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Guarantor Disclosures (Tables)
12 Months Ended
Dec. 31, 2014
Guarantor Disclosures [Abstract]  
Condensed Consolidating Financial Information Balance Sheet
Condensed Consolidating Financial Information as of December 31, 2014
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
655,947

 
$
3,057

 
$
131,545

 
$
90,052

 
$

 
$
880,601

Accounts receivable, net
 
8,451

 
1,454,709

 
56,049

 
135,133

 
(1,093,676
)
 
560,666

Inventories
 

 
414,975

 
6,634

 
104,167

 

 
525,776

Prepaid expenses and other current assets
 
172

 
9,485

 
212

 
1,938

 

 
11,807

Deferred income taxes
 
409

 
29,832

 

 
2,196

 

 
32,437

Total current assets
 
664,979

 
1,912,058

 
194,440

 
333,486

 
(1,093,676
)
 
2,011,287

Property, plant and equipment, net
 

 
1,477,515

 
842,057

 
437,985

 

 
2,757,557

Equity investments
 
4,033,378

 
1,237,080

 

 
352,550

 
(5,561,703
)
 
61,305

Other assets, net
 
30,543

 
387,325

 
57,733

 
141,948

 
(233,708
)
 
383,841

Total assets
 
$
4,728,900

 
$
5,013,978

 
$
1,094,230

 
$
1,265,969

 
$
(6,889,087
)
 
$
5,213,990

Current liabilities
 
 
 
 
 
 
 

 
 
 
 
Accounts payable
 
$
1,055,527

 
$
160,834

 
$
17,680

 
$
95,856

 
$
(1,068,835
)
 
$
261,062

Accrued liabilities
 
8,754

 
203,608

 
11,225

 
77,372

 
(24,841
)
 
276,118

Total current liabilities
 
1,064,281

 
364,442

 
28,905

 
173,228

 
(1,093,676
)
 
537,180

Long-term debt
 
753,108

 
10,889

 
227,638

 

 
(227,638
)
 
763,997

Deferred income taxes
 

 
497,919

 
1,848

 
42,369

 
(6,070
)
 
536,066

Other liabilities
 

 
43,452

 

 
131,407

 

 
174,859

Total liabilities
 
1,817,389

 
916,702

 
258,391

 
347,004

 
(1,327,384
)
 
2,012,102

Total Westlake Chemical Corporation stockholders' equity
 
2,911,511

 
4,097,276

 
835,839

 
628,588

 
(5,561,703
)
 
2,911,511

Noncontrolling interests
 

 

 

 
290,377

 

 
290,377

Total equity
 
2,911,511

 
4,097,276

 
835,839

 
918,965

 
(5,561,703
)
 
3,201,888

Total liabilities and equity
 
$
4,728,900

 
$
5,013,978

 
$
1,094,230

 
$
1,265,969

 
$
(6,889,087
)
 
$
5,213,990


Condensed Consolidating Financial Information as of December 31, 2013
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
420,948

 
$
6,227

 
$

 
$
34,126

 
$

 
$
461,301

Marketable securities
 
239,388

 

 

 

 

 
239,388

Accounts receivable, net
 
3,879

 
666,344

 
71,812

 
2,755

 
(316,333
)
 
428,457

Inventories
 

 
339,929

 
116,377

 
15,573

 

 
471,879

Prepaid expenses and other current assets
 
778

 
11,055

 
257

 
1,798

 

 
13,888

Deferred income taxes
 
441

 
28,974

 
4,448

 
306

 

 
34,169

Total current assets
 
665,434

 
1,052,529

 
192,894

 
54,558

 
(316,333
)
 
1,649,082

Property, plant and equipment, net
 

 
1,318,119

 
762,972

 
6,923

 

 
2,088,014

Equity investments
 
2,815,752

 
636,461

 
10,411

 
31,518

 
(3,427,267
)
 
66,875

Other assets, net
 
15,393

 
423,901

 
75,197

 
1,199

 
(258,752
)
 
256,938

Total assets
 
$
3,496,579

 
$
3,431,010

 
$
1,041,474

 
$
94,198

 
$
(4,002,352
)
 
$
4,060,909

Current liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
316,652

 
$
100,570

 
$
122,564

 
$
10,649

 
$
(300,822
)
 
$
249,613

Accrued liabilities
 
8,334

 
134,452

 
26,688

 
1,282

 
(15,511
)
 
155,245

Total current liabilities
 
324,986

 
235,022

 
149,252

 
11,931

 
(316,333
)
 
404,858

Long-term debt
 
752,990

 
10,889

 
252,973

 

 
(252,973
)
 
763,879

Deferred income taxes
 

 
260,171

 
182,855

 
729

 
(5,779
)
 
437,976

Other liabilities
 

 
34,571

 
962

 
60

 

 
35,593

Total equity
 
2,418,603

 
2,890,357

 
455,432

 
81,478

 
(3,427,267
)
 
