Guarantor Disclosures

3 Months Ended

Mar. 31, 2017

Guarantees [Abstract]

Guarantor Disclosures

Guarantor Disclosures

The Company's payment obligations under the 3.60% senior notes due 2022, the 3.60%2026 Senior Notes, the 5.0%2046 Senior Notes, 4.625% Westlake 2021 Senior Notes and the 4.875% Westlake2023 Senior Notes 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 those notes in excess of $5,000 (the "Guarantor Subsidiaries"). Each Guarantor Subsidiary is 100% owned by Westlake Chemical Corporation (the "100% Owned Guarantor Subsidiaries"). In October 2016, the Company executed a Joinder Agreement with the Administrative Agent of the Credit Agreement, whereby certain subsidiaries of the Company were added as Guarantor Subsidiaries. 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, and the remaining subsidiaries that do not guarantee the 3.60% senior notes due 2022 , the 3.60%2026 Senior Notes, the 5.0%2046 Senior Notes, 4.625% Westlake2021 Senior Notes and the 4.875% Westlake 2023 Senior Notes (the "Non-Guarantor Subsidiaries"), together with consolidating eliminations necessary to present the Company's results on a consolidated basis.

In August 2016, certain of the Company's subsidiary guarantors were released from their guarantees of the Company's 3.60% senior notes due 2022 in connection with the replacement of the Company's revolving credit facility. Westlake Chemical OpCo LP, which was previously separately presented as a less than 100% owned guarantor, and certain of the Company's other 100% owned subsidiaries that were previously presented as guarantors, are now reflected as Non-Guarantor Subsidiaries in the condensed consolidating guarantor financial information. Prior periods were retrospectively adjusted to conform to the current presentation of Guarantor Subsidiaries and Non-Guarantor Subsidiaries.

Condensed Consolidating Financial Information as of March 31, 2017

	Westlake Chemical Corporation		100% Owned Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Balance Sheet
Current assets
Cash and cash equivalents	$	54,966	$	5,647	$	311,978	$	—		$	372,591
Accounts receivable, net	2,446,732		3,521,181		330,311		(5,294,258		)	1,003,966
Inventories	—		605,775		215,933		—			821,708
Prepaid expenses and other current assets	53,239		38,066		11,463		(59,073		)	43,695
Restricted cash	—		2,681		6,647		—			9,328
Total current assets	2,554,937		4,173,350		876,332		(5,353,331		)	2,251,288
Property, plant and equipment, net	—		4,438,292		1,954,453		—			6,392,745
Other assets, net
Goodwill	—		791,706		158,975		—			950,681
Customer relationships, net	—		453,985		142,656		—			596,641
Other intangible assets, net	—		102,339		70,358		—			172,697
Deferred charges and other assets, net	9,335,542		846,041		1,131,172		(10,951,977		)	360,778
Total other assets, net	9,335,542		2,194,071		1,503,161		(10,951,977		)	2,080,797
Total assets	$	11,890,479	$	10,805,713	$	4,333,946	$	(16,305,308	)	$	10,724,830
Current liabilities
Accounts payable	$	4,705,704	$	761,986	$	273,714	$	(5,198,283	)	$	543,121
Accrued liabilities	17,449		357,968		179,941		(155,048		)	400,310
Total current liabilities	4,723,153		1,119,954		453,655		(5,353,331		)	943,431
Long-term debt, net	3,508,130		2,999,225		—		(2,905,713		)	3,601,642
Deferred income taxes	—		1,581,202		91,303		(23,385		)	1,649,120
Pension and other liabilities	—		1,479,584		133,658		(1,115,437		)	497,805
Total liabilities	8,231,283		7,179,965		678,616		(9,397,866		)	6,691,998
Total Westlake Chemical Corporation    stockholders' equity	3,659,196		3,625,748		3,281,694		(6,907,442		)	3,659,196
Noncontrolling interests	—		—		373,636		—			373,636
Total equity	3,659,196		3,625,748		3,655,330		(6,907,442		)	4,032,832
Total liabilities and equity	$	11,890,479	$	10,805,713	$	4,333,946	$	(16,305,308	)	$	10,724,830

