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10-Q Filing

WESTLAKE CORP CIK: 1262823 Q1 2015
Filing Information
Form Type 10-Q
Accession Number 0001262823-15-000013
Period End Date 20150331
Filing Date 20150506
Fiscal Year 2015
Fiscal Period Q1
XBRL Instance wlk-20150331.xml
Filing Contents
Balance Sheet 82 line items
Line Item Tag Value Unit Period
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 50.00M shares Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 50.00M shares Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $461.30M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $945.65M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $880.60M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $532.64M USD Point-in-time
Accounts receivable, net ReceivablesNetCurrent $560.67M USD Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Accounts receivable, net ReceivablesNetCurrent $527.13M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Inventories InventoryNet $525.78M USD Point-in-time
Inventories InventoryNet $480.38M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 300.00M shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $11.81M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 300.00M shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $18.02M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 134.68M shares Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $30.99M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 134.68M shares Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $32.44M USD Point-in-time
Total current assets AssetsCurrent $2.00B USD Point-in-time
Common stock, held in treasury TreasuryStockShares 1.82M shares Point-in-time
Total current assets AssetsCurrent $2.01B USD Point-in-time
Common stock, held in treasury TreasuryStockShares 1.79M shares Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $2.76B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $2.75B USD Point-in-time
Equity investments EquityMethodInvestments $61.30M USD Point-in-time
Equity investments EquityMethodInvestments $64.72M USD Point-in-time
Intangible assets, net IntangibleAssetsNetIncludingGoodwill $218.43M USD Point-in-time
Intangible assets, net IntangibleAssetsNetIncludingGoodwill $207.25M USD Point-in-time
Deferred charges and other assets DeferredCostsAndOtherAssets $154.16M USD Point-in-time
Deferred charges and other assets DeferredCostsAndOtherAssets $165.41M USD Point-in-time
Total other assets, net OtherAssetsNoncurrent $383.84M USD Point-in-time
Total other assets, net OtherAssetsNoncurrent $361.42M USD Point-in-time
Total assets Assets $5.21B USD Point-in-time
Total assets Assets $5.18B USD Point-in-time
Accounts payable AccountsPayableCurrent $261.06M USD Point-in-time
Accounts payable AccountsPayableCurrent $247.49M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $276.12M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $205.71M USD Point-in-time
Total current liabilities LiabilitiesCurrent $453.21M USD Point-in-time
Total current liabilities LiabilitiesCurrent $537.18M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $764.03M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $764.00M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $536.07M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $534.68M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $174.86M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $157.13M USD Point-in-time
Total liabilities Liabilities $1.91B USD Point-in-time
Total liabilities Liabilities $2.01B USD Point-in-time
Commitments and contingencies (Notes 7 and 16) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Notes 7 and 16) CommitmentsAndContingencies - USD Point-in-time
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding PreferredStockValue - USD Point-in-time
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding PreferredStockValue - USD Point-in-time
Common stock, $0.01 par value, 300,000,000 shares authorized; 134,679,064 and 134,679,064 shares issued at March 31, 2015 and December 31, 2014, respectively CommonStockValue $1.35M USD Point-in-time
Common stock, $0.01 par value, 300,000,000 shares authorized; 134,679,064 and 134,679,064 shares issued at March 31, 2015 and December 31, 2014, respectively CommonStockValue $1.35M USD Point-in-time
Common stock, held in treasury, at cost; 1,817,122 and 1,787,546 shares at March 31, 2015 and December 31, 2014, respectively TreasuryStockValue $96.37M USD Point-in-time
Common stock, held in treasury, at cost; 1,817,122 and 1,787,546 shares at March 31, 2015 and December 31, 2014, respectively TreasuryStockValue $98.28M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $534.54M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $530.44M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.68B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.56B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.62M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-79.43M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.78M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-137.66M USD Point-in-time
Total Westlake Chemical Corporation stockholders' equity StockholdersEquity $2.98B USD Point-in-time
Total Westlake Chemical Corporation stockholders' equity StockholdersEquity $2.91B USD Point-in-time
Noncontrolling interests MinorityInterest $290.88M USD Point-in-time
Noncontrolling interests MinorityInterest $290.38M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.27B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.57B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.20B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.42B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $5.21B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $5.18B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Net sales SalesRevenueNet $1.03B USD 1 Quarter
Net sales SalesRevenueNet $1.10B USD 1 Quarter
Cost of sales CostOfGoodsSold $740.67M USD 1 Quarter
Cost of sales CostOfGoodsSold $818.99M USD 1 Quarter
Gross profit GrossProfit $284.55M USD 1 Quarter
Gross profit GrossProfit $287.01M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $55.27M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $38.95M USD 1 Quarter
Income from operations OperatingIncomeLoss $248.06M USD 1 Quarter
Income from operations OperatingIncomeLoss $229.28M USD 1 Quarter
Interest expense InterestExpense $9.16M USD 1 Quarter
Interest expense InterestExpense $9.59M USD 1 Quarter
Other income, net NonoperatingIncomeExpense $2.51M USD 1 Quarter
Other income, net NonoperatingIncomeExpense $9.10M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $228.78M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $241.41M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $78.38M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $83.38M USD 1 Quarter
Net income ProfitLoss $158.03M USD 1 Quarter
Net income ProfitLoss $150.41M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $4.07M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Net income attributable to Westlake Chemical Corporation NetIncomeLoss $146.34M USD 1 Quarter
Net income attributable to Westlake Chemical Corporation NetIncomeLoss $158.03M USD 1 Quarter
Basic EarningsPerShareBasic $1.18 USD 1 Quarter
Basic EarningsPerShareBasic $1.10 USD 1 Quarter
Diluted EarningsPerShareDiluted $1.18 USD 1 Quarter
Diluted EarningsPerShareDiluted $1.10 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 133.07M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 132.71M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 133.21M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 133.61M shares 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.17 USD 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.13 USD 1 Quarter
