8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 11, 2015

Trinseo S.A.

(Exact name of registrant as specified in its charter)

Luxembourg

(State or other jurisdiction of

incorporation or organization)

N/A

(I.R.S. Employer

Identification Number)

001-36473

(Commission

File Number)

1000 Chesterbrook Boulevard, Suite 300, Berwyn, Pennsylvania 19312

(Address of principal executive offices, including zip code)

(610) 240-3200

(Telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 8.01 Other Events

Trinseo S.A., a public limited liability company (société anonyme) existing under the laws of Luxembourg (the “Company”, or “Trinseo”), has filed this Current Report on Form 8-K to provide a recast of the presentation of its consolidated financial statements filed with the Securities and Exchange Commission (“SEC”) in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 10, 2015 (the “2014 Form 10-K”) in order to reflect changes in the Company’s reporting segments which took effect on January 1, 2015.

Until January 1, 2015, our chief executive officer, who is our chief operating decision maker, managed our operations under two divisions, Emulsion Polymers and Plastics, which included the following four reporting segments: Latex, Synthetic Rubber, Styrenics, and Engineered Polymers.

Effective January 1, 2015, we reorganized our business under two new divisions called Performance Materials and Basic Plastics & Feedstocks. The Performance Materials division now includes the following reporting segments: Synthetic Rubber, Latex, and Performance Plastics. The Basic Plastics & Feedstocks division represents a separate segment for financial reporting purposes and includes styrenic polymers, polycarbonate, and styrene monomer. In addition, the Basic Plastics & Feedstocks division includes the results of our two 50%-owned joint ventures, Americas Styrenics LLC, or Americas Styrenics, and Sumika Styron Polycarbonate Limited, or Sumika Styron Polycarbonate. The following chart provides an overview of our new organizational structure.

We believe that this new organizational structure better reflects the nature of our Company by grouping together segments with similar strategies, business drivers and operating characteristics. Our two new divisions are of similar size in terms of sales, but have different margin profiles, different strategic focus, different value drivers and different operating requirements. By organizing the Company in this way, we believe that we can manage and operate more effectively in order to accelerate the growth of our Performance Materials division and improve the profitability of our Basic Plastics & Feedstocks division. We also believe that this new organizational structure allows our investors to better understand the drivers of our business.

These accompanying consolidated financial statements and related footnotes, including prior year financial information, are presented to reflect these new reporting segments.

Attached as Exhibit 99.1 are the recast consolidated financial statements and revised notes to the consolidated financial statements, as well as the Report of Independent Registered Public Accounting Firm on the consolidated financial statements, which is unchanged from the 2014 Form 10-K, other than the dual date to reflect the recast and reissuance. The notes most significantly impacted for the updated presentation of the Company’s new reporting segments are as follows:

Note 1 – Organization and Business Activities

Note 8 - Goodwill and Intangible Assets

Note 19 - Segments

Similarly, Management’s Discussion and Analysis of Financial Condition and Results of Operations of the 2014 Form 10-K has been revised and updated from its previous presentation to reflect the Company’s new reporting segments. The revised presentation is attached as Exhibit 99.2.

The change in segments had no impact on the Company’s historical consolidated financial position, results of operations or cash flows, as reflected in the recast consolidated financial statements contained in Exhibit 99.1 to this Form 8-K. The recast consolidated financial statements do not represent a restatement of previously issued consolidated financial statements. Exhibit 99.1 also excludes the separate audited financial statements of Americas Styrenics LLC provided under Rule 3-09 of Regulation S-X on our 2014 Form 10-K, as the new reporting segments has no bearing on those separate financial statements.

In order to preserve the nature and character of the disclosures set forth in such items as originally filed in the 2014 Form 10-K, no attempt has been made in this Form 8-K, and it should not be read, to modify or update disclosures as presented in the 2014 Form 10-K to reflect events or occurrences after the date of the filing of the 2014 Form 10-K. Therefore, this Form 8-K (including Exhibits 99.1 and 99.2 hereto) should be read in conjunction with the 2014 Form 10-K and the Company’s filings made with the SEC subsequent to the filing of the 2014 Form 10-K, including the Quarterly Report on Form 10-Q for the first quarter of 2015, filed with the SEC on May 8, 2015.

ITEM 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
23.1	Consent of Independent Registered Public Accounting Firm
99.1	Consolidated Financial Statements of Trinseo from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, recast solely to reflect the change in segment reporting
99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, recast solely to reflect the change in segment reporting
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 Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

FORWARD-LOOKING STATEMENTS

This Form 8-K and the exhibits thereto may contain “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this Form 8-K and exhibits thereto may include, without limitation, forecasts of growth, revenues, business activity, acquisitions, financings and other matters that involve known and unknown risks, uncertainties and other factors that may cause results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. As a result of the foregoing considerations, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SIGNATURES

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

TRINSEO S.A.
By:	/s/ John A. Feenan
Name:	John A. Feenan
Title:	Executive Vice President and Chief Financial Officer

Date: May 11, 2015

EXHIBIT INDEX

Exhibit Number	Description
23.1	Consent of Independent Registered Public Accounting Firm
99.1	Consolidated Financial Statements of Trinseo from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, recast solely to reflect the change in segment reporting
99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, recast solely to reflect the change in segment reporting
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 Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 (No. 333-196973) of our report dated March 10, 2015 except with respect to the effect of the change in the composition of reportable segments discussed in Note 1 and Note 19 to the consolidated financial statements, as to which the date is May 11, 2015 relating to the financial statements and financial statement schedule, which appears in Trinseo S.A.’s Current Report on Form 8-K dated May 11, 2015.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 11, 2015

EX-99.1

EXHIBIT 99.1

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Audited Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm	F-2
Consolidated Balance Sheets as of December 31, 2014 and 2013	F-3
Consolidated Statements of Operations for the years ended December 31, 2014, 2013, and 2012	F-4
Consolidated Statements of Comprehensive Income (Loss) for the years ended December  31, 2014, 2013, and 2012	F-5
Consolidated Statements of Shareholders’ Equity for the years ended December  31, 2014, 2013, and 2012	F-6
Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013, and 2012	F-7
Notes to Consolidated Financial Statements for the years ended December 31, 2014, 2013, and 2012	F-8
Financial Statement Schedule	F-52

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Trinseo S.A.:

In our opinion, the accompanying consolidated balance sheets and related consolidated statements of operations, of comprehensive income (loss), of shareholders’ equity and of cash flows present fairly, in all material respects, the financial position of Trinseo S.A. and its subsidiaries at December 31, 2014 and December 31, 2013, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2014 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in the accompanying index presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. These financial statements and financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

March 10, 2015, except for the effect of the change in the composition of reportable segments discussed in Note 1 and Note 19 to the consolidated financial statements, as to which the date is May 11, 2015

F-2

TRINSEO S.A.

Consolidated Balance Sheets

(In thousands, except per share data)

	December 31,
	2014			2013
Assets
Current assets
Cash and cash equivalents	$	220,786		$	196,503
Accounts receivable, net of allowance		601,066			717,482
Inventories		473,861			530,191
Deferred income tax assets		11,786			9,820
Other current assets		15,164			22,750
Total current assets		1,322,663			1,476,746
Investments in unconsolidated affiliates		167,658			155,887
Property, plant and equipment, net		556,697			606,427
Other assets
Goodwill		34,574			37,273
Other intangible assets, net		165,358			171,514
Deferred income tax assets—noncurrent		46,812			42,938
Deferred charges and other assets		62,354			83,996
Total other assets		309,098			335,721
Total assets	$	2,356,116		$	2,574,781
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	7,559		$	8,754
Accounts payable		434,692			509,093
Income taxes payable		9,413			9,683
Deferred income tax liabilities		1,413			2,903
Accrued expenses and other current liabilities		120,928			136,129
Total current liabilities		574,005			666,562
Noncurrent liabilities
Long-term debt		1,194,648			1,327,667
Deferred income tax liabilities—noncurrent		27,311			26,932
Other noncurrent obligations		239,287			210,418
Total noncurrent liabilities		1,461,246			1,565,017
Commitments and contingencies (Note 15)
Shareholders’ equity
Common stock, $0.01 nominal value, 50,000,000 shares authorized at December 31, 2014 and 2013, 48,770 shares and 37,270 shares issued and outstanding as of December 31, 2014 and 2013, respectively		488			373
Additional paid-in-capital		547,530			339,055
Accumulated deficit		(151,936	)		(84,604	)
Accumulated other comprehensive income (loss)		(75,217	)		88,378
Total shareholders’ equity		320,865			343,202
Total liabilities and shareholders’ equity	$	2,356,116		$	2,574,781

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

F-3

TRINSEO S.A.

Consolidated Statements of Operations

(In thousands, except per share data)

	Year Ended December 31,
	2014			2013			2012
Net sales	$	5,127,961		$	5,307,414		$	5,451,909
Cost of sales		4,830,640			4,949,404			5,115,188
Gross profit		297,321			358,010			336,721
Selling, general and administrative expenses		232,586			216,858			182,069
Equity in earnings of unconsolidated affiliates		47,749			39,138			27,140
Operating income		112,484			180,290			181,792
Interest expense, net		124,923			132,038			109,971
Loss on extinguishment of long-term debt		7,390			20,744			—
Other expense, net		27,784			27,877			23,979
Income (loss) before income taxes		(47,613	)		(369	)		47,842
Provision for income taxes		19,719			21,849			17,560
Net income (loss)	$	(67,332	)	$	(22,218	)	$	30,282
Weighted average shares- basic and diluted		43,476			37,270			16,123
Net income (loss) per share- basic and diluted	$	(1.55	)	$	(0.60	)	$	1.88

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

F-4

TRINSEO S.A.

Consolidated Statements of Comprehensive Income (Loss)

(In thousands, unless otherwise stated)

	Year Ended December 31,
	2014			2013			2012
Net income (loss)	$	(67,332	)	$	(22,218	)	$	30,282
Other comprehensive income (loss), net of tax (tax amounts shown in millions below for 2014, 2013, and 2012, respectively):
Cumulative translation adjustments (net of tax of $0, $0, and $0.1)		(133,901	)		53,339			23,872
Pension and other postretirement benefit plans before reclassifications:
Prior service credit (cost) arising during period (net of tax of $3.2, $1.7, and $0)		9,529			10,548			—
Net gain (loss) arising during period (net of tax of $(15.1), $(1.3), and $(17.7))		(42,442	)		(3,545	)		(51,880	)
Amounts reclassified from accumulated other comprehensive income (loss)(1):
Curtailment and settlement loss (gain) (net of tax of $0.2, $0.6, and $0)		1,570			1,502			(247	)
Amortization of prior service cost (credit) included in net periodic pension costs (net of tax of $(0.1), $(0.1), and $0.1)		(838	)		(890	)		94
Amortization of net loss (gain) included in net periodic pension costs (net of tax of $0.8, $1.0, and $(0.2))		2,487			2,851			(454	)
Total other comprehensive income (loss)		(163,595	)		63,805			(28,615	)
Comprehensive income (loss)	$	(230,927	)	$	41,587		$	1,667

(1) These other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 16)

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

F-5

TRINSEO S.A.

Consolidated Statements of Shareholders’ Equity

(In thousands)

	Common stock				Additional Paid-In		Accumulated Other Comprehensive			Accumulated
	Shares		Amount		Capital		Income (Loss)			Deficit			Total
Balance at December 31, 2011		137	$	1	$	159,994	$	53,188		$	(92,668	)	$	120,515
Contributions from shareholder (Note 12)		37,133		372		161,783		—			—			162,155
Net income		—		—		—		—			30,282			30,282
Other comprehensive loss		—		—		—		(28,615	)		—			(28,615	)
Stock-based compensation		—		—		7,328		—			—			7,328
Balance at December 31, 2012		37,270	$	373	$	329,105	$	24,573		$	(62,386	)	$	291,665
Net loss		—		—		—		—			(22,218	)		(22,218	)
Other comprehensive income		—		—		—		63,805			—			63,805
Stock-based compensation		—		—		9,950		—			—			9,950
Balance at December 31, 2013		37,270	$	373	$	339,055	$	88,378		$	(84,604	)	$	343,202
Issuance of common stock (Note 12)		11,500		115		197,974		—			—			198,089
Net loss		—		—		—		—			(67,332	)		(67,332	)
Other comprehensive loss		—		—		—		(163,595	)		—			(163,595	)
Stock-based compensation		—		—		10,501		—			—			10,501
Balance at December 31, 2014		48,770	$	488	$	547,530	$	(75,217	)	$	(151,936	)	$	320,865

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

F-6

TRINSEO S.A.

Consolidated Statements of Cash Flows

(In thousands)

	Year Ended December 31,
	2014			2013			2012
Cash flows from operating activities
Net income (loss)	$	(67,332	)	$	(22,218	)	$	30,282
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization		103,706			95,196			85,604
Amortization of deferred financing costs and issuance discount		9,937			9,547			8,537
Deferred income tax		4,833			4,215			4,734
Stock-based compensation		10,501			9,950			7,328
Earnings of unconsolidated affiliates, net of dividends		(12,750	)		(16,638	)		(6,169	)
Unrealized net losses on foreign exchange forward contracts		4,554			—			—
Contingent gain on sale of business		(623	)		—			—
Loss on extinguishment of debt		7,390			20,744			—
Prepayment penalty on long-term debt		(3,975	)		—			—
Loss (gain) on sale of businesses and other assets		(116	)		4,186			263
Impairment charges		—			13,851			245
Changes in assets and liabilities
Accounts receivable		68,483			(5,643	)		84,678
Inventories		22,605			55,369			(87,241	)
Accounts payable and other current liabilities		(5,697	)		15,001			67,887
Income taxes payable		259			(1,241	)		(5,142	)
Other assets, net		(2,527	)		2,384			(12,672	)
Other liabilities, net		(22,027	)		26,632			7,781
Cash provided by operating activities		117,221			211,335			186,115
Cash flows from investing activities
Capital expenditures		(98,606	)		(73,544	)		(118,504	)
Proceeds from capital expenditures subsidy		—			18,769			6,079
Proceeds from the sale of businesses and other assets		6,257			15,221			253
Payment for working capital adjustment from sale of business		(700	)		—			—
Advance payment received (refunded)		—			(2,711	)		2,602
Distributions from unconsolidated affiliates		978			1,055			—
(Increase) / decrease in restricted cash		(533	)		7,852			(7,725	)
Cash used in investing activities		(92,604	)		(33,358	)		(117,295	)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		198,087			—			—
Deferred financing fees		—			(48,255	)		(8,080	)
Short term borrowings, net		(56,901	)		(42,877	)		(37,887	)
Capital contribution		—			—			162,155
Repayments of Term Loans		—			(1,239,000	)		(147,000	)
Proceeds from issuance of Senior Notes		—			1,325,000			—
Repayments of Senior Notes		(132,500	)		—			—
Proceeds from Accounts Receivable Securitization Facility		308,638			376,630			113,828
Repayments of Accounts Receivable Securitization Facility		(309,205	)		(471,696	)		(130,233	)
Proceeds from Revolving Facility		—			405,000			1,105,000
Repayments of Revolving Facility		—			(525,000	)		(1,135,000	)
Cash provided by (used in) financing activities		8,119			(220,198	)		(77,217	)
Effect of exchange rates on cash		(8,453	)		2,367			(559	)
Net change in cash and cash equivalents		24,283			(39,854	)		(8,956	)
Cash and cash equivalents—beginning of period		196,503			236,357			245,313
Cash and cash equivalents—end of period	$	220,786		$	196,503		$	236,357
Supplemental disclosure of cash flow information
Cash paid for income taxes, net of refunds	$	5,097		$	24,779		$	20,444
Cash paid for interest, net of amounts capitalized	$	119,820		$	83,509		$	98,046
Accrual for property, plant and equipment	$	18,245		$	11,156		$	13,155

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

F-7

TRINSEO S.A.

Notes to Consolidated Financial Statements

(Dollars in thousands, unless otherwise stated)

NOTE 1—ORGANIZATION AND BUSINESS ACTIVITIES

Organization

On June 3, 2010, Bain Capital Everest Manager Holding SCA (the “Parent”), an affiliate of Bain Capital Partners, LLC (“Bain Capital”), was formed through investment funds advised or managed by Bain Capital. Dow Europe Holding B.V. (together with The Dow Chemical Company, “Dow”) retained an indirect ownership interest in the Parent. Trinseo S.A. (“Trinseo”, and together with its subsidiaries, the “Company”) was also formed on June 3, 2010, incorporated under the existing laws of the Grand Duchy of Luxembourg. At that time, all common shares of Trinseo were owned by the Parent. On June 17, 2010, Trinseo acquired 100% of the former Styron business from Dow. The Company commenced operations immediately upon the acquisition of the former Styron business from Dow.

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, Trinseo 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 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 12 for more information.

Business Activities

The Company is a leading global materials company engaged in the manufacturing and marketing of synthetic rubber, latex, and plastics, including various specialty and technologically differentiated products. The Company develops synthetic rubber, latex, and plastics products that are incorporated into a wide range of 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.

The Company’s operations are located in Europe and the Middle East, North America, Latin America, and Asia Pacific (which includes Asia as well as Australia and New Zealand), 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”). Refer to Note 4 for further information regarding our investments in these unconsolidated affiliates.

The Company has significant manufacturing and production operations around the world, which allow service to its global customer base. As of December 31, 2014, the Company’s production facilities included 34 manufacturing plants (which included a total of 81 production units) at 26 sites across 14 countries, including joint ventures and contract manufacturers. The Company’s manufacturing locations include sites in high-growth emerging markets such as China, Indonesia and Brazil. Additionally, as of December 31, 2014, the Company operated 11 R&D facilities globally, including mini plants, development centers and pilot coaters.

Company Realignment

Until January 1, 2015, the chief executive officer, who is the Company’s chief operating decision maker, managed the Company’s operations under two divisions, Emulsion Polymers and Plastics, which included the following four reporting segments: Latex, Synthetic Rubber, Styrenics, and Engineered Polymers.

Effective January 1, 2015, the Company was reorganized under two new divisions called Performance Materials and Basic Plastics & Feedstocks. The Performance Materials division now includes the following reporting segments: Synthetic Rubber, Latex, and Performance Plastics. The Basic Plastics & Feedstocks division represents a separate segment for financial reporting purposes. These consolidated financial statements and related notes thereto have been retroactively adjusted to reflect this change in reporting segments. See Note 19 for more information.

NOTE 2—BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements of the Company as of December 31, 2014 and 2013 and for each of the three years ended 2014 are prepared in accordance with accounting principles generally accepted in the United States of America

F-8

(“GAAP”). The consolidated financial statements of the Company contain the accounts of all entities that are controlled and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. A VIE is defined as a legal entity that has equity investors that do not have sufficient equity at risk for the entity to support its activities without additional subordinated financial support or, as a group, the holders of the equity at risk lack (i) the power to direct the entity’s activities or (ii) the obligation to absorb the expected losses or the right to receive the expected residual returns of the entity. A VIE is required to be consolidated by a company if that company is the primary beneficiary. Refer to Note 10 for further discussion of the Company’s accounts receivable securitization facility, which qualifies as a VIE and is consolidated within the Company’s financial statements.

All intercompany balances and transactions are eliminated. Joint ventures over which the Company has the ability to exercise significant influence that are not consolidated are accounted for by the equity method.

Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not have a material impact on the Company’s financial position.

Use of Estimates in Financial Statement Preparation

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts could differ from these estimates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents and accounts receivables. The Company uses major financial institutions with high credit ratings to engage in transactions involving cash equivalents. The Company minimizes credit risk in its receivables by selling products to a diversified portfolio of customers in a variety of markets located throughout the world.

The Company performs ongoing evaluations of its customers’ credit and generally does not require collateral. The Company maintains an allowance for doubtful accounts for losses resulting from the inability of specific customers to meet their financial obligations, representing our best estimate of probable credit losses in existing trade accounts receivable. A specific reserve for doubtful receivables is recorded against the amount due from these customers. For all other customers, the Company recognizes reserves for doubtful receivables based on historical experience.

Financial Instruments

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued and other current liabilities, approximate fair value due to their generally short maturities.

The estimated fair value of the Company’s 8.750% Senior Notes (as defined in Note 10) is determined using level 2 inputs within the fair value hierarchy. As of December 31, 2014 and 2013, the Senior Notes had a fair value of approximately $1,212.0 million and $1,366.4 million, respectively. When outstanding, the estimated fair values of borrowings under the Company’s Revolving Facility and Accounts Receivable Securitization Facility (as defined in Note 10) are determined using level 2 inputs within the fair value hierarchy. The carrying amounts of borrowings under the Revolving Facility and Accounts Receivable Securitization Facility approximate fair value as these borrowings bear interest based on prevailing variable market rates.

At times, the Company manages its exposure to changes in foreign currency exchange rates, where possible, by entering into foreign exchange forward contracts. When outstanding, all derivatives, whether designated in hedging relationships or not, are required to be recorded on the balance sheet at fair value. The fair value of the derivatives is determined from sources independent of the Company, including the financial institutions which are party to the derivative instruments. The fair value of derivatives also considers the credit default risk of the paying party. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and the hedged item will be recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portion of the change in the fair value of the derivative will be recorded in other comprehensive income and will be recognized in the consolidated statements of operations when the hedged item affects earnings.

As of December 31, 2014, the Company had foreign exchange forward contracts outstanding that were not designated for hedge accounting treatment, while no such contracts were outstanding as of December 31, 2013. As such, the settlements and changes in fair value of underlying instruments are recognized in “Other expense (income), net” in the consolidated statements of operations. For the years ended December 31, 2014, 2013, and 2012, the Company recognized losses related to these forward contracts of $28.2 million, $0.6 million, and $4.8 million, respectively.

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Forward contracts are entered into with a limited number of counterparties, each of which allows for net settlement of all contracts through a single payment in a single currency in the event of a default on or termination of any one contract. The Company records these foreign exchange forward contracts on a net basis, by counterparty within the consolidated balance sheets.

The Company presents the cash receipts and payments from hedging activities in the same category as the cash flows from the items subject to hedging relationships. As the items subject to economic hedging relationships are the Company’s operating assets and liabilities, the related cash flows are classified within operating activities in the consolidated statements of cash flows.

Foreign Currency Translation

For the majority of the Company’s subsidiaries, the local currency has been identified as the functional currency. For remaining subsidiaries, the U.S. dollar has been identified as the functional currency due to the significant influence of the U.S. dollar on their operations. Gains and losses resulting from the translation of various functional currencies into U.S. dollars are not recorded within the consolidated statements of operations. Rather, they are recorded within the cumulative translation adjustment account as a separate component of shareholders’ equity (accumulated other comprehensive income) on the consolidated balance sheets. The Company translates asset and liability balances at exchange rates in effect at the end of the period and income and expense transactions at the average exchange rates in effect during the period. Gains and losses resulting from foreign currency transactions are recorded within the consolidated statements of operations.

For the year ended December 31, 2014, the Company recognized net foreign exchange transaction gains of $32.4 million. For the years ended December 31, 2013 and 2012, the Company recognized net foreign exchange transaction losses of $18.3 million and $18.0 million, respectively. These amounts exclude the impacts of foreign exchange forward contracts discussed above. Gains and losses on net foreign exchange transactions are recorded within “Other expense (income), net” in the consolidated statements of operations.

Environmental Matters

Accruals for environmental matters are recorded when it is considered probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. These accruals are adjusted periodically as assessment and remediation efforts progress, or as additional technical or legal information become available. Accruals for environmental liabilities are recorded within “Other noncurrent obligations” in the consolidated balance sheets at undiscounted amounts. As of December 31, 2014 and 2013, there were no accruals for environmental liabilities recorded.

Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction or normal operation of a long-lived asset. Any costs related to environmental contamination treatment and clean-ups are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable.

Cash and Cash Equivalents

Cash and cash equivalents generally include time deposits or highly liquid investments with original maturities of three months or less.

Inventories

Inventories are stated at the lower of cost or market, with cost being determined on the first-in, first-out (“FIFO”) method. The Company periodically reviews its inventory for excess or obsolete inventory, and will write-down the excess or obsolete inventory value to its net realizable value, if applicable.

Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation and less impairment, if applicable, and are depreciated over their estimated useful lives using the straight-line method. Capitalized costs associated with computer software for internal use are amortized on a straight-line basis, generally over 5 years.

Expenditures for maintenance and repairs are charged against income as incurred. Expenditures that significantly increase asset value, extend useful asset lives or adapt property to a new or different use are capitalized. These expenditures include planned major maintenance activity or turnaround activities which increase our manufacturing plants’ output and improve production efficiency as

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compared to pre-turnaround operations. As of December 31, 2014 and 2013, $9.2 million and $13.1 million, respectively, of the Company’s net costs related to turnaround activities were capitalized within “Deferred charges and other assets” in the consolidated balance sheets, and are being amortized over the period until the next scheduled turnaround.

The Company periodically evaluates actual experience to determine whether events and circumstances have occurred that may warrant revision of the estimated useful lives of property, plant and equipment. Engineering and other costs directly related to the construction of property, plant and equipment are capitalized as construction in progress until construction is complete and such property, plant and equipment is ready and available to perform its specifically assigned function. Upon retirement or other disposal, the asset cost and related accumulated depreciation are removed from the accounts and the net amount, less any proceeds, is charged or credited to income. The Company also capitalizes interest as a component of the cost of capital assets constructed for its own use.

Impairment and Disposal of Long-Lived Assets

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. When undiscounted future cash flows are not expected to be sufficient to recover an asset’s carrying amount, the asset is written down to its fair value based on a discounted cash flow analysis utilizing market participant assumptions.

Long-lived assets to be disposed of by sale are classified as held-for-sale and are reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of in a manner other than by sale are classified as held-and-used until they are disposed.

Goodwill and Other Intangible Assets

The Company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. The Company utilizes a market approach and an income approach (under the discounted cash flow method) to calculate the fair value of its reporting units. The annual impairment assessment is completed using a measurement date of October 1^st. No goodwill impairment losses were recorded in the years ended December 31, 2014, 2013 and 2012.

Finite-lived intangible assets, such as our intellectual property and manufacturing capacity rights, are amortized on a straight-line basis and are reviewed for impairment or obsolescence if events or changes in circumstances indicate that their carrying amount may not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows. No intangible asset impairment losses were recorded in the years ended December 31, 2014, 2013 and 2012

Deferred Financing Fees

Capitalized fees and costs incurred in connection with the Company’s financing arrangements are recorded in “Deferred charges and other assets” within the consolidated balance sheets. For the Senior Notes (and the Term Loans, prior to their repayment in January 2013), deferred financing fees are amortized over the term of the agreement using the effective interest method, while for the Revolving Facility and the Accounts Receivable Securitization Facility, deferred financing fees are amortized using the straight-line method over the term of the respective facility. Amortization of deferred financing fees is recorded in “Interest expense, net” within the consolidated statements of operations.

Investments in Unconsolidated Affiliates

Investments in unconsolidated affiliates in which the Company has the ability to exercise significant influence (generally, 20% to 50% owned companies) are accounted for using the equity method. Investments are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. An impairment loss is recorded whenever a decline in fair value of an investment in an unconsolidated affiliate below its carrying amount is determined to be other-than-temporary.

Sales

Sales are recognized when the revenue is realized or realizable and the earnings process is complete, which occurs when risk and title to the product transfers to the customer, typically at the time shipment is made. As such, title to the product generally passes when the product is delivered to the freight carrier. Standard terms of delivery are included in contracts of sale, order confirmation documents and invoices. Freight costs and any directly related costs of transporting finished product to customers are recorded as “Cost of sales” in the consolidated statements of operations. Taxes on sales are excluded from net sales.

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Sales are recorded net of estimates for returns and price allowances, including discounts for prompt payment and volume-based incentives.

Cost of Sales

The Company classifies the costs of manufacturing and distributing its products as cost of sales. Manufacturing costs include raw materials, utilities, packaging and fixed manufacturing costs associated with production. Fixed manufacturing costs include such items as plant site operating costs and overhead, production planning, depreciation and amortization, repairs and maintenance, environmental, and engineering costs. Distribution costs include shipping and handling costs.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses are charged to expense as incurred. SG&A expenses are the cost of services performed by the marketing and sales functions (including sales managers, field sellers, marketing research, marketing communications and promotion and advertising materials) and by administrative functions (including product management, research and development (“R&D”), business management, customer invoicing, and human resources). R&D expenses include the cost of services performed by the R&D function, including technical service and development, process research including pilot plant operations, and product development.

Total R&D costs included in SG&A expenses were approximately $53.4 million, $49.7 million and $48.3 million for the years ended December 31, 2014, 2013 and 2012, respectively.

The Company expenses promotional and advertising costs as incurred to SG&A expenses. Total promotional and advertising expenses were approximately $2.9 million, $3.0 million and $3.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Pension and Postretirement Benefits Plans

The Company has several defined benefit plans, under which participants earn a retirement benefit based upon a formula set forth in the plan. The Company also provides certain health care and life insurance benefits to retired employees mainly in the United States and Brazil. The plans provide health care benefits, including hospital, physicians’ services, drug and major medical expense coverage, and life insurance benefits.

Accounting for defined benefit pension plans and other postretirement benefit plans, and any curtailments and settlements thereof, requires various assumptions, including, but not limited to, discount rates, expected rates of return on plan assets and future compensation growth rates. The Company evaluates these assumptions at least once each year, or as facts and circumstances dictate, and makes changes as conditions warrant.

A settlement is a transaction that is an irrevocable action that relieves the employer (or the plan) of primary responsibility for a pension or postretirement benefit obligation, and that eliminates significant risks related to the obligation and the assets used to effect the settlement. When a settlement occurs, the Company does not record settlement gains or losses during interim periods when the cost of all settlements in a year is less than or equal to the sum of the service cost and interest cost components of net periodic pension cost for the plan in that year.

Income Taxes

The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except for subsidiaries in which earnings are deemed to be indefinitely invested.

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The Company recognizes the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company accrues for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. Interest accrued related to unrecognized tax and income tax related penalties are included in the provision for income taxes. The current portion of uncertain income taxes positions is recorded in “Income taxes payable” while the long-term portion is recorded in “Other noncurrent obligations” in the consolidated balance sheets.

Income tax expense recognized for the year ended December 31, 2012 includes cumulative adjustments of $4.1 million and $2.0 million from 2010 and 2011, respectively, which resulted in a reduction of income tax expense, net, of approximately $6.1 million. These adjustments relate to the correction of prior period errors, which resulted from the reconciliation of the income tax provision to tax return positions completed during 2012. The Company believes this is not material to its results of operations for the year ended December 31, 2012.

Stock-based Compensation

Stock-based compensation expense is measured at the grant date, based on the fair value of the award. Time (service)-based restricted stock awards are generally recognized as expense on a graded vesting basis over the related service period. For performance-based restricted stock awards, the Company recognizes compensation cost if and when it concludes that it is probable that the related performance condition will be achieved. When applicable, the Company calculates the fair value of its performance-based restricted stock awards using a combination of a call option and digital option model.

Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Stock-based compensation expense recognized in our consolidated financial statements is based on awards that are ultimately expected to vest.

Periodically, the Parent may sell non-transferable restricted stock to certain officers and key members of management of the Company. Stock-based compensation expense on this non-transferable restricted stock is recognized if the non-transferable restricted stock is purchased at a price which is less than the fair value of the Parent’s common stock.

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

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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.

In January 2015, the FASB issued guidance to simplify income statement classification by removing the concept of extraordinary items from U.S. GAAP. This guidance is effective for public entities beginning after December 15, 2015, with early adoption permitted, but only as of the beginning of the fiscal year of adoption. The implementation of this guidance is not expected to have a material impact on the Company’s financial statements.

NOTE 3—ACQUISITIONS AND DIVESTITURES

Styron Acquisition

As discussed in Note 1, on March 2, 2010, STY Acquisition Corp. (“STY Acquisition”), an affiliate of Bain Capital, entered into a sale and purchase agreement (the “Purchase Agreement”) with Dow, Styron LLC and Styron Holding B.V. (together with Styron LLC, the “Styron Holdcos”) pursuant to which STY Acquisition agreed to acquire 100% of the outstanding equity interests of the Styron Holdcos. STY Acquisition, subsequently (but prior to the close of the transaction) assigned its rights and obligations under the Purchase Agreement to Styron S.à r.l., the Company’s indirect wholly-owned subsidiary.

The Company accounted for the Acquisition under the purchase method of accounting, whereby the purchase price paid, net of working capital adjustments, was allocated to the acquired assets and liabilities at fair value. As of June 17, 2011, the one-year measurement period surrounding the Acquisition ended. During 2014, an adjustment was identified related to one of our postretirement benefit plans, which dated back to the initial Acquisition accounting. As such, the Company recorded a $1.7 million increase to goodwill to correct our final purchase price allocation, with the offset recorded to postretirement benefit liabilities. The Company does not believe this adjustment is material to the current or any prior period financial statements. Refer to Note 16 for further discussion.

As part of the Acquisition, the Company has been indemnified for various tax matters, including income tax and value add taxes, as well as legal liabilities which have been incurred prior to the Acquisition. Conversely, certain tax matters which the Company has benefitted from are subject to reimbursement by Trinseo to Dow. These amounts have been estimated and provisional amounts have been recorded based on the information known during the measurement period; however, these amounts remain subject to change based on the completion of our annual statutory filings, tax authority review as well as a final resolution with Dow on amounts due to and due from the Company. Management believes the Company’s estimates and assumptions are reasonable under the circumstances, however, settlement negotiations or changes in estimates around pre-acquisition indemnifications could result in a material impact on the consolidated financial statements.

During 2013, the Company received $6.7 million, net of tax indemnity from Dow for income taxes paid to the taxing authorities relating to the period prior to the Acquisition. This indemnity amount was previously recorded within “Accounts receivable, net of allowance” in the consolidated balance sheets. There were no other indemnity payments received from Dow or indemnity payments to Dow during the years ended December 31, 2014, 2013, and 2012, respectively.

Divestiture of Expandable Polystyrene Business

In June 2013, the Company’s board of directors approved the sale of its EPS business within the Company’s Basic Plastics & Feedstocks segment, under a sale and purchase agreement which was signed in July 2013. The sale closed on September 30, 2013 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 consolidated statement of cash flows for the year ended December 31, 2014. The Company recognized a loss from the sale of $4.2 million

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recorded in “Other expense (income), net” in the consolidated statement of operations for the year ended December 31, 2013. The loss calculation is as follows:

Assets
Inventories	$	8,135
Property, plant and equipment, net		9,401
Other intangibles assets, net		1,624
Goodwill		383
Total assets sold	$	19,543
Liabilities
Pension and other benefits	$	791
Total liabilities sold	$	791
Net assets sold	$	18,752
Sales proceeds, net of amount paid to buyer of $0.7 million		14,566
Loss on sale	$	4,186

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 has 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 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.

Further, under the terms of the sale and purchase agreement, should the divested EPS business record EBITDA (as defined therein) greater than zero for fiscal year 2014, the Company will receive an incremental payment of €0.5 million. As of December 31, 2014, it was considered probable that this EBITDA threshold has been met in accordance with the terms of the sale agreement. As such, the Company recorded the contingent gain on sale of €0.5 million (approximately $0.6 million) related to this incremental payment for the year ended December 31, 2014, which is expected to be received in the first quarter of 2015.

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 recorded a gain on sale of $0.1 million within “Other expense (income), net” in the consolidated statements of operations for the year ended December 31, 2014. As of December 31, 2013, this land was classified as held-for-sale within the caption “Other current assets” in the consolidated balance sheets.

NOTE 4—INVESTMENTS IN UNCONSOLIDATED AFFILIATES

The Company is supplemented by two strategic joint ventures, the results of which are included within the Basic Plastics &Feedstocks reporting segment: AmSty (a polystyrene joint venture with Chevron Phillips Chemical Company LP) and Sumika Styron (a polycarbonate joint venture with Sumitomo Chemical Company Limited).

As of December 31, 2014 and 2013, respectively, the Company’s investment in AmSty was $133.5 million and $118.3 million, which was $108.4 million and $130.8 million less than the Company’s 50% share of AmSty’s underlying net assets. These amounts represent the difference between the book value of assets contributed to the joint venture at the time of formation (May 1, 2008) and the Company’s 50% share of the total recorded value of the joint venture’s assets and certain adjustments to conform with the Company’s accounting policies. This difference is being amortized over a weighted average remaining useful life of the contributed assets of approximately 5.7 years as of December 31, 2014. The Company received dividends from AmSty of $35.0 million, $22.5 million, and $20.0 million for the years ended December 31, 2014, 2013, and 2012, respectively.

As of December 31, 2014 and 2013, respectively, the Company’s investment in Sumika Styron was $34.1 million and $37.6 million, which was $21.3 million and $20.8 million greater than the Company’s 50% share of Sumika Styron’s underlying net assets. These amounts represent 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 10.8 years as of December 31, 2014. The Company received dividends from Sumika Styron of $1.0 million, $1.1 million, and $1.0 million for the years ended December 31, 2014, 2013, and 2012, respectively.

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Equity in earnings from unconsolidated affiliates was $47.7 million, $39.1 million and $27.1 million for the years ended December 31, 2014, 2013, and 2012, respectively.

Both AmSty and Sumika Styron 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:

	December 31,
	2014		2013
Current assets	$	498,516	$	528,223
Noncurrent assets		313,648		333,894
Total assets	$	812,164	$	862,117
Current liabilities	$	253,507	$	281,823
Noncurrent liabilities		49,084		48,415
Total liabilities	$	302,591	$	330,238

	Year Ended December 31,
	2014		2013		2012
Sales	$	2,161,232	$	2,281,045	$	2,058,060
Gross profit	$	117,667	$	94,148	$	82,511
Net income	$	52,957	$	38,504	$	21,408

Sales to unconsolidated affiliates for the years ended December 31, 2014, 2013, and 2012 were $6.5 million, $8.2 million and $9.5 million, respectively. Purchases from unconsolidated affiliates were $290.3 million, $274.4 million and $269.1 million for the years ended December 31, 2014, 2013 and 2012, respectively.

As of December 31, 2014 and 2013, respectively, $2.0 million and $3.3 million due from unconsolidated affiliates was included in “Accounts receivable, net of allowance” and $28.6 million and $29.9 million due to unconsolidated affiliates was included in “Accounts payable” in the consolidated balance sheets.

NOTE 5—ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following:

	December 31,
	2014			2013
Trade receivables	$	497,538		$	584,160
Non-income tax receivables		75,083			94,069
Other receivables		34,713			45,119
Less: allowance for doubtful accounts		(6,268	)		(5,866	)
Total	$	601,066		$	717,482

The allowance for doubtful accounts was approximately $6.3 million and $5.9 million as of December 31, 2014 and 2013, respectively. For the years ended December 31, 2014 and 2012, respectively, the Company recognized bad debt expense of $1.1 million and $0.3 million. As a result of changes in the estimate of allowance for doubtful accounts, for the year ended December 31, 2013 the Company recognized a benefit of $3.0 million.

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NOTE 6—INVENTORIES

Inventories consisted of the following:

	December 31,
	2014		2013
Finished goods	$	235,949	$	252,602
Raw materials and semi-finished goods		205,061		240,858
Supplies		32,851		36,731
Total	$	473,861	$	530,191

NOTE 7—PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	Estimated Useful Lives (Years)	December 31,
		2014			2013
Land	Not applicable	$	47,196		$	50,982
Land and waterway improvements	1-20		13,139			13,603
Buildings	2-40		55,693			58,447
Machinery and equipment(1)	1-20		640,861			627,068
Utility and supply lines	1-10		7,679			7,100
Leasehold interests	1-45		45,759			50,009
Other property	1-8		24,560			27,260
Construction in process	Not applicable		46,193			55,753
Property, plant and equipment			881,080			890,222
Less: accumulated depreciation			(324,383	)		(283,795	)
Property, plant and equipment, net		$	556,697		$	606,427

(1) Approximately 94% of our machinery and equipment had a useful life of three to ten years as of December 31, 2014 and 2013.

	Year Ended December 31,
	2014		2013		2012
Depreciation expense	$	75,286	$	75,401	$	68,312
Capitalized interest	$	4,192	$	3,142	$	6,178

During the year ended December 31, 2013, the Company determined that the long-lived assets at our polycarbonate manufacturing facility in Stade, Germany should be assessed for impairment driven primarily by continued losses experienced in the Company’s polycarbonate business. This assessment indicated that the carrying amount of the long-lived assets at this facility were not recoverable when compared to the expected undiscounted cash flows of the polycarbonate business. Based upon the assessment of fair value of this asset group, the Company concluded these assets were fully impaired as of December 31, 2013. The fair value of the asset group was determined under the income approach utilizing a discounted cash flow (“DCF”) model. The key assumptions used in the DCF model included growth rates and cash flow projections, discount rate, tax rate and an estimated terminal value.

As a result, the Company recorded an impairment loss on these assets of approximately $9.2 million for the year ended December 31, 2013. The amount was recorded within “Selling, general and administrative expenses” in the consolidated statements of operations and allocated entirely to the Basic Plastics & Feedstocks segment.

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NOTE 8—GOODWILL AND INTANGIBLE ASSETS

Goodwill

The following table shows changes in the carrying amount of goodwill, by segment, from December 31, 2012 to December 31, 2013 and from December 31, 2013 to December 31, 2014, respectively:

	Performance Materials
	Latex			Synthetic Rubber			Performance Plastics			Basic Plastics & Feedstocks			Total
Balance at December 31, 2012	$	14,280		$	9,780		$	3,352		$	8,691		$	36,103
Divestiture (Note 3)		—			—			—			(383	)		(383	)
Foreign currency impact		621			425			146			361			1,553
Balance at December 31, 2013	$	14,901		$	10,205		$	3,498		$	8,669		$	37,273
Purchase accounting adjustment (Note 16)*		664			455			156			404			1,679
Foreign currency impact		(1,750	)		(1,199	)		(411	)		(1,018	)		(4,378	)
Balance at December 31, 2014	$	13,815		$	9,461		$	3,243		$	8,055		$	34,574

* The purchase price adjustment for the year ended December 31, 2014 relates to the Company’s other postretirement benefit obligations provided to its employees in Brazil. Refer to Note 16 to the consolidated financial statements for a detailed discussion of this adjustment.

Goodwill impairment testing is performed annually as of October 1st. In 2014, the Company performed its annual impairment test for goodwill and determined that the estimated fair value of each reporting unit was substantially in excess of the carrying value indicating that none of the Company’s goodwill was impaired. The Company concluded there were no goodwill impairments or triggering events for the years ended December 31, 2014, 2013, and 2012.

Other Intangible Assets

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

			December 31, 2014							December 31, 2013
	Estimated Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Developed technology		15	$	188,854	$	(56,782	)	$	132,072	$	210,546	$	(49,713	)	$	160,833
Manufacturing Capacity Rights		6		23,095		(2,809	)		20,286		—		—			—
Software		5		13,177		(6,441	)		6,736		11,034		(4,099	)		6,935
Software in development		N/A		6,000		—			6,000		3,746		—			3,746
Other		N/A		264		—			264		—		—			—
Total			$	231,390	$	(66,032	)	$	165,358	$	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 based upon the acquisition date foreign exchange rate). 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 consolidated balance sheets, and is being amortized over its estimated useful life of approximately 6.0 years. Further, the purchase price was recorded within capital expenditures in investing activities in the consolidated statement of cash flows for the year ended December 31, 2014.

Amortization expense related to finite-lived intangible assets totaled $19.6 million, $15.7 million, and $14.7 million, for the years ended December 31, 2014, 2013 and 2012, respectively.

F-18

The following table details the Company’s estimated amortization expense for the next five years, excluding any amortization expense related to software currently in development:

Estimated Amortization Expense for the Next Five Years
2015	2016		2017		2018		2019
$19,353	$	18,788	$	17,952	$	17,252	$	17,000

NOTE 9—ACCOUNTS PAYABLE

Accounts payable consisted of the following:

	December 31,
	2014		2013
Trade payables	$	383,297	$	462,304
Other payables		51,395		46,789
Total	$	434,692	$	509,093

NOTE 10—DEBT

Debt consisted of the following:

	December 31,
	2014			2013
Senior Secured Credit Facility
Term Loans	$	—		$	—
Revolving Facility		—			—
Senior Notes		1,192,500			1,325,000
Accounts Receivable Securitization Facility		—			—
Other indebtedness		9,707			11,421
Total debt		1,202,207			1,336,421
Less: current portion		(7,559	)		(8,754	)
Total long-term debt	$	1,194,648		$	1,327,667

The Company was in compliance with all debt covenant requirements as of December 31, 2014. Total accrued interest on outstanding debt as of December 31, 2014 and 2013 was $43.5 million and $48.3 million, respectively. Accrued interest is recorded in “Accrued expenses and other current liabilities” within the consolidated balance sheets.

The following is a summary of Trinseo’s debt instruments.

Senior Secured Credit Facility

In June 2010, the Company entered into a credit agreement (the “Senior Secured Credit Facility”) with lenders which included (i) $800.0 million of senior secured term loans (the “2010 Term Loans”) and a (ii) $240.0 million revolving credit facility (the “Revolving Facility”). On February 2, 2011, the Senior Secured Credit Facility was amended (the “2011 Amendment”) to increase the available borrowings under the senior secured term loans from $780.0 million to $1.6 billion. Pursuant to the amendment, the Company borrowed an aggregate principal amount of $1.4 billion (the “2011 Term Loans”, with the 2010 Term Loans, collectively referred to as the “Term Loans”)

In July 2012, the Company further amended the Senior Secured Credit Facility (the “2012 Amendment”) that provided for an increase in the Company’s total leverage ratio and decrease the interest coverage ratio as well as an increase in the permitted accounts receivable securitization facility and increases in the borrowing rates of the Term Loans. The 2012 Amendment became effective on August 9, 2012 with the repayment of $140.0 million of 2011 Term Loans using the proceeds from equity contribution from the Parent. As a result, the 2011 Term Loans were determined to be modified in accordance with generally accepted accounting principles. The Company capitalized $6.2 million of the issuance costs paid to the creditors of the 2011 Term Loans, with the remaining $2.3 million of third-party fees associated with the 2011 Term Loans expensed as incurred within “Other expense (income), net” in the consolidated statement of operations for the year ended December 31, 2012. Costs of $1.2 million which were paid to the creditors of the Revolving Facility were also capitalized, to be amortized over the remaining term of the Revolving Facility.

F-19

In January 2013, the Company again amended the Senior Secured Credit Facility (the “2013 Amendment”) 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 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, Company repaid it’s then outstanding 2011 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 issued in January 2013.

Prior to the 2013 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. Under the terms of the Senior Secured Credit Facility, an event of default can be cured by a Specified Equity Contribution, as defined under the Senior Secured Credit Facility. On May 8, 2012, the Company received a $22.2 million equity contribution from the Parent in order to cure its covenant default and to meet its required leverage ratio for the period ended March 31, 2012. The Company remained in compliance with all debt covenants in the remainder of 2012.

The 2013 Amendment replaced the Company’s total leverage ratio requirement with a first lien net leverage ratio (as defined under the 2013 Amendment) 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 a result of the 2013 Amendment and repayment of the term loans in January 2013, the Company recognized a $20.7 million loss on extinguishment of debt during the first quarter of 2013, which consisted of the write-off of existing unamortized deferred financing fees and debt discount attributable to the Term Loans. Fees and expenses incurred in connection with the 2013 Amendment were $5.5 million, which were capitalized.

Capitalized fees and costs incurred in connection with the Company’s borrowings are recorded in “Deferred charges and other assets” within the consolidated balance sheets. For the Term Loans, deferred financing fees and debt discounts were amortized over the term of the respective loan agreements using the effective interest method, while for the Revolving Facility deferred financing fees are being amortized using a straight-line method over the term of the facility. Amortization of deferred financing fees and debt discounts are recorded in “Interest expense, net” in the consolidated statements of operations.

Unamortized deferred financing fees related to the Revolving Facility were $8.8 million and $11.7 million as of December 31, 2014 and 2013, respectively. The Company recorded interest expense relating to the amortization of deferred financing fees and debt discounts related to the entire Senior Secured Credit Facility, respectively, of $2.9 million and zero for the year ended December 31, 2014; $3.1 million and $0.1 million for the year ended December 31, 2013; and $6.5 million and $0.5 million for the year ended December 31, 2012.

As of December 31, 2014, there were no amounts outstanding under the Revolving Facility, while available borrowings under the facility were $293.3 million (net of $6.7 million outstanding letters of credit). As of December 31, 2013, there were no amounts outstanding under the Revolving Facility, while available borrowings under the facility were $292.7 million (net of $7.3 million outstanding letters of credit). All obligations under the Revolving Facility are guaranteed and collateralized by substantially all of the tangible and intangible assets of the Company’s subsidiaries.

Interest charges, excluding interest expense relating to the amortization of deferred financing fees and debt discounts, incurred on the Term Loans and Revolving Facility, respectively, were zero and $1.8 million for the year ended December 31, 2014, $7.7 million and $2.8 million for the year ended December 31, 2013, and $91.0 million and $6.0 million for the year ended December 31, 2012. Cash paid related to interest incurred on the Term Loans and Revolving Facility, respectively, was zero and $1.9 million for the year ended December 31, 2014, $16.5 million and $2.8 million for the year ended December 31, 2013, and $87.6 million and $6.1 million for the year ended December 31, 2012.

F-20

Senior Notes

In January 2013, the Company issued $1,325.0 million 8.750% Senior Secured Notes (the “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 principal amounts then outstanding will be due and payable. The proceeds from the issuance of the Senior Notes were used to repay all of the Company’s outstanding Term Loans and related refinancing fees and expenses.

The Company may redeem all or part of the Senior Notes at any time prior to August 1, 2015 by paying a call premium, plus accrued and unpaid interest to the redemption date. The Company may redeem all or part of the Senior Notes at any time after August 1, 2015 at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the notes redeemed, to the applicable date of redemption, if redeemed during the twelve-month period beginning on of the year indicated below:

12-month period commencing August 1 in Year	Percentage
2015		104.375	%
2016		102.188	%
2017 and thereafter		100.000	%

In addition, at any time prior to August 1, 2015, the Company may redeem up to 35% of the aggregate 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 12), 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 year ended December 31, 2014 the Company incurred 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. 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, 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 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 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 ability of the Company and its 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 December 31, 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 recorded in “Deferred charges and other assets” in the consolidated balance sheets, and are being amortized into “Interest expense, net” in the consolidated statements of operations over the term of the Senior Notes using the effective interest rate method. For the year ended December 31, 2014, the Company recorded $5.7 million in amortization of deferred financing fees, leaving $28.0 million of unamortized deferred financing fees related to the Senior Notes in the consolidated balance sheet as of December 31, 2014. For the year ended December 31, 2013, the Company recorded $4.9 million in amortization of deferred financing fees, leaving $37.1 million of unamortized deferred financing fees related to the Senior Notes on the balance sheet as of December 31, 2013.

F-21

Interest expense on the Senior Notes, excluding expense relating to the amortization of deferred financing fees, was $110.6 million and $106.9 million for the years ended December 31, 2014 and 2013, respectively. Cash paid for interest on the Senior Notes was $115.4 million and $58.6 million for the years ended December 31, 2014 and 2013, respectively.

Accounts Receivable Securitization Facility

In August 2010, a VIE in which the Company is the primary beneficiary, Styron Receivable Funding Ltd. (“SRF”), executed an agreement for an accounts receivable securitization facility (“Accounts Receivable Securitization Facility”). The initial facility permitted borrowings by one of the Company’s subsidiaries, Styron Europe GmbH (“SE”), up to a total of $160.0 million. Under the facility, SE sells its accounts receivable from time to time to SRF. In turn, SRF may sell undivided ownership interests in such receivables to commercial paper conduits in exchange for cash. The Company has agreed to continue servicing the receivables for SRF. Upon the sale of the interests in the accounts receivable by SRF, the conduits have a first priority perfected security interest in such receivables and, as a result, the receivables will not be available to the creditors of the Company or its other subsidiaries.

Since its inception, the Company has from time to time amended and restated the Accounts Receivable Securitization Facility. In May 2011, the facility was amended to allow for the expansion of the pool of eligible accounts receivable to include a previously excluded German subsidiary. In May 2013, the Company further amended the facility, increasing its borrowing capacity from $160.0 million to $200.0 million, extending the maturity date to May 2016 and allowing for the expansion of the pool of eligible accounts receivable to include previously excluded U.S. and The Netherlands subsidiaries. As a result of the amendment, the Company incurred $0.7 million in fees, which were capitalized in “Deferred charges and other assets” within the consolidated balance sheets and are being amortized into “Interest expense, net” within the consolidated statements 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 our Accounts Receivable Securitization Facility in May 2013, in regards to the outstanding borrowings, fixed interest charges decreased from 3.25% plus variable commercial paper rates to 2.6% plus variable commercial paper rates. In regards to available, but undrawn commitments, fixed interest charges were decreased from 1.50% to 1.40%.

As of December 31, 2014 and 2013, there were no amounts outstanding under the Accounts Receivable Securitization Facility, with approximately $136.1 million and $143.8 million, respectively, of accounts receivable available to support this facility, based on the pool of eligible accounts receivable. Interest expense on the Accounts Receivable Securitization Facility, excluding interest expense relating to the amortization of deferred financing fees, for the years ended December 31, 2014, 2013 and 2012 was $2.9 million, $4.2 million and $4.7 million, respectively, and was recorded in “Interest expense, net” in the consolidated statements of operations.

Unamortized deferred financing fees related to the Accounts Receivable Securitization Facility were $1.9 million and $3.5 million as of December 31, 2014 and 2013, respectively, recorded in “Deferred charges and other assets” within the consolidated balance sheets. These charges are being amortized on a straight-line basis over the term of the facility. The Company recorded $1.4 million, $1.4 million and $1.5 million in amortization of deferred financing fees related to the Accounts Receivable Securitization Facility in “Interest expense, net” within the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively.

Other Indebtedness

During 2011, the Company entered into two short-term revolving facilities through our subsidiary in China that provided for approximately $28.5 million of uncommitted funds available for borrowings, subject to annual renewal. The Company did not renew one of the short-term revolving facilities, with uncommitted funds of $13.5 million, and there were no outstanding borrowings for that facility as of December 31, 2014 or 2013. The remaining facility, which provides for up to $15.0 million of uncommitted funds available for borrowings, is subject to annual renewal.

Outstanding borrowings under the remaining revolving facility were $7.6 million and $5.1 million as of December 31, 2014 and 2013, respectively. These amounts will be due and payable within 12 months of the balance sheet date. The revolving facility is guaranteed by the Company’s holding company, Trinseo Materials Operating S.C.A. or secured by pledge of certain of the Company’s assets in China. At December 31, 2014 and 2013, the weighted average interest rate of the facility was approximately 0.1% and 0.1%, respectively.

The Senior Secured Credit facility limits the Company’s foreign working capital facilities to an aggregate principal amount of $75.0 million and, based on the 2013 Amendment, 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.

F-22

NOTE 11—FOREIGN EXCHANGE FORWARD CONTRACTS

Certain subsidiaries have assets and liabilities denominated in currencies other than their respective functional currencies, which creates foreign exchange risk. The Company’s principal strategy in managing its exposure to changes in foreign currency exchange rates is to naturally hedge the foreign currency-denominated liabilities on our balance sheet against corresponding assets of the same currency such that any changes in liabilities due to fluctuations in exchange rates are offset by changes in their corresponding foreign currency assets. In order to further reduce its exposure, the Company also uses foreign exchange forward contracts to economically hedge the impact of the variability in exchange rates on our assets and liabilities denominated in certain foreign currencies. These derivative contracts are not designated for hedge accounting treatment. The Company does not hold or enter into financial instruments for trading or speculative purposes.

During 2012, the Company entered into foreign exchange forward contracts with a notional U.S. dollar equivalent amount of $82.0 million. These contracts were settled in February and May 2013 and no contracts were outstanding as of December 31, 2013. The Company recognized losses of $0.6 million and $4.8 million during the years ended December 31, 2013 and 2012, respectively, related to these contracts.

Beginning in the third quarter of 2014, the Company began to enter into various foreign exchange forward contracts, each with an original maturity of less than three months, and has continued with this program through the end of the year. As of December 31, 2014, the Company had open foreign exchange forward contracts with a net notional U.S. dollar equivalent of $102.5 million. The following table displays the notional amounts of the most significant net foreign exchange hedge positions outstanding as of December 31, 2014.

Buy / (Sell)	December 31, 2014
Euro	$	239,341
Chinese Yuan	$	(100,086	)
Swiss Franc	$	35,438
Indonesian Rupiah	$	(33,020	)
British Pound	$	(9,910	)

Forward contracts are entered into with a limited number of counterparties, each of which allows for net settlement of all contracts through a single payment in a single currency in the event of a default on or termination of any one contract. As a result, these foreign exchange forward contracts are recorded on a net basis, by counterparty within the consolidated balance sheets.

The fair value of open foreign exchange forward contracts amounted to $4.9 million of net unrealized losses and $0.3 million of net unrealized gains as of December 31, 2014, which were recorded in “Accounts payable” and “Accounts receivable, net of allowance”, respectively, in the consolidated balance sheets. The following tables summarize the financial assets and liabilities included in the consolidated balance sheets:

	December 31, 2014
Description	Gross Amounts of Recognized Assets		Gross Amounts of Offset in the Consolidated Balance Sheet			Net Amounts of Assets Presented in the Consolidated Balance Sheet
Foreign exchange forward contracts	$	2,037	$	(1,739	)	$	298
	December 31, 2014
Description	Gross Amounts of Recognized Liabilities		Gross Amounts of Offset in the Consolidated Balance Sheet			Net Amounts of Liabilities Presented in the Consolidated Balance Sheet
Foreign exchange forward contracts	$	6,589	$	(1,739	)	$	4,850

The Company had no derivative assets or liabilities outstanding as of December 31, 2013.

