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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 2,070 $ 373 $ 462
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 840 773 713
Stock-based compensation expense 31 29 25
Loss from disposition and write-off of property, plant and equipment 28 33 49
Deferred income taxes 23 146 54
Other losses, net 16 21 1
Changes in operating assets and liabilities, net of effect of business acquisitions      
Accounts receivable (528) (161) 59
Inventories (309) 29 112
Prepaid expenses and other current assets (27) 2 (1)
Accounts payable 242 67 (89)
Accrued and other liabilities 239 46 (13)
Other, net (231) (61) (71)
Net cash provided by operating activities 2,394 1,297 1,301
Cash flows from investing activities      
Acquisition of businesses, net of cash acquired (2,554) 0 (314)
Additions to investments in unconsolidated subsidiaries (24) (18) (862)
Additions to property, plant and equipment (658) (525) (787)
Return of investment from an unconsolidated subsidiary 0 44 0
Other, net 23 (10) 9
Net cash used for investing activities (3,213) (509) (1,954)
Cash flows from financing activities      
Debt issuance costs (18) (3) (7)
Distributions to noncontrolling interests (48) (55) (50)
Dividends paid (145) (137) (132)
Proceeds from debt issuance and drawdown of revolver, net 1,671 1,299 784
Proceeds from issuance of Westlake Chemical Partners LP common units, net 0 0 63
Proceeds from (repayment of) short-term notes payable, net 8 (17) 2
Repayment of revolver and senior notes 0 (1,254) 0
Repurchase of common stock for treasury (30) (54) (30)
Other, net (1) 5 0
Net cash provided by (used for) financing activities 1,437 (216) 630
Effect of exchange rate changes on cash, cash equivalents and restricted cash (14) 15 (2)
Net increase (decrease) in cash, cash equivalents and restricted cash 604 587 (25)
Cash, cash equivalents and restricted cash at beginning of the year 1,337 750 775
Cash, cash equivalents and restricted cash at end of the year $ 1,941 $ 1,337 $ 750