21. Guarantor Disclosures

The Company's payment obligations under the Company's 6⁵/8% senior notes due 2016 is fully and unconditionally guaranteed by each of its current and future domestic restricted subsidiaries that guarantee other debt of the Company or of another guarantor of the senior notes in excess of $5,000 (the "Guarantor Subsidiaries"). Each Guarantor Subsidiary is 100% owned by Westlake Chemical Corporation. These guarantees are the joint and several obligations of the Guarantor Subsidiaries. The following condensed consolidating financial information presents the financial condition, results of operations and cash flows of Westlake Chemical Corporation, the Guarantor Subsidiaries and the remaining subsidiaries that do not guarantee the notes (the "Non-Guarantor Subsidiaries"), together with consolidating adjustments necessary to present the Company's results on a consolidated basis.

Condensed Consolidating Financial Information as of December 31, 2011


	Westlake Chemical Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Balance Sheet
Current assets
Cash and cash equivalents	$	803,320	$	2,517	$	20,064	$	—		$	825,901
Accounts receivable, net		—		1,384,705		949		(978,282	)		407,372
Inventories		—		478,229		12,548		—			490,777
Prepaid expenses and other current assets		363		10,332		1,800		—			12,495
Deferred income taxes		430		19,049		132		—			19,611

Total current assets		804,113		1,894,832		35,493		(978,282	)		1,756,156
Property, plant and equipment, net		—		1,223,073		8,993		—			1,232,066
Equity investments		2,597,598		53,912		35,650		(2,640,419	)		46,741
Restricted cash		96,283		—		—		—			96,283
Other assets, net		17,650		132,968		2,467		(17,510	)		135,575

Total assets	$	3,515,644	$	3,304,785	$	82,603	$	(3,636,211	)	$	3,266,821

Current liabilities
Accounts payable	$	1,005,529	$	210,476	$	3,748	$	(992,719	)	$	227,034
Accrued liabilities		76		120,656		2,392		14,437			137,561

Total current liabilities		1,005,605		331,132		6,140		(978,282	)		364,595
Long-term debt		753,674		10,889		11,500		(11,500	)		764,563
Deferred income taxes		—		336,165		636		(6,010	)		330,791
Other liabilities		53		50,458		49		—			50,560
Stockholders' equity		1,756,312		2,576,141		64,278		(2,640,419	)		1,756,312

Total liabilities and stockholders' equity	$	3,515,644	$	3,304,785	$	82,603	$	(3,636,211	)	$	3,266,821

Condensed Consolidating Financial Information as of December 31, 2010


	Westlake Chemical Corporation		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Balance Sheet
Current assets
Cash and cash equivalents	$	611,158	$	53	$	19,088	$	—		$	630,299
Accounts receivable, net		128,628		1,302,314		2,086		(1,070,165	)		362,863
Inventories		—		437,130		12,898		—			450,028
Prepaid expenses and other current assets		162		13,763		1,557		—			15,482
Deferred income taxes		357		16,771		160		—			17,288

Total current assets		740,305		1,770,031		35,789		(1,070,165	)		1,475,960
Property, plant and equipment, net		—		1,159,051		11,283		—			1,170,334
Equity investments		2,320,094		53,274		35,588		(2,362,642	)		46,314
Restricted cash		150,288		—		—		—			150,288
Other assets, net		16,897		108,352		3,769		(17,770	)		111,248

Total assets	$	3,227,584	$	3,090,708	$	86,429	$	(3,450,577	)	$	2,954,144

Current liabilities
Accounts payable	$	952,000	$	189,852	$	4,541	$	(941,619	)	$	204,774
Accrued liabilities		16,868		228,364		2,121		(128,549	)		118,804

Total current liabilities		968,868		418,216		6,662		(1,070,168	)		323,578
Long-term debt		753,593		10,889		11,500		(11,500	)		764,482
Deferred income taxes		—		320,813		972		(6,267	)		315,518
Other liabilities		53		45,435		8		—			45,496
Stockholders' equity		1,505,070		2,295,355		67,287		(2,362,642	)		1,505,070

Total liabilities and stockholders' equity	$	3,227,584	$	3,090,708	$	86,429	$	(3,450,577	)	$	2,954,144

Condensed Consolidating Financial Information for the Year Ended December 31, 2011