2,418,603

Total liabilities and equity
 
$
3,496,579

 
$
3,431,010

 
$
1,041,474

 
$
94,198

 
$
(4,002,352
)
 
$
4,060,909

Schedule of Guarantor Obligations
ondensed Consolidating Financial Information as of December 31, 2014
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
655,947

 
$
3,057

 
$
131,545

 
$
90,052

 
$

 
$
880,601

Accounts receivable, net
 
8,451

 
1,454,709

 
56,049

 
135,133

 
(1,093,676
)
 
560,666

Inventories
 

 
414,975

 
6,634

 
104,167

 

 
525,776

Prepaid expenses and other current assets
 
172

 
9,485

 
212

 
1,938

 

 
11,807

Deferred income taxes
 
409

 
29,832

 

 
2,196

 

 
32,437

Total current assets
 
664,979

 
1,912,058

 
194,440

 
333,486

 
(1,093,676
)
 
2,011,287

Property, plant and equipment, net
 

 
1,477,515

 
842,057

 
437,985

 

 
2,757,557

Equity investments
 
4,033,378

 
1,237,080

 

 
352,550

 
(5,561,703
)
 
61,305

Other assets, net
 
30,543

 
387,325

 
57,733

 
141,948

 
(233,708
)
 
383,841

Total assets
 
$
4,728,900

 
$
5,013,978

 
$
1,094,230

 
$
1,265,969

 
$
(6,889,087
)
 
$
5,213,990

Current liabilities
 
 
 
 
 
 
 

 
 
 
 
Accounts payable
 
$
1,055,527

 
$
160,834

 
$
17,680

 
$
95,856

 
$
(1,068,835
)
 
$
261,062

Accrued liabilities
 
8,754

 
203,608

 
11,225

 
77,372

 
(24,841
)
 
276,118

Total current liabilities
 
1,064,281

 
364,442

 
28,905

 
173,228

 
(1,093,676
)
 
537,180

Long-term debt
 
753,108

 
10,889

 
227,638

 

 
(227,638
)
 
763,997

Deferred income taxes
 

 
497,919

 
1,848

 
42,369

 
(6,070
)
 
536,066

Other liabilities
 

 
43,452

 

 
131,407

 

 
174,859

Total liabilities
 
1,817,389

 
916,702

 
258,391

 
347,004

 
(1,327,384
)
 
2,012,102

Total Westlake Chemical Corporation stockholders' equity
 
2,911,511

 
4,097,276

 
835,839

 
628,588

 
(5,561,703
)
 
2,911,511

Noncontrolling interests
 

 

 

 
290,377

 

 
290,377

Total equity
 
2,911,511

 
4,097,276

 
835,839

 
918,965

 
(5,561,703
)
 
3,201,888

Total liabilities and equity
 
$
4,728,900

 
$
5,013,978

 
$
1,094,230

 
$
1,265,969

 
$
(6,889,087
)
 
$
5,213,990


Condensed Consolidating Financial Information as of December 31, 2013
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
420,948

 
$
6,227

 
$

 
$
34,126

 
$

 
$
461,301

Marketable securities
 
239,388

 

 

 

 

 
239,388

Accounts receivable, net
 
3,879

 
666,344

 
71,812

 
2,755

 
(316,333
)
 
428,457

Inventories
 

 
339,929

 
116,377

 
15,573

 

 
471,879

Prepaid expenses and other current assets
 
778

 
11,055

 
257

 
1,798

 

 
13,888

Deferred income taxes
 
441

 
28,974

 
4,448

 
306

 

 
34,169

Total current assets
 
665,434

 
1,052,529

 
192,894

 
54,558

 
(316,333
)
 
1,649,082

Property, plant and equipment, net
 

 
1,318,119

 
762,972

 
6,923

 

 
2,088,014

Equity investments
 
2,815,752

 
636,461

 
10,411

 
31,518

 
(3,427,267
)
 
66,875

Other assets, net
 
15,393

 
423,901

 
75,197

 
1,199

 
(258,752
)
 
256,938

Total assets
 
$
3,496,579

 
$
3,431,010

 
$
1,041,474

 
$
94,198

 
$
(4,002,352
)
 
$
4,060,909

Current liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
316,652

 
$
100,570

 
$
122,564

 
$
10,649

 
$
(300,822
)
 
$
249,613

Accrued liabilities
 
8,334

 
134,452

 
26,688

 
1,282

 
(15,511
)
 
155,245

Total current liabilities
 
324,986

 
235,022

 
149,252

 
11,931

 
(316,333
)
 
404,858

Long-term debt
 
752,990

 
10,889

 
252,973

 

 
(252,973
)
 
763,879

Deferred income taxes
 

 
260,171

 
182,855

 
729

 
(5,779
)
 
437,976

Other liabilities
 

 
34,571

 
962

 
60

 

 
35,593

Total equity
 
2,418,603

 
2,890,357

 
455,432

 
81,478

 
(3,427,267
)
 
