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Guarantor Disclosures
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Guarantor Disclosures
Guarantor Disclosures
The Company's payment obligations under the Senior Notes, 4.375% 2047 Senior Notes, 3.60% 2022 Senior Notes, the 3.60% 2026 Senior Notes, the 5.0% 2046 Senior Notes and the 4.875% Westlake 2023 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 (the "Guarantor Subsidiaries"). Each Guarantor Subsidiary is 100% owned by Westlake Chemical Corporation (the "100% Owned Guarantor Subsidiaries"). During 2016 and 2017, 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 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 Senior Notes, the 4.375% 2047 Senior Notes, the 3.60% 2022 Senior Notes, the 3.60% 2026 Senior Notes, the 5.0% 2046 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 2016, certain of the Company's subsidiary guarantors were released from their guarantees of the Company's 3.60% 2022 Senior Notes 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.
ondensed Consolidating Financial Information as of December 31, 2017
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Balance Sheet
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
1,089

 
$
57

 
$
385

 
$
—

 
$
1,531

Accounts receivable, net
 
3,331

 
4,128

 
580

 
(7,038
)
 
1,001

Inventories
 
—

 
654

 
246

 
—

 
900

Prepaid expenses and other current assets
 
52

 
26

 
31

 
(79
)
 
30

Restricted cash
 
—

 
1

 
—

 
—

 
1

Total current assets
 
4,472

 
4,866

 
1,242

 
(7,117
)
 
3,463

Property, plant and equipment, net
 
—

 
4,374

 
2,038

 
—

 
6,412

Goodwill
 
—

 
855

 
157

 
—

 
1,012

Customer relationships, net
 
—

 
479

 
137

 
—

 
616

Other intangible assets, net
 
—

 
88

 
73

 
—

 
161

Other assets, net
 
10,706

 
798

 
1,271

 
(12,363
)
 
412

Total assets
 
$
15,178

 
$
11,460

 
$
4,918

 
$
(19,480
)
 
$
12,076

Current liabilities
 
 
 
 
 

 
 
 
 
Accounts payable
 
$
6,367

 
$
864

 
$
224

 
$
(6,855
)
 
$
600

Accrued liabilities
 
189

 
484

 
246

 
(262
)
 
657

Current portion of long-term debt, net
 
710

 
—

 
—

 
—

 
710

Total current liabilities
 
7,266

 
1,348

 
470

 
(7,117
)
 
1,967

Long-term debt, net
 
3,034

 
4,242

 
220

 
(4,369
)
 
3,127

Deferred income taxes
 
—

 
1,026

 
92

 
(7
)
 
1,111

Pension and other liabilities
 
4

 
347

 
151

 
—

 
502

Total liabilities
 
10,304

 
6,963

 
933

 
(11,493
)
 
6,707

Total Westlake Chemical Corporation stockholders' equity
 
4,874

 
4,497

 
3,490

 
(7,987
)
 
4,874

Noncontrolling interests
 
—

 
—

 
495

 
—

 
495

Total equity
 
4,874

 
4,497

 
3,985

 
(7,987
)
 
5,369

Total liabilities and equity
 
$
15,178

 
$
11,460

 
$
4,918

 
$
(19,480
)
 
$
12,076

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
 
$
147

 
$
53

 
$
259

 
$
—

 
$
459

Accounts receivable, net
 
2,118

 
3,330

 
324

 
(4,833
)
 
939

Inventories
 
—

 
598

 
203

 
—

 
801

Prepaid expenses and other current assets
 
31

 
42

 
12

 
(37
)
 
48

Restricted cash
 
—

 
—

 
161

 
—

 
161

Total current assets
 
2,296

 
4,023

 
959

 
(4,870
)
 
2,408

Property, plant and equipment, net
 
—

 
4,476

 
1,944

 
—

 
6,420

Goodwill
 
—

 
792

 
155

 
—

 
947

Customer relationships, net
 
—

 
468

 
143

 
—

 
611

Other intangible assets, net
 
—

 
131

 
70

 
(25
)
 
176

Other assets, net
 
9,170

 
874

 
1,116

 
(10,832
)
 
328

Total assets
 
$
11,466

 
$
10,764

 
$
4,387

 
$
(15,727
)
 
$
10,890

Current liabilities
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
4,331

 
$
748

 
$
225

 
$
(4,808
)
 
$
496

Accrued liabilities
 
26

 
390

 
183

 
(61
)
 
