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10-Q Filing

WESTLAKE CORP CIK: 1262823 Q1 2016
Filing Information
Form Type 10-Q
Accession Number 0001262823-16-000036
Period End Date 20160331
Filing Date 20160504
Fiscal Year 2016
Fiscal Period Q1
XBRL Instance wlk-20160331.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
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $945.65M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $614.98M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $662.52M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $880.60M USD Point-in-time
Marketable securities MarketableSecuritiesCurrent $525.01M USD Point-in-time
Marketable securities MarketableSecuritiesCurrent $520.14M 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
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Accounts receivable, net ReceivablesNetCurrent $549.04M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Accounts receivable, net ReceivablesNetCurrent $508.53M USD Point-in-time
Inventories InventoryNet $478.66M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 300.00M shares Point-in-time
Inventories InventoryNet $434.06M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 300.00M shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $24.06M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $14.49M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 134.66M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 134.66M shares Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent - USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetCurrent $35.44M USD Point-in-time
Common stock, held in treasury TreasuryStockShares 4.37M shares Point-in-time
Common stock, held in treasury TreasuryStockShares 4.44M shares Point-in-time
Total current assets AssetsCurrent $2.18B USD Point-in-time
Total current assets AssetsCurrent $2.19B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $3.00B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $3.11B USD Point-in-time
Equity investments EquityMethodInvestments $9.43M USD Point-in-time
Equity investments EquityMethodInvestments $9.21M USD Point-in-time
Intangible assets, net IntangibleAssetsNetIncludingGoodwill $213.40M USD Point-in-time
Intangible assets, net IntangibleAssetsNetIncludingGoodwill $213.51M USD Point-in-time
Deferred costs and other assets DeferredCostsAndOtherAssets $194.91M USD Point-in-time
Deferred costs and other assets DeferredCostsAndOtherAssets $167.42M USD Point-in-time
Total other assets, net OtherAssetsNoncurrent $380.82M USD Point-in-time
Total other assets, net OtherAssetsNoncurrent $408.42M USD Point-in-time
Total assets Assets $5.57B USD Point-in-time
Total assets Assets $5.72B USD Point-in-time
Accounts and notes payable AccountsPayableAndNotesPayableCurrent $235.33M USD Point-in-time
Accounts and notes payable AccountsPayableAndNotesPayableCurrent $257.38M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrentAndNoncurrent $248.78M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrentAndNoncurrent $287.31M USD Point-in-time
Total current liabilities LiabilitiesCurrent $522.64M USD Point-in-time
Total current liabilities LiabilitiesCurrent $506.16M USD Point-in-time
Long-term debt, net LongtermDebtIncludingDiscountandUnamortizedDebtIssuanceCosts $758.15M USD Point-in-time
Long-term debt, net LongtermDebtIncludingDiscountandUnamortizedDebtIssuanceCosts $758.30M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $609.75M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $575.60M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $150.96M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $145.79M USD Point-in-time
Total liabilities Liabilities $2.01B USD Point-in-time
Total liabilities Liabilities $2.02B USD Point-in-time
Commitments and contingencies (Notes 8 and 18) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Notes 8 and 18) 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; 134,663,244 shares issued at March 31, 2016 and December 31, 2015 CommonStockValue $1.35M USD Point-in-time
Common stock, $0.01 par value, 300,000,000 shares authorized; 134,663,244 shares issued at March 31, 2016 and December 31, 2015 CommonStockValue $1.35M USD Point-in-time
Common stock, held in treasury, at cost; 4,372,222 and 4,444,898 shares at March 31, 2016 and December 31, 2015, respectively TreasuryStockValue $258.31M USD Point-in-time
Common stock, held in treasury, at cost; 4,372,222 and 4,444,898 shares at March 31, 2016 and December 31, 2015, respectively TreasuryStockValue $256.46M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $542.15M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $542.89M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.11B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.21B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-129.29M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-90.66M USD Point-in-time
Total Westlake Chemical Corporation stockholders' equity StockholdersEquity $3.27B USD Point-in-time
Total Westlake Chemical Corporation stockholders' equity StockholdersEquity $3.41B USD Point-in-time
Noncontrolling interests MinorityInterest $297.88M USD Point-in-time