2,418,603

Total liabilities and equity
 
$
3,496,579

 
$
3,431,010

 
$
1,041,474

 
$
94,198

 
$
(4,002,352
)
 
$
4,060,909



Condensed Consolidating Financial Information for the Year Ended December 31, 2014
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Operations
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$

 
$
3,727,361

 
$
1,749,700

 
$
475,401

 
$
(1,537,112
)
 
$
4,415,350

Cost of sales
 

 
3,162,246

 
1,003,888

 
447,676

 
(1,515,810
)
 
3,098,000

Gross profit
 

 
565,115

 
745,812

 
27,725

 
(21,302
)
 
1,317,350

Selling, general and administrative expenses
 
2,082

 
144,987

 
26,870

 
40,722

 
(21,302
)
 
193,359

(Loss) income from operations
 
(2,082
)
 
420,128

 
718,942

 
(12,997
)
 

 
1,123,991

Interest expense
 
(39,763
)
 
(10
)
 
(10,499
)
 
(492
)
 
13,412

 
(37,352
)
Other income (expense), net
 
21,001

 
(4,921
)
 
3,151

 
(8,540
)
 
(13,412
)
 
(2,721
)
(Loss) income before income taxes
 
(20,844
)
 
415,197

 
711,594

 
(22,029
)
 

 
1,083,918

Provision for (benefit from) income taxes
 
248

 
202,501

 
199,388

 
(3,235
)
 

 
398,902

Equity in net income of subsidiaries
 
699,615

 
496,244

 

 
15,962

 
(1,211,821
)
 

Net income (loss)
 
678,523

 
708,940

 
512,206

 
(2,832
)
 
(1,211,821
)
 
685,016

Net income attributable to noncontrolling interests
 

 

 

 
6,493

 

 
6,493

Net income (loss) attributable to Westlake Chemical Corporation
 
$
678,523

 
$
708,940

 
$
512,206

 
$
(9,325
)
 
$
(1,211,821
)
 
$
678,523

Comprehensive income (loss) attributable to
   Westlake Chemical Corporation
 
$
601,706

 
$
703,148

 
$
512,206

 
$
(80,407
)
 
$
(1,134,947
)
 
$
601,706


Condensed Consolidating Financial Information for the Year Ended December 31, 2013
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Operations
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$

 
$
3,195,406

 
$
2,127,747

 
$
48,016

 
$
(1,611,685
)
 
$
3,759,484

Cost of sales
 

 
2,971,258

 
1,255,140

 
43,333

 
(1,611,685
)
 
2,658,046

Gross profit
 

 
224,148

 
872,607

 
4,683

 

 
1,101,438

Selling, general and administrative expenses
 
2,128

 
114,211

 
25,451

 
6,184

 

 
147,974

(Loss) income from operations
 
(2,128
)
 
109,937

 
847,156

 
(1,501
)
 

 
953,464

Interest expense
 
(18,030
)
 
(52
)
 
(8,032
)
 

 
8,032

 
(18,082
)
Other income (expense), net
 
11,798

 
(2,438
)
 
7,701

 
(2,239
)
 
(8,032
)
 
6,790

(Loss) income before income taxes
 
(8,360
)
 
107,447

 
846,825

 
(3,740
)
 

 
942,172

(Benefit from) provision for income taxes
 
(2,031
)
 
34,340

 
300,279

 
(841
)
 

 
331,747

Equity in net income of subsidiaries
 
616,754

 
546,546

 

 

 
(1,163,300
)
 

Net income (loss) attributable to Westlake Chemical Corporation
 
$
610,425

 
$
619,653

 
$
546,546

 
$
(2,899
)
 
$
(1,163,300
)
 
$
610,425

Comprehensive income (loss) attributable to
   Westlake Chemical Corporation
 
$
618,649

 
$
629,308

 
$
546,546

 
$
(4,506
)
 
$
(1,171,348
)
 
$
618,649


Condensed Consolidating Financial Information for the Year Ended December 31, 2012
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Operations
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$

 
$
2,788,088

 
$
2,249,098

 
$
48,205

 
$
(1,514,350
)
 
$
3,571,041

Cost of sales
 

 
2,693,592

 
1,613,446

 
41,393

 
(1,514,350
)
 
2,834,081

Gross profit
 

 
94,496

 
635,652

 
6,812

 

 
736,960

Selling, general and administrative expenses
 
2,004

 
89,030

 
24,103

 
6,472

 

 
121,609

(Loss) income from operations
 
(2,004
)
 
5,466

 
611,549

 
340

 

 
615,351

Interest expense
 
(42,989
)
 
(60
)
 
(8,937
)
 

 
8,937

 
(43,049
)
Debt retirement costs
 
(7,082
)
 

 

 

 

 
(7,082
)
Gain from sales of equity securities
 
1

 
16,428

 

 

 

 
16,429

Other income (expense), net
 
28,171

 
(16,633
)
 
4,186

 
(3,267
)
 
(8,937
)
 
3,520

(Loss) income before income taxes
 
(23,903
)
 