Condensed Consolidating Financial Information as of December 31, 2016

	Westlake Chemical Corporation		100% Owned Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Balance Sheet
Current assets
Cash and cash equivalents	$	146,990	$	53,006	$	259,457	$	—		$	459,453
Accounts receivable, net	2,117,540		3,329,871		323,931		(4,832,599		)	938,743
Inventories	—		597,819		203,281		—			801,100
Prepaid expenses and other current assets	30,748		41,755		12,494		(36,504		)	48,493
Restricted cash	—		—		160,527		—			160,527
Total current assets	2,295,278		4,022,451		959,690		(4,869,103		)	2,408,316
Property, plant and equipment, net	—		4,475,943		1,944,119		—			6,420,062
Other assets, net
Goodwill	—		791,706		154,847		—			946,553
Customer relationships, net	—		468,645		142,970		—			611,615
Other intangible assets, net	—		130,243		71,177		(25,581		)	175,839
Deferred charges and other assets, net	9,170,042		874,003		1,115,877		(10,832,054		)	327,868
Total other assets, net	9,170,042		2,264,597		1,484,871		(10,857,635		)	2,061,875
Total assets	$	11,465,320	$	10,762,991	$	4,388,680	$	(15,726,738	)	$	10,890,253
Current liabilities
Accounts payable	$	4,330,375	$	748,364	$	225,300	$	(4,807,780	)	$	496,259
Accrued liabilities	26,367		389,216		183,223		(61,323		)	537,483
Term loan	—		—		149,341		—			149,341
Total current liabilities	4,356,742		1,137,580		557,864		(4,869,103		)	1,183,083
Long-term debt, net	3,584,949		4,090,775		—		(3,997,070		)	3,678,654
Deferred income taxes	—		1,581,260		91,809		(22,494		)	1,650,575
Pension and other liabilities	—		360,622		125,274		—			485,896
Total liabilities	7,941,691		7,170,237		774,947		(8,888,667		)	6,998,208
Total Westlake Chemical Corporation    stockholders' equity	3,523,629		3,592,754		3,245,317		(6,838,071		)	3,523,629
Noncontrolling interests	—		—		368,416		—			368,416
Total equity	3,523,629		3,592,754		3,613,733		(6,838,071		)	3,892,045
Total liabilities and equity	$	11,465,320	$	10,762,991	$	4,388,680	$	(15,726,738	)	$	10,890,253

Condensed Consolidating Financial Information for the Three Months Ended March 31, 2017

	Westlake Chemical Corporation			100% Owned Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Operations
Net sales	$	—		$	1,579,725		$	736,085		$	(373,194	)	$	1,942,616
Cost of sales	—			1,359,275			582,660			(366,462		)	1,575,473
Gross profit	—			220,450			153,425			(6,732		)	367,143
Selling, general and administrative expenses	778			92,260			37,345			(6,732		)	123,651
Transaction and integration-related costs	—			8,132			62			—			8,194
Income (loss) from operations	(778		)	120,058			116,018			—			235,298
Other income (expense)
Interest expense	(38,185		)	(45,677		)	(806		)	44,892			(39,776		)
Other income (expense), net	37,157			(255		)	13,061			(44,892		)	5,071
Income (loss) before income taxes	(1,806		)	74,126			128,273			—			200,593
Provision for (benefit from) income taxes	(5,467		)	53,372			7,978			—			55,883
Equity in net income of subsidiaries	134,529			—			—			(134,529		)	—
Net income	138,190			20,754			120,295			(134,529		)	144,710
Net income attributable to noncontrolling    interests	—			—			6,520			—			6,520
Net income attributable to Westlake Chemical    Corporation	$	138,190		$	20,754		$	113,775		$	(134,529	)	$	138,190
Comprehensive income attributable to    Westlake Chemical Corporation	$	155,860		$	4,635		$	122,243		$	(126,878	)	$	155,860

Condensed Consolidating Financial Information for the Three Months Ended March 31, 2016

	Westlake Chemical Corporation			100% Owned Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Statement of Operations
Net sales	$	—		$	761,736		$	569,824	$	(356,373	)	$	975,187
Cost of sales	—			642,730			427,777		(350,905		)	719,602
Gross profit	—			119,006			142,047		(5,468		)	255,585
Selling, general and administrative expenses	607			36,996			21,174		(5,468		)	53,309
Income (loss) from operations	(607		)	82,010			120,873		—			202,276
Other income (expense)
Interest expense	(10,411		)	(4,851		)	—		8,577			(6,685		)
Other income (expense), net	1,815			(825		)	10,232		(8,577		)	2,645
Income (loss) before income taxes	(9,203		)	76,334			131,105		—			198,236
Provision for (benefit from) income taxes	(3,219		)	62,199			10,320		—			69,300
Equity in net income of subsidiaries	129,112			—			—		(129,112		)	—
Net income	123,128			14,135			120,785		(129,112		)	128,936
Net income attributable to noncontrolling    interests	—			—			5,808		—			5,808
Net income attributable to Westlake Chemical    Corporation	$	123,128		$	14,135		$	114,977	$	(129,112	)	$	123,128
Comprehensive income attributable to    Westlake Chemical Corporation	$	161,757		$	14,341		$	149,462	$	(163,803	)	$	161,757

