Acquisitions

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisition

Acquisitions

Hexion Epoxy Business.

On February 1, 2022, the Company completed its acquisition of Hexion's global epoxy business ("Westlake Epoxy") for a total final purchase consideration of $1,207. The assets acquired and liabilities assumed and the results of operations of the Westlake Epoxy business are included in the Performance and Essential Materials segment. The purchase accounting adjustments recorded since the date of the acquisition resulted in a $12 increase in goodwill. The intangible assets that have been acquired are being amortized over periods of 11 to 19 years.

The information below represents the final purchase price allocation:

Cash	$	42
Accounts receivable	299
Inventories	346
Prepaid expenses and other current assets	22
Property, plant and equipment	664
Operating lease right-of-use assets	59
Intangible assets	145
Other assets	104
Total assets acquired	1,681
Accounts payable	189
Accrued and other liabilities	88
Deferred income taxes	96
Pensions and other post-retirement benefits	163
Operating lease liabilities	48
Other liabilities	19
Total liabilities assumed	603
Total identifiable net assets acquired	1,078
Noncontrolling interest	(2)
Goodwill	131
Total Westlake Corporation purchase consideration	$	1,207