538

Term loan
 
—

 
—

 
149

 
—

 
149

Total current liabilities
 
4,357

 
1,138

 
557

 
(4,869
)
 
1,183

Long-term debt, net
 
3,585

 
4,091

 
—

 
(3,997
)
 
3,679

Deferred income taxes
 
—

 
1,581

 
92

 
(23
)
 
1,650

Pension and other liabilities
 
—

 
361

 
125

 
—

 
486

Total liabilities
 
7,942

 
7,171

 
774

 
(8,889
)
 
6,998

Total Westlake Chemical Corporation stockholders' equity
 
3,524

 
3,593

 
3,245

 
(6,838
)
 
3,524

Noncontrolling interests
 
—

 
—

 
368

 
—

 
368

Total equity
 
3,524

 
3,593

 
3,613

 
(6,838
)
 
3,892

Total liabilities and equity
 
$
11,466

 
$
10,764

 
$
4,387

 
$
(15,727
)
 
$
10,890



Condensed Consolidating Financial Information for the Year Ended December 31, 2017
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Operations
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
—

 
$
6,650

 
$
3,143

 
$
(1,752
)
 
$
8,041

Cost of sales
 
—

 
5,559

 
2,438

 
(1,725
)
 
6,272

Gross profit
 
—

 
1,091

 
705

 
(27
)
 
1,769

Selling, general and administrative expenses
 
3

 
292

 
131

 
(27
)
 
399

Amortization of intangibles
 
1

 
81

 
26

 
—

 
108

Transaction and integration-related costs
 
—

 
27

 
2

 
—

 
29

Income (loss) from operations
 
(4
)
 
691

 
546

 
—

 
1,233

Other income (expense)
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(154
)
 
(178
)
 
(6
)
 
179

 
(159
)
Other income (expense), net
 
154

 
(3
)
 
35

 
(179
)
 
7

Income (loss) before income taxes
 
(4
)
 
510

 
575

 
—

 
1,081

Provision for (benefit from) income taxes
 
10

 
(312
)
 
44

 
—

 
(258
)
Equity in net income of subsidiaries
 
1,318

 
—

 
—

 
(1,318
)
 
—

Net income (loss)
 
1,304

 
822

 
531

 
(1,318
)
 
1,339

Net income attributable to noncontrolling interests
 
—

 
—

 
35

 
—

 
35

Net income (loss) attributable to Westlake Chemical Corporation
 
$
1,304

 
$
822

 
$
496

 
$
(1,318
)
 
$
1,304

Comprehensive income attributable to Westlake Chemical Corporation
 
$
1,432

 
$
833

 
$
493

 
$
(1,326
)
 
$
1,432


Condensed Consolidating Financial Information for the Year Ended December 31, 2016
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Operations
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
—

 
$
4,010

 
$
2,445

 
$
(1,379
)
 
$
5,076

Cost of sales
 
—

 
3,533

 
1,919

 
(1,357
)
 
4,095

Gross profit
 
—

 
477

 
526

 
(22
)
 
981

Selling, general and administrative expenses
 
2

 
178

 
100

 
(22
)
 
258

Amortization of intangibles
 
1

 
27

 
10

 
—

 
38

Transaction and integration-related costs
 
—

 
103

 
1

 
—

 
104

Income (loss) from operations
 
(3
)
 
169

 
415

 
—

 
581

Other income (expense)
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(83
)
 
(76
)
 
(2
)
 
82

 
(79
)
Other income (expense), net
 
77

 
(14
)
 
75

 
(82
)
 
56

Income (loss) before income taxes
 
(9
)
 
79

 
488

 
—

 
558

Provision for (benefit from) income taxes
 
(8
)
 
115

 
31

 
—

 
138

Equity in net income of subsidiaries
 
400

 
—

 
—

 
(400
)
 
—

Net income (loss)
 
399

 
(36
)
 
457

 
(400
)
 
420

Net income attributable to noncontrolling interests
 
—

 
—

 
21

 
—

 
21

Net income (loss) attributable to Westlake Chemical Corporation
 
$
399

 
$
(36
)
 
$
436

 
$
(400
)
 
$
399

Comprehensive income attributable to Westlake Chemical Corporation
 
$
407

 
$
11

 
$
396

 
$
(407
)
 
$
407


Condensed Consolidating Financial Information for the Year Ended December 31, 2015
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Operations
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
—

 
$
3,558

 
$
2,286

 
$
(1,381
)
 
