6,575
Advance payment refunded		—			—			—			(2,711	)		—			(2,711	)
Distributions from unconsolidated affiliates		—			—			1,055			—			—			1,055
Intercompany investing activities		—			(4,000	)		(200,809	)		—			204,809			—
Decrease in restricted cash		—			—			—			7,852			—			7,852
Cash provided by (used in) investing activities		—			(4,000	)		(218,353	)		1,193			204,809			(16,351	)
Cash flows from financing activities
Deferred financing fees		—			(46,284	)		—			—			—			(46,284	)
Intercompany short-term borrowings, net		36			(2,178	)		184,355			18,596			(200,809	)		—
Short-term borrowings, net		—			(3,541	)		(131	)		(14,176	)		—			(17,848	)
Proceeds from issuance of intercompany long-term debt		—			—			—			4,000			(4,000	)		—
Repayments of Term Loans		—			(1,239,000	)		—			—			—			(1,239,000	)
Proceeds from issuance of Senior Notes		—			1,325,000			—			—			—			1,325,000
Proceeds from issuance of Accounts Receivable Securitization Facility		—			—			—			222,592			—			222,592
Repayments of Accounts Receivable Securitization Facility		—			—			—			(165,884	)		—			(165,884	)
Proceeds from the draw of revolving debt		—			405,000			—			—			—			405,000
Repayments on the revolving debt		—			(525,000	)		—			—			—			(525,000	)
Cash provided by (used in) financing activities		36			(86,003	)		184,224			65,128			(204,809	)		(41,424	)
Effect of exchange rates on cash		—			31			(1,295	)		(206	)		—			(1,470	)
Net change in cash and cash equivalents		7			(28,280	)		(53,207	)		15,747			—			(65,733	)
Cash and cash equivalents—beginning of period		3			29,411			182,088			24,855			—			236,357
Cash and cash equivalents—end of period	$	10		$	1,131		$	128,881		$	40,602		$	—		$	170,624

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Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

NOTE T—SUBSEQUENT EVENTS

In July 2014, using proceeds from the Company’s IPO, the Company redeemed $132.5 million in aggregate principal amount of its 8.750% Senior Notes due 2019. See Note F for additional information.

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Foreign Exchange Forward Contracts - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013	Dec. 31, 2012 Foreign Exchange Forward Contracts [Member] Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contracts, notional amount			$ 82.0
Losses from foreign exchange forward contracts	$ 1.0	$ 0.6

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Investments in Unconsolidated Affiliates - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 162,738,000	$ 150,977,000	$ 162,738,000	$ 150,977,000	$ 155,887,000
Dividends received			978,000	1,055,000
AmSty [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	128,100,000		128,100,000		118,300,000
Investment in unconsolidated affiliates-difference between carrying amount and underlying equity	115,600,000		115,600,000		130,800,000
Percentage of ownership underlying net assets	50.00%		50.00%
Amortized weighted average remaining useful life			6.2 years
Dividends received	7,500,000	0	12,500,000	0
Sumika Styron [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	34,600,000		34,600,000		37,600,000
Investment in unconsolidated affiliates-difference between carrying amount and underlying equity	19,800,000		19,800,000		20,800,000
Percentage of ownership underlying net assets	50.00%		50.00%
Amortized weighted average remaining useful life			11.3 years
Dividends received	$ 0	$ 0	$ 1,000,000	$ 1,100,000

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Recent Accounting Guidance (Policies)

6 Months Ended

Jun. 30, 2014

Accounting Changes And Error Corrections [Abstract]

Recent Accounting Guidance

In February 2013, the Financial Accounting Standards Board (“FASB”) issued amendments for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, except for obligations addressed within existing guidance. This guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. This guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The Company adopted this guidance on a retrospective basis effective January 1, 2014, and the adoption did not have a significant impact on the Company’s financial position or results of operations.

In July 2013, the FASB issued guidance to clarify the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The new guidance requires that unrecognized tax benefits be netted against all available same-jurisdiction losses or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the unrecognized tax benefits. The Company adopted this guidance prospectively effective January 1, 2014, and the adoption did not have a significant impact on the Company’s financial position or results of operations.

In April 2014, the 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 amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). The implementation of the amended guidance is not expected to have a material impact on the Company’s consolidated financial position or results of operations.

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. The Company is currently assessing the impact of adopting this guidance on its financial statements and results of operations.

In June 2014, the FASB issued updated guidance related to stock compensation. The updated guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The updated guidance is effective for annual and interim periods beginning after December 15, 2015 and can be applied either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented and to all newly granted or modified awards thereafter. Early adoption is permitted. This guidance is not relevant to the Company’s currently outstanding awards; however, the Company will continue to evaluate the applicability of this guidance to future awards as necessary.

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Investments in Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2014

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 June 30,					Six Months Ended June 30,
	2014			2013		2014		2013
Sales	$	540,920		$	568,815	$	1,105,052	$	1,167,469
Gross profit	$	(2,529	)	$	24,407	$	35,479	$	23,402
Net income (loss)	$	(11,026	)	$	11,716	$	10,494	$	(1,891	)

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Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities
Net loss	$ (27,535)	$ (37,742)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	50,941	47,800
Amortization of deferred financing costs and issuance discount	5,067	4,746
Deferred income tax	7,453	(2,895)
Stock-based compensation	5,120	4,789
Earnings of unconsolidated affiliates, net of dividends	(7,829)	(11,728)
Loss on extinguishment of long-term debt		20,744
Impairment charges		4,571
Loss (gain) on sale of businesses and other assets	(116)	3,261
Changes in assets and liabilities
Accounts receivable	(59,874)	(109,924)
Inventories	1,505	53,809
Accounts payable and other current liabilities	34,029	21,312
Income taxes payable	222	(4,325)
Other assets, net	(1,153)	(5,010)
Other liabilities, net	34	4,104
Cash provided by (used in) operating activities	7,864	(6,488)
Cash flows from investing activities
Capital expenditures	(55,744)	(29,122)
Proceeds from the sale of property, plant and equipment	5,434
Proceeds from capital expenditures subsidy		6,575
Payment for working capital adjustment from sale of business	(700)
Advance payment refunded		(2,711)
Distributions from unconsolidated affiliates	978	1,055
Decrease in restricted cash		7,852
Cash flows from investing activities	(50,032)	(16,351)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs	199,152
Deferred financing fees		(46,284)
Short-term borrowings, net	(29,402)	(17,848)
Repayments of Term Loans		(1,239,000)
Proceeds from the issuance of Senior Notes		1,325,000
Proceeds from Accounts Receivable Securitization Facility	178,603	222,592
Repayments of Accounts Receivable Securitization Facility	(179,170)	(165,884)
Proceeds from Revolving Facility		405,000
Repayments of Revolving Facility		(525,000)
Cash provided by (used in) financing activities	169,183	(41,424)
Effect of exchange rates on cash	26	(1,470)
Net change in cash and cash equivalents	127,041	(65,733)
Cash and cash equivalents-beginning of period	196,503	236,357
Cash and cash equivalents-end of period	$ 323,544	$ 170,624

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Inventories (Tables)

6 Months Ended

Jun. 30, 2014

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	June 30,		December 31,
	2014		2013
Finished goods	$	307,868	$	302,379
Raw materials and semi-finished goods		182,965		191,081
Supplies		35,362		36,731
Total	$	526,195	$	530,191

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Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2014

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 Translation Adjustment, Net			Employee Benefits, Net			Total
December 31, 2013	$	116,146		$	(27,768	)	$	88,378
Other comprehensive income (loss)		(10,352	)		580			(9,772	)
June 30, 2014	$	105,794		$	(27,188	)	$	78,606
December 31, 2012	$	62,807		$	(38,234	)	$	24,573
Other comprehensive income (loss)		(10,839	)		20,132			9,293
June 30, 2013	$	51,968		$	(18,102	)	$	33,866

