10-Q Filing
Filing Information
| Form Type | 10-Q |
| Accession Number | 0001604665-17-000016 |
| Period End Date | 20170331 |
| Filing Date | 20170503 |
| Fiscal Year | 2017 |
| Fiscal Period | Q1 |
| XBRL Instance | wlkp-20170331.xml |
Filing Contents
This filing contains the following financial statements:
Balance Sheet
54 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$122.97M | USD | Point-in-time |
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$169.56M | USD | Point-in-time |
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$178.68M | USD | Point-in-time |
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$88.90M | USD | Point-in-time |
| Accounts receivableWestlake Chemical Corporation (Westlake) |
AccountsReceivableRelatedPartiesCurrent
|
$126.98M | USD | Point-in-time |
| Accounts receivableWestlake Chemical Corporation (Westlake) |
AccountsReceivableRelatedPartiesCurrent
|
$82.06M | USD | Point-in-time |
| Accounts receivable, netthird parties |
ReceivablesNetCurrent
|
$19.86M | USD | Point-in-time |
| Accounts receivable, netthird parties |
ReceivablesNetCurrent
|
$12.09M | USD | Point-in-time |
| Inventories |
InventoryNet
|
$3.93M | USD | Point-in-time |
| Inventories |
InventoryNet
|
$4.78M | USD | Point-in-time |
| Prepaid expenses and other current assets |
PrepaidExpenseAndOtherAssetsCurrent
|
$269.00K | USD | Point-in-time |
| Prepaid expenses and other current assets |
PrepaidExpenseAndOtherAssetsCurrent
|
$154.00K | USD | Point-in-time |
| Total current assets |
AssetsCurrent
|
$232.16M | USD | Point-in-time |
| Total current assets |
AssetsCurrent
|
$229.83M | USD | Point-in-time |
| Property, plant and equipment, net |
PropertyPlantAndEquipmentNet
|
$1.22B | USD | Point-in-time |
| Property, plant and equipment, net |
PropertyPlantAndEquipmentNet
|
$1.22B | 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
|
$97.92M | USD | Point-in-time |
| Deferred charges and other assets, net |
DeferredCostsAndOtherAssets
|
$95.01M | USD | Point-in-time |
| Total other assets, net |
OtherAssetsNoncurrent
|
$103.73M | USD | Point-in-time |
| Total other assets, net |
OtherAssetsNoncurrent
|
$100.83M | USD | Point-in-time |
| Total assets |
Assets
|
$1.56B | USD | Point-in-time |
| Total assets |
Assets
|
$1.56B | USD | Point-in-time |
| Accounts payableWestlake |
AccountsPayableRelatedPartiesCurrent
|
$12.13M | USD | Point-in-time |
| Accounts payableWestlake |
AccountsPayableRelatedPartiesCurrent
|
$7.23M | USD | Point-in-time |
| Accounts payablethird parties |
AccountsPayableCurrent
|
$9.93M | USD | Point-in-time |
| Accounts payablethird parties |
AccountsPayableCurrent
|
$15.29M | USD | Point-in-time |
| Accrued liabilities |
AccruedLiabilitiesCurrent
|
$15.72M | USD | Point-in-time |
| Accrued liabilities |
AccruedLiabilitiesCurrent
|
$24.12M | USD | Point-in-time |
| Total current liabilities |
LiabilitiesCurrent
|
$46.65M | USD | Point-in-time |
| Total current liabilities |
LiabilitiesCurrent
|
$37.78M | USD | Point-in-time |
| Long-term debt payable to Westlake |
DueToRelatedPartiesNoncurrent
|
$594.63M | USD | Point-in-time |
| Long-term debt payable to Westlake |
DueToRelatedPartiesNoncurrent
|
$600.21M | USD | Point-in-time |
| Deferred income taxes |
DeferredTaxLiabilitiesNoncurrent
|
$1.74M | USD | Point-in-time |
| Deferred income taxes |
DeferredTaxLiabilitiesNoncurrent
|
$1.83M | USD | Point-in-time |
| Other liabilities |
OtherLiabilitiesNoncurrent
|
$123.00K | USD | Point-in-time |
| Other liabilities |
OtherLiabilitiesNoncurrent
|
$136.00K | USD | Point-in-time |
| Total liabilities |