$
4,463

Cost of sales
 
—

 
2,842

 
1,797

 
(1,361
)
 
3,278

Gross profit
 
—

 
716

 
489

 
(20
)
 
1,185

Selling, general and administrative expenses
 
3

 
146

 
89

 
(20
)
 
218

Amortization of intangibles
 
—

 
5

 
2

 
—

 
7

Income (loss) from operations
 
(3
)
 
565

 
398

 
—

 
960

Other income (expense)
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(42
)
 
(35
)
 
—

 
42

 
(35
)
Other income (expense), net
 
20

 
5

 
55

 
(42
)
 
38

Income (loss) before income taxes
 
(25
)
 
535

 
453

 
—

 
963

Provision for (benefit from) income taxes
 
(7
)
 
275

 
30

 
—

 
298

Equity in net income of subsidiaries
 
664

 
—

 
—

 
(664
)
 
—

Net income (loss)
 
646

 
260

 
423

 
(664
)
 
665

Net income attributable to noncontrolling interests
 
—

 
—

 
19

 
—

 
19

Net income (loss) attributable to Westlake Chemical Corporation
 
$
646

 
$
260

 
$
404

 
$
(664
)
 
$
646

Comprehensive income attributable to Westlake Chemical Corporation
 
$
596

 
$
261

 
$
335

 
$
(596
)
 
$
596



Condensed Consolidating Financial Information for the Year Ended December 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 (loss)
 
$
1,304

 
$
822

 
$
531

 
$
(1,318
)
 
$
1,339

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

 
395

 
206

 
—

 
601

Deferred income taxes
 
12

 
(535
)
 
(11
)
 
—

 
(534
)
Net changes in working capital and other
 
(1,327
)
 
41

 
100

 
1,318

 
132

Net cash provided by (used for) operating activities
 
(11
)
 
723

 
826

 
—

 
1,538

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

 
(13
)
 
—

 
—

 
(13
)
Additions to property, plant and equipment
 
—

 
(407
)
 
(170
)
 
—

 
(577
)
Additions to cost method investment
 
—

 
(66
)
 
—

 
—

 
(66
)
Other
 
—

 
2

 
(134
)
 
136

 
4

Net cash provided by (used for) investing activities
 
—

 
(484
)
 
(304
)
 
136

 
(652
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
Intercompany financing
 
746

 
(611
)
 
(135
)
 
—

 
—

Receivable under the investment management agreement
 
136

 
—

 
—

 
(136
)
 
—

Debt issuance costs
 
(6
)
 
—

 
—

 
—

 
(6
)
Dividends paid
 
(103
)
 
—

 
—

 
—

 
(103
)
Distributions to noncontrolling interests
 
—

 
376

 
(404
)
 
—

 
(28
)
Proceeds from debt issuance and drawdown of revolver
 
225

 
—

 
8

 
—

 
233

Net proceeds from issuance of Westlake Chemical Partners LP common units
 
—

 
—

 
111

 
—

 
111

Proceeds from senior notes issuance
 
745

 
—

 
—

 
—

 
745

Repayment of term loan
 
—

 
—

 
(150
)
 
—

 
(150
)
Restricted cash associated with term loan
 
—

 
—

 
154

 
—

 
154

Repayment of revolver
 
(550
)
 
—

 
—

 
—

 
(550
)
Repayment of notes payable
 
(251
)
 
—

 
(6
)
 
—

 
(257
)
Other
 
11

 
—

 
—

 
—

 
11

Net cash provided by (used for) financing activities
 
953

 
(235
)
 
(422
)
 
(136
)
 
160

 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Effect of exchange rate changes on cash and cash equivalents
 
—

 
—

 
26

 
—

 
26

Net increase (decrease) in cash and cash equivalents
 
942

 
4

 
126

 
—

 
1,072

Cash and cash equivalents at beginning of the year
 
147

 
53

 
259

 
—

 
459

Cash and cash equivalents at end of the year
 
$
1,089

 
$
57

 
$
385

 
$
—

 
$
1,531


Condensed Consolidating Financial Information for the Year Ended December 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 (loss)
 
$
399

 
$
(36
)
 
$
457

 
$
(400
)
 
$
420

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

 
217

 
161

 
—

 
378

Deferred income taxes
 
1

 
103

 
(3
)
 
—

 
101

Net changes in working capital and other
 
(437
)
 
90

 
(118
)
 
400

 
(65
)
Net cash provided by (used for) operating activities
 
(37
)
 
