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10-K Filing

Westlake Chemical Partners LP CIK: 1604665 FY 2015
Filing Information
Form Type 10-K
Accession Number 0001604665-16-000033
Period End Date 20151231
Filing Date 20160308
Fiscal Year 2015
Fiscal Period FY
XBRL Instance wlkp-20151231.xml
Balance Sheet 56 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
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $169.56M USD Point-in-time
Accounts receivable, netWestlake Chemical Corporation (Westlake) AccountsReceivableRelatedPartiesCurrent $18.53M USD Point-in-time
Accounts receivable, netWestlake Chemical Corporation (Westlake) AccountsReceivableRelatedPartiesCurrent $39.66M USD Point-in-time
Accounts receivable, netthird parties ReceivablesNetCurrent $11.93M USD Point-in-time
Accounts receivable, netthird parties ReceivablesNetCurrent $37.52M USD Point-in-time
Inventories InventoryNet $3.88M 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
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $267.00K USD Point-in-time
Total current assets AssetsCurrent $225.29M USD Point-in-time
Total current assets AssetsCurrent $196.65M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.02B 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 DeferredCostsAndOtherAssets $51.92M USD Point-in-time
Deferred charges and other assets DeferredCostsAndOtherAssets $38.78M USD Point-in-time
Total other assets, net OtherAssetsNoncurrent $44.59M USD Point-in-time
Total other assets, net OtherAssetsNoncurrent $57.73M USD Point-in-time
Total assets Assets $1.29B USD Point-in-time
Total assets Assets $1.10B USD Point-in-time
Accounts payableWestlake AccountsPayableRelatedPartiesCurrent $15.55M 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 $18.74M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $23.41M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $11.90M USD Point-in-time
Total current liabilities LiabilitiesCurrent $31.98M USD Point-in-time
Total current liabilities LiabilitiesCurrent $57.69M USD Point-in-time
Long-term debt payable to Westlake DueToRelatedPartiesNoncurrent $384.01M 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 $1.39M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $90.00K USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $15.00K USD Point-in-time
Total liabilities Liabilities $443.18M 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
Commitments and contingencies (Notes 9 and 19) CommitmentsAndContingencies - USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $280.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax - USD Point-in-time
Total Westlake Chemical Partners LP partners' capital PartnersCapital $96.56M 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 $750.61M USD Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo) MinorityInterestInLimitedPartnerships $747.43M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $834.95M 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 equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $847.17M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.29B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.10B USD Point-in-time
Weighted Average Number of Shares Outstanding, Basic and Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 27.06M shares 2 Qtrs
Weighted Average Number of Shares Outstanding, Basic and Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 27.06M shares Annual
Income Statement 60 line items
Line Item Tag Value Unit Period
Net sales - Westlake RevenueFromRelatedParties $834.92M USD Annual
Net sales - Westlake RevenueFromRelatedParties $1.29B USD Annual
Net co-products, ethylene and feedstock salesthird parties OtherSalesRevenueNet $457.61M USD Annual
Net co-products, ethylene and feedstock salesthird parties OtherSalesRevenueNet $172.30M USD Annual
Net sales SalesRevenueNet $392.01M USD 1 Quarter
Net sales SalesRevenueNet $273.54M USD 1 Quarter
Net sales SalesRevenueNet $251.71M USD 1 Quarter
Net sales SalesRevenueNet $248.51M USD 1 Quarter
Net sales SalesRevenueNet $248.62M USD 1 Quarter
Net sales SalesRevenueNet $1.01B USD Annual
Net sales SalesRevenueNet $1.75B USD Annual
Net sales SalesRevenueNet $258.39M USD 1 Quarter
Cost of sales CostOfGoodsSold $1.00B USD Annual
Cost of sales CostOfGoodsSold $624.34M USD Annual
Gross profit GrossProfit $94.14M USD 1 Quarter
Gross profit GrossProfit $96.23M USD 1 Quarter
Gross profit GrossProfit $97.98M USD 1 Quarter
Gross profit GrossProfit $94.53M USD 1 Quarter
Gross profit GrossProfit $745.81M USD Annual
Gross profit GrossProfit $382.88M USD Annual
Gross profit GrossProfit $101.96M USD 1 Quarter
Gross profit GrossProfit $164.99M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $23.55M USD Annual
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $29.26M USD Annual
Income from operations OperatingIncomeLoss $359.33M USD Annual
Income from operations OperatingIncomeLoss $156.13M USD 1 Quarter
Income from operations OperatingIncomeLoss $716.56M USD Annual
Income from operations OperatingIncomeLoss $88.31M USD 1 Quarter
Income from operations OperatingIncomeLoss $92.26M USD 1 Quarter
