ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Fiscal Year Ended December 31, 2015 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period from to |
Delaware | 76-0346924 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Name of each exchange on which registered | |
Common Stock, $0.01 par value | New York Stock Exchange, Inc. |
Large accelerated filer x | Accelerated filer ¨ | Non-accelerated filer ¨ | Smaller reporting company ¨ | |||
(Do not check if a smaller reporting company) |
Product | Annual Capacity | End Uses | |||
(Millions of pounds) | |||||
Ethylene (1) | 2,740 | Polyethylene, ethylene dichloride ("EDC"), styrene, ethylene oxide/ethylene glycol | |||
Low-Density Polyethylene ("LDPE") | 1,500 | High clarity packaging, shrink films, laundry and dry cleaning bags, ice bags, frozen foods packaging, bakery bags, coated paper board, cup stock, paper folding cartons, lids, closures and general purpose molding | |||
Linear Low-Density Polyethylene ("LLDPE") | 1,070 | Heavy-duty films and bags, general purpose liners | |||
Styrene | 570 | Consumer disposables, packaging material, appliances, paints and coatings, resins and building materials |
(1) | Production capacity owned by OpCo. |
Product (1) | Annual Capacity (2) | End Uses | |||
(Millions of pounds) | |||||
Specialty PVC | 1,100 | Automotive sealants, cable sheathing, medical applications and other consumer applications | |||
Commodity PVC | 2,820 | Construction materials including pipe, siding, profiles for windows and doors, film and sheet for packaging and other consumer applications | |||
VCM | 3,320 | PVC | |||
Chlorine | 2,200 | VCM, organic/inorganic chemicals, bleach | |||
Caustic Soda | 2,420 | Pulp and paper, organic/inorganic chemicals, neutralization, alumina | |||
Ethylene (3) | 630 | VCM | |||
Building Products | 1,280 | Pipe: water and sewer, plumbing, irrigation, conduit; fittings; profiles and foundation building products; window and door components; fence and deck components; film and sheet |
(1) | EDC, a VCM intermediate product, is not included in the table. |
(2) | Includes capacity related to our 95% owned Asian joint venture. |
(3) | Production capacity owned by OpCo. |
• | emissions to the air; |
• | discharges to land or to surface and subsurface waters; |
• | other releases into the environment; |
• | remediation of contaminated sites; |
• | generation, handling, storage, transportation, treatment and disposal of waste materials; and |
• | maintenance of safe conditions in the workplace. |
Category | Number | ||
Olefins segment | 1,000 | ||
Vinyls segment | 3,050 | ||
Corporate and other | 175 |
• | general economic conditions, including in the United States, Europe and Asia; |
• | new capacity additions in North America, Asia and the Middle East; |
• | the level of business activity in the industries that use our products; |
• | competitor action; |
• | technological innovations; |
• | currency fluctuations; |
• | increases in interest rates; |
• | international events and circumstances; |
• | war, terrorism and civil unrest; |
• | governmental regulation, including in the United States, Europe and Asia; |
• | severe weather and natural disasters; and |
• | credit worthiness of customers and vendors. |
• | product price; |
• | technical support and customer service; |
• | quality; |
• | reliability of raw material and utility supply; |
• | availability of potential substitute materials; and |
• | product performance. |
• | the emergence of new domestic and international competitors; |
• | the rate of capacity additions by competitors; |
• | changes in customer base due to mergers; |
• | the intensification of price competition in our markets; |
• | the introduction of new or substitute products by competitors; and |
• | the technological innovations of competitors. |
• | pipeline leaks and ruptures; |
• | explosions; |
• | fires; |
• | severe weather and natural disasters; |
• | mechanical failure; |
• | unscheduled downtime; |
• | labor difficulties; |
• | transportation interruptions; |
• | chemical spills; |
• | discharges or releases of toxic or hazardous substances or gases; |
• | storage tank leaks; |
• | other environmental risks; |
• | terrorist attacks; and |
• | political unrest. |
• | unexpectedly long delivery times for, or shortages of, key equipment, parts or materials; |
• | shortages of skilled labor and other personnel necessary to perform the work; |
• | delays and performance issues; |
• | failures or delays of third-party equipment vendors or service providers; |
• | unforeseen increases in the cost of equipment, labor and raw materials; |
• | work stoppages and other labor disputes; |
• | unanticipated actual or purported change orders; |
• | disputes with contractors and suppliers; |
• | design and engineering problems; |
• | latent damages or deterioration to equipment and machinery in excess of engineering estimates and assumptions; |
• | financial or other difficulties of our contractors and suppliers; |
• | interference from adverse weather conditions; and |
• | difficulties in obtaining necessary permits or in meeting permit conditions. |
• | a portion of our cash flow from operations will be dedicated to the payment of interest and principal on our debt and will not be available for other purposes, including the payment of dividends; |
• | we may not be able to obtain necessary financing in the future for working capital, capital expenditures, acquisitions, debt service requirements or other purposes; |
• | our less leveraged competitors could have a competitive advantage because they have greater flexibility to utilize their cash flow to improve their operations; |
• | we may be exposed to risks inherent in interest rate fluctuations because some of our borrowings are at variable rates of interest, which would result in higher interest expense in the event of increases in interest rates; |
• | we could be vulnerable in the event of a downturn in our business that would leave us less able to take advantage of significant business opportunities and to react to changes in our business and in market or industry conditions; and |
• | should we pursue additional expansions of existing assets or acquisition of third party assets, we may not be able to obtain additional liquidity at cost effective interest rates. |
• | pay dividends on, redeem or repurchase our capital stock; |
• | make investments and other restricted payments; |
• | incur additional indebtedness or issue preferred stock; |
• | create liens; |
• | permit dividend or other payment restrictions on our restricted subsidiaries; |
• | sell all or substantially all of our assets or consolidate or merge with or into other companies; |
• | engage in transactions with affiliates; and |
• | engage in sale-leaseback transactions. |
• | we may fail to integrate the businesses we acquire into a cohesive, efficient enterprise; |
• | our resources, including management resources, are limited and may be strained if we engage in a large acquisition or significant number of acquisitions, and acquisitions may divert our management's attention from initiating or carrying out programs to save costs or enhance revenues; and |
• | our failure to retain key employees and contracts of the businesses we acquire. |
• | the composition of our Board of Directors and, through the Board, any determination with respect to our business direction and policies, including the appointment and removal of officers and the determination of compensation; |
• | any determinations with respect to mergers or other business combinations or the acquisition or disposition of assets; |
• | our financing decisions, capital raising activities and the payment of dividends; and |
• | amendments to our amended and restated certificate of incorporation or amended and restated bylaws. |
• | business opportunities that may be presented to the principal stockholder affiliates and to our officers and directors associated with the principal stockholder affiliates, and competition between the principal stockholder affiliates and us within the same lines of business; |
• | the solicitation and hiring of employees from each other; and |
• | agreements with the principal stockholder affiliates relating to corporate services that may be material to our business. |
• | future operating rates, margins, cash flow and demand for our products; |
• | industry market outlook, including the price of crude oil; |
• | production capacities; |
• | currency devaluation; |
• | our ability to borrow additional funds under our credit facility; |
• | our ability to meet our liquidity needs; |
• | our ability to meet debt obligations under our debt instruments; |
• | our intended quarterly dividends; |
• | future capacity additions and expansions in the industry; |
• | timing, funding and results of capital projects, such as the expansion programs at our Lake Charles and Calvert City facilities; |
• | results of acquisitions; |
• | health of our customer base; |
• | pension plan obligations, funding requirements and investment policies; |
• | compliance with present and future environmental regulations and costs associated with environmentally related penalties, capital expenditures, remedial actions and proceedings, including any new laws, regulations or treaties that may come into force to limit or control carbon dioxide and other GHG emissions or to address other issues of climate change; |
• | effects of pending legal proceedings; and |
• | timing of and amount of capital expenditures. |
• | general economic and business conditions; |
• | the cyclical nature of the chemical industry; |
• | the availability, cost and volatility of raw materials and energy; |
• | uncertainties associated with the United States, European and worldwide economies, including those due to political tensions and unrest in the Middle East, the Commonwealth of Independent States (including Ukraine) and elsewhere; |
• | current and potential governmental regulatory actions in the United States, Europe and Asia and regulatory actions and political unrest in other areas; |
• | industry production capacity and operating rates; |
• | the supply/demand balance for our products; |
• | competitive products and pricing pressures; |
• | instability in the credit and financial markets; |
• | access to capital markets; |
• | terrorist acts; |
• | operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, labor difficulties, transportation interruptions, spills and releases and other environmental risks); |
• | changes in laws or regulations; |
• | technological developments; |
• | our ability to integrate acquired businesses; |
• | foreign currency exchange risks; |
• | our ability to implement our business strategies; and |
• | creditworthiness of our customers. |
Location | Principal Products | |
Lake Charles, Louisiana | Ethylene, polyethylene, styrene | |
Longview, Texas (1) | Polyethylene, polyethylene wax | |
Calvert City, Kentucky (2) | PVC, VCM, EDC, chlorine, caustic soda, ethylene | |
Geismar, Louisiana | PVC, VCM, EDC, chlorine, caustic soda | |
Gendorf, Bavaria, Germany (1) | PVC, VCM, EDC, chlorine, caustic soda | |
Burghausen, Bavaria, Germany (1) | PVC | |
Knapsack, North Rhine-Westphalia, Germany (1) | PVC, VCM, EDC, chlorine, caustic soda | |
Cologne, North Rhine-Westphalia, Germany (1) | PVC | |
Schkopau, Saxony-Anhalt, Germany (1) | PVC | |
Hillhouse, Lancashire, United Kingdom (1) | PVC | |
Suzhou, Jiangsu, in the People's Republic of China (1) | PVC, PVC film and sheet | |
Booneville, Mississippi | PVC pipe | |
Greensboro, Georgia | PVC pipe | |
Janesville, Wisconsin | PVC pipe | |
Leola, Pennsylvania | PVC pipe | |
Wichita Falls, Texas | PVC pipe | |
Yucca, Arizona | PVC pipe | |
Lodi, California | PVC pipe and fittings | |
McPherson, Kansas | PVC pipe and fittings | |
Evansville, Indiana | Fence and deck components | |
Calgary, Alberta, Canada (3) | Window and door components |
(1) | We lease the land on which our facilities are located. The Suzhou facility is our 95% owned Asian joint venture. |
(2) | We lease a portion of the land on which our Calvert City facility is located. |
(3) | We lease our Calgary land and building. |
High | Low | Cash Dividends Declared | ||||||||||
Year Ended December 31, 2015 | ||||||||||||
4th Quarter | $ | 62.09 | $ | 52.86 | $ | 0.1815 | ||||||
3rd Quarter | 66.69 | 49.82 | 0.1815 | |||||||||
2nd Quarter | 78.59 | 67.98 | 0.1650 | |||||||||
1st Quarter | 72.49 | 55.20 | 0.1650 | |||||||||
Year Ended December 31, 2014 | ||||||||||||
4th Quarter | $ | 83.43 | $ | 53.67 | $ | 0.1650 | ||||||
3rd Quarter | 97.96 | 84.22 | 0.1650 | |||||||||
2nd Quarter | 84.77 | 62.36 | 0.1260 | |||||||||
1st Quarter | 68.73 | 57.66 | 0.1260 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||
October 2015 | 288,161 | $ | 55.33 | 288,161 | $ | 113,533,000 | ||||||||
November 2015 | 327,283 | $ | 59.46 | 327,283 | $ | 244,073,000 | ||||||||
December 2015 | 111,741 | $ | 54.53 | 111,174 | $ | 238,012,000 | ||||||||
Total | 727,185 | $ | 56.27 | 726,618 |
(1) | In November 2014, our Board of Directors approved a $250.0 million stock repurchase program (the "2014 Program"). On November 20, 2015, our Board of Directors approved the expansion of the 2014 Program by an additional $150.0 million. As of December 31, 2015, 2,682,489 shares of our common stock had been acquired at an aggregate purchase price of approximately $162.0 million under the 2014 Program. Transaction fees and commissions are not reported in the average price paid per share in the table above. Decisions regarding the amount and the timing of purchases under the 2014 Program will be influenced by our cash on hand, our cash flow from operations, general market conditions and other factors. The 2014 Program may be discontinued by our Board of Directors at any time. |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | |||||||
Equity compensation plans approved by security holders | 1,766,662 | $ | 21.58 | 5,733,600 | ||||||
Equity compensation plans not approved by security holders | N/A | N/A | N/A | |||||||
Total | 1,766,662 | $ | 21.58 | 5,733,600 |
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(dollars in thousands, except share amounts, per share data and volume data) | ||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||
Net sales | $ | 4,463,336 | $ | 4,415,350 | $ | 3,759,484 | $ | 3,571,041 | $ | 3,619,848 | ||||||||||
Gross profit | 1,185,191 | 1,317,350 | 1,101,438 | 736,960 | 559,006 | |||||||||||||||
Selling, general and administrative expenses | 225,364 | 193,359 | 147,974 | 121,609 | 112,210 | |||||||||||||||
Income from operations | 959,827 | 1,123,991 | 953,464 | 615,351 | 446,796 | |||||||||||||||
Interest expense | (34,656 | ) | (37,352 | ) | (18,082 | ) | (43,049 | ) | (50,992 | ) | ||||||||||
Debt retirement costs | — | — | — | (7,082 | ) | — | ||||||||||||||
Gain from sales of equity securities | — | — | — | 16,429 | — | |||||||||||||||
Other income (expense), net (2) | 38,270 | (2,721 | ) | 6,790 | 3,520 | 5,628 | ||||||||||||||
Income before income taxes | 963,441 | 1,083,918 | 942,172 | 585,169 | 401,432 | |||||||||||||||
Provision for income taxes | 298,396 | 398,902 | 331,747 | 199,614 | 142,466 | |||||||||||||||
Net income | 665,045 | 685,016 | 610,425 | 385,555 | 258,966 | |||||||||||||||
Net income attributable to noncontrolling interests | 19,035 | 6,493 | — | — | — | |||||||||||||||
Net income attributable to Westlake Chemical Corporation | $ | 646,010 | $ | 678,523 | $ | 610,425 | $ | 385,555 | $ | 258,966 | ||||||||||
Earnings Per Share Attributable to Westlake Chemical Corporation: (3) | ||||||||||||||||||||
Basic | $ | 4.88 | $ | 5.09 | $ | 4.57 | $ | 2.89 | $ | 1.95 | ||||||||||
Diluted | $ | 4.86 | $ | 5.07 | $ | 4.55 | $ | 2.88 | $ | 1.94 | ||||||||||
Weighted average shares outstanding (3) | ||||||||||||||||||||
Basic | 131,823,707 | 133,111,230 | 133,224,256 | 132,578,858 | 131,854,842 | |||||||||||||||
Diluted | 132,301,812 | 133,643,414 | 133,779,250 | 133,282,990 | 132,600,316 | |||||||||||||||
Balance Sheet Data (end of period): | ||||||||||||||||||||
Cash and cash equivalents | $ | 662,525 | $ | 880,601 | $ | 461,301 | $ | 790,078 | $ | 825,901 | ||||||||||
Marketable securities | 520,144 | — | 239,388 | 124,873 | — | |||||||||||||||
Restricted cash | — | — | — | — | 96,283 | |||||||||||||||
Working capital (4) | 1,652,547 | 1,474,107 | 1,244,224 | 1,352,903 | 1,391,561 | |||||||||||||||
Total assets | 5,575,252 | 5,213,990 | 4,060,909 | 3,412,196 | 3,266,821 | |||||||||||||||
Total debt | 764,115 | 763,997 | 763,879 | 763,761 | 764,563 | |||||||||||||||
Total Westlake Chemical Corporation stockholders' equity | 3,265,878 | 2,911,511 | 2,418,603 | 1,872,256 | 1,756,312 | |||||||||||||||
Cash dividends declared per share (3) (5) | $ | 0.6930 | $ | 0.5820 | $ | 0.4125 | $ | 2.1363 | $ | 0.1373 | ||||||||||
Other Operating Data: | ||||||||||||||||||||
Cash flow from: | ||||||||||||||||||||
Operating activities | $ | 1,078,836 | $ | 1,032,376 | $ | 752,729 | $ | 612,087 | $ | 358,935 | ||||||||||
Investing activities | (1,006,176 | ) | (773,205 | ) | (1,002,238 | ) | (466,971 | ) | (202,785 | ) | ||||||||||
Financing activities | (286,812 | ) | 164,640 | (79,268 | ) | (180,939 | ) | 39,452 | ||||||||||||
Depreciation and amortization | 245,757 | 208,486 | 157,808 | 144,541 | 131,397 | |||||||||||||||
Capital expenditures | 491,426 | 431,104 | 679,222 | 386,882 | 176,843 | |||||||||||||||
EBITDA (6) | 1,243,854 | 1,329,756 | 1,118,062 | 772,759 | 583,821 |
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(dollars in thousands, except share amounts, per share data and volume data) | ||||||||||||||||||||
External Sales Volume (millions of pounds): | ||||||||||||||||||||
Olefins Segment | ||||||||||||||||||||
Polyethylene | 2,445 | 2,364 | 2,244 | 2,230 | 2,272 | |||||||||||||||
Styrene, feedstock and other | 1,182 | 941 | 1,094 | 925 | 753 | |||||||||||||||
Vinyls Segment | ||||||||||||||||||||
PVC, caustic soda and other | 5,026 | 3,174 | 1,995 | 1,822 | 1,749 | |||||||||||||||
Building products | 629 | 572 | 487 | 423 | 403 |
(1) | The historical selected financial and operational data should be read together with Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Item 8, Financial Statements and Supplementary Data included in this Form 10-K. |
(2) | Other income (expense), net is composed of interest income, income or loss from equity method investments, dividend income, gains or losses from sales of securities, foreign exchange currency gains or losses, gain on acquisition, impairment of equity method investments, management fee income and other gains and losses. |
(3) | On February 14, 2014, our Board of Directors authorized a two-for-one split of our common stock. Stockholders of record as of February 28, 2014 were entitled to one additional share for every share outstanding, which was distributed on March 18, 2014. All share amounts and per share data for the years prior to December 31, 2014 have been restated to reflect the effect of the two-for-one stock split. |
(4) | Working capital equals current assets less current liabilities. |
(5) | Cash dividends declared for the year ended December 31, 2012 includes a special dividend of $1.875 per share (on a post-split basis) paid on December 12, 2012. |
(6) | EBITDA (a non-GAAP financial measure) is calculated as net income before interest expense, income taxes, depreciation and amortization. The body of accounting principles generally accepted in the United States is commonly referred to as "GAAP." For this purpose a non-GAAP financial measure is generally defined by the SEC as one that purports to measure historical and future financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measures. We have included EBITDA in this Form 10-K because our management considers it an important supplemental measure of our performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry, some of which present EBITDA when reporting their results. We regularly evaluate our performance as compared to other companies in our industry that have different financing and capital structures and/or tax rates by using EBITDA. EBITDA allows for meaningful company-to-company performance comparisons by adjusting for factors such as interest expense, depreciation and amortization and taxes, which often vary from company to company. In addition, we utilize EBITDA in evaluating acquisition targets. Management also believes that EBITDA is a useful tool for measuring our ability to meet our future debt service, capital expenditures and working capital requirements, and EBITDA is commonly used by us and our investors to measure our ability to service indebtedness. EBITDA is not a substitute for the GAAP measures of earnings or of cash flow and is not necessarily a measure of our ability to fund our cash needs. In addition, it should be noted that companies calculate EBITDA differently and, therefore, EBITDA as presented in this Form 10-K may not be comparable to EBITDA reported by other companies. EBITDA has material limitations as a performance measure because it excludes (1) interest expense, which is a necessary element of our costs and ability to generate revenues because we have borrowed money to finance our operations, (2) depreciation, which is a necessary element of our costs and ability to generate revenues because we use capital assets and (3) income taxes, which is a necessary element of our operations. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA only supplementally. The following table reconciles EBITDA to net income and to net cash provided by operating activities. |
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
EBITDA | $ | 1,243,854 | $ | 1,329,756 | $ | 1,118,062 | $ | 772,759 | $ | 583,821 | ||||||||||
Less: | ||||||||||||||||||||
Provision for income taxes | (298,396 | ) | (398,902 | ) | (331,747 | ) | (199,614 | ) | (142,466 | ) | ||||||||||
Interest expense | (34,656 | ) | (37,352 | ) | (18,082 | ) | (43,049 | ) | (50,992 | ) | ||||||||||
Depreciation and amortization | (245,757 | ) | (208,486 | ) | (157,808 | ) | (144,541 | ) | (131,397 | ) | ||||||||||
Net income | 665,045 | 685,016 | 610,425 | 385,555 | 258,966 | |||||||||||||||
Changes in operating assets and liabilities and other | 371,794 | 273,083 | 34,453 | 244,683 | 76,898 | |||||||||||||||
(Income) loss from equity method investments | (632 | ) | (424 | ) | 199 | 3,005 | (427 | ) | ||||||||||||
Windfall tax benefits from share-based payment arrangements | (1,646 | ) | (6,704 | ) | (5,449 | ) | (11,967 | ) | (3,361 | ) | ||||||||||
Deferred income taxes | 39,784 | 58,967 | 93,732 | (5,793 | ) | 14,114 | ||||||||||||||
Write-off of debt issuance costs | — | — | — | 1,277 | — | |||||||||||||||
Impairment of equity method investments | 4,925 | 6,747 | — | — | — | |||||||||||||||
Impairment of long-lived assets | — | — | — | — | 1,975 | |||||||||||||||
(Gains) losses from sales of securities | (3,798 | ) | (1,212 | ) | 19 | (16,429 | ) | — | ||||||||||||
Gain on acquisition, net of loss on the fair value remeasurement of preexisting equity interest | (21,045 | ) | — | — | — | — | ||||||||||||||
Loss from disposition of fixed assets | 10,891 | 4,181 | 5,039 | 3,886 | 1,375 | |||||||||||||||
Stock-based compensation expense | 10,196 | 9,261 | 6,966 | 6,127 | 6,391 | |||||||||||||||
Amortization of debt issuance costs | 2,004 | 1,673 | 1,459 | 1,514 | 1,683 | |||||||||||||||
Provision for doubtful accounts | 956 | 301 | 5,514 | 229 | 1,321 | |||||||||||||||
Other losses, net | 362 | 1,487 | 372 | — | — | |||||||||||||||
Net cash provided by operating activities | $ | 1,078,836 | $ | 1,032,376 | $ | 752,729 | $ | 612,087 | $ | 358,935 |
• | the availability of feedstock from shale gas and oil drilling; |
• | supply and demand for crude oil; |
• | shortages of raw materials due to increasing demand; |
• | ethane and liquefied natural gas exports; |
• | capacity constraints due to higher construction costs for investments, construction delays, strike action or involuntary shutdowns; |
• | the general level of business and economic activity; and |
• | the direct or indirect effect of governmental regulation. |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(dollars in thousands, except per share data) | ||||||||||||
Net external sales | ||||||||||||
Olefins | ||||||||||||
Polyethylene | $ | 1,650,964 | $ | 1,922,535 | $ | 1,750,292 | ||||||
Styrene, feedstock and other | 609,149 | 801,155 | 803,377 | |||||||||
Total Olefins | 2,260,113 | 2,723,690 | 2,553,669 | |||||||||
Vinyls | ||||||||||||
PVC, caustic soda and other | 1,718,359 | 1,203,332 | 800,658 | |||||||||
Building products | 484,864 | 488,328 | 405,157 | |||||||||
Total Vinyls | 2,203,223 | 1,691,660 | 1,205,815 | |||||||||
Total | $ | 4,463,336 | $ | 4,415,350 | $ | 3,759,484 | ||||||
Income (loss) from operations | ||||||||||||
Olefins | $ | 747,436 | $ | 1,013,825 | $ | 833,249 | ||||||
Vinyls | 254,452 | 142,740 | 154,684 | |||||||||
Corporate and other | (42,061 | ) | (32,574 | ) | (34,469 | ) | ||||||
Total income from operations | 959,827 | 1,123,991 | 953,464 | |||||||||
Interest expense | (34,656 | ) | (37,352 | ) | (18,082 | ) | ||||||
Other income (expense), net | 38,270 | (2,721 | ) | 6,790 | ||||||||
Provision for income taxes | 298,396 | 398,902 | 331,747 | |||||||||
Net income | 665,045 | 685,016 | 610,425 | |||||||||
Net income attributable to noncontrolling interests | 19,035 | 6,493 | — | |||||||||
Net income attributable to Westlake Chemical Corporation | $ | 646,010 | $ | 678,523 | $ | 610,425 | ||||||
Diluted earnings per share (1) | $ | 4.86 | $ | 5.07 | $ | 4.55 |
(1) | Per share data for the year ended December 31, 2013 has been restated to reflect the effect of a two-for-one stock split on March 18, 2014. See Note 9 to the consolidated financial statements for additional information. |
Year Ended December 31, | ||||||||||||
2015 | 2014 | |||||||||||
Average Sales Price | Volume | Average Sales Price | Volume | |||||||||
Product sales price and volume percentage change from prior year | ||||||||||||
Olefins | -29.2 | % | +12.2 | % | +7.4 | % | -0.8 | % | ||||
Vinyls | -18.9 | % | +49.1 | % | +0.6 | % | +39.7 | % | ||||
Company average | -25.3 | % | +26.3 | % | +5.2 | % | +12.2 | % |
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | |||||||
Average industry prices (1) | |||||||||
Ethane (cents/lb) | 6.2 | 9.0 | 8.8 | ||||||
Propane (cents/lb) | 10.7 | 24.7 | 23.7 | ||||||
Ethylene (cents/lb) (2) | 30.6 | 58.4 | 57.1 | ||||||
Polyethylene (cents/lb) (3) | 75.3 | 87.8 | 80.0 | ||||||
Styrene (cents/lb) (4) | 60.7 | 82.1 | 83.2 | ||||||
Caustic ($/short ton) (5) | 581.0 | 589.4 | 604.2 | ||||||
Chlorine ($/short ton) (6) | 266.9 | 233.5 | 250.8 | ||||||
PVC (cents/lb) (7) | 66.0 | 68.8 | 60.8 |
(1) | Industry pricing data was obtained through IHS Chemical. We have not independently verified the data. |
(2) | Represents average North American spot prices of ethylene over the period as reported by IHS Chemical. |
(3) | Represents average North American contract prices of polyethylene low density GP-Film grade over the period as reported by IHS Chemical. Effective January 1, 2015, IHS Chemical made a non-market downward adjustment of 21 cents per pound to polyethylene low density GP-Film grade prices. For comparability, we adjusted each prior-year period's polyethylene low density GP-Film grade price downward by 21 cents per pound consistent with the IHS Chemical non-market adjustment. |
(4) | Represents average North American contract prices of styrene over the period as reported by IHS Chemical. |
(5) | Represents average North American undiscounted contract prices of caustic soda over the period as reported by IHS Chemical. During the first quarter of 2013, IHS Chemical discontinued the previous caustic soda industry index that we used. For comparability, the average 2012 caustic data is based on the current index. |
(6) | Represents average North American contract prices of chlorine (into chemicals) over the period as reported by IHS Chemical. |
(7) | Represents average North American contract prices of PVC over the period as reported by IHS Chemical. |
Payment Due by Period | ||||||||||||||||||||
Total | 2016 | 2017-2018 | 2019-2020 | Thereafter | ||||||||||||||||
(dollars in millions) | ||||||||||||||||||||
Contractual Obligations | ||||||||||||||||||||
Long-term debt | $ | 764.1 | $ | — | $ | — | $ | — | $ | 764.1 | ||||||||||
Operating leases | 756.2 | 43.2 | 77.4 | 53.3 | 582.3 | |||||||||||||||
Capital leases | 2.0 | 0.2 | 0.5 | 0.5 | 0.8 | |||||||||||||||
Pension benefits funding | 92.1 | 4.4 | 5.8 | 6.7 | 75.2 | |||||||||||||||
Post-retirement healthcare benefits | 12.8 | 1.2 | 2.8 | 2.8 | 6.0 | |||||||||||||||
Purchase obligations | 6,998.1 | 1,283.8 | 964.4 | 812.4 | 3,937.5 | |||||||||||||||
Interest payments | 630.8 | 42.4 | 84.8 | 84.8 | 418.8 | |||||||||||||||
Total | $ | 9,256.1 | $ | 1,375.2 | $ | 1,135.7 | $ | 960.5 | $ | 5,784.7 | ||||||||||
Other Commercial Commitments | ||||||||||||||||||||
Standby letters of credit | $ | 35.5 | $ | 30.1 | $ | — | $ | — | $ | 5.4 |
2015 | ||||||||
U.S. Plans | Non-U.S. Plans | |||||||
(dollars in millions) | ||||||||
Projected benefit obligation, end of year | $ | 62.2 | $ | 94.8 | ||||
Discount rate increases by 100 basis points | 55.6 | 81.3 | ||||||
Discount rate decreases by 100 basis points | 70.1 | 112.2 |
Item 8. | Financial Statements and Supplementary Data |
Page | |
Management's Report on Internal Control over Financial Reporting | |
Report of Independent Registered Public Accounting Firm | |
Consolidated Financial Statements: | |
Consolidated Balance Sheets as of December 31, 2015 and 2014 | |
Consolidated Statements of Operations for the Years Ended December 31, 2015, 2014 and 2013 | |
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2015, 2014 and 2013 | |
Consolidated Statements of Changes in Stockholders' Equity for the Years Ended December 31, 2015, 2014 and 2013 | |
Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013 | |
Notes to Consolidated Financial Statements | |
Financial Statement Schedule II—Valuation and Qualifying Accounts |
December 31, | ||||||||
2015 | 2014 | |||||||
(in thousands of dollars, except par values and share amounts) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 662,525 | $ | 880,601 | ||||
Marketable securities | 520,144 | — | ||||||
Accounts receivable, net | 508,532 | 560,666 | ||||||
Inventories | 434,060 | 525,776 | ||||||
Prepaid expenses and other current assets | 14,489 | 11,807 | ||||||
Deferred income taxes | 35,439 | 32,437 | ||||||
Total current assets | 2,175,189 | 2,011,287 | ||||||
Property, plant and equipment, net | 3,004,067 | 2,757,557 | ||||||
Equity investments | 9,208 | 61,305 | ||||||
Other assets, net | ||||||||
Intangible assets, net | 213,404 | 218,431 | ||||||
Deferred charges and other assets, net | 173,384 | 165,410 | ||||||
Total other assets, net | 386,788 | 383,841 | ||||||
Total assets | $ | 5,575,252 | $ | 5,213,990 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Accounts and notes payable | $ | 235,329 | $ | 261,062 | ||||
Accrued liabilities | 287,313 | 276,118 | ||||||
Total current liabilities | 522,642 | 537,180 | ||||||
Long-term debt | 764,115 | 763,997 | ||||||
Deferred income taxes | 575,603 | 536,066 | ||||||
Other liabilities | 150,961 | 174,859 | ||||||
Total liabilities | 2,013,321 | 2,012,102 | ||||||
Commitments and contingencies (Notes 8 and 22) | ||||||||
Stockholders' equity | ||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding | — | — | ||||||
Common stock, $0.01 par value, 300,000,000 shares authorized; 134,663,244 and 134,679,064 shares issued at December 31, 2015 and 2014, respectively (Note 9) | 1,347 | 1,347 | ||||||
Common stock, held in treasury, at cost; 4,444,898 and 1,787,546 shares at December 31, 2015 and 2014, respectively (Note 9) | (258,312 | ) | (96,372 | ) | ||||
Additional paid-in capital | 542,148 | 530,441 | ||||||
Retained earnings | 3,109,987 | 2,555,528 | ||||||
Accumulated other comprehensive loss | (129,292 | ) | (79,433 | ) | ||||
Total Westlake Chemical Corporation stockholders' equity | 3,265,878 | 2,911,511 | ||||||
Noncontrolling interests | 296,053 | 290,377 | ||||||
Total equity | 3,561,931 | 3,201,888 | ||||||
Total liabilities and equity | $ | 5,575,252 | $ | 5,213,990 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in thousands of dollars, except share amounts and per share data) | ||||||||||||
Net sales | $ | 4,463,336 | $ | 4,415,350 | $ | 3,759,484 | ||||||
Cost of sales | 3,278,145 | 3,098,000 | 2,658,046 | |||||||||
Gross profit | 1,185,191 | 1,317,350 | 1,101,438 | |||||||||
Selling, general and administrative expenses | 225,364 | 193,359 | 147,974 | |||||||||
Income from operations | 959,827 | 1,123,991 | 953,464 | |||||||||
Other income (expense) | ||||||||||||
Interest expense | (34,656 | ) | (37,352 | ) | (18,082 | ) | ||||||
Other income (expense), net | 38,270 | (2,721 | ) | 6,790 | ||||||||
Income before income taxes | 963,441 | 1,083,918 | 942,172 | |||||||||
Provision for income taxes | 298,396 | 398,902 | 331,747 | |||||||||
Net income | 665,045 | 685,016 | 610,425 | |||||||||
Net income attributable to noncontrolling interests | 19,035 | 6,493 | — | |||||||||
Net income attributable to Westlake Chemical Corporation | $ | 646,010 | $ | 678,523 | $ | 610,425 | ||||||
Earnings per common share attributable to Westlake Chemical Corporation (Note 9): | ||||||||||||
Basic | $ | 4.88 | $ | 5.09 | $ | 4.57 | ||||||
Diluted | $ | 4.86 | $ | 5.07 | $ | 4.55 | ||||||
Weighted average shares outstanding (Note 9) | ||||||||||||
Basic | 131,823,707 | 133,111,230 | 133,224,256 | |||||||||
Diluted | 132,301,812 | 133,643,414 | 133,779,250 | |||||||||
Dividends per common share (Note 9) | $ | 0.6930 | $ | 0.5820 | $ | 0.4125 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in thousands of dollars) | ||||||||||||
Net income | $ | 665,045 | $ | 685,016 | $ | 610,425 | ||||||
Other comprehensive income (loss), net of income taxes | ||||||||||||
Pension and other post-retirement benefits liability | ||||||||||||
Pension and other post-retirement reserves adjustment (excluding amortization) | 18,260 | (25,766 | ) | 12,969 | ||||||||
Settlement benefits | 355 | — | — | |||||||||
Amortization of benefits liability | 2,663 | 924 | 2,712 | |||||||||
Income tax (provision) benefit on pension and other post-retirement benefits liability | (6,443 | ) | 8,096 | (6,026 | ) | |||||||
Foreign currency translation adjustments | (59,466 | ) | (60,128 | ) | (1,607 | ) | ||||||
Available-for-sale investments | ||||||||||||
Unrealized holding (losses) gains on investments | (4,362 | ) | 1,301 | 256 | ||||||||
Reclassification of net realized (gains) losses to net income | (3,798 | ) | (1,212 | ) | 19 | |||||||
Income tax benefit (provision) on available-for-sale investments | 2,932 | (32 | ) | (99 | ) | |||||||
Other comprehensive (loss) income | (49,859 | ) | (76,817 | ) | 8,224 | |||||||
Comprehensive income | 615,186 | 608,199 | 618,649 | |||||||||
Comprehensive income attributable to noncontrolling interests, net of tax | 19,035 | 6,493 | — | |||||||||
Comprehensive income attributable to Westlake Chemical Corporation | $ | 596,151 | $ | 601,706 | $ | 618,649 |
Common Stock | Common Stock, Held in Treasury | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Number of Shares | At Cost | Additional Paid-in Capital | Retained Earnings | Benefits Liability, Net of Tax | Cumulative Foreign Currency Exchange | Net Unrealized Holding Gains on Investments, Net of Tax | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||
(in thousands of dollars, except share amounts) | ||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2012 | 134,374,448 | $ | 1,344 | 568,986 | $ | (13,302 | ) | $ | 495,582 | $ | 1,399,472 | $ | (16,351 | ) | $ | 5,511 | $ | — | $ | — | $ | 1,872,256 | ||||||||||||||||||||
Net income | — | — | — | — | — | 610,425 | — | — | — | — | 610,425 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | 9,655 | (1,607 | ) | 176 | — | 8,224 | ||||||||||||||||||||||||||||||
Common stock repurchased | — | — | 683,936 | (32,918 | ) | — | — | — | — | — | — | (32,918 | ) | |||||||||||||||||||||||||||||
Shares issued—stock- based compensation | 205,760 | 2 | — | — | 3,435 | — | — | — | — | — | 3,437 | |||||||||||||||||||||||||||||||
Stock-based compensation, net of tax on stock options exercised | — | — | — | — | 12,415 | — | — | — | — | — | 12,415 | |||||||||||||||||||||||||||||||
Dividends paid | — | — | — | — | — | (55,236 | ) | — | — | — | — | (55,236 | ) | |||||||||||||||||||||||||||||
Balances at December 31, 2013 | 134,580,208 | 1,346 | 1,252,922 | (46,220 | ) | 511,432 | 1,954,661 | (6,696 | ) | 3,904 | 176 | — | 2,418,603 | |||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 678,523 | — | — | — | 6,493 | 685,016 | |||||||||||||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | — | — | — | (16,746 | ) | (60,128 | ) | 57 | — | (76,817 | ) | ||||||||||||||||||||||||||||
Common stock repurchased | — | — | 671,791 | (52,630 | ) | — | — | — | — | — | — | (52,630 | ) | |||||||||||||||||||||||||||||
Shares issued—stock- based compensation | 98,856 | 1 | (137,167 | ) | 2,478 | 3,045 | — | — | — | — | — | 5,524 | ||||||||||||||||||||||||||||||
Stock-based compensation, net of tax on stock options exercised | — | — | — | — | 15,964 | — | — | — | — | — | 15,964 | |||||||||||||||||||||||||||||||
Dividends paid | — | — | — | — | — | (77,656 | ) | — | — | — | — | (77,656 | ) | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | — | (2,204 | ) | (2,204 | ) | |||||||||||||||||||||||||||||
Issuance of Westlake Chemical Partners LP common units | — | — | — | — | — | — | — | — | — | 286,088 | 286,088 | |||||||||||||||||||||||||||||||
Balances at December 31, 2014 | 134,679,064 | 1,347 | 1,787,546 | (96,372 | ) | 530,441 | 2,555,528 | (23,442 | ) | (56,224 | ) | 233 | 290,377 | 3,201,888 | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 646,010 | — | — | — | 19,035 | 665,045 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | 14,835 | (59,466 | ) | (5,228 | ) | — | (49,859 | ) | ||||||||||||||||||||||||||||
Common stock repurchased | — | — | 2,701,937 | (163,138 | ) | — | — | — | — | — | — | (163,138 | ) | |||||||||||||||||||||||||||||
Shares issued—stock- based compensation | (15,820 | ) | — | (44,585 | ) | 1,198 | (135 | ) | — | — | — | — | — | 1,063 | ||||||||||||||||||||||||||||
Stock-based compensation, net of tax on stock options exercised | — | — | — | — | 11,842 | — | — | — | — | — | 11,842 | |||||||||||||||||||||||||||||||
Dividends paid | — | — | — | — | — | (91,551 | ) | — | — | — | — | (91,551 | ) | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | — | (14,956 | ) | (14,956 | ) | |||||||||||||||||||||||||||||
Noncontrolling interest in acquired business | — | — | — | — | — | — | — | — | — | 1,597 | 1,597 | |||||||||||||||||||||||||||||||
Balances at December 31, 2015 | 134,663,244 | $ | 1,347 | 4,444,898 | $ | (258,312 | ) | $ | 542,148 | $ | 3,109,987 | $ | (8,607 | ) | $ | (115,690 | ) | $ | (4,995 | ) | $ | 296,053 | $ | 3,561,931 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(in thousands of dollars) | ||||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 665,045 | $ | 685,016 | $ | 610,425 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
Depreciation and amortization | 245,757 | 208,486 | 157,808 | |||||||||
Provision for doubtful accounts | 956 | 301 | 5,514 | |||||||||
Amortization of debt issuance costs | 2,004 | 1,673 | 1,459 | |||||||||
Stock-based compensation expense | 10,196 | 9,261 | 6,966 | |||||||||
Loss from disposition of fixed assets | 10,891 | 4,181 | 5,039 | |||||||||
(Gains) losses from sales of securities | (3,798 | ) | (1,212 | ) | 19 | |||||||
Gain on acquisition, net of loss on the fair value remeasurement of preexisting equity interest | (21,045 | ) | — | — | ||||||||
Impairment of equity method investments | 4,925 | 6,747 | — | |||||||||
Deferred income taxes | 39,784 | 58,967 | 93,732 | |||||||||
Windfall tax benefits from share-based payment arrangements | (1,646 | ) | (6,704 | ) | (5,449 | ) | ||||||
(Income) loss from equity method investments, net of dividends | (632 | ) | (424 | ) | 199 | |||||||
Other losses, net | 362 | 1,487 | 372 | |||||||||
Changes in operating assets and liabilities | ||||||||||||
Accounts receivable | 62,722 | 33,161 | (14,830 | ) | ||||||||
Inventories | 99,430 | 51,087 | (46,633 | ) | ||||||||
Prepaid expenses and other current assets | (4,257 | ) | 7,461 | (475 | ) | |||||||
Accounts payable | (21,604 | ) | (97,237 | ) | 13,820 | |||||||
Accrued liabilities | (7,640 | ) | 74,989 | (15,147 | ) | |||||||
Other, net | (2,614 | ) | (4,864 | ) | (60,090 | ) | ||||||
Net cash provided by operating activities | 1,078,836 | 1,032,376 | 752,729 | |||||||||
Cash flows from investing activities | ||||||||||||
Acquisition of business, net of cash acquired | 15,782 | (611,087 | ) | (178,309 | ) | |||||||
Additions to equity investments | — | — | (23,338 | ) | ||||||||
Additions to property, plant and equipment | (491,426 | ) | (431,104 | ) | (679,222 | ) | ||||||
Construction of assets pending sale-leaseback | — | — | (136 | ) | ||||||||
Proceeds from disposition of assets | 49 | 181 | 151 | |||||||||
Proceeds from disposition of equity method investment | 27,865 | — | — | |||||||||
Proceeds from repayment of loan acquired | — | 45,923 | — | |||||||||
Proceeds from repayment of loan to affiliate | — | — | 167 | |||||||||
Proceeds from sales and maturities of securities | 48,900 | 342,045 | 252,519 | |||||||||
Purchase of securities | (605,098 | ) | (117,332 | ) | (367,150 | ) | ||||||
Settlements of derivative instruments | (2,248 | ) | (1,831 | ) | (6,920 | ) | ||||||
Net cash used for investing activities | (1,006,176 | ) | (773,205 | ) | (1,002,238 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Capitalized debt issuance costs | — | (1,186 | ) | — | ||||||||
Dividends paid | (91,551 | ) | (77,656 | ) | (55,236 | ) | ||||||
Distributions to noncontrolling interests | (14,856 | ) | (2,204 | ) | — | |||||||
Net proceeds from issuance of Westlake Chemical Partners LP common units | — | 286,088 | — | |||||||||
Proceeds from exercise of stock options | 1,063 | 5,524 | 3,437 | |||||||||
Proceeds from issuance of notes payable | 52,960 | — | — | |||||||||
Repayment of notes payable | (73,615 | ) | — | — | ||||||||
Repurchase of common stock for treasury | (162,459 | ) | (52,630 | ) | (32,918 | ) | ||||||
Windfall tax benefits from share-based payment arrangements | 1,646 | 6,704 | 5,449 | |||||||||
Net cash (used for) provided by financing activities | (286,812 | ) | 164,640 | (79,268 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (3,924 | ) | (4,511 | ) | — | |||||||
