10-K Filing

Westlake Chemical Partners LP CIK: 1604665 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001604665-24-000010`
Period End Date	20231231
Filing Date	20240228
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	wlkp-20231231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 36 Cash Flow Statement 77 Stockholders Equity 20

Balance Sheet 42 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$64.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$58.62M	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`	$94.44M	USD	Point-in-time
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$20.03M	USD	Point-in-time
Accounts receivable, netthird parties	`ReceivablesNetCurrent`	$18.70M	USD	Point-in-time
Inventories	`InventoryNet`	$4.43M	USD	Point-in-time
Inventories	`InventoryNet`	$4.71M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$442.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$305.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$226.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$245.79M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$943.84M	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`	$140.98M	USD	Point-in-time
Deferred charges and other assets, net	`DeferredCostsAndOtherAssets`	$130.16M	USD	Point-in-time
Total assets	`Assets`	$1.32B	USD	Point-in-time
Total assets	`Assets`	$1.37B	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$24.98M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$17.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$66.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$56.34M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.63M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.66M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.95M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$468.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$460.59M	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`	$279.93M	USD	Point-in-time
Noncontrolling interest in Westlake Chemical OpCo LP ("OpCo")	`MinorityInterestInLimitedPartnerships`	$576.32M	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`	$856.25M	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`	$1.32B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.37B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Total net sales	`Revenues`	$1.59B	USD	Annual
Total net sales	`Revenues`	$1.19B	USD	Annual
Total net sales	`Revenues`	$1.21B	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$803.33M	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`	$441.71M	USD	Annual
Gross profit	`GrossProfit`	$387.46M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$31.02M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$29.75M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$29.68M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$410.69M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$357.71M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$347.69M	USD	Annual
Other income, net	`NonoperatingIncomeExpense`	$4.23M	USD	Annual
Other income, net	`NonoperatingIncomeExpense`	$1.57M	USD	Annual
Other income, net	`NonoperatingIncomeExpense`	$62.00K	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$335.85M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$335.44M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$401.93M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.02M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$549.00K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$813.00K	USD	Annual
Net income	`ProfitLoss`	$334.63M	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`	$318.84M	USD	Annual
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$270.66M	USD	Annual
Less: Net income attributable to noncontrolling interest in OpCo	`NetIncomeLossAttributableToNoncontrollingInterest`	$280.34M	USD	Annual
Net income attributable to Westlake Chemical Partners LP and limited partners' interest in net income	`NetIncomeLoss`	$82.55M	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`	$54.28M	USD	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
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`	$334.63M	USD	Annual
Net income	`ProfitLoss`	$401.38M	USD	Annual
Net income	`ProfitLoss`	$334.83M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$121.07M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$110.20M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$108.81M	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`	$-4.93M	USD	Annual
Other losses (gains), net	`OtherNoncashIncomeExpense`	$-356.00K	USD	Annual
Other losses (gains), net	`OtherNoncashIncomeExpense`	$276.00K	USD	Annual
Other losses (gains), net	`OtherNoncashIncomeExpense`	$27.00K	USD	Annual
Accounts receivable - third parties	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-1.33M	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`	$31.76M	USD	Annual
Net accounts receivable - Westlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-27.33M	USD	Annual
Net accounts receivable - Westlake	`IncreaseDecreaseInAccountsReceivableRelatedParties`	$-74.20M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-4.18M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-283.00K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$5.42M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$137.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-91.00K	USD	Annual
Accounts payablethird parties	`IncreaseDecreaseInAccountsPayable`	$19.78M	USD	Annual
Accounts payablethird parties	`IncreaseDecreaseInAccountsPayable`	$-17.00M	USD	Annual
Accounts payablethird parties	`IncreaseDecreaseInAccountsPayable`	$1.57M	USD	Annual
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$37.57M	USD	Annual
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$4.03M	USD	Annual
Accrued and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-37.53M	USD	Annual
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$6.73M	USD	Annual
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$32.14M	USD	Annual
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$131.32M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$452.00M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$463.74M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$408.44M	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$54.12M	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$81.17M	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$46.82M	USD	Annual
Investments with Westlake under the Investment Management Agreement	`InvestmentswithWestlakeundertheInvestmentManagementAgreement`	$174.12M	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
Maturities of investments with Westlake under the Investment Management Agreement	`MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement`	$145.00M	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`	$130.00K	USD	Annual
Other	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	Annual
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.00M	USD	Annual
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-64.30M	USD	Annual
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-75.94M	USD	Annual
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$32.00M	USD	Annual
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	$209.25M	USD	Annual
Proceeds from debt payable to Westlake	`ProceedsFromRelatedPartyDebt`	-	USD	Annual
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	-	USD	Annual
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	$32.00M	USD	Annual
Repayment of debt payable to Westlake	`RepaymentsOfRelatedPartyDebt`	$209.25M	USD	Annual
Distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$66.42M	USD	Annual
Distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$66.38M	USD	Annual
Distributions to unitholders	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$66.41M	USD	Annual
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-344.24M	USD	Annual
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-404.01M	USD	Annual
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-382.23M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$47.73M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.16M	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`	$17.15M	USD	Point-in-time
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`	$58.62M	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 end 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`	$58.62M	USD	Point-in-time
Cash and cash equivalents at end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$64.78M	USD	Point-in-time
Payments of Ordinary Dividends, Noncontrolling Interest	`PaymentsOfDividendsMinorityInterest`	$277.86M	USD	Annual
Payments of Ordinary Dividends, Noncontrolling Interest	`PaymentsOfDividendsMinorityInterest`	$315.81M	USD	Annual
Payments of Ordinary Dividends, Noncontrolling Interest	`PaymentsOfDividendsMinorityInterest`	$337.60M	USD	Annual

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`	$856.25M	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`	$334.63M	USD	Annual
Net income	`ProfitLoss`	$401.38M	USD	Annual
Net income	`ProfitLoss`	$334.83M	USD	Annual
Units issued for vested phantom units	`StockIssuedDuringPeriodValueOther`	$141.00K	USD	Annual
Units issued for vested phantom units	`StockIssuedDuringPeriodValueOther`	$190.00K	USD	Annual
Units issued for vested phantom units	`StockIssuedDuringPeriodValueOther`	$411.00K	USD	Annual
Distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$66.42M	USD	Annual
Distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$66.38M	USD	Annual
Distribution to unitholders	`LimitedPartnersCapitalAccountDistributionAmount`	$66.41M	USD	Annual
Distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$315.81M	USD	Annual
Distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$337.60M	USD	Annual
Distribution to noncontrolling interest retained in OpCo by Westlake	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$277.86M	USD	Annual
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$903.71M	USD	Point-in-time
Equity, ending balance	`PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest`	$856.25M	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.