10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001604665-19-000013`
Period End Date	20190331
Filing Date	20190502
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	wlkp-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 28 Cash Flow Statement 55 Stockholders Equity 19

Balance Sheet 52 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.98M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.74M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$84.61M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Chemical Corporation (Westlake)	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$276.50M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Chemical Corporation (Westlake)	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$148.96M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$47.63M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$57.28M	USD	Point-in-time
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$15.49M	USD	Point-in-time
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$16.40M	USD	Point-in-time
Inventories	`InventoryNet`	$4.39M	USD	Point-in-time
Inventories	`InventoryNet`	$4.17M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$370.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$251.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$428.66M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$247.14M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.14B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.15B	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`	$58.37M	USD	Point-in-time
Deferred charges and other assets, net	`DeferredCostsAndOtherAssets`	$60.90M	USD	Point-in-time
Total assets	`Assets`	$1.63B	USD	Point-in-time
Total assets	`Assets`	$1.46B	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$27.48M	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$19.34M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$7.48M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$5.04M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$20.43M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$16.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$48.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$47.26M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$477.61M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$601.12M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.66M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.68M	USD	Point-in-time
Operating lease liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Operating lease liabilities	`OtherLiabilitiesNoncurrent`	$1.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$528.04M	USD	Point-in-time
Total liabilities	`Liabilities`	$651.33M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$279.74M	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$215.81M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo)	`MinorityInterestInLimitedPartnerships`	$718.27M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo)	`MinorityInterestInLimitedPartnerships`	$700.21M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$934.08M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$998.75M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$979.95M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$975.32M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.63B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.46B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net salesWestlake	`RevenueFromRelatedParties`	$257.04M	USD	1 Quarter
Net salesWestlake	`RevenueFromRelatedParties`	$235.03M	USD	1 Quarter
Total net sales	`Revenues`	$284.27M	USD	1 Quarter
Total net sales	`Revenues`	$299.09M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$191.77M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$208.43M	USD	1 Quarter
Gross profit	`GrossProfit`	$90.65M	USD	1 Quarter
Gross profit	`GrossProfit`	$92.50M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.97M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$7.13M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$83.68M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$85.37M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$4.87M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$5.90M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$815.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$491.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$81.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$78.60M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$200.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$283.00K	USD	1 Quarter
Net income	`ProfitLoss`	$78.40M	USD	1 Quarter
Net income	`ProfitLoss`	$80.71M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$68.42M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$63.44M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$12.29M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP	`NetIncomeLoss`	$14.96M	USD	1 Quarter
Weighted average limited partner units outstanding (basic and diluted) (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.35M	shares	1 Quarter
Weighted average limited partner units outstanding (basic and diluted) (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.24M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$78.40M	USD	1 Quarter
Net income	`ProfitLoss`	$80.71M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$27.70M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$26.84M	USD	1 Quarter
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-567.00K	USD	1 Quarter
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-458.00K	USD	1 Quarter
Other losses (gains), net	`OtherNoncashIncomeExpense`	$180.00K	USD	1 Quarter
Other losses (gains), net	`OtherNoncashIncomeExpense`	$-357.00K	USD	1 Quarter
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$1.24M	USD	1 Quarter
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-1.10M	USD	1 Quarter
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-1.48M	USD	1 Quarter
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-737.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-419.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$587.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-119.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-153.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.83M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.50M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$3.47M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-487.00K	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$101.00K	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-138.00K	USD	1 Quarter
Cash flows from investing activities	`NetCashProvidedByUsedInOperatingActivities`	$106.22M	USD	1 Quarter
Cash flows from investing activities	`NetCashProvidedByUsedInOperatingActivities`	$113.50M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.14M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.68M	USD	1 Quarter
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$80.00M	USD	1 Quarter
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$112.00M	USD	1 Quarter
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$207.51M	USD	1 Quarter
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$110.00M	USD	1 Quarter
Other	`CashProvidedbyUsedinInvestingActivitiesOther`	-	USD	1 Quarter
Other	`CashProvidedbyUsedinInvestingActivitiesOther`	$46.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.68M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-139.61M	USD	1 Quarter
Proceeds from private placement of common units	`ProceedsFromIssuanceOrSaleOfEquity`	$62.93M	USD	1 Quarter
Proceeds from private placement of common units	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Proceeds from private placement of common units	`ProceedsFromIssuanceOrSaleOfEquity`	$62.93M	USD	Point-in-time
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$123.51M	USD	1 Quarter
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$3.65M	USD	1 Quarter
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$91.15M	USD	1 Quarter
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$81.51M	USD	1 Quarter
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$13.07M	USD	1 Quarter
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$13.96M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$90.98M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-100.57M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$64.87M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.03M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$27.01M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$24.98M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$19.74M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$84.61M	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`	$24.98M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$19.74M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$84.61M	USD	Point-in-time

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$934.08M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$998.75M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$979.95M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$975.32M	USD	Point-in-time
Net income	`ProfitLoss`	$78.40M	USD	1 Quarter
Net income	`ProfitLoss`	$80.71M	USD	1 Quarter
Net effect of cash flow hedge	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$19.00K	USD	1 Quarter
Units issued for vested phantom units	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$60.00K	USD	1 Quarter
Proceeds from private placement of common units	`ProceedsFromIssuanceOrSaleOfEquity`	$62.93M	USD	1 Quarter
Proceeds from private placement of common units	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Proceeds from private placement of common units	`ProceedsFromIssuanceOrSaleOfEquity`	$62.93M	USD	Point-in-time
Quarterly distributions to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$13.96M	USD	1 Quarter
Quarterly distributions to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$13.07M	USD	1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$91.15M	USD	1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$81.51M	USD	1 Quarter
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$934.08M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$998.75M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$979.95M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$975.32M	USD	Point-in-time

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