10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001604665-20-000015`
Period End Date	20200331
Filing Date	20200506
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	a2020033110qwlkp_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 28 Cash Flow Statement 53 Stockholders Equity 17

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.92M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.08M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Chemical Corporation (Westlake)	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$162.77M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Chemical Corporation (Westlake)	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$161.76M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$40.56M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$42.85M	USD	Point-in-time
Accounts receivable, netthird parties	`AccountsReceivableNetCurrent`	$9.91M	USD	Point-in-time
Accounts receivable, netthird parties	`AccountsReceivableNetCurrent`	$13.54M	USD	Point-in-time
Inventories	`InventoryNet`	$2.48M	USD	Point-in-time
Inventories	`InventoryNet`	$2.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$470.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$204.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$242.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$238.41M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.09B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.10B	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`	$46.24M	USD	Point-in-time
Deferred charges and other assets, net	`DeferredCostsAndOtherAssets`	$42.95M	USD	Point-in-time
Total assets	`Assets`	$1.38B	USD	Point-in-time
Total assets	`Assets`	$1.39B	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$15.20M	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$4.33M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$6.14M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$8.30M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$17.51M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$18.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.67M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$38.85M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$399.67M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$399.67M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.65M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.65M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.15M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$947.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$432.94M	USD	Point-in-time
Total liabilities	`Liabilities`	$441.32M	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$277.51M	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$278.67M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo)	`MinorityInterestInLimitedPartnerships`	$671.42M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo)	`MinorityInterestInLimitedPartnerships`	$674.62M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$952.13M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$934.08M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$979.95M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$950.09M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.38B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.39B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.19M	shares	1 Quarter
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	32.35M	shares	1 Quarter
Net salesWestlake	`RevenueFromRelatedParties`	$257.04M	USD	1 Quarter
Net salesWestlake	`RevenueFromRelatedParties`	$214.83M	USD	1 Quarter
Total net sales	`Revenues`	$299.09M	USD	1 Quarter
Total net sales	`Revenues`	$250.55M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$147.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$208.43M	USD	1 Quarter
Gross profit	`GrossProfit`	$103.55M	USD	1 Quarter
Gross profit	`GrossProfit`	$90.65M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.20M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.97M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$97.35M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$83.68M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$3.95M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$5.90M	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$815.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$585.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$78.60M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$93.99M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$200.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$217.00K	USD	1 Quarter
Net income	`ProfitLoss`	$93.77M	USD	1 Quarter
Net income	`ProfitLoss`	$78.40M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$76.02M	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 and limited partners' interest in net income	`NetIncomeLoss`	$14.96M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$17.75M	USD	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$93.77M	USD	1 Quarter
Net income	`ProfitLoss`	$78.40M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$26.84M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$26.03M	USD	1 Quarter
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-97.00K	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`	$-119.00K	USD	1 Quarter
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-1.10M	USD	1 Quarter
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$3.74M	USD	1 Quarter
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-1.48M	USD	1 Quarter
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$8.57M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-484.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$587.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-266.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-119.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.50M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.46M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.25M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$3.47M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$101.00K	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$208.00K	USD	1 Quarter
Cash flows from investing activities	`NetCashProvidedByUsedInOperatingActivities`	$110.96M	USD	1 Quarter
Cash flows from investing activities	`NetCashProvidedByUsedInOperatingActivities`	$113.50M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.99M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.14M	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`	$79.00M	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`	$78.00M	USD	1 Quarter
Other	`CashProvidedbyUsedinInvestingActivitiesOther`	$46.00K	USD	1 Quarter
Other	`CashProvidedbyUsedinInvestingActivitiesOther`	-	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.99M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-139.61M	USD	1 Quarter
Net proceeds from private placement of common units	`ProceedsFromIssuanceOrSaleOfEquity`	$62.93M	USD	Point-in-time
Net proceeds from private placement of common units	`ProceedsFromIssuanceOrSaleOfEquity`	$62.93M	USD	1 Quarter
Net proceeds from private placement of common units	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$79.22M	USD	1 Quarter
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$81.51M	USD	1 Quarter
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$13.96M	USD	1 Quarter
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$16.59M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-95.81M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$90.98M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.16M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$64.87M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.08M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.92M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.74M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$84.61M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.92M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.74M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$84.61M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$952.13M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$934.08M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$979.95M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$950.09M	USD	Point-in-time
Net income	`ProfitLoss`	$93.77M	USD	1 Quarter
Net income	`ProfitLoss`	$78.40M	USD	1 Quarter
Net proceeds from private placement of common units	`ProceedsFromIssuanceOrSaleOfEquity`	$62.93M	USD	Point-in-time
Net proceeds from private placement of common units	`ProceedsFromIssuanceOrSaleOfEquity`	$62.93M	USD	1 Quarter
Net proceeds from private placement of common units	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Quarterly distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$13.96M	USD	1 Quarter
Quarterly distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$16.59M	USD	1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$81.51M	USD	1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$79.22M	USD	1 Quarter
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$952.13M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$934.08M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$979.95M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$950.09M	USD	Point-in-time

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