ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Fiscal Year Ended December 31, 2017 |
¨ | 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) |
• | future operating rates, margins, cash flows 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 the Credit Agreement; |
• | 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 program at our Calvert City facility and the construction of the LACC plant; |
• | 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 and other countries 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; |
• | foreign currency exchange risks; |
• | our ability to implement our business strategies; and |
• | creditworthiness of our customers. |
Product | Annual Capacity | End Uses | |||
(Millions of pounds) | |||||
Ethylene (1) | 2,990 | 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 applications | |||
Commodity PVC | 6,030 | Construction materials including pipe, siding, profiles for windows and doors, film and sheet for packaging and other applications | |||
VCM | 7,480 | PVC | |||
Chlorine | 7,140 | VCM, organic/inorganic chemicals, bleach | |||
Caustic Soda | 7,860 | Pulp and paper, organic/inorganic chemicals, neutralization, alumina | |||
Chlorinated Derivative Products | 2,290 | Coatings, flavorants, films, refrigerants, water treatment applications, chemicals and pharmaceutical production | |||
Ethylene (3) | 730 | VCM | |||
Building Products | 1,950 | Pipe: water and sewer, plumbing, irrigation, conduit; fittings; profiles and foundation building products; window and door components; fence and deck components; siding, trim and mouldings; film and sheet |
(1) | EDC, a VCM intermediate product, is not included in the table. |
(2) | Includes capacity related to our 95% and 60% owned Asian joint ventures. |
(3) | Production capacity owned by OpCo. |
• | During September 2010, our vinyls facilities in north Lake Charles and Plaquemine each received a Consolidated Compliance Order and Notice of Potential Penalty, alleging violations of various requirements of those facilities' air permits, based largely on self-reported permit deviations related to record-keeping violations. We have been negotiating a possible global settlement of these and several other matters with Louisiana Department of Environmental Quality. We believe the resolution of these matters may require the payment of a monetary sanction in excess of $100,000. |
• | For several years, the EPA has been conducting an enforcement initiative against petroleum refineries and petrochemical plants with respect to emissions from flares. On April 21, 2014, we received a Clean Air Act Section 114 Information Request from the EPA which sought information regarding flares at the Calvert City, Kentucky facility and certain Lake Charles facilities. The EPA has informed us that the information provided leads the EPA to believe that some of the flares are out of compliance with applicable standards. The EPA has indicated that it is seeking a consent decree that would obligate us to take corrective actions relating to the alleged noncompliance. We believe the resolution of these matters may require the payment of a monetary sanction in excess of $100,000. |
• | Regional offices of the EPA have investigated, and in some cases inspected, our compliance with Risk Management Program requirements under the Clean Air Act at our Calvert City, Kentucky; Natrium, West Virginia and Geismar, Louisiana facilities. We believe the resolution of these matters may require the payment of a monetary sanction in excess of $100,000. |
• | In October 2017, the Enforcement Division of Kentucky Department of Environmental Protection ("KDEP") indicated that it intended to proceed with enforcement on two Notices of Violation ("NOVs") received by our Calvert City, Kentucky facility in December 2016 and May 2017. The NOVs allege violations of state and federal air requirements in connection with the operation of the olefins unit at the facility. We have engaged in negotiations with KDEP to resolve these alleged violations. We believe the resolution of these matters may require the payment of a monetary sanction in excess of $100,000. |
Category | Number | ||
Olefins segment | 820 | ||
Vinyls segment | 7,610 | ||
Corporate and other | 370 |
• | general economic conditions, including in the United States, Europe and Asia; |
• | new capacity additions in North America, Europe, 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, sabotage, 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; |
• | balance of product supply/demand; |
• | material, technology and process innovation; |
• | 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; |
• | transportation accidents involving our chemical products; |
• | remediation complications; |
• | chemical spills; |
• | discharges or releases of toxic or hazardous substances or gases; |
• | storage tank leaks; |
• | other environmental risks; |
• | sabotage; |
• | 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; |
• | sabotage; |
• | terrorist attacks; |
• | interference from adverse weather conditions; and |
• | difficulties in obtaining necessary permits or in meeting permit conditions. |
• | a portion of our cash flows from operations will be dedicated to the payment of interest and principal on our debt and will not be available for other purposes; |
• | 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 flows 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. |
• | shortages and inconsistent quality of equipment, materials, and labor; |
• | labor costs and productivity; |
• | work stoppages; |
• | contractor or supplier delay or non-performance under construction or other agreements or non-performance by other major participants in construction projects; |
• | delays in or failure to receive necessary permits, approvals, tax credits, and other regulatory authorizations; |
• | delays associated with start-up activities, including major equipment failure, system integration, and operations, and/or unforeseen engineering problems; |
• | changes in project design or scope; |
• | impacts of new and existing laws and regulations, including environmental laws and regulations; |
• | the outcome of legal challenges to projects, including legal challenges to regulatory approvals; |
• | failure to construct in accordance with licensing requirements; |
• | continued public and policymaker support for such projects; |
• | adverse weather conditions or natural disasters; |
• | sabotage; |
• | terrorist attacks; |
• | environmental and geological conditions; |
• | delays or increased costs to interconnect facilities; and |
• | other unanticipated cost increases. |
• | 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. |
• | diversion of management's attention away from normal daily business operations; |
• | delays and cost overruns; |
• | loss of or delays in accessing data; |
• | increased demand on our operations support personnel; |
• | initial dependence on unfamiliar systems while training personnel to use new systems; and |
• | increased operating expenses resulting from training, conversion and transition support activities. |
• | 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. |
Location | Principal Products | |
Lake Charles, Louisiana | Ethylene, polyethylene, styrene, VCM, chlorine, caustic soda, chlorinated derivative products, electricity | |
Longview, Texas (1) | Polyethylene, polyethylene wax | |
Calvert City, Kentucky (2) | PVC, VCM, chlorine, caustic soda, ethylene | |
Plaquemine, Louisiana | PVC, VCM, chlorine, caustic soda, electricity | |
Geismar, Louisiana | PVC, VCM, chlorine, caustic soda | |
Gendorf, Bavaria, Germany (1) | PVC, VCM, chlorine, caustic soda | |
Burghausen, Bavaria, Germany (1) | PVC | |
Knapsack, North Rhine-Westphalia, Germany (1) | PVC, VCM, chlorine, caustic soda | |
Cologne, North Rhine-Westphalia, Germany (1) | PVC |
(1) | We lease the land on which our facilities are located. |
(2) | We lease a portion of the land on which our Calvert City facility is located. |
High | Low | Cash Dividends Declared | ||||||||||
Year Ended December 31, 2017 | ||||||||||||
4th Quarter | $ | 106.53 | $ | 83.10 | $ | 0.2100 | ||||||
3rd Quarter | 83.55 | 65.85 | 0.2100 | |||||||||
2nd Quarter | 67.34 | 60.09 | 0.1906 | |||||||||
1st Quarter | 67.21 | 57.29 | 0.1906 | |||||||||
Year Ended December 31, 2016 | ||||||||||||
4th Quarter | $ | 59.17 | $ | 49.84 | $ | 0.1906 | ||||||
3rd Quarter | 53.50 | 41.21 | 0.1906 | |||||||||
2nd Quarter | 52.22 | 39.88 | 0.1815 | |||||||||
1st Quarter | 53.60 | 41.01 | 0.1815 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||
October 2017 | 3,202 | $ | 83.28 | — | $ | 171,285,000 | ||||||||
November 2017 | — | $ | — | — | $ | 171,285,000 | ||||||||
December 2017 | — | $ | — | — | $ | 171,285,000 | ||||||||
Total | 3,202 | $ | 83.28 | — |
(1) | Represents shares withheld in satisfaction of withholding taxes due upon the vesting of restricted stock units granted to our employees under the 2013 Plan. |
(2) | In November 2014, our Board of Directors authorized a $250 million stock repurchase program (the "2014 Program"). In November 2015, our Board of Directors approved the expansion of the 2014 Program by an additional $150 million. As of December 31, 2017, 4,193,598 shares of our common stock had been acquired at an aggregate purchase price of approximately $229 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 flows 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 | 1,933,467 | $ | 26.95 | 4,855,527 | ||||||
Equity compensation plans not approved by security holders | N/A | N/A | N/A | |||||||
Total | 1,933,467 | $ | 26.95 | 4,855,527 |
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(dollars in millions, except share amounts, per share data and volume data) | ||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||
Net sales | $ | 8,041 | $ | 5,076 | $ | 4,463 | $ | 4,415 | $ | 3,759 | ||||||||||
Gross profit | 1,769 | 981 | 1,185 | 1,317 | 1,101 | |||||||||||||||
Selling, general and administrative expenses | 399 | 258 | 218 | 179 | 144 | |||||||||||||||
Amortization of intangibles | 108 | 38 | 7 | 5 | 4 | |||||||||||||||
Transaction and integration-related costs | 29 | 104 | — | 9 | — | |||||||||||||||
Income from operations | 1,233 | 581 | 960 | 1,124 | 953 | |||||||||||||||
Interest expense | (159 | ) | (79 | ) | (35 | ) | (37 | ) | (18 | ) | ||||||||||
Other income (expense), net (2) | 7 | 56 | 38 | (3 | ) | 7 | ||||||||||||||
Income before income taxes | 1,081 | 558 | 963 | 1,084 | 942 | |||||||||||||||
Provision for (benefit from) income taxes | (258 | ) | 138 | 298 | 399 | 332 | ||||||||||||||
Net income | 1,339 | 420 | 665 | 685 | 610 | |||||||||||||||
Net income attributable to noncontrolling interests | 35 | 21 | 19 | 6 | — | |||||||||||||||
Net income attributable to Westlake Chemical Corporation | $ | 1,304 | $ | 399 | $ | 646 | $ | 679 | $ | 610 | ||||||||||
Earnings Per Share Attributable to Westlake Chemical Corporation: (3) | ||||||||||||||||||||
Basic | $ | 10.05 | $ | 3.07 | $ | 4.88 | $ | 5.09 | $ | 4.57 | ||||||||||
Diluted | $ | 10.00 | $ | 3.06 | $ | 4.86 | $ | 5.07 | $ | 4.55 | ||||||||||
Weighted average shares outstanding (3) | ||||||||||||||||||||
Basic | 129,087,043 | 129,367,712 | 131,823,707 | 133,111,230 | 133,224,256 | |||||||||||||||
