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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)                                                                                                                                                                                         

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

For the quarterly period ended September 30, 2023

or

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

For the transition period from                      to                     

Commission File Number: 001-36473

Trinseo PLC

(Exact name of registrant as specified in its charter)

Ireland

N/A

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

440 East Swedesford Road

Suite 301

Wayne, PA 19087

(Address of Principal Executive Offices)

(610) 240-3200

(Registrant’s telephone number)

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

  

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading symbol

Name of Exchange on which registered

Ordinary Shares, par value $0.01 per share

TSE

New York Stock Exchange

As of October 31, 2023, there were 35,195,245 of the registrant’s ordinary shares outstanding.

 

 

 

TABLE OF CONTENTS

`

    

    

    

    

 

    

    

Page

Part I

Financial Information

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 (Unaudited)

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022 (Unaudited)

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022 (Unaudited)

Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2023 and 2022 (Unaudited)

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (Unaudited)

Notes to Condensed Consolidated Financial Statements (Unaudited)

10 

Item 2.

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

36 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

51 

Item 4.

Controls and Procedures

51 

Part II

Other Information

Item 1.

Legal Proceedings

52 

Item 1A.

Risk Factors

52 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

54 

Item 3.

Defaults Upon Senior Securities

55 

Item 4.

Mine Safety Disclosures

55 

Item 5.

Other Information

55 

Item 6.

Exhibits

55 

Exhibit Index

Signatures

2

Trinseo PLC

Quarterly Report on Form 10-Q

For the quarterly period ended September 30, 2023

Unless otherwise indicated or required by context, as used in this Quarterly Report on Form 10-Q (“Quarterly Report”), the term “Trinseo” refers to Trinseo PLC (NYSE: TSE), a public limited company existing under the laws of Ireland, and not its subsidiaries. The terms “Company,” “we,” “us” and “our” refer to Trinseo and its consolidated subsidiaries, taken as a consolidated entity. Trinseo PLC is the surviving entity of a cross-border merger with our predecessor company, Trinseo S.A., which merger was completed in October 2021. All financial data provided in this Quarterly Report is the financial data of Trinseo PLC, unless otherwise indicated. Prior to the formation of the Company, our business was wholly owned by The Dow Chemical Company (together with other affiliates, “Dow”). The Company may distribute cash to shareholders under Irish law via dividends or distributions made out of distributable profits.

Definitions of capitalized terms not defined herein appear within our Annual Report on Form 10-K for the year ended December 31, 2022 (“Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on February 27, 2023.

Cautionary Note on Forward-Looking Statements

This Quarterly Report contains, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts. Forward-looking statements may be identified by the use of words like “expect,” “anticipate,” “believe,” “intend,” “forecast,” ”estimate,” “see,” “outlook,” “will,” “may,” “might,” “potential,” “likely,” “target,” “plan,” “contemplate,” “seek,” “attempt,” “should,” “could,” “would,” or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy, our current indebtedness and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.

Specific factors that may cause future results to differ from those expressed by the forward-looking statements, or otherwise impact performance or other predictions of future actions have, in many but not all cases, been identified in connection with specific forward-looking statements. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, our ability to successfully implement proposed restructuring initiatives, including the closure of certain plants and product lines, and to successfully generate cost savings and increase profitability; our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; increased energy costs; compliance with laws and regulations impacting our business; conditions in the global economy and capital markets; our ability to meet the covenants under our existing indebtedness; our ability to successfully investigate and remediate chemical releases on or from our sites, make related capital expenditures, reimburse third-party cleanup costs or settle potential regulatory penalties or other claims; and those discussed in our Annual Report filed with the SEC on February 27, 2023 under Part I, Item IA— “Risk Factors,” within this Quarterly Report and in other filings and furnishings made by the Company with the SEC from time to time.

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

Available Information

Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, are available free of charge through the Investor Relations section of our website, www.trinseo.com, as soon as reasonably practicable after the reports are electronically filed or furnished with the SEC. We provide this website and information contained in or connected to it for informational purposes only. That information is not a part of this Quarterly Report.