5,201

 
606,798

 
(2,927
)
 

 
585,169

Provision for (benefit from) income taxes
 
1,825

 
(11,821
)
 
210,878

 
(1,268
)
 

 
199,614

Equity in net income of subsidiaries
 
411,283

 
395,920

 

 

 
(807,203
)
 

Net income (loss) attributable to Westlake Chemical Corporation
 
$
385,555

 
$
412,942

 
$
395,920

 
$
(1,659
)
 
$
(807,203
)
 
$
385,555

Comprehensive income (loss) attributable to
   Westlake Chemical Corporation
 
$
383,785

 
$
410,549

 
$
395,920

 
$
(1,036
)
 
$
(805,433
)
 
$
383,785



Condensed Consolidating Financial Information for the Year Ended December 31, 2014
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
678,523

 
$
708,940

 
$
512,206

 
$
(2,832
)
 
$
(1,211,821
)
 
$
685,016

Adjustments to reconcile net income (loss) to net cash
   (used for) provided by operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
1,673

 
111,389

 
77,611

 
19,486

 

 
210,159

Deferred income taxes
 
(288
)
 
55,344

 
8,608

 
(4,697
)
 

 
58,967

Net changes in working capital and other
 
(706,043
)
 
(1,077,982
)
 
4,879

 
645,559

 
1,211,821

 
78,234

Net cash (used for) provided by operating activities
 
(26,135
)
 
(202,309
)
 
603,304

 
657,516

 

 
1,032,376

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of business, net of cash acquired
 

 

 

 
(611,087
)
 

 
(611,087
)
Additions to property, plant and equipment
 

 
(209,111
)
 
(202,823
)
 
(19,170
)
 

 
(431,104
)
Proceeds from disposition of assets
 

 
180

 

 
1

 

 
181

Proceeds from repayment of loan acquired
 

 

 

 
45,923

 

 
45,923

Proceeds from sales and maturities of securities
 
342,045

 

 

 

 

 
342,045

Purchase of securities
 
(117,332
)
 

 

 

 

 
(117,332
)
Settlements of derivative instruments
 

 
(1,698
)
 
(133
)
 

 

 
(1,831
)
Net cash provided by (used for) investing activities
 
224,713

 
(210,629
)
 
(202,956
)
 
(584,333
)
 

 
(773,205
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
Intercompany financing
 
155,665

 
(244,122
)
 
102,702

 
(14,245
)
 

 

Net distributions prior to Westlake Partners initial public offering
 

 
448,101

 
(448,101
)
 

 

 

Capitalized debt issuance costs
 
(1,186
)
 

 

 

 

 
(1,186
)
Dividends paid
 
(77,656
)
 
151,729

 
(151,729
)
 

 

 
(77,656
)
Distributions paid
 

 
54,060

 
(57,763
)
 
1,499

 

 
(2,204
)
Net proceeds from issuance of Westlake Partners common units
 

 

 

 
286,088

 

 
286,088

Purchase of limited partner interests
 

 

 
286,088

 
(286,088
)
 

 

Proceeds from exercise of stock options
 
5,524

 

 

 

 

 
5,524

Repurchase of common stock for treasury
 
(52,630
)
 

 

 

 

 
(52,630
)
Windfall tax benefits from share-based payment arrangements
 
6,704

 

 

 

 

 
6,704

Net cash provided by (used for) financing activities
 
36,421

 
409,768

 
(268,803
)
 
(12,746
)
 

 
164,640

 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Effect of exchange rate changes on cash and cash equivalents
 

 

 

 
(4,511
)
 

 
(4,511
)
Net increase (decrease) in cash and cash equivalents
 
234,999

 
(3,170
)
 
131,545

 
55,926

 

 
419,300

Cash and cash equivalents at beginning of the year
 
420,948

 
6,227

 

 
34,126

 

 
461,301

Cash and cash equivalents at end of the year
 
$
655,947

 
$
3,057

 
$
131,545

 
$
90,052

 
$

 
$
880,601


Condensed Consolidating Financial Information for the Year Ended December 31, 2013
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
610,425

 
$
619,653

 
$
546,546

 
$
(2,899
)
 
$
(1,163,300
)
 
$
610,425

Adjustments to reconcile net income (loss) to net cash (used for)
   provided by operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
1,459

 
81,897

 
73,463

 
2,448

 

 
159,267

Deferred income taxes
 
74

 
56,787

 
37,054

 
(183
)
 

 
93,732

Net changes in working capital and other
 
(622,194
)
 
(607,033
)
 
(54,554
)
 
9,786

 
1,163,300

 
(110,695
)
Net cash (used for) provided by operating activities
 
(10,236
)
 
151,304

 
602,509

 
9,152

 

 
752,729

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of business
 

 
(178,309
)
 

 

 

 
(178,309
)
Additions to equity investments
 

 
(23,338
)
 

 

 

 
(23,338
)
Additions to property, plant and equipment
 

 
(453,538
)
 