Diluted | 129,540,013 | 129,974,822 | 132,301,812 | 133,643,414 | 133,779,250 | |||||||||||||||
Balance Sheet Data (end of period): | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,531 | $ | 459 | $ | 663 | $ | 881 | $ | 461 | ||||||||||
Marketable securities | — | — | 520 | — | 239 | |||||||||||||||
Restricted cash | 1 | 161 | — | — | — | |||||||||||||||
Working capital (4) | 1,496 | 1,225 | 1,652 | 1,475 | 1,244 | |||||||||||||||
Total assets | 12,076 | 10,890 | 5,569 | 5,208 | 4,054 | |||||||||||||||
Total long-term debt, net | 3,127 | 3,679 | 758 | 758 | 757 | |||||||||||||||
Total Westlake Chemical Corporation stockholders' equity | 4,874 | 3,524 | 3,266 | 2,912 | 2,419 | |||||||||||||||
Cash dividends declared per share (3) | $ | 0.8012 | $ | 0.7442 | $ | 0.6930 | $ | 0.5820 | $ | 0.4125 | ||||||||||
Other Operating Data: | ||||||||||||||||||||
Cash flows from: | ||||||||||||||||||||
Operating activities | $ | 1,538 | $ | 834 | $ | 1,079 | $ | 1,032 | $ | 753 | ||||||||||
Investing activities | (652 | ) | (2,563 | ) | (1,006 | ) | (773 | ) | (1,002 | ) | ||||||||||
Financing activities | 160 | 1,533 | (287 | ) | 165 | (80 | ) | |||||||||||||
Depreciation and amortization | 601 | 378 | 246 | 208 | 158 | |||||||||||||||
Capital expenditures | 577 | 629 | 491 | 431 | 679 | |||||||||||||||
EBITDA (5) | 1,841 | 1,015 | 1,244 | 1,329 | 1,118 |
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(dollars in millions, except share amounts, per share data and volume data) | ||||||||||||||||||||
External Sales Volume (millions of pounds): | ||||||||||||||||||||
Olefins Segment | ||||||||||||||||||||
Polyethylene | 2,363 | 2,392 | 2,445 | 2,364 | 2,244 | |||||||||||||||
Styrene, feedstock and other | 828 | 794 | 1,182 | 941 | 1,094 | |||||||||||||||
Vinyls Segment | ||||||||||||||||||||
PVC, caustic soda and other | 15,997 | 8,118 | 5,026 | 3,174 | 1,995 | |||||||||||||||
Building products | 1,193 | 770 | 629 | 572 | 487 |
(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 the realized gain from previously held outstanding shares of common stock of Axiall, financing costs incurred in connection with the Merger, 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 year ended December 31, 2013 have been restated to reflect the effect of the two-for-one stock split. |
(4) | Working capital equals current assets less current liabilities. |
(5) | 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 Securities and Exchange Commission ("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 flows 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, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(dollars in millions) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 1,538 | $ | 834 | $ | 1,079 | $ | 1,032 | $ | 753 | ||||||||||
Changes in operating assets and liabilities and other | (733 | ) | (313 | ) | (374 | ) | (288 | ) | (49 | ) | ||||||||||
Deferred income taxes | 534 | (101 | ) | (40 | ) | (59 | ) | (94 | ) | |||||||||||
Net income | 1,339 | 420 | 665 | 685 | 610 | |||||||||||||||
Add: | ||||||||||||||||||||
Depreciation and amortization | 601 | 378 | 246 | 208 | 158 | |||||||||||||||
Interest expense | 159 | 79 | 35 | 37 | 18 | |||||||||||||||
Provision for (benefit from) income taxes | (258 | ) | 138 | 298 | 399 | 332 | ||||||||||||||
EBITDA | $ | 1,841 | $ | 1,015 | $ | 1,244 | $ | 1,329 | $ | 1,118 |
• | 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, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
(dollars in millions, except per share data) | ||||||||||||
Net external sales | ||||||||||||
Olefins | ||||||||||||
Polyethylene | $ | 1,518 | $ | 1,463 | $ | 1,651 | ||||||
Styrene, feedstock and other | 533 | 431 | 609 | |||||||||
Total Olefins | 2,051 | 1,894 | 2,260 | |||||||||
Vinyls | ||||||||||||
PVC, caustic soda and other | 4,769 | 2,493 | 1,718 | |||||||||
Building products | 1,221 | 689 | 485 | |||||||||
Total Vinyls | 5,990 | 3,182 | 2,203 | |||||||||
Total | $ | 8,041 | $ | 5,076 | $ | 4,463 | ||||||
Income (loss) from operations | ||||||||||||
Olefins | $ | 655 | $ | 558 | $ | 747 | ||||||
Vinyls | 647 | 174 | 255 | |||||||||
Corporate and other | (69 | ) | (151 | ) | (42 | ) | ||||||
Total income from operations | 1,233 | 581 | 960 | |||||||||
Interest expense | (159 | ) | (79 | ) | (35 | ) | ||||||
Other income (expense), net | 7 | 56 | 38 | |||||||||
Provision for (benefit from) income taxes | (258 | ) | 138 | 298 | ||||||||
Net income | 1,339 | 420 | 665 | |||||||||
Net income attributable to noncontrolling interests | 35 | 21 | 19 | |||||||||
Net income attributable to Westlake Chemical Corporation | $ | 1,304 | $ | 399 | $ | 646 | ||||||
Diluted earnings per share | $ | 10.00 | $ | 3.06 | $ | 4.86 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | |||||||||||
Average Sales Price | Volume | Average Sales Price | Volume | |||||||||
Product sales price and volume percentage change from prior year | ||||||||||||
Olefins | +9 | % | -1 | % | -9 | % | -7 | % | ||||
Vinyls | +14 | % | +74 | % | -4 | % | +48 | % | ||||
Company average | +12 | % | +46 | % | -6 | % | +20 | % |
Year Ended December 31, | |||||||||
2017 | 2016 | 2015 | |||||||
Average industry prices (1) | |||||||||
Ethane (cents/lb) | 8.3 | 6.6 | 6.2 | ||||||
Propane (cents/lb) | 18.1 | 11.4 | 10.7 | ||||||
Ethylene (cents/lb) (2) | 28.0 | 26.9 | 30.6 | ||||||
Polyethylene (cents/lb) (3) | 71.1 | 65.3 | 71.6 | ||||||
Styrene (cents/lb) (4) | 86.5 | 64.8 | 60.7 | ||||||
Caustic ($/short ton) (5) | 800.4 | 645.0 | 581.0 | ||||||
Chlorine ($/short ton) (6) | 323.8 | 297.7 | 266.9 | ||||||
PVC (cents/lb) (7) | 62.6 | 54.7 | 51.0 |
(1) | Industry pricing data was obtained through IHS. We have not independently verified the data. |
(2) | Represents average North American spot prices of ethylene over the period as reported by IHS. |
(3) | Represents average North American net transaction prices of polyethylene low density GP-Film grade over the period as reported by IHS. |
(4) | Represents average North American contract prices of styrene over the period as reported by IHS. |
(5) | Represents average North American undiscounted contract prices of caustic soda over the period as reported by IHS. |
(6) | Represents average North American contract prices of chlorine (into chemicals) over the period as reported by IHS. |
(7) | Represents average North American contract prices of PVC over the period as reported by IHS. Effective January 1, 2017, IHS made a non-market downward adjustment of 15 cents per pound to PVC prices. For comparability, we adjusted each prior-year period's PVC price downward by 15 cents per pound consistent with the IHS non-market adjustment. |
Payment Due by Period | ||||||||||||||||||||
Total | 2018 | 2019-2020 | 2021-2022 | Thereafter | ||||||||||||||||
(dollars in millions) | ||||||||||||||||||||
Contractual Obligations | ||||||||||||||||||||
Long-term debt | $ | 3,853 | $ | 688 | $ | — | $ | 250 | $ | 2,915 | ||||||||||
Operating leases | 1,029 | 108 | 170 | 100 | 651 | |||||||||||||||
Capital leases | 22 | 3 | 6 | 4 | 9 | |||||||||||||||
Pension benefits funding | 143 | 6 | 11 | 15 | 111 | |||||||||||||||
Post-retirement healthcare benefits | 110 | 8 | 16 | 16 | 70 | |||||||||||||||
Purchase obligations | 5,264 | 1,522 | 1,777 | 1,080 | 885 | |||||||||||||||
Interest payments | 2,438 | 144 | 280 | 276 | 1,738 | |||||||||||||||
Asset retirement obligations | 38 | 4 | 2 | 1 | 31 | |||||||||||||||
Investment in LACC | 100 | 54 | 46 | — | — | |||||||||||||||
Total | $ | 12,997 | $ | 2,537 | $ | 2,308 | $ | 1,742 | $ | 6,410 | ||||||||||
Other Commercial Commitments | ||||||||||||||||||||
Standby letters of credit | $ | 47 | $ | 41 | $ | — | $ | — | $ | 6 |
2017 | ||||||||
U.S. Plans | Non-U.S. Plans | |||||||
(dollars in millions) | ||||||||
Projected benefit obligation, end of year | $ | 807 | $ | 128 | ||||
Discount rate increases by 100 basis points | (88 | ) | (20 | ) | ||||
Discount rate decreases by 100 basis points | 107 | 26 |
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, 2017 and 2016 | |
Consolidated Statements of Operations for the Years Ended December 31, 2017, 2016 and 2015 | |
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2017, 2016 and 2015 | |
Consolidated Statements of Changes in Stockholders' Equity for the Years Ended December 31, 2017, 2016 and 2015 | |
Consolidated Statements of Cash Flows for the Years Ended December 31, 2017, 2016 and 2015 | |
Notes to Consolidated Financial Statements |
December 31, | ||||||||
2017 | 2016 | |||||||
(in millions of dollars, except par values and share amounts) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 1,531 | $ | 459 | ||||
Accounts receivable, net | 1,001 | 939 | ||||||
Inventories | 900 | 801 | ||||||
Prepaid expenses and other current assets | 30 | 48 | ||||||
Restricted cash | 1 | 161 | ||||||
Total current assets | 3,463 | 2,408 | ||||||
Property, plant and equipment, net | 6,412 | 6,420 | ||||||
Goodwill | 1,012 | 947 | ||||||
Customer relationships, net | 616 | 611 | ||||||
Other intangible assets, net | 161 | 176 | ||||||
Other assets, net | 412 | 328 | ||||||
Total assets | $ | 12,076 | $ | 10,890 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 600 | $ | 496 | ||||
Accrued liabilities | 657 | 538 | ||||||
Current portion of long-term debt, net | 710 | — | ||||||
Term loan | — | 149 | ||||||
Total current liabilities | 1,967 | 1,183 | ||||||
Long-term debt, net | 3,127 | 3,679 | ||||||
Deferred income taxes | 1,111 | 1,650 | ||||||
Pension and other post-retirement benefits | 344 | 365 | ||||||
Other liabilities | 158 | 121 | ||||||
Total liabilities | 6,707 | 6,998 | ||||||
Commitments and contingencies (Note 20) | ||||||||
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; 134,651,380 and 134,651,380 shares issued at December 31, 2017 and 2016, respectively | 1 | 1 | ||||||
Common stock, held in treasury, at cost; 5,232,875 and 5,726,377 shares at December 31, 2017 and 2016, respectively | (302 | ) | (319 | ) | ||||
Additional paid-in capital | 555 | 551 | ||||||
Retained earnings | 4,613 | 3,412 | ||||||
Accumulated other comprehensive income (loss) | 7 | (121 | ) | |||||
Total Westlake Chemical Corporation stockholders' equity | 4,874 | 3,524 | ||||||
Noncontrolling interests | 495 | 368 | ||||||
Total equity | 5,369 | 3,892 | ||||||
Total liabilities and equity | $ | 12,076 | $ | 10,890 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
(in millions of dollars, except share amounts and per share data) | ||||||||||||
Net sales | $ | 8,041 | $ | 5,076 | $ | 4,463 | ||||||
Cost of sales | 6,272 | 4,095 | 3,278 | |||||||||
Gross profit | 1,769 | 981 | 1,185 | |||||||||
Selling, general and administrative expenses | 399 | 258 | 218 | |||||||||
Amortization of intangibles | 108 | 38 | 7 | |||||||||
Transaction and integration-related costs | 29 | 104 | — | |||||||||
Income from operations | 1,233 | 581 | 960 | |||||||||
Other income (expense) | ||||||||||||
Interest expense | (159 | ) | (79 | ) | (35 | ) | ||||||
Other income, net | 7 | 56 | 38 | |||||||||
Income before income taxes | 1,081 | 558 | 963 | |||||||||
Provision for (benefit from) income taxes | (258 | ) | 138 | 298 | ||||||||
Net income | 1,339 | 420 | 665 | |||||||||
Net income attributable to noncontrolling interests | 35 | 21 | 19 | |||||||||
Net income attributable to Westlake Chemical Corporation | $ | 1,304 | $ | 399 | $ | 646 | ||||||