Income from operations OperatingIncomeLoss $88.53M USD 1 Quarter
Income from operations OperatingIncomeLoss $90.23M USD 1 Quarter
Income from operations OperatingIncomeLoss $95.51M USD 1 Quarter
Interest expenseWestlake InterestExpenseRelatedParty $10.50M USD Annual
Interest expenseWestlake InterestExpenseRelatedParty $4.97M USD Annual
Other income, net NonoperatingIncomeExpense $160.00K USD Annual
Other income, net NonoperatingIncomeExpense $3.15M USD Annual
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $354.52M 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 $672.00K USD Annual
Provision for income taxes IncomeTaxExpenseBenefit $1.06M USD 2 Qtrs
Net income ProfitLoss $509.82M USD Annual
Net income ProfitLoss $148.49M USD 2 Qtrs
Net income ProfitLoss $361.33M USD 2 Qtrs
Net income ProfitLoss $546.55M USD Annual
Net income ProfitLoss $353.85M USD Annual
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $314.02M 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 $13.58M USD 2 Qtrs
Limited partners' interest in net income subsequent to IPO NetIncomeLoss $87.24M USD 1 Quarter
Limited partners' interest in net income subsequent to IPO NetIncomeLoss $88.39M USD 1 Quarter
Limited partners' interest in net income subsequent to IPO NetIncomeLoss $39.83M USD Annual
Limited partners' interest in net income subsequent to IPO NetIncomeLoss $91.17M USD 1 Quarter
Limited partners' interest in net income subsequent to IPO NetIncomeLoss $87.05M USD 1 Quarter
Limited partners' interest in net income subsequent to IPO NetIncomeLoss $118.17M USD 1 Quarter
Limited partners' interest in net income subsequent to IPO NetIncomeLoss $93.93M USD 1 Quarter
Income per limited partner unit (usd per unit) EarningsPerShareBasicAndDiluted $1.47 USD Annual
Income per limited partner unit (usd per unit) EarningsPerShareBasicAndDiluted $0.50 USD 2 Qtrs
Weighted Average Number of Shares Outstanding, Basic and Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 27.06M shares 2 Qtrs
Weighted Average Number of Shares Outstanding, Basic and Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 27.06M shares Annual
Cash Flow Statement 65 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $509.82M USD Annual
Net income ProfitLoss $148.49M USD 2 Qtrs
Net income ProfitLoss $361.33M USD 2 Qtrs
Net income ProfitLoss $546.55M USD Annual
Net income ProfitLoss $353.85M USD Annual
Depreciation and amortization DepreciationDepletionAndAmortization $81.21M USD Annual
Depreciation and amortization DepreciationDepletionAndAmortization $77.61M USD Annual
Provision for doubtful accounts ProvisionForDoubtfulAccounts $65.00K USD Annual
Provision for doubtful accounts ProvisionForDoubtfulAccounts $170.00K USD Annual
Loss from disposition of property, plant and equipment GainLossOnDispositionOfAssets $-1.81M USD Annual
Loss from disposition of property, plant and equipment GainLossOnDispositionOfAssets $-1.54M USD Annual
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-456.00K USD Annual
Deferred income taxes DeferredIncomeTaxExpenseBenefit $8.61M USD Annual
Deferred income taxes DeferredIncomeTaxExpenseBenefit $265.00K USD 2 Qtrs
Income from equity method investment, net of dividends IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions $-1.07M USD Annual
Income from equity method investment, net of dividends IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions - USD Annual
Accounts receivable - third parties IncreaseDecreaseInAccountsAndOtherReceivables $31.55M USD Annual
Accounts receivable - third parties IncreaseDecreaseInAccountsAndOtherReceivables $-25.42M USD Annual
Net accounts receivable - Westlake IncreaseDecreaseInAccountsReceivableRelatedParties $11.06M USD Annual
Net accounts receivable - Westlake IncreaseDecreaseInAccountsReceivableRelatedParties $11.84M USD Annual
Inventories IncreaseDecreaseInInventories $-2.75M USD Annual
Inventories IncreaseDecreaseInInventories $-24.69M USD Annual
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets $55.00K USD Annual
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets $624.00K USD Annual
Accounts payable IncreaseDecreaseInAccountsPayable $836.00K USD Annual
Accounts payable IncreaseDecreaseInAccountsPayable $-4.92M USD Annual
Accrued and other liabilities IncreaseDecreaseInAccruedLiabilities $2.32M USD Annual
Accrued and other liabilities IncreaseDecreaseInAccruedLiabilities $20.17M USD Annual
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $-8.59M USD Annual
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $3.49M USD Annual
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $452.54M USD Annual
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $604.01M USD Annual
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $202.82M USD Annual
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $231.19M USD Annual
Settlements of derivative instruments PaymentsForProceedsFromDerivativeInstrumentInvestingActivities - USD Annual
Settlements of derivative instruments PaymentsForProceedsFromDerivativeInstrumentInvestingActivities $133.00K USD Annual
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-231.19M USD Annual
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-202.96M USD Annual