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Debt - Senior Notes (Detail) (USD $)	6 Months Ended				1 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended		1 Months Ended
	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2013	Jan. 31, 2013	Jan. 31, 2013 Senior Notes [Member]	Jun. 30, 2014 Senior Notes [Member]	Sep. 30, 2014 Senior Notes [Member] Scenario, Forecast [Member]	Jun. 30, 2014 Senior Notes [Member] Any Time Prior to August 1, 2015 [Member]	Jun. 30, 2014 Senior Notes [Member] During Any 12-Month Period Commencing from the Issue Date Until August 1, 2015 [Member]	Jul. 31, 2014 Senior Notes [Member] Subsequent Event [Member]
Debt Instrument [Line Items]
Debt, face amount		$ 1,325,000,000	$ 1,325,000,000	$ 1,325,000,000
Debt instrument, stated interest rate					8.75%					8.75%
Debt instrument, Interest payment frequency						Semi-annually on February 1st and August 1st of each year
Debt instrument, maturity date					Feb. 01, 2019
Debt instrument, percentage of aggregate principal amount that may be redeemed								35.00%	10.00%
Debt instrument, redemption price percentage								108.75%	103.00%
Deferred financing fees					42,000,000
Redemption of Senior Notes										132,500,000
Call premium										4,000,000
Accrued and unpaid interest										5,200,000
Loss on extinguishment of debt	20,744,000						7,400,000
Write-off related unamortized debt issuance costs							$ 3,400,000

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Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss), Net of Income Taxes (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), beginning balance			$ 88,378	$ 24,573
Other comprehensive income (loss)	(8,591)	18,915	(9,772)	9,293
Other comprehensive income (loss), ending balance	78,606	33,866	78,606	33,866
Currency Translation Adjustment, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), beginning balance			116,146	62,807
Other comprehensive income (loss)			(10,352)	(10,839)
Other comprehensive income (loss), ending balance	105,794	51,968	105,794	51,968
Employee Benefits, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), beginning balance			(27,768)	(38,234)
Other comprehensive income (loss)			580	20,132
Other comprehensive income (loss), ending balance	$ (27,188)	$ (18,102)	$ (27,188)	$ (18,102)

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 323,544	$ 196,503
Accounts receivable, net of allowance for doubtful accounts (June 30, 2014-$6,672; December 31, 2013-$5,866)	775,152	717,482
Inventories	526,195	530,191
Deferred income tax assets	9,941	9,820
Other current assets	19,382	22,750
Total current assets	1,654,214	1,476,746
Investments in unconsolidated affiliates	162,738	155,887
Property, plant and equipment, net of accumulated depreciation (June 30, 2014-$312,383; December 31, 2013-$283,795)	586,420	606,427
Other assets
Goodwill	36,967	37,273
Other intangible assets, net	189,084	171,514
Deferred income tax assets-noncurrent	38,941	42,938
Deferred charges and other assets	72,752	83,996
Total other assets	337,744	335,721
Total assets	2,741,116	2,574,781
Current liabilities
Short-term borrowings and current portion of long-term debt	142,055	8,754
Accounts payable	507,036	509,093
Income taxes payable	10,033	9,683
Deferred income tax liabilities	1,427	2,903
Accrued expenses and other current liabilities	134,045	136,129
Total current liabilities	794,596	666,562
Noncurrent liabilities
Long-term debt	1,195,028	1,327,667
Deferred income tax liabilities-noncurrent	32,622	26,932
Other noncurrent obligations	209,261	210,418
Total noncurrent liabilities	1,436,911	1,565,017
Commitments and contingencies (Note J)
Shareholders' equity
Common stock, $0.01 nominal value, 50,000,000 shares authorized at June 30, 2014 and December 31, 2013, and 48,770 and 37,270 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	488	373
Additional paid-in-capital	542,654	339,055
Accumulated deficit	(112,139)	(84,604)
Accumulated other comprehensive income	78,606	88,378
Total shareholders' equity	509,609	343,202
Total liabilities and shareholders' equity	$ 2,741,116	$ 2,574,781

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Investments in Unconsolidated Affiliates - Summarized Financial Information of Unconsolidated Affiliates (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Equity Method Investment Summarized Financial Information Gross Profit Loss [Abstract]
Sales	$ 540,920	$ 568,815	$ 1,105,052	$ 1,167,469
Gross profit	(2,529)	24,407	35,479	23,402
Net income (loss)	$ (11,026)	$ 11,716	$ 10,494	$ (1,891)

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) In Millions, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]
Cumulative translation adjustments, tax	$ 0		$ 0		$ 0		$ 0
Pension and other postretirement benefit plans before reclassifications, tax	0		(0.2)		0		2.6
Amortization of prior service credit included in net periodic pension costs, tax	0	[1]	0	[1]	0	[1]	0	[1]
Amortization of net loss, tax	$ 0.2	[1]	$ 0.2	[1]	$ 0.3	[1]	$ 0.4	[1]

[1] These other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note K).

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Provision for Income Taxes - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended		6 Months Ended			0 Months Ended	3 Months Ended		6 Months Ended
	Jun. 17, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jul. 31, 2014 Subsequent Event [Member] Internal Revenue Service IRS [Member]	May 30, 2014 Dow [Member]	Jun. 30, 2014 Dow [Member]	Jun. 30, 2014 Bain Capital [Member]	Jun. 30, 2014 Bain Capital [Member]
Schedule Of Effective Tax Rate Reconciliation [Line Items]
Effective income tax rate		(13.90%)	(8.30%)	(195.00%)	(5.70%)
Provision for income taxes		$ 5,450,000	$ 2,150,000	$ 18,200,000	$ 2,050,000
Loss before income taxes		(39,171,000)	(25,914,000)	(9,335,000)	(35,692,000)
Loss on extinguishment of long-term debt					20,744,000
Tax benefit on extinguishment of debt					4,300,000
Loss attributable to holding company		(73,600,000)		(97,200,000)
Payment for termination of agreement	23,300,000						32,500,000	32,500,000	18,600,000	23,300,000
Income Tax Refund received from settlement of prior year audit from tax authorities						3,200,000
Tax benefit unrecognized		2,700,000
Tax benefit recognized on one-time expense, termination of Advisory Agreement		$ 1,200,000	$ 0	$ 1,200,000	$ 0

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Estimated Fair Value of Outstanding Debt Not Carried at Fair Value

The following tables present the estimated fair value of the Company’s outstanding debt not carried at fair value as of June 30, 2014 and December 31, 2013, respectively:

	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Total
June 30, 2014
Senior Notes	$	—	$	1,431,000	$	1,431,000
Total fair value	$	—	$	1,431,000	$	1,431,000

	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Total
December 31, 2013
Senior Notes	$	—	$	1,366,406	$	1,366,406
Total fair value	$	—	$	1,366,406	$	1,366,406

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Related Party and Dow Transactions - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	0 Months Ended		1 Months Ended	3 Months Ended		6 Months Ended		0 Months Ended	3 Months Ended
	Jun. 17, 2014	Jun. 17, 2014 Bain Capital [Member]	Jan. 31, 2013 Bain Capital [Member]	Jun. 30, 2014 Bain Capital [Member]	Jun. 30, 2013 Bain Capital [Member]	Jun. 30, 2014 Bain Capital [Member]	Jun. 30, 2013 Bain Capital [Member]	May 30, 2014 Dow [Member]	Jun. 30, 2014 Dow [Member]
Related Party Transaction [Line Items]
Management fee expense				$ 0.8	$ 1.2	$ 2.0	$ 2.4
Payment for termination of agreement	23.3			18.6		23.3		32.5	32.5
Percentage of advisory fees						1.00%
Transaction services agreement, period						10 years
Transaction services Fee		2.2
Debt issuance cost			$ 13.9
Percentage of issued and outstanding interest in joint venture									50.00%

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Related Party and Dow Transactions

6 Months Ended

Jun. 30, 2014

Related Party Transactions [Abstract]

Related Party and Dow Transactions

NOTE N—RELATED PARTY AND DOW TRANSACTIONS

In connection with the Acquisition, the Company entered into the Advisory Agreement wherein Bain Capital provides management and consulting services and financial and other advisory services to the Company. Pursuant to this agreement, we paid Bain Capital fees (including out-of-pocket expenses) of $0.8 million and $1.2 million for the three months ended June 30, 2014 and 2013, respectively, and $2.0 million and $2.4 million for the six months ended June 30, 2014 and 2013, respectively. The Advisory Agreement terminated upon consummation of the Company’s IPO in June 2014 and pursuant to the terms of the Advisory Agreement, the Company paid $23.3 million of termination fees representing acceleration of the advisory fees for the remainder of the original term. The termination fee was paid in June 2014 using the proceeds from the IPO, and was recorded as an expense within “Selling, general and administrative expenses” in the condensed consolidated statements of operations for the three and six months ended June 30, 2014.