Earnings per common share attributable to Westlake Chemical Corporation: | ||||||||||||
Basic | $ | 10.05 | $ | 3.07 | $ | 4.88 | ||||||
Diluted | $ | 10.00 | $ | 3.06 | $ | 4.86 | ||||||
Weighted average shares outstanding | ||||||||||||
Basic | 129,087,043 | 129,367,712 | 131,823,707 | |||||||||
Diluted | 129,540,013 | 129,974,822 | 132,301,812 | |||||||||
Dividends per common share | $ | 0.8012 | $ | 0.7442 | $ | 0.6930 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
(in millions of dollars) | ||||||||||||
Net income | $ | 1,339 | $ | 420 | $ | 665 | ||||||
Other comprehensive income (loss), net of income taxes | ||||||||||||
Pension and other post-retirement benefits liability | ||||||||||||
Pension and other post-retirement reserves adjustment (excluding amortization) | 19 | 60 | 18 | |||||||||
Amortization of benefits liability | 2 | 1 | 3 | |||||||||
Income tax provision on pension and other post-retirement benefits liability | (7 | ) | (24 | ) | (6 | ) | ||||||
Foreign currency translation adjustments | ||||||||||||
Foreign currency translation | 124 | (34 | ) | (60 | ) | |||||||
Income tax provision on foreign currency translation | (5 | ) | — | — | ||||||||
Available-for-sale investments | ||||||||||||
Unrealized holding gains (losses) on investments | — | 62 | (4 | ) | ||||||||
Reclassification of net realized gains to net income | — | (54 | ) | (4 | ) | |||||||
Income tax benefit (provision) on available-for-sale investments | — | (3 | ) | 3 | ||||||||
Other comprehensive income (loss) | 133 | 8 | (50 | ) | ||||||||
Comprehensive income | 1,472 | 428 | 615 | |||||||||
Comprehensive income attributable to noncontrolling interests, net of tax of $1, $0 and $0 for 2017, 2016 and 2015, respectively | 40 | 21 | 19 | |||||||||
Comprehensive income attributable to Westlake Chemical Corporation | $ | 1,432 | $ | 407 | $ | 596 |
Common Stock | Common Stock, Held in Treasury | |||||||||||||||||||||||||||||||||
Number of Shares | Amount | Number of Shares | At Cost | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||
(in millions of dollars, except share amounts) | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2014 | 134,679,064 | $ | 1 | 1,787,546 | $ | (96 | ) | $ | 530 | $ | 2,556 | $ | (79 | ) | $ | 290 | $ | 3,202 | ||||||||||||||||
Net income | — | — | — | — | — | 646 | — | 19 | 665 | |||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | (50 | ) | — | (50 | ) | |||||||||||||||||||||||
Common stock repurchased | — | — | 2,701,937 | (163 | ) | — | — | — | — | (163 | ) | |||||||||||||||||||||||
Shares issued—stock- based compensation | (15,820 | ) | — | (44,585 | ) | 1 | — | — | — | — | 1 | |||||||||||||||||||||||
Stock-based compensation, net of tax on stock options exercised | — | — | — | — | 12 | — | — | — | 12 | |||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (92 | ) | — | — | (92 | ) | |||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (15 | ) | (15 | ) | |||||||||||||||||||||||
Noncontrolling interest in acquired business | — | — | — | — | — | — | — | 2 | 2 | |||||||||||||||||||||||||
Balances at December 31, 2015 | 134,663,244 | 1 | 4,444,898 | (258 | ) | 542 | 3,110 | (129 | ) | 296 | 3,562 | |||||||||||||||||||||||
Net income | — | — | — | — | — | 399 | — | 21 | 420 | |||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 8 | — | 8 | |||||||||||||||||||||||||
Common stock repurchased | — | — | 1,511,109 | (67 | ) | — | — | — | — | (67 | ) | |||||||||||||||||||||||
Shares issued—stock- based compensation | (11,864 | ) | — | (117,019 | ) | 3 | 5 | — | — | — | 8 | |||||||||||||||||||||||
Stock-based compensation, net of tax on stock options exercised | — | — | (112,611 | ) | 3 | 4 | — | — | — | 7 | ||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (97 | ) | — | — | (97 | ) | |||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (17 | ) | (17 | ) | |||||||||||||||||||||||
Noncontrolling interest in acquired business | — | — | — | — | — | — | — | 68 | 68 | |||||||||||||||||||||||||
Balances at December 31, 2016 | 134,651,380 | 1 | 5,726,377 | (319 | ) | 551 | 3,412 | (121 | ) | 368 | 3,892 | |||||||||||||||||||||||
Net income | — | — | — | — | — | 1,304 | — | 35 | 1,339 | |||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 128 | 5 | 133 | |||||||||||||||||||||||||
Shares issued—stock- based compensation | — | — | (493,502 | ) | 17 | (6 | ) | — | — | — | 11 | |||||||||||||||||||||||
Stock-based compensation, net of tax on stock options exercised | — | — | — | — | 14 | — | — | — | 14 | |||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (103 | ) | — | — | (103 | ) | |||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (28 | ) | (28 | ) | |||||||||||||||||||||||
Issuance of Westlake Chemical Partners LP common units | — | — | — | — | (4 | ) | — | — | 115 | 111 | ||||||||||||||||||||||||
Balances at December 31, 2017 | 134,651,380 | $ | 1 | 5,232,875 | $ | (302 | ) | $ | 555 | $ | 4,613 | $ | 7 | $ | 495 | $ | 5,369 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
(in millions of dollars) | ||||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 1,339 | $ | 420 | $ | 665 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
Depreciation and amortization | 601 | 378 | 246 | |||||||||
Stock-based compensation expense | 23 | 14 | 10 | |||||||||
Gains realized on previously held shares of Axiall common stock and from sales of securities | — | (54 | ) | (4 | ) | |||||||
Gain on acquisition, net of loss on the fair value remeasurement of preexisting equity interest | — | — | (21 | ) | ||||||||
Loss from disposition of property, plant and equipment | 22 | 9 | 11 | |||||||||
Deferred income taxes | (534 | ) | 101 | 40 | ||||||||
Other losses (gains), net | (3 | ) | 5 | 6 | ||||||||
Changes in operating assets and liabilities, net of effect of business acquisitions | ||||||||||||
Accounts receivable | (40 | ) | 50 | 63 | ||||||||
Inventories | (32 | ) | (62 | ) | 99 | |||||||
Prepaid expenses and other current assets | 26 | 11 | (4 | ) | ||||||||
Accounts payable | 86 | 12 | (22 | ) | ||||||||
Accrued liabilities | 115 | 48 | (8 | ) | ||||||||
Other, net | (65 | ) | (98 | ) | (2 | ) | ||||||
Net cash provided by operating activities | 1,538 | 834 | 1,079 | |||||||||
Cash flows from investing activities | ||||||||||||
Acquisition of business, net of cash acquired | (13 | ) | (2,438 | ) | 16 | |||||||
Additions to property, plant and equipment | (577 | ) | (629 | ) | (491 | ) | ||||||
Additions to cost method investment | (66 | ) | (17 | ) | — | |||||||
Proceeds from disposition of equity method investment | — | — | 28 | |||||||||
Proceeds from sales and maturities of securities | — | 663 | 49 | |||||||||
Purchase of securities | — | (138 | ) | (605 | ) | |||||||
Other | 4 | (4 | ) | (3 | ) | |||||||
Net cash used for investing activities | (652 | ) | (2,563 | ) | (1,006 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Debt issuance costs | (6 | ) | (36 | ) | — | |||||||
Dividends paid | (103 | ) | (97 | ) | (92 | ) | ||||||
Distributions to noncontrolling interests | (28 | ) | (17 | ) | (15 | ) | ||||||
Proceeds from debt issuance and drawdown of revolver | 233 | 608 | 53 | |||||||||
Net proceeds from issuance of Westlake Chemical Partners LP common units | 111 | — | — | |||||||||
Proceeds from senior notes issuance | 745 | 1,429 | — | |||||||||
Repayment of term loan | (150 | ) | — | — | ||||||||
Restricted cash associated with term loan | 154 | (154 | ) | — | ||||||||
Repayment of revolver | (550 | ) | (125 | ) | — | |||||||
Repayment of notes payable | (257 | ) | (13 | ) | (74 | ) | ||||||
Repurchase of common stock for treasury | — | (67 | ) | (163 | ) | |||||||
Other | 11 | 5 | 4 | |||||||||
Net cash provided by (used for) financing activities | 160 | 1,533 | (287 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 26 | (8 | ) | (4 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 1,072 | (204 | ) | (218 | ) | |||||||
Cash and cash equivalents at beginning of the year | 459 | 663 | 881 | |||||||||
Cash and cash equivalents at end of the year | $ | 1,531 | $ | 459 | $ | 663 |
Classification | Years | |
Buildings and improvements | 40 | |
Plant and equipment | 25 | |
Ethylene pipeline | 35 | |
Other | 3-15 |
Final Purchase Consideration as of August 31, 2016 | ||||
Closing stock purchase: | ||||
Offer per share | $ | 33.00 | ||
Multiplied by number of shares outstanding at acquisition (in thousands of shares) | 67,277 | |||
Fair value of Axiall shares outstanding purchased by the Company | 2,220 | |||
Plus: | ||||
Axiall debt repaid at acquisition | 247 | |||
Seller's transaction costs paid by the Company (1) | 48 | |||
Total fair value of consideration transferred | 2,515 | |||
Fair value of Axiall share-based awards attributed to pre-combination service (2) | 12 | |||
Additional settlement value of shares acquired | 13 | |||
Purchase consideration | 2,540 | |||
Fair value of previously held equity interest in Axiall (3) | 102 | |||
Total fair value allocated to net assets acquired | $ | 2,642 |
(1) | Transactions costs incurred by the seller included legal and advisory costs incurred for the benefit of Axiall's former shareholders and board of directors to evaluate the Company's initial Merger proposals, explore strategic alternatives and negotiate the purchase price. |
(2) | The fair value of share-based awards attributable to pre-combination service includes the ratio of the pre-combination service performed to the original service period of the Axiall restricted share units and options, including related dividend equivalent rights. |
(3) | Prior to the Merger, the Company owned 3.1 million shares in Axiall. The investment in Axiall was carried at estimated fair value with unrealized gains recorded as a component of accumulated other comprehensive loss in the consolidated balance sheet. The Company recognized a $49 gain for the investment in other income, net in the consolidated statements of operations upon gaining control. |
Net Assets Acquired as of August 31, 2016 | ||||
Cash | $ | 88 | ||
Accounts receivable (1) | 422 | |||
Income tax receivable | 51 | |||
Inventories (2) | 349 | |||
Prepaid expenses and other current assets | 56 | |||
Property, plant and equipment (2) | 2,942 | |||
Customer relationships (weighted average lives of 9.8 years) (3) | 670 | |||
Other intangible assets: | ||||
Trade name (weighted average lives of 6.8 years) | 50 | |||
Technology (weighted average lives of 5.4 years) | 42 | |||
Supply contracts and leases (weighted average lives of 6.3 years) | 27 | |||
Other assets | 94 | |||
Total assets acquired | $ | 4,791 | ||
Accounts and notes payable | 254 | |||
Interest payable | 8 | |||
Income tax payable | 2 | |||
Accrued compensation | 44 | |||
Accrued liabilities | 154 | |||
Deferred income taxes (4) | 958 | |||
Tax reserve non-current | 3 | |||
Pension and other post-retirement obligations | 311 | |||
Other liabilities | 102 | |||
Long-term debt | 1,187 | |||
Total liabilities assumed | $ | 3,023 | ||
Total identifiable net assets acquired | $ | 1,768 | ||
Noncontrolling interest | (68 | ) | ||
Goodwill | 942 | |||
Total fair value allocated to net assets acquired | $ | 2,642 |
(1) | The fair value of accounts receivable acquired was $422, with the gross contractual amount being $435. The Company expects $13 to be uncollectible. |