(223,130
)
 
(2,554
)
 

 
(679,222
)
Construction of assets pending sale-leaseback
 

 
(136
)
 

 

 

 
(136
)
Proceeds from disposition of assets
 

 
75

 

 
76

 

 
151

Proceeds from repayment of loan to affiliate
 

 

 

 
167

 

 
167

Proceeds from sales and maturities of securities
 
252,519

 

 

 

 

 
252,519

Purchase of securities
 
(367,150
)
 

 

 

 

 
(367,150
)
Settlements of derivative instruments
 

 

 
(6,920
)
 

 

 
(6,920
)
Net cash (used for) provided by investing activities
 
(114,631
)
 
(655,246
)
 
(230,050
)
 
(2,311
)
 

 
(1,002,238
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
Intercompany financing
 
(128,798
)
 
(100,330
)
 
231,067

 
(1,939
)
 

 

Net distributions prior to Westlake Partners initial public offering
 

 
603,526

 
(603,526
)
 

 

 

Dividends paid
 
(55,236
)
 

 

 

 

 
(55,236
)
Proceeds from exercise of stock options
 
3,437

 

 

 

 

 
3,437

Repurchase of common stock for treasury
 
(32,918
)
 

 

 

 

 
(32,918
)
Windfall tax benefits from share-based payment arrangements
 
5,449

 

 

 

 

 
5,449

Net cash (used for) provided by financing activities
 
(208,066
)
 
503,196

 
(372,459
)
 
(1,939
)
 

 
(79,268
)
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net (decrease) increase in cash and cash equivalents
 
(332,933
)
 
(746
)
 

 
4,902

 

 
(328,777
)
Cash and cash equivalents at beginning of the year
 
753,881

 
6,973

 

 
29,224

 

 
790,078

Cash and cash equivalents at end of the year
 
$
420,948

 
$
6,227

 
$

 
$
34,126

 
$

 
$
461,301


Condensed Consolidating Financial Information for the Year Ended December 31, 2012
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
385,555

 
$
412,942

 
$
395,920

 
$
(1,659
)
 
$
(807,203
)
 
$
385,555

Adjustments to reconcile net income (loss) to net cash (used for)
   provided by operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
1,514

 
77,131

 
64,257

 
3,153

 

 
146,055

Deferred income taxes
 
45

 
2,134

 
(8,096
)
 
124

 

 
(5,793
)
Net changes in working capital and other
 
(422,199
)
 
(345,730
)
 
44,740

 
2,256

 
807,203

 
86,270

Net cash (used for) provided by operating activities
 
(35,085
)
 
146,477

 
496,821

 
3,874

 

 
612,087

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
 

 
(227,479
)
 
(158,440
)
 
(963
)
 

 
(386,882
)
Construction of assets pending sale-leaseback
 

 
(4,308
)
 

 

 

 
(4,308
)
Proceeds from disposition of assets
 

 
449

 

 
22

 

 
471

Proceeds from repayment of loan to affiliate
 

 

 

 
1,192

 

 
1,192

Proceeds from sale-leaseback of assets
 

 
2,304

 

 

 

 
2,304

Proceeds from sales of equity securities
 
3

 
47,652

 

 

 

 
47,655

Purchase of securities
 
(124,873
)
 
(2,961
)
 

 

 

 
(127,834
)
Settlements of derivative instruments
 

 
(1
)
 
432

 

 

 
431

Net cash (used for) provided by investing activities
 
(124,870
)
 
(184,344
)
 
(158,008
)
 
251

 

 
(466,971
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
Intercompany financing
 
291,455

 
(296,490
)
 

 
5,035

 

 

Net distributions prior to Westlake Partners initial public offering
 

 
338,813

 
(338,813
)
 

 

 

Capitalized debt issuance costs
 
(2,221
)
 

 

 

 

 
(2,221
)
Dividends paid
 
(285,521
)
 

 

 

 

 
(285,521
)
Proceeds from debt issuance
 
248,818

 

 

 

 

 
248,818

Proceeds from exercise of stock options
 
10,369

 

 

 

 

 
10,369

Repayment of debt
 
(250,000
)
 

 

 

 

 
(250,000
)
Repurchase of common stock for treasury
 
(10,784
)
 

 

 

 

 
(10,784
)
Utilization of restricted cash
 
96,433

 

 

 

 

 
96,433

 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Windfall tax benefits from share-based payment arrangements
 
11,967

 

 

 

 

 
11,967

Net cash provided by (used for) financing activities
 
110,516

 
42,323

 
(338,813
)
 
5,035

 

 
(180,939
)
Net (decrease) increase in cash and cash equivalents
 
(49,439
)
 
4,456

 

 
9,160

 

 
(35,823
)
Cash and cash equivalents at beginning of the year
 
803,320

 
2,517

 

 
20,064

 