As these foreign exchange forward contracts are not designated for hedge accounting treatment, changes in the fair value of underlying instruments are recognized in “Other expense (income), net” in the consolidated statements of operations. The Company

F-23

recorded losses from settlements and changes in the fair value of outstanding forward contracts of $28.2 million during the year ended December 31, 2014. These losses largely offset net foreign exchange transaction gains of $32.4 million during the year which resulted from the remeasurement of the Company’s foreign currency denominated assets and liabilities. The cash settlements of these forward exchange forward contracts are included within operating activities in the consolidated statements of cash flows.

For fair value disclosures related to these foreign currency forward contracts, refer to Note 13.

NOTE 12—SHAREHOLDERS’ EQUITY

Common Stock

On May 8, 2012, the Company issued 5.1 million shares of common stock to the Parent with $0.01 nominal value for $22.2 million of proceeds. The proceeds from the issuance were used as equity contribution required under the terms of the Senior Secured Credit Facility in order to cure the covenant default for the period ended March 31, 2012. Also, on August 8, 2012, the Parent received an additional $140.0 million from shareholders and contributed the same amount to the Company through the issuance of 32.1 million shares of common stock with a nominal value of $0.01. The proceeds from the issuance of the common stock were used to repay a portion of the 2011 Term Loans in connection with the 2012 Amendment.

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. These consolidated financial statements and accompanying footnotes 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 10); ii) the payment of approximately $23.3 million in connection with the termination of the Advisory Agreement with Bain Capital (see Note 18); iii) the payment of approximately $5.1 million of advisory, accounting, legal and printing expenses directly related to the offering which were recorded as a reduction to additional paid-in capital in the consolidated balance sheets; and iv) general corporate purposes.

NOTE 13—FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date.

Level 1—Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3—Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

The following table summarizes the basis used to measure certain assets and liabilities at fair value on a recurring basis in the consolidated balance sheets at December 31, 2014. As discussed in Note 11, there were no open foreign exchange forward contracts as of December 31, 2013, and as such, there were no balances to be recorded at fair value at that date.

	December 31, 2014
Assets (Liabilities) at Fair Value	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Foreign exchange forward contracts—Assets	$	—	$	298		$	—	$	298
Foreign exchange forward contracts—(Liabilities)		—		(4,850	)		—		(4,850	)
Total fair value	$	—	$	(4,552	)	$	—	$	(4,552	)

The Company uses an income approach to value its foreign exchange forward contracts, utilizing discounted cash flow techniques, considering the terms of the contract and observable market information available as of the reporting date. Significant inputs to the valuation for foreign exchange forward contracts are obtained from broker quotations or from listed or over-the-counter market data, and are classified as Level 2 in the fair value hierarchy.

F-24

Fair Value of Debt Instruments

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

	As of December 31, 2014		As of December 31, 2013
Senior Notes (Level 2)	$	1,212,045	$	1,366,406
Total fair value	$	1,212,045	$	1,366,406

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

NOTE 14—INCOME TAXES

Income (loss) before income taxes earned within and outside the United States is shown below:

	Year Ended December 31,
	2014			2013			2012
United States	$	17,522		$	25,228		$	49,193
Outside of the United States		(65,135	)		(25,597	)		(1,351	)
Income (loss) before income taxes	$	(47,613	)	$	(369	)	$	47,842

The provision for (benefit from) income taxes is composed of:

	December 31, 2014								December 31, 2013						December 31, 2012
	Current		Deferred			Total			Current		Deferred		Total		Current		Deferred			Total
U.S. federal	$	2,101	$	(2,536	)	$	(435	)	$	8,617	$	1,252	$	9,869	$	5,094	$	8,070		$	13,164
U.S. state and other		295		3			298			820		70		890		229		1,174			1,403
Non-U.S.		12,490		7,366			19,856			8,197		2,893		11,090		7,503		(4,510	)		2,993
Total	$	14,886	$	4,833		$	19,719		$	17,634	$	4,215	$	21,849	$	12,826	$	4,734		$	17,560

F-25

The effective tax rate on pre-tax income differs from the U.S. statutory rate due to the following:

	Year Ended December 31,
	2014			2013			2012
Taxes at U.S. statutory rate(1)	$	(16,664	)	$	(129	)	$	16,745
State and local income taxes		571			603			1,493
Non U.S. statutory rates, including credits		899			(4,988	)		(5,185	)
U.S. tax effect of foreign earnings and dividends		(2,112	)		(942	)		(2,890	)
Unremitted earnings		(189	)		(157	)		3,087
Change in valuation allowances		14,679			16,430			(8,780	)
Uncertain tax positions		(2,818	)		(1,465	)		1,882
Withholding taxes on interest and royalties		3,652			2,992			7,064
U.S. manufacturing deduction		—			(229	)		(1,057	)
Provision to return adjustments		260			3,814			(3,943	)
Stock-based compensation		3,343			3,112			2,466
Non-deductible interest		5,401			5,258			5,203
Non-deductible other expenses		15,589	(2)		1,573			2,004
Government subsidy income		—			(4,219	)		—
Impact on foreign currency exchange		(2,643	)		71			291
Other—net		(249	)		125			(820	)
Total provision for income taxes	$	19,719		$	21,849		$	17,560
Effective tax rate		(41	)%		(5,921	)%		37	%

(1) The U.S. statutory rate has been used as management believes it is more meaningful to the Company.

(2) Non-deductible other expenses in 2014 include the tax effect of fees incurred for the termination of the Latex JV Option Agreement with Dow and a portion of the fees incurred in connection with the termination of the Advisory Agreement with Bain Capital. See Note 18 for further discussion.

Deferred income taxes reflect temporary differences between the valuation of assets and liabilities for financial and tax reporting:

	December 31,
	2014					2013
	Deferred Tax Assets			Deferred Tax Liabilities		Deferred Tax Assets			Deferred Tax Liabilities
Tax loss and credit carry forwards	$	62,142		$	—	$	40,007		$	—
Unremitted earnings		—			9,273		—			9,462
Unconsolidated affiliates		11,761			—		12,257			—
Other accruals and reserves		11,536			—		13,556			—
Property, plant and equipment		—			42,715		—			45,314
Goodwill and other intangible assets		15,791			—		23,452			—
Deferred financing fees		6,366			—		6,973			—
Employee benefits		41,186			—		31,858			—
		148,782			51,988		128,103			54,776
Valuation allowance		(66,920	)		—		(50,404	)		—
Total	$	81,862		$	51,988	$	77,699		$	54,776

At December 31, 2014 and 2013, all undistributed earnings of foreign subsidiaries and affiliates are expected to be repatriated. Operating loss carryforwards amounted to $227.8 million in 2014 and $146.2 million in 2013. At December 31, 2014, $13.1 million of the operating loss carryforwards were subject to expiration in 2015 through 2019, and $214.7 million of the operating loss carryforwards expire in years beyond 2019 or have an indefinite carryforward period.

F-26

The Company had valuation allowances which were related to the realization of recorded tax benefits on tax loss carryforwards, as well as other net deferred tax assets, primarily from subsidiaries in Luxembourg and Australia, of $66.9 million at December 31, 2014 and $50.4 million at December 31, 2013.

For the years presented, a reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows:

Balance as of December 31, 2011	$	25,431
Increases related to current year tax positions		6,757
Decreases related to prior year tax positions		(2,109	)
Balance as of December 31, 2012	$	30,079
Increases related to current year tax positions		1,225
Decreases related to prior year tax positions		(4,405	)
Balance as of December 31, 2013	$	26,899
Increases related to current year tax positions		187
Decreases related to prior year tax positions		(6,701	)
Balance as of December 31, 2014	$	20,385

The Company recognized interest and penalties of less than $0.1 million, $0.7 million, and $0.8 million for the years ended December 31, 2014, 2013, and 2012, which was included as a component of income tax expense in the consolidated statements of operations. As of December 31, 2014 and 2013, the Company has $1.8 million and $2.0 million, respectively, accrued for interest and penalties. To the extent that the unrecognized tax benefits are recognized in the future, $16.1 million will impact the Company’s effective tax rate.

As a majority of the Company’s legal entities had no significant activity prior to or were formed in 2010, only the 2010 tax year and forward is subject to examination in the majority of jurisdictions, except for China, Hong Kong, and Indonesia where tax years between 2007 and 2009 remain subject to examination. Pursuant to the terms of the Purchase Agreement, the Company has been indemnified from and against any taxes for or with respect to any periods prior to the Acquisition.

NOTE 15—COMMITMENTS AND CONTINGENCIES

Leased Property

The Company routinely leases premises for use as sales and administrative offices, warehouses and tanks for product storage, motor vehicles, railcars, computers, office machines, and equipment under operating leases. Rental expense for these leases was $15.9 million, $16.2 million and $17.7 million during the years ended December 31, 2014, 2013 and 2012, respectively.

Future minimum rental payments under operating leases with remaining non-cancelable terms in excess of one year are as follows:

Year	Annual Commitment
2015	$	8,040
2016		5,510
2017		3,159
2018		2,780
2019		2,778
2020 and beyond		12,664
Total	$	34,931

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 December 31, 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 investigation, monitoring, or remediation to

F-27

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.

There were no amounts recorded in the consolidated statement of operations relating to environmental remediation for the years ended December 31, 2014, 2013, and 2012.

Purchase Commitments

In the normal course of business, the Company has certain raw material purchase contracts where it is required to purchase certain minimum volumes at current market prices. These commitments range from 1 to 6 years. The following table presents the fixed and determinable portion of the obligation under the Company’s purchase commitments as of December 31, 2014 (in millions):

Year	Annual Commitment
2015	$	1,299
2016		1,292
2017		1,421
2018		1,214
2019		1,239
Thereafter		1,205
Total	$	7,670

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 obligations shown in the table above.

The Company has service agreements with Dow and Bain Capital, some of which contain fixed annual fees. See Note 18 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.

NOTE 16—PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS

Defined Benefit Pension Plans

The majority of the Company’s employees are participants in various defined benefit pension and other postretirement plans which are administered and sponsored by the Company.

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 plan. The Company then made the required employer contribution amounts to the Dow Plans for the Company’s employees and the related pension benefit obligations for the

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Company’s employees have been accumulating in the Dow Plans since the Acquisition Date. Since June 2010, the Dow Plans originally established in those jurisdictions, were gradually legally separated into the Company’s self administered and sponsored plans until the Affiliation Agreements ended on December 31, 2012.

In Switzerland and The Netherlands, all remaining employees of the Company who were previously participants of the Dow Plans transferred to separately administered and sponsored pension plans of the Company effective January 1, 2013 (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 $13.0 million and $1.4 million, respectively in other comprehensive income during the year ended December 31, 2013.

Company employees who were not previously associated with the acquired pension and postretirement plans are generally not eligible for enrollment in these plans. Pension benefits are typically based on length of service and the employee’s final average compensation.

Other Postretirement Benefits

The Company, either through a Company benefit plan or government-mandated benefits, provides certain health care and life insurance benefits applicable primarily to Dow-heritage retired employees in Brazil, The Netherlands, and the U.S.

In the U.S., the plan provides for health care benefits, including hospital, physicians’ services, drug and major medical expense coverage. In general, the plan applies to employees hired by Dow before January 1, 2008 and transferred to the Company in connection with the Acquisition, and who are at least 50 years old with 10 years of service. The plan allows for spouse coverage as well. If an employee was hired on or before January 1, 1993, the coverage extends past age 65. For employees hired after January 1, 1993 but before January 1, 2008, coverage ends at age 65. The Company reserves the right to modify the provisions of the plan at anytime, including the right to terminate, and does not guarantee the continuation of the plan or its provisions.

In Brazil, the Company provides an insured medical benefit to all employees and eligible dependents under Brazil’s healthcare legislation, which grants the right to employees (and their beneficiaries) who have contributed towards the medical plan to extend medical coverage upon retirement or in case of involuntary dismissal. The extended medical plan must include the same level of coverage and other conditions offered to active employees, whereas former employees must assume 100% of the premium cost. Prior to 2014, the Company had not accrued for the postretirement benefits owed under this plan. As a result, for the year ended December 31, 2014, a $2.7 million liability was recorded, which includes an adjustment related to the original purchase price allocation from the Acquisition as a portion of this obligation was assumed from Dow. The impact of this adjustment was a $1.7 million increase to goodwill and $1.0 million of net periodic benefit costs, net of currency remeasurement gains, incurred from the date of the Acquisition through December 31, 2013. The Company does not believe these adjustments are material to the current or any prior period financial statements.

In The Netherlands, the Company provided postretirement medical benefits to Dow-heritage employees who transferred to the Company in connection with the Acquisition. The Company ceased providing these benefits effective January 1, 2015. As a result, the Company recognized approximately $1.5 million of curtailment gain for the year ended December 31, 2014.

Assumptions

The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs are provided below:

	Pension Plan Obligations									Net Periodic Benefit Costs
	December 31,									December 31,
	2014			2013			2012			2014			2013			2012
Discount rate		2.01	%		3.30	%		3.05	%		3.30	%		3.05	%		4.49	%
Rate of increase in future compensation levels		2.71	%		2.86	%		2.69	%		2.86	%		2.69	%		2.64	%
Expected long-term rate of return on plan assets		N/A			N/A			N/A			2.83	%		2.44	%		4.09	%

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The weighted-average assumptions used to determine other postretirement benefit (“OPEB”) obligations and net periodic benefit costs are provided below:

	OPEB Obligations									Net Periodic Benefit Costs
	December 31,									December 31,
	2014			2013			2012			2014			2013			2012
Discount rate		6.40	%		4.72	%		3.93	%		6.69	%		3.93	%		5.08	%
Initial health care cost trend rate		8.05	%		6.67	%		7.00	%		6.67	%		7.00	%		7.33	%
Ultimate health care cost trend rate		5.43	%		5.00	%		5.00	%		5.00	%		5.00	%		5.00	%
Year ultimate trend rate to be reached		2021			2019			2019			2019			2019			2019

The discount rate utilized to measure the pension and other postretirement benefit plans is based on the yield of high-quality fixed income debt instruments at the measurement date. Future expected, actuarially determined cash flows of the plans are matched against a yield curve to arrive at a single discount rate for each plan.

The expected long-term rate of return on plan assets is determined by performing a detailed analysis of key economic and market factors driving historical returns for each asset class and formulating a projected return based on factors in the current environment. Factors considered include, but are not limited to, inflation, real economic growth, interest rate yield, interest rate spreads, and other valuation measures and market metrics. The expected long-term rate of return for each asset class is then weighted based on the strategic asset allocation approved by the governing body for each plan. The historical experience with the pension fund asset performance is also considered.

A one-percentage point change in the assumed health care cost trend rate would have had a nominal effect on both service and interest costs, but would result in an approximate $1.0 million impact to the projected benefit obligation.

The net periodic benefit costs for the pension and other postretirement benefit plans for the years ended December 31, 2014, 2013, and 2012 were as follows:

	Defined Benefit Pension Plans									Other Postretirement Benefit Plans
	December 31,									December 31,
	2014			2013			2012			2014			2013			2012
Net periodic benefit cost
Service cost	$	14,097		$	13,866		$	10,054		$	1,048	(6)	$	283		$	252
Interest cost		7,687			6,482			6,475			1,189	(6)		262			275
Expected return on plan assets		(2,427	)		(1,710	)		(2,251	)		—			—			—
Amortization of prior service cost (credit)		(1,002	)		(989	)		142			102			—			—
Amortization of net (gain) loss		2,557			3,093			(630	)		(45	)(6)		—			(9	)
Settlement and curtailment (gain) loss		1,517	(1)		2,122	(2)		(247	)		(1,507	)(3)		—			—
Net periodic benefit cost (income)	$	22,429		$	22,864		$	13,543		$	787		$	545		$	518
Amounts recognized in other comprehensive income (loss)
Net loss (gain)	$	56,318		$	6,170		$	65,303		$	1,263	(6)	$	(1,354	)	$	677
Amortization of prior service (cost) credit		1,002			989			(142	)		(102	)		—			—
Amortization of net gain (loss)		(2,557	)		(3,093	)		630			45	(6)		—			9
Settlement and curtailment gain (loss)		(1,517	)		(2,122	)		247			(242	)		—			—
Prior service cost (credit)		(12,706	)(4)		(12,992	)(5)		—			—			730			—
Total recognized in other comprehensive income (loss)		40,540			(11,048	)		66,038			964			(624	)		686
Net periodic benefit cost (income)		22,429			22,864			13,543			787			545			518
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	62,969		$	11,816		$	79,581		$	1,751		$	(79	)	$	1,204

(1) This amount represents settlement losses from one of the Company’s defined benefit plans in Switzerland due to the termination of certain employees during the year, which resulted in a loss recognized in the year ended December 31, 2014 due to a charge against the unamortized net loss recorded in other comprehensive income.

(2) This amount represents a curtailment loss from one of the Company’s defined benefit plans in Germany due to the reduction or cessation of benefit accruals for certain employees’ future services. The adjustment in the benefit obligation from the curtailment resulted in a loss recognized during the year ended December 31, 2013 due to a charge against the unamortized net loss recorded in other comprehensive income.

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(3) This amount represents a curtailment gain from the Company’s other postretirement benefit plan in The Netherlands, due to the cessation of retiree medical benefit accruals effective January 1, 2015.

(4) This adjustment was made to the Company’s pension plan in The Netherlands to reflect the introduction of a salary cap and lower accrual rate on pension benefits as a result of tax law changes effective January 1, 2015. The impact of the change resulted in an adjustment to prior service credit in other comprehensive income as of December 31, 2014, which will be amortized to net periodic benefit cost over the estimated remaining service period of the employees.

(5) This is primarily related to the transfer of all remaining employees who were previously participants in the Dow Plans in Switzerland and The Netherlands to Company Successor Plans effective January 1, 2013, as discussed above.

(6) These amounts include the prior period net periodic cost and other comprehensive income components of the postretirement benefits in Brazil recognized during 2014, as discussed above.

The changes in the pension benefit obligations and the fair value of plan assets and the funded status of all significant plans for the year ended December 31, 2014 and 2013 were as follows:

	Defined Benefit Pension Plans						Other Postretirement Benefit Plans
	December 31,						December 31,
	2014			2013			2014			2013
Change in projected benefit obligations
Benefit obligation at beginning of period	$	237,914		$	231,437		$	6,660		$	6,666
Service cost		14,097			13,866			1,048			283
Interest cost		7,687			6,482			1,189			262
Plan participants’ contributions		2,385			1,831			—			—
Actuarial changes in assumptions and experience		72,470			(10,376	)		1,263			(1,354	)
Benefits paid		(900	)		(3,362	)		—			—
Benefit payments by employer		(1,428	)		(1,367	)		—			—
Acquisitions/Divestiture		—			(333	)		1,679	(7)		—
Plan amendments		(12,706	)		(12,992	)		—			730
Curtailments		—			2,124			(1,743	)		—
Settlements		(6,783	)		(1,633	)		—			—
Other		614			4,576			—			—
Currency impact		(33,259	)		7,661			(1,019	)		73
Benefit obligation at end of period	$	280,091		$	237,914		$	9,077		$	6,660
Change in plan assets
Fair value of plan assets at beginning of period	$	81,347		$	72,350		$	—		$	—
Actual return on plan assets(8)		18,580			(12,713	)		—			—
Settlements		(6,783	)		(1,633	)		—			—
Employer contributions		9,446			17,665			—			—
Plan participants’ contributions		2,385			1,831			—			—
Benefits paid		(2,239	)		(3,609	)		—			—
Other		614			4,576			—			—
Currency impact		(10,780	)		2,880			—			—
Fair value of plan assets at end of period		92,570			81,347			—			—
Funded status at end of period	$	(187,521	)	$	(156,567	)	$	(9,077	)	$	(6,660	)

(7) The amount represents an adjustment to the original purchase price allocation from the Acquisition as a portion of the postretirement benefits obligation recorded in Brazil was assumed from Dow.

(8) The fair values of certain plan assets as of December 31, 2014 and 2013 were determined using cash surrender values provided under the insurance contracts which took effect on January 1, 2013. The resulting change in the fair value of plan assets due to the use of cash surrender values was included as “return on plan assets”.

F-31

The net amounts recognized in the balance sheet as of December 31, 2014 and 2013 were as follows:

	Defined Benefit Pension Plans						Other Postretirement Benefit Plans
	December 31,						December 31,
	2014			2013			2014			2013
Net amounts recognized in the balance sheets at December 31
Current liabilities	$	(1,604	)	$	(1,599	)	$	(70	)	$	(26	)
Noncurrent liabilities		(185,917	)		(154,968	)		(9,007	)		(6,634	)
Net amounts recognized in the balance sheet	$	(187,521	)	$	(156,567	)	$	(9,077	)	$	(6,660	)
Accumulated benefit obligation at the end of the period	$	220,277		$	178,987		$	9,077		$	6,660
Pretax amounts recognized in AOCI at December 31:
Net prior service cost (credit)	$	(21,386	)	$	(9,682	)	$	628		$	730
Net gain (loss)		97,127			44,883			(266	)		(1,332	)
Total at end of period	$	75,741		$	35,201		$	362		$	(602	)

Approximately $5.7 million and $1.7 million of net loss and net prior service credit, respectively, for the defined benefit pension plans and $0.1 million of net prior service cost, respectively, for other postretirement benefit plans will be amortized from accumulated other comprehensive income (“AOCI”) to net periodic benefit cost in 2015.

The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table:

	2015		2016		2017		2018		2019		2020 through 2024		Total
Defined benefit pension plans	$	3,635	$	4,193	$	4,402	$	4,819	$	4,786	$	35,747	$	57,582
Other postretirement benefit plans		72		105		145		195		260		2,652		3,429
Total	$	3,707	$	4,298	$	4,547	$	5,014	$	5,046	$	38,399	$	61,011

Estimated contributions to the defined benefit pension plans in 2015 are $12.2 million.

The following information relates to pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at December 31, 2014 and December 31, 2013:

Projected Benefit Obligation Exceeds the Fair Value of Plan Assets	December 31,
	2014		2013
Projected benefit obligations	$	280,091	$	237,914
Fair value of plan assets	$	92,570	$	81,347

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Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets	December 31,
	2014		2013
Accumulated benefit obligations	$	177,496	$	152,056
Fair value of plan assets	$	44,382	$	50,004

Plan Assets

Prior to 2013, plan assets specific to the Dow Plans consisted primarily of receivables from Dow, which were based on a contractually determined proportion of Dow’s plan assets. Dow’s underlying plan assets consisted of equity and fixed income securities of U.S. and foreign issuers and insurance contracts, and may have included alternative investments such as real estate and private equity. Effective January 1, 2013, all remaining employees of the Company who were previously participating in Dow Plans were transferred to the Successor Plans. The related assets were also transferred to the Successor Plans and invested into insurance contracts that provide for guaranteed returns. As of December 31, 2014 and 2013, respectively, plan assets totaled $92.6 million and $81.3 million, consisting of investments in insurance contracts.

Investments in the pension plan insurance were valued utilizing unobservable inputs, which are contractually determined based on cash surrender values, returns, fees, and the present value of the future cash flows of the contracts.

Insurance contracts and Dow receivables (in 2013) are classified as Level 3 investments. Changes in the fair value of these
level 3 investments during the years ended December 31, 2014 and 2013 are included in the “Change in plan assets” table above.

Concentration of Risk

The Company mitigates the credit risk of investments by establishing guidelines with investment managers that limit investment in any single issue or issuer to an amount that is not material to the portfolio being managed. These guidelines are monitored for compliance both by the Company and external managers. Credit risk related to derivative activity is mitigated by utilizing multiple counterparties and through collateral support agreements.

Supplemental Employee Retirement Plan

The Company established a non-qualified supplemental employee retirement plan in 2010. The net benefit costs recognized for the years ended December 31, 2014, 2013, and 2012 were $1.3 million, $2.3 million, and $2.6 million, respectively. As of December 31, 2012, the Company had a change in the plan assumptions, which resulted in an actuarial loss of approximately $2.2 million, net of tax of $1.4 million. The amount was recognized in the other comprehensive income. There were no further significant changes in plan assumptions as of December 31, 2014. Benefit obligations under this plan were $13.2 million and $12.7 million as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, the amounts of net loss included in AOCI were $2.0 million and $2.9 million, respectively, with $0.8 million and $0.7 million amortized from AOCI into net periodic benefit costs during the years ended December 31, 2014 and 2013, respectively. Approximately $0.8 million is expected to be amortized from AOCI into net periodic benefit cost in 2015.

Based on the Company’s current estimates, the estimated future benefit payments under this plan, reflecting expected future service, as appropriate, are presented in the following table:

	2015		2016		2017		2018		2019		Thereafter		Total
Supplemental employee retirement plan	$	—	$	—	$	13,562	$	—	$	—	$	—	$	13,562

Defined Contribution Plans

The Company also offers defined contribution plans to eligible employees in the U.S. and in other countries, including Australia, China, Brazil, Hong Kong, Korea, The Netherlands, Taiwan and the United Kingdom. The defined contribution plans are comprised of a non-discretionary elective matching contribution component as well as a discretionary non-elective contribution component. Employees participate in the non-discretionary component by contributing a portion of their eligible compensation to the plan, which is partially matched by the Company. Non-elective contributions are made at the discretion of the Company and are based on a combination of eligible employee compensation and performance award targets. For the years ended December 31, 2014, 2013, and 2012, respectively, the Company contributed $6.8 million, $6.3 million, and $7.0 million to the defined contribution plans.

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NOTE 17—STOCK-BASED COMPENSATION

Restricted Stock Awards issued by the Parent

On June 17, 2010, 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 restricted stock awards will be issued by the Parent on behalf of the Company.

Time-based Restricted Stock Awards

The time-based restricted stock awards issued by the Parent contain a service-based condition that requires continued employment with the Company. Generally, these awards vest over three to five years of service, with a portion (20% to 40%) cliff vesting after the first one or two years. The remaining portion of the awards vest ratably over the subsequent service period, subject to the participant’s continued employment with the Company, and vest automatically upon a change in control of the Company, excluding a change in control related to an IPO. Should a participant’s termination occur within a defined timeframe due to death or permanent disability, a termination of the participant by the Company or one of its subsidiaries without cause, or the participant’s voluntary resignation for good reason, the portion of awards that are subject to time-based vesting that would have vested on the next regular vesting date will accelerate and vest on a pro rata basis, based on the number of full months between the last regular vesting date and the termination date.

The Parent has a call right that gives it the option, but not the obligation, to repurchase vested stock at the then current fair value upon an employee’s termination, or at cost in certain circumstances. During the year-ended December 31, 2013, as the result of certain employee terminations, the Parent repurchased a total of 3,372 previously vested time-based restricted stock awards at cost, resulting in a $0.9 million favorable adjustment to stock-based compensation expense. No such events occurred in 2014 or 2012.

Total compensation expense for time-based restricted stock awards was $7.0 million, $8.3 million, and $4.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. Compensation expense recognized for the year ended December 31, 2012 includes certain adjustments, which resulted in a reduction of expense of approximately $2.5 million. The adjustments relate to the correction of prior period grant date fair values of time-based and performance-based restricted stock awards and the correction of prior period grant service based stock award vesting periods. The Company does not believe these adjustments were material to the 2012 or previous period financial statements.

As of December 31, 2014, there was $4.9 million of total unrecognized compensation cost related to time-based restricted stock awards, which is expected to be recognized over a weighted-average period of 2.5 years.

The following table summarizes the activity in the Parent’s time-based restricted stock awards during the year ended December 31, 2014:

Time-based restricted stock	Shares			Weighted-Average Grant Date Fair Value per Share
Unvested, December 31, 2013		131,190		$	164.97
Granted		—			—
Vested		(66,143	)		163.03
Forfeited		(2,499	)		135.21
Unvested, December 31, 2014		62,548		$	172.64

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The following table summarizes the weighted-average grant date fair value per share of time-based restricted stock awards granted during the years ended December 31, 2014, 2013, and 2012, as well as the total fair value of awards vested during those periods:

	Time-Based Restricted Stock
	Weighted-Average Grant Date Fair Value per Share of Grants during Period			Total Fair Value of Awards Vested during Period
Year Ended December 31, 2014		N/A	(1)	$	10,783
Year Ended December 31, 2013	$	155.40		$	6,795
Year Ended December 31, 2012	$	204.32		$	9,100

(1) There were no grants of time-based restricted stock awards by the Parent during the year-ended December 31, 2014.

Modified Time-based Restricted Stock Awards

In periods prior to June 2014, 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 awards generally vested in the same manner as the related time-based award. Prior to the Company’s IPO in June 2014, the Company had 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.

On June 10, 2014, prior to the completion of the Company’s IPO, 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 the Company 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 began recognizing compensation expense on these awards based on the vesting described above. Total compensation expense recognized for modified time-based restricted stock awards was $2.5 million for the year ended December 31, 2014.

As of December 31, 2014, there was $9.3 million of total unrecognized compensation cost related to modified time-based restricted stock awards, which is expected to be recognized over a weighted-average period of 2.6 years.

The following table summarizes the activity in the Parent’s modified time-based restricted stock awards during the year ended December 31, 2014:

Modified time-based restricted stock	Shares			Weighted-Average Grant Date Fair Value per Share
Unvested, December 31, 2013		118,123		$	131.83
Granted*		—			—
Vested*		—			—
Forfeited*		(10,068	)		97.45
Unvested, June 10, 2014*		108,055		$	115.30
Granted		—			—
Vested		(775	)		115.30
Forfeited		—			—
Unvested, December 31, 2014		107,280		$	115.30

* Represents activity and balances during the current year prior to the June 2014 modification discussed above. Note that the fair value of all unvested awards was adjusted to reflect the updated fair value per share upon modification.

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The following table summarizes the weighted-average grant date fair value per share of modified time-based restricted stock awards (named performance-based awards, prior to June 2014 modification) granted during the years ended December 31, 2014, 2013, and 2012, as well as the total fair value of awards vested during those periods:

	Modified Time-Based Restricted Stock
	Weighted-Average Grant Date Fair Value per Share of Grants during Period			Total Fair Value of Awards Vested during Period
Year Ended December 31, 2014		N/A	(1)	$	—
Year Ended December 31, 2013	$	114.50		$	—
Year Ended December 31, 2012	$	170.43		$	—

(1) There were no grants of performance-based restricted stock awards (or modified time-based restricted stock awards) by the Parent during the year-ended December 31, 2014.

Fair Value Assumptions for Restricted Stock Award Grants

There were no grants by the Parent of time-based, performance-based, or modified time-based restricted stock awards during the year-ended December 31, 2014. However, as a result of the above-described June 2014 modification, the fair value of all modified time-based restricted stock awards was calculated as of the modification date. The fair values of time-based, modified time-based, and performance-based restricted stock awards (in prior years) were estimated on the date of grant using a combination of a call option and digital option model that uses assumptions about expected volatility, risk-free interest rates, the expected term, and dividend yield. In prior year valuations, the expected term for performance-based awards considered management’s probability-weighted estimate of the expected time until a change in control or IPO as well as the time until a performance condition would be met. The expected term for time-based and modified time-based awards considered both the service conditions of vesting of the awards, as well as management’s probability-weighted estimate of the expected liquidity horizon. The expected volatilities were based on a combination of implied and historical volatilities of a peer group of companies, as the Company was a non-publicly traded company prior to the IPO. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the awards. The expected dividend yield was based on an assumption that no dividends are expected to be approved in the near future.

The following are the weighted average assumptions used for grants during the years ended December 31, 2013, and 2012, respectively, and for valuation of the modified time-based awards in June 2014:

	Year Ended December 31,
	2014			2013			2012
Dividend yield		0.00	%		0.00	%		0.00	%
Expected volatility		65.0	%		73.25	%		75.71	%
Risk-free interest rate		1.54	%		0.52	%		0.58	%
Expected term (in years) for performance-based shares		N/A			3.85			3.85
Expected term (in years) for time-based and modified time-based shares		4.50			9.21			10.32

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.

In connection with the IPO, two of the Company’s newly appointed independent directors (Messrs. Cote and De Leener) each received a grant of 4,736 restricted stock units, respectively, under the 2014 Omnibus Plan each with a grant date fair value of $0.1 million. These awards 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. Total compensation expense for these restricted stock units was $0.1 million for the year ended December 31, 2014.

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Shareholder distribution and share redemption

On February 3, 2011, the Company used a portion of the proceeds from the 2011 Term Loans to pay a distribution to the shareholders of the Parent, including investment funds advised or managed by Bain Capital, Dow and certain executives, through the redemption of certain classes of the Parent’s shares. The shares redeemed included a portion of the outstanding unvested time-based and performance-based restricted stock awards as well as a portion of the issued and outstanding restricted stock.

For certain employees, a portion or all of this distribution attributable to unvested time-based and performance-based restricted awards was withheld and put in escrow, to be paid out two years from the employees’ date of hire, subject to the participant’s continued employment with the Company. The amounts held in escrow vest ratably over the two year period of time after the employee’s hire date. At the date of the redemption, the Parent recorded a liability to reflect the amount held in escrow each employee had already vested in as of the date of the redemption. Compensation expense on the unvested amount of the distribution withheld in escrow was recognized ratably over the remaining service period from the time of the redemption. Total compensation expense for these liability awards was less than $0.1 million, and $0.9 million for the years ended December 31, 2013, and 2012, respectively. As of December 31, 2013, there was no remaining unrecognized compensation cost related to these liability awards, and therefore, no amounts were recognized for the year ended December 31, 2014.

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 $0.9 million, $1.4 million, and $2.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, there was $0.4 million in unrecognized compensation cost related to these retention awards, which is expected to be recognized over a period of 1.1 years.

Parent Company Restricted Stock Sales

During the year ended December 31, 2013, the Parent sold 779 shares of non-transferable restricted stock to certain employees, all of which were sold at a purchase price less than the fair value of the Parent’s common stock. As a result, during the year ended December 31, 2013, the Company recorded compensation expense of approximately $0.2 million related to these restricted stock sales. There were no restricted stock sales during the years ended December 31, 2014 and 2012. The restricted stock may not be transferred without the Parent’s consent except for a sale to the Parent or its investors in connection with a termination or on an IPO or other liquidation event.

Summary of Stock-based Compensation Expense

The amount of stock-based compensation expense recorded within “Selling, general and administrative expenses” in the consolidated statements of operations for the years ended December 31, 2014, 2013, and 2012, respectively, was as follows:

	Year Ended December 31,
	2014		2013		2012
Time-based Restricted Stock Awards	$	7,037	$	8,346	$	4,192
Modified Time-based Restricted Stock Awards		2,469		—		—
Restricted Stock Units- under 2014 Omnibus Plan		100		—		—
Liability awards		50		46		861
Management Retention Awards		896		1,416		2,275
Parent Company Restricted Stock Sales		—		171		—
Total stock-based compensation expense	$	10,552	$	9,979	$	7,328

NOTE 18—RELATED PARTY AND DOW TRANSACTIONS

In conjunction with the Acquisition, the Company entered into certain agreements with Dow, including a five-year Master Outsourcing Services Agreement (“MOSA”) and certain Site and Operating Service Agreements. The MOSA provides for ongoing services from Dow in areas such as information technology, human resources, finance, environmental health and safety, training, supply chain and purchasing. Effective June 1, 2013, the Company entered into a Second Amended and Restated Master Outsourcing Services Agreement (“SAR MOSA”). The SAR MOSA replaces, modifies and extends the earlier MOSA, extending the term through December 31, 2020 and which automatically renews for two year periods unless either party provides six months’ notice of non-

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renewal to the other party. The services provided pursuant to the SAR MOSA generally are priced per function, and the Company has the ability to terminate the services or any portion thereof, for convenience any time after June 1, 2015, subject to payment of termination charges. Services which are “highly integrated” follow a different process for evaluation and termination. In addition, either party may terminate for cause, which includes a bankruptcy, liquidation or similar proceeding by the other party, for material breach which is not cured, or by Dow in the event of our failure to pay for the services thereunder. In the event of a change of control, as defined in the agreement, Dow has the right to terminate the SAR MOSA. As of December 31, 2014, the estimated minimum contractual obligations under the SAR MOSA, excluding the impacts of inflation, are $20.0 million through June 2015 and $32.0 million thereafter.

In addition, the Company entered into certain Site and Operating Service Agreements. Under the Site Services Agreements (“SSAs”), Dow provides the Company utilities and other site services for Company-owned plants. Under the Operating Services agreements the Company provides services to Dow and receives payments for the operation of a Dow-owned plant. Similar to the above SAR MOSA, effective June 1, 2013, the Company entered into Second Amended and Restated Site Services Agreements (“SAR SSAs”). The SAR SSAs replace, modify and extend the original SSAs. These agreements generally have 25-year terms, with options to renew. These agreements may be terminated at any time by agreement of the parties, or, by either party, for cause, including a bankruptcy, liquidation or similar proceeding by the other party, or under certain circumstances for a material breach which is not cured. In addition, the Company may terminate for convenience any services that Dow has agreed to provide that are identified in any site services agreement as “terminable” with 12 months prior notice to Dow, dependent upon whether the service is highly integrated into Dow operations. Highly integrated services are agreed to be nonterminable. With respect to “nonterminable” services that Dow has agreed to provide to the Company, such as electricity and steam, the Company generally cannot terminate such services prior to the termination date unless the Company experiences a production unit shut down for which Dow is provided with 15-months prior notice, or upon payment of a shutdown fee. Upon expiration or termination, the Company would be obligated to pay a monthly fee to Dow, which obligation extends for a period of 45 (in the case of expiration) to 60 months (in the case of termination) following the respective event of each site services agreement. The agreements under which Dow receives services from the Company may be terminated under the same circumstances and conditions.

For the years ended December 31, 2014, 2013 and 2012, the Company incurred a total of $282.5 million, $303.2 million and $317.6 million in expenses under these agreements, respectively, including $233.7 million, $235.1 million and $214.5 million, for both the variable and fixed cost components of the Site Service Agreements, respectively, and $48.8 million, $68.1 million and $103.1 million covering all other agreements, respectively.

In connection with the Acquisition, 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 (income), net” in the consolidated statements of operations for the year ended December 31, 2014.

In addition, the Company has transactions in the normal course of business with Dow and its affiliates. For the years ended December 31, 2014, 2013, and 2012, sales to Dow and its affiliated companies were approximately $343.8 million, $294.7 million and $311.4 million, respectively. For the years ended December 31, 2014, 2013, and 2012, purchases (including MOSA and SSA services) from Dow and its affiliated companies were approximately $2,196.0 million, $2,336.5 million and $2,654.7 million, respectively.

As of December 31, 2014 and 2013, receivables from Dow and its affiliated companies were approximately $18.7 million and $31.6 million, respectively, and are included in “Accounts receivable, net of allowance” in the consolidated balance sheets. As of December 31, 2014 and 2013, payables to Dow and its affiliated companies were approximately $156.9 million and $218.9 million, respectively, and are included in “Accounts payable” in the consolidated balance sheet.

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. 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 consolidated statement of operations for the year ended December 31, 2014. Bain Capital will continue to provide an immaterial level of ad hoc advisory services for the Company going forward. In conjunction with the above, we paid Bain Capital fees (including out-of-pocket expenses) of $2.4 million, $4.7 million, and $4.6 million for the years ended December 31, 2014, 2013, and 2012, respectively (excluding the termination fees noted above).

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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” in the consolidated balance sheets as of December 31, 2014 (see Note 12). 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 consolidated balance sheet (see Note 10 for further discussion).

Total fees incurred from Bain Capital for these management and transaction advisory services, including fees related to the Acquisition and the Company’s financing arrangements, were $27.9 million, $18.6 million, and $4.6 million, respectively, for the years ended December 31, 2014, 2013, and 2012.

NOTE 19—SEGMENTS

Until January 1, 2015, the chief executive officer, who is the Company’s chief operating decision maker, managed the Company’s operations under two divisions, Emulsion Polymers and Plastics, which included the following four reporting segments: Latex, Synthetic Rubber, Styrenics, and Engineered Polymers.

Effective January 1, 2015, the Company was reorganized under two new divisions called Performance Materials and Basic Plastics & Feedstocks. The Performance Materials division now includes the following reporting segments: Synthetic Rubber, Latex, and Performance Plastics. The Basic Plastics & Feedstocks division represents a separate segment for financial reporting purposes. This new organizational structure better reflects the nature of the Company by grouping together segments with similar strategies, business drivers and operating characteristics.

The information below for the years ended December 31, 2014, 2013, and 2012 have been retroactively adjusted to reflect this change in reporting segments.

The Latex segment produces SB latex primarily for coated paper and packaging board, carpet and artificial turf backings, as well as a number of performance latex applications. The Synthetic Rubber segment produces synthetic rubber products used predominantly in tires, with additional applications in polymer modification and technical rubber goods, including conveyer and fan belts, hoses, seals and gaskets. The Performance Plastics segment produces highly engineered compounds and blends for automotive end markets, as well as consumer electronics, medical, and lighting, collectively consumer essential markets, or CEM. The Basic Plastics & Feedstocks segment includes styrenic polymers, polycarbonate, or PC, and styrene monomer, and also includes the results of the Company’s two 50%-owned joint ventures, AmSty and Sumika Styron.

	Performance Materials
For the year ended	Latex		Synthetic Rubber		Performance Plastics		Basic Plastics & Feedstocks		Corporate Unallocated		Total
December 31, 2014
Sales to external customers	$	1,261,137	$	633,983	$	821,053	$	2,411,788	$	—	$	5,127,961
Equity in earnings (losses) of unconsolidated affiliates		—		—		—		47,749		—		47,749
EBITDA(1)		93,962		136,985		69,350		23,900
Investment in unconsolidated affiliates		—		—		—		167,658		—		167,658
Depreciation and amortization		26,954		32,900		5,602		34,205		4,045		103,706
December 31, 2013
Sales to external customers	$	1,341,424	$	622,059	$	807,578	$	2,536,353	$	—	$	5,307,414
Equity in earnings (losses) of unconsolidated affiliates		—		—		—		39,138		—		39,138
EBITDA(1)		95,398		113,459		61,703		89,963
Investment in unconsolidated affiliates		—		—		—		155,887		—		155,887
Depreciation and amortization		26,092		28,937		5,009		31,322		3,836		95,196
December 31, 2012
Sales to external customers	$	1,545,064	$	701,962	$	839,243	$	2,365,640	$	—	$	5,451,909
Equity in earnings of unconsolidated affiliates		—		—		—		27,140		—		27,140
EBITDA(1)		125,473		111,051		69,538		44,912
Investment in unconsolidated affiliates		—		—		—		140,304		—		140,304
Depreciation and amortization		27,037		18,080		5,342		32,212		2,933		85,604

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

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	Year Ended December 31,
	2014			2013			2012
Total segment EBITDA	$	324,197		$	360,523		$	350,974
Corporate unallocated		(143,181	)		(133,658	)		(107,557	)
Less: Interest expense, net		124,923			132,038			109,971
Less: Provision for income taxes		19,719			21,849			17,560
Less: Depreciation and amortization		103,706			95,196			85,604
Net income (loss)	$	(67,332	)	$	(22,218	)	$	30,282

Corporate unallocated includes 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 analytical purposes; however, it should not be considered an alternative to the Company’s reported GAAP results, as there are limitations in using such financial measures. Other companies in the industry may define EBITDA differently than the Company, and as a result, it may be difficult to use EBITDA, or similarly-named financial measures, that other companies may use to compare the performance of those companies to the Company’s performance.

Asset and capital expenditure information is not accounted for at the segment level and consequently is not reviewed or included with the Company’s internal management reporting. Therefore, the Company has not disclosed asset and capital expenditure information for each reportable segment.

The Company operates 34 manufacturing plants (which include a total of 81 production units) at 26 sites in 14 countries, inclusive of joint ventures and contract manufacturers. Sales are attributed to geographic areas based on the location where sales originated; long-lived assets are attributed to geographic areas based on asset location.

	Year Ended December 31,
	2014		2013		2012
United States
Sales to external customers	$	663,425	$	665,801	$	683,570
Long-lived assets		65,329		73,932		84,992
Europe
Sales to external customers	$	3,066,581	$	3,186,659	$	3,324,064
Long-lived assets		383,311		431,494		449,834
Asia-Pacific
Sales to external customers	$	1,196,163	$	1,214,093	$	1,200,747
Long-lived assets		99,654		92,691		91,885
Rest of World
Sales to external customers	$	201,792	$	240,861	$	243,528
Long-lived assets		8,403		8,310		6,561
Total
Sales to external customers(1)	$	5,127,961	$	5,307,414	$	5,451,909
Long-lived assets(2)(3)		556,697		606,427		633,272

(1) Sales to external customers in China represented approximately 8%, 8% and 8% of the total for the years ended December 31, 2014, 2013, and 2012, respectively. Sales to external customers in Germany represented approximately 12%, 11% and 10% of the total for the years ended December 31, 2014, 2013, and 2012, respectively. Sales to external customers in Hong Kong represented approximately 11%, 10% and 9% of the total for the years ended December 31, 2014, 2013, and 2012, respectively.

(2) Long-lived assets in China represented approximately 6%, 4%, and 4% of the total for the years ended December 31, 2014, 2013, and 2012, respectively. Long-lived assets in Germany represented approximately 43%, 44%, and 45% of the total for the years ended December 31, 2014, 2013, and 2012, respectively. Long-lived assets in The Netherlands represented approximately 13%, 13%, and 13% of the total for the years ended December 31, 2014, 2013, and 2012, respectively.

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(3) Long-lived assets consist of property, plant and equipment, net.

NOTE 20—RESTRUCTURING

2012 Global Restructuring Program

In February 2012, the Company announced an organizational restructuring program that included changes to many employees’ roles and elimination of approximately 90 roles globally. This restructuring was driven by the business organization, as well as the need to further reduce costs due to the challenging economic outlook in 2012. As a result of this and other employee separations during 2012, the Company recorded special termination benefit charges of approximately $7.5 million for the year ended December 31, 2012 within Corporate unallocated. These restructuring charges were included in “Selling, general and administrative expenses” in the consolidated statements of operations. No additional charges have been incurred in conjunction with these initiatives, and there are no amounts accrued as of December 31, 2014 and 2013.

Restructuring in Polycarbonate

During the second quarter of 2014, the Company announced a restructuring within its Basic Plastics & Feedstocks segment to exit the commodity market for polycarbonate in North America and to terminate existing arrangements with Dow regarding manufacturing services for the Company at Dow’s Freeport, Texas facility (the “Freeport facility”). The Company also entered into a new long-term supply contract with a third party to supply polycarbonate in North America. These revised arrangements became operational in the fourth quarter of 2014. In addition, the Company has executed revised supply contracts for certain raw materials that are processed at its polycarbonate manufacturing facility in Stade, Germany, which took effect January 1, 2015. These revised agreements are expected to facilitate improvements in future results of operations for the Basic Plastics & Feedstocks segment. Production at the Freeport facility ceased as of September 30, 2014, and decommissioning and demolition began thereafter and is expected to be completed in 2015.

For the year ended December 31, 2014, the Company recorded restructuring charges of $3.5 million relating to the accelerated depreciation of the related assets at the Freeport facility and $6.6 million in charges for the reimbursement of decommissioning and demolition costs incurred by Dow (of which $4.2 million remained accrued within “Accounts payable” on the consolidated balance sheet as of December 31, 2014). These charges were included in “Selling, general and administrative expenses” in the consolidated statements of operations, and were allocated entirely to the Basic Plastics & Feedstocks segment. In accordance with the relevant termination agreement, these reimbursement costs to Dow are not to exceed $7.0 million in total.

Altona Plant Shutdown

In July 2013, the Company’s board of directors approved the plan to close the Company’s latex manufacturing facility in Altona, Australia. This restructuring plan was a strategic business decision to improve the results of the overall Latex segment. The facility manufactured SB latex used in the carpet and paper markets. Production at the facility ceased in the third quarter of 2013, followed by decommissioning, with demolition throughout most of 2014.

As a result of the plant closure, the Company recorded restructuring charges of $10.8 million for the year ended December 31, 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 year ended December 31, 2014, the Company recorded additional net restructuring charges of approximately $2.8 million, related primarily to incremental employee termination benefit charges, contract termination charges, and decommissioning costs. These charges were included in “Selling, general and administrative expenses” in the consolidated statements of operations, and were allocated entirely to the Latex segment. Of the remaining balance at December 31, 2014, $1.2 million is recorded in “Accrued expenses and other current liabilities” and $0.9 million is recorded in “Other noncurrent liabilities” in the consolidated balance sheet.

F-41

The following tables provide a rollforward of the liability balances associated with the Altona plant shutdown for the years ended December 31, 2013 and 2014, respectively:

	Balance at December 31, 2013		Expenses		Deductions(1)			Balance at December 31, 2014
Employee termination benefit charges	$	1,408	$	302	$	(1,710	)	$	—
Contract termination charges		3,388		1,409		(2,669	)		2,128
Other(2)		26		1,277		(1,303	)		—
Total	$	4,822	$	2,988	$	(5,682	)	$	2,128

	Balance at December 31, 2012		Expenses		Deductions(1)			Balance at December 31, 2013
Employee termination benefit charges	$	—	$	2,589	$	(1,181	)	$	1,408
Contract termination charges		—		3,934		(546	)		3,388
Other(2)		—		215		(189	)		26
Total	$	—	$	6,738	$	(1,916	)	$	4,822

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

(2) Includes demolition and decommissioning charges incurred, primarily related to labor and third party service costs.

NOTE 21—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
Balance at December 31, 2011	$	38,935		$	14,253		$	53,188
Other comprehensive income (loss)		23,872			(52,487	)		(28,615	)
Balance at December 31, 2012		62,807			(38,234	)		24,573
Other comprehensive income (loss)		53,339			10,466			63,805
Balance at December 31, 2013		116,146			(27,768	)		88,378
Other comprehensive income (loss)		(133,901	)		(29,694	)		(163,595	)
Balance at December 31, 2014	$	(17,755	)	$	(57,462	)	$	(75,217	)

NOTE 22—EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share (“basic EPS”) is computed by dividing net income (loss) available to common shareholders by the weighted average number of the Company’s common shares outstanding for the applicable period. Diluted earnings (loss) per share (“diluted EPS”) is calculated using net income (loss) available to common shareholders divided by diluted weighted-average shares of common shares outstanding during each period, which includes unvested 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 years ended December 31, 2014, 2013 and 2012, 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 12.

F-42

	Year Ended December 31,
(in thousands, except per share data)	2014			2013			2012
Earnings (losses):
Net income (loss) available to common shareholders	$	(67,332	)	$	(22,218	)	$	30,282
Shares:
Weighted average common shares outstanding		43,476			37,270			16,123
Dilutive effect of restricted stock units*		—			—			—
Diluted weighted average shares outstanding		43,476			37,270			16,123
Income (loss) per share:
Income (loss) per share—basic and diluted	$	(1.55	)	$	(0.60	)	$	1.88

* Refer to Note 17 for discussion of restricted stock units granted in June 2014 to certain Company directors. As net loss was reported for the year ended December 31, 2014, potentially dilutive awards have not been included within the calculation of diluted EPS, as they would have an anti-dilutive effect.

NOTE 23—SELECTED QUARTERLY FINANCIAL DATA (Unaudited)

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2014
Net sales	$	1,359,132		$	1,340,935		$	1,305,493		$	1,122,401
Gross profit		98,629			92,410			68,236			38,046
Equity in earnings of unconsolidated affiliates		14,950			5,378			9,267			18,154
Operating Income		63,549			23,580	(1)		29,390			(4,035	)
Income (loss) before income taxes		29,836			(39,171	)(1)		(6,460	)(2)		(31,818	)
Net income (loss)		17,086			(44,621	)(1)		(10,110	)(2)		(29,687	)
Income (loss) per share- basic and diluted	$	0.46		$	(1.15	)(1)	$	(0.21	)(2)	$	(0.61	)
2013
Net sales	$	1,391,585		$	1,361,759		$	1,308,959		$	1,245,111
Gross profit		80,803			65,509			96,517			115,181
Equity in earnings of unconsolidated affiliates		2,799			8,929			15,215			12,195
Operating Income		37,142			19,664			57,960			65,524
Income (loss) before income taxes		(9,778	)(3)		(25,914	)		10,937			24,386
Net income (loss)		(9,678	)(3)		(28,064	)		4,936			10,588
Income (loss) per share- basic and diluted	$	(0.26	)(3)	$	(0.75	)	$	0.13		$	0.28

(1) Includes a charge of $23.3 million for fees paid to Bain Capital incurred in connection with the termination of the Advisory Agreement, pursuant to its terms, upon consummation of the Company’s IPO in June 2014. Also includes a one-time $32.5 million termination payment made to Dow in connection with the termination of our Latex JV Option Agreement. See Note 18 to the consolidated financial statements for further discussion of these items.

(2) Includes $7.4 million loss on extinguishment of debt related to the July 2014 redemption of $132.5 million in aggregate principal amount of the Senior Notes.

(3) Includes $20.7 million loss on extinguishment of debt related to the January 2013 amendment of our Senior Secured Credit Facility and repayment of Term Loans.

NOTE 24—SUBSEQUENT EVENTS

The Company has evaluated significant events and transactions that occurred after the balance sheet date through the date of this report and determined that there were no events or transactions that would require recognition or disclosure in our consolidated financial statements for the period ended December 31, 2014.

F-43

NOTE 25—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 December 31, 2014 and December 31, 2013;

• the Condensed Consolidating Statements of Comprehensive Income (Loss) for the years ended December 31, 2014, 2013 and 2012; and

• the Condensed Consolidating Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012.

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 our 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 Consolidated Financial Statements presented and other notes related thereto contained within this Annual Report.

