10-K Filing

Westlake Chemical Partners LP CIK: 1604665 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0001604665-15-000007`
Period End Date	20141231
Filing Date	20150309
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	wlkp-20141231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 32 Income Statement 29 Cash Flow Statement 35 Stockholders Equity 20

Balance Sheet 32 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.75M	USD	Point-in-time
Accounts receivable, netWestlake Chemical Corporation (Westlake)	`AccountsReceivableRelatedPartiesCurrent`	$18.53M	USD	Point-in-time
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$37.52M	USD	Point-in-time
Inventories	`InventoryNet`	$6.63M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$212.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$196.65M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$842.06M	USD	Point-in-time
Equity investment	`EquityMethodInvestments`	-	USD	Point-in-time
Goodwill and intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$5.81M	USD	Point-in-time
Deferred charges and other assets	`DeferredCostsAndOtherAssets`	$51.92M	USD	Point-in-time
Total other assets, net	`OtherAssetsNoncurrent`	$57.73M	USD	Point-in-time
Total assets	`Assets`	$1.10B	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$7.47M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$12.61M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$11.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$31.98M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$227.64M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.85M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$15.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$261.49M	USD	Point-in-time
Commitments and contingencies (Notes 9 and 19)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Net investment	`NetInvestmentInPartnership`	-	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$87.52M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo)	`MinorityInterestInLimitedPartnerships`	$747.43M	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`	$834.95M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$216.71M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$608.37M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.10B	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net sales - Westlake	`RevenueFromRelatedParties`	$1.29B	USD	Annual
Net co-products, ethylene and feedstock salesthird parties	`OtherSalesRevenueNet`	$457.61M	USD	Annual
Net sales	`SalesRevenueNet`	$1.75B	USD	Annual
Net sales	`SalesRevenueNet`	$392.01M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$273.54M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$1.00B	USD	Annual
Gross profit	`GrossProfit`	$101.96M	USD	1 Quarter
Gross profit	`GrossProfit`	$745.81M	USD	Annual
Gross profit	`GrossProfit`	$164.99M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$29.26M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$95.51M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$716.56M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$156.13M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$10.50M	USD	Annual
Other income, net	`NonoperatingIncomeExpense`	$3.15M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxes`	$709.21M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$199.39M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.06M	USD	2 Qtrs
Net income	`ProfitLoss`	$148.49M	USD	2 Qtrs
Net income	`ProfitLoss`	$546.55M	USD	Annual
Net income	`ProfitLoss`	$395.92M	USD	Annual
Net income	`ProfitLoss`	$361.33M	USD	2 Qtrs
Net income	`ProfitLoss`	$509.82M	USD	Annual
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$134.91M	USD	2 Qtrs
Limited partners' interest in net income subsequent to IPO	`NetIncomeLoss`	$93.93M	USD	1 Quarter
Limited partners' interest in net income subsequent to IPO	`NetIncomeLoss`	$13.58M	USD	2 Qtrs
Limited partners' interest in net income subsequent to IPO	`NetIncomeLoss`	$118.17M	USD	1 Quarter
Income per limited partner unit (usd per unit)	`EarningsPerShareBasicAndDiluted`	$0.50	USD	2 Qtrs
Weighted average limited partner units outstanding (units)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.06M	shares	2 Qtrs

Cash Flow Statement 35 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$148.49M	USD	2 Qtrs
Net income	`ProfitLoss`	$546.55M	USD	Annual
Net income	`ProfitLoss`	$395.92M	USD	Annual
Net income	`ProfitLoss`	$361.33M	USD	2 Qtrs
Net income	`ProfitLoss`	$509.82M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$77.61M	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$65.00K	USD	Annual
Loss from disposition of fixed assets	`GainLossOnDispositionOfAssets`	$-1.54M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$265.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$8.61M	USD	Annual
Income from equity method investment, net of dividends	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-1.07M	USD	Annual
Accounts receivable - third parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$31.55M	USD	Annual
Net accounts receivable - Westlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$11.06M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-24.69M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$624.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-4.92M	USD	Annual
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$20.17M	USD	Annual
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-8.59M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$604.01M	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$202.82M	USD	Annual
Settlements of derivative instruments	`PaymentsForProceedsFromDerivativeInstrumentInvestingActivities`	$133.00K	USD	Annual
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-202.96M	USD	Annual
Net distributions to Westlake prior to initial public offering	`PaymentsOfDistributionsToAffiliates`	$448.10M	USD	Annual
Repayment of debt payable to Westlake with proceeds from the initial public offering	`RepaymentsOfRelatedPartyDebt`	$78.94M	USD	Annual
Net proceeds from issuance of common units	`ProceedsFromIssuanceOfCommonLimitedPartnersUnits`	$286.09M	USD	Annual
Proceeds from initial public offering distributed to Westlake	`PaymentsOfCapitalDistribution`	$151.73M	USD	Annual
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$181.64M	USD	Annual
Quarterly distribution for the period from August 4, 2014 to September 30, 2014 to noncontrolling interest retained in OpCo by Westlake	`PaymentsOfDividendsMinorityInterest`	$51.66M	USD	Annual
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$4.61M	USD	Annual
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-267.31M	USD	Annual
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$133.75M	USD	Annual
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$133.75M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$133.75M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$455.43M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$273.81M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$834.95M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$216.71M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$608.37M	USD	Point-in-time
Net income	`ProfitLoss`	$148.49M	USD	2 Qtrs
Net income	`ProfitLoss`	$546.55M	USD	Annual
Net income	`ProfitLoss`	$395.92M	USD	Annual
Net income	`ProfitLoss`	$361.33M	USD	2 Qtrs
Net income	`ProfitLoss`	$509.82M	USD	Annual
Net distributions to Westlake	`PartnersCapitalAccountDistributions`	$603.53M	USD	Annual
Net distributions to Westlake	`PartnersCapitalAccountDistributions`	$4.61M	USD	2 Qtrs
Net distributions to Westlake	`PartnersCapitalAccountDistributions`	$448.10M	USD	2 Qtrs
Net distributions to Westlake	`PartnersCapitalAccountDistributions`	$338.81M	USD	Annual
Contribution of debt payable to Westlake into net investment	`PartnersCapitalAccountContributions`	$238.60M	USD	Annual
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$455.43M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$273.81M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$834.95M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$216.71M	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.