10-Q Filing
Filing Information
| Form Type | 10-Q |
| Accession Number | 0001604665-21-000030 |
| Period End Date | 20210331 |
| Filing Date | 20210505 |
| Fiscal Year | 2021 |
| Fiscal Period | Q1 |
| XBRL Instance | wlkp-20210331_htm.xml |
Filing Contents
This filing contains the following financial statements:
Balance Sheet
49 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$17.15M | USD | Point-in-time |
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$17.29M | USD | Point-in-time |
| Receivable under the Investment Management AgreementWestlake Chemical Corporation ("Westlake") |
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
|
$123.23M | USD | Point-in-time |
| Receivable under the Investment Management AgreementWestlake Chemical Corporation ("Westlake") |
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
|
$187.24M | USD | Point-in-time |
| Accounts receivable, netWestlake |
AccountsReceivableRelatedPartiesCurrent
|
$50.97M | USD | Point-in-time |
| Accounts receivable, netthird parties |
AccountsReceivableNetCurrent
|
$19.70M | USD | Point-in-time |
| Accounts receivable, netthird parties |
AccountsReceivableNetCurrent
|
$11.03M | USD | Point-in-time |
| Inventories |
InventoryNet
|
$3.47M | USD | Point-in-time |
| Inventories |
InventoryNet
|
$3.17M | USD | Point-in-time |
| Prepaid expenses and other current assets |
PrepaidExpenseAndOtherAssetsCurrent
|
$217.00K | USD | Point-in-time |
| Prepaid expenses and other current assets |
PrepaidExpenseAndOtherAssetsCurrent
|
$392.00K | USD | Point-in-time |
| Total current assets |
AssetsCurrent
|
$278.59M | USD | Point-in-time |
| Total current assets |
AssetsCurrent
|
$263.31M | USD | Point-in-time |
| Property, plant and equipment, net |
PropertyPlantAndEquipmentNet
|
$1.04B | USD | Point-in-time |
| Property, plant and equipment, net |
PropertyPlantAndEquipmentNet
|
$1.05B | 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
|
$36.69M | USD | Point-in-time |
| Deferred charges and other assets, net |
DeferredCostsAndOtherAssets
|
$33.47M | USD | Point-in-time |
| Total assets |
Assets
|
$1.36B | USD | Point-in-time |
| Total assets |
Assets
|
$1.36B | USD | Point-in-time |
| Accounts payableWestlake |
AccountsPayableRelatedPartiesCurrent
|
$11.92M | USD | Point-in-time |
| Accounts payableWestlake |
AccountsPayableRelatedPartiesCurrent
|
$7.86M | USD | Point-in-time |
| Accounts payablethird parties |
AccountsPayableCurrent
|
$13.13M | USD | Point-in-time |
| Accounts payablethird parties |
AccountsPayableCurrent
|
$12.60M | USD | Point-in-time |
| Accrued and other liabilities |
AccruedLiabilitiesCurrent
|
$18.05M | USD | Point-in-time |
| Accrued and other liabilities |
AccruedLiabilitiesCurrent
|
$18.77M | USD | Point-in-time |
| Total current liabilities |
LiabilitiesCurrent
|
$39.75M | USD | Point-in-time |
| Total current liabilities |
LiabilitiesCurrent
|
$42.57M | 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
|
$1.54M | USD | Point-in-time |
| Deferred income taxes |
DeferredIncomeTaxLiabilitiesNet
|
$1.57M | USD | Point-in-time |
| Other liabilities |
OtherLiabilitiesNoncurrent
|
$206.00K | USD | Point-in-time |
| Other liabilities |
OtherLiabilitiesNoncurrent
|
$381.00K | USD | Point-in-time |
| Total liabilities |
Liabilities
|
$444.03M | USD | Point-in-time |
| Total liabilities |
Liabilities
|
$441.35M | 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
|
$275.95M | USD | Point-in-time |
| Total Westlake Chemical Partners LP partners' capital |
PartnersCapital
|
$277.40M | USD | Point-in-time |
| Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo") |
MinorityInterestInLimitedPartnerships
|
$637.16M | USD | Point-in-time |
| Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo") |
MinorityInterestInLimitedPartnerships
|
$637.74M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$915.14M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$952.13M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$950.09M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$913.11M | USD | Point-in-time |
| Total liabilities and equity |
LiabilitiesAndStockholdersEquity
|
$1.36B | USD | Point-in-time |
| Total liabilities and equity |
LiabilitiesAndStockholdersEquity
|
$1.36B | USD | Point-in-time |
Income Statement