 
825,901

Cash and cash equivalents at end of the year
 
$
753,881

 
$
6,973

 
$

 
$
29,224

 
$

 
$
790,078

Condensed Consolidating Financial Information Statement Of Operations
Condensed Consolidating Financial Information for the Year Ended December 31, 2014
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Operations
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$

 
$
3,727,361

 
$
1,749,700

 
$
475,401

 
$
(1,537,112
)
 
$
4,415,350

Cost of sales
 

 
3,162,246

 
1,003,888

 
447,676

 
(1,515,810
)
 
3,098,000

Gross profit
 

 
565,115

 
745,812

 
27,725

 
(21,302
)
 
1,317,350

Selling, general and administrative expenses
 
2,082

 
144,987

 
26,870

 
40,722

 
(21,302
)
 
193,359

(Loss) income from operations
 
(2,082
)
 
420,128

 
718,942

 
(12,997
)
 

 
1,123,991

Interest expense
 
(39,763
)
 
(10
)
 
(10,499
)
 
(492
)
 
13,412

 
(37,352
)
Other income (expense), net
 
21,001

 
(4,921
)
 
3,151

 
(8,540
)
 
(13,412
)
 
(2,721
)
(Loss) income before income taxes
 
(20,844
)
 
415,197

 
711,594

 
(22,029
)
 

 
1,083,918

Provision for (benefit from) income taxes
 
248

 
202,501

 
199,388

 
(3,235
)
 

 
398,902

Equity in net income of subsidiaries
 
699,615

 
496,244

 

 
15,962

 
(1,211,821
)
 

Net income (loss)
 
678,523

 
708,940

 
512,206

 
(2,832
)
 
(1,211,821
)
 
685,016

Net income attributable to noncontrolling interests
 

 

 

 
6,493

 

 
6,493

Net income (loss) attributable to Westlake Chemical Corporation
 
$
678,523

 
$
708,940

 
$
512,206

 
$
(9,325
)
 
$
(1,211,821
)
 
$
678,523

Comprehensive income (loss) attributable to
   Westlake Chemical Corporation
 
$
601,706

 
$
703,148

 
$
512,206

 
$
(80,407
)
 
$
(1,134,947
)
 
$
601,706


Condensed Consolidating Financial Information for the Year Ended December 31, 2013
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Operations
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$

 
$
3,195,406

 
$
2,127,747

 
$
48,016

 
$
(1,611,685
)
 
$
3,759,484

Cost of sales
 

 
2,971,258

 
1,255,140

 
43,333

 
(1,611,685
)
 
2,658,046

Gross profit
 

 
224,148

 
872,607

 
4,683

 

 
1,101,438

Selling, general and administrative expenses
 
2,128

 
114,211

 
25,451

 
6,184

 

 
147,974

(Loss) income from operations
 
(2,128
)
 
109,937

 
847,156

 
(1,501
)
 

 
953,464

Interest expense
 
(18,030
)
 
(52
)
 
(8,032
)
 

 
8,032

 
(18,082
)
Other income (expense), net
 
11,798

 
(2,438
)
 
7,701

 
(2,239
)
 
(8,032
)
 
6,790

(Loss) income before income taxes
 
(8,360
)
 
107,447

 
846,825

 
(3,740
)
 

 
942,172

(Benefit from) provision for income taxes
 
(2,031
)
 
34,340

 
300,279

 
(841
)
 

 
331,747

Equity in net income of subsidiaries
 
616,754

 
546,546

 

 

 
(1,163,300
)
 

Net income (loss) attributable to Westlake Chemical Corporation
 
$
610,425

 
$
619,653

 
$
546,546

 
$
(2,899
)
 
$
(1,163,300
)
 
$
610,425

Comprehensive income (loss) attributable to
   Westlake Chemical Corporation
 
$
618,649

 
$
629,308

 
$
546,546

 
$
(4,506
)
 
$
(1,171,348
)
 
$
618,649


Condensed Consolidating Financial Information for the Year Ended December 31, 2012
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Operations
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$

 
$
2,788,088

 
$
2,249,098

 
$
48,205

 
$
(1,514,350
)
 
$
3,571,041

Cost of sales
 

 
2,693,592

 
1,613,446

 
41,393

 
(1,514,350
)
 
2,834,081

Gross profit
 

 
94,496

 
635,652

 
6,812

 

 
736,960

Selling, general and administrative expenses
 
2,004

 
89,030

 
24,103

 
6,472

 

 
121,609

(Loss) income from operations
 
(2,004
)
 
5,466

 
611,549

 
340

 

 
615,351

Interest expense
 
(42,989
)
 
(60
)
 
(8,937
)
 

 
8,937

 
(43,049
)
Debt retirement costs
 
(7,082
)
 

 

 

 

 
(7,082
)
Gain from sales of equity securities
 
1

 
16,428

 

 

 

 
16,429

Other income (expense), net
 
28,171

 
(16,633
)
 
4,186

 
(3,267
)
 
(8,937
)
 
3,520

(Loss) income before income taxes
 
(23,903
)
 
5,201

 
606,798

 
(2,927
)
 