Net (decrease) increase in cash and cash equivalents | (218,076 | ) | 419,300 | (328,777 | ) | |||||||
Cash and cash equivalents at beginning of the year | 880,601 | 461,301 | 790,078 | |||||||||
Cash and cash equivalents at end of the year | $ | 662,525 | $ | 880,601 | $ | 461,301 |
Classification | Years | |
Buildings and improvements | 25 | |
Plant and equipment | 25 | |
Ethylene pipeline | 35 | |
Other | 3-10 |
2015 | 2014 | ||||||
Current | $ | 520,144 | $ | — | |||
Non-current | 48,081 | 15,414 | |||||
Total available-for-sale securities | $ | 568,225 | $ | 15,414 |
December 31, 2015 | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses (1) | Fair Value | |||||||||||||
Debt securities | ||||||||||||||||
Corporate bonds | $ | 336,665 | $ | 55 | $ | (1,076 | ) | $ | 335,644 | |||||||
U.S. government debt (2) | 135,226 | 2 | (374 | ) | 134,854 | |||||||||||
Asset-backed securities | 49,759 | 2 | (115 | ) | 49,646 | |||||||||||
Equity securities | 54,371 | 466 | (6,756 | ) | 48,081 | |||||||||||
Total available-for-sale securities | $ | 576,021 | $ | 525 | $ | (8,321 | ) | $ | 568,225 |
December 31, 2014 | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Equity securities | $ | 15,050 | $ | 364 | $ | — | $ | 15,414 | ||||||||
Total available-for-sale securities | $ | 15,050 | $ | 364 | $ | — | $ | 15,414 |
(1) | All unrealized loss positions were held at a loss for less than 12 months. |
(2) | U.S. Treasury obligations, U.S. government agency obligations and U.S government agency mortgage-backed securities. |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Proceeds from sales and maturities of securities | $ | 48,900 | $ | 342,045 | $ | 7,770 | ||||||
Gross realized gains | 3,830 | 1,311 | 20 | |||||||||
Gross realized losses | (32 | ) | (99 | ) | (39 | ) |
2015 | 2014 | |||||||
Trade customers | $ | 438,538 | $ | 525,546 | ||||
Affiliates | — | 437 | ||||||
Allowance for doubtful accounts | (14,095 | ) | (13,468 | ) | ||||
424,443 | 512,515 | |||||||
Federal and state taxes | 60,748 | 8,919 | ||||||
Other | 23,341 | 39,232 | ||||||
Accounts receivable, net | $ | 508,532 | $ | 560,666 |
2015 | 2014 | |||||||
Finished products | $ | 253,338 | $ | 300,909 | ||||
Feedstock, additives and chemicals | 106,435 | 158,635 | ||||||
Materials and supplies | 74,287 | 66,232 | ||||||
Inventories | $ | 434,060 | $ | 525,776 |
2015 | 2014 | |||||||
Land | $ | 33,051 | $ | 21,211 | ||||
Building and improvements | 266,214 | 244,101 | ||||||
Plant and equipment | 3,632,416 | 3,454,462 | ||||||
Other | 241,829 | 213,707 | ||||||
4,173,510 | 3,933,481 | |||||||
Less: Accumulated depreciation | (1,685,255 | ) | (1,531,331 | ) | ||||
2,488,255 | 2,402,150 | |||||||
Construction in progress | 515,812 | 355,407 | ||||||
Property, plant and equipment, net | $ | 3,004,067 | $ | 2,757,557 |
2015 | 2014 | Weighted Average Life | ||||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | |||||||||||||||||||||
Intangible assets: | ||||||||||||||||||||||||||
Licenses and intellectual property | $ | 79,699 | $ | (38,643 | ) | $ | 41,056 | $ | 82,611 | $ | (35,732 | ) | $ | 46,879 | 15 | |||||||||||
Trademarks | 39,085 | (2,602 | ) | 36,483 | 42,790 | (759 | ) | 42,031 | 20 | |||||||||||||||||
Customer relationships | 75,249 | (22,572 | ) | 52,677 | 75,249 | (17,374 | ) | 57,875 | 14 | |||||||||||||||||
Goodwill | 62,016 | — | 62,016 | 62,016 | — | 62,016 | ||||||||||||||||||||
Other | 29,320 | (8,148 | ) | 21,172 | 16,501 | (6,871 | ) | 9,630 | 7 | |||||||||||||||||
Total intangible assets | 285,369 | (71,965 | ) | 213,404 | 279,167 | (60,736 | ) | 218,431 | ||||||||||||||||||
Available-for-sale investments | 48,081 | — | 48,081 | 15,414 | — | 15,414 | ||||||||||||||||||||
Cost-method investments | 51,334 | — | 51,334 | 57,147 | — | 57,147 | ||||||||||||||||||||
Turnaround costs | 111,078 | (74,943 | ) | 36,135 | 107,892 | (56,493 | ) | 51,399 | 5 | |||||||||||||||||
Debt issuance costs | 20,406 | (13,286 | ) | 7,120 | 20,406 | (11,282 | ) | 9,124 | 13 | |||||||||||||||||
Other | 51,682 | (20,968 | ) | 30,714 | 50,571 | (18,245 | ) | 32,326 | 3 | |||||||||||||||||
Total deferred charges and other assets | 282,581 | (109,197 | ) | 173,384 | 251,430 | (86,020 | ) | 165,410 | ||||||||||||||||||
Other assets, net | $ | 567,950 | $ | (181,162 | ) | $ | 386,788 | $ | 530,597 | $ | (146,756 | ) | $ | 383,841 |
Olefins Segment | Vinyls Segment | Total | ||||||||||
Balance at December 31, 2013 | $ | 29,990 | $ | 32,026 | $ | 62,016 | ||||||
Goodwill acquired during the year | — | — | — | |||||||||
Balance at December 31, 2014 | 29,990 | 32,026 | 62,016 | |||||||||
Changes in goodwill during the year | — | — | — | |||||||||
Balance at December 31, 2015 | $ | 29,990 | $ | 32,026 | $ | 62,016 |
2015 | 2014 | |||||||
Accounts payable | $ | 229,219 | $ | 261,062 | ||||
Notes payable to banks | 6,110 | — | ||||||
Accounts and notes payable | $ | 235,329 | $ | 261,062 |
2015 | 2014 | |||||||
3.60% senior notes due 2022 | $ | 249,226 | $ | 249,108 | ||||
6 ½% senior notes due 2029 | 100,000 | 100,000 | ||||||
6 ¾% senior notes due 2032 | 250,000 | 250,000 | ||||||
6 ½% senior notes due 2035 (the "6 ½% GO Zone Senior Notes Due 2035") | 89,000 | 89,000 | ||||||
6 ½% senior notes due 2035 (the "6 ½% IKE Zone Senior Notes Due 2035") | 65,000 | 65,000 | ||||||
Loan related to tax-exempt waste disposal revenue bonds due 2027 | 10,889 | 10,889 | ||||||
Long-term debt, net | $ | 764,115 | $ | 763,997 |
Benefits Liability, Net of Tax | Cumulative Foreign Currency Exchange | Net Unrealized Holding Gains on Investments, Net of Tax | Total | |||||||||||||
Balances at December 31, 2013 | $ | (6,696 | ) | $ | 3,904 | $ | 176 | $ | (2,616 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (17,314 | ) | (60,128 | ) | 834 | (76,608 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 568 | — | (777 | ) | (209 | ) | ||||||||||
Net other comprehensive (loss) income for the year | (16,746 | ) | (60,128 | ) | 57 | (76,817 | ) | |||||||||
Balances at December 31, 2014 | (23,442 | ) | (56,224 | ) | 233 | (79,433 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | 12,877 | (59,466 | ) | (2,795 | ) | (49,384 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 1,958 | — | (2,433 | ) | (475 | ) | ||||||||||
Net other comprehensive income (loss) for the year | 14,835 | (59,466 | ) | (5,228 | ) | (49,859 | ) | |||||||||
Balances at December 31, 2015 | $ | (8,607 | ) | $ | (115,690 | ) | $ | (4,995 | ) | $ | (129,292 | ) |
Details about Accumulated Other Comprehensive Income (Loss) Components | Location of Reclassification (Income (Expense)) in Consolidated Statements of Operations | Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Amortization of pension and other post-retirement items | ||||||||||||||
Prior service costs | (1) | $ | — | $ | (347 | ) | $ | (381 | ) | |||||
Net loss | (1) | (2,663 | ) | (577 | ) | (2,331 | ) | |||||||
Settlement benefits | (1) | (355 | ) | — | — | |||||||||
(3,018 | ) | (924 | ) | (2,712 | ) | |||||||||
Provision for income taxes | 1,060 | 356 | 1,043 | |||||||||||
(1,958 | ) | (568 | ) | (1,669 | ) | |||||||||
Net unrealized gains on available-for- sale investments | ||||||||||||||
Realized gain (loss) on available- for-sale investments | Other income (expense), net | 3,798 | 1,212 | (19 | ) | |||||||||
Provision for income taxes | (1,365 | ) | (435 | ) | 7 | |||||||||
2,433 | 777 | (12 | ) | |||||||||||
Total reclassifications for the period | $ | 475 | $ | 209 | $ | (1,681 | ) |
(1) | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. For additional information, see Note 11. |
2015 | 2014 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation, beginning of year | $ | 67,010 | $ | 122,701 | $ | 57,946 | $ | — | ||||||||
Benefit obligation assumed with acquisition | — | — | — | 117,970 | ||||||||||||
Service cost | 29 | 1,661 | 334 | 602 | ||||||||||||
Interest cost | 2,015 | 2,110 | 2,322 | 1,366 | ||||||||||||
Actuarial (gain) loss | (2,330 | ) | (17,310 | ) | 9,165 | 15,425 | ||||||||||
Benefits paid | (4,532 | ) | (2,139 | ) | (2,757 | ) | (898 | ) | ||||||||
Foreign exchange effects | — | (12,202 | ) | — | (11,764 | ) | ||||||||||
Benefit obligation, end of year | $ | 62,192 | $ | 94,821 | $ | 67,010 | $ | 122,701 | ||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets, beginning of year | $ | 53,415 | $ | — | $ | 49,236 | $ | — | ||||||||
Actual return | (268 | ) | — | 2,953 | — | |||||||||||
Employer contribution | 2,148 | 2,139 | 3,983 | 898 | ||||||||||||
Benefits paid | (4,532 | ) | (2,139 | ) | (2,757 | ) | (898 | ) | ||||||||
Fair value of plan assets, end of year | $ | 50,763 | $ | — | $ | 53,415 | $ | — | ||||||||
Funded status, end of year | $ | (11,429 | ) | $ | (94,821 | ) | $ | (13,595 | ) | $ | (122,701 | ) |
2015 | 2014 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Amounts recognized in the consolidated balance sheet at December 31 | ||||||||||||||||
Noncurrent liabilities | $ | (11,429 | ) | $ | (94,821 | ) | $ | (13,595 | ) | $ | (122,701 | ) | ||||
Net amount recognized | $ | (11,429 | ) | $ | (94,821 | ) | $ | (13,595 | ) | $ | (122,701 | ) |
2015 | 2014 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Amounts recognized in accumulated other comprehensive income | ||||||||||||||||
Net loss (gain) | $ | 14,755 | $ | (4,919 | ) | $ | 15,482 | $ | 15,425 | |||||||
Foreign exchange effects | — | 1,986 | — | — | ||||||||||||
Total before tax (1) | $ | 14,755 | $ | (2,933 | ) | $ | 15,482 | $ | 15,425 |
(1) | After-tax totals for pension benefits were $6,812 and $20,315 for 2015 and 2014, respectively, and are reflected in stockholders' equity as accumulated other comprehensive loss. |
2015 | 2014 | |||||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||
Projected benefit obligation | $ | (62,192 | ) | $ | (94,821 | ) | $ | (67,010 | ) | $ | (122,701 | ) | ||||
Accumulated benefit obligation | (62,192 | ) | (93,231 | ) | (67,010 | ) | (119,258 | ) | ||||||||
Fair value of plan assets | 50,763 | — | 53,415 | — |
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | ||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||
Service cost | $ | 29 | $ | 1,661 | $ | 334 | $ | 602 | $ | 1,091 | ||||||||||
Interest cost | 2,015 | 2,110 | 2,322 | 1,366 | 2,047 | |||||||||||||||
Expected return on plan assets | (2,960 | ) | — | (3,140 | ) | — | (2,854 | ) | ||||||||||||
Net amortization | 1,270 | 1,048 | 571 | — | 2,255 | |||||||||||||||
Settlement benefits | 355 | — | — | — | — | |||||||||||||||
Net periodic benefit cost | $ | 709 | $ | 4,819 | $ | 87 | $ | 1,968 | $ | 2,539 | ||||||||||
Other changes in plan assets and benefit obligation recognized in other comprehensive income (OCI) | ||||||||||||||||||||
Net loss (gain) emerging | $ | 898 | $ | (17,310 | ) | $ | 9,352 | $ | 15,425 | $ | (12,468 | ) | ||||||||
Amortization of net loss | (1,270 | ) | (1,048 | ) | (274 | ) | — | (1,958 | ) | |||||||||||
Amortization of prior service cost | — | — | (297 | ) | — | (297 | ) | |||||||||||||
Settlement benefits | (355 | ) | — | — | — | — | ||||||||||||||
Total recognized in OCI | $ | (727 | ) | $ | (18,358 | ) | $ | 8,781 | $ | 15,425 | $ | (14,723 | ) | |||||||
Total net periodic benefit cost and OCI | $ | (18 | ) | $ | (13,539 | ) | $ | 8,868 | $ | 17,393 | $ | (12,184 | ) |
2015 | 2014 | 2013 | |||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | |||||||||||
Weighted average assumptions used to determine benefit obligations at December 31 | |||||||||||||||
Discount rate | 4.0 | % | 2.4 | % | 3.5 | % | 1.9 | % | 4.5 | % | |||||
Expected return on plan assets | 7.0 | % | — | % | 7.0 | % | — | % | 7.0 | % | |||||
Rate of compensation increase | — | % | 2.5 | % | — | % | 2.5 | % | 4.0 | % | |||||
Weighted average assumptions used to determine net periodic benefit costs for years ended December 31 | |||||||||||||||
Discount rate | 3.5 | % | 1.9 | % | 4.5 | % | 2.6 | % | 3.3 | % | |||||
Expected return on plan assets | 7.0 | % | — | % | 7.0 | % | — | % | 7.0 | % | |||||
Rate of compensation increase | — | % | 2.5 | % | — | % | 2.5 | % | 4.0 | % |
2015 | 2014 | |||||||||||||||
U.S. Plans | U.S. Plans | |||||||||||||||
Level 2 | Total | Level 2 | Total | |||||||||||||
Bank collective trust funds—Equity securities: | ||||||||||||||||
Large-cap index funds (1) | $ | 18,384 | $ | 18,384 | $ | 19,473 | $ | 19,473 | ||||||||
Small-cap index funds (2) | 4,069 | 4,069 | 3,351 | 3,351 | ||||||||||||
International index funds (3) | 8,181 | 8,181 | 8,474 | 8,474 | ||||||||||||
Bank collective trust funds—Fixed income: | ||||||||||||||||
Bond index funds (4) | 19,624 | 19,624 | 21,495 | 21,495 | ||||||||||||
Short term investment funds | 505 | 505 | 622 | 622 | ||||||||||||
$ | 50,763 | $ | 50,763 | $ | 53,415 | $ | 53,415 |
(1) | Substantially all of the assets of these funds are invested in large-cap U.S. companies. The remainder of the assets of these funds is invested in cash reserves. |
(2) | Substantially all of the assets of these funds are invested in small-cap U.S. companies. The remainder of the assets of these funds is invested in cash reserves. |
(3) | Substantially all of the assets of these funds are invested in international companies in developed markets (excluding the United States and Canada). The remainder of the assets of these funds is invested in cash reserves. |
(4) | This category represents investment grade bonds of U.S. issuers, including U.S. Treasury notes. |
Year Ended December 31, | ||||||||
2015 | 2014 | |||||||
Non-U.S. Plans | Non-U.S. Plans | |||||||
Contributions to multi-employer plans (1) | $ | 4,489 | $ | 2,295 |
(1) | The plan information for both the Pensionskasse der Mitarbeiter der Hoechst-Gruppe VVaG and Pensionskasse der Wacker-Chemie GmbH VVaG plans is publicly available. The plans provide fixed, monthly retirement payments on the basis of the credits earned by the participating employees. To the extent that the plans are underfunded, future contributions to the plans may increase and may be used to fund retirement benefits for employees related to other employers. The Company does not consider either of its multi-employer plans individually significant. |
2015 | 2014 | |||||||
U.S. Plans | U.S. Plans | |||||||
Change in benefit obligation | ||||||||
Benefit obligation, beginning of year | $ | 20,177 | $ | 19,958 | ||||
Service cost | 22 | 22 | ||||||
Interest cost | 571 | 733 | ||||||
Actuarial (gain) loss | (1,848 | ) | 989 | |||||
Benefits paid | (1,107 | ) | (1,525 | ) | ||||
Benefit obligation, end of year | $ | 17,815 | $ | 20,177 | ||||
Change in plan assets | ||||||||
Fair value of plan assets, beginning of year | $ | — | $ | — | ||||
Employer contribution | 1,107 | 1,525 | ||||||
Benefits paid | (1,107 | ) | (1,525 | ) | ||||
Fair value of plan assets, end of year | $ | — | $ | — | ||||
Funded status, end of year | $ | (17,815 | ) | $ | (20,177 | ) |
2015 | 2014 | |||||||
U.S. Plans | U.S. Plans | |||||||
Amounts recognized in the consolidated balance sheet at December 31 | ||||||||
Current liabilities | $ | (1,244 | ) | $ | (1,798 | ) | ||
Noncurrent liabilities | (16,571 | ) | (18,379 | ) | ||||
Net amount recognized | $ | (17,815 | ) | $ | (20,177 | ) |
2015 | 2014 | |||||||
U.S. Plans | U.S. Plans | |||||||
Amounts recognized in accumulated other comprehensive income | ||||||||
Net loss | $ | 2,978 | $ | 5,171 | ||||
Total before tax (1) | $ | 2,978 | $ | 5,171 |
(1) | After-tax totals for post-retirement healthcare benefits were $1,795 and $3,127 for 2015 and 2014, respectively, and are reflected in stockholders' equity as accumulated other comprehensive loss. |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
U.S. Plans | U.S. Plans | U.S. Plans | ||||||||||
Components of net periodic benefit cost | ||||||||||||
Service cost | $ | 22 | $ | 22 | $ | 30 | ||||||
Interest cost | 571 | 733 | 623 | |||||||||
Net amortization | 345 | 353 | 457 | |||||||||
Net periodic benefit cost | $ | 938 | $ | 1,108 | $ | 1,110 | ||||||
Other changes in plan assets and benefit obligation recognized in other comprehensive income (OCI) | ||||||||||||
Net (gain) loss emerging | $ | (1,848 | ) | $ | 989 | $ | (501 | ) | ||||
Amortization of net loss | (345 | ) | (303 | ) | (373 | ) | ||||||
Amortization of prior service cost | — | (50 | ) | (84 | ) | |||||||
Total recognized in OCI | $ | (2,193 | ) | $ | 636 | $ | (958 | ) | ||||
Total net periodic benefit cost and OCI | $ | (1,255 | ) | $ | 1,744 | $ | 152 |
2015 | 2014 | 2013 | |||||||
U.S. Plans | U.S. Plans | U.S. Plans | |||||||
Weighted average assumptions used to determine benefit obligations at December 31 | |||||||||
Discount rate | 3.5 | % | 3.3 | % | 4.0 | % | |||
Weighted average assumptions used to determine net periodic benefit costs for years ended December 31 | |||||||||
Discount rate | 3.3 | % | 4.0 | % | 3.0 | % |
Pension Benefits | Post- retirement Healthcare | |||||||
Estimated future benefit payments: | ||||||||
Year 1 | $ | 8,159 | $ | 1,244 | ||||
Year 2 | 7,345 | 1,408 | ||||||
Year 3 | 7,901 | 1,409 | ||||||
Year 4 | 8,461 | 1,395 | ||||||
Year 5 | 7,813 | 1,363 | ||||||
Years 6 to 10 | 36,897 | 6,005 |
Options | Weighted Average Exercise Price | Weighted Average Remaining Term (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding at December 31, 2014 | 1,179,402 | $ | 24.89 | ||||||||||
Granted | 168,369 | 67.59 | |||||||||||
Exercised | (32,308 | ) | 32.92 | ||||||||||
Cancelled | (47,673 | ) | 32.64 | ||||||||||
Outstanding at December 31, 2015 | 1,267,790 | $ | 30.07 | 5.0 | $ | 34,577 | |||||||
Exercisable at December 31, 2015 | 822,573 | $ | 19.08 | 4.2 | $ | 29,376 |
Range of Prices | Options Outstanding | Weighted Average Remaining Contractual Life (Years) | |||
$7.12 - $9.65 | 304,200 | 2.7 | |||
$10.26 - $18.05 | 349,906 | 2.6 | |||
$22.92 - $30.05 | 191,292 | 5.7 | |||
$40.38 - $52.35 | 107,562 | 7.3 | |||
$63.98 - $68.18 | 314,830 | 8.7 |
Stock Option Grants | ||||||||||||
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Weighted average fair value | $ | 20.21 | $ | 20.49 | $ | 17.03 | ||||||
Risk-free interest rate | 1.7 | % | 1.6 | % | 0.9 | % | ||||||
Expected life in years | 5 | 5 | 5 | |||||||||
Expected volatility | 34.2 | % | 35.7 | % | 44.5 | % | ||||||
Expected dividend yield | 0.9 | % | 0.7 | % | 0.6 | % |
Number of Shares | Weighted Average Grant Date Fair Value | ||||||
Non-vested at December 31, 2014 | 205,056 | $ | 24.52 | ||||
Vested | (124,380 | ) | 30.17 | ||||
Forfeited | (15,820 | ) | 15.81 | ||||
Non-vested at December 31, 2015 | 64,856 | $ | 15.81 |
Number of Units | Weighted Average Grant Date Fair Value | ||||||
Non-vested at December 31, 2014 | 422,000 | $ | 55.75 | ||||
Granted | 100,258 | 65.77 | |||||
Vested | (12,277 | ) | 61.08 | ||||
Forfeited | (11,109 | ) | 56.82 | ||||
Non-vested at December 31, 2015 | 498,872 | $ | 57.61 |
Asset Derivatives | ||||||||||
Balance Sheet Location | Fair Value as of December 31, | |||||||||
2015 | 2014 | |||||||||
Not designated as hedging instruments | ||||||||||
Commodity forward contracts | Accounts receivable, net | $ | 3,465 | $ | 3,145 | |||||
Commodity forward contracts | Deferred charges and other assets, net | 2,088 | — | |||||||
Total asset derivatives | $ | 5,553 | $ | 3,145 | ||||||
Liability Derivatives | ||||||||||
Balance Sheet Location | Fair Value as of December 31, | |||||||||
2015 | 2014 | |||||||||
Not designated as hedging instruments | ||||||||||
Commodity forward contracts | Accrued liabilities | $ | 9,325 | $ | 6,549 | |||||
Commodity forward contracts | Other liabilities | 12,437 | 3,559 | |||||||
Total liability derivatives | $ | 21,762 | $ | 10,108 |
Derivatives in Fair Value Hedging Relationships | Location of Gain (Loss) Recognized in Income on Derivative | Year Ended December 31, | ||||
2013 | ||||||
Commodity forward contracts | Cost of sales | $ | (303 | ) |
Hedged Items in Fair Value Hedging Relationships | Location of Gain (Loss) Recognized in Income on Hedged Items | Year Ended December 31, | ||||
2013 | ||||||
Firm commitment designated as the hedged item | Cost of sales | $ | 143 |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income on Derivative | Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Commodity forward contracts | Gross profit | $ | (11,395 | ) | $ | (9,678 | ) | $ | 5,438 |
Derivative Assets as of December 31, | ||||||||
2015 | 2014 | |||||||
Derivative assets subject to enforceable master netting arrangements | $ | — | $ | 2,333 | ||||
Derivative assets not subject to enforceable master netting arrangements | 462 | 111 | ||||||
Total derivative assets | $ | 462 | $ | 2,444 |
December 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Offsetting of Derivative Assets | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | ||||||||||||||||||
Commodity forward contracts | $ | 5,091 | $ | (5,091 | ) | $ | — | $ | 3,034 | $ | (701 | ) | $ | 2,333 |
December 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Derivative Assets by Counterparty | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | Net Amount | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | Net Amount | ||||||||||||||||||
Counterparty A | $ | — | $ | — | $ | — | $ | 2,333 | $ | — | $ | 2,333 | ||||||||||||
Total | $ | — | $ | — | $ | — | $ | 2,333 | $ | — | $ | 2,333 |
Derivative Liabilities as of December 31, | ||||||||
2015 | 2014 | |||||||
Derivative liabilities subject to enforceable master netting arrangements | $ | 5,803 | $ | 1,490 | ||||
Derivative liabilities not subject to enforceable master netting arrangements | 10,868 | 7,917 | ||||||
Total derivative liabilities | $ | 16,671 | $ | 9,407 |
December 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Offsetting of Derivative Liabilities | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | ||||||||||||||||||
Commodity forward contracts | $ | 10,894 | $ | (5,091 | ) | $ | 5,803 | $ | 2,191 | $ | (701 | ) | $ | 1,490 |
December 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Derivative Liabilities by Counterparty | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | Net Amount | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | Net Amount | ||||||||||||||||||
Counterparty A | $ | 5,564 | $ | — | $ | 5,564 | $ | 1,490 | $ | — | $ | 1,490 | ||||||||||||
Counterparty B | 239 | — | 239 | — | — | — | ||||||||||||||||||
Total | $ | 5,803 | $ | — | $ | 5,803 | $ | 1,490 | $ | — | $ | 1,490 |
2015 | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Derivative instruments | ||||||||||||
Risk management assets—Commodity forward contracts | $ | 5,553 | $ | — | $ | 5,553 | ||||||
Risk management liabilities—Commodity forward contracts | (11,648 | ) | (10,114 | ) | (21,762 | ) | ||||||
Marketable securities | ||||||||||||
Available-for-sale securities | 48,081 | 520,144 | 568,225 | |||||||||
2014 | ||||||||||||
Level 1 | Level 2 | Total | ||||||||||
Derivative instruments | ||||||||||||
Risk management assets—Commodity forward contracts | $ | 3,143 | $ | 2 | $ | 3,145 | ||||||
Risk management liabilities—Commodity forward contracts | — | (10,108 | ) | (10,108 | ) | |||||||
Marketable securities | ||||||||||||
Available-for-sale securities | 15,414 | — | 15,414 |
2015 | 2014 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
3.60% senior notes due 2022 | $ | 249,226 | $ | 244,828 | $ | 249,108 | $ | 248,630 | ||||||||
6 ½% senior notes due 2029 | 100,000 | 117,153 | 100,000 | 116,384 | ||||||||||||
6 ¾% senior notes due 2032 | 250,000 | 268,490 | 250,000 | 285,545 | ||||||||||||
6 ½% GO Zone Senior Notes Due 2035 | 89,000 | 106,491 | 89,000 | 106,504 | ||||||||||||
6 ½% IKE Zone Senior Notes Due 2035 | 65,000 | 76,741 | 65,000 | 77,784 | ||||||||||||
Loan related to tax-exempt waste disposal revenue bonds due 2027 | 10,889 | 10,889 | 10,889 | 10,889 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Domestic | $ | 880,044 | $ | 1,102,101 | $ | 944,378 | ||||||
Foreign | 83,397 | (18,183 | ) | (2,206 | ) | |||||||
$ | 963,441 | $ | 1,083,918 | $ | 942,172 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Current | ||||||||||||
Federal | $ | 225,617 | $ | 300,610 | $ | 215,903 | ||||||
State | 23,966 | 37,351 | 22,249 | |||||||||
Foreign | 9,029 | 1,974 | (137 | ) | ||||||||
258,612 | 339,935 | 238,015 | ||||||||||
Deferred | ||||||||||||
Federal | 29,820 | 40,950 | 94,471 | |||||||||
State | 2,807 | 22,714 | (556 | ) | ||||||||
Foreign | 7,157 | (4,697 | ) | (183 | ) | |||||||
39,784 | 58,967 | 93,732 | ||||||||||
Total provision | $ | 298,396 | $ | 398,902 | $ | 331,747 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Provision for federal income tax, at statutory rate | $ | 337,204 | $ | 379,371 | $ | 329,760 | ||||||
State income tax provision, net of federal income tax effect | 17,403 | 40,012 | 14,364 | |||||||||
Foreign income tax rate differential | (13,002 | ) | 3,640 | 519 | ||||||||
Manufacturing deduction | (24,185 | ) | (24,465 | ) | (16,275 | ) | ||||||
Contingent tax liability | — | (1,626 | ) | (404 | ) | |||||||
Noncontrolling interests | (6,662 | ) | (2,255 | ) | — | |||||||
Other, net | (12,362 | ) | 4,225 | 3,783 | ||||||||
$ | 298,396 | $ | 398,902 | $ | 331,747 |
2015 | 2014 | |||||||
Net operating loss carryforward | $ | 17,679 | $ | 18,200 | ||||
Credit carryforward | 746 | 694 | ||||||
Accruals | 62,204 | 62,845 | ||||||
Allowance for doubtful accounts | 4,617 | 1,998 | ||||||
Inventories | 8,663 | 11,437 | ||||||
Other | 7,747 | 7,660 | ||||||
Deferred taxes assets—total | 101,656 | 102,834 | ||||||
Property, plant and equipment | (423,381 | ) | (398,683 | ) | ||||
Turnaround costs | (1,467 | ) | (2,289 | ) | ||||
Basis difference—consolidated partnerships | (200,627 | ) | (194,480 | ) | ||||
Deferred tax liabilities—total | (625,475 | ) | (595,452 | ) | ||||
Valuation allowance | (16,345 | ) | (11,011 | ) | ||||
Total net deferred tax liabilities | $ | (540,164 | ) | $ | (503,629 | ) | ||
Balance sheet classifications | ||||||||
Current deferred tax asset | $ | 35,439 | $ | 32,437 | ||||
Noncurrent deferred tax liability | (575,603 | ) | (536,066 | ) | ||||
Total net deferred tax liabilities | $ | (540,164 | ) | $ | (503,629 | ) |
2015 | 2014 | |||||||
Beginning balance | $ | — | $ | 2,501 | ||||
Reductions due to statutes of limitations expiring | — | (2,501 | ) | |||||
Ending balance | $ | — | $ | — |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Net income attributable to Westlake Chemical Corporation | $ | 646,010 | $ | 678,523 | $ | 610,425 | ||||||
Less: | ||||||||||||
Net income attributable to participating securities | (2,825 | ) | (1,502 | ) | (2,562 | ) | ||||||
Net income attributable to common shareholders | $ | 643,185 | $ | 677,021 | $ | 607,863 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Weighted average common shares—basic (1) | 131,823,707 | 133,111,230 | 133,224,256 | |||||||||
Plus incremental shares from: | ||||||||||||
Assumed exercise of options (1) | 478,105 | 532,184 | 554,994 | |||||||||
Weighted average common shares—diluted (1) | 132,301,812 | 133,643,414 | 133,779,250 | |||||||||
Earnings per common share attributable to Westlake Chemical Corporation: (1) | ||||||||||||
Basic | $ | 4.88 | $ | 5.09 | $ | 4.57 | ||||||
Diluted | $ | 4.86 | $ | 5.07 | $ | 4.55 |
(1) | Share amounts and per share data for the year ended December 31, 2013 have been restated to reflect the effect of a two-for-one stock split on March 18, 2014. See Note 9 for additional information. |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Interest income | $ | 6,034 | $ | 3,468 | $ | 3,086 | ||||||
Dividend income | 3,559 | 532 | — | |||||||||
Foreign exchange currency gains (losses), net (1) | 1,828 | (7,382 | ) | (1,375 | ) | |||||||
Income from equity method investments | 6,242 | 5,883 | 4,914 | |||||||||
Impairment of equity method investments | (4,925 | ) | (6,747 | ) | — | |||||||
Gain on acquisition and related expenses, net | 20,430 | — | — | |||||||||
Gains (losses) from sales of securities, net | 3,798 | 1,212 | (19 | ) | ||||||||
Other | 1,304 | 313 | 184 | |||||||||
Other income (expense), net | $ | 38,270 | $ | (2,721 | ) | $ | 6,790 |
(1) | Aggregate foreign exchange currency gains and losses included in the consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013. |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Cash paid for: | ||||||||||||
Interest paid, net of interest capitalized | $ | 31,946 | $ | 35,336 | $ | 16,426 | ||||||
Income taxes paid | 314,186 | 314,745 | 251,599 |
Year Ended December 31, | ||||||||
2015 | 2014 | |||||||
Fair value of assets acquired | $ | 44,013 | $ | 961,823 | ||||
Fair value of investment before business combination, net of preexisting balances | (10,352 | ) | — | |||||
Noncontrolling interest acquired | (1,597 | ) | — | |||||
Cash paid | (5,518 | ) | (736,224 | ) | ||||
Liabilities assumed | $ | 26,546 | $ | 225,599 |
Total proceeds from the initial public offering | $ | 310,500 | ||
Less: Offering Costs | (24,412 | ) | ||
Net proceeds from the initial public offering | 286,088 | |||
Less: Cash retained by OpCo | (55,419 | ) | ||
Net proceeds distributed to the Company from the initial public offering | $ | 230,669 |
Fair value of consideration transferred—cash | $ | 5,518 | ||
Preexisting balances between the Company and Huasu, net | (8,538 | ) | ||
Fair value of the Company's investment in Huasu before the business combination (1) | 18,890 | |||
Fair value of the noncontrolling interest in Huasu (1) | 1,597 | |||
$ | 17,467 | |||
Preliminary allocation of consideration transferred to net assets acquired: | ||||
Cash | $ | 21,300 | ||
Working capital, excluding inventory and cash (2) | (5,461 | ) | ||
Inventories | 17,717 | |||
Property, plant and equipment | 19,786 | |||
Other assets | 7,760 | |||
Notes payable to banks | (21,085 | ) | ||
Total identifiable net assets | 40,017 | |||
Bargain purchase gain on acquisition | $ | 22,550 |
(1) | The fair values of the Company's 59.3% equity interest and the noncontrolling interest were estimated using internally developed, unobservable inputs (Level 3 inputs in the fair value hierarchy of fair value accounting) based on a cost approach. |
(2) | The fair value of accounts receivable acquired is $2,515, with the gross contractual amount being $3,006. The Company expects $491 to be uncollectible. |
Pro Forma Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net sales | $ | 5,152,806 | $ | 4,976,998 | ||||
Net income | $ | 737,913 | $ | 666,202 | ||||
Net income attributable to noncontrolling interests | 6,493 | — | ||||||
Net income attributable to Westlake Chemical Corporation | $ | 731,420 | $ | 666,202 | ||||
Earnings per common share attributable to Westlake Chemical Corporation: | ||||||||
Basic | $ | 5.48 | $ | 4.98 | ||||
Diluted | $ | 5.46 | $ | 4.96 |
Fair value of consideration transferred: | ||||
Cash paid to Sellers | $ | 309,619 | ||
Cash deposited in escrow (1) | 13,390 | |||
Retirement of long-term debt as of July 31, 2014, on behalf of the Sellers (2) | 413,215 | |||
Total purchase consideration | $ | 736,224 | ||
Allocation of consideration transferred to net assets acquired: | ||||
Cash | $ | 125,137 | ||
Working capital, excluding inventory and cash (3) | 15,373 | |||
Inventories (4) | 114,961 | |||
Property, plant and equipment | 469,484 | |||
Investments | 51,552 | |||
Other assets (5) | 76,828 | |||
Intangible assets: | ||||
Trademarks and trade name (weighted average life of 20 years) | 40,170 | |||
Developed technologies (weighted average life of 20 years) | 31,600 | |||
Other intangibles (weighted average life of 9.4 years) | 1,422 | |||
Deferred income tax asset—current | 7,909 | |||
Deferred income tax asset—non-current | 27,387 | |||
Pension obligation | (117,970 | ) | ||
Other long-term liabilities | (10,723 | ) | ||
Power purchase agreement liability (6) | (10,826 | ) | ||
Deferred income tax liability—current | (6,845 | ) | ||
Deferred income tax liability—non-current | (79,235 | ) | ||
Total identifiable net assets | 736,224 | |||
Goodwill (7) | — | |||
Consideration transferred | $ | 736,224 |
(1) | None of the cash held in escrow is considered contingent consideration as it is expected to be released to the Sellers pending the Sellers' satisfaction of general representations and warranties made in connection with the execution of the purchase agreement. |
(2) | Vinnolit's long-term debt paid on behalf of the Sellers was not legally assumed by Westlake in the acquisition and the retirement was a condition of the consummation of the purchase agreement. Therefore, the retirement has been included in the total purchase consideration. |
(3) | The fair value of accounts receivable acquired is $181,890, with the gross contractual amount being $183,833. The Company expects $1,943 to be uncollectable. |
(4) | An adjustment of approximately $16,900 was recorded to reflect Vinnolit's inventories at fair value and increased cost of sales by the same amount for the year ended December 31, 2014. |
(5) | Included in other assets was a loan acquired that was repaid prior to December 31, 2014. |
(6) | A liability arising from the unfavorable forward purchase contracts for the purchase of power was recognized at fair value. This liability will be amortized over a period of approximately three years, being the weighted-average life of the forward purchase contracts. |
(7) | As the fair value of the net assets acquired equals consideration paid, no goodwill was recorded. |
Operating Leases | Capital Leases | |||||||
2016 | $ | 43,200 | $ | 245 | ||||
2017 | 42,293 | 245 | ||||||
2018 | 35,119 | 245 | ||||||
2019 | 29,164 | 245 | ||||||
2020 | 24,124 | 245 | ||||||
Thereafter | 582,327 | 779 | ||||||
Total minimum lease payments | $ | 756,227 | $ | 2,004 | ||||
Less: Imputed interest costs | (519 | ) | ||||||
Present value of net minimum lease payments | $ | 1,485 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Net external sales | ||||||||||||
Olefins | ||||||||||||
Polyethylene | $ | 1,650,964 | $ | 1,922,535 | $ | 1,750,292 | ||||||
Styrene, feedstock and other | 609,149 | 801,155 | 803,377 | |||||||||
Total olefins | 2,260,113 | 2,723,690 | 2,553,669 | |||||||||
Vinyls | ||||||||||||
PVC, caustic soda and other | 1,718,359 | 1,203,332 | 800,658 | |||||||||
Building products | 484,864 | 488,328 | 405,157 | |||||||||
Total vinyls | 2,203,223 | 1,691,660 | 1,205,815 | |||||||||
$ | 4,463,336 | $ | 4,415,350 | $ | 3,759,484 | |||||||
Intersegment sales | ||||||||||||
Olefins | $ | 106,861 | $ | 146,539 | $ | 320,909 | ||||||
Vinyls | 1,493 | 1,385 | 1,502 | |||||||||
$ | 108,354 | $ | 147,924 | $ | 322,411 | |||||||
Income (loss) from operations | ||||||||||||
Olefins | $ | 747,436 | $ | 1,013,825 | $ | 833,249 | ||||||
Vinyls | 254,452 | 142,740 | 154,684 | |||||||||
Corporate and other | (42,061 | ) | (32,574 | ) | (34,469 | ) | ||||||
$ | 959,827 | $ | 1,123,991 | $ | 953,464 | |||||||
Depreciation and amortization | ||||||||||||
Olefins | $ | 110,684 | $ | 106,244 | $ | 102,938 | ||||||
Vinyls | 134,546 | 101,666 | 54,371 | |||||||||
Corporate and other | 527 | 576 | 499 | |||||||||
$ | 245,757 | $ | 208,486 | $ | 157,808 | |||||||
Other income (expense), net | ||||||||||||
Olefins | $ | 4,656 | $ | 6,102 | $ | 7,410 | ||||||
Vinyls | 8,540 | 2,680 | (1,858 | ) | ||||||||
Corporate and other | 25,074 | (11,503 | ) | 1,238 | ||||||||
$ | 38,270 | $ | (2,721 | ) | $ | 6,790 | ||||||
Provision for (benefit from) income taxes | ||||||||||||
Olefins | $ | 242,516 | $ | 354,159 | $ | 288,214 | ||||||
Vinyls | 64,456 | 52,249 | 48,296 | |||||||||
Corporate and other | (8,576 | ) | (7,506 | ) | (4,763 | ) | ||||||
$ | 298,396 | $ | 398,902 | $ | 331,747 | |||||||
Capital expenditures | ||||||||||||
Olefins | $ | 304,873 | $ | 188,729 | $ | 145,542 | ||||||
Vinyls | 176,582 | 237,992 | 531,939 | |||||||||
Corporate and other | 9,971 | 4,383 | 1,741 | |||||||||
$ | 491,426 | $ | 431,104 | $ | 679,222 |
December 31, 2015 | December 31, 2014 | |||||||
Total assets | ||||||||
Olefins | $ | 1,869,888 | $ | 1,785,895 | ||||
Vinyls | 2,638,833 | 2,618,646 | ||||||
Corporate and other | 1,066,531 | 809,449 | ||||||
$ | 5,575,252 | $ | 5,213,990 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Income from operations for reportable segments | $ | 959,827 | $ | 1,123,991 | $ | 953,464 | ||||||
Interest expense | (34,656 | ) | (37,352 | ) | (18,082 | ) | ||||||
Other income (expense), net | 38,270 | (2,721 | ) | 6,790 | ||||||||
Income before income taxes | $ | 963,441 | $ | 1,083,918 | $ | 942,172 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Sales to external customers (1) | ||||||||||||
United States | $ | 3,133,395 | $ | 3,596,091 | $ | 3,404,378 | ||||||
Foreign | ||||||||||||
Germany | 394,459 | 198,921 | 3,942 | |||||||||
Canada | 195,790 | 217,567 | 214,162 | |||||||||
Switzerland | 106,750 | 89,214 | 54,637 | |||||||||
Italy | 90,237 | 36,823 | 55 | |||||||||
France | 58,727 | 27,521 | 8,207 | |||||||||
Other | 483,978 | 249,213 | 74,103 | |||||||||
$ | 4,463,336 | $ | 4,415,350 | $ | 3,759,484 |
December 31, 2015 | December 31, 2014 | |||||||
Long-lived assets | ||||||||
United States | $ | 2,588,366 | $ | 2,319,572 | ||||
Foreign | ||||||||
Germany | 379,262 | 417,702 | ||||||
Other | 36,439 | 20,283 | ||||||
$ | 3,004,067 | $ | 2,757,557 |
(1) | Revenues are attributed to countries based on location of customer. |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | OpCo (Less Than 100% Owned Guarantor Subsidiary) | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 303,131 | $ | 6,828 | $ | 163,430 | $ | 189,136 | $ | — | $ | 662,525 | ||||||||||||
Marketable securities | 520,144 | — | — | — | — | 520,144 | ||||||||||||||||||
Accounts receivable, net | 10,943 | 2,183,276 | 51,582 | 113,321 | (1,850,590 | ) | 508,532 | |||||||||||||||||
Inventories | — | 326,588 | 3,879 | 103,593 | — | 434,060 | ||||||||||||||||||
Prepaid expenses and other current assets | 2,201 | 12,166 | 267 | 2,734 | (2,879 | ) | 14,489 | |||||||||||||||||
Deferred income taxes | 702 | 32,787 | — | 1,950 | — | 35,439 | ||||||||||||||||||
Total current assets | 837,121 | 2,561,645 | 219,158 | 410,734 | (1,853,469 | ) | 2,175,189 | |||||||||||||||||
Property, plant and equipment, net | — | 1,567,897 | 1,020,469 | 415,701 | — | 3,004,067 | ||||||||||||||||||
Equity investments | 4,991,167 | 1,207,679 | — | 469,915 | (6,659,553 | ) | 9,208 | |||||||||||||||||
Other assets, net | 17,896 | 450,428 | 44,157 | 129,539 | (255,232 | ) | 386,788 | |||||||||||||||||
Total assets | $ | 5,846,184 | $ | 5,787,649 | $ | 1,283,784 | $ | 1,425,889 | $ | (8,768,254 | ) | $ | 5,575,252 | |||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts and notes payable | $ | 1,817,963 | $ | 121,820 | $ | 33,901 | $ | 87,510 | $ | (1,825,865 | ) | $ | 235,329 | |||||||||||
Accrued liabilities | 9,117 | 195,785 | 21,873 | 88,142 | (27,604 | ) | 287,313 | |||||||||||||||||
Total current liabilities | 1,827,080 | 317,605 | 55,774 | 175,652 | (1,853,469 | ) | 522,642 | |||||||||||||||||
Long-term debt | 753,226 | 10,889 | 248,665 | — | (248,665 | ) | 764,115 | |||||||||||||||||
Deferred income taxes | — | 532,837 | 1,392 | 47,941 | (6,567 | ) | 575,603 | |||||||||||||||||
Other liabilities | — | 49,334 | — | 101,627 | — | 150,961 | ||||||||||||||||||
Total liabilities | 2,580,306 | 910,665 | 305,831 | 325,220 | (2,108,701 | ) | 2,013,321 | |||||||||||||||||
Total Westlake Chemical Corporation stockholders' equity | 3,265,878 | 4,876,984 | 977,953 | 804,616 | (6,659,553 | ) | 3,265,878 | |||||||||||||||||
Noncontrolling interests | — | — | — | 296,053 | — | 296,053 | ||||||||||||||||||
Total equity | 3,265,878 | 4,876,984 | 977,953 | 1,100,669 | (6,659,553 | ) | 3,561,931 | |||||||||||||||||
Total liabilities and equity | $ | 5,846,184 | $ | 5,787,649 | $ | 1,283,784 | $ | 1,425,889 | $ | (8,768,254 | ) | $ | 5,575,252 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | OpCo (Less Than 100% Owned Guarantor Subsidiary) | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 655,947 | $ | 3,057 | $ | 131,545 | $ | 90,052 | $ | — | $ | 880,601 | ||||||||||||
Accounts receivable, net | 8,451 | 1,454,709 | 56,049 | 135,133 | (1,093,676 | ) | 560,666 | |||||||||||||||||
Inventories | — | 414,975 | 6,634 | 104,167 | — | 525,776 | ||||||||||||||||||
Prepaid expenses and other current assets | 172 | 9,485 | 212 | 1,938 | — | 11,807 | ||||||||||||||||||
Deferred income taxes | 409 | 29,832 | — | 2,196 | — | 32,437 | ||||||||||||||||||
Total current assets | 664,979 | 1,912,058 | 194,440 | 333,486 | (1,093,676 | ) | 2,011,287 | |||||||||||||||||
Property, plant and equipment, net | — | 1,477,515 | 842,057 | 437,985 | — | 2,757,557 | ||||||||||||||||||
Equity investments | 4,033,378 | 1,237,080 | — | 352,550 | (5,561,703 | ) | 61,305 | |||||||||||||||||
Other assets, net | 30,543 | 387,325 | 57,733 | 141,948 | (233,708 | ) | 383,841 | |||||||||||||||||
Total assets | $ | 4,728,900 | $ | 5,013,978 | $ | 1,094,230 | $ | 1,265,969 | $ | (6,889,087 | ) | $ | 5,213,990 | |||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | 1,055,527 | $ | 160,834 | $ | 17,680 | $ | 95,856 | $ | (1,068,835 | ) | $ | 261,062 | |||||||||||
Accrued liabilities | 8,754 | 203,608 | 11,225 | 77,372 | (24,841 | ) | 276,118 | |||||||||||||||||
Total current liabilities | 1,064,281 | 364,442 | 28,905 | 173,228 | (1,093,676 | ) | 537,180 | |||||||||||||||||
Long-term debt | 753,108 | 10,889 | 227,638 | — | (227,638 | ) | 763,997 | |||||||||||||||||
Deferred income taxes | — | 497,919 | 1,848 | 42,369 | (6,070 | ) | 536,066 | |||||||||||||||||
Other liabilities | — | 43,452 | — | 131,407 | — | 174,859 | ||||||||||||||||||
Total liabilities | 1,817,389 | 916,702 | 258,391 | 347,004 | (1,327,384 | ) | 2,012,102 | |||||||||||||||||
Total Westlake Chemical Corporation stockholders' equity | 2,911,511 | 4,097,276 | 835,839 | 628,588 | (5,561,703 | ) | 2,911,511 | |||||||||||||||||
Noncontrolling interests | — | — | — | 290,377 | — | 290,377 | ||||||||||||||||||
Total equity | 2,911,511 | 4,097,276 | 835,839 | 918,965 | (5,561,703 | ) | 3,201,888 | |||||||||||||||||
Total liabilities and equity | $ | 4,728,900 | $ | 5,013,978 | $ | 1,094,230 | $ | 1,265,969 | $ | (6,889,087 | ) | $ | 5,213,990 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | OpCo (Less Than 100% Owned Guarantor Subsidiary) | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Statement of Operations | ||||||||||||||||||||||||
Net sales | $ | — | $ | 3,660,393 | $ | 1,007,221 | $ | 1,039,165 | $ | (1,243,443 | ) | $ | 4,463,336 | |||||||||||
Cost of sales | — | 2,944,420 | 624,339 | 933,007 | (1,223,621 | ) | 3,278,145 | |||||||||||||||||
Gross profit | — | 715,973 | 382,882 | 106,158 | (19,822 | ) | 1,185,191 | |||||||||||||||||
Selling, general and administrative expenses | 2,478 | 167,431 | 20,138 | 55,139 | (19,822 | ) | 225,364 | |||||||||||||||||
(Loss) income from operations | (2,478 | ) | 548,542 | 362,744 | 51,019 | — | 959,827 | |||||||||||||||||