Bain Capital also provides 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 June 30, 2014 (see Note L). Bain Capital also received fees of approximately $13.9 million related to the issuance of the Senior Notes and the amendment to the Senior Secured Credit Facility in January 2013, which were included in the financing fees capitalized and included in “Deferred charges and other assets” in the condensed consolidated balance sheet (see Note F for further discussion).

In connection with the Acquisition in 2010, certain of the Company’s affiliates entered into a latex joint venture option agreement (the “Latex JV Option Agreement”) with Dow, pursuant to which Dow was granted an irrevocable option to purchase 50% of the issued and outstanding interests in a joint venture to be formed by Dow and the Company’s affiliates with respect to the SB Latex business in Asia, Latin America, the Middle East, Africa, Eastern Europe, Russia and India. On May 30, 2014, the Company’s affiliates entered into an agreement with Dow to terminate the Latex JV Option Agreement, Dow’s rights to the option, and all other obligations thereunder, in exchange for a termination payment of $32.5 million. This termination payment was made on May 30, 2014, and the termination of the Latex JV Option Agreement became effective as of such date. This termination payment was recorded as an expense within “Other expense, net” in the condensed consolidated statements of operations for the three and six months ended June 30, 2014.

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Provision for Income Taxes (Tables)

6 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Effective income tax rate		(13.9)%		(8.3)%		(195.0)%		(5.7)%

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Divestitures

6 Months Ended

Jun. 30, 2014

Discontinued Operations And Disposal Groups [Abstract]

Divestitures

NOTE P—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 Styrenics segment, under a sale and purchase agreement which was signed in July 2013. The sale closed on September 30, 2013 and the Company received $15.2 million of sales proceeds during the third quarter of 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 six months ended June 30, 2014.

EPS business results of operations were not classified as discontinued operations as the Company will have significant continuing cash flows as a result of a long-term supply agreement of styrene monomer to the EPS business, which was entered into contemporaneously with the sale and purchase agreement. The supply agreement will have an initial term of approximately 10 years from the closing date of the sale and will continue year-to-year thereafter. Under the supply agreement, we will supply a minimum of approximately 77 million pounds and maximum of approximately 132 million pounds of styrene monomer annually or equivalent to 70% to 100% of the EPS business’s historical production consumption.

Livorno Land Sale

In April 2014, the Company completed the sale of a portion of land at its manufacturing site in Livorno, Italy for a purchase price of €4.95 million (approximately $6.8 million). As a result, the Company recognized a gain on sale of $0.1 million within “Other expense, net” in the condensed consolidated statements of operations for the three and six months ended June 30, 2014. As of December 31, 2013, this land was classified as held-for-sale within the caption “Other current assets” in the condensed consolidated balance sheet.

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Segments - Reconciliation of Revenue from Segments to Consolidated (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Reconciliation From Segment Totals To Consolidated [Abstract]
Total Segment EBITDA	$ 94,136	$ 64,643	$ 202,657	$ 146,624
Corporate unallocated	(73,492)	(32,886)	(95,631)	(68,470)
Less: Interest expense, net	32,602	33,738	65,420	66,046
Less Provision for income taxes	5,450	2,150	18,200	2,050
Less Depreciation and amortization	27,213	23,933	50,941	47,800
Net loss	$ (44,621)	$ (28,064)	$ (27,535)	$ (37,742)

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Condensed Consolidated Statements of Shareholders' Equity (USD $) In Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2012	$ 291,665	$ 373	$ 329,105	$ 24,573	$ (62,386)
Beginning Balance, Shares at Dec. 31, 2012		37,270
Net loss	(37,742)				(37,742)
Other comprehensive income (loss)	9,293			9,293
Stock-based compensation	4,789		4,789
Ending Balance at Jun. 30, 2013	268,005	373	333,894	33,866	(100,128)
Ending Balance, Shares at Jun. 30, 2013		37,270
Beginning Balance at Dec. 31, 2013	343,202	373	339,055	88,378	(84,604)
Beginning Balance, Shares at Dec. 31, 2013		37,270
Issuance of common stock (Note L)	198,594	115	198,479
Issuance of common stock (Note L), Shares		11,500
Net loss	(27,535)				(27,535)
Other comprehensive income (loss)	(9,772)			(9,772)
Stock-based compensation	5,120		5,120
Ending Balance at Jun. 30, 2014	$ 509,609	$ 488	$ 542,654	$ 78,606	$ (112,139)
Ending Balance, Shares at Jun. 30, 2014		48,770

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 6,672	$ 5,866
Accumulated depreciation	$ 312,383	$ 283,795
Common stock, nominal value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	48,770	37,270
Common stock, shares outstanding	48,770	37,270

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Provision for Income Taxes

6 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Provision for Income Taxes

NOTE I—PROVISION FOR INCOME TAXES

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Effective income tax rate		(13.9)%		(8.3)%		(195.0)%		(5.7)%

Provision for income taxes for the three and six months ended June 30, 2014 were $5.5 million, resulting in a negative effective tax rate of 13.9%, and $18.2 million, resulting in a negative effective tax rate of 195.0%, respectively. Provision for income taxes for the three and six months ended June 30, 2013 were $2.2 million, resulting in a negative effective tax rate of 8.3%, and $2.1 million, resulting in a negative effective tax rate of 5.7%, respectively.

The increase in provision for income taxes for the six months ended June 30, 2014 was primarily driven by the decrease in loss before income taxes from $35.7 million of loss for the six months ended June 30, 2013 to $9.3 million of loss for the six months ended June 30, 2014. During the periods ended June 30, 2013, the Company incurred a loss on extinguishment of debt of $20.7 million, which provided a $4.3 million tax benefit in those periods. This one time item did not recur in the periods ended June 30, 2014.

Although the Company had losses before income taxes for the three and six months ended June 30, 2014, it generated losses of approximately $73.6 million and $97.2 million during these respective periods mostly within our holding companies incorporated in Luxembourg which did not provide a tax benefit as management does not believe that the Company will utilize these losses in the foreseeable future. Included in these losses were payments made during the three months ended June 30, 2014 of $32.5 million related to an agreement with Dow to terminate the Latex JV Option Agreement and a portion of the fees related to the termination of the Advisory Agreement with Bain Capital of approximately $18.6 million (see Note N for further discussion on both of these payments). These non deductible expenses unfavorably impacted the effective tax rate during the three and six months ended June 30, 2014.

Offsetting the unfavorable impact to the effective tax rate was a tax benefit recognized for the three and six months ended June 30, 2014 as the Company effectively settled its 2010 and 2011 audit with the IRS and received a refund of $3.2 million in July 2014. As a result, the Company recorded a previously unrecognized tax benefit in the amount of $2.7 million, including penalties and interest, relating to its 2011 tax return filing. Additionally, the tax benefit generated from the Advisory Agreement termination fee noted above was $1.2 million for the periods ended June 30, 2014. No similar tax benefits were recorded in the periods ended June 30, 2013.

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Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 08, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Entity Registrant Name	Trinseo S.A.
Entity Central Index Key	0001519061
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		48,769,567

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2014

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE J—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 June 30, 2014 and December 31, 2013, 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 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 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 7 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 2013 consolidated financial statements.

The Company has service agreements with Dow which contain fixed annual fees. See Note N for further discussion.

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.