(2) | The Company obtained additional information related to its inventories and property, plant and equipment, which led to an increase in inventories of $43, a decrease in property plant and equipment of $193 and a corresponding increase in goodwill of $150 compared to the estimated fair values included in the 2016 Form 10-K. |
(3) | The Company obtained additional information related to its customer relationship balances which led to an increase in customer relationships of $80 and a corresponding decrease in goodwill compared to the estimated fair values included in the 2016 Form 10-K. |
(4) | Decreases in the estimated fair values of identified assets acquired led to a decrease in deferred income taxes of $27 compared to the estimated fair values included in the 2016 Form 10-K. |
Pro Forma | ||||||||
Year Ended December 31, | ||||||||
2016 | 2015 | |||||||
Net sales | $ | 7,081 | $ | 7,793 | ||||
Net income (1) | $ | 397 | $ | 663 | ||||
Net income (loss) attributable to noncontrolling interest | 23 | (2 | ) | |||||
Net income attributable to Westlake Chemical Corporation (1) | $ | 374 | $ | 665 | ||||
Earnings per common share attributable to Westlake Chemical Corporation: | ||||||||
Basic | $ | 2.88 | $ | 5.02 | ||||
Diluted | $ | 2.86 | $ | 5.00 |
(1) | The 2016 pro forma net income amounts include Axiall's historical charges recorded during the eight-month period prior to the closing of the Merger for (1) divestitures; (2) restructuring; and (3) legal and settlement claims, net, of $27, $23 and $23, respectively. These amounts have not been eliminated for pro forma results because they do not relate to nonrecurring transaction-specific costs related to the Merger. |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Proceeds from sales and maturities of securities | $ | — | $ | 663 | $ | 49 | ||||||
Gross realized gains | — | 54 | 4 |
2017 | 2016 | |||||||
Trade customers | $ | 974 | $ | 820 | ||||
Affiliates | 9 | 8 | ||||||
Allowance for doubtful accounts | (22 | ) | (18 | ) | ||||
961 | 810 | |||||||
Federal and state taxes | 7 | 90 | ||||||
Other | 33 | 39 | ||||||
Accounts receivable, net | $ | 1,001 | $ | 939 |
2017 | 2016 | |||||||
Finished products | $ | 549 | $ | 501 | ||||
Feedstock, additives and chemicals | 221 | 217 | ||||||
Materials and supplies | 130 | 83 | ||||||
Inventories | $ | 900 | $ | 801 |
2017 | 2016 | |||||||
Land | $ | 198 | $ | 194 | ||||
Buildings and improvements | 495 | 465 | ||||||
Plant and equipment | 7,281 | 6,914 | ||||||
Other | 388 | 377 | ||||||
8,362 | 7,950 | |||||||
Less: Accumulated depreciation | (2,338 | ) | (1,919 | ) | ||||
6,024 | 6,031 | |||||||
Construction in progress | 388 | 389 | ||||||
Property, plant and equipment, net | $ | 6,412 | $ | 6,420 |
Olefins Segment | Vinyls Segment | Total | ||||||||||
Balance at December 31, 2015 | $ | 30 | $ | 32 | $ | 62 | ||||||
Goodwill acquired during the year | — | 888 | 888 | |||||||||
Effects of changes in foreign exchange rates | — | (3 | ) | (3 | ) | |||||||
Balance at December 31, 2016 | 30 | 917 | 947 | |||||||||
Measurement period adjustment | — | 55 | 55 | |||||||||
Effects of changes in foreign exchange rates | — | 10 | 10 | |||||||||
Balance at December 31, 2017 | $ | 30 | $ | 982 | $ | 1,012 |
2017 | 2016 | Weighted Average Life | ||||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | |||||||||||||||||||||
Customer relationships | $ | 754 | $ | (138 | ) | $ | 616 | $ | 662 | $ | (51 | ) | $ | 611 | 10 | |||||||||||
Other intangible assets: | ||||||||||||||||||||||||||
Licenses and intellectual property | 124 | (55 | ) | 69 | 121 | (44 | ) | 77 | 13 | |||||||||||||||||
Trademarks | 93 | (17 | ) | 76 | 88 | (7 | ) | 81 | 13 | |||||||||||||||||
Other | 31 | (15 | ) | 16 | 31 | (13 | ) | 18 | 12 | |||||||||||||||||
Total other intangible assets | $ | 248 | $ | (87 | ) | $ | 161 | $ | 240 | $ | (64 | ) | $ | 176 |
December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
Principal Amount | Unamortized Premium, Discount and Debt Issuance Costs | Net Long-Term Debt | Principal Amount | Unamortized Premium, Discount and Debt Issuance Costs | Net Long-Term Debt | |||||||||||||||||||
Revolving credit facility | $ | — | $ | — | $ | — | $ | 325 | $ | — | $ | 325 | ||||||||||||
4.625% senior notes due 2021 (the "4.625% Westlake 2021 Senior Notes") | 625 | 20 | 645 | 625 | 27 | 652 | ||||||||||||||||||
4.625% senior notes due 2021 (the "4.625% Subsidiary 2021 Senior Notes") | 63 | 2 | 65 | 63 | 3 | 66 | ||||||||||||||||||
3.60% senior notes due 2022 (the "3.60% 2022 Senior Notes") | 250 | (1 | ) | 249 | 250 | (2 | ) | 248 | ||||||||||||||||
4.875% senior notes due 2023 (the "4.875% Westlake 2023 Senior Notes") | 434 | 11 | 445 | 434 | 13 | 447 | ||||||||||||||||||
4.875% senior notes due 2023 (the "4.875% Subsidiary 2023 Senior Notes") | 16 | — | 16 | 16 | 1 | 17 | ||||||||||||||||||
3.60% senior notes due 2026 (the "3.60% 2026 Senior Notes") | 750 | (10 | ) | 740 | 750 | (11 | ) | 739 | ||||||||||||||||
Loan related to tax-exempt waste disposal revenue bonds due 2027 | 11 | — | 11 | 11 | — | 11 | ||||||||||||||||||
6 ½% senior notes due 2029 (the "6 ½% 2029 GO Zone Senior Notes") | 100 | (1 | ) | 99 | 100 | (1 | ) | 99 | ||||||||||||||||
6 ¾% senior notes due 2032 (the "6 ¾% 2032 GO Zone Senior Notes") | — | — | — | 250 | (2 | ) | 248 | |||||||||||||||||
6 ½% senior notes due 2035 (the "6 ½% 2035 GO Zone Senior Notes") | 89 | (1 | ) | 88 | 89 | (1 | ) | 88 | ||||||||||||||||
6 ½% senior notes due 2035 (the "6 ½% 2035 IKE Zone Senior Notes") | 65 | — | 65 | 65 | — | 65 | ||||||||||||||||||
5.0% senior notes due 2046 (the "5.0% 2046 Senior Notes") | 700 | (25 | ) | 675 | 700 | (26 | ) | 674 | ||||||||||||||||
4.375% senior notes due 2047 (the "4.375% 2047 Senior Notes") | 500 | (9 | ) | 491 | — | — | — | |||||||||||||||||
3.50% senior notes due 2032 (the "3.50% 2032 Go Zone Refunding Senior Notes") | 250 | (2 | ) | 248 | — | — | — | |||||||||||||||||
Total long-term debt | 3,853 | (16 | ) | 3,837 | 3,678 | 1 | 3,679 | |||||||||||||||||
Less: Current portion - 4.625% Westlake 2021 Senior Notes and 4.625% Subsidiary 2021 Senior Notes | 688 | 22 | 710 | — | — | — | ||||||||||||||||||
Long-Term Debt, net of current portion | $ | 3,165 | $ | (38 | ) | $ | 3,127 | $ | 3,678 | $ | 1 | $ | 3,679 |
Benefits Liability, Net of Tax | Cumulative Foreign Currency Exchange | Net Unrealized Holding Gains on Investments, Net of Tax | Total | |||||||||||||
Balances at December 31, 2015 | $ | (8 | ) | $ | (116 | ) | $ | (5 | ) | $ | (129 | ) | ||||
Other comprehensive income (loss) before reclassifications | 36 | (34 | ) | 57 | 59 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 1 | — | (52 | ) | (51 | ) | ||||||||||
Net other comprehensive income (loss) attributable to Westlake Chemical Corporation | 37 | (34 | ) | 5 | 8 | |||||||||||
Balances at December 31, 2016 | 29 | (150 | ) | — | (121 | ) | ||||||||||
Other comprehensive income before reclassifications | 12 | 114 | — | 126 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 2 | — | — | 2 | ||||||||||||
Net other comprehensive income attributable to Westlake Chemical Corporation | 14 | 114 | — | 128 | ||||||||||||
Balances at December 31, 2017 | $ | 43 | $ | (36 | ) | $ | — | $ | 7 |
Details about Accumulated Other Comprehensive Income (Loss) Components | Location of Reclassification (Income (Expense)) in Consolidated Statements of Operations | Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||||
Amortization of pension and other post-retirement items | ||||||||||||||
Net loss | (1) | $ | (2 | ) | $ | (2 | ) | $ | (3 | ) | ||||
(2 | ) | (2 | ) | (3 | ) | |||||||||
Benefit from income taxes | — | 1 | 1 | |||||||||||
(2 | ) | (1 | ) | (2 | ) | |||||||||
Net unrealized gains on available-for- sale investments | ||||||||||||||
Realized gain on available- for-sale investments | Other income, net | — | 54 | 4 | ||||||||||
Provision for income taxes | — | (2 | ) | (1 | ) | |||||||||
— | 52 | 3 | ||||||||||||
Total reclassifications for the period | $ | (2 | ) | $ | 51 | $ | 1 |
(1) | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. For additional information, see Note 12. |
2017 | 2016 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation, beginning of year | $ | 799 | $ | 125 | $ | 62 | $ | 95 | ||||||||
Benefit obligation assumed with acquisition | — | — | 818 | 21 | ||||||||||||
Service cost | 3 | 2 | 1 | 1 | ||||||||||||
Interest cost | 25 | 3 | 9 | 2 | ||||||||||||
Actuarial loss (gain) | 41 | — | (74 | ) | 13 | |||||||||||
Benefits paid | (45 | ) | (3 | ) | (17 | ) | (3 | ) | ||||||||
Settlements | (16 | ) | (1 | ) | — | — | ||||||||||
Foreign exchange effects | — | 16 | — | (4 | ) | |||||||||||
Benefit obligation, end of year | $ | 807 | $ | 142 | $ | 799 | $ | 125 | ||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets, beginning of year | $ | 614 | $ | 16 | $ | 51 | $ | — | ||||||||
Acquisition | — | — | 576 | 16 | ||||||||||||
Actual return | 97 | 1 | 7 | — | ||||||||||||
Employer contribution | 2 | 1 | — | 3 | ||||||||||||
Benefits paid | (45 | ) | — | (17 | ) | (3 | ) | |||||||||
Administrative expenses paid | (2 | ) | — | (3 | ) | — | ||||||||||
Settlements | (16 | ) | (1 | ) | — | — | ||||||||||
Foreign exchange effects | — | 1 | — | — | ||||||||||||
Fair value of plan assets, end of year | $ | 650 | $ | 18 | $ | 614 | $ | 16 | ||||||||
Funded status, end of year | $ | (157 | ) | $ | (124 | ) | $ | (185 | ) | $ | (109 | ) |
2017 | 2016 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Amounts recognized in the consolidated balance sheet at December 31 | ||||||||||||||||
Current liabilities | $ | (2 | ) | $ | (3 | ) | $ | (2 | ) | $ | (2 | ) | ||||
Noncurrent liabilities | (155 | ) | (121 | ) | (183 | ) | (107 | ) | ||||||||
Net amount recognized | $ | (157 | ) | $ | (124 | ) | $ | (185 | ) | $ | (109 | ) |
2017 | 2016 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Amounts recognized in accumulated other comprehensive income (loss) | ||||||||||||||||
Net loss (gain) | $ | (71 | ) | $ | 9 | $ | (53 | ) | $ | 8 | ||||||
Total before tax (1) | $ | (71 | ) | $ | 9 | $ | (53 | ) | $ | 8 |
(1) | After-tax totals for pension benefits were $43 and $30 for 2017 and 2016, respectively, and are reflected in stockholders' equity as accumulated other comprehensive income. |
2017 | 2016 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets | ||||||||||||||||
Projected benefit obligation | $ | (807 | ) | $ | (128 | ) | $ | (799 | ) | $ | (113 | ) | ||||
Accumulated benefit obligation | (807 | ) | (126 | ) | (799 | ) | (110 | ) | ||||||||
Fair value of plan assets | 650 | 5 | 614 | 5 |
Year Ended December 31, | ||||||||||||||||||||||||
2017 | 2016 | 2015 | ||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||
Components of net periodic benefit cost | ||||||||||||||||||||||||
Service cost | $ | 3 | $ | 2 | $ | 1 | $ | 2 | $ | — | $ | 2 | ||||||||||||
Administrative expenses | 2 | — | 3 | — | — | — | ||||||||||||||||||
Interest cost | 25 | 2 | 9 | 2 | 2 | 2 | ||||||||||||||||||
Expected return on plan assets | (40 | ) | (1 | ) | (15 | ) | — | (3 | ) | — | ||||||||||||||
Net amortization | 1 | 1 | 1 | — | 1 | 1 | ||||||||||||||||||
Settlement benefits | — | — | — | — | 1 | — | ||||||||||||||||||
Net periodic benefit cost (gain) | $ | (9 | ) | $ | 4 | $ | (1 | ) | $ | 4 | $ | 1 | $ | 5 | ||||||||||
Other changes in plan assets and benefit obligation recognized in other comprehensive income (OCI) | ||||||||||||||||||||||||
