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10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q2 2016
Filing Information
Form Type 10-Q
Accession Number 0001604665-16-000044
Period End Date 20160630
Filing Date 20160809
Fiscal Year 2016
Fiscal Period Q2
XBRL Instance wlkp-20160630.xml
Balance Sheet 56 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $169.56M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $151.26M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $137.29M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $133.75M USD Point-in-time
Accounts receivableWestlake Chemical Corporation (Westlake) AccountsReceivableRelatedPartiesCurrent $59.12M USD Point-in-time
Accounts receivableWestlake Chemical Corporation (Westlake) AccountsReceivableRelatedPartiesCurrent $39.66M USD Point-in-time
Accounts receivable, netthird parties ReceivablesNetCurrent $9.62M USD Point-in-time
Accounts receivable, netthird parties ReceivablesNetCurrent $11.93M USD Point-in-time
Inventories InventoryNet $3.88M USD Point-in-time
Inventories InventoryNet $2.49M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $267.00K USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $73.00K USD Point-in-time
Total current assets AssetsCurrent $225.29M USD Point-in-time
Total current assets AssetsCurrent $222.56M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.20B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.02B USD Point-in-time
Receivable from Westlake AccountsReceivableRelatedPartiesNoncurrent - USD Point-in-time
Receivable from Westlake AccountsReceivableRelatedPartiesNoncurrent $28.25M 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 $38.78M USD Point-in-time
Deferred charges and other assets, net DeferredCostsAndOtherAssets $92.36M USD Point-in-time
Total other assets, net OtherAssetsNoncurrent $98.18M USD Point-in-time
Total other assets, net OtherAssetsNoncurrent $44.59M USD Point-in-time
Total assets Assets $1.29B USD Point-in-time
Total assets Assets $1.55B USD Point-in-time
Accounts payableWestlake AccountsPayableRelatedPartiesCurrent $15.55M USD Point-in-time
Accounts payableWestlake AccountsPayableRelatedPartiesCurrent $26.56M USD Point-in-time
Accounts payablethird parties AccountsPayableCurrent $18.74M USD Point-in-time
Accounts payablethird parties AccountsPayableCurrent $67.17M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $23.41M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $77.07M USD Point-in-time
Total current liabilities LiabilitiesCurrent $170.79M USD Point-in-time
Total current liabilities LiabilitiesCurrent $57.69M USD Point-in-time
Long-term debt payable to Westlake DueToRelatedPartiesNoncurrent $515.34M USD Point-in-time
Long-term debt payable to Westlake DueToRelatedPartiesNoncurrent $384.01M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $1.71M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $1.39M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $640.00K USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $90.00K USD Point-in-time
Total liabilities Liabilities $688.48M USD Point-in-time
Total liabilities Liabilities $443.18M USD Point-in-time
Commitments and contingencies (Notes 9 and 15) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Notes 9 and 15) CommitmentsAndContingencies - USD Point-in-time
Accumulated other comprehensive (loss) income AccumulatedOtherComprehensiveIncomeLossNetOfTax $280.00K USD Point-in-time
Accumulated other comprehensive (loss) income AccumulatedOtherComprehensiveIncomeLossNetOfTax $-624.00K USD Point-in-time
Total Westlake Chemical Partners LP partners' capital PartnersCapital $100.17M USD Point-in-time
Total Westlake Chemical Partners LP partners' capital PartnersCapital $96.56M USD Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo) MinorityInterestInLimitedPartnerships $763.58M USD Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo) MinorityInterestInLimitedPartnerships $750.61M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $863.75M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $847.17M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $826.38M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $834.95M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.29B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.55B USD Point-in-time