28 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Net salesWestlake |
RevenueFromRelatedParties
|
$219.80M | USD | 1 Quarter |
| Net salesWestlake |
RevenueFromRelatedParties
|
$214.83M | USD | 1 Quarter |
| Total net sales |
Revenues
|
$268.21M | USD | 1 Quarter |
| Total net sales |
Revenues
|
$250.55M | USD | 1 Quarter |
| Cost of sales |
CostOfGoodsAndServicesSold
|
$180.51M | USD | 1 Quarter |
| Cost of sales |
CostOfGoodsAndServicesSold
|
$147.00M | USD | 1 Quarter |
| Gross profit |
GrossProfit
|
$103.55M | USD | 1 Quarter |
| Gross profit |
GrossProfit
|
$87.70M | USD | 1 Quarter |
| Selling, general and administrative expenses |
SellingGeneralAndAdministrativeExpense
|
$6.20M | USD | 1 Quarter |
| Selling, general and administrative expenses |
SellingGeneralAndAdministrativeExpense
|
$8.67M | USD | 1 Quarter |
| Income from operations |
OperatingIncomeLoss
|
$79.03M | USD | 1 Quarter |
| Income from operations |
OperatingIncomeLoss
|
$97.35M | USD | 1 Quarter |
| Interest expenseWestlake |
InterestExpenseRelatedParty
|
$3.95M | USD | 1 Quarter |
| Interest expenseWestlake |
InterestExpenseRelatedParty
|
$2.24M | USD | 1 Quarter |
| Other income, net |
NonoperatingIncomeExpense
|
$585.00K | USD | 1 Quarter |
| Other income, net |
NonoperatingIncomeExpense
|
$7.00K | USD | 1 Quarter |
| Income before income taxes |
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
$93.99M | USD | 1 Quarter |
| Income before income taxes |
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
$76.80M | USD | 1 Quarter |
| Income tax provision |
IncomeTaxExpenseBenefit
|
$175.00K | USD | 1 Quarter |
| Income tax provision |
IncomeTaxExpenseBenefit
|
$217.00K | USD | 1 Quarter |
| Net income |
ProfitLoss
|
$93.77M | USD | 1 Quarter |
| Net income |
ProfitLoss
|
$76.62M | USD | 1 Quarter |
| Less: Net income attributable to noncontrolling interest in OpCo |
NetIncomeLossAttributableToNoncontrollingInterest
|
$61.48M | USD | 1 Quarter |
| Less: Net income attributable to noncontrolling interest in OpCo |
NetIncomeLossAttributableToNoncontrollingInterest
|
$76.02M | USD | 1 Quarter |
| Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income |
NetIncomeLoss
|
$15.15M | USD | 1 Quarter |
| Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income |
NetIncomeLoss
|
$17.75M | USD | 1 Quarter |
| Weighted average limited partner units outstanding (basic and diluted) (in units) |
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
|
35.20M | shares | 1 Quarter |
| Weighted average limited partner units outstanding (basic and diluted) (in units) |
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
|
35.19M | shares | 1 Quarter |
Cash Flow Statement
50 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Net income |
ProfitLoss
|
$93.77M | USD | 1 Quarter |
| Net income |
ProfitLoss
|
$76.62M | USD | 1 Quarter |
| Depreciation and amortization |
DepreciationDepletionAndAmortization
|
$26.03M | USD | 1 Quarter |
| Depreciation and amortization |
DepreciationDepletionAndAmortization
|
$27.54M | USD | 1 Quarter |
| Loss from disposition of property, plant and equipment |
GainLossOnDispositionOfAssets
|
$-1.36M | USD | 1 Quarter |
| Loss from disposition of property, plant and equipment |
GainLossOnDispositionOfAssets
|
$-97.00K | USD | 1 Quarter |
| Other gains, net |
OtherNoncashIncomeExpense
|
$-103.00K | USD | 1 Quarter |
| Other gains, net |
OtherNoncashIncomeExpense
|
$-119.00K | USD | 1 Quarter |
| Accounts receivablethird parties |
IncreaseDecreaseInAccountsAndOtherReceivables
|
$8.74M | USD | 1 Quarter |
| Accounts receivablethird parties |
IncreaseDecreaseInAccountsAndOtherReceivables
|
$3.74M | USD | 1 Quarter |
| Net accounts receivableWestlake |
IncreaseDecreaseInAccountsReceivableRelatedParties
|
$8.57M | USD | 1 Quarter |
| Net accounts receivableWestlake |
IncreaseDecreaseInAccountsReceivableRelatedParties
|
$-60.98M | USD | 1 Quarter |
| Inventories |
IncreaseDecreaseInInventories
|
$-303.00K | USD | 1 Quarter |
| Inventories |
IncreaseDecreaseInInventories
|
$-484.00K | USD | 1 Quarter |
| Prepaid expenses and other current assets |
IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets
|
$-266.00K | USD | 1 Quarter |
| Prepaid expenses and other current assets |
IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets
|