Net loss (gain) emerging | $ | (18 | ) | $ | — | $ | (67 | ) | $ | 13 | $ | 1 | $ | (17 | ) | |||||||||
Amortization of net loss | (1 | ) | (1 | ) | (1 | ) | — | (2 | ) | (1 | ) | |||||||||||||
Total recognized in OCI | $ | (19 | ) | $ | (1 | ) | $ | (68 | ) | $ | 13 | $ | (1 | ) | $ | (18 | ) | |||||||
Total net periodic benefit cost and OCI | $ | (28 | ) | $ | 3 | $ | (69 | ) | $ | 17 | $ | — | $ | (13 | ) |
2017 | 2016 | 2015 | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31 | ||||||||||||||||||
Discount rate | 3.4 | % | 1.8 | % | 3.8 | % | 1.8 | % | 4.0 | % | 2.4 | % | ||||||
Rate of compensation increase | — | % | 2.6 | % | — | % | 2.6 | % | — | % | 2.5 | % | ||||||
Weighted average assumptions used to determine net periodic benefit costs for years ended December 31 | ||||||||||||||||||
Discount rate for benefit obligations | 3.8 | % | 1.8 | % | 3.2 | % | 2.4 | % | 3.5 | % | 1.9 | % | ||||||
Discount rate for service cost | 4.1 | % | 1.9 | % | 3.4 | % | 2.4 | % | — | % | — | % | ||||||
Discount rate for interest cost | 3.2 | % | 2.0 | % | 2.9 | % | 2.4 | % | — | % | — | % | ||||||
Expected return on plan assets | 6.8 | % | 3.8 | % | 6.8 | % | 4.6 | % | 7.0 | % | — | % | ||||||
Rate of compensation increase | N/A | 2.6 | % | — | % | 2.6 | % | — | % | 2.5 | % |
2017 | ||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | |||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||||||||||||||
Cash and common stock: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||||||
Common stock | 21 | — | 21 | — | — | — | ||||||||||||||||||
Collective investment trust and mutual funds—Equity securities: | ||||||||||||||||||||||||
Large-cap funds (1) | 49 | 173 | 222 | — | 2 | 2 | ||||||||||||||||||
Small-cap funds (2) | 9 | 25 | 34 | — | — | — | ||||||||||||||||||
International funds (3) | 69 | 50 | 119 | — | 5 | 5 | ||||||||||||||||||
Collective investment trust and mutual funds—Fixed income: | ||||||||||||||||||||||||
Bond funds (4) | 116 | 125 | 241 | — | 6 | 6 | ||||||||||||||||||
Short-term investment funds | — | 13 | 13 | — | — | — | ||||||||||||||||||
$ | 264 | $ | 386 | $ | 650 | $ | 5 | $ | 13 | $ | 18 |
2016 | ||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | |||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||||||||||||||
Cash and common stock: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||||||
Common stock | 17 | — | 17 | — | — | — | ||||||||||||||||||
Collective investment trust and mutual funds—Equity securities: | ||||||||||||||||||||||||
Large-cap funds (1) | 50 | 167 | 217 | — | 2 | 2 | ||||||||||||||||||
Small-cap funds (2) | 8 | 23 | 31 | — | — | — | ||||||||||||||||||
International funds (3) | 53 | 54 | 107 | — | 4 | 4 | ||||||||||||||||||
Collective investment trust and mutual funds—Fixed income: | ||||||||||||||||||||||||
Bond funds (4) | 62 | 165 | 227 | — | 5 | 5 | ||||||||||||||||||
Short-term investment funds | — | 15 | 15 | — | — | — | ||||||||||||||||||
$ | 190 | $ | 424 | $ | 614 | $ | 5 | $ | 11 | $ | 16 |
(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 U.S.). 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, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Non-U.S. Plans | Non-U.S. Plans | Non-U.S. Plans | ||||||||||
Contributions to multi-employer plans (1) | $ | 8 | $ | 5 | $ | 4 |
(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. |
2017 | 2016 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Change in benefit obligation | ||||||||||||||||
Benefit obligation, beginning of year | $ | 80 | $ | 3 | $ | 18 | $ | — | ||||||||
Benefit obligation assumed with acquisition | — | — | 69 | 3 | ||||||||||||
Service cost | 1 | — | — | — | ||||||||||||
Interest cost | 2 | — | 1 | — | ||||||||||||
Actuarial loss (gain) | (1 | ) | — | (6 | ) | — | ||||||||||
Benefits paid | (9 | ) | — | (2 | ) | — | ||||||||||
Benefit obligation, end of year | $ | 73 | $ | 3 | $ | 80 | $ | 3 | ||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets, beginning of year | $ | — | $ | — | $ | — | $ | — | ||||||||
Employer contribution | 9 | — | 2 | — | ||||||||||||
Plan participants' contributions | — | — | — | — | ||||||||||||
Benefits paid | (9 | ) | — | (2 | ) | — | ||||||||||
Fair value of plan assets, end of year | $ | — | $ | — | $ | — | $ | — | ||||||||
Funded status, end of year | $ | (73 | ) | $ | (3 | ) | $ | (80 | ) | $ | (3 | ) |
2017 | 2016 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Amounts recognized in the consolidated balance sheet at December 31 | ||||||||||||||||
Current liabilities | $ | (8 | ) | $ | — | $ | (8 | ) | $ | — | ||||||
Noncurrent liabilities | (65 | ) | (3 | ) | (72 | ) | (3 | ) | ||||||||
Net amount recognized | $ | (73 | ) | $ | (3 | ) | $ | (80 | ) | $ | (3 | ) |
2017 | 2016 | |||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||
Amounts recognized in accumulated other comprehensive income (loss) | ||||||||||||||||
Net loss | $ | (5 | ) | $ | — | $ | (4 | ) | $ | — | ||||||
Total before tax (1) | $ | (5 | ) | $ | — | $ | (4 | ) | $ | — |
(1) | After-tax totals for post-retirement healthcare benefits were a loss of $0 and $1 for 2017 and 2016, respectively, and are reflected in stockholders' equity as accumulated other comprehensive income (loss). |
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | ||||||||||||||||||
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 | $ | 1 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Interest cost | 2 | — | 1 | — | 1 | |||||||||||||||
Net amortization | — | — | — | — | — | |||||||||||||||
Net periodic benefit cost | $ | 3 | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||
Other changes in plan assets and benefit obligation recognized in OCI | ||||||||||||||||||||
Net loss (gain) emerging | $ | (1 | ) | $ | — | $ | (6 | ) | $ | — | $ | (2 | ) | |||||||
Total recognized in OCI | $ | (1 | ) | $ | — | $ | (6 | ) | $ | — | $ | (2 | ) | |||||||
Total net periodic benefit cost and OCI | $ | 2 | $ | — | $ | (5 | ) | $ | — | $ | (1 | ) |
2017 | 2016 | 2015 | |||||||||||||
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 | 3.0 | % | 4.0 | % | 3.3 | % | 4.0 | % | 3.5 | % | |||||
Health care cost trend rate | |||||||||||||||
- Initial rate | 7.3 | % | 6.2 | % | 7.3 | % | 6.2 | % | — | % | |||||
- Ultimate rate | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | — | % | |||||
- Years to ultimate | 11 | 12 | 11 | 12 | 0 | ||||||||||
Weighted average assumptions used to determine net periodic benefit costs for years ended December 31 | |||||||||||||||
Discount rate for benefit obligations | 3.3 | % | 3.3 | % | 2.6 | % | 3.3 | % | 3.3 | % | |||||
Discount rate for service cost | 3.8 | % | 3.3 | % | 3.1 | % | 3.3 | % | — | % | |||||
Discount rate for interest cost | 2.6 | % | 3.3 | % | 2.8 | % | 3.3 | % | — | % | |||||
Health care cost trend rate | |||||||||||||||
- Initial rate | 6.8 | % | 6.8 | % | 7.0 | % | 6.8 | % | — | % | |||||
- Ultimate rate | 4.6 | % | 4.5 | % | 4.5 | % | 4.5 | % | — | % | |||||
- Years to ultimate | 11 | 12 | 12 | 13 | 0 |
Pension Benefits | Other Post- retirement Benefits | |||||||
Estimated future benefit payments: | ||||||||
Year 1 | $ | 51 | $ | 8 | ||||
Year 2 | 53 | 8 | ||||||
Year 3 | 52 | 8 | ||||||
Year 4 | 52 | 8 | ||||||
Year 5 | 53 | 8 | ||||||
Years 6 to 10 | 265 | 30 |
Options | Weighted Average Exercise Price | Weighted Average Remaining Term (Years) | Aggregate Intrinsic Value | ||||||||||
Outstanding at December 31, 2016 | 1,404,734 | $ | 33.76 | ||||||||||
Granted | 289,553 | 61.87 | |||||||||||
Exercised | (401,505 | ) | 29.68 | ||||||||||
Cancelled | (23,181 | ) | 56.92 | ||||||||||
Outstanding at December 31, 2017 | 1,269,601 | $ | 41.04 | 5.9 | $ | 83 | |||||||
Exercisable at December 31, 2017 | 719,676 | $ | 28.89 | 3.9 | $ | 56 |
Range of Prices | Options Outstanding | Weighted Average Remaining Contractual Life (Years) | |||
$7.12 - $9.65 | 300,366 | 1.6 | |||
$10.26 - $18.05 | 167,582 | 3.6 | |||
$22.92 - $30.05 | 316,601 | 7.6 | |||
$40.38 - $52.35 | 285,553 | 9.1 | |||
$61.87 - $68.18 | 199,499 | 6.8 |
Stock Option Grants | ||||||||||||
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Weighted average fair value | $ | 15.84 | $ | 11.67 | $ | 20.21 | ||||||
Risk-free interest rate | 2.1 | % | 1.4 | % | 1.7 | % | ||||||
Expected life in years | 5 | 5 | 5 | |||||||||
Expected volatility | 29.2 | % | 32.9 | % | 34.2 | % | ||||||
Expected dividend yield | 1.2 | % | 1.6 | % | 0.9 | % |
Number of Units | Weighted Average Grant Date Fair Value | ||||||
Non-vested at December 31, 2016 | 597,559 | $ | 55.64 | ||||
Granted | 198,659 | 62.46 | |||||
Vested | (91,997 | ) | 61.39 | ||||
Forfeited | (40,355 | ) | 56.08 | ||||
Non-vested at December 31, 2017 | 663,866 | $ | 56.86 |
Liability Classified Restricted Stock Awards | |||||
Year Ended December 31, 2017 | |||||
Weighted average vesting period in years | 0.8 | ||||
Risk-free interest rate | 1.6 | % | |||
Expected volatility | 23.1 | % | |||
Expected dividend yield | 0.8 | % |
Number of Units | Weighted Average Fair Value | ||||||
Non-vested at December 31, 2016 | 286,147 | $ | 60.77 | ||||
Vested | (161,324 | ) | 65.29 | ||||
Cancelled | (23,831 | ) | 66.97 | ||||
Non-vested at December 31, 2017 | 100,992 | $ | 106.53 |
2017 | 2016 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Revolving credit facility | $ | — | $ | — | $ | 325 | $ | 325 | ||||||||
4.625% Westlake 2021 Senior Notes (1) | 645 | 639 | 652 | 651 | ||||||||||||
4.625% Subsidiary 2021 Senior Notes (1) | 65 | 65 | 66 | 66 | ||||||||||||
3.60% 2022 Senior Notes | 249 | 255 | 248 | 252 | ||||||||||||
4.875% Westlake 2023 Senior Notes | 445 | 449 | 447 | 451 | ||||||||||||
4.875% Subsidiary 2023 Senior Notes | 16 | 16 | 17 | 17 | ||||||||||||
3.60% 2026 Senior Notes | 740 | 757 | 739 | 722 | ||||||||||||
Loan related to tax-exempt waste disposal revenue bonds due 2027 | 11 | 11 | 11 | 11 | ||||||||||||
6 ½% 2029 GO Zone Senior Notes | 99 | 111 | 99 | 112 | ||||||||||||
6 ¾% 2032 GO Zone Senior Notes | — | — | 248 | 259 | ||||||||||||
6 ½% 2035 GO Zone Senior Notes | 88 | 99 | 88 | 100 | ||||||||||||
6 ½% 2035 IKE Zone Senior Notes | 65 | 74 | 65 | 73 | ||||||||||||
5.0% 2046 Senior Notes | 675 | 787 | 674 | 692 | ||||||||||||
4.375% 2047 Senior Notes | 491 | 518 | — | — | ||||||||||||
3.50% 2032 Senior Notes | 248 | 256 | — | — |
(1) | The 4.625% Westlake 2021 Senior Notes and 4.625% Subsidiary 2021 Senior Notes were classified as a component of current liabilities in the consolidated balance sheet at December 31, 2017. For additional information, see Note 9. |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Domestic | $ | 917 | $ | 476 | $ | 880 | ||||||
Foreign | 164 | 82 | 83 | |||||||||
$ | 1,081 | $ | 558 | $ | 963 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Current | ||||||||||||
Federal | $ | 231 | $ | 8 | $ | 225 | ||||||
State | 18 | 9 | 24 | |||||||||
Foreign | 27 | 20 | 9 | |||||||||
276 | 37 | 258 | ||||||||||
Deferred | ||||||||||||
Federal | (557 | ) | 136 | 30 | ||||||||
State | 25 | (33 | ) | 3 | ||||||||
Foreign | (2 | ) | (2 | ) | 7 | |||||||
(534 | ) | 101 | 40 | |||||||||
Total provision for (benefit from) income taxes | $ | (258 | ) | $ | 138 | $ | 298 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Provision for federal income tax, at statutory rate | $ | 378 | $ | 195 | $ | 337 | ||||||
State income tax provision, net of federal income tax effect | 26 | 1 | 17 | |||||||||
