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Guarantor Disclosures
 3 Months Ended
Mar. 31, 2015
Guarantees [Abstract]  
Guarantor Disclosures
Guarantor Disclosures
The Company's payment obligations under the 3.60% senior notes due 2022 are fully and unconditionally guaranteed by each of its current and future domestic subsidiaries that guarantee other debt of the Company or of another guarantor of the 3.60% senior notes due 2022 in excess of $5,000 (the "Guarantor Subsidiaries"). Except for Westlake Chemical OpCo LP ("OpCo"), which is less than 100% owned, each Guarantor Subsidiary is 100% owned by Westlake Chemical Corporation (the "100% Owned Guarantor Subsidiaries"). The August 4, 2014 initial public offering of Westlake Chemical Partners LP ("Westlake Partners") resulted in OpCo ceasing to be a 100% owned subsidiary of the Company. OpCo has been presented as a less than 100% owned guarantor subsidiary in each of the tables below, including for periods prior to the initial public offering of Westlake Partners. These guarantees are the joint and several obligations of the Guarantor Subsidiaries. The following unaudited condensed consolidating financial information presents the financial condition, results of operations and cash flows of Westlake Chemical Corporation, the 100% owned Guarantor Subsidiaries, OpCo and the remaining subsidiaries that do not guarantee the 3.60% senior notes due 2022 (the "Non-Guarantor Subsidiaries"), together with consolidating eliminations necessary to present the Company's results on a consolidated basis.
Condensed Consolidating Financial Information as of March 31, 2015
 
 
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
 
$
701,622

 
$
2,606

 
$
143,005

 
$
98,416

 
$
—

 
$
945,649

Accounts receivable, net
 
11,605

 
1,497,572

 
54,979

 
128,116

 
(1,165,145
)
 
527,127

Inventories
 
—

 
395,664

 
4,564

 
80,152

 
—

 
480,380

Prepaid expenses and other current assets
 
92

 
18,236

 
122

 
2,160

 
(2,592
)
 
18,018

Deferred income taxes
 
409

 
29,832

 
—

 
747

 
—

 
30,988

Total current assets
 
713,728

 
1,943,910

 
202,670

 
309,591

 
(1,167,737
)
 
2,002,162

Property, plant and equipment, net
 
—

 
1,500,234

 
866,546

 
384,706

 
—

 
2,751,486

Equity investments
 
4,123,427

 
1,232,093

 
—

 
351,048

 
(5,641,847
)
 
64,721

Other assets, net
 
31,209

 
415,180

 
53,832

 
124,633

 
(263,438
)
 
361,416

Total assets
 
$
4,868,364

 
$
5,091,417

 
$
1,123,048

 
$
1,169,978

 
$
(7,073,022
)
 
$
5,179,785

Current liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
1,118,864

 
$
153,645

 
$
27,395

 
$
89,383

 
$
(1,141,794
)
 
$
247,493

Accrued liabilities
 
16,504

 
150,074

 
6,104

 
58,975

 
(25,943
)
 
205,714

Total current liabilities
 
1,135,368

 
303,719

 
33,499

 
148,358

 
(1,167,737
)
 
453,207

Long-term debt
 
753,138

 
10,889

 
257,829

 
—

 
(257,829
)
 
764,027

Deferred income taxes
 
—

 
503,540

 
1,902

 
34,846

 
(5,609
)
 
534,679

Other liabilities
 
—

 
38,625

 
—

 
118,505

 
—

 
157,130

Total liabilities
 
1,888,506

 
856,773

 
293,230

 
301,709

 
(1,431,175
)
 
1,909,043

Total Westlake Chemical Corporation stockholders' equity
 
2,979,858

 
4,234,644

 
829,818

 
577,385

 
(5,641,847
)
 
2,979,858

Noncontrolling interests
 
—

 
—

 
—

 
290,884

 
—

 
290,884

Total equity
 
2,979,858

 
4,234,644

 
829,818

 
868,269

 
(5,641,847
)
 
3,270,742

Total liabilities and equity
 
$
4,868,364

 
$
5,091,417

 
$
1,123,048

 
$
1,169,978

 
$
(7,073,022
)
 
$
5,179,785

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 for the Three Months Ended March 31, 2015
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
OpCo
(Less Than
100% Owned
Guarantor
Subsidiary)
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Operations
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
—