F-44

SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET

(In thousands)

	December 31, 2014
	Parent Guarantor		Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	904	$	2,653	$	166,106	$	51,123	$	—		$	220,786
Accounts receivable, net of allowance		—		62		207,465		393,539		—			601,066
Intercompany receivables		55		493,090		1,369,837		101,716		(1,964,698	)		—
Inventories		—		—		381,797		99,709		(7,645	)		473,861
Deferred income tax assets		—		—		5,382		6,404		—			11,786
Other current assets		—		148		6,476		8,540		—			15,164
Total current assets		959		495,953		2,137,063		661,031		(1,972,343	)		1,322,663
Investments in unconsolidated affiliates		—		—		167,658		—		—			167,658
Property, plant and equipment, net		—		—		426,905		129,792		—			556,697
Other assets
Goodwill		—		—		34,574		—		—			34,574
Other intangible assets, net		—		—		164,020		1,338		—			165,358
Investments in subsidiaries		327,100		1,327,675		595,755		—		(2,250,530	)		—
Intercompany notes receivable—noncurrent		—		1,323,401		15,664		—		(1,339,065	)		—
Deferred income tax assets—noncurrent		—		—		43,676		3,136		—			46,812
Deferred charges and other assets		—		36,899		23,398		718		1,339			62,354
Total other assets		327,100		2,687,975		877,087		5,192		(3,588,256	)		309,098
Total assets	$	328,059	$	3,183,928	$	3,608,713	$	796,015	$	(5,560,599	)	$	2,356,116
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	—	$	—	$	—	$	7,559	$	—		$	7,559
Accounts payable		46		2,323		366,882		65,441		—			434,692
Intercompany payables		6,944		888,660		522,930		546,150		(1,964,684	)		—
Income taxes payable		—		—		8,864		549		—			9,413
Deferred income tax liabilities		—		—		1,171		242		—			1,413
Accrued expenses and other current liabilities		204		52,001		55,412		13,311		—			120,928
Total current liabilities		7,194		942,984		955,259		633,252		(1,964,684	)		574,005
Noncurrent liabilities
Long-term debt		—		1,192,500		2,148		—		—			1,194,648
Intercompany notes payable—noncurrent		—		—		1,296,121		42,944		(1,339,065	)		—
Deferred income tax liabilities—noncurrent		—		2,300		16,145		8,866		—			27,311
Other noncurrent obligations		—		—		226,708		12,579		—			239,287
Total noncurrent liabilities		—		1,194,800		1,541,122		64,389		(1,339,065	)		1,461,246
Commitments and contingencies (Note 15)
Shareholders’ equity		320,865		1,046,144		1,112,332		98,374		(2,256,850	)		320,865
Total liabilities and shareholders’ equity	$	328,059	$	3,183,928	$	3,608,713	$	796,015	$	(5,560,599	)	$	2,356,116

F-45

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 of allowance		—		—		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 shareholder’s equity
Current liabilities
Short-term borrowings	$	—	$	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 15)
Shareholder’s equity		343,202		1,045,934		1,033,569		114,636		(2,194,139	)		343,202
Total liabilities and shareholder’s equity	$	343,431	$	3,200,749	$	3,662,743	$	829,649	$	(5,461,791	)	$	2,574,781

F-46

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE

INCOME (LOSS)

(In thousands)

	Year Ended December 31, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	4,684,218		$	1,366,437		$	(922,694	)	$	5,127,961
Cost of sales		—			560			4,425,078			1,322,771			(917,769	)		4,830,640
Gross profit		—			(560	)		259,140			43,666			(4,925	)		297,321
Selling, general and administrative expenses		11,822			18,405			180,730			21,629			—			232,586
Equity in earnings of unconsolidated affiliates		—			—			47,749			—			—			47,749
Operating income (loss)		(11,822	)		(18,965	)		126,159			22,037			(4,925	)		112,484
Interest expense, net		—			120,910			1,535			2,478			—			124,923
Intercompany interest expense (income), net		12			(81,551	)		69,902			11,609			28			—
Loss on extinguishment of long-term debt		—			7,390			—			—			—			7,390
Other expense (income), net		6,330			17,742			(3,323	)		7,052			(17	)		27,784
Equity in loss (earnings) of subsidiaries		49,132			(59,281	)		32,878			—			(22,729	)		—
Income (loss) before income taxes		(67,296	)		(24,175	)		25,167			898			17,793			(47,613	)
Provision for (benefit from) income taxes		36			1,409			15,004			4,011			(741	)		19,719
Net income (loss)	$	(67,332	)	$	(25,584	)	$	10,163		$	(3,113	)	$	18,534		$	(67,332	)
Comprehensive income (loss)	$	(230,927	)	$	(189,179	)	$	(150,388	)	$	(6,157	)	$	345,724		$	(230,927	)

	Year Ended December 31, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	4,793,183		$	1,476,538		$	(962,307	)	$	5,307,414
Cost of sales		—			996			4,485,470			1,427,391			(964,453	)		4,949,404
Gross profit		—			(996	)		307,713			49,147			2,146			358,010
Selling, general and administrative expenses		10,073			3,981			181,756			21,048			—			216,858
Equity in earnings of unconsolidated affiliates		—			—			39,138			—			—			39,138
Operating income (loss)		(10,073	)		(4,977	)		165,095			28,099			2,146			180,290
Interest expense, net		—			125,711			3,656			2,671			—			132,038
Intercompany interest expense (income), net		7			(88,851	)		76,042			12,803			(1	)		—
Loss on extinguishment of long-term debt		—			20,744			—			—			—			20,744
Other expense (income), net		6			(32,325	)		39,534			20,647			15			27,877
Equity in loss (earnings) of subsidiaries		12,128			(44,373	)		(3,346	)		—			35,591			—
Income (loss) before income taxes		(22,214	)		14,117			49,209			(8,022	)		(33,459	)		(369	)
Provision for (benefit from) income taxes		4			1,735			16,964			2,593			553			21,849
Net income (loss)	$	(22,218	)	$	12,382		$	32,245		$	(10,615	)	$	(34,012	)	$	(22,218	)
Comprehensive income (loss)	$	41,587		$	76,187		$	91,240		$	(5,805	)	$	(161,622	)	$	41,587

F-47

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE

INCOME (LOSS)

(In thousands)

	Year Ended December 31, 2012
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	4,947,970		$	1,613,401		$	(1,109,462	)	$	5,451,909
Cost of sales		—			279			4,691,834			1,532,264			(1,109,189	)		5,115,188
Gross profit		—			(279	)		256,136			81,137			(273	)		336,721
Selling, general and administrative expenses		7,374			3,994			147,454			23,247			—			182,069
Equity in earnings of unconsolidated affiliates		—			—			27,140			—			—			27,140
Operating income (loss)		(7,374	)		(4,273	)		135,822			57,890			(273	)		181,792
Interest expense, net		—			104,069			917			4,985			—			109,971
Intercompany interest expense (income), net		1			(88,245	)		76,510			11,782			(48	)		—
Other expense (income), net		4			(20,515	)		21,376			23,125			(11	)		23,979
Equity in loss (earnings) of subsidiaries		(37,661	)		(53,200	)		(75,950	)		—			166,811			—
Income (loss) before income taxes		30,282			53,618			112,969			17,998			(167,025	)		47,842
Provision for (benefit from) income taxes		—			(808	)		22,159			(3,739	)		(52	)		17,560
Net income (loss)	$	30,282		$	54,426		$	90,810		$	21,737		$	(166,973	)	$	30,282
Comprehensive income (loss)	$	1,667		$	25,811		$	59,111		$	24,821		$	(109,743	)	$	1,667

F-48

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Year Ended December 31, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(1,079	)	$	(58,667	)	$	107,137		$	81,641		$	(11,811	)	$	117,221
Cash flows from investing activities
Capital expenditures		—			—			(85,021	)		(13,585	)		—			(98,606	)
Proceeds from the sale of businesses and other assets		—			—			—			6,257			—			6,257
Payment for working capital adjustment from sale of business		—			—			(700	)		—			—			(700	)
Distributions from unconsolidated affiliates		—			—			978			—			—			978
Investments in subsidiaries		(196,400	)		(199,400	)		(196,626	)		—			592,426			—
Intercompany investing activities		—			2,462			(181,036	)		—			178,574			—
(Increase) / decrease in restricted cash		—			—			(533	)		—			—			(533	)
Cash provided by (used in) investing activities		(196,400	)		(196,938	)		(462,938	)		(7,328	)		771,000			(92,604	)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		198,087			—			—			—			—			198,087
Intercompany short-term borrowings, net		295			14,254			(34,986	)		(927	)		21,364			—
Short-term borrowings, net		—			(3,646	)		(273	)		(52,982	)		—			(56,901	)
Contributions from parent companies		—			189,400			395,800			7,226			(592,426	)		—
Distributions to parent companies		—			—			—			(11,811	)		11,811			—
Repayments of Senior Notes		—			(132,500	)		—			—			—			(132,500	)
Proceeds from (repayments of) intercompany long-term debt		—			189,400			13,000			(2,462	)		(199,938	)		—
Proceeds from Accounts Receivable Securitization Facility		—			—			—			308,638			—			308,638
Repayments of Accounts Receivable Securitization Facility		—			—			—			(309,205	)		—			(309,205	)
Cash provided by (used in) financing activities		198,382			256,908			373,541			(61,523	)		(759,189	)		8,119
Effect of exchange rates on cash		(1	)		396			(6,404	)		(2,444	)		—			(8,453	)
Net change in cash and cash equivalents		902			1,699			11,336			10,346			—			24,283
Cash and cash equivalents—beginning of period		2			954			154,770			40,777			—			196,503
Cash and cash equivalents—end of period	$	904		$	2,653		$	166,106		$	51,123		$	—		$	220,786

F-49

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Year Ended December 31, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(78	)	$	27,101		$	34,470		$	149,842		$	—		$	211,335
Cash flows from investing activities
Capital expenditures		—			—			(61,573	)		(11,971	)		—			(73,544	)
Proceeds from capital expenditures subsidy		—			—			18,769			—			—			18,769
Proceeds from the sale of businesses and assets		—			—			15,221			—			—			15,221
Advance payment refunded		—			—			—			(2,711	)		—			(2,711	)
Distributions from unconsolidated affiliates		—			—			1,055			—			—			1,055
Intercompany investing activities		—			(4,000	)		(43,012	)		—			47,012			—
Decrease in restricted cash		—			—			—			7,852			—			7,852
Cash provided by (used in) investing activities		—			(4,000	)		(69,540	)		(6,830	)		47,012			(33,358	)
Cash flows from financing activities
Deferred financing fees		—			(47,488	)		(767	)		—			—			(48,255	)
Intercompany short-term borrowings, net		77			37,793			5,991			(849	)		(43,012	)		—
Short-term borrowings, net		—			(7,727	)		(267	)		(34,883	)		—			(42,877	)
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		—			—			—			376,630			—			376,630
Repayments of Accounts Receivable Securitization Facility		—			—			—			(471,696	)		—			(471,696	)
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		77			(51,422	)		4,957			(126,798	)		(47,012	)		(220,198	)
Effect of exchange rates on cash		—			(136	)		2,795			(292	)		—			2,367
Net change in cash and cash equivalents		(1	)		(28,457	)		(27,318	)		15,922			—			(39,854	)
Cash and cash equivalents—beginning of period		3			29,411			182,088			24,855			—			236,357
Cash and cash equivalents—end of period	$	2		$	954		$	154,770		$	40,777		$	—		$	196,503

F-50

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Year Ended December 31, 2012
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(48	)	$	7,865		$	113,446		$	64,852		$	—		$	186,115
Cash flows from investing activities
Capital expenditures		—			—			(110,746	)		(7,758	)		—			(118,504	)
Proceeds from capital expenditures subsidy		—			—			6,079			—			—			6,079
Proceeds from the sale of property, plant and equipment		—			—			206			47			—			253
Advance payment received		—			—			—			2,602			—			2,602
Investments in subsidiaries		(162,155	)		—			(22,155	)		—			184,310			—
Intercompany investing activities		—			144,463			68,268			—			(212,731	)		—
Increase in restricted cash		—			—			—			(7,725	)		—			(7,725	)
Cash provided by (used in) investing activities		(162,155	)		144,463			(58,348	)		(12,834	)		(28,421	)		(117,295	)
Cash flows from financing activities
Deferred financing fees		—			(7,392	)		(688	)		—			—			(8,080	)
Intercompany short-term borrowings, net		51			(49,818	)		1,444			(18,625	)		66,948			—
Short-term borrowings, net		—			(4,159	)		(407	)		(33,321	)		—			(37,887	)
Contributions from parent companies		—			22,155			162,155			—			(184,310	)		—
Capital contributions from shareholder		162,155			—			—			—			—			162,155
Repayments of intercompany indebtedness		—			—			(144,183	)		(1,600	)		145,783			—
Repayments of Term Loans		—			(147,000	)		—			—			—			(147,000	)
Proceeds from issuance of Accounts Receivable Securitization Facility		—			—			—			113,828			—			113,828
Repayments of Accounts Receivable Securitization Facility		—			—			—			(130,233	)		—			(130,233	)
Proceeds from the draw of revolving debt		—			1,105,000			—			—			—			1,105,000
Repayments on the revolving debt		—			(1,135,000	)		—			—			—			(1,135,000	)
Cash provided by (used in) financing activities		162,206			(216,214	)		18,321			(69,951	)		28,421			(77,217	)
Effect of exchange rates on cash		—			16			246			(821	)		—			(559	)
Net change in cash and cash equivalents		3			(63,870	)		73,665			(18,754	)		—			(8,956	)
Cash and cash equivalents—beginning of period		—			93,281			108,423			43,609			—			245,313
Cash and cash equivalents—end of period	$	3		$	29,411		$	182,088		$	24,855		$	—		$	236,357

F-51

TRINSEO S.A.

SCHEDULE II—FINANCIAL STATEMENT SCHEDULE

VALUATION AND QUALIFYING ACCOUNTS

(In Millions)

	Balance at Beginning of the Period		Charged to Cost and Expense			Deduction from Reserves			Currency Translation Adjustments			Balance at End of the Period
Allowance for doubtful accounts:
Year ended December 31, 2014	$	5.9	$	1.1		$	(0.0	)(a)	$	(0.7	)	$	6.3
Year ended December 31, 2013		8.4		(3.0	)		(0.1	)(a)		0.6			5.9
Year ended December 31, 2012		8.7		0.3			(0.3	)(a)		(0.3	)		8.4
Tax valuation allowances:
Year ended December 31, 2014	$	50.4	$	18.2		$	—		$	(1.7	)	$	66.9
Year ended December 31, 2013		41.3		10.7			—			(1.6	)		50.4
Year ended December 31, 2012		47.4		(5.5	)		—			(0.6	)		41.3

(a) Amounts written off, net of recoveries. Amount in 2014 is less than $0.1 million.

F-52

EX-99.2

EXHIBIT 99.2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

We are a leading global materials company engaged in the manufacturing and marketing of synthetic rubber, latex, 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 synthetic rubber, latex, 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.

Until January 1, 2015, we operated in four reporting segments: Latex, Synthetic Rubber, Styrenics and Engineered Polymers. Effective January 1, 2015, we reorganized our business under two new divisions called Performance Materials and Basic Plastics & Feedstocks. The Performance Materials division now includes the following reporting segments: Synthetic Rubber, Latex, and Performance Plastics. The Basic Plastics & Feedstocks division represents a separate segment for financial reporting purposes and includes styrenic polymers, polycarbonate, or PC, and styrene monomer. In addition, the Basic Plastics & Feedstocks division includes the results of our two 50%-owned joint ventures, Americas Styrenics LLC, or Americas Styrenics, and Sumika Styron Polycarbonate Limited, or Sumika Styron Polycarbonate. The following chart provides an overview of our new organizational structure.

We believe that this new organizational structure better reflects the nature of our Company by grouping together segments with similar strategies, business drivers and operating characteristics. Our two new divisions are of similar size in terms of sales, but have different margin profiles, different strategic focus, different value drivers and different operating requirements. By organizing the Company in this way, we believe that we can manage and operate more effectively in order to accelerate the growth of our Performance Materials division and improve the profitability of our Basic Plastics & Feedstocks division. We also believe that this new organizational structure allows our investors to better understand the drivers of our business.

Management’s Discussion and Analysis of Financial Condition and Results of Operations has been recast from its previous presentation to reflect the Company’s new organizational structure.

Our major products include: styrene-butadiene latex, or SB latex, and styrene-acrylate latex, or SA latex, in our Latex segment; solution styrene-butadiene rubber, or SSBR, lithium polybutadiene rubber, or Li-PBR, emulsion styrene-butadiene rubber, or ESBR, and nickel polybutadiene rubber, or Ni-PBR, in our Synthetic Rubber segment; highly engineered compounds and blends products for automotive end markets, as well as consumer electronics, medical, and lighting, which we collectively call consumer essential markets (CEM) in our Performance Plastics segment; and PC, polystyrene, acrylonitrile-butadiene styrene, or ABS, and styrene-acrylonitrile, or SAN, in our Basic Plastics & Feedstocks segment.

We have significant manufacturing and production operations around the world, which allows us to serve our global customer base. As of December 31, 2014, our production facilities included 34 manufacturing plants (which included a total of 81 production

1

units) at 26 sites across 14 countries, including joint ventures and contract manufacturers. Our manufacturing locations include sites in high-growth emerging markets such as China, Indonesia and Brazil. Additionally, as of December 31, 2014 we operated 11 R&D facilities globally, including mini plants, development centers and pilot coaters, which we believe are critical to our global presence and innovation capabilities.

For the years ended December 31, 2014, 2013, and 2012, we generated approximately $5.1 billion in net sales and $67.3 million in net losses, $5.3 billion in net sales and $22.2 million in net losses, and $5.5 billion in net sales and $30.3 million in net income, respectively.

Industry Trends

We believe demand for our products is strongly correlated to growth in our customers’ end markets, which are expected to grow along with anticipated rising gross domestic product and industrial production. We believe growth in our markets is supported by improving living standards in emerging markets, the globalization of automotive platforms, improving fuel efficiency and the increasing demand for light-weight materials and upgraded automotive interior materials as well as wide-spread growth in the need for high performance lightweight materials for the electronics industry. We believe we are well-positioned to take advantage of these trends. For example, improving living standards are driving demand for coated paper in emerging markets, particularly in China. We have a leading SB latex position in China. As another example, we are following our current automotive customers to emerging markets with plans to supply them locally as part of their strategy to globalize automotive car platforms. In addition, in synthetic rubber, increasing fuel efficiency regulation is driving demand for SSBR, a key material for high-performance tires. We have a leading European market position in advanced SSBR, and have recently expanded capacity at our Schkopau, Germany facility.

We believe our business will continue to benefit from improving market dynamics in our industry. Companies have rationalized higher-cost capacity in many of our key product lines and there have been a number of consolidation activities, particularly in styrene, polystyrene, and SB latex. We believe that our markets will continue to experience a long-term trend towards consolidation which will create opportunities for our business given our scale and geographic reach. Developments in the market for certain of our raw materials have a substantial impact on our business.

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.

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 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.

During the second quarter of 2014, the Company announced a planned restructuring within our Basic Plastics & Feedstocks segment 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

2

supply contract with a third party to supply polycarbonate in North America. These revised arrangements became operational in the fourth quarter of 2014. In addition, the Company 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 Basic Plastics & Feedstocks 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 in July 2014 to repay $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.

Factors Affecting Our Operating Results

The following discussion sets forth certain components of our statements of operations as well as factors that impact those items.

Net Sales

We generate revenue from the sale of our products across all major geographic areas. Our net sales include total sales less estimates for returns and price allowances. Price allowances include discounts for prompt payment as well as volume-based incentives.

Our overall net sales are generally impacted by the following factors:

• fluctuations in overall economic activity within the geographic markets in which we operate;

• fluctuations in raw material input costs and our ability to pass those on to customers, including the effects of a generally 30 to 60-day delay (or greater) in changes to our product prices in our Latex segment, Synthetic Rubber segment, Performance Plastics segment, and parts of our Basic Plastics & Feedstocks segment following changes to the relevant raw material prices affect our sales margins;

• underlying growth in one or more of our core end markets, either worldwide or in particular geographies in which we operate;

• changes in the level of competition faced by our products, including the substitution by customers of alternative products to ours and the launch of new products by competitors;

• the type of products used within existing customer applications, or the development of new applications requiring products similar to ours;

• the “mix” of products sold, including the proportion of new or improved products and their pricing relative to existing products;

• changes in product sales prices (including volume discounts and cash discounts for prompt payment);

• our ability to successfully develop and launch new products and applications; and

• fluctuations in foreign exchange rates.

While the factors described above impact net sales in each of our segments, the impact of these factors can differ for each segment, as described below. For more information about risks relating to our business refer to Item 1A—Risk Factors, included within the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

Cost of Sales

Our cost of sales consists principally of the following:

• Production Materials Costs. The costs of the materials we use in production are the largest element of our overall cost of sales. We seek to use our substantial volumes and global geographic scope to obtain the most favorable terms we can, but our production material costs are affected by global and local market conditions.

• Employee Costs. These employee costs include the salary costs and benefit charges for employees involved in our manufacturing operations. These costs generally increase on an aggregate basis as production volumes increase, but may decline as a percent of net sales as a result of economies of scale associated with higher production volumes.

3

• Sustaining Engineering Activity Costs. These costs relate to modifications of existing products for use by new customers in familiar applications.

• Depreciation and Amortization Expense. Property, plant, equipment and definite-lived intangible assets are stated at cost and depreciated on a straight-line basis over their estimated useful lives. Property, plant and equipment, including leasehold interests, and intangible assets acquired through the Acquisition were recorded at fair value on the acquisition date, resulting in a new cost basis for accounting purposes.

• Other. Our remaining cost of sales consists of:

• customer-related development costs;

• freight costs;

• warehousing expenses;

• purchasing costs; and

• other general manufacturing expenses, such as expenses for utilities and energy consumption.

The main factors that influence our cost of sales as a percent of net sales include:

• changes in the price of raw materials, and timing of corresponding price changes to our customers, which impact our sales margins;

• production volumes;

• the implementation of cost control measures aimed at improving productivity, reductions of fixed production costs, refinements in inventory management and purchasing cost of raw materials; and

• the impact of FIFO method inventory treatment.

Selling, General and Administrative Expenses

Our selling, general and administrative, or SG&A, expense consists of all expenditures incurred in connection with the sale and marketing of our products, as well as administrative overhead costs, including:

• salary and benefit costs for sales personnel and administrative staff, including stock-based compensation expense. Expenses relating to our sales personnel generally increase or decrease principally with changes in sales volume due to the need to increase or decrease sales personnel to meet changes in demand. Expenses relating to administrative personnel generally do not increase or decrease directly with changes in sales volume;

• other administrative expenses, including expenses related to logistics, information systems and legal and accounting services;

• general advertising expenses;

• research and development expenses; and

• other selling expenses, such as expenses incurred in connection with travel and communications.

Changes in SG&A expense as a percent of net sales have historically been impacted by a number of factors, including:

• changes in sales volume, as higher volumes enable us to spread the fixed portion of our administrative expense over higher sales;

• changes in the mix of products we sell, as some products may require more customer support and sales effort than others;

• changes in our customer base, as new customers may require different levels of sales and marketing attention;

• new product launches in existing and new markets, as these launches typically involve more intense sales activity before they are integrated into customer applications;

• customer credit issues requiring increases to the allowance for doubtful accounts; and

• the implementation of cost control measures aimed at improving productivity.

4

Interest Expense, Net

Interest expense, net consists primarily of interest expense on institutional borrowings and other financing obligations and changes in fair value of interest rate derivative instruments, when outstanding. Interest expense, net also includes the amortization of deferred financing fees and debt discount associated with our financing agreements offset by interest income primarily associated with cash-on-hand. Factors affecting interest expense include fluctuations in the market interest rate, our borrowing activities and our outstanding debt balances.

Provision for Income Taxes

We and our subsidiaries are subject to income tax in the various jurisdictions in which we operate. While the extent of our future tax liability is uncertain, the impact of acquisition accounting, changes to the debt and equity capitalization of our subsidiaries, and the realignment of the functions performed and risks assumed by the various subsidiaries are among the factors that will determine the future book and taxable income of the respective subsidiary and the Company as a whole.

Results of Operations

Results of Operations for the Years Ended December 31, 2014, 2013 and 2012

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

	Year Ended December 31,
(in millions)	2014			2013			2012
Net sales	$	5,128.0		$	5,307.4		$	5,451.9
Cost of sales		4,830.6			4,949.4			5,115.2
Gross profit		297.4			358.0			336.7
Selling, general and administrative expenses		232.6			216.9			182.0
Equity in earnings of unconsolidated affiliates		47.7			39.1			27.1
Operating income		112.5			180.2			181.8
Interest expense, net		124.9			132.0			110.0
Loss on extinguishment of long-term debt		7.4			20.7			—
Other expense, net		27.8			27.9			24.0
Income (loss) before income taxes		(47.6	)		(0.4	)		47.8
Provision for income taxes		19.7			21.8			17.5
Net income (loss)	$	(67.3	)	$	(22.2	)	$	30.3

	Year Ended December 31,
	2014			2013			2012
Net sales		100.0	%		100.0	%		100.0	%
Cost of sales		94.2	%		93.3	%		93.8	%
Gross profit		5.8	%		6.7	%		6.2	%
Selling, general and administrative expenses		4.5	%		4.1	%		3.3	%
Equity in earnings of unconsolidated affiliates		0.9	%		0.7	%		0.5	%
Operating income		2.2	%		3.3	%		3.4	%
Interest expense, net		2.4	%		2.5	%		2.0	%
Loss on extinguishment of long-term debt		0.1	%		0.4	%		0.0	%
Other expense, net		0.5	%		0.5	%		0.4	%
Income (loss) before income taxes		(0.8	)%		(0.1	)%		1.0	%
Provision for income taxes		0.4	%		0.4	%		0.3	%
Net income (loss)		(1.2	)%		(0.5	)%		0.7	%

5

Year Ended December 31, 2014 Compared to the Year Ended December 31, 2013

Net Sales

Net sales for 2014 decreased by $179.4 million, or 3.4%, to $5,128.0 million from $5,307.4 million in 2013. Of the 3.4% decrease in net sales, 4.3% was due to lower selling prices, which was partially offset by a favorable currency impact of approximately 0.3% as the U.S. dollar weakened compared to the euro and a 0.5% increase in sales volume driven by the Synthetic Rubber segment. 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 customers in Latex and Basic Plastics & Feedstocks.

Cost of Sales

Cost of sales for 2014 decreased by $118.8 million, or 2.4%, to $4,830.6 million from $4,949.4 million in 2013. Of the 2.4% decrease, 0.7% was attributable to lower prices for raw materials, primarily butadiene and styrene monomer, while an additional 2.0% decrease was due to volume mix, as we had a decrease in higher cost products partially offsetting the increase in lower cost products. These decreases were partially offset by an unfavorable currency impact of approximately 0.3% due to the weakening of the U.S. dollar compared to the euro.

Gross Profit

Gross profit for 2014 decreased by $60.6 million, or 16.9%, to $297.4 million from $358.0 million in 2013. The decrease was primarily attributable to lower margins in the Basic Plastics & Feedstocks segment, driven by a reduction in the spread on styrene monomer production compared to the prior year. This decrease was partially offset by higher volume and margins in Synthetic Rubber.

Selling, General and Administrative Expenses

SG&A expenses for 2014 increased by $15.7 million, or 7.2%, to $232.6 million from $216.9 million in 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 Capital which terminated upon consummation of the initial public offering, or IPO, on June 17, 2014, and $10.1 million of accelerated depreciation and decommissioning charges incurred in connection with the restructuring of part of our Basic Plastics & Feedstocks segment to exit the commodity market for polycarbonate in North America. These increases were partially offset by higher restructuring charges incurred during the year ended December 31, 2013 of approximately $10.8 million related to the shutdown of our latex facility in Altona, Australia compared to charges of $2.8 million in 2014 for this shutdown, as well as a non-recurring charge in 2013 of $9.2 million from the impairment of fixed assets at our polycarbonate manufacturing plant in Stade, Germany. Other offsetting decreases in expenses included incentive compensation and other normal operating costs. The above one-time charges are discussed in further detail in our notes to the consolidated financial statements.

Equity in Earnings of Unconsolidated Affiliates

Equity in earnings of unconsolidated affiliates for 2014 was $47.7 million compared to equity in earnings of $39.1 million for 2013. Americas Styrenics equity earnings increased to $50.3 million in 2014 from $39.4 million in 2013, due to stronger operating performance driven by improved market conditions. These increased earnings were offset by reductions in the equity earnings of Sumika Styron Polycarbonate which decreased to equity in net losses of $2.5 million in 2014 from equity in net losses of $0.3 million in 2013.

Interest Expense, Net

Interest expense, net for the year ended December 31, 2014 was $124.9 million compared to $132.0 million for the year ended December 31, 2013. The decrease of $7.1 million is primarily attributable to the redemption of $132.5 million in aggregate principal amount of the Senior Notes in July 2014 as well as lower average borrowings and outstanding principal balances on both the Revolving Facility and the Accounts Receivable Securitization Facility during the year ended December 31, 2014 compared to the year ended December 31, 2013.

Loss on Extinguishment of Long-Term Debt

Loss on extinguishment of long-term debt was $7.4 million for the year ended December 31, 2014, related to the redemption of $132.5 million in aggregate principal amount of the Senior Notes in July 2014, using proceeds from the Company’s IPO. This loss was comprised of a $4.0 million call premium and a $3.4 million write-off of related unamortized debt issuance costs.

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Loss on extinguishment of debt was $20.7 million for the year ended December 31, 2013, related to the extinguishment of our $1,239.0 million Term Loans under our Senior Secured Credit Facility, which was comprised of the write-off of existing unamortized deferred financing fees and original issue discount attributable to the Term Loans totaling $14.4 million and $6.3 million, respectively.

Other Expense, net

Other expense, net for the year ended December 31, 2014 was $27.8 million, which included a $32.5 million payment made to Dow in connection with the termination of the Latex JV Option Agreement (see Note 18 in the consolidated financial statements), slightly offset by net foreign exchange transaction gains of $4.2 million and other income.

During the year ended December 31, 2014, the Company recorded foreign exchange transaction gains of $32.4 million primarily driven by the remeasurement of our euro denominated payables due to the strengthening of the U.S. dollar against the euro during the period. Separately, beginning in the third quarter of 2014, the Company entered into foreign exchange forward contracts and recorded related losses of approximately $28.2 million, largely offsetting the above described gains.

Other expense, net for the year ended December 31, 2013 was $27.9 million, which consisted primarily of a $4.2 million loss on the sale of our expandable polystyrene (“EPS”) business within our Basic Plastics & Feedstocks segment and $18.9 million foreign exchange transaction losses primarily driven by the remeasurement of our euro payables to the U.S. dollar. The remaining other expenses, net include value-added taxes of approximately $2.5 million and other expenses.

Provision for Income Taxes

Provision for income taxes for 2014 totaled $19.7 million resulting in a negative effective tax rate of 41.4%. Provision for income taxes for 2013 totaled $21.8 million resulting in a negative effective tax rate of 5,921.0%.

The decrease in provision for income taxes was driven by a reduction in income before taxes, from $0.4 million of loss for the year ended December 31, 2013 to $47.6 million of loss for the year ended December 31, 2014. This decrease in the provision for income taxes was partially offset by a lower proportion of income before taxes attributable to non-U.S. jurisdictions, where the statutory income tax rate is lower than the U.S. statutory income tax rate.

Although the Company had losses before income taxes of $47.6 million for the year ended December 31, 2014, approximately $134.1 million of losses were generated primarily within our holding companies incorporated in Luxembourg, which did not provide a tax benefit to the Company and therefore unfavorably impacted the effective tax rate during the period. Included in these losses were non-deductible interest and stock-based compensation expenses, as well as certain one-time non-deductible expenses, such as a $32.5 million charge related to an agreement with Dow to terminate the Latex JV Option Agreement and approximately $18.6 million of fees related to the termination of the Advisory Agreement with Bain Capital (see Note 18 in the consolidated financial statements). Comparatively, the effective income tax rate for the year ended December 31, 2013 was impacted by losses of $97.2 million which were generated primarily in within our holding companies incorporated in Luxembourg, related to non-deductible interest and stock-based compensation expense.

Partially offsetting this unfavorable impact to the effective tax rate was a tax benefit recognized during the year ended December 31, 2014, as the Company effectively settled its 2010 and 2011 audits 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 for the year ended December 31, 2013.

Year Ended December 31, 2013 Compared to the Year Ended December 31, 2012

Net Sales

Net sales for 2013 decreased by $144.5 million, or 2.7%, to $5,307.4 million from $5,451.9 million in 2012. Of the 2.7% decrease in net sales, 1.5% was due to lower sales volume and 2.8% was due to lower selling prices, which were offset by a 1.6% increase in sales due to favorable currency impact as the U.S. dollar weakened compared to the euro. The overall decrease in sales volume was primarily due to lower volumes in the Basic Plastics & Feedstocks, Performance Plastics, and Latex segments. The lower demand in Basic Plastics & Feedstocks was largely driven by increases in the selling price of our polystyrene products due to the pass through of price increases of our key raw material (styrene monomer). The decreased volumes in Performance Plastics were driven by lower demand from the consumer electronics market in Asia, while decreased volumes in Latex were driven by lower demand in the Europe and Asia paper markets. These were partially offset by higher sales volume in the Synthetic Rubber segment due to the SSBR capacity expansion. The overall decrease in selling price was due to the contractual pass through of lower butadiene cost in the Latex and Synthetic Rubber segments.

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Cost of Sales

Cost of sales for 2013 decreased by $165.8 million, or 3.2%, to $4,949.4 million from $5,115.2 million in 2012. Of the 3.2% decrease, 1.9% was primarily attributable to lower sales volume and 3.2% was due to lower raw materials costs, primarily butadiene with some offset from higher styrene related costs. These decreases were partially offset by an unfavorable currency impact of approximately 1.6% and the remaining variance was due to increases in other manufacturing costs. The unfavorable currency impact was due to the U.S. dollar weakening as compared to the euro.

Gross Profit

Gross profit for 2013 increased by $21.3 million, or 6.3%, to $358.0 million from $336.7 million in 2012. The increase was primarily attributable to higher margin in the Basic Plastics & Feedstocks segment, with lower raw material cost, margin improvement initiatives, and improved market dynamics in styrenic polymers and styrene monomer, as well as new business from the SSBR expansion.

Selling, General and Administrative Expenses

SG&A expenses for 2013 increased by $34.9 million, or 19.2%, to $216.9 million from $182.0 million in 2012. The increase in SG&A expenses were primarily due to: i) $10.8 million restructuring expenses incurred during 2013 in connection with the closure of our latex manufacturing facility in Altona, Australia, which includes impairment of property, plant and equipment, termination benefits and contract termination costs; ii) a one-time charge of $9.2 million representing impairment of fixed assets at our polycarbonate manufacturing plant in Stade, Germany; and iii) $9.3 million of pension costs including a $2.1 million curtailment charge. These charges are discussed in further detail in our notes to the consolidated financial statements.

The remaining increases in our SG&A expenses were due to higher performance incentive compensation costs, general severance, and the impact of annual salary increases totaling $12.0 million, plus an unfavorable currency impact of approximately $2.6 million as the U.S. dollar weakened compared to the euro. Also, during 2012, we recorded an adjustment to reduce stock-based compensation expense by approximately $2.5 million relating to the correction of prior period grant date fair values of time-based and performance-based restricted stock awards. No similar adjustments occurred in 2013.

These increases were offset by approximately $7.5 million of special termination benefit charges incurred in 2012 and a $3.0 million benefit from a change in the estimate for our allowance for doubtful accounts in 2013.

Equity in Earnings of Unconsolidated Affiliates

Equity in earnings of unconsolidated affiliates for 2013 was $39.1 million compared to equity in earnings of $27.1 million for 2012. Americas Styrenics equity earnings increased to $39.4 million in 2013 from $27.0 million in 2012, due to stronger operating performance driven by improved market conditions. Sumika Styron Polycarbonate equity earnings decreased to equity in net losses of $0.3 million in 2013 from equity earnings of $0.1 million in 2012.

Interest Expense, Net

Interest expense, net for the year ended December 31, 2013 was $132.0 million compared to $110.0 million for the year ended December 31, 2012. The increase of $22.0 million was attributable to the higher outstanding principal and interest rate on the Senior Notes which bear an interest rate of 8.75% compared to 6.0% interest rate on the Term Loans for the comparative period in 2012. The Term Loans were repaid in January 2013 with the issuance of the Senior Notes. This increase was slightly offset by a decrease in interest expense from our Revolving Facility due to lower borrowings in 2013 compared to prior year.

Loss on Extinguishment of Long-Term Debt

Loss on extinguishment of debt was $20.7 million for the year ended December 31, 2013 related to the extinguishment of our $1,239.0 million Term Loans under our Senior Secured Credit Facility, which was comprised of the write-off of existing unamortized deferred financing fees and original issue discount attributable to the Term Loans totaling $14.4 million and $6.3 million, respectively. There was no loss on extinguishment of debt recognized during the year ended December 31, 2012.

Other Expense, net

Other expense, net for the year ended December 31, 2013 was $27.9 million, which consisted primarily of a $4.2 million loss on the sale of our EPS business within our Basic Plastics & Feedstocks segment and $18.9 million foreign exchange transaction losses primarily driven by the remeasurement of our euro payables to the U.S. dollar. The remaining other expenses, net include value-added taxes of approximately $2.5 million and other expense.

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Other expense, net for the year ended December 31, 2012 was $24.0 million and included foreign exchange transaction losses of $22.8 million, which were primarily driven by the remeasurement of our euro payables to the U.S. dollar as well as unrealized losses on our foreign exchange forward contracts of approximately $3.8 million. In addition, we incurred approximately $2.3 million of third-party fees associated with the 2012 Amendment of our Senior Secured Credit Facility.

Provision for Income Taxes

Provision for income taxes for 2013 totaled $21.8 million resulting in a negative effective tax rate of 5,921.0%. Provision for income taxes for 2012 totaled $17.5 million resulting in an effective tax rate of 36.6%.

The 2013 effective tax rate was unfavorably impacted by non-deductible interest and stock-based compensation expenses, resulting in an unfavorable difference of $8.4 million from the U.S. statutory rate. Our effective tax rate was further impacted by the tax effect of losses of $16.4 million incurred in jurisdictions such as Australia, Brazil, and Luxembourg which did not provide a tax benefit to us due to valuation allowances.

Offsetting these unfavorable impacts were lower tax expenses of $17.3 million from Switzerland and Hong Kong, where the statutory income tax rate is lower than the U.S. statutory rate. In addition, in 2013, we received a non-taxable government subsidy of $12.2 million related to our capital expansion project at our rubber facility in Schkopau, Germany, which provided a favorable difference of $4.2 million from the U.S. statutory rate.

The increase from 2012 in provision for income taxes was primarily due to net loss before income tax in jurisdictions outside the United States of $25.6 million. Of this loss, $65.0 million was generated from our subsidiaries in Australia and Luxembourg where we either do not receive a benefit from certain shareholder expenses or we have valuation allowances. In 2012, losses from these jurisdictions were $24.8 million. The increased losses from Australia and Luxembourg are primarily due to restructuring charges incurred in connection with the shutdown of our latex manufacturing plant in Altona, Australia and a portion of increased interest expense from the issuance of our Senior Notes in January 2013. We also have an additional valuation allowance of $3.1 million recorded in Singapore and Brazil which were previously not provided for, noting that in 2012 we were favorably impacted by a release of valuation allowances of $14.4 million in Hong Kong and China.

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:

(in millions)	Year Ended December 31,
	2014			2013			2012
Net sales(1)
Latex segment	$	1,261.1		$	1,341.4		$	1,545.1
Synthetic Rubber segment		634.0			622.1			701.9
Performance Plastics segment		821.1			807.6			839.2
Basic Plastics & Feedstocks segment		2,411.8			2,536.3			2,365.7
Corporate unallocated(2)		—			—			—
Total	$	5,128.0		$	5,307.4		$	5,451.9
EBITDA(3)
Latex segment	$	94.0		$	95.4		$	125.5
Synthetic Rubber segment		137.0			113.5			111.1
Performance Plastics segment		69.4			61.6			69.5
Basic Plastics & Feedstocks segment		23.9			90.0			44.9
Corporate unallocated(2)		(143.3	)		(133.7	)		(107.6	)
Total	$	181.0		$	226.8		$	243.4

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	Year Ended December 31,
	2014			2013			2012
Net sales(1)
Latex segment		24.6	%		25.3	%		28.3	%
Synthetic Rubber segment		12.4	%		11.7	%		12.9	%
Performance Plastics segment		16.0	%		15.2	%		15.4	%
Basic Plastics & Feedstocks segment		47.0	%		47.8	%		43.4	%
Corporate unallocated(2)		0.0	%		0.0	%		0.0	%
Total		100.0	%		100.0	%		100.0	%
EBITDA(3)
Latex segment		7.5	%		7.1	%		8.1	%
Synthetic Rubber segment		21.6	%		18.2	%		15.8	%
Performance Plastics segment		8.5	%		7.6	%		8.3	%
Basic Plastics & Feedstocks segment		1.0	%		3.5	%		1.9	%
Corporate unallocated(2)		(2.8	)%		(2.5	)%		(2.0	)%
Total		3.5	%		4.3	%		4.5	%

(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 income (loss) to EBITDA below:

(in millions)	Year Ended December 31,
	2014			2013			2012
Net income (loss)	$	(67.3	)	$	(22.2	)	$	30.3
Interest expense, net		124.9			132.0			110.0
Provision for income taxes		19.7			21.8			17.5
Depreciation and amortization		103.7			95.2			85.6
EBITDA	$	181.0		$	226.8		$	243.4

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 income (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, including the #1 position in SB latex in Europe and the #2 position in North America. 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. In 2014, approximately half of our Latex segment’s sales were generated in Europe, 25% were generated in the United States, and the majority of the remaining net sales were in Asia.

Year Ended December 31, 2014 Compared to the Year Ended December 31, 2013

Net sales for 2014 decreased by $80.3 million, or 6.0%, to $1,261.1 million from $1,341.4 million for 2013. Of the 6.0% decrease in net sales, 4.9% was due to lower selling prices primarily from the pass through of lower butadiene and styrene cost and

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1.3% from lower sales volume driven by lower sales to the Europe and North America paper markets, partially offset by higher sales to the Asia paper market as well as to the global flooring and performance latex markets. There was also a 0.2% favorable currency impact in 2014 compared to the prior year as the U.S. dollar weakened compared to the euro.

EBITDA for 2014 decreased by $1.4 million, or 1.5%, to $94.0 million from $95.4 million in 2013. Of this decrease, 10.1% was driven by lower sales volume and margins due to lower demand and continued increases in competition in coated paper markets. These decreases were partially offset by a decrease in non-recurring restructuring related charges of $8.0 million from 2013 (see Note 20 in the consolidated financial statements) in connection with the closure of the latex plant in Australia.

Year Ended December 31, 2013 Compared to the Year Ended December 31, 2012

Net sales for 2013 decreased by $203.7 million, or 13.2%, to $1,341.4 million from $1,545.1 million for 2012. Of the 13.2% decrease in net sales, approximately 9.6% was due to lower selling prices primarily from the pass through of lower butadiene cost as well as increased competition in the Europe and Asia paper markets.

Lower sales volume, approximately 4.7% of the total impact, was primarily driven by lower demand and increasing competition in the Europe and Asia paper markets. These decreases were partially offset by a 1.1% favorable currency impact as the U.S. dollar weakened compared to the euro.

EBITDA for 2013 decreased by $30.1 million, or 24.0%, to $95.4 million from $125.5 million in 2012. Of this decrease, 16.5% was driven by lower sales volume and margins due to lower demand and continued increases in competition in the Europe and Asia paper markets. An additional 8.6% of the decrease relates to restructuring charges of $10.8 million recorded in 2013 in connection with the closure of the latex plant in Australia.

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 in 2014, approximately 15% of these net sales were exported to Asia, 9% to Latin America and 8% to North America.

We have a broad synthetic rubber technology and product portfolio, focusing on specialty products, such as SSBR and Li-PBR, while also producing core products, such as ESBR and Ni-PBR. Our synthetic rubber products are extensively used in tires, with approximately 85% of our net sales from this segment in 2014 attributable to the tire market. We estimate that three quarters of these sales relate to replacement tires. We have strong relationships with many of the top global tire manufacturers and believe we have remained a supplier of choice as a result of our broad rubber portfolio and ability to offer technologically differentiated product and product customization capabilities. Other applications for our synthetic rubber products include polymer modification and technical rubber goods.

Year Ended December 31, 2014 Compared to Year Ended December 31, 2013

Net sales for 2014 increased by $11.9 million, or 1.9%, to $634.0 million from $622.1 million in 2013. Of the 1.9% increase in net sales, 8.6% was due to an increase in sales volume resulting from higher sales of SSBR to tire producers, and 0.6% was due to a favorable currency impact as the U.S dollar weakened compared to the euro. These increases were partially offset by lower selling prices due to the pass through of lower butadiene costs to customers, which decreased net sales by approximately 7.2%.

EBITDA for 2014 increased by $23.5 million, or 20.7%, to $137.0 million from $113.5 million for 2013. Higher volume, driven by higher SSBR sales, and margin, driven by favorable raw material cost timing, increased EBITDA by approximately 28.0%. In addition, currency had a favorable impact of approximately 0.5% as the U.S. dollar weakened compared to the euro. These increases were partially offset by higher fixed costs, which decreased EBITDA by approximately 7.6%, driven by a lower level of fixed cost absorption.

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Year Ended December 31, 2013 Compared to the Year Ended December 31, 2012

Net sales for 2013 decreased by $79.8 million, or 11.4%, to $622.1 million from $701.9 million in 2012. Of the 11.4% decrease in net sales, 18.2%, net of an approximately 1.8% favorable currency impact as the U.S. dollar weakened compared to the euro, was due to lower selling prices mostly from lower butadiene costs passed through to customers and some reduction in selling prices due to weakened economic conditions in the tire market. The decrease was partially offset by an increase in sales volume of approximately 6.8% due to the SSBR capacity expansion completed in the fourth quarter of 2012 and lower sales in the second quarter of 2012 due to the scheduled plant turnaround.

EBITDA for 2013 increased by $2.4 million, or 2.2%, to $113.5 million from $111.1 million for 2012. Higher volume, from the SSBR expansion with some offset from a weaker tire market, contributed a 29.0% increase in EBITDA and a slightly favorable currency impact, as the U.S. dollar weakened compared to the euro, contributed 2.1%. These increases were offset by lower margins, driven by weaker tire market conditions and less favorable timing of contractual pass through of raw material prices, and higher fixed costs, due to SSBR capacity expansions, which contributed to a 28.9% decrease in EBITDA from 2012.

Performance Plastics Segment

Our Performance Plastics segment produces highly engineered compounds and blends for automotive end markets, as well as consumer electronics, medical, and lighting, which we collectively call consumer essential markets (CEM). Our strategy in this segment focuses on developing differentiated compounds and blends in line with key industry trends, such as light-weighting and improved aesthetics in automotive, increased recycled material content and a push toward LED lighting in CEM. 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.

In automotive end applications, we aim to maintain and develop sustainable, long-standing relationships with industry leaders, taking advantage of our production capacity located across Europe, Asia, North America, and Latin America to drive original equipment manufacturer, or OEM, platform design wins. We believe that the strategic locations of these facilities combined with close customer collaboration to develop offerings tailored to their needs offers us a strategic advantage in serving our customers.

In CEM, sales volume for 2014 was up 7% over 2013, driven largely by the consumer electronics industry in Asia and by significant progress during the year with our lighting customers, including materials for LED housings and lenses.

In 2014, we experienced growth in key markets, with a 5% increase in volume outside of Latin America, which experienced declines due to lower consumer confidence and higher interest rates. We continue to focus on our strategic plans to grow this segment through both current technologies and expanded offerings for car exteriors and semi-structural applications.

Year Ended December 31, 2014 Compared to Year Ended December 31, 2013

Net sales for 2014 increased by $13.5 million, or 1.7%, to $821.1 million from $807.6 million in 2013. Of the 1.7% increase in net sales, 1.6% was driven by an increase in sales volume from higher sales to the Europe, North America, and Asia automotive markets as well as the Asia electronics market. A favorable currency impact, as the U.S. dollar weakened compared to the euro, increased sales by 0.2%. These increases were partially offset by a 0.2% decrease in selling prices due primarily to the pass through of lower raw material cost.

EBITDA for 2014 increased by $7.8 million, or 12.7%, to $69.4 million from $61.6 million in 2013. This increase was primarily due to higher volume and margins in 2014 from sales of our compounds and blends products to the automotive and electronic markets which contributed to 28.1% of the increase. This increase was partially offset by increased fixed costs primarily related to additional resources focused on improving business performance and growth, which decreased EBITDA by 15.9%.

Year Ended December 31, 2013 Compared to the Year Ended December 31, 2012

Net sales for 2013 decreased by $31.6 million, or 3.8%, to $807.6 million from $839.2 million in 2012. Of the 3.8% decrease in net sales, 1.1% was driven by decreases in selling prices due to the pass through of lower raw material cost and 3.8% was driven by a decrease in volume due to lower sales to the automotive markets in Europe and North America as well as to the consumer electronics market in Asia. The weakening of the U.S. dollar compared to the euro had a favorable impact to our net sales of approximately 1.1%.

EBITDA for 2013 decreased by $7.9 million, or 11.4%, to $61.6 million from $69.5 million in 2012. This decrease is attributable mainly to lower sales volume to the automotive market in Europe and consumer electronics market in Asia and margins in our automotive products in Latin America which were unfavorably impacted by the strengthening of the U.S. dollar compared to the Brazilian real resulting in an approximate 6.5% negative impact to our EBITDA.

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Basic Plastics and Feedstocks Segment

Our Basic Plastics & Feedstocks segment consists of styrenic polymers, including polystyrene, ABS, and SAN products, as well as PC and styrene monomer, which includes our internal production and sourcing of styrene, 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, or HIPS, and mABS products. For example, we work with appliance manufacturers around the world to develop improved environmental stress crack resistant products and with our construction sheet customers on smooth ABS. 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. Through this segment we also serve the packaging and construction end-markets, where we have launched a new general purpose polystyrene product for improved performance in foam insulation applications.

PC has high levels of clarity, impact resistance and temperature resistance. PC can be used in its neat form (prior to any compounding or blending) for markets such as construction sheet, optical media and LED lighting. Additionally, PC can be compounded or blended with other polymers, such as ABS, which imparts specific performance attributes tailored to the product’s end-use. A significant portion of our PC is consumed in our Performance Plastics segment for the manufacture of our compounds and blends products. We continue to drive improvements in profitability of PC as a result of savings from our restructuring activities, as well as from improvements in industry supply and demand.

This segment also includes the results of our two 50%-owned joint ventures, Americas Styrenics and Sumika Styron Polycarbonate. We do not anticipate investing for organic growth in this segment in the near term. Rather, our strategy for this segment is focused on operational enhancements, margin improvement, and cash generation.

Year Ended December 31, 2014 Compared to Year Ended December 31, 2013

Net sales for 2014 decreased by $124.5 million, or 4.9%, to $2,411.8 million from $2,536.3 million in 2013. Of the 4.9% decrease in net sales, 4.5% was driven by decreases in selling prices primarily due to the pass through of lower styrene costs to customers and approximately 0.7% was due to a decrease in sales volume. These decreases were partially offset by a 0.4% favorable currency impact to our net sales as the U.S. dollar weakened compared to the euro.

EBITDA for 2014 decreased by $66.1 million, or 73.4%, to $23.9 million from $90.0 million in 2013. Of the 73.4% decrease, 97.9% was driven by lower margins due mainly to a reduction in the spread on styrene monomer production margins compared to prior year as well as lower PC margins from weaker market conditions. Also contributing to the decrease was a 12.0% reduction in sales volume, driven by lower sales in Europe and Asia polystyrene, which includes impacts from customer destocking in the latter half of the year with decreasing prices. These impacts were partially offset by a 22.2% increase in EBITDA due to lower fixed costs, primarily related to fixed cost savings from our exit of the Freeport, Texas polycarbonate contract manufacturing agreement net of $6.6 million of decommissioning charges incurred in connection with this exit. In addition, the decrease in EBITDA was partially offset by the one-time $9.2 million impairment of fixed assets charge at our polycarbonate manufacturing facility in Stade, Germany that was incurred in 2013 as well as an increase in equity earnings from our AmSty joint venture, which increased $10.9 million compared to the prior year.

Year Ended December 31, 2013 Compared to the Year Ended December 31, 2012

Net sales for 2013 increased by $170.6 million, or 7.2%, to $2,536.3 million from $2,365.7 million in 2012. Of the 7.2% increase in net sales, 6.2% was driven by increases in selling prices due to higher styrene monomer prices, as well as actions to increase selling prices to improve margins. Also, the weakening of the U.S. dollar compared to the euro had a favorable currency impact to our net sales of approximately 1.9%. These increases were partially offset by a 0.9% decrease in sales volume largely related to the divestiture of our EPS business to Ravago and the remainder driven by customers’ inventory optimization efforts, as a result of price increases in styrene monomer.

EBITDA for 2013 increased by $45.1 million, or 100.4%, to $90.0 million from $44.9 million in 2012. This increase was primarily due to higher margins in styrene monomer production, margin improvement initiatives, and more favorable industry dynamics with lower supply in Europe which contributed to a combined 100.6% increase in EBITDA from 2012. Also, higher volumes contributed to 9.9% of the increase and the weakening of the U.S. dollar compared to the euro had a net favorable currency impact of approximately 2.5%. These increases were partially offset by continued losses in the polycarbonate business as the market remains extremely competitive, especially given current unfavorable supply and demand dynamics. The increases were also partially offset by a loss of approximately $9.2 million related to the impairment of fixed assets at our polycarbonate manufacturing facility in Stade, Germany and a loss of $4.2 million on the sale of the EPS business completed in September 2013.

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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 years ended December 31, 2014, 2013, and 2012, respectively:

	Year Ended December 31,
(in millions)	2014			2013			2012
Net income (loss)	$	(67.3	)	$	(22.2	)	$	30.3
Interest expense, net		124.9			132.0			110.0
Provision for income taxes		19.7			21.8			17.5
Depreciation and amortization		103.7			95.2			85.6
EBITDA(a)	$	181.0		$	226.8		$	243.4
Loss on extinguishment of long-term debt		7.4			20.7			—
Asset impairment charges or write-offs(b)		—			9.9			—
Net loss (gain) on disposition of businesses and assets(c)		(0.6	)		4.2			—
Restructuring and other charges(d)		10.0			10.8			7.5
Fees paid pursuant to advisory agreement(e)		25.4			4.7			4.6
Other non-recurring items(f)		38.4			0.8			(0.6	)
Adjusted EBITDA	$	261.6		$	277.9		$	254.9
Inventory revaluation		64.4			40.4			(38.4	)
Adjusted EBITDA, excluding inventory revaluation(g)	$	326.0		$	318.3		$	216.5

(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 year ended December 31, 2013 relate primarily to a $9.2 million impairment charge for fixed assets at our polycarbonate manufacturing plant in Stade, Germany. See Note 7 in the consolidated financial statements for further discussion.

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(c) Net loss (gain) on disposition of businesses and assets for the years ended December 31, 2014 and 2013 of $(0.6) million and $4.2 million, respectively, relate to the sale of the Company’s EPS business, which closed in September 2013, and for which a contingent gain of $0.6 million was recorded during the fourth quarter of 2014. Refer to Note 3 in the consolidated financial statements for further discussion.

(d) Restructuring and other charges for the years ended December 31, 2014 and 2013 were incurred primarily in connection with the shutdown of our latex manufacturing plant in Altona, Australia and the restructuring within our Basic Plastics & Feedstocks segment. Note that the accelerated depreciation charges incurred as part of the 2014 restructuring within our Basic Plastics & Feedstocks segment are included within the depreciation caption above, and therefore not included as a separate adjustment within this caption. Restructuring and other charges for the year ended December 31, 2012 relate primarily to the announced organizational restructuring program in 2012 that included changes to many employees’ roles and elimination of approximately 90 roles globally. See Note 20 in the consolidated financial statements for further discussion.

(e) Represents fees paid under the terms of our advisory agreement with Bain Capital (the “Advisory Agreement”). For the year ended December 31, 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 18 in the consolidated financial statements for further discussion.

(f) Other non-recurring items incurred for the year ended December 31, 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 18 in the consolidated financial statements for further discussion. Additional amounts incurred during the year ended December 31, 2014 consist of costs related to the process of changing our corporate name from Styron to Trinseo.

(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 years ended December 31, 2014, 2013, and 2012. We have derived the summarized cash flow information from our audited financial statements.

	Year Ended December 31,
(in millions)	2014			2013			2012
Net cash provided by (used in):
Operating activities	$	117.2		$	211.3		$	186.1
Investing activities		(92.6	)		(33.4	)		(117.3	)
Financing activities		8.1			(220.2	)		(77.2	)
Effect of exchange rates on cash		(8.4	)		2.4			(0.6	)
Net change in cash and cash equivalents	$	24.3		$	(39.9	)	$	(9.0	)

Operating Activities

Net cash provided by operating activities during the year ended December 31, 2014 totaled $117.2 million, with net cash provided by operating assets and liabilities totaling $61.1 million. The most significant components of the changes in operating assets and liabilities for the year ended December 31, 2014 of $61.1 million was a decrease in accounts receivable of $68.5 million and a decrease in inventories of $22.6 million, offset by a decrease in other liabilities of $22.0 million. The decrease in accounts receivable is primarily due to lower sales and higher collections during the fourth quarter of 2014, compared to the fourth quarter of 2013, primarily driven by decreasing raw material prices. Our other liabilities decreased mainly due to reductions in normal operating costs. Our operating cash flow for the year ended December 31, 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 18 of the consolidated financial statements for further discussion.

Net cash provided by operating activities during the year ended December 31, 2013 totaled $211.3 million, with net cash provided by operating assets and liabilities totaling $92.5 million. The most significant components of the changes in operating assets and liabilities for the year ended December 31, 2013 of $92.5 million were increases in accounts payable and other current liabilities of $15.0 million, and a decrease in inventory of $55.4 million. Increase in accounts payable and other current liabilities was mainly due to timing of payments in the normal course of business plus lesser interest payments in 2013 on the Senior Notes as interest payments are due semi-annually in August and February each year compared to interest on the Term Loans which were paid quarterly

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in the prior year. Decrease in inventory was due to lower raw materials prices during 2013, as well as a decrease in volumes compared to the fourth quarter of 2012, due to higher inventory volumes on hand at the end of 2012 resulting from our rubber capacity expansion project placed in operation in the fourth quarter of 2012. Additionally, in 2013 we received $22.5 million from our unconsolidated affiliate, AmSty, as a return on our investment. Overall, cash flow from operating activities was primarily driven by improvement in cash collection during the year and lesser cash outflow on purchases due to inventory build in 2012 and lower raw materials prices in 2013.

Net cash provided by operating activities during the year ended December 31, 2012 totaled $186.1 million, with net cash provided by operating assets and liabilities totaling $55.3 million. The most significant components of the changes in operating assets and liabilities for the year ended December 31, 2012 of $55.3 million were decreases in accounts receivable and income taxes payable of $84.7 million and $5.1 million, respectively, and increases in inventory and accounts payable and other current liabilities of $87.2 million and $67.9 million, respectively. Increases in inventory and accounts payable and other current liabilities are primarily due to increases in inventory during the fourth quarter of 2012 for our new rubber capacity expansion project placed in operation in October 2012. The decrease in accounts receivable reflects both a decrease in sales during the fourth quarter of 2012 driven by the decrease in sales volume as well as continued improvements in receivable collection efforts. In addition, despite the decreases in sales, we conserved the use of cash in our operations due to various cost savings initiatives implemented during the year. Net cash paid for income taxes during the year was approximately $20.4 million. Additionally, in 2012 we received $20.0 million in dividends from our unconsolidated affiliate, AmSty, as a return on our investment.

Investing Activities

Net cash used in investing activities for the year ended December 31, 2014 totaled $92.6 million consisting primarily of capital expenditures of $98.6 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 $6.3 million from the sale of a portion of land at our manufacturing site in Livorno, Italy.

Net cash used in investing activities for the year ended December 31, 2013 totaled $33.4 million, consisting primarily of capital expenditures of $54.8 million during the period, net of proceeds received from a government subsidy of $18.8 million related to our capital expansion project at our rubber facility in Schkopau, Germany. Also offsetting these capital expenditures were cash proceeds of $15.2 million received from the sale of our EPS business during the year as well as cash proceeds of $7.9 million released from restrictions related to our accounts receivable securitization facility. Refer to Note 3 of the consolidated financial statements for details on the EPS business divestiture.

Net cash used in investing activities for the year ended December 31, 2012 totaled $117.3 million, consisting primarily of capital expenditures of $112.4 million, net of proceeds from a government subsidy of $6.1 million; $69.2 million of capital expenditures, net of subsidy, was related to our capital expansion project at our rubber facility in Schkopau, Germany.

Financing Activities

Net cash provided by financing activities during the year ended December 31, 2014 totaled $8.1 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 $198.1 million, which is net of underwriting discounts as well as advisory, accounting, and legal expenses directly related to the offering. In July 2014, using proceeds from the Company’s IPO, the Company redeemed $132.5 million in aggregate principal amount of the Senior Notes (see Note 12 of the consolidated financial statements for further details). In addition, we had net repayments of short-term borrowings of $56.9 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 year ended December 31, 2014, we had borrowings from our Accounts Receivable Securitization Facility of $308.6 million and repayments of $309.2 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 year ended December 31, 2013 totaled $220.2 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 Notes issued in January 2013. In connection with the issuance of the Senior Notes and the amendments to our Senior Secured Credit Facility and our Accounts Receivable Securitization Facility, we paid approximately $48.3 million of refinancing fees. In addition, during the period, we continued to utilize our Revolving Facility and our Accounts Receivable Securitization Facility to fund our working capital requirements. During the year ended December 31, 2013, our borrowings and repayments to our Revolving Facility were $405.0 million and $525.0 million, respectively, and we had net repayments to our Accounts Receivable Securitization Facility of $95.1 million.

