Guarantor Disclosures (Tables)

9 Months Ended

Sep. 30, 2012

Condensed Consolidating Financial Information Balance Sheet

Condensed Consolidating Financial Information as of September 30, 2012



	Westlake Chemical Corporation		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Balance Sheet
Current assets
Cash and cash equivalents	$	1,168,124	$	5,693	$	24,651	$	—		$	1,198,468
Accounts receivable, net	19,803		1,685,259		5,480		(1,316,950		)	393,592
Inventories	—		357,780		13,757		—			371,537
Prepaid expenses and other current assets	292		11,253		2,927		—			14,472
Deferred income taxes	430		19,085		221		—			19,736
Total current assets	1,188,649		2,079,070		47,036		(1,316,950		)	1,997,805
Property, plant and equipment, net	—		1,386,453		7,745		—			1,394,198
Equity investments	2,910,021		53,908		33,244		(2,952,999		)	44,174
Other assets, net	17,622		106,350		1,714		(17,689		)	107,997
Total assets	$	4,116,292	$	3,625,781	$	89,739	$	(4,287,638	)	$	3,544,174
Current liabilities
Accounts payable	$	1,314,329	$	179,772	$	11,073	$	(1,305,736	)	$	199,438
Accrued liabilities	15,640		157,906		1,037		(11,214		)	163,369
Total current liabilities	1,329,969		337,678		12,110		(1,316,950		)	362,807
Long-term debt	752,842		10,889		11,500		(11,500		)	763,731
Deferred income taxes	—		340,197		1,386		(6,189		)	335,394
Other liabilities	53		48,704		57		—			48,814
Stockholders’ equity	2,033,428		2,888,313		64,686		(2,952,999		)	2,033,428
Total liabilities and stockholders’ equity	$	4,116,292	$	3,625,781	$	89,739	$	(4,287,638	)	$	3,544,174

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 Statement Of Operations

Condensed Consolidating Financial Information for the Three Months Ended September 30, 2012



	Westlake Chemical Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Operations
Net sales	$	—		$	809,164		$	13,876		$	(1,865	)	$	821,175
Cost of sales	—			638,892			11,969			(1,865		)	648,996
Gross profit	—			170,272			1,907			—			172,179
Selling, general and administrative expenses	498			27,601			1,563			—			29,662
(Loss) income from operations	(498		)	142,671			344			—			142,517
Interest expense	(11,919		)	(15		)	—			—			(11,934		)
Debt retirement costs	(7,082		)	—			—			—			(7,082		)
Gain from sales of equity securities	—			477			—			—			477
Other income (expense), net	4,556			(2,744		)	(590		)	—			1,222
(Loss) income before income taxes	(14,943		)	140,389			(246		)	—			125,200
(Benefit from) provision for income taxes	(4,498		)	42,596			138			—			38,236
Equity in net income of subsidiaries	97,409			—			—			(97,409		)	—
Net income (loss)	$	86,964		$	97,793		$	(384	)	$	(97,409	)	$	86,964
Comprehensive income	$	88,666		$	98,109		$	481		$	(98,590	)	$	88,666

Condensed Consolidating Financial Information for the Three Months Ended September 30, 2011



	Westlake Chemical Corporation			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Operations
Net sales	$	—		$	956,390	$	12,708		$	(726	)	$	968,372
Cost of sales	—			810,516		11,515			(726		)	821,305
Gross profit	—			145,874		1,193			—			147,067
Selling, general and administrative expenses	1,125			27,242		1,369			—			29,736
(Loss) income from operations	(1,125		)	118,632		(176		)	—			117,331
Interest expense	(12,727		)	—		—			—			(12,727		)
Other income (expense), net	1,396			950		(889		)	—			1,457
(Loss) income before income taxes	(12,456		)	119,582		(1,065		)	—			106,061
(Benefit from) provision for income taxes	(4,510		)	43,190		(549		)	—			38,131
Equity in net income of subsidiaries	75,876			—		—			(75,876		)	—
Net income (loss)	$	67,930		$	76,392	$	(516	)	$	(75,876	)	$	67,930
Comprehensive income (loss)	$	60,503		$	70,019	$	(1,570	)	$	(68,449	)	$	60,503

Condensed Consolidating Financial Information for the Nine Months Ended September 30, 2012



	Westlake Chemical Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Operations
Net sales	$	—		$	2,738,180		$	37,154		$	(5,334	)	$	2,770,000
Cost of sales	—			2,197,300			31,322			(5,334		)	2,223,288
Gross profit	—			540,880			5,832			—			546,712
Selling, general and administrative expenses	1,500			81,288			4,804			—			87,592
(Loss) income from operations	(1,500		)	459,592			1,028			—			459,120
Interest expense	(35,652		)	(30		)	—			—			(35,682		)
Debt retirement costs	(7,082		)	—			—			—			(7,082		)
Gain from sales of equity securities	1			16,428			—			—			16,429
Other income (expense), net	12,044			(5,724		)	(2,644		)	—			3,676
(Loss) income before income taxes	(32,189		)	470,266			(1,616		)	—			436,461
(Benefit from) provision for income taxes	(11,105		)	158,228			(940		)	—			146,183
Equity in net income of subsidiaries	311,362			—			—			(311,362		)	—
Net income (loss)	$	290,278		$	312,038		$	(676	)	$	(311,362	)	$	290,278
Comprehensive income	$	291,185		$	312,017		$	252		$	(312,269	)	$	291,185

