Trinseo Materials Operating S.C. A.

CIK:0001587413|SEC Filings

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2014

Accumulated Other Comprehensive Income (Loss)

NOTE Q—ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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


	Currency Translation Adjustment, Net			Employee Benefits, Net			Total

December 31, 2013	$	116,146		$	(27,768	)	$	88,378
Other comprehensive income (loss)		(1,425	)		244			(1,181	)


March 31, 2014	$	114,721		$	(27,524	)	$	87,197


December 31, 2012	$	62,807		$	(38,234	)	$	24,573
Other comprehensive income (loss)		(32,067	)		22,445			(9,622	)


March 31, 2013	$	30,740		$	(15,789	)	$	14,951

Supplemental Condensed Consolidating Statement of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities
Cash provided by (used in) operating activities	$ (1,183)	$ (4,465)
Cash flows from investing activities
Capital expenditures	(41,141)	(16,941)
Proceeds from capital expenditures subsidy		6,575
Payment for working capital adjustment from sale of business	(700)
Advance payment refunded		(2,711)
Distributions from unconsolidated affiliates	978	1,055
Investments in subsidiaries
Intercompany investing activities
Decrease in restricted cash		7,852
Cash used in investing activities	(40,863)	(4,170)
Cash flows from financing activities
Deferred financing fees		(44,638)
Intercompany short-term borrowings, net
Short-term borrowings, net	(14,837)	(8,508)
Repayments of Term Loans		(1,239,000)
Contributions from parent companies
Proceeds from the issuance of Senior Notes		1,325,000
Proceeds from issuance of intercompany indebtedness
Proceeds from Accounts Receivable Securitization Facility	60,971	61,039
Repayments of Accounts Receivable Securitization Facility	(61,538)	(45,053)
Proceeds from Revolving Facility		285,000
Repayments of Revolving Facility		(405,000)
Cash used in financing activities	(15,404)	(71,160)
Effect of exchange rates on cash	36	(1,532)
Net change in cash and cash equivalents	(57,414)	(81,327)
Cash and cash equivalents-beginning of period	196,503	236,357
Cash and cash equivalents-end of period	139,089	155,030
Parent Guarantor
Cash flows from operating activities
Cash provided by (used in) operating activities	(15)	(16)
Cash flows from investing activities
Capital expenditures
Proceeds from capital expenditures subsidy
Payment for working capital adjustment from sale of business
Advance payment refunded
Distributions from unconsolidated affiliates
Investments in subsidiaries
Intercompany investing activities
Decrease in restricted cash
Cash used in investing activities
Cash flows from financing activities
Deferred financing fees
Intercompany short-term borrowings, net	30	16
Short-term borrowings, net
Repayments of Term Loans
Contributions from parent companies
Proceeds from the issuance of Senior Notes
Proceeds from issuance of intercompany indebtedness
Proceeds from Accounts Receivable Securitization Facility
Repayments of Accounts Receivable Securitization Facility
Proceeds from Revolving Facility
Repayments of Revolving Facility
Cash used in financing activities	30	16
Effect of exchange rates on cash
Net change in cash and cash equivalents	15
Cash and cash equivalents-beginning of period	2	3
Cash and cash equivalents-end of period	17	3
Issuers
Cash flows from operating activities
Cash provided by (used in) operating activities	(33,173)	23,240
Cash flows from investing activities
Capital expenditures
Proceeds from capital expenditures subsidy
Payment for working capital adjustment from sale of business
Advance payment refunded
Distributions from unconsolidated affiliates
Investments in subsidiaries	(10,000)
Intercompany investing activities
Decrease in restricted cash
Cash used in investing activities	(10,000)
Cash flows from financing activities
Deferred financing fees		(44,638)
Intercompany short-term borrowings, net	44,908	29,192
Short-term borrowings, net	(2,188)	(2,124)
Repayments of Term Loans		(1,239,000)
Contributions from parent companies
Proceeds from the issuance of Senior Notes		1,325,000
Proceeds from issuance of intercompany indebtedness
Proceeds from Accounts Receivable Securitization Facility
Repayments of Accounts Receivable Securitization Facility
Proceeds from Revolving Facility		285,000
Repayments of Revolving Facility		(405,000)
Cash used in financing activities	42,720	(51,570)
Effect of exchange rates on cash	2	89
Net change in cash and cash equivalents	(451)	(28,241)
Cash and cash equivalents-beginning of period	954	29,411
Cash and cash equivalents-end of period	503	1,170
Guarantor Subsidiaries
Cash flows from operating activities
Cash provided by (used in) operating activities	14,291	(32,373)
Cash flows from investing activities
Capital expenditures	(38,254)	(15,153)
Proceeds from capital expenditures subsidy		6,575
Payment for working capital adjustment from sale of business	(700)
Advance payment refunded
Distributions from unconsolidated affiliates	978	1,055
Investments in subsidiaries
Intercompany investing activities	(76,566)	(73,348)
Decrease in restricted cash
Cash used in investing activities	(114,542)	(80,871)
Cash flows from financing activities
Deferred financing fees
Intercompany short-term borrowings, net	13,050	38,728
Short-term borrowings, net	(70)
Repayments of Term Loans
Contributions from parent companies	10,000
Proceeds from the issuance of Senior Notes
Proceeds from issuance of intercompany indebtedness	13,000
Proceeds from Accounts Receivable Securitization Facility
Repayments of Accounts Receivable Securitization Facility
Proceeds from Revolving Facility
Repayments of Revolving Facility
Cash used in financing activities	35,980	38,728
Effect of exchange rates on cash	322	(1,415)
Net change in cash and cash equivalents	(63,949)	(75,931)
Cash and cash equivalents-beginning of period	154,770	182,088
Cash and cash equivalents-end of period	90,821	106,157
Non-Guarantor Subsidiaries
Cash flows from operating activities
Cash provided by (used in) operating activities	17,714	4,684
Cash flows from investing activities
Capital expenditures	(2,887)	(1,788)
Proceeds from capital expenditures subsidy
Payment for working capital adjustment from sale of business
Advance payment refunded		(2,711)
Distributions from unconsolidated affiliates
Investments in subsidiaries
Intercompany investing activities
Decrease in restricted cash		7,852
Cash used in investing activities	(2,887)	3,353
Cash flows from financing activities
Deferred financing fees
Intercompany short-term borrowings, net	5,578	5,412
Short-term borrowings, net	(12,579)	(6,384)
Repayments of Term Loans
Contributions from parent companies
Proceeds from the issuance of Senior Notes
Proceeds from issuance of intercompany indebtedness
Proceeds from Accounts Receivable Securitization Facility	60,971	61,039
Repayments of Accounts Receivable Securitization Facility	(61,538)	(45,053)
Proceeds from Revolving Facility
Repayments of Revolving Facility
Cash used in financing activities	(7,568)	15,014
Effect of exchange rates on cash	(288)	(206)
Net change in cash and cash equivalents	6,971	22,845
Cash and cash equivalents-beginning of period	40,777	24,855
Cash and cash equivalents-end of period	47,748	47,700
Eliminations
Cash flows from operating activities
Cash provided by (used in) operating activities
Cash flows from investing activities
Capital expenditures
Proceeds from capital expenditures subsidy
Payment for working capital adjustment from sale of business
Advance payment refunded
Distributions from unconsolidated affiliates
Investments in subsidiaries	10,000
Intercompany investing activities	76,566	73,348
Decrease in restricted cash
Cash used in investing activities	86,566	73,348
Cash flows from financing activities
Deferred financing fees
Intercompany short-term borrowings, net	(63,566)	(73,348)
Short-term borrowings, net
Repayments of Term Loans
Contributions from parent companies	(10,000)
Proceeds from the issuance of Senior Notes
Proceeds from issuance of intercompany indebtedness	(13,000)
Proceeds from Accounts Receivable Securitization Facility
Repayments of Accounts Receivable Securitization Facility
Proceeds from Revolving Facility
Repayments of Revolving Facility
Cash used in financing activities	(86,566)	(73,348)
Effect of exchange rates on cash
Net change in cash and cash equivalents
Cash and cash equivalents-beginning of period
Cash and cash equivalents-end of period