 
585,169

Provision for (benefit from) income taxes
 
1,825

 
(11,821
)
 
210,878

 
(1,268
)
 

 
199,614

Equity in net income of subsidiaries
 
411,283

 
395,920

 

 

 
(807,203
)
 

Net income (loss) attributable to Westlake Chemical Corporation
 
$
385,555

 
$
412,942

 
$
395,920

 
$
(1,659
)
 
$
(807,203
)
 
$
385,555

Comprehensive income (loss) attributable to
   Westlake Chemical Corporation
 
$
383,785

 
$
410,549

 
$
395,920

 
$
(1,036
)
 
$
(805,433
)
 
$
383,785

Condensed Consolidating Financial Information Statement Of Cash Flows
Condensed Consolidating Financial Information for the Year Ended December 31, 2014
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
678,523

 
$
708,940

 
$
512,206

 
$
(2,832
)
 
$
(1,211,821
)
 
$
685,016

Adjustments to reconcile net income (loss) to net cash
   (used for) provided by operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
1,673

 
111,389

 
77,611

 
19,486

 

 
210,159

Deferred income taxes
 
(288
)
 
55,344

 
8,608

 
(4,697
)
 

 
58,967

Net changes in working capital and other
 
(706,043
)
 
(1,077,982
)
 
4,879

 
645,559

 
1,211,821

 
78,234

Net cash (used for) provided by operating activities
 
(26,135
)
 
(202,309
)
 
603,304

 
657,516

 

 
1,032,376

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of business, net of cash acquired
 

 

 

 
(611,087
)
 

 
(611,087
)
Additions to property, plant and equipment
 

 
(209,111
)
 
(202,823
)
 
(19,170
)
 

 
(431,104
)
Proceeds from disposition of assets
 

 
180

 

 
1

 

 
181

Proceeds from repayment of loan acquired
 

 

 

 
45,923

 

 
45,923

Proceeds from sales and maturities of securities
 
342,045

 

 

 

 

 
342,045

Purchase of securities
 
(117,332
)
 

 

 

 

 
(117,332
)
Settlements of derivative instruments
 

 
(1,698
)
 
(133
)
 

 

 
(1,831
)
Net cash provided by (used for) investing activities
 
224,713

 
(210,629
)
 
(202,956
)
 
(584,333
)
 

 
(773,205
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
Intercompany financing
 
155,665

 
(244,122
)
 
102,702

 
(14,245
)
 

 

Net distributions prior to Westlake Partners initial public offering
 

 
448,101

 
(448,101
)
 

 

 

Capitalized debt issuance costs
 
(1,186
)
 

 

 

 

 
(1,186
)
Dividends paid
 
(77,656
)
 
151,729

 
(151,729
)
 

 

 
(77,656
)
Distributions paid
 

 
54,060

 
(57,763
)
 
1,499

 

 
(2,204
)
Net proceeds from issuance of Westlake Partners common units
 

 

 

 
286,088

 

 
286,088

Purchase of limited partner interests
 

 

 
286,088

 
(286,088
)
 

 

Proceeds from exercise of stock options
 
5,524

 

 

 

 

 
5,524

Repurchase of common stock for treasury
 
(52,630
)
 

 

 

 

 
(52,630
)
Windfall tax benefits from share-based payment arrangements
 
6,704

 

 

 

 

 
6,704

Net cash provided by (used for) financing activities
 
36,421

 
409,768

 
(268,803
)
 
(12,746
)
 

 
164,640

 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Effect of exchange rate changes on cash and cash equivalents
 

 

 

 
(4,511
)
 

 
(4,511
)
Net increase (decrease) in cash and cash equivalents
 
234,999

 
(3,170
)
 
131,545

 
55,926

 

 
419,300

Cash and cash equivalents at beginning of the year
 
420,948

 
6,227

 

 
34,126

 

 
461,301

Cash and cash equivalents at end of the year
 
$
655,947

 
$
3,057

 
$
131,545

 
$
90,052

 
$

 
$
880,601


Condensed Consolidating Financial Information for the Year Ended December 31, 2013
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
610,425

 
$
619,653

 
$
546,546

 
$
(2,899
)
 
$
(1,163,300
)
 
$
610,425

Adjustments to reconcile net income (loss) to net cash (used for)
   provided by operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
1,459

 
81,897

 
73,463

 
2,448

 

 
159,267

Deferred income taxes
 
74

 
56,787

 
37,054

 
(183
)
 

 
93,732

Net changes in working capital and other
 
(622,194
)
 
(607,033
)
 
(54,554
)
 
9,786

 
1,163,300

 
(110,695
)
Net cash (used for) provided by operating activities
 
(10,236
)
 
151,304

 
602,509

 
9,152

 

 
752,729

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of business
 

 
(178,309
)
 

 

 

 
(178,309
)
Additions to equity investments
 

 
(23,338
)
 

 

 

 
(23,338
)
Additions to property, plant and equipment
 

 
(453,538
)
 