Noncontrolling interests MinorityInterest $296.05M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.70B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.20B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.56B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.27B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $5.57B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $5.72B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Net sales SalesRevenueNet $975.19M USD 1 Quarter
Net sales SalesRevenueNet $1.10B USD 1 Quarter
Cost of sales CostOfGoodsSold $818.99M USD 1 Quarter
Cost of sales CostOfGoodsSold $719.60M USD 1 Quarter
Gross profit GrossProfit $255.59M USD 1 Quarter
Gross profit GrossProfit $284.55M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $55.27M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $53.31M USD 1 Quarter
Income from operations OperatingIncomeLoss $229.28M USD 1 Quarter
Income from operations OperatingIncomeLoss $202.28M USD 1 Quarter
Interest expense InterestExpense $6.68M USD 1 Quarter
Interest expense InterestExpense $9.59M USD 1 Quarter
Other income, net NonoperatingIncomeExpense $2.65M USD 1 Quarter
Other income, net NonoperatingIncomeExpense $9.10M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $198.24M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $228.78M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $69.30M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $78.38M USD 1 Quarter
Net income ProfitLoss $128.94M USD 1 Quarter
Net income ProfitLoss $150.41M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $5.81M USD 1 Quarter
Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $4.07M USD 1 Quarter
Net income attributable to Westlake Chemical Corporation NetIncomeLoss $123.13M USD 1 Quarter
Net income attributable to Westlake Chemical Corporation NetIncomeLoss $146.34M USD 1 Quarter
Basic (usd per share) EarningsPerShareBasic $1.10 USD 1 Quarter
Basic (usd per share) EarningsPerShareBasic $0.94 USD 1 Quarter
Diluted (usd per share) EarningsPerShareDiluted $0.94 USD 1 Quarter
Diluted (usd per share) EarningsPerShareDiluted $1.10 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 132.71M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 130.19M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 133.21M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 130.60M shares 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.18 USD 1 Quarter
Dividends per common share CommonStockDividendsPerShareDeclared $0.17 USD 1 Quarter
Cash Flow Statement 75 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $128.94M USD 1 Quarter
Net income ProfitLoss $150.41M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $58.64M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $65.71M USD 1 Quarter
Recovery of doubtful accounts ProvisionForDoubtfulAccounts $-9.00K USD 1 Quarter
Recovery of doubtful accounts ProvisionForDoubtfulAccounts $148.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $501.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $220.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $2.30M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $2.34M USD 1 Quarter
Loss from disposition of property, plant and equipment GainLossOnDispositionOfAssets $-133.00K USD 1 Quarter
Loss from disposition of property, plant and equipment GainLossOnDispositionOfAssets $-309.00K USD 1 Quarter
Gains from sales of securities AvailableForSaleSecuritiesGrossRealizedGainLossNet $52.00K USD 1 Quarter
Gains from sales of securities AvailableForSaleSecuritiesGrossRealizedGainLossNet - USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $58.64M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $5.33M USD 1 Quarter
Windfall tax benefits from share-based payment arrangements ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $1.70M USD 1 Quarter
Windfall tax benefits from share-based payment arrangements ExcessTaxBenefitFromShareBasedCompensationOperatingActivities $266.00K USD 1 Quarter
Income from equity method investments, net of dividends IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions $223.00K USD 1 Quarter
Income from equity method investments, net of dividends IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions $3.42M USD 1 Quarter
Other losses (gains), net OtherOperatingActivitiesCashFlowStatement $661.00K USD 1 Quarter
Other losses (gains), net OtherOperatingActivitiesCashFlowStatement $-554.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsAndOtherReceivables $36.32M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsAndOtherReceivables $-18.52M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-35.98M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $40.88M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets $10.79M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets $6.20M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-3.62M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $23.75M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-54.26M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-59.59M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $8.95M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $6.20M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $128.94M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $190.56M USD 1 Quarter
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $136.33M USD 1 Quarter
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $95.82M USD 1 Quarter