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Supplemental Guarantor Condensed Consolidating Financial Statements - Supplemental Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Condensed Financial Statements, Captions [Line Items]
Net sales	$ 1,340,935	$ 1,361,759	$ 2,700,067	$ 2,753,344
Cost of sales	1,248,525	1,296,250	2,509,028	2,607,032
Gross profit	92,410	65,509	191,039	146,312
Selling, general and administrative expenses	74,208	54,774	124,238	101,234
Equity in earnings of unconsolidated affiliates	5,378	8,929	20,328	11,728
Operating income (loss)	23,580	19,664	87,129	56,806
Interest expense, net	32,602	33,738	65,420	66,046
Intercompany interest expense (income), net
Loss on extinguishment of long-term debt				20,744
Other expense (income)	30,149	11,840	31,044	5,708
Equity in loss (earnings) of subsidiaries
Loss before income taxes	(39,171)	(25,914)	(9,335)	(35,692)
Provision for (benefit from) income taxes	5,450	2,150	18,200	2,050
Net income (loss)	(44,621)	(28,064)	(27,535)	(37,742)
Comprehensive income (loss)	(53,212)	(9,149)	(37,307)	(28,449)
Parent Guarantor [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses	2,590	3,112	5,296	5,266
Equity in earnings of unconsolidated affiliates
Operating income (loss)	(2,590)	(3,112)	(5,296)	(5,266)
Interest expense, net
Intercompany interest expense (income), net	3	2	5	3
Other expense (income)	727	2	727	(1)
Equity in loss (earnings) of subsidiaries	41,301	24,948	21,507	32,474
Loss before income taxes	(44,621)	(28,064)	(27,535)	(37,742)
Provision for (benefit from) income taxes
Net income (loss)	(44,621)	(28,064)	(27,535)	(37,742)
Comprehensive income (loss)	(53,212)	(9,149)	(37,307)	(28,449)
Issuers [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales
Cost of sales	211	217	368	578
Gross profit	(211)	(217)	(368)	(578)
Selling, general and administrative expenses	16,444	272	17,130	1,405
Equity in earnings of unconsolidated affiliates
Operating income (loss)	(16,655)	(489)	(17,498)	(1,983)
Interest expense, net	31,628	31,830	63,216	62,561
Intercompany interest expense (income), net	(20,898)	(22,235)	(40,728)	(43,109)
Loss on extinguishment of long-term debt				20,744
Other expense (income)	23,894	(3,238)	20,806	3,661
Equity in loss (earnings) of subsidiaries	(23,627)	12,888	(59,013)	(22,688)
Loss before income taxes	(27,652)	(19,734)	(1,779)	(23,152)
Provision for (benefit from) income taxes	1,017		1,017	176
Net income (loss)	(28,669)	(19,734)	(2,796)	(23,328)
Comprehensive income (loss)	(37,260)	(819)	(12,568)	(14,035)
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales	1,236,394	1,223,278	2,463,957	2,492,478
Cost of sales	1,156,891	1,165,656	2,303,968	2,367,050
Gross profit	79,503	57,622	159,989	125,428
Selling, general and administrative expenses	49,108	45,994	91,184	83,805
Equity in earnings of unconsolidated affiliates	5,378	8,929	20,328	11,728
Operating income (loss)	35,773	20,557	89,133	53,351
Interest expense, net	328	1,258	641	2,477
Intercompany interest expense (income), net	18,031	18,990	34,678	36,756
Other expense (income)	101	11,290	(723)	(4,272)
Equity in loss (earnings) of subsidiaries	30,980	23,886	3,813	24,904
Loss before income taxes	(13,667)	(34,867)	50,724	(6,514)
Provision for (benefit from) income taxes	4,019	3,268	13,201	3,492
Net income (loss)	(17,686)	(38,135)	37,523	(10,006)
Comprehensive income (loss)	(26,536)	(20,060)	28,098	(1,585)
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales	358,624	393,342	705,921	766,674
Cost of sales	344,556	384,801	674,279	746,132
Gross profit	14,068	8,541	31,642	20,542
Selling, general and administrative expenses	6,066	5,396	10,628	10,758
Equity in earnings of unconsolidated affiliates
Operating income (loss)	8,002	3,145	21,014	9,784
Interest expense, net	646	650	1,563	1,008
Intercompany interest expense (income), net	2,861	3,182	6,013	6,346
Other expense (income)	5,441	4,144	10,248	6,501
Equity in loss (earnings) of subsidiaries
Loss before income taxes	(946)	(4,831)	3,190	(4,071)
Provision for (benefit from) income taxes	741	(918)	4,057	(2,398)
Net income (loss)	(1,687)	(3,913)	(867)	(1,673)
Comprehensive income (loss)	(1,428)	(3,073)	(1,214)	(801)
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales	(254,083)	(254,861)	(469,811)	(505,808)
Cost of sales	(253,133)	(254,424)	(469,587)	(506,728)
Gross profit	(950)	(437)	(224)	920
Selling, general and administrative expenses
Equity in earnings of unconsolidated affiliates
Operating income (loss)	(950)	(437)	(224)	920
Interest expense, net	0
Intercompany interest expense (income), net	3	61	32	4
Other expense (income)	(14)	(358)	(14)	(181)
Equity in loss (earnings) of subsidiaries	(48,654)	(61,722)	33,693	(34,690)
Loss before income taxes	47,715	61,582	(33,935)	35,787
Provision for (benefit from) income taxes	(327)	(200)	(75)	780
Net income (loss)	48,042	61,782	(33,860)	35,007
Comprehensive income (loss)	$ 65,224	$ 23,952	$ (14,316)	$ 16,421

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Condensed Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]
Net sales	$ 1,340,935	$ 1,361,759	$ 2,700,067	$ 2,753,344
Cost of sales	1,248,525	1,296,250	2,509,028	2,607,032
Gross profit	92,410	65,509	191,039	146,312
Selling, general and administrative expenses	74,208	54,774	124,238	101,234
Equity in earnings of unconsolidated affiliates	5,378	8,929	20,328	11,728
Operating income	23,580	19,664	87,129	56,806
Interest expense, net	32,602	33,738	65,420	66,046
Loss on extinguishment of long-term debt				20,744
Other expense, net	30,149	11,840	31,044	5,708
Loss before income taxes	(39,171)	(25,914)	(9,335)	(35,692)
Provision for income taxes	5,450	2,150	18,200	2,050
Net loss	$ (44,621)	$ (28,064)	$ (27,535)	$ (37,742)
Weighted average shares- basic and diluted	38,912	37,270	38,096	37,270
Net loss per share- basic and diluted	$ (1.15)	$ (0.75)	$ (0.72)	$ (1.01)

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Inventories

6 Months Ended

Jun. 30, 2014

Inventory Disclosure [Abstract]

Inventories

NOTE D—INVENTORIES

Inventories consisted of the following:

	June 30,		December 31,
	2014		2013
Finished goods	$	307,868	$	302,379
Raw materials and semi-finished goods		182,965		191,081
Supplies		35,362		36,731
Total	$	526,195	$	530,191

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Investments in Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2014

Equity Method Investments And Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

NOTE C—INVESTMENTS IN UNCONSOLIDATED AFFILIATES

The Company is supplemented by two strategic joint ventures: Americas Styrenics LLC (“AmSty”, a polystyrene joint venture with Chevron Phillips Chemical Company LP) and Sumika Styron Polycarbonate Limited (“Sumika Styron”, a polycarbonate joint venture with Sumitomo Chemical Company, Limited). Investments held in the unconsolidated affiliates are accounted for by the equity method.

At June 30, 2014 and December 31, 2013, respectively, the Company’s investment in AmSty was $128.1 million and $118.3 million. At June 30, 2014 and December 31, 2013, respectively, the Company’s investment in AmSty was $115.6 million and $130.8 million less than the Company’s 50% share of AmSty’s underlying net assets. 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 6.2 years as of June 30, 2014. The Company received dividends from AmSty of $7.5 million and $12.5 million during the three and six months ended June 30, 2014, respectively. The Company received no dividends from AmSty during the three and six months ended June 30, 2013.

At June 30, 2014 and December 31, 2013, respectively, the Company’s investment in Sumika Styron was $34.6 million and $37.6 million. At June 30, 2014 and December 31, 2013, respectively, the Company’s investment in Sumika Styron was $19.8 million and $20.8 million greater than the Company’s 50% share of Sumika Styron’s underlying net assets. This amount represents the fair value of certain identifiable assets which have not been recorded on the historical financial statements of Sumika Styron. This difference is being amortized over the remaining useful life of the contributed assets of 11.3 years as of June 30, 2014. The Company received dividends from Sumika Styron of $1.0 million and $1.1 million during the six months ended June 30, 2014 and 2013, respectively. The Company did not receive dividends from Sumika Styron, however, during either of the three months ended June 30, 2014 and 2013.