Foreign income tax rate differential | (33 | ) | (8 | ) | (13 | ) | ||||||
Manufacturing deduction | (23 | ) | (2 | ) | (24 | ) | ||||||
Depletion | (7 | ) | (2 | ) | — | |||||||
Noncontrolling interests | (9 | ) | (7 | ) | (7 | ) | ||||||
Tax on previously held shares of Axiall Corporation and certain other acquisition related items | — | (13 | ) | — | ||||||||
Tax Act related adjustment | (591 | ) | — | — | ||||||||
Changes in state apportionment and other state adjustments | 2 | (17 | ) | — | ||||||||
Research and development expenditures and adjustments related to prior years' tax returns | (1 | ) | (8 | ) | — | |||||||
Other, net | — | (1 | ) | (12 | ) | |||||||
$ | (258 | ) | $ | 138 | $ | 298 |
2017 | 2016 | |||||||
Net operating loss carryforward | $ | 64 | $ | 70 | ||||
Credit carryforward | 26 | 24 | ||||||
Accruals | 53 | 67 | ||||||
Pension | 79 | 114 | ||||||
Allowance for doubtful accounts | 5 | 12 | ||||||
Inventories | 11 | 13 | ||||||
Other | 15 | 36 | ||||||
Deferred taxes assets—total | 253 | 336 | ||||||
Property, plant and equipment | (906 | ) | (1,374 | ) | ||||
Intangibles | (154 | ) | (221 | ) | ||||
Turnaround costs | (8 | ) | (1 | ) | ||||
Basis difference—consolidated partnerships | (209 | ) | (308 | ) | ||||
Other | (18 | ) | (17 | ) | ||||
Deferred tax liabilities—total | (1,295 | ) | (1,921 | ) | ||||
Valuation allowance | (56 | ) | (53 | ) | ||||
Total net deferred tax liabilities | $ | (1,098 | ) | $ | (1,638 | ) | ||
Balance sheet classifications | ||||||||
Noncurrent deferred tax asset | $ | 13 | $ | 12 | ||||
Noncurrent deferred tax liability | (1,111 | ) | (1,650 | ) | ||||
Total net deferred tax liabilities | $ | (1,098 | ) | $ | (1,638 | ) |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Net income attributable to Westlake Chemical Corporation | $ | 1,304 | $ | 399 | $ | 646 | ||||||
Less: | ||||||||||||
Net income attributable to participating securities | (7 | ) | (2 | ) | (3 | ) | ||||||
Net income attributable to common shareholders | $ | 1,297 | $ | 397 | $ | 643 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Weighted average common shares—basic | 129,087,043 | 129,367,712 | 131,823,707 | |||||||||
Plus incremental shares from: | ||||||||||||
Assumed exercise of options | 452,970 | 607,110 | 478,105 | |||||||||
Weighted average common shares—diluted | 129,540,013 | 129,974,822 | 132,301,812 | |||||||||
Earnings per common share attributable to Westlake Chemical Corporation: | ||||||||||||
Basic | $ | 10.05 | $ | 3.07 | $ | 4.88 | ||||||
Diluted | $ | 10.00 | $ | 3.06 | $ | 4.86 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Cash paid for: | ||||||||||||
Interest paid, net of interest capitalized | $ | 154 | $ | 46 | $ | 32 | ||||||
Income taxes paid | 84 | 3 | 314 |
Operating Leases | Capital Leases | |||||||
2018 | $ | 108 | $ | 3 | ||||
2019 | 97 | 3 | ||||||
2020 | 73 | 3 | ||||||
2021 | 56 | 2 | ||||||
2022 | 44 | 2 | ||||||
Thereafter | 651 | 9 | ||||||
Total minimum lease payments | $ | 1,029 | $ | 22 | ||||
Less: Imputed interest costs | (12 | ) | ||||||
Present value of net minimum lease payments | $ | 10 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Net external sales | ||||||||||||
Olefins | ||||||||||||
Polyethylene | $ | 1,518 | $ | 1,463 | $ | 1,651 | ||||||
Styrene, feedstock and other | 533 | 431 | 609 | |||||||||
Total olefins | 2,051 | 1,894 | 2,260 | |||||||||
Vinyls | ||||||||||||
PVC, caustic soda and other | 4,769 | 2,493 | 1,718 | |||||||||
Building products | 1,221 | 689 | 485 | |||||||||
Total vinyls | 5,990 | 3,182 | 2,203 | |||||||||
$ | 8,041 | $ | 5,076 | $ | 4,463 | |||||||
Intersegment sales | ||||||||||||
Olefins | $ | 393 | $ | 165 | $ | 107 | ||||||
Vinyls | 1 | 26 | 1 | |||||||||
$ | 394 | $ | 191 | $ | 108 | |||||||
Income (loss) from operations | ||||||||||||
Olefins | $ | 655 | $ | 558 | $ | 747 | ||||||
Vinyls | 647 | 174 | 255 | |||||||||
Corporate and other | (69 | ) | (151 | ) | (42 | ) | ||||||
$ | 1,233 | $ | 581 | $ | 960 | |||||||
Depreciation and amortization | ||||||||||||
Olefins | $ | 145 | $ | 136 | $ | 111 | ||||||
Vinyls | 449 | 238 | 134 | |||||||||
Corporate and other | 7 | 4 | 1 | |||||||||
$ | 601 | $ | 378 | $ | 246 | |||||||
Other income (expense), net | ||||||||||||
Olefins | $ | 3 | $ | 5 | $ | 5 | ||||||
Vinyls | (1 | ) | 3 | 8 | ||||||||
Corporate and other | 5 | 48 | 25 | |||||||||
$ | 7 | $ | 56 | $ | 38 | |||||||
Provision for (benefit from) income taxes | ||||||||||||
Olefins | $ | 63 | $ | 175 | $ | 243 | ||||||
Vinyls | (302 | ) | 25 | 64 | ||||||||
Corporate and other | (19 | ) | (62 | ) | (9 | ) | ||||||
$ | (258 | ) | $ | 138 | $ | 298 | ||||||
Capital expenditures | ||||||||||||
Olefins | $ | 97 | $ | 324 | $ | 305 | ||||||
Vinyls | 459 | 302 | 176 | |||||||||
Corporate and other | 21 | 3 | 10 | |||||||||
$ | 577 | $ | 629 | $ | 491 |
December 31, 2017 | December 31, 2016 | |||||||
Total assets | ||||||||
Olefins | $ | 2,006 | $ | 2,093 | ||||
Vinyls | 8,853 | 8,287 | ||||||
Corporate and other | 1,217 | 510 | ||||||
$ | 12,076 | $ | 10,890 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Income from operations for reportable segments | $ | 1,233 | $ | 581 | $ | 960 | ||||||
Interest expense | (159 | ) | (79 | ) | (35 | ) | ||||||
Other income, net | 7 | 56 | 38 | |||||||||
Income before income taxes | $ | 1,081 | $ | 558 | $ | 963 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Sales to external customers (1) | ||||||||||||
United States | $ | 5,739 | $ | 3,526 | $ | 3,133 | ||||||
Foreign | ||||||||||||
Canada | 653 | 317 | 196 | |||||||||
Germany | 432 | 402 | 394 | |||||||||
Switzerland | 142 | 101 | 107 | |||||||||
Brazil | 108 | 41 | 16 | |||||||||
China | 104 | 87 | 46 | |||||||||
Italy | 96 | 84 | 90 | |||||||||
Taiwan | 96 | 25 | — | |||||||||
Other | 671 | 493 | 481 | |||||||||
$ | 8,041 | $ | 5,076 | $ | 4,463 |
December 31, 2017 | December 31, 2016 | |||||||
Long-lived assets | ||||||||
United States | $ | 5,668 | $ | 5,783 | ||||
Foreign | ||||||||
Germany | 504 | 401 | ||||||
Other | 240 | 236 | ||||||
$ | 6,412 | $ | 6,420 |
(1) | Revenues are attributed to countries based on location of customer. |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Balance Sheet | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,089 | $ | 57 | $ | 385 | $ | — | $ | 1,531 | ||||||||||
Accounts receivable, net | 3,331 | 4,128 | 580 | (7,038 | ) | 1,001 | ||||||||||||||
Inventories | — | 654 | 246 | — | 900 | |||||||||||||||
Prepaid expenses and other current assets | 52 | 26 | 31 | (79 | ) | 30 | ||||||||||||||
Restricted cash | — | 1 | — | — | 1 | |||||||||||||||
Total current assets | 4,472 | 4,866 | 1,242 | (7,117 | ) | 3,463 | ||||||||||||||
Property, plant and equipment, net | — | 4,374 | 2,038 | — | 6,412 | |||||||||||||||
Goodwill | — | 855 | 157 | — | 1,012 | |||||||||||||||
Customer relationships, net | — | 479 | 137 | — | 616 | |||||||||||||||
Other intangible assets, net | — | 88 | 73 | — | 161 | |||||||||||||||
Other assets, net | 10,706 | 798 | 1,271 | (12,363 | ) | 412 | ||||||||||||||
Total assets | $ | 15,178 | $ | 11,460 | $ | 4,918 | $ | (19,480 | ) | $ | 12,076 | |||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 6,367 | $ | 864 | $ | 224 | $ | (6,855 | ) | $ | 600 | |||||||||
Accrued liabilities | 189 | 484 | 246 | (262 | ) | 657 | ||||||||||||||
Current portion of long-term debt, net | 710 | — | — | — | 710 | |||||||||||||||
Total current liabilities | 7,266 | 1,348 | 470 | (7,117 | ) | 1,967 | ||||||||||||||
Long-term debt, net | 3,034 | 4,242 | 220 | (4,369 | ) | 3,127 | ||||||||||||||
Deferred income taxes | — | 1,026 | 92 | (7 | ) | 1,111 | ||||||||||||||
Pension and other liabilities | 4 | 347 | 151 | — | 502 | |||||||||||||||
Total liabilities | 10,304 | 6,963 | 933 | (11,493 | ) | 6,707 | ||||||||||||||
Total Westlake Chemical Corporation stockholders' equity | 4,874 | 4,497 | 3,490 | (7,987 | ) | 4,874 | ||||||||||||||
Noncontrolling interests | — | — | 495 | — | 495 | |||||||||||||||
Total equity | 4,874 | 4,497 | 3,985 | (7,987 | ) | 5,369 | ||||||||||||||
Total liabilities and equity | $ | 15,178 | $ | 11,460 | $ | 4,918 | $ | (19,480 | ) | $ | 12,076 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Balance Sheet | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 147 | $ | 53 | $ | 259 | $ | — | $ | 459 | ||||||||||
Accounts receivable, net | 2,118 | 3,330 | 324 | (4,833 | ) | 939 | ||||||||||||||
Inventories | — | 598 | 203 | — | 801 | |||||||||||||||
Prepaid expenses and other current assets | 31 | 42 | 12 | (37 | ) | 48 | ||||||||||||||
Restricted cash | — | — | 161 | — | 161 | |||||||||||||||
Total current assets | 2,296 | 4,023 | 959 | (4,870 | ) | 2,408 | ||||||||||||||
Property, plant and equipment, net | — | 4,476 | 1,944 | — | 6,420 | |||||||||||||||
Goodwill | — | 792 | 155 | — | 947 | |||||||||||||||
Customer relationships, net | — | 468 | 143 | — | 611 | |||||||||||||||
Other intangible assets, net | — | 131 | 70 | (25 | ) | 176 | ||||||||||||||
Other assets, net | 9,170 | 874 | 1,116 | (10,832 | ) | 328 | ||||||||||||||
Total assets | $ | 11,466 | $ | 10,764 | $ | 4,387 | $ | (15,727 | ) | $ | 10,890 | |||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | $ | 4,331 | $ | 748 | $ | 225 | $ | (4,808 | ) | $ | 496 | |||||||||
Accrued liabilities | 26 | 390 | 183 | (61 | ) | 538 | ||||||||||||||
Term loan | — | — | 149 | — | 149 | |||||||||||||||
Total current liabilities | 4,357 | 1,138 | 557 | (4,869 | ) | 1,183 | ||||||||||||||
Long-term debt, net | 3,585 | 4,091 | — | (3,997 | ) | 3,679 | ||||||||||||||
Deferred income taxes | — | 1,581 | 92 | (23 | ) | 1,650 | ||||||||||||||
Pension and other liabilities | — | 361 | 125 | — | 486 | |||||||||||||||
Total liabilities | 7,942 | 7,171 | 774 | (8,889 | ) | 6,998 | ||||||||||||||
Total Westlake Chemical Corporation stockholders' equity | 3,524 | 3,593 | 3,245 | (6,838 | ) | 3,524 | ||||||||||||||
Noncontrolling interests | — | — | 368 | — | 368 | |||||||||||||||
Total equity | 3,524 | 3,593 | 3,613 | (6,838 | ) | 3,892 | ||||||||||||||
Total liabilities and equity | $ | 11,466 | $ | 10,764 | $ | 4,387 | $ | (15,727 | ) | $ | 10,890 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Net sales | $ | — | $ | 6,650 | $ | 3,143 | $ | (1,752 | ) | $ | 8,041 | |||||||||
Cost of sales | — | 5,559 | 2,438 | (1,725 | ) | 6,272 | ||||||||||||||
Gross profit | — | 1,091 | 705 | (27 | ) | 1,769 | ||||||||||||||
Selling, general and administrative expenses | 3 | 292 | 131 | (27 | ) | 399 | ||||||||||||||
Amortization of intangibles | 1 | 81 | 26 | — | 108 | |||||||||||||||
Transaction and integration-related costs | — | 27 | 2 | — | 29 | |||||||||||||||
Income (loss) from operations | (4 | ) | 691 | 546 | — | 1,233 | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest expense | (154 | ) | (178 | ) | (6 | ) | 179 | (159 | ) | |||||||||||
Other income (expense), net | 154 | (3 | ) | 35 | (179 | ) | 7 | |||||||||||||
Income (loss) before income taxes | (4 | ) | 510 | 575 | — | 1,081 | ||||||||||||||
Provision for (benefit from) income taxes | 10 | (312 | ) | 44 | — | (258 | ) | |||||||||||||
Equity in net income of subsidiaries | 1,318 | — | — | (1,318 | ) | — | ||||||||||||||
Net income (loss) | 1,304 | 822 | 531 | (1,318 | ) | 1,339 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | 35 | — | 35 | |||||||||||||||