 
$
903,492

 
$
258,391

 
$
245,643

 
$
(303,995
)
 
$
1,103,531

Cost of sales
 
—

 
727,399

 
162,164

 
228,269

 
(298,847
)
 
818,985

Gross profit
 
—

 
176,093

 
96,227

 
17,374

 
(5,148
)
 
284,546

Selling, general and administrative expenses
 
413

 
43,684

 
5,046

 
11,271

 
(5,148
)
 
55,266

(Loss) income from operations
 
(413
)
 
132,409

 
91,181

 
6,103

 
—

 
229,280

Interest expense
 
(10,752
)
 
(1
)
 
(1,376
)
 
(42
)
 
2,580

 
(9,591
)
Other income, net
 
6,612

 
2,827

 
5

 
2,232

 
(2,580
)
 
9,096

(Loss) income before income taxes
 
(4,553
)
 
135,235

 
89,810

 
8,293

 
—

 
228,785

(Benefit from) provision for income taxes
 
(1,578
)
 
77,999

 
467

 
1,490

 
—

 
78,378

Equity in net income of subsidiaries
 
149,317

 
79,891

 
—

 
9,452

 
(238,660
)
 
—

Net income
 
146,342

 
137,127

 
89,343

 
16,255

 
(238,660
)
 
150,407

Net income attributable to noncontrolling interests
 
—

 
—

 
—

 
4,065

 
—

 
4,065

Net income attributable to Westlake Chemical Corporation
 
$
146,342

 
$
137,127

 
$
89,343

 
$
12,190

 
$
(238,660
)
 
$
146,342

Comprehensive income (loss) attributable to Westlake Chemical
   Corporation
 
$
88,113

 
$
137,365

 
$
89,343

 
$
(47,319
)
 
$
(179,389
)
 
$
88,113


Condensed Consolidating Financial Information for the Three Months Ended March 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
 
$
—

 
$
844,342

 
$
560,014

 
$
9,117

 
$
(385,797
)
 
$
1,027,676

Cost of sales
 
—

 
790,577

 
327,700

 
8,186

 
(385,797
)
 
740,666

Gross profit
 
—

 
53,765

 
232,314

 
931

 
—

 
287,010

Selling, general and administrative expenses
 
546

 
29,285

 
7,778

 
1,346

 
—

 
38,955

(Loss) income from operations
 
(546
)
 
24,480

 
224,536

 
(415
)
 
—

 
248,055

Interest expense
 
(8,947
)
 
(210
)
 
(3,591
)
 
—

 
3,591

 
(9,157
)
Other income (expense), net
 
5,006

 
456

 
1,252

 
(614
)
 
(3,591
)
 
2,509

(Loss) income before income taxes
 
(4,487
)
 
24,726

 
222,197

 
(1,029
)
 
—

 
241,407

(Benefit from) provision for income taxes
 
(1,558
)
 
6,787

 
78,323

 
(177
)
 
—

 
83,375

Equity in net income of subsidiaries
 
160,961

 
143,874

 
—

 
—

 
(304,835
)
 
—

Net income (loss) attributable to Westlake Chemical Corporation
 
$
158,032

 
$
161,813

 
$
143,874

 
$
(852
)
 
$
(304,835
)
 
$
158,032

Comprehensive income (loss) attributable to Westlake Chemical
   Corporation
 
$
158,866

 
$
161,948

 
$
143,874

 
$
(1,750
)
 
$
(304,072
)
 
$
158,866





 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 

Condensed Consolidating Financial Information for the Three Months Ended March 31, 2015
 
 
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
 
$
146,342

 
$
137,127

 
$
89,343

 
$
16,255

 
$
(238,660
)
 
$
150,407

Adjustments to reconcile net income to net cash (used for)
   provided by operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
501

 
29,592

 
19,803

 
9,246

 
—

 
59,142

Deferred income taxes
 
(124
)
 
6,431

 
54

 
(1,030
)
 
—

 
5,331

Net changes in working capital and other
 
(151,572
)
 
(114,779
)
 
6,973

 
(3,606
)
 
238,660

 
(24,324
)
Net cash (used for) provided by operating activities
 
(4,853
)
 