Income Statement 60 line items
Line Item Tag Value Unit Period
Net sales - Westlake RevenueFromRelatedParties $412.89M USD 2 Qtrs
Net sales - Westlake RevenueFromRelatedParties $413.58M USD 2 Qtrs
Net sales - Westlake RevenueFromRelatedParties $204.67M USD 1 Quarter
Net sales - Westlake RevenueFromRelatedParties $181.63M USD 1 Quarter
Net co-product, ethylene and other salesthird parties OtherSalesRevenueNet $50.55M USD 2 Qtrs
Net co-product, ethylene and other salesthird parties OtherSalesRevenueNet $47.04M USD 1 Quarter
Net co-product, ethylene and other salesthird parties OtherSalesRevenueNet $29.21M USD 1 Quarter
Net co-product, ethylene and other salesthird parties OtherSalesRevenueNet $96.51M USD 2 Qtrs
Total net sales SalesRevenueNet $510.10M USD 2 Qtrs
Total net sales SalesRevenueNet $251.71M USD 1 Quarter
Total net sales SalesRevenueNet $210.84M USD 1 Quarter
Total net sales SalesRevenueNet $463.44M USD 2 Qtrs
Cost of sales CostOfGoodsSold $319.34M USD 2 Qtrs
Cost of sales CostOfGoodsSold $122.46M USD 1 Quarter
Cost of sales CostOfGoodsSold $264.65M USD 2 Qtrs
Cost of sales CostOfGoodsSold $157.18M USD 1 Quarter
Gross profit GrossProfit $190.75M USD 2 Qtrs
Gross profit GrossProfit $88.38M USD 1 Quarter
Gross profit GrossProfit $198.79M USD 2 Qtrs
Gross profit GrossProfit $94.53M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $11.99M USD 2 Qtrs
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $5.85M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $6.00M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $11.95M USD 2 Qtrs
Income from operations OperatingIncomeLoss $178.76M USD 2 Qtrs
Income from operations OperatingIncomeLoss $88.53M USD 1 Quarter
Income from operations OperatingIncomeLoss $82.53M USD 1 Quarter
Income from operations OperatingIncomeLoss $186.85M USD 2 Qtrs
Interest expenseWestlake InterestExpenseRelatedParty $1.20M USD 1 Quarter
Interest expenseWestlake InterestExpenseRelatedParty $2.43M USD 2 Qtrs
Interest expenseWestlake InterestExpenseRelatedParty $1.36M USD 1 Quarter
Interest expenseWestlake InterestExpenseRelatedParty $2.74M USD 2 Qtrs
Other income, net NonoperatingIncomeExpense $243.00K USD 2 Qtrs
Other income, net NonoperatingIncomeExpense $33.00K USD 1 Quarter
Other income, net NonoperatingIncomeExpense $159.00K USD 1 Quarter
Other income, net NonoperatingIncomeExpense $38.00K USD 2 Qtrs
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $81.49M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $176.06M USD 2 Qtrs
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $184.66M USD 2 Qtrs
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $87.20M USD 1 Quarter
Provision for (benefit from) income taxes IncomeTaxExpenseBenefit $696.00K USD 2 Qtrs
Provision for (benefit from) income taxes IncomeTaxExpenseBenefit $426.00K USD 2 Qtrs
Provision for (benefit from) income taxes IncomeTaxExpenseBenefit $-41.00K USD 1 Quarter
Provision for (benefit from) income taxes IncomeTaxExpenseBenefit $297.00K USD 1 Quarter
Net income ProfitLoss $175.63M USD 2 Qtrs
Net income ProfitLoss $87.24M USD 1 Quarter
Net income ProfitLoss $81.19M USD 1 Quarter
Net income ProfitLoss $183.96M USD 2 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $156.69M USD 2 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $162.53M USD 2 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $71.85M USD 1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $76.80M USD 1 Quarter
Net income attributable to Westlake Chemical Partners LP NetIncomeLoss $10.44M USD 1 Quarter
Net income attributable to Westlake Chemical Partners LP NetIncomeLoss $9.34M USD 1 Quarter
Net income attributable to Westlake Chemical Partners LP NetIncomeLoss $18.94M USD 2 Qtrs
Net income attributable to Westlake Chemical Partners LP NetIncomeLoss $21.43M USD 2 Qtrs
Weighted average limited partner units outstanding (shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 27.06M shares 2 Qtrs