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Net cash used in financing activities during the year ended December 31, 2012 totaled $77.2 million. We had borrowings from our Revolving Facility and our Accounts Receivable Securitization Facility throughout the year to fund our working capital requirements, and repaid those borrowings from funds generated from operating activities. During the year ended December 31, 2012, our borrowings and repayments to our Revolving Facility were $1,105.0 million and $1,135.0 million, respectively, and our net repayments to our Accounts Receivable Securitization Facility were $16.4 million. Also, during the year ended December 31, 2012, we paid $147.0 million of the then outstanding Term Loans, of which $140.0 million was the required payment for the effectiveness of the fourth amendment to the Senior Secured Credit Facility. Further, in May 2012, we received an approximate $22.2 million equity contribution from our Parent in order to cure an event of default that occurred for the period ended March 31, 2012. In August 2012, we received a $140.0 million cash contribution from our Parent and used the proceeds to repay a portion of our then outstanding Term Loans (as mentioned above).

Indebtedness and Liquidity

The following table outlines our outstanding indebtedness as of December 31, 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 at December 31, 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 Year ended December 31, 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		—		—			4.7		—		6.6	%		5.7
Senior Notes		1,192.5		8.8	%		116.2		1,325.0		8.8	%		111.9
Accounts Receivable Securitization Facility		—		2.7	%		4.3		—		3.1	%		5.6
Other indebtedness		9.7		1.1	%		0.1		11.4		1.6	%		0.1
Total	$	1,202.2				$	125.3	$	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 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 December 31, 2014, the Company was in compliance with all debt covenant requirements under the Senior Secured Credit Facility.

There are no amounts outstanding under the Revolving Facility as of December 31, 2014. Available borrowings under the Revolving Facility totaled $293.3million (net of $6.7 million of outstanding letters of credit) as of December 31, 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 principal amounts then outstanding will be due and payable. The proceeds from the issuance of the Senior Notes were used to repay all of the Company’s outstanding Term Loans and related refinancing fees and expenses.

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The Company may redeem all or part of the Senior Notes at any time prior to August 1, 2015 by paying a call premium, plus accrued and unpaid interest to the redemption date. The Company may redeem all or part of the Senior Notes at any time after August 1, 2015 at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the notes redeemed, to the applicable date of redemption, if redeemed during the twelve-month period beginning on of the year indicated below:

12-month period commencing August 1 in Year	Percentage
2015		104.375	%
2016		102.188	%
2017 and thereafter		100.000	%

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 12 to the 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 incurred a loss on the extinguishment of debt of approximately $7.4 million, which includes the above $4.0 million call premium and a $3.4 million write-off of related unamortized debt issuance costs. 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.

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 December 31, 2014, the Company was in compliance with all debt covenant requirements under the indenture.

Accounts Receivable Securitization Facility

In August 2010, Styron Receivables Funding Ltd., which we refer to as Styron Funding, a variable interest entity in which we are the primary beneficiary, entered into an accounts receivable securitization facility with HSBC Bank Plc. The initial facility permitted borrowings by our Swiss subsidiary guarantor, Styron Europe GmbH, which we refer to as Styron Europe, of up to a total of $160.0 million. Under the facility, Styron Europe will sell its accounts receivable from time to time to Styron Funding. In turn, Styron Funding may sell undivided ownership interests in such receivables to commercial paper conduits in exchange for cash. We have agreed to continue servicing the receivables for Styron Funding. Upon the sale of the interests in the accounts receivable by Styron Funding, the conduits have a first priority perfected security interest in such receivables and, as a result, the receivables will not be available to our creditors or those of our subsidiaries.

In May 2011, the accounts receivable securitization facility was amended to allow for the expansion of the pool of eligible accounts receivable to include a previously excluded German subsidiary. In May 2013, we further amended the accounts receivable securitization facility, which increased our borrowing capacity from $160.0 million to $200.0 million, extended the maturity date to May 2016, lowered our borrowing cost, and allows for the expansion of the pool of eligible accounts receivable to include our

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previously not included U.S. and The Netherlands subsidiaries. As a result of the May 2013 amendment, 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 December 31, 2014, there were no amounts outstanding under the Accounts Receivable Securitization Facility, with approximately $136.1 million of accounts receivable available to support this facility, based on the pool of eligible accounts receivable.

Other indebtedness

As of December 31, 2014, we had $7.6 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.

Derivative Instruments

Foreign Exchange Forward Contracts

Certain subsidiaries have assets and liabilities denominated in currencies other than their respective functional currencies, which creates foreign exchange risk. Our principal strategy in managing exposure to changes in foreign currency exchange rates is to naturally hedge the foreign currency-denominated liabilities on our balance sheet against corresponding assets of the same currency such that any changes in liabilities due to fluctuations in exchange rates are offset by changes in their corresponding foreign currency assets. In order to further reduce our exposure, the Company also uses foreign exchange forward contracts to economically hedge the impact of the variability in exchange rates on our assets and liabilities denominated in certain foreign currencies. These derivative contracts are not designated for hedge accounting treatment. The Company does not hold or enter into financial instruments for trading or speculative purposes.

During 2012, the Company entered into foreign exchange forward contracts with a notional U.S. dollar equivalent amount of $82.0 million. These contracts were settled in February and May 2013 and no contracts were outstanding as of December 31, 2013. The Company recognized losses of $0.6 million and $4.8 million during the years ended December 31, 2013 and 2012, respectively, related to these contracts.

Beginning in the third quarter of 2014, the Company began to enter into various foreign exchange forward contracts, each with an original maturity of less than three months, and has continued with this program through the end of the year. As of December 31, 2014, the Company had open foreign exchange forward contracts with a net notional U.S. dollar equivalent of $102.5 million. The fair value of open foreign exchange forward contracts amounted to $4.9 million of net unrealized losses and $0.3 million of net unrealized gains as of December 31, 2014, which were recorded in “Accounts payable” and “Accounts receivable, net of allowance”, respectively, in the consolidated balance sheets.

As these foreign exchange forward contracts are not designated for hedge accounting treatment, changes in the fair value of underlying instruments are recognized in “Other expense (income), net” in the consolidated statements of operations. The Company recorded losses from settlements and changes in the fair value of outstanding forward contracts of $28.2 million during the year ended December 31, 2014. These losses largely offset net foreign exchange transaction gains of $32.4 million during the year which resulted from the remeasurement of the Company’s foreign currency denominated assets and liabilities. The cash settlements of these forward exchange forward contracts are included within operating activities in the consolidated statements of cash flows.

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 December 31, 2014, we had $1,202.2 million in outstanding indebtedness and $748.7 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 December 31, 2014 and December 31, 2013, we had $94.7 million and $74.0 million of foreign cash and cash equivalents on our balance sheet, respectively,

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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, extended the maturity date to May 2016, and expanded the pool of eligible accounts receivable to include previously excluded U.S. and The Netherlands subsidiaries. These amendments to our facilities provide for additional liquidity resources for us.

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 December 31, 2014 and December 31, 2013, we were in compliance with all the covenants and default provisions under our borrowing arrangements.

We believe that funds provided by operations, our existing cash and cash equivalent balances, borrowings available under our Revolving Facility and 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

The following table reflects our contractual obligations as of December 31, 2014. Amounts we pay in future periods may vary from those reflected in the table (in millions):

	Payments due by year
Contractual Obligations at December 31, 2014	2015		2016		2017		2018		2019		Thereafter		Total
Purchase commitments(1)	$	1,299.0	$	1,292.4	$	1,421.4	$	1,214.3	$	1,238.5	$	1,204.5	$	7,670.1
Long-term Indebtedness(2)		—		—		—		—		1,192.5		—		1,192.5
Interest payments on long-term debt(3)		104.3		104.3		104.3		104.3		52.2		—		469.4
Pension and other postretirement benefits(4)		3.7		4.3		18.1		5.0		5.0		38.4		74.5
Minimum operating lease commitments and other obligations(5)		8.0		5.5		3.2		2.8		2.8		12.6		34.9
Uncertain tax positions, including interest and penalties(6)		—		—		—		—		—		17.1		17.1
Total	$	1,415.0	$	1,406.5	$	1,547.0	$	1,326.4	$	2,491.0	$	1,272.6	$	9,458.5

(1) We have certain raw material purchase contracts where we are required to purchase certain minimum volumes at the then prevailing market prices. These commitments range from 1 to 6 years. In certain raw material purchase contracts, we have the right to purchase less than 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 obligations shown in the table above.

(2) In January 2013, we issued $1,325.0 million aggregate principal of our 8.750% Senior Notes due 2019, of which we redeemed $132.5 million in July 2014, using proceeds from the Company’s IPO. The remaining Senior Notes will mature and be due in full on February 1, 2019. The above excludes other debt outstanding as of December 31, 2014 totaling $9.7 million, which is primarily short-term in nature.

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(3) Includes estimated interest on the 8.750% Senior Notes due 2019, which is payable semi-annually on February 1st and August 1st of each year, which commenced on August 1, 2013. After the redemption of $132.5 million in aggregate principal amounts of the Senior Notes in July 2014, the estimated annual payments are approximately $104.3 million. Estimated interest payments do not include the Revolving Facility or Accounts Receivable Securitization Facility as amounts outstanding under these facilities vary due to periodic borrowings and repayments. There are no amounts outstanding under either facility as of December 31, 2014.

(4) Includes minimum contributions required to be made to the funded pension plans and expected benefit payments to the employees for unfunded pension plans. With respect to our minimum funding requirements under our pension obligations, we may elect to make contributions in excess of the minimum funding requirements in response to investment performance or changes in interest rates or when we believe that it is financially advantageous to do so and based on our other cash requirements. Our minimum funding requirements after 2014 will depend on several factors, including investment performance and interest rates. Our minimum funding requirements may also be affected by changes in applicable legal requirements. We also have payments due with respect to our postretirement benefit obligation. We do not fund our postretirement benefit obligation. Rather, payments are made as costs are incurred by covered retirees. We expect benefit payments related to our postretirement benefit obligation to be $3.4 million through 2024. Also included in the above is a $13.6 million expected benefit obligation for payments estimated to be payable in 2017 under the Company’s non-qualified supplemental employee retirement plan. See Note 16 to the consolidated financial statements for further discussion.

(5) Excludes certain estimated future commitments under agreements with Dow, including a Second Amended and Restated Master Outsourcing Services Agreement (“SAR MOSA”) under which Dow provides administrative and operational services to us and 25-year site services agreements, as amended (“SSAs”) under which Dow provides utilities and site services to certain of our facilities co-located with Dow.

The services provided pursuant to the SAR MOSA generally are priced per function, and we have the ability to terminate the services or any portion thereof, for convenience any time after June 1, 2015, subject to payment of termination charges. Services which are “highly integrated” follow a different process for evaluation and termination. In addition, either party may terminate for cause, which includes a bankruptcy, liquidation or similar proceeding by the other party, for material breach which is not cured, or by Dow in the event of our failure to pay for the services thereunder. In the event of a change of control, as defined in the agreement, Dow has the right to terminate the SAR MOSA. As of December 31, 2014, we estimate our minimum obligation under the SAR MOSA, excluding the impacts of inflation, to be approximately $20.0 million through June 2015 and $32.0 million thereafter. However, should we continue with this agreement after that date, we estimate our minimum cumulative obligation as of December 31, 2014 through the completion of the contract, excluding the impacts of inflation, would be approximately $282.0 million through December 31, 2020.

These agreements may be terminated at any time by agreement of the parties, or, by either party, for cause, including a bankruptcy, liquidation or similar proceeding by the other party, or under certain circumstances for a material breach which is not cured. In addition, we may terminate for convenience any services that Dow has agreed to provide to us that are identified in any site services agreement as “terminable” with 12 months prior notice to Dow, dependent upon whether the service is highly integrated into Dow operations. Highly integrated services are agreed to be nonterminable. With respect to “nonterminable” services that Dow has agreed to provide to us, such as electricity and steam, we generally cannot terminate such services prior to the termination date unless we experience a production unit shut down for which we provide Dow with 15-months prior notice, or upon payment of a shutdown fee. Upon expiration or termination, we would be obligated to pay a monthly fee to Dow, which obligation extends for a period of 45 (in the case of expiration) to 60 months (in the case of termination) following the respective event of each site services agreement. The agreements under which Dow receives services from us may be terminated under the same circumstances and conditions. Utilizing current year known costs and assuming that we continue with these agreements, we estimate our contractual obligations for the SSAs to be approximately $222.1 million annually for 2015 through 2018. Should we choose to continue these agreements, we estimate our minimum cumulative obligation would be approximately $5,213.6 million through June 2038.

See Note 18 to the consolidated financial statements for further details.

(6) Due to uncertainties in the timing of the effective settlement of tax positions with the respective taxing authorities, we are unable to determine the timing of payments related to its uncertain tax positions, including interest and penalties. Amounts are therefore reflected in “Thereafter”.

Critical Accounting Policies and Estimates

Our discussion and analysis of results of operations and financial condition are based upon our financial statements. These financial statements have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements. We base our estimates and judgments on historical experiences and assumptions believed to be reasonable under the circumstances and re-evaluate them on an ongoing basis.

21

Actual results could vary from our estimates under different assumptions or conditions. Our significant accounting policies, which may be affected by our estimates and assumptions, are more fully described in Note 2 to our consolidated financial statements in this Annual Report. An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact the financial statements. Management believes the following critical accounting policies reflect our most significant estimates and assumptions used in the preparation of the financial statements.

Pension Plans and Postretirement Benefits

We have various company-sponsored retirement plans covering substantially all employees. We also provide certain health care and life insurance benefits mainly to certain retirees in the United States. The plans provide health care benefits, including hospital, physicians’ services, drug and major medical expense coverage, and life insurance benefits. We recognize the underfunded or overfunded status of a defined benefit pension or postretirement plan as an asset or liability in our balance sheet and recognize changes in the funded status in the year in which the changes occur through accumulated other comprehensive income, which is a component of shareholders’ equity.

A settlement is a transaction that is an irrevocable action that relieves the employer (or the plan) of primary responsibility for a pension or postretirement benefit obligation, and that eliminates significant risks related to the obligation and the assets used to effect the settlement. The Company does not record settlement gains or losses during interim periods when the cost of all settlements in a year is less than or equal to the sum of the service cost and interest cost components of net periodic pension cost for the plan in that year.

Pension benefits associated with these plans are generally based on each participant’s years of service, compensation, and age at retirement or termination. The discount rate is an important element of expense and liability measurement. We evaluate our assumptions at least once each year, or as facts and circumstances dictate, and make changes as conditions warrant.

We determine the discount rate used to measure plan liabilities as of the December 31 measurement date for the pension and postretirement benefit plans. The discount rate reflects the current rate at which the associated liabilities could be effectively settled at the end of the year. We set our rate to reflect the yield of a portfolio of high quality, fixed-income debt instruments that would produce cash flows sufficient in timing and amount to settle projected future benefits. Using this methodology, we determined a discount rate of 2.01% for pension and 6.40% for postretirement benefits to be appropriate as of December 31, 2014.

We determine the expected long-term rate of return on assets by performing a detailed analysis of historical and expected returns based on the underlying assets, which generally are insurance contracts. We also consider our historical experience with the pension fund asset performance. The expected return of each asset class is derived from a forecasted future return confirmed by current and historical experience. The weighted-average long-term rate of return assumption used for determining net periodic pension expense for 2014 was 2.83%, while the weighted-average long-term rate of return assumption used for determining net periodic pension expense for 2013 was 2.44%. The increase was primarily due to higher interest rates during 2014 on certain assets with guaranteed returns. Future actual pension expense will depend on the performance of the underlying assets and changes in future discount rates, among other factors.

Holding all other factors constant, a 0.25 percentage point increase (decrease) in the discount rate used to determine net periodic cost would decrease (increase) 2014 pension expense by approximately $1.9 million and $(2.0) million, respectively. Holding all other factors constant, a 0.25 percentage point increase (decrease) in the long-term rate of return on assets used to determine net periodic cost would decrease (increase) 2014 pension expense by approximately $0.2 million and $(0.2) million, respectively.

Plan assets are invested primarily in insurance contracts that provide for guaranteed returns. As of December 31, 2014 and 2013, respectively, plan assets totaled $92.6 million and $81.3 million. Investments in the pension plan insurance are valued utilizing unobservable inputs, which are contractually determined based on cash surrender values, returns, fees, and the present value of the future cash flows of the contracts, and are classified as Level 3 investments.

Stock-Based Compensation

Restricted Stock Awards issued by the Parent

Since June 17, 2010, our Parent granted various time-based and performance-based restricted stock awards (“Incentive Shares”) to certain officers and 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), there were no grants issued under the Parent’s restricted stock awards plan in 2014, and none are expected in future periods.

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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). Henceforth, these awards will be described as the Company’s modified time-based restricted stock awards. Prior to this modification, the Company had 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.

Compensation expense related to time-based restricted stock awards is equivalent to the grant-date fair value of our Parent’s ordinary shares adjusted for the return of co-investment share and other equity investment amounts, as discussed below, and is recognized as compensation expense over the service period utilizing graded vesting.

Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Stock-based compensation expense recognized in our consolidated financial statements is based on awards that are ultimately expected to vest.

In addition, our Parent has a call right that gives it the option, but not the obligation, to repurchase vested stock at the then current fair value upon an employee’s termination, or at cost in certain circumstances. In 2013, as the result of certain employee terminations, the Parent repurchased a total of 3,372 previously vested time-based restricted stock awards at cost, resulting in a $0.9 million favorable adjustment to stock-based compensation expense. No such repurchases occurred in 2014 or 2012.

During 2011, certain co-investment shares were issued for a subscription price of $397.2 per share. During 2013, an additional 779 co-investment shares were issued for a subscription price of $0.01 per share. No issuances occurred during 2012 or 2014. All such shares are referred to herein as the “Co-Invest Shares”. Our Incentive Shares are issued for a subscription price of $0.01 per share.

Our Parent is a private company with no active public market for its ordinary shares. For grants made on June 17, 2010 and through the third quarter of 2010, the awards were valued using a share price derived from the purchase price of the acquired assets and liabilities on that date. For grants awarded or modified from the fourth quarter of 2010 through 2014, our Parent determined the estimated per share fair value of its ordinary shares using a contemporaneous valuation consistent with the American Institute of Certified Public Accountants 2013 Guide, “Valuation of Privately-Held Company Equity Securities Issued as Compensation” (the “Guide”). In conducting this valuation, our Parent considered all objective and subjective factors that it believed to be relevant, including its best estimate of its business condition, prospects, and operating performance. Within this contemporaneous valuation, a range of factors, assumptions, and methodologies were used. The significant factors included:

• the fact that, prior to June 2014, we and our Parent were private companies with illiquid securities; since our June 2014 IPO, the Company is now publicly traded, but the Parent (from whom incentive shares awarded) remains a private company;

• our historical operating results;

• our discounted future cash flows, based on our projected operating results;

• valuations and historical stock price volatility of comparable public companies; and

• the risk involved in the investment, as related to earnings stability, capital structure, competition and market potential.

For all contemporaneous valuations of our Parent’s ordinary shares prior to our IPO in June 2014, management estimated, as of the grant date, our enterprise value on a continuing operations basis, using the income and market approaches, as described in the Guide. The income approach utilized a discounted cash flow (“DCF”) methodology based on our financial forecasts and projections. The market approach utilized the Guideline Public Company and Guideline Transactions methods.

For the DCF methodology, we prepared annual projections of future cash flows, generally over the next 5 years, with terminal year cash flows projected at long-term sustainable growth rates consistent with long-term inflationary and industry expectations. Our projections of future cash flows were based on our estimated net debt-free cash flows and were discounted to the valuation date using a weighted-average cost of capital estimated using market participant assumptions.

For the Guideline Public Company and Guideline Transactions methods, we identified a group of comparable public companies and recent transactions within the chemicals industry. For the comparable companies, we estimated market multiples based on trading prices and trailing 12 months EBITDA and projected future EBITDA. We then calculated a rolling two year average of these multiples, which were applied to our trailing 12 months and projected EBITDA. When selecting comparable companies, consideration was given to industry similarity, their specific products offered, financial data availability and capital structure.

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For the comparable transactions, we estimated market multiples based on prices paid for the related transactions and trailing 12 months EBITDA. These multiples were then applied to our trailing 12 months EBITDA. The results of the market approaches corroborated the fair value determined using the income approach.

For valuations performed in 2014, primarily as a result of the June modification of performance-based awards discussed above, we applied a similar valuation methodology. However, rather than developing an estimate of the business enterprise value of the Parent using the methods discussed above, we derived the fair value using the market capitalization of the Company, based on the prevailing price of the Company’s publicly-traded stock, adjusted for net debt and other factors.

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. Following the IPO, all equity-based awards granted by the Company will be granted under the 2014 Omnibus Plan which 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. Only limited grants of restricted stock units to the Company’s two independent directors occurred in 2014.

Asset Impairments

As of December 31, 2014, net property, plant and equipment totaled $556.7 million, net identifiable finite-lived intangible assets totaled $165.4 million and goodwill totaled $34.6 million. Management makes estimates and assumptions in preparing the financial statements for which actual results will emerge over long periods of time. This includes the recoverability of long-lived assets employed in the business. These estimates and assumptions are closely monitored by management and periodically adjusted as circumstances warrant. For instance, expected asset lives may be shortened or impairment may be recorded based on a change in the expected use of the asset or performance of the related asset group.

We evaluate long-lived assets and identifiable finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset grouping may not be recoverable. When undiscounted future cash flows are not expected to be sufficient to recover an asset’s carrying value, the asset is written down to its fair value based on a discounted cash flow analysis utilizing market participant assumptions.

During the three months ended December 31, 2013, we determined that the long-lived assets at our polycarbonate manufacturing facility in Stade, Germany should be assessed for impairment driven primarily by continued losses experienced in our polycarbonate business. This assessment indicated that the carrying amount of the long-lived assets at this facility were not recoverable when compared to the expected undiscounted cash flows of our polycarbonate business. Based upon our assessment of fair value of this asset group, we fully impaired these assets as of December 31, 2013. The fair value of the asset group was determined under the income approach utilizing a discounted cash flow (“DCF”) model. The key assumptions used in the DCF model included growth rates and cash flow projections, discount rate, tax rate and an estimated terminal value.

As a result, in the year ended December 31, 2013, we recorded an impairment loss of approximately $9.2 million. The amount was recorded within “Selling, general and administrative expenses” in the consolidated statement of operations and was allocated entirely to the Basic Plastics & Feedstocks segment.

Through December 31, 2014, we have continued to assess the recoverability of certain assets, and concluded there are no events or circumstances identified by management that would indicate these assets are not recoverable. However, the current environment is subject to changing market conditions and requires significant management judgment to identify the potential impact to our assessment. If we are not able to achieve certain actions or our future operating results do not meet our expectations, it is possible that impairment charges may need to be recorded on one or more of our operating facilities.

Long-lived assets to be disposed of by sale are classified as held-for-sale and are reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of in a manner other than by sale are classified as held-and-used until they are disposed.

Our goodwill impairment testing is performed annually as of October 1^st at a reporting unit level. We perform more frequent impairment tests when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. As of our annual assessment date of October 1, 2014, each of our reporting units had fair values that substantially exceeded the carrying value of their net assets, indicating that no impairment of goodwill is warranted.

An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. The estimated fair value of a reporting unit is determined using a discounted cash flow analysis. At December 31, 2014, our $34.6 million in total goodwill is allocated as follows to our reportable segments: $13.8 million to Latex, $9.5 million to Synthetic Rubber, $3.2 million to Performance Plastics and $8.1 million to Basic Plastics & Feedstocks.

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Factors which could result in future impairment charges, among others, include changes in worldwide economic conditions, changes in technology, changes in competitive conditions and customer preferences, and fluctuations in foreign currency exchange rates. These factors are discussed in Item 7A—Quantitative and Qualitative Disclosures about Market Risk and Item 1A- Risk Factors included in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2014.

Income Taxes

We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted rates. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date. Deferred taxes are provided on the outside basis differences and unremitted earnings of subsidiaries outside of Luxembourg. All undistributed earnings of foreign subsidiaries and affiliates are expected to be repatriated at December 31, 2014. Based on the evaluation of available evidence, both positive and negative, we recognize future tax benefits, such as net operating loss carryforwards and tax credit carryforwards, to the extent that realizing these benefits is considered to be more likely than not.

At December 31, 2014, we had a net deferred tax asset balance of $81.9 million, after valuation allowances of $66.9 million. In evaluating the ability to realize the deferred tax assets, we rely on, in order of increasing subjectivity, taxable income in prior carryback years, the future reversals of existing taxable temporary differences, tax planning strategies and forecasted taxable income using historical and projected future operating results. At December 31, 2014, we had deferred tax assets for tax loss carryforward of approximately $58.3 million, $3.3 million of which is subject to expiration in the years between 2015 and 2019. We continue to evaluate our historical and projected operating results for several legal entities for which we maintain valuation allowances on net deferred tax assets.

We are subject to income taxes in Luxembourg, the United States and numerous foreign jurisdictions, and are subject to audit within these jurisdictions. Therefore, in the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. The tax provision includes amounts considered sufficient to pay assessments that may result from examinations of prior year tax returns; however, the amount ultimately paid upon resolution of issues raised may differ from the amounts accrued. Since significant judgment is required to assess the future tax consequences of events that have been recognized in our financial statements or tax returns, the ultimate resolution of these events could result in adjustments to our financial statements and such adjustments could be material. Therefore, we consider such estimates to be critical in preparation of our financial statements.

The financial statement effect of an uncertain income tax position is recognized when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Accruals are recorded for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. Uncertain income tax positions have been recorded in “Other noncurrent obligations” in the consolidated balance sheets for the periods presented.

Management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, and any valuation allowance recorded against our deferred tax assets. The valuation allowance is based on our estimates of future taxable income and the period over which we expect the deferred tax assets to be recovered. Our assessment of future taxable income is based on historical experience and current and anticipated market and economic conditions and trends. In the event that actual results differ from these estimates or we adjust our estimates in the future, we may need to adjust our valuation allowance, which could materially impact our financial position and results of operations.

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 2 to the consolidated financial statements, included elsewhere within this Annual Report.

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XML

Inventories (Tables)

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	December 31,
	2014		2013
Finished goods	$	235,949	$	252,602
Raw materials and semi-finished goods		205,061		240,858
Supplies		32,851		36,731
Total	$	473,861	$	530,191

XML

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 7,000,000	$ 8,300,000	$ 4,200,000
Modified Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,500,000
Liability Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	0		900,000
Management Retention Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	900,000	1,400,000	2,300,000
Restricted Stock Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense		200,000
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	10,552,000	9,979,000	7,328,000
Selling, General and Administrative Expenses [Member] | Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	7,037,000	8,346,000	4,192,000
Selling, General and Administrative Expenses [Member] | Modified Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	2,469,000
Selling, General and Administrative Expenses [Member] | Restricted Stock Units- Under 2014 Omnibus Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	100,000
Selling, General and Administrative Expenses [Member] | Liability Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	50,000	46,000	861,000
Selling, General and Administrative Expenses [Member] | Management Retention Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	896,000	1,416,000	2,275,000
Selling, General and Administrative Expenses [Member] | Restricted Stock Sales [Member] | Parent Guarantor [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense		$ 171,000

XML

Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Data

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2014
Net sales	$	1,359,132		$	1,340,935		$	1,305,493		$	1,122,401
Gross profit		98,629			92,410			68,236			38,046
Equity in earnings of unconsolidated affiliates		14,950			5,378			9,267			18,154
Operating Income		63,549			23,580	(1)		29,390			(4,035	)
Income (loss) before income taxes		29,836			(39,171	)(1)		(6,460	)(2)		(31,818	)
Net income (loss)		17,086			(44,621	)(1)		(10,110	)(2)		(29,687	)
Income (loss) per share- basic and diluted	$	0.46		$	(1.15	)(1)	$	(0.21	)(2)	$	(0.61	)
2013
Net sales	$	1,391,585		$	1,361,759		$	1,308,959		$	1,245,111
Gross profit		80,803			65,509			96,517			115,181
Equity in earnings of unconsolidated affiliates		2,799			8,929			15,215			12,195
Operating Income		37,142			19,664			57,960			65,524
Income (loss) before income taxes		(9,778	)(3)		(25,914	)		10,937			24,386
Net income (loss)		(9,678	)(3)		(28,064	)		4,936			10,588
Income (loss) per share- basic and diluted	$	(0.26	)(3)	$	(0.75	)	$	0.13		$	0.28

(1) Includes a charge of $23.3 million for fees paid to Bain Capital incurred in connection with the termination of the Advisory Agreement, pursuant to its terms, upon consummation of the Company’s IPO in June 2014. Also includes a one-time $32.5 million termination payment made to Dow in connection with the termination of our Latex JV Option Agreement. See Note 18 to the consolidated financial statements for further discussion of these items.

(2) Includes $7.4 million loss on extinguishment of debt related to the July 2014 redemption of $132.5 million in aggregate principal amount of the Senior Notes.

(3) Includes $20.7 million loss on extinguishment of debt related to the January 2013 amendment of our Senior Secured Credit Facility and repayment of Term Loans.

XML

Pension Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Net Periodic Benefit Costs for Pension and Other Postretirement Benefit Plans

The net periodic benefit costs for the pension and other postretirement benefit plans for the years ended December 31, 2014, 2013, and 2012 were as follows:

	Defined Benefit Pension Plans									Other Postretirement Benefit Plans
	December 31,									December 31,
	2014			2013			2012			2014			2013			2012
Net periodic benefit cost
Service cost	$	14,097		$	13,866		$	10,054		$	1,048	(6)	$	283		$	252
Interest cost		7,687			6,482			6,475			1,189	(6)		262			275
Expected return on plan assets		(2,427	)		(1,710	)		(2,251	)		—			—			—
Amortization of prior service cost (credit)		(1,002	)		(989	)		142			102			—			—
Amortization of net (gain) loss		2,557			3,093			(630	)		(45	)(6)		—			(9	)
Settlement and curtailment (gain) loss		1,517	(1)		2,122	(2)		(247	)		(1,507	)(3)		—			—
Net periodic benefit cost (income)	$	22,429		$	22,864		$	13,543		$	787		$	545		$	518
Amounts recognized in other comprehensive income (loss)
Net loss (gain)	$	56,318		$	6,170		$	65,303		$	1,263	(6)	$	(1,354	)	$	677
Amortization of prior service (cost) credit		1,002			989			(142	)		(102	)		—			—
Amortization of net gain (loss)		(2,557	)		(3,093	)		630			45	(6)		—			9
Settlement and curtailment gain (loss)		(1,517	)		(2,122	)		247			(242	)		—			—
Prior service cost (credit)		(12,706	)(4)		(12,992	)(5)		—			—			730			—
Total recognized in other comprehensive income (loss)		40,540			(11,048	)		66,038			964			(624	)		686
Net periodic benefit cost (income)		22,429			22,864			13,543			787			545			518
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	62,969		$	11,816		$	79,581		$	1,751		$	(79	)	$	1,204

(1) This amount represents settlement losses from one of the Company’s defined benefit plans in Switzerland due to the termination of certain employees during the year, which resulted in a loss recognized in the year ended December 31, 2014 due to a charge against the unamortized net loss recorded in other comprehensive income.

(2) This amount represents a curtailment loss from one of the Company’s defined benefit plans in Germany due to the reduction or cessation of benefit accruals for certain employees’ future services. The adjustment in the benefit obligation from the curtailment resulted in a loss recognized during the year ended December 31, 2013 due to a charge against the unamortized net loss recorded in other comprehensive income.

(3) This amount represents a curtailment gain from the Company’s other postretirement benefit plan in The Netherlands, due to the cessation of retiree medical benefit accruals effective January 1, 2015.

(4) This adjustment was made to the Company’s pension plan in The Netherlands to reflect the introduction of a salary cap and lower accrual rate on pension benefits as a result of tax law changes effective January 1, 2015. The impact of the change resulted in an adjustment to prior service credit in other comprehensive income as of December 31, 2014, which will be amortized to net periodic benefit cost over the estimated remaining service period of the employees.

(5) This is primarily related to the transfer of all remaining employees who were previously participants in the Dow Plans in Switzerland and The Netherlands to Company Successor Plans effective January 1, 2013, as discussed above.

(6) These amounts include the prior period net periodic cost and other comprehensive income components of the postretirement benefits in Brazil recognized during 2014, as discussed above.

Schedule of Changes in Pension Benefit Obligations and Fair Value of Plan Assets and Funded Status of All Significant Plans

The changes in the pension benefit obligations and the fair value of plan assets and the funded status of all significant plans for the year ended December 31, 2014 and 2013 were as follows:

	Defined Benefit Pension Plans						Other Postretirement Benefit Plans
	December 31,						December 31,
	2014			2013			2014			2013
Change in projected benefit obligations
Benefit obligation at beginning of period	$	237,914		$	231,437		$	6,660		$	6,666
Service cost		14,097			13,866			1,048			283
Interest cost		7,687			6,482			1,189			262
Plan participants’ contributions		2,385			1,831			—			—
Actuarial changes in assumptions and experience		72,470			(10,376	)		1,263			(1,354	)
Benefits paid		(900	)		(3,362	)		—			—
Benefit payments by employer		(1,428	)		(1,367	)		—			—
Acquisitions/Divestiture		—			(333	)		1,679	(7)		—
Plan amendments		(12,706	)		(12,992	)		—			730
Curtailments		—			2,124			(1,743	)		—
Settlements		(6,783	)		(1,633	)		—			—
Other		614			4,576			—			—
Currency impact		(33,259	)		7,661			(1,019	)		73
Benefit obligation at end of period	$	280,091		$	237,914		$	9,077		$	6,660
Change in plan assets
Fair value of plan assets at beginning of period	$	81,347		$	72,350		$	—		$	—
Actual return on plan assets(8)		18,580			(12,713	)		—			—
Settlements		(6,783	)		(1,633	)		—			—
Employer contributions		9,446			17,665			—			—
Plan participants’ contributions		2,385			1,831			—			—
Benefits paid		(2,239	)		(3,609	)		—			—
Other		614			4,576			—			—
Currency impact		(10,780	)		2,880			—			—
Fair value of plan assets at end of period		92,570			81,347			—			—
Funded status at end of period	$	(187,521	)	$	(156,567	)	$	(9,077	)	$	(6,660	)

(7) The amount represents an adjustment to the original purchase price allocation from the Acquisition as a portion of the postretirement benefits obligation recorded in Brazil was assumed from Dow.

(8) The fair values of certain plan assets as of December 31, 2014 and 2013 were determined using cash surrender values provided under the insurance contracts which took effect on January 1, 2013. The resulting change in the fair value of plan assets due to the use of cash surrender values was included as “return on plan assets”.

Schedule of Net Amounts Recognized in Balance Sheet

The net amounts recognized in the balance sheet as of December 31, 2014 and 2013 were as follows:

	Defined Benefit Pension Plans						Other Postretirement Benefit Plans
	December 31,						December 31,
	2014			2013			2014			2013
Net amounts recognized in the balance sheets at December 31
Current liabilities	$	(1,604	)	$	(1,599	)	$	(70	)	$	(26	)
Noncurrent liabilities		(185,917	)		(154,968	)		(9,007	)		(6,634	)
Net amounts recognized in the balance sheet	$	(187,521	)	$	(156,567	)	$	(9,077	)	$	(6,660	)
Accumulated benefit obligation at the end of the period	$	220,277		$	178,987		$	9,077		$	6,660
Pretax amounts recognized in AOCI at December 31:
Net prior service cost (credit)	$	(21,386	)	$	(9,682	)	$	628		$	730
Net gain (loss)		97,127			44,883			(266	)		(1,332	)
Total at end of period	$	75,741		$	35,201		$	362		$	(602	)

Schedule of Estimated Future Benefit Payments, Reflecting Expected Future Service

The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table:

	2015		2016		2017		2018		2019		2020 through 2024		Total
Defined benefit pension plans	$	3,635	$	4,193	$	4,402	$	4,819	$	4,786	$	35,747	$	57,582
Other postretirement benefit plans		72		105		145		195		260		2,652		3,429
Total	$	3,707	$	4,298	$	4,547	$	5,014	$	5,046	$	38,399	$	61,011

Schedule of Pension Plans with Projected and Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following information relates to pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at December 31, 2014 and December 31, 2013:

Projected Benefit Obligation Exceeds the Fair Value of Plan Assets	December 31,
	2014		2013
Projected benefit obligations	$	280,091	$	237,914
Fair value of plan assets	$	92,570	$	81,347

Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets	December 31,
	2014		2013
Accumulated benefit obligations	$	177,496	$	152,056
Fair value of plan assets	$	44,382	$	50,004

Defined Benefit Pension Plans [Member]

Schedule of Weighted-average Assumptions on Pension Plan Obligations, Other Postretirement Benefit ("OPEB") and Net Periodic Benefit Costs

The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs are provided below:

	Pension Plan Obligations									Net Periodic Benefit Costs
	December 31,									December 31,
	2014			2013			2012			2014			2013			2012
Discount rate		2.01	%		3.30	%		3.05	%		3.30	%		3.05	%		4.49	%
Rate of increase in future compensation levels		2.71	%		2.86	%		2.69	%		2.86	%		2.69	%		2.64	%
Expected long-term rate of return on plan assets		N/A			N/A			N/A			2.83	%		2.44	%		4.09	%

Other Postretirement Plans [Member]

Schedule of Weighted-average Assumptions on Pension Plan Obligations, Other Postretirement Benefit ("OPEB") and Net Periodic Benefit Costs

The weighted-average assumptions used to determine other postretirement benefit (“OPEB”) obligations and net periodic benefit costs are provided below:

	OPEB Obligations									Net Periodic Benefit Costs
	December 31,									December 31,
	2014			2013			2012			2014			2013			2012
Discount rate		6.40	%		4.72	%		3.93	%		6.69	%		3.93	%		5.08	%
Initial health care cost trend rate		8.05	%		6.67	%		7.00	%		6.67	%		7.00	%		7.33	%
Ultimate health care cost trend rate		5.43	%		5.00	%		5.00	%		5.00	%		5.00	%		5.00	%
Year ultimate trend rate to be reached		2021			2019			2019			2019			2019			2019

Supplemental Employee Retirement Plan [Member]

Schedule of Estimated Future Benefit Payments, Reflecting Expected Future Service

Based on the Company’s current estimates, the estimated future benefit payments under this plan, reflecting expected future service, as appropriate, are presented in the following table:

	2015		2016		2017		2018		2019		Thereafter		Total
Supplemental employee retirement plan	$	—	$	—	$	13,562	$	—	$	—	$	—	$	13,562

XML

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss), Net of Income Taxes (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), beginning balance	$ 88,378	$ 24,573	$ 53,188
Other comprehensive income (loss)	(163,595)	63,805	(28,615)
Other comprehensive income (loss), ending balance	(75,217)	88,378	24,573
Currency Translation Adjustment, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), beginning balance	116,146	62,807	38,935
Other comprehensive income (loss)	(133,901)	53,339	23,872
Other comprehensive income (loss), ending balance	(17,755)	116,146	62,807
Employee Benefits, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), beginning balance	(27,768)	(38,234)	14,253
Other comprehensive income (loss)	(29,694)	10,466	(52,487)
Other comprehensive income (loss), ending balance	$ (57,462)	$ (27,768)	$ (38,234)

XML

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill, by Segment (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Goodwill [Line Items]
Beginning Balance	$ 37,273	$ 36,103
Purchase accounting adjustment (Note 16)	1,679
Divestiture (Note 3)		(383)
Foreign currency impact	(4,378)	1,553
Ending Balance	34,574	37,273
Performance Materials, Latex [Member]
Goodwill [Line Items]
Beginning Balance	14,901	14,280
Purchase accounting adjustment (Note 16)	664
Foreign currency impact	(1,750)	621
Ending Balance	13,815	14,901
Performance Materials, Synthetic Rubber [Member]
Goodwill [Line Items]
Beginning Balance	10,205	9,780
Purchase accounting adjustment (Note 16)	455
Foreign currency impact	(1,199)	425
Ending Balance	9,461	10,205
Performance Materials, Performance Plastics [Member]
Goodwill [Line Items]
Beginning Balance	3,498	3,352
Purchase accounting adjustment (Note 16)	156
Foreign currency impact	(411)	146
Ending Balance	3,243	3,498
Basic Plastics & Feedstocks [Member]
Goodwill [Line Items]
Beginning Balance	8,669	8,691
Purchase accounting adjustment (Note 16)	404
Divestiture (Note 3)		(383)
Foreign currency impact	(1,018)	361
Ending Balance	$ 8,055	$ 8,669

XML

Selected Quarterly Financial Data - Schedule of Selected Quarterly Financial Data (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Selected Quarterly Financial Information [Abstract]
Net sales	$ 1,122,401	$ 1,305,493	$ 1,340,935	$ 1,359,132	$ 1,245,111	$ 1,308,959	$ 1,361,759	$ 1,391,585	$ 5,127,961	$ 5,307,414	$ 5,451,909
Gross profit	38,046	68,236	92,410	98,629	115,181	96,517	65,509	80,803	297,321	358,010	336,721
Equity in earnings of unconsolidated affiliates	18,154	9,267	5,378	14,950	12,195	15,215	8,929	2,799	47,749	39,138	27,140
Operating Income	(4,035)	29,390	23,580	63,549	65,524	57,960	19,664	37,142	112,484	180,290	181,792
Income (loss) before income taxes	(31,818)	(6,460)	(39,171)	29,836	24,386	10,937	(25,914)	(9,778)	(47,613)	(369)	47,842
Net income (loss)	$ (29,687)	$ (10,110)	$ (44,621)	$ 17,086	$ 10,588	$ 4,936	$ (28,064)	$ (9,678)	$ (67,332)	$ (22,218)	$ 30,282
Income (loss) per share- basic and diluted	$ (0.61)	$ (0.21)	$ (1.15)	$ 0.46	$ 0.28	$ 0.13	$ (0.75)	$ (0.26)	$ (1.55)	$ (0.60)	$ 1.88

XML

Supplemental Guarantor Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Condensed Consolidating Balance Sheet

SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET

(In thousands)

	December 31, 2014
	Parent Guarantor		Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	904	$	2,653	$	166,106	$	51,123	$	—		$	220,786
Accounts receivable, net of allowance		—		62		207,465		393,539		—			601,066
Intercompany receivables		55		493,090		1,369,837		101,716		(1,964,698	)		—
Inventories		—		—		381,797		99,709		(7,645	)		473,861
Deferred income tax assets		—		—		5,382		6,404		—			11,786
Other current assets		—		148		6,476		8,540		—			15,164
Total current assets		959		495,953		2,137,063		661,031		(1,972,343	)		1,322,663
Investments in unconsolidated affiliates		—		—		167,658		—		—			167,658
Property, plant and equipment, net		—		—		426,905		129,792		—			556,697
Other assets
Goodwill		—		—		34,574		—		—			34,574
Other intangible assets, net		—		—		164,020		1,338		—			165,358
Investments in subsidiaries		327,100		1,327,675		595,755		—		(2,250,530	)		—
Intercompany notes receivable—noncurrent		—		1,323,401		15,664		—		(1,339,065	)		—
Deferred income tax assets—noncurrent		—		—		43,676		3,136		—			46,812
Deferred charges and other assets		—		36,899		23,398		718		1,339			62,354
Total other assets		327,100		2,687,975		877,087		5,192		(3,588,256	)		309,098
Total assets	$	328,059	$	3,183,928	$	3,608,713	$	796,015	$	(5,560,599	)	$	2,356,116
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	—	$	—	$	—	$	7,559	$	—		$	7,559
Accounts payable		46		2,323		366,882		65,441		—			434,692
Intercompany payables		6,944		888,660		522,930		546,150		(1,964,684	)		—
Income taxes payable		—		—		8,864		549		—			9,413
Deferred income tax liabilities		—		—		1,171		242		—			1,413
Accrued expenses and other current liabilities		204		52,001		55,412		13,311		—			120,928
Total current liabilities		7,194		942,984		955,259		633,252		(1,964,684	)		574,005
Noncurrent liabilities
Long-term debt		—		1,192,500		2,148		—		—			1,194,648
Intercompany notes payable—noncurrent		—		—		1,296,121		42,944		(1,339,065	)		—
Deferred income tax liabilities—noncurrent		—		2,300		16,145		8,866		—			27,311
Other noncurrent obligations		—		—		226,708		12,579		—			239,287
Total noncurrent liabilities		—		1,194,800		1,541,122		64,389		(1,339,065	)		1,461,246
Commitments and contingencies (Note 15)
Shareholders’ equity		320,865		1,046,144		1,112,332		98,374		(2,256,850	)		320,865
Total liabilities and shareholders’ equity	$	328,059	$	3,183,928	$	3,608,713	$	796,015	$	(5,560,599	)	$	2,356,116

SUPPLEMENTAL CONDENSED CONSOLIDATING 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 of allowance		—		—		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 shareholder’s equity
Current liabilities
Short-term borrowings	$	—	$	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 15)
Shareholder’s equity		343,202		1,045,934		1,033,569		114,636		(2,194,139	)		343,202
Total liabilities and shareholder’s 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)

	Year Ended December 31, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	4,684,218		$	1,366,437		$	(922,694	)	$	5,127,961
Cost of sales		—			560			4,425,078			1,322,771			(917,769	)		4,830,640
Gross profit		—			(560	)		259,140			43,666			(4,925	)		297,321
Selling, general and administrative expenses		11,822			18,405			180,730			21,629			—			232,586
Equity in earnings of unconsolidated affiliates		—			—			47,749			—			—			47,749
Operating income (loss)		(11,822	)		(18,965	)		126,159			22,037			(4,925	)		112,484
Interest expense, net		—			120,910			1,535			2,478			—			124,923
Intercompany interest expense (income), net		12			(81,551	)		69,902			11,609			28			—
Loss on extinguishment of long-term debt		—			7,390			—			—			—			7,390
Other expense (income), net		6,330			17,742			(3,323	)		7,052			(17	)		27,784
Equity in loss (earnings) of subsidiaries		49,132			(59,281	)		32,878			—			(22,729	)		—
Income (loss) before income taxes		(67,296	)		(24,175	)		25,167			898			17,793			(47,613	)
Provision for (benefit from) income taxes		36			1,409			15,004			4,011			(741	)		19,719
Net income (loss)	$	(67,332	)	$	(25,584	)	$	10,163		$	(3,113	)	$	18,534		$	(67,332	)
Comprehensive income (loss)	$	(230,927	)	$	(189,179	)	$	(150,388	)	$	(6,157	)	$	345,724		$	(230,927	)

	Year Ended December 31, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	4,793,183		$	1,476,538		$	(962,307	)	$	5,307,414
Cost of sales		—			996			4,485,470			1,427,391			(964,453	)		4,949,404
Gross profit		—			(996	)		307,713			49,147			2,146			358,010
Selling, general and administrative expenses		10,073			3,981			181,756			21,048			—			216,858
Equity in earnings of unconsolidated affiliates		—			—			39,138			—			—			39,138
Operating income (loss)		(10,073	)		(4,977	)		165,095			28,099			2,146			180,290
Interest expense, net		—			125,711			3,656			2,671			—			132,038
Intercompany interest expense (income), net		7			(88,851	)		76,042			12,803			(1	)		—
Loss on extinguishment of long-term debt		—			20,744			—			—			—			20,744
Other expense (income), net		6			(32,325	)		39,534			20,647			15			27,877
Equity in loss (earnings) of subsidiaries		12,128			(44,373	)		(3,346	)		—			35,591			—
Income (loss) before income taxes		(22,214	)		14,117			49,209			(8,022	)		(33,459	)		(369	)
Provision for (benefit from) income taxes		4			1,735			16,964			2,593			553			21,849
Net income (loss)	$	(22,218	)	$	12,382		$	32,245		$	(10,615	)	$	(34,012	)	$	(22,218	)
Comprehensive income (loss)	$	41,587		$	76,187		$	91,240		$	(5,805	)	$	(161,622	)	$	41,587

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE

INCOME (LOSS)

(In thousands)

	Year Ended December 31, 2012
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	4,947,970		$	1,613,401		$	(1,109,462	)	$	5,451,909
Cost of sales		—			279			4,691,834			1,532,264			(1,109,189	)		5,115,188
Gross profit		—			(279	)		256,136			81,137			(273	)		336,721
Selling, general and administrative expenses		7,374			3,994			147,454			23,247			—			182,069
Equity in earnings of unconsolidated affiliates		—			—			27,140			—			—			27,140
Operating income (loss)		(7,374	)		(4,273	)		135,822			57,890			(273	)		181,792
Interest expense, net		—			104,069			917			4,985			—			109,971
Intercompany interest expense (income), net		1			(88,245	)		76,510			11,782			(48	)		—
Other expense (income), net		4			(20,515	)		21,376			23,125			(11	)		23,979
Equity in loss (earnings) of subsidiaries		(37,661	)		(53,200	)		(75,950	)		—			166,811			—
Income (loss) before income taxes		30,282			53,618			112,969			17,998			(167,025	)		47,842
Provision for (benefit from) income taxes		—			(808	)		22,159			(3,739	)		(52	)		17,560
Net income (loss)	$	30,282		$	54,426		$	90,810		$	21,737		$	(166,973	)	$	30,282
Comprehensive income (loss)	$	1,667		$	25,811		$	59,111		$	24,821		$	(109,743	)	$	1,667

Supplemental Condensed Consolidating Statement of Cash Flows

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Year Ended December 31, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(1,079	)	$	(58,667	)	$	107,137		$	81,641		$	(11,811	)	$	117,221
Cash flows from investing activities
Capital expenditures		—			—			(85,021	)		(13,585	)		—			(98,606	)
Proceeds from the sale of businesses and other assets		—			—			—			6,257			—			6,257
Payment for working capital adjustment from sale of business		—			—			(700	)		—			—			(700	)
Distributions from unconsolidated affiliates		—			—			978			—			—			978
Investments in subsidiaries		(196,400	)		(199,400	)		(196,626	)		—			592,426			—
Intercompany investing activities		—			2,462			(181,036	)		—			178,574			—
(Increase) / decrease in restricted cash		—			—			(533	)		—			—			(533	)
Cash provided by (used in) investing activities		(196,400	)		(196,938	)		(462,938	)		(7,328	)		771,000			(92,604	)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		198,087			—			—			—			—			198,087
Intercompany short-term borrowings, net		295			14,254			(34,986	)		(927	)		21,364			—
Short-term borrowings, net		—			(3,646	)		(273	)		(52,982	)		—			(56,901	)
Contributions from parent companies		—			189,400			395,800			7,226			(592,426	)		—
Distributions to parent companies		—			—			—			(11,811	)		11,811			—
Repayments of Senior Notes		—			(132,500	)		—			—			—			(132,500	)
Proceeds from (repayments of) intercompany long-term debt		—			189,400			13,000			(2,462	)		(199,938	)		—
Proceeds from Accounts Receivable Securitization Facility		—			—			—			308,638			—			308,638
Repayments of Accounts Receivable Securitization Facility		—			—			—			(309,205	)		—			(309,205	)
Cash provided by (used in) financing activities		198,382			256,908			373,541			(61,523	)		(759,189	)		8,119
Effect of exchange rates on cash		(1	)		396			(6,404	)		(2,444	)		—			(8,453	)
Net change in cash and cash equivalents		902			1,699			11,336			10,346			—			24,283
Cash and cash equivalents—beginning of period		2			954			154,770			40,777			—			196,503
Cash and cash equivalents—end of period	$	904		$	2,653		$	166,106		$	51,123		$	—		$	220,786

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Year Ended December 31, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(78	)	$	27,101		$	34,470		$	149,842		$	—		$	211,335
Cash flows from investing activities
Capital expenditures		—			—			(61,573	)		(11,971	)		—			(73,544	)
Proceeds from capital expenditures subsidy		—			—			18,769			—			—			18,769
Proceeds from the sale of businesses and assets		—			—			15,221			—			—			15,221
Advance payment refunded		—			—			—			(2,711	)		—			(2,711	)
Distributions from unconsolidated affiliates		—			—			1,055			—			—			1,055
Intercompany investing activities		—			(4,000	)		(43,012	)		—			47,012			—
Decrease in restricted cash		—			—			—			7,852			—			7,852
Cash provided by (used in) investing activities		—			(4,000	)		(69,540	)		(6,830	)		47,012			(33,358	)
Cash flows from financing activities
Deferred financing fees		—			(47,488	)		(767	)		—			—			(48,255	)
Intercompany short-term borrowings, net		77			37,793			5,991			(849	)		(43,012	)		—
Short-term borrowings, net		—			(7,727	)		(267	)		(34,883	)		—			(42,877	)
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		—			—			—			376,630			—			376,630
Repayments of Accounts Receivable Securitization Facility		—			—			—			(471,696	)		—			(471,696	)
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		77			(51,422	)		4,957			(126,798	)		(47,012	)		(220,198	)
Effect of exchange rates on cash		—			(136	)		2,795			(292	)		—			2,367
Net change in cash and cash equivalents		(1	)		(28,457	)		(27,318	)		15,922			—			(39,854	)
Cash and cash equivalents—beginning of period		3			29,411			182,088			24,855			—			236,357
Cash and cash equivalents—end of period	$	2		$	954		$	154,770		$	40,777		$	—		$	196,503

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Year Ended December 31, 2012
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(48	)	$	7,865		$	113,446		$	64,852		$	—		$	186,115
Cash flows from investing activities
Capital expenditures		—			—			(110,746	)		(7,758	)		—			(118,504	)
Proceeds from capital expenditures subsidy		—			—			6,079			—			—			6,079
Proceeds from the sale of property, plant and equipment		—			—			206			47			—			253
Advance payment received		—			—			—			2,602			—			2,602
Investments in subsidiaries		(162,155	)		—			(22,155	)		—			184,310			—
Intercompany investing activities		—			144,463			68,268			—			(212,731	)		—
Increase in restricted cash		—			—			—			(7,725	)		—			(7,725	)
Cash provided by (used in) investing activities		(162,155	)		144,463			(58,348	)		(12,834	)		(28,421	)		(117,295	)
Cash flows from financing activities
Deferred financing fees		—			(7,392	)		(688	)		—			—			(8,080	)
Intercompany short-term borrowings, net		51			(49,818	)		1,444			(18,625	)		66,948			—
Short-term borrowings, net		—			(4,159	)		(407	)		(33,321	)		—			(37,887	)
Contributions from parent companies		—			22,155			162,155			—			(184,310	)		—
Capital contributions from shareholder		162,155			—			—			—			—			162,155
Repayments of intercompany indebtedness		—			—			(144,183	)		(1,600	)		145,783			—
Repayments of Term Loans		—			(147,000	)		—			—			—			(147,000	)
Proceeds from issuance of Accounts Receivable Securitization Facility		—			—			—			113,828			—			113,828
Repayments of Accounts Receivable Securitization Facility		—			—			—			(130,233	)		—			(130,233	)
Proceeds from the draw of revolving debt		—			1,105,000			—			—			—			1,105,000
Repayments on the revolving debt		—			(1,135,000	)		—			—			—			(1,135,000	)
Cash provided by (used in) financing activities		162,206			(216,214	)		18,321			(69,951	)		28,421			(77,217	)
Effect of exchange rates on cash		—			16			246			(821	)		—			(559	)
Net change in cash and cash equivalents		3			(63,870	)		73,665			(18,754	)		—			(8,956	)
Cash and cash equivalents—beginning of period		—			93,281			108,423			43,609			—			245,313
Cash and cash equivalents—end of period	$	3		$	29,411		$	182,088		$	24,855		$	—		$	236,357

XML

Debt - Redemption Price as Percentage of Principal Amount to Applicable Date of Redemption (Detail) (Senior Notes [Member])	12 Months Ended
	Dec. 31, 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

Stock-Based Compensation - Additional Information (Detail) (USD $)	12 Months Ended			6 Months Ended	7 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 10, 2014	Dec. 31, 2014	Jun. 17, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, number of shares issued in transaction	0	779	0
Maximum [Member] | 2014 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	4,500,000				4,500,000
Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units granted during period	0
Repurchase of vested stock awards, shares	0	3,372	0
Repurchase of vested stock awards, value	0	900,000	0
Compensation expense	7,000,000	8,300,000	4,200,000
Adjustment of prior period grant date fair value			2,500,000
Unrecognized compensation cost	4,900,000				4,900,000
Weighted-average period of recognition	2 years 6 months
Time-based Restricted Stock Awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting period	3 years
Time-based Restricted Stock Awards [Member] | Minimum [Member] | Cliff Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting period	1 year
Vesting percentage	20.00%
Time-based Restricted Stock Awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting period	5 years
Time-based Restricted Stock Awards [Member] | Maximum [Member] | Cliff Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting period	2 years
Vesting percentage	40.00%
Time-based, Performance-based and Modified Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period	0
Liability Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting period	2 years
Compensation expense	0		900,000
Liability Awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		100,000
Unrecognized compensation cost		0
Management Retention Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	900,000	1,400,000	2,300,000
Unrecognized compensation cost	400,000				400,000
Weighted-average period of recognition	1 year 1 month 6 days
Management Retention Awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting period	1 year
Management Retention Awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, vesting period	4 years
Restricted Stock Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		200,000
Time-based and Performance-based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized						750,000
Restricted Stock Units granted during period	0
Modified Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units granted during period	0			0	0
Compensation expense	2,500,000
Unrecognized compensation cost	9,300,000				9,300,000
Weighted-average period of recognition	2 years 7 months 6 days
RSUs [Member] | 2014 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of directors, to whom shares issued	2
RSUs [Member] | 2014 Omnibus Incentive Plan [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units granted during period	4,736
Compensation expense	100,000
Shares granted to directors, grant date fair value	100,000				$ 100,000

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income (Loss) before Income Taxes Earned within and outside the United States

Income (loss) before income taxes earned within and outside the United States is shown below:

	Year Ended December 31,
	2014			2013			2012
United States	$	17,522		$	25,228		$	49,193
Outside of the United States		(65,135	)		(25,597	)		(1,351	)
Income (loss) before income taxes	$	(47,613	)	$	(369	)	$	47,842

Provision for (Benefit from) Income Taxes

The provision for (benefit from) income taxes is composed of:

	December 31, 2014								December 31, 2013						December 31, 2012
	Current		Deferred			Total			Current		Deferred		Total		Current		Deferred			Total
U.S. federal	$	2,101	$	(2,536	)	$	(435	)	$	8,617	$	1,252	$	9,869	$	5,094	$	8,070		$	13,164
U.S. state and other		295		3			298			820		70		890		229		1,174			1,403
Non-U.S.		12,490		7,366			19,856			8,197		2,893		11,090		7,503		(4,510	)		2,993
Total	$	14,886	$	4,833		$	19,719		$	17,634	$	4,215	$	21,849	$	12,826	$	4,734		$	17,560

Effective Tax Rate on Pre-tax Income Differs from the U.S. Statutory Rate

The effective tax rate on pre-tax income differs from the U.S. statutory rate due to the following:

	Year Ended December 31,
	2014			2013			2012
Taxes at U.S. statutory rate(1)	$	(16,664	)	$	(129	)	$	16,745
State and local income taxes		571			603			1,493
Non U.S. statutory rates, including credits		899			(4,988	)		(5,185	)
U.S. tax effect of foreign earnings and dividends		(2,112	)		(942	)		(2,890	)
Unremitted earnings		(189	)		(157	)		3,087
Change in valuation allowances		14,679			16,430			(8,780	)
Uncertain tax positions		(2,818	)		(1,465	)		1,882
Withholding taxes on interest and royalties		3,652			2,992			7,064
U.S. manufacturing deduction		—			(229	)		(1,057	)
Provision to return adjustments		260			3,814			(3,943	)
Stock-based compensation		3,343			3,112			2,466
Non-deductible interest		5,401			5,258			5,203
Non-deductible other expenses		15,589	(2)		1,573			2,004
Government subsidy income		—			(4,219	)		—
Impact on foreign currency exchange		(2,643	)		71			291
Other—net		(249	)		125			(820	)
Total provision for income taxes	$	19,719		$	21,849		$	17,560
Effective tax rate		(41	)%		(5,921	)%		37	%

(1) The U.S. statutory rate has been used as management believes it is more meaningful to the Company.