$-175.00K | USD | 1 Quarter |
| Accounts payable |
IncreaseDecreaseInAccountsPayable
|
$-625.00K | 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
|
$-699.00K | USD | 1 Quarter |
| Other, net |
IncreaseDecreaseInOtherOperatingCapitalNet
|
$1.61M | 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
|
$155.41M | USD | 1 Quarter |
| Additions to property, plant and equipment |
PaymentsToAcquirePropertyPlantAndEquipment
|
$11.99M | USD | 1 Quarter |
| Additions to property, plant and equipment |
PaymentsToAcquirePropertyPlantAndEquipment
|
$12.75M | USD | 1 Quarter |
| Maturities of investments with Westlake under the Investment Management Agreement |
MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement
|
- | 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
|
$78.00M | USD | 1 Quarter |
| Investments with Westlake under the Investment Management Agreement |
InvestmentswithWestlakeundertheInvestmentManagementAgreement
|
$64.00M | USD | 1 Quarter |
| Other |
CashProvidedbyUsedinInvestingActivitiesOther
|
$126.00K | USD | 1 Quarter |
| Other |
CashProvidedbyUsedinInvestingActivitiesOther
|
- | USD | 1 Quarter |
| Net cash used for investing activities |
NetCashProvidedByUsedInInvestingActivities
|
$-76.62M | USD | 1 Quarter |
| Net cash used for investing activities |
NetCashProvidedByUsedInInvestingActivities
|
$-10.99M | 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
|
$62.06M | USD | 1 Quarter |
| Quarterly distributions to unitholders |
DistributionMadeToLimitedPartnerCashDistributionsPaid
|
$16.59M | USD | 1 Quarter |
| Quarterly distributions to unitholders |
DistributionMadeToLimitedPartnerCashDistributionsPaid
|
$16.59M | USD | 1 Quarter |
| Net cash used for financing activities |
NetCashProvidedByUsedInFinancingActivities
|
$-95.81M | USD | 1 Quarter |
| Net cash used for financing activities |
NetCashProvidedByUsedInFinancingActivities
|
$-78.65M | USD | 1 Quarter |
| Net increase in cash and cash equivalents |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
$135.00K | USD | 1 Quarter |
| Net increase in cash and cash equivalents |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
$4.16M | USD | 1 Quarter |
| Cash and cash equivalents at beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$19.92M | USD | Point-in-time |
| Cash and cash equivalents at beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$24.08M | USD | Point-in-time |
| Cash and cash equivalents at beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$17.15M | USD | Point-in-time |
| Cash and cash equivalents at beginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$17.29M | 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
|
$24.08M | USD | Point-in-time |
| Cash and cash equivalents at end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$17.15M | USD | Point-in-time |
| Cash and cash equivalents at end of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$17.29M | USD | Point-in-time |
Stockholders Equity
14 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$915.14M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$952.13M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$950.09M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$913.11M | USD | Point-in-time |
| Net income |
ProfitLoss
|
$93.77M | USD | 1 Quarter |
| Net income |
ProfitLoss
|
$76.62M | USD | 1 Quarter |
| Quarterly distribution to unitholders |
LimitedPartnersCapitalAccountDistributionAmount
|
$16.59M | USD | 1 Quarter |
| Quarterly distribution to unitholders |
LimitedPartnersCapitalAccountDistributionAmount
|
$16.59M | USD | 1 Quarter |
| Quarterly distribution to noncontrolling interest retained in OpCo by Westlake |
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
$62.06M | USD | 1 Quarter |
| Quarterly distribution to noncontrolling interest retained in OpCo by Westlake |
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
$79.22M | USD | 1 Quarter |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$915.14M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$952.13M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$950.09M | USD | Point-in-time |
| Total equity |
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
|
$913.11M | USD | Point-in-time |
Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.