Interest expense | (42,197 | ) | (10 | ) | (2,691 | ) | (521 | ) | 10,763 | (34,656 | ) | |||||||||||||
Other income (expense), net | 19,614 | 1,033 | (63 | ) | 28,449 | (10,763 | ) | 38,270 | ||||||||||||||||
(Loss) income before income taxes | (25,061 | ) | 549,565 | 359,990 | 78,947 | — | 963,441 | |||||||||||||||||
(Benefit from) provision for income taxes | (7,237 | ) | 288,329 | 672 | 16,632 | — | 298,396 | |||||||||||||||||
Equity in net income of subsidiaries | 663,834 | 314,026 | — | 45,292 | (1,023,152 | ) | — | |||||||||||||||||
Net income | 646,010 | 575,262 | 359,318 | 107,607 | (1,023,152 | ) | 665,045 | |||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 19,035 | — | 19,035 | ||||||||||||||||||
Net income attributable to Westlake Chemical Corporation | $ | 646,010 | $ | 575,262 | $ | 359,318 | $ | 88,572 | $ | (1,023,152 | ) | $ | 646,010 | |||||||||||
Comprehensive income attributable to Westlake Chemical Corporation | $ | 596,151 | $ | 572,731 | $ | 359,318 | $ | 42,143 | $ | (974,192 | ) | $ | 596,151 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | OpCo (Less Than 100% Owned Guarantor Subsidiary) | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Statement of Operations | ||||||||||||||||||||||||
Net sales | $ | — | $ | 3,727,361 | $ | 1,749,700 | $ | 475,401 | $ | (1,537,112 | ) | $ | 4,415,350 | |||||||||||
Cost of sales | — | 3,162,246 | 1,003,888 | 447,676 | (1,515,810 | ) | 3,098,000 | |||||||||||||||||
Gross profit | — | 565,115 | 745,812 | 27,725 | (21,302 | ) | 1,317,350 | |||||||||||||||||
Selling, general and administrative expenses | 2,082 | 144,987 | 26,870 | 40,722 | (21,302 | ) | 193,359 | |||||||||||||||||
(Loss) income from operations | (2,082 | ) | 420,128 | 718,942 | (12,997 | ) | — | 1,123,991 | ||||||||||||||||
Interest expense | (39,763 | ) | (10 | ) | (10,499 | ) | (492 | ) | 13,412 | (37,352 | ) | |||||||||||||
Other income (expense), net | 21,001 | (4,921 | ) | 3,151 | (8,540 | ) | (13,412 | ) | (2,721 | ) | ||||||||||||||
(Loss) income before income taxes | (20,844 | ) | 415,197 | 711,594 | (22,029 | ) | — | 1,083,918 | ||||||||||||||||
Provision for (benefit from) income taxes | 248 | 202,501 | 199,388 | (3,235 | ) | — | 398,902 | |||||||||||||||||
Equity in net income of subsidiaries | 699,615 | 496,244 | — | 15,962 | (1,211,821 | ) | — | |||||||||||||||||
Net income (loss) | 678,523 | 708,940 | 512,206 | (2,832 | ) | (1,211,821 | ) | 685,016 | ||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 6,493 | — | 6,493 | ||||||||||||||||||
Net income (loss) attributable to Westlake Chemical Corporation | $ | 678,523 | $ | 708,940 | $ | 512,206 | $ | (9,325 | ) | $ | (1,211,821 | ) | $ | 678,523 | ||||||||||
Comprehensive income (loss) attributable to Westlake Chemical Corporation | $ | 601,706 | $ | 703,148 | $ | 512,206 | $ | (80,407 | ) | $ | (1,134,947 | ) | $ | 601,706 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | OpCo (Less Than 100% Owned Guarantor Subsidiary) | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Statement of Operations | ||||||||||||||||||||||||
Net sales | $ | — | $ | 3,195,406 | $ | 2,127,747 | $ | 48,016 | $ | (1,611,685 | ) | $ | 3,759,484 | |||||||||||
Cost of sales | — | 2,971,258 | 1,255,140 | 43,333 | (1,611,685 | ) | 2,658,046 | |||||||||||||||||
Gross profit | — | 224,148 | 872,607 | 4,683 | — | 1,101,438 | ||||||||||||||||||
Selling, general and administrative expenses | 2,128 | 114,211 | 25,451 | 6,184 | — | 147,974 | ||||||||||||||||||
(Loss) income from operations | (2,128 | ) | 109,937 | 847,156 | (1,501 | ) | — | 953,464 | ||||||||||||||||
Interest expense | (18,030 | ) | (52 | ) | (8,032 | ) | — | 8,032 | (18,082 | ) | ||||||||||||||
Other income (expense), net | 11,798 | (2,438 | ) | 7,701 | (2,239 | ) | (8,032 | ) | 6,790 | |||||||||||||||
(Loss) income before income taxes | (8,360 | ) | 107,447 | 846,825 | (3,740 | ) | — | 942,172 | ||||||||||||||||
(Benefit from) provision for income taxes | (2,031 | ) | 34,340 | 300,279 | (841 | ) | — | 331,747 | ||||||||||||||||
Equity in net income of subsidiaries | 616,754 | 546,546 | — | — | (1,163,300 | ) | — | |||||||||||||||||
Net income (loss) attributable to Westlake Chemical Corporation | $ | 610,425 | $ | 619,653 | $ | 546,546 | $ | (2,899 | ) | $ | (1,163,300 | ) | $ | 610,425 | ||||||||||
Comprehensive income (loss) attributable to Westlake Chemical Corporation | $ | 618,649 | $ | 629,308 | $ | 546,546 | $ | (4,506 | ) | $ | (1,171,348 | ) | $ | 618,649 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | OpCo (Less Than 100% Owned Guarantor Subsidiary) | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net income | $ | 646,010 | $ | 575,262 | $ | 359,318 | $ | 107,607 | $ | (1,023,152 | ) | $ | 665,045 | |||||||||||
Adjustments to reconcile net income to net cash (used for) provided by operating activities | ||||||||||||||||||||||||
Depreciation and amortization | 2,004 | 124,897 | 81,210 | 39,650 | — | 247,761 | ||||||||||||||||||
Deferred income taxes | (285 | ) | 33,369 | (456 | ) | 7,156 | — | 39,784 | ||||||||||||||||
Net changes in working capital and other | (660,777 | ) | (368,494 | ) | 19,175 | 113,190 | 1,023,152 | 126,246 | ||||||||||||||||
Net cash (used for) provided by operating activities | (13,048 | ) | 365,034 | 459,247 | 267,603 | — | 1,078,836 | |||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Acquisition of business, net of cash acquired | — | — | — | 15,782 | — | 15,782 | ||||||||||||||||||
Additions to property, plant and equipment | — | (215,405 | ) | (231,185 | ) | (44,836 | ) | — | (491,426 | ) | ||||||||||||||
Proceeds from disposition of assets | — | 18 | — | 31 | — | 49 | ||||||||||||||||||
Proceeds from disposition of equity method investment | — | 27,865 | — | — | — | 27,865 | ||||||||||||||||||
Proceeds from sales and maturities of securities | 48,900 | — | — | — | — | 48,900 | ||||||||||||||||||
Purchase of securities | (556,211 | ) | (48,887 | ) | — | — | — | (605,098 | ) | |||||||||||||||
Settlements of derivative instruments | — | (2,248 | ) | — | — | — | (2,248 | ) | ||||||||||||||||
Net cash used for investing activities | (507,311 | ) | (238,657 | ) | (231,185 | ) | (29,023 | ) | — | (1,006,176 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Intercompany financing | 418,844 | (585,007 | ) | 156,368 | 9,795 | — | — | |||||||||||||||||
Intercompany financing—OpCo | — | 135,341 | (135,341 | ) | — | — | — | |||||||||||||||||
Dividends paid | (91,551 | ) | — | — | — | — | (91,551 | ) | ||||||||||||||||
Distributions paid | — | 327,060 | (352,545 | ) | 10,629 | — | (14,856 | ) | ||||||||||||||||
Purchase of limited partner interests | — | — | 135,341 | (135,341 | ) | — | — | |||||||||||||||||
Proceeds from exercise of stock options | 1,063 | — | — | — | — | 1,063 | ||||||||||||||||||
Proceeds from issuance of notes payable | — | — | — | 52,960 | — | 52,960 | ||||||||||||||||||
Repayment of notes payable | — | — | — | (73,615 | ) | — | (73,615 | ) | ||||||||||||||||
Repurchase of common stock for treasury | (162,459 | ) | — | — | — | — | (162,459 | ) | ||||||||||||||||
Windfall tax benefits from share-based payment arrangements | 1,646 | — | — | — | — | 1,646 | ||||||||||||||||||
Net cash provided by (used for) financing activities | $ | 167,543 | $ | (122,606 | ) | $ | (196,177 | ) | $ | (135,572 | ) | $ | — | $ | (286,812 | ) |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | OpCo (Less Than 100% Owned Guarantor Subsidiary) | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | $ | — | $ | — | $ | — | $ | (3,924 | ) | $ | — | $ | (3,924 | ) | ||||||||||
Net (decrease) increase in cash and cash equivalents | (352,816 | ) | 3,771 | 31,885 | 99,084 | — | (218,076 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of the year | 655,947 | 3,057 | 131,545 | 90,052 | — | 880,601 | ||||||||||||||||||
Cash and cash equivalents at end of the year | $ | 303,131 | $ | 6,828 | $ | 163,430 | $ | 189,136 | $ | — | $ | 662,525 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | OpCo (Less Than 100% Owned Guarantor Subsidiary) | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net income (loss) | $ | 678,523 | $ | 708,940 | $ | 512,206 | $ | (2,832 | ) | $ | (1,211,821 | ) | $ | 685,016 | ||||||||||
Adjustments to reconcile net income (loss) to net cash (used for) provided by operating activities | ||||||||||||||||||||||||
Depreciation and amortization | 1,673 | 111,389 | 77,611 | 19,486 | — | 210,159 | ||||||||||||||||||
Deferred income taxes | (288 | ) | 55,344 | 8,608 | (4,697 | ) | — | 58,967 | ||||||||||||||||
Net changes in working capital and other | (706,043 | ) | (1,077,982 | ) | 4,879 | 645,559 | 1,211,821 | 78,234 | ||||||||||||||||
Net cash (used for) provided by operating activities | (26,135 | ) | (202,309 | ) | 603,304 | 657,516 | — | 1,032,376 | ||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Acquisition of business, net of cash acquired | — | — | — | (611,087 | ) | — | (611,087 | ) | ||||||||||||||||
Additions to property, plant and equipment | — | (209,111 | ) | (202,823 | ) | (19,170 | ) | — | (431,104 | ) | ||||||||||||||
Proceeds from disposition of assets | — | 180 | — | 1 | — | 181 | ||||||||||||||||||
Proceeds from repayment of loan acquired | — | — | — | 45,923 | — | 45,923 | ||||||||||||||||||
Proceeds from sales and maturities of securities | 342,045 | — | — | — | — | 342,045 | ||||||||||||||||||
Purchase of securities | (117,332 | ) | — | — | — | — | (117,332 | ) | ||||||||||||||||
Settlements of derivative instruments | — | (1,698 | ) | (133 | ) | — | — | (1,831 | ) | |||||||||||||||
Net cash provided by (used for) investing activities | 224,713 | (210,629 | ) | (202,956 | ) | (584,333 | ) | — | (773,205 | ) | ||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Intercompany financing | 155,665 | (244,122 | ) | 102,702 | (14,245 | ) | — | — | ||||||||||||||||
Net distributions prior to Westlake Partners initial public offering | — | 448,101 | (448,101 | ) | — | — | — | |||||||||||||||||
Capitalized debt issuance costs | (1,186 | ) | — | — | — | — | (1,186 | ) | ||||||||||||||||
Dividends paid | (77,656 | ) | 151,729 | (151,729 | ) | — | — | (77,656 | ) | |||||||||||||||
Distributions paid | — | 54,060 | (57,763 | ) | 1,499 | — | (2,204 | ) | ||||||||||||||||
Net proceeds from issuance of Westlake Partners common units | — | — | — | 286,088 | — | 286,088 | ||||||||||||||||||
Purchase of limited partner interests | — | — | 286,088 | (286,088 | ) | — | — | |||||||||||||||||
Proceeds from exercise of stock options | 5,524 | — | — | — | — | 5,524 | ||||||||||||||||||
Repurchase of common stock for treasury | (52,630 | ) | — | — | — | — | (52,630 | ) | ||||||||||||||||
Windfall tax benefits from share-based payment arrangements | 6,704 | — | — | — | — | 6,704 | ||||||||||||||||||
Net cash provided by (used for) financing activities | $ | 36,421 | $ | 409,768 | $ | (268,803 | ) | $ | (12,746 | ) | $ | — | $ | 164,640 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | OpCo (Less Than 100% Owned Guarantor Subsidiary) | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | $ | — | $ | — | $ | — | $ | (4,511 | ) | $ | — | $ | (4,511 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | 234,999 | (3,170 | ) | 131,545 | 55,926 | — | 419,300 | |||||||||||||||||
Cash and cash equivalents at beginning of the year | 420,948 | 6,227 | — | 34,126 | — | 461,301 | ||||||||||||||||||
Cash and cash equivalents at end of the year | $ | 655,947 | $ | 3,057 | $ | 131,545 | $ | 90,052 | $ | — | $ | 880,601 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | OpCo (Less Than 100% Owned Guarantor Subsidiary) | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||
Net income (loss) | $ | 610,425 | $ | 619,653 | $ | 546,546 | $ | (2,899 | ) | $ | (1,163,300 | ) | $ | 610,425 | ||||||||||
Adjustments to reconcile net income (loss) to net cash (used for) provided by operating activities | ||||||||||||||||||||||||
Depreciation and amortization | 1,459 | 81,897 | 73,463 | 2,448 | — | 159,267 | ||||||||||||||||||
Deferred income taxes | 74 | 56,787 | 37,054 | (183 | ) | — | 93,732 | |||||||||||||||||
Net changes in working capital and other | (622,194 | ) | (607,033 | ) | (54,554 | ) | 9,786 | 1,163,300 | (110,695 | ) | ||||||||||||||
Net cash (used for) provided by operating activities | (10,236 | ) | 151,304 | 602,509 | 9,152 | — | 752,729 | |||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Acquisition of business | — | (178,309 | ) | — | — | — | (178,309 | ) | ||||||||||||||||
Additions to equity investments | — | (23,338 | ) | — | — | — | (23,338 | ) | ||||||||||||||||
Additions to property, plant and equipment | — | (453,538 | ) | (223,130 | ) | (2,554 | ) | — | (679,222 | ) | ||||||||||||||
Construction of assets pending sale-leaseback | — | (136 | ) | — | — | — | (136 | ) | ||||||||||||||||
Proceeds from disposition of assets | — | 75 | — | 76 | — | 151 | ||||||||||||||||||
Proceeds from repayment of loan to affiliate | — | — | — | 167 | — | 167 | ||||||||||||||||||
Proceeds from sales and maturities of securities | 252,519 | — | — | — | — | 252,519 | ||||||||||||||||||
Purchase of securities | (367,150 | ) | — | — | — | — | (367,150 | ) | ||||||||||||||||
Settlements of derivative instruments | — | — | (6,920 | ) | — | — | (6,920 | ) | ||||||||||||||||
Net cash used for investing activities | (114,631 | ) | (655,246 | ) | (230,050 | ) | (2,311 | ) | — | (1,002,238 | ) | |||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Intercompany financing | (128,798 | ) | (100,330 | ) | 231,067 | (1,939 | ) | — | — | |||||||||||||||
Net distributions prior to Westlake Partners initial public offering | — | 603,526 | (603,526 | ) | — | — | — | |||||||||||||||||
Dividends paid | (55,236 | ) | — | — | — | — | (55,236 | ) | ||||||||||||||||
Proceeds from exercise of stock options | 3,437 | — | — | — | — | 3,437 | ||||||||||||||||||
Repurchase of common stock for treasury | (32,918 | ) | — | — | — | — | (32,918 | ) | ||||||||||||||||
Windfall tax benefits from share-based payment arrangements | 5,449 | — | — | — | — | 5,449 | ||||||||||||||||||
Net cash (used for) provided by financing activities | $ | (208,066 | ) | $ | 503,196 | $ | (372,459 | ) | $ | (1,939 | ) | $ | — | $ | (79,268 | ) |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | OpCo (Less Than 100% Owned Guarantor Subsidiary) | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (332,933 | ) | $ | (746 | ) | $ | — | $ | 4,902 | $ | — | $ | (328,777 | ) | |||||||||
Cash and cash equivalents at beginning of the year | 753,881 | 6,973 | — | 29,224 | — | 790,078 | ||||||||||||||||||
Cash and cash equivalents at end of the year | $ | 420,948 | $ | 6,227 | $ | — | $ | 34,126 | $ | — | $ | 461,301 |
Three Months Ended | ||||||||||||||||
March 31, 2015 | June 30, 2015 | September 30, 2015 | December 31, 2015 | |||||||||||||
Net sales | $ | 1,103,531 | $ | 1,185,002 | $ | 1,188,037 | $ | 986,766 | ||||||||
Gross profit | 284,546 | 353,181 | 311,276 | 236,188 | ||||||||||||
Income from operations | 229,280 | 295,374 | 254,028 | 181,145 | ||||||||||||
Net income attributable to Westlake Chemical Corporation | 146,342 | 205,095 | 183,604 | 110,969 | ||||||||||||
Earnings per common share attributable to Westlake Chemical Corporation: (1) | ||||||||||||||||
Basic | $ | 1.10 | $ | 1.55 | $ | 1.39 | $ | 0.85 | ||||||||
Diluted | $ | 1.10 | $ | 1.54 | $ | 1.39 | $ | 0.84 | ||||||||
Three Months Ended | ||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | |||||||||||||
Net sales | $ | 1,027,676 | $ | 998,576 | $ | 1,253,227 | $ | 1,135,871 | ||||||||
Gross profit | 287,010 | 305,971 | 361,520 | 362,849 | ||||||||||||
Income from operations | 248,055 | 266,788 | 306,761 | 302,387 | ||||||||||||
Net income attributable to Westlake Chemical Corporation | 158,032 | 169,443 | 167,757 | 183,291 | ||||||||||||
Earnings per common share attributable to Westlake Chemical Corporation: (1) | ||||||||||||||||
Basic | $ | 1.18 | $ | 1.27 | $ | 1.26 | $ | 1.38 | ||||||||
Diluted | $ | 1.18 | $ | 1.26 | $ | 1.25 | $ | 1.37 |
(1) | Basic and diluted earnings per common share ("EPS") for each quarter is computed using the weighted average shares outstanding during that quarter, while EPS for the year is computed using the weighted average shares outstanding for the year. As a result, the sum of the EPS for each of the four quarters may not equal the EPS for the year. |
(a)(1) | The financial statements listed in the Index to Consolidated Financial Statements in Item 8 of this Form 10-K are filed as part of this Form 10-K. |
(a)(2) | The following schedule is presented as required. All other schedules are omitted because the information is not applicable, not required, or has been furnished in the Consolidated Financial Statements or Notes thereto in Item 8 of this Form 10-K. |
Accounts Receivable Allowance for Doubtful Accounts | Balance at Beginning of Year | Charged to Expense | Additions/ (Deductions) (1) | Balance at End of Year | ||||||||||||
2015 | $ | 13,468 | $ | 956 | $ | (329 | ) | $ | 14,095 | |||||||
2014 | 11,741 | 301 | 1,426 | 13,468 | ||||||||||||
2013 | 11,172 | 5,514 | (4,945 | ) | 11,741 |
(1) | Primarily accounts receivable written off during the period. |
(a)(3) | Exhibits |
Exhibit No. | Exhibit | |
2.1 | Share Purchase Agreement dated as of May 28, 2014 by and among Westlake Germany GmbH & Co. KG and various entities associated with Advent International Corporation (incorporated by reference to Westlake's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, filed on August 6, 2014, File No. 1-32260). | |
3.1 | Certificate of Incorporation of Westlake as filed with the Delaware Secretary of State on August 6, 2004 (incorporated by reference to Westlake's Registration Statement on Form S-1/A, filed on August 9, 2004). | |
3.2 | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Westlake as filed with the Delaware Secretary of State on May 16, 2014 (incorporated by reference to Westlake's Current Report on Form 8-K, filed on May 16, 2014, File No. 001-32260). | |
3.3 | Bylaws of Westlake (incorporated by reference to Westlake's Registration Statement on Form S-1/A, filed on August 9, 2004). | |
4.1 | Indenture dated as of January 1, 2006 by and among Westlake, the potential subsidiary guarantors listed therein and JPMorgan Chase Bank, National Association, as trustee (incorporated by reference to Westlake's Current Report on Form 8-K, filed on January 13, 2006, File No. 1-32260). | |
4.2 | First Supplemental Indenture dated as of January 13, 2006 by and among Westlake, the subsidiary guarantors party thereto and JPMorgan Chase Bank, National Association, as trustee (incorporated by reference to Westlake's Current Report on Form 8-K, filed on January 13, 2006, File No. 1-32260). | |
4.3 | Second Supplemental Indenture, dated as of November 1, 2007, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Trust Company, N.A., as trustee (incorporated by reference to Westlake's Current Report on Form 8-K, filed on December 18, 2007, File No. 1-32260). | |
4.4 | Form of 6 ¾% senior notes due 2032 (included in Exhibit 4.3). | |
4.5 | Third Supplemental Indenture, dated as of July 2, 2010, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Westlake's Current Report on Form 8-K, filed on July 8, 2010, File No. 1-32260). | |
4.6 | Form of 6 ½% senior notes due 2029 (included in Exhibit 4.5). | |
4.7 | Fourth Supplemental Indenture, dated as of December 2, 2010, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Westlake's Current Report on Form 8-K, filed on December 8, 2010, File No. 1-32260). | |
4.8 | Form of 6 ½% senior notes due 2035 (the "2035 GO Zone Notes") (included in Exhibit 4.7). | |
4.9 | Fifth Supplemental Indenture, dated as of December 2, 2010, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Westlake's Current Report on Form 8-K, filed on December 8, 2010, File No. 1-32260). | |
4.10 | Form of 6 ½% senior notes due 2035 (the "2035 IKE Zone Notes") (included in Exhibit 4.9). | |
4.11 | Supplemental Indenture, dated as of December 31, 2007, among the Company, WPT LLC, Westlake Polymers LLC, Westlake Petrochemicals LLC, Westlake Styrene LLC, the other subsidiary guarantors party thereto and The Bank of New York Trust Company, N.A. related to the 6 5/8% senior notes (incorporated by reference to Exhibit 4.6 to Westlake's Annual Report on Form 10-K for the year ended December 31, 2007, filed on February 20, 2008, File No. 1-32260). | |
4.12 | Supplemental Indenture, dated as of December 31, 2007, among the Company, WPT LLC, Westlake Polymers LLC, Westlake Petrochemicals LLC, Westlake Styrene LLC, the other subsidiary guarantors party thereto and The Bank of New York Trust Company, N.A. related to the 6 ¾% senior notes (incorporated by reference to Exhibit 4.7 to Westlake's Annual Report on Form 10-K for the year ended December 31, 2007, filed on February 20, 2008, File No. 1-32260). | |
4.13 | Sixth Supplemental Indenture, dated as of July 17, 2012, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 16, 2012, File No. 1-32260). | |
4.14 | Form of the Company's 3.60% Senior Notes due 2022 (included in Exhibit 4.13). | |
Exhibit No. | Exhibit | |
4.15 | Seventh Supplemental Indenture, dated as of February 12, 2013, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.16 to Westlake's Annual Report on Form 10-K for the year ended December 31, 2012, filed on February 22, 2013, File No. 1-32260). | |
4.16 | Supplemental Indenture, dated as of May 1, 2013, among North American Specialty Products LLC, a Delaware limited liability company, the Company, the other Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to Westlake's Current Report on Form 8-K, filed on March 29, 2013, File No. 1-32260). | |
4.17 | Supplemental Indenture, dated as of June 1, 2013, among Westlake Pipeline Investments LLC, a Delaware limited liability company, the Company, the other Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.3 to Westlake's Current Report on Form 8-K, filed on March 29, 2013, File No. 1-32260). | |
4.18 | Supplemental Indenture, dated as of June 1, 2013, among Westlake NG IV Corporation, a Delaware corporation, and Westlake NG V Corporation, a Delaware corporation, the Company, the other Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.4 to Westlake's Current Report on Form 8-K, filed on March 29, 2013, File No. 1-32260). | |
4.19 | Supplemental Indenture dated as of July 17, 2014 among Westlake Chemical OpCo, LP, the Company, the other Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Westlake's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, filed on August 6, 2014, File No. 1-32260). | |
Westlake and its subsidiaries are party to other long-term debt instruments not filed herewith under which the total amount of securities authorized does not exceed 10% of the total assets of Westlake and its subsidiaries on a consolidated basis. Pursuant to paragraph 4(iii)(A) of Item 601(b) of Regulation S-K, Westlake agrees to furnish a copy of such instruments to the SEC upon request. | ||
10.1 | Third Amended and Restated Credit Agreement dated as of July 17, 2014 by and among the financial institutions party thereto, as lenders, Bank of America, N.A., as agent, and Westlake Chemical Corporation and certain of its domestic subsidiaries, as borrowers, relating to a $400.0 million senior secured revolving credit facility (incorporated by reference to Westlake's Current Report on Form 8-K, filed on July 17, 2014, File No. 001-32260). | |
10.2 | Borrower Joinder Agreement, dated as of May 1, 2013, between North American Specialty Products LLC, a Delaware limited liability company, the Existing Borrowers (as defined therein) and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 4.1 to Westlake's Current Report on Form 8-K, filed on March 29, 2013, File No. 1-32260). | |
10.3 | Loan Agreement, dated as of November 1, 2007, by and between the Company and the Louisiana Local Government Environmental Facilities and Community Development Authority (incorporated by reference to Westlake's Current Report on Form 8-K, filed on December 18, 2007, File No. 1-32260). | |
10.4 | Amended and Restated Loan Agreement, dated as of July 2, 2010, by and between the Company and the Louisiana Local Government Environmental Facilities and Community Development Authority (incorporated by reference to Westlake's Current Report on Form 8-K, filed on July 8, 2010, File No. 1-32260). | |
10.5 | Loan Agreement, dated as of November 1, 2010, by and between the Company and the Louisiana Local Government Environmental Facilities and Community Development Authority, relating to the 2035 GO Zone Notes (incorporated by reference to Westlake's Current Report on Form 8-K, filed on December 8, 2010, File No. 1-32260). | |
10.6 | Loan Agreement, dated as of November 1, 2010, by and between the Company and the Louisiana Local Government Environmental Facilities and Community Development Authority, relating to the 2035 IKE Zone Notes (incorporated by reference to Westlake's Current Report on Form 8-K, filed on December 8, 2010, File No. 1-32260). | |
10.7 | Form of Registration Rights Agreement between Westlake and TTWF LP (incorporated by reference to Westlake's Registration Statement on Form S-1/A, filed on July 2, 2004). | |
10.8 | Senior Unsecured Revolving Credit Agreement between Westlake Chemical OpCo LP and Westlake Development Corporation (incorporated by reference to Exhibit 10.13 to Westlake Chemical Partners LP's Registration Statement on Form S-1 filed on June 30, 2014, File No. 1-36567). | |
Exhibit No. | Exhibit | |
10.9 | Senior Unsecured Revolving Credit Agreement by and among Westlake Chemical Partners GP LLC and Westlake Chemical Finance Corporation, dated as of April 29, 2015 (incorporated by reference to Exhibit 10.1 to Westlake Chemical Partners LP's Current Report on Form 8-K filed on April 30, 2015, File No. 1-36567). | |
10.10+ | Westlake Chemical Corporation 2013 Omnibus Incentive Plan (as amended and restated as of May 17, 2013) (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on May 22, 2013, File No.1-32260). | |
10.11+ | Form of Restricted Stock Award Letter for Special February 2007 Awards (incorporated by reference to Westlake's Current Report on Form 8-K, filed on March 1, 2007, File No. 1-32260). | |
10.12+ | Form of Stock Option Award Letter for Special February 2007 Awards (incorporated by reference to Westlake's Current Report on Form 8-K, filed on March 1, 2007, File No. 1-32260). | |
10.13+ | Form of Long-Term Cash Performance Award Letter effective as of February 18, 2011 (incorporated by reference to Westlake's Annual Report on Form 10-K for the year ended December 31, 2010, filed on February 24, 2011, File No. 1-32260). | |
10.14+ | Westlake Chemical Corporation Amended and Restated Annual Incentive Plan adopted by the Compensation Committee of the Board of Directors on March 24, 2011 (incorporated by reference to Westlake's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, filed on May 4, 2011, File No. 1-32260). | |
10.15+ | Form of Restricted Stock Units Award Letter effective as of February 15, 2013 (incorporated by reference to Exhibit 10.29 to Westlake's Annual Report on Form 10-K for the year ended December 31, 2012, filed on February 22, 2013, File No. 1-32260). | |
10.16+ | Form of Stock Option Award Letter for 2015 Executive Officer Awards (incorporated by reference to Exhibit 10.3 to Westlake's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, File No. 1-32260). | |
10.17+ | Form of Restricted Stock Units Award Letter for 2015 Executive Officer Awards (incorporated by reference to Exhibit 10.4 to Westlake's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, File No. 1-32260). | |
10.18+ | Form of Long-Term Cash Performance Award Letter for 2015 Executive Officer Awards (incorporated by reference to Exhibit 10.5 to Westlake's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, File No. 1-32260). | |
21† | Subsidiaries of Westlake. | |
23.1† | Consent of PricewaterhouseCoopers LLP. | |
31.1† | Rule 13a-14(a) / 15d-14(a) Certification (Principal Executive Officer). | |
31.2† | Rule 13a-14(a) / 15d-14(a) Certification (Principal Financial Officer). | |
32.1† | Section 1350 Certification (Principal Executive Officer and Principal Financial Officer). | |
99.1† | Financial Statements of Non Wholly-Owned Subsidiary Guarantor (Westlake Chemical OpCo LP) | |
101.INS† | XBRL Instance Document. | |
101.SCH† | XBRL Taxonomy Extension Schema Document. | |
101.CAL† | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF† | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB† | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE† | XBRL Taxonomy Extension Presentation Linkbase Document. |
† | Filed herewith. |
+ | Management contract, compensatory plan or arrangement. |
WESTLAKE CHEMICAL CORPORATION | |||
Date: | February 24, 2016 | /S/ ALBERT CHAO | |
Albert Chao, President and Chief Executive Officer |
Signature | Title | Date | ||
/S/ ALBERT CHAO | President and Chief Executive Officer (Principal Executive Officer) | February 24, 2016 | ||
Albert Chao | ||||
/S/ M. STEVEN BENDER | Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | February 24, 2016 | ||
M. Steven Bender | ||||
/S/ GEORGE J. MANGIERI | Vice President and Chief Accounting Officer (Principal Accounting Officer) | February 24, 2016 | ||
George J. Mangieri | ||||
/S/ JAMES CHAO | Chairman of the Board of Directors | February 24, 2016 | ||
James Chao | ||||
/S/ ALBERT CHAO | Director | February 24, 2016 | ||
Albert Chao | ||||
/S/ ROBERT T. BLAKELY | Director | February 24, 2016 | ||
Robert T. Blakely | ||||
/S/ MICHAEL J. GRAFF | Director | February 24, 2016 | ||
Michael J. Graff | ||||
/S/ DOROTHY C. JENKINS | Director | February 24, 2016 | ||
Dorothy C. Jenkins | ||||
/S/ MAX L. LUKENS | Director | February 24, 2016 | ||
Max L. Lukens | ||||
/S/ R. BRUCE NORTHCUTT | Director | February 24, 2016 | ||
R. Bruce Northcutt | ||||
/S/ H. JOHN RILEY, JR. | Director | February 24, 2016 | ||
H. John Riley, Jr. |
Exhibit No. | Exhibit | |
2.1 | Share Purchase Agreement dated as of May 28, 2014 by and among Westlake Germany GmbH & Co. KG and various entities associated with Advent International Corporation (incorporated by reference to Westlake's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, filed on August 6, 2014, File No. 1-32260). | |
3.1 | Certificate of Incorporation of Westlake as filed with the Delaware Secretary of State on August 6, 2004 (incorporated by reference to Westlake's Registration Statement on Form S-1/A, filed on August 9, 2004). | |
3.2 | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Westlake as filed with the Delaware Secretary of State on May 16, 2014 (incorporated by reference to Westlake's Current Report on Form 8-K, filed on May 16, 2014, File No. 001-32260). | |
3.3 | Bylaws of Westlake (incorporated by reference to Westlake's Registration Statement on Form S-1/A, filed on August 9, 2004). | |
4.1 | Indenture dated as of January 1, 2006 by and among Westlake, the potential subsidiary guarantors listed therein and JPMorgan Chase Bank, National Association, as trustee (incorporated by reference to Westlake's Current Report on Form 8-K, filed on January 13, 2006, File No. 1-32260). | |
4.2 | First Supplemental Indenture dated as of January 13, 2006 by and among Westlake, the subsidiary guarantors party thereto and JPMorgan Chase Bank, National Association, as trustee (incorporated by reference to Westlake's Current Report on Form 8-K, filed on January 13, 2006, File No. 1-32260). | |
4.3 | Second Supplemental Indenture, dated as of November 1, 2007, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Trust Company, N.A., as trustee (incorporated by reference to Westlake's Current Report on Form 8-K, filed on December 18, 2007, File No. 1-32260). | |
4.4 | Form of 6 ¾% senior notes due 2032 (included in Exhibit 4.3). | |
4.5 | Third Supplemental Indenture, dated as of July 2, 2010, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Westlake's Current Report on Form 8-K, filed on July 8, 2010, File No. 1-32260). | |
4.6 | Form of 6 ½% senior notes due 2029 (included in Exhibit 4.5). | |
4.7 | Fourth Supplemental Indenture, dated as of December 2, 2010, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Westlake's Current Report on Form 8-K, filed on December 8, 2010, File No. 1-32260). | |
4.8 | Form of 6 ½% senior notes due 2035 (the "2035 GO Zone Notes") (included in Exhibit 4.7). | |
4.9 | Fifth Supplemental Indenture, dated as of December 2, 2010, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Westlake's Current Report on Form 8-K, filed on December 8, 2010, File No. 1-32260). | |
4.10 | Form of 6 ½% senior notes due 2035 (the "2035 IKE Zone Notes") (included in Exhibit 4.9). | |
4.11 | Supplemental Indenture, dated as of December 31, 2007, among the Company, WPT LLC, Westlake Polymers LLC, Westlake Petrochemicals LLC, Westlake Styrene LLC, the other subsidiary guarantors party thereto and The Bank of New York Trust Company, N.A. related to the 6 5/8% senior notes (incorporated by reference to Exhibit 4.6 to Westlake's Annual Report on Form 10-K for the year ended December 31, 2007, filed on February 20, 2008, File No. 1-32260). | |
4.12 | Supplemental Indenture, dated as of December 31, 2007, among the Company, WPT LLC, Westlake Polymers LLC, Westlake Petrochemicals LLC, Westlake Styrene LLC, the other subsidiary guarantors party thereto and The Bank of New York Trust Company, N.A. related to the 6 ¾% senior notes (incorporated by reference to Exhibit 4.7 to Westlake's Annual Report on Form 10-K for the year ended December 31, 2007, filed on February 20, 2008, File No. 1-32260). | |
4.13 | Sixth Supplemental Indenture, dated as of July 17, 2012, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 16, 2012, File No. 1-32260). | |
4.14 | Form of the Company's 3.60% Senior Notes due 2022 (included in Exhibit 4.13). | |
Exhibit No. | Exhibit | |
4.15 | Seventh Supplemental Indenture, dated as of February 12, 2013, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.16 to Westlake's Annual Report on Form 10-K for the year ended December 31, 2012, filed on February 22, 2013, File No. 1-32260). | |
4.16 | Supplemental Indenture, dated as of May 1, 2013, among North American Specialty Products LLC, a Delaware limited liability company, the Company, the other Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to Westlake's Current Report on Form 8-K, filed on March 29, 2013, File No. 1-32260). | |
4.17 | Supplemental Indenture, dated as of June 1, 2013, among Westlake Pipeline Investments LLC, a Delaware limited liability company, the Company, the other Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.3 to Westlake's Current Report on Form 8-K, filed on March 29, 2013, File No. 1-32260). | |
4.18 | Supplemental Indenture, dated as of June 1, 2013, among Westlake NG IV Corporation, a Delaware corporation, and Westlake NG V Corporation, a Delaware corporation, the Company, the other Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.4 to Westlake's Current Report on Form 8-K, filed on March 29, 2013, File No. 1-32260). | |
4.19 | Supplemental Indenture dated as of July 17, 2014 among Westlake Chemical OpCo, LP, the Company, the other Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Westlake's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, filed on August 6, 2014, File No. 1-32260). | |
Westlake and its subsidiaries are party to other long-term debt instruments not filed herewith under which the total amount of securities authorized does not exceed 10% of the total assets of Westlake and its subsidiaries on a consolidated basis. Pursuant to paragraph 4(iii)(A) of Item 601(b) of Regulation S-K, Westlake agrees to furnish a copy of such instruments to the SEC upon request. | ||
10.1 | Third Amended and Restated Credit Agreement dated as of July 17, 2014 by and among the financial institutions party thereto, as lenders, Bank of America, N.A., as agent, and Westlake Chemical Corporation and certain of its domestic subsidiaries, as borrowers, relating to a $400.0 million senior secured revolving credit facility (incorporated by reference to Westlake's Current Report on Form 8-K, filed on July 17, 2014, File No. 001-32260). | |
10.2 | Borrower Joinder Agreement, dated as of May 1, 2013, between North American Specialty Products LLC, a Delaware limited liability company, the Existing Borrowers (as defined therein) and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 4.1 to Westlake's Current Report on Form 8-K, filed on March 29, 2013, File No. 1-32260). | |
10.3 | Loan Agreement, dated as of November 1, 2007, by and between the Company and the Louisiana Local Government Environmental Facilities and Community Development Authority (incorporated by reference to Westlake's Current Report on Form 8-K, filed on December 18, 2007, File No. 1-32260). | |
10.4 | Amended and Restated Loan Agreement, dated as of July 2, 2010, by and between the Company and the Louisiana Local Government Environmental Facilities and Community Development Authority (incorporated by reference to Westlake's Current Report on Form 8-K, filed on July 8, 2010, File No. 1-32260). | |
10.5 | Loan Agreement, dated as of November 1, 2010, by and between the Company and the Louisiana Local Government Environmental Facilities and Community Development Authority, relating to the 2035 GO Zone Notes (incorporated by reference to Westlake's Current Report on Form 8-K, filed on December 8, 2010, File No. 1-32260). | |
10.6 | Loan Agreement, dated as of November 1, 2010, by and between the Company and the Louisiana Local Government Environmental Facilities and Community Development Authority, relating to the 2035 IKE Zone Notes (incorporated by reference to Westlake's Current Report on Form 8-K, filed on December 8, 2010, File No. 1-32260). | |
10.7 | Form of Registration Rights Agreement between Westlake and TTWF LP (incorporated by reference to Westlake's Registration Statement on Form S-1/A, filed on July 2, 2004). | |
10.8 | Senior Unsecured Revolving Credit Agreement between Westlake Chemical OpCo LP and Westlake Development Corporation (incorporated by reference to Exhibit 10.13 to Westlake Chemical Partners LP's Registration Statement on Form S-1 filed on June 30, 2014, File No. 1-36567). | |
Exhibit No. | Exhibit | |
10.9 | Senior Unsecured Revolving Credit Agreement by and among Westlake Chemical Partners GP LLC and Westlake Chemical Finance Corporation, dated as of April 29, 2015 (incorporated by reference to Exhibit 10.1 to Westlake Chemical Partners LP's Current Report on Form 8-K filed on April 30, 2015, File No. 1-36567). | |
10.10+ | Westlake Chemical Corporation 2013 Omnibus Incentive Plan (as amended and restated as of May 17, 2013) (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on May 22, 2013, File No.1-32260). | |
10.11+ | Form of Restricted Stock Award Letter for Special February 2007 Awards (incorporated by reference to Westlake's Current Report on Form 8-K, filed on March 1, 2007, File No. 1-32260). | |
10.12+ | Form of Stock Option Award Letter for Special February 2007 Awards (incorporated by reference to Westlake's Current Report on Form 8-K, filed on March 1, 2007, File No. 1-32260). | |
10.13+ | Form of Long-Term Cash Performance Award Letter effective as of February 18, 2011 (incorporated by reference to Westlake's Annual Report on Form 10-K for the year ended December 31, 2010, filed on February 24, 2011, File No. 1-32260). | |
10.14+ | Westlake Chemical Corporation Amended and Restated Annual Incentive Plan adopted by the Compensation Committee of the Board of Directors on March 24, 2011 (incorporated by reference to Westlake's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, filed on May 4, 2011, File No. 1-32260). | |
10.15+ | Form of Restricted Stock Units Award Letter effective as of February 15, 2013 (incorporated by reference to Exhibit 10.29 to Westlake's Annual Report on Form 10-K for the year ended December 31, 2012, filed on February 22, 2013, File No. 1-32260). | |
10.16+ | Form of Stock Option Award Letter for 2015 Executive Officer Awards (incorporated by reference to Exhibit 10.3 to Westlake's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, File No. 1-32260). | |
10.17+ | Form of Restricted Stock Units Award Letter for 2015 Executive Officer Awards (incorporated by reference to Exhibit 10.4 to Westlake's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, File No. 1-32260). | |
10.18+ | Form of Long-Term Cash Performance Award Letter for 2015 Executive Officer Awards (incorporated by reference to Exhibit 10.5 to Westlake's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, File No. 1-32260). | |
21† | Subsidiaries of Westlake. | |
23.1† | Consent of PricewaterhouseCoopers LLP. | |
31.1† | Rule 13a-14(a) / 15d-14(a) Certification (Principal Executive Officer). | |
31.2† | Rule 13a-14(a) / 15d-14(a) Certification (Principal Financial Officer). | |
32.1† | Section 1350 Certification (Principal Executive Officer and Principal Financial Officer). | |
99.1† | Financial Statements of Non Wholly-Owned Subsidiary Guarantor (Westlake Chemical OpCo LP) | |
101.INS† | XBRL Instance Document. | |
101.SCH† | XBRL Taxonomy Extension Schema Document. | |
101.CAL† | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF† | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB† | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE† | XBRL Taxonomy Extension Presentation Linkbase Document. |
† | Filed herewith. |
+ | Management contract, compensatory plan or arrangement. |
Name of Subsidiary | State or Other Jurisdiction of Incorporation or Organization | Names Doing Business | ||
North American Pipe Corporation | Delaware | North American Pipe Corporation and NAPCO | ||
North American Specialty Products LLC | Delaware | North American Specialty Products LLC | ||
Vinnolit Benelux-France B.V.B.A. | Dendermonde, Belgium | Vinnolit Benelux-France B.V.B.A. | ||
Vinnolit GmbH & Co. KG | Ismaning, Germany | Vinnolit GmbH & Co. KG | ||
Vinnolit Hillhouse Ltd. | Lancashire, England | Vinnolit Hillhouse Ltd. | ||
Vinnolit Italia S.r.L. | Milan, Italy | Vinnolit Italia S.r.L. | ||
Vinnolit Ltd. | United Kingdom | Vinnolit Ltd. | ||
Vinnolit Schkopau GmbH | Ismaning, Germany | Vinnolit Schkopau GmbH | ||
Westech Building Products, Inc. | Delaware | Westech Building Products, Inc. | ||
Westech Building Products ULC | Canada | Westech Building Products ULC and Westech Building Products Limited | ||
Westlake Chemical Finance Corporation | Delaware | Westlake Chemical Finance Corporation | ||
Westlake Chemical OpCo LP | Delaware | Westlake Chemical OpCo LP | ||
Westlake Chemical Partners LP | Delaware | Westlake Chemical Partners LP | ||
Westlake Germany GmbH & Co. KG | Ismaning, Germany | Westlake Germany GmbH & Co. KG | ||
Westlake Longview Corporation | Delaware | Westlake Longview Corporation | ||
