10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001604665-15-000019`
Period End Date	20150630
Filing Date	20150805
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	wlkp-20150630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 33 Cash Flow Statement 31 Stockholders Equity 14

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$137.29M	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, netWestlake Chemical Corporation (Westlake)	`AccountsReceivableRelatedPartiesCurrent`	$35.88M	USD	Point-in-time
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$37.52M	USD	Point-in-time
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$22.07M	USD	Point-in-time
Inventories	`InventoryNet`	$6.63M	USD	Point-in-time
Inventories	`InventoryNet`	$3.86M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$30.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$212.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$196.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$199.13M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$914.27M	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`	$44.20M	USD	Point-in-time
Total other assets, net	`OtherAssetsNoncurrent`	$57.73M	USD	Point-in-time
Total other assets, net	`OtherAssetsNoncurrent`	$50.02M	USD	Point-in-time
Total assets	`Assets`	$1.10B	USD	Point-in-time
Total assets	`Assets`	$1.16B	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$14.52M	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$7.47M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$12.61M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$22.42M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$11.90M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$17.46M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$31.98M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$54.40M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$280.99M	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
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.61M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$35.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$15.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$261.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$337.04M	USD	Point-in-time
Commitments and contingencies (Notes 9 and 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 9 and 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$87.52M	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$91.37M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo)	`MinorityInterestInLimitedPartnerships`	$747.43M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo)	`MinorityInterestInLimitedPartnerships`	$735.01M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$834.95M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$376.54M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$826.38M	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`	$1.16B	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Net sales - Westlake	`RevenueFromRelatedParties`	$413.58M	USD	2 Qtrs
Net sales - Westlake	`RevenueFromRelatedParties`	$204.67M	USD	1 Quarter
Net co-product, ethylene and feedstock salesthird parties	`OtherSalesRevenueNet`	$47.04M	USD	1 Quarter
Net co-product, ethylene and feedstock salesthird parties	`OtherSalesRevenueNet`	$96.51M	USD	2 Qtrs
Total net sales	`SalesRevenueNet`	$251.71M	USD	1 Quarter
Total net sales	`SalesRevenueNet`	$510.10M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$157.18M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$319.34M	USD	2 Qtrs
Gross profit	`GrossProfit`	$190.75M	USD	2 Qtrs
Gross profit	`GrossProfit`	$94.53M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$11.99M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$88.53M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$178.76M	USD	2 Qtrs
Interest expenseWestlake	`InterestExpenseRelatedParty`	$1.36M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$2.74M	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$38.00K	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$33.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$176.06M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$87.20M	USD	1 Quarter
(Benefit from) provision for income taxes	`IncomeTaxExpenseBenefit`	$-41.00K	USD	1 Quarter
(Benefit from) provision for income taxes	`IncomeTaxExpenseBenefit`	$426.00K	USD	2 Qtrs
Net income	`ProfitLoss`	$87.24M	USD	1 Quarter
Net income	`ProfitLoss`	$297.72M	USD	2 Qtrs
Net income	`ProfitLoss`	$175.63M	USD	2 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$76.80M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$156.69M	USD	2 Qtrs
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$18.94M	USD	2 Qtrs
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$10.44M	USD	1 Quarter
Income per limited partner unit (usd per share)	`EarningsPerShareBasicAndDiluted`	$0.70	USD	2 Qtrs
Income per limited partner unit (usd per share)	`EarningsPerShareBasicAndDiluted`	$0.39	USD	1 Quarter
Weighted average limited partner units outstanding (shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.06M	shares	1 Quarter
Weighted average limited partner units outstanding (shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.06M	shares	2 Qtrs

Cash Flow Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$87.24M	USD	1 Quarter
Net income	`ProfitLoss`	$297.72M	USD	2 Qtrs
Net income	`ProfitLoss`	$175.63M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$40.20M	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$170.00K	USD	2 Qtrs
Loss from disposition of fixed assets	`GainLossOnDispositionOfAssets`	$-124.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-234.00K	USD	2 Qtrs
Income from equity method investment, net of dividends	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	-	USD	2 Qtrs
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-15.28M	USD	2 Qtrs
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$10.30M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-2.78M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-182.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.41M	USD	2 Qtrs
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.38M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$709.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$229.90M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$95.51M	USD	2 Qtrs
Settlements of derivative instruments	`PaymentsForProceedsFromDerivativeInstrumentInvestingActivities`	-	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-95.51M	USD	2 Qtrs
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$188.69M	USD	2 Qtrs
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	$135.34M	USD	2 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$169.10M	USD	2 Qtrs
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$15.10M	USD	2 Qtrs
Net distributions to Westlake prior to initial public offering	`PaymentsOfDistributionsToAffiliates`	-	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-130.84M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.54M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$137.29M	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`	$137.29M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$133.75M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$834.95M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$376.54M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$826.38M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$455.43M	USD	Point-in-time
Net income	`ProfitLoss`	$87.24M	USD	1 Quarter
Net income	`ProfitLoss`	$297.72M	USD	2 Qtrs
Net income	`ProfitLoss`	$175.63M	USD	2 Qtrs
Net distributions to Westlake	`PartnersCapitalAccountDistributions`	$376.61M	USD	2 Qtrs
Quarterly distributions to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$15.10M	USD	2 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$169.10M	USD	2 Qtrs
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$834.95M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$376.54M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$826.38M	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.