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10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q2 2020
Filing Information
Form Type 10-Q
Accession Number 0001604665-20-000022
Period End Date 20200630
Filing Date 20200806
Fiscal Year 2020
Fiscal Period Q2
XBRL Instance a2020063010qwlkp_htm.xml
Filing Contents
Balance Sheet 52 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $19.92M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $23.62M 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 $171.39M USD Point-in-time
Accounts receivable, netWestlake AccountsReceivableRelatedPartiesCurrent $42.35M 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 $7.01M USD Point-in-time
Inventories InventoryNet $2.48M USD Point-in-time
Inventories InventoryNet $1.53M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $470.00K USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $65.00K USD Point-in-time
Total current assets AssetsCurrent $245.96M USD Point-in-time
Total current assets AssetsCurrent $238.41M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.10B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.08B 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 $39.75M USD Point-in-time
Total assets Assets $1.37B USD Point-in-time
Total assets Assets $1.39B USD Point-in-time
Accounts payableWestlake AccountsPayableRelatedPartiesCurrent $5.44M USD Point-in-time
Accounts payableWestlake AccountsPayableRelatedPartiesCurrent $15.20M USD Point-in-time
Accounts payablethird parties AccountsPayableCurrent $8.85M USD Point-in-time
Accounts payablethird parties AccountsPayableCurrent $6.14M USD Point-in-time
Accrued and other liabilities AccruedLiabilitiesCurrent $17.51M USD Point-in-time
Accrued and other liabilities AccruedLiabilitiesCurrent $16.81M USD Point-in-time
Total current liabilities LiabilitiesCurrent $31.09M 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 $1.67M 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 $740.00K USD Point-in-time
Total liabilities Liabilities $433.17M 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 $276.94M USD Point-in-time
Total Westlake Chemical Partners LP partners' capital PartnersCapital $277.51M USD Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo) MinorityInterestInLimitedPartnerships $658.91M USD Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP (OpCo) MinorityInterestInLimitedPartnerships $674.62M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $935.85M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $979.95M USD Point-in-time
Total equity PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $972.11M 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 $950.09M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.39B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.37B USD Point-in-time
Income Statement 58 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 35.19M shares 2 Qtrs
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted 33.77M shares 2 Qtrs
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted 35.19M shares 1 Quarter
Net salesWestlake RevenueFromRelatedParties $487.09M USD 2 Qtrs
Net salesWestlake RevenueFromRelatedParties $227.43M USD 1 Quarter
Net salesWestlake RevenueFromRelatedParties $442.26M USD 2 Qtrs
Net salesWestlake RevenueFromRelatedParties $230.05M USD 1 Quarter
Total net sales Revenues $489.05M USD 2 Qtrs
Total net sales Revenues $270.06M USD 1 Quarter
Total net sales Revenues $238.50M USD 1 Quarter
Total net sales Revenues $569.15M USD 2 Qtrs
Cost of sales CostOfGoodsAndServicesSold $295.47M USD 2 Qtrs
Cost of sales CostOfGoodsAndServicesSold $386.54M USD 2 Qtrs
Cost of sales CostOfGoodsAndServicesSold $178.10M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $148.47M USD 1 Quarter
Gross profit GrossProfit $193.58M USD 2 Qtrs
Gross profit GrossProfit $182.61M USD 2 Qtrs
Gross profit GrossProfit $91.96M USD 1 Quarter
Gross profit GrossProfit $90.03M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $12.34M USD 2 Qtrs
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $6.14M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $14.61M USD 2 Qtrs
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $7.64M USD 1 Quarter
Income from operations OperatingIncomeLoss $181.24M USD 2 Qtrs
Income from operations OperatingIncomeLoss $83.89M USD 1 Quarter
Income from operations OperatingIncomeLoss $84.32M USD 1 Quarter
Income from operations OperatingIncomeLoss $168.00M USD 2 Qtrs