Condensed Consolidating Financial Information for the Three Months Ended March 31, 2017

	Westlake Chemical Corporation			100% Owned Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Cash Flows
Cash flows from operating activities
Net income	$	138,190		$	20,754		$	120,295		$	(134,529	)	$	144,710
Adjustments to reconcile net income to net    cash provided by (used for) operating    activities
Depreciation and amortization	—			98,578			51,691			—			150,269
Deferred income taxes	(585		)	(2,905		)	(2,783		)	—			(6,273		)
Net changes in working capital and other	(213,242		)	(28,009		)	(24,590		)	134,529			(131,312		)
Net cash provided by (used for)    operating activities	(75,637		)	88,418			144,613			—			157,394
Cash flows from investing activities
Additions to property, plant and equipment	—			(120,719		)	(13,566		)	—			(134,285		)
Additions to cost method investment	—			(15,000		)	—			—			(15,000		)
Proceeds from disposition of assets	—			66			—			—			66
Proceeds from involuntary conversion of    assets	—			1,555			—			—			1,555
Settlements of derivative instruments	—			(355		)	—			—			(355		)
Net cash used for investing activities	—			(134,453		)	(13,566		)	—			(148,019		)
Cash flows from financing activities
Intercompany financing	78,234			(95,698		)	17,464			—			—
Debt issuance costs	(319		)	—			—			—			(319		)
Dividends paid	(24,656		)	—			—			—			(24,656		)
Distributions to noncontrolling interests	—			94,631			(99,094		)	—			(4,463		)
Proceeds from issuance of notes payable	—			—			1,874			—			1,874
Proceeds from drawdown of revolver	50,000			—			—			—			50,000
Restricted cash associated with term loan	154,000			—			—			—			154,000
Repayment of term loan	(150,000		)	—			—			—			(150,000		)
Repayment of notes payable	—			(257		)	(2,212		)	—			(2,469		)
Repayment of revolver	(125,000		)	—			—			—			(125,000		)
Other	1,354			—			—			—			1,354
Net cash used for financing activities	(16,387		)	(1,324		)	(81,968		)	—			(99,679		)
Effect of exchange rate changes on cash and    cash equivalents	—			—			3,442			—			3,442
Net increase (decrease) in cash and cash    equivalents	(92,024		)	(47,359		)	52,521			—			(86,862		)
Cash and cash equivalents at beginning of    period	146,990			53,006			259,457			—			459,453
Cash and cash equivalents at end of period	$	54,966		$	5,647		$	311,978		$	—		$	372,591

Condensed Consolidating Financial Information for the Three Months Ended March 31, 2016

	Westlake Chemical Corporation			100% Owned Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Statement of Cash Flows
Cash flows from operating activities
Net income	$	123,128		$	14,135		$	120,785		$	(129,112	)	$	128,936
Adjustments to reconcile net income to net    cash provided by operating activities
Depreciation and amortization	—			32,687			33,027			—			65,714
Deferred income taxes	(2,724		)	55,473			5,888			—			58,637
Net changes in working capital and other	(120,345		)	(94,115		)	(39,004		)	129,112			(124,352		)
Net cash provided by operating    activities	59			8,180			120,696			—			128,935
Cash flows from investing activities
Additions to property, plant and equipment	—			(50,568		)	(85,760		)	—			(136,328		)
Proceeds from disposition of assets	—			6			98			—			104
Proceeds from sales and maturities of    securities	26,859			—			—			—			26,859
Purchase of securities	(29,045		)	—			(7,592		)	—			(36,637		)
Settlements of derivative instruments	—			(1,219		)	—			—			(1,219		)
Net cash used for investing activities	(2,186		)	(51,781		)	(93,254		)	—			(147,221		)
Cash flows from financing activities
Intercompany financing	(13,763		)	(42,072		)	55,835			—			—
Dividends paid	(23,700		)	—			—			—			(23,700		)
Distributions to noncontrolling interests	—			79,999			(83,984		)	—			(3,985		)
Proceeds from issuance of notes payable	—			—			2,050			—			2,050
Repayment of notes payable	—			—			(7,095		)	—			(7,095		)
Repurchase of common stock for treasury	(679		)	—			—			—			(679		)
Other	288			—			—			—			288
Net cash provided by (used for)    financing activities	(37,854		)	37,927			(33,194		)	—			(33,121		)
Effect of exchange rate changes on cash and    cash equivalents	—			—			3,858			—			3,858
Net decrease in cash and cash equivalents	(39,981		)	(5,674		)	(1,894		)	—			(47,549		)
Cash and cash equivalents at beginning of    period	303,131			6,828			352,566			—			662,525
Cash and cash equivalents at end of period	$	263,150		$	1,154		$	350,672		$	—		$	614,976