Cash Flow Statement 69 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $158.03M USD 1 Quarter
Net income ProfitLoss $150.41M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $58.64M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $45.97M USD 1 Quarter
Recovery of doubtful accounts ProvisionForDoubtfulAccounts $-144.00K USD 1 Quarter
Recovery of doubtful accounts ProvisionForDoubtfulAccounts $-9.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $365.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $501.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $2.22M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $2.34M USD 1 Quarter
Loss from disposition of fixed assets GainLossOnDispositionOfAssets $-133.00K USD 1 Quarter
Loss from disposition of fixed assets GainLossOnDispositionOfAssets $-855.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $8.28M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $5.33M USD 1 Quarter
Windfall tax benefits from share-based payment arrangements ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $3.51M USD 1 Quarter
Windfall tax benefits from share-based payment arrangements ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $1.70M USD 1 Quarter
Income from equity method investments, net of dividends IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions $685.00K USD 1 Quarter
Income from equity method investments, net of dividends IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions $3.42M USD 1 Quarter
Other (losses) gains, net OtherOperatingActivitiesCashFlowStatement $444.00K USD 1 Quarter
Other (losses) gains, net OtherOperatingActivitiesCashFlowStatement $-554.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsAndOtherReceivables $-5.33M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsAndOtherReceivables $-18.52M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-35.98M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-32.87M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets $6.20M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets $1.48M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-3.62M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-29.71M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-4.95M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-59.59M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $6.20M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $1.39M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $212.50M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $190.56M USD 1 Quarter
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $95.82M USD 1 Quarter
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $110.74M USD 1 Quarter
Proceeds from disposition of assets ProceedsFromSaleOfPropertyPlantAndEquipment $12.00K USD 1 Quarter
Proceeds from disposition of assets ProceedsFromSaleOfPropertyPlantAndEquipment - USD 1 Quarter
Proceeds from sales and maturities of securities ProceedsFromSaleAndMaturityOfMarketableSecurities $30.12M USD 1 Quarter
Proceeds from sales and maturities of securities ProceedsFromSaleAndMaturityOfMarketableSecurities - USD 1 Quarter
Purchase of securities PaymentsToAcquireInvestments - USD 1 Quarter
Purchase of securities PaymentsToAcquireInvestments $49.02M USD 1 Quarter
Settlements of derivative instruments PaymentsForProceedsFromDerivativeInstrumentInvestingActivities $833.00K USD 1 Quarter
Settlements of derivative instruments PaymentsForProceedsFromDerivativeInstrumentInvestingActivities $409.00K USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-96.66M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-130.04M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $21.96M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $16.79M USD 1 Quarter
Distributions to noncontrolling interests PaymentsToMinorityShareholders - USD 1 Quarter
Distributions to noncontrolling interests PaymentsToMinorityShareholders $3.56M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $2.16M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $157.00K USD 1 Quarter
Repurchase of common stock for treasury PaymentsForRepurchaseOfCommonStock $2.00M USD 1 Quarter
Windfall tax benefits from share-based payment arrangements ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $1.70M USD 1 Quarter
Windfall tax benefits from share-based payment arrangements ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $3.51M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $-11.12M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $-25.66M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $-3.19M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents - USD 1 Quarter
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $65.05M USD 1 Quarter
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $71.34M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $461.30M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $945.65M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $880.60M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $532.64M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $461.30M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $945.65M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $880.60M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $532.64M USD Point-in-time
Comprehensive Income 22 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $158.03M USD 1 Quarter
Net income ProfitLoss $150.41M USD 1 Quarter
Amortization of benefits liability OtherComprehensiveIncomeLossAmortizationOfBenefitsLiabilityBeforeTax $-652.00K USD 1 Quarter
Amortization of benefits liability OtherComprehensiveIncomeLossAmortizationOfBenefitsLiabilityBeforeTax $-219.00K USD 1 Quarter
Income tax provision on pension and other post-retirement benefits liability OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent $-225.00K USD 1 Quarter
Income tax provision on pension and other post-retirement benefits liability OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent $-84.00K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-898.00K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-59.70M USD 1 Quarter
Unrealized holding gains on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsAndTax $1.63M USD 1 Quarter
Unrealized holding gains on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsAndTax $2.47M USD 1 Quarter
Reclassification of net realized loss to net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax $-25.00K USD 1 Quarter
Reclassification of net realized loss to net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax - USD 1 Quarter
Income tax provision on available-for-sale investments OtherComprehensiveIncomeLossIncomeTaxProvisionBenefitOnAvailableForSaleInvestment $895.00K USD 1 Quarter
Income tax provision on available-for-sale investments OtherComprehensiveIncomeLossIncomeTaxProvisionBenefitOnAvailableForSaleInvestment $584.00K USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $834.00K USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTax $-58.23M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $92.18M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $158.87M USD 1 Quarter
Comprehensive income attributable to noncontrolling interests, net of tax ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest - USD 1 Quarter
Comprehensive income attributable to noncontrolling interests, net of tax ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $4.07M USD 1 Quarter
Comprehensive income (loss) attributable to Westlake Chemical Corporation ComprehensiveIncomeNetOfTax $88.11M USD 1 Quarter
Comprehensive income (loss) attributable to Westlake Chemical Corporation ComprehensiveIncomeNetOfTax $158.87M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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