Westlake Management Services, Inc. | Delaware | Westlake Management Services, Inc. | ||
Westlake Petrochemicals LLC | Delaware | Westlake Petrochemicals LLC, Westlake Petrochemicals LP and WPE | ||
Westlake Polymers LLC | Delaware | Westlake Polymers LLC, Westlake Polymers LP and WPE | ||
Westlake PVC Corporation | Delaware | Westlake PVC Corporation | ||
Westlake Styrene LLC | Delaware | Westlake Styrene LLC and Westlake Styrene LP | ||
Westlake Supply and Trading Company | Delaware | Westlake Supply and Trading Company | ||
Westlake Vinyls Company LP | Delaware | Westlake Vinyls Company LP | ||
Westlake Vinyls, Inc. | Delaware | Westlake Vinyls, Inc., Westlake Monomers and WCAO | ||
WPT LLC | Delaware | WPT LLC and WPT LP | ||
Suzhou Huasu Plastics Co., Ltd. | People’s Republic of China | Suzhou Huasu Plastics Co., Ltd. and Huasu |
* | Westlake has elected to omit the names of certain subsidiaries. None of the omitted subsidiaries, considered either alone or together with the other omitted subsidiaries of its immediate parent, constitutes a “Significant Subsidiary” as set forth in Section 601(b)(21) of Regulation S-K. |
1. | I have reviewed this annual report on Form 10-K of Westlake Chemical Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 24, 2016 | /s/ ALBERT CHAO | |
Albert Chao President and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this annual report on Form 10-K of Westlake Chemical Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 24, 2016 | /s/ M. STEVEN BENDER | |
M. Steven Bender Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | February 24, 2016 | /s/ ALBERT CHAO | |
Albert Chao President and Chief Executive Officer (Principal Executive Officer) | |||
Date: | February 24, 2016 | /s/ M. STEVEN BENDER | |
M. Steven Bender Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
December 31, 2015 | December 31, 2014 | |||||||
(in thousands of dollars) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 163,430 | $ | 131,545 | ||||
Accounts receivable, net—Westlake Chemical Corporation ("Westlake") | 39,655 | 18,529 | ||||||
Accounts receivable, net—third parties | 11,927 | 37,520 | ||||||
Inventories | 3,879 | 6,634 | ||||||
Prepaid expenses and other current assets | 267 | 212 | ||||||
Total current assets | 219,158 | 194,440 | ||||||
Property, plant and equipment, net | 1,020,469 | 842,057 | ||||||
Other assets, net | ||||||||
Goodwill | 5,814 | 5,814 | ||||||
Deferred charges and other assets, net | 38,343 | 51,919 | ||||||
Total other assets, net | 44,157 | 57,733 | ||||||
Total assets | $ | 1,283,784 | $ | 1,094,230 | ||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable—Westlake | $ | 15,164 | $ | 5,332 | ||||
Accounts payable—third parties | 18,737 | 12,348 | ||||||
Accrued liabilities | 21,873 | 11,225 | ||||||
Total current liabilities | 55,774 | 28,905 | ||||||
Long-term debt payable to Westlake | 248,665 | 227,638 | ||||||
Deferred income taxes | 1,392 | 1,848 | ||||||
Total liabilities | 305,831 | 258,391 | ||||||
Commitments and contingencies (Notes 9 and 14) | ||||||||
EQUITY | ||||||||
Limited partners interest—Westlake | 508,038 | 504,854 | ||||||
Limited partners interest—Westlake Chemical Partners LP | 469,915 | 330,985 | ||||||
Total equity | 977,953 | 835,839 | ||||||
Total liabilities and equity | $ | 1,283,784 | $ | 1,094,230 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Predecessor | ||||||||||||
(in thousands of dollars) | ||||||||||||
Revenue | ||||||||||||
Net sales—Westlake | $ | 834,918 | $ | 1,292,089 | $ | 1,603,043 | ||||||
Net co-products, ethylene and feedstock sales—third parties | 172,303 | 457,611 | 524,704 | |||||||||
Total net sales | 1,007,221 | 1,749,700 | 2,127,747 | |||||||||
Cost of sales | 624,339 | 1,003,888 | 1,255,140 | |||||||||
Gross profit | 382,882 | 745,812 | 872,607 | |||||||||
Selling, general and administrative expenses | 20,138 | 26,870 | 25,451 | |||||||||
Income from operations | 362,744 | 718,942 | 847,156 | |||||||||
Other income (expense) | ||||||||||||
Interest expense—Westlake | (2,691 | ) | (10,499 | ) | (8,032 | ) | ||||||
Other (expense) income, net | (63 | ) | 3,151 | 7,701 | ||||||||
Income before income taxes | 359,990 | 711,594 | 846,825 | |||||||||
Provision for income taxes | 672 | 199,388 | 300,279 | |||||||||
Net income | $ | 359,318 | $ | 512,206 | $ | 546,546 | ||||||
Less: Predecessor net income prior to initial public offering on August 4, 2014 | — | 361,334 | ||||||||||
Net income subsequent to initial public offering | $ | 359,318 | $ | 150,872 |
Predecessor | Westlake Chemical OpCo LP | |||||||||||||||
Net Investment | Limited Partners Interest - Westlake | Limited Partners Interest - Westlake Chemical Partners LP | Total | |||||||||||||
(in thousands of dollars) | ||||||||||||||||
Balances at December 31, 2012 | $ | 273,812 | $ | — | $ | — | $ | 273,812 | ||||||||
Contribution of debt payable to Westlake into net investment | 238,600 | — | — | 238,600 | ||||||||||||
Net income | 546,546 | — | — | 546,546 | ||||||||||||
Net distributions to Westlake | (603,526 | ) | — | — | (603,526 | ) | ||||||||||
Balances at December 31, 2013 | 455,432 | — | — | 455,432 | ||||||||||||
Net income from January 1, 2014 through August 3, 2014 | 361,334 | — | — | 361,334 | ||||||||||||
Net distributions to Westlake prior to initial public offering | (448,101 | ) | — | — | (448,101 | ) | ||||||||||
Predecessor net liabilities not assumed by OpCo | 239,706 | — | — | 239,706 | ||||||||||||
Balance as of August 4, 2014 (prior to initial public offering) | 608,371 | — | — | 608,371 | ||||||||||||
Allocation of net investment to partners' capital | (608,371 | ) | 573,329 | 35,042 | — | |||||||||||
Capital contribution from Westlake Chemical Partners LP | — | — | 286,088 | 286,088 | ||||||||||||
Proceeds from capital contribution from Westlake Chemical Partners LP distributed to Westlake | — | (151,729 | ) | — | (151,729 | ) | ||||||||||
Net income from August 4, 2014 through December 31, 2014 | — | 134,909 | 15,963 | 150,872 | ||||||||||||
Quarterly distribution for the period from August 4, 2014 to September 30, 2014 | — | (51,655 | ) | (6,108 | ) | (57,763 | ) | |||||||||
Balances at December 31, 2014 | — | 504,854 | 330,985 | 835,839 | ||||||||||||
Net income | — | 314,026 | 45,292 | 359,318 | ||||||||||||
Capital contribution from Westlake Chemical Partners LP for additional interest | — | — | 135,341 | 135,341 | ||||||||||||
Quarterly distributions | — | (310,842 | ) | (41,703 | ) | (352,545 | ) | |||||||||
Balances at December 31, 2015 | $ | — | $ | 508,038 | $ | 469,915 | $ | 977,953 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Predecessor | ||||||||||||
(in thousands of dollars) | ||||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 359,318 | $ | 512,206 | $ | 546,546 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
Depreciation and amortization | 81,210 | 77,611 | 73,463 | |||||||||
Provision for doubtful accounts | 170 | 65 | 40 | |||||||||
Loss from disposition of property, plant and equipment | 1,812 | 1,544 | 1,905 | |||||||||
Deferred income taxes | (456 | ) | 8,608 | 37,054 | ||||||||
Income from equity method investment, net of dividends | — | 1,073 | 402 | |||||||||
Changes in operating assets and liabilities | ||||||||||||
Accounts receivable—third parties | 25,424 | (31,551 | ) | 14,352 | ||||||||
Net accounts receivable—Westlake | (10,084 | ) | (13,197 | ) | — | |||||||
Inventories | 2,755 | 24,686 | (6,057 | ) | ||||||||
Prepaid expenses and other current assets | (55 | ) | (624 | ) | (150 | ) | ||||||
Accounts payable | 1,102 | (5,181 | ) | 7,362 | ||||||||
Accrued and other liabilities | 1,383 | 19,476 | (20,852 | ) | ||||||||
Other, net | (3,332 | ) | 8,588 | (51,556 | ) | |||||||
Net cash provided by operating activities | 459,247 | 603,304 | 602,509 | |||||||||
Cash flows from investing activities | ||||||||||||
Additions to property, plant and equipment | (231,185 | ) | (202,823 | ) | (223,130 | ) | ||||||
Settlements of derivative instruments | — | (133 | ) | (6,920 | ) | |||||||
Net cash used for investing activities | (231,185 | ) | (202,956 | ) | (230,050 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Proceeds from debt payable to Westlake | 156,368 | 181,642 | 231,067 | |||||||||
Repayment of debt payable to Westlake | (135,341 | ) | — | — | ||||||||
Capital contribution from Westlake Chemical Partners LP for additional interest | 135,341 | — | — | |||||||||
Quarterly distributions | (352,545 | ) | (57,763 | ) | — | |||||||
Repayment of debt payable to Westlake with proceeds from the capital contribution from Westlake Chemical Partners LP | — | (78,940 | ) | — | ||||||||
Capital contribution from Westlake Chemical Partners LP | — | 286,088 | ||||||||||
Proceeds from capital contribution from Westlake Chemical Partners LP distributed to Westlake | — | (151,729 | ) | — | ||||||||
Net distributions to Westlake prior to initial public offering | — | (448,101 | ) | (603,526 | ) | |||||||
Net cash used for financing activities | (196,177 | ) | (268,803 | ) | (372,459 | ) | ||||||
Net increase in cash and cash equivalents | 31,885 | 131,545 | — | |||||||||
Cash and cash equivalents at beginning of the year | 131,545 | — | — | |||||||||
Cash and cash equivalents at end of the year | $ | 163,430 | $ | 131,545 | $ | — |
• | The combined statement of operations for the year ended December 31, 2014 consists of the results of OpCo for the period from August 4, 2014 through December 31, 2014 and the combined results of the Predecessor for the period from January 1, 2014 through August 3, 2014 and for the year ended December 31, 2013. |
• | The combined statement of cash flows for the year ended December 31, 2014 consists of the results of OpCo for the period from August 4, 2014 through December 31, 2014 and the combined results of the Predecessor for the period from January 1, 2014 through August 3, 2014 and for the year ended December 31, 2013. |
• | The combined statement of changes in equity for the year ended December 31, 2014 consists of the combined activity for the Predecessor prior to August 4, 2014, and the activity for OpCo at and subsequent to the IPO on August 4, 2014 through December 31, 2014. The combined statement of changes in equity for the year ended December 31, 2013 consists entirely of the combined activity of the Predecessor. |
Classification | Years | |
Buildings and improvements | 25 | |
Plant and equipment | 25 | |
Ethylene pipeline | 35 | |
Other | 3-10 |
• | 1,436,115 common units and 12,686,115 subordinated units; and |
• | the Partnership's general partner interest and its incentive distribution rights. |
• | the actual price OpCo pays Westlake to purchase ethane (or other feedstock, such as propane, if applicable) to produce each pound of ethylene, subject to a specified cap and a floor on the amount of feedstock that should be needed to produce each pound of ethylene; plus |
• | the actual price OpCo pays Westlake to purchase natural gas to produce each pound of ethylene, subject to a specified cap and a floor on the amount of natural gas that should be needed to produce each pound of ethylene; plus |
• | OpCo's estimated operating costs (including selling, general and administrative expenses), divided by OpCo's planned ethylene production for the year (in pounds); plus |
• | a five-year average of OpCo's expected future maintenance capital expenditures and other turnaround expenditures, divided by OpCo's planned ethylene production capacity for the year (in pounds); less |
• | the proceeds (on a per pound of ethylene basis) received by OpCo from the sale of co-products (including, but not limited to, propylene, crude butadiene, pyrolysis gasoline and hydrogen) associated with producing the ethylene purchased by Westlake; plus |
• | a $0.10 per pound margin. |
December 31, | ||||||||
2015 | 2014 | |||||||
Trade customers | $ | 12,097 | $ | 37,514 | ||||
Allowance for doubtful accounts | (170 | ) | — | |||||
11,927 | 37,514 | |||||||
Other | — | 6 | ||||||
Accounts receivable, net—third parties | $ | 11,927 | $ | 37,520 |
December 31, | ||||||||
2015 | 2014 | |||||||
Finished products | $ | 3,527 | $ | 6,257 | ||||
Feedstock, additives and chemicals | 352 | 377 | ||||||
Inventories | $ | 3,879 | $ | 6,634 |
December 31, | ||||||||
2015 | 2014 | |||||||
Building and improvements | $ | 16,124 | $ | 14,961 | ||||
Plant and equipment | 1,231,684 | 1,151,091 | ||||||
Other | 67,353 | 61,533 | ||||||
1,315,161 | 1,227,585 | |||||||
Less: Accumulated depreciation | (601,980 | ) | (550,568 | ) | ||||
713,181 | 677,017 | |||||||
Construction in progress | 307,288 | 165,040 | ||||||
Property, plant and equipment, net | $ | 1,020,469 | $ | 842,057 |
December 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | Weighted Average Life | ||||||||||||||||||||
Intangible Asset—Goodwill | $ | 5,814 | $ | — | $ | 5,814 | $ | 5,814 | $ | — | $ | 5,814 | ||||||||||||||
Deferred charges and other assets | ||||||||||||||||||||||||||
Turnaround costs | 100,020 | (67,767 | ) | 32,253 | 96,835 | (51,536 | ) | 45,299 | 6 | |||||||||||||||||
Other | 8,710 | (2,620 | ) | 6,090 | 8,662 | (2,042 | ) | 6,620 | 15 | |||||||||||||||||
Total deferred charges and other assets | 108,730 | (70,387 | ) | 38,343 | 105,497 | (53,578 | ) | 51,919 | ||||||||||||||||||
Other assets, net | $ | 114,544 | $ | (70,387 | ) | $ | 44,157 | $ | 111,311 | $ | (53,578 | ) | $ | 57,733 |
December 31, | ||||||||
2015 | 2014 | |||||||
August 2013 Promissory Notes (variable interest rate of prime plus 1.5%, original scheduled maturity of August 1, 2023) | $ | 31,775 | $ | 167,116 | ||||
OpCo Revolver (variable interest rate of London Interbank Offered Rate ("LIBOR") plus 3.0%, original scheduled maturity of August 4, 2019) | 216,890 | 60,522 | ||||||
Long-term debt payable to Westlake | $ | 248,665 | $ | 227,638 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Predecessor | ||||||||||||
Net sales—Westlake | $ | 834,918 | $ | 1,292,089 | $ | 1,603,043 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Predecessor | ||||||||||||
Feedstock purchased from Westlake and included in cost of sales | $ | 307,582 | $ | 155,232 | $ | — | ||||||
Other charges from Westlake and included in cost of sales | 74,050 | 60,264 | 61,770 | |||||||||
Total | $ | 381,632 | $ | 215,496 | $ | 61,770 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Predecessor | ||||||||||||
Services received from Westlake and included in selling, general and administrative expenses | $ | 19,822 | $ | 20,420 | $ | 24,054 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Predecessor | ||||||||||||
Goods and services purchased from Westlake and capitalized as assets | $ | 4,332 | $ | 5,823 | $ | 20,222 |
December 31, | ||||||||
2015 | 2014 | |||||||
Accounts receivable, net—Westlake | $ | 39,655 | $ | 18,529 | ||||
Accounts payable—Westlake | 15,164 | 5,332 |
December 31, | ||||||||
2015 | 2014 | |||||||
Long-term debt payable to Westlake | $ | 248,665 | $ | 227,638 |
December 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
August 2013 Promissory Notes | $ | 31,775 | $ | 31,775 | $ | 167,116 | $ | 167,116 | ||||||||
OpCo Revolver | 216,890 | 215,738 | 60,522 | 60,522 |
OpCo | Predecessor | |||||||||||||||
Year Ended December 31, 2015 | Period from August 4, 2014 to December 31, 2014 | Period from January 1, 2014 to August 3, 2014 | Year Ended December 31, 2013 | |||||||||||||
Current | ||||||||||||||||
Federal | $ | — | $ | — | $ | 168,773 | $ | 233,014 | ||||||||
State and local | 1,128 | 800 | 21,207 | 30,211 | ||||||||||||
1,128 | 800 | 189,980 | 263,225 | |||||||||||||
Deferred | ||||||||||||||||
Federal | — | — | 6,890 | 32,675 | ||||||||||||
State and local | (456 | ) | 265 | 1,453 | 4,379 | |||||||||||
(456 | ) | 265 | 8,343 | 37,054 | ||||||||||||
Total provision | $ | 672 | $ | 1,065 | $ | 198,323 | $ | 300,279 |
OpCo | Predecessor | |||||||||||||||
Year Ended December 31, 2015 | Period from August 4, 2014 to December 31, 2014 | Period from January 1, 2014 to August 3, 2014 | Year Ended December 31, 2013 | |||||||||||||
Provision for federal income tax, at statutory rate | $ | 125,997 | $ | 53,178 | $ | 195,880 | $ | 296,389 | ||||||||
State income tax provision, net of federal income tax effect | 672 | 1,065 | 14,729 | 22,484 | ||||||||||||
OpCo's income not subject to entity-level federal income tax | (125,997 | ) | (53,178 | ) | — | — | ||||||||||
Manufacturing deduction | — | — | (12,214 | ) | (18,270 | ) | ||||||||||
Other, net | — | — | (72 | ) | (324 | ) | ||||||||||
$ | 672 | $ | 1,065 | $ | 198,323 | $ | 300,279 |
December 31, | ||||||||
2015 | 2014 | |||||||
Property, plant and equipment | $ | (1,291 | ) | $ | (1,650 | ) | ||
Turnaround costs | (101 | ) | (198 | ) | ||||
Total deferred tax liabilities | $ | (1,392 | ) | $ | (1,848 | ) | ||
Balance sheet classifications | ||||||||
Noncurrent deferred tax liability | $ | (1,392 | ) | $ | (1,848 | ) | ||
Total deferred tax liabilities | $ | (1,392 | ) | $ | (1,848 | ) |
2016 | $ | 1,300 | |
2017 | 1,056 | ||
2018 | 817 | ||
2019 | 749 | ||
2020 | 682 | ||
Thereafter | 994 | ||
$ | 5,598 |
Document And Entity Information - USD ($) $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 17, 2016 |
Jun. 30, 2015 |
|
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | WESTLAKE CHEMICAL CORP | ||
Entity Central Index Key | 0001262823 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 130,218,346 | ||
Entity Public Float | $ 2.7 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 134,663,244 | 134,679,064 |
Common stock, held in treasury | 4,444,898 | 1,787,546 |
Consolidated Statements Of Operations - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Income Statement [Abstract] | |||||
Net sales | [1] | $ 4,463,336 | $ 4,415,350 | $ 3,759,484 | |
Cost of sales | 3,278,145 | 3,098,000 | 2,658,046 | ||
Gross profit | 1,185,191 | 1,317,350 | 1,101,438 | ||
Selling, general and administrative expenses | 225,364 | 193,359 | 147,974 | ||
Income from operations | 959,827 | 1,123,991 | 953,464 | ||
Other income (expense) | |||||
Interest expense | (34,656) | (37,352) | (18,082) | ||
Other income (expense), net | 38,270 | (2,721) | 6,790 | ||
Income before income taxes | 963,441 | 1,083,918 | 942,172 | ||
Provision for income taxes | 298,396 | 398,902 | 331,747 | ||
Net income | 665,045 | 685,016 | 610,425 | ||
Net income attributable to noncontrolling interests | 19,035 | 6,493 | 0 | ||
Net income attributable to Westlake Chemical Corporation | $ 646,010 | $ 678,523 | $ 610,425 | ||
Earnings per common share attributable to Westlake Chemical Corporation (Note 9): | |||||
Basic | $ 4.88 | $ 5.09 | $ 4.57 | ||
Diluted | $ 4.86 | $ 5.07 | $ 4.55 | ||
Weighted average shares outstanding (Note 9): | |||||
Basic | 131,823,707 | 133,111,230 | 133,224,256 | ||
Diluted | 132,301,812 | 133,643,414 | 133,779,250 | ||
Dividends per common share (Note 9) | $ 0.6930 | $ 0.5820 | $ 0.4125 | ||
|
Description Of Business And Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Description Of Business And Significant Accounting Policies | Description of Business and Significant Accounting Policies Description of Business Westlake Chemical Corporation (the "Company") operates as an integrated global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. These products include some of the most widely used chemicals in the world, which are fundamental to many diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction as well as other durable and non-durable goods. The Company's customers range from large chemical processors and plastics fabricators to small construction contractors, municipalities and supply warehouses primarily throughout North America and Europe. The petrochemical industry is subject to price fluctuations and volatile feedstock pricing typical of a commodity-based industry, the effects of which may not be immediately passed along to customers. Formation and Initial Public Offering of a Master Limited Partnership In 2014, the Company formed Westlake Chemical Partners LP ("Westlake Partners") to operate, acquire and develop facilities for the processing of natural gas liquids and related assets. Also in 2014, Westlake Partners completed an initial public offering of 12,937,500 common units (the "Westlake Partners IPO"). As of December 31, 2015, Westlake Partners' assets consist of a 13.3% limited partner interest in Westlake Chemical OpCo LP ("OpCo"), as well as the general partner interest in OpCo. OpCo's assets include two natural gas liquids processing facilities at the Company's Lake Charles, Louisiana site, one natural gas liquids processing facility at the Company's Calvert City, Kentucky site and a 200-mile common carrier ethylene pipeline that runs from Mont Belvieu, Texas to the Company's Longview, Texas site. As of December 31, 2015, the Company held an 86.7% limited partner interest in OpCo and a significant interest in Westlake Partners. The operations of Westlake Partners are consolidated in the Company's financial statements. Principles of Consolidation The consolidated financial statements include the accounts of the Company and subsidiaries in which the Company directly or indirectly owns more than a 50% voting interest and exercises control and, when applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in majority-owned companies where the Company does not exercise control and investments in nonconsolidated affiliates (20%-50% owned companies, joint ventures and partnerships) are accounted for using the equity method of accounting. There were no undistributed earnings from equity investments included in retained earnings as of December 31, 2015. Cash and Cash Equivalents Cash equivalents consist of highly liquid investments that are readily convertible into cash and have a maturity of three months or less at the date of acquisition. Investments Investments in debt and equity securities are classified as trading, available-for-sale or held-to-maturity. Investments classified as trading are carried at estimated fair value with changes in fair value currently recognized in earnings. Investments classified as available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income. Investments classified as held-to-maturity are carried at amortized cost. The Company periodically reviews its available-for-sale and held-to-maturity securities for other-than-temporary declines in fair value below the cost basis, and when events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the investment is written down to fair value, establishing a new cost basis. Allowance for Doubtful Accounts The determination of the allowance for doubtful accounts is based on estimation of the amount of accounts receivable that the Company believes are unlikely to be collected. Estimating this amount requires analysis of the financial strength of the Company's customers, the use of historical experience, the Company's accounts receivable aged trial balance, and specific collectibility analysis. The allowance for doubtful accounts is reviewed quarterly. Past due balances over 90 days and high risk accounts as determined by the analysis of financial strength of customers are reviewed individually for collectibility. Inventories Inventories primarily include product, material and supplies. Inventories are stated at lower of cost or market. Cost is determined using the first-in, first-out ("FIFO") or average method. Property, Plant and Equipment Property, plant and equipment are carried at cost, net of accumulated depreciation. Cost includes expenditures for improvements and betterments that extend the useful lives of the assets and interest capitalized on significant capital projects. Capitalized interest was $10,449, $7,059 and $25,932 for the years ended December 31, 2015, 2014 and 2013, respectively. Repair and maintenance costs are charged to operations as incurred. Gains and losses on the disposition or retirement of fixed assets are reflected in the consolidated statement of operations when the assets are sold or retired. The accounting guidance for asset retirement obligations requires the recording of liabilities equal to the fair value of asset retirement obligations and corresponding additional asset costs, when there is a legal asset retirement obligation as a result of existing or enacted law, statute or contract. The Company has conditional asset retirement obligations for the removal and disposal of hazardous materials from certain of the Company's manufacturing facilities. However, no asset retirement obligations have been recognized because the fair value of the conditional legal obligation cannot be measured due to the indeterminate settlement date of the obligation. Settlement of these conditional asset retirement obligations is not expected to have a material adverse effect on the Company's financial condition, results of operations or cash flows in any individual reporting period. Depreciation is provided by utilizing the straight-line method over the estimated useful lives of the assets as follows:
Fair Value Estimates The Company develops estimates of fair value to allocate the purchase price paid to acquire a business to the assets acquired and liabilities assumed in an acquisition, to assess impairment of long-lived assets, goodwill and intangible assets and to record marketable securities, derivative instruments and pension plan assets. The Company uses all available information to make these fair value determinations, including the engagement of third-party consultants. Impairment of Long-Lived Assets The accounting guidance for the impairment or disposal of long-lived assets requires that the Company review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets assessed for impairment are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. Assets are considered to be impaired if the carrying amount of an asset exceeds the future undiscounted cash flows. The impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or estimated fair value less costs to sell. Impairment of Intangible Assets The accounting guidance for goodwill and intangible assets requires that goodwill and indefinite-lived intangible assets are tested for impairment at least annually. Other intangible assets with finite lives are amortized over their estimated useful life and reviewed for impairment in accordance with the provisions of the accounting guidance. As of December 31, 2015, the Company's recorded goodwill was $62,016. See Note 6 for more information on the Company's annual goodwill impairment tests. Turnaround Costs The Company accounts for turnaround costs under the deferral method. Turnarounds are the scheduled and required shutdowns of specific operating units in order to perform planned major maintenance activities. The costs related to the significant overhaul and refurbishment activities include maintenance materials, parts and direct labor costs. The costs of the turnaround are deferred when incurred at the time of the turnaround and amortized (within depreciation and amortization) on a straight-line basis until the next planned turnaround, which ranges from three to six years. Deferred turnaround costs are presented as a component of other assets, net. The cash outflows related to these costs are included in operating activities in the consolidated statement of cash flows. Exchanges The Company enters into inventory exchange transactions with third parties, which involve fungible commodities. These exchanges are settled in like-kind quantities and are valued at lower of cost or market. Cost is determined using the FIFO method. Income Taxes The Company utilizes the liability method of accounting for deferred income taxes. Under the liability method, deferred tax assets or liabilities are recorded based upon temporary differences between the tax basis of assets and liabilities and their carrying values for financial reporting purposes. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities during the period. Valuation allowances are recorded against deferred tax assets when it is considered more likely than not that the deferred tax assets will not be realized. Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated to U.S. dollars at the exchange rate as of the end of the year. Statement of operations items are translated at the average exchange rate for the year. The resulting translation adjustment is recorded as a separate component of stockholders' equity. Concentration of Credit Risk Financial instruments which potentially subject the Company to concentration of risk consist principally of trade receivables from customers engaged in manufacturing polyethylene products, polyvinyl chloride ("PVC") products and PVC pipe products. The Company performs periodic credit evaluations of the customers' financial condition and generally does not require collateral. The Company maintains allowances for potential losses. Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, products are delivered to the customer, the sales price is fixed or determinable and collectability is reasonably assured. For domestic contracts, title and risk of loss passes to the customer upon delivery under executed customer purchase orders or contracts. For export contracts, the title and risk of loss passes to customers at the time specified by each contract. Provisions for discounts, rebates and returns are provided for in the same period as the related sales are recorded. Earnings per Share The accounting guidance for earnings per share requires the Company to present basic earnings per share and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock. Price Risk Management The accounting guidance for derivative instruments and hedging activities requires that the Company recognize all derivative instruments on the balance sheet at fair value, and changes in the derivative's fair value must be currently recognized in earnings or comprehensive income, depending on the designation of the derivative. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in comprehensive income and is recognized in the statement of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings currently. The Company utilizes commodity price swaps to reduce price risks by entering into price swaps with counterparties and by purchasing or selling futures on established exchanges. The Company takes both fixed and variable positions, depending upon anticipated future physical purchases and sales of these commodities. The fair value of derivative financial instruments is estimated using quoted market prices in active markets and observable market-based inputs or unobservable inputs that are corroborated by market data when active markets are not available. The Company assesses both counterparty as well as its own nonperformance risk when measuring the fair value of derivative liabilities. The Company does not consider its nonperformance risk to be significant. See Note 14 for a summary of the fair value of derivative instruments. Environmental Costs Environmental costs relating to current operations are expensed or capitalized, as appropriate, depending on whether such costs provide future economic benefits. Remediation liabilities are recognized when the costs are considered probable and can be reasonably estimated. Measurement of liabilities is based on currently enacted laws and regulations, existing technology and undiscounted site-specific costs. Environmental liabilities in connection with properties that are sold or closed are realized upon such sale or closure, to the extent they are probable and estimable and not previously reserved. Recognition of any joint and several liabilities is based upon the Company's best estimate of its final pro rata share of the liability. Fair Value of Financial Instruments The amounts reported in the balance sheet for cash and cash equivalents, accounts receivable, net and accounts payable approximate their fair value due to the short maturities of these instruments. The fair value of the Company's debt at December 31, 2015 differs from the carrying value due to the Company's fixed rate senior notes. The fair value of financial instruments is estimated using quoted market prices in active markets and observable market-based inputs or unobservable inputs that are corroborated by market data when active markets are not available. See Note 14 for more information on the fair value of financial instruments. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Other Amortization of debt issuance costs is computed on a basis which approximates the interest method over the term of the related debt. Certain other assets (see Note 6) are amortized over periods ranging from one to 30 years using the straight-line method. Recent Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standards update on a comprehensive new revenue recognition standard that will supersede the existing revenue recognition guidance. The new accounting guidance creates a framework by which an entity will allocate the transaction price to separate performance obligations and recognize revenue when each performance obligation is satisfied. Under the new standard, entities will be required to use judgment and make estimates, including identifying performance obligations in a contract, estimating the amount of variable consideration to include in the transaction price, allocating the transaction price to each separate performance obligation and determining when an entity satisfies its performance obligations. The standard allows for either "full retrospective" adoption, meaning that the standard is applied to all of the periods presented with a cumulative catch-up as of the earliest period presented, or "modified retrospective" adoption, meaning the standard is applied only to the most current period presented in the financial statements with a cumulative catch-up as of the current period. In July 2015, the FASB deferred the effective date for the revenue recognition standard. The accounting standard will now be effective for reporting periods beginning after December 15, 2017. The Company is in the process of evaluating the impact that the new accounting guidance will have on its consolidated financial position, results of operations and cash flows. Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In January 2015, the FASB issued an accounting standards update to simplify income statement classification by removing the concept of extraordinary items from U.S. GAAP. Under the new standard, an unusual and infrequent event or transaction is no longer allowed to be separately disclosed as "extraordinary." The standard retains the existing requirement to separately present items that are of an unusual nature or occur infrequently on a pre-tax basis within income from continuing operations. The new guidance also requires similar separate presentation of items that are both unusual and infrequent on a pre-tax basis within income from continuing operations. The standard allows for either prospective or retrospective application. If adopted prospectively, both the nature and amount of any subsequent adjustments to previously reported extraordinary items must be disclosed. The accounting standard will be effective for reporting periods beginning after December 15, 2015 and is not expected to have an impact on the Company's consolidated financial position, results of operations and cash flows. Amendments to the Consolidation Analysis In February 2015, the FASB issued an accounting standards update making certain changes to the current consolidation guidance. The amendments affect both the variable interest entity and voting interest entity consolidation models. The new standard changes the consideration of substantive rights, related party interests and fees paid to the decision maker when applying the variable interest entity consolidation model and eliminates certain guidance for limited partnerships and similar entities under the voting interest consolidation model. The accounting standard will be effective for annual periods beginning after December 15, 2015 and is not expected to have an impact on the Company's consolidated financial position, results of operations and cash flows. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued an accounting standards update on simplifying the presentation of debt issuance costs, which requires all costs incurred to issue debt to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. The accounting standard will be effective for reporting periods beginning after December 15, 2015 and is not expected to have an impact on the Company's consolidated financial position, results of operations and cash flows. Simplifying the Measurement of Inventory In July 2015, the FASB issued an accounting standards update that requires entities to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Under the new standard, entities will no longer need to calculate other measures of "market." The new accounting guidance applies only to inventories for which cost is determined by methods other than last-in, first-out and the retail inventory method. The accounting standard will be effective for reporting periods beginning after December 15, 2016 and is not expected to have a significant impact on the Company's consolidated financial position, results of operations and cash flows. Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In August 2015, the FASB issued final guidance incorporating into the Accounting Standards Codification a June 2015 SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. The announcement came in response to questions that arose after the FASB issued the Simplifying the Presentation of Debt Issuance Costs standard in April 2015, which standard requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. That standard, as issued, did not address revolving lines of credit, which may not have outstanding balances. An entity that repeatedly draws on a revolving credit facility and then repays the balance could also present the cost as an asset and reclassify all or a portion of it as a direct deduction from the liability whenever a balance is outstanding. Regardless of asset or contra-liability presentation, debt issuance costs should be amortized over the term of the arrangement. The accounting standard became effective upon announcement in June 2015 and did not have an impact on the Company's consolidated financial position, results of operations and cash flows. Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued an accounting standards update that requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance requires that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The new guidance further requires specific disclosure pertaining to the measurement period adjustments. The accounting standard will be effective for reporting periods beginning after December 15, 2015 and is not expected to have a significant impact on the Company's consolidated financial position, results of operations and cash flows. Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued an accounting standards update that requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The new guidance does not change the existing requirement that only permits offsetting within a jurisdiction. The accounting standard will be effective for reporting periods beginning after December 15, 2016 and is not expected to have an impact on the Company's consolidated financial position, results of operations and cash flows. Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued an accounting standards update making certain changes principally to the current guidance for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. Among other things, the guidance (1) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value, with changes in fair value recognized in net income; (2) provide entities with a policy election to record equity investments without readily determinable fair values at cost, less impairment, and subsequent adjustments for observable price changes (changes in the basis of these equity investments to be reported in net income); (3) requires an entity that has elected the fair value option for financial liabilities to recognize changes in fair value due to instrument-specific credit risk separately in other comprehensive income; (4) clarified current guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities; and (5) requires specific disclosure pertaining to financial assets and financial liabilities in the financial statements. The accounting standard will be effective for reporting periods beginning after December 15, 2017. The Company is in the process of evaluating the impact that the new accounting guidance will have on its consolidated financial position, results of operations and cash flows. |
Financial Instruments |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Cash Equivalents The Company had $221,918 and $509,811 of held-to-maturity securities with original maturities of three months or less, primarily consisting of corporate debt securities, classified as cash equivalents at December 31, 2015 and 2014, respectively. The Company's investments in held-to-maturity securities are held at amortized cost, which approximates fair value. Available-for-Sale Marketable Securities Investments in available-for-sale securities at December 31 were classified as follows:
The cost, gross unrealized gains, gross unrealized losses and fair value of the Company's available-for-sale securities were as follows:
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As of December 31, 2015 and December 31, 2014, net unrealized (losses) gains on the Company's available-for-sale securities of $(4,995) and $233, respectively, net of income tax (benefit) expense of $(2,801) and $131, respectively, were recorded in accumulated other comprehensive income. See Note 14 for the fair value hierarchy of the Company's available-for-sale securities. As of December 31, 2015, the corporate bond securities held by the Company had maturities ranging between three months to five years; the U.S. government debt securities held by the Company, excluding U.S. government agency mortgage-backed securities, had maturities ranging between one month to three years; the U.S. government agency mortgage-backed securities held by the Company had maturities of approximately five years; and the asset-backed securities held by the Company had maturities ranging between one to six years. The proceeds from sales and maturities of available-for-sale securities included in the consolidated statements of cash flows and the gross realized gains and losses included in the consolidated statements of operations are reflected in the table below. The cost of securities sold was determined using the specific identification method.
