10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001604665-18-000027`
Period End Date	20180930
Filing Date	20181106
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	wlkp-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 54 Income Statement 56 Cash Flow Statement 59 Stockholders Equity 23

Balance Sheet 54 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$88.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.04M	USD	Point-in-time
Receivables under Investment Management Agreements with Related Parties, Current	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$151.88M	USD	Point-in-time
Receivables under Investment Management Agreements with Related Parties, Current	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$136.51M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$65.63M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$43.88M	USD	Point-in-time
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$18.08M	USD	Point-in-time
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$22.54M	USD	Point-in-time
Inventories	`InventoryNet`	$5.00M	USD	Point-in-time
Inventories	`InventoryNet`	$5.59M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$314.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$491.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$231.39M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$262.58M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.16B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.20B	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`	$65.40M	USD	Point-in-time
Total assets	`Assets`	$1.52B	USD	Point-in-time
Total assets	`Assets`	$1.50B	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$41.27M	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$14.03M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$10.52M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$6.40M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$15.70M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$18.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$40.24M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$66.59M	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`	$2.22M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.63M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$107.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$53.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$545.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$516.53M	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`	$279.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	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`	$217.49M	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`	$731.64M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$920.96M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$949.13M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$993.48M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$998.75M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.50B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.52B	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net sales - Westlake	`RevenueFromRelatedParties`	$258.05M	USD	1 Quarter
Net sales - Westlake	`RevenueFromRelatedParties`	$313.38M	USD	1 Quarter
Net sales - Westlake	`RevenueFromRelatedParties`	$802.09M	USD	3 Qtrs
Net sales - Westlake	`RevenueFromRelatedParties`	$711.97M	USD	3 Qtrs
Total net sales	`Revenues`	$363.65M	USD	1 Quarter
Total net sales	`Revenues`	$949.90M	USD	3 Qtrs
Total net sales	`Revenues`	$296.77M	USD	1 Quarter
Total net sales	`Revenues`	$864.34M	USD	3 Qtrs
Cost of Goods and Services Sold	`CostOfGoodsAndServicesSold`	$201.37M	USD	1 Quarter
Cost of Goods and Services Sold	`CostOfGoodsAndServicesSold`	$571.40M	USD	3 Qtrs
Cost of Goods and Services Sold	`CostOfGoodsAndServicesSold`	$269.74M	USD	1 Quarter
Cost of Goods and Services Sold	`CostOfGoodsAndServicesSold`	$666.37M	USD	3 Qtrs
Gross profit	`GrossProfit`	$292.94M	USD	3 Qtrs
Gross profit	`GrossProfit`	$283.53M	USD	3 Qtrs
Gross profit	`GrossProfit`	$93.91M	USD	1 Quarter
Gross profit	`GrossProfit`	$95.40M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$21.52M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$20.42M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.80M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.91M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$88.00M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$263.11M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$88.60M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$271.42M	USD	3 Qtrs
Interest expenseWestlake	`InterestExpenseRelatedParty`	$17.59M	USD	3 Qtrs
Interest expenseWestlake	`InterestExpenseRelatedParty`	$6.19M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$5.64M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$16.05M	USD	3 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$1.84M	USD	3 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$668.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$162.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$1.74M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$255.67M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$82.57M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$83.03M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$248.80M	USD	3 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$925.00K	USD	3 Qtrs
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-772.00K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$325.00K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-186.00K	USD	3 Qtrs
Net income	`ProfitLoss`	$248.99M	USD	3 Qtrs
Net income	`ProfitLoss`	$83.80M	USD	1 Quarter
Net income	`ProfitLoss`	$254.74M	USD	3 Qtrs
Net income	`ProfitLoss`	$82.25M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$71.39M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$211.53M	USD	3 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$221.62M	USD	3 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$68.86M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$12.41M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$37.46M	USD	3 Qtrs
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$13.38M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$33.12M	USD	3 Qtrs
Weighted average limited partner units outstanding (basic and diluted) (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.24M	shares	3 Qtrs
Weighted average limited partner units outstanding (basic and diluted) (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	27.17M	shares	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`	27.10M	shares	3 Qtrs