Liabilities
|
$648.82M | USD | Point-in-time |
| Total liabilities |
Liabilities
|
$634.26M | USD | Point-in-time |
| Commitments and contingencies (Note 14) |
CommitmentsAndContingencies
|
- | USD | Point-in-time |
| Commitments and contingencies (Note 14) |
CommitmentsAndContingencies
|
- | USD | Point-in-time |
| Accumulated other comprehensive (loss) income |
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
$289.00K | USD | Point-in-time |
| Accumulated other comprehensive (loss) income |
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
$200.00K | USD | Point-in-time |
| Total Westlake Chemical Partners LP partners' capital |
PartnersCapital
|
$102.86M | USD | Point-in-time |
| Total Westlake Chemical Partners LP partners' capital |
PartnersCapital
|
$102.48M | USD | Point-in-time |
| Noncontrolling interest in Westlake Chemical OpCo LP (OpCo) |
MinorityInterestInLimitedPartnerships
|
$818.48M | USD | Point-in-time |
| Noncontrolling interest in Westlake Chemical OpCo LP (OpCo) |
MinorityInterestInLimitedPartnerships
|
$805.13M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$920.96M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$865.22M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$847.17M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$907.99M | USD | Point-in-time |
| Total liabilities and equity |
LiabilitiesAndStockholdersEquity
|
$1.56B | USD | Point-in-time |
| Total liabilities and equity |
LiabilitiesAndStockholdersEquity
|
$1.56B | USD | Point-in-time |
Income Statement
32 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Net sales - Westlake |
RevenueFromRelatedParties
|
$231.26M | USD | 1 Quarter |
| Net sales - Westlake |
RevenueFromRelatedParties
|
$212.93M | USD | 1 Quarter |
| Net co-product, ethylene and other salesthird parties |
OtherSalesRevenueNet
|
$21.34M | USD | 1 Quarter |
| Net co-product, ethylene and other salesthird parties |
OtherSalesRevenueNet
|
$64.52M | USD | 1 Quarter |
| Total net sales |
SalesRevenueNet
|
$252.60M | USD | 1 Quarter |
| Total net sales |
SalesRevenueNet
|
$277.45M | USD | 1 Quarter |
| Cost of sales |
CostOfGoodsSold
|
$179.49M | USD | 1 Quarter |
| Cost of sales |
CostOfGoodsSold
|
$142.19M | USD | 1 Quarter |
| Gross profit |
GrossProfit
|
$110.41M | USD | 1 Quarter |
| Gross profit |
GrossProfit
|
$97.96M | USD | 1 Quarter |
| Selling, general and administrative expenses |
SellingGeneralAndAdministrativeExpense
|
$6.10M | USD | 1 Quarter |
| Selling, general and administrative expenses |
SellingGeneralAndAdministrativeExpense
|
$7.83M | USD | 1 Quarter |
| Income from operations |
OperatingIncomeLoss
|
$104.32M | USD | 1 Quarter |
| Income from operations |
OperatingIncomeLoss
|
$90.13M | USD | 1 Quarter |
| Interest expenseWestlake |
InterestExpenseRelatedParty
|
$1.23M | USD | 1 Quarter |
| Interest expenseWestlake |
InterestExpenseRelatedParty
|
$5.46M | USD | 1 Quarter |
| Other income, net |
NonoperatingIncomeExpense
|
$84.00K | USD | 1 Quarter |
| Other income, net |
NonoperatingIncomeExpense
|
$1.66M | USD | 1 Quarter |
| Income before income taxes |
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
$86.33M | USD | 1 Quarter |
| Income before income taxes |
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
$103.17M | USD | 1 Quarter |
| Provision for income taxes |
IncomeTaxExpenseBenefit
|
$399.00K | USD | 1 Quarter |
| Provision for income taxes |
IncomeTaxExpenseBenefit
|
$303.00K | USD | 1 Quarter |
| Net income |
ProfitLoss
|
$86.03M | USD | 1 Quarter |
| Net income |
ProfitLoss
|
$102.77M | USD | 1 Quarter |
