10-K Filing

Westlake Chemical Partners LP CIK: 1604665 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001604665-23-000009`
Period End Date	20221231
Filing Date	20230301
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	wlkp-20221231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 45 Cash Flow Statement 77 Stockholders Equity 20

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.06M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$64.78M	USD	Point-in-time
Receivable under the Investment Management AgreementWestlake Corporation ("Westlake")	`ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent`	$65.00M	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`	$90.97M	USD	Point-in-time
Accounts receivable, netthird parties	`AccountsAndOtherReceivablesNetCurrent`	$5.83M	USD	Point-in-time
Accounts receivable, netthird parties	`AccountsAndOtherReceivablesNetCurrent`	$20.03M	USD	Point-in-time
Inventories	`InventoryNet`	$8.90M	USD	Point-in-time
Inventories	`InventoryNet`	$4.71M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$396.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$305.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$281.21M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$245.79M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.04B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$990.21M	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`	$130.16M	USD	Point-in-time
Deferred charges and other assets, net	`DeferredCostsAndOtherAssets`	$150.13M	USD	Point-in-time
Total assets	`Assets`	$1.48B	USD	Point-in-time
Total assets	`Assets`	$1.37B	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$10.80M	USD	Point-in-time
Accounts payableWestlake	`AccountsPayableRelatedPartiesCurrent`	$34.09M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$15.32M	USD	Point-in-time
Accounts payablethird parties	`AccountsPayableCurrent`	$35.10M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$17.54M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$60.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$106.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$66.94M	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`	$1.53M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.66M	USD	Point-in-time
Total liabilities	`Liabilities`	$468.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$508.00M	USD	Point-in-time
Commitments and contingencies (Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Total Westlake Chemical Partners LP partners' capital	`PartnersCapital`	$291.93M	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`	$611.78M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$952.13M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$972.70M	USD	Point-in-time
Total equity	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$915.14M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.48B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.37B	USD	Point-in-time

Income Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net salesWestlake	`RevenueFromRelatedParties`	$1.34B	USD	Annual
Net salesWestlake	`RevenueFromRelatedParties`	$888.25M	USD	Annual
Net salesWestlake	`RevenueFromRelatedParties`	$1.03B	USD	Annual
Net co-products, ethylene and other salesthird parties	`RevenueFromContractWithCustomerExcludingAssessedTax`	$250.24M	USD	Annual
Net co-products, ethylene and other salesthird parties	`RevenueFromContractWithCustomerExcludingAssessedTax`	$188.27M	USD	Annual
Net co-products, ethylene and other salesthird parties	`RevenueFromContractWithCustomerExcludingAssessedTax`	$78.42M	USD	Annual
Total net sales	`Revenues`	$966.67M	USD	Annual
Total net sales	`Revenues`	$1.59B	USD	Annual
Total net sales	`Revenues`	$1.21B	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$587.79M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$773.15M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$1.22B	USD	Annual
Gross profit	`GrossProfit`	$377.37M	USD	Annual
Gross profit	`GrossProfit`	$378.88M	USD	Annual
Gross profit	`GrossProfit`	$441.71M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$29.68M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$25.89M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$31.02M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$347.69M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$352.99M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$410.69M	USD	Annual
Interest expenseWestlake	`InterestExpenseRelatedParty`	$13.41M	USD	Annual
Interest expenseWestlake	`InterestExpenseRelatedParty`	$8.82M	USD	Annual
Interest expenseWestlake	`InterestExpenseRelatedParty`	$12.04M	USD	Annual
Other income, net	`NonoperatingIncomeExpense`	$1.57M	USD	Annual
Other income, net	`NonoperatingIncomeExpense`	$62.00K	USD	Annual
Other income, net	`NonoperatingIncomeExpense`	$733.00K	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$335.85M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$401.93M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$341.68M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.02M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$564.00K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$549.00K	USD	Annual
Net income	`ProfitLoss`	$341.12M	USD	Annual
Net income	`ProfitLoss`	$401.38M	USD	Annual
Net income	`ProfitLoss`	$334.83M	USD	Annual
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$274.95M	USD	Annual
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$318.84M	USD	Annual
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$270.66M	USD	Annual
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$66.17M	USD	Annual
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$64.17M	USD	Annual
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$82.55M	USD	Annual
Weighted average limited partner units outstanding (basic and diluted)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.20M	shares	Annual
Weighted average limited partner units outstanding (basic and diluted)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.21M	shares	Annual
Weighted average limited partner units outstanding (basic and diluted)	`WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted`	35.22M	shares	Annual

