10-Q Filing

Westlake Chemical Partners LP CIK: 1604665 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001604665-22-000017`
Period End Date	20220331
Filing Date	20220504
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	wlkp-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 31 Cash Flow Statement 51 Stockholders Equity 13

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.23M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.06M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Corporation ("Westlake")	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$111.22M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Corporation ("Westlake")	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$106.24M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$142.79M	USD	Point-in-time
Accounts receivable, netWestlake	`AccountsReceivableRelatedPartiesCurrent`	$109.73M	USD	Point-in-time
Accounts receivable, netthird parties	`AccountsReceivableNetCurrent`	$5.83M	USD	Point-in-time
Accounts receivable, netthird parties	`AccountsReceivableNetCurrent`	$26.41M	USD	Point-in-time
Inventories	`InventoryNet`	$7.89M	USD	Point-in-time
Inventories	`InventoryNet`	$8.90M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$238.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$396.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$281.21M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$274.73M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.03B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.04B	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`	$150.13M	USD	Point-in-time
Deferred charges and other assets, net	`DeferredCostsAndOtherAssets`	$143.25M	USD	Point-in-time
Total assets	`Assets`	$1.48B	USD	Point-in-time
Total assets	`Assets`	$1.45B	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$10.80M	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$34.47M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$21.08M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$35.10M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$60.90M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$21.39M	USD	Point-in-time
Debt payable to Westlake	`NotesPayableRelatedPartiesClassifiedCurrent`	-	USD	Point-in-time
Debt payable to Westlake	`NotesPayableRelatedPartiesClassifiedCurrent`	$377.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$454.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$106.80M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$399.67M	USD	Point-in-time
Long-term debt payable to Westlake	`DueToRelatedPartiesNoncurrent`	$22.62M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.53M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.52M	USD	Point-in-time
Total liabilities	`Liabilities`	$508.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$478.13M	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`	$293.57M	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$293.98M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")	`MinorityInterestInLimitedPartnerships`	$678.72M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")	`MinorityInterestInLimitedPartnerships`	$682.66M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$915.14M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$972.70M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$976.23M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.48B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.45B	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net salesWestlake	`RevenueFromRelatedParties`	$219.80M	USD	1 Quarter
Net salesWestlake	`RevenueFromRelatedParties`	$290.66M	USD	1 Quarter
Net co-product, ethylene and other salesthird parties	`RevenueFromContractWithCustomerExcludingAssessedTax`	$71.74M	USD	1 Quarter
Net co-product, ethylene and other salesthird parties	`RevenueFromContractWithCustomerExcludingAssessedTax`	$48.40M	USD	1 Quarter
Total net sales	`Revenues`	$268.21M	USD	1 Quarter
Total net sales	`Revenues`	$362.40M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$180.51M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$270.96M	USD	1 Quarter
Gross profit	`GrossProfit`	$91.44M	USD	1 Quarter
Gross profit	`GrossProfit`	$87.70M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.67M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.23M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$83.21M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$79.03M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$2.24M	USD	1 Quarter
Interest expenseWestlake	`InterestExpenseRelatedParty`	$2.20M	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$-25.00K	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$7.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$76.80M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$80.99M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$163.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$175.00K	USD	1 Quarter
Net income	`ProfitLoss`	$913.11M	USD	1 Quarter
Net income	`ProfitLoss`	$80.83M	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`	$64.63M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$16.19M	USD	1 Quarter
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$15.15M	USD	1 Quarter
Weighted average limited partner units outstanding (basic and diluted) (in units)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.21M	shares	1 Quarter
Weighted average limited partner units outstanding (basic and diluted) (in units)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.20M	shares	1 Quarter

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net Income	`ProfitLoss`	$913.11M	USD	1 Quarter
Net Income	`ProfitLoss`	$80.83M	USD	1 Quarter
Net Income	`ProfitLoss`	$76.62M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$27.54M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$31.28M	USD	1 Quarter
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-2.97M	USD	1 Quarter
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-1.36M	USD	1 Quarter
Other loss, net	`OtherNoncashIncomeExpense`	$-992.00K	USD	1 Quarter
Other loss, net	`OtherNoncashIncomeExpense`	$-103.00K	USD	1 Quarter
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$8.74M	USD	1 Quarter
Accounts receivablethird parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$21.59M	USD	1 Quarter
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-60.98M	USD	1 Quarter
Net accounts receivableWestlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-56.74M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.01M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-303.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-158.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets`	$-175.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-11.63M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-625.00K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-699.00K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-35.36M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$1.61M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$581.00K	USD	1 Quarter
Cash flows from investing activities	`NetCashProvidedByUsedInOperatingActivities`	$155.41M	USD	1 Quarter
Cash flows from investing activities	`NetCashProvidedByUsedInOperatingActivities`	$104.81M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.34M	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`	$50.00M	USD	1 Quarter
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$55.00M	USD	1 Quarter
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$64.00M	USD	1 Quarter
Other	`CashProvidedbyUsedinInvestingActivitiesOther`	-	USD	1 Quarter
Other	`CashProvidedbyUsedinInvestingActivitiesOther`	$126.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.34M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-76.62M	USD	1 Quarter
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$60.69M	USD	1 Quarter
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$62.06M	USD	1 Quarter
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$16.60M	USD	1 Quarter
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$16.59M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-78.65M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-77.29M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.18M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$135.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.15M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.06M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.23M	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`	$17.15M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.06M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.23M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.29M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$915.14M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$972.70M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$976.23M	USD	Point-in-time
Net Income	`ProfitLoss`	$913.11M	USD	1 Quarter
Net Income	`ProfitLoss`	$80.83M	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`	$16.60M	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`	$60.69M	USD	1 Quarter
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$915.14M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$972.70M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$976.23M	USD	Point-in-time

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