10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001604665-14-000003`
Period End Date	20140630
Filing Date	20140908
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	wlkp-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 48 Cash Flow Statement 50

Balance Sheet 44 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net	`ReceivablesNetCurrent`	$71.81M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$61.26M	USD	Point-in-time
Inventories	`InventoryNet`	$97.38M	USD	Point-in-time
Inventories	`InventoryNet`	$116.38M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$45.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$257.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$4.45M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$4.45M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$192.89M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$163.13M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$835.66M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$762.97M	USD	Point-in-time
Equity investments	`EquityMethodInvestments`	$10.41M	USD	Point-in-time
Equity investments	`EquityMethodInvestments`	$10.20M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$5.87M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$5.87M	USD	Point-in-time
Deferred charges and other assets	`DeferredCostsAndOtherAssets`	$60.19M	USD	Point-in-time
Deferred charges and other assets	`DeferredCostsAndOtherAssets`	$69.32M	USD	Point-in-time
Total other assets, net	`OtherAssetsNoncurrent`	$66.06M	USD	Point-in-time
Total other assets, net	`OtherAssetsNoncurrent`	$75.20M	USD	Point-in-time
Total assets	`Assets`	$1.08B	USD	Point-in-time
Total assets	`Assets`	$1.04B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$114.17M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$122.56M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$26.69M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$29.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$149.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$143.29M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$252.97M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$364.59M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$189.67M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$182.85M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$962.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$967.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$698.51M	USD	Point-in-time
Total liabilities	`Liabilities`	$586.04M	USD	Point-in-time
Commitments and contingencies (Notes 9 and 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 9 and 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Net investment	`PartnersCapital`	$376.54M	USD	Point-in-time
Net investment	`PartnersCapital`	$455.43M	USD	Point-in-time
Net investment	`PartnersCapital`	$273.81M	USD	Point-in-time
Net investment	`PartnersCapital`	$516.73M	USD	Point-in-time
Total liabilities and net investment	`LiabilitiesAndStockholdersEquity`	$1.04B	USD	Point-in-time
Total liabilities and net investment	`LiabilitiesAndStockholdersEquity`	$1.08B	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net ethylene salesWestlake	`RevenueFromRelatedParties`	$804.07M	USD	2 Qtrs
Net ethylene salesWestlake	`RevenueFromRelatedParties`	$415.03M	USD	1 Quarter
Net ethylene salesWestlake	`RevenueFromRelatedParties`	$389.56M	USD	1 Quarter
Net ethylene salesWestlake	`RevenueFromRelatedParties`	$798.96M	USD	2 Qtrs
Net co-product, ethylene and feedstock salesthird parties	`OtherSalesRevenueNet`	$221.61M	USD	2 Qtrs
Net co-product, ethylene and feedstock salesthird parties	`OtherSalesRevenueNet`	$109.10M	USD	1 Quarter
Net co-product, ethylene and feedstock salesthird parties	`OtherSalesRevenueNet`	$135.20M	USD	1 Quarter
Net co-product, ethylene and feedstock salesthird parties	`OtherSalesRevenueNet`	$285.19M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$1.03B	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$1.08B	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$524.76M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$524.13M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$605.29M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$277.59M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$286.60M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$597.51M	USD	2 Qtrs
Gross profit	`GrossProfit`	$246.55M	USD	1 Quarter
Gross profit	`GrossProfit`	$238.16M	USD	1 Quarter
Gross profit	`GrossProfit`	$478.86M	USD	2 Qtrs
Gross profit	`GrossProfit`	$428.17M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.76M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$12.94M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.17M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$13.94M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$415.23M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$464.92M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$231.39M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$240.38M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$4.11M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$1.65M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$2.60M	USD	2 Qtrs
Interest expenseWestlake	`InterestExpenseRelatedParty`	$7.70M	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$1.22M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$5.26M	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$1.40M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$2.65M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxes`	$417.89M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxes`	$459.87M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxes`	$237.67M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxes`	$230.96M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$81.92M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$148.13M	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$83.83M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$162.15M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$269.76M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$149.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$153.84M	USD	1 Quarter
Net income	`NetIncomeLoss`	$297.72M	USD	2 Qtrs

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$269.76M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$149.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$153.84M	USD	1 Quarter
Net income	`NetIncomeLoss`	$297.72M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$35.36M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$39.28M	USD	2 Qtrs
Provision for (recovery of) doubtful accounts	`ProvisionForRecoveryOfDoubtfulAccounts`	$-66.00K	USD	2 Qtrs
Provision for (recovery of) doubtful accounts	`ProvisionForRecoveryOfDoubtfulAccounts`	$65.00K	USD	2 Qtrs
Loss from disposition of fixed assets	`GainLossOnDispositionOfAssets`	$-1.24M	USD	2 Qtrs
Loss from disposition of fixed assets	`GainLossOnDispositionOfAssets`	$-1.38M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$18.24M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$6.81M	USD	2 Qtrs
Equity in loss of joint venture, net of dividends	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-215.00K	USD	2 Qtrs
Equity in loss of joint venture, net of dividends	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-216.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-9.26M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsAndOtherReceivables`	$2.29M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.52M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-19.00M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-212.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-30.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.48M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.58M	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-16.94M	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$208.00K	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-7.50M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$58.57M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$378.92M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$251.11M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$106.78M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$106.19M	USD	2 Qtrs
Settlements of derivative instruments	`PaymentsForProceedsFromDerivativeInstrumentInvestingActivities`	$290.00K	USD	2 Qtrs
Settlements of derivative instruments	`PaymentsForProceedsFromDerivativeInstrumentInvestingActivities`	$1.59M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-106.48M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-108.37M	USD	2 Qtrs
Proceeds from 2013 Promissory Notes	`ProceedsFromRelatedPartyDebt`	$104.17M	USD	2 Qtrs
Proceeds from 2013 Promissory Notes	`ProceedsFromRelatedPartyDebt`	$122.70M	USD	2 Qtrs
Net distributions to Westlake	`PaymentsOfDistributionsToAffiliates`	$376.61M	USD	2 Qtrs
Net distributions to Westlake	`PaymentsOfDistributionsToAffiliates`	$265.45M	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-272.44M	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-142.75M	USD	2 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	2 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	2 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.