Trinseo PLC Files 2023 Annual Report on Form 10-K

Ticker: TSEOF · Form: 10-K · Filed: Feb 23, 2024 · CIK: 1519061

Trinseo PLC 10-K Filing Summary
FieldDetail
CompanyTrinseo PLC (TSEOF)
Form Type10-K
Filed DateFeb 23, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Annual Report, Trinseo PLC, Financials, Plastics

TL;DR

<b>Trinseo PLC has submitted its comprehensive 2023 annual report (10-K) detailing financial performance and operational aspects.</b>

AI Summary

Trinseo PLC (TSEOF) filed a Annual Report (10-K) with the SEC on February 23, 2024. Trinseo PLC filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the company's financial performance and business operations. Key financial data and risk factors are detailed within the report. The company's principal executive offices are located in Wayne, PA. Trinseo PLC was formerly known as Trinseo S.A. and Bain Capital Everest (Luxco 2) S.a r.l.

Why It Matters

For investors and stakeholders tracking Trinseo PLC, this filing contains several important signals. This 10-K filing provides investors with a detailed overview of Trinseo's financial health, strategic initiatives, and potential risks for the fiscal year 2023. Understanding the information within this report is crucial for assessing the company's current standing and future outlook in the plastics and materials sector.

Risk Assessment

Risk Level: medium — Trinseo PLC shows moderate risk based on this filing. The company operates in the plastics and materials sector, which is subject to market volatility and regulatory changes, as indicated by the nature of a 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to evaluate Trinseo's performance and strategic direction.

Key Numbers

  • 20231231 — Fiscal Year End (Reported period)
  • 20240223 — Filing Date (Date of submission)
  • 001-36473 — SEC File Number (SEC filing identifier)

Key Players & Entities

  • Trinseo PLC (company) — Filer name
  • Trinseo S.A. (company) — Former company name
  • Bain Capital Everest (Luxco 2) S.a r.l. (company) — Former company name
  • Wayne, PA (location) — Business address city and state

FAQ

When did Trinseo PLC file this 10-K?

Trinseo PLC filed this Annual Report (10-K) with the SEC on February 23, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Trinseo PLC (TSEOF).

Where can I read the original 10-K filing from Trinseo PLC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Trinseo PLC.

What are the key takeaways from Trinseo PLC's 10-K?

Trinseo PLC filed this 10-K on February 23, 2024. Key takeaways: Trinseo PLC filed its 10-K report for the fiscal year ending December 31, 2023.. The filing covers the company's financial performance and business operations.. Key financial data and risk factors are detailed within the report..

Is Trinseo PLC a risky investment based on this filing?

Based on this 10-K, Trinseo PLC presents a moderate-risk profile. The company operates in the plastics and materials sector, which is subject to market volatility and regulatory changes, as indicated by the nature of a 10-K filing.

What should investors do after reading Trinseo PLC's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to evaluate Trinseo's performance and strategic direction. The overall sentiment from this filing is neutral.

How does Trinseo PLC compare to its industry peers?

Trinseo PLC operates in the plastics, materials, synthetic resins, and non-vulcanized elastomers industry.

Are there regulatory concerns for Trinseo PLC?

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

Industry Context

Trinseo PLC operates in the plastics, materials, synthetic resins, and non-vulcanized elastomers industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

  1. Review Trinseo PLC's detailed financial statements for the fiscal year 2023.
  2. Analyze the risk factors section to understand potential challenges and uncertainties.
  3. Compare key performance indicators with previous periods and industry benchmarks.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
  • 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K report, providing the latest annual financial and operational data for Trinseo PLC.

Filing Stats: 4,329 words · 17 min read · ~14 pages · Grade level 16.9 · Accepted 2024-02-23 12:54:10

Key Financial Figures

  • $0.01 — Registered Ordinary Shares, par value $0.01 per share TSE New York Stock Exchan

Filing Documents

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 20 Item 1B . Unresolved Staff Comments 36 Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 39 Item 4. Mine Safety Disclosures Error! Bookmark not defined. Part II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities 39 Item 6. Reserved 41 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 63 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 63 Item 9A.

Controls and Procedures

Controls and Procedures 63 Item 9B. Other Information 64 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 64 Part III Item 10. Directors, Executive Officers and Corporate Governance 64 Item 11.

Executive Compensation

Executive Compensation 64 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 64 Item 13. Certain Relationships and Related Transactions, and Director Independence 65 Item 14. Principal Accounting Fees and Services 65 Part IV Item 15. Exhibits, Financial Statement Schedules 66 Item 16. Form 10-K Summary 71

Signatures

Signatures 72 Index to Consolidated Financial Statements F-1 3 Table of Contents Trinseo PLC Form 10-K Annual Report For the Fiscal Year Ended December 31, 2023 Unless otherwise indicated or required by context, as used in this Annual Report on Form 10-K ("Annual 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 Annual Report is the financial data of Trinseo PLC, unless otherwise indicated. Prior to the formation of Trinseo S.A., 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. See Item 5, "Ireland Tax Considerations," for further information. Definitions of capitalized terms not defined herein appear in the notes to our consolidated financial statements. Specifically, refer to Note 17 in the consolidated financial statements for definitions of the Company's debt facilities. 4 Table of Contents PART I

Business

Business The Company Trinseo PLC (NYSE: TSE) is a public limited company existing under the laws of Ireland. On October 8, 2021, our former publicly-traded parent entity, Trinseo S.A., was merged with and into Trinseo PLC, with Trinseo PLC as the surviving entity. Prior to the formation of Trinseo S.A., our business was wholly owned by The Dow Chemical Company, which, together with its affiliates, we refer to as "Dow," and we refer to our predecessor business as "the Styron business." In 2010, the Styron business was sold by Dow to investment funds advised or managed by affiliates of Bain Capital Partners, LP (the "Dow Separation") and Trinseo S.A. was formed and subsequently began trading on the NYSE in June 2014. In 2016, Bain Capital fully divested its ownership in the Company. We are a specialty material solutions provider with a focus on partnering with companies to bring ideas to life in an imaginative, smart, and sustainability-focused manner. We have leading market positions in many of the markets in which we compete. Our products are incorporated into a wide range of our customers' products throughout the world, including products for building and construction, automotive applications, paper and board, appliances, packaging, textile, and consumer electronics, among others. 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 manufacturing costs, but provide critical functionality to the finished product and are often specifically developed to customer specifications. Therefore, we seek to regularly develop new and improved products and processes, supported by our intellectual property portfolio and manufacturing know-how, designed to enhance our customers' product offerin

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