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 139,089	$ 196,503
Accounts receivable, net of allowance for doubtful accounts (March 31, 2014-$6,700; December 31, 2013-$5,866)	796,601	717,482
Inventories	509,773	530,191
Deferred income tax assets	7,170	9,820
Other current assets	24,417	22,750
Total current assets	1,477,050	1,476,746
Investments in unconsolidated affiliates	164,859	155,887
Property, plant and equipment, net of accumulated depreciation (March 31, 2014-$302,301; December 31, 2013-$283,795)	596,599	606,427
Other assets
Goodwill	37,254	37,273
Other intangible assets, net	194,073	171,514
Deferred income tax assets-noncurrent	43,433	42,938
Deferred charges and other assets	80,784	83,996
Total other assets	355,544	335,721
Total assets	2,594,052	2,574,781
Current liabilities
Short-term borrowings	9,814	8,754
Accounts payable	529,119	509,093
Income taxes payable	9,065	9,683
Deferred income tax liabilities	2,549	2,903
Accrued expenses and other current liabilities	112,605	136,129
Total current liabilities	663,152	666,562
Noncurrent liabilities
Long-term debt	1,327,607	1,327,667
Deferred income tax liabilities-noncurrent	31,201	26,932
Other noncurrent obligations	210,296	210,418
Total noncurrent liabilities	1,569,104	1,565,017
Commitments and contingencies (Note J)
Shareholder's equity
Common stock, $0.01 nominal value, 16,275,329 shares authorized, issued and outstanding at March 31, 2014 and December 31, 2013	162,753	162,753
Additional paid-in-capital	179,364	176,675
Accumulated deficit	(67,518)	(84,604)
Accumulated other comprehensive income	87,197	88,378
Total shareholder's equity	361,796	343,202
Total liabilities and shareholder's equity	$ 2,594,052	$ 2,574,781