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 June 30,					Six Months Ended June 30,
	2014			2013		2014		2013
Sales	$	540,920		$	568,815	$	1,105,052	$	1,167,469
Gross profit	$	(2,529	)	$	24,407	$	35,479	$	23,402
Net income (loss)	$	(11,026	)	$	11,716	$	10,494	$	(1,891	)

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Segments

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segments

NOTE O—SEGMENTS

The Company operates four segments under two principal business units. The Emulsion Polymers business unit includes a Latex segment and a Synthetic Rubber segment. The Plastics business unit includes a Styrenics segment and an Engineered Polymers segment.

The Latex segment produces styrene-butadiene latex (“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 Styrenics and Engineered Polymers segments offer complementary plastics products with formulations developed for durable applications, such as consumer electronics, automotive and construction. Through these two segments, the Company provides a broad set of plastics product solutions to its customers.

	Emulsion Polymers				Plastics
Three Months Ended	Latex		Synthetic Rubber		Styrenics		Engineered Polymers			Corporate Unallocated		Total
June 30, 2014
Sales to external customers	$	320,682	$	164,926	$	589,739	$	265,588		$	—	$	1,340,935
Equity in earnings (losses) of unconsolidated affiliates		—		—		6,806		(1,428	)		—		5,378
EBITDA(1)		24,818		37,034		27,168		5,116
Investment in unconsolidated affiliates		—		—		128,107		34,631			—		162,738
Depreciation and amortization		7,336		8,474		7,360		3,166			877		27,213
June 30, 2013
Sales to external customers	$	344,962	$	156,174	$	597,327	$	263,296		$	—	$	1,361,759
Equity in earnings (losses) of unconsolidated affiliates		—		—		9,246		(317	)		—		8,929
EBITDA(1)		22,047		27,946		17,572		(2,922	)
Investment in unconsolidated affiliates		—		—		113,695		37,282			—		150,977
Depreciation and amortization		6,660		7,407		7,306		1,792			768		23,933
	Emulsion Polymers				Plastics
Six Months Ended	Latex		Synthetic Rubber		Styrenics		Engineered Polymers			Corporate Unallocated		Total
June 30, 2014
Sales to external customers	$	646,988	$	341,639	$	1,184,080	$	527,360		$	—	$	2,700,067
Equity in earnings (losses) of unconsolidated affiliates		—		—		22,342		(2,014	)		—		20,328
EBITDA(1)		50,331		80,134		69,435		2,757
Investment in unconsolidated affiliates		—		—		128,107		34,631			—		162,738
Depreciation and amortization		13,639		15,645		14,749		4,940			1,968		50,941
June 30, 2013
Sales to external customers	$	701,718	$	332,590	$	1,199,297	$	519,739		$	—	$	2,753,344
Equity in earnings (losses) of unconsolidated affiliates		—		—		12,378		(650	)		—		11,728
EBITDA(1)		48,773		58,605		42,963		(3,717	)
Investment in unconsolidated affiliates		—		—		113,695		37,282			—		150,977
Depreciation and amortization		13,471		14,439		14,904		3,473			1,513		47,800

(1) Reconciliation of EBITDA to net loss is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Total Segment EBITDA	$	94,136		$	64,643		$	202,657		$	146,624
Corporate unallocated		(73,492	)		(32,886	)		(95,631	)		(68,470	)
Less: Interest expense, net		32,602			33,738			65,420			66,046
Less: Provision for income taxes		5,450			2,150			18,200			2,050
Less: Depreciation and amortization		27,213			23,933			50,941			47,800
Net loss	$	(44,621	)	$	(28,064	)	$	(27,535	)	$	(37,742	)

Corporate unallocated includes certain corporate overhead costs, loss on extinguishment of long-term debt, 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 analysis 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.

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Pension Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2014

Compensation And Retirement Disclosure [Abstract]

Pension Plans and Other Postretirement Benefits

NOTE K—PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Defined Benefit Pension Plans
Service cost	$	3,529		$	3,679		$	7,044		$	7,357
Interest cost		1,943			1,660			3,876			3,321
Expected return on plan assets		(624	)		(428	)		(1,245	)		(856	)
Amortization of prior service credit		(257	)		(526	)		(513	)		(1,052	)
Amortization of net loss		598			812			1,065			1,624
Net periodic benefit cost	$	5,189		$	5,197		$	10,227		$	10,394
	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Other Postretirement Plans
Service cost	$	75		$	71		$	150		$	141
Interest cost		78			65			156			131
Amortization of prior service cost		26			—			52			—
Amortization of net gain		(37	)		—			(74	)		—
Net periodic benefit cost	$	142		$	136		$	284		$	272

As of June 30, 2014 and December 31, 2013, the Company’s benefit obligations included in “Other noncurrent obligations” in the condensed consolidated balance sheets were $167.1 million and $163.2 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 $2.7 million and $6.9 million during the three and six months ended June 30, 2014, respectively. The Company expects to make additional cash contributions, including benefit payments to unfunded plans, of approximately $9.1 million to its defined benefit plans for the remainder of 2014.

Affiliation Agreements and Successor Plans

A majority of Company employees are participants in various defined benefit pension and other postretirement plans which are administered and sponsored by Trinseo. In connection with the Acquisition, the Company and Dow entered into affiliation agreements in certain jurisdictions (the “Affiliation Agreements”) allowing employees who transferred from Dow to the Company as of June 17, 2010 to remain in the Dow operated pension plans (“Dow Plans”) until the Company established its own pension plans. The Affiliation Agreements ended on December 31, 2012. Effective January 1, 2013, all remaining employees of the Company who were previously participants of the Dow Plans in Switzerland and the Netherlands transferred to separately administered and sponsored pension plans of the Company (the “Successor Plans”). The benefit obligation and related plan assets in the Dow Plans belonging to the Company’s employees were transferred to the Successor Plans. As a result of the transfer, the Company recognized prior service credits and net losses of approximately $26.8 million and $1.4 million, respectively, in other comprehensive income for the six months ended June 30, 2013.

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Foreign Exchange Forward Contracts

6 Months Ended

Jun. 30, 2014

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Foreign Exchange Forward Contracts

NOTE G—FOREIGN EXCHANGE FORWARD CONTRACTS

The Company manages its exposures to changes in foreign currency exchange rates where possible by paying expenses in the same currency in which we generate sales in a particular country as well as using derivative contracts which are not designated for hedge accounting treatment. During 2012, the Company entered into foreign exchange forward contracts with a notional U.S. dollar equivalent of $82.0 million that were not designated as hedging instruments in order to manage volatility in foreign currency exposures. As these foreign exchange forward contracts were not designated for hedge accounting treatment, changes in the fair value of underlying instruments are recognized in “Other expense, net” in the condensed consolidated statement of operations.

These contracts were settled in February and May 2013, with no new contracts entered since that time. The Company recognized losses of $1.0 million and $0.6 million during the three and six months ended June 30, 2013, respectively.

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Commitments and Contingencies - Additional Information (Detail) (USD $)			6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014 Minimum [Member]	Jun. 30, 2014 Maximum [Member]
Loss Contingencies [Line Items]
Accrued obligations for environmental remediation and restoration costs	$ 0	$ 0
Purchase commitments period			1 year	7 years

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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE E—GOODWILL AND INTANGIBLE ASSETS

Goodwill

The following table shows changes in the carrying amount of goodwill by segment from December 31, 2013 to June 30, 2014:

	Emulsion Polymers						Plastics
	Latex			Synthetic Rubber			Styrenics			Engineered Polymers			Total
December 31, 2013	$	14,901		$	10,205		$	8,669		$	3,498		$	37,273
Foreign currency impact		(122	)		(84	)		(71	)		(29	)		(306	)
June 30, 2014	$	14,779		$	10,121		$	8,598		$	3,469		$	36,967

Other Intangible Assets

The following table provides information regarding the Company’s other intangible assets as of June 30, 2014 and December 31, 2013, respectively:

			June 30, 2014							December 31, 2013
	Estimated Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Developed technology		15	$	208,818	$	(56,264	)	$	152,554	$	210,546	$	(49,713	)	$	160,833
Manufacturing Capacity Rights		6		25,939		(1,052	)		24,887		—		—			—
Software		5		11,395		(5,229	)		6,166		11,034		(4,099	)		6,935
Software in development		N/A		5,477		—			5,477		3,746		—			3,746
Total			$	251,629	$	(62,545	)	$	189,084	$	225,326	$	(53,812	)	$	171,514

In March 2014, the Company entered into an agreement with material supplier JSR Corporation, Tokyo (“JSR”) to acquire its current production capacity rights at the Company’s rubber production facility in Schkopau, Germany for a purchase price of €19.0 million (approximately $26.1 million). Prior to this agreement, JSR held 50% of the capacity rights of one of the Company’s three solution styrene-butadiene rubber (“SSBR”) production trains in Schkopau. As a result, effective March 31, 2014, the Company had full capacity rights to this production train. The €19.0 million purchase price was recorded in “Other intangible assets, net” in the condensed consolidated balance sheet as of March 31, 2014 to be amortized over its estimated useful life of approximately 6 years. Further, the purchase price was recorded within capital expenditures in investing activities in the condensed consolidated statement of cash flows for the six months ended June 30, 2014.