(223,130
)
 
(2,554
)
 

 
(679,222
)
Construction of assets pending sale-leaseback
 

 
(136
)
 

 

 

 
(136
)
Proceeds from disposition of assets
 

 
75

 

 
76

 

 
151

Proceeds from repayment of loan to affiliate
 

 

 

 
167

 

 
167

Proceeds from sales and maturities of securities
 
252,519

 

 

 

 

 
252,519

Purchase of securities
 
(367,150
)
 

 

 

 

 
(367,150
)
Settlements of derivative instruments
 

 

 
(6,920
)
 

 

 
(6,920
)
Net cash (used for) provided by investing activities
 
(114,631
)
 
(655,246
)
 
(230,050
)
 
(2,311
)
 

 
(1,002,238
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
Intercompany financing
 
(128,798
)
 
(100,330
)
 
231,067

 
(1,939
)
 

 

Net distributions prior to Westlake Partners initial public offering
 

 
603,526

 
(603,526
)
 

 

 

Dividends paid
 
(55,236
)
 

 

 

 

 
(55,236
)
Proceeds from exercise of stock options
 
3,437

 

 

 

 

 
3,437

Repurchase of common stock for treasury
 
(32,918
)
 

 

 

 

 
(32,918
)
Windfall tax benefits from share-based payment arrangements
 
5,449

 

 

 

 

 
5,449

Net cash (used for) provided by financing activities
 
(208,066
)
 
503,196

 
(372,459
)
 
(1,939
)
 

 
(79,268
)
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net (decrease) increase in cash and cash equivalents
 
(332,933
)
 
(746
)
 

 
4,902

 

 
(328,777
)
Cash and cash equivalents at beginning of the year
 
753,881

 
6,973

 

 
29,224

 

 
790,078

Cash and cash equivalents at end of the year
 
$
420,948

 
$
6,227

 
$

 
$
34,126

 
$

 
$
461,301


Condensed Consolidating Financial Information for the Year Ended December 31, 2012
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
385,555

 
$
412,942

 
$
395,920

 
$
(1,659
)
 
$
(807,203
)
 
$
385,555

Adjustments to reconcile net income (loss) to net cash (used for)
   provided by operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
1,514

 
77,131

 
64,257

 
3,153

 

 
146,055

Deferred income taxes
 
45

 
2,134

 
(8,096
)
 
124

 

 
(5,793
)
Net changes in working capital and other
 
(422,199
)
 
(345,730
)
 
44,740

 
2,256

 
807,203

 
86,270

Net cash (used for) provided by operating activities
 
(35,085
)
 
146,477

 
496,821

 
3,874

 

 
612,087

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
 

 
(227,479
)
 
(158,440
)
 
(963
)
 

 
(386,882
)
Construction of assets pending sale-leaseback
 

 
(4,308
)
 

 

 

 
(4,308
)
Proceeds from disposition of assets
 

 
449

 

 
22

 

 
471

Proceeds from repayment of loan to affiliate
 

 

 

 
1,192

 

 
1,192

Proceeds from sale-leaseback of assets
 

 
2,304

 

 

 

 
2,304

Proceeds from sales of equity securities
 
3

 
47,652

 

 

 

 
47,655

Purchase of securities
 
(124,873
)
 
(2,961
)
 

 

 

 
(127,834
)
Settlements of derivative instruments
 

 
(1
)
 
432

 

 

 
431

Net cash (used for) provided by investing activities
 
(124,870
)
 
(184,344
)
 
(158,008
)
 
251

 

 
(466,971
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
Intercompany financing
 
291,455

 
(296,490
)
 

 
5,035

 

 

Net distributions prior to Westlake Partners initial public offering
 

 
338,813

 
(338,813
)
 

 

 

Capitalized debt issuance costs
 
(2,221
)
 

 

 

 

 
(2,221
)
Dividends paid
 
(285,521
)
 

 

 

 

 
(285,521
)
Proceeds from debt issuance
 
248,818

 

 

 

 

 
248,818

Proceeds from exercise of stock options
 
10,369

 

 

 

 

 
10,369

Repayment of debt
 
(250,000
)
 

 

 

 

 
(250,000
)
Repurchase of common stock for treasury
 
(10,784
)
 

 

 

 

 
(10,784
)
Utilization of restricted cash
 
96,433

 

 

 

 

 
96,433

 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Windfall tax benefits from share-based payment arrangements
 
11,967

 

 

 

 

 
11,967

Net cash provided by (used for) financing activities
 
110,516

 
42,323

 
(338,813
)
 
5,035

 

 
(180,939
)
Net (decrease) increase in cash and cash equivalents
 
(49,439
)
 
4,456

 

 
9,160

 

 
(35,823
)
Cash and cash equivalents at beginning of the year
 
803,320

 
2,517

 

 
20,064

 

 
825,901

Cash and cash equivalents at end of the year
 
$
753,881

 
$
6,973

 
$

 
$
29,224

 
$

 
$
790,078