Interest expenseWestlake InterestExpenseRelatedParty $5.12M USD 1 Quarter
Interest expenseWestlake InterestExpenseRelatedParty $7.38M USD 2 Qtrs
Interest expenseWestlake InterestExpenseRelatedParty $11.03M USD 2 Qtrs
Interest expenseWestlake InterestExpenseRelatedParty $3.43M USD 1 Quarter
Other income, net NonoperatingIncomeExpense $708.00K USD 2 Qtrs
Other income, net NonoperatingIncomeExpense $1.15M USD 1 Quarter
Other income, net NonoperatingIncomeExpense $1.97M USD 2 Qtrs
Other income, net NonoperatingIncomeExpense $123.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $80.35M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $174.57M USD 2 Qtrs
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $158.94M USD 2 Qtrs
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $80.58M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $206.00K USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $437.00K USD 2 Qtrs
Income tax provision IncomeTaxExpenseBenefit $237.00K USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $423.00K USD 2 Qtrs
Net income ProfitLoss $80.11M USD 1 Quarter
Net income ProfitLoss $93.77M USD 1 Quarter
Net income ProfitLoss $158.51M USD 2 Qtrs
Net income ProfitLoss $78.40M USD 1 Quarter
Net income ProfitLoss $174.15M USD 2 Qtrs
Net income ProfitLoss $80.38M USD 1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $129.82M USD 2 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $65.52M USD 1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $66.38M USD 1 Quarter
Less: Net income attributable to noncontrolling interest in OpCo NetIncomeLossAttributableToNoncontrollingInterest $141.54M USD 2 Qtrs
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income NetIncomeLoss $13.73M USD 1 Quarter
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income NetIncomeLoss $14.86M USD 1 Quarter
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income NetIncomeLoss $32.61M USD 2 Qtrs
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income NetIncomeLoss $28.69M USD 2 Qtrs
Cash Flow Statement 63 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $80.11M USD 1 Quarter
Net income ProfitLoss $93.77M USD 1 Quarter
Net income ProfitLoss $158.51M USD 2 Qtrs
Net income ProfitLoss $78.40M USD 1 Quarter
Net income ProfitLoss $174.15M USD 2 Qtrs
Net income ProfitLoss $80.38M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $51.84M USD 2 Qtrs
Depreciation and amortization DepreciationDepletionAndAmortization $53.70M USD 2 Qtrs
Loss from disposition of property, plant and equipment GainLossOnDispositionOfAssets $-458.00K USD 2 Qtrs
Loss from disposition of property, plant and equipment GainLossOnDispositionOfAssets $-446.00K USD 2 Qtrs
Other gains, net OtherNoncashIncomeExpense $181.00K USD 2 Qtrs
Other gains, net OtherNoncashIncomeExpense $310.00K USD 2 Qtrs
Accounts receivablethird parties IncreaseDecreaseInAccountsAndOtherReceivables $3.82M USD 2 Qtrs
Accounts receivablethird parties IncreaseDecreaseInAccountsAndOtherReceivables $-3.23M USD 2 Qtrs
Net accounts receivableWestlake IncreaseDecreaseInAccountsReceivableRelatedParties $-419.00K USD 2 Qtrs
Net accounts receivableWestlake IncreaseDecreaseInAccountsReceivableRelatedParties $8.89M USD 2 Qtrs
Inventories IncreaseDecreaseInInventories $402.00K USD 2 Qtrs
Inventories IncreaseDecreaseInInventories $-955.00K USD 2 Qtrs
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets $-275.00K USD 2 Qtrs
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets $-405.00K USD 2 Qtrs
Accounts payable IncreaseDecreaseInAccountsPayable $2.79M USD 2 Qtrs
Accounts payable IncreaseDecreaseInAccountsPayable $1.21M USD 2 Qtrs
Accrued and other liabilities IncreaseDecreaseInAccruedLiabilities $998.00K USD 2 Qtrs
Accrued and other liabilities IncreaseDecreaseInAccruedLiabilities $2.10M USD 2 Qtrs
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $170.00K USD 2 Qtrs
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $318.00K USD 2 Qtrs
Cash flows from investing activities NetCashProvidedByUsedInOperatingActivities $223.72M USD 2 Qtrs
Cash flows from investing activities NetCashProvidedByUsedInOperatingActivities $213.67M USD 2 Qtrs
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $25.58M USD 2 Qtrs
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $20.59M USD 2 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement $344.44M USD 2 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement $181.00M USD 2 Qtrs