Proceeds from debt payable to Westlake ProceedsFromRelatedPartyDebt $181.64M USD Annual
Proceeds from debt payable to Westlake ProceedsFromRelatedPartyDebt $291.71M USD Annual
Repayment of debt payable to Westlake RepaymentsOfRelatedPartyDebt - USD Annual
Repayment of debt payable to Westlake RepaymentsOfRelatedPartyDebt - USD Annual
Repayment of debt payable to Westlake RepaymentsOfRelatedPartyDebt $135.34M USD Annual
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake PaymentsToMinorityShareholders $310.84M USD Annual
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake PaymentsToMinorityShareholders $51.66M USD Annual
Quarterly distributions to unitholders DistributionMadeToLimitedPartnerCashDistributionsPaid $4.61M USD Annual
Quarterly distributions to unitholders DistributionMadeToLimitedPartnerCashDistributionsPaid $31.07M USD Annual
Repayment of related party debt with proceeds from the initial public offering Repaymentofrelatedpartydebtwithproceedsfromtheinitialpublicoffering - USD Annual
Repayment of related party debt with proceeds from the initial public offering Repaymentofrelatedpartydebtwithproceedsfromtheinitialpublicoffering $78.94M USD Annual
Net proceeds from issuance of common units ProceedsFromIssuanceOfCommonLimitedPartnersUnits - USD Annual
Net proceeds from issuance of common units ProceedsFromIssuanceOfCommonLimitedPartnersUnits $286.09M USD Annual
Proceeds from initial public offering distributed to Westlake PaymentsOfCapitalDistribution - USD Annual
Proceeds from initial public offering distributed to Westlake PaymentsOfCapitalDistribution $151.73M USD Annual
Net distributions to Westlake prior to initial public offering PaymentsOfDistributionsToAffiliates - USD Annual
Net distributions to Westlake prior to initial public offering PaymentsOfDistributionsToAffiliates $448.10M USD Annual
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-185.55M USD Annual
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-267.31M USD Annual
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $35.81M 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 beginning of period CashAndCashEquivalentsAtCarryingValue $169.56M 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
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $169.56M USD Point-in-time
Stockholders Equity 23 line items
Line Item Tag Value Unit Period
Equity, beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $834.95M 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
Equity, beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $847.17M USD Point-in-time
Contribution of debt payable to Westlake into net investment PartnersCapitalAccountContributions $238.60M USD Annual
Net income ProfitLoss $509.82M USD Annual
Net income ProfitLoss $148.49M USD 2 Qtrs
Net income ProfitLoss $361.33M USD 2 Qtrs
Net income ProfitLoss $546.55M USD Annual
Net income ProfitLoss $353.85M USD Annual
Net distributions to Westlake PartnersCapitalAccountDistributions $4.61M USD 2 Qtrs
Net distributions to Westlake PartnersCapitalAccountDistributions $603.53M USD Annual
Net distributions to Westlake PartnersCapitalAccountDistributions $448.10M USD 2 Qtrs
Net effect of cash flow hedge OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax $280.00K USD Annual
Limited Partners' Capital Account, Distribution Amount LimitedPartnersCapitalAccountDistributionAmount $31.07M USD Annual
Quarterly distribution for the period from August 4, 2014 to September 30, 2014 to noncontrolling interest retained in OpCo by Westlake MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $310.84M USD Annual
Quarterly distribution for the period from August 4, 2014 to September 30, 2014 to noncontrolling interest retained in OpCo by Westlake MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $51.66M USD 2 Qtrs
Equity, ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $834.95M 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
Equity, ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $847.17M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net Income ProfitLoss $509.82M USD Annual
Net Income ProfitLoss $148.49M USD 2 Qtrs
Net Income ProfitLoss $361.33M USD 2 Qtrs
Net Income ProfitLoss $546.55M USD Annual
Net Income ProfitLoss $353.85M USD Annual
Adjustments in fair value of cash flow hedge OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $85.00K USD Annual
Reclassification of losses to net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax $-195.00K USD Annual
Total other comprehensive income OtherComprehensiveIncomeLossNetOfTax $280.00K USD Annual
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $354.13M USD Annual
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest - USD Annual
Comprehensive income attributable to noncontrolling interest in OpCo ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $314.02M USD Annual
Comprehensive income attributable to Westlake Chemical Partners LP susequent to initial public offering ComprehensiveIncomeNetOfTax $40.11M USD Annual

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

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