	Westlake Chemical Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Operations
Net sales	$	—		$	3,581,470		$	42,202		$	(3,824	)	$	3,619,848
Cost of sales		—			3,024,419			40,247			(3,824	)		3,060,842

Gross profit		—			557,051			1,955			—			559,006
Selling, general and administrative expenses		3,762			102,989			5,459			—			112,210

(Loss) income from operations		(3,762	)		454,062			(3,504	)		—			446,796
Interest expense		(50,919	)		(73	)		—			—			(50,992	)
Other income (expense), net		10,217			(4,212	)		(377	)		—			5,628

(Loss) income before income taxes		(44,464	)		449,777			(3,881	)		—			401,432
(Benefit from) provision for income taxes		(11,835	)		155,313			(1,012	)		—			142,466
Equity in net income of subsidiaries		291,595			—			—			(291,595	)		—

Net income (loss)	$	258,966		$	294,464		$	(2,869	)	$	(291,595	)	$	258,966

Condensed Consolidating Financial Information for the Year Ended December 31, 2010


	Westlake Chemical Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Statement of Operations
Net sales	$	—		$	3,130,513		$	44,006	$	(2,732	)	$	3,171,787
Cost of sales		—			2,653,234			38,602		(2,732	)		2,689,104

Gross profit		—			477,279			5,404		—			482,683
Selling, general and administrative expenses		4,257			95,441			4,621		—			104,319

(Loss) income from operations		(4,257	)		381,838			783		—			378,364
Interest expense		(39,829	)		(46	)		—		—			(39,875	)
Other income (expense), net		15,045			(12,715	)		2,141		—			4,471

(Loss) income before income taxes		(29,041	)		369,077			2,924		—			342,960
(Benefit from) provision for income taxes		(2,471	)		122,541			1,497		—			121,567
Equity in net income of subsidiaries		247,963			—			—		(247,963	)		—

Net income	$	221,393		$	246,536		$	1,427	$	(247,963	)	$	221,393

Condensed Consolidating Financial Information for the Year Ended December 31, 2009


	Westlake Chemical Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Statement of Operations
Net sales	$	—		$	2,289,953		$	38,980	$	(3,210	)	$	2,325,723
Cost of sales		—			2,099,795			34,010		(3,210	)		2,130,595

Gross profit		—			190,158			4,970		—			195,128
Selling, general and administrative expenses		4,185			80,213			3,473		—			87,871

(Loss) income from operations		(4,185	)		109,945			1,497		—			107,257
Interest expense		(34,864	)		(93	)		—		—			(34,957	)
Other income (expense), net		14,843			(12,981	)		4,591		—			6,453

(Loss) income before income taxes		(24,206	)		96,871			6,088		—			78,753
(Benefit from) provision for income taxes		(6,314	)		31,620			452		—			25,758
Equity in net income of subsidiaries		70,887			—			—		(70,887	)		—

Net income	$	52,995		$	65,251		$	5,636	$	(70,887	)	$	52,995

Condensed Consolidating Financial Information for the Year Ended December 31, 2011


	Westlake Chemical Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Cash Flows
Cash flows from operating activities
Net income (loss)	$	258,966		$	294,464		$	(2,869	)	$	(291,595	)	$	258,966
Adjustments to reconcile net income (loss) to net cash (used for) provided by operating activities
Depreciation and amortization		1,683			127,807			3,590			—			133,080
Deferred income taxes		190			14,225			(301	)		—			14,114
Net changes in working capital and other		(291,666	)		(45,667	)		1,874			291,595			(43,864	)

Net cash (used for) provided by operating activities		(30,827	)		390,829			2,294			—			362,296
Cash flows from investing activities
Additions to property, plant and equipment		—			(175,706	)		(1,137	)		—			(176,843	)
Proceeds from disposition of assets		—			2,877			3			—			2,880
Proceeds from repayment of loan to affiliate		—			—			1,192			—			1,192
Purchase of securities and other investments		—			(30,265	)		—			—			(30,265	)
Settlements of derivative instruments		—			251			—			—			251

Net cash (used for) provided by investing activities		—			(202,843	)		58			—			(202,785	)
Cash flows from financing activities
Intercompany financing		186,898			(185,522	)		(1,376	)		—			—
Capitalized debt issuance costs		(2,697	)		—			—			—			(2,697	)
Dividends paid		(18,265	)		—			—			—			(18,265	)
Proceeds from exercise of stock options		5,344			—			—			—			5,344
Repurchase of common stock for treasury		(2,518	)		—			—			—			(2,518	)
Utilization of restricted cash		54,227			—			—			—			54,227