Amortization expense on other intangible assets totaled $5.1 million and $9.2 million for the three and six months ended June 30, 2014, respectively. Amortization expense on other intangible assets totaled $4.0 million and $7.8 million for the three and six months ended June 30, 2013, respectively.

Estimated Amortization Expense for the Next Five Years
Remainder of 2014	$	10,264
2015		20,519
2016		19,954
2017		19,117
2018		18,402
2019		18,255

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Debt

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Debt

NOTE F—DEBT

Debt consisted of the following:

	June 30,			December 31,
	2014			2013
Senior Secured Credit Facility
Revolving Facility	$	—		$	—
Senior Notes		1,325,000			1,325,000
Accounts Receivable Securitization Facility		—			—
Other indebtedness		12,083			11,421
Total debt		1,337,083			1,336,421
Less: short-term borrowings and current portion of long-term debt		(142,055	)		(8,754	)
Total long-term debt	$	1,195,028		$	1,327,667

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).

Prior to the amendment, the Senior Secured Credit Facility required that the Company comply with certain affirmative and negative covenants, including restrictions with respect to payment of dividends and other distributions to shareholders, and financial covenants that include the maintenance of certain financial ratios. These ratios include both a maximum leverage ratio no greater than 5.25 to 1.00 and an interest coverage ratio no less than 2.00 to 1.00 for the most recent twelve-month period.

The 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 June 30, 2014, the Company was in compliance with all debt covenant requirements under the Senior Secured Credit Facility.

As a result of this amendment and repayment of the Term Loans in January 2013, the Company recognized a $20.7 million loss on extinguishment of long-term debt during the first quarter of 2013, which consisted of the write-off of existing unamortized debt issuance cost and debt discount attributable to the Term Loans. Fees and expenses incurred in connection with this amendment were $5.5 million, which were capitalized within “Deferred charges and other assets” in the condensed consolidated balance sheet and are being amortized into “Interest expense, net” in the condensed consolidated statement of operations over the remaining term of the Revolving Facility using the straight-line method.

As of June 30, 2014, the Company had no outstanding borrowings, and had $292.8 million (net of $7.2 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. Interest on the Senior Notes is payable semi-annually on February 1^st and August 1^st of each year, which commenced on August 1, 2013. The notes will mature on February 1, 2019, at which time the entire $1,325.0 million 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 make-whole 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		100.000	%

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 L), 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. As a result of this redemption, during the third quarter of 2014 the Company expects to incur a loss on the extinguishment of debt of approximately $7.4 million, which includes the above $4.0 million call premium and an approximately $3.4 million write-off of related unamortized debt issuance costs. The $132.5 million in aggregate principal amount of the Senior Notes was classified as a current liability within “Short-term borrowings and current portion of long-term debt” in the condensed consolidated balance sheet as of June 30, 2014. 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 June 30, 2014, the Company was in compliance with all debt covenant requirements under the indenture.

Fees and expenses incurred in connection with the issuance of Senior Notes were approximately $42.0 million, which were capitalized and included in “Deferred charges and other assets” in the condensed consolidated balance sheet, and are being amortized into “Interest expense, net” in the condensed consolidated statement of operations over the term of the Senior Notes using the effective interest rate method.

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. As a result of the amendment, the Company incurred $0.7 million in fees, which were capitalized within “Deferred charges and other assets” in the condensed consolidated balance sheet and are being amortized into “Interest expense, net” in the condensed consolidated statement of operations using the straight-line method over the remaining term.

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 June 30, 2014 and December 31, 2013, there were no amounts outstanding under the Accounts Receivable Securitization Facility, with approximately $199.8 million and $143.8 million, respectively, of accounts receivable available to support this facility, based on the pool of eligible accounts receivable.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE H—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 tables present the estimated fair value of the Company’s outstanding debt not carried at fair value as of June 30, 2014 and December 31, 2013, respectively:

	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Total
June 30, 2014
Senior Notes	$	—	$	1,431,000	$	1,431,000
Total fair value	$	—	$	1,431,000	$	1,431,000

	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Total
December 31, 2013
Senior Notes	$	—	$	1,366,406	$	1,366,406
Total fair value	$	—	$	1,366,406	$	1,366,406

There were no other significant financial instruments outstanding as of June 30, 2014 and December 31, 2013.

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Stock-Based Compensation - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified		6 Months Ended		6 Months Ended	3 Months Ended		6 Months Ended			3 Months Ended		6 Months Ended
	Jun. 30, 2014 Maximum [Member] 2014 Omnibus Incentive Plan [Member]	Jun. 30, 2014 Time-based and Performance-based Restricted Stock [Member]	Jun. 17, 2010 Time-based and Performance-based Restricted Stock [Member]	Jun. 30, 2014 Performance-based Restricted Stock Awards [Member]	Jun. 30, 2014 Time-based Restricted Stock Awards [Member]	Jun. 30, 2013 Time-based Restricted Stock Awards [Member]	Jun. 30, 2014 Time-based Restricted Stock Awards [Member]	Jun. 30, 2013 Time-based Restricted Stock Awards [Member]	Jun. 30, 2014 Modified Time-Based Restricted Stock Awards [Member]	Jun. 30, 2014 Management Retention Awards [Member]	Jun. 30, 2013 Management Retention Awards [Member]	Jun. 30, 2014 Management Retention Awards [Member]	Jun. 30, 2013 Management Retention Awards [Member]	Jun. 30, 2014 Management Retention Awards [Member] Minimum [Member]	Jun. 30, 2014 Management Retention Awards [Member] Maximum [Member]	Jun. 30, 2014 Restricted Stock Units [Member] 2014 Omnibus Incentive Plan [Member] Directors	Jun. 30, 2014 Restricted Stock Units [Member] 2014 Omnibus Incentive Plan [Member] Director [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		0			0										4,736
Compensation expense					$ 2.2	$ 2.2	$ 4.7	$ 3.9		$ 0.2	$ 0.3	$ 0.5	$ 0.7
Unrecognized compensation cost					7.6		7.6		13.8	0.8		0.8
Weighted-average period of recognition							3 years		3 years 2 months 12 days			1 year 7 months 6 days
Stock awards, vesting period														1 year	4 years
Maximum number of shares of common stock that may be delivered upon satisfaction of awards granted under plan	4,500,000
Number of directors, to whom shares issued																2
Shares granted to directors, grant date fair value																	$ 0.1

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Segments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2014 Segment
Segment Reporting [Abstract]
Number of business units	2
Number of reportable segments	4

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Stockholders' Equity - Additional Information (Detail) (USD $)	0 Months Ended		6 Months Ended			1 Months Ended	0 Months Ended
	Jun. 17, 2014	May 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Jan. 31, 2013 Senior Notes [Member]	Jul. 31, 2014 Subsequent Event [Member] Senior Notes [Member]	Jun. 17, 2014 IPO [Member]	Jun. 17, 2014 IPO [Member]
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		436.69219
Shares for underwriters' over-allotment option							1,500,000
Ordinary shares issued							11,500,000
Price per share								$ 19.00
Cash proceeds from issuance of common stock			$ 199,152,000				$ 203,200,000
Repayment of Senior Notes						132,500,000
Debt instrument interest rate					8.75%	8.75%
Senior Notes due period						2019
Accrued and unpaid interest amount						5,200,000
Call premium						4,000,000
Payment for termination of Advisory Agreement with Bain Capital	23,300,000
Payment of advisory, accounting, legal and printing expenses related to offering	$ 4,600,000