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Accounts Receivable |
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Accounts Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable Accounts receivable consist of the following at December 31:
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Inventories |
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Inventory, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consist of the following at December 31:
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Property, Plant And Equipment |
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Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following at December 31:
Depreciation expense on property, plant and equipment of $209,271, $174,173 and $129,222 is included in cost of sales in the consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013, respectively. |
Other Assets |
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Other Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other Assets Other assets consist of the following at December 31:
Amortization expense on other assets of $38,490, $35,986 and $30,045 is included in the consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013, respectively. Scheduled amortization of intangible assets for the next five years is as follows: $15,189, $13,219, $13,195, $11,446 and $9,950 in 2016, 2017, 2018, 2019 and 2020, respectively. Goodwill Goodwill is tested for impairment at least annually, or when events or changes in circumstances indicate the fair value of a reporting unit with goodwill has been reduced below its carrying value. The Company performed its annual impairment tests for the Olefins and Vinyls segments' goodwill in October 2015 and April 2015, respectively, and the impairment tests indicated that the recorded goodwill was not impaired. There has been no impairment of the Olefins or Vinyls segments' goodwill since the goodwill was initially recorded. The gross carrying amounts of goodwill for the years ended December 31, 2015 and 2014 are as follows:
Olefins Segment Goodwill The fair value of the Olefins segment, the reporting unit assessed, was calculated using both a discounted cash flow methodology and a market value methodology. The discounted cash flow projections were based on a nine-year forecast, from 2016 to 2024, to reflect the cyclicality of the Company's olefins business. The forecast was based on (1) prices and spreads projected by IHS Chemical, a chemical industry organization offering market and business advisory services for the chemical market, for the same period, and (2) estimates by management, including its strategic and operational plans. Other significant assumptions used in the discounted cash flow projection included sales volumes based on current capacities. The future cash flows were discounted to present value using a discount rate of 8.8%. The significant assumptions used in determining the fair value of the reporting unit using the market value methodology include the determination of appropriate market comparables and the estimated multiples of EBITDA a willing buyer is likely to pay. Even if the fair value of the Olefins segment decreased by 10%, the carrying value of the Olefins segment would not exceed its fair value. Vinyls Segment Goodwill The fair value of the pipe and foundation building products business, the reporting unit assessed, was calculated using both a discounted cash flow methodology and a market value methodology. The discounted cash flow projections were based on a nine-year forecast, from 2015 to 2023, to reflect the cyclicality of the North American housing and construction markets as the Company's pipe and foundation building products business is significantly influenced by said markets. The forecast was based on historical results and estimates by management, including its strategic and operational plans, and assumed a gradual increase in financial performance based on a housing market recovery in the United States. The future cash flows were discounted to present value using a discount rate of 11.5%. The significant assumptions used in determining the fair value of the reporting unit using the market value methodology include the determination of appropriate market comparables and the estimated multiples of EBITDA a willing buyer is likely to pay. Even if the fair value of the reporting unit decreased by 10%, the carrying value of the reporting unit would not exceed its fair value. |
Accounts and Notes Payable |
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Accounts and Notes Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts and Notes Payable | Accounts and Notes Payable Accounts and notes payable consist of the following at December 31:
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Long-Term Debt |
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Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consists of the following at December 31:
Revolving Credit Facility The Company has a $400,000 senior secured revolving credit facility. The facility includes a provision permitting the Company to increase the size of the facility, up to four times, in increments of at least $25,000 each (up to a maximum of $200,000) under certain circumstances if the lenders agree to commit to such an increase. The facility allows the Company to borrow up to (1) 85% of the net amount of eligible accounts receivable, plus (2) the lesser of (a) 70% of the value of the lower of cost or market of eligible inventory, or (b) 85% of the appraised net orderly liquidation value of all eligible inventory, plus (3) 100% of cash held in an account with the agent under the credit facility and subject to a control agreement with the agent, minus (4) such reserves as the agent may establish. The facility includes a $400,000 sub-limit for letters of credit, and any outstanding letters of credit will be deducted from availability under the facility. At December 31, 2015, the Company had no borrowings outstanding under the revolving credit facility. Any borrowings under the facility will bear interest at either LIBOR plus a spread ranging from 1.25% to 1.75%, provided that so long as the Company is rated investment grade, the margin for LIBOR loans will not exceed 1.50%, or a base rate plus a spread ranging from 0.0% to 0.50%. The revolving credit facility also requires an unused commitment fee of 0.25% per annum. All interest rates under the facility are subject to monthly grid pricing adjustments based on prior month average daily loan availability. The revolving credit facility matures on July 17, 2019. As of December 31, 2015, the Company had outstanding letters of credit totaling $30,098 and borrowing availability of $320,843 under the revolving credit facility. The Company's revolving credit facility generally restricts the Company's ability to make distributions unless, on a pro forma basis after giving effect to the distribution, the borrowing availability under the facility equals or exceeds the greater of (1) 20% of the commitments under the facility and (2) $80,000; or the borrowing availability under the facility equals or exceeds the greater of (1) 15% of the commitments under the facility and (2) $60,000, and the Company's fixed charge coverage ratio is at least 1.0:1. However, the Company may make specified distributions up to an aggregate of $82,700 in 2016, to be increased by 5% in each fiscal year thereafter, on an aggregate basis, for each fiscal year. In order to make acquisitions or investments, the Company's revolving credit facility provides that (1) the Company must maintain a minimum borrowing availability of at least the greater of $60,000 or 15% of the total bank commitments under its revolving credit facility or (2) the Company must maintain a minimum borrowing availability of at least the greater of $50,000 or 12.5% of the total bank commitments under the Company's revolving credit facility and meet a minimum fixed charge coverage ratio of 1.0:1 under its revolving credit facility. Notwithstanding the foregoing, the Company may make investments in the aggregate up to the greater of $50,000 and 1.25% of tangible assets and acquisitions in the aggregate up to the greater of $100,000 and 2.5% of tangible assets, if, on a pro forma basis after giving effect to the acquisition or investment, either (X) the borrowing availability under the facility equals or exceeds the greater of (A) 12.5% of the total bank commitments under the facility and (B) $50,000, but is less than the greater of (A) 15% of the total bank commitments and (B) $60,000, or (Y) the Company's fixed charge coverage ratio is at least 1.0:1. The revolving credit facility contains other customary covenants and events of default that impose significant operating and financial restrictions on the Company. These restrictions, among other things, provide limitations on the occurrence of additional indebtedness and the Company's ability to create liens, to engage in certain affiliate transactions and to engage in sale-leaseback transactions. 3.60% Senior Notes due 2022 In July 2012, the Company issued $250,000 aggregate principal amount of its 3.60% senior notes due 2022 (the "3.60% Notes Due 2022"). The 3.60% Notes Due 2022 are unsecured and were issued with an original issue discount of $1,183. There is no sinking fund and no scheduled amortization of the 3.60% Notes Due 2022 prior to maturity. The Company may optionally redeem the 3.60% Notes Due 2022 at any time and from time to time prior to April 15, 2022 (three months prior to the maturity date) for 100% of the principal plus accrued interest and a discounted "make whole" payment. On or after April 15, 2022, the Company may optionally redeem the 3.60% Notes Due 2022 for 100% of the principal plus accrued interest. The holders of the 3.60% Notes Due 2022 may require the Company to repurchase the 3.60% Notes Due 2022 at a price of 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase, upon the occurrence of both a "change of control" and, within 60 days of such change of control, a "below investment grade rating event" (as such terms are defined in the indenture governing the 3.60% Notes Due 2022). All domestic subsidiaries of the Company that guarantee other indebtedness of the Company or of another guarantor of the 3.60% Notes Due 2022 in excess of $5,000 are guarantors of the 3.60% Notes Due 2022. The indenture governing the 3.60% Notes Due 2022 contains customary events of default and covenants that will restrict the Company's and certain of its subsidiaries' ability to (1) incur certain secured indebtedness, (2) engage in certain sale-leaseback transactions and (3) consolidate, merge or transfer all or substantially all of the Company's assets. GO Zone Bonds In December 2010, the Louisiana Local Government Environmental Facility and Development Authority (the "Authority"), a political subdivision of the State of Louisiana, completed the offering of $89,000 of 6 ½% tax-exempt revenue bonds due November 1, 2035 under the Gulf Opportunity Zone Act of 2005 (the "GO Zone Act"). The bonds are subject to optional redemption by the Authority upon the direction of the Company at any time prior to November 1, 2020 for 100% of the principal plus accrued interest and a discounted "make whole" payment. On or after November 1, 2020, the bonds are subject to optional redemption by the Authority upon the direction of the Company for 100% of the principal plus accrued interest. In July 2010, the Authority completed the reoffering of $100,000 of 6 ½% tax-exempt revenue bonds due August 1, 2029 under the GO Zone Act. The bonds are subject to optional redemption by the Authority upon the direction of the Company at any time prior to August 1, 2020 for 100% of the principal plus accrued interest and a discounted "make whole" payment. On or after August 1, 2020, the bonds are subject to optional redemption by the Authority upon the direction of the Company for 100% of the principal plus accrued interest. In December 2007, the Authority issued $250,000 of 6 ¾% tax-exempt revenue bonds due November 1, 2032 under the GO Zone Act. The bonds are subject to optional redemption by the Authority upon the direction of the Company at any time prior to November 1, 2017 for 100% of the principal plus accrued interest and a discounted "make whole" payment. On or after November 1, 2017, the bonds are subject to optional redemption by the Authority upon the direction of the Company for 100% of the principal plus accrued interest. Each series of the bonds is subject to redemption and the holders may require the bonds to be repurchased upon a change of control or a change in or loss of the current tax status of the bonds. In addition, the bonds are subject to optional redemption by the Authority upon the direction of the Company if certain events have occurred in connection with the operation of the projects for which the bond proceeds may be used, including if the Company has determined that the continued operation of any material portion of the projects would be impracticable, uneconomical or undesirable for any reason. In connection with each offering of the bonds, the Company entered into a loan agreement with the Authority pursuant to which the Company agreed to pay all of the principal, premium, if any, and interest on the bonds and certain other amounts to the Authority. The net proceeds from the offerings were loaned by the Authority to the Company. The Company used the proceeds to expand, refurbish and maintain certain of its facilities in the Louisiana Parishes of Calcasieu and Ascension. The bonds are unsecured and rank equally in right of payment with other existing and future unsecured senior indebtedness. All domestic restricted subsidiaries that guarantee other debt of the Company or of another guarantor of the 6 ½% senior notes due 2029, the 6 ¾% senior notes due 2032 and the 6 ½% GO Zone Senior Notes Due 2035 (collectively, and including the 6 ½% IKE Zone Senior Notes Due 2035, the "Senior Notes") in excess of $5,000 are guarantors of the bonds. As of December 31, 2015, the Company had drawn all the proceeds from the 6 ½% bonds due 2029, 6 ¾% bonds due 2032 and 6 ½% bonds due 2035. IKE Zone Bonds In December 2010, the Authority completed the offering of $65,000 of 6 ½% tax-exempt revenue bonds due November 1, 2035 under Section 704 of the Emergency Economic Stabilization Act of 2008. The bonds are subject to optional redemption by the Authority upon the direction of the Company at any time prior to November 1, 2020 for 100% of the principal plus accrued interest and a discounted "make whole" payment. On or after November 1, 2020, the bonds are subject to optional redemption by the Authority upon the direction of the Company for 100% of the principal plus accrued interest. The bonds are subject to redemption, repurchase by the holders upon a change of control or a change in or loss of the current tax status of the bonds and optional redemption by the Authority under terms substantially similar to the terms for the GO Zone Bonds. In connection with the offering of the bonds, the Company entered into a loan agreement with the Authority pursuant to which the Company agreed to pay all of the principal, premium, if any, and interest on the bonds and certain other amounts to the Authority. The net proceeds from the offering were loaned by the Authority to the Company. The Company used the proceeds to expand, refurbish and maintain certain of its facilities in the Louisiana Parish of Calcasieu. The 6 ½% IKE Zone Senior Notes Due 2035 are unsecured and rank equally in right of payment with other existing and future unsecured senior indebtedness. All domestic restricted subsidiaries that guarantee other debt of the Company or of another guarantor of the Senior Notes in excess of $5,000 are guarantors of the 6 ½% IKE Zone Senior Notes Due 2035. As of December 31, 2015, the Company had drawn all the proceeds from the 6 ½% IKE Zone Senior Notes Due 2035. The indentures governing the Senior Notes contain customary covenants and events of default. Accordingly, these agreements generally impose significant operating and financial restrictions on the Company. These restrictions, among other things, provide limitations on incurrence of additional indebtedness, the payment of dividends, certain investments and acquisitions and sales of assets. However, the effectiveness of certain of these restrictions is currently suspended because the Senior Notes are currently rated investment grade by at least two nationally recognized credit rating agencies. The most significant of these provisions, if it were currently effective, would restrict the Company from incurring additional debt, except specified permitted debt (including borrowings under its credit facility), when the Company's fixed charge coverage ratio is below 2.0:1. These limitations are subject to a number of important qualifications and exceptions, including, without limitation, an exception for the payment of the Company's regular quarterly dividend of up to $0.10 per share. If the restrictions were currently effective, distributions in excess of $100,000 would not be allowed unless, after giving pro forma effect to the distribution, the Company's fixed charge coverage ratio is at least 2.0:1 and such payment, together with the aggregate amount of all other distributions after January 13, 2006, is less than the sum of 50% of the Company's consolidated net income for the period from October 1, 2003 to the end of the most recent quarter for which financial statements have been filed, plus 100% of net cash proceeds received after October 1, 2003 as a contribution to the Company's common equity capital or from the issuance or sale of certain securities, plus several other adjustments. Revenue Bonds In December 1997, the Company entered into a loan agreement with a public trust established for public purposes for the benefit of the Parish of Calcasieu, Louisiana. The public trust issued $10,889 principal amount of tax-exempt waste disposal revenue bonds in order to finance the Company's construction of waste disposal facilities for an ethylene plant. The waste disposal revenue bonds expire in December 2027 and are subject to redemption and mandatory tender for purchase prior to maturity under certain conditions. Interest on the waste disposal revenue bonds accrues at a rate determined by a remarketing agent and is payable quarterly. The interest rate on the waste disposal revenue bonds at December 31, 2015 and 2014 was 0.07% and 0.05%, respectively. As of December 31, 2015, the Company was in compliance with all of the covenants with respect to the 3.60% Notes Due 2022, the Senior Notes, the waste disposal revenue bonds and its revolving credit facility. The weighted average interest rate on all long-term debt was 5.5% at December 31, 2015 and 2014. As of December 31, 2015, the Company had no maturities of long-term debt until 2022. |
Stockholders' Equity |
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Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity The Company's Board of Directors has declared regular quarterly dividends to holders of its common stock aggregating $91,551, $77,656 and $55,236 for the years ended December 31, 2015, 2014 and 2013, respectively. Common Stock Each share of common stock entitles the holder to one vote on all matters on which holders are permitted to vote, including the election of directors. There are no cumulative voting rights. Accordingly, holders of a majority of the total votes entitled to vote in an election of directors will be able to elect all of the directors standing for election. Subject to preferences that may be applicable to any outstanding preferred stock, the holders of the common stock will share equally on a per share basis any dividends when, as and if declared by the Board of Directors out of funds legally available for that purpose. If the Company is liquidated, dissolved or wound up, the holders of the Company's common stock will be entitled to a ratable share of any distribution to stockholders, after satisfaction of all the Company's liabilities and of the prior rights of any outstanding class of the Company's preferred stock. The Company's common stock has no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Company's common stock. On February 14, 2014, the Company's Board of Directors authorized a two-for-one split of the Company's common stock. Stockholders of record as of February 28, 2014 were entitled to one additional share for every share outstanding, which was distributed on March 18, 2014. The total number of authorized common stock shares and associated par value were unchanged by this stock split. All share amounts and per share data included in the accompanying consolidated financial statements and related notes for the year ended December 31, 2013 has been restated to reflect the effect of the stock split. In 2014, the stockholders of the Company approved an amendment to the Company's Amended and Restated Certificate of Incorporation to increase the Company's authorized shares of common stock from 150,000,000 shares to 300,000,000 shares, par value $0.01 per share. The Company issued 134,663,244 and 134,679,064 shares of common stock as of December 31, 2015 and 2014, respectively. Preferred Stock The Company's charter authorizes the issuance of shares of preferred stock. The Company's Board of Directors has the authority, without shareholder approval, to issue preferred shares from time to time in one or more series, and to fix the number of shares and terms of each such series. The Board may determine the designations and other terms of each series including dividend rates, whether dividends will be cumulative or non-cumulative, redemption rights, liquidation rights, sinking fund provisions, conversion or exchange rights and voting rights. Stock Repurchase Program In August 2011, the Company's Board of Directors authorized a stock repurchase program of the Company's common stock totaling $100,000 (the "2011 Program"). As of March 31, 2015, the Company had repurchased 1,944,161 shares of its common stock for an aggregate purchase price of approximately $100,000 under the 2011 Program, the full amount of the 2011 Program. In November 2014, the Company's Board of Directors approved a new $250,000 share repurchase program (the "2014 Program"). On November 20, 2015, the Company's Board of Directors approved the expansion of the 2014 Program by an additional $150,000. The total number of shares repurchased by the Company under the 2014 Program was 2,682,489 for the year ended December 31, 2015. Any shares repurchased under the 2011 and 2014 Programs are held by the Company as treasury stock and may be used for general corporate purposes, including for the 2013 Omnibus Incentive Plan. Beginning in 2014, the Company began delivering treasury shares to employees and nonemployee directors for options exercised and for the settlement of restricted stock units. The cost of treasury shares delivered was determined using the specific identification method. |
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income |
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Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive income (loss) by component were as follows:
The following table provides the details of the amounts reclassified from accumulated other comprehensive income (loss) into net income in the consolidated statements of operations:
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Employee Benefits |
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits | Employee Benefits Defined Contribution Plans U.S. Plans The Company has a defined contribution savings plan covering all U.S. regular full-time and part-time employees whereby eligible employees may elect to contribute up to 100% of their annual compensation, subject to an annual plan limit in line with the annual elective contribution limit as determined by the Internal Revenue Service. The Company matches 100% of an employee's contribution up to the first 4% of such employee's compensation. The Company may, at its discretion, make an additional non-matching contribution in an amount as the Board of Directors may determine. For the years ended December 31, 2015, 2014 and 2013, the Company charged approximately $7,594, $6,856 and $6,022, respectively, to expense for these contributions. Further, within the defined contribution savings plan, the Company also makes an annual retirement contribution to substantially all employees of one subsidiary who have completed one year of service. The Company's contributions to the plan are determined as a percentage of employees' base and overtime pay. For the years ended December 31, 2015, 2014 and 2013, the Company charged approximately $11,715, $8,309 and $6,227, respectively, to expense for these contributions. Non-U.S. Plans The Company has various defined contribution plans in Germany, the United Kingdom, Italy and Belgium covering eligible employees of our European operations. The Company's contributions to the plans are based on applicable laws in each country. Contributions to the Company's non-U.S. defined contribution plans are made by both the employee and the Company. For the years ended December 31, 2015 and 2014, the Company charged approximately $1,912 and $416, respectively, to expense for its contributions to these plans. Defined Benefit Plans U.S. Plans The Company has noncontributory defined benefit pension plans that cover certain eligible salaried and wage employees of one subsidiary. However, eligibility for both plans has been frozen. Benefits for salaried employees under these plans are based primarily on years of service and employees' pay near retirement. Benefits for wage employees are based upon years of service and a fixed amount as periodically adjusted. The Company recognizes the years of service prior to the Company's acquisition of the subsidiary's facilities for purposes of determining vesting, eligibility and benefit levels for certain employees of the subsidiary and for determining vesting and eligibility for certain other employees of the subsidiary. The measurement date for these plans is December 31. In December 2014, the Company announced a plan amendment to one of the Company's defined benefit pension plans. Under the plan amendment, no additional benefits may be earned by participants after January 31, 2015 and participants' accrued benefit will freeze at the level earned as of January 31, 2015. In addition, the amendment added a lump sum payment option effective February 1, 2015. The Company made a similar plan amendment to its other defined benefit pension plan in 2012. In conjunction with both of the defined benefit pension plans' amendments, the Company amended, in 2014 and 2012, its defined contribution savings plan to allow participants impacted by the amendments to participate in the Company's annual retirement contribution program. Non-U.S. Plans The Company has defined benefit pension plans covering current and former employees associated with our European operations. These pension plans are closed to new participants and are for employees in Germany who commenced employment before July 1, 2007. Benefits for employees for these plans are based primarily on employees' pay near retirement. The non-U.S. plans are unfunded as no contributions have been made to the plans and therefore, have no plan assets. The measurement date for these plans is December 31. Details of the changes in benefit obligations, plan assets and funded status of the Company's pension plans are as follows:
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In the United States, the Pension Protection Act of 2006 (the "Pension Protection Act") established a relationship between a qualified pension plan's funded status and the actual benefits that can be provided. Restrictions on plan benefits and additional funding and notice requirements are imposed when a plan's funded status is less than certain threshold levels. For the 2015 plan year, the funded status for the Company's U.S. pension plans are above 80%, with both plans' funded status above 100%. Accordingly, the Company's U.S. pension plans are exempt from the Pension Protection Act's benefit restrictions. Pension plans with an accumulated benefit obligation in excess of plan assets at December 31 are as follows:
The following table provides the components of net periodic benefit costs, other changes in plan assets and benefit obligation recognized in other comprehensive income.
The estimated prior service cost and net loss for the defined benefit plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2016 are expected to be zero and $1,213, respectively. The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs for the plans are as follows:
The Company's return on asset assumption of 7.0% for its U.S. plans is based on historical asset returns, anticipated future performance of the investments and financial markets and input from the Company's third-party independent actuary and the pension fund trustee. There are no plan assets for the Company's non-U.S. plans. The discount rates for the Company's U.S. and non-U.S. plans are determined using a benchmark pension discount curve and applying spot rates from the curve to each year of expected benefit payments to determine the appropriate discount rate for the Company. The Company's overall investment strategy for its U.S. plan assets is to achieve a balance between moderate income generation and capital appreciation. The investment strategy includes a mix of approximately 55% of investments for long-term growth and 45% for near-term benefit payments with a diversification of asset types. The Company does not believe that there are significant concentrations of risk in the pension plan assets due to its strategy of asset diversification. The pension fund investment policy allows the pension fund trustee a 10% discretionary range in the asset allocation model, with a target of approximately 55% equity securities and 45% fixed income. The Company expects to maintain the 55/45 investment policy for the near future. Equity securities primarily include investments in large-cap and small-cap companies located in the United States and international developed market stocks. Fixed income securities are comprised of investment grade bonds, including U.S. Treasuries and corporate bonds of companies from diversified industries. At December 31, 2015, plan assets did not include direct ownership of the Company's common stock. Under the accounting guidance for fair value measurements, inputs used to measure fair value are classified in one of three levels: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The investments in the bank collective trust funds are valued using a market approach based on the net asset value of units held. The fair values of the Company's U.S. plan assets at December 31, by asset category, are as follows:
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The Company's funding policy for its U.S. plans is consistent with the minimum funding requirements of federal law and regulations, and based on preliminary estimates, the Company expects to make contributions of approximately $900 each for both the salaried and wage pension plans in 2016. Multi-employer Plans Non-U.S. Plans The Company participates in two multi-employer plans, Pensionskasse der Mitarbeiter der Hoechst-Gruppe VVaG and Pensionskasse der Wacker-Chemie GmbH VVaG, which provide benefits to certain of the Company's employees in Germany. These multi-employer plans are closed to new participants. The benefit obligations are covered up to a certain salary threshold by contributions made by the Company and employees to the plans. Contributions to the Company's multi-employer plans are expensed as incurred and were as follows:
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Other Post-retirement Benefits U.S. Plans The Company provides post-retirement healthcare benefits to the employees of two subsidiaries who meet certain minimum age and service requirements. The Company has the right to modify or terminate some of these benefits. The following table provides a reconciliation of the benefit obligations of the Company's unfunded post-retirement healthcare plans.
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The following table provides the components of net periodic benefit costs, other changes in plan assets and benefit obligation recognized in other comprehensive income.
The estimated prior service cost and net loss for the post-retirement healthcare benefit plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2016 are expected to be zero and $125, respectively. The weighted-average assumptions used to determine post-retirement healthcare plan obligations and net periodic benefit costs for the plans are as follows:
The discount rate is determined using a benchmark pension discount curve and applying spot rates from the curve to each year of expected benefit payments to determine the appropriate discount rate for the Company. Assumed healthcare trend rates do not have a significant effect on the amounts reported for the healthcare plans because benefits for participants are capped at a fixed amount. Estimated Future Benefit Payments The following benefit payments are expected to be paid:
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Stock-Based Compensation |
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Under the Westlake Chemical Corporation 2013 Omnibus Incentive Plan (as amended and restated, the "2013 Plan"), all employees and non-employee directors of the Company, as well as certain individuals who have agreed to become the Company's employees, are eligible for awards. Shares of common stock may be issued as authorized in the 2013 Plan. At the discretion of the administrator of the 2013 Plan, employees and non-employee directors may be granted awards in the form of stock options, stock appreciation rights, stock awards, restricted stock units or cash awards (any of which may be a performance award). Outstanding stock option awards have a 10-year term and vest either (1) ratably on an annual basis over a one to four-year period or (2) at the end of a five to 9.5-year period. Current outstanding restricted stock awards vest on the 9.5-year anniversary of the award date. Outstanding restricted stock units vest either (1) ratably on an annual basis over a three-year period or (2) at the end of a one to six-year period. In accordance with accounting guidance related to share-based payments, stock-based compensation expense for all stock-based compensation awards is based on estimated grant-date fair value. The Company recognizes these stock-based compensation costs net of a forfeiture rate and on a straight-line basis over the requisite service period of the award for only those shares expected to vest. For the years ended December 31, 2015, 2014 and 2013, the total recognized stock-based compensation expense related to the 2013 Plan was $10,196, $9,261 and $6,966, respectively. Option activity and changes during the year ended December 31, 2015 were as follows:
For options outstanding at December 31, 2015, the options had the following range of exercise prices:
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company's closing stock price on the last trading day of the year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2015. This amount changes based on the fair market value of the Company's common stock. For the years ended December 31, 2015, 2014 and 2013, the total intrinsic value of options exercised was $1,145, $14,534 and $7,656, respectively. As of December 31, 2015, $3,755 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1.3 years. Income tax benefits of $78, $4,512 and $2,224 were realized from the exercise of stock options during the years ended December 31, 2015, 2014 and 2013, respectively. The Company used the Black-Scholes option pricing model to value its options. The table below presents the weighted average value and assumptions used in determining each option's fair value. Volatility was calculated using historical trends of the Company's common stock price.
Non-vested restricted stock awards as of December 31, 2015 and changes during the year ended December 31, 2015 were as follows:
As of December 31, 2015, there was $119 of unrecognized stock-based compensation expense related to non-vested restricted stock awards. This cost is expected to be recognized over a weighted-average period of 0.6 years. The total fair value of shares of restricted stock that vested during the years ended December 31, 2015, 2014 and 2013 was $8,363, $8,831 and $12,480, respectively. Non-vested restricted stock unit as of December 31, 2015 and changes during the year ended December 31, 2015 were as follows:
As of December 31, 2015, there was $14,925 of unrecognized stock-based compensation expense related to non-vested restricted stock units. This cost is expected to be recognized over a weighted-average period of 2.5 years. The total fair value of restricted stock units that vested during the years ended December 31, 2015, 2014 and 2013 was $725, $371 and $14, respectively. Westlake Chemical Partners LP Awards Our wholly-owned subsidiary and the general partner of Westlake Partners, Westlake Chemical Partners GP LLC ("WLKPGP"), maintains a unit-based compensation plan for directors and employees of WLKPGP and Westlake Partners. The Westlake Partners 2014 Long-term Incentive Plan ("Westlake Partners 2014 Plan") permits various types of equity awards including but not limited to grants of phantom units and restricted units. Awards granted under the Westlake Partners 2014 Plan may be settled with Westlake Partners units or in cash or a combination thereof. Compensation expense for these awards was not material to our consolidated financial statements for the years ended December 31, 2015 and 2014. |
Derivative Commodity Instruments |
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Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Commodity Instruments | Derivative Commodity Instruments Commodity Risk Management The Company uses derivative instruments to reduce price volatility risk on commodities, primarily natural gas and ethane, from time to time. The Company does not use derivative instruments to engage in speculative activities. For derivative instruments that are designated and qualify as fair value hedges, the gains or losses on the derivative instruments, as well as the offsetting losses or gains on the hedged items attributable to the hedged risk, were included in cost of sales in the consolidated statement of operations for the year ended December 31, 2013. The Company had no derivative instruments that were designated as fair value hedges during the years ended December 31, 2015 and 2014. Gains and losses from changes in the fair value of derivative instruments that are not designated as hedging instruments were included in gross profit in the consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013. The exposure on commodity derivatives used for price risk management includes the risk that the counterparty will not pay if the market declines below the established fixed price. In such case, the Company would lose the benefit of the derivative differential on the volume of the commodities covered. In any event, the Company would continue to receive the market price on the actual volume hedged. The Company also bears the risk that it could lose the benefit of market improvements over the fixed derivative price for the term and volume of the derivative instruments (as such improvements would accrue to the benefit of the counterparty). The fair values of derivative instruments in the Company's consolidated balance sheets were as follows:
The following tables reflect the impact of derivative instruments designated as fair value hedges and the related hedged item on the Company's consolidated statement of operations. There was no material ineffectiveness with regard to the Company's qualifying hedges for the year ended December 31, 2013. The Company had no derivative instruments that were designated as fair value hedges during the years ended December 31, 2015 and 2014.