Cash Flow Statement 77 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$341.12M	USD	Annual
Net income	`ProfitLoss`	$401.38M	USD	Annual
Net income	`ProfitLoss`	$334.83M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$108.81M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$103.15M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$121.07M	USD	Annual
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-4.71M	USD	Annual
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-4.20M	USD	Annual
Loss from disposition of property, plant and equipment	`GainLossOnDispositionOfAssets`	$-1.00M	USD	Annual
Accounts receivable - third parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$953.00K	USD	Annual
Accounts receivable - third parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-5.47M	USD	Annual
Accounts receivable - third parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$14.44M	USD	Annual
Net accounts receivable - Westlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-74.20M	USD	Annual
Net accounts receivable - Westlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$71.97M	USD	Annual
Net accounts receivable - Westlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$31.76M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$5.42M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$990.00K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-4.18M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-91.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-78.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.25M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$19.78M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-17.00M	USD	Annual
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-37.53M	USD	Annual
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$37.57M	USD	Annual
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.67M	USD	Annual
Other Noncash Income (Expense)	`OtherNoncashIncomeExpense`	$269.00K	USD	Annual
Other Noncash Income (Expense)	`OtherNoncashIncomeExpense`	$276.00K	USD	Annual
Other Noncash Income (Expense)	`OtherNoncashIncomeExpense`	$-356.00K	USD	Annual
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$6.73M	USD	Annual
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$131.32M	USD	Annual
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$3.69M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$463.74M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$408.44M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$373.40M	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$81.17M	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$54.12M	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$36.97M	USD	Annual
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$276.00M	USD	Annual
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$319.88M	USD	Annual
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$349.00M	USD	Annual
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$388.00M	USD	Annual
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$362.00M	USD	Annual
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$293.00M	USD	Annual
Other	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	Annual
Other	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	Annual
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$130.00K	USD	Annual
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-64.30M	USD	Annual
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$2.03M	USD	Annual
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.00M	USD	Annual
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$32.00M	USD	Annual
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	$32.00M	USD	Annual
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$337.60M	USD	Annual
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$311.83M	USD	Annual
Quarterly distributions to noncontrolling interest retained in OpCo by Westlake	`PaymentsToMinorityShareholders`	$277.86M	USD	Annual
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$66.36M	USD	Annual
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$66.41M	USD	Annual
Quarterly distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$66.38M	USD	Annual
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-404.01M	USD	Annual
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-344.24M	USD	Annual
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-378.20M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.77M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$47.73M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-97.00K	USD	Annual
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.06M	USD	Point-in-time
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$64.78M	USD	Point-in-time
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.92M	USD	Point-in-time
Cash and cash equivalents at beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.15M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.06M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$64.78M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.92M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$17.15M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$952.13M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$972.70M	USD	Point-in-time
Equity, beginning balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$915.14M	USD	Point-in-time
Net income	`ProfitLoss`	$341.12M	USD	Annual
Net income	`ProfitLoss`	$401.38M	USD	Annual
Net income	`ProfitLoss`	$334.83M	USD	Annual
Units issued for vested phantom units	`StockIssuedDuringPeriodValueOther`	$81.00K	USD	Annual
Units issued for vested phantom units	`StockIssuedDuringPeriodValueOther`	$411.00K	USD	Annual
Units issued for vested phantom units	`StockIssuedDuringPeriodValueOther`	$190.00K	USD	Annual
Quarterly distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$66.36M	USD	Annual
Quarterly distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$66.41M	USD	Annual
Quarterly distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$66.38M	USD	Annual
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$277.86M	USD	Annual
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$311.83M	USD	Annual
Quarterly distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$337.60M	USD	Annual
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$952.13M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$972.70M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$915.14M	USD	Point-in-time

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