10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001604665-18-000020`
Period End Date	20180630
Filing Date	20180802
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	wlkp-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 64 Cash Flow Statement 56 Stockholders Equity 19

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$88.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$28.48M	USD	Point-in-time
Receivables under Investment Management Agreements with Related Parties, Current	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$136.51M	USD	Point-in-time
Receivables under Investment Management Agreements with Related Parties, Current	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$143.74M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$43.88M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$47.97M	USD	Point-in-time
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$18.08M	USD	Point-in-time
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$16.38M	USD	Point-in-time
Inventories	`InventoryNet`	$5.59M	USD	Point-in-time
Inventories	`InventoryNet`	$6.13M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$314.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$54.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$242.76M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$231.39M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.20B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.17B	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`	$81.83M	USD	Point-in-time
Deferred charges and other assets, net	`DeferredCostsAndOtherAssets`	$70.28M	USD	Point-in-time
Total assets	`Assets`	$1.49B	USD	Point-in-time
Total assets	`Assets`	$1.52B	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$21.23M	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$14.03M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$7.39M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$10.52M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$19.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$15.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$47.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$40.24M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$473.96M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$477.61M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.34M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.22M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$146.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$107.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$516.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$527.71M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$122.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$279.00K	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$219.81M	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$218.15M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo)	`MinorityInterestInLimitedPartnerships`	$778.93M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo)	`MinorityInterestInLimitedPartnerships`	$746.32M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$998.75M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$920.96M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$964.47M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$895.80M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.52B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.49B	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net salesWestlake	`RevenueFromRelatedParties`	$488.70M	USD	2 Qtrs
Net salesWestlake	`RevenueFromRelatedParties`	$240.99M	USD	1 Quarter
Net salesWestlake	`RevenueFromRelatedParties`	$453.92M	USD	2 Qtrs
Net salesWestlake	`RevenueFromRelatedParties`	$253.67M	USD	1 Quarter
Net co-product, ethylene and other salesthird parties	`OtherSalesRevenueNet`	$97.54M	USD	2 Qtrs
Net co-product, ethylene and other salesthird parties	`OtherSalesRevenueNet`	$113.64M	USD	2 Qtrs
Net co-product, ethylene and other salesthird parties	`OtherSalesRevenueNet`	$48.30M	USD	1 Quarter
Net co-product, ethylene and other salesthird parties	`OtherSalesRevenueNet`	$49.12M	USD	1 Quarter
Total net sales	`SalesRevenueNet`	$586.25M	USD	2 Qtrs
Total net sales	`SalesRevenueNet`	$301.98M	USD	1 Quarter
Total net sales	`SalesRevenueNet`	$567.56M	USD	2 Qtrs
Total net sales	`SalesRevenueNet`	$290.11M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$204.86M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$370.03M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$396.62M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$190.54M	USD	1 Quarter
Gross profit	`GrossProfit`	$97.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$189.62M	USD	2 Qtrs
Gross profit	`GrossProfit`	$99.57M	USD	1 Quarter
Gross profit	`GrossProfit`	$197.53M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.89M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$14.51M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$14.71M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.38M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$89.74M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$175.12M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$182.82M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$92.69M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$5.94M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$11.40M	USD	2 Qtrs
Interest expenseWestlake	`InterestExpenseRelatedParty`	$5.55M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$10.41M	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$1.68M	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$24.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$583.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$1.07M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$165.78M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$173.10M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$84.78M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$86.77M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$600.00K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$586.00K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$297.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$303.00K	USD	1 Quarter
Net income	`ProfitLoss`	$86.47M	USD	1 Quarter
Net income	`ProfitLoss`	$165.19M	USD	2 Qtrs
Net income	`ProfitLoss`	$172.50M	USD	2 Qtrs
Net income	`ProfitLoss`	$84.48M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$140.14M	USD	2 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$76.50M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$152.76M	USD	2 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$71.72M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$19.74M	USD	2 Qtrs
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$25.05M	USD	2 Qtrs
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$12.76M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$9.97M	USD	1 Quarter
Weighted average limited partner units outstanding (basic and diluted) (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.24M	shares	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`	32.24M	shares	2 Qtrs
Weighted average limited partner units outstanding (basic and diluted) (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.06M	shares	2 Qtrs
Distributions per common unit (usd per share)	`DistributionMadeToLimitedPartnerDistributionsPaidPerUnit`	$0.40	USD	1 Quarter
Distributions per common unit (usd per share)	`DistributionMadeToLimitedPartnerDistributionsPaidPerUnit`	$0.70	USD	2 Qtrs
Distributions per common unit (usd per share)	`DistributionMadeToLimitedPartnerDistributionsPaidPerUnit`	$0.35	USD	1 Quarter
Distributions per common unit (usd per share)	`DistributionMadeToLimitedPartnerDistributionsPaidPerUnit`	$0.78	USD	2 Qtrs

