XML 54 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities    
Net income $ 548,888 $ 497,631
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 180,229 148,394
Recovery of doubtful accounts 778 295
Amortization of debt issuance costs 1,504 1,172
Stock-based compensation expense 7,544 6,856
Loss from disposition of fixed assets 2,590 2,635
Gain from sales of equity securities (3,795) 0
Gain on acquisition, net of loss on the fair value remeasurement of preexisting equity interest (21,045) 0
Impairment of equity method investment 4,925 0
Deferred income taxes 7,585 34,459
Windfall tax benefits from share-based payment arrangements (2,452) (6,670)
Income from equity method investments, net of dividends (1,016) (3,199)
Other losses (gains), net 3,584 (495)
Changes in operating assets and liabilities    
Accounts receivable 54,937 6,055
Inventories 105,899 80,492
Prepaid expenses and other current assets (5,496) 458
Accounts payable (30,511) (98,769)
Accrued liabilities (10,893) 111,965
Other, net (1,955) (5,155)
Net cash provided by operating activities 841,300 776,124
Cash flows from investing activities    
Acquisition of business, net of cash acquired 15,782 (611,087)
Additions to property, plant and equipment (329,236) (311,183)
Proceeds from disposition of assets 17 145
Proceeds from disposition of equity method investment 27,865 0
Proceeds from repayment of loan acquired 0 45,923
Proceeds from sales and maturities of securities 16,056 342,045
Purchase of securities (282,542) (117,332)
Settlements of derivative instruments (1,535) (689)
Net cash used for investing activities (553,593) (652,178)
Cash flows from financing activities    
Capitalized debt issuance costs 0 (1,167)
Dividends paid (67,852) (55,690)
Distributions to noncontrolling interests (10,982) 0
Net proceeds from issuance of Westlake Partners common units 0 286,088
Proceeds from exercise of stock options 984 5,502
Proceeds from issuance of notes payable 19,483 0
Repayment of notes payable (32,954) 0
Repurchase of common stock for treasury (114,254) (9,495)
Windfall tax benefits from share-based payment arrangements 2,452 6,670
Net cash provided by financing activities (203,123) 231,908
Effect of exchange rate changes on cash and cash equivalents (3,260) (3,687)
Net increase in cash and cash equivalents 81,324 352,167
Cash and cash equivalents at beginning of period 880,601 461,301
Cash and cash equivalents at end of period $ 961,925 $ 813,468