The impact of derivative instruments that have not been designated as hedges on the Company's consolidated statements of operations were as follows:
See Note 14 for the fair value of the Company's derivative instruments. Disclosure about Offsetting Asset and Liability Derivatives Certain of the Company's derivative instruments are executed under an International Swaps and Derivatives Association ("ISDA") Master Agreement, which permits the Company and a counterparty to aggregate the amounts owed by each party under multiple transactions and replace them with a single net amount payable by one party to the other. The following tables present the Company's derivative assets and derivative liabilities reported on the consolidated balance sheets and derivative assets and derivative liabilities subject to enforceable master netting arrangements.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company reports certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The following tables summarize, by level within the fair value hierarchy, the Company's assets and liabilities at December 31 that were accounted for at fair value on a recurring basis:
The Level 2 measurements for the Company's commodity contracts are derived using forward curves supplied by industry recognized and unrelated third-party services. The Level 2 measurements for the Company's available-for-sale securities are derived using market-based pricing provided by unrelated third-party services. There were no transfers in and out of Levels 1 and 2 of the fair value hierarchy in 2015 and 2014. In addition to the assets and liabilities above, the Company has other financial assets and liabilities subject to fair value measures. These financial assets and liabilities include cash and cash equivalents, accounts receivable, net, accounts payable and long-term debt, all of which are recorded at carrying value. The amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, net and accounts payable approximate their fair value due to the short maturities of these instruments. The carrying and fair values of the Company's long-term debt at December 31, 2015 and 2014 are summarized in the table below. The Company's long-term debt instruments are publicly-traded. A market approach, based upon quotes from financial reporting services, is used to measure the fair value of the Company's long-term debt. Because the Company's long-term debt instruments may not be actively traded, the inputs used to measure the fair value of the Company's long-term debt are classified as Level 2 inputs within the fair value hierarchy.
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The components of income (loss) before income taxes are as follows:
The Company's provision for (benefit from) income taxes consists of the following:
A reconciliation of taxes computed at the statutory rate to the Company's income tax expense is as follows:
The tax effects of the principal temporary differences between financial reporting and income tax reporting at December 31 are as follows:
At December 31, 2015, the Company had foreign and state net operating loss carryforwards of approximately $267,192, which will expire in varying amounts between 2016 and 2035 and are subject to certain limitations on an annual basis. Management believes the Company will realize the benefit of a portion of the net operating loss carryforwards before they expire, but to the extent that the full benefit may not be realized, a net operating loss valuation allowance has been recorded. The valuation allowance increased by $5,334 in 2015 due to the creation of additional state and foreign net operating loss carryforwards. We do not consider the undistributed earnings of our foreign subsidiaries as of December 31, 2015 and 2014 to be permanently reinvested and, accordingly, all required income tax consequences have been considered on such income in accordance with current applicable rules. The gross unrecognized tax benefits at December 31 are as follows:
There were no unrecognized tax benefits as of December 31, 2015 and 2014. The Company recognized gross unrecognized tax benefits of $2,501 during the year ended December 31, 2014. The effective income tax rate impact in 2014 was immaterial. The Company recognizes penalties and interest accrued related to unrecognized tax benefits in income tax expense. The Company files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. The Company is no longer subject to examinations by tax authorities before the year 2010. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings per Share The Company has unvested shares of restricted stock and restricted stock units outstanding that are considered participating securities and, therefore, computes basic and diluted earnings per share under the two-class method. Basic earnings per share for the periods are based upon the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share include the effect of certain stock options.
The following table reconciles the denominator for the basic and diluted earnings per share computations shown in the consolidated statements of operations:
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Excluded from the computation of diluted earnings per share for the years ended December 31, 2015, 2014 and 2013 are options to purchase 301,969, 126,091 and 119,452 shares of common stock, respectively. These options were outstanding during the periods reported but were excluded because the effect of including them would have been antidilutive. |
Supplemental Information |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information | Supplemental Information Accrued Liabilities Accrued liabilities were $287,313 and $276,118 at December 31, 2015 and 2014, respectively. Accrued rebates and accrued incentive compensation, which are components of accrued liabilities, were $46,460 and $41,168 at December 31, 2015, respectively, and $49,900 and $37,626 at December 31, 2014, respectively. No other component of accrued liabilities was more than five percent of total current liabilities. Other Liabilities Other liabilities were $150,961 and $174,859 at December 31, 2015 and 2014, respectively. Non-current pension obligation, which is a component of other liabilities, was $106,250 and $136,296 at December 31, 2015 and 2014, respectively. No other component of other liabilities was more than five percent of total liabilities. Other Income (Expense), Net The components of other income (expense), net are as follows:
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Cash Flow Information
Supplemental Noncash Investing Activities In conjunction with the acquisitions discussed in Note 21, liabilities assumed consist of the following:
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Related Party And Affiliate Transactions |
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Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party And Affiliate Transactions | Related Party and Affiliate Transactions The Company leases office space for management and administrative services from an affiliate of the Company's principal stockholder. For the years ended December 31, 2015, 2014 and 2013, the Company incurred lease payments of approximately $2,148, $2,001 and $1,614, respectively. The amount payable to this affiliate was $196 and $179 at December 31, 2015 and 2014, respectively. Cypress Interstate Pipeline L.L.C., a natural gas liquids pipeline joint venture company in which the Company owns a 50% equity stake, transports natural gas liquid feedstocks to the Company's Lake Charles complex through its pipeline. For the years ended December 31, 2015, 2014 and 2013, the Company incurred pipeline fees of approximately $14,110, $14,206 and $13,328, respectively, payable to this joint venture for usage of the pipeline. The amount payable to this joint venture was $991 at December 31, 2015. There were no outstanding amounts due to this joint venture at December 31, 2014. EPS Ethylene Pipeline Süd GmbH & Co. KG, an ethylene pipeline company in which the Company owns a 10% equity stake, transports ethylene feedstocks to the Company's Gendorf, Germany production facility through its pipeline. For the years ended December 31, 2015 and 2014, the Company incurred pipeline fees of approximately $1,022 and $548, respectively, for usage of the pipeline. There were no outstanding amounts due to this related party at December 31, 2015. The amount payable to this related party was $12 at December 31, 2014. The Company owns a 15% and an 11% equity stake in InfraServ Knapsack GmbH & Co. KG and InfraServ Gendorf GmbH & Co. KG, respectively. The Company has service agreements with these entities, including contracts to provide electricity and technical services to certain of the Company's production facilities in Germany. For the years ended December 31, 2015 and 2014, the Company incurred charges aggregating approximately $115,961 and $55,400, respectively, for these services. The amounts payable to these related parties were $22,931 and $14,161 at December 31, 2015 and 2014, respectively. Dividends received from equity method investments were $5,610, $5,459 and $5,114 for the years ended December 31, 2015, 2014 and 2013, respectively. One of our directors serves as Chairman and Chief Executive Officer of American Air Liquide Holdings, Inc. and as a Senior Vice President of the Air Liquide Group. The Company purchased oxygen, nitrogen and utilities and leased cylinders from various affiliates of American Air Liquide Holdings, Inc. ("Air Liquide") aggregating approximately $10,345, $13,862 and $16,407 for the years ended December 31, 2015, 2014 and 2013, respectively. The amount payable to Air Liquide was $762 at December 31, 2015. There were no outstanding amounts due to Air Liquide at December 31, 2014. |
Insurance Recovery |
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Insurance Recovery [Abstract] | |
Insurance Recovery | Insurance Recovery During the second and third quarters of 2015, the Company's production rates and operating costs at its Knapsack, Germany and Cologne, Germany facilities were negatively impacted due to an interruption of feedstock supply as a result of a fire at a third-party supplier's ethylene production facility. For the year ended December 31, 2015, the Company recognized approximately $7,809 as a partial insurance recovery related to business interruption costs, primarily for additional costs incurred to procure the necessary feedstock and other costs as a result of the fire at the third-party facility. The partial insurance recovery is included in cost of sales in the consolidated statement of operations. |
Westlake Chemical Partners LP |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||
Westlake Chemical Partners LP | Westlake Chemical Partners LP Westlake Partners is a publicly traded master limited partnership that was formed by the Company to operate, acquire and develop facilities for the processing of natural gas liquids and related assets. Initial Public Offering of Westlake Partners On August 4, 2014, Westlake Partners completed its initial public offering of 12,937,500 common units at a price of $24.00 per unit, which included 1,687,500 units purchased by the underwriters pursuant to the exercise in full of their over-allotment option. Net proceeds to Westlake Partners from the sale of the units was approximately $286,088, net of underwriting discounts, structuring fees and offering expenses (the "Offering Costs") of approximately $24,412. At the time of the initial public offering, Westlake Partners' assets consisted of a 10.6% limited partner interest in Westlake Chemical OpCo LP ("OpCo"), as well as the general partner interest in OpCo. At the time of the initial public offering, the Company retained an 89.4% limited partner interest in OpCo, a 52.2% limited partner interest in Westlake Partners (common and subordinated units), a general partner interest in Westlake Partners and incentive distribution rights. The Company consolidates Westlake Partners for financial reporting purposes as the Company has a controlling financial interest. The initial public offering represented the sale of 47.8% of the common units in Westlake Partners. OpCo used the net proceeds from the purchase of its limited partner interest to establish a cash reserve of approximately $55,419 for turnaround expenditures, to reimburse approximately $151,729 for capital expenditures incurred by the Company with respect to certain of the assets contributed to OpCo and to repay intercompany debt to the Company of approximately $78,940. The following table is a reconciliation of proceeds from the initial public offering:
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Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions Suzhou Huasu Plastics Co., Ltd. On June 1, 2015, the Company acquired an additional 35.7% equity interest in Suzhou Huasu Plastics Co., Ltd. ("Huasu") from INEOS Chlor Vinyls Holdings B.V., increasing its interest in Huasu to 95.0%. Huasu is a polyvinyl chloride ("PVC") joint venture based near Shanghai, in the People's Republic of China and has a combined annual capacity of 300 million pounds of PVC resin and 145 million pounds of PVC film and sheet. Prior to the acquisition of this 35.7% interest, the Company owned a 59.3% interest in Huasu. The Company accounted for the investment using the equity method of accounting because Huasu did not meet the definition of a variable interest entity and because contractual arrangements giving certain substantive participatory rights to minority shareholders prevented the Company from exercising a controlling financial interest over Huasu. As a result of the Company obtaining control over Huasu, the Company's 59.3% interest was remeasured to fair value, resulting in a loss of $1,505, which is included in other income (expense), net in the consolidated statement of operations. The closing date purchase price of $5,518 was paid with available cash on hand. The acquisition is being accounted for under the acquisition method of accounting. The transaction resulted in a bargain purchase acquisition-date gain of $22,550 and is recognized in other income (expense), net in the consolidated statement of operations. The Company believes there are several factors that contributed to this transaction resulting in a bargain purchase acquisition-date gain, including the slowdown in the growth of, and current weakness in, the Chinese economy. The assets acquired and liabilities assumed and the results of operations of this acquired business are included in the Vinyls segment. Huasu's net sales and earnings included in the consolidated statement of operations since the acquisition date have not been presented separately as they are not material to the Company's consolidated statement of operations for the year ended December 31, 2015. The acquisition-related costs recognized in the consolidated statement of operations for the year ended December 31, 2015 are not material. The pro forma impact of this business combination has not been presented as it is not material to the Company's consolidated statements of operations for the years ended December 31, 2015 and 2014. The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed at the date of acquisition. The final determination of fair value for certain assets and liabilities will be completed as soon as the information necessary to complete the analysis is obtained. These amounts will be finalized as soon as possible, but no later than one year from the acquisition date.
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Vinnolit Holdings GmbH and Subsidiary Companies On July 31, 2014, the Company acquired all the equity interests in German-based Vinnolit Holdings GmbH and its subsidiary companies ("Vinnolit") from several entities associated with Advent International Corporation (the "Sellers"). Vinnolit is headquartered in Ismaning, Germany and is an integrated global leader in specialty PVC resins, with a combined annual capacity of 1.7 billion pounds of PVC, including specialty paste and suspension grades, 1.5 billion pounds of vinyl chloride monomer ("VCM") and 1.0 billion pounds of caustic soda. The Vinnolit acquisition included six production facilities located in Burghausen, Gendorf, Cologne, Knapsack and Schkopau in Germany and Hillhouse in the United Kingdom. The Company also acquired Vinnolit's technical centers, including a research and development facility in Gendorf and an applications laboratory in Burghausen. The Company's management believes that this strategic acquisition will enhance its strategy of integration and expansion into new markets and specialty products, in addition to growing the Company's global presence with a footprint in Europe and surrounding markets. The purchase price of $736,224 was paid with available cash on hand. The acquisition is being accounted for under the acquisition method of accounting. The assets acquired and liabilities assumed and the results of operations of this acquired business are included in the Vinyls segment. The acquired business contributed net sales and net loss of $431,407 and $3,718, respectively, to the Company for the period from July 31, 2014 to December 31, 2014. The following unaudited consolidated pro forma information presents consolidated information as if the acquisition had occurred on January 1, 2013:
The pro forma amounts above have been calculated after applying the Company's accounting policies and adjusting the Vinnolit results to reflect (1) the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been applied from January 1, 2013; (2) the elimination of interest expense assuming the long-term debt paid off on behalf of the Sellers as of the acquisition date had been retired as of January 1, 2013; (3) the elimination of transaction-related costs; and (4) an adjustment to tax-effect the aforementioned pro forma adjustments using an estimated aggregate statutory income tax rate of the jurisdictions to which the above adjustments relate. The pro forma amounts do not include any potential synergies, cost savings or other expected benefits of the Vinnolit acquisition, are presented for illustrative purposes only and are not necessarily indicative of results that would have been achieved if the acquisition had occurred as of January 1, 2013 or of future operating performance. For the year ended December 31, 2014, the Company recognized $13,427 of transaction-related costs. These costs are included in general and administrative expenses and other income (expense), net in the consolidated statement of operations for the year ended December 31, 2014. The transaction-related costs included in other income (expense), net pertained to losses incurred on forward foreign exchange contracts for the purchase consideration of Vinnolit. The following table summarizes the purchase consideration transferred and the fair value of identified assets acquired and liabilities assumed at the date of acquisition. As the fair value of the net assets acquired equals consideration paid, no goodwill was recorded.
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Commitments And Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies | Commitments and Contingencies The Company is subject to environmental laws and regulations that can impose civil and criminal sanctions and that may require it to mitigate the effects of contamination caused by the release or disposal of hazardous substances into the environment. Under one law, the U.S. Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), an owner or operator of property may be held strictly liable for remediating contamination without regard to whether that person caused the contamination, and without regard to whether the practices that resulted in the contamination were legal at the time they occurred. Because several of the Company's production sites have a history of industrial use, it is impossible to predict precisely what effect these legal requirements will have on the Company. European Regulations. Under the Industrial Emission Directive ("IED"), European Union member state governments are expected to adopt rules and implement environmental permitting programs relating to air, water and waste for industrial facilities. In this context, concepts such as BAT ("best available technique") are being explored. Future implementation of these concepts may result in technical modifications in the Company's European facilities. In addition, under the Environmental Liability Directive, European Union member states can require the remediation of soil and groundwater contamination in certain circumstances, under the "polluter pays principle." The Company is unable to predict the impact these requirements and concepts may have on its future costs of compliance. Contract Disputes with Goodrich and PolyOne. In connection with the 1990 and 1997 acquisitions of the Goodrich Corporation ("Goodrich") chemical manufacturing facility in Calvert City, Goodrich agreed to indemnify the Company for any liabilities related to preexisting contamination at the site. For its part, the Company agreed to indemnify Goodrich for post-closing contamination caused by the Company's operations. The soil and groundwater at the site, which does not include the Company's nearby PVC facility, had been extensively contaminated under Goodrich's operations. In 1993, Goodrich spun off the predecessor of PolyOne Corporation ("PolyOne"), and that predecessor assumed Goodrich's indemnification obligations relating to preexisting contamination. In 2003, litigation arose among the Company, Goodrich and PolyOne with respect to the allocation of the cost of remediating contamination at the site. The parties settled this litigation in December 2007 and the case was dismissed. In the settlement the parties agreed that, among other things: (1) PolyOne would pay 100% of the costs (with specified exceptions), net of recoveries or credits from third parties, incurred with respect to environmental issues at the Calvert City site from August 1, 2007 forward; (2) either the Company or PolyOne might, from time to time in the future (but not more than once every five years), institute an arbitration proceeding to adjust that percentage; and (3) the Company and PolyOne would negotiate a new environmental remediation utilities and services agreement to cover the Company's provision to, or on behalf of, PolyOne of certain environmental remediation services at the site. The current environmental remediation activities at the Calvert City site do not have a specified termination date but are expected to last for the foreseeable future. The costs incurred by the Company that have been invoiced to PolyOne to provide the environmental remediation services were $2,210, $2,805 and $3,284 for the years ended December 31, 2015, 2014 and 2013, respectively. By letter dated March 16, 2010, PolyOne notified the Company that it was initiating an arbitration proceeding under the settlement agreement. In this proceeding, PolyOne sought to readjust the percentage allocation of costs and to recover approximately $1,400 from the Company in reimbursement of previously paid remediation costs. In December 2015, the arbitration panel dismissed the proceeding with prejudice. In a separate proceeding in Ohio state court, the Company is seeking certain insurance documents from PolyOne. State Administrative Proceedings. There are several administrative proceedings in Kentucky involving the Company, Goodrich and PolyOne related to the same manufacturing site in Calvert City. In 2003, the Kentucky Environmental and Public Protection Cabinet (the "Cabinet") re-issued Goodrich's Resource Conservation and Recovery Act ("RCRA") permit which requires Goodrich to remediate contamination at the Calvert City manufacturing site. Both Goodrich and PolyOne challenged various terms of the permit in an attempt to shift Goodrich's clean-up obligations under the permit to the Company. The Company intervened in the proceedings. The Cabinet has suspended all corrective action under the RCRA permit in deference to a remedial investigation and feasibility study ("RIFS") being conducted, under the auspices of the U.S. Environmental Protection Agency ("EPA"), pursuant to an Administrative Settlement Agreement ("AOC"), which became effective on December 9, 2009. See "Federal Administrative Proceedings" below. The proceedings have been postponed. Periodic status conferences will be held to evaluate whether additional proceedings will be required. Federal Administrative Proceedings. In May 2009, the Cabinet sent a letter to the EPA requesting the EPA's assistance in addressing contamination at the Calvert City site under CERCLA. In its response to the Cabinet also in May 2009, the EPA stated that it concurred with the Cabinet's request and would incorporate work previously conducted under the Cabinet's RCRA authority into the EPA's cleanup efforts under CERCLA. Since 1983, the EPA has been addressing contamination at an abandoned landfill adjacent to the Company's plant which had been operated by Goodrich and which was being remediated pursuant to CERCLA. The EPA has directed Goodrich and PolyOne to conduct additional investigation activities at the landfill and at the Company's plant. In June 2009, the EPA notified the Company that the Company may have potential liability under section 107(a) of CERCLA at its plant site. Liability under section 107(a) of CERCLA is strict and joint and several. The EPA also identified Goodrich and PolyOne, among others, as potentially responsible parties at the plant site. The Company negotiated, in conjunction with the other potentially responsible parties, an AOC and an order to conduct a RIFS. On July 12, 2013, the parties submitted separate draft RIFS reports to the EPA. The EPA has hired a contractor to complete the remedial investigation report. Monetary Relief. Except as noted above with respect to the settlement of the contract litigation among the Company, Goodrich and PolyOne, none of the court, the Cabinet nor the EPA has established any allocation of the costs of remediation among the various parties that are involved in the judicial and administrative proceedings discussed above. At this time, the Company is not able to estimate the loss or reasonable possible loss, if any, on the Company's financial statements that could result from the resolution of these proceedings. Any cash expenditures that the Company might incur in the future with respect to the remediation of contamination at the site would likely be spread out over an extended period. As a result, the Company believes it is unlikely that any remediation costs allocable to it will be material in terms of expenditures made in any individual reporting period. Potential Flare Modifications. For several years, the EPA has been conducting an enforcement initiative against petroleum refineries and petrochemical plants with respect to emissions from flares. A number of companies have entered into consent agreements with the EPA requiring both modifications to reduce flare emissions and the installation of additional equipment to better track flare operations and emissions. On April 21, 2014, the Company received a Clean Air Act Section 114 Information Request from the EPA which sought information regarding flares at the Calvert City and Lake Charles facilities. The EPA has informed the Company that the information provided leads the EPA to believe that some of the flares are out of compliance with applicable standards. The EPA has demanded that the Company conduct additional flare sampling and provide supplemental information. The Company is currently in negotiations with the EPA regarding these demands. The EPA has indicated that it is seeking a consent decree that would obligate the Company to take corrective actions relating to the alleged noncompliance. The Company has not agreed that any flares are out of compliance or that any corrective actions are warranted. Depending on the outcome of the Company's negotiations with the EPA, additional controls on emissions from its flares may be required and these could result in increased capital and operating costs. Louisiana Notice of Violations. The Louisiana Department of Environmental Quality ("LDEQ") has issued notices of violations ("NOVs") regarding the Company's assets for various air compliance issues. The Company is working with LDEQ to settle these claims, and a global settlement of all claims is being discussed. The Company has reached a verbal agreement with the LDEQ to settle certain of the NOVs in two separate settlements for a combined $192 in civil penalties. The Company does not believe that any settlements for the remaining NOVs will have a material adverse effect on the Company's financial condition, results of operations or cash flows. In addition to the matters described above, the Company is involved in various legal proceedings incidental to the conduct of its business. The Company does not believe that any of these legal proceedings will have a material adverse effect on its financial condition, results of operations or cash flows. Other Commitments The Company is obligated under various long-term and short-term noncancelable operating leases, primarily related to rail car leases and land. Several of the leases provide for renewal terms and, in certain leases, purchase options. At December 31, 2015, future minimum lease commitments for operating lease obligations and capital lease obligations were as follows:
Operating lease rental expense was approximately $69,455, $56,014 and $45,361 for the years ended December 31, 2015, 2014 and 2013, respectively. The Company has various unconditional purchase obligations, primarily to purchase goods and services, including commitments to purchase various utilities, feedstock, nitrogen, oxygen, product storage and pipeline usage. Unrecorded unconditional purchase obligations for the next five years are as follows: $184,581, $194,434, $176,230, $149,194 and $141,352 in 2016, 2017, 2018, 2019 and 2020, respectively. |
Segment And Geographic Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Geographic Information | Segment and Geographic Information Segment Information The Company operates in two principal operating segments: Olefins and Vinyls. These segments are strategic business units that offer a variety of different products. The Company manages each segment separately as each business requires different technology and marketing strategies. The Company's Olefins segment manufactures and markets polyethylene, styrene monomer and various ethylene co-products. The Company's ethylene production is used in the Company's polyethylene, styrene and vinyl chloride monomer ("VCM") operations. In addition, the Company sells ethylene and ethylene co-products, primarily propylene, crude butadiene, pyrolysis gasoline and hydrogen, to external customers. The majority of sales in the Company's Olefins business are made under long-term agreements where contract volumes are established within a range (typically, more than one year). Earlier terminations may occur if the parties fail to agree on price and deliveries are suspended for a period of several months. In most cases, these contracts also contemplate extension of the term unless specifically terminated by one of the parties. No single customer accounted for more than 10% of sales in the Olefins segment for the years ended December 31, 2015, 2014 or 2013. The Company's Vinyls segment manufactures and markets PVC, VCM, EDC, chlorine, caustic soda and ethylene. The Company also manufactures and sells products fabricated from PVC that the Company produces, including pipe, fittings, profiles, foundation building products, fence and deck components, window and door components and film and sheet products. The Company's main North American chemical manufacturing facilities are located in Calvert City and Geismar, Louisiana. The Company also has five manufacturing sites in Germany, one manufacturing site in the United Kingdom and one manufacturing site in the People's Republic of China. As of December 31, 2015, the Company owned 11 building products plants. The Company uses its chlorine, VCM and PVC production to manufacture its building products. No single customer accounted for more than 10% of sales in the Vinyls segment for the years ended December 31, 2015, 2014 or 2013. The accounting policies of the individual segments are the same as those described in Note 1.
A reconciliation of total segment income from operations to consolidated income before income taxes is as follows:
Geographic Information
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Subsequent Events |
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Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent events were evaluated through the date on which the financial statements were issued. |
Guarantor Disclosures |
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Guarantor Disclosures [Abstract] | |
Guarantor Disclosures | Guarantor Disclosures The Company's payment obligations under the 3.60% senior notes due 2022 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 the 3.60% senior notes due 2022 in excess of $5,000 (the "Guarantor Subsidiaries"). Except for OpCo, which is less than 100% owned, each Guarantor Subsidiary is 100% owned by Westlake Chemical Corporation (the "100% Owned Guarantor Subsidiaries"). See Note 20 regarding Westlake Partners' 10.6% limited partnership interest in OpCo. The initial public offering of Westlake Partners resulted in OpCo ceasing to be a 100% owned subsidiary of the Company. OpCo has been presented as a less than 100% owned guarantor subsidiary in each of the tables below, including for periods prior to the initial public offering of Westlake Partners. These guarantees are the joint and several obligations of the Guarantor Subsidiaries. The following unaudited condensed consolidating financial information presents the financial condition, results of operations and cash flows of Westlake Chemical Corporation, the 100% owned Guarantor Subsidiaries, OpCo and the remaining subsidiaries that do not guarantee the 3.60% senior notes due 2022 (the "Non-Guarantor Subsidiaries"), together with consolidating eliminations necessary to present the Company's results on a consolidated basis. |
Quarterly Financial Information |
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information | Quarterly Financial Information (Unaudited)
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Valuation and Qualifying Accounts |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (dollars in thousands)
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Description Of Business And Significant Accounting Policies (Policy) |
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Dec. 31, 2015 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Description Of Business | Description of Business Westlake Chemical Corporation (the "Company") operates as an integrated global manufacturer and marketer of basic chemicals, vinyls, polymers and building products. These products include some of the most widely used chemicals in the world, which are fundamental to many diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction as well as other durable and non-durable goods. The Company's customers range from large chemical processors and plastics fabricators to small construction contractors, municipalities and supply warehouses primarily throughout North America and Europe. The petrochemical industry is subject to price fluctuations and volatile feedstock pricing typical of a commodity-based industry, the effects of which may not be immediately passed along to customers. |
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Principles Of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and subsidiaries in which the Company directly or indirectly owns more than a 50% voting interest and exercises control and, when applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in majority-owned companies where the Company does not exercise control and investments in nonconsolidated affiliates (20%-50% owned companies, joint ventures and partnerships) are accounted for using the equity method of accounting. There were no undistributed earnings from equity investments included in retained earnings as of December 31, 2015. |
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Cash And Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments that are readily convertible into cash and have a maturity of three months or less at the date of acquisition. |
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Investments | Investments Investments in debt and equity securities are classified as trading, available-for-sale or held-to-maturity. Investments classified as trading are carried at estimated fair value with changes in fair value currently recognized in earnings. Investments classified as available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income. Investments classified as held-to-maturity are carried at amortized cost. The Company periodically reviews its available-for-sale and held-to-maturity securities for other-than-temporary declines in fair value below the cost basis, and when events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the investment is written down to fair value, establishing a new cost basis. |
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Allowance For Doubtful Accounts | Allowance for Doubtful Accounts The determination of the allowance for doubtful accounts is based on estimation of the amount of accounts receivable that the Company believes are unlikely to be collected. Estimating this amount requires analysis of the financial strength of the Company's customers, the use of historical experience, the Company's accounts receivable aged trial balance, and specific collectibility analysis. The allowance for doubtful accounts is reviewed quarterly. Past due balances over 90 days and high risk accounts as determined by the analysis of financial strength of customers are reviewed individually for collectibility. |
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Inventories | Inventories Inventories primarily include product, material and supplies. Inventories are stated at lower of cost or market. Cost is determined using the first-in, first-out ("FIFO") or average method. |
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Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost, net of accumulated depreciation. Cost includes expenditures for improvements and betterments that extend the useful lives of the assets and interest capitalized on significant capital projects. Capitalized interest was $10,449, $7,059 and $25,932 for the years ended December 31, 2015, 2014 and 2013, respectively. Repair and maintenance costs are charged to operations as incurred. Gains and losses on the disposition or retirement of fixed assets are reflected in the consolidated statement of operations when the assets are sold or retired. The accounting guidance for asset retirement obligations requires the recording of liabilities equal to the fair value of asset retirement obligations and corresponding additional asset costs, when there is a legal asset retirement obligation as a result of existing or enacted law, statute or contract. The Company has conditional asset retirement obligations for the removal and disposal of hazardous materials from certain of the Company's manufacturing facilities. However, no asset retirement obligations have been recognized because the fair value of the conditional legal obligation cannot be measured due to the indeterminate settlement date of the obligation. Settlement of these conditional asset retirement obligations is not expected to have a material adverse effect on the Company's financial condition, results of operations or cash flows in any individual reporting period. Depreciation is provided by utilizing the straight-line method over the estimated useful lives of the assets as follows:
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Fair Value Estimates | Fair Value Estimates The Company develops estimates of fair value to allocate the purchase price paid to acquire a business to the assets acquired and liabilities assumed in an acquisition, to assess impairment of long-lived assets, goodwill and intangible assets and to record marketable securities, derivative instruments and pension plan assets. The Company uses all available information to make these fair value determinations, including the engagement of third-party consultants. |
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Impairment Of Long-Lived Assets and Intangible Assets | Impairment of Long-Lived Assets The accounting guidance for the impairment or disposal of long-lived assets requires that the Company review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets assessed for impairment are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. Assets are considered to be impaired if the carrying amount of an asset exceeds the future undiscounted cash flows. The impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or estimated fair value less costs to sell. Impairment of Intangible Assets The accounting guidance for goodwill and intangible assets requires that goodwill and indefinite-lived intangible assets are tested for impairment at least annually. Other intangible assets with finite lives are amortized over their estimated useful life and reviewed for impairment in accordance with the provisions of the accounting guidance. As of December 31, 2015, the Company's recorded goodwill was $62,016. |
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Turnaround Costs | Turnaround Costs The Company accounts for turnaround costs under the deferral method. Turnarounds are the scheduled and required shutdowns of specific operating units in order to perform planned major maintenance activities. The costs related to the significant overhaul and refurbishment activities include maintenance materials, parts and direct labor costs. The costs of the turnaround are deferred when incurred at the time of the turnaround and amortized (within depreciation and amortization) on a straight-line basis until the next planned turnaround, which ranges from three to six years. Deferred turnaround costs are presented as a component of other assets, net. The cash outflows related to these costs are included in operating activities in the consolidated statement of cash flows. |
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Exchanges | Exchanges The Company enters into inventory exchange transactions with third parties, which involve fungible commodities. These exchanges are settled in like-kind quantities and are valued at lower of cost or market. Cost is determined using the FIFO method. |
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Income Taxes | Income Taxes The Company utilizes the liability method of accounting for deferred income taxes. Under the liability method, deferred tax assets or liabilities are recorded based upon temporary differences between the tax basis of assets and liabilities and their carrying values for financial reporting purposes. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities during the period. Valuation allowances are recorded against deferred tax assets when it is considered more likely than not that the deferred tax assets will not be realized. |
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Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated to U.S. dollars at the exchange rate as of the end of the year. Statement of operations items are translated at the average exchange rate for the year. The resulting translation adjustment is recorded as a separate component of stockholders' equity. |
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Concentration Of Credit Risk | Concentration of Credit Risk Financial instruments which potentially subject the Company to concentration of risk consist principally of trade receivables from customers engaged in manufacturing polyethylene products, polyvinyl chloride ("PVC") products and PVC pipe products. The Company performs periodic credit evaluations of the customers' financial condition and generally does not require collateral. The Company maintains allowances for potential losses. |
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Revenue Recognition | Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, products are delivered to the customer, the sales price is fixed or determinable and collectability is reasonably assured. For domestic contracts, title and risk of loss passes to the customer upon delivery under executed customer purchase orders or contracts. For export contracts, the title and risk of loss passes to customers at the time specified by each contract. Provisions for discounts, rebates and returns are provided for in the same period as the related sales are recorded. |
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Earnings Per Share | Earnings per Share The accounting guidance for earnings per share requires the Company to present basic earnings per share and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock. |
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Price Risk Management | Price Risk Management The accounting guidance for derivative instruments and hedging activities requires that the Company recognize all derivative instruments on the balance sheet at fair value, and changes in the derivative's fair value must be currently recognized in earnings or comprehensive income, depending on the designation of the derivative. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in comprehensive income and is recognized in the statement of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings currently. The Company utilizes commodity price swaps to reduce price risks by entering into price swaps with counterparties and by purchasing or selling futures on established exchanges. The Company takes both fixed and variable positions, depending upon anticipated future physical purchases and sales of these commodities. The fair value of derivative financial instruments is estimated using quoted market prices in active markets and observable market-based inputs or unobservable inputs that are corroborated by market data when active markets are not available. The Company assesses both counterparty as well as its own nonperformance risk when measuring the fair value of derivative liabilities. The Company does not consider its nonperformance risk to be significant. See Note 14 for a summary of the fair value of derivative instruments. |
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Environmental Costs | Environmental Costs Environmental costs relating to current operations are expensed or capitalized, as appropriate, depending on whether such costs provide future economic benefits. Remediation liabilities are recognized when the costs are considered probable and can be reasonably estimated. Measurement of liabilities is based on currently enacted laws and regulations, existing technology and undiscounted site-specific costs. Environmental liabilities in connection with properties that are sold or closed are realized upon such sale or closure, to the extent they are probable and estimable and not previously reserved. Recognition of any joint and several liabilities is based upon the Company's best estimate of its final pro rata share of the liability. |
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Fair Value Of Financial Instruments | Fair Value of Financial Instruments The amounts reported in the balance sheet for cash and cash equivalents, accounts receivable, net and accounts payable approximate their fair value due to the short maturities of these instruments. The fair value of the Company's debt at December 31, 2015 differs from the carrying value due to the Company's fixed rate senior notes. The fair value of financial instruments is estimated using quoted market prices in active markets and observable market-based inputs or unobservable inputs that are corroborated by market data when active markets are not available. See Note 14 for more information on the fair value of financial instruments. |
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Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. |
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Other | Other Amortization of debt issuance costs is computed on a basis which approximates the interest method over the term of the related debt. Certain other assets (see Note 6) are amortized over periods ranging from one to 30 years using the straight-line method. |
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New Accounting Pronouncements | Recent Accounting Pronouncements |
Description Of Business And Significant Accounting Policies (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Schedule Of Estimated Useful Lives Of Assets | Depreciation is provided by utilizing the straight-line method over the estimated useful lives of the assets as follows:
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Financial Instruments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | Investments in available-for-sale securities at December 31 were classified as follows:
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Available-for-sale Securities | The cost, gross unrealized gains, gross unrealized losses and fair value of the Company's available-for-sale securities were as follows:
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Schedule of Realized Gain (Loss) |
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Accounts Receivable (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Accounts Receivable | Accounts receivable consist of the following at December 31:
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Inventories (Tables) |
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Inventory | Inventories consist of the following at December 31:
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Property, Plant And Equipment (Tables) |
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Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Property, Plant And Equipment | Property, plant and equipment consist of the following at December 31:
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Other Assets (Tables) |
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Other Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Other Assets | Other assets consist of the following at December 31:
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Schedule of Goodwill | he gross carrying amounts of goodwill for the years ended December 31, 2015 and 2014 are as follows:
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Accounts and Notes Payable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts and Notes Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts and Notes Payable |
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Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Long-Term Debt | Long-term debt consists of the following at December 31:
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Accumulated Other Comprehensive Income (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in accumulated other comprehensive income (loss) by component were as follows:
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Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table provides the details of the amounts reclassified from accumulated other comprehensive income (loss) into net income in the consolidated statements of operations:
______________________________
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Employee Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Details of the changes in benefit obligations, plan assets and funded status of the Company's pension plans are as follows:
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Schedule of Amounts Recognized in Balance Sheet |
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
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Schedule Of Accumulated Benefit Obligations In Excess Of Plan Assets | Pension plans with an accumulated benefit obligation in excess of plan assets at December 31 are as follows:
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Schedule Of Net Benefit Costs And Amounts Recognized In Other Comprehensive Income | The following table provides the components of net periodic benefit costs, other changes in plan assets and benefit obligation recognized in other comprehensive income.
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Schedule Of Weighted Average Assumptions Used | The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs for the plans are as follows:
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Schedule Of Fair Value Of Pension Plan Assets | The investments in the bank collective trust funds are valued using a market approach based on the net asset value of units held. The fair values of the Company's U.S. plan assets at December 31, by asset category, are as follows:
______________________________
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Schedule Of Estimated Future Benefit Payments | The following benefit payments are expected to be paid:
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Option Activity And Changes | Option activity and changes during the year ended December 31, 2015 were as follows:
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Schedule Of Range Of Exercise Prices For Outstanding Options | For options outstanding at December 31, 2015, the options had the following range of exercise prices:
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Schedule Of Weighted Average Value And Assumptions For Fair Value Of Options | The table below presents the weighted average value and assumptions used in determining each option's fair value. Volatility was calculated using historical trends of the Company's common stock price.
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Schedule Of Non-Vested Restricted Stock Award Activity And Changes | Non-vested restricted stock awards as of December 31, 2015 and changes during the year ended December 31, 2015 were as follows:
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Derivative Commodity Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values Of Derivative Instruments In Consolidated Balance Sheets | The fair values of derivative instruments in the Company's consolidated balance sheets were as follows:
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Impact Of Derivative Instruments Designated As Fair Value Hedges |
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Impact Of Derivative Instruments Not Designated As Fair Value Hedges | The impact of derivative instruments that have not been designated as hedges on the Company's consolidated statements of operations were as follows:
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Offsetting of Derivative Assets |
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Offsetting of Derivative Liabilities |
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Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Assets And Liabilities On A Recurring Basis | The following tables summarize, by level within the fair value hierarchy, the Company's assets and liabilities at December 31 that were accounted for at fair value on a recurring basis:
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Schedule Of Carrying And Fair Values Of Long-Term Debt | The carrying and fair values of the Company's long-term debt at December 31, 2015 and 2014 are summarized in the table below. The Company's long-term debt instruments are publicly-traded. A market approach, based upon quotes from financial reporting services, is used to measure the fair value of the Company's long-term debt. Because the Company's long-term debt instruments may not be actively traded, the inputs used to measure the fair value of the Company's long-term debt are classified as Level 2 inputs within the fair value hierarchy.
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes are as follows:
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Schedule Of The Provision For (Benefit From) Income Taxes | The Company's provision for (benefit from) income taxes consists of the following:
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Reconciliation Of Taxes Computed At The Statutory Rate To Income Tax Expense | A reconciliation of taxes computed at the statutory rate to the Company's income tax expense is as follows:
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Schedule Of Deferred Tax Assets And Liabilities | The tax effects of the principal temporary differences between financial reporting and income tax reporting at December 31 are as follows:
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Schedule Of Changes In Gross Unrecognized Tax Benefits | The gross unrecognized tax benefits at December 31 are as follows:
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Net Income Attributable To Common Stockholders |
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Reconciliation Of Denominator For Basic And Diluted Earnings (Loss) Per Share | The following table reconciles the denominator for the basic and diluted earnings per share computations shown in the consolidated statements of operations:
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Supplemental Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Other Income, Net |
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Schedule of Cash Flow Information | h Flow Information
Supplemental Noncash Investing Activities In conjunction with the acquisitions discussed in Note 21, liabilities assumed consist of the following:
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Westlake Chemical Partners LP (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||
Reconciliation Of Proceeds From Initial Public Offering | The following table is a reconciliation of proceeds from the initial public offering:
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Acquisitions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Suzhou Huasu Plastics Company Ltd [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed at the date of acquisition. The final determination of fair value for certain assets and liabilities will be completed as soon as the information necessary to complete the analysis is obtained. These amounts will be finalized as soon as possible, but no later than one year from the acquisition date.