374

 
497

 
—

 
834

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

 
(2,502
)
 
64

 
—

 
(2,438
)
Additions to property, plant and equipment
 
—

 
(275
)
 
(354
)
 
—

 
(629
)
Additions to cost method investments
 
—

 
(17
)
 
—

 
—

 
(17
)
Proceeds from sales and maturities of securities
 
658

 
—

 
5

 
—

 
663

Purchase of securities
 
(138
)
 
—

 
—

 
—

 
(138
)
Other
 
—

 
(4
)
 
—

 
—

 
(4
)
Net cash provided by (used for) investing activities
 
520

 
(2,798
)
 
(285
)
 
—

 
(2,563
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
Intercompany financing
 
(2,199
)
 
2,207

 
(8
)
 
—

 
—

Debt issuance costs
 
(35
)
 
—

 
(1
)
 
—

 
(36
)
Dividends paid
 
(97
)
 
—

 
—

 
—

 
(97
)
Distributions paid
 
—

 
263

 
(280
)
 
—

 
(17
)
Proceeds from debt issuance and drawdown of revolver
 
450

 
—

 
158

 
—

 
608

Proceeds from senior notes issuance
 
1,429

 
—

 
—

 
—

 
1,429

Restricted cash associated with term loan
 
—

 
—

 
(154
)
 
—

 
(154
)
Repayment of revolver
 
(125
)
 
—

 
—

 
—

 
(125
)
Repayment of notes payable
 
—

 
—

 
(13
)
 
—

 
(13
)
Repurchase of common stock for treasury
 
(67
)
 
—

 
—

 
—

 
(67
)
Other
 
5

 
—

 
—

 
—

 
5

Net cash provided by (used for) financing activities
 
(639
)
 
2,470

 
(298
)
 
—

 
1,533

 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Effect of exchange rate changes on cash and cash equivalents
 
—

 
—

 
(8
)
 
—

 
(8
)
Net increase (decrease) in cash and cash equivalents
 
(156
)
 
46

 
(94
)
 
—

 
(204
)
Cash and cash equivalents at beginning of the year
 
303

 
7

 
353

 
—

 
663

Cash and cash equivalents at end of the year
 
$
147

 
$
53

 
$
259

 
$
—

 
$
459


Condensed Consolidating Financial Information for the Year Ended December 31, 2015
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
646

 
$
260

 
$
423

 
$
(664
)
 
$
665

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

 
114

 
132

 
—

 
246

Deferred income taxes
 
—

 
39

 
1

 
—

 
40

Net changes in working capital and other
 
(659
)
 
93

 
30

 
664

 
128

Net cash provided by (used for) operating activities
 
(13
)
 
506

 
586

 
—

 
1,079

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

 
—

 
16

 
—

 
16

Additions to property, plant and equipment
 
—

 
(215
)
 
(276
)
 
—

 
(491
)
Proceeds from disposition of equity method investments
 
—

 
28

 
—

 
—

 
28

Proceeds from sales and maturities of securities
 
49

 
—

 
—

 
—

 
49

Purchase of securities
 
(556
)
 
(49
)
 
—

 
—

 
(605
)
Other
 
—

 
(3
)
 
—

 
—

 
(3
)
Net cash used for investing activities
 
(507
)
 
(239
)
 
(260
)
 
—

 
(1,006
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
Intercompany financing
 
418

 
(590
)
 
172

 
—

 
—

Dividends paid
 
(92
)
 
—

 
—

 
—

 
(92
)
Distributions paid
 
—

 
327

 
(342
)
 
—

 
(15
)
Proceeds from debt issuance
 
—

 
—

 
53

 
—

 
53

Repayment of notes payable
 
—

 
—

 
(74
)
 
—

 
(74
)
Repurchase of common stock for treasury
 
(163
)
 
—

 
—

 
—

 
(163
)
Other
 
4

 
—

 
—

 
—

 
4

Net cash provided by (used for) financing activities
 
167

 
(263
)
 
(191
)
 
—

 
(287
)
Effect of exchange rate changes on cash and cash equivalents
 
—

 
—

 
(4
)
 
—

 
(4
)
Net increase (decrease) in cash and cash equivalents
 
(353
)
 
4

 
131

 
—

 
(218
)
Cash and cash equivalents at beginning of the year
 
656

 
3

 
222

 
—

 
881

Cash and cash equivalents at end of the year
 
$
303

 
$
7

 
$
353

 
$
—

 
$
663