3

PART I —FINANCIAL INFORMATION

Item 1. Financial Statements

TRINSEO PLC

Condensed Consolidated Balance Sheets

(In millions, except per share data)

(Unaudited)

September 30, 

December 31, 

    

2023

2022

Assets

    

    

Current assets

Cash and cash equivalents

$

278.6

$

211.7

Accounts receivable, net of allowance for doubtful accounts (September 30, 2023: $8.0; December 31, 2022: $7.3)

542.1

586.0

Inventories

 

445.9

 

553.6

Other current assets

 

39.7

 

39.4

Total current assets

 

1,306.3

 

1,390.7

Investments in unconsolidated affiliate

 

249.2

 

255.1

Property, plant and equipment, net of accumulated depreciation (September 30, 2023: $729.1; December 31, 2022: $668.8)

 

640.1

691.1

Other assets

Goodwill

 

61.2

 

410.4

Other intangible assets, net

 

707.9

 

772.0

Right-of-use assets - operating, net

65.3

76.1

Deferred income tax assets

 

182.3

 

97.3

Deferred charges and other assets

 

58.9

 

67.5

Total other assets

 

1,075.6

 

1,423.3

Total assets

$

3,271.2

$

3,760.2

Liabilities and shareholders’ equity

Current liabilities

Short-term borrowings and current portion of long-term debt

$

20.9

$

16.0

Accounts payable

 

426.5

 

438.1

Current lease liabilities - operating

15.4

17.1

Income taxes payable

 

30.4

 

9.9

Accrued expenses and other current liabilities

 

198.3

 

208.3

Total current liabilities

 

691.5

 

689.4

Noncurrent liabilities

Long-term debt, net of unamortized deferred financing fees

 

2,274.2

 

2,301.6

Noncurrent lease liabilities - operating

52.4

60.2

Deferred income tax liabilities

 

43.5

 

59.8

Other noncurrent obligations

 

231.0

 

228.9

Total noncurrent liabilities

 

2,601.1

 

2,650.5

Commitments and contingencies (Note 13)

Shareholders’ equity

Ordinary shares, $0.01 nominal value, 4,000.0 shares authorized (September 30, 2023: 39.3 shares issued and 35.2 shares outstanding; December 31, 2022: 39.2 shares issued and 35.1 shares outstanding)

0.4

0.4

Preferred shares, €0.01 nominal value, 1,000.0 shares authorized (no shares issued or outstanding)

Deferred ordinary shares, 1.00 nominal value, 0.025 shares authorized (September 30, 2023: 0.025 shares issued and outstanding; December 31, 2022: 0.025 shares issued and outstanding)

Additional paid-in-capital

 

500.9

 

486.7

Treasury shares, at cost (September 30, 2023: 4.1 shares; December 31, 2022: 4.1 shares)

(200.0)

(200.0)

Retained earnings (accumulated deficit)

 

(177.6)

 

264.5

Accumulated other comprehensive loss

 

(145.1)

 

(131.3)

Total shareholders’ equity

 

(21.4)

 

420.3

Total liabilities and shareholders’ equity

$

3,271.2

$

3,760.2

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

4

TRINSEO PLC

Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

 

    

2023

    

2022

    

2023

    

2022

    

 

Net sales

    

$

879.0

    

$

1,178.1

    

$

2,837.9

    

$

3,990.3

Cost of sales

 

847.7

 

1,217.6

 

2,715.9

 

3,714.8

Gross profit (loss)

 

31.3

 

(39.5)

 

122.0

 

275.5

Selling, general and administrative expenses

 

66.6

 

80.5

 

205.1

 

262.8

Equity in earnings of unconsolidated affiliate

 

19.0

 

22.8

 

49.2

 

83.8

Impairment and other charges

0.1

1.9

349.5

39.5

Operating income (loss)

 

(16.4)

 

(99.1)

 

(383.4)

 

57.0

Interest expense, net

 

46.6

 

30.4

 

125.1

 

77.7

(Gain) loss on extinguishment of long-term debt

 

6.3

(0.8)

6.3

(0.8)

Other expense (income), net

 

(13.2)

 

1.3

(19.0)

2.4

Loss from continuing operations before income taxes

 

(56.1)

 

(130.0)

 

(495.8)

 

(22.3)

Provision for (benefit from) income taxes

 

(17.7)

 

(12.1)

 

(59.5)

 

41.4

Net loss from continuing operations

(38.4)

(117.9)

(436.3)

(63.7)

Net loss from discontinued operations, net of income taxes

(1.9)

(1.9)

Net loss

$

(38.4)

$

(119.8)

$

(436.3)

$

(65.6)

Weighted average shares- basic

35.2

35.2

35.1

36.3

Net loss per share- basic:

Continuing operations

$

(1.09)

$

(3.35)

$

(12.42)

$

(1.76)

Discontinued operations

(0.06)

(0.05)

Net loss per share- basic

$

(1.09)

$

(3.41)

$

(12.42)

$

(1.81)