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$86.47M	USD	1 Quarter
Net income	`ProfitLoss`	$165.19M	USD	2 Qtrs
Net income	`ProfitLoss`	$172.50M	USD	2 Qtrs
Net income	`ProfitLoss`	$84.48M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$57.45M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$55.28M	USD	2 Qtrs
Loss (gain) from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-567.00K	USD	2 Qtrs
Loss (gain) from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$107.00K	USD	2 Qtrs
Other losses (gains), net	`OtherNoncashIncomeExpense`	$997.00K	USD	2 Qtrs
Other losses (gains), net	`OtherNoncashIncomeExpense`	$-538.00K	USD	2 Qtrs
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-1.28M	USD	2 Qtrs
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$3.11M	USD	2 Qtrs
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-49.54M	USD	2 Qtrs
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-2.88M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$624.00K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$538.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-224.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-260.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-4.84M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.35M	USD	2 Qtrs
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$27.00K	USD	2 Qtrs
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-667.00K	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$9.56M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$90.00K	USD	2 Qtrs
Cash flows from investing activities	`NetCashProvidedByUsedInOperatingActivities`	$262.29M	USD	2 Qtrs
Cash flows from investing activities	`NetCashProvidedByUsedInOperatingActivities`	$220.57M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$44.00M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.62M	USD	2 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	-	USD	2 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$178.00M	USD	2 Qtrs
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	-	USD	2 Qtrs
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$185.00M	USD	2 Qtrs
Other	`CashProvidedbyUsedinInvestingActivitiesOther`	$1.80M	USD	2 Qtrs
Other	`CashProvidedbyUsedinInvestingActivitiesOther`	$251.00K	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-23.37M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-42.20M	USD	2 Qtrs
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$20.38M	USD	2 Qtrs
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$3.65M	USD	2 Qtrs
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	$26.73M	USD	2 Qtrs
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	-	USD	2 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$178.39M	USD	2 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$172.76M	USD	2 Qtrs
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$26.62M	USD	2 Qtrs
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$19.31M	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-195.73M	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-204.05M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.48M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$16.04M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$88.90M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$104.94M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$27.01M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$28.48M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$88.90M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$104.94M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$27.01M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$28.48M	USD	Point-in-time

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$998.75M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$920.96M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$964.47M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$895.80M	USD	Point-in-time
Net income	`ProfitLoss`	$86.47M	USD	1 Quarter
Net income	`ProfitLoss`	$165.19M	USD	2 Qtrs
Net income	`ProfitLoss`	$172.50M	USD	2 Qtrs
Net income	`ProfitLoss`	$84.48M	USD	1 Quarter
Net effect of cash flow hedge	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$43.00K	USD	2 Qtrs
Net effect of cash flow hedge	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$-157.00K	USD	2 Qtrs
Units issued for vested phantom units	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$60.00K	USD	2 Qtrs
Quarterly distributions to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$26.62M	USD	2 Qtrs
Quarterly distributions to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$19.31M	USD	2 Qtrs
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$172.76M	USD	2 Qtrs
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$178.39M	USD	2 Qtrs
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$998.75M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$920.96M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$964.47M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$895.80M	USD	Point-in-time

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