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Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:

	June 30,			December 31,
	2014			2013
Senior Secured Credit Facility
Revolving Facility	$	—		$	—
Senior Notes		1,325,000			1,325,000
Accounts Receivable Securitization Facility		—			—
Other indebtedness		12,083			11,421
Total debt		1,337,083			1,336,421
Less: short-term borrowings and current portion of long-term debt		(142,055	)		(8,754	)
Total long-term debt	$	1,195,028		$	1,327,667

Redemption of Senior Notes

The Company may redeem all or part of the Senior Notes at any time prior to August 1, 2015 by paying a make-whole 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		100.000	%

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Debt - Schedule of Debt (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013	Jan. 31, 2013
Debt Instrument [Line Items]
Revolving Facility
Senior Notes	1,325,000	1,325,000	1,325,000
Short-term and Long-term Other Indebtedness	12,083	11,421
Long-term debt	1,337,083	1,336,421
Less: short-term borrowings and current portion of long-term debt	(142,055)	(8,754)
Total long-term debt	1,195,028	1,327,667
Long-term debt	1,337,083	1,336,421
Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Short-term debt

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

NOTE M—STOCK-BASED COMPENSATION

Restricted Stock Awards

On June 17, 2010, Bain Capital Everest Manager Holding SCA, which we refer to as the “Parent”, 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 grants will be issued under the Parent’s restricted stock awards plan.

Time-based Restricted Stock Awards

For the six month period ended June 30, 2014, there were no grants of time-based restricted stock awards. Total compensation expense for time-based restricted stock awards was $2.2 million for each of the three months ended June 30, 2014 and 2013, respectively, and $4.7 million and $3.9 million for the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014, there was $7.6 million of total unrecognized compensation cost related to time-based restricted stock awards. This cost is expected to be recognized over a weighted-average period of 3.0 years.

Performance-based Restricted Stock Awards

For the six month period ended June 30, 2014, there were no grants of performance-based restricted stock awards. In previous periods, the performance-based restricted stock awards contained provisions wherein vesting was subject to the full satisfaction of both time and performance vesting criterion. The performance component of the awards could only be satisfied if certain targets were achieved based on various returns realized by the Company’s shareholders on a change in control or an IPO. The time vesting requirements for the performance-based restricted stock generally vested in the same manner as the related time-based award. In previous periods, the Company has not recorded any compensation expense related to these awards as the likelihood of achieving the existing performance condition of a change in control or IPO was not deemed to be probable.

Prior to the completion of the Company’s IPO, on June 10, 2014 the Parent entered into agreements to modify the outstanding performance-based restricted stock awards held by the Company’s employees to remove the performance-based vesting condition associated with such awards related to the achievement of certain investment returns (while maintaining the requirement for a change in control or IPO). This modification also changed the time-based vesting requirement associated with such shares to provide that any shares which would have satisfied the time-based vesting condition previously applicable to such shares on or prior to June 30, 2017 will instead vest on June 30, 2017, subject to the holder remaining continuously employed by us through such date. Any such shares that are subject to a time-based vesting condition beyond June 30, 2017 will remain subject to the time-based vesting condition previously applicable to such awards. Henceforth, these awards will be described as the Company’s modified time-based restricted stock awards.

On June 17, 2014, with the completion of the Company’s IPO, the remaining performance condition associated with these modified time-based restricted stock awards was achieved. As a result, the Company will now begin recognizing compensation expense related to these awards based on the vesting described above. However, the compensation expense related to these modified time-based restricted stock awards was not material for the six months ended June 30, 2014. As of June 30, 2014, there was $13.8 million of total unrecognized compensation cost related to these awards, which will be recognized over a weighted-average period of 3.2 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 $0.2 million and $0.3 million for the three months ended June 30, 2014 and 2013, respectively, and $0.5 million and $0.7 million for the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014, there was $0.8 million in unrecognized compensation cost related to these retention awards. This cost is expected to be recognized over a period of 1.6 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. Following the IPO, all equity-based awards granted by the Company will be granted under the 2014 Omnibus Plan. The 2014 Omnibus Plan provides for awards of stock options, share appreciation rights, restricted stock, unrestricted stock, stock units, performance awards, cash awards and other awards convertible into or otherwise based on shares of the Company’s common stock. For a full description of all provisions of this plan, refer to the Company’s Registration Statement, to which the 2014 Omnibus Plan in full has been filed as an exhibit.

In connection with the IPO, two of the Company’s newly appointed independent directors (Messrs. Cote and De Leener) received a grant of 4,736 restricted stock units, respectively, under the 2014 Omnibus Plan with a grant date fair value of $0.1 million, which will vest in full on the first anniversary of the date of grant, subject to the director’s continued service as a member of the Company’s board through such date. For the three and six months ended June 30, 2014, the compensation expense related these restricted stock units was not material to the Company’s results of operations.

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Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

NOTE R—ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components of accumulated other comprehensive income (loss), net of income taxes, consisted of:

	Currency Translation Adjustment, Net			Employee Benefits, Net			Total
December 31, 2013	$	116,146		$	(27,768	)	$	88,378
Other comprehensive income (loss)		(10,352	)		580			(9,772	)
June 30, 2014	$	105,794		$	(27,188	)	$	78,606
December 31, 2012	$	62,807		$	(38,234	)	$	24,573
Other comprehensive income (loss)		(10,839	)		20,132			9,293
June 30, 2013	$	51,968		$	(18,102	)	$	33,866

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Goodwill and Intangible Assets - Additional Information (Detail) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended		1 Months Ended
	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2014 JSR Corporation [Member] USD ($)	Mar. 31, 2014 JSR Corporation [Member] EUR (€)
Finite-Lived Intangible Assets [Line Items]
Purchase price of acquisition					$ 26.1	€ 19.0
Percentage of capacity rights in subsidiary					50.00%	50.00%
Effective date of acquisition					Mar. 31, 2014	Mar. 31, 2014
Estimated useful life					6 years	6 years
Amortization expense on other intangible assets	$ 5.1	$ 4.0	$ 9.2	$ 7.8

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Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Schedule of Earnings per Share Basic and Diluted

The following table presents EPS and diluted EPS for the three and six months ended June 30, 2014 and 2013, 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 L to the condensed consolidated financial statements.

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)	2014			2013			2014			2013
Earnings (losses):
Net loss available to common shareholders	$	(44,621	)	$	(28,064	)	$	(27,535	)	$	(37,742	)
Shares:
Weighted average common shares outstanding		38,912			37,270			38,096			37,270
Dilutive effect of restricted stock units*		—			—			—			—
Diluted weighted average shares outstanding		38,912			37,270			38,096			37,270
Loss per share:
Loss per share—basic and diluted	$	(1.15	)	$	(0.75	)	$	(0.72	)	$	(1.01	)

* Refer to Note M for discussion of restricted stock units granted in June 2014 to certain Company directors. As net loss was reported for each of the above periods, potentially dilutive awards have not been included within the calculation of diluted EPS, as they would have an anti-dilutive effect.

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Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (44,621)		$ (28,064)		$ (27,535)		$ (37,742)
Other comprehensive income (loss), net of tax (tax amounts shown in millions below for the three and six months ended June 30, 2014 and 2013, respectively):
Cumulative translation adjustments (net of tax of: 2014-$0.0 and $0.0; 2013-$0.0 and $0.0)	(8,927)		21,459		(10,352)		(10,839)
Pension and other postretirement benefit plans before reclassifications (net of tax of: 2014-$0.0 and $0.0; 2013-$(0.2) and $2.6)			(2,660)				19,901
Amounts reclassified from accumulated other comprehensive income:
Amortization of prior service credit (net of tax of: 2014-$0.0 and 0.0; 2013-$0.0 and $0.0)	(216)	[1]	(506)	[1]	(430)	[1]	(1,012)	[1]
Amortization of net loss (net of tax of: 2014-$0.2 and $0.3; 2013-$0.2 and $0.4)	552	[1]	622	[1]	1,010	[1]	1,243	[1]
Total other comprehensive income (loss), net of tax	(8,591)		18,915		(9,772)		9,293
Comprehensive loss	$ (53,212)		$ (9,149)		$ (37,307)		$ (28,449)

[1] These other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note K).