(2) Non-deductible other expenses in 2014 include the tax effect of fees incurred for the termination of the Latex JV Option Agreement with Dow and a portion of the fees incurred in connection with the termination of the Advisory Agreement with Bain Capital. See Note 18 for further discussion.

Deferred Income Taxes Reflect Temporary Differences Between the Valuation of Assets and Liabilities

Deferred income taxes reflect temporary differences between the valuation of assets and liabilities for financial and tax reporting:

	December 31,
	2014					2013
	Deferred Tax Assets			Deferred Tax Liabilities		Deferred Tax Assets			Deferred Tax Liabilities
Tax loss and credit carry forwards	$	62,142		$	—	$	40,007		$	—
Unremitted earnings		—			9,273		—			9,462
Unconsolidated affiliates		11,761			—		12,257			—
Other accruals and reserves		11,536			—		13,556			—
Property, plant and equipment		—			42,715		—			45,314
Goodwill and other intangible assets		15,791			—		23,452			—
Deferred financing fees		6,366			—		6,973			—
Employee benefits		41,186			—		31,858			—
		148,782			51,988		128,103			54,776
Valuation allowance		(66,920	)		—		(50,404	)		—
Total	$	81,862		$	51,988	$	77,699		$	54,776

Schedule of Reconciliation of Unrecognized Tax Benefits

For the years presented, a reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows:

Balance as of December 31, 2011	$	25,431
Increases related to current year tax positions		6,757
Decreases related to prior year tax positions		(2,109	)
Balance as of December 31, 2012	$	30,079
Increases related to current year tax positions		1,225
Decreases related to prior year tax positions		(4,405	)
Balance as of December 31, 2013	$	26,899
Increases related to current year tax positions		187
Decreases related to prior year tax positions		(6,701	)
Balance as of December 31, 2014	$	20,385

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Supplemental Guarantor Condensed Consolidating Financial Statements

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Guarantor Condensed Consolidating Financial Statements

NOTE 25—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 December 31, 2014 and December 31, 2013;

• the Condensed Consolidating Statements of Comprehensive Income (Loss) for the years ended December 31, 2014, 2013 and 2012; and

• the Condensed Consolidating Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012.

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 our 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 Consolidated Financial Statements presented and other notes related thereto contained within this Annual Report.

SUPPLEMENTAL CONDENSED CONSOLIDATING BALANCE SHEET

(In thousands)

	December 31, 2014
	Parent Guarantor		Issuers		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	904	$	2,653	$	166,106	$	51,123	$	—		$	220,786
Accounts receivable, net of allowance		—		62		207,465		393,539		—			601,066
Intercompany receivables		55		493,090		1,369,837		101,716		(1,964,698	)		—
Inventories		—		—		381,797		99,709		(7,645	)		473,861
Deferred income tax assets		—		—		5,382		6,404		—			11,786
Other current assets		—		148		6,476		8,540		—			15,164
Total current assets		959		495,953		2,137,063		661,031		(1,972,343	)		1,322,663
Investments in unconsolidated affiliates		—		—		167,658		—		—			167,658
Property, plant and equipment, net		—		—		426,905		129,792		—			556,697
Other assets
Goodwill		—		—		34,574		—		—			34,574
Other intangible assets, net		—		—		164,020		1,338		—			165,358
Investments in subsidiaries		327,100		1,327,675		595,755		—		(2,250,530	)		—
Intercompany notes receivable—noncurrent		—		1,323,401		15,664		—		(1,339,065	)		—
Deferred income tax assets—noncurrent		—		—		43,676		3,136		—			46,812
Deferred charges and other assets		—		36,899		23,398		718		1,339			62,354
Total other assets		327,100		2,687,975		877,087		5,192		(3,588,256	)		309,098
Total assets	$	328,059	$	3,183,928	$	3,608,713	$	796,015	$	(5,560,599	)	$	2,356,116
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	—	$	—	$	—	$	7,559	$	—		$	7,559
Accounts payable		46		2,323		366,882		65,441		—			434,692
Intercompany payables		6,944		888,660		522,930		546,150		(1,964,684	)		—
Income taxes payable		—		—		8,864		549		—			9,413
Deferred income tax liabilities		—		—		1,171		242		—			1,413
Accrued expenses and other current liabilities		204		52,001		55,412		13,311		—			120,928
Total current liabilities		7,194		942,984		955,259		633,252		(1,964,684	)		574,005
Noncurrent liabilities
Long-term debt		—		1,192,500		2,148		—		—			1,194,648
Intercompany notes payable—noncurrent		—		—		1,296,121		42,944		(1,339,065	)		—
Deferred income tax liabilities—noncurrent		—		2,300		16,145		8,866		—			27,311
Other noncurrent obligations		—		—		226,708		12,579		—			239,287
Total noncurrent liabilities		—		1,194,800		1,541,122		64,389		(1,339,065	)		1,461,246
Commitments and contingencies (Note 15)
Shareholders’ equity		320,865		1,046,144		1,112,332		98,374		(2,256,850	)		320,865
Total liabilities and shareholders’ equity	$	328,059	$	3,183,928	$	3,608,713	$	796,015	$	(5,560,599	)	$	2,356,116

SUPPLEMENTAL CONDENSED CONSOLIDATING 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 of allowance		—		—		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 shareholder’s equity
Current liabilities
Short-term borrowings	$	—	$	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 15)
Shareholder’s equity		343,202		1,045,934		1,033,569		114,636		(2,194,139	)		343,202
Total liabilities and shareholder’s 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)

	Year Ended December 31, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	4,684,218		$	1,366,437		$	(922,694	)	$	5,127,961
Cost of sales		—			560			4,425,078			1,322,771			(917,769	)		4,830,640
Gross profit		—			(560	)		259,140			43,666			(4,925	)		297,321
Selling, general and administrative expenses		11,822			18,405			180,730			21,629			—			232,586
Equity in earnings of unconsolidated affiliates		—			—			47,749			—			—			47,749
Operating income (loss)		(11,822	)		(18,965	)		126,159			22,037			(4,925	)		112,484
Interest expense, net		—			120,910			1,535			2,478			—			124,923
Intercompany interest expense (income), net		12			(81,551	)		69,902			11,609			28			—
Loss on extinguishment of long-term debt		—			7,390			—			—			—			7,390
Other expense (income), net		6,330			17,742			(3,323	)		7,052			(17	)		27,784
Equity in loss (earnings) of subsidiaries		49,132			(59,281	)		32,878			—			(22,729	)		—
Income (loss) before income taxes		(67,296	)		(24,175	)		25,167			898			17,793			(47,613	)
Provision for (benefit from) income taxes		36			1,409			15,004			4,011			(741	)		19,719
Net income (loss)	$	(67,332	)	$	(25,584	)	$	10,163		$	(3,113	)	$	18,534		$	(67,332	)
Comprehensive income (loss)	$	(230,927	)	$	(189,179	)	$	(150,388	)	$	(6,157	)	$	345,724		$	(230,927	)

	Year Ended December 31, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	4,793,183		$	1,476,538		$	(962,307	)	$	5,307,414
Cost of sales		—			996			4,485,470			1,427,391			(964,453	)		4,949,404
Gross profit		—			(996	)		307,713			49,147			2,146			358,010
Selling, general and administrative expenses		10,073			3,981			181,756			21,048			—			216,858
Equity in earnings of unconsolidated affiliates		—			—			39,138			—			—			39,138
Operating income (loss)		(10,073	)		(4,977	)		165,095			28,099			2,146			180,290
Interest expense, net		—			125,711			3,656			2,671			—			132,038
Intercompany interest expense (income), net		7			(88,851	)		76,042			12,803			(1	)		—
Loss on extinguishment of long-term debt		—			20,744			—			—			—			20,744
Other expense (income), net		6			(32,325	)		39,534			20,647			15			27,877
Equity in loss (earnings) of subsidiaries		12,128			(44,373	)		(3,346	)		—			35,591			—
Income (loss) before income taxes		(22,214	)		14,117			49,209			(8,022	)		(33,459	)		(369	)
Provision for (benefit from) income taxes		4			1,735			16,964			2,593			553			21,849
Net income (loss)	$	(22,218	)	$	12,382		$	32,245		$	(10,615	)	$	(34,012	)	$	(22,218	)
Comprehensive income (loss)	$	41,587		$	76,187		$	91,240		$	(5,805	)	$	(161,622	)	$	41,587

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE

INCOME (LOSS)

(In thousands)

	Year Ended December 31, 2012
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	4,947,970		$	1,613,401		$	(1,109,462	)	$	5,451,909
Cost of sales		—			279			4,691,834			1,532,264			(1,109,189	)		5,115,188
Gross profit		—			(279	)		256,136			81,137			(273	)		336,721
Selling, general and administrative expenses		7,374			3,994			147,454			23,247			—			182,069
Equity in earnings of unconsolidated affiliates		—			—			27,140			—			—			27,140
Operating income (loss)		(7,374	)		(4,273	)		135,822			57,890			(273	)		181,792
Interest expense, net		—			104,069			917			4,985			—			109,971
Intercompany interest expense (income), net		1			(88,245	)		76,510			11,782			(48	)		—
Other expense (income), net		4			(20,515	)		21,376			23,125			(11	)		23,979
Equity in loss (earnings) of subsidiaries		(37,661	)		(53,200	)		(75,950	)		—			166,811			—
Income (loss) before income taxes		30,282			53,618			112,969			17,998			(167,025	)		47,842
Provision for (benefit from) income taxes		—			(808	)		22,159			(3,739	)		(52	)		17,560
Net income (loss)	$	30,282		$	54,426		$	90,810		$	21,737		$	(166,973	)	$	30,282
Comprehensive income (loss)	$	1,667		$	25,811		$	59,111		$	24,821		$	(109,743	)	$	1,667

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Year Ended December 31, 2014
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(1,079	)	$	(58,667	)	$	107,137		$	81,641		$	(11,811	)	$	117,221
Cash flows from investing activities
Capital expenditures		—			—			(85,021	)		(13,585	)		—			(98,606	)
Proceeds from the sale of businesses and other assets		—			—			—			6,257			—			6,257
Payment for working capital adjustment from sale of business		—			—			(700	)		—			—			(700	)
Distributions from unconsolidated affiliates		—			—			978			—			—			978
Investments in subsidiaries		(196,400	)		(199,400	)		(196,626	)		—			592,426			—
Intercompany investing activities		—			2,462			(181,036	)		—			178,574			—
(Increase) / decrease in restricted cash		—			—			(533	)		—			—			(533	)
Cash provided by (used in) investing activities		(196,400	)		(196,938	)		(462,938	)		(7,328	)		771,000			(92,604	)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		198,087			—			—			—			—			198,087
Intercompany short-term borrowings, net		295			14,254			(34,986	)		(927	)		21,364			—
Short-term borrowings, net		—			(3,646	)		(273	)		(52,982	)		—			(56,901	)
Contributions from parent companies		—			189,400			395,800			7,226			(592,426	)		—
Distributions to parent companies		—			—			—			(11,811	)		11,811			—
Repayments of Senior Notes		—			(132,500	)		—			—			—			(132,500	)
Proceeds from (repayments of) intercompany long-term debt		—			189,400			13,000			(2,462	)		(199,938	)		—
Proceeds from Accounts Receivable Securitization Facility		—			—			—			308,638			—			308,638
Repayments of Accounts Receivable Securitization Facility		—			—			—			(309,205	)		—			(309,205	)
Cash provided by (used in) financing activities		198,382			256,908			373,541			(61,523	)		(759,189	)		8,119
Effect of exchange rates on cash		(1	)		396			(6,404	)		(2,444	)		—			(8,453	)
Net change in cash and cash equivalents		902			1,699			11,336			10,346			—			24,283
Cash and cash equivalents—beginning of period		2			954			154,770			40,777			—			196,503
Cash and cash equivalents—end of period	$	904		$	2,653		$	166,106		$	51,123		$	—		$	220,786

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Year Ended December 31, 2013
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(78	)	$	27,101		$	34,470		$	149,842		$	—		$	211,335
Cash flows from investing activities
Capital expenditures		—			—			(61,573	)		(11,971	)		—			(73,544	)
Proceeds from capital expenditures subsidy		—			—			18,769			—			—			18,769
Proceeds from the sale of businesses and assets		—			—			15,221			—			—			15,221
Advance payment refunded		—			—			—			(2,711	)		—			(2,711	)
Distributions from unconsolidated affiliates		—			—			1,055			—			—			1,055
Intercompany investing activities		—			(4,000	)		(43,012	)		—			47,012			—
Decrease in restricted cash		—			—			—			7,852			—			7,852
Cash provided by (used in) investing activities		—			(4,000	)		(69,540	)		(6,830	)		47,012			(33,358	)
Cash flows from financing activities
Deferred financing fees		—			(47,488	)		(767	)		—			—			(48,255	)
Intercompany short-term borrowings, net		77			37,793			5,991			(849	)		(43,012	)		—
Short-term borrowings, net		—			(7,727	)		(267	)		(34,883	)		—			(42,877	)
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		—			—			—			376,630			—			376,630
Repayments of Accounts Receivable Securitization Facility		—			—			—			(471,696	)		—			(471,696	)
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		77			(51,422	)		4,957			(126,798	)		(47,012	)		(220,198	)
Effect of exchange rates on cash		—			(136	)		2,795			(292	)		—			2,367
Net change in cash and cash equivalents		(1	)		(28,457	)		(27,318	)		15,922			—			(39,854	)
Cash and cash equivalents—beginning of period		3			29,411			182,088			24,855			—			236,357
Cash and cash equivalents—end of period	$	2		$	954		$	154,770		$	40,777		$	—		$	196,503

SUPPLEMENTAL CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(In thousands)

	Year Ended December 31, 2012
	Parent Guarantor			Issuers			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities
Cash provided by (used in) operating activities	$	(48	)	$	7,865		$	113,446		$	64,852		$	—		$	186,115
Cash flows from investing activities
Capital expenditures		—			—			(110,746	)		(7,758	)		—			(118,504	)
Proceeds from capital expenditures subsidy		—			—			6,079			—			—			6,079
Proceeds from the sale of property, plant and equipment		—			—			206			47			—			253
Advance payment received		—			—			—			2,602			—			2,602
Investments in subsidiaries		(162,155	)		—			(22,155	)		—			184,310			—
Intercompany investing activities		—			144,463			68,268			—			(212,731	)		—
Increase in restricted cash		—			—			—			(7,725	)		—			(7,725	)
Cash provided by (used in) investing activities		(162,155	)		144,463			(58,348	)		(12,834	)		(28,421	)		(117,295	)
Cash flows from financing activities
Deferred financing fees		—			(7,392	)		(688	)		—			—			(8,080	)
Intercompany short-term borrowings, net		51			(49,818	)		1,444			(18,625	)		66,948			—
Short-term borrowings, net		—			(4,159	)		(407	)		(33,321	)		—			(37,887	)
Contributions from parent companies		—			22,155			162,155			—			(184,310	)		—
Capital contributions from shareholder		162,155			—			—			—			—			162,155
Repayments of intercompany indebtedness		—			—			(144,183	)		(1,600	)		145,783			—
Repayments of Term Loans		—			(147,000	)		—			—			—			(147,000	)
Proceeds from issuance of Accounts Receivable Securitization Facility		—			—			—			113,828			—			113,828
Repayments of Accounts Receivable Securitization Facility		—			—			—			(130,233	)		—			(130,233	)
Proceeds from the draw of revolving debt		—			1,105,000			—			—			—			1,105,000
Repayments on the revolving debt		—			(1,135,000	)		—			—			—			(1,135,000	)
Cash provided by (used in) financing activities		162,206			(216,214	)		18,321			(69,951	)		28,421			(77,217	)
Effect of exchange rates on cash		—			16			246			(821	)		—			(559	)
Net change in cash and cash equivalents		3			(63,870	)		73,665			(18,754	)		—			(8,956	)
Cash and cash equivalents—beginning of period		—			93,281			108,423			43,609			—			245,313
Cash and cash equivalents—end of period	$	3		$	29,411		$	182,088		$	24,855		$	—		$	236,357

XML

Debt - Accounts Receivable Securitization Facility (Detail) (USD $)	1 Months Ended	4 Months Ended	12 Months Ended
	May 31, 2013	Apr. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 31, 2010
Debt Instrument [Line Items]
Interest expense			$ 124,923,000	$ 132,038,000	$ 109,971,000
Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	200,000,000	160,000,000				160,000,000
Debt instrument, maturity date			2016-05
Deferred financing fees	700,000
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			136,100,000	143,800,000
Interest expense			2,900,000	4,200,000	4,700,000
Unamortized deferred financing fees			1,900,000	3,500,000
Amortization of deferred financing fees			$ 1,400,000	$ 1,400,000	$ 1,500,000

XML

Segments - Schedule of Sales Attributed to Geographical Areas Based on Location of Sales and Long-lived Assets Attributed to Geographical Areas Based on Asset Location (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, Percentage	6.00%	4.00%	4.00%
Germany [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, Percentage	43.00%	44.00%	45.00%
Netherlands [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, Percentage	13.00%	13.00%	13.00%
Customer Concentration Risk [Member] | China [Member] | Sales Revenue, Net [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers, Percentage	8.00%	8.00%	8.00%
Customer Concentration Risk [Member] | Germany [Member] | Sales Revenue, Net [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers, Percentage	12.00%	11.00%	10.00%
Customer Concentration Risk [Member] | Hong Kong [Member] | Sales Revenue, Net [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers, Percentage	11.00%	10.00%	9.00%

XML

Supplemental Guarantor Condensed Consolidating Financial Statements - Supplemental Condensed Consolidating Balance Sheet (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Current assets
Cash and cash equivalents	$ 220,786	$ 196,503	$ 236,357	$ 245,313
Accounts receivable, net of allowance	601,066	717,482
Inventories	473,861	530,191
Deferred income tax assets	11,786	9,820
Other current assets	15,164	22,750
Total current assets	1,322,663	1,476,746
Investments in unconsolidated affiliates	167,658	155,887	140,304
Property, plant and equipment, net	556,697	606,427
Other assets
Goodwill	34,574	37,273	36,103
Other intangible assets, net	165,358	171,514
Deferred income tax assets-noncurrent	46,812	42,938
Deferred charges and other assets	62,354	83,996
Total other assets	309,098	335,721
Total assets	2,356,116	2,574,781
Current liabilities
Short-term borrowings	7,559	8,754
Accounts payable	434,692	509,093
Income taxes payable	9,413	9,683
Deferred income tax liabilities	1,413	2,903
Accrued expenses and other current liabilities	120,928	136,129
Total current liabilities	574,005	666,562
Noncurrent liabilities
Long-term debt	1,194,648	1,327,667
Deferred income tax liabilities-noncurrent	27,311	26,932
Other noncurrent obligations	239,287	210,418
Total noncurrent liabilities	1,461,246	1,565,017
Commitments and contingencies (Note 15)
Shareholder's equity	320,865	343,202	291,665	120,515
Total liabilities and shareholder's equity	2,356,116	2,574,781
Parent Guarantor [Member]
Current assets
Cash and cash equivalents	904	2	3
Intercompany receivables	55
Total current assets	959	2
Other assets
Investments in subsidiaries	327,100	343,429
Total other assets	327,100	343,429
Total assets	328,059	343,431
Current liabilities
Accounts payable	46
Intercompany payables	6,944	158
Accrued expenses and other current liabilities	204	71
Total current liabilities	7,194	229
Noncurrent liabilities
Commitments and contingencies (Note 15)
Shareholder's equity	320,865	343,202
Total liabilities and shareholder's equity	328,059	343,431
Issuers [Member]
Current assets
Cash and cash equivalents	2,653	954	29,411	93,281
Accounts receivable, net of allowance	62
Intercompany receivables	493,090	554,795
Other current assets	148	3,954
Total current assets	495,953	559,703
Other assets
Investments in subsidiaries	1,327,675	1,232,608
Intercompany notes receivable-noncurrent	1,323,401	1,359,637
Deferred charges and other assets	36,899	48,801
Total other assets	2,687,975	2,641,046
Total assets	3,183,928	3,200,749
Current liabilities
Short-term borrowings		3,646
Accounts payable	2,323	2,570
Intercompany payables	888,660	763,022
Accrued expenses and other current liabilities	52,001	58,977
Total current liabilities	942,984	828,215
Noncurrent liabilities
Long-term debt	1,192,500	1,325,000
Deferred income tax liabilities-noncurrent	2,300	1,600
Total noncurrent liabilities	1,194,800	1,326,600
Commitments and contingencies (Note 15)
Shareholder's equity	1,046,144	1,045,934
Total liabilities and shareholder's equity	3,183,928	3,200,749
Guarantor Subsidiaries [Member]
Current assets
Cash and cash equivalents	166,106	154,770	182,088	108,423
Accounts receivable, net of allowance	207,465	272,745
Intercompany receivables	1,369,837	1,242,405
Inventories	381,797	439,952
Deferred income tax assets	5,382	5,077
Other current assets	6,476	4,386
Total current assets	2,137,063	2,119,335
Investments in unconsolidated affiliates	167,658	155,887
Property, plant and equipment, net	426,905	476,137
Other assets
Goodwill	34,574	37,273
Other intangible assets, net	164,020	171,352
Investments in subsidiaries	595,755	615,153
Intercompany notes receivable-noncurrent	15,664	17,739
Deferred income tax assets-noncurrent	43,676	36,260
Deferred charges and other assets	23,398	33,607
Total other assets	877,087	911,384
Total assets	3,608,713	3,662,743
Current liabilities
Accounts payable	366,882	436,147
Intercompany payables	522,930	550,741
Income taxes payable	8,864	9,407
Deferred income tax liabilities	1,171	784
Accrued expenses and other current liabilities	55,412	66,061
Total current liabilities	955,259	1,063,140
Noncurrent liabilities
Long-term debt	2,148	2,667
Intercompany notes payable-noncurrent	1,296,121	1,347,773
Deferred income tax liabilities-noncurrent	16,145	17,115
Other noncurrent obligations	226,708	198,479
Total noncurrent liabilities	1,541,122	1,566,034
Commitments and contingencies (Note 15)
Shareholder's equity	1,112,332	1,033,569
Total liabilities and shareholder's equity	3,608,713	3,662,743
Non-Guarantor Subsidiaries [Member]
Current assets
Cash and cash equivalents	51,123	40,777	24,855	43,609
Accounts receivable, net of allowance	393,539	444,739
Intercompany receivables	101,716	93,841
Inventories	99,709	93,019
Deferred income tax assets	6,404	4,743
Other current assets	8,540	14,410
Total current assets	661,031	691,529
Property, plant and equipment, net	129,792	130,290
Other assets
Other intangible assets, net	1,338	162
Deferred income tax assets-noncurrent	3,136	6,678
Deferred charges and other assets	718	990
Total other assets	5,192	7,830
Total assets	796,015	829,649
Current liabilities
Short-term borrowings	7,559	5,108
Accounts payable	65,441	70,378
Intercompany payables	546,150	576,354
Income taxes payable	549	276
Deferred income tax liabilities	242	2,119
Accrued expenses and other current liabilities	13,311	11,020
Total current liabilities	633,252	665,255
Noncurrent liabilities
Intercompany notes payable-noncurrent	42,944	29,602
Deferred income tax liabilities-noncurrent	8,866	8,217
Other noncurrent obligations	12,579	11,939
Total noncurrent liabilities	64,389	49,758
Commitments and contingencies (Note 15)
Shareholder's equity	98,374	114,636
Total liabilities and shareholder's equity	796,015	829,649
Eliminations [Member]
Current assets
Accounts receivable, net of allowance		(2)
Intercompany receivables	(1,964,698)	(1,891,041)
Inventories	(7,645)	(2,780)
Total current assets	(1,972,343)	(1,893,823)
Other assets
Investments in subsidiaries	(2,250,530)	(2,191,190)
Intercompany notes receivable-noncurrent	(1,339,065)	(1,377,376)
Deferred charges and other assets	1,339	598
Total other assets	(3,588,256)	(3,567,968)
Total assets	(5,560,599)	(5,461,791)
Current liabilities
Accounts payable		(2)
Intercompany payables	(1,964,684)	(1,890,275)
Total current liabilities	(1,964,684)	(1,890,277)
Noncurrent liabilities
Intercompany notes payable-noncurrent	(1,339,065)	(1,377,375)
Total noncurrent liabilities	(1,339,065)	(1,377,375)
Commitments and contingencies (Note 15)
Shareholder's equity	(2,256,850)	(2,194,139)
Total liabilities and shareholder's equity	$ (5,560,599)	$ (5,461,791)

XML

Goodwill and Intangible Assets - Estimated Amortization Expense for Next Five Years (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Estimated Amortization Expense, 2015	$ 19,353
Estimated Amortization Expense, 2016	18,788
Estimated Amortization Expense, 2017	17,952
Estimated Amortization Expense, 2018	17,252
Estimated Amortization Expense, 2019	$ 17,000

XML

Income Taxes - Provision for (Benefit from) Income Taxes (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax [Line Items]
Current	$ 14,886	$ 17,634	$ 12,826
Deferred	4,833	4,215	4,734
Total Provision for (benefit from) income taxes	19,719	21,849	17,560
U.S. Federal [Member]
Income Tax [Line Items]
Current	2,101	8,617	5,094
Deferred	(2,536)	1,252	8,070
Total Provision for (benefit from) income taxes	(435)	9,869	13,164
U.S. State and Other [Member]
Income Tax [Line Items]
Current	295	820	229
Deferred	3	70	1,174
Total Provision for (benefit from) income taxes	298	890	1,403
Non - U.S. [Member]
Income Tax [Line Items]
Current	12,490	8,197	7,503
Deferred	7,366	2,893	(4,510)
Total Provision for (benefit from) income taxes	$ 19,856	$ 11,090	$ 2,993

XML

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Jun. 17, 2014	Jan. 31, 2013
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Fair value of senior notes	$ 1,212,045,000	$ 1,366,406,000
Losses related to foreign exchange forward contracts	28,200,000	600,000	4,800,000
Foreign exchange transaction gains (losses)	32,400,000
Accrual environmental liabilities	0	0
Deferred charges and other assets	9,200,000	13,100,000
Impairment losses on goodwill	0	0	0
Goodwill annual impairment assessment date	October 1st
Impairment loss on intangible asset	0	0	0
Income tax expense, net reduction and cumulative adjustments			6,100,000	2,000,000	4,100,000
Senior Notes [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Debt instrument, stated interest rate	8.75%					8.75%	8.75%
Not Designated as Hedges [Member] | Foreign Exchange Forward Contracts [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Number of contracts outstanding		0
Minimum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Investment in unconsolidated affiliates	20.00%
Maximum [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Investment in unconsolidated affiliates	50.00%
Software [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Other Noncurrent Obligations [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Accrual environmental liabilities	0	0
Other Expense (Income), Net [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Foreign exchange transaction gains (losses)	32,400,000	(18,300,000)	(18,000,000)
Selling, General and Administrative Expenses [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Research and development costs	53,400,000	49,700,000	48,300,000
Promotional and advertising expenses	2,900,000	3,000,000	3,200,000
Significant Other Observable Inputs (Level 2) [Member] | Senior Notes [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Fair value of senior notes	$ 1,212,045,000	$ 1,366,406,000

XML

Stock-Based Compensation - Summary of Weighted-average Grant Date Fair Value per Share of Modified Time-based Restricted Stock Awards Granted Total Fair Value of Awards Vested (Detail) (Modified Time-based Restricted Stock Awards [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Modified Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Grant Date Fair Value per Share of Grants during Period		$ 114.50	$ 170.43
Total Fair Value of Awards Vested during Period	$ 0	$ 0	$ 0

XML

Debt - Senior Secured Credit Facility (Detail) (USD $)	0 Months Ended	1 Months Ended		12 Months Ended			0 Months Ended	1 Months Ended	3 Months Ended
	May 08, 2012	Jul. 31, 2014	Jan. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 09, 2012	Jul. 31, 2012	Mar. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2015	Feb. 02, 2011	Jun. 30, 2010
Debt Instrument [Line Items]
Accrued interest on outstanding debt				$ 43,500,000	$ 48,300,000
Repayment of term loans					1,239,000,000	147,000,000
Proceeds from the issuance of Senior Notes					1,325,000,000
Equity contribution from Parent	22,200,000					162,155,000
Senior Secured Credit Facility first lien net leverage ratio				4.50	5.00				5.25	5.00	5.00
Loss on extinguishment of debt		7,400,000	20,700,000	7,390,000	20,744,000
8.750% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Proceeds from the issuance of Senior Notes			1,325,000,000
Debt instrument interest rate			8.75%
Scenario Forecast [Member]
Debt Instrument [Line Items]
Senior Secured Credit Facility first lien net leverage ratio												4.25
2010 Term Loans [Member]
Debt Instrument [Line Items]
Available borrowings under the senior secured term loans													780,000,000	800,000,000
Revolving Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity, Revolving Credit Facility			300,000,000			240,000,000								240,000,000
Credit Facility, amount outstanding				0	0
Repayment of term loans			1,239,000,000
Capitalization of issuance costs								1,200,000
Unamortized deferred financing fees				8,800,000	11,700,000
Credit Facility, funds available for borrowings				293,300,000	292,700,000
Letters of credit, amount outstanding				6,700,000	7,300,000
Interest expense excluding amortization of deferred financing fees and debt discounts				1,800,000	2,800,000	6,000,000
Interest paid				1,900,000	2,800,000	6,100,000
Revolving Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			3.00%			4.75%
Revolving Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			4.00%			5.75%
Debt instrument, maturity date			2018-01
2011 Term Loans [Member]
Debt Instrument [Line Items]
Available borrowings under the senior secured term loans													1,600,000,000
Credit Facility, amount outstanding													1,400,000,000
Repayment of term loans							140,000,000
Capitalization of issuance costs								6,200,000
Debt issuance costs								2,300,000
Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Capitalization of issuance costs			5,500,000
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
Loss on extinguishment of debt									20,700,000
Interest expense relating to amortization of deferred financing fees				2,900,000	3,100,000	6,500,000
Interest expense relating to amortization of debt discounts				0	100,000	500,000
Term Loans [Member]
Debt Instrument [Line Items]
Interest expense excluding amortization of deferred financing fees and debt discounts				0	7,700,000	91,000,000
Interest paid				$ 0	$ 16,500,000	$ 87,600,000

XML

Fair Value Measurements - Schedule of Assets and Liabilities at Fair Value on Recurring Basis (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets at Fair Value	$ 298,000	$ 0
Liabilities at Fair Value	(4,850,000)	0
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value	(4,552,000)
Recurring [Member] | Foreign Exchange Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets at Fair Value	298,000
Liabilities at Fair Value	(4,850,000)
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value	(4,552,000)
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets at Fair Value	298,000
Liabilities at Fair Value	$ (4,850,000)

XML

Foreign Exchange Forward Contracts - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Loss from foreign exchange forward contracts	$ 28,200,000	$ 600,000	$ 4,800,000
Derivative liabilities	4,850,000	0
Derivative assets	298,000	0
Recorded losses from settlements and changes in the fair value of outstanding forward contracts	28,200,000
Foreign exchange transaction gains (losses)	32,400,000
Foreign Exchange Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	4,850,000
Derivative assets	298,000
Foreign Exchange Forward Contracts [Member] | Not Designated as Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contracts, notional amount	$ 102,500,000		$ 82,000,000

XML

Fair Value Measurements - Estimated Fair Value of Outstanding Debt Not Carried at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total fair value of long term debt	$ 1,212,045	$ 1,366,406
Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total fair value of long term debt	$ 1,212,045	$ 1,366,406

XML

Debt - Senior Notes (Detail) (USD $)	1 Months Ended		12 Months Ended
	Jul. 31, 2014	Jan. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Jun. 17, 2014
Debt Instrument [Line Items]
Debt, face amount		$ 1,325,000,000	$ 1,192,500,000	$ 1,325,000,000
Redemption of Senior Notes			132,500,000
Loss on extinguishment of debt	7,400,000	20,700,000	7,390,000	20,744,000
Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate		8.75%	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
Redemption of Senior Notes	132,500,000		132,500,000
Call premium	4,000,000
Accrued and unpaid interest	5,200,000
Loss on extinguishment of debt			7,400,000
Write-off related unamortized debt issuance costs			3,400,000
Deferred financing fees		42,000,000
Amortization of deferred financing fees			5,700,000	4,900,000
Unamortized deferred financing fees			28,000,000	37,100,000
Interest expense			110,600,000	106,900,000
Interest paid			$ 115,400,000	$ 58,600,000
Senior Notes [Member] | Any Time Prior to August 1, 2015 [Member]
Debt Instrument [Line Items]
Debt instrument, percentage of aggregate principal amount that may be redeemed			35.00%
Debt instrument, redemption price percentage			108.75%
Senior Notes [Member] | During Any 12-Month Period Commencing from the Issue Date Until August 1, 2015 [Member]
Debt Instrument [Line Items]
Debt instrument, percentage of aggregate principal amount that may be redeemed			10.00%
Debt instrument, redemption price percentage			103.00%

XML

Goodwill and Intangible Assets - Additional Information (Detail)	12 Months Ended			1 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Mar. 31, 2014 JSR Corporation [Member] USD ($)	Mar. 31, 2014 JSR Corporation [Member] EUR (€)
Finite-Lived Intangible Assets [Line Items]
Impairment of goodwill	$ 0	$ 0	$ 0
Date for performing annual impairment test	October 1st
Purchase price of acquisition				26,100,000	19,000,000
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 related to finite-lived intangible assets	$ 19,600,000	$ 15,700,000	$ 14,700,000

XML

Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

NOTE 17—STOCK-BASED COMPENSATION

Restricted Stock Awards issued by the Parent

On June 17, 2010, 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 restricted stock awards will be issued by the Parent on behalf of the Company.

Time-based Restricted Stock Awards

The time-based restricted stock awards issued by the Parent contain a service-based condition that requires continued employment with the Company. Generally, these awards vest over three to five years of service, with a portion (20% to 40%) cliff vesting after the first one or two years. The remaining portion of the awards vest ratably over the subsequent service period, subject to the participant’s continued employment with the Company, and vest automatically upon a change in control of the Company, excluding a change in control related to an IPO. Should a participant’s termination occur within a defined timeframe due to death or permanent disability, a termination of the participant by the Company or one of its subsidiaries without cause, or the participant’s voluntary resignation for good reason, the portion of awards that are subject to time-based vesting that would have vested on the next regular vesting date will accelerate and vest on a pro rata basis, based on the number of full months between the last regular vesting date and the termination date.

The Parent has a call right that gives it the option, but not the obligation, to repurchase vested stock at the then current fair value upon an employee’s termination, or at cost in certain circumstances. During the year-ended December 31, 2013, as the result of certain employee terminations, the Parent repurchased a total of 3,372 previously vested time-based restricted stock awards at cost, resulting in a $0.9 million favorable adjustment to stock-based compensation expense. No such events occurred in 2014 or 2012.

Total compensation expense for time-based restricted stock awards was $7.0 million, $8.3 million, and $4.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. Compensation expense recognized for the year ended December 31, 2012 includes certain adjustments, which resulted in a reduction of expense of approximately $2.5 million. The adjustments relate to the correction of prior period grant date fair values of time-based and performance-based restricted stock awards and the correction of prior period grant service based stock award vesting periods. The Company does not believe these adjustments were material to the 2012 or previous period financial statements.

As of December 31, 2014, there was $4.9 million of total unrecognized compensation cost related to time-based restricted stock awards, which is expected to be recognized over a weighted-average period of 2.5 years.

The following table summarizes the activity in the Parent’s time-based restricted stock awards during the year ended December 31, 2014:

Time-based restricted stock	Shares			Weighted-Average Grant Date Fair Value per Share
Unvested, December 31, 2013		131,190		$	164.97
Granted		—			—
Vested		(66,143	)		163.03
Forfeited		(2,499	)		135.21
Unvested, December 31, 2014		62,548		$	172.64

The following table summarizes the weighted-average grant date fair value per share of time-based restricted stock awards granted during the years ended December 31, 2014, 2013, and 2012, as well as the total fair value of awards vested during those periods:

	Time-Based Restricted Stock
	Weighted-Average Grant Date Fair Value per Share of Grants during Period			Total Fair Value of Awards Vested during Period
Year Ended December 31, 2014		N/A	(1)	$	10,783
Year Ended December 31, 2013	$	155.40		$	6,795
Year Ended December 31, 2012	$	204.32		$	9,100

(1) There were no grants of time-based restricted stock awards by the Parent during the year-ended December 31, 2014.

Modified Time-based Restricted Stock Awards

In periods prior to June 2014, 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 awards generally vested in the same manner as the related time-based award. Prior to the Company’s IPO in June 2014, the Company had 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.

On June 10, 2014, prior to the completion of the Company’s IPO, 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 the Company 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 began recognizing compensation expense on these awards based on the vesting described above. Total compensation expense recognized for modified time-based restricted stock awards was $2.5 million for the year ended December 31, 2014.

As of December 31, 2014, there was $9.3 million of total unrecognized compensation cost related to modified time-based restricted stock awards, which is expected to be recognized over a weighted-average period of 2.6 years.

The following table summarizes the activity in the Parent’s modified time-based restricted stock awards during the year ended December 31, 2014:

Modified time-based restricted stock	Shares			Weighted-Average Grant Date Fair Value per Share
Unvested, December 31, 2013		118,123		$	131.83
Granted*		—			—
Vested*		—			—
Forfeited*		(10,068	)		97.45
Unvested, June 10, 2014*		108,055		$	115.30
Granted		—			—
Vested		(775	)		115.30
Forfeited		—			—
Unvested, December 31, 2014		107,280		$	115.30

* Represents activity and balances during the current year prior to the June 2014 modification discussed above. Note that the fair value of all unvested awards was adjusted to reflect the updated fair value per share upon modification.

The following table summarizes the weighted-average grant date fair value per share of modified time-based restricted stock awards (named performance-based awards, prior to June 2014 modification) granted during the years ended December 31, 2014, 2013, and 2012, as well as the total fair value of awards vested during those periods:

	Modified Time-Based Restricted Stock
	Weighted-Average Grant Date Fair Value per Share of Grants during Period			Total Fair Value of Awards Vested during Period
Year Ended December 31, 2014		N/A	(1)	$	—
Year Ended December 31, 2013	$	114.50		$	—
Year Ended December 31, 2012	$	170.43		$	—

(1) There were no grants of performance-based restricted stock awards (or modified time-based restricted stock awards) by the Parent during the year-ended December 31, 2014.

Fair Value Assumptions for Restricted Stock Award Grants

There were no grants by the Parent of time-based, performance-based, or modified time-based restricted stock awards during the year-ended December 31, 2014. However, as a result of the above-described June 2014 modification, the fair value of all modified time-based restricted stock awards was calculated as of the modification date. The fair values of time-based, modified time-based, and performance-based restricted stock awards (in prior years) were estimated on the date of grant using a combination of a call option and digital option model that uses assumptions about expected volatility, risk-free interest rates, the expected term, and dividend yield. In prior year valuations, the expected term for performance-based awards considered management’s probability-weighted estimate of the expected time until a change in control or IPO as well as the time until a performance condition would be met. The expected term for time-based and modified time-based awards considered both the service conditions of vesting of the awards, as well as management’s probability-weighted estimate of the expected liquidity horizon. The expected volatilities were based on a combination of implied and historical volatilities of a peer group of companies, as the Company was a non-publicly traded company prior to the IPO. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the awards. The expected dividend yield was based on an assumption that no dividends are expected to be approved in the near future.

The following are the weighted average assumptions used for grants during the years ended December 31, 2013, and 2012, respectively, and for valuation of the modified time-based awards in June 2014:

	Year Ended December 31,
	2014			2013			2012
Dividend yield		0.00	%		0.00	%		0.00	%
Expected volatility		65.0	%		73.25	%		75.71	%
Risk-free interest rate		1.54	%		0.52	%		0.58	%
Expected term (in years) for performance-based shares		N/A			3.85			3.85
Expected term (in years) for time-based and modified time-based shares		4.50			9.21			10.32

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.

In connection with the IPO, two of the Company’s newly appointed independent directors (Messrs. Cote and De Leener) each received a grant of 4,736 restricted stock units, respectively, under the 2014 Omnibus Plan each with a grant date fair value of $0.1 million. These awards 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. Total compensation expense for these restricted stock units was $0.1 million for the year ended December 31, 2014.

Shareholder distribution and share redemption

On February 3, 2011, the Company used a portion of the proceeds from the 2011 Term Loans to pay a distribution to the shareholders of the Parent, including investment funds advised or managed by Bain Capital, Dow and certain executives, through the redemption of certain classes of the Parent’s shares. The shares redeemed included a portion of the outstanding unvested time-based and performance-based restricted stock awards as well as a portion of the issued and outstanding restricted stock.

For certain employees, a portion or all of this distribution attributable to unvested time-based and performance-based restricted awards was withheld and put in escrow, to be paid out two years from the employees’ date of hire, subject to the participant’s continued employment with the Company. The amounts held in escrow vest ratably over the two year period of time after the employee’s hire date. At the date of the redemption, the Parent recorded a liability to reflect the amount held in escrow each employee had already vested in as of the date of the redemption. Compensation expense on the unvested amount of the distribution withheld in escrow was recognized ratably over the remaining service period from the time of the redemption. Total compensation expense for these liability awards was less than $0.1 million, and $0.9 million for the years ended December 31, 2013, and 2012, respectively. As of December 31, 2013, there was no remaining unrecognized compensation cost related to these liability awards, and therefore, no amounts were recognized for the year ended December 31, 2014.

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 $0.9 million, $1.4 million, and $2.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, there was $0.4 million in unrecognized compensation cost related to these retention awards, which is expected to be recognized over a period of 1.1 years.

Parent Company Restricted Stock Sales

During the year ended December 31, 2013, the Parent sold 779 shares of non-transferable restricted stock to certain employees, all of which were sold at a purchase price less than the fair value of the Parent’s common stock. As a result, during the year ended December 31, 2013, the Company recorded compensation expense of approximately $0.2 million related to these restricted stock sales. There were no restricted stock sales during the years ended December 31, 2014 and 2012. The restricted stock may not be transferred without the Parent’s consent except for a sale to the Parent or its investors in connection with a termination or on an IPO or other liquidation event.

Summary of Stock-based Compensation Expense

The amount of stock-based compensation expense recorded within “Selling, general and administrative expenses” in the consolidated statements of operations for the years ended December 31, 2014, 2013, and 2012, respectively, was as follows:

	Year Ended December 31,
	2014		2013		2012
Time-based Restricted Stock Awards	$	7,037	$	8,346	$	4,192
Modified Time-based Restricted Stock Awards		2,469		—		—
Restricted Stock Units- under 2014 Omnibus Plan		100		—		—
Liability awards		50		46		861
Management Retention Awards		896		1,416		2,275
Parent Company Restricted Stock Sales		—		171		—
Total stock-based compensation expense	$	10,552	$	9,979	$	7,328

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Segments (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Reconciliation of Segment Reporting to Consolidated

	Performance Materials
For the year ended	Latex		Synthetic Rubber		Performance Plastics		Basic Plastics & Feedstocks		Corporate Unallocated		Total
December 31, 2014
Sales to external customers	$	1,261,137	$	633,983	$	821,053	$	2,411,788	$	—	$	5,127,961
Equity in earnings (losses) of unconsolidated affiliates		—		—		—		47,749		—		47,749
EBITDA(1)		93,962		136,985		69,350		23,900
Investment in unconsolidated affiliates		—		—		—		167,658		—		167,658
Depreciation and amortization		26,954		32,900		5,602		34,205		4,045		103,706
December 31, 2013
Sales to external customers	$	1,341,424	$	622,059	$	807,578	$	2,536,353	$	—	$	5,307,414
Equity in earnings (losses) of unconsolidated affiliates		—		—		—		39,138		—		39,138
EBITDA(1)		95,398		113,459		61,703		89,963
Investment in unconsolidated affiliates		—		—		—		155,887		—		155,887
Depreciation and amortization		26,092		28,937		5,009		31,322		3,836		95,196
December 31, 2012
Sales to external customers	$	1,545,064	$	701,962	$	839,243	$	2,365,640	$	—	$	5,451,909
Equity in earnings of unconsolidated affiliates		—		—		—		27,140		—		27,140
EBITDA(1)		125,473		111,051		69,538		44,912
Investment in unconsolidated affiliates		—		—		—		140,304		—		140,304
Depreciation and amortization		27,037		18,080		5,342		32,212		2,933		85,604

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

	Year Ended December 31,
	2014			2013			2012
Total segment EBITDA	$	324,197		$	360,523		$	350,974
Corporate unallocated		(143,181	)		(133,658	)		(107,557	)
Less: Interest expense, net		124,923			132,038			109,971
Less: Provision for income taxes		19,719			21,849			17,560
Less: Depreciation and amortization		103,706			95,196			85,604
Net income (loss)	$	(67,332	)	$	(22,218	)	$	30,282

Schedule of Sales Attributed to Geographical Areas Based on Location of Sales and Long-lived Assets Attributed to Geographical Areas Based on Asset Location

Sales are attributed to geographic areas based on the location where sales originated; long-lived assets are attributed to geographic areas based on asset location.

	Year Ended December 31,
	2014		2013		2012
United States
Sales to external customers	$	663,425	$	665,801	$	683,570
Long-lived assets		65,329		73,932		84,992
Europe
Sales to external customers	$	3,066,581	$	3,186,659	$	3,324,064
Long-lived assets		383,311		431,494		449,834
Asia-Pacific
Sales to external customers	$	1,196,163	$	1,214,093	$	1,200,747
Long-lived assets		99,654		92,691		91,885
Rest of World
Sales to external customers	$	201,792	$	240,861	$	243,528
Long-lived assets		8,403		8,310		6,561
Total
Sales to external customers(1)	$	5,127,961	$	5,307,414	$	5,451,909
Long-lived assets(2)(3)		556,697		606,427		633,272

(1) Sales to external customers in China represented approximately 8%, 8% and 8% of the total for the years ended December 31, 2014, 2013, and 2012, respectively. Sales to external customers in Germany represented approximately 12%, 11% and 10% of the total for the years ended December 31, 2014, 2013, and 2012, respectively. Sales to external customers in Hong Kong represented approximately 11%, 10% and 9% of the total for the years ended December 31, 2014, 2013, and 2012, respectively.

(2) Long-lived assets in China represented approximately 6%, 4%, and 4% of the total for the years ended December 31, 2014, 2013, and 2012, respectively. Long-lived assets in Germany represented approximately 43%, 44%, and 45% of the total for the years ended December 31, 2014, 2013, and 2012, respectively. Long-lived assets in The Netherlands represented approximately 13%, 13%, and 13% of the total for the years ended December 31, 2014, 2013, and 2012, respectively.

(3) Long-lived assets consist of property, plant and equipment, net.

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Accounts Payable (Tables)

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Schedule of Accounts Payable

Accounts payable consisted of the following:

	December 31,
	2014		2013
Trade payables	$	383,297	$	462,304
Other payables		51,395		46,789
Total	$	434,692	$	509,093

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Debt - Schedule of Debt (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2013
Debt Instrument [Line Items]
Senior Notes	$ 1,192,500,000	$ 1,325,000,000	$ 1,325,000,000
Other indebtedness	9,707,000	11,421,000
Total debt	1,202,207,000	1,336,421,000
Short-term borrowings	(7,559,000)	(8,754,000)
Total long-term debt	1,194,648,000	1,327,667,000
Total debt	1,202,207,000	1,336,421,000
Accounts Receivable Securitization Facility [Member]
Debt Instrument [Line Items]
Line of credit	$ 0	$ 0

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Pension Plans and Other Postretirement Benefits - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Recognition of prior service credits for transfer of pension plan resulting from an acquisition	$ 9,529,000	$ 10,548,000
Recognition of net losses for transfer of pension plan resulting from an acquisition	42,442,000	3,545,000	51,880,000
Percentage of change in assumed health care cost trend rate have nominal effect on service and interest costs and projected benefit obligations	1.00%
Impact to projected benefit obligation	1,000,000
Estimated contributions to defined benefit pension plans	12,200,000
Contribution made to defined contribution plans	6,800,000	6,300,000	7,000,000
Plan Assets [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total plan assets, investments in insurance contracts	92,600,000	81,300,000
Defined Benefit Pension Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net benefit costs recognized	22,429,000	22,864,000	13,543,000
Defined Benefit Pension Plans [Member] | Scenario Forecast [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net loss				5,700,000
Net prior service cost (credit)				(1,700,000)
Other Postretirement Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Years of service	10 years
Other Postretirement Benefits Plan, description	In general, the plan applies to employees hired by Dow before January 1, 2008 and transferred to the Company in connection with the Acquisition, and who are at least 50 years old with 10 years of service. The plan allows for spouse coverage as well. If an employee was hired on or before January 1, 1993, the coverage extends past age 65. For employees hired after January 1, 1993 but before January 1, 2008, coverage ends at age 65.
Net benefit costs recognized	787,000	545,000	518,000
Other Postretirement Plans [Member] | Brazil [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit medical plan, description	The extended medical plan must include the same level of coverage and other conditions offered to active employees, whereas former employees must assume 100% of the premium cost.
Liabilities recorded under defined benefit plan, business acquisition	2,700,000
Increase in goodwill	1,700,000
Net periodic benefit costs	1,000,000
Other Postretirement Plans [Member] | Netherlands [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit curtailment gain	1,500,000
Benefits ceased, date	Jan. 01, 2015
Other Postretirement Plans [Member] | Scenario Forecast [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net prior service cost (credit)				100,000
Other Postretirement Plans [Member] | Minimum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Insurance coverage age limit	50 years
Other Postretirement Plans [Member] | Maximum [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Insurance coverage age limit	65 years
Successor Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Recognition of prior service credits for transfer of pension plan resulting from an acquisition		13,000,000
Recognition of net losses for transfer of pension plan resulting from an acquisition		1,400,000
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net benefit costs recognized	1,300,000	2,300,000	2,600,000
Change in plan assumptions, actuarial loss			2,200,000
Tax impact of Gain (loss) arising from change in plan assumptions			1,400,000
Benefit obligations	13,200,000	12,700,000
Amounts of net loss included in AOCI	2,000,000	2,900,000
Amortization from AOCI into net periodic benefit costs	800,000	700,000
Supplemental Employee Retirement Plan [Member] | Scenario Forecast [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Amortization from AOCI into net periodic benefit costs				$ 800,000

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Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 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:

	December 31,
	2014		2013
Current assets	$	498,516	$	528,223
Noncurrent assets		313,648		333,894
Total assets	$	812,164	$	862,117
Current liabilities	$	253,507	$	281,823
Noncurrent liabilities		49,084		48,415
Total liabilities	$	302,591	$	330,238

	Year Ended December 31,
	2014		2013		2012
Sales	$	2,161,232	$	2,281,045	$	2,058,060
Gross profit	$	117,667	$	94,148	$	82,511
Net income	$	52,957	$	38,504	$	21,408

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Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 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
Balance at December 31, 2011	$	38,935		$	14,253		$	53,188
Other comprehensive income (loss)		23,872			(52,487	)		(28,615	)
Balance at December 31, 2012		62,807			(38,234	)		24,573
Other comprehensive income (loss)		53,339			10,466			63,805
Balance at December 31, 2013		116,146			(27,768	)		88,378
Other comprehensive income (loss)		(133,901	)		(29,694	)		(163,595	)
Balance at December 31, 2014	$	(17,755	)	$	(57,462	)	$	(75,217	)

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Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property, plant and equipment approximate percentage	94.00%	94.00%
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, percentage useful life, minimum	3 years	3 years
Property, plant and equipment, percentage useful life, maximum	10 years	10 years

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Stock-Based Compensation - Summary of Weighted Average Assumptions Used for Grants (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	65.00%	73.25%	75.71%
Risk-free interest rate	1.54%	0.52%	0.58%
Performance-Based Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		3 years 10 months 6 days	3 years 10 months 6 days
Time-based, Performance-based and Modified Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	4 years 6 months	9 years 2 months 16 days	10 years 3 months 26 days

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Investments in Unconsolidated Affiliates - Additional Information (Detail) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014 JointVenture	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014 JointVenture	Dec. 31, 2013	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Number of strategic joint ventures	2								2
Investments in unconsolidated affiliates	$ 167,658,000				$ 155,887,000				$ 167,658,000	$ 155,887,000	$ 140,304,000
Dividends received from investing activities									978,000	1,055,000
Equity in earnings of unconsolidated affiliates	18,154,000	9,267,000	5,378,000	14,950,000	12,195,000	15,215,000	8,929,000	2,799,000	47,749,000	39,138,000	27,140,000
Sales to unconsolidated affiliates									6,500,000	8,200,000	9,500,000
Purchases from unconsolidated affiliates									290,300,000	274,400,000	269,100,000
Accounts receivable due from unconsolidated affiliates	2,000,000				3,300,000				2,000,000	3,300,000
Accounts payable due to unconsolidated affiliates	28,600,000				29,900,000				28,600,000	29,900,000
Basic Plastics & Feedstocks [Member] | Sumika Styron Polycarbonate [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	34,100,000				37,600,000				34,100,000	37,600,000
Investment in unconsolidated affiliates-difference between carrying amount and underlying equity	21,300,000				20,800,000				21,300,000	20,800,000
Percentage of ownership underlying net assets	50.00%								50.00%
Amortized weighted average remaining useful life									10.8 years
Dividends received from operating activities											1,000,000
Dividends received from investing activities									1,000,000	1,100,000
Basic Plastics & Feedstocks [Member] | Americas Styrenics [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	133,500,000				118,300,000				133,500,000	118,300,000
Investment in unconsolidated affiliates-difference between carrying amount and underlying equity	108,400,000				130,800,000				108,400,000	130,800,000
Percentage of ownership underlying net assets	50.00%								50.00%
Amortized weighted average remaining useful life									5.7 years
Dividends received from operating activities									$ 35,000,000	$ 22,500,000	$ 20,000,000

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments under Operating Leases with Remaining Non-Cancelable Terms

Future minimum rental payments under operating leases with remaining non-cancelable terms in excess of one year are as follows:

Year	Annual Commitment
2015	$	8,040
2016		5,510
2017		3,159
2018		2,780
2019		2,778
2020 and beyond		12,664
Total	$	34,931

Schedule of Fixed and Determinable Portion of Obligation under Purchase Commitments

The following table presents the fixed and determinable portion of the obligation under the Company’s purchase commitments as of December 31, 2014 (in millions):

Year	Annual Commitment
2015	$	1,299
2016		1,292
2017		1,421
2018		1,214
2019		1,239
Thereafter		1,205
Total	$	7,670

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Organization and Business Activities

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Organization and Business Activities

NOTE 1—ORGANIZATION AND BUSINESS ACTIVITIES

Organization

On June 3, 2010, Bain Capital Everest Manager Holding SCA (the “Parent”), an affiliate of Bain Capital Partners, LLC (“Bain Capital”), was formed through investment funds advised or managed by Bain Capital. Dow Europe Holding B.V. (together with The Dow Chemical Company, “Dow”) retained an indirect ownership interest in the Parent. Trinseo S.A. (“Trinseo”, and together with its subsidiaries, the “Company”) was also formed on June 3, 2010, incorporated under the existing laws of the Grand Duchy of Luxembourg. At that time, all common shares of Trinseo were owned by the Parent. On June 17, 2010, Trinseo acquired 100% of the former Styron business from Dow. The Company commenced operations immediately upon the acquisition of the former Styron business from Dow.