______________________________
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Vinnolit [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information | The acquired business contributed net sales and net loss of $431,407 and $3,718, respectively, to the Company for the period from July 31, 2014 to December 31, 2014. The following unaudited consolidated pro forma information presents consolidated information as if the acquisition had occurred on January 1, 2013:
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
______________________________
|
Commitments And Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Lease Commitments | Several of the leases provide for renewal terms and, in certain leases, purchase options. At December 31, 2015, future minimum lease commitments for operating lease obligations and capital lease obligations were as follows:
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Segment And Geographic Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information |
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Total Assets |
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Reconciliation Of Total Segment Income From Operations To Consolidated Income Before Income Taxes | A reconciliation of total segment income from operations to consolidated income before income taxes is as follows:
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Geographic Information For Sales To External Customers And Long-Lived Assets |
______________________________
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Guarantor Disclosures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information Balance Sheet | Condensed Consolidating Financial Information as of December 31, 2015
Condensed Consolidating Financial Information as of December 31, 2014
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Schedule of Guarantor Obligations | ondensed Consolidating Financial Information as of December 31, 2015
Condensed Consolidating Financial Information as of December 31, 2014
Condensed Consolidating Financial Information for the Year Ended December 31, 2015
Condensed Consolidating Financial Information for the Year Ended December 31, 2014
Condensed Consolidating Financial Information for the Year Ended December 31, 2013
Condensed Consolidating Financial Information for the Year Ended December 31, 2015
Condensed Consolidating Financial Information for the Year Ended December 31, 2014
Condensed Consolidating Financial Information for the Year Ended December 31, 2013
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Condensed Consolidating Financial Information Statement Of Operations | Condensed Consolidating Financial Information for the Year Ended December 31, 2015
Condensed Consolidating Financial Information for the Year Ended December 31, 2014
Condensed Consolidating Financial Information for the Year Ended December 31, 2013
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Condensed Consolidating Financial Information Statement Of Cash Flows | Condensed Consolidating Financial Information for the Year Ended December 31, 2015
Condensed Consolidating Financial Information for the Year Ended December 31, 2014
Condensed Consolidating Financial Information for the Year Ended December 31, 2013
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Quarterly Financial Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Quarterly Financial Information |
______________________________
|
Description Of Business And Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Assets) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life, minimum (in years) | 25 years |
Plant And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life, minimum (in years) | 25 years |
Ethylene Pipeline [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life, minimum (in years) | 35 years |
Minimum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life, minimum (in years) | 3 years |
Maximum [Member] | Other [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life, minimum (in years) | 10 years |
Financial Instruments Cash Equivalents (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Held-to-maturity Securities [Member] | ||
Cash Equivalents [Line Items] | ||
Cash equivalents | $ 221,918 | $ 509,811 |
Financial Instruments Marketable Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Current | $ 520,144 | $ 0 |
Non-current | 48,081 | 15,414 |
Total Available-for-sale Securities | $ 568,225 | $ 15,414 |
Accounts Receivable (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Accounts Receivable, Net [Abstract] | ||
Trade customers | $ 438,538 | $ 525,546 |
Affiliates | 0 | 437 |
Allowance for doubtful accounts | (14,095) | (13,468) |
Receivables from trade customers and affiliates, net | 424,443 | 512,515 |
Federal and state taxes | 60,748 | 8,919 |
Other | 23,341 | 39,232 |
Accounts receivable, net | $ 508,532 | $ 560,666 |
Inventories (Schedule Of Inventory) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Inventory, Net [Abstract] | ||
Finished products | $ 253,338 | $ 300,909 |
Feedstock, additives, and chemicals | 106,435 | 158,635 |
Materials and supplies | 74,287 | 66,232 |
Inventories | $ 434,060 | $ 525,776 |
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Property, Plant and Equipment [Line Items] | |||
Depreciation expense on property, plant and equipment | $ 209,271 | $ 174,173 | $ 129,222 |
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Property, Plant and Equipment, Net [Abstract] | ||
Land | $ 33,051 | $ 21,211 |
Building and improvements | 266,214 | 244,101 |
Plant and equipment | 3,632,416 | 3,454,462 |
Other | 241,829 | 213,707 |
Property, plant and equipment, gross | 4,173,510 | 3,933,481 |
Less: Accumulated depreciation | (1,685,255) | (1,531,331) |
Property, plant and equipment, net, before construction in progress | 2,488,255 | 2,402,150 |
Construction in progress | 515,812 | 355,407 |
Property, plant and equipment, net | $ 3,004,067 | $ 2,757,557 |
Other Assets (Goodwill) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Oct. 31, 2015 |
Apr. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Goodwill [Line Items] | |||||
Impairment since goodwill was initially recorded | $ 0 | ||||
Goodwill | 62,016 | $ 62,016 | $ 62,016 | ||
Goodwill, Other Changes | 0 | ||||
Goodwill, Acquired During Period | 0 | ||||
Olefins [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 29,990 | 29,990 | 29,990 | ||
Goodwill, Other Changes | 0 | ||||
Goodwill, Acquired During Period | 0 | ||||
Vinyls [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | 32,026 | 32,026 | $ 32,026 | ||
Goodwill, Other Changes | $ 0 | ||||
Goodwill, Acquired During Period | $ 0 | ||||
Minimum [Member] | |||||
Goodwill [Line Items] | |||||
Discounted cash flow projections period | 2016 | 2015 | |||
Maximum [Member] | |||||
Goodwill [Line Items] | |||||
Discounted cash flow projections period | 2024 | 2023, |
Accounts and Notes Payable (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Accounts and Notes Payable [Abstract] | ||
Accounts payable | $ 229,219 | $ 261,062 |
Notes payable to banks | 6,110 | 0 |
Accounts and notes payable | $ 235,329 | $ 261,062 |
Long-Term Debt (Additional Disclosures) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 1997 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Debt Instrument [Line Items] | |||
Weighted average interest rate on all long-term debt | 5.50% | 5.50% | |
Waste Disposal Revenue Bonds Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes, principal amount issued | $ 10,889 | ||
Maturity | December 2027 | 2027 | |
Effective interest rate | 0.07% | 0.05% |
Stockholders' Equity (Details) |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Feb. 14, 2014 |
Dec. 31, 2015
USD ($)
vote
$ / shares
shares
|
Dec. 31, 2014
USD ($)
$ / shares
shares
|
Dec. 31, 2013
USD ($)
|
Nov. 20, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
shares
|
Nov. 30, 2014
USD ($)
|
May. 16, 2014
$ / shares
shares
|
May. 15, 2014
shares
|
Aug. 31, 2011
USD ($)
|
|
Class of Stock [Line Items] | ||||||||||
Aggregated regular quarterly dividends on common stock | $ 91,551,000 | $ 77,656,000 | $ 55,236,000 | |||||||
Description of common stock voting rights | Each share of common stock entitles the holder to one vote on all matters on which holders are permitted to vote, including the election of directors. There are no cumulative voting rights. | |||||||||
Description of common stock subscription rights | The Company's common stock has no preemptive or conversion rights or other subscription rights. | |||||||||
Common stock, redemption provision | $ 0 | |||||||||
Stock split conversion ratio | 2 | |||||||||
Common Stock, shares authorized | shares | 300,000,000 | 300,000,000 | 300,000,000 | 150,000,000 | ||||||
Common stock, par value per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Common stock, shares issued | shares | 134,663,244 | 134,679,064 | ||||||||
Common stock, sinking fund | $ 0 | |||||||||
Common stock, voting rights | vote | 1 | |||||||||
Ordinary Dividend [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Aggregated regular quarterly dividends on common stock | $ 91,551,000 | $ 77,656,000 | $ 55,236,000 | |||||||
2011 Program [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program, authorized amount | $ 100,000,000 | |||||||||
Stock repurchase 2011 program, shares repurchased | shares | 1,944,161 | |||||||||
Aggregate purchase price of common stock repurchased | $ 100,000,000 | |||||||||
2014 Program [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program, authorized amount | $ 150,000 | $ 250,000,000 | ||||||||
Stock repurchase 2014 program, shares repurchase | shares | 2,682,489 |
Employee Benefits (Narrative Defined Contribution Plans) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Foreign Postretirement Benefit Plan [Member] | |||
Defined Contribution Plan [Line Items] | |||
Defined contribution savings plan expense | $ 1,912 | $ 416 | |
Defined Contribution Savings Plan [Member] | U. S. Plans [Member] | |||
Defined Contribution Plan [Line Items] | |||
Maximum employee contribution as a percentage of annual compensation | 100.00% | ||
Matching percentage by company of first 4% of employee contribution | 100.00% | ||
Percentage of employee contribution fully matched by company | 4.00% | ||
Employer contributions to plans | $ 7,594 | 6,856 | $ 6,022 |
Defined Contribution Retirement Plan [Member] | U. S. Plans [Member] | |||
Defined Contribution Plan [Line Items] | |||
Employer contributions to plans | $ 11,715 | $ 8,309 | $ 6,227 |
Length of service required to be eligible for annual retirement contributions (in years) | 1 year |
Employee Benefits (Multiemployer Plans) (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
plan
|
Dec. 31, 2014
USD ($)
|
|||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||
Number of multiemployer plans | plan | 2 | |||
Contributions to multi-employer plans | $ | [1] | $ 4,489 | $ 2,295 | |
|
Employee Benefits (Schedule Of Amounts Recognized In The Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ (106,250) | $ (136,296) |
U. S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | (11,429) | (13,595) |
Net amount recognized | (11,429) | (13,595) |
Non-U. S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | (94,821) | (122,701) |
Net amount recognized | (94,821) | (122,701) |
Post-Retirement Healthcare Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | (1,244) | (1,798) |
Noncurrent liabilities | (16,571) | (18,379) |
Net amount recognized | $ (17,815) | $ (20,177) |
Employee Benefits (Schedule Of Amounts Recognized In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
---|---|---|---|---|---|---|---|
Pension Benefits [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Accumulated other comprehensive income, benefits, net of tax | $ 6,812 | $ 20,315 | |||||
U. S. Plans [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net loss (gain) | 14,755 | 15,482 | |||||
Foreign exchange effects | 0 | 0 | |||||
Total before tax | [1] | 14,755 | 15,482 | ||||
Non-U. S. Plans [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net loss (gain) | (4,919) | 15,425 | |||||
Foreign exchange effects | 1,986 | 0 | |||||
Total before tax | [1] | (2,933) | 15,425 | ||||
Post-Retirement Healthcare Benefit Plans [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net loss (gain) | 2,978 | 5,171 | |||||
Total before tax | [2] | 2,978 | 5,171 | ||||
Accumulated other comprehensive income, benefits, net of tax | $ 1,795 | $ 3,127 | |||||
|
Employee Benefits (Schedule Of Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
U. S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ (62,192) | $ (67,010) | $ (57,946) |
Accumulated benefit obligation | (62,192) | (67,010) | |
Fair value of plan assets | 50,763 | 53,415 | 49,236 |
Non-U. S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | (94,821) | (122,701) | 0 |
Accumulated benefit obligation | (93,231) | (119,258) | |
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Employee Benefits (Schedule Of Weighted Average Assumptions Used) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 7.00% | ||
Post-Retirement Healthcare Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.50% | 3.30% | 4.00% |
Discount rate | 3.30% | 4.00% | 3.00% |
U. S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | 3.50% | 4.50% |
Expected return on plan assets | 7.00% | 7.00% | 7.00% |
Rate of compensation increase | 0.00% | 0.00% | 4.00% |
Discount rate | 3.50% | 4.50% | 3.30% |
Expected return on plan assets | 7.00% | 7.00% | 7.00% |
Rate of compensation increase | 0.00% | 0.00% | 4.00% |
Non-U. S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.40% | 1.90% | |
Expected return on plan assets | 0.00% | 0.00% | |
Rate of compensation increase | 2.50% | 2.50% | |
Discount rate | 1.90% | 2.60% | |
Expected return on plan assets | 0.00% | 0.00% | |
Rate of compensation increase | 2.50% | 2.50% |
Employee Benefits (Schedule Of Estimated Future Benefit Payments) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Year one | $ 8,159 |
Year two | 7,345 |
Year three | 7,901 |
Year four | 8,461 |
Year five | 7,813 |
Years 6 to 10 | 36,897 |
Post-Retirement Healthcare Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Year one | 1,244 |
Year two | 1,408 |
Year three | 1,409 |
Year four | 1,395 |
Year five | 1,363 |
Years 6 to 10 | $ 6,005 |
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 10,196 | $ 9,261 | $ 6,966 |
Total intrinsic value of options exercised | 1,145 | 14,534 | 7,656 |
Income tax benefit from the exercise of stock options | $ 78 | 4,512 | 2,224 |
Range One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Life (Years) | 2 years 8 months 12 days | ||
Range Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Life (Years) | 2 years 7 months 6 days | ||
Range Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Life (Years) | 5 years 8 months 12 days | ||
Range Four [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Life (Years) | 7 years 3 months 18 days | ||
Range Five [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Life (Years) | 8 years 8 months 12 days | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option awards, term (in years) | 10 years | ||
Unrecognized compensation expense | $ 3,755 | ||
Unrecognized compensation expense, weighted-average period of recognition (in years) | 1 year 3 months 18 days | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 119 | ||
Unrecognized compensation expense, weighted-average period of recognition (in years) | 7 months 22 days | ||
Total fair value of shares of restricted stock that vested | $ 8,363 | 8,831 | 12,480 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 14,925 | ||
Unrecognized compensation expense, weighted-average period of recognition (in years) | 2 years 6 months | ||
Total fair value of shares of restricted stock that vested | $ 725 | $ 371 | $ 14 |
Ratably On Annual Basis [Member] | Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period | 1 year | ||
Ratably On Annual Basis [Member] | Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period | 4 years | ||
Ratably On Annual Basis [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period | 3 years | ||
Cliff Vest [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period | 1 year | ||
Cliff Vest [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period | 6 years | ||
First One Half Increment On Anniversary Of Award Date [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period | 5 years | ||
Second One Half Increment On Anniversary Of Award Date [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period | 9 years 6 months | ||
Second One Half Increment On Anniversary Of Award Date [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period | 9 years 6 months |
Stock-Based Compensation (Schedule Of Option Activity And Changes) (Details) $ / shares in Units, $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
$ / shares
shares
| |
Share-based Compensation [Abstract] | |
Options, Outstanding, beginning balance | shares | 1,179,402 |
Options, Granted | shares | 168,369 |
Options, Exercised | shares | (32,308) |
Options, Cancelled | shares | (47,673) |
Options, Outstanding, ending balance | shares | 1,267,790 |
Options, Exercisable, ending balance | shares | 822,573 |
Weighted Average Exercise Price, Outstanding, beginning balance | $ / shares | $ 24.89 |
Weighted Average Exercise Price, Granted | $ / shares | 67.59 |
Weighted Average Exercise Price, Exercised | $ / shares | 32.92 |
Weighted Average Exercise Price, Cancelled | $ / shares | 32.64 |
Weighted Average Exercise Price, Outstanding, ending balance | $ / shares | 30.07 |
Weighted Average Exercise Price, Exercisable, ending balance | $ / shares | $ 19.08 |
Weighted Average Remaining Term (Years), Outstanding | 5 years |
Weighted Average Remaining Term (Years), Exercisable | 4 years 2 months 12 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 34,577 |
Aggregate Intrinsic Value, Exercisable | $ | $ 29,376 |
Stock-Based Compensation (Schedule Of Range Of Exercise Prices For Outstanding Options) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015
$ / shares
shares
| |
Range One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Prices, Lower Limit | $ 7.12 |
Range of Prices, Upper Limit | $ 9.65 |
Options Outstanding | shares | 304,200 |
Weighted Average Remaining Contractual Life (Years) | 2 years 8 months 12 days |
Range Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Prices, Lower Limit | $ 10.26 |
Range of Prices, Upper Limit | $ 18.05 |
Options Outstanding | shares | 349,906 |
Weighted Average Remaining Contractual Life (Years) | 2 years 7 months 6 days |
Range Three [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Prices, Lower Limit | $ 22.92 |
Range of Prices, Upper Limit | $ 30.05 |
Options Outstanding | shares | 191,292 |
Weighted Average Remaining Contractual Life (Years) | 5 years 8 months 12 days |
Range Four [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Prices, Lower Limit | $ 40.38 |
Range of Prices, Upper Limit | $ 52.35 |
Options Outstanding | shares | 107,562 |
Weighted Average Remaining Contractual Life (Years) | 7 years 3 months 18 days |
Range Five [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Prices, Lower Limit | $ 63.98 |
Range of Prices, Upper Limit | $ 68.18 |
Options Outstanding | shares | 314,830 |
Weighted Average Remaining Contractual Life (Years) | 8 years 8 months 12 days |
Stock-Based Compensation (Schedule Of Weighted Average Value And Assumptions For Fair Value Of Options) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value | $ 20.21 | $ 20.49 | $ 17.03 |
Risk-free interest rate | 1.70% | 1.60% | 0.90% |
Expected life in years | 5 years | 5 years | 5 years |
Expected volatility | 34.20% | 35.70% | 44.50% |
Expected dividend yield | 0.90% | 0.70% | 0.60% |
Stock-Based Compensation (Schedule Of Non-Vested Restricted Stock Award and RSU Activity and Changes) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Non-vested, beginning balance | 205,056 | ||
Number of Shares, Vested | (124,380) | ||
Number of Shares, Forfeited | (15,820) | ||
Number of Shares, Non-vested, ending balance | 64,856 | 205,056 | |
Weighted Average Grant Date Fair Value, Non-vested, beginning balance | $ 24.52 | ||
Weighted Average Grant Date Fair Value, Vested | 30.17 | ||
Weighted Average Grant Date Fair Value, Forfeited | 15.81 | ||
Weighted Average Grant Date Fair Value, Non-vested, ending balance | $ 15.81 | $ 24.52 | |
Unrecognized Stock-based Compensation Expense Related to Non-Vested RSU | $ 119 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 7 months 22 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 8,363 | $ 8,831 | $ 12,480 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Non-vested, beginning balance | 422,000 | ||
Number of Shares, Granted | 100,258 | ||
Number of Shares, Vested | (12,277) | ||
Number of Shares, Forfeited | (11,109) | ||
Number of Shares, Non-vested, ending balance | 498,872 | 422,000 | |
Weighted Average Grant Date Fair Value, Non-vested, beginning balance | $ 55.75 | ||
Weighted Average Grant Date Fair Value, Granted | 65.77 | ||
Weighted Average Grant Date Fair Value, Vested | 61.08 | ||
Weighted Average Grant Date Fair Value, Forfeited | 56.82 | ||
Weighted Average Grant Date Fair Value, Non-vested, ending balance | $ 57.61 | $ 55.75 | |
Unrecognized Stock-based Compensation Expense Related to Non-Vested RSU | $ 14,925 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 725 | $ 371 | $ 14 |
Derivative Commodity Instruments (Narrative) (Details) - instrument |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Commodity Forward Contracts [Member] | Designated As Fair Value Hedges [Member] | ||
Derivative [Line Items] | ||
Number of derivative instruments designated as fair value hedges | 0 | 0 |
Derivative Commodity Instruments (Fair Values Of Derivative Instruments In Consolidated Balance Sheets) (Details) - Derivatives Not Designated As Hedging Instrument [Member] - Commodity Forward Contracts [Member] - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Derivative [Line Items] | ||
Total asset derivatives | $ 5,553 | $ 3,145 |
Total liability derivatives | 21,762 | 10,108 |
Accounts Receivable, Net [Member] | ||
Derivative [Line Items] | ||
Total asset derivatives | 3,465 | 3,145 |
Other Assets [Member] | ||
Derivative [Line Items] | ||
Total asset derivatives | 2,088 | 0 |
Accrued Liabilities [Member] | ||
Derivative [Line Items] | ||
Total liability derivatives | 9,325 | 6,549 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Total liability derivatives | $ 12,437 | $ 3,559 |
Derivative Commodity Instruments (Impact Of Derivative Instruments Designated As Fair Value Hedges) (Details) - Designated As Fair Value Hedges [Member] - Cost of Sales [Member] $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2013
USD ($)
| |
Commodity Forward Contracts [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) Recognized in Income on Derivative | $ (303) |
Firm Commitment Hedged Items [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) Recognized in Income on Derivative | $ 143 |
Derivative Commodity Instruments (Impact Of Derivative Instruments Not Designated As Fair Value Hedges) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Commodity Forward Contracts [Member] | Derivatives Not Designated As Hedging Instrument [Member] | Cost of Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivative | $ (11,395) | $ (9,678) | $ 5,438 |
Derivative Commodity Instruments Derivative Commodity Instruments (Offsetting Asset) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Offsetting Assets [Line Items] | ||
Derivative assets subject to enforceable master netting arrangements | $ 0 | $ 2,333 |
Derivative assets not subject to enforceable master netting arrangements | 462 | 111 |
Total asset derivatives | 462 | 2,444 |
Gross amounts not offset in the consolidated balance sheet | 0 | 0 |
Derivative Asset, net amount offset against collateral | 0 | 2,333 |
Commodity Forward Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative assets subject to enforceable master netting arrangements | 0 | 2,333 |
Gross amounts of recognized assets | 5,091 | 3,034 |
Gross amounts offset in the consolidated balance sheet | (5,091) | (701) |
Subject to Master Netting [Member] | Commodity Forward Contracts [Member] | Counterparty A [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative assets subject to enforceable master netting arrangements | 0 | 2,333 |
Gross amounts not offset in the consolidated balance sheet | 0 | 0 |
Derivative Asset, net amount offset against collateral | $ 0 | $ 2,333 |
Derivative Commodity Instruments Derivative Commodity Instruments (Offsetting Liability) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Offsetting Liabilities [Line Items] | ||
Derivative liabilities subject to enforceable master netting arrangements | $ 5,803 | $ 1,490 |
Derivative liabilities not subject to enforceable master netting arrangements | 10,868 | 7,917 |
Total derivative liabilities | 16,671 | 9,407 |
Gross amounts not offset in the consolidated balance sheet | 0 | 0 |
Derivative liability, net amount offset against collateral | 5,803 | 1,490 |
Commodity Forward Contracts [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative liabilities subject to enforceable master netting arrangements | 5,803 | 1,490 |
Gross amounts of recognized liabilities | 10,894 | 2,191 |
Gross amounts offset in the consolidated balance sheet | (5,091) | (701) |
Subject to Master Netting [Member] | Commodity Forward Contracts [Member] | Counterparty A [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative liabilities subject to enforceable master netting arrangements | 5,564 | 1,490 |
Gross amounts not offset in the consolidated balance sheet | 0 | 0 |
Derivative liability, net amount offset against collateral | 5,564 | 1,490 |
Subject to Master Netting [Member] | Commodity Forward Contracts [Member] | Counterparty B [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative liabilities subject to enforceable master netting arrangements | 239 | 0 |
Gross amounts not offset in the consolidated balance sheet | 0 | 0 |
Derivative liability, net amount offset against collateral | $ 239 | $ 0 |
Fair Value Measurements (Schedule Of Assets And Liabilities On A Recurring Basis) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Risk management assets | $ 462 | $ 2,444 |
Risk management liabilities | (16,671) | (9,407) |
Available-for-sale Securities | 568,225 | 15,414 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 568,225 | 15,414 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 48,081 | 15,414 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 520,144 | 0 |
Commodity Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Risk management assets | 5,553 | 3,145 |
Risk management liabilities | (21,762) | (10,108) |
Commodity Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Risk management assets | 5,553 | 3,143 |
Risk management liabilities | (11,648) | 0 |
Commodity Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Risk management assets | 0 | 2 |
Risk management liabilities | $ (10,114) | $ (10,108) |
Fair Value Measurements (Schedule Of Carrying And Fair Values Of Long-Term Debt) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jul. 17, 2012 |
Dec. 31, 1997 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2012 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Stated interest rate | 6.50% | ||||
3.60% Senior Notes Due 2022 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Senior Notes, Carrying Value | $ 249,226 | $ 249,108 | |||
Senior Notes, Fair Value | $ 244,828 | $ 248,630 | |||
Stated interest rate | 3.60% | 3.60% | 3.60% | 3.60% | |
Maturity date | 2022 | 2022 | |||
GO Zone 6 1/2% Senior Notes Due 2029 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Senior Notes, Carrying Value | $ 100,000 | $ 100,000 | |||
Senior Notes, Fair Value | $ 117,153 | $ 116,384 | |||
Stated interest rate | 6.50% | 6.50% | |||
Maturity date | 2029 | ||||
GO Zone 6 3/4% Senior Notes Due 2032 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Senior Notes, Carrying Value | $ 250,000 | $ 250,000 | |||
Senior Notes, Fair Value | $ 268,490 | $ 285,545 | |||
Stated interest rate | 6.75% | 6.75% | |||
Maturity date | 2032 | ||||
GO Zone 6 1/2% Tax-Exempt Revenue Bonds Due 2035 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Senior Notes, Carrying Value | $ 89,000 | $ 89,000 | |||
Senior Notes, Fair Value | $ 106,491 | $ 106,504 | |||
Stated interest rate | 6.50% | 6.50% | |||
Maturity date | 2035 | ||||
Ike Zone Six Point Five Percent Tax Exempt Revenue Bonds Due Twenty Thirty Five [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Senior Notes, Carrying Value | $ 65,000 | $ 65,000 | |||
Senior Notes, Fair Value | $ 76,741 | $ 77,784 | |||
Stated interest rate | 6.50% | 6.50% | |||
Maturity date | 2035 | ||||
Waste Disposal Revenue Bonds Due 2027 [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans, Carrying Value | $ 10,889 | $ 10,889 | |||
Loans, Fair Value | $ 10,889 | $ 10,889 | |||
Maturity date | December 2027 | 2027 |
Income Taxes (Narrative) (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Income Tax Disclosure [Abstract] | |
Foreign and state net operating loss carryforwards | $ 267,192 |
Net operating loss carryforwards, change in valuation allowance | $ 5,334 |
Income Taxes (Components Of Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ 880,044 | $ 1,102,101 | $ 944,378 |
Foreign | 83,397 | (18,183) | (2,206) |
Income before income taxes | $ 963,441 | $ 1,083,918 | $ 942,172 |
Income Taxes (Schedule Of The Provision For (Benefit From) Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Federal, Current | $ 225,617 | $ 300,610 | $ 215,903 |
State, Current | 23,966 | 37,351 | 22,249 |
Foreign, Current | 9,029 | 1,974 | (137) |
Total Current | 258,612 | 339,935 | 238,015 |
Federal, Deferred | 29,820 | 40,950 | 94,471 |
State, Deferred | 2,807 | 22,714 | (556) |
Foreign, Deferred | 7,157 | (4,697) | (183) |
Total Deferred | 39,784 | 58,967 | 93,732 |
Provision for income taxes | $ 298,396 | $ 398,902 | $ 331,747 |
Income Taxes (Reconciliation Of Taxes Computed At The Statutory Rate To Income Tax Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Provision for federal income tax at statutory rate | $ 337,204 | $ 379,371 | $ 329,760 |
State income tax provision net of federal income tax effect | 17,403 | 40,012 | 14,364 |
Foreign income tax rate differential | (13,002) | 3,640 | 519 |
Manufacturing deduction | (24,185) | (24,465) | (16,275) |
Contingent tax liability | 0 | (1,626) | (404) |
Noncontrolling interests | (6,662) | (2,255) | 0 |
Other, net | (12,362) | 4,225 | 3,783 |
Provision for income taxes | $ 298,396 | $ 398,902 | $ 331,747 |
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ 17,679 | $ 18,200 |
Credit carryforward | 746 | 694 |
Accruals | 62,204 | 62,845 |
Allowance for doubtful accounts | 4,617 | 1,998 |
Inventories | 8,663 | 11,437 |
Other | 7,747 | 7,660 |
Deferred taxes assets, total | 101,656 | 102,834 |
Property, plant and equipment | (423,381) | (398,683) |
Turnaround costs | (1,467) | (2,289) |
Basis difference—consolidated partnerships | (200,627) | (194,480) |
Deferred tax liabilities—total | (625,475) | (595,452) |
Valuation allowance | (16,345) | (11,011) |
Total net deferred tax liabilities | (540,164) | (503,629) |
Balance sheet classifications | ||
Current deferred tax asset | 35,439 | 32,437 |
Noncurrent deferred tax liability | $ (575,603) | $ (536,066) |
Income Taxes (Schedule Of Changes In Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 0 | $ 2,501 |
Reductions due to statutes of limitations expiring | 0 | (2,501) |
Ending balance | $ 0 | $ 0 |
Earnings Per Share (Narrative) (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Earnings Per Share [Abstract] | |||
Options excluded from computation of earnings per share, shares | 301,969 | 126,091 | 119,452 |
Earnings Per Share (Schedule Of Net Income Attributable To Common Stockholders) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Westlake Chemical Corporation | $ 110,969 | $ 183,604 | $ 205,095 | $ 146,342 | $ 183,291 | $ 167,757 | $ 169,443 | $ 158,032 | $ 646,010 | $ 678,523 | $ 610,425 |
Less: Net income attributable to participating securities | (2,825) | (1,502) | (2,562) | ||||||||
Net income attributable to common shareholders | $ 643,185 | $ 677,021 | $ 607,863 |
Earnings Per Share (Reconciliation Of Denominator For Basic And Diluted Earnings (Loss) Per Share) (Details) - $ / shares |
3 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
[1] | Sep. 30, 2015 |
[1] | Jun. 30, 2015 |
[1] | Mar. 31, 2015 |
[1] | Dec. 31, 2014 |
[1] | Sep. 30, 2014 |
[1] | Jun. 30, 2014 |
[1] | Mar. 31, 2014 |
[1] | Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Earnings Per Share [Abstract] | |||||||||||||||||||||
Weighted average common shares - basic | 131,823,707 | 133,111,230 | 133,224,256 | ||||||||||||||||||
Plus incremental shares from: Assumed exercise of options | 478,105 | 532,184 | 554,994 | ||||||||||||||||||
Weighted average common shares - diluted | 132,301,812 | 133,643,414 | 133,779,250 | ||||||||||||||||||
Basic | $ 0.85 | $ 1.39 | $ 1.55 | $ 1.10 | $ 1.38 | $ 1.26 | $ 1.27 | $ 1.18 | $ 4.88 | $ 5.09 | $ 4.57 | ||||||||||
Diluted | $ 0.84 | $ 1.39 | $ 1.54 | $ 1.10 | $ 1.37 | $ 1.25 | $ 1.26 | $ 1.18 | $ 4.86 | $ 5.07 | $ 4.55 | ||||||||||
|
Supplemental Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Accrued Liabilities | |||||
Accrued liabilities | $ 287,313 | $ 276,118 | |||
Accrued rebates | 46,460 | 49,900 | |||
Accrued incentive compensation | 41,168 | 37,626 | |||
Other Liabilities [Abstract] | |||||
Other liabilities | 150,961 | 174,859 | |||
Non-current pension obligation | 106,250 | 136,296 | |||
Other Income, Net | |||||
Interest income | 6,034 | 3,468 | $ 3,086 | ||
Dividend income | 3,559 | 532 | 0 | ||
Foreign exchange currency gains (losses), net | [1] | 1,828 | (7,382) | (1,375) | |
Income from equity method investees | 6,242 | 5,883 | 4,914 | ||
Impairment of equity method investment | (4,925) | (6,747) | 0 | ||
Gain on acquisition and related expenses, net | 20,430 | 0 | 0 | ||
Gain (losses) from sales of securities, net | 3,798 | 1,212 | (19) | ||
Other | 1,304 | 313 | 184 | ||
Other income (expense), net | 38,270 | (2,721) | 6,790 | ||
Cash Flow Information | |||||
Interest paid, net of interest capitalized | 31,946 | 35,336 | 16,426 | ||
Income taxes paid | 314,186 | 314,745 | $ 251,599 | ||
Fair value of assets acquired | 44,013 | 961,823 | |||
Fair value of investment before business combination, net of preexisting balances | (10,352) | 0 | |||
Noncontrolling Interest Acquired | (1,597) | 0 | |||
Cash paid | (5,518) | (736,224) | |||
Liabilities assumed | $ 26,546 | $ 225,599 | |||
|
Related Party And Affiliate Transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related Party Transaction [Line Items] | |||
Dividends received from equity method investments | $ 5,610 | $ 5,459 | $ 5,114 |
Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred and paid lease payments | 2,148 | 2,001 | 1,614 |
Accounts payable due to related parties | $ (196) | (179) | |
Cypress Interstate Pipeline L.L.C [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership interest | 50.00% | ||
American Air Liquide Holdings, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases and lease expense to related parties | 16,407 | ||
Cypress Interstate Pipeline L.L.C [Member] | Corporate Joint Venture [Member] | |||
Related Party Transaction [Line Items] | |||
Pipeline fees incurred for usage | $ 13,328 | ||
InfraServ Knapsack GmbH & Co. KG [Member] | Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 15.00% | ||
InfraServ Gendorf GmbH & Co. KG [Member] | Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 11.00% | ||
EPS Ethylene Pipeline Süd GmbH & Co. KG [Member] | Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 10.00% | ||
American Air Liquide Holdings [Member] | American Air Liquide Holdings, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts payable due to related parties | $ (762) | 0 | |
Purchases and lease expense to related parties | 10,345 | 13,862 | |
Pipeline Fees For Transport Of Natural Gas Liquid Feedstocks [Member] | Cypress Interstate Pipeline L.L.C [Member] | Corporate Joint Venture [Member] | |||
Related Party Transaction [Line Items] | |||
Pipeline fees incurred for usage | 14,110 | 14,206 | |
Accounts payable due to affiliate | (991) | 0 | |
Electricity And Technical Services [Member] | InfraServ Knapsack & Gendorf GmbH & Co. KG [Member] | Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts payable due to affiliate | (22,931) | (14,161) | |
Purchases from related parties | 115,961 | 55,400 | |
Pipeline Fees For Transport Of Ethylene Feedstocks [Member] | EPS Ethylene Pipeline Süd GmbH & Co. KG [Member] | Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts payable due to affiliate | 0 | (12) | |
Purchases from related parties | $ 1,022 | $ 548 |
Insurance Recovery (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Insurance Recovery [Abstract] | |
Insurance recoveries | $ 7,809 |
Westlake Chemical Partners LP (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Aug. 04, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related Party Transaction [Line Items] | ||||
Approximate proceeds from sale of units | $ 0 | $ 286,088 | $ 0 | |
Westlake Chemical Partners LP [Member] | IPO [Member] | Limited Partner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Limited partner interest | 52.20% | |||
Westlake Chemical Partners LP [Member] | IPO [Member] | Subsidiaries [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage sold to public in IPO | 47.80% | |||
Westlake Chemical OpCo LP [Member] | IPO [Member] | Limited Partner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Limited partner interest | 89.40% | 86.70% | ||
Westlake Chemical Partners LP [Member] | IPO [Member] | Subsidiaries [Member] | ||||
Related Party Transaction [Line Items] | ||||
Net proceeds distributed to the Company from the initial public offering | $ 230,669 | |||
Westlake Chemical Partners LP [Member] | IPO [Member] | Subsidiaries [Member] | Limited Partner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of units sold in public offering | 12,937,500 | |||
Price per unit | $ 24 | |||
Approximate proceeds from sale of units | $ 286,088 | |||
Estimated offering expenses from sale of partnership units | $ (24,412) | |||
Limited partner interest | 10.60% | |||
Total proceeds from the initial public offering | $ 310,500 | |||
Westlake Chemical Partners LP [Member] | Over-Allotment Option [Member] | Subsidiaries [Member] | Limited Partner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of units sold in public offering | 1,687,500 | |||
Subsidiary of Common Parent [Member] | Westlake Chemical OpCo LP [Member] | IPO [Member] | Subsidiaries [Member] | Limited Partner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Limited partner interest | 10.60% | 13.30% | ||
Cash Reserve Turnaround [Member] | Westlake Chemical OpCo LP [Member] | IPO [Member] | Subsidiaries [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount used from proceeds | $ (55,419) | |||
Preformation Capital Expenditure [Member] | Westlake Chemical OpCo LP [Member] | IPO [Member] | Subsidiaries [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount used from proceeds | (151,729) | |||
Intercompany Debt [Member] | Westlake Chemical OpCo LP [Member] | IPO [Member] | Subsidiaries [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amount used from proceeds | $ (78,940) |
Acquisitions (Narrative) (Details) $ in Thousands, lb in Millions |
5 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 01, 2015
USD ($)
lb
|
Jul. 31, 2014
USD ($)
lb
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Suzhou Huasu Plastics Company Ltd [Member] | ||||
Business Acquisition [Line Items] | ||||
Net gains (loss) on fair value remeasurement | $ (1,505) | |||
Fair value of consideration transferred-cash | 5,518 | |||
Bargain purchase gain on acquisition | 22,550 | |||
Fair value of accounts receivable | 2,515 | |||
Gross contractual amount of accounts receivable | 3,006 | |||
Uncollectible accounts receivable | (491) | |||
Total purchase consideration | $ 17,467 | |||
Vinnolit [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of consideration transferred-cash | $ 309,619 | |||
Fair value of accounts receivable | 181,890 | |||
Gross contractual amount of accounts receivable | 183,833 | |||
Net sales contributed by acquired business since acquisition date | $ 431,407 | |||
Net loss contributed by acquired business since acquisition date | $ (3,718) | |||
