10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001604665-14-000011`
Period End Date	20140930
Filing Date	20141107
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	wlkp-20140930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 32 Income Statement 31 Cash Flow Statement 29 Stockholders Equity 19

Balance Sheet 32 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashEquivalentsAtCarryingValue`	$89.99M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$28.50M	USD	Point-in-time
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$29.61M	USD	Point-in-time
Inventories	`InventoryNet`	$5.55M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$303.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$153.95M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$806.65M	USD	Point-in-time
Equity investments	`EquityMethodInvestments`	-	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$5.81M	USD	Point-in-time
Deferred charges and other assets	`DeferredCostsAndOtherAssets`	$55.87M	USD	Point-in-time
Total other assets, net	`OtherAssetsNoncurrent`	$61.68M	USD	Point-in-time
Total assets	`Assets`	$1.02B	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$18.13M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$12.83M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$34.95M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$252.97M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$188.52M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.51M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$5.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$224.99M	USD	Point-in-time
Commitments and contingencies (Notes 10 and 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Net investment	`NetInvestmentInPartnership`	-	USD	Point-in-time
Partners' capital	`PartnersCapital`	$83.57M	USD	Point-in-time
Noncontrolling interest in OpCo	`MinorityInterestInLimitedPartnerships`	$713.71M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$492.76M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$797.29M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$455.43M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$273.81M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$608.37M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.02B	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net sales - Westlake	`RevenueFromRelatedParties`	$289.60M	USD	1 Quarter
Net sales - Westlake	`RevenueFromRelatedParties`	$1.09B	USD	3 Qtrs
Net co-product, ethylene and feedstock salesthird parties	`OtherSalesRevenueNet`	$387.60M	USD	3 Qtrs
Net co-product, ethylene and feedstock salesthird parties	`OtherSalesRevenueNet`	$102.41M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$1.48B	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$392.01M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$832.30M	USD	3 Qtrs
Cost of sales	`CostOfGoodsSold`	$227.01M	USD	1 Quarter
Gross profit	`GrossProfit`	$164.99M	USD	1 Quarter
Gross profit	`GrossProfit`	$643.85M	USD	3 Qtrs
Services received from Westlake and included in selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$22.80M	USD	3 Qtrs
Services received from Westlake and included in selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.86M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$156.13M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$621.05M	USD	3 Qtrs
Interest expenseWestlake	`InterestExpenseRelatedParty`	$2.14M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$9.83M	USD	3 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$486.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$3.13M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxes`	$614.35M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxes`	$154.48M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$36.31M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$198.46M	USD	3 Qtrs
Net income	`ProfitLoss`	$402.34M	USD	3 Qtrs
Net income	`ProfitLoss`	$361.33M	USD	2 Qtrs
Net income	`ProfitLoss`	$118.17M	USD	1 Quarter
Net income	`ProfitLoss`	$415.89M	USD	3 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$49.54M	USD	1 Quarter
Limited partners' interest in net income subsequent to IPO	`NetIncomeLoss`	$415.89M	USD	3 Qtrs
Limited partners' interest in net income subsequent to IPO	`NetIncomeLoss`	$5.01M	USD	1 Quarter
Income per limited partner unit	`EarningsPerShareBasicAndDiluted`	$0.19	USD	1 Quarter
Weighted average limited partner units outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.06M	shares	1 Quarter

Cash Flow Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$415.89M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$5.01M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$58.50M	USD	3 Qtrs
Provision for (recovery of) doubtful accounts	`ProvisionForRecoveryOfDoubtfulAccounts`	$65.00K	USD	3 Qtrs
Loss from disposition of fixed assets	`GainLossOnDispositionOfAssets`	$-1.24M	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$8.27M	USD	3 Qtrs
Equity in income of joint venture, net of dividends	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-1.07M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsAndOtherReceivables`	$23.64M	USD	3 Qtrs
Increase (Decrease) in Accounts Receivable, Related Parties	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$10.37M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-25.77M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$715.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-8.23M	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$7.63M	USD	3 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-10.50M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$485.99M	USD	3 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$144.35M	USD	3 Qtrs
Settlements of derivative instruments	`PaymentsForProceedsFromDerivativeInstrumentInvestingActivities`	$133.00K	USD	3 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-144.48M	USD	3 Qtrs
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$141.16M	USD	3 Qtrs
Repayment of debt payable to Westlake with proceeds from the initial public offering	`RepaymentsOfRelatedPartyDebt`	$78.94M	USD	3 Qtrs
Net proceeds from issuance of common units	`ProceedsFromIssuanceOfCommonLimitedPartnersUnits`	$286.09M	USD	3 Qtrs
Proceeds from initial public offering distributed to Westlake	`PaymentsOfCapitalDistribution`	$151.73M	USD	3 Qtrs
Net distributions to Westlake prior to initial public offering	`PaymentsOfDistributionsToAffiliates`	$448.10M	USD	3 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-251.52M	USD	3 Qtrs
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$89.99M	USD	3 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$89.99M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$89.99M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$492.76M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$797.29M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$455.43M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$273.81M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$608.37M	USD	Point-in-time
Contribution of debt payable to Westlake into net investment	`PartnersCapitalAccountContributions`	$238.60M	USD	3 Qtrs
Net income for the period	`ProfitLoss`	$402.34M	USD	3 Qtrs
Net income for the period	`ProfitLoss`	$361.33M	USD	2 Qtrs
Net income for the period	`ProfitLoss`	$118.17M	USD	1 Quarter
Net income for the period	`ProfitLoss`	$415.89M	USD	3 Qtrs
Net distributions to Westlake	`PartnersCapitalAccountDistributions`	$421.99M	USD	3 Qtrs
Net distributions to Westlake	`PartnersCapitalAccountDistributions`	$448.10M	USD	2 Qtrs
Proceeds from initial public offering, net of finance and other offering costs	`PartnersCapitalAccountPublicSaleOfUnits`	$286.09M	USD	3 Qtrs
Distribution to the noncontrolling interest in OpCo	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$151.73M	USD	3 Qtrs
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$492.76M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$797.29M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$455.43M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$273.81M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$608.37M	USD	Point-in-time

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