Weighted average limited partner units outstanding (shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 27.06M shares 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 54 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $175.63M USD 2 Qtrs
Net income ProfitLoss $87.24M USD 1 Quarter
Net income ProfitLoss $81.19M USD 1 Quarter
Net income ProfitLoss $183.96M USD 2 Qtrs
Depreciation and amortization DepreciationDepletionAndAmortization $41.18M USD 2 Qtrs
Depreciation and amortization DepreciationDepletionAndAmortization $40.20M USD 2 Qtrs
Provision for doubtful accounts ProvisionForDoubtfulAccounts $37.00K USD 2 Qtrs
Provision for doubtful accounts ProvisionForDoubtfulAccounts $170.00K USD 2 Qtrs
Loss from disposition of property, plant and equipment GainLossOnDispositionOfAssets $-2.47M USD 2 Qtrs
Loss from disposition of property, plant and equipment GainLossOnDispositionOfAssets $-124.00K USD 2 Qtrs
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-234.00K USD 2 Qtrs
Deferred income taxes DeferredIncomeTaxExpenseBenefit $320.00K USD 2 Qtrs
Accounts receivablethird parties IncreaseDecreaseInAccountsAndOtherReceivables $-15.28M USD 2 Qtrs
Accounts receivablethird parties IncreaseDecreaseInAccountsAndOtherReceivables $-2.27M USD 2 Qtrs
Net accounts receivableWestlake IncreaseDecreaseInAccountsReceivableRelatedParties $36.70M USD 2 Qtrs
Net accounts receivableWestlake IncreaseDecreaseInAccountsReceivableRelatedParties $10.30M USD 2 Qtrs
Inventories IncreaseDecreaseInInventories $-2.78M USD 2 Qtrs
Inventories IncreaseDecreaseInInventories $-1.39M USD 2 Qtrs
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets $-194.00K USD 2 Qtrs
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets $-182.00K USD 2 Qtrs
Accounts payable IncreaseDecreaseInAccountsPayable $24.83M USD 2 Qtrs
Accounts payable IncreaseDecreaseInAccountsPayable $4.41M USD 2 Qtrs
Accrued and other liabilities IncreaseDecreaseInAccruedLiabilities $26.91M USD 2 Qtrs
Accrued and other liabilities IncreaseDecreaseInAccruedLiabilities $2.38M USD 2 Qtrs
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $61.58M USD 2 Qtrs
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $709.00K USD 2 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $229.90M USD 2 Qtrs
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $185.28M USD 2 Qtrs
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $95.51M USD 2 Qtrs
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $168.53M USD 2 Qtrs
Proceeds from disposition of assets ProceedsFromSaleOfPropertyPlantAndEquipment - USD 2 Qtrs
Proceeds from disposition of assets ProceedsFromSaleOfPropertyPlantAndEquipment $98.00K USD 2 Qtrs
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-168.44M USD 2 Qtrs
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-95.51M USD 2 Qtrs
Proceeds from debt payable to Westlake ProceedsFromRelatedPartyDebt $131.83M USD 2 Qtrs
Proceeds from debt payable to Westlake ProceedsFromRelatedPartyDebt $188.69M USD 2 Qtrs
Repayments of debt payable to Westlake RepaymentsOfRelatedPartyDebt $500.00K USD 2 Qtrs
Repayments of debt payable to Westlake RepaymentsOfRelatedPartyDebt $135.34M USD 2 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake PaymentsToMinorityShareholders $149.57M USD 2 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake PaymentsToMinorityShareholders $169.10M USD 2 Qtrs
Quarterly distributions to unitholders DistributionMadeToLimitedPartnerCashDistributionsPaid $16.91M USD 2 Qtrs
Quarterly distributions to unitholders DistributionMadeToLimitedPartnerCashDistributionsPaid $15.10M USD 2 Qtrs
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-130.84M USD 2 Qtrs
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-35.14M USD 2 Qtrs
Net (decrease) increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-18.30M USD 2 Qtrs
Net (decrease) increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $3.54M USD 2 Qtrs
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $169.56M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $151.26M USD Point-in-time
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 $169.56M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $151.26M 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 17 line items
Line Item Tag Value Unit Period