Net income (loss) attributable to Westlake Chemical Corporation | $ | 1,304 | $ | 822 | $ | 496 | $ | (1,318 | ) | $ | 1,304 | |||||||||
Comprehensive income attributable to Westlake Chemical Corporation | $ | 1,432 | $ | 833 | $ | 493 | $ | (1,326 | ) | $ | 1,432 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Net sales | $ | — | $ | 4,010 | $ | 2,445 | $ | (1,379 | ) | $ | 5,076 | |||||||||
Cost of sales | — | 3,533 | 1,919 | (1,357 | ) | 4,095 | ||||||||||||||
Gross profit | — | 477 | 526 | (22 | ) | 981 | ||||||||||||||
Selling, general and administrative expenses | 2 | 178 | 100 | (22 | ) | 258 | ||||||||||||||
Amortization of intangibles | 1 | 27 | 10 | — | 38 | |||||||||||||||
Transaction and integration-related costs | — | 103 | 1 | — | 104 | |||||||||||||||
Income (loss) from operations | (3 | ) | 169 | 415 | — | 581 | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest expense | (83 | ) | (76 | ) | (2 | ) | 82 | (79 | ) | |||||||||||
Other income (expense), net | 77 | (14 | ) | 75 | (82 | ) | 56 | |||||||||||||
Income (loss) before income taxes | (9 | ) | 79 | 488 | — | 558 | ||||||||||||||
Provision for (benefit from) income taxes | (8 | ) | 115 | 31 | — | 138 | ||||||||||||||
Equity in net income of subsidiaries | 400 | — | — | (400 | ) | — | ||||||||||||||
Net income (loss) | 399 | (36 | ) | 457 | (400 | ) | 420 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | 21 | — | 21 | |||||||||||||||
Net income (loss) attributable to Westlake Chemical Corporation | $ | 399 | $ | (36 | ) | $ | 436 | $ | (400 | ) | $ | 399 | ||||||||
Comprehensive income attributable to Westlake Chemical Corporation | $ | 407 | $ | 11 | $ | 396 | $ | (407 | ) | $ | 407 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Net sales | $ | — | $ | 3,558 | $ | 2,286 | $ | (1,381 | ) | $ | 4,463 | |||||||||
Cost of sales | — | 2,842 | 1,797 | (1,361 | ) | 3,278 | ||||||||||||||
Gross profit | — | 716 | 489 | (20 | ) | 1,185 | ||||||||||||||
Selling, general and administrative expenses | 3 | 146 | 89 | (20 | ) | 218 | ||||||||||||||
Amortization of intangibles | — | 5 | 2 | — | 7 | |||||||||||||||
Income (loss) from operations | (3 | ) | 565 | 398 | — | 960 | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest expense | (42 | ) | (35 | ) | — | 42 | (35 | ) | ||||||||||||
Other income (expense), net | 20 | 5 | 55 | (42 | ) | 38 | ||||||||||||||
Income (loss) before income taxes | (25 | ) | 535 | 453 | — | 963 | ||||||||||||||
Provision for (benefit from) income taxes | (7 | ) | 275 | 30 | — | 298 | ||||||||||||||
Equity in net income of subsidiaries | 664 | — | — | (664 | ) | — | ||||||||||||||
Net income (loss) | 646 | 260 | 423 | (664 | ) | 665 | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | 19 | — | 19 | |||||||||||||||
Net income (loss) attributable to Westlake Chemical Corporation | $ | 646 | $ | 260 | $ | 404 | $ | (664 | ) | $ | 646 | |||||||||
Comprehensive income attributable to Westlake Chemical Corporation | $ | 596 | $ | 261 | $ | 335 | $ | (596 | ) | $ | 596 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income (loss) | $ | 1,304 | $ | 822 | $ | 531 | $ | (1,318 | ) | $ | 1,339 | |||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||||||||||||||||||||
Depreciation and amortization | — | 395 | 206 | — | 601 | |||||||||||||||
Deferred income taxes | 12 | (535 | ) | (11 | ) | — | (534 | ) | ||||||||||||
Net changes in working capital and other | (1,327 | ) | 41 | 100 | 1,318 | 132 | ||||||||||||||
Net cash provided by (used for) operating activities | (11 | ) | 723 | 826 | — | 1,538 | ||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Acquisition of business, net of cash acquired | — | (13 | ) | — | — | (13 | ) | |||||||||||||
Additions to property, plant and equipment | — | (407 | ) | (170 | ) | — | (577 | ) | ||||||||||||
Additions to cost method investment | — | (66 | ) | — | — | (66 | ) | |||||||||||||
Other | — | 2 | (134 | ) | 136 | 4 | ||||||||||||||
Net cash provided by (used for) investing activities | — | (484 | ) | (304 | ) | 136 | (652 | ) | ||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Intercompany financing | 746 | (611 | ) | (135 | ) | — | — | |||||||||||||
Receivable under the investment management agreement | 136 | — | — | (136 | ) | — | ||||||||||||||
Debt issuance costs | (6 | ) | — | — | — | (6 | ) | |||||||||||||
Dividends paid | (103 | ) | — | — | — | (103 | ) | |||||||||||||
Distributions to noncontrolling interests | — | 376 | (404 | ) | — | (28 | ) | |||||||||||||
Proceeds from debt issuance and drawdown of revolver | 225 | — | 8 | — | 233 | |||||||||||||||
Net proceeds from issuance of Westlake Chemical Partners LP common units | — | — | 111 | — | 111 | |||||||||||||||
Proceeds from senior notes issuance | 745 | — | — | — | 745 | |||||||||||||||
Repayment of term loan | — | — | (150 | ) | — | (150 | ) | |||||||||||||
Restricted cash associated with term loan | — | — | 154 | — | 154 | |||||||||||||||
Repayment of revolver | (550 | ) | — | — | — | (550 | ) | |||||||||||||
Repayment of notes payable | (251 | ) | — | (6 | ) | — | (257 | ) | ||||||||||||
Other | 11 | — | — | — | 11 | |||||||||||||||
Net cash provided by (used for) financing activities | 953 | (235 | ) | (422 | ) | (136 | ) | 160 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 26 | — | 26 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 942 | 4 | 126 | — | 1,072 | |||||||||||||||
Cash and cash equivalents at beginning of the year | 147 | 53 | 259 | — | 459 | |||||||||||||||
Cash and cash equivalents at end of the year | $ | 1,089 | $ | 57 | $ | 385 | $ | — | $ | 1,531 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income (loss) | $ | 399 | $ | (36 | ) | $ | 457 | $ | (400 | ) | $ | 420 | ||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||||||||||||||||||||
Depreciation and amortization | — | 217 | 161 | — | 378 | |||||||||||||||
Deferred income taxes | 1 | 103 | (3 | ) | — | 101 | ||||||||||||||
Net changes in working capital and other | (437 | ) | 90 | (118 | ) | 400 | (65 | ) | ||||||||||||
Net cash provided by (used for) operating activities | (37 | ) | 374 | 497 | — | 834 | ||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Acquisition of business, net of cash acquired | — | (2,502 | ) | 64 | — | (2,438 | ) | |||||||||||||
Additions to property, plant and equipment | — | (275 | ) | (354 | ) | — | (629 | ) | ||||||||||||
Additions to cost method investments | — | (17 | ) | — | — | (17 | ) | |||||||||||||
Proceeds from sales and maturities of securities | 658 | — | 5 | — | 663 | |||||||||||||||
Purchase of securities | (138 | ) | — | — | — | (138 | ) | |||||||||||||
Other | — | (4 | ) | — | — | (4 | ) | |||||||||||||
Net cash provided by (used for) investing activities | 520 | (2,798 | ) | (285 | ) | — | (2,563 | ) | ||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Intercompany financing | (2,199 | ) | 2,207 | (8 | ) | — | — | |||||||||||||
Debt issuance costs | (35 | ) | — | (1 | ) | — | (36 | ) | ||||||||||||
Dividends paid | (97 | ) | — | — | — | (97 | ) | |||||||||||||
Distributions paid | — | 263 | (280 | ) | — | (17 | ) | |||||||||||||
Proceeds from debt issuance and drawdown of revolver | 450 | — | 158 | — | 608 | |||||||||||||||
Proceeds from senior notes issuance | 1,429 | — | — | — | 1,429 | |||||||||||||||
Restricted cash associated with term loan | — | — | (154 | ) | — | (154 | ) | |||||||||||||
Repayment of revolver | (125 | ) | — | — | — | (125 | ) | |||||||||||||
Repayment of notes payable | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Repurchase of common stock for treasury | (67 | ) | — | — | — | (67 | ) | |||||||||||||
Other | 5 | — | — | — | 5 | |||||||||||||||
Net cash provided by (used for) financing activities | (639 | ) | 2,470 | (298 | ) | — | 1,533 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (8 | ) | — | (8 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (156 | ) | 46 | (94 | ) | — | (204 | ) | ||||||||||||
Cash and cash equivalents at beginning of the year | 303 | 7 | 353 | — | 663 | |||||||||||||||
Cash and cash equivalents at end of the year | $ | 147 | $ | 53 | $ | 259 | $ | — | $ | 459 |
Westlake Chemical Corporation | 100% Owned Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income (loss) | $ | 646 | $ | 260 | $ | 423 | $ | (664 | ) | $ | 665 | |||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||||||||||||||||||||
Depreciation and amortization | — | 114 | 132 | — | 246 | |||||||||||||||
Deferred income taxes | — | 39 | 1 | — | 40 | |||||||||||||||
Net changes in working capital and other | (659 | ) | 93 | 30 | 664 | 128 | ||||||||||||||
Net cash provided by (used for) operating activities | (13 | ) | 506 | 586 | — | 1,079 | ||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Acquisition of business, net of cash acquired | — | — | 16 | — | 16 | |||||||||||||||
Additions to property, plant and equipment | — | (215 | ) | (276 | ) | — | (491 | ) | ||||||||||||
Proceeds from disposition of equity method investments | — | 28 | — | — | 28 | |||||||||||||||
Proceeds from sales and maturities of securities | 49 | — | — | — | 49 | |||||||||||||||
Purchase of securities | (556 | ) | (49 | ) | — | — | (605 | ) | ||||||||||||
Other | — | (3 | ) | — | — | (3 | ) | |||||||||||||
Net cash used for investing activities | (507 | ) | (239 | ) | (260 | ) | — | (1,006 | ) | |||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Intercompany financing | 418 | (590 | ) | 172 | — | — | ||||||||||||||
Dividends paid | (92 | ) | — | — | — | (92 | ) | |||||||||||||
Distributions paid | — | 327 | (342 | ) | — | (15 | ) | |||||||||||||
Proceeds from debt issuance | — | — | 53 | — | 53 | |||||||||||||||
Repayment of notes payable | — | — | (74 | ) | — | (74 | ) | |||||||||||||
Repurchase of common stock for treasury | (163 | ) | — | — | — | (163 | ) | |||||||||||||
Other | 4 | — | — | — | 4 | |||||||||||||||
Net cash provided by (used for) financing activities | 167 | (263 | ) | (191 | ) | — | (287 | ) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (353 | ) | 4 | 131 | — | (218 | ) | |||||||||||||
Cash and cash equivalents at beginning of the year | 656 | 3 | 222 | — | 881 | |||||||||||||||
Cash and cash equivalents at end of the year | $ | 303 | $ | 7 | $ | 353 | $ | — | $ | 663 |
Three Months Ended | ||||||||||||||||
March 31, 2017 | June 30, 2017 | September 30, 2017 | December 31, 2017 | |||||||||||||
Net sales | $ | 1,943 | $ | 1,979 | $ | 2,109 | $ | 2,010 | ||||||||
Gross profit | 368 | 405 | 498 | 498 | ||||||||||||
Income from operations | 236 | 266 | 366 | 365 | ||||||||||||
Net income | 145 | 159 | 219 | 816 | ||||||||||||
Net income attributable to Westlake Chemical Corporation | 138 | 153 | 211 | 802 | ||||||||||||
Earnings per common share attributable to Westlake Chemical Corporation: (1) | ||||||||||||||||
Basic | $ | 1.07 | $ | 1.18 | $ | 1.62 | $ | 6.18 | ||||||||
Diluted | $ | 1.06 | $ | 1.17 | $ | 1.61 | $ | 6.15 | ||||||||
Three Months Ended | ||||||||||||||||
March 31, 2016 | June 30, 2016 | September 30, 2016 | December 31, 2016 | |||||||||||||
Net sales | $ | 975 | $ | 1,086 | $ | 1,280 | $ | 1,735 | ||||||||
Gross profit | 255 | 241 | 203 | 282 | ||||||||||||
Income from operations | 202 | 180 | 46 | 153 | ||||||||||||
Net income | 129 | 116 | 70 | 105 | ||||||||||||
Net income attributable to Westlake Chemical Corporation | 123 | 111 | 66 | 99 | ||||||||||||
