v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

NOTE 12—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.

The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024:

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June 30, 2025

Liabilities at Fair Value

    

Level 1 (1)

    

Level 2 (2)

    

Level 3 (3)

    

Total

Foreign exchange forward contracts—Liabilities

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$

—

​

$

9.4

​

$

—

​

$

9.4

Commodity cash flow hedges—Liabilities

​

​

—

​

​

0.9

​

​

—

​

​

0.9

Total fair value

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$

—

​

$

10.3

​

$

—

​

$

10.3

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

Assets (Liabilities) at Fair Value

    

Level 1 (1)

    

Level 2 (2)

    

Level 3 (3)

    

Total

Foreign exchange forward contracts—Assets

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$

—

    

$

4.6

    

$

—

    

$

4.6

Commodity economic hedges—(Liabilities)

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​

—

​

​

(1.0)

​

​

—

​

​

(1.0)

Commodity cash flow hedges—(Liabilities)

​

​

—

​

​

(0.5)

​

​

—

​

​

(0.5)

Total fair value

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$

—

​

$

3.1

​

$

—

​

$

3.1

(1)Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.
(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.
(3)Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

The Company uses an income approach to value its derivative instruments, utilizing discounted cash flow techniques, considering the terms of the contract and observable market information available as of the reporting date, such as interest rate yield curves and currency spot and forward rates. Significant inputs to the valuation for these derivative instruments 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.

Nonrecurring Fair Value Measurements

The Company measured certain financial assets at fair value on a nonrecurring basis during the year ended December 31, 2024, which were still held as of June 30, 2025. These financial assets represent the Company’s styrene monomer assets in Boehlen, Germany, operated until the fourth quarter of 2022 when the Company closed the plant in connection with the Asset Restructuring Plan. During the six months ended June 30, 2025, the plant was fully decommissioned and demolished, and all assets were written off through restructuring charges. Refer to Note 4 for further information. These assets were measured at fair value using underlying fixed asset records in conjunction with the use of industry experience and available market data, which are classified as Level 3 significant unobservable inputs in the fair value hierarchy. As of December 31, 2024, the value of the Boehlen styrene monomer assets were recorded at $3.1 million within the Company’s condensed consolidated balance sheet herein.

There were no other financial assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2024.

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 June 30, 2025 and December 31, 2024:

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As of

​

As of

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June 30, 2025

    

December 31, 2024

2028 Refinance Term Loans

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$

1,246.8

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$

1,129.7

2028 Term Loan B

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​

315.7

​

​

446.7

2029 Refinance Senior Notes

​

​

260.0

​

​

—

2029 Senior Notes

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​

—

​

​

279.6

2025 Senior Notes

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​

—

​

​

114.8

Total fair value

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$

1,822.5

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$

1,970.8

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The fair value of the Company’s debt facilities above (each Level 2 securities) is determined using over-the-counter market quotes and benchmark yields received from independent vendors. The fair value amount presented reflect the Company’s carrying value of debt, net of original issuance discount.

There were no other significant financial instruments outstanding as of June 30, 2025 and December 31, 2024.