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, Trinseo 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 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 12 for more information.

Business Activities

The Company is a leading global materials company engaged in the manufacturing and marketing of synthetic rubber, latex, and plastics, including various specialty and technologically differentiated products. The Company develops synthetic rubber, latex, and plastics products that are incorporated into a wide range of 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.

The Company’s operations are located in Europe and the Middle East, North America, Latin America, and Asia Pacific (which includes Asia as well as Australia and New Zealand), 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”). Refer to Note 4 for further information regarding our investments in these unconsolidated affiliates.

The Company has significant manufacturing and production operations around the world, which allow service to its global customer base. As of December 31, 2014, the Company’s production facilities included 34 manufacturing plants (which included a total of 81 production units) at 26 sites across 14 countries, including joint ventures and contract manufacturers. The Company’s manufacturing locations include sites in high-growth emerging markets such as China, Indonesia and Brazil. Additionally, as of December 31, 2014, the Company operated 11 R&D facilities globally, including mini plants, development centers and pilot coaters.

Company Realignment

Until January 1, 2015, the chief executive officer, who is the Company’s chief operating decision maker, managed the Company’s operations under two divisions, Emulsion Polymers and Plastics, which included the following four reporting segments: Latex, Synthetic Rubber, Styrenics, and Engineered Polymers.

Effective January 1, 2015, the Company was reorganized under two new divisions called Performance Materials and Basic Plastics & Feedstocks. The Performance Materials division now includes the following reporting segments: Synthetic Rubber, Latex, and Performance Plastics. The Basic Plastics & Feedstocks division represents a separate segment for financial reporting purposes. These consolidated financial statements and related notes thereto have been retroactively adjusted to reflect this change in reporting segments. See Note 19 for more information.

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Segments - Reconciliation of Segment Reporting to Consolidated (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reconciliation [Abstract]
Total Segment EBITDA									$ 324,197	$ 360,523	$ 350,974
Corporate unallocated									(143,181)	(133,658)	(107,557)
Less: Interest expense, net									124,923	132,038	109,971
Less Provision for income taxes									19,719	21,849	17,560
Less Depreciation and amortization									103,706	95,196	85,604
Net income (loss)	$ (29,687)	$ (10,110)	$ (44,621)	$ 17,086	$ 10,588	$ 4,936	$ (28,064)	$ (9,678)	$ (67,332)	$ (22,218)	$ 30,282

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Investments in Unconsolidated Affiliates - Summarized Financial Information of Unconsolidated Affiliates (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) [Abstract]
Current assets	$ 498,516	$ 528,223
Noncurrent assets	313,648	333,894
Total assets	812,164	862,117
Current liabilities	253,507	281,823
Noncurrent liabilities	49,084	48,415
Total liabilities	302,591	330,238
Sales	2,161,232	2,281,045	2,058,060
Gross profit	117,667	94,148	82,511
Net income	$ 52,957	$ 38,504	$ 21,408

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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	1 Months Ended		3 Months Ended								12 Months Ended
	Jul. 31, 2014	Jan. 31, 2013	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Net sales			$ 1,122,401	$ 1,305,493	$ 1,340,935	$ 1,359,132	$ 1,245,111	$ 1,308,959	$ 1,361,759	$ 1,391,585	$ 5,127,961	$ 5,307,414	$ 5,451,909
Cost of sales											4,830,640	4,949,404	5,115,188
Gross profit			38,046	68,236	92,410	98,629	115,181	96,517	65,509	80,803	297,321	358,010	336,721
Selling, general and administrative expenses											232,586	216,858	182,069
Equity in earnings of unconsolidated affiliates			18,154	9,267	5,378	14,950	12,195	15,215	8,929	2,799	47,749	39,138	27,140
Operating income (loss)			(4,035)	29,390	23,580	63,549	65,524	57,960	19,664	37,142	112,484	180,290	181,792
Interest expense, net											124,923	132,038	109,971
Loss on extinguishment of long-term debt	7,400	20,700									7,390	20,744
Other expense (income), net											27,784	27,877	23,979
Income (loss) before income taxes			(31,818)	(6,460)	(39,171)	29,836	24,386	10,937	(25,914)	(9,778)	(47,613)	(369)	47,842
Provision for (benefit from) income taxes											19,719	21,849	17,560
Net income (loss)			(29,687)	(10,110)	(44,621)	17,086	10,588	4,936	(28,064)	(9,678)	(67,332)	(22,218)	30,282
Comprehensive income (loss)											(230,927)	41,587	1,667
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales											(922,694)	(962,307)	(1,109,462)
Cost of sales											(917,769)	(964,453)	(1,109,189)
Gross profit											(4,925)	2,146	(273)
Operating income (loss)											(4,925)	2,146	(273)
Intercompany interest expense (income), net											28	(1)	(48)
Other expense (income), net											(17)	15	(11)
Equity in loss (earnings) of subsidiaries											(22,729)	35,591	166,811
Income (loss) before income taxes											17,793	(33,459)	(167,025)
Provision for (benefit from) income taxes											(741)	553	(52)
Net income (loss)											18,534	(34,012)	(166,973)
Comprehensive income (loss)											345,724	(161,622)	(109,743)
Parent Guarantor [Member]
Condensed Financial Statements, Captions [Line Items]
Selling, general and administrative expenses											11,822	10,073	7,374
Operating income (loss)											(11,822)	(10,073)	(7,374)
Intercompany interest expense (income), net											12	7	1
Other expense (income), net											6,330	6	4
Equity in loss (earnings) of subsidiaries											49,132	12,128	(37,661)
Income (loss) before income taxes											(67,296)	(22,214)	30,282
Provision for (benefit from) income taxes											36	4
Net income (loss)											(67,332)	(22,218)	30,282
Comprehensive income (loss)											(230,927)	41,587	1,667
Issuers [Member]
Condensed Financial Statements, Captions [Line Items]
Cost of sales											560	996	279
Gross profit											(560)	(996)	(279)
Selling, general and administrative expenses											18,405	3,981	3,994
Operating income (loss)											(18,965)	(4,977)	(4,273)
Interest expense, net											120,910	125,711	104,069
Intercompany interest expense (income), net											(81,551)	(88,851)	(88,245)
Loss on extinguishment of long-term debt											7,390	20,744
Other expense (income), net											17,742	(32,325)	(20,515)
Equity in loss (earnings) of subsidiaries											(59,281)	(44,373)	(53,200)
Income (loss) before income taxes											(24,175)	14,117	53,618
Provision for (benefit from) income taxes											1,409	1,735	(808)
Net income (loss)											(25,584)	12,382	54,426
Comprehensive income (loss)											(189,179)	76,187	25,811
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales											4,684,218	4,793,183	4,947,970
Cost of sales											4,425,078	4,485,470	4,691,834
Gross profit											259,140	307,713	256,136
Selling, general and administrative expenses											180,730	181,756	147,454
Equity in earnings of unconsolidated affiliates											47,749	39,138	27,140
Operating income (loss)											126,159	165,095	135,822
Interest expense, net											1,535	3,656	917
Intercompany interest expense (income), net											69,902	76,042	76,510
Other expense (income), net											(3,323)	39,534	21,376
Equity in loss (earnings) of subsidiaries											32,878	(3,346)	(75,950)
Income (loss) before income taxes											25,167	49,209	112,969
Provision for (benefit from) income taxes											15,004	16,964	22,159
Net income (loss)											10,163	32,245	90,810
Comprehensive income (loss)											(150,388)	91,240	59,111
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net sales											1,366,437	1,476,538	1,613,401
Cost of sales											1,322,771	1,427,391	1,532,264
Gross profit											43,666	49,147	81,137
Selling, general and administrative expenses											21,629	21,048	23,247
Operating income (loss)											22,037	28,099	57,890
Interest expense, net											2,478	2,671	4,985
Intercompany interest expense (income), net											11,609	12,803	11,782
Other expense (income), net											7,052	20,647	23,125
Income (loss) before income taxes											898	(8,022)	17,998
Provision for (benefit from) income taxes											4,011	2,593	(3,739)
Net income (loss)											(3,113)	(10,615)	21,737
Comprehensive income (loss)											$ (6,157)	$ (5,805)	$ 24,821

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Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:

	December 31,
	2014			2013
Senior Secured Credit Facility
Term Loans	$	—		$	—
Revolving Facility		—			—
Senior Notes		1,192,500			1,325,000
Accounts Receivable Securitization Facility		—			—
Other indebtedness		9,707			11,421
Total debt		1,202,207			1,336,421
Less: current portion		(7,559	)		(8,754	)
Total long-term debt	$	1,194,648		$	1,327,667

Redemption Price as Percentage of Principal Amount to Applicable Date of Redemption

The Company may redeem all or part of the Senior Notes at any time prior to August 1, 2015 by paying a call premium, plus accrued and unpaid interest to the redemption date. The Company may redeem all or part of the Senior Notes at any time after August 1, 2015 at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the notes redeemed, to the applicable date of redemption, if redeemed during the twelve-month period beginning on of the year indicated below:

12-month period commencing August 1 in Year	Percentage
2015		104.375	%
2016		102.188	%
2017 and thereafter		100.000	%

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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

NOTE 21—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
Balance at December 31, 2011	$	38,935		$	14,253		$	53,188
Other comprehensive income (loss)		23,872			(52,487	)		(28,615	)
Balance at December 31, 2012		62,807			(38,234	)		24,573
Other comprehensive income (loss)		53,339			10,466			63,805
Balance at December 31, 2013		116,146			(27,768	)		88,378
Other comprehensive income (loss)		(133,901	)		(29,694	)		(163,595	)
Balance at December 31, 2014	$	(17,755	)	$	(57,462	)	$	(75,217	)

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Restructuring

12 Months Ended

Dec. 31, 2014

Restructuring and Related Activities [Abstract]

Restructuring

NOTE 20—RESTRUCTURING

2012 Global Restructuring Program

In February 2012, the Company announced an organizational restructuring program that included changes to many employees’ roles and elimination of approximately 90 roles globally. This restructuring was driven by the business organization, as well as the need to further reduce costs due to the challenging economic outlook in 2012. As a result of this and other employee separations during 2012, the Company recorded special termination benefit charges of approximately $7.5 million for the year ended December 31, 2012 within Corporate unallocated. These restructuring charges were included in “Selling, general and administrative expenses” in the consolidated statements of operations. No additional charges have been incurred in conjunction with these initiatives, and there are no amounts accrued as of December 31, 2014 and 2013.

Restructuring in Polycarbonate

During the second quarter of 2014, the Company announced a restructuring within its Basic Plastics & Feedstocks segment to exit the commodity market for polycarbonate in North America and to terminate existing arrangements with Dow regarding manufacturing services for the Company at Dow’s Freeport, Texas facility (the “Freeport facility”). The Company also entered into a new long-term supply contract with a third party to supply polycarbonate in North America. These revised arrangements became operational in the fourth quarter of 2014. In addition, the Company has executed revised supply contracts for certain raw materials that are processed at its polycarbonate manufacturing facility in Stade, Germany, which took effect January 1, 2015. These revised agreements are expected to facilitate improvements in future results of operations for the Basic Plastics & Feedstocks segment. Production at the Freeport facility ceased as of September 30, 2014, and decommissioning and demolition began thereafter and is expected to be completed in 2015.

For the year ended December 31, 2014, the Company recorded restructuring charges of $3.5 million relating to the accelerated depreciation of the related assets at the Freeport facility and $6.6 million in charges for the reimbursement of decommissioning and demolition costs incurred by Dow (of which $4.2 million remained accrued within “Accounts payable” on the consolidated balance sheet as of December 31, 2014). These charges were included in “Selling, general and administrative expenses” in the consolidated statements of operations, and were allocated entirely to the Basic Plastics & Feedstocks segment. In accordance with the relevant termination agreement, these reimbursement costs to Dow are not to exceed $7.0 million in total.

Altona Plant Shutdown

In July 2013, the Company’s board of directors approved the plan to close the Company’s latex manufacturing facility in Altona, Australia. This restructuring plan was a strategic business decision to improve the results of the overall Latex segment. The facility manufactured SB latex used in the carpet and paper markets. Production at the facility ceased in the third quarter of 2013, followed by decommissioning, with demolition throughout most of 2014.

As a result of the plant closure, the Company recorded restructuring charges of $10.8 million for the year ended December 31, 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 year ended December 31, 2014, the Company recorded additional net restructuring charges of approximately $2.8 million, related primarily to incremental employee termination benefit charges, contract termination charges, and decommissioning costs. These charges were included in “Selling, general and administrative expenses” in the consolidated statements of operations, and were allocated entirely to the Latex segment. Of the remaining balance at December 31, 2014, $1.2 million is recorded in “Accrued expenses and other current liabilities” and $0.9 million is recorded in “Other noncurrent liabilities” in the consolidated balance sheet.

The following tables provide a rollforward of the liability balances associated with the Altona plant shutdown for the years ended December 31, 2013 and 2014, respectively:

	Balance at December 31, 2013		Expenses		Deductions(1)			Balance at December 31, 2014
Employee termination benefit charges	$	1,408	$	302	$	(1,710	)	$	—
Contract termination charges		3,388		1,409		(2,669	)		2,128
Other(2)		26		1,277		(1,303	)		—
Total	$	4,822	$	2,988	$	(5,682	)	$	2,128

	Balance at December 31, 2012		Expenses		Deductions(1)			Balance at December 31, 2013
Employee termination benefit charges	$	—	$	2,589	$	(1,181	)	$	1,408
Contract termination charges		—		3,934		(546	)		3,388
Other(2)		—		215		(189	)		26
Total	$	—	$	6,738	$	(1,916	)	$	4,822

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

(2) Includes demolition and decommissioning charges incurred, primarily related to labor and third party service costs.

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Pension Plans and Other Postretirement Benefits - Schedule of Changes in Pension Benefit Obligations and Fair Value of Plan Assets and Funded Status of All Significant Plans (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Pension Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 14,097	$ 13,866	$ 10,054
Interest cost	7,687	6,482	6,475
Funded status at end of period	(187,521)	(156,567)
Defined Benefit Pension Plans [Member] | Change in Projected Benefit Obligations [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligation at beginning of period	237,914	231,437
Service cost	14,097	13,866
Interest cost	7,687	6,482
Plan participants' contributions	2,385	1,831
Actuarial changes in assumptions and experience	72,470	(10,376)
Benefits paid	(900)	(3,362)
Benefit payments by employer	(1,428)	(1,367)
Acquisitions/Divestiture		(333)
Plan amendments	(12,706)	(12,992)
Curtailments		2,124
Settlements	(6,783)	(1,633)
Other	614	4,576
Currency impact	(33,259)	7,661
Benefit obligation at end of period	280,091	237,914
Defined Benefit Pension Plans [Member] | Change in Plan Assets [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets at beginning of period	81,347	72,350
Actual return on plan assets	18,580	(12,713)
Settlements	(6,783)	(1,633)
Employer contributions	9,446	17,665
Plan participants' contributions	2,385	1,831
Benefits paid	(2,239)	(3,609)
Other	614	4,576
Currency impact	(10,780)	2,880
Fair value of plan assets at end of period	92,570	81,347
Other Postretirement Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	1,048	283	252
Interest cost	1,189	262	275
Funded status at end of period	(9,077)	(6,660)
Other Postretirement Plans [Member] | Change in Projected Benefit Obligations [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligation at beginning of period	6,660	6,666
Service cost	1,048	283
Interest cost	1,189	262
Actuarial changes in assumptions and experience	1,263	(1,354)
Acquisitions/Divestiture	1,679
Plan amendments		730
Curtailments	(1,743)
Currency impact	(1,019)	73
Benefit obligation at end of period	$ 9,077	$ 6,660

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Organization and Business Activities - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	0 Months Ended	12 Months Ended	0 Months Ended
	May 30, 2014	Dec. 31, 2014 Segment Divisions ProductionUnits Plant Country site Facility JointVenture	Jan. 01, 2015 Divisions	Jun. 17, 2014	Dec. 31, 2013	Jun. 17, 2010
Subsidiary, Sale of Stock [Line Items]
Date of incorporation		Jun. 03, 2010
Business acquisition, ownership percentage						100.00%
Description of reverse stock split		1-for-436.69219 reverse split of its issued and outstanding common stock
Authorized common stock after reverse split		50,000,000,000			50,000,000,000
Reverse stock split ratio	0.00229
Cash proceeds from issuance of common stock		$ 198,087
Number of strategic joint ventures		2
Number of manufacturing plants		34
Number of production units		81
Number of sites		26
Number of countries		14
Number of research and development facilities		11
Number of divisions		2
Number of reportable segments		4
Subsequent Event [Member]
Subsidiary, Sale of Stock [Line Items]
Number of divisions			2
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
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				$ 203,200

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Foreign Exchange Forward Contracts (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Most Significant Net Foreign Exchange Hedge Positions Outstanding

The following table displays the notional amounts of the most significant net foreign exchange hedge positions outstanding as of December 31, 2014.

Buy / (Sell)	December 31, 2014
Euro	$	239,341
Chinese Yuan	$	(100,086	)
Swiss Franc	$	35,438
Indonesian Rupiah	$	(33,020	)
British Pound	$	(9,910	)

Summary of Financial Assets and Liabilities Included in Consolidated Balance Sheets

The following tables summarize the financial assets and liabilities included in the consolidated balance sheets:

	December 31, 2014
Description	Gross Amounts of Recognized Assets		Gross Amounts of Offset in the Consolidated Balance Sheet			Net Amounts of Assets Presented in the Consolidated Balance Sheet
Foreign exchange forward contracts	$	2,037	$	(1,739	)	$	298
	December 31, 2014
Description	Gross Amounts of Recognized Liabilities		Gross Amounts of Offset in the Consolidated Balance Sheet			Net Amounts of Liabilities Presented in the Consolidated Balance Sheet
Foreign exchange forward contracts	$	6,589	$	(1,739	)	$	4,850

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Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

NOTE 22—EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share (“basic EPS”) is computed by dividing net income (loss) available to common shareholders by the weighted average number of the Company’s common shares outstanding for the applicable period. Diluted earnings (loss) per share (“diluted EPS”) is calculated using net income (loss) available to common shareholders divided by diluted weighted-average shares of common shares outstanding during each period, which includes unvested 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 years ended December 31, 2014, 2013 and 2012, 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 12.

	Year Ended December 31,
(in thousands, except per share data)	2014			2013			2012
Earnings (losses):
Net income (loss) available to common shareholders	$	(67,332	)	$	(22,218	)	$	30,282
Shares:
Weighted average common shares outstanding		43,476			37,270			16,123
Dilutive effect of restricted stock units*		—			—			—
Diluted weighted average shares outstanding		43,476			37,270			16,123
Income (loss) per share:
Income (loss) per share—basic and diluted	$	(1.55	)	$	(0.60	)	$	1.88

* Refer to Note 17 for discussion of restricted stock units granted in June 2014 to certain Company directors. As net loss was reported for the year ended December 31, 2014, 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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Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data

NOTE 23—SELECTED QUARTERLY FINANCIAL DATA (Unaudited)

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2014
Net sales	$	1,359,132		$	1,340,935		$	1,305,493		$	1,122,401
Gross profit		98,629			92,410			68,236			38,046
Equity in earnings of unconsolidated affiliates		14,950			5,378			9,267			18,154
Operating Income		63,549			23,580	(1)		29,390			(4,035	)
Income (loss) before income taxes		29,836			(39,171	)(1)		(6,460	)(2)		(31,818	)
Net income (loss)		17,086			(44,621	)(1)		(10,110	)(2)		(29,687	)
Income (loss) per share- basic and diluted	$	0.46		$	(1.15	)(1)	$	(0.21	)(2)	$	(0.61	)
2013
Net sales	$	1,391,585		$	1,361,759		$	1,308,959		$	1,245,111
Gross profit		80,803			65,509			96,517			115,181
Equity in earnings of unconsolidated affiliates		2,799			8,929			15,215			12,195
Operating Income		37,142			19,664			57,960			65,524
Income (loss) before income taxes		(9,778	)(3)		(25,914	)		10,937			24,386
Net income (loss)		(9,678	)(3)		(28,064	)		4,936			10,588
Income (loss) per share- basic and diluted	$	(0.26	)(3)	$	(0.75	)	$	0.13		$	0.28

(1) Includes a charge of $23.3 million for fees paid to Bain Capital incurred in connection with the termination of the Advisory Agreement, pursuant to its terms, upon consummation of the Company’s IPO in June 2014. Also includes a one-time $32.5 million termination payment made to Dow in connection with the termination of our Latex JV Option Agreement. See Note 18 to the consolidated financial statements for further discussion of these items.

(2) Includes $7.4 million loss on extinguishment of debt related to the July 2014 redemption of $132.5 million in aggregate principal amount of the Senior Notes.

(3) Includes $20.7 million loss on extinguishment of debt related to the January 2013 amendment of our Senior Secured Credit Facility and repayment of Term Loans.

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Net income (loss)	$ (67,332)	$ (22,218)	$ 30,282
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	103,706	95,196	85,604
Amortization of deferred financing costs and issuance discount	9,937	9,547	8,537
Deferred income tax	4,833	4,215	4,734
Stock-based compensation	10,501	9,950	7,328
Earnings of unconsolidated affiliates, net of dividends	(12,750)	(16,638)	(6,169)
Unrealized net losses on foreign exchange forward contracts	4,554
Contingent gain on sale of business	(623)
Loss on extinguishment of debt	7,390	20,744
Prepayment penalty on long-term debt	(3,975)
Loss (gain) on sale of businesses and other assets	(116)	4,186	263
Impairment charges		13,851	245
Changes in assets and liabilities
Accounts receivable	68,483	(5,643)	84,678
Inventories	22,605	55,369	(87,241)
Accounts payable and other current liabilities	(5,697)	15,001	67,887
Income taxes payable	259	(1,241)	(5,142)
Other assets, net	(2,527)	2,384	(12,672)
Other liabilities, net	(22,027)	26,632	7,781
Cash provided by operating activities	117,221	211,335	186,115
Cash flows from investing activities
Capital expenditures	(98,606)	(73,544)	(118,504)
Proceeds from capital expenditures subsidy		18,769	6,079
Proceeds from the sale of businesses and other assets	6,257	15,221	253
Payment for working capital adjustment from sale of business	(700)
Advance payment received (refunded)		(2,711)	2,602
Distributions from unconsolidated affiliates	978	1,055
(Increase) / decrease in restricted cash	(533)	7,852	(7,725)
Cash used in investing activities	(92,604)	(33,358)	(117,295)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs	198,087
Deferred financing fees		(48,255)	(8,080)
Short term borrowings, net	(56,901)	(42,877)	(37,887)
Capital contribution			162,155
Repayments of Term Loans		(1,239,000)	(147,000)
Proceeds from issuance of Senior Notes		1,325,000
Repayments of Senior Notes	(132,500)
Proceeds from Accounts Receivable Securitization Facility	308,638	376,630	113,828
Repayments of Accounts Receivable Securitization Facility	(309,205)	(471,696)	(130,233)
Proceeds from Revolving Facility		405,000	1,105,000
Repayments of Revolving Facility		(525,000)	(1,135,000)
Cash provided by (used in) financing activities	8,119	(220,198)	(77,217)
Effect of exchange rates on cash	(8,453)	2,367	(559)
Net change in cash and cash equivalents	24,283	(39,854)	(8,956)
Cash and cash equivalents-beginning of period	196,503	236,357	245,313
Cash and cash equivalents-end of period	220,786	196,503	236,357
Supplemental disclosure of cash flow information
Cash paid for income taxes, net of refunds	5,097	24,779	20,444
Cash paid for interest, net of amounts capitalized	119,820	83,509	98,046
Accrual for property, plant and equipment	$ 18,245	$ 11,156	$ 13,155

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Subsequent Events

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

NOTE 24—SUBSEQUENT EVENTS

The Company has evaluated significant events and transactions that occurred after the balance sheet date through the date of this report and determined that there were no events or transactions that would require recognition or disclosure in our consolidated financial statements for the period ended December 31, 2014.

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Foreign Exchange Forward Contracts - Summary of Financial Assets and Liabilities Included in Consolidated Balance Sheets (Detail) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Net Amounts of Assets Presented in the Consolidated Balance Sheet	$ 298,000	$ 0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet	4,850,000	0
Foreign Exchange Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets	2,037,000
Gross Amounts of Offset in the Consolidated Balance Sheet	(1,739,000)
Net Amounts of Assets Presented in the Consolidated Balance Sheet	298,000
Gross Amounts of Recognized Liabilities	6,589,000
Gross Amounts of Offset in the Consolidated Balance Sheet	(1,739,000)
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet	$ 4,850,000

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Segments - Additional Information (Detail)	12 Months Ended	0 Months Ended
	Dec. 31, 2014 ProductionUnits Plant Segment Divisions site Country JointVenture	Jan. 01, 2015 Divisions
Segment Reporting Information [Line Items]
Number of divisions	2
Number of reportable segments	4
Number of strategic joint ventures	2
Number of manufacturing plants	34
Number of production units	81
Number of sites	26
Number of countries	14
Basic Plastics & Feedstocks [Member] | Americas Styrenics [Member]
Segment Reporting Information [Line Items]
Percentage of ownership underlying net assets	50.00%
Basic Plastics & Feedstocks [Member] | Sumika Styron Polycarbonate [Member]
Segment Reporting Information [Line Items]
Percentage of ownership underlying net assets	50.00%
Subsequent Event [Member]
Segment Reporting Information [Line Items]
Number of divisions		2

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Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following:

	Estimated Useful Lives (Years)	December 31,
		2014			2013
Land	Not applicable	$	47,196		$	50,982
Land and waterway improvements	1-20		13,139			13,603
Buildings	2-40		55,693			58,447
Machinery and equipment(1)	1-20		640,861			627,068
Utility and supply lines	1-10		7,679			7,100
Leasehold interests	1-45		45,759			50,009
Other property	1-8		24,560			27,260
Construction in process	Not applicable		46,193			55,753
Property, plant and equipment			881,080			890,222
Less: accumulated depreciation			(324,383	)		(283,795	)
Property, plant and equipment, net		$	556,697		$	606,427

(1) Approximately 94% of our machinery and equipment had a useful life of three to ten years as of December 31, 2014 and 2013.

Schedule of Other Items Related to Property Plant and Equipment

	Year Ended December 31,
	2014		2013		2012
Depreciation expense	$	75,286	$	75,401	$	68,312
Capitalized interest	$	4,192	$	3,142	$	6,178

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Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) per Share Basic and Diluted

The following table presents EPS and diluted EPS for the years ended December 31, 2014, 2013 and 2012, 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 12.

	Year Ended December 31,
(in thousands, except per share data)	2014			2013			2012
Earnings (losses):
Net income (loss) available to common shareholders	$	(67,332	)	$	(22,218	)	$	30,282
Shares:
Weighted average common shares outstanding		43,476			37,270			16,123
Dilutive effect of restricted stock units*		—			—			—
Diluted weighted average shares outstanding		43,476			37,270			16,123
Income (loss) per share:
Income (loss) per share—basic and diluted	$	(1.55	)	$	(0.60	)	$	1.88

* Refer to Note 17 for discussion of restricted stock units granted in June 2014 to certain Company directors. As net loss was reported for the year ended December 31, 2014, 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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Goodwill and Intangible Assets - Schedule of Other Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 231,390	$ 225,326
Accumulated Amortization	(66,032)	(53,812)
Net	165,358	171,514
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (Years)	15 years
Gross Carrying Amount	188,854	210,546
Accumulated Amortization	(56,782)	(49,713)
Net	132,072	160,833
Manufacturing Capacity Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (Years)	6 years
Gross Carrying Amount	23,095
Accumulated Amortization	(2,809)
Net	20,286
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (Years)	5 years
Gross Carrying Amount	13,177	11,034
Accumulated Amortization	(6,441)	(4,099)
Net	6,736	6,935
Software in Development [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	6,000	3,746
Net	6,000	3,746
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	264
Net	$ 264

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 220,786	$ 196,503
Accounts receivable, net of allowance	601,066	717,482
Inventories	473,861	530,191
Deferred income tax assets	11,786	9,820
Other current assets	15,164	22,750
Total current assets	1,322,663	1,476,746
Investments in unconsolidated affiliates	167,658	155,887
Property, plant and equipment, net	556,697	606,427
Other assets
Goodwill	34,574	37,273
Other intangible assets, net	165,358	171,514
Deferred income tax assets-noncurrent	46,812	42,938
Deferred charges and other assets	62,354	83,996
Total other assets	309,098	335,721
Total assets	2,356,116	2,574,781
Current liabilities
Short-term borrowings	7,559	8,754
Accounts payable	434,692	509,093
Income taxes payable	9,413	9,683
Deferred income tax liabilities	1,413	2,903
Accrued expenses and other current liabilities	120,928	136,129
Total current liabilities	574,005	666,562
Noncurrent liabilities
Long-term debt	1,194,648	1,327,667
Deferred income tax liabilities-noncurrent	27,311	26,932
Other noncurrent obligations	239,287	210,418
Total noncurrent liabilities	1,461,246	1,565,017
Commitments and contingencies (Note 15)
Shareholders' equity
Common stock, $0.01 nominal value, 50,000,000 shares authorized at December 31, 2014 and 2013, 48,770 shares and 37,270 shares issued and outstanding as of December 31, 2014 and 2013, respectively	488	373
Additional paid-in-capital	547,530	339,055
Accumulated deficit	(151,936)	(84,604)
Accumulated other comprehensive income (loss)	(75,217)	88,378
Total shareholders' equity	320,865	343,202
Total liabilities and shareholders' equity	$ 2,356,116	$ 2,574,781

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities at Fair Value on Recurring Basis

The following table summarizes the basis used to measure certain assets and liabilities at fair value on a recurring basis in the consolidated balance sheets at December 31, 2014. As discussed in Note 11, there were no open foreign exchange forward contracts as of December 31, 2013, and as such, there were no balances to be recorded at fair value at that date.

	December 31, 2014
Assets (Liabilities) at Fair Value	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Foreign exchange forward contracts—Assets	$	—	$	298		$	—	$	298
Foreign exchange forward contracts—(Liabilities)		—		(4,850	)		—		(4,850	)
Total fair value	$	—	$	(4,552	)	$	—	$	(4,552	)

Estimated Fair Value of Outstanding Debt Not Carried at Fair Value

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

	As of December 31, 2014		As of December 31, 2013
Senior Notes (Level 2)	$	1,212,045	$	1,366,406
Total fair value	$	1,212,045	$	1,366,406

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Commitments and Contingencies - Schedule of Fixed and Determinable Portion of Obligation under Purchase Commitments (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2014
Purchase Obligation, Fiscal Year Maturity [Abstract]
2015	$ 1,299
2016	1,292
2017	1,421
2018	1,214
2019	1,239
Thereafter	1,205
Total	$ 7,670

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Related Party and Dow Transactions - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	0 Months Ended	1 Months Ended		12 Months Ended
	Jun. 17, 2014	Jun. 30, 2014	Jan. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Transaction services fees				$ 282.5	$ 303.2	$ 317.6
Related party sales				6.5	8.2	9.5
Related party purchases				290.3	274.4	269.1
IPO expenses directly related to the offering	5.1
Minimum [Member]
Related Party Transaction [Line Items]
Percentage of issued and outstanding interest in joint venture				20.00%
Maximum [Member]
Related Party Transaction [Line Items]
Percentage of issued and outstanding interest in joint venture				50.00%
Master Outsourcing Services Agreement ("MOSA") [Member]
Related Party Transaction [Line Items]
Related party agreement term				5 years
Second Amended and Restated Master Outsourcing Services Agreement ("SAR MOSA") [Member]
Related Party Transaction [Line Items]
Related party effective agreement date				Jun. 01, 2013
Related party agreement expiration date				Dec. 31, 2020
Related party agreement notice period for termination				2 years
notice period for non-renewal to the other party				6 months
Estimated minimum contractual obligations due in 2015				20.0
Estimated minimum contractual obligations due thereafter				32.0
Second Amended and Restated Site Services Agreements ("SAR SSAs") [Member]
Related Party Transaction [Line Items]
Related party agreement term				25 years
Related party effective agreement date				Jun. 01, 2013
Related party agreement notice period for termination				12 months
Related party agreement notice period for termination				15 months
Transaction services fees				233.7	235.1	214.5
Second Amended and Restated Site Services Agreements ("SAR SSAs") [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Related party contractual commitments period				45 months
Second Amended and Restated Site Services Agreements ("SAR SSAs") [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Related party contractual commitments period				60 months
Other Agreements [Member]
Related Party Transaction [Line Items]
Transaction services fees				48.8	68.1	103.1
Dow [Member]
Related Party Transaction [Line Items]
Percentage of issued and outstanding interest in joint venture				50.00%
Payment for termination of agreement		32.5		32.5
Related party sales				343.8	294.7	311.4
Related party purchases				2,196.0	2,336.5	2,654.7
Related party, Accounts receivable, net of allowance				18.7	31.6
Related party, Accounts payable				156.9	218.9
Bain Capital [Member]
Related Party Transaction [Line Items]
Transaction services fees				27.9	18.6	4.6
Payment for termination of agreement		23.3		23.3
Management fee expenses				2.4	4.7	4.6
Transaction Services Agreement, period				10 years
Percentage of advisory fees				1.00%
IPO expenses directly related to the offering	2.2
Debt issuance cost			$ 13.9

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Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Cumulative translation adjustments, tax	$ 0		$ 0		$ 0.1
Prior service credit (cost) arising during period, tax	3.2		1.7		0
Net gain (loss) arising during period, tax	(15.1)		(1.3)		(17.7)
Curtailment and settlement loss (gain), tax	0.2	[1]	0.6	[1]	0	[1]
Amortization of prior service cost (credit) included in net periodic pension costs, tax	(0.1)	[1]	(0.1)	[1]	0.1	[1]
Amortization of net loss (gain) included in net periodic pension costs, tax	$ 0.8	[1]	$ 1.0	[1]	$ (0.2)	[1]

[1] These other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 16)

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Commitments and Contingencies - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Loss Contingencies [Line Items]
Rental expense for leases	$ 15,900,000	$ 16,200,000	$ 17,700,000
Accrued obligations for environmental remediation and restoration costs	0	0
Environmental remediation costs	$ 0	$ 0	$ 0
Minimum [Member]
Loss Contingencies [Line Items]
Purchase commitment period	1 year
Maximum [Member]
Loss Contingencies [Line Items]
Purchase commitment period	6 years

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Acquisitions and Divestitures - Schedule of Loss Calculation (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Inventories		$ 8,135
Property, plant and equipment, net		9,401
Other intangibles assets, net		1,624
Goodwill		383
Total assets sold		19,543
Liabilities
Pension and other benefits		791
Total liabilities sold		791
Net assets sold		18,752
Sales proceeds, net of amount paid to buyer of $0.7 million		14,566
Loss on sale	$ (116)	$ 4,186	$ 263

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Pension Plans and Other Postretirement Benefits - Schedule of Net Periodic Benefit Costs for Pension and Other Postretirement Benefit Plans (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Pension Plans [Member]
Net periodic benefit cost
Service cost	$ 14,097	$ 13,866	$ 10,054
Interest cost	7,687	6,482	6,475
Expected return on plan assets	(2,427)	(1,710)	(2,251)
Amortization of prior service cost (credit)	(1,002)	(989)	142
Amortization of net (gain) loss	2,557	3,093	(630)
Settlement and curtailment (gain) loss	1,517	2,122	(247)
Net periodic benefit cost (income)	22,429	22,864	13,543
Amounts recognized in other comprehensive income (loss)
Net loss (gain)	56,318	6,170	65,303
Amortization of prior service (cost) credit	1,002	989	(142)
Amortization of net gain (loss)	(2,557)	(3,093)	630
Settlement and curtailment gain (loss)	(1,517)	(2,122)	247
Prior service cost (credit)	(12,706)	(12,992)
Total recognized in other comprehensive income (loss)	40,540	(11,048)	66,038
Net periodic benefit cost (income)	22,429	22,864	13,543
Total recognized in net periodic benefit cost and other comprehensive income (loss)	62,969	11,816	79,581
Other Postretirement Plans [Member]
Net periodic benefit cost
Service cost	1,048	283	252
Interest cost	1,189	262	275
Amortization of prior service cost (credit)	102
Amortization of net (gain) loss	(45)		(9)
Settlement and curtailment (gain) loss	(1,507)
Net periodic benefit cost (income)	787	545	518
Amounts recognized in other comprehensive income (loss)
Net loss (gain)	1,263	(1,354)	677
Amortization of prior service (cost) credit	(102)
Amortization of net gain (loss)	45		9
Settlement and curtailment gain (loss)	(242)
Prior service cost (credit)		730
Total recognized in other comprehensive income (loss)	964	(624)	686
Net periodic benefit cost (income)	787	545	518
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$ 1,751	$ (79)	$ 1,204

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Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements of the Company as of December 31, 2014 and 2013 and for each of the three years ended 2014 are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements of the Company contain the accounts of all entities that are controlled and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. A VIE is defined as a legal entity that has equity investors that do not have sufficient equity at risk for the entity to support its activities without additional subordinated financial support or, as a group, the holders of the equity at risk lack (i) the power to direct the entity’s activities or (ii) the obligation to absorb the expected losses or the right to receive the expected residual returns of the entity. A VIE is required to be consolidated by a company if that company is the primary beneficiary. Refer to Note 10 for further discussion of the Company’s accounts receivable securitization facility, which qualifies as a VIE and is consolidated within the Company’s financial statements.

All intercompany balances and transactions are eliminated. Joint ventures over which the Company has the ability to exercise significant influence that are not consolidated are accounted for by the equity method.

Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not have a material impact on the Company’s financial position.

Use of Estimates in Financial Statement Preparation

Use of Estimates in Financial Statement Preparation

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts could differ from these estimates.

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents and accounts receivables. The Company uses major financial institutions with high credit ratings to engage in transactions involving cash equivalents. The Company minimizes credit risk in its receivables by selling products to a diversified portfolio of customers in a variety of markets located throughout the world.

The Company performs ongoing evaluations of its customers’ credit and generally does not require collateral. The Company maintains an allowance for doubtful accounts for losses resulting from the inability of specific customers to meet their financial obligations, representing our best estimate of probable credit losses in existing trade accounts receivable. A specific reserve for doubtful receivables is recorded against the amount due from these customers. For all other customers, the Company recognizes reserves for doubtful receivables based on historical experience.

Financial Instruments

Financial Instruments

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued and other current liabilities, approximate fair value due to their generally short maturities.

The estimated fair value of the Company’s 8.750% Senior Notes (as defined in Note 10) is determined using level 2 inputs within the fair value hierarchy. As of December 31, 2014 and 2013, the Senior Notes had a fair value of approximately $1,212.0 million and $1,366.4 million, respectively. When outstanding, the estimated fair values of borrowings under the Company’s Revolving Facility and Accounts Receivable Securitization Facility (as defined in Note 10) are determined using level 2 inputs within the fair value hierarchy. The carrying amounts of borrowings under the Revolving Facility and Accounts Receivable Securitization Facility approximate fair value as these borrowings bear interest based on prevailing variable market rates.

At times, the Company manages its exposure to changes in foreign currency exchange rates, where possible, by entering into foreign exchange forward contracts. When outstanding, all derivatives, whether designated in hedging relationships or not, are required to be recorded on the balance sheet at fair value. The fair value of the derivatives is determined from sources independent of the Company, including the financial institutions which are party to the derivative instruments. The fair value of derivatives also considers the credit default risk of the paying party. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and the hedged item will be recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portion of the change in the fair value of the derivative will be recorded in other comprehensive income and will be recognized in the consolidated statements of operations when the hedged item affects earnings.

As of December 31, 2014, the Company had foreign exchange forward contracts outstanding that were not designated for hedge accounting treatment, while no such contracts were outstanding as of December 31, 2013. As such, the settlements and changes in fair value of underlying instruments are recognized in “Other expense (income), net” in the consolidated statements of operations. For the years ended December 31, 2014, 2013, and 2012, the Company recognized losses related to these forward contracts of $28.2 million, $0.6 million, and $4.8 million, respectively.

Forward contracts are entered into with a limited number of counterparties, each of which allows for net settlement of all contracts through a single payment in a single currency in the event of a default on or termination of any one contract. The Company records these foreign exchange forward contracts on a net basis, by counterparty within the consolidated balance sheets.

The Company presents the cash receipts and payments from hedging activities in the same category as the cash flows from the items subject to hedging relationships. As the items subject to economic hedging relationships are the Company’s operating assets and liabilities, the related cash flows are classified within operating activities in the consolidated statements of cash flows.

Foreign Currency Translation

Foreign Currency Translation

For the majority of the Company’s subsidiaries, the local currency has been identified as the functional currency. For remaining subsidiaries, the U.S. dollar has been identified as the functional currency due to the significant influence of the U.S. dollar on their operations. Gains and losses resulting from the translation of various functional currencies into U.S. dollars are not recorded within the consolidated statements of operations. Rather, they are recorded within the cumulative translation adjustment account as a separate component of shareholders’ equity (accumulated other comprehensive income) on the consolidated balance sheets. The Company translates asset and liability balances at exchange rates in effect at the end of the period and income and expense transactions at the average exchange rates in effect during the period. Gains and losses resulting from foreign currency transactions are recorded within the consolidated statements of operations.

For the year ended December 31, 2014, the Company recognized net foreign exchange transaction gains of $32.4 million. For the years ended December 31, 2013 and 2012, the Company recognized net foreign exchange transaction losses of $18.3 million and $18.0 million, respectively. These amounts exclude the impacts of foreign exchange forward contracts discussed above. Gains and losses on net foreign exchange transactions are recorded within “Other expense (income), net” in the consolidated statements of operations.

Environmental Matters

Environmental Matters

Accruals for environmental matters are recorded when it is considered probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. These accruals are adjusted periodically as assessment and remediation efforts progress, or as additional technical or legal information become available. Accruals for environmental liabilities are recorded within “Other noncurrent obligations” in the consolidated balance sheets at undiscounted amounts. As of December 31, 2014 and 2013, there were no accruals for environmental liabilities recorded.

Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction or normal operation of a long-lived asset. Any costs related to environmental contamination treatment and clean-ups are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents generally include time deposits or highly liquid investments with original maturities of three months or less.

Inventories

Inventories

Inventories are stated at the lower of cost or market, with cost being determined on the first-in, first-out (“FIFO”) method. The Company periodically reviews its inventory for excess or obsolete inventory, and will write-down the excess or obsolete inventory value to its net realizable value, if applicable.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation and less impairment, if applicable, and are depreciated over their estimated useful lives using the straight-line method. Capitalized costs associated with computer software for internal use are amortized on a straight-line basis, generally over 5 years.

Expenditures for maintenance and repairs are charged against income as incurred. Expenditures that significantly increase asset value, extend useful asset lives or adapt property to a new or different use are capitalized. These expenditures include planned major maintenance activity or turnaround activities which increase our manufacturing plants’ output and improve production efficiency as compared to pre-turnaround operations. As of December 31, 2014 and 2013, $9.2 million and $13.1 million, respectively, of the Company’s net costs related to turnaround activities were capitalized within “Deferred charges and other assets” in the consolidated balance sheets, and are being amortized over the period until the next scheduled turnaround.

The Company periodically evaluates actual experience to determine whether events and circumstances have occurred that may warrant revision of the estimated useful lives of property, plant and equipment. Engineering and other costs directly related to the construction of property, plant and equipment are capitalized as construction in progress until construction is complete and such property, plant and equipment is ready and available to perform its specifically assigned function. Upon retirement or other disposal, the asset cost and related accumulated depreciation are removed from the accounts and the net amount, less any proceeds, is charged or credited to income. The Company also capitalizes interest as a component of the cost of capital assets constructed for its own use.

Impairment and Disposal of Long-Lived Assets

Impairment and Disposal of Long-Lived Assets

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. When undiscounted future cash flows are not expected to be sufficient to recover an asset’s carrying amount, the asset is written down to its fair value based on a discounted cash flow analysis utilizing market participant assumptions.

Long-lived assets to be disposed of by sale are classified as held-for-sale and are reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of in a manner other than by sale are classified as held-and-used until they are disposed.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The Company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. The Company utilizes a market approach and an income approach (under the discounted cash flow method) to calculate the fair value of its reporting units. The annual impairment assessment is completed using a measurement date of October 1^st. No goodwill impairment losses were recorded in the years ended December 31, 2014, 2013 and 2012.

Finite-lived intangible assets, such as our intellectual property and manufacturing capacity rights, are amortized on a straight-line basis and are reviewed for impairment or obsolescence if events or changes in circumstances indicate that their carrying amount may not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows. No intangible asset impairment losses were recorded in the years ended December 31, 2014, 2013 and 2012

Deferred Financing Fees

Deferred Financing Fees

Capitalized fees and costs incurred in connection with the Company’s financing arrangements are recorded in “Deferred charges and other assets” within the consolidated balance sheets. For the Senior Notes (and the Term Loans, prior to their repayment in January 2013), deferred financing fees are amortized over the term of the agreement using the effective interest method, while for the Revolving Facility and the Accounts Receivable Securitization Facility, deferred financing fees are amortized using the straight-line method over the term of the respective facility. Amortization of deferred financing fees is recorded in “Interest expense, net” within the consolidated statements of operations.

Investments in Unconsolidated Affiliates

Investments in Unconsolidated Affiliates

Investments in unconsolidated affiliates in which the Company has the ability to exercise significant influence (generally, 20% to 50% owned companies) are accounted for using the equity method. Investments are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. An impairment loss is recorded whenever a decline in fair value of an investment in an unconsolidated affiliate below its carrying amount is determined to be other-than-temporary.

Sales

Sales

Sales are recognized when the revenue is realized or realizable and the earnings process is complete, which occurs when risk and title to the product transfers to the customer, typically at the time shipment is made. As such, title to the product generally passes when the product is delivered to the freight carrier. Standard terms of delivery are included in contracts of sale, order confirmation documents and invoices. Freight costs and any directly related costs of transporting finished product to customers are recorded as “Cost of sales” in the consolidated statements of operations. Taxes on sales are excluded from net sales.

Sales are recorded net of estimates for returns and price allowances, including discounts for prompt payment and volume-based incentives.

Cost of Sales

Cost of Sales

The Company classifies the costs of manufacturing and distributing its products as cost of sales. Manufacturing costs include raw materials, utilities, packaging and fixed manufacturing costs associated with production. Fixed manufacturing costs include such items as plant site operating costs and overhead, production planning, depreciation and amortization, repairs and maintenance, environmental, and engineering costs. Distribution costs include shipping and handling costs.

Selling, General and Administrative Expenses

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses are charged to expense as incurred. SG&A expenses are the cost of services performed by the marketing and sales functions (including sales managers, field sellers, marketing research, marketing communications and promotion and advertising materials) and by administrative functions (including product management, research and development (“R&D”), business management, customer invoicing, and human resources). R&D expenses include the cost of services performed by the R&D function, including technical service and development, process research including pilot plant operations, and product development.

Total R&D costs included in SG&A expenses were approximately $53.4 million, $49.7 million and $48.3 million for the years ended December 31, 2014, 2013 and 2012, respectively.

The Company expenses promotional and advertising costs as incurred to SG&A expenses. Total promotional and advertising expenses were approximately $2.9 million, $3.0 million and $3.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Pension and Postretirement Benefits Plans

Pension and Postretirement Benefits Plans

The Company has several defined benefit plans, under which participants earn a retirement benefit based upon a formula set forth in the plan. The Company also provides certain health care and life insurance benefits to retired employees mainly in the United States and Brazil. The plans provide health care benefits, including hospital, physicians’ services, drug and major medical expense coverage, and life insurance benefits.

Accounting for defined benefit pension plans and other postretirement benefit plans, and any curtailments and settlements thereof, requires various assumptions, including, but not limited to, discount rates, expected rates of return on plan assets and future compensation growth rates. The Company evaluates these assumptions at least once each year, or as facts and circumstances dictate, and makes changes as conditions warrant.

A settlement is a transaction that is an irrevocable action that relieves the employer (or the plan) of primary responsibility for a pension or postretirement benefit obligation, and that eliminates significant risks related to the obligation and the assets used to effect the settlement. When a settlement occurs, the Company does not record settlement gains or losses during interim periods when the cost of all settlements in a year is less than or equal to the sum of the service cost and interest cost components of net periodic pension cost for the plan in that year.

Income Taxes

Income Taxes

The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except for subsidiaries in which earnings are deemed to be indefinitely invested.

The Company recognizes the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company accrues for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. Interest accrued related to unrecognized tax and income tax related penalties are included in the provision for income taxes. The current portion of uncertain income taxes positions is recorded in “Income taxes payable” while the long-term portion is recorded in “Other noncurrent obligations” in the consolidated balance sheets.

Income tax expense recognized for the year ended December 31, 2012 includes cumulative adjustments of $4.1 million and $2.0 million from 2010 and 2011, respectively, which resulted in a reduction of income tax expense, net, of approximately $6.1 million. These adjustments relate to the correction of prior period errors, which resulted from the reconciliation of the income tax provision to tax return positions completed during 2012. The Company believes this is not material to its results of operations for the year ended December 31, 2012.

Stock-based Compensation

Stock-based Compensation

Stock-based compensation expense is measured at the grant date, based on the fair value of the award. Time (service)-based restricted stock awards are generally recognized as expense on a graded vesting basis over the related service period. For performance-based restricted stock awards, the Company recognizes compensation cost if and when it concludes that it is probable that the related performance condition will be achieved. When applicable, the Company calculates the fair value of its performance-based restricted stock awards using a combination of a call option and digital option model.

Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Stock-based compensation expense recognized in our consolidated financial statements is based on awards that are ultimately expected to vest.

Periodically, the Parent may sell non-transferable restricted stock to certain officers and key members of management of the Company. Stock-based compensation expense on this non-transferable restricted stock is recognized if the non-transferable restricted stock is purchased at a price which is less than the fair value of the Parent’s common stock.

Recent Accounting Guidance

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.

In January 2015, the FASB issued guidance to simplify income statement classification by removing the concept of extraordinary items from U.S. GAAP. This guidance is effective for public entities beginning after December 15, 2015, with early adoption permitted, but only as of the beginning of the fiscal year of adoption. The implementation of this guidance is not expected to have a material impact on the Company’s financial statements.

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Schedule II - Financial Statement Schedule Valuation and Qualifying Accounts (Parenthetical) (Detail) (Maximum [Member], USD $)	12 Months Ended
	Dec. 31, 2014
Maximum [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Amounts written off, net of recoveries	$ 100,000

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Inventories - Schedule of Inventories (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Inventory Disclosure [Abstract]
Finished goods	$ 235,949	$ 252,602
Raw materials and semi-finished goods	205,061	240,858
Supplies	32,851	36,731
Total	$ 473,861	$ 530,191

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Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 14—INCOME TAXES

Income (loss) before income taxes earned within and outside the United States is shown below:

	Year Ended December 31,
	2014			2013			2012
United States	$	17,522		$	25,228		$	49,193
Outside of the United States		(65,135	)		(25,597	)		(1,351	)
Income (loss) before income taxes	$	(47,613	)	$	(369	)	$	47,842

The provision for (benefit from) income taxes is composed of:

	December 31, 2014								December 31, 2013						December 31, 2012
	Current		Deferred			Total			Current		Deferred		Total		Current		Deferred			Total
U.S. federal	$	2,101	$	(2,536	)	$	(435	)	$	8,617	$	1,252	$	9,869	$	5,094	$	8,070		$	13,164
U.S. state and other		295		3			298			820		70		890		229		1,174			1,403
Non-U.S.		12,490		7,366			19,856			8,197		2,893		11,090		7,503		(4,510	)		2,993
Total	$	14,886	$	4,833		$	19,719		$	17,634	$	4,215	$	21,849	$	12,826	$	4,734		$	17,560

The effective tax rate on pre-tax income differs from the U.S. statutory rate due to the following:

	Year Ended December 31,
	2014			2013			2012
Taxes at U.S. statutory rate(1)	$	(16,664	)	$	(129	)	$	16,745
State and local income taxes		571			603			1,493
Non U.S. statutory rates, including credits		899			(4,988	)		(5,185	)
U.S. tax effect of foreign earnings and dividends		(2,112	)		(942	)		(2,890	)
Unremitted earnings		(189	)		(157	)		3,087
Change in valuation allowances		14,679			16,430			(8,780	)
Uncertain tax positions		(2,818	)		(1,465	)		1,882
Withholding taxes on interest and royalties		3,652			2,992			7,064
U.S. manufacturing deduction		—			(229	)		(1,057	)
Provision to return adjustments		260			3,814			(3,943	)
Stock-based compensation		3,343			3,112			2,466
Non-deductible interest		5,401			5,258			5,203
Non-deductible other expenses		15,589	(2)		1,573			2,004
Government subsidy income		—			(4,219	)		—
Impact on foreign currency exchange		(2,643	)		71			291
Other—net		(249	)		125			(820	)
Total provision for income taxes	$	19,719		$	21,849		$	17,560
Effective tax rate		(41	)%		(5,921	)%		37	%

(1) The U.S. statutory rate has been used as management believes it is more meaningful to the Company.

(2) Non-deductible other expenses in 2014 include the tax effect of fees incurred for the termination of the Latex JV Option Agreement with Dow and a portion of the fees incurred in connection with the termination of the Advisory Agreement with Bain Capital. See Note 18 for further discussion.

Deferred income taxes reflect temporary differences between the valuation of assets and liabilities for financial and tax reporting:

	December 31,
	2014					2013
	Deferred Tax Assets			Deferred Tax Liabilities		Deferred Tax Assets			Deferred Tax Liabilities
Tax loss and credit carry forwards	$	62,142		$	—	$	40,007		$	—
Unremitted earnings		—			9,273		—			9,462
Unconsolidated affiliates		11,761			—		12,257			—
Other accruals and reserves		11,536			—		13,556			—
Property, plant and equipment		—			42,715		—			45,314
Goodwill and other intangible assets		15,791			—		23,452			—
Deferred financing fees		6,366			—		6,973			—
Employee benefits		41,186			—		31,858			—
		148,782			51,988		128,103			54,776
Valuation allowance		(66,920	)		—		(50,404	)		—
Total	$	81,862		$	51,988	$	77,699		$	54,776

At December 31, 2014 and 2013, all undistributed earnings of foreign subsidiaries and affiliates are expected to be repatriated. Operating loss carryforwards amounted to $227.8 million in 2014 and $146.2 million in 2013. At December 31, 2014, $13.1 million of the operating loss carryforwards were subject to expiration in 2015 through 2019, and $214.7 million of the operating loss carryforwards expire in years beyond 2019 or have an indefinite carryforward period.

The Company had valuation allowances which were related to the realization of recorded tax benefits on tax loss carryforwards, as well as other net deferred tax assets, primarily from subsidiaries in Luxembourg and Australia, of $66.9 million at December 31, 2014 and $50.4 million at December 31, 2013.

For the years presented, a reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows:

Balance as of December 31, 2011	$	25,431
Increases related to current year tax positions		6,757
Decreases related to prior year tax positions		(2,109	)
Balance as of December 31, 2012	$	30,079
Increases related to current year tax positions		1,225
Decreases related to prior year tax positions		(4,405	)
Balance as of December 31, 2013	$	26,899
Increases related to current year tax positions		187
Decreases related to prior year tax positions		(6,701	)
Balance as of December 31, 2014	$	20,385

The Company recognized interest and penalties of less than $0.1 million, $0.7 million, and $0.8 million for the years ended December 31, 2014, 2013, and 2012, which was included as a component of income tax expense in the consolidated statements of operations. As of December 31, 2014 and 2013, the Company has $1.8 million and $2.0 million, respectively, accrued for interest and penalties. To the extent that the unrecognized tax benefits are recognized in the future, $16.1 million will impact the Company’s effective tax rate.

As a majority of the Company’s legal entities had no significant activity prior to or were formed in 2010, only the 2010 tax year and forward is subject to examination in the majority of jurisdictions, except for China, Hong Kong, and Indonesia where tax years between 2007 and 2009 remain subject to examination. Pursuant to the terms of the Purchase Agreement, the Company has been indemnified from and against any taxes for or with respect to any periods prior to the Acquisition.

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Pension Plans and Other Postretirement Benefits - Schedule of Weighted-average Assumptions on Pension Plan Obligations, Other Postretirement Benefit ("OPEB") and Net Periodic Benefit Costs (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Pension Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	2.01%	3.30%	3.05%
Pension Plan Obligations, Rate of increase in future compensation levels	2.71%	2.86%	2.69%
Pension Plan Obligations, Expected long-term rate of return on plan assets	0.00%	0.00%	0.00%
Net Periodic Benefit Costs, Discount rate	3.30%	3.05%	4.49%
Net Periodic Benefit Costs, Rate of increase in future compensation levels	2.86%	2.69%	2.64%
Net Periodic Benefit Costs, Expected long-term rate of return on plan assets	2.83%	2.44%	4.09%
Other Postretirement Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	6.40%	4.72%	3.93%
Other Postretirement Benefit Obligations, Initial health care cost trend rate	8.05%	6.67%	7.00%
Other Postretirement Benefit Obligations, Ultimate health care cost trend rate	5.43%	5.00%	5.00%
Other Postretirement Benefit Obligations, Year ultimate trend rate to be reached	2021	2019	2019
Net Periodic Benefit Costs, Discount rate	6.69%	3.93%	5.08%
Net Periodic Benefit Costs, Initial health care cost trend rate	6.67%	7.00%	7.33%
Net Periodic Benefit Costs, Ultimate health care cost trend rate	5.00%	5.00%	5.00%
Net Periodic Benefit Costs, Year ultimate trend rate to be reached	2019	2019	2019

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Earnings (Loss) Per Share - Schedule of Earnings (Loss) per Share Basic and Diluted (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings (losses):
Net income (loss) available to common shareholders	$ (29,687)	$ (10,110)	$ (44,621)	$ 17,086	$ 10,588	$ 4,936	$ (28,064)	$ (9,678)	$ (67,332)	$ (22,218)	$ 30,282
Shares:
Weighted average common shares outstanding									43,476	37,270	16,123
Dilutive effect of restricted stock units									0	0	0
Diluted weighted average shares outstanding									43,476	37,270	16,123
Income (loss) per share:
Income (loss) per share-basic and diluted	$ (0.61)	$ (0.21)	$ (1.15)	$ 0.46	$ 0.28	$ 0.13	$ (0.75)	$ (0.26)	$ (1.55)	$ (0.60)	$ 1.88

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Pension Plans and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Pension Plans and Other Postretirement Benefits

NOTE 16—PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS

Defined Benefit Pension Plans

The majority of the Company’s employees are participants in various defined benefit pension and other postretirement plans which are administered and sponsored by the Company.