Net cash provided by (used for) financing activities		222,989			(185,522	)		(1,376	)		—			36,091
Net increase in cash and cash equivalents		192,162			2,464			976			—			195,602
Cash and cash equivalents at beginning of the year		611,158			53			19,088			—			630,299

Cash and cash equivalents at end of the year	$	803,320		$	2,517		$	20,064		$	—		$	825,901

Condensed Consolidating Financial Information for the Year Ended December 31, 2010


	Westlake Chemical Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Cash Flows
Cash flows from operating activities
Net income	$	221,393		$	246,536		$	1,427		$	(247,963	)	$	221,393
Adjustments to reconcile net income to net cash (used for) provided by operating activities
Depreciation and amortization		2,154			125,002			3,730			—			130,886
Deferred income taxes		7,864			6,048			241			—			14,153
Net changes in working capital and other		(245,113	)		(87,299	)		1,301			247,963			(83,148	)

Net cash (used for) provided by operating activities		(13,702	)		290,287			6,699			—			283,284
Cash flows from investing activities
Additions to equity investments		—			(10,177	)		—			—			(10,177	)
Additions to property, plant and equipment		—			(79,928	)		(1,341	)		—			(81,269	)
Proceeds from disposition of assets		—			914			—			—			914
Proceeds from repayment of loan to affiliate		—			—			763			—			763
Settlements of derivative instruments		—			9,494			—			—			9,494

Net cash used for investing activities		—			(79,697	)		(578	)		—			(80,275	)
Cash flows from financing activities
Intercompany financing		210,360			(210,614	)		254			—			—
Capitalized debt issuance costs		(3,331	)		—			—			—			(3,331	)
Dividends paid		(16,014	)		—			—			—			(16,014	)
Proceeds from exercise of stock options		3,745			—			—			—			3,745
Utilization of restricted cash		197,298			—			—			—			197,298

Net cash provided by (used for) financing activities		392,058			(210,614	)		254			—			181,698
Net increase (decrease) in cash and cash equivalents		378,356			(24	)		6,375			—			384,707
Cash and cash equivalents at beginning of the year		232,802			77			12,713			—			245,592

Cash and cash equivalents at end of the year	$	611,158		$	53		$	19,088		$	—		$	630,299

Condensed Consolidating Financial Information for the Year Ended December 31, 2009


	Westlake Chemical Corporation			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Cash Flows
Cash flows from operating activities
Net income	$	52,995		$	65,251		$	5,636		$	(70,887	)	$	52,995
Adjustments to reconcile net income to net cash (used for) provided by operating activities
Depreciation and amortization		1,461			119,296			3,903			—			124,660
Deferred income taxes		2,086			27,113			2,008			—			31,207
Net changes in working capital and other		(72,567	)		27,731			609			70,887			26,660

Net cash (used for) provided by operating activities		(16,025	)		239,391			12,156			—			235,522
Cash flows from investing activities
Acquisition of business		—			(6,297	)		—			—			(6,297	)
Additions to property, plant and equipment		—			(98,555	)		(1,214	)		—			(99,769	)
Proceeds from disposition of assets		—			3,255			—			—			3,255
Proceeds from insurance for involuntary conversion of assets		—			484			—			—			484
Settlements of derivative instruments		—			(859	)		—			—			(859	)

Net cash used for investing activities		—			(101,972	)		(1,214	)		—			(103,186	)
Cash flows from financing activities
Intercompany financing		137,442			(137,411	)		(31	)		—			—
Capitalized debt issuance costs		(2,203	)		—			—			—			(2,203	)
Dividends paid		(14,510	)		—			—			—			(14,510	)
Proceeds from exercise of stock options		879			—			—			—			879
Utilization of restricted cash		38,851			—			—			—			38,851

Net cash provided by (used for) financing activities		160,459			(137,411	)		(31	)		—			23,017
Net increase in cash and cash equivalents		144,434			8			10,911			—			155,353
Cash and cash equivalents at beginning of the year		88,368			69			1,802			—			90,239

Cash and cash equivalents at end of the year	$	232,802		$	77		$	12,713		$	—		$	245,592