| Less: Net income attributable to noncontrolling interest in OpCo |
NetIncomeLossAttributableToNoncontrollingInterest
|
$76.26M | USD | 1 Quarter |
| Less: Net income attributable to noncontrolling interest in OpCo |
NetIncomeLossAttributableToNoncontrollingInterest
|
$90.69M | USD | 1 Quarter |
| Net income attributable to Westlake Chemical Partners LP |
NetIncomeLoss
|
$9.76M | USD | 1 Quarter |
| Net income attributable to Westlake Chemical Partners LP |
NetIncomeLoss
|
$12.08M | USD | 1 Quarter |
| Weighted average limited partner units outstanding (basic and diluted) (in shares) |
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
27.06M | shares | 1 Quarter |
| Weighted average limited partner units outstanding (basic and diluted) (in shares) |
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
27.06M | shares | 1 Quarter |
| Distributions per common unit (in usd per unit) |
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
|
$0.31 | USD | 1 Quarter |
| Distributions per common unit (in usd per unit) |
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
|
$0.34 | USD | 1 Quarter |
Cash Flow Statement
56 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Net income |
ProfitLoss
|
$86.03M | USD | 1 Quarter |
| Net income |
ProfitLoss
|
$102.77M | USD | 1 Quarter |
| Depreciation and amortization |
DepreciationDepletionAndAmortization
|
$30.15M | USD | 1 Quarter |
| Depreciation and amortization |
DepreciationDepletionAndAmortization
|
$20.40M | USD | 1 Quarter |
| Provision for doubtful accounts |
ProvisionForDoubtfulAccounts
|
- | USD | 1 Quarter |
| Provision for doubtful accounts |
ProvisionForDoubtfulAccounts
|
$975.00K | USD | 1 Quarter |
| Loss from disposition of property, plant and equipment |
GainLossOnDispositionOfAssets
|
$127.00K | USD | 1 Quarter |
| Loss from disposition of property, plant and equipment |
GainLossOnDispositionOfAssets
|
$-327.00K | USD | 1 Quarter |
| (Gain) loss on involuntary conversion of assets |
GainLossonInvoluntaryConversionofAssets
|
$1.55M | USD | 1 Quarter |
| (Gain) loss on involuntary conversion of assets |
GainLossonInvoluntaryConversionofAssets
|
- | USD | 1 Quarter |
| Deferred income taxes |
DeferredIncomeTaxExpenseBenefit
|
$92.00K | USD | 1 Quarter |
| Deferred income taxes |
DeferredIncomeTaxExpenseBenefit
|
$179.00K | USD | 1 Quarter |
| Accounts receivablethird parties |
IncreaseDecreaseInAccountsAndOtherReceivables
|
$-5.86M | USD | 1 Quarter |
| Accounts receivablethird parties |
IncreaseDecreaseInAccountsAndOtherReceivables
|
$8.75M | USD | 1 Quarter |
| Net accounts receivableWestlake |
IncreaseDecreaseInAccountsReceivableRelatedParties
|
$-40.01M | USD | 1 Quarter |
| Net accounts receivableWestlake |
IncreaseDecreaseInAccountsReceivableRelatedParties
|
$24.65M | USD | 1 Quarter |
| Inventories |
IncreaseDecreaseInInventories
|
$842.00K | USD | 1 Quarter |
| Inventories |
IncreaseDecreaseInInventories
|
$-1.29M | USD | 1 Quarter |
| Prepaid expenses and other current assets |
IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets
|
$-115.00K | USD | 1 Quarter |
| Prepaid expenses and other current assets |
IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets
|
$-110.00K | USD | 1 Quarter |
| Accounts payable |
IncreaseDecreaseInAccountsPayable
|
$5.15M | USD | 1 Quarter |
| Accounts payable |
IncreaseDecreaseInAccountsPayable
|
$7.61M | USD | 1 Quarter |
| Accrued and other liabilities |
IncreaseDecreaseInAccruedLiabilities
|
$2.58M | USD | 1 Quarter |
| Accrued and other liabilities |
IncreaseDecreaseInAccruedLiabilities
|
$7.46M | USD | 1 Quarter |
| Other, net |