Condensed Consolidating Financial Information for the Nine Months Ended September 30, 2011



	Westlake Chemical Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Operations
Net sales	$	—		$	2,731,248		$	32,331		$	(2,906	)	$	2,760,673
Cost of sales	—			2,251,296			30,537			(2,906		)	2,278,927
Gross profit	—			479,952			1,794			—			481,746
Selling, general and administrative expenses	3,149			78,283			3,977			—			85,409
(Loss) income from operations	(3,149		)	401,669			(2,183		)	—			396,337
Interest expense	(38,403		)	(46		)	—			—			(38,449		)
Other income (expense), net	6,410			(2,090		)	(24		)	—			4,296
(Loss) income before income taxes	(35,142		)	399,533			(2,207		)	—			362,184
(Benefit from) provision for income taxes	(11,858		)	142,247			(728		)	—			129,661
Equity in net income of subsidiaries	255,807			—			—			(255,807		)	—
Net income (loss)	$	232,523		$	257,286		$	(1,479	)	$	(255,807	)	$	232,523
Comprehensive income (loss)	$	225,981		$	251,474		$	(2,209	)	$	(249,265	)	$	225,981

Condensed Consolidating Financial Information Statement Of Cash Flows

Condensed Consolidating Financial Information for the Nine Months Ended September 30, 2012



	Westlake Chemical Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Cash Flows
Cash flows from operating activities
Net income (loss)	$	290,278		$	312,038		$	(676	)	$	(311,362	)	$	290,278
Adjustments to reconcile net income (loss) to net cash (used for) provided by operating activities
Depreciation and amortization	1,149			107,191			2,410			—			110,750
Deferred income taxes	(176		)	3,932			629			—			4,385
Net changes in working capital and other	(310,163		)	95,909			(1,898		)	311,362			95,210
Net cash (used for) provided by operating activities	(18,912		)	519,070			465			—			500,623
Cash flows from investing activities
Additions to property, plant and equipment	—			(234,713		)	(750		)	—			(235,463		)
Construction of assets pending sale-leaseback	—			(5,484		)	—			—			(5,484		)
Proceeds from disposition of assets	—			414			21			—			435
Proceeds from repayment of loan to affiliate	—			—			763			—			763
Proceeds from sales of equity securities	3			47,652			—			—			47,655
Purchase of investments	—			(2,961		)	—			—			(2,961		)
Settlements of derivative instruments	—			471			—			—			471
Net cash provided by (used for) investing activities	3			(194,621		)	34			—			(194,584		)
Cash flows from financing activities
Intercompany financing	317,185			(321,273		)	4,088			—			—
Capitalized debt issuance costs	(2,221		)	—			—			—			(2,221		)
Dividends paid	(22,345		)	—			—			—			(22,345		)
Proceeds from borrowings	248,818			—			—			—			248,818
Proceeds from exercise of stock options	6,627			—			—			—			6,627
Repayment of borrowings	(250,000		)	—			—			—			(250,000		)
Repurchase of common stock for treasury	(10,784		)	—			—			—			(10,784		)
Utilization of restricted cash	96,433			—			—			—			96,433
Net cash provided by (used for) financing activities	383,713			(321,273		)	4,088			—			66,528
Net increase in cash and cash equivalents	364,804			3,176			4,587			—			372,567
Cash and cash equivalents at beginning of period	803,320			2,517			20,064			—			825,901
Cash and cash equivalents at end of period	$	1,168,124		$	5,693		$	24,651		$	—		$	1,198,468

Condensed Consolidating Financial Information for the Nine Months Ended September 30, 2011



	Westlake Chemical Corporation			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Cash Flows
Cash flows from operating activities
Net income (loss)	$	232,523		$	257,286		$	(1,479	)	$	(255,807	)	$	232,523
Adjustments to reconcile net income (loss) to net cash (used for) provided by operating activities
Depreciation and amortization	1,290			95,486			2,757			—			99,533
Deferred income taxes	(1,430		)	21,010			(145		)	—			19,435
Net changes in working capital and other	(255,859		)	(104,494		)	(2,592		)	255,807			(107,138		)
Net cash (used for) provided by operating activities	(23,476		)	269,288			(1,459		)	—			244,353
Cash flows from investing activities
Additions to property, plant and equipment	—			(110,887		)	(936		)	—			(111,823		)
Proceeds from disposition of assets	—			2,453			3			—			2,456
Proceeds from repayment of loan to affiliate	—			—			763			—			763
Purchase of investments	—			(29,877		)	—			—			(29,877		)
Settlements of derivative instruments	—			(331		)	—			—			(331		)
Net cash used for investing activities	—			(138,642		)	(170		)	—			(138,812		)
Cash flows from financing activities
Intercompany financing	129,251			(129,158		)	(93		)	—			—
Capitalized debt issuance costs	(2,540		)	—			—			—			(2,540		)
Dividends paid	(13,359		)	—			—			—			(13,359		)
Proceeds from exercise of stock options	5,323			—			—			—			5,323
Repurchase of common stock for treasury	(19		)	—			—			—			(19		)
Utilization of restricted cash	33,694			—			—			—			33,694
Net cash provided by (used for) financing activities	152,350			(129,158		)	(93		)	—			23,099
Net increase (decrease) in cash and cash equivalents	128,874			1,488			(1,722		)	—			128,640
Cash and cash equivalents at beginning of period	611,158			53			19,088			—			630,299
Cash and cash equivalents at end of period	$	740,032		$	1,541		$	17,366		$	—		$	758,939