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Recent Accounting Guidance

6 Months Ended

Jun. 30, 2014

Accounting Changes And Error Corrections [Abstract]

Recent Accounting Guidance

NOTE B—RECENT ACCOUNTING GUIDANCE

In February 2013, the Financial Accounting Standards Board (“FASB”) issued amendments for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, except for obligations addressed within existing guidance. This guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. This guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The Company adopted this guidance on a retrospective basis effective January 1, 2014, and the adoption did not have a significant impact on the Company’s financial position or results of operations.

In July 2013, the FASB issued guidance to clarify the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The new guidance requires that unrecognized tax benefits be netted against all available same-jurisdiction losses or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the unrecognized tax benefits. The Company adopted this guidance prospectively effective January 1, 2014, and the adoption did not have a significant impact on the Company’s financial position or results of operations.

In April 2014, the 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 amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). The implementation of the amended guidance is not expected to have a material impact on the Company’s consolidated financial position or results of operations.

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. The Company is currently assessing the impact of adopting this guidance on its financial statements and results of operations.

In June 2014, the FASB issued updated guidance related to stock compensation. The updated guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. The updated guidance is effective for annual and interim periods beginning after December 15, 2015 and can be applied either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented and to all newly granted or modified awards thereafter. Early adoption is permitted. This guidance is not relevant to the Company’s currently outstanding awards; however, the Company will continue to evaluate the applicability of this guidance to future awards as necessary.

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Provision for Income Taxes - Schedule of Effective Income Tax Rate (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]
Effective income tax rate	(13.90%)	(8.30%)	(195.00%)	(5.70%)

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Divestitures - Additional Information (Detail)	3 Months Ended		6 Months Ended	1 Months Ended		3 Months Ended	6 Months Ended
	Mar. 31, 2014 USD ($)	Sep. 30, 2013 USD ($)	Jun. 30, 2014 USD ($)	Apr. 30, 2014 Livorno, Italy [Member] USD ($)	Apr. 30, 2014 Livorno, Italy [Member] EUR (€)	Jun. 30, 2014 Livorno, Italy [Member] USD ($)	Jun. 30, 2014 Livorno, Italy [Member] USD ($)	Jun. 30, 2014 Minimum [Member] lb	Jun. 30, 2014 Maximum [Member] lb
Significant Acquisitions and Disposals [Line Items]
Business disposition, sales proceeds		$ 15,200,000
Business disposition, working capital adjustment paid	700,000		700,000
Supply agreement term			10 years
Quantity of styrene monomer to be supplied								77,000,000	132,000,000
Production percentage								70.00%	100.00%
Sale of portion of land				6,800,000	4,950,000
Gain on sale of property held-for-sale						$ 100,000	$ 100,000

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Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

NOTE S—EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share (“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 restricted shares. 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 and six months ended June 30, 2014 and 2013, 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 L to the condensed consolidated financial statements.

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)	2014			2013			2014			2013
Earnings (losses):
Net loss available to common shareholders	$	(44,621	)	$	(28,064	)	$	(27,535	)	$	(37,742	)
Shares:
Weighted average common shares outstanding		38,912			37,270			38,096			37,270
Dilutive effect of restricted stock units*		—			—			—			—
Diluted weighted average shares outstanding		38,912			37,270			38,096			37,270
Loss per share:
Loss per share—basic and diluted	$	(1.15	)	$	(0.75	)	$	(0.72	)	$	(1.01	)

* Refer to Note M for discussion of restricted stock units granted in June 2014 to certain Company directors. As net loss was reported for each of the above periods, potentially dilutive awards have not been included within the calculation of diluted EPS, as they would have an anti-dilutive effect.

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Earnings (Loss) Per Share - Schedule of Earnings per Share Basic and Diluted (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings (losses):
Net loss available to common shareholders	$ (44,621)	$ (28,064)	$ (27,535)	$ (37,742)
Shares:
Weighted average common shares outstanding	38,912	37,270	38,096	37,270
Dilutive effect of restricted stock units
Diluted weighted average shares outstanding	38,912	37,270	38,096	37,270
Loss per share:
Loss per share- basic and diluted	$ (1.15)	$ (0.75)	$ (0.72)	$ (1.01)

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Segments (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

Emulsion Polymers					Plastics
Three Months Ended	Latex		Synthetic Rubber			Styrenics		Engineered Polymers			Corporate Unallocated		Total
June 30, 2014
Sales to external customers	$	320,682	$	164,926		$	589,739	$	265,588		$	—	$	1,340,935
Equity in earnings (losses) of unconsolidated affiliates		—		—			6,806		(1,428	)		—		5,378
EBITDA(1)		24,818		37,034			27,168		5,116
Investment in unconsolidated affiliates		—		—			128,107		34,631			—		162,738
Depreciation and amortization		7,336		8,474			7,360		3,166			877		27,213
June 30, 2013
Sales to external customers	$	344,962	$	156,174		$	597,327	$	263,296		$	—	$	1,361,759
Equity in earnings (losses) of unconsolidated affiliates		—		—			9,246		(317	)		—		8,929
EBITDA(1)		22,047		27,946			17,572		(2,922	)
Investment in unconsolidated affiliates		—		—			113,695		37,282			—		150,977
Depreciation and amortization		6,660		7,407			7,306		1,792			768		23,933
	Emulsion Polymers					Plastics
Six Months Ended	Latex		Synthetic Rubber			Styrenics		Engineered Polymers			Corporate Unallocated		Total
June 30, 2014
Sales to external customers	$	646,988	$	341,639		$	1,184,080	$	527,360		$	—	$	2,700,067
Equity in earnings (losses) of unconsolidated affiliates		—		—			22,342		(2,014	)		—		20,328
EBITDA(1)		50,331		80,134			69,435		2,757
Investment in unconsolidated affiliates		—		—			128,107		34,631			—		162,738
Depreciation and amortization		13,639		15,645			14,749		4,940			1,968		50,941
June 30, 2013
Sales to external customers	$	701,718	$	332,590		$	1,199,297	$	519,739		$	—	$	2,753,344
Equity in earnings (losses) of unconsolidated affiliates		—		—			12,378		(650	)		—		11,728
EBITDA(1)		48,773		58,605			42,963		(3,717	)
Investment in unconsolidated affiliates		—		—			113,695		37,282			—		150,977
Depreciation and amortization		13,471		14,439			14,904		3,473			1,513		47,800

(1) Reconciliation of EBITDA to net loss is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Total Segment EBITDA	$	94,136		$	64,643		$	202,657		$	146,624
Corporate unallocated		(73,492	)		(32,886	)		(95,631	)		(68,470	)
Less: Interest expense, net		32,602			33,738			65,420			66,046
Less: Provision for income taxes		5,450			2,150			18,200			2,050
Less: Depreciation and amortization		27,213			23,933			50,941			47,800
Net loss	$	(44,621	)	$	(28,064	)	$	(27,535	)	$	(37,742	)

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Stockholders' Equity

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Stockholders' Equity

NOTE L—STOCKHOLDERS’ EQUITY

On May 30, 2014, the Company amended its Articles of Association to effect a 1-for-436.69219 reverse split of its issued and outstanding common stock and to increase its authorized shares of common stock to 50.0 billion. Pursuant to the reverse split, every 436.69219 shares of the Company’s then issued and outstanding common stock was converted into one share of common stock. The reverse split did not change the par value of the Company’s common stock. The condensed consolidated financial statements have been retroactively adjusted to give effect to the reverse split.

On June 17, 2014, the Company completed the IPO of 11,500,000 ordinary shares at a price of $19.00 per share. The number of ordinary shares at closing included 1,500,000 of shares sold pursuant to the underwriters’ over-allotment option. The Company received cash proceeds of $203.2 million from this transaction, net of underwriting discounts. These net proceeds were used by the Company for: i) the July 2014 repayment of $132.5 million in aggregate principal amount of the 8.750% Senior Notes due 2019, together with accrued and unpaid interest thereon of $5.2 million and a call premium of $4.0 million (see Note F); ii) the payment of approximately $23.3 million in connection with the termination of the Advisory Agreement with Bain Capital (see Note N); iii) the payment of approximately $4.6 million of advisory, accounting, legal and printing expenses directly related to the offering which were recorded to additional paid-in capital in the condensed consolidated balance sheet; and iv) general corporate purposes.