Equity, beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $863.75M USD Point-in-time
Equity, beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $847.17M USD Point-in-time
Equity, beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $826.38M USD Point-in-time
Equity, beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $834.95M USD Point-in-time
Net income ProfitLoss $175.63M USD 2 Qtrs
Net income ProfitLoss $87.24M USD 1 Quarter
Net income ProfitLoss $81.19M USD 1 Quarter
Net income ProfitLoss $183.96M USD 2 Qtrs
Net effect of cash flow hedge OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax $-904.00K USD 2 Qtrs
Quarterly distributions to unitholders LimitedPartnersCapitalAccountDistributionAmount $16.91M USD 2 Qtrs
Quarterly distributions to unitholders LimitedPartnersCapitalAccountDistributionAmount $15.10M USD 2 Qtrs
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $149.57M USD 2 Qtrs
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $169.10M USD 2 Qtrs
Equity, ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $863.75M USD Point-in-time
Equity, ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $847.17M USD Point-in-time
Equity, ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $826.38M USD Point-in-time
Equity, ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $834.95M USD Point-in-time
Comprehensive Income 28 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $175.63M USD 2 Qtrs
Net income ProfitLoss $87.24M USD 1 Quarter
Net income ProfitLoss $81.19M USD 1 Quarter
Net income ProfitLoss $183.96M USD 2 Qtrs
Change in fair value of cash flow hedge OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax - USD 2 Qtrs
Change in fair value of cash flow hedge OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $-267.00K USD 1 Quarter
Change in fair value of cash flow hedge OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax - USD 1 Quarter
Change in fair value of cash flow hedge OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $-1.09M USD 2 Qtrs
Reclassification of loss to net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax - USD 2 Qtrs
Reclassification of loss to net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax - USD 1 Quarter
Reclassification of loss to net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax $-94.00K USD 1 Quarter
Reclassification of loss to net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax $-190.00K USD 2 Qtrs
Total other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-173.00K USD 1 Quarter
Total other comprehensive loss OtherComprehensiveIncomeLossNetOfTax - USD 1 Quarter
Total other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $-904.00K USD 2 Qtrs
Total other comprehensive loss OtherComprehensiveIncomeLossNetOfTax - USD 2 Qtrs
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $81.02M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $175.63M USD 2 Qtrs
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $183.06M USD 2 Qtrs
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $87.24M USD 1 Quarter
Comprehensive income attributable to noncontrolling interest in OpCo ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $162.53M USD 2 Qtrs
Comprehensive income attributable to noncontrolling interest in OpCo ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $76.80M USD 1 Quarter
Comprehensive income attributable to noncontrolling interest in OpCo ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $71.85M USD 1 Quarter
Comprehensive income attributable to noncontrolling interest in OpCo ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $156.69M USD 2 Qtrs
Comprehensive income attributable to Westlake Chemical Partners LP ComprehensiveIncomeNetOfTax $9.17M USD 1 Quarter
Comprehensive income attributable to Westlake Chemical Partners LP ComprehensiveIncomeNetOfTax $20.52M USD 2 Qtrs
Comprehensive income attributable to Westlake Chemical Partners LP ComprehensiveIncomeNetOfTax $18.94M USD 2 Qtrs
Comprehensive income attributable to Westlake Chemical Partners LP ComprehensiveIncomeNetOfTax $10.44M USD 1 Quarter

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

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