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 plan. The Company then made the required employer contribution amounts to the Dow Plans for the Company’s employees and the related pension benefit obligations for the Company’s employees have been accumulating in the Dow Plans since the Acquisition Date. Since June 2010, the Dow Plans originally established in those jurisdictions, were gradually legally separated into the Company’s self administered and sponsored plans until the Affiliation Agreements ended on December 31, 2012.

In Switzerland and The Netherlands, all remaining employees of the Company who were previously participants of the Dow Plans transferred to separately administered and sponsored pension plans of the Company effective January 1, 2013 (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 $13.0 million and $1.4 million, respectively in other comprehensive income during the year ended December 31, 2013.

Company employees who were not previously associated with the acquired pension and postretirement plans are generally not eligible for enrollment in these plans. Pension benefits are typically based on length of service and the employee’s final average compensation.

Other Postretirement Benefits

The Company, either through a Company benefit plan or government-mandated benefits, provides certain health care and life insurance benefits applicable primarily to Dow-heritage retired employees in Brazil, The Netherlands, and the U.S.

In the U.S., the plan provides for health care benefits, including hospital, physicians’ services, drug and major medical expense coverage. In general, the plan applies to employees hired by Dow before January 1, 2008 and transferred to the Company in connection with the Acquisition, and who are at least 50 years old with 10 years of service. The plan allows for spouse coverage as well. If an employee was hired on or before January 1, 1993, the coverage extends past age 65. For employees hired after January 1, 1993 but before January 1, 2008, coverage ends at age 65. The Company reserves the right to modify the provisions of the plan at anytime, including the right to terminate, and does not guarantee the continuation of the plan or its provisions.

In Brazil, the Company provides an insured medical benefit to all employees and eligible dependents under Brazil’s healthcare legislation, which grants the right to employees (and their beneficiaries) who have contributed towards the medical plan to extend medical coverage upon retirement or in case of involuntary dismissal. The extended medical plan must include the same level of coverage and other conditions offered to active employees, whereas former employees must assume 100% of the premium cost. Prior to 2014, the Company had not accrued for the postretirement benefits owed under this plan. As a result, for the year ended December 31, 2014, a $2.7 million liability was recorded, which includes an adjustment related to the original purchase price allocation from the Acquisition as a portion of this obligation was assumed from Dow. The impact of this adjustment was a $1.7 million increase to goodwill and $1.0 million of net periodic benefit costs, net of currency remeasurement gains, incurred from the date of the Acquisition through December 31, 2013. The Company does not believe these adjustments are material to the current or any prior period financial statements.

In The Netherlands, the Company provided postretirement medical benefits to Dow-heritage employees who transferred to the Company in connection with the Acquisition. The Company ceased providing these benefits effective January 1, 2015. As a result, the Company recognized approximately $1.5 million of curtailment gain for the year ended December 31, 2014.

Assumptions

The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs are provided below:

	Pension Plan Obligations									Net Periodic Benefit Costs
	December 31,									December 31,
	2014			2013			2012			2014			2013			2012
Discount rate		2.01	%		3.30	%		3.05	%		3.30	%		3.05	%		4.49	%
Rate of increase in future compensation levels		2.71	%		2.86	%		2.69	%		2.86	%		2.69	%		2.64	%
Expected long-term rate of return on plan assets		N/A			N/A			N/A			2.83	%		2.44	%		4.09	%

The weighted-average assumptions used to determine other postretirement benefit (“OPEB”) obligations and net periodic benefit costs are provided below:

	OPEB Obligations									Net Periodic Benefit Costs
	December 31,									December 31,
	2014			2013			2012			2014			2013			2012
Discount rate		6.40	%		4.72	%		3.93	%		6.69	%		3.93	%		5.08	%
Initial health care cost trend rate		8.05	%		6.67	%		7.00	%		6.67	%		7.00	%		7.33	%
Ultimate health care cost trend rate		5.43	%		5.00	%		5.00	%		5.00	%		5.00	%		5.00	%
Year ultimate trend rate to be reached		2021			2019			2019			2019			2019			2019

The discount rate utilized to measure the pension and other postretirement benefit plans is based on the yield of high-quality fixed income debt instruments at the measurement date. Future expected, actuarially determined cash flows of the plans are matched against a yield curve to arrive at a single discount rate for each plan.

The expected long-term rate of return on plan assets is determined by performing a detailed analysis of key economic and market factors driving historical returns for each asset class and formulating a projected return based on factors in the current environment. Factors considered include, but are not limited to, inflation, real economic growth, interest rate yield, interest rate spreads, and other valuation measures and market metrics. The expected long-term rate of return for each asset class is then weighted based on the strategic asset allocation approved by the governing body for each plan. The historical experience with the pension fund asset performance is also considered.

A one-percentage point change in the assumed health care cost trend rate would have had a nominal effect on both service and interest costs, but would result in an approximate $1.0 million impact to the projected benefit obligation.

The net periodic benefit costs for the pension and other postretirement benefit plans for the years ended December 31, 2014, 2013, and 2012 were as follows:

	Defined Benefit Pension Plans									Other Postretirement Benefit Plans
	December 31,									December 31,
	2014			2013			2012			2014			2013			2012
Net periodic benefit cost
Service cost	$	14,097		$	13,866		$	10,054		$	1,048	(6)	$	283		$	252
Interest cost		7,687			6,482			6,475			1,189	(6)		262			275
Expected return on plan assets		(2,427	)		(1,710	)		(2,251	)		—			—			—
Amortization of prior service cost (credit)		(1,002	)		(989	)		142			102			—			—
Amortization of net (gain) loss		2,557			3,093			(630	)		(45	)(6)		—			(9	)
Settlement and curtailment (gain) loss		1,517	(1)		2,122	(2)		(247	)		(1,507	)(3)		—			—
Net periodic benefit cost (income)	$	22,429		$	22,864		$	13,543		$	787		$	545		$	518
Amounts recognized in other comprehensive income (loss)
Net loss (gain)	$	56,318		$	6,170		$	65,303		$	1,263	(6)	$	(1,354	)	$	677
Amortization of prior service (cost) credit		1,002			989			(142	)		(102	)		—			—
Amortization of net gain (loss)		(2,557	)		(3,093	)		630			45	(6)		—			9
Settlement and curtailment gain (loss)		(1,517	)		(2,122	)		247			(242	)		—			—
Prior service cost (credit)		(12,706	)(4)		(12,992	)(5)		—			—			730			—
Total recognized in other comprehensive income (loss)		40,540			(11,048	)		66,038			964			(624	)		686
Net periodic benefit cost (income)		22,429			22,864			13,543			787			545			518
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	62,969		$	11,816		$	79,581		$	1,751		$	(79	)	$	1,204

(1) This amount represents settlement losses from one of the Company’s defined benefit plans in Switzerland due to the termination of certain employees during the year, which resulted in a loss recognized in the year ended December 31, 2014 due to a charge against the unamortized net loss recorded in other comprehensive income.

(2) This amount represents a curtailment loss from one of the Company’s defined benefit plans in Germany due to the reduction or cessation of benefit accruals for certain employees’ future services. The adjustment in the benefit obligation from the curtailment resulted in a loss recognized during the year ended December 31, 2013 due to a charge against the unamortized net loss recorded in other comprehensive income.

(3) This amount represents a curtailment gain from the Company’s other postretirement benefit plan in The Netherlands, due to the cessation of retiree medical benefit accruals effective January 1, 2015.

(4) This adjustment was made to the Company’s pension plan in The Netherlands to reflect the introduction of a salary cap and lower accrual rate on pension benefits as a result of tax law changes effective January 1, 2015. The impact of the change resulted in an adjustment to prior service credit in other comprehensive income as of December 31, 2014, which will be amortized to net periodic benefit cost over the estimated remaining service period of the employees.

(5) This is primarily related to the transfer of all remaining employees who were previously participants in the Dow Plans in Switzerland and The Netherlands to Company Successor Plans effective January 1, 2013, as discussed above.

(6) These amounts include the prior period net periodic cost and other comprehensive income components of the postretirement benefits in Brazil recognized during 2014, as discussed above.

The changes in the pension benefit obligations and the fair value of plan assets and the funded status of all significant plans for the year ended December 31, 2014 and 2013 were as follows:

	Defined Benefit Pension Plans						Other Postretirement Benefit Plans
	December 31,						December 31,
	2014			2013			2014			2013
Change in projected benefit obligations
Benefit obligation at beginning of period	$	237,914		$	231,437		$	6,660		$	6,666
Service cost		14,097			13,866			1,048			283
Interest cost		7,687			6,482			1,189			262
Plan participants’ contributions		2,385			1,831			—			—
Actuarial changes in assumptions and experience		72,470			(10,376	)		1,263			(1,354	)
Benefits paid		(900	)		(3,362	)		—			—
Benefit payments by employer		(1,428	)		(1,367	)		—			—
Acquisitions/Divestiture		—			(333	)		1,679	(7)		—
Plan amendments		(12,706	)		(12,992	)		—			730
Curtailments		—			2,124			(1,743	)		—
Settlements		(6,783	)		(1,633	)		—			—
Other		614			4,576			—			—
Currency impact		(33,259	)		7,661			(1,019	)		73
Benefit obligation at end of period	$	280,091		$	237,914		$	9,077		$	6,660
Change in plan assets
Fair value of plan assets at beginning of period	$	81,347		$	72,350		$	—		$	—
Actual return on plan assets(8)		18,580			(12,713	)		—			—
Settlements		(6,783	)		(1,633	)		—			—
Employer contributions		9,446			17,665			—			—
Plan participants’ contributions		2,385			1,831			—			—
Benefits paid		(2,239	)		(3,609	)		—			—
Other		614			4,576			—			—
Currency impact		(10,780	)		2,880			—			—
Fair value of plan assets at end of period		92,570			81,347			—			—
Funded status at end of period	$	(187,521	)	$	(156,567	)	$	(9,077	)	$	(6,660	)

(7) The amount represents an adjustment to the original purchase price allocation from the Acquisition as a portion of the postretirement benefits obligation recorded in Brazil was assumed from Dow.

(8) The fair values of certain plan assets as of December 31, 2014 and 2013 were determined using cash surrender values provided under the insurance contracts which took effect on January 1, 2013. The resulting change in the fair value of plan assets due to the use of cash surrender values was included as “return on plan assets”.

The net amounts recognized in the balance sheet as of December 31, 2014 and 2013 were as follows:

	Defined Benefit Pension Plans						Other Postretirement Benefit Plans
	December 31,						December 31,
	2014			2013			2014			2013
Net amounts recognized in the balance sheets at December 31
Current liabilities	$	(1,604	)	$	(1,599	)	$	(70	)	$	(26	)
Noncurrent liabilities		(185,917	)		(154,968	)		(9,007	)		(6,634	)
Net amounts recognized in the balance sheet	$	(187,521	)	$	(156,567	)	$	(9,077	)	$	(6,660	)
Accumulated benefit obligation at the end of the period	$	220,277		$	178,987		$	9,077		$	6,660
Pretax amounts recognized in AOCI at December 31:
Net prior service cost (credit)	$	(21,386	)	$	(9,682	)	$	628		$	730
Net gain (loss)		97,127			44,883			(266	)		(1,332	)
Total at end of period	$	75,741		$	35,201		$	362		$	(602	)

Approximately $5.7 million and $1.7 million of net loss and net prior service credit, respectively, for the defined benefit pension plans and $0.1 million of net prior service cost, respectively, for other postretirement benefit plans will be amortized from accumulated other comprehensive income (“AOCI”) to net periodic benefit cost in 2015.

The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table:

	2015		2016		2017		2018		2019		2020 through 2024		Total
Defined benefit pension plans	$	3,635	$	4,193	$	4,402	$	4,819	$	4,786	$	35,747	$	57,582
Other postretirement benefit plans		72		105		145		195		260		2,652		3,429
Total	$	3,707	$	4,298	$	4,547	$	5,014	$	5,046	$	38,399	$	61,011

Estimated contributions to the defined benefit pension plans in 2015 are $12.2 million.

The following information relates to pension plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at December 31, 2014 and December 31, 2013:

Projected Benefit Obligation Exceeds the Fair Value of Plan Assets	December 31,
	2014		2013
Projected benefit obligations	$	280,091	$	237,914
Fair value of plan assets	$	92,570	$	81,347

Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets	December 31,
	2014		2013
Accumulated benefit obligations	$	177,496	$	152,056
Fair value of plan assets	$	44,382	$	50,004

Plan Assets

Prior to 2013, plan assets specific to the Dow Plans consisted primarily of receivables from Dow, which were based on a contractually determined proportion of Dow’s plan assets. Dow’s underlying plan assets consisted of equity and fixed income securities of U.S. and foreign issuers and insurance contracts, and may have included alternative investments such as real estate and private equity. Effective January 1, 2013, all remaining employees of the Company who were previously participating in Dow Plans were transferred to the Successor Plans. The related assets were also transferred to the Successor Plans and invested into insurance contracts that provide for guaranteed returns. As of December 31, 2014 and 2013, respectively, plan assets totaled $92.6 million and $81.3 million, consisting of investments in insurance contracts.

Investments in the pension plan insurance were valued utilizing unobservable inputs, which are contractually determined based on cash surrender values, returns, fees, and the present value of the future cash flows of the contracts.

Insurance contracts and Dow receivables (in 2013) are classified as Level 3 investments. Changes in the fair value of these
level 3 investments during the years ended December 31, 2014 and 2013 are included in the “Change in plan assets” table above.

Concentration of Risk

The Company mitigates the credit risk of investments by establishing guidelines with investment managers that limit investment in any single issue or issuer to an amount that is not material to the portfolio being managed. These guidelines are monitored for compliance both by the Company and external managers. Credit risk related to derivative activity is mitigated by utilizing multiple counterparties and through collateral support agreements.

Supplemental Employee Retirement Plan

The Company established a non-qualified supplemental employee retirement plan in 2010. The net benefit costs recognized for the years ended December 31, 2014, 2013, and 2012 were $1.3 million, $2.3 million, and $2.6 million, respectively. As of December 31, 2012, the Company had a change in the plan assumptions, which resulted in an actuarial loss of approximately $2.2 million, net of tax of $1.4 million. The amount was recognized in the other comprehensive income. There were no further significant changes in plan assumptions as of December 31, 2014. Benefit obligations under this plan were $13.2 million and $12.7 million as of December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, the amounts of net loss included in AOCI were $2.0 million and $2.9 million, respectively, with $0.8 million and $0.7 million amortized from AOCI into net periodic benefit costs during the years ended December 31, 2014 and 2013, respectively. Approximately $0.8 million is expected to be amortized from AOCI into net periodic benefit cost in 2015.

Based on the Company’s current estimates, the estimated future benefit payments under this plan, reflecting expected future service, as appropriate, are presented in the following table:

	2015		2016		2017		2018		2019		Thereafter		Total
Supplemental employee retirement plan	$	—	$	—	$	13,562	$	—	$	—	$	—	$	13,562

Defined Contribution Plans

The Company also offers defined contribution plans to eligible employees in the U.S. and in other countries, including Australia, China, Brazil, Hong Kong, Korea, The Netherlands, Taiwan and the United Kingdom. The defined contribution plans are comprised of a non-discretionary elective matching contribution component as well as a discretionary non-elective contribution component. Employees participate in the non-discretionary component by contributing a portion of their eligible compensation to the plan, which is partially matched by the Company. Non-elective contributions are made at the discretion of the Company and are based on a combination of eligible employee compensation and performance award targets. For the years ended December 31, 2014, 2013, and 2012, respectively, the Company contributed $6.8 million, $6.3 million, and $7.0 million to the defined contribution plans.

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Property, Plant and Equipment - Schedule of Other Items Related to Property Plant and Equipment (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 75,286	$ 75,401	$ 68,312
Capitalized interest	$ 4,192	$ 3,142	$ 6,178

XML

Stock-Based Compensation - Summary of Parent's Modified Time-based Restricted Stock Awards (Detail) (Modified Time-based Restricted Stock Awards [Member], USD $)	6 Months Ended	7 Months Ended	12 Months Ended
	Jun. 10, 2014	Dec. 31, 2014	Dec. 31, 2014
Modified Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance	118,123	108,055	118,123
Granted, Shares	0	0	0
Vested, Shares		(775)
Forfeited, Shares	(10,068)
Unvested Shares, Ending Balance	108,055	107,280	107,280
Unvested Weighted-Average Grant Date Fair Value per Share, Beginning Balance	$ 131.83	$ 115.30	$ 131.83
Granted, Weighted-Average Grant Date Fair Value per Share	$ 0	$ 0
Vested, Weighted-Average Grant Date Fair Value per Share		$ 115.30
Forfeited, Weighted-Average Grant Date Fair Value per Share	$ 97.45
Unvested Weighted-Average Grant Date Fair Value per Share, Ending Balance	$ 115.30	$ 115.30	$ 115.30

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Consolidated Statements of Shareholders' Equity (USD $) In Thousands, except Share data	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2011	$ 120,515	$ 1	$ 159,994	$ 53,188	$ (92,668)
Balance, Shares at Dec. 31, 2011		137,000
Contributions from shareholder, value	162,155	372	161,783
Contributions from shareholder, shares		37,133,000
Net income (loss)	30,282				30,282
Other comprehensive income (loss)	(28,615)			(28,615)
Stock-based compensation	7,328		7,328
Balance at Dec. 31, 2012	291,665	373	329,105	24,573	(62,386)
Balance, Shares at Dec. 31, 2012		37,270,000
Net income (loss)	(22,218)				(22,218)
Other comprehensive income (loss)	63,805			63,805
Stock-based compensation	9,950		9,950
Balance at Dec. 31, 2013	343,202	373	339,055	88,378	(84,604)
Balance, Shares at Dec. 31, 2013		37,270,000
Issuance of common stock	198,089	115	197,974
Issuance of common stock, Shares		11,500,000
Net income (loss)	(67,332)				(67,332)
Other comprehensive income (loss)	(163,595)			(163,595)
Stock-based compensation	10,501		10,501
Balance at Dec. 31, 2014	$ 320,865	$ 488	$ 547,530	$ (75,217)	$ (151,936)
Balance, Shares at Dec. 31, 2014		48,770,000

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Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Common stock, nominal value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000,000	50,000,000,000
Common stock, shares issued	48,770,000	37,270,000
Common stock, shares outstanding	48,770,000	37,270,000

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Accounts Payable

12 Months Ended

Dec. 31, 2014

Payables and Accruals [Abstract]

Accounts Payable

NOTE 9—ACCOUNTS PAYABLE

Accounts payable consisted of the following:

	December 31,
	2014		2013
Trade payables	$	383,297	$	462,304
Other payables		51,395		46,789
Total	$	434,692	$	509,093

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Pension Plans and Other Postretirement Benefits - Schedule of Pension Plans with Projected and Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Projected Benefit Obligation Exceeds the Fair Value of Plan Assets
Projected benefit obligations	$ 280,091	$ 237,914
Fair value of plan assets	92,570	81,347
Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets
Accumulated benefit obligations	177,496	152,056
Fair value of plan assets	$ 44,382	$ 50,004

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Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Beginning Balance	$ 26,899	$ 30,079	$ 25,431
Increases related to current year tax positions	187	1,225	6,757
Decreases related to prior year tax positions	(6,701)	(4,405)	(2,109)
Ending Balance	$ 20,385	$ 26,899	$ 30,079

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Income Taxes - Deferred Income Taxes Reflect Temporary Differences Between the Valuation of Assets and Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Tax loss and credit carry forwards	$ 62,142	$ 40,007
Unremitted earnings	0	0
Unconsolidated affiliates	11,761	12,257
Other accruals and reserves	11,536	13,556
Property, plant and equipment	0	0
Goodwill and other intangible assets	15,791	23,452
Deferred financing fees	6,366	6,973
Employee benefits	41,186	31,858
Deferred tax assets, gross	148,782	128,103
Valuation allowance	(66,920)	(50,404)
Deferred tax assets, net	81,862	77,699
Tax loss and credit carry forwards	0	0
Unremitted earnings	9,273	9,462
Unconsolidated affiliates	0	0
Other accruals and reserves	0	0
Property, plant and equipment	42,715	45,314
Goodwill and other intangible assets	0	0
Deferred financing fees	0	0
Employee benefits	0	0
Deferred tax liabilities, gross	51,988	54,776
Valuation allowance	0	0
Deferred tax liabilities, net	$ 51,988	$ 54,776

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Earnings (Loss) Per Share - Additional Information (Detail)	0 Months Ended	12 Months Ended
	May 30, 2014	Dec. 31, 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	0.00229

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Restructuring - Additional Information (Detail) (USD $)	1 Months Ended	12 Months Ended
	Feb. 29, 2012 Employee	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Number of employee roles	90
Restructuring charges		$ 10,800,000	$ 7,500,000
Accrued expenses and other current liabilities		136,129,000		120,928,000
Other noncurrent liabilities		210,418,000		239,287,000
Basic Plastics & Feedstocks [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges				3,500,000
Accrued charges				4,200,000
Basic Plastics & Feedstocks [Member] | Dow [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges				6,600,000
Additional restructuring charges, maximum				7,000,000
2012 Global Restructuring Program [Member]
Restructuring Cost and Reserve [Line Items]
Accrued charges		0		0
Altona Plant [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		6,738,000		2,988,000
Accrued charges		4,822,000		2,128,000
Additional charges				2,800,000
Accrued expenses and other current liabilities				1,200,000
Other noncurrent liabilities				$ 900,000

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Document and Entity Information	12 Months Ended
	Dec. 31, 2014
Document And Entity Information [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Trading Symbol	TSE
Entity Registrant Name	Trinseo S.A.
Entity Central Index Key	0001519061

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Selected Quarterly Financial Data - Schedule of Selected Quarterly Financial Data (Parenthetical) (Detail) (USD $)	1 Months Ended		12 Months Ended		1 Months Ended
	Jul. 31, 2014	Jan. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014
Selected Quarterly Financial Information [Abstract]
Loss on extinguishment of debt	$ 7,400,000	$ 20,700,000	$ 7,390,000	$ 20,744,000
Redemption of Senior Notes			132,500,000
Bain Capital [Member]
Selected Quarterly Financial Information [Abstract]
Payment for termination of Advisory Agreement			23,300,000		23,300,000
Dow [Member]
Selected Quarterly Financial Information [Abstract]
Payment for termination of Advisory Agreement			32,500,000		32,500,000
Senior Notes [Member]
Selected Quarterly Financial Information [Abstract]
Loss on extinguishment of debt			7,400,000
Redemption of Senior Notes	$ 132,500,000		$ 132,500,000

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Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt

NOTE 10—DEBT

Debt consisted of the following:

	December 31,
	2014			2013
Senior Secured Credit Facility
Term Loans	$	—		$	—
Revolving Facility		—			—
Senior Notes		1,192,500			1,325,000
Accounts Receivable Securitization Facility		—			—
Other indebtedness		9,707			11,421
Total debt		1,202,207			1,336,421
Less: current portion		(7,559	)		(8,754	)
Total long-term debt	$	1,194,648		$	1,327,667

The Company was in compliance with all debt covenant requirements as of December 31, 2014. Total accrued interest on outstanding debt as of December 31, 2014 and 2013 was $43.5 million and $48.3 million, respectively. Accrued interest is recorded in “Accrued expenses and other current liabilities” within the consolidated balance sheets.

The following is a summary of Trinseo’s debt instruments.

Senior Secured Credit Facility

In June 2010, the Company entered into a credit agreement (the “Senior Secured Credit Facility”) with lenders which included (i) $800.0 million of senior secured term loans (the “2010 Term Loans”) and a (ii) $240.0 million revolving credit facility (the “Revolving Facility”). On February 2, 2011, the Senior Secured Credit Facility was amended (the “2011 Amendment”) to increase the available borrowings under the senior secured term loans from $780.0 million to $1.6 billion. Pursuant to the amendment, the Company borrowed an aggregate principal amount of $1.4 billion (the “2011 Term Loans”, with the 2010 Term Loans, collectively referred to as the “Term Loans”)

In July 2012, the Company further amended the Senior Secured Credit Facility (the “2012 Amendment”) that provided for an increase in the Company’s total leverage ratio and decrease the interest coverage ratio as well as an increase in the permitted accounts receivable securitization facility and increases in the borrowing rates of the Term Loans. The 2012 Amendment became effective on August 9, 2012 with the repayment of $140.0 million of 2011 Term Loans using the proceeds from equity contribution from the Parent. As a result, the 2011 Term Loans were determined to be modified in accordance with generally accepted accounting principles. The Company capitalized $6.2 million of the issuance costs paid to the creditors of the 2011 Term Loans, with the remaining $2.3 million of third-party fees associated with the 2011 Term Loans expensed as incurred within “Other expense (income), net” in the consolidated statement of operations for the year ended December 31, 2012. Costs of $1.2 million which were paid to the creditors of the Revolving Facility were also capitalized, to be amortized over the remaining term of the Revolving Facility.

In January 2013, the Company again amended the Senior Secured Credit Facility (the “2013 Amendment”) 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 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, Company repaid it’s then outstanding 2011 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 issued in January 2013.

Prior to the 2013 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. Under the terms of the Senior Secured Credit Facility, an event of default can be cured by a Specified Equity Contribution, as defined under the Senior Secured Credit Facility. On May 8, 2012, the Company received a $22.2 million equity contribution from the Parent in order to cure its covenant default and to meet its required leverage ratio for the period ended March 31, 2012. The Company remained in compliance with all debt covenants in the remainder of 2012.

The 2013 Amendment replaced the Company’s total leverage ratio requirement with a first lien net leverage ratio (as defined under the 2013 Amendment) 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 a result of the 2013 Amendment and repayment of the term loans in January 2013, the Company recognized a $20.7 million loss on extinguishment of debt during the first quarter of 2013, which consisted of the write-off of existing unamortized deferred financing fees and debt discount attributable to the Term Loans. Fees and expenses incurred in connection with the 2013 Amendment were $5.5 million, which were capitalized.

Capitalized fees and costs incurred in connection with the Company’s borrowings are recorded in “Deferred charges and other assets” within the consolidated balance sheets. For the Term Loans, deferred financing fees and debt discounts were amortized over the term of the respective loan agreements using the effective interest method, while for the Revolving Facility deferred financing fees are being amortized using a straight-line method over the term of the facility. Amortization of deferred financing fees and debt discounts are recorded in “Interest expense, net” in the consolidated statements of operations.

Unamortized deferred financing fees related to the Revolving Facility were $8.8 million and $11.7 million as of December 31, 2014 and 2013, respectively. The Company recorded interest expense relating to the amortization of deferred financing fees and debt discounts related to the entire Senior Secured Credit Facility, respectively, of $2.9 million and zero for the year ended December 31, 2014; $3.1 million and $0.1 million for the year ended December 31, 2013; and $6.5 million and $0.5 million for the year ended December 31, 2012.

As of December 31, 2014, there were no amounts outstanding under the Revolving Facility, while available borrowings under the facility were $293.3 million (net of $6.7 million outstanding letters of credit). As of December 31, 2013, there were no amounts outstanding under the Revolving Facility, while available borrowings under the facility were $292.7 million (net of $7.3 million outstanding letters of credit). All obligations under the Revolving Facility are guaranteed and collateralized by substantially all of the tangible and intangible assets of the Company’s subsidiaries.

Interest charges, excluding interest expense relating to the amortization of deferred financing fees and debt discounts, incurred on the Term Loans and Revolving Facility, respectively, were zero and $1.8 million for the year ended December 31, 2014, $7.7 million and $2.8 million for the year ended December 31, 2013, and $91.0 million and $6.0 million for the year ended December 31, 2012. Cash paid related to interest incurred on the Term Loans and Revolving Facility, respectively, was zero and $1.9 million for the year ended December 31, 2014, $16.5 million and $2.8 million for the year ended December 31, 2013, and $87.6 million and $6.1 million for the year ended December 31, 2012.

Senior Notes

In January 2013, the Company issued $1,325.0 million 8.750% Senior Secured Notes (the “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 principal amounts then outstanding will be due and payable. The proceeds from the issuance of the Senior Notes were used to repay all of the Company’s outstanding Term Loans and related refinancing fees and expenses.

The Company may redeem all or part of the Senior Notes at any time prior to August 1, 2015 by paying a call premium, plus accrued and unpaid interest to the redemption date. The Company may redeem all or part of the Senior Notes at any time after August 1, 2015 at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the notes redeemed, to the applicable date of redemption, if redeemed during the twelve-month period beginning on of the year indicated below:

12-month period commencing August 1 in Year	Percentage
2015		104.375	%
2016		102.188	%
2017 and thereafter		100.000	%

In addition, at any time prior to August 1, 2015, the Company may redeem up to 35% of the aggregate 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 12), 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 year ended December 31, 2014 the Company incurred 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. 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, 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 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 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 ability of the Company and its 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 December 31, 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 recorded in “Deferred charges and other assets” in the consolidated balance sheets, and are being amortized into “Interest expense, net” in the consolidated statements of operations over the term of the Senior Notes using the effective interest rate method. For the year ended December 31, 2014, the Company recorded $5.7 million in amortization of deferred financing fees, leaving $28.0 million of unamortized deferred financing fees related to the Senior Notes in the consolidated balance sheet as of December 31, 2014. For the year ended December 31, 2013, the Company recorded $4.9 million in amortization of deferred financing fees, leaving $37.1 million of unamortized deferred financing fees related to the Senior Notes on the balance sheet as of December 31, 2013.

Interest expense on the Senior Notes, excluding expense relating to the amortization of deferred financing fees, was $110.6 million and $106.9 million for the years ended December 31, 2014 and 2013, respectively. Cash paid for interest on the Senior Notes was $115.4 million and $58.6 million for the years ended December 31, 2014 and 2013, respectively.

Accounts Receivable Securitization Facility

In August 2010, a VIE in which the Company is the primary beneficiary, Styron Receivable Funding Ltd. (“SRF”), executed an agreement for an accounts receivable securitization facility (“Accounts Receivable Securitization Facility”). The initial facility permitted borrowings by one of the Company’s subsidiaries, Styron Europe GmbH (“SE”), up to a total of $160.0 million. Under the facility, SE sells its accounts receivable from time to time to SRF. In turn, SRF may sell undivided ownership interests in such receivables to commercial paper conduits in exchange for cash. The Company has agreed to continue servicing the receivables for SRF. Upon the sale of the interests in the accounts receivable by SRF, the conduits have a first priority perfected security interest in such receivables and, as a result, the receivables will not be available to the creditors of the Company or its other subsidiaries.

Since its inception, the Company has from time to time amended and restated the Accounts Receivable Securitization Facility. In May 2011, the facility was amended to allow for the expansion of the pool of eligible accounts receivable to include a previously excluded German subsidiary. In May 2013, the Company further amended the facility, increasing its borrowing capacity from $160.0 million to $200.0 million, extending the maturity date to May 2016 and allowing for the expansion of the pool of eligible accounts receivable to include previously excluded U.S. and The Netherlands subsidiaries. As a result of the amendment, the Company incurred $0.7 million in fees, which were capitalized in “Deferred charges and other assets” within the consolidated balance sheets and are being amortized into “Interest expense, net” within the consolidated statements 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 our Accounts Receivable Securitization Facility in May 2013, in regards to the outstanding borrowings, fixed interest charges decreased from 3.25% plus variable commercial paper rates to 2.6% plus variable commercial paper rates. In regards to available, but undrawn commitments, fixed interest charges were decreased from 1.50% to 1.40%.

As of December 31, 2014 and 2013, there were no amounts outstanding under the Accounts Receivable Securitization Facility, with approximately $136.1 million and $143.8 million, respectively, of accounts receivable available to support this facility, based on the pool of eligible accounts receivable. Interest expense on the Accounts Receivable Securitization Facility, excluding interest expense relating to the amortization of deferred financing fees, for the years ended December 31, 2014, 2013 and 2012 was $2.9 million, $4.2 million and $4.7 million, respectively, and was recorded in “Interest expense, net” in the consolidated statements of operations.

Unamortized deferred financing fees related to the Accounts Receivable Securitization Facility were $1.9 million and $3.5 million as of December 31, 2014 and 2013, respectively, recorded in “Deferred charges and other assets” within the consolidated balance sheets. These charges are being amortized on a straight-line basis over the term of the facility. The Company recorded $1.4 million, $1.4 million and $1.5 million in amortization of deferred financing fees related to the Accounts Receivable Securitization Facility in “Interest expense, net” within the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively.

Other Indebtedness

During 2011, the Company entered into two short-term revolving facilities through our subsidiary in China that provided for approximately $28.5 million of uncommitted funds available for borrowings, subject to annual renewal. The Company did not renew one of the short-term revolving facilities, with uncommitted funds of $13.5 million, and there were no outstanding borrowings for that facility as of December 31, 2014 or 2013. The remaining facility, which provides for up to $15.0 million of uncommitted funds available for borrowings, is subject to annual renewal.

Outstanding borrowings under the remaining revolving facility were $7.6 million and $5.1 million as of December 31, 2014 and 2013, respectively. These amounts will be due and payable within 12 months of the balance sheet date. The revolving facility is guaranteed by the Company’s holding company, Trinseo Materials Operating S.C.A. or secured by pledge of certain of the Company’s assets in China. At December 31, 2014 and 2013, the weighted average interest rate of the facility was approximately 0.1% and 0.1%, respectively.

The Senior Secured Credit facility limits the Company’s foreign working capital facilities to an aggregate principal amount of $75.0 million and, based on the 2013 Amendment, 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.

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Debt - Other Indebtedness (Detail) (USD $)	12 Months Ended	0 Months Ended
	Dec. 31, 2011 CreditFacility	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2013	Dec. 31, 2012	Jun. 30, 2010
Revolving Facility [Member]
Debt Instrument [Line Items]
Uncommitted funds available for borrowing				$ 300,000,000	$ 240,000,000	$ 240,000,000
Remaining credit facility, uncommitted funds available for borrowings		293,300,000	292,700,000
Other Indebtedness [Member] | Revolving Facility [Member]
Debt Instrument [Line Items]
Number of short term credit facilities	2
Outstanding borrowings under remaining revolving facility		0	0
Other Indebtedness [Member] | Short-term Revolving Facilities Annual Renewal [Member]
Debt Instrument [Line Items]
Uncommitted funds available for borrowing	28,500,000
Other Indebtedness [Member] | Short-term Revolving Facilities Non-renewal [Member]
Debt Instrument [Line Items]
Remaining credit facility, uncommitted funds available for borrowings	13,500,000
Other Indebtedness [Member] | Remaining Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Remaining credit facility, uncommitted funds available for borrowings		15,000,000
Outstanding borrowings under remaining revolving facility		7,600,000	5,100,000
Weighted average interest rate		0.10%	0.10%
Remaining revolving facility repayment period		12 months
Other Indebtedness [Member] | Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Foreign working capital facilities maximum limit		75,000,000
Other Indebtedness [Member] | 2013 Amendment Agreement [Member] | Asia [Member]
Debt Instrument [Line Items]
Foreign working capital facilities maximum limit		$ 25,000,000

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Income Taxes - Effective Tax Rate on Pre-tax Income Differs from the U.S. Statutory Rate (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Taxes at U.S. statutory rate	$ (16,664)	$ (129)	$ 16,745
State and local income taxes	571	603	1,493
Non U.S. statutory rates, including credits	899	(4,988)	(5,185)
U.S. tax effect of foreign earnings and dividends	(2,112)	(942)	(2,890)
Unremitted earnings	(189)	(157)	3,087
Change in valuation allowances	14,679	16,430	(8,780)
Uncertain tax positions	(2,818)	(1,465)	1,882
Withholding taxes on interest and royalties	3,652	2,992	7,064
U.S. manufacturing deduction		(229)	(1,057)
Provision to return adjustments	260	3,814	(3,943)
Stock-based compensation	3,343	3,112	2,466
Non-deductible interest	5,401	5,258	5,203
Non-deductible other expenses	15,589	1,573	2,004
Government subsidy income		(4,219)
Impact on foreign currency exchange	(2,643)	71	291
Other-net	(249)	125	(820)
Total Provision for (benefit from) income taxes	$ 19,719	$ 21,849	$ 17,560
Effective tax rate	(41.00%)	(5921.00%)	37.00%

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Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement [Abstract]
Net sales	$ 5,127,961	$ 5,307,414	$ 5,451,909
Cost of sales	4,830,640	4,949,404	5,115,188
Gross profit	297,321	358,010	336,721
Selling, general and administrative expenses	232,586	216,858	182,069
Equity in earnings of unconsolidated affiliates	47,749	39,138	27,140
Operating income	112,484	180,290	181,792
Interest expense, net	124,923	132,038	109,971
Loss on extinguishment of long-term debt	7,390	20,744
Other expense, net	27,784	27,877	23,979
Income (loss) before income taxes	(47,613)	(369)	47,842
Provision for income taxes	19,719	21,849	17,560
Net income (loss)	$ (67,332)	$ (22,218)	$ 30,282
Weighted average shares- basic and diluted	43,476	37,270	16,123
Net income (loss) per share- basic and diluted	$ (1.55)	$ (0.60)	$ 1.88

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Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

NOTE 4—INVESTMENTS IN UNCONSOLIDATED AFFILIATES

The Company is supplemented by two strategic joint ventures, the results of which are included within the Basic Plastics &Feedstocks reporting segment: AmSty (a polystyrene joint venture with Chevron Phillips Chemical Company LP) and Sumika Styron (a polycarbonate joint venture with Sumitomo Chemical Company Limited).

As of December 31, 2014 and 2013, respectively, the Company’s investment in AmSty was $133.5 million and $118.3 million, which was $108.4 million and $130.8 million less than the Company’s 50% share of AmSty’s underlying net assets. These amounts represent the difference between the book value of assets contributed to the joint venture at the time of formation (May 1, 2008) and the Company’s 50% share of the total recorded value of the joint venture’s assets and certain adjustments to conform with the Company’s accounting policies. This difference is being amortized over a weighted average remaining useful life of the contributed assets of approximately 5.7 years as of December 31, 2014. The Company received dividends from AmSty of $35.0 million, $22.5 million, and $20.0 million for the years ended December 31, 2014, 2013, and 2012, respectively.

As of December 31, 2014 and 2013, respectively, the Company’s investment in Sumika Styron was $34.1 million and $37.6 million, which was $21.3 million and $20.8 million greater than the Company’s 50% share of Sumika Styron’s underlying net assets. These amounts represent 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 10.8 years as of December 31, 2014. The Company received dividends from Sumika Styron of $1.0 million, $1.1 million, and $1.0 million for the years ended December 31, 2014, 2013, and 2012, respectively.

Equity in earnings from unconsolidated affiliates was $47.7 million, $39.1 million and $27.1 million for the years ended December 31, 2014, 2013, and 2012, respectively.

Both AmSty and Sumika Styron 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:

	December 31,
	2014		2013
Current assets	$	498,516	$	528,223
Noncurrent assets		313,648		333,894
Total assets	$	812,164	$	862,117
Current liabilities	$	253,507	$	281,823
Noncurrent liabilities		49,084		48,415
Total liabilities	$	302,591	$	330,238

	Year Ended December 31,
	2014		2013		2012
Sales	$	2,161,232	$	2,281,045	$	2,058,060
Gross profit	$	117,667	$	94,148	$	82,511
Net income	$	52,957	$	38,504	$	21,408

Sales to unconsolidated affiliates for the years ended December 31, 2014, 2013, and 2012 were $6.5 million, $8.2 million and $9.5 million, respectively. Purchases from unconsolidated affiliates were $290.3 million, $274.4 million and $269.1 million for the years ended December 31, 2014, 2013 and 2012, respectively.

As of December 31, 2014 and 2013, respectively, $2.0 million and $3.3 million due from unconsolidated affiliates was included in “Accounts receivable, net of allowance” and $28.6 million and $29.9 million due to unconsolidated affiliates was included in “Accounts payable” in the consolidated balance sheets.

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Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Acquisitions and Divestitures

NOTE 3—ACQUISITIONS AND DIVESTITURES

Styron Acquisition

As discussed in Note 1, on March 2, 2010, STY Acquisition Corp. (“STY Acquisition”), an affiliate of Bain Capital, entered into a sale and purchase agreement (the “Purchase Agreement”) with Dow, Styron LLC and Styron Holding B.V. (together with Styron LLC, the “Styron Holdcos”) pursuant to which STY Acquisition agreed to acquire 100% of the outstanding equity interests of the Styron Holdcos. STY Acquisition, subsequently (but prior to the close of the transaction) assigned its rights and obligations under the Purchase Agreement to Styron S.à r.l., the Company’s indirect wholly-owned subsidiary.

The Company accounted for the Acquisition under the purchase method of accounting, whereby the purchase price paid, net of working capital adjustments, was allocated to the acquired assets and liabilities at fair value. As of June 17, 2011, the one-year measurement period surrounding the Acquisition ended. During 2014, an adjustment was identified related to one of our postretirement benefit plans, which dated back to the initial Acquisition accounting. As such, the Company recorded a $1.7 million increase to goodwill to correct our final purchase price allocation, with the offset recorded to postretirement benefit liabilities. The Company does not believe this adjustment is material to the current or any prior period financial statements. Refer to Note 16 for further discussion.

As part of the Acquisition, the Company has been indemnified for various tax matters, including income tax and value add taxes, as well as legal liabilities which have been incurred prior to the Acquisition. Conversely, certain tax matters which the Company has benefitted from are subject to reimbursement by Trinseo to Dow. These amounts have been estimated and provisional amounts have been recorded based on the information known during the measurement period; however, these amounts remain subject to change based on the completion of our annual statutory filings, tax authority review as well as a final resolution with Dow on amounts due to and due from the Company. Management believes the Company’s estimates and assumptions are reasonable under the circumstances, however, settlement negotiations or changes in estimates around pre-acquisition indemnifications could result in a material impact on the consolidated financial statements.

During 2013, the Company received $6.7 million, net of tax indemnity from Dow for income taxes paid to the taxing authorities relating to the period prior to the Acquisition. This indemnity amount was previously recorded within “Accounts receivable, net of allowance” in the consolidated balance sheets. There were no other indemnity payments received from Dow or indemnity payments to Dow during the years ended December 31, 2014, 2013, and 2012, respectively.

Divestiture of Expandable Polystyrene Business

In June 2013, the Company’s board of directors approved the sale of its EPS business within the Company’s Basic Plastics & Feedstocks segment, under a sale and purchase agreement which was signed in July 2013. The sale closed on September 30, 2013 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 consolidated statement of cash flows for the year ended December 31, 2014. The Company recognized a loss from the sale of $4.2 million

recorded in “Other expense (income), net” in the consolidated statement of operations for the year ended December 31, 2013. The loss calculation is as follows:

Assets
Inventories	$	8,135
Property, plant and equipment, net		9,401
Other intangibles assets, net		1,624
Goodwill		383
Total assets sold	$	19,543
Liabilities
Pension and other benefits	$	791
Total liabilities sold	$	791
Net assets sold	$	18,752
Sales proceeds, net of amount paid to buyer of $0.7 million		14,566
Loss on sale	$	4,186

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 has 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 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.

Further, under the terms of the sale and purchase agreement, should the divested EPS business record EBITDA (as defined therein) greater than zero for fiscal year 2014, the Company will receive an incremental payment of €0.5 million. As of December 31, 2014, it was considered probable that this EBITDA threshold has been met in accordance with the terms of the sale agreement. As such, the Company recorded the contingent gain on sale of €0.5 million (approximately $0.6 million) related to this incremental payment for the year ended December 31, 2014, which is expected to be received in the first quarter of 2015.

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 recorded a gain on sale of $0.1 million within “Other expense (income), net” in the consolidated statements of operations for the year ended December 31, 2014. As of December 31, 2013, this land was classified as held-for-sale within the caption “Other current assets” in the consolidated balance sheets.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 15—COMMITMENTS AND CONTINGENCIES

Leased Property

The Company routinely leases premises for use as sales and administrative offices, warehouses and tanks for product storage, motor vehicles, railcars, computers, office machines, and equipment under operating leases. Rental expense for these leases was $15.9 million, $16.2 million and $17.7 million during the years ended December 31, 2014, 2013 and 2012, respectively.

Future minimum rental payments under operating leases with remaining non-cancelable terms in excess of one year are as follows:

Year	Annual Commitment
2015	$	8,040
2016		5,510
2017		3,159
2018		2,780
2019		2,778
2020 and beyond		12,664
Total	$	34,931

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 December 31, 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 investigation, monitoring, or remediation to address historical contamination. Those properties include Allyn’s Point, Connecticut, Dalton, Georgia, and Livorno, Italy. There are other properties with historical contamination that are owned by Dow that the Company leases for its operations, including its facilities in Midland, Michigan, Schkopau, Germany, Terneuzen, The Netherlands, and Guaruja, Brazil. No environmental claims have been asserted or threatened against the Company, and the Company is not a potentially responsible party at any Superfund Sites.

Inherent uncertainties exist in the Company’s potential environmental liabilities primarily due to unknown conditions, whether future claims may fall outside the scope of the indemnity, changing governmental regulations and legal standards regarding liability, and evolving technologies for handling site remediation and restoration. In connection with the Company’s existing indemnification, the possibility is considered remote that environmental remediation costs will have a material adverse impact on the consolidated financial statements.

There were no amounts recorded in the consolidated statement of operations relating to environmental remediation for the years ended December 31, 2014, 2013, and 2012.

Purchase Commitments

In the normal course of business, the Company has certain raw material purchase contracts where it is required to purchase certain minimum volumes at current market prices. These commitments range from 1 to 6 years. The following table presents the fixed and determinable portion of the obligation under the Company’s purchase commitments as of December 31, 2014 (in millions):

Year	Annual Commitment
2015	$	1,299
2016		1,292
2017		1,421
2018		1,214
2019		1,239
Thereafter		1,205
Total	$	7,670

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 obligations shown in the table above.

The Company has service agreements with Dow and Bain Capital, some of which contain fixed annual fees. See Note 18 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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Foreign Exchange Forward Contracts

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign Exchange Forward Contracts

NOTE 11—FOREIGN EXCHANGE FORWARD CONTRACTS

Certain subsidiaries have assets and liabilities denominated in currencies other than their respective functional currencies, which creates foreign exchange risk. The Company’s principal strategy in managing its exposure to changes in foreign currency exchange rates is to naturally hedge the foreign currency-denominated liabilities on our balance sheet against corresponding assets of the same currency such that any changes in liabilities due to fluctuations in exchange rates are offset by changes in their corresponding foreign currency assets. In order to further reduce its exposure, the Company also uses foreign exchange forward contracts to economically hedge the impact of the variability in exchange rates on our assets and liabilities denominated in certain foreign currencies. These derivative contracts are not designated for hedge accounting treatment. The Company does not hold or enter into financial instruments for trading or speculative purposes.

During 2012, the Company entered into foreign exchange forward contracts with a notional U.S. dollar equivalent amount of $82.0 million. These contracts were settled in February and May 2013 and no contracts were outstanding as of December 31, 2013. The Company recognized losses of $0.6 million and $4.8 million during the years ended December 31, 2013 and 2012, respectively, related to these contracts.

Beginning in the third quarter of 2014, the Company began to enter into various foreign exchange forward contracts, each with an original maturity of less than three months, and has continued with this program through the end of the year. As of December 31, 2014, the Company had open foreign exchange forward contracts with a net notional U.S. dollar equivalent of $102.5 million. The following table displays the notional amounts of the most significant net foreign exchange hedge positions outstanding as of December 31, 2014.

Buy / (Sell)	December 31, 2014
Euro	$	239,341
Chinese Yuan	$	(100,086	)
Swiss Franc	$	35,438
Indonesian Rupiah	$	(33,020	)
British Pound	$	(9,910	)

Forward contracts are entered into with a limited number of counterparties, each of which allows for net settlement of all contracts through a single payment in a single currency in the event of a default on or termination of any one contract. As a result, these foreign exchange forward contracts are recorded on a net basis, by counterparty within the consolidated balance sheets.

The fair value of open foreign exchange forward contracts amounted to $4.9 million of net unrealized losses and $0.3 million of net unrealized gains as of December 31, 2014, which were recorded in “Accounts payable” and “Accounts receivable, net of allowance”, respectively, in the consolidated balance sheets. The following tables summarize the financial assets and liabilities included in the consolidated balance sheets:

	December 31, 2014
Description	Gross Amounts of Recognized Assets		Gross Amounts of Offset in the Consolidated Balance Sheet			Net Amounts of Assets Presented in the Consolidated Balance Sheet
Foreign exchange forward contracts	$	2,037	$	(1,739	)	$	298
	December 31, 2014
Description	Gross Amounts of Recognized Liabilities		Gross Amounts of Offset in the Consolidated Balance Sheet			Net Amounts of Liabilities Presented in the Consolidated Balance Sheet
Foreign exchange forward contracts	$	6,589	$	(1,739	)	$	4,850

The Company had no derivative assets or liabilities outstanding as of December 31, 2013.

As these foreign exchange forward contracts are not designated for hedge accounting treatment, changes in the fair value of underlying instruments are recognized in “Other expense (income), net” in the consolidated statements of operations. The Company recorded losses from settlements and changes in the fair value of outstanding forward contracts of $28.2 million during the year ended December 31, 2014. These losses largely offset net foreign exchange transaction gains of $32.4 million during the year which resulted from the remeasurement of the Company’s foreign currency denominated assets and liabilities. The cash settlements of these forward exchange forward contracts are included within operating activities in the consolidated statements of cash flows.

For fair value disclosures related to these foreign currency forward contracts, refer to Note 13.

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Shareholders' Equity - Additional Information (Detail) (USD $)	0 Months Ended		12 Months Ended			1 Months Ended		0 Months Ended
	Jun. 17, 2014	May 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jul. 31, 2014	Jun. 30, 2014	Aug. 08, 2012	May 08, 2012	Jan. 31, 2013
Subsidiary, Sale of Stock [Line Items]
Common stock issued during period, shares			0	779	0
Description of reverse stock split			1-for-436.69219 reverse split of its issued and outstanding common stock
Authorized common stock after reverse split			50,000,000,000	50,000,000,000
Reverse stock split ratio		0.00229
Cash proceeds from issuance of common stock			$ 198,087,000
Repayment of Senior Notes			132,500,000
Payment of advisory, accounting, legal and printing expenses related to offering	5,100,000
Senior Notes [Member]
Subsidiary, Sale of Stock [Line Items]
Repayment of Senior Notes			132,500,000			132,500,000
Debt instrument interest rate	8.75%		8.75%							8.75%
Senior Notes due period						2019
Accrued and unpaid interest amount						5,200,000
Call premium						4,000,000
Bain Capital [Member]
Subsidiary, Sale of Stock [Line Items]
Payment for termination of Advisory Agreement with Bain Capital			23,300,000				23,300,000
Payment of advisory, accounting, legal and printing expenses related to offering	2,200,000
Parent Guarantor [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock issued during period, shares								32,100,000	5,100,000
Common stock issued during period, value								140,000,000	22,200,000
Price per share								$ 0.01	$ 0.01
Cash proceeds from issuance of common stock			198,087,000
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Price per share	$ 19.00
Shares for underwriters' over-allotment option	1,500,000
Ordinary shares issued	11,500,000
Cash proceeds from issuance of common stock	$ 203,200,000

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Property, Plant and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

NOTE 7—PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	Estimated Useful Lives (Years)	December 31,
		2014			2013
Land	Not applicable	$	47,196		$	50,982
Land and waterway improvements	1-20		13,139			13,603
Buildings	2-40		55,693			58,447
Machinery and equipment(1)	1-20		640,861			627,068
Utility and supply lines	1-10		7,679			7,100
Leasehold interests	1-45		45,759			50,009
Other property	1-8		24,560			27,260
Construction in process	Not applicable		46,193			55,753
Property, plant and equipment			881,080			890,222
Less: accumulated depreciation			(324,383	)		(283,795	)
Property, plant and equipment, net		$	556,697		$	606,427

(1) Approximately 94% of our machinery and equipment had a useful life of three to ten years as of December 31, 2014 and 2013.

	Year Ended December 31,
	2014		2013		2012
Depreciation expense	$	75,286	$	75,401	$	68,312
Capitalized interest	$	4,192	$	3,142	$	6,178

During the year ended December 31, 2013, the Company determined that the long-lived assets at our polycarbonate manufacturing facility in Stade, Germany should be assessed for impairment driven primarily by continued losses experienced in the Company’s polycarbonate business. This assessment indicated that the carrying amount of the long-lived assets at this facility were not recoverable when compared to the expected undiscounted cash flows of the polycarbonate business. Based upon the assessment of fair value of this asset group, the Company concluded these assets were fully impaired as of December 31, 2013. The fair value of the asset group was determined under the income approach utilizing a discounted cash flow (“DCF”) model. The key assumptions used in the DCF model included growth rates and cash flow projections, discount rate, tax rate and an estimated terminal value.

As a result, the Company recorded an impairment loss on these assets of approximately $9.2 million for the year ended December 31, 2013. The amount was recorded within “Selling, general and administrative expenses” in the consolidated statements of operations and allocated entirely to the Basic Plastics & Feedstocks segment.

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Acquisitions and Divestitures - Schedule of Loss Calculation (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Business Divestiture [Abstract]
Sale proceeds, net of amount paid to buyer	$ 0.7

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Stock-Based Compensation - Summary of Weighted-average Grant Date Fair Value per Share of Modified Time-based Restricted Stock Awards Granted Total Fair Value of Awards Vested (Parenthetical) (Detail) (Modified Time-based Restricted Stock Awards [Member])	6 Months Ended	7 Months Ended	12 Months Ended
	Jun. 10, 2014	Dec. 31, 2014	Dec. 31, 2014
Modified Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Grant Date Fair Value per Share of Grants during Period	0	0	0

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Accounts Receivable

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Accounts Receivable

NOTE 5—ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following:

	December 31,
	2014			2013
Trade receivables	$	497,538		$	584,160
Non-income tax receivables		75,083			94,069
Other receivables		34,713			45,119
Less: allowance for doubtful accounts		(6,268	)		(5,866	)
Total	$	601,066		$	717,482

The allowance for doubtful accounts was approximately $6.3 million and $5.9 million as of December 31, 2014 and 2013, respectively. For the years ended December 31, 2014 and 2012, respectively, the Company recognized bad debt expense of $1.1 million and $0.3 million. As a result of changes in the estimate of allowance for doubtful accounts, for the year ended December 31, 2013 the Company recognized a benefit of $3.0 million.

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Inventories

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

Inventories

NOTE 6—INVENTORIES

Inventories consisted of the following:

	December 31,
	2014		2013
Finished goods	$	235,949	$	252,602
Raw materials and semi-finished goods		205,061		240,858
Supplies		32,851		36,731
Total	$	473,861	$	530,191

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Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE 8—GOODWILL AND INTANGIBLE ASSETS

Goodwill

The following table shows changes in the carrying amount of goodwill, by segment, from December 31, 2012 to December 31, 2013 and from December 31, 2013 to December 31, 2014, respectively:

	Performance Materials
	Latex			Synthetic Rubber			Performance Plastics			Basic Plastics & Feedstocks			Total
Balance at December 31, 2012	$	14,280		$	9,780		$	3,352		$	8,691		$	36,103
Divestiture (Note 3)		—			—			—			(383	)		(383	)
Foreign currency impact		621			425			146			361			1,553
Balance at December 31, 2013	$	14,901		$	10,205		$	3,498		$	8,669		$	37,273
Purchase accounting adjustment (Note 16)*		664			455			156			404			1,679
Foreign currency impact		(1,750	)		(1,199	)		(411	)		(1,018	)		(4,378	)
Balance at December 31, 2014	$	13,815		$	9,461		$	3,243		$	8,055		$	34,574

* The purchase price adjustment for the year ended December 31, 2014 relates to the Company’s other postretirement benefit obligations provided to its employees in Brazil. Refer to Note 16 to the consolidated financial statements for a detailed discussion of this adjustment.

Goodwill impairment testing is performed annually as of October 1st. In 2014, the Company performed its annual impairment test for goodwill and determined that the estimated fair value of each reporting unit was substantially in excess of the carrying value indicating that none of the Company’s goodwill was impaired. The Company concluded there were no goodwill impairments or triggering events for the years ended December 31, 2014, 2013, and 2012.

Other Intangible Assets

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

			December 31, 2014							December 31, 2013
	Estimated Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Developed technology		15	$	188,854	$	(56,782	)	$	132,072	$	210,546	$	(49,713	)	$	160,833
Manufacturing Capacity Rights		6		23,095		(2,809	)		20,286		—		—			—
Software		5		13,177		(6,441	)		6,736		11,034		(4,099	)		6,935
Software in development		N/A		6,000		—			6,000		3,746		—			3,746
Other		N/A		264		—			264		—		—			—
Total			$	231,390	$	(66,032	)	$	165,358	$	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 based upon the acquisition date foreign exchange rate). 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 consolidated balance sheets, and is being amortized over its estimated useful life of approximately 6.0 years. Further, the purchase price was recorded within capital expenditures in investing activities in the consolidated statement of cash flows for the year ended December 31, 2014.