Proceeds from disposition of assets ProceedsFromSaleOfPropertyPlantAndEquipment - USD 1 Quarter
Proceeds from disposition of assets ProceedsFromSaleOfPropertyPlantAndEquipment $104.00K USD 1 Quarter
Proceeds from sales and maturities of securities ProceedsFromSaleAndMaturityOfMarketableSecurities - USD 1 Quarter
Proceeds from sales and maturities of securities ProceedsFromSaleAndMaturityOfMarketableSecurities $26.86M USD 1 Quarter
Purchase of securities PaymentsToAcquireInvestments $36.64M USD 1 Quarter
Settlements of derivative instruments PaymentsForProceedsFromDerivativeInstrumentInvestingActivities $1.22M USD 1 Quarter
Settlements of derivative instruments PaymentsForProceedsFromDerivativeInstrumentInvestingActivities $833.00K USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-96.66M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-147.22M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $21.96M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $23.70M USD 1 Quarter
Distributions to noncontrolling interests PaymentsToMinorityShareholders $3.98M USD 1 Quarter
Distributions to noncontrolling interests PaymentsToMinorityShareholders $3.56M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $157.00K USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $22.00K USD 1 Quarter
Proceeds from issuance of notes payable ProceedsFromNotesPayable - USD 1 Quarter
Proceeds from issuance of notes payable ProceedsFromNotesPayable $2.05M USD 1 Quarter
Repayment of notes payable RepaymentsOfNotesPayable - USD 1 Quarter
Repayment of notes payable RepaymentsOfNotesPayable $7.09M USD 1 Quarter
Repurchase of common stock for treasury PaymentsForRepurchaseOfCommonStock $679.00K USD 1 Quarter
Repurchase of common stock for treasury PaymentsForRepurchaseOfCommonStock $2.00M USD 1 Quarter
Windfall tax benefits from share-based payment arrangements ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $266.00K USD 1 Quarter
Windfall tax benefits from share-based payment arrangements ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $1.70M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $-25.66M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $-33.12M 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 $3.86M USD 1 Quarter
Net (decrease) increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $65.05M USD 1 Quarter
Net (decrease) increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-47.55M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $945.65M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $614.98M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $662.52M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $880.60M 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 $614.98M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $662.52M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $880.60M USD Point-in-time
Comprehensive Income 22 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $128.94M USD 1 Quarter
Net income ProfitLoss $150.41M USD 1 Quarter
Amortization of benefits liability OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax $-652.00K USD 1 Quarter
Amortization of benefits liability OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax $-334.00K USD 1 Quarter
Income tax provision on pension and other post-retirement benefits liability OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent $-128.00K USD 1 Quarter
Income tax provision on pension and other post-retirement benefits liability OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent $-225.00K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-59.70M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $22.80M USD 1 Quarter
Unrealized holding gains on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsAndTax $24.43M USD 1 Quarter
Unrealized holding gains on investments OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsAndTax $1.63M USD 1 Quarter
Reclassification of net realized gains to net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax $52.00K USD 1 Quarter
Reclassification of net realized gains to net income OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax - USD 1 Quarter
Income tax provision on available-for-sale investments OtherComprehensiveIncomeLossIncomeTaxProvisionBenefitOnAvailableForSaleInvestment $8.76M USD 1 Quarter
Income tax provision on available-for-sale investments OtherComprehensiveIncomeLossIncomeTaxProvisionBenefitOnAvailableForSaleInvestment $584.00K USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $38.63M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-58.23M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $167.56M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $92.18M USD 1 Quarter
Comprehensive income attributable to noncontrolling interests, net of tax ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $4.07M USD 1 Quarter
Comprehensive income attributable to noncontrolling interests, net of tax ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $5.81M USD 1 Quarter
Comprehensive income attributable to Westlake Chemical Corporation ComprehensiveIncomeNetOfTax $88.11M USD 1 Quarter
Comprehensive income attributable to Westlake Chemical Corporation ComprehensiveIncomeNetOfTax $161.76M USD 1 Quarter

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

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