10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001604665-15-000014`
Period End Date	20150331
Filing Date	20150506
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	wlkp-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 17 Cash Flow Statement 28 Stockholders Equity 13

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$144.92M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.75M	USD	Point-in-time
Accounts receivable, netWestlake Chemical Corporation (Westlake)	`AccountsReceivableRelatedPartiesCurrent`	$37.98M	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
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$17.00M	USD	Point-in-time
Inventories	`InventoryNet`	$6.63M	USD	Point-in-time
Inventories	`InventoryNet`	$4.56M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$212.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$122.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$196.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$204.58M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$866.55M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$842.06M	USD	Point-in-time
Goodwill	`Goodwill`	$5.81M	USD	Point-in-time
Goodwill	`Goodwill`	$5.81M	USD	Point-in-time
Deferred charges and other assets, net	`DeferredCostsAndOtherAssets`	$51.92M	USD	Point-in-time
Deferred charges and other assets, net	`DeferredCostsAndOtherAssets`	$48.02M	USD	Point-in-time
Total other assets, net	`OtherAssetsNoncurrent`	$57.73M	USD	Point-in-time
Total other assets, net	`OtherAssetsNoncurrent`	$53.83M	USD	Point-in-time
Total assets	`Assets`	$1.10B	USD	Point-in-time
Total assets	`Assets`	$1.12B	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$7.47M	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$12.42M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$15.57M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$12.61M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$6.59M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$11.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$34.58M	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
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$257.83M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.90M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.85M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$15.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$28.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$261.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$294.34M	USD	Point-in-time
Commitments and contingencies (Notes 9 and 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 9 and 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Partners' capital	`PartnersCapital`	$87.52M	USD	Point-in-time
Partners' capital	`PartnersCapital`	$88.58M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo)	`MinorityInterestInLimitedPartnerships`	$742.04M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo)	`MinorityInterestInLimitedPartnerships`	$747.43M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$830.62M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$407.09M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$834.95M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$455.43M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.10B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.12B	USD	Point-in-time

Income Statement 17 line items

Line Item	Tag	Value	Unit	Period
Net sales - Westlake	`RevenueFromRelatedParties`	$208.91M	USD	1 Quarter
Net co-product, ethylene and feedstock salesthird parties	`OtherSalesRevenueNet`	$49.48M	USD	1 Quarter
Total net sales	`SalesRevenueNet`	$258.39M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$162.16M	USD	1 Quarter
Gross profit	`GrossProfit`	$96.23M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.00M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$90.23M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$1.38M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$5.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$88.86M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$467.00K	USD	1 Quarter
Net income	`ProfitLoss`	$88.39M	USD	1 Quarter
Net income	`ProfitLoss`	$143.87M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$79.89M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$8.50M	USD	1 Quarter
Income per limited partner unit (usd per share)	`EarningsPerShareBasicAndDiluted`	$0.31	USD	1 Quarter
Weighted average limited partner units outstanding (shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.06M	shares	1 Quarter

Cash Flow Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$88.39M	USD	1 Quarter
Net income	`ProfitLoss`	$143.87M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$19.80M	USD	1 Quarter
Recovery of doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Loss from disposition of fixed assets	`GainLossOnDispositionOfAssets`	$-1.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$54.00K	USD	1 Quarter
Income from equity method investment, net of dividends	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	-	USD	1 Quarter
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-20.52M	USD	1 Quarter
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$14.50M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-2.07M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-90.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$589.00K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-3.48M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$307.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$113.23M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$39.54M	USD	1 Quarter
Settlements of derivative instruments	`PaymentsForProceedsFromDerivativeInstrumentInvestingActivities`	-	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-39.54M	USD	1 Quarter
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$30.19M	USD	1 Quarter
Quarterly distribution for the period from October 1, 2014 to December 31, 2014 to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$85.28M	USD	1 Quarter
Quarterly distribution for the period from October 1, 2014 to December 31, 2014 to unitholders	`PaymentsOfCapitalDistribution`	$7.44M	USD	1 Quarter
Net distributions to Westlake prior to initial public offering	`PaymentsOfDistributionsToAffiliates`	-	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-62.53M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$11.17M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$144.92M	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`	$144.92M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$133.75M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$830.62M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$407.09M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$834.95M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$455.43M	USD	Point-in-time
Net income	`ProfitLoss`	$88.39M	USD	1 Quarter
Net income	`ProfitLoss`	$143.87M	USD	1 Quarter
Net distributions to Westlake	`PartnersCapitalAccountDistributions`	$192.21M	USD	1 Quarter
Quarterly distribution for the period from October 1, 2014 to December 31, 2014 to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$7.44M	USD	1 Quarter
Quarterly distribution for the period from October 1, 2014 to December 31, 2014 to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$85.28M	USD	1 Quarter
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$830.62M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$407.09M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$834.95M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$455.43M	USD	Point-in-time

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