58,371

 
116,173

 
20,865

 
—

 
190,556

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

 
(47,385
)
 
(39,540
)
 
(8,897
)
 
—

 
(95,822
)
Settlements of derivative instruments
 
—

 
(833
)
 
—

 
—

 
—

 
(833
)
Net cash used for investing activities
 
—

 
(48,218
)
 
(39,540
)
 
(8,897
)
 
—

 
(96,655
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
Intercompany financing
 
72,634

 
(99,765
)
 
30,191

 
(3,060
)
 
—

 
—

Dividends paid
 
(21,964
)
 
—

 
—

 
—

 
—

 
(21,964
)
Distributions paid
 
—

 
89,161

 
(95,364
)
 
2,645

 
—

 
(3,558
)
Proceeds from exercise of stock options
 
157

 
—

 
—

 
—

 
—

 
157

Repurchase of common stock for treasury
 
(2,000
)
 
—

 
—

 
—

 
—

 
(2,000
)
Windfall tax benefits from share-based payment arrangements
 
1,701

 
—

 
—

 
—

 
—

 
1,701

Net cash provided by (used for) financing activities
 
50,528

 
(10,604
)
 
(65,173
)
 
(415
)
 
—

 
(25,664
)
Effect of exchange rate changes on cash and cash equivalents
 
—

 
—

 
—

 
(3,189
)
 
—

 
(3,189
)
Net increase (decrease) in cash and cash equivalents
 
45,675

 
(451
)
 
11,460

 
8,364

 
—

 
65,048

Cash and cash equivalents at beginning of period
 
655,947

 
3,057

 
131,545

 
90,052

 
—

 
880,601

Cash and cash equivalents at end of period
 
$
701,622

 
$
2,606

 
$
143,005

 
$
98,416

 
$
—

 
$
945,649

Condensed Consolidating Financial Information for the Three Months Ended March 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)
 
$
158,032

 
$
161,813

 
$
143,874

 
$
(852
)
 
$
(304,835
)
 
$
158,032

Adjustments to reconcile net income (loss) to net cash (used for)
   provided by operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
365

 
26,394

 
19,014

 
564

 
—

 
46,337

Deferred income taxes
 
(162
)
 
5,220

 
3,267

 
(50
)
 
—

 
8,275

Net changes in working capital and other
 
(165,553
)
 
(169,342
)
 
31,731

 
(1,810
)
 
304,835

 
(139
)
Net cash (used for) provided by operating activities
 
(7,318
)
 
24,085

 
197,886

 
(2,148
)
 
—

 
212,505

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

 
(59,254
)
 
(51,305
)
 
(182
)
 
—

 
(110,741
)
Proceeds from disposition of assets
 
—

 
12

 
—

 
—

 
—

 
12

Proceeds from sales and maturities of securities
 
30,119

 
—

 
—

 
—

 
—

 
30,119

Purchase of securities
 
(49,025
)
 
—

 
—

 
—

 
—

 
(49,025
)
Settlements of derivative instruments
 
—

 
—

 
(409
)
 
—

 
—

 
(409
)
Net cash used for investing activities
 
(18,906
)
 
(59,242
)
 
(51,714
)
 
(182
)
 
—

 
(130,044
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
Intercompany financing
 
106,903

 
(155,387
)
 
46,041

 
2,443

 
—

 
—

Net distributions prior to Westlake Partners initial public offering
 
—

 
192,213

 
(192,213
)
 
—

 
—

 
—

Dividends paid
 
(16,789
)
 
—

 
—

 
—

 
—

 
(16,789
)
Proceeds from exercise of stock options
 
2,158

 
—

 
—

 
—

 
—

 
2,158

Windfall tax benefits from share-based payment arrangements
 
3,512

 
—

 
—

 
—

 
—

 
3,512

Net cash provided by (used for) financing activities
 
95,784

 
36,826

 
(146,172
)
 
2,443

 
—

 
(11,119
)
Net increase in cash and cash equivalents
 
69,560

 
1,669

 
—

 
113

 
—

 
71,342

Cash and cash equivalents at beginning of period
 
420,948

 
6,227

 
—

 
34,126

 
—

 
461,301

Cash and cash equivalents at end of period
 
$
490,508

 
$
7,896

 
$
—

 
$
34,239

 
$
—

 
$
532,643