10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001604665-21-000043`
Period End Date	20210630
Filing Date	20210804
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	wlkp-20210630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 51 Income Statement 58 Cash Flow Statement 54 Stockholders Equity 27

Balance Sheet 51 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.66M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Chemical Corporation ("Westlake")	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$222.25M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Chemical Corporation ("Westlake")	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$123.23M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$66.95M	USD	Point-in-time
Accounts receivable, netthird parties	`AccountsReceivableNetCurrent`	$24.96M	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`	$4.93M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$392.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$61.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$336.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$263.31M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.05B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.03B	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`	$29.11M	USD	Point-in-time
Deferred charges and other assets, net	`DeferredCostsAndOtherAssets`	$36.69M	USD	Point-in-time
Total assets	`Assets`	$1.36B	USD	Point-in-time
Total assets	`Assets`	$1.40B	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$7.86M	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$20.13M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$12.44M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$13.13M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$16.08M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$18.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$48.65M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$39.75M	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`	$1.63M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$381.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$36.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$441.35M	USD	Point-in-time
Total liabilities	`Liabilities`	$450.00M	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`	$277.40M	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$284.61M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")	`MinorityInterestInLimitedPartnerships`	$667.15M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")	`MinorityInterestInLimitedPartnerships`	$637.74M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$913.11M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$950.09M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$951.76M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$935.85M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$952.13M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$915.14M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.36B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.40B	USD	Point-in-time

Income Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net salesWestlake	`RevenueFromRelatedParties`	$240.96M	USD	1 Quarter
Net salesWestlake	`RevenueFromRelatedParties`	$460.76M	USD	2 Qtrs
Net salesWestlake	`RevenueFromRelatedParties`	$227.43M	USD	1 Quarter
Net salesWestlake	`RevenueFromRelatedParties`	$442.26M	USD	2 Qtrs
Total net sales	`Revenues`	$489.05M	USD	2 Qtrs
Total net sales	`Revenues`	$590.44M	USD	2 Qtrs
Total net sales	`Revenues`	$322.23M	USD	1 Quarter
Total net sales	`Revenues`	$238.50M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$191.20M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$148.47M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$371.71M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$295.47M	USD	2 Qtrs
Gross profit	`GrossProfit`	$131.03M	USD	1 Quarter
Gross profit	`GrossProfit`	$218.73M	USD	2 Qtrs
Gross profit	`GrossProfit`	$193.58M	USD	2 Qtrs
Gross profit	`GrossProfit`	$90.03M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.27M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.14M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$12.34M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$16.94M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$201.79M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$181.24M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$83.89M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$122.76M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$4.46M	USD	2 Qtrs
Interest expenseWestlake	`InterestExpenseRelatedParty`	$2.22M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$3.43M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$7.38M	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$28.00K	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$21.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$708.00K	USD	2 Qtrs
Other income, net	`NonoperatingIncomeExpense`	$123.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$120.56M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$197.35M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$80.58M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$174.57M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$438.00K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$206.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$263.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$423.00K	USD	2 Qtrs
Net income	`ProfitLoss`	$174.15M	USD	2 Qtrs
Net income	`ProfitLoss`	$93.77M	USD	1 Quarter
Net income	`ProfitLoss`	$76.62M	USD	1 Quarter
Net income	`ProfitLoss`	$80.38M	USD	1 Quarter
Net income	`ProfitLoss`	$120.29M	USD	1 Quarter
Net income	`ProfitLoss`	$196.92M	USD	2 Qtrs
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$95.19M	USD	1 Quarter
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`	$156.67M	USD	2 Qtrs
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`	$32.61M	USD	2 Qtrs
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$25.10M	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`	$40.24M	USD	2 Qtrs
Weighted average limited partner units outstanding (basic and diluted) (in units)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.19M	shares	2 Qtrs
Weighted average limited partner units outstanding (basic and diluted) (in units)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.20M	shares	2 Qtrs
Weighted average limited partner units outstanding (basic and diluted) (in units)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.19M	shares	1 Quarter
Weighted average limited partner units outstanding (basic and diluted) (in units)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.20M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$174.15M	USD	2 Qtrs
Net income	`ProfitLoss`	$93.77M	USD	1 Quarter
Net income	`ProfitLoss`	$76.62M	USD	1 Quarter
Net income	`ProfitLoss`	$80.38M	USD	1 Quarter
Net income	`ProfitLoss`	$120.29M	USD	1 Quarter
Net income	`ProfitLoss`	$196.92M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$56.24M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$51.84M	USD	2 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-1.39M	USD	2 Qtrs
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-446.00K	USD	2 Qtrs
Other gains, net	`OtherNoncashIncomeExpense`	$310.00K	USD	2 Qtrs
Other gains, net	`OtherNoncashIncomeExpense`	$-759.00K	USD	2 Qtrs
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$14.60M	USD	2 Qtrs
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-3.23M	USD	2 Qtrs
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$8.89M	USD	2 Qtrs
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-53.19M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$1.46M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-955.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-331.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-405.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$653.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.21M	USD	2 Qtrs
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-3.14M	USD	2 Qtrs
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$998.00K	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$318.00K	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$3.17M	USD	2 Qtrs
Cash flows from investing activities	`NetCashProvidedByUsedInOperatingActivities`	$223.72M	USD	2 Qtrs
Cash flows from investing activities	`NetCashProvidedByUsedInOperatingActivities`	$287.12M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.59M	USD	2 Qtrs
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$27.29M	USD	2 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$181.00M	USD	2 Qtrs
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$83.00M	USD	2 Qtrs
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$190.00M	USD	2 Qtrs
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$182.00M	USD	2 Qtrs
Other	`CashProvidedbyUsedinInvestingActivitiesOther`	-	USD	2 Qtrs
Other	`CashProvidedbyUsedinInvestingActivitiesOther`	$126.00K	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-126.16M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.59M	USD	2 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$127.26M	USD	2 Qtrs
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$157.25M	USD	2 Qtrs
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$33.19M	USD	2 Qtrs
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$33.18M	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-160.44M	USD	2 Qtrs
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-190.43M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$511.00K	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.69M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.15M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.66M	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`	$23.62M	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`	$17.66M	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`	$23.62M	USD	Point-in-time

Stockholders Equity 27 line items

Line Item	Tag	Value	Unit	Period
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$913.11M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$950.09M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$951.76M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$935.85M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$952.13M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$915.14M	USD	Point-in-time
Net income	`ProfitLoss`	$174.15M	USD	2 Qtrs
Net income	`ProfitLoss`	$93.77M	USD	1 Quarter
Net income	`ProfitLoss`	$76.62M	USD	1 Quarter
Net income	`ProfitLoss`	$80.38M	USD	1 Quarter
Net income	`ProfitLoss`	$120.29M	USD	1 Quarter
Net income	`ProfitLoss`	$196.92M	USD	2 Qtrs
Stock Issued During Period, Value, Other	`StockIssuedDuringPeriodValueOther`	$149.00K	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 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
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$65.20M	USD	1 Quarter
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$78.03M	USD	1 Quarter
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$913.11M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$950.09M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$951.76M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$935.85M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$952.13M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$915.14M	USD	Point-in-time

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