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$248.99M	USD	3 Qtrs
Net income	`ProfitLoss`	$83.80M	USD	1 Quarter
Net income	`ProfitLoss`	$254.74M	USD	3 Qtrs
Net income	`ProfitLoss`	$82.25M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$82.18M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$86.50M	USD	3 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-2.63M	USD	3 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-593.00K	USD	3 Qtrs
Other gains, net	`OtherNoncashIncomeExpense`	$96.00K	USD	3 Qtrs
Other gains, net	`OtherNoncashIncomeExpense`	$1.33M	USD	3 Qtrs
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$4.96M	USD	3 Qtrs
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$4.54M	USD	3 Qtrs
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-68.56M	USD	3 Qtrs
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-5.09M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-53.00K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-586.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$144.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$177.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.03M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-4.27M	USD	3 Qtrs
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$5.02M	USD	3 Qtrs
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.28M	USD	3 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$208.00K	USD	3 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$10.59M	USD	3 Qtrs
Cash flows from investing activities	`NetCashProvidedByUsedInOperatingActivities`	$401.92M	USD	3 Qtrs
Cash flows from investing activities	`NetCashProvidedByUsedInOperatingActivities`	$330.00M	USD	3 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$56.61M	USD	3 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$30.05M	USD	3 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$270.05M	USD	3 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	-	USD	3 Qtrs
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$285.00M	USD	3 Qtrs
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$119.00M	USD	3 Qtrs
Other	`CashProvidedbyUsedinInvestingActivitiesOther`	$1.80M	USD	3 Qtrs
Other	`CashProvidedbyUsedinInvestingActivitiesOther`	-	USD	3 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-173.81M	USD	3 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-45.00M	USD	3 Qtrs
Net proceeds from equity offering	`ProceedsFromIssuanceOrSaleOfEquity`	$110.74M	USD	3 Qtrs
Net proceeds from equity offering	`ProceedsFromIssuanceOrSaleOfEquity`	$110.74M	USD	Point-in-time
Net proceeds from equity offering	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	3 Qtrs
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$3.65M	USD	3 Qtrs
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$155.26M	USD	3 Qtrs
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	$272.76M	USD	3 Qtrs
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	-	USD	3 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$258.82M	USD	3 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$263.48M	USD	3 Qtrs
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$39.80M	USD	3 Qtrs
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$29.51M	USD	3 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-299.76M	USD	3 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-294.97M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-9.97M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-71.65M	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$27.01M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$88.90M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.25M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.04M	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`	$88.90M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.25M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.04M	USD	Point-in-time

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$920.96M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$949.13M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$993.48M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$998.75M	USD	Point-in-time
Net income	`ProfitLoss`	$248.99M	USD	3 Qtrs
Net income	`ProfitLoss`	$83.80M	USD	1 Quarter
Net income	`ProfitLoss`	$254.74M	USD	3 Qtrs
Net income	`ProfitLoss`	$82.25M	USD	1 Quarter
Net effect of cash flow hedge	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$-279.00K	USD	3 Qtrs
Net effect of cash flow hedge	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$26.00K	USD	3 Qtrs
Net proceeds from equity offering	`ProceedsFromIssuanceOrSaleOfEquity`	$110.74M	USD	3 Qtrs
Net proceeds from equity offering	`ProceedsFromIssuanceOrSaleOfEquity`	$110.74M	USD	Point-in-time
Net proceeds from equity offering	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	3 Qtrs
Conversion of Units, Amount	`ConversionofUnitsAmount`	-	USD	3 Qtrs
Units issued for vested phantom units	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$292.00K	USD	3 Qtrs
Quarterly distributions to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$29.51M	USD	3 Qtrs
Quarterly distributions to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$39.80M	USD	3 Qtrs
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$258.82M	USD	3 Qtrs
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$263.48M	USD	3 Qtrs
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$920.96M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$949.13M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$993.48M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$998.75M	USD	Point-in-time

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