Weighted average shares- diluted

 

35.2

 

35.2

 

35.1

 

36.3

Net loss per share- diluted:

Continuing operations

$

(1.09)

$

(3.35)

$

(12.42)

$

(1.76)

Discontinued operations

(0.06)

(0.05)

Net loss per share- diluted:

$

(1.09)

$

(3.41)

$

(12.42)

$

(1.81)

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

5

TRINSEO PLC

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In millions)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2023

    

2022

    

2023

    

2022

Net loss

    

$

(38.4)

$

(119.8)

    

$

(436.3)

    

$

(65.6)

    

Other comprehensive income (loss), net of tax:

 

Cumulative translation adjustments (net of tax of $0.0, $0.0, $0.0, $3.9)

(12.8)

(45.0)

(10.9)

 

(84.1)

Net gain (loss) on cash flow hedges (net of tax of $2.1, $0.0, $(0.4), $0.6)

6.3

(5.6)

(0.9)

(3.8)

Pension and other postretirement benefit plans:

Net gain (loss) arising during period (net of tax of $0.0, $0.8, $0.0, $1.6)

2.4

10.0

Amounts reclassified from accumulated other comprehensive income

(1.5)

(0.9)

(2.0)

(1.9)

Total other comprehensive loss, net of tax

 

(8.0)

 

(49.1)

 

(13.8)

 

(79.8)

Comprehensive loss

$

(46.4)

$

(168.9)

$

(450.1)

$

(145.4)

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

6

TRINSEO PLC

Condensed Consolidated Statements of Shareholders’ Equity

(In millions, except per share data)

(Unaudited)

    

Shares

    

Shareholders' Equity

  

Ordinary Shares Outstanding

Treasury Shares

Deferred Ordinary Shares

  

Ordinary Shares

Deferred Ordinary Shares

Additional
Paid-In Capital

  

Treasury Shares

  

Accumulated Other Comprehensive Income (Loss)

  

Retained Earnings (Accumulated Deficit)

  

Total

Balance at December 31, 2022

 

35.1

4.1

$

0.4

$

$

486.7

$

(200.0)

$

(131.3)

$

264.5

$

420.3

Net loss

 

(48.9)

 

(48.9)

Other comprehensive income

 

3.4

 

3.4

Share-based compensation activity

 

0.1

6.6

 

6.6

Dividends on ordinary shares ($0.14 per share)

(5.2)

(5.2)

Balance at March 31, 2023

 

35.2

4.1

$

0.4

$

$

493.3

$

(200.0)

$

(127.9)

$

210.4

$

376.2

Net loss

 

 

 

 

 

 

(349.0)

 

(349.0)

Other comprehensive loss

 

 

 

 

 

(9.2)

 

 

(9.2)

Share-based compensation activity

 

 

 

3.5

 

 

 

 

3.5

Dividends on ordinary shares ($0.01 per share)

(0.3)

(0.3)

Balance at June 30, 2023

 

35.2

4.1

$

0.4

$

$

496.8

$

(200.0)

$

(137.1)

$

(138.9)

$

21.2

Net loss

 

(38.4)

 

(38.4)

Other comprehensive loss

 

(8.0)

 

(8.0)

Share-based compensation activity

 

4.1

 

4.1

Dividends on ordinary shares ($0.01 per share)

(0.3)

(0.3)

Balance at September 30, 2023

 

35.2

4.1

$

0.4

$

$

500.9

$

(200.0)

$

(145.1)

$

(177.6)

$

(21.4)

7

    

Shares

    

Shareholders' Equity

  

Ordinary Shares Outstanding

Treasury Shares

Deferred Ordinary Shares

  

Ordinary Shares

Deferred Ordinary Shares

Additional
Paid-In Capital

  

Treasury Shares

  

Accumulated Other Comprehensive Income (Loss)

  

Retained Earnings (Accumulated Deficit)

  

Total

Balance at December 31, 2021

 

37.9

1.0

$

0.4

$

$

468.1

$

(50.0)

$

(147.2)

$

741.8

$

1,013.1

Net income

 

16.7

 

16.7

Other comprehensive loss

 

(2.5)

 

(2.5)

Share-based compensation activity

 

0.2

7.6

 

7.6

Purchase of treasury shares

(0.9)

0.9

(50.0)

(50.0)

Dividends on ordinary shares ($0.32 per share)

(12.1)

(12.1)

Balance at March 31, 2022

 

37.2

1.9

$

0.4

$

$

475.7

$

(100.0)

$

(149.7)

$

746.4

$

972.8

Net income