Transaction related costs | $ 13,427 | |||
Total purchase consideration | $ 736,224 | |||
PVC Resin Member [Member] | Suzhou Huasu Plastics Company Ltd [Member] | ||||
Business Acquisition [Line Items] | ||||
Combined annual capacity | lb | 300 | |||
PVC Resin Member [Member] | Vinnolit [Member] | ||||
Business Acquisition [Line Items] | ||||
Combined annual capacity | lb | 1,700 | |||
PVC Film [Member] | Suzhou Huasu Plastics Company Ltd [Member] | ||||
Business Acquisition [Line Items] | ||||
Combined annual capacity | lb | 145 | |||
Vinyl Chloride Monomer [Member] | Vinnolit [Member] | ||||
Business Acquisition [Line Items] | ||||
Combined annual capacity | lb | 1,500 | |||
Caustic Soda [Member] | Vinnolit [Member] | ||||
Business Acquisition [Line Items] | ||||
Combined annual capacity | lb | 1,000 | |||
Suzhou Huasu Plastics Company Ltd [Member] | Affiliates [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of interests acquired | 35.70% | |||
Percentage of interest | 95.00% | |||
Ownership interest | 59.30% |
Acquisitions (Assets Acquired and Liabilities Assume - Huasu) (Details) - Suzhou Huasu Plastics Company Ltd [Member] $ in Thousands |
Jun. 01, 2015
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Fair value of consideration transferred-cash | $ 5,518 |
Preexisting balances between the Company and Huasu, net | (8,538) |
Fair value of the Company's investment in Huasu before the business combination, net of preexisting balance | 18,890 |
Fair value of the noncontrolling interest in Huasu | 1,597 |
Cash consideration transferred, preexisting balances, fair value of existing interest and fair value of noncontrolling interest total | 17,467 |
Cash | 21,300 |
Working capital, excluding inventory and cash | 5,461 |
Inventories | 17,717 |
Property, plant and equipment | 19,786 |
Other assets | 7,760 |
Notes payable to banks | (21,085) |
Total identifiable net assets | 40,017 |
Bargain purchase gain on acquisition | $ 22,550 |
Acquisitions (Pro Forma Information) (Details) - Vinnolit [Member] - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Business Acquisition [Line Items] | ||
Net sales | $ 5,152,806 | $ 4,976,998 |
Net income | 737,913 | 666,202 |
Net income attributable to noncontrolling interests | 6,493 | 0 |
Net income attributable to Westlake Chemical Corporation | $ 731,420 | $ 666,202 |
Earnings per common share attributable to Westlake Chemical Corporation: | ||
Basic | $ 5.48 | $ 4.98 |
Diluted | $ 5.46 | $ 4.96 |
Acquisitions (Assets Acquired and Liabilities Assumed - Vinnolit) (Details) - USD ($) $ in Thousands |
Jul. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill | $ 62,016 | $ 62,016 | $ 62,016 | |
Vinnolit [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash paid to Sellers | $ 309,619 | |||
Cash deposited in escrow | 13,390 | |||
Retirement of long-term debt as of July 31, 2014, on behalf of the Sellers | 413,215 | |||
Total purchase consideration | 736,224 | |||
Cash | 125,137 | |||
Working capital, excluding inventory and cash | 15,373 | |||
Inventories | 114,961 | |||
Property, plant and equipment | 469,484 | |||
Investments | 51,552 | |||
Other assets | 76,828 | |||
Deferred income tax asset - current | 7,909 | |||
Deferred income tax asset - non-current | 27,387 | |||
Pension obligation | (117,970) | |||
Other long-term liabilities | (10,723) | |||
Power purchase agreement liability | (10,826) | |||
Deferred income tax liability - current | (6,845) | |||
Deferred income tax liability - non-current | (79,235) | |||
Total identifiable net assets | 736,224 | |||
Goodwill | 0 | |||
Consideration transferred | 736,224 | |||
Fair value of accounts receivable | 181,890 | |||
Gross contractual amount of accounts receivable | 183,833 | |||
Uncollectable accounts receivable | 1,943 | |||
Adjustment to inventory fair value | $ 16,900 | |||
Weighted-average life of forward purchase contracts | 3 years | |||
Trademarks and Trade Names [Member] | Vinnolit [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 40,170 | |||
Developed Technology Rights [Member] | Vinnolit [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 31,600 | |||
Other [Member] | Vinnolit [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 1,422 |
Commitments And Contingencies (Narrative) (Details) $ in Thousands |
12 Months Ended | 101 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
claim
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2015 |
|
Loss Contingencies [Line Items] | ||||
Minimum Time Between Arbitrations | 5 years | |||
Loss Contingency, Claims Settled, Number | claim | 2 | |||
Operating lease rental expense | $ 69,455 | $ 56,014 | $ 45,361 | |
Pending Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Approximate value of damages sought | 1,400 | |||
Threatened Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Amount of settlement | 192 | |||
PolyOne [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage of costs related to environmental issues to be paid by PolyOne | 100.00% | |||
Costs incurred environmental remediation services | $ 2,210 | $ 2,805 | $ 3,284 |
Commitments And Contingencies (Future Minimum Lease Commitments) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Operating Leases | |
2016 | $ 43,200 |
2017 | 42,293 |
2018 | 35,119 |
2019 | 29,164 |
2020 | 24,124 |
Thereafter | 582,327 |
Total minimum lease payments | 756,227 |
Capital Leases | |
2016 | 245 |
2017 | 245 |
2018 | 245 |
2019 | 245 |
2020 | 245 |
Thereafter | 779 |
Total minimum lease payments | 2,004 |
Less: Imputed interest costs | (519) |
Present value of net minimum lease payments | $ 1,485 |
Commitments And Contingencies (Minimum Purchase Obligations) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Unconditional purchase obligations | |
2016 | $ 184,581 |
2017 | 194,434 |
2018 | 176,230 |
2019 | 149,194 |
2020 | $ 141,352 |
Segment And Geographic Information (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
plant
customer
Segment
|
Dec. 31, 2014
customer
|
Dec. 31, 2013
customer
|
|
Segment Reporting Information [Line Items] | |||
Number of segments | Segment | 2 | ||
Number of plants | plant | 11 | ||
Olefins [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of major customers | 0 | 0 | 0 |
Vinyls [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of major customers | 0 | 0 | 0 |
Segment And Geographic Information (Segment Reporting Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net external sales | $ 986,766 | $ 1,188,037 | $ 1,185,002 | $ 1,103,531 | $ 1,135,871 | $ 1,253,227 | $ 998,576 | $ 1,027,676 | $ 4,463,336 | [1] | $ 4,415,350 | [1] | $ 3,759,484 | [1] | ||
Intersegment sales | 108,354 | 147,924 | 322,411 | |||||||||||||
Income (loss) from operations | $ 181,145 | $ 254,028 | $ 295,374 | $ 229,280 | $ 302,387 | $ 306,761 | $ 266,788 | $ 248,055 | 959,827 | 1,123,991 | 953,464 | |||||
Depreciation and amortization | 245,757 | 208,486 | 157,808 | |||||||||||||
Other income (expense), net | 38,270 | (2,721) | 6,790 | |||||||||||||
Provision for income taxes | 298,396 | 398,902 | 331,747 | |||||||||||||
Property, Plant and Equipment, Additions | 491,426 | 431,104 | 679,222 | |||||||||||||
Olefins [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net external sales | 2,260,113 | 2,723,690 | 2,553,669 | |||||||||||||
Intersegment sales | 106,861 | 146,539 | 320,909 | |||||||||||||
Income (loss) from operations | 747,436 | 1,013,825 | 833,249 | |||||||||||||
Depreciation and amortization | 110,684 | 106,244 | 102,938 | |||||||||||||
Other income (expense), net | 4,656 | 6,102 | 7,410 | |||||||||||||
Provision for income taxes | 242,516 | 354,159 | 288,214 | |||||||||||||
Property, Plant and Equipment, Additions | 304,873 | 188,729 | 145,542 | |||||||||||||
Vinyls [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net external sales | 2,203,223 | 1,691,660 | 1,205,815 | |||||||||||||
Intersegment sales | 1,493 | 1,385 | 1,502 | |||||||||||||
Income (loss) from operations | 254,452 | 142,740 | 154,684 | |||||||||||||
Depreciation and amortization | 134,546 | 101,666 | 54,371 | |||||||||||||
Other income (expense), net | 8,540 | 2,680 | (1,858) | |||||||||||||
Provision for income taxes | 64,456 | 52,249 | 48,296 | |||||||||||||
Property, Plant and Equipment, Additions | 176,582 | 237,992 | 531,939 | |||||||||||||
Corporate And Other [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Income (loss) from operations | (42,061) | (32,574) | (34,469) | |||||||||||||
Depreciation and amortization | 527 | 576 | 499 | |||||||||||||
Other income (expense), net | 25,074 | (11,503) | 1,238 | |||||||||||||
Provision for income taxes | (8,576) | (7,506) | (4,763) | |||||||||||||
Property, Plant and Equipment, Additions | 9,971 | 4,383 | 1,741 | |||||||||||||
Polyethylene [Member] | Olefins [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net external sales | 1,650,964 | 1,922,535 | 1,750,292 | |||||||||||||
Ethylene, Styrene And Other [Member] | Olefins [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net external sales | 609,149 | 801,155 | 803,377 | |||||||||||||
PVC, Caustic Soda And Other [Member] | Vinyls [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net external sales | 1,718,359 | 1,203,332 | 800,658 | |||||||||||||
Building Products [Member] | Vinyls [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net external sales | $ 484,864 | $ 488,328 | $ 405,157 | |||||||||||||
|
Segment And Geographic Information (Capital Expenditures) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 491,426 | $ 431,104 | $ 679,222 |
Olefins [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 304,873 | 188,729 | 145,542 |
Vinyls [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 176,582 | 237,992 | 531,939 |
Corporate And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 9,971 | $ 4,383 | $ 1,741 |
Segment And Geographic Information (Total Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 5,575,252 | $ 5,213,990 |
Olefins [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,869,888 | 1,785,895 |
Vinyls [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,638,833 | 2,618,646 |
Corporate And Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,066,531 | $ 809,449 |
Segment And Geographic Information (Reconciliation Of Total Segment Income From Operations To Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting [Abstract] | |||||||||||
Income from operations for reportable segments | $ 181,145 | $ 254,028 | $ 295,374 | $ 229,280 | $ 302,387 | $ 306,761 | $ 266,788 | $ 248,055 | $ 959,827 | $ 1,123,991 | $ 953,464 |
Interest expense | (34,656) | (37,352) | (18,082) | ||||||||
Other income, (expense), net | 38,270 | (2,721) | 6,790 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes | $ 963,441 | $ 1,083,918 | $ 942,172 |
Segment and Geographic Information (Geographic Information for Sales to External Customers and Long-lived Assets) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net external sales | $ 986,766 | $ 1,188,037 | $ 1,185,002 | $ 1,103,531 | $ 1,135,871 | $ 1,253,227 | $ 998,576 | $ 1,027,676 | $ 4,463,336 | [1] | $ 4,415,350 | [1] | $ 3,759,484 | [1] | |||
Long-lived assets | 3,004,067 | 2,757,557 | 3,004,067 | 2,757,557 | |||||||||||||
United States [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net external sales | [1] | 3,133,395 | 3,596,091 | 3,404,378 | |||||||||||||
Long-lived assets | 2,588,366 | 2,319,572 | 2,588,366 | 2,319,572 | |||||||||||||
Canada [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net external sales | [1] | 195,790 | 217,567 | 214,162 | |||||||||||||
GERMANY | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net external sales | [1] | 394,459 | 198,921 | 3,942 | |||||||||||||
Long-lived assets | 379,262 | 417,702 | 379,262 | 417,702 | |||||||||||||
Switzerland [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net external sales | [1] | 106,750 | 89,214 | 54,637 | |||||||||||||
ITALY | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net external sales | 90,237 | 36,823 | 55 | ||||||||||||||
FRANCE | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net external sales | 58,727 | 27,521 | 8,207 | ||||||||||||||
Other Foreign Countries [Member] | |||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||
Net external sales | [1] | 483,978 | 249,213 | $ 74,103 | |||||||||||||
Long-lived assets | $ 36,439 | $ 20,283 | $ 36,439 | $ 20,283 | |||||||||||||
|
Guarantor Disclosures (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Aug. 04, 2014 |
Jul. 17, 2012 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2012 |
|
Condensed Financial Statements, Captions [Line Items] | |||||
Stated interest rate | 6.50% | ||||
3.60% Senior Notes Due 2022 [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Stated interest rate | 3.60% | 3.60% | 3.60% | 3.60% | |
Maturity | 2022 | 2022 | |||
Senior notes, minimum debt amount guaranteed by subsidiaries | $ 5,000 | ||||
Subsidiaries [Member] | Limited Partner [Member] | IPO [Member] | Westlake Chemical Partners LP [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Limited partner interest | 10.60% |
Guarantor Disclosures (Condensed Consolidating Financial Information Balance Sheet) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 662,525 | $ 880,601 | $ 461,301 | $ 790,078 |
Marketable securities | 520,144 | 0 | ||
Accounts receivable, net | 508,532 | 560,666 | ||
Inventories | 434,060 | 525,776 | ||
Prepaid expenses and other current assets | 14,489 | 11,807 | ||
Deferred income taxes | 35,439 | 32,437 | ||
Total current assets | 2,175,189 | 2,011,287 | ||
Property, plant and equipment, net | 3,004,067 | 2,757,557 | ||
Equity investments | 9,208 | 61,305 | ||
Other assets, net | 386,788 | 383,841 | ||
Total assets | 5,575,252 | 5,213,990 | ||
Accounts and notes payable | 235,329 | 261,062 | ||
Accrued liabilities | 287,313 | 276,118 | ||
Total current liabilities | 522,642 | 537,180 | ||
Long-term debt | 764,115 | 763,997 | ||
Deferred income taxes | 575,603 | 536,066 | ||
Other liabilities | 150,961 | 174,859 | ||
Liabilities | 2,013,321 | 2,012,102 | ||
Stockholders' equity | 3,265,878 | 2,911,511 | ||
Noncontrolling interests | 296,053 | 290,377 | ||
Total equity | 3,561,931 | 3,201,888 | 2,418,603 | 1,872,256 |
Total liabilities and equity | 5,575,252 | 5,213,990 | ||
Westlake Chemical Corporation [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 303,131 | 655,947 | 420,948 | 753,881 |
Marketable securities | 520,144 | |||
Accounts receivable, net | 10,943 | 8,451 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 2,201 | 172 | ||
Deferred income taxes | 702 | 409 | ||
Total current assets | 837,121 | 664,979 | ||
Property, plant and equipment, net | 0 | 0 | ||
Equity investments | 4,991,167 | 4,033,378 | ||
Other assets, net | 17,896 | 30,543 | ||
Total assets | 5,846,184 | 4,728,900 | ||
Accounts and notes payable | 1,817,963 | 1,055,527 | ||
Accrued liabilities | 9,117 | 8,754 | ||
Total current liabilities | 1,827,080 | 1,064,281 | ||
Long-term debt | 753,226 | 753,108 | ||
Deferred income taxes | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Liabilities | 2,580,306 | 1,817,389 | ||
Stockholders' equity | 3,265,878 | 2,911,511 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 3,265,878 | 2,911,511 | ||
Total liabilities and equity | 5,846,184 | 4,728,900 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 6,828 | 3,057 | 6,227 | 6,973 |
Marketable securities | 0 | |||
Accounts receivable, net | 2,183,276 | 1,454,709 | ||
Inventories | 326,588 | 414,975 | ||
Prepaid expenses and other current assets | 12,166 | 9,485 | ||
Deferred income taxes | 32,787 | 29,832 | ||
Total current assets | 2,561,645 | 1,912,058 | ||
Property, plant and equipment, net | 1,567,897 | 1,477,515 | ||
Equity investments | 1,207,679 | 1,237,080 | ||
Other assets, net | 450,428 | 387,325 | ||
Total assets | 5,787,649 | 5,013,978 | ||
Accounts and notes payable | 121,820 | 160,834 | ||
Accrued liabilities | 195,785 | 203,608 | ||
Total current liabilities | 317,605 | 364,442 | ||
Long-term debt | 10,889 | 10,889 | ||
Deferred income taxes | 532,837 | 497,919 | ||
Other liabilities | 49,334 | 43,452 | ||
Liabilities | 910,665 | 916,702 | ||
Stockholders' equity | 4,876,984 | 4,097,276 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 4,876,984 | 4,097,276 | ||
Total liabilities and equity | 5,787,649 | 5,013,978 | ||
Westlake Chemical OpCo LP [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 163,430 | 131,545 | 0 | 0 |
Marketable securities | 0 | |||
Accounts receivable, net | 51,582 | 56,049 | ||
Inventories | 3,879 | 6,634 | ||
Prepaid expenses and other current assets | 267 | 212 | ||
Deferred income taxes | 0 | 0 | ||
Total current assets | 219,158 | 194,440 | ||
Property, plant and equipment, net | 1,020,469 | 842,057 | ||
Equity investments | 0 | 0 | ||
Other assets, net | 44,157 | 57,733 | ||
Total assets | 1,283,784 | 1,094,230 | ||
Accounts and notes payable | 33,901 | 17,680 | ||
Accrued liabilities | 21,873 | 11,225 | ||
Total current liabilities | 55,774 | 28,905 | ||
Long-term debt | 248,665 | 227,638 | ||
Deferred income taxes | 1,392 | 1,848 | ||
Other liabilities | 0 | 0 | ||
Liabilities | 305,831 | 258,391 | ||
Stockholders' equity | 977,953 | 835,839 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 977,953 | 835,839 | ||
Total liabilities and equity | 1,283,784 | 1,094,230 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 189,136 | 90,052 | 34,126 | 29,224 |
Marketable securities | 0 | |||
Accounts receivable, net | 113,321 | 135,133 | ||
Inventories | 103,593 | 104,167 | ||
Prepaid expenses and other current assets | 2,734 | 1,938 | ||
Deferred income taxes | 1,950 | 2,196 | ||
Total current assets | 410,734 | 333,486 | ||
Property, plant and equipment, net | 415,701 | 437,985 | ||
Equity investments | 469,915 | 352,550 | ||
Other assets, net | 129,539 | 141,948 | ||
Total assets | 1,425,889 | 1,265,969 | ||
Accounts and notes payable | 87,510 | 95,856 | ||
Accrued liabilities | 88,142 | 77,372 | ||
Total current liabilities | 175,652 | 173,228 | ||
Long-term debt | 0 | 0 | ||
Deferred income taxes | 47,941 | 42,369 | ||
Other liabilities | 101,627 | 131,407 | ||
Liabilities | 325,220 | 347,004 | ||
Stockholders' equity | 804,616 | 628,588 | ||
Noncontrolling interests | 296,053 | 290,377 | ||
Total equity | 1,100,669 | 918,965 | ||
Total liabilities and equity | 1,425,889 | 1,265,969 | ||
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Marketable securities | 0 | |||
Accounts receivable, net | (1,850,590) | (1,093,676) | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | (2,879) | 0 | ||
Deferred income taxes | 0 | 0 | ||
Total current assets | (1,853,469) | (1,093,676) | ||
Property, plant and equipment, net | 0 | 0 | ||
Equity investments | (6,659,553) | (5,561,703) | ||
Other assets, net | (255,232) | (233,708) | ||
Total assets | (8,768,254) | (6,889,087) | ||
Accounts and notes payable | (1,825,865) | (1,068,835) | ||
Accrued liabilities | (27,604) | (24,841) | ||
Total current liabilities | (1,853,469) | (1,093,676) | ||
Long-term debt | (248,665) | (227,638) | ||
Deferred income taxes | (6,567) | (6,070) | ||
Other liabilities | 0 | 0 | ||
Liabilities | (2,108,701) | (1,327,384) | ||
Stockholders' equity | (6,659,553) | (5,561,703) | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | (6,659,553) | (5,561,703) | ||
Total liabilities and equity | $ (8,768,254) | $ (6,889,087) |
Guarantor Disclosures (Condensed Consolidating Financial Information Statement Of Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Net sales | $ 986,766 | $ 1,188,037 | $ 1,185,002 | $ 1,103,531 | $ 1,135,871 | $ 1,253,227 | $ 998,576 | $ 1,027,676 | $ 4,463,336 | [1] | $ 4,415,350 | [1] | $ 3,759,484 | [1] | ||
Cost of sales | 3,278,145 | 3,098,000 | 2,658,046 | |||||||||||||
Gross profit | 236,188 | 311,276 | 353,181 | 284,546 | 362,849 | 361,520 | 305,971 | 287,010 | 1,185,191 | 1,317,350 | 1,101,438 | |||||
Selling, general and administrative expenses | 225,364 | 193,359 | 147,974 | |||||||||||||
Income from operations | 181,145 | 254,028 | 295,374 | 229,280 | 302,387 | 306,761 | 266,788 | 248,055 | 959,827 | 1,123,991 | 953,464 | |||||
Interest expense | (34,656) | (37,352) | (18,082) | |||||||||||||
Other income, (expense), net | 38,270 | (2,721) | 6,790 | |||||||||||||
(Loss) income before income taxes | 963,441 | 1,083,918 | 942,172 | |||||||||||||
(Benefit from) provision for income taxes | 298,396 | 398,902 | 331,747 | |||||||||||||
Equity in net income of subsidiaries | 0 | 0 | 0 | |||||||||||||
Net income | 665,045 | 685,016 | 610,425 | |||||||||||||
Net income attributable to noncontrolling interests | 19,035 | 6,493 | 0 | |||||||||||||
Net income attributable to Westlake Chemical Corporation | $ 110,969 | $ 183,604 | $ 205,095 | $ 146,342 | $ 183,291 | $ 167,757 | $ 169,443 | $ 158,032 | 646,010 | 678,523 | 610,425 | |||||
Comprehensive income | 596,151 | 601,706 | 618,649 | |||||||||||||
Westlake Chemical Corporation [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Net sales | 0 | 0 | 0 | |||||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||||||
Gross profit | 0 | 0 | 0 | |||||||||||||
Selling, general and administrative expenses | 2,478 | 2,082 | 2,128 | |||||||||||||
Income from operations | (2,478) | (2,082) | (2,128) | |||||||||||||
Interest expense | (42,197) | (39,763) | (18,030) | |||||||||||||
Other income, (expense), net | 19,614 | 21,001 | 11,798 | |||||||||||||
(Loss) income before income taxes | (25,061) | (20,844) | (8,360) | |||||||||||||
(Benefit from) provision for income taxes | (7,237) | 248 | (2,031) | |||||||||||||
Equity in net income of subsidiaries | 663,834 | 699,615 | 616,754 | |||||||||||||
Net income | 646,010 | 678,523 | 610,425 | |||||||||||||
Net income attributable to noncontrolling interests | 0 | 0 | ||||||||||||||
Net income attributable to Westlake Chemical Corporation | 646,010 | 678,523 | 610,425 | |||||||||||||
Comprehensive income | 596,151 | 601,706 | 618,649 | |||||||||||||
Guarantor Subsidiaries [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Net sales | 3,660,393 | 3,727,361 | 3,195,406 | |||||||||||||
Cost of sales | 2,944,420 | 3,162,246 | 2,971,258 | |||||||||||||
Gross profit | 715,973 | 565,115 | 224,148 | |||||||||||||
Selling, general and administrative expenses | 167,431 | 144,987 | 114,211 | |||||||||||||
Income from operations | 548,542 | 420,128 | 109,937 | |||||||||||||
Interest expense | (10) | (10) | (52) | |||||||||||||
Other income, (expense), net | 1,033 | (4,921) | (2,438) | |||||||||||||
(Loss) income before income taxes | 549,565 | 415,197 | 107,447 | |||||||||||||
(Benefit from) provision for income taxes | 288,329 | 202,501 | 34,340 | |||||||||||||
Equity in net income of subsidiaries | 314,026 | 496,244 | 546,546 | |||||||||||||
Net income | 575,262 | 708,940 | 619,653 | |||||||||||||
Net income attributable to noncontrolling interests | 0 | 0 | ||||||||||||||
Net income attributable to Westlake Chemical Corporation | 575,262 | 708,940 | 619,653 | |||||||||||||
Comprehensive income | 572,731 | 703,148 | 629,308 | |||||||||||||
Westlake Chemical OpCo LP [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Net sales | 1,007,221 | 1,749,700 | 2,127,747 | |||||||||||||
Cost of sales | 624,339 | 1,003,888 | 1,255,140 | |||||||||||||
Gross profit | 382,882 | 745,812 | 872,607 | |||||||||||||
Selling, general and administrative expenses | 20,138 | 26,870 | 25,451 | |||||||||||||
Income from operations | 362,744 | 718,942 | 847,156 | |||||||||||||
Interest expense | (2,691) | (10,499) | (8,032) | |||||||||||||
Other income, (expense), net | (63) | 3,151 | 7,701 | |||||||||||||
(Loss) income before income taxes | 359,990 | 711,594 | 846,825 | |||||||||||||
(Benefit from) provision for income taxes | 672 | 199,388 | 300,279 | |||||||||||||
Equity in net income of subsidiaries | 0 | 0 | 0 | |||||||||||||
Net income | 359,318 | 512,206 | 546,546 | |||||||||||||
Net income attributable to noncontrolling interests | 0 | 0 | ||||||||||||||
Net income attributable to Westlake Chemical Corporation | 359,318 | 512,206 | 546,546 | |||||||||||||
Comprehensive income | 359,318 | 512,206 | 546,546 | |||||||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Net sales | 1,039,165 | 475,401 | 48,016 | |||||||||||||
Cost of sales | 933,007 | 447,676 | 43,333 | |||||||||||||
Gross profit | 106,158 | 27,725 | 4,683 | |||||||||||||
Selling, general and administrative expenses | 55,139 | 40,722 | 6,184 | |||||||||||||
Income from operations | 51,019 | (12,997) | (1,501) | |||||||||||||
Interest expense | (521) | (492) | 0 | |||||||||||||
Other income, (expense), net | 28,449 | (8,540) | (2,239) | |||||||||||||
(Loss) income before income taxes | 78,947 | (22,029) | (3,740) | |||||||||||||
(Benefit from) provision for income taxes | 16,632 | (3,235) | (841) | |||||||||||||
Equity in net income of subsidiaries | 45,292 | 15,962 | 0 | |||||||||||||
Net income | 107,607 | (2,832) | (2,899) | |||||||||||||
Net income attributable to noncontrolling interests | 19,035 | 6,493 | ||||||||||||||
Net income attributable to Westlake Chemical Corporation | 88,572 | (9,325) | (2,899) | |||||||||||||
Comprehensive income | 42,143 | (80,407) | (4,506) | |||||||||||||
Eliminations [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Net sales | (1,243,443) | (1,537,112) | (1,611,685) | |||||||||||||
Cost of sales | (1,223,621) | (1,515,810) | (1,611,685) | |||||||||||||
Gross profit | (19,822) | (21,302) | 0 | |||||||||||||
Selling, general and administrative expenses | (19,822) | (21,302) | 0 | |||||||||||||
Income from operations | 0 | 0 | 0 | |||||||||||||
Interest expense | 10,763 | 13,412 | 8,032 | |||||||||||||
Other income, (expense), net | (10,763) | (13,412) | (8,032) | |||||||||||||
(Loss) income before income taxes | 0 | 0 | 0 | |||||||||||||
(Benefit from) provision for income taxes | 0 | 0 | 0 | |||||||||||||
Equity in net income of subsidiaries | (1,023,152) | (1,211,821) | (1,163,300) | |||||||||||||
Net income | (1,023,152) | (1,211,821) | (1,163,300) | |||||||||||||
Net income attributable to noncontrolling interests | 0 | 0 | ||||||||||||||
Net income attributable to Westlake Chemical Corporation | (1,023,152) | (1,211,821) | (1,163,300) | |||||||||||||
Comprehensive income | $ (974,192) | $ (1,134,947) | $ (1,171,348) | |||||||||||||
|
Guarantor Disclosures (Condensed Consolidating Financial Information Statement Of Cash Flows) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | $ 665,045 | $ 685,016 | $ 610,425 |
Depreciation and amortization | 247,761 | 210,159 | 159,267 |
Deferred income taxes | 39,784 | 58,967 | 93,732 |
Net changes in working capital and other | 126,246 | 78,234 | (110,695) |
Net cash provided by operating activities | 1,078,836 | 1,032,376 | 752,729 |
Acquisition of business, net of cash acquired | 15,782 | (611,087) | (178,309) |
Additions to property, plant and equipment | (491,426) | (431,104) | (679,222) |
Construction of assets pending sale-leaseback | 0 | 0 | (136) |
Additions to equity investments | 0 | 0 | (23,338) |
Proceeds from disposition of assets | 49 | 181 | 151 |
Proceeds from sale of equity method investments | 27,865 | 0 | 0 |
Proceeds from repayment of loan acquired | 0 | 45,923 | 0 |
Proceeds from repayment of loan to affiliate | 0 | 0 | 167 |
Proceeds from sales and maturities of securities | 48,900 | 342,045 | 252,519 |
Purchase of securities | (605,098) | (117,332) | (367,150) |
Settlements of derivative instruments | (2,248) | (1,831) | (6,920) |
Net cash used for investing activities | (1,006,176) | (773,205) | (1,002,238) |
Intercompany financing | 0 | 0 | 0 |
Proceeds from (Repayments of) Intercompany Financing, Subsidiary | 0 | ||
Net distributions prior to WLKP initial public offering | 0 | ||
Capitalized debt issuance costs | 0 | (1,186) | 0 |
Dividends paid | (91,551) | (77,656) | (55,236) |
Distribution Made to Limited Partner, Cash Distributions Paid | (14,856) | (2,204) | |
Net proceeds from issuance of Westlake Chemical Partners LP common units | 0 | 286,088 | 0 |
Payments to Acquire Limited Partnership Interests | 0 | 0 | |
Proceeds from exercise of stock options | 1,063 | 5,524 | 3,437 |
Proceeds from issuance of notes payable | 52,960 | 0 | 0 |
Repayment of notes payable | (73,615) | 0 | 0 |
Repurchase of common stock for treasury | (162,459) | (52,630) | (32,918) |
Windfall tax benefits from share-based payment arrangements | 1,646 | 6,704 | 5,449 |
Net cash (used for) provided by financing activities | (286,812) | 164,640 | (79,268) |
Effect of exchange rate changes on cash and cash equivalents | (3,924) | (4,511) | 0 |
Net (decrease) increase in cash and cash equivalents | (218,076) | 419,300 | (328,777) |
Cash and cash equivalents at beginning of the year | 880,601 | 461,301 | 790,078 |
Cash and cash equivalents at end of the year | 662,525 | 880,601 | 461,301 |
Westlake Chemical Corporation [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 646,010 | 678,523 | 610,425 |
Depreciation and amortization | 2,004 | 1,673 | 1,459 |
Deferred income taxes | (285) | (288) | 74 |
Net changes in working capital and other | (660,777) | (706,043) | (622,194) |
Net cash provided by operating activities | (13,048) | (26,135) | (10,236) |
Acquisition of business, net of cash acquired | 0 | 0 | 0 |
Additions to property, plant and equipment | 0 | 0 | 0 |
Construction of assets pending sale-leaseback | 0 | ||
Additions to equity investments | 0 | ||
Proceeds from disposition of assets | 0 | 0 | 0 |
Proceeds from sale of equity method investments | 0 | ||
Proceeds from repayment of loan acquired | 0 | ||
Proceeds from repayment of loan to affiliate | 0 | ||
Proceeds from sales and maturities of securities | 48,900 | 342,045 | 252,519 |
Purchase of securities | (556,211) | (117,332) | (367,150) |
Settlements of derivative instruments | 0 | 0 | 0 |
Net cash used for investing activities | (507,311) | 224,713 | (114,631) |
Intercompany financing | 418,844 | 155,665 | (128,798) |
Proceeds from (Repayments of) Intercompany Financing, Subsidiary | 0 | ||
Net distributions prior to WLKP initial public offering | 0 | 0 | |
Capitalized debt issuance costs | (1,186) | ||
Dividends paid | (91,551) | (77,656) | (55,236) |
Distribution Made to Limited Partner, Cash Distributions Paid | 0 | 0 | |
Net proceeds from issuance of Westlake Chemical Partners LP common units | 0 | ||
Payments to Acquire Limited Partnership Interests | 0 | 0 | |
Proceeds from exercise of stock options | 1,063 | 5,524 | 3,437 |
Proceeds from issuance of notes payable | 0 | ||
Repayment of notes payable | 0 | ||
Repurchase of common stock for treasury | (162,459) | (52,630) | (32,918) |
Windfall tax benefits from share-based payment arrangements | 1,646 | 6,704 | 5,449 |
Net cash (used for) provided by financing activities | 167,543 | 36,421 | (208,066) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | (352,816) | 234,999 | (332,933) |
Cash and cash equivalents at beginning of the year | 655,947 | 420,948 | 753,881 |
Cash and cash equivalents at end of the year | 303,131 | 655,947 | 420,948 |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 575,262 | 708,940 | 619,653 |
Depreciation and amortization | 124,897 | 111,389 | 81,897 |
Deferred income taxes | 33,369 | 55,344 | 56,787 |
Net changes in working capital and other | (368,494) | (1,077,982) | (607,033) |
Net cash provided by operating activities | 365,034 | (202,309) | 151,304 |
Acquisition of business, net of cash acquired | 0 | 0 | (178,309) |
Additions to property, plant and equipment | (215,405) | (209,111) | (453,538) |
Construction of assets pending sale-leaseback | (136) | ||
Additions to equity investments | (23,338) | ||
Proceeds from disposition of assets | 18 | 180 | 75 |
Proceeds from sale of equity method investments | 27,865 | ||
Proceeds from repayment of loan acquired | 0 | ||
Proceeds from repayment of loan to affiliate | 0 | ||
Proceeds from sales and maturities of securities | 0 | 0 | 0 |
Purchase of securities | (48,887) | 0 | 0 |
Settlements of derivative instruments | (2,248) | (1,698) | 0 |
Net cash used for investing activities | (238,657) | (210,629) | (655,246) |
Intercompany financing | (585,007) | (244,122) | (100,330) |
Proceeds from (Repayments of) Intercompany Financing, Subsidiary | 135,341 | ||
Net distributions prior to WLKP initial public offering | 448,101 | 603,526 | |
Capitalized debt issuance costs | 0 | ||
Dividends paid | 0 | 151,729 | 0 |
Distribution Made to Limited Partner, Cash Distributions Paid | 327,060 | 54,060 | |
Net proceeds from issuance of Westlake Chemical Partners LP common units | 0 | ||
Payments to Acquire Limited Partnership Interests | 0 | 0 | |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Proceeds from issuance of notes payable | 0 | ||
Repayment of notes payable | 0 | ||
Repurchase of common stock for treasury | 0 | 0 | 0 |
Windfall tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Net cash (used for) provided by financing activities | (122,606) | 409,768 | 503,196 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | 3,771 | (3,170) | (746) |
Cash and cash equivalents at beginning of the year | 3,057 | 6,227 | 6,973 |
Cash and cash equivalents at end of the year | 6,828 | 3,057 | 6,227 |
Westlake Chemical OpCo LP [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 359,318 | 512,206 | 546,546 |
Depreciation and amortization | 81,210 | 77,611 | 73,463 |
Deferred income taxes | (456) | 8,608 | 37,054 |
Net changes in working capital and other | 19,175 | 4,879 | (54,554) |
Net cash provided by operating activities | 459,247 | 603,304 | 602,509 |
Acquisition of business, net of cash acquired | 0 | 0 | 0 |
Additions to property, plant and equipment | (231,185) | (202,823) | (223,130) |
Construction of assets pending sale-leaseback | 0 | ||
Additions to equity investments | 0 | ||
Proceeds from disposition of assets | 0 | 0 | 0 |
Proceeds from sale of equity method investments | 0 | ||
Proceeds from repayment of loan acquired | 0 | ||
Proceeds from repayment of loan to affiliate | 0 | ||
Proceeds from sales and maturities of securities | 0 | 0 | 0 |
Purchase of securities | 0 | 0 | 0 |
Settlements of derivative instruments | 0 | (133) | (6,920) |
Net cash used for investing activities | (231,185) | (202,956) | (230,050) |
Intercompany financing | 156,368 | 102,702 | 231,067 |
Proceeds from (Repayments of) Intercompany Financing, Subsidiary | (135,341) | ||
Net distributions prior to WLKP initial public offering | (448,101) | (603,526) | |
Capitalized debt issuance costs | 0 | ||
Dividends paid | 0 | (151,729) | 0 |
Distribution Made to Limited Partner, Cash Distributions Paid | (352,545) | (57,763) | |
Net proceeds from issuance of Westlake Chemical Partners LP common units | 0 | ||
Payments to Acquire Limited Partnership Interests | 135,341 | 286,088 | |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Proceeds from issuance of notes payable | 0 | ||
Repayment of notes payable | 0 | ||
Repurchase of common stock for treasury | 0 | 0 | 0 |
Windfall tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Net cash (used for) provided by financing activities | (196,177) | (268,803) | (372,459) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | 31,885 | 131,545 | 0 |
Cash and cash equivalents at beginning of the year | 131,545 | 0 | 0 |
Cash and cash equivalents at end of the year | 163,430 | 131,545 | 0 |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | 107,607 | (2,832) | (2,899) |
Depreciation and amortization | 39,650 | 19,486 | 2,448 |
Deferred income taxes | 7,156 | (4,697) | (183) |
Net changes in working capital and other | 113,190 | 645,559 | 9,786 |
Net cash provided by operating activities | 267,603 | 657,516 | 9,152 |
Acquisition of business, net of cash acquired | 15,782 | (611,087) | 0 |
Additions to property, plant and equipment | (44,836) | (19,170) | (2,554) |
Construction of assets pending sale-leaseback | 0 | ||
Additions to equity investments | 0 | ||
Proceeds from disposition of assets | 31 | 1 | 76 |
Proceeds from sale of equity method investments | 0 | ||
Proceeds from repayment of loan acquired | 45,923 | ||
Proceeds from repayment of loan to affiliate | 167 | ||
Proceeds from sales and maturities of securities | 0 | 0 | 0 |
Purchase of securities | 0 | 0 | 0 |
Settlements of derivative instruments | 0 | 0 | 0 |
Net cash used for investing activities | (29,023) | (584,333) | (2,311) |
Intercompany financing | 9,795 | (14,245) | (1,939) |
Proceeds from (Repayments of) Intercompany Financing, Subsidiary | 0 | ||
Net distributions prior to WLKP initial public offering | 0 | 0 | |
Capitalized debt issuance costs | 0 | ||
Dividends paid | 0 | 0 | 0 |
Distribution Made to Limited Partner, Cash Distributions Paid | 10,629 | 1,499 | |
Net proceeds from issuance of Westlake Chemical Partners LP common units | 286,088 | ||
Payments to Acquire Limited Partnership Interests | (135,341) | (286,088) | |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Proceeds from issuance of notes payable | 52,960 | ||
Repayment of notes payable | (73,615) | ||
Repurchase of common stock for treasury | 0 | 0 | 0 |
Windfall tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Net cash (used for) provided by financing activities | (135,572) | (12,746) | (1,939) |
Effect of exchange rate changes on cash and cash equivalents | (3,924) | (4,511) | |
Net (decrease) increase in cash and cash equivalents | 99,084 | 55,926 | 4,902 |
Cash and cash equivalents at beginning of the year | 90,052 | 34,126 | 29,224 |
Cash and cash equivalents at end of the year | 189,136 | 90,052 | 34,126 |
Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | (1,023,152) | (1,211,821) | (1,163,300) |
Depreciation and amortization | 0 | 0 | 0 |
Deferred income taxes | 0 | 0 | 0 |
Net changes in working capital and other | 1,023,152 | 1,211,821 | 1,163,300 |
Net cash provided by operating activities | 0 | 0 | 0 |
Acquisition of business, net of cash acquired | 0 | 0 | 0 |
Additions to property, plant and equipment | 0 | 0 | 0 |
Construction of assets pending sale-leaseback | 0 | ||
Additions to equity investments | 0 | ||
Proceeds from disposition of assets | 0 | 0 | 0 |
Proceeds from sale of equity method investments | 0 | ||
Proceeds from repayment of loan acquired | 0 | ||
Proceeds from repayment of loan to affiliate | 0 | ||
Proceeds from sales and maturities of securities | 0 | 0 | 0 |
Purchase of securities | 0 | 0 | 0 |
Settlements of derivative instruments | 0 | 0 | 0 |
Net cash used for investing activities | 0 | 0 | 0 |
Intercompany financing | 0 | ||
Net distributions prior to WLKP initial public offering | 0 | 0 | |
Capitalized debt issuance costs | 0 | ||
Dividends paid | 0 | 0 | 0 |
Distribution Made to Limited Partner, Cash Distributions Paid | 0 | 0 | |
Net proceeds from issuance of Westlake Chemical Partners LP common units | 0 | ||
Payments to Acquire Limited Partnership Interests | 0 | 0 | |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Proceeds from issuance of notes payable | 0 | ||
Repayment of notes payable | 0 | ||
Repurchase of common stock for treasury | 0 | 0 | 0 |
Windfall tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Net cash (used for) provided by financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of the year | 0 | 0 | 0 |
Cash and cash equivalents at end of the year | $ 0 | $ 0 | $ 0 |
Quarterly Financial Information (Summary Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||
Net sales | $ 986,766 | $ 1,188,037 | $ 1,185,002 | $ 1,103,531 | $ 1,135,871 | $ 1,253,227 | $ 998,576 | $ 1,027,676 | $ 4,463,336 | [1] | $ 4,415,350 | [1] | $ 3,759,484 | [1] | ||||||||||||
Gross profit | 236,188 | 311,276 | 353,181 | 284,546 | 362,849 | 361,520 | 305,971 | 287,010 | 1,185,191 | 1,317,350 | 1,101,438 | |||||||||||||||
Income (loss) from operations | 181,145 | 254,028 | 295,374 | 229,280 | 302,387 | 306,761 | 266,788 | 248,055 | 959,827 | 1,123,991 | 953,464 | |||||||||||||||
Net income | $ 110,969 | $ 183,604 | $ 205,095 | $ 146,342 | $ 183,291 | $ 167,757 | $ 169,443 | $ 158,032 | $ 646,010 | $ 678,523 | $ 610,425 | |||||||||||||||
Basic earnings per common share | $ 0.85 | [2] | $ 1.39 | [2] | $ 1.55 | [2] | $ 1.10 | [2] | $ 1.38 | [2] | $ 1.26 | [2] | $ 1.27 | [2] | $ 1.18 | [2] | $ 4.88 | $ 5.09 | $ 4.57 | |||||||
Diluted earnings per common share | $ 0.84 | [2] | $ 1.39 | [2] | $ 1.54 | [2] | $ 1.10 | [2] | $ 1.37 | [2] | $ 1.25 | [2] | $ 1.26 | [2] | $ 1.18 | [2] | $ 4.86 | $ 5.07 | $ 4.55 | |||||||
|
Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Valuation Allowances and Reserves, Balance | $ 14,095 | $ 13,468 | $ 11,741 | $ 11,172 | ||
Valuation Allowances and Reserves, Charged to Cost and Expense | 956 | 301 | 5,514 | |||
Valuation Allowances and Reserves, Adjustments | [1] | $ (329) | $ 1,426 | $ (4,945) | ||
|
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