IncreaseDecreaseInOtherOperatingCapitalNet
|
$9.63M | USD | 1 Quarter |
| Other, net |
IncreaseDecreaseInOtherOperatingCapitalNet
|
$3.90M | USD | 1 Quarter |
| Net cash provided by operating activities |
NetCashProvidedByUsedInOperatingActivities
|
$149.08M | USD | 1 Quarter |
| Net cash provided by operating activities |
NetCashProvidedByUsedInOperatingActivities
|
$112.58M | USD | 1 Quarter |
| Additions to property, plant and equipment |
PaymentsToAcquirePropertyPlantAndEquipment
|
$23.17M | USD | 1 Quarter |
| Additions to property, plant and equipment |
PaymentsToAcquirePropertyPlantAndEquipment
|
$79.09M | USD | 1 Quarter |
| Proceeds from disposition of assets |
ProceedsFromSaleOfPropertyPlantAndEquipment
|
$98.00K | USD | 1 Quarter |
| Proceeds from disposition of assets |
ProceedsFromSaleOfPropertyPlantAndEquipment
|
$127.00K | USD | 1 Quarter |
| Insurance proceeds for involuntary conversion |
InsuranceProceedsforInvoluntaryConversion
|
- | USD | 1 Quarter |
| Insurance proceeds for involuntary conversion |
InsuranceProceedsforInvoluntaryConversion
|
$1.55M | USD | 1 Quarter |
| Net cash used for investing activities |
NetCashProvidedByUsedInInvestingActivities
|
$-78.99M | USD | 1 Quarter |
| Net cash used for investing activities |
NetCashProvidedByUsedInInvestingActivities
|
$-21.49M | USD | 1 Quarter |
| Proceeds from debt payable to Westlake |
ProceedsFromRelatedPartyDebt
|
$17.00M | USD | 1 Quarter |
| Proceeds from debt payable to Westlake |
ProceedsFromRelatedPartyDebt
|
$59.52M | USD | 1 Quarter |
| Repayments of debt payable to Westlake |
RepaymentsOfRelatedPartyDebt
|
$11.42M | USD | 1 Quarter |
| Repayments of debt payable to Westlake |
RepaymentsOfRelatedPartyDebt
|
- | USD | 1 Quarter |
| Quarterly distributions to noncontrolling interest retained in OpCo by Westlake |
PaymentsToMinorityShareholders
|
$89.62M | USD | 1 Quarter |
| Quarterly distributions to noncontrolling interest retained in OpCo by Westlake |
PaymentsToMinorityShareholders
|
$75.65M | USD | 1 Quarter |
| Quarterly distributions to unitholders |
DistributionMadeToLimitedPartnerCashDistributionsPaid
|
$9.48M | USD | 1 Quarter |
| Quarterly distributions to unitholders |
DistributionMadeToLimitedPartnerCashDistributionsPaid
|
$8.33M | USD | 1 Quarter |
| Net cash used for financing activities |
NetCashProvidedByUsedInFinancingActivities
|
$-93.52M | USD | 1 Quarter |
| Net cash used for financing activities |
NetCashProvidedByUsedInFinancingActivities
|
$-24.46M | USD | 1 Quarter |
| Net increase in cash and cash equivalents |
CashAndCashEquivalentsPeriodIncreaseDecrease
|
$34.07M | USD | 1 Quarter |
| Net increase in cash and cash equivalents |
CashAndCashEquivalentsPeriodIncreaseDecrease
|
$9.12M | USD | 1 Quarter |
| Cash and cash equivalents at beginning of period |
CashAndCashEquivalentsAtCarryingValue
|
$122.97M | USD | Point-in-time |
| Cash and cash equivalents at beginning of period |
CashAndCashEquivalentsAtCarryingValue
|
$169.56M | USD | Point-in-time |
| Cash and cash equivalents at beginning of period |
CashAndCashEquivalentsAtCarryingValue
|
$178.68M | USD | Point-in-time |
| Cash and cash equivalents at beginning of period |
CashAndCashEquivalentsAtCarryingValue
|
$88.90M | USD | Point-in-time |
| Cash and cash equivalents at end of period |
CashAndCashEquivalentsAtCarryingValue
|
$122.97M | 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
|
$178.68M | USD | Point-in-time |
| Cash and cash equivalents at end of period |
CashAndCashEquivalentsAtCarryingValue
|
$88.90M | USD | Point-in-time |
Stockholders Equity