Amortization expense related to finite-lived intangible assets totaled $19.6 million, $15.7 million, and $14.7 million, for the years ended December 31, 2014, 2013 and 2012, respectively.

The following table details the Company’s estimated amortization expense for the next five years, excluding any amortization expense related to software currently in development:

Estimated Amortization Expense for the Next Five Years
2015	2016		2017		2018		2019
$19,353	$	18,788	$	17,952	$	17,252	$	17,000

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Accounts Receivable - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Receivables [Abstract]
Allowance for doubtful accounts	$ 6,268,000	$ 5,866,000
Recognized bad debt expense	1,100,000		300,000
Allowance for doubtful account, benefit recognized		$ 3,000,000

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Restructuring - Rollforward of Liability Balances (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Expenses	$ 10,800,000	$ 7,500,000
Altona Plant [Member]
Restructuring Cost and Reserve [Line Items]
Balance at beginning of period			4,822,000
Expenses	6,738,000		2,988,000
Deductions	(1,916,000)		(5,682,000)
Balance at end of period	4,822,000		2,128,000
Altona Plant [Member] | Employee Termination Benefit Charges [Member]
Restructuring Cost and Reserve [Line Items]
Balance at beginning of period			1,408,000
Expenses	2,589,000		302,000
Deductions	(1,181,000)		(1,710,000)
Balance at end of period	1,408,000
Altona Plant [Member] | Contract Termination Charges [Member]
Restructuring Cost and Reserve [Line Items]
Balance at beginning of period			3,388,000
Expenses	3,934,000		1,409,000
Deductions	(546,000)		(2,669,000)
Balance at end of period	3,388,000		2,128,000
Altona Plant [Member] | Other [Member]
Restructuring Cost and Reserve [Line Items]
Balance at beginning of period			26,000
Expenses	215,000		1,277,000
Deductions	(189,000)		(1,303,000)
Balance at end of period	$ 26,000

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Fair Value Measurements - Additional Information (Detail)	Dec. 31, 2013 Contracts
Fair Value Disclosures [Abstract]
Number of foreign exchange forward contracts outstanding	0

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Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	881,080	$ 890,222
Less: accumulated depreciation	(324,383)	(283,795)
Property, plant and equipment, net	556,697	606,427
Land and Waterway Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13,139	13,603
Land and Waterway Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives (Years)	1 year
Land and Waterway Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives (Years)	20 years
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	55,693	58,447
Buildings [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives (Years)	2 years
Buildings [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives (Years)	40 years
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	640,861	627,068
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives (Years)	1 year
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives (Years)	20 years
Utility and Supply Lines [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	7,679	7,100
Utility and Supply Lines [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives (Years)	1 year
Utility and Supply Lines [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives (Years)	10 years
Leasehold Interests [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	45,759	50,009
Leasehold Interests [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives (Years)	1 year
Leasehold Interests [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives (Years)	45 years
Other Property [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	24,560	27,260
Other Property [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives (Years)	1 year
Other Property [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives (Years)	8 years
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	47,196	50,982
Construction in Process [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	46,193	$ 55,753

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Pension Plans and Other Postretirement Benefits - Schedule of Estimated Future Benefit Payments, Reflecting Expected Future Service (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2015	$ 3,707
2016	4,298
2017	4,547
2018	5,014
2019	5,046
2020 through 2024	38,399
Total	61,011
Defined Benefit Pension Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2015	3,635
2016	4,193
2017	4,402
2018	4,819
2019	4,786
2020 through 2024	35,747
Total	57,582
Other Postretirement Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2015	72
2016	105
2017	145
2018	195
2019	260
2020 through 2024	2,652
Total	3,429
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2017	13,562
Total	$ 13,562

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Accounts Receivable - Schedule of Accounts Receivable (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Receivables [Abstract]
Trade receivables	$ 497,538	$ 584,160
Non-income tax receivables	75,083	94,069
Other receivables	34,713	45,119
Less: allowance for doubtful accounts	(6,268)	(5,866)
Total	$ 601,066	$ 717,482

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Income Taxes - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Effective Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	$ 227,800,000	$ 146,200,000
Realization of recorded tax benefits on tax loss carryforwards	66,920,000	50,404,000
Recognized interest and penalties	100,000	700,000	800,000
Accrued interest and penalties	1,800,000	2,000,000
Impact of effective tax rate recognized	16,100,000
Income tax examination year	2010
2015 Through 2019 [Member]
Schedule Of Effective Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	13,100,000
Beyond 2019 [Member]
Schedule Of Effective Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	$ 214,700,000

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Supplemental Guarantor Condensed Consolidating Financial Statements - Supplemental Condensed Consolidating Statement of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Cash provided by (used in) operating activities	$ 117,221	$ 211,335	$ 186,115
Cash flows from investing activities
Capital expenditures	(98,606)	(73,544)	(118,504)
Proceeds from capital expenditures subsidy		18,769	6,079
Proceeds from the sale of businesses and assets	6,257	15,221	253
Advance payment received (refunded)		(2,711)	2,602
Payment for working capital adjustment from sale of business	(700)
Distributions from unconsolidated affiliates	978	1,055
(Increase) / decrease in restricted cash	(533)	7,852	(7,725)
Cash used in investing activities	(92,604)	(33,358)	(117,295)
Cash flows from financing activities
Deferred financing fees		(48,255)	(8,080)
Proceeds from initial public offering, net of offering costs	198,087
Short-term borrowings, net	(56,901)	(42,877)	(37,887)
Capital contributions from shareholder			162,155
Repayments of Senior Notes	(132,500)
Repayments of Term Loans		(1,239,000)	(147,000)
Proceeds from issuance of Senior Notes		1,325,000
Proceeds from Accounts Receivable Securitization Facility	308,638	376,630	113,828
Repayments of Accounts Receivable Securitization Facility	(309,205)	(471,696)	(130,233)
Proceeds from the draw of revolving debt		405,000	1,105,000
Repayments on the revolving debt		(525,000)	(1,135,000)
Cash provided by (used in) financing activities	8,119	(220,198)	(77,217)
Effect of exchange rates on cash	(8,453)	2,367	(559)
Net change in cash and cash equivalents	24,283	(39,854)	(8,956)
Cash and cash equivalents-beginning of period	196,503	236,357	245,313
Cash and cash equivalents-end of period	220,786	196,503	236,357
Parent Guarantor [Member]
Cash flows from operating activities
Cash provided by (used in) operating activities	(1,079)	(78)	(48)
Cash flows from investing activities
Investments in subsidiaries	(196,400)		(162,155)
Cash used in investing activities	(196,400)		(162,155)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs	198,087
Intercompany short-term borrowings, net	295	77	51
Capital contributions from shareholder			162,155
Cash provided by (used in) financing activities	198,382	77	162,206
Effect of exchange rates on cash	(1)
Net change in cash and cash equivalents	902	(1)	3
Cash and cash equivalents-beginning of period	2	3
Cash and cash equivalents-end of period	904	2	3
Issuers [Member]
Cash flows from operating activities
Cash provided by (used in) operating activities	(58,667)	27,101	7,865
Cash flows from investing activities
Investments in subsidiaries	(199,400)
Intercompany investing activities	2,462	(4,000)	144,463
Cash used in investing activities	(196,938)	(4,000)	144,463
Cash flows from financing activities
Deferred financing fees		(47,488)	(7,392)
Intercompany short-term borrowings, net	14,254	37,793	(49,818)
Short-term borrowings, net	(3,646)	(7,727)	(4,159)
Contributions from parent companies	189,400		22,155
Repayments of Senior Notes	(132,500)
Proceeds from (repayments of) intercompany long-term debt and indebtedness	189,400
Repayments of Term Loans		(1,239,000)	(147,000)
Proceeds from issuance of Senior Notes		1,325,000
Proceeds from the draw of revolving debt		405,000	1,105,000
Repayments on the revolving debt		(525,000)	(1,135,000)
Cash provided by (used in) financing activities	256,908	(51,422)	(216,214)
Effect of exchange rates on cash	396	(136)	16
Net change in cash and cash equivalents	1,699	(28,457)	(63,870)
Cash and cash equivalents-beginning of period	954	29,411	93,281
Cash and cash equivalents-end of period	2,653	954	29,411
Guarantor Subsidiaries [Member]
Cash flows from operating activities
Cash provided by (used in) operating activities	107,137	34,470	113,446
Cash flows from investing activities
Capital expenditures	(85,021)	(61,573)	(110,746)
Proceeds from capital expenditures subsidy		18,769	6,079
Proceeds from the sale of businesses and assets		15,221	206
Payment for working capital adjustment from sale of business	(700)
Distributions from unconsolidated affiliates	978	1,055
Investments in subsidiaries	(196,626)		(22,155)
Intercompany investing activities	(181,036)	(43,012)	68,268
(Increase) / decrease in restricted cash	(533)
Cash used in investing activities	(462,938)	(69,540)	(58,348)
Cash flows from financing activities
Deferred financing fees		(767)	(688)
Intercompany short-term borrowings, net	(34,986)	5,991	1,444
Short-term borrowings, net	(273)	(267)	(407)
Contributions from parent companies	395,800		162,155
Proceeds from (repayments of) intercompany long-term debt and indebtedness	13,000		(144,183)
Cash provided by (used in) financing activities	373,541	4,957	18,321
Effect of exchange rates on cash	(6,404)	2,795	246
Net change in cash and cash equivalents	11,336	(27,318)	73,665
Cash and cash equivalents-beginning of period	154,770	182,088	108,423
Cash and cash equivalents-end of period	166,106	154,770	182,088
Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities
Cash provided by (used in) operating activities	81,641	149,842	64,852
Cash flows from investing activities
Capital expenditures	(13,585)	(11,971)	(7,758)
Proceeds from the sale of businesses and assets	6,257		47
Advance payment received (refunded)		(2,711)	2,602
(Increase) / decrease in restricted cash		7,852	(7,725)
Cash used in investing activities	(7,328)	(6,830)	(12,834)
Cash flows from financing activities
Intercompany short-term borrowings, net	(927)	(849)	(18,625)
Short-term borrowings, net	(52,982)	(34,883)	(33,321)
Contributions from parent companies	7,226
Distributions to parent companies	(11,811)
Proceeds from (repayments of) intercompany long-term debt and indebtedness	(2,462)	4,000	(1,600)
Proceeds from Accounts Receivable Securitization Facility	308,638	376,630	113,828
Repayments of Accounts Receivable Securitization Facility	(309,205)	(471,696)	(130,233)
Cash provided by (used in) financing activities	(61,523)	(126,798)	(69,951)
Effect of exchange rates on cash	(2,444)	(292)	(821)
Net change in cash and cash equivalents	10,346	15,922	(18,754)
Cash and cash equivalents-beginning of period	40,777	24,855	43,609
Cash and cash equivalents-end of period	51,123	40,777	24,855
Eliminations [Member]
Cash flows from operating activities
Cash provided by (used in) operating activities	(11,811)
Cash flows from investing activities
Investments in subsidiaries	592,426		184,310
Intercompany investing activities	178,574	47,012	(212,731)
Cash used in investing activities	771,000	47,012	(28,421)
Cash flows from financing activities
Intercompany short-term borrowings, net	21,364	(43,012)	66,948
Contributions from parent companies	(592,426)		(184,310)
Distributions to parent companies	11,811
Proceeds from (repayments of) intercompany long-term debt and indebtedness	(199,938)	(4,000)	145,783
Cash provided by (used in) financing activities	$ (759,189)	$ (47,012)	$ 28,421

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Schedule II-Financial Statement Schedule Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2014

Valuation and Qualifying Accounts [Abstract]

Schedule II-Financial Statement Schedule Valuation and Qualifying Accounts

TRINSEO S.A.

SCHEDULE II—FINANCIAL STATEMENT SCHEDULE

VALUATION AND QUALIFYING ACCOUNTS

(In Millions)

	Balance at Beginning of the Period		Charged to Cost and Expense			Deduction from Reserves			Currency Translation Adjustments			Balance at End of the Period
Allowance for doubtful accounts:
Year ended December 31, 2014	$	5.9	$	1.1		$	(0.0	)(a)	$	(0.7	)	$	6.3
Year ended December 31, 2013		8.4		(3.0	)		(0.1	)(a)		0.6			5.9
Year ended December 31, 2012		8.7		0.3			(0.3	)(a)		(0.3	)		8.4
Tax valuation allowances:
Year ended December 31, 2014	$	50.4	$	18.2		$	—		$	(1.7	)	$	66.9
Year ended December 31, 2013		41.3		10.7			—			(1.6	)		50.4
Year ended December 31, 2012		47.4		(5.5	)		—			(0.6	)		41.3

(a) Amounts written off, net of recoveries. Amount in 2014 is less than $0.1 million.

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Restructuring (Tables)

12 Months Ended

Dec. 31, 2014

Restructuring and Related Activities [Abstract]

Rollforward of Liability Balances

The following tables provide a rollforward of the liability balances associated with the Altona plant shutdown for the years ended December 31, 2013 and 2014, respectively:

	Balance at December 31, 2013		Expenses		Deductions(1)			Balance at December 31, 2014
Employee termination benefit charges	$	1,408	$	302	$	(1,710	)	$	—
Contract termination charges		3,388		1,409		(2,669	)		2,128
Other(2)		26		1,277		(1,303	)		—
Total	$	4,822	$	2,988	$	(5,682	)	$	2,128

	Balance at December 31, 2012		Expenses		Deductions(1)			Balance at December 31, 2013
Employee termination benefit charges	$	—	$	2,589	$	(1,181	)	$	1,408
Contract termination charges		—		3,934		(546	)		3,388
Other(2)		—		215		(189	)		26
Total	$	—	$	6,738	$	(1,916	)	$	4,822

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

(2) Includes demolition and decommissioning charges incurred, primarily related to labor and third party service costs.

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Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 13—FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date.

Level 1—Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3—Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

The following table summarizes the basis used to measure certain assets and liabilities at fair value on a recurring basis in the consolidated balance sheets at December 31, 2014. As discussed in Note 11, there were no open foreign exchange forward contracts as of December 31, 2013, and as such, there were no balances to be recorded at fair value at that date.

	December 31, 2014
Assets (Liabilities) at Fair Value	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Foreign exchange forward contracts—Assets	$	—	$	298		$	—	$	298
Foreign exchange forward contracts—(Liabilities)		—		(4,850	)		—		(4,850	)
Total fair value	$	—	$	(4,552	)	$	—	$	(4,552	)

The Company uses an income approach to value its foreign exchange forward contracts, utilizing discounted cash flow techniques, considering the terms of the contract and observable market information available as of the reporting date. Significant inputs to the valuation for foreign exchange forward contracts are obtained from broker quotations or from listed or over-the-counter market data, and are classified as Level 2 in the fair value hierarchy.

Fair Value of Debt Instruments

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

	As of December 31, 2014		As of December 31, 2013
Senior Notes (Level 2)	$	1,212,045	$	1,366,406
Total fair value	$	1,212,045	$	1,366,406

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

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Segments - Reconciliation of Segment Reporting to Consolidated (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Sales to external customers	$ 1,122,401	$ 1,305,493	$ 1,340,935	$ 1,359,132	$ 1,245,111	$ 1,308,959	$ 1,361,759	$ 1,391,585	$ 5,127,961	$ 5,307,414	$ 5,451,909
Equity in earnings (losses) of unconsolidated affiliates	18,154	9,267	5,378	14,950	12,195	15,215	8,929	2,799	47,749	39,138	27,140
EBITDA									324,197	360,523	350,974
Investment in unconsolidated affiliates	167,658				155,887				167,658	155,887	140,304
Depreciation and amortization									103,706	95,196	85,604
Operating Segments [Member] | Performance Materials, Latex [Member]
Segment Reporting Information [Line Items]
Sales to external customers									1,261,137	1,341,424	1,545,064
EBITDA									93,962	95,398	125,473
Depreciation and amortization									26,954	26,092	27,037
Operating Segments [Member] | Performance Materials, Synthetic Rubber [Member]
Segment Reporting Information [Line Items]
Sales to external customers									633,983	622,059	701,962
EBITDA									136,985	113,459	111,051
Depreciation and amortization									32,900	28,937	18,080
Operating Segments [Member] | Performance Materials, Performance Plastics [Member]
Segment Reporting Information [Line Items]
Sales to external customers									821,053	807,578	839,243
EBITDA									69,350	61,703	69,538
Depreciation and amortization									5,602	5,009	5,342
Operating Segments [Member] | Basic Plastics & Feedstocks [Member]
Segment Reporting Information [Line Items]
Sales to external customers									2,411,788	2,536,353	2,365,640
Equity in earnings (losses) of unconsolidated affiliates									47,749	39,138	27,140
EBITDA									23,900	89,963	44,912
Investment in unconsolidated affiliates	167,658				155,887				167,658	155,887	140,304
Depreciation and amortization									34,205	31,322	32,212
Corporate Unallocated [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization									$ 4,045	$ 3,836	$ 2,933

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Related Party and Dow Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions [Abstract]

Related Party and Dow Transactions

NOTE 18—RELATED PARTY AND DOW TRANSACTIONS

In conjunction with the Acquisition, the Company entered into certain agreements with Dow, including a five-year Master Outsourcing Services Agreement (“MOSA”) and certain Site and Operating Service Agreements. The MOSA provides for ongoing services from Dow in areas such as information technology, human resources, finance, environmental health and safety, training, supply chain and purchasing. Effective June 1, 2013, the Company entered into a Second Amended and Restated Master Outsourcing Services Agreement (“SAR MOSA”). The SAR MOSA replaces, modifies and extends the earlier MOSA, extending the term through December 31, 2020 and which automatically renews for two year periods unless either party provides six months’ notice of non-renewal to the other party. The services provided pursuant to the SAR MOSA generally are priced per function, and the Company has the ability to terminate the services or any portion thereof, for convenience any time after June 1, 2015, subject to payment of termination charges. Services which are “highly integrated” follow a different process for evaluation and termination. In addition, either party may terminate for cause, which includes a bankruptcy, liquidation or similar proceeding by the other party, for material breach which is not cured, or by Dow in the event of our failure to pay for the services thereunder. In the event of a change of control, as defined in the agreement, Dow has the right to terminate the SAR MOSA. As of December 31, 2014, the estimated minimum contractual obligations under the SAR MOSA, excluding the impacts of inflation, are $20.0 million through June 2015 and $32.0 million thereafter.

In addition, the Company entered into certain Site and Operating Service Agreements. Under the Site Services Agreements (“SSAs”), Dow provides the Company utilities and other site services for Company-owned plants. Under the Operating Services agreements the Company provides services to Dow and receives payments for the operation of a Dow-owned plant. Similar to the above SAR MOSA, effective June 1, 2013, the Company entered into Second Amended and Restated Site Services Agreements (“SAR SSAs”). The SAR SSAs replace, modify and extend the original SSAs. These agreements generally have 25-year terms, with options to renew. These agreements may be terminated at any time by agreement of the parties, or, by either party, for cause, including a bankruptcy, liquidation or similar proceeding by the other party, or under certain circumstances for a material breach which is not cured. In addition, the Company may terminate for convenience any services that Dow has agreed to provide that are identified in any site services agreement as “terminable” with 12 months prior notice to Dow, dependent upon whether the service is highly integrated into Dow operations. Highly integrated services are agreed to be nonterminable. With respect to “nonterminable” services that Dow has agreed to provide to the Company, such as electricity and steam, the Company generally cannot terminate such services prior to the termination date unless the Company experiences a production unit shut down for which Dow is provided with 15-months prior notice, or upon payment of a shutdown fee. Upon expiration or termination, the Company would be obligated to pay a monthly fee to Dow, which obligation extends for a period of 45 (in the case of expiration) to 60 months (in the case of termination) following the respective event of each site services agreement. The agreements under which Dow receives services from the Company may be terminated under the same circumstances and conditions.

For the years ended December 31, 2014, 2013 and 2012, the Company incurred a total of $282.5 million, $303.2 million and $317.6 million in expenses under these agreements, respectively, including $233.7 million, $235.1 million and $214.5 million, for both the variable and fixed cost components of the Site Service Agreements, respectively, and $48.8 million, $68.1 million and $103.1 million covering all other agreements, respectively.

In connection with the Acquisition, 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 (income), net” in the consolidated statements of operations for the year ended December 31, 2014.

In addition, the Company has transactions in the normal course of business with Dow and its affiliates. For the years ended December 31, 2014, 2013, and 2012, sales to Dow and its affiliated companies were approximately $343.8 million, $294.7 million and $311.4 million, respectively. For the years ended December 31, 2014, 2013, and 2012, purchases (including MOSA and SSA services) from Dow and its affiliated companies were approximately $2,196.0 million, $2,336.5 million and $2,654.7 million, respectively.

As of December 31, 2014 and 2013, receivables from Dow and its affiliated companies were approximately $18.7 million and $31.6 million, respectively, and are included in “Accounts receivable, net of allowance” in the consolidated balance sheets. As of December 31, 2014 and 2013, payables to Dow and its affiliated companies were approximately $156.9 million and $218.9 million, respectively, and are included in “Accounts payable” in the consolidated balance sheet.

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. 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 consolidated statement of operations for the year ended December 31, 2014. Bain Capital will continue to provide an immaterial level of ad hoc advisory services for the Company going forward. In conjunction with the above, we paid Bain Capital fees (including out-of-pocket expenses) of $2.4 million, $4.7 million, and $4.6 million for the years ended December 31, 2014, 2013, and 2012, respectively (excluding the termination fees noted above).

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” in the consolidated balance sheets as of December 31, 2014 (see Note 12). 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 consolidated balance sheet (see Note 10 for further discussion).

Total fees incurred from Bain Capital for these management and transaction advisory services, including fees related to the Acquisition and the Company’s financing arrangements, were $27.9 million, $18.6 million, and $4.6 million, respectively, for the years ended December 31, 2014, 2013, and 2012.

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Commitments and Contingencies - Schedule of Future Minimum Rental Payments under Operating Leases with Remaining Non-Cancelable Terms (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2015	$ 8,040
2016	5,510
2017	3,159
2018	2,780
2019	2,778
2020 and beyond	12,664
Total	$ 34,931

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Weighted Average Assumptions Used for Grants

The following are the weighted average assumptions used for grants during the years ended December 31, 2013, and 2012, respectively, and for valuation of the modified time-based awards in June 2014:

	Year Ended December 31,
	2014			2013			2012
Dividend yield		0.00	%		0.00	%		0.00	%
Expected volatility		65.0	%		73.25	%		75.71	%
Risk-free interest rate		1.54	%		0.52	%		0.58	%
Expected term (in years) for performance-based shares		N/A			3.85			3.85
Expected term (in years) for time-based and modified time-based shares		4.50			9.21			10.32

Summary of Stock-based Compensation Expense

The amount of stock-based compensation expense recorded within “Selling, general and administrative expenses” in the consolidated statements of operations for the years ended December 31, 2014, 2013, and 2012, respectively, was as follows:

	Year Ended December 31,
	2014		2013		2012
Time-based Restricted Stock Awards	$	7,037	$	8,346	$	4,192
Modified Time-based Restricted Stock Awards		2,469		—		—
Restricted Stock Units- under 2014 Omnibus Plan		100		—		—
Liability awards		50		46		861
Management Retention Awards		896		1,416		2,275
Parent Company Restricted Stock Sales		—		171		—
Total stock-based compensation expense	$	10,552	$	9,979	$	7,328

Time-based Restricted Stock Awards [Member]

Summary of Parent's Modified Time-based Restricted Stock Awards

The following table summarizes the activity in the Parent’s time-based restricted stock awards during the year ended December 31, 2014:

Time-based restricted stock	Shares			Weighted-Average Grant Date Fair Value per Share
Unvested, December 31, 2013		131,190		$	164.97
Granted		—			—
Vested		(66,143	)		163.03
Forfeited		(2,499	)		135.21
Unvested, December 31, 2014		62,548		$	172.64

Summary of Weighted-average Grant Date Fair Value per Share of Modified Time-based Restricted Stock Awards Granted Total and Fair Value of Awards Vested

The following table summarizes the weighted-average grant date fair value per share of time-based restricted stock awards granted during the years ended December 31, 2014, 2013, and 2012, as well as the total fair value of awards vested during those periods:

	Time-Based Restricted Stock
	Weighted-Average Grant Date Fair Value per Share of Grants during Period			Total Fair Value of Awards Vested during Period
Year Ended December 31, 2014		N/A	(1)	$	10,783
Year Ended December 31, 2013	$	155.40		$	6,795
Year Ended December 31, 2012	$	204.32		$	9,100

(1) There were no grants of time-based restricted stock awards by the Parent during the year-ended December 31, 2014.

Modified Time-based Restricted Stock Awards [Member]

Summary of Parent's Modified Time-based Restricted Stock Awards

The following table summarizes the activity in the Parent’s modified time-based restricted stock awards during the year ended December 31, 2014:

Modified time-based restricted stock	Shares			Weighted-Average Grant Date Fair Value per Share
Unvested, December 31, 2013		118,123		$	131.83
Granted*		—			—
Vested*		—			—
Forfeited*		(10,068	)		97.45
Unvested, June 10, 2014*		108,055		$	115.30
Granted		—			—
Vested		(775	)		115.30
Forfeited		—			—
Unvested, December 31, 2014		107,280		$	115.30

* Represents activity and balances during the current year prior to the June 2014 modification discussed above. Note that the fair value of all unvested awards was adjusted to reflect the updated fair value per share upon modification.

Summary of Weighted-average Grant Date Fair Value per Share of Modified Time-based Restricted Stock Awards Granted Total and Fair Value of Awards Vested

The following table summarizes the weighted-average grant date fair value per share of modified time-based restricted stock awards (named performance-based awards, prior to June 2014 modification) granted during the years ended December 31, 2014, 2013, and 2012, as well as the total fair value of awards vested during those periods:

	Modified Time-Based Restricted Stock
	Weighted-Average Grant Date Fair Value per Share of Grants during Period			Total Fair Value of Awards Vested during Period
Year Ended December 31, 2014		N/A	(1)	$	—
Year Ended December 31, 2013	$	114.50		$	—
Year Ended December 31, 2012	$	170.43		$	—

(1) There were no grants of performance-based restricted stock awards (or modified time-based restricted stock awards) by the Parent during the year-ended December 31, 2014.

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Stock-Based Compensation - Summary of Parent's Time-based Restricted Stock Awards (Detail) (Time-based Restricted Stock Awards [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance	131,190
Granted, Shares	0
Vested, Shares	(66,143)
Forfeited, Shares	(2,499)
Unvested Shares, Ending Balance	62,548	131,190
Unvested Weighted-Average Grant Date Fair Value per Share, Beginning Balance	$ 164.97
Granted, Weighted-Average Grant Date Fair Value per Share	$ 0	$ 155.40	$ 204.32
Vested, Weighted-Average Grant Date Fair Value per Share	$ 163.03
Forfeited, Weighted-Average Grant Date Fair Value per Share	$ 135.21
Unvested Weighted-Average Grant Date Fair Value per Share, Ending Balance	$ 172.64	$ 164.97

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Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 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, 2012 to December 31, 2013 and from December 31, 2013 to December 31, 2014, respectively:

	Performance Materials
	Latex			Synthetic Rubber			Performance Plastics			Basic Plastics & Feedstocks			Total
Balance at December 31, 2012	$	14,280		$	9,780		$	3,352		$	8,691		$	36,103
Divestiture (Note 3)		—			—			—			(383	)		(383	)
Foreign currency impact		621			425			146			361			1,553
Balance at December 31, 2013	$	14,901		$	10,205		$	3,498		$	8,669		$	37,273
Purchase accounting adjustment (Note 16)*		664			455			156			404			1,679
Foreign currency impact		(1,750	)		(1,199	)		(411	)		(1,018	)		(4,378	)
Balance at December 31, 2014	$	13,815		$	9,461		$	3,243		$	8,055		$	34,574

* The purchase price adjustment for the year ended December 31, 2014 relates to the Company’s other postretirement benefit obligations provided to its employees in Brazil. Refer to Note 16 to the consolidated financial statements for a detailed discussion of this adjustment.

Schedule of Other Intangible Assets

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

			December 31, 2014							December 31, 2013
	Estimated Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Developed technology		15	$	188,854	$	(56,782	)	$	132,072	$	210,546	$	(49,713	)	$	160,833
Manufacturing Capacity Rights		6		23,095		(2,809	)		20,286		—		—			—
Software		5		13,177		(6,441	)		6,736		11,034		(4,099	)		6,935
Software in development		N/A		6,000		—			6,000		3,746		—			3,746
Other		N/A		264		—			264		—		—			—
Total			$	231,390	$	(66,032	)	$	165,358	$	225,326	$	(53,812	)	$	171,514

Estimated Amortization Expense for Next Five Years

The following table details the Company’s estimated amortization expense for the next five years, excluding any amortization expense related to software currently in development:

Estimated Amortization Expense for the Next Five Years
2015	2016		2017		2018		2019
$19,353	$	18,788	$	17,952	$	17,252	$	17,000

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Stock-Based Compensation - Summary of Weighted-average Grant Date Fair Value per Share of Time-based Restricted Stock Awards Granted and Total Fair Value of Awards Vested (Parenthetical) (Detail) (Time-based Restricted Stock Awards [Member])	12 Months Ended
	Dec. 31, 2014
Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Grant Date Fair Value per Share of Grants during Period	0

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Consolidated Statements of Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (67,332)		$ (22,218)		$ 30,282
Other comprehensive income (loss), net of tax (tax amounts shown in millions below for 2014, 2013, and 2012, respectively):
Cumulative translation adjustments (net of tax of $0, $0, and $0.1)	(133,901)		53,339		23,872
Pension and other postretirement benefit plans before reclassifications:
Prior service credit (cost) arising during period (net of tax of $3.2, $1.7, and $0)	9,529		10,548
Net gain (loss) arising during period (net of tax of $(15.1), $(1.3), and $(17.7))	(42,442)		(3,545)		(51,880)
Amounts reclassified from accumulated other comprehensive income (loss):
Curtailment and settlement loss (gain) (net of tax of $0.2, $0.6, and $0)	1,570	[1]	1,502	[1]	(247)	[1]
Amortization of prior service cost (credit) included in net periodic pension costs (net of tax of $(0.1), $(0.1), and $0.1)	(838)	[1]	(890)	[1]	94	[1]
Amortization of net loss (gain) included in net periodic pension costs (net of tax of $0.8, $1.0, and $(0.2))	2,487	[1]	2,851	[1]	(454)	[1]
Total other comprehensive income (loss)	(163,595)		63,805		(28,615)
Comprehensive income (loss)	$ (230,927)		$ 41,587		$ 1,667

[1] These other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 16)

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Income Taxes - Income (Loss) before Income Taxes Earned within and outside the United States (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
United States									$ 17,522	$ 25,228	$ 49,193
Outside of the United States									(65,135)	(25,597)	(1,351)
Income (loss) before income taxes	$ (31,818)	$ (6,460)	$ (39,171)	$ 29,836	$ 24,386	$ 10,937	$ (25,914)	$ (9,778)	$ (47,613)	$ (369)	$ 47,842

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Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

NOTE 2—BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements of the Company as of December 31, 2014 and 2013 and for each of the three years ended 2014 are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements of the Company contain the accounts of all entities that are controlled and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. A VIE is defined as a legal entity that has equity investors that do not have sufficient equity at risk for the entity to support its activities without additional subordinated financial support or, as a group, the holders of the equity at risk lack (i) the power to direct the entity’s activities or (ii) the obligation to absorb the expected losses or the right to receive the expected residual returns of the entity. A VIE is required to be consolidated by a company if that company is the primary beneficiary. Refer to Note 10 for further discussion of the Company’s accounts receivable securitization facility, which qualifies as a VIE and is consolidated within the Company’s financial statements.

All intercompany balances and transactions are eliminated. Joint ventures over which the Company has the ability to exercise significant influence that are not consolidated are accounted for by the equity method.

Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not have a material impact on the Company’s financial position.

Use of Estimates in Financial Statement Preparation

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts could differ from these estimates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents and accounts receivables. The Company uses major financial institutions with high credit ratings to engage in transactions involving cash equivalents. The Company minimizes credit risk in its receivables by selling products to a diversified portfolio of customers in a variety of markets located throughout the world.

The Company performs ongoing evaluations of its customers’ credit and generally does not require collateral. The Company maintains an allowance for doubtful accounts for losses resulting from the inability of specific customers to meet their financial obligations, representing our best estimate of probable credit losses in existing trade accounts receivable. A specific reserve for doubtful receivables is recorded against the amount due from these customers. For all other customers, the Company recognizes reserves for doubtful receivables based on historical experience.

Financial Instruments

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued and other current liabilities, approximate fair value due to their generally short maturities.

The estimated fair value of the Company’s 8.750% Senior Notes (as defined in Note 10) is determined using level 2 inputs within the fair value hierarchy. As of December 31, 2014 and 2013, the Senior Notes had a fair value of approximately $1,212.0 million and $1,366.4 million, respectively. When outstanding, the estimated fair values of borrowings under the Company’s Revolving Facility and Accounts Receivable Securitization Facility (as defined in Note 10) are determined using level 2 inputs within the fair value hierarchy. The carrying amounts of borrowings under the Revolving Facility and Accounts Receivable Securitization Facility approximate fair value as these borrowings bear interest based on prevailing variable market rates.

At times, the Company manages its exposure to changes in foreign currency exchange rates, where possible, by entering into foreign exchange forward contracts. When outstanding, all derivatives, whether designated in hedging relationships or not, are required to be recorded on the balance sheet at fair value. The fair value of the derivatives is determined from sources independent of the Company, including the financial institutions which are party to the derivative instruments. The fair value of derivatives also considers the credit default risk of the paying party. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and the hedged item will be recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portion of the change in the fair value of the derivative will be recorded in other comprehensive income and will be recognized in the consolidated statements of operations when the hedged item affects earnings.

As of December 31, 2014, the Company had foreign exchange forward contracts outstanding that were not designated for hedge accounting treatment, while no such contracts were outstanding as of December 31, 2013. As such, the settlements and changes in fair value of underlying instruments are recognized in “Other expense (income), net” in the consolidated statements of operations. For the years ended December 31, 2014, 2013, and 2012, the Company recognized losses related to these forward contracts of $28.2 million, $0.6 million, and $4.8 million, respectively.

Forward contracts are entered into with a limited number of counterparties, each of which allows for net settlement of all contracts through a single payment in a single currency in the event of a default on or termination of any one contract. The Company records these foreign exchange forward contracts on a net basis, by counterparty within the consolidated balance sheets.

The Company presents the cash receipts and payments from hedging activities in the same category as the cash flows from the items subject to hedging relationships. As the items subject to economic hedging relationships are the Company’s operating assets and liabilities, the related cash flows are classified within operating activities in the consolidated statements of cash flows.

Foreign Currency Translation

For the majority of the Company’s subsidiaries, the local currency has been identified as the functional currency. For remaining subsidiaries, the U.S. dollar has been identified as the functional currency due to the significant influence of the U.S. dollar on their operations. Gains and losses resulting from the translation of various functional currencies into U.S. dollars are not recorded within the consolidated statements of operations. Rather, they are recorded within the cumulative translation adjustment account as a separate component of shareholders’ equity (accumulated other comprehensive income) on the consolidated balance sheets. The Company translates asset and liability balances at exchange rates in effect at the end of the period and income and expense transactions at the average exchange rates in effect during the period. Gains and losses resulting from foreign currency transactions are recorded within the consolidated statements of operations.

For the year ended December 31, 2014, the Company recognized net foreign exchange transaction gains of $32.4 million. For the years ended December 31, 2013 and 2012, the Company recognized net foreign exchange transaction losses of $18.3 million and $18.0 million, respectively. These amounts exclude the impacts of foreign exchange forward contracts discussed above. Gains and losses on net foreign exchange transactions are recorded within “Other expense (income), net” in the consolidated statements of operations.

Environmental Matters

Accruals for environmental matters are recorded when it is considered probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. These accruals are adjusted periodically as assessment and remediation efforts progress, or as additional technical or legal information become available. Accruals for environmental liabilities are recorded within “Other noncurrent obligations” in the consolidated balance sheets at undiscounted amounts. As of December 31, 2014 and 2013, there were no accruals for environmental liabilities recorded.

Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction or normal operation of a long-lived asset. Any costs related to environmental contamination treatment and clean-ups are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable.

Cash and Cash Equivalents

Cash and cash equivalents generally include time deposits or highly liquid investments with original maturities of three months or less.

Inventories

Inventories are stated at the lower of cost or market, with cost being determined on the first-in, first-out (“FIFO”) method. The Company periodically reviews its inventory for excess or obsolete inventory, and will write-down the excess or obsolete inventory value to its net realizable value, if applicable.

Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation and less impairment, if applicable, and are depreciated over their estimated useful lives using the straight-line method. Capitalized costs associated with computer software for internal use are amortized on a straight-line basis, generally over 5 years.

Expenditures for maintenance and repairs are charged against income as incurred. Expenditures that significantly increase asset value, extend useful asset lives or adapt property to a new or different use are capitalized. These expenditures include planned major maintenance activity or turnaround activities which increase our manufacturing plants’ output and improve production efficiency as compared to pre-turnaround operations. As of December 31, 2014 and 2013, $9.2 million and $13.1 million, respectively, of the Company’s net costs related to turnaround activities were capitalized within “Deferred charges and other assets” in the consolidated balance sheets, and are being amortized over the period until the next scheduled turnaround.

The Company periodically evaluates actual experience to determine whether events and circumstances have occurred that may warrant revision of the estimated useful lives of property, plant and equipment. Engineering and other costs directly related to the construction of property, plant and equipment are capitalized as construction in progress until construction is complete and such property, plant and equipment is ready and available to perform its specifically assigned function. Upon retirement or other disposal, the asset cost and related accumulated depreciation are removed from the accounts and the net amount, less any proceeds, is charged or credited to income. The Company also capitalizes interest as a component of the cost of capital assets constructed for its own use.

Impairment and Disposal of Long-Lived Assets

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. When undiscounted future cash flows are not expected to be sufficient to recover an asset’s carrying amount, the asset is written down to its fair value based on a discounted cash flow analysis utilizing market participant assumptions.

Long-lived assets to be disposed of by sale are classified as held-for-sale and are reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of in a manner other than by sale are classified as held-and-used until they are disposed.

Goodwill and Other Intangible Assets

The Company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. The Company utilizes a market approach and an income approach (under the discounted cash flow method) to calculate the fair value of its reporting units. The annual impairment assessment is completed using a measurement date of October 1^st. No goodwill impairment losses were recorded in the years ended December 31, 2014, 2013 and 2012.

Finite-lived intangible assets, such as our intellectual property and manufacturing capacity rights, are amortized on a straight-line basis and are reviewed for impairment or obsolescence if events or changes in circumstances indicate that their carrying amount may not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows. No intangible asset impairment losses were recorded in the years ended December 31, 2014, 2013 and 2012

Deferred Financing Fees

Capitalized fees and costs incurred in connection with the Company’s financing arrangements are recorded in “Deferred charges and other assets” within the consolidated balance sheets. For the Senior Notes (and the Term Loans, prior to their repayment in January 2013), deferred financing fees are amortized over the term of the agreement using the effective interest method, while for the Revolving Facility and the Accounts Receivable Securitization Facility, deferred financing fees are amortized using the straight-line method over the term of the respective facility. Amortization of deferred financing fees is recorded in “Interest expense, net” within the consolidated statements of operations.

Investments in Unconsolidated Affiliates

Investments in unconsolidated affiliates in which the Company has the ability to exercise significant influence (generally, 20% to 50% owned companies) are accounted for using the equity method. Investments are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. An impairment loss is recorded whenever a decline in fair value of an investment in an unconsolidated affiliate below its carrying amount is determined to be other-than-temporary.

Sales

Sales are recognized when the revenue is realized or realizable and the earnings process is complete, which occurs when risk and title to the product transfers to the customer, typically at the time shipment is made. As such, title to the product generally passes when the product is delivered to the freight carrier. Standard terms of delivery are included in contracts of sale, order confirmation documents and invoices. Freight costs and any directly related costs of transporting finished product to customers are recorded as “Cost of sales” in the consolidated statements of operations. Taxes on sales are excluded from net sales.

Sales are recorded net of estimates for returns and price allowances, including discounts for prompt payment and volume-based incentives.

Cost of Sales

The Company classifies the costs of manufacturing and distributing its products as cost of sales. Manufacturing costs include raw materials, utilities, packaging and fixed manufacturing costs associated with production. Fixed manufacturing costs include such items as plant site operating costs and overhead, production planning, depreciation and amortization, repairs and maintenance, environmental, and engineering costs. Distribution costs include shipping and handling costs.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses are charged to expense as incurred. SG&A expenses are the cost of services performed by the marketing and sales functions (including sales managers, field sellers, marketing research, marketing communications and promotion and advertising materials) and by administrative functions (including product management, research and development (“R&D”), business management, customer invoicing, and human resources). R&D expenses include the cost of services performed by the R&D function, including technical service and development, process research including pilot plant operations, and product development.

Total R&D costs included in SG&A expenses were approximately $53.4 million, $49.7 million and $48.3 million for the years ended December 31, 2014, 2013 and 2012, respectively.

The Company expenses promotional and advertising costs as incurred to SG&A expenses. Total promotional and advertising expenses were approximately $2.9 million, $3.0 million and $3.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Pension and Postretirement Benefits Plans

The Company has several defined benefit plans, under which participants earn a retirement benefit based upon a formula set forth in the plan. The Company also provides certain health care and life insurance benefits to retired employees mainly in the United States and Brazil. The plans provide health care benefits, including hospital, physicians’ services, drug and major medical expense coverage, and life insurance benefits.

Accounting for defined benefit pension plans and other postretirement benefit plans, and any curtailments and settlements thereof, requires various assumptions, including, but not limited to, discount rates, expected rates of return on plan assets and future compensation growth rates. The Company evaluates these assumptions at least once each year, or as facts and circumstances dictate, and makes changes as conditions warrant.

A settlement is a transaction that is an irrevocable action that relieves the employer (or the plan) of primary responsibility for a pension or postretirement benefit obligation, and that eliminates significant risks related to the obligation and the assets used to effect the settlement. When a settlement occurs, the Company does not record settlement gains or losses during interim periods when the cost of all settlements in a year is less than or equal to the sum of the service cost and interest cost components of net periodic pension cost for the plan in that year.

Income Taxes

The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except for subsidiaries in which earnings are deemed to be indefinitely invested.

The Company recognizes the financial statement effects of uncertain income tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company accrues for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. Interest accrued related to unrecognized tax and income tax related penalties are included in the provision for income taxes. The current portion of uncertain income taxes positions is recorded in “Income taxes payable” while the long-term portion is recorded in “Other noncurrent obligations” in the consolidated balance sheets.

Income tax expense recognized for the year ended December 31, 2012 includes cumulative adjustments of $4.1 million and $2.0 million from 2010 and 2011, respectively, which resulted in a reduction of income tax expense, net, of approximately $6.1 million. These adjustments relate to the correction of prior period errors, which resulted from the reconciliation of the income tax provision to tax return positions completed during 2012. The Company believes this is not material to its results of operations for the year ended December 31, 2012.

Stock-based Compensation

Stock-based compensation expense is measured at the grant date, based on the fair value of the award. Time (service)-based restricted stock awards are generally recognized as expense on a graded vesting basis over the related service period. For performance-based restricted stock awards, the Company recognizes compensation cost if and when it concludes that it is probable that the related performance condition will be achieved. When applicable, the Company calculates the fair value of its performance-based restricted stock awards using a combination of a call option and digital option model.

Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Stock-based compensation expense recognized in our consolidated financial statements is based on awards that are ultimately expected to vest.

Periodically, the Parent may sell non-transferable restricted stock to certain officers and key members of management of the Company. Stock-based compensation expense on this non-transferable restricted stock is recognized if the non-transferable restricted stock is purchased at a price which is less than the fair value of the Parent’s common stock.

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.

In January 2015, the FASB issued guidance to simplify income statement classification by removing the concept of extraordinary items from U.S. GAAP. This guidance is effective for public entities beginning after December 15, 2015, with early adoption permitted, but only as of the beginning of the fiscal year of adoption. The implementation of this guidance is not expected to have a material impact on the Company’s financial statements.

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Acquisitions and Divestitures - Additional Information (Detail)	12 Months Ended						1 Months Ended		12 Months Ended					3 Months Ended		12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2014 EUR (€)	Jun. 17, 2010	Dec. 31, 2014 Scenario Forecast [Member] USD ($)	Dec. 31, 2014 Scenario Forecast [Member] EUR (€)	Apr. 30, 2014 ITALY USD ($)	Apr. 30, 2014 ITALY EUR (€)	Dec. 31, 2014 ITALY USD ($)	Dec. 31, 2014 Styron Holdcos [Member] USD ($)	Dec. 31, 2013 Styron Holdcos [Member] USD ($)	Dec. 31, 2012 Styron Holdcos [Member] USD ($)	Mar. 02, 2010 Styron Holdcos [Member]	Mar. 31, 2014 Expandable Polystyrene Business [Member] USD ($)	Sep. 30, 2013 Expandable Polystyrene Business [Member] USD ($)	Dec. 31, 2013 Expandable Polystyrene Business [Member] USD ($)	Dec. 31, 2014 Minimum [Member] lb	Dec. 31, 2014 Maximum [Member] lb
Business Acquisition [Line Items]
Equity interest acquired				100.00%									100.00%
Increase to goodwill	$ 1,679,000
Indemnity payments received										0	6,700,000	0
Sales proceeds		14,566,000													15,200,000
Business disposition, working capital adjustment paid	700,000													700,000
Recognized loss from sale of business																4,200,000
Supply agreement term		10 years
Quantity of styrene monomer to be supplied																	77,000,000	132,000,000
Production percentage																	70.00%	100.00%
Incremental payment			500,000
Contingent gain on sale, related to incremental payment					600,000	500,000
Sale of portion of land							6,800,000	4,950,000
Gain on sale of property held-for-sale									$ 100,000

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Foreign Exchange Forward Contracts - Notional Amounts of Most Significant Net Foreign Exchange Hedge Positions Outstanding (Detail) (USD $)	Dec. 31, 2014
Indonesian Rupiah [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount, Buy / (Sell)	$ (33,020,000)
Euro [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount, Buy / (Sell)	239,341,000
Chinese Yuan [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount, Buy / (Sell)	(100,086,000)
Swiss Franc [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount, Buy / (Sell)	35,438,000
British Pound [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount, Buy / (Sell)	$ (9,910,000)

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Stock-Based Compensation - Summary of Weighted-average Grant Date Fair Value per Share of Time-based Restricted Stock Awards Granted and Total Fair Value of Awards Vested (Detail) (Time-based Restricted Stock Awards [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Time-based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Grant Date Fair Value per Share of Grants during Period	$ 0	$ 155.40	$ 204.32
Total Fair Value of Awards Vested during Period	$ 10,783	$ 6,795	$ 9,100

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Property, Plant and Equipment - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Property, Plant and Equipment [Abstract]
Impairment loss on assets	$ 9.2

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Segments

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segments

NOTE 19—SEGMENTS

Until January 1, 2015, the chief executive officer, who is the Company’s chief operating decision maker, managed the Company’s operations under two divisions, Emulsion Polymers and Plastics, which included the following four reporting segments: Latex, Synthetic Rubber, Styrenics, and Engineered Polymers.

Effective January 1, 2015, the Company was reorganized under two new divisions called Performance Materials and Basic Plastics & Feedstocks. The Performance Materials division now includes the following reporting segments: Synthetic Rubber, Latex, and Performance Plastics. The Basic Plastics & Feedstocks division represents a separate segment for financial reporting purposes. This new organizational structure better reflects the nature of the Company by grouping together segments with similar strategies, business drivers and operating characteristics.

The information below for the years ended December 31, 2014, 2013, and 2012 have been retroactively adjusted to reflect this change in reporting segments.

The Latex segment produces SB latex primarily for coated paper and packaging board, carpet and artificial turf backings, as well as a number of performance latex applications. The Synthetic Rubber segment produces synthetic rubber products used predominantly in tires, with additional applications in polymer modification and technical rubber goods, including conveyer and fan belts, hoses, seals and gaskets. The Performance Plastics segment produces highly engineered compounds and blends for automotive end markets, as well as consumer electronics, medical, and lighting, collectively consumer essential markets, or CEM. The Basic Plastics & Feedstocks segment includes styrenic polymers, polycarbonate, or PC, and styrene monomer, and also includes the results of the Company’s two 50%-owned joint ventures, AmSty and Sumika Styron.

	Performance Materials
For the year ended	Latex		Synthetic Rubber		Performance Plastics		Basic Plastics & Feedstocks		Corporate Unallocated		Total
December 31, 2014
Sales to external customers	$	1,261,137	$	633,983	$	821,053	$	2,411,788	$	—	$	5,127,961
Equity in earnings (losses) of unconsolidated affiliates		—		—		—		47,749		—		47,749
EBITDA(1)		93,962		136,985		69,350		23,900
Investment in unconsolidated affiliates		—		—		—		167,658		—		167,658
Depreciation and amortization		26,954		32,900		5,602		34,205		4,045		103,706
December 31, 2013
Sales to external customers	$	1,341,424	$	622,059	$	807,578	$	2,536,353	$	—	$	5,307,414
Equity in earnings (losses) of unconsolidated affiliates		—		—		—		39,138		—		39,138
EBITDA(1)		95,398		113,459		61,703		89,963
Investment in unconsolidated affiliates		—		—		—		155,887		—		155,887
Depreciation and amortization		26,092		28,937		5,009		31,322		3,836		95,196
December 31, 2012
Sales to external customers	$	1,545,064	$	701,962	$	839,243	$	2,365,640	$	—	$	5,451,909
Equity in earnings of unconsolidated affiliates		—		—		—		27,140		—		27,140
EBITDA(1)		125,473		111,051		69,538		44,912
Investment in unconsolidated affiliates		—		—		—		140,304		—		140,304
Depreciation and amortization		27,037		18,080		5,342		32,212		2,933		85,604

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

	Year Ended December 31,
	2014			2013			2012
Total segment EBITDA	$	324,197		$	360,523		$	350,974
Corporate unallocated		(143,181	)		(133,658	)		(107,557	)
Less: Interest expense, net		124,923			132,038			109,971
Less: Provision for income taxes		19,719			21,849			17,560
Less: Depreciation and amortization		103,706			95,196			85,604
Net income (loss)	$	(67,332	)	$	(22,218	)	$	30,282

Corporate unallocated includes 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 analytical purposes; however, it should not be considered an alternative to the Company’s reported GAAP results, as there are limitations in using such financial measures. Other companies in the industry may define EBITDA differently than the Company, and as a result, it may be difficult to use EBITDA, or similarly-named financial measures, that other companies may use to compare the performance of those companies to the Company’s performance.

Asset and capital expenditure information is not accounted for at the segment level and consequently is not reviewed or included with the Company’s internal management reporting. Therefore, the Company has not disclosed asset and capital expenditure information for each reportable segment.

The Company operates 34 manufacturing plants (which include a total of 81 production units) at 26 sites in 14 countries, inclusive of joint ventures and contract manufacturers. Sales are attributed to geographic areas based on the location where sales originated; long-lived assets are attributed to geographic areas based on asset location.

	Year Ended December 31,
	2014		2013		2012
United States
Sales to external customers	$	663,425	$	665,801	$	683,570
Long-lived assets		65,329		73,932		84,992
Europe
Sales to external customers	$	3,066,581	$	3,186,659	$	3,324,064
Long-lived assets		383,311		431,494		449,834
Asia-Pacific
Sales to external customers	$	1,196,163	$	1,214,093	$	1,200,747
Long-lived assets		99,654		92,691		91,885
Rest of World
Sales to external customers	$	201,792	$	240,861	$	243,528
Long-lived assets		8,403		8,310		6,561
Total
Sales to external customers(1)	$	5,127,961	$	5,307,414	$	5,451,909
Long-lived assets(2)(3)		556,697		606,427		633,272

(1) Sales to external customers in China represented approximately 8%, 8% and 8% of the total for the years ended December 31, 2014, 2013, and 2012, respectively. Sales to external customers in Germany represented approximately 12%, 11% and 10% of the total for the years ended December 31, 2014, 2013, and 2012, respectively. Sales to external customers in Hong Kong represented approximately 11%, 10% and 9% of the total for the years ended December 31, 2014, 2013, and 2012, respectively.

(2) Long-lived assets in China represented approximately 6%, 4%, and 4% of the total for the years ended December 31, 2014, 2013, and 2012, respectively. Long-lived assets in Germany represented approximately 43%, 44%, and 45% of the total for the years ended December 31, 2014, 2013, and 2012, respectively. Long-lived assets in The Netherlands represented approximately 13%, 13%, and 13% of the total for the years ended December 31, 2014, 2013, and 2012, respectively.

(3) Long-lived assets consist of property, plant and equipment, net.

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Segments - Schedule of Sales Attributed to Geographical Areas Based on Location of Sales and Long-lived Assets Attributed to Geographical Areas Based on Asset Location (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers	$ 1,122,401	$ 1,305,493	$ 1,340,935	$ 1,359,132	$ 1,245,111	$ 1,308,959	$ 1,361,759	$ 1,391,585	$ 5,127,961	$ 5,307,414	$ 5,451,909
Long-lived assets	556,697				606,427				556,697	606,427	633,272
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers									663,425	665,801	683,570
Long-lived assets	65,329				73,932				65,329	73,932	84,992
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers									3,066,581	3,186,659	3,324,064
Long-lived assets	383,311				431,494				383,311	431,494	449,834
Asia-Pacific [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers									1,196,163	1,214,093	1,200,747
Long-lived assets	99,654				92,691				99,654	92,691	91,885
Rest of World [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers									201,792	240,861	243,528
Long-lived assets	$ 8,403				$ 8,310				$ 8,403	$ 8,310	$ 6,561

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Schedule II - Financial Statement Schedule Valuation and Qualifying Accounts (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of the Period	$ 5,900,000	$ 8,400,000	$ 8,700,000
Additions, Charged to Cost and Expense	1,100,000	(3,000,000)	300,000
Deduction from Reserves	0	(100,000)	(300,000)
Additions, Currency Translation Adjustments	(700,000)	600,000	(300,000)
Balance at End of the Period	6,300,000	5,900,000	8,400,000
Valuation Allowance of Deferred Tax Assets [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of the Period	50,400,000	41,300,000	47,400,000
Additions, Charged to Cost and Expense	18,200,000	10,700,000	(5,500,000)
Additions, Currency Translation Adjustments	(1,700,000)	(1,600,000)	(600,000)
Balance at End of the Period	$ 66,900,000	$ 50,400,000	$ 41,300,000

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Supplemental Guarantor Condensed Consolidating Financial Statements - Additional Information (Detail)	Dec. 31, 2014
Condensed Financial Information Of Subsidiaries Disclosure [Abstract]
Ownership interest	100.00%

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Accounts Payable - Schedule of Accounts Payable (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Payables and Accruals [Abstract]
Trade payables	$ 383,297	$ 462,304
Other payables	51,395	46,789
Total	$ 434,692	$ 509,093

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Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following:

	December 31,
	2014			2013
Trade receivables	$	497,538		$	584,160
Non-income tax receivables		75,083			94,069
Other receivables		34,713			45,119
Less: allowance for doubtful accounts		(6,268	)		(5,866	)
Total	$	601,066		$	717,482

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Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Shareholders' Equity

NOTE 12—SHAREHOLDERS’ EQUITY

Common Stock

On May 8, 2012, the Company issued 5.1 million shares of common stock to the Parent with $0.01 nominal value for $22.2 million of proceeds. The proceeds from the issuance were used as equity contribution required under the terms of the Senior Secured Credit Facility in order to cure the covenant default for the period ended March 31, 2012. Also, on August 8, 2012, the Parent received an additional $140.0 million from shareholders and contributed the same amount to the Company through the issuance of 32.1 million shares of common stock with a nominal value of $0.01. The proceeds from the issuance of the common stock were used to repay a portion of the 2011 Term Loans in connection with the 2012 Amendment.

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. These consolidated financial statements and accompanying footnotes 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 10); ii) the payment of approximately $23.3 million in connection with the termination of the Advisory Agreement with Bain Capital (see Note 18); iii) the payment of approximately $5.1 million of advisory, accounting, legal and printing expenses directly related to the offering which were recorded as a reduction to additional paid-in capital in the consolidated balance sheets; and iv) general corporate purposes.

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Pension Plans and Other Postretirement Benefits - Schedule of Net Amounts Recognized in Balance Sheet (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Pension Plans [Member]
Net amounts recognized in the balance sheets at December 31
Current liabilities	$ (1,604)	$ (1,599)
Noncurrent liabilities	(185,917)	(154,968)
Net amounts recognized in the balance sheet	(187,521)	(156,567)
Accumulated benefit obligation at the end of the period	220,277	178,987
Pretax amounts recognized in AOCI at December 31:
Net prior service cost (credit)	(21,386)	(9,682)
Net gain (loss)	97,127	44,883
Total at end of period	75,741	35,201
Other Postretirement Plans [Member]
Net amounts recognized in the balance sheets at December 31
Current liabilities	(70)	(26)
Noncurrent liabilities	(9,007)	(6,634)
Net amounts recognized in the balance sheet	(9,077)	(6,660)
Accumulated benefit obligation at the end of the period	9,077	6,660
Pretax amounts recognized in AOCI at December 31:
Net prior service cost (credit)	628	730
Net gain (loss)	(266)	(1,332)
Total at end of period	$ 362	$ (602)