Investments with Westlake under the Investment Management Agreement InvestmentswithWestlakeundertheInvestmentManagementAgreement $336.44M USD 2 Qtrs
Investments with Westlake under the Investment Management Agreement InvestmentswithWestlakeundertheInvestmentManagementAgreement $190.00M USD 2 Qtrs
Other CashProvidedbyUsedinInvestingActivitiesOther $46.00K USD 2 Qtrs
Other CashProvidedbyUsedinInvestingActivitiesOther - USD 2 Qtrs
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-29.59M USD 2 Qtrs
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-17.54M USD 2 Qtrs
Net proceeds from private placement of common units ProceedsFromIssuanceOrSaleOfEquity $62.92M USD 2 Qtrs
Net proceeds from private placement of common units ProceedsFromIssuanceOrSaleOfEquity - USD 2 Qtrs
Net proceeds from private placement of common units ProceedsFromIssuanceOrSaleOfEquity $-18.00K 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
Proceeds from debt payable to Westlake ProceedsFromRelatedPartyDebt - USD 2 Qtrs
Proceeds from debt payable to Westlake ProceedsFromRelatedPartyDebt $123.51M USD 2 Qtrs
Repayment of debt payable to Westlake RepaymentsOfRelatedPartyDebt $201.44M USD 2 Qtrs
Repayment of debt payable to Westlake RepaymentsOfRelatedPartyDebt - USD 2 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake PaymentsToMinorityShareholders $153.77M USD 2 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake PaymentsToMinorityShareholders $157.25M USD 2 Qtrs
Quarterly distributions to unitholders DistributionMadeToLimitedPartnerCashDistributionsPaid $29.62M USD 2 Qtrs
Quarterly distributions to unitholders DistributionMadeToLimitedPartnerCashDistributionsPaid $33.18M USD 2 Qtrs
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-198.41M USD 2 Qtrs
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-190.43M USD 2 Qtrs
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $3.69M USD 2 Qtrs
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-2.27M USD 2 Qtrs
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $23.62M 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 $17.47M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $23.62M 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 $17.47M USD Point-in-time
Stockholders Equity 31 line items
Line Item Tag Value Unit Period
Equity, beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $935.85M USD Point-in-time
Equity, beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $979.95M USD Point-in-time
Equity, beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $972.11M USD Point-in-time
Equity, beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $952.13M USD Point-in-time
Equity, beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $934.08M USD Point-in-time
Equity, beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $950.09M USD Point-in-time
Net income ProfitLoss $80.11M USD 1 Quarter
Net income ProfitLoss $93.77M USD 1 Quarter
Net income ProfitLoss $158.51M USD 2 Qtrs
Net income ProfitLoss $78.40M USD 1 Quarter
Net income ProfitLoss $174.15M USD 2 Qtrs
Net income ProfitLoss $80.38M USD 1 Quarter
Net proceeds from private placement of common units ProceedsFromIssuanceOrSaleOfEquity $62.92M USD 2 Qtrs
Net proceeds from private placement of common units ProceedsFromIssuanceOrSaleOfEquity - USD 2 Qtrs
Net proceeds from private placement of common units ProceedsFromIssuanceOrSaleOfEquity $-18.00K 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
Quarterly distribution to unitholders LimitedPartnersCapitalAccountDistributionAmount $16.59M USD 1 Quarter
Quarterly distribution to unitholders LimitedPartnersCapitalAccountDistributionAmount $13.96M USD 1 Quarter
Quarterly distribution to unitholders LimitedPartnersCapitalAccountDistributionAmount $15.67M 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
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $72.26M USD 1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $78.03M USD 1 Quarter
Equity, ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $935.85M USD Point-in-time
Equity, ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $979.95M USD Point-in-time
Equity, ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $972.11M USD Point-in-time
Equity, ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $952.13M USD Point-in-time
Equity, ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $934.08M 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.

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