16 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Equity, beginning balance |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$920.96M | USD | Point-in-time |
| Equity, beginning balance |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$865.22M | USD | Point-in-time |
| Equity, beginning balance |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$847.17M | USD | Point-in-time |
| Equity, beginning balance |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$907.99M | USD | Point-in-time |
| Net income |
ProfitLoss
|
$86.03M | USD | 1 Quarter |
| Net income |
ProfitLoss
|
$102.77M | USD | 1 Quarter |
| Net effect of cash flow hedge |
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
|
$89.00K | USD | 1 Quarter |
| Net effect of cash flow hedge |
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
|
$-731.00K | USD | 1 Quarter |
| Quarterly distributions to unitholders |
LimitedPartnersCapitalAccountDistributionAmount
|
$8.33M | USD | 1 Quarter |
| Quarterly distributions to unitholders |
LimitedPartnersCapitalAccountDistributionAmount
|
$9.48M | USD | 1 Quarter |
| Quarterly distribution to noncontrolling interest retained in OpCo by Westlake |
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
$75.65M | USD | 1 Quarter |
| Quarterly distribution to noncontrolling interest retained in OpCo by Westlake |
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
$89.62M | USD | 1 Quarter |
| Equity, ending balance |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$920.96M | USD | Point-in-time |
| Equity, ending balance |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$865.22M | USD | Point-in-time |
| Equity, ending balance |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$847.17M | USD | Point-in-time |
| Equity, ending balance |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$907.99M | USD | Point-in-time |
Comprehensive Income
14 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Net income |
ProfitLoss
|
$86.03M | USD | 1 Quarter |
| Net income |
ProfitLoss
|
$102.77M | USD | 1 Quarter |
| Change in fair value of cash flow hedge |
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
$58.00K | USD | 1 Quarter |
| Change in fair value of cash flow hedge |
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
$-827.00K | USD | 1 Quarter |
| Reclassification of loss to net income |
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
|
$-31.00K | USD | 1 Quarter |
| Reclassification of loss to net income |
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
|
$-96.00K | USD | 1 Quarter |
| Total other comprehensive income (loss) |
OtherComprehensiveIncomeLossNetOfTax
|
$-731.00K | USD | 1 Quarter |
| Total other comprehensive income (loss) |
OtherComprehensiveIncomeLossNetOfTax
|
$89.00K | USD | 1 Quarter |
| Comprehensive income |
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
$102.04M | USD | 1 Quarter |
| Comprehensive income |
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
$86.12M | USD | 1 Quarter |
| Comprehensive income attributable to noncontrolling interest in OpCo |
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
$76.26M | USD | 1 Quarter |
| Comprehensive income attributable to noncontrolling interest in OpCo |
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
$90.69M | USD | 1 Quarter |
| Comprehensive income attributable to Westlake Chemical Partners LP |
ComprehensiveIncomeNetOfTax
|
$9.85M | USD | 1 Quarter |
| Comprehensive income attributable to Westlake Chemical Partners LP |
ComprehensiveIncomeNetOfTax
|
$11.35M | USD | 1 Quarter |
Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.