Earnings per common share attributable to Westlake Chemical Corporation: (1) | ||||||||||||||||
Basic | $ | 0.94 | $ | 0.85 | $ | 0.51 | $ | 0.76 | ||||||||
Diluted | $ | 0.94 | $ | 0.85 | $ | 0.51 | $ | 0.76 |
(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) | All 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. |
(a)(3) | Exhibits |
Exhibit No. | Exhibit Index | |
2.1 | ||
2.2 | ||
3.1 | ||
3.2 | ||
3.3 | ||
4.1 | ||
4.2 | ||
4.3 | ||
4.4 | ||
4.5 | ||
4.6 | ||
4.7 | ||
Exhibit No. | Exhibit Index | |
4.8 | ||
4.9 | ||
4.10 | ||
4.11 | ||
4.12 | ||
4.13 | ||
4.14 | ||
4.15 | ||
4.16 | ||
4.17 | ||
4.18 | ||
4.19† | ||
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. | ||
Exhibit No. | Exhibit Index | |
10.1 | ||
10.2 | ||
10.3 | ||
10.4† | ||
10.5 | ||
10.6 | ||
10.7 | ||
10.8 | ||
10.9 | ||
10.1 | ||
10.11 | ||
10.12† | ||
10.13 | ||
10.14+ | ||
10.15+ | ||
Exhibit No. | Exhibit Index | |
10.16+ | ||
10.17+ | ||
10.18+ | ||
10.19+ | ||
10.20 | ||
10.21† | ||
10.22† | ||
10.23† | ||
10.24† | ||
12.1† | ||
21† | ||
23.1† | ||
31.1† | ||
31.2† | ||
32.1† | ||
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 21, 2018 | /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 21, 2018 | ||
Albert Chao | ||||
/S/ M. STEVEN BENDER | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | February 21, 2018 | ||
M. Steven Bender | ||||
/S/ GEORGE J. MANGIERI | Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) | February 21, 2018 | ||
George J. Mangieri | ||||
/S/ JAMES CHAO | Chairman of the Board of Directors | February 21, 2018 | ||
James Chao | ||||
/S/ ALBERT CHAO | Director | February 21, 2018 | ||
Albert Chao | ||||
/S/ ROBERT T. BLAKELY | Director | February 21, 2018 | ||
Robert T. Blakely | ||||
/S/ DAVID CHAO | Director | February 21, 2018 | ||
David Chao | ||||
/S/ MICHAEL J. GRAFF | Director | February 21, 2018 | ||
Michael J. Graff | ||||
/S/ MARIUS HAAS | Director | February 21, 2018 | ||
Marius Haas | ||||
/S/ DOROTHY C. JENKINS | Director | February 21, 2018 | ||
Dorothy C. Jenkins | ||||
/S/ MAX L. LUKENS | Director | February 21, 2018 | ||
Max L. Lukens | ||||
/S/ R. BRUCE NORTHCUTT | Director | February 21, 2018 | ||
R. Bruce Northcutt | ||||
/S/ H. JOHN RILEY, JR. | Director | February 21, 2018 | ||
H. John Riley, Jr. | ||||
/S/ JEFFREY SHEETS | Director | February 21, 2018 | ||
Jeffrey Sheets |
WESTLAKE CHEMICAL PARTNERS LP By: Westlake Chemical Partners GP LLC, its general partner as Borrower | ||
By: | /S/ M. STEVEN BENDER | |
Name: M. Steven Bender | ||
Title: Senior Vice President and Chief Financial Officer | ||
WESTLAKE CHEMICAL FINANCE CORPORATION as Lender | ||
By: | /S/ JEFF HOLY | |
Name: Jeff Holy | ||
Title: Vice President and Treasurer |
Period Beginning | Percent of Shares Purchasable |
[_______________], 2019 [_______________], 2020 [_______________], 2021 | 33% 33% 34% |
1. | Grant Price |
2. | Term of Option |
3. | Earn-out of Option |
(a) | Unless it becomes vested and exercisable on an earlier date as provided in Paragraph 6 below, your Option will become vested and exercisable in cumulative installments as set forth in the Schedule in your Award Letter. |
(b) | To the extent your Option has become vested and exercisable, you may exercise the Option as to all or any part of the shares covered by the Option, at any time on or before the date the Option expires or terminates, subject to any limitations imposed by law or by Company policy regarding transactions in Common Stock. |
4. | Exercise of Option |
5. | Satisfaction of Grant Price |
6. | Termination of Employment |
(a) | General. The following rules apply to your Option in the event of your death, disability or other termination of employment. |
(i) | Involuntary Termination Without Cause. If your employment with the Company or a Subsidiary is terminated by the Company or any such Subsidiary without Cause, your Option shall be exercisable to the extent vested on the date of your termination and shall become exercisable with respect to a portion of the previously unexercisable shares that were scheduled to become exercisable on the next vesting date, prorated for the number of full months you were employed from the most recent vesting date until the date of your termination. To the extent vested, regardless whether vested as a result of your termination of employment or vested prior thereto, your Option shall remain exercisable for the longer of (i) 30 days following your termination date or (ii) the period during which you receive salary continuation under any separation agreement, policy, plan or other arrangement with the Company or any of its Subsidiaries, but not to exceed 180 days following your termination date; provided, however, that in no event shall the Option be exercisable after the Expiration Date. Upon expiration of the foregoing period, your Option shall terminate in all respects. |
(ii) | Voluntary Termination. Except as provided in Paragraph 6(a)(vi), if you voluntarily terminate employment with the Company or a Subsidiary, your Option shall be exercisable to the extent vested on the date of your termination. To the extent vested, your Option shall remain exercisable until the first to occur of (i) 30 days following your termination date, or (ii) the Expiration Date. Upon expiration of the foregoing period, your Option shall terminate in all respects. |
(iii) | Termination with Cause. If your employment with the Company or a Subsidiary is terminated for Cause, your Option shall immediately terminate and shall no longer be exercisable. You forfeit any previously vested and unexercised portion of your Option. |
(iv) | Termination by Reason of Death. If your employment terminates by reason of death, your Option will become fully vested and exercisable and will remain exercisable until the first to occur of (i) one year after the date of your termination, or (ii) the Expiration Date. |
(v) | Termination by Reason of Disability. If your employment terminates by reason of total and permanent disability (as determined by the Administrator), your Option will be exercisable to the extent vested on the date of your termination, and will remain exercisable until the first to occur of (i) 180 days after the date of your termination, or (ii) the Expiration Date. Upon expiration of the foregoing period, your Option shall terminate in all respects. |
(vi) | Termination by Reason of Normal Retirement. If you voluntarily terminate employment due to Normal Retirement, your Option shall be exercisable to the extent vested on the date of your termination and shall become exercisable with respect to a portion of the previously unexercisable shares, prorated for the number of days you were employed from the Award Date until the date of your termination. With respect to all vested shares, regardless whether vested as a result of your Normal Retirement or vested prior thereto, your Option shall remain exercisable for 30 days following your termination date; provided, however, that in no event shall the Option be exercisable after the Expiration Date. Upon expiration of the foregoing period, your Option shall terminate in all respects. |
(vii) | Adjustments by the Administrator. The Administrator may, in its sole discretion, exercised before or after your termination of employment, declare all or any portion of your Option immediately vested and exercisable and/or permit all or any part of your Option to remain exercisable for such period designated by it after the time when the Option would have otherwise terminated as provided in the applicable portion of this Paragraph 6(a), but not beyond the Expiration Date of your Option. |
(b) | Administrator Determinations. The Administrator shall have absolute discretion to determine the date and circumstances of termination of your employment, and its determination shall be final, conclusive and binding upon you. |
(c) | Cause. For purposes of this Appendix A, Cause shall mean any of the following: |
(i) | your conviction by a court of competent jurisdiction of any felony or a crime involving moral turpitude; |
(ii) | your knowing failure or refusal to follow reasonable instructions given to you on behalf of the Company or reasonable policies, standards and regulations of the Company or any Subsidiary; |
(iii) | your continued failure or refusal to faithfully and diligently perform the usual, customary duties of your employment with the Company or any Subsidiary; |
(iv) | continuously conducting yourself in an unprofessional, unethical or immoral manner; or |
(v) | any fraudulent conduct or conduct which discredits the Company or any Subsidiary or is detrimental to the reputation, character and standing of the Company or any Subsidiary. |
(d) | Normal Retirement. For purposes of this Appendix A, “Normal Retirement” shall mean your termination from employment with the Company and its Subsidiaries for any reason after you have (a) attained at least 65 years of age, and (b) been employed by the Company or a Subsidiary for a continuous period of 10 years or more ending on the date of your termination. |
7. | Tax Consequences and Withholding |
(a) | You are urged to consult your own tax advisor regarding the application of the tax laws to your particular situation. |
(b) | The Option is not intended to be an “incentive stock option,” as defined in Section 422 of the Code. |
(c) | Upon the settlement of your Options, you are authorized to surrender to the Company, or have withheld by the Company from the Common Stock that otherwise would have been delivered to you, an appropriate number of shares of Common Stock, having a Fair Market Value determined in accordance with the Plan, equal to the amount necessary to satisfy any tax withholding obligation arising with respect to your Options. The Company has no discretion to refuse to accept or withhold the shares of Common Stock. The authorization provided pursuant to this Section is intended to make the transaction exempt under Rule 16b-3 under the Exchange Act. |
8. | Restrictions on Resale |
9. | Effect on Other Benefits |
10. | Clawback or Recoupment |
1. | Relationship to Plan. This Award is subject to all of the terms, conditions and provisions of the Westlake Chemical Corporation 2013 Omnibus Incentive Plan (the “Plan”) and administrative interpretations thereunder, if any, which have been adopted by the Administrator and are in effect on the date hereof. Except as defined herein, capitalized terms shall have the same meanings ascribed to them under the Plan. |
2. | Vesting Schedule. |
(a) | This Award shall vest in accordance with the following schedule: |
Vesting Date | Percentage of Shares Vested |
[_______________], 2021 | 100% |
(b) | All Restricted Stock Units subject to this Award shall vest, irrespective of the limitations set forth in subparagraph(a) above, in the event of your termination of employment with the Company or any of its Subsidiaries due to death. |
(c) | Irrespective of the limitations set forth in subparagraph(a) above, in the event of your termination of employment with the Company or any of its Subsidiaries due to Normal Retirement, the Restricted Stock Units subject to this Award shall immediately vest, with such amount multiplied by a fraction, the numerator of which is the number of days of employment with the Company or any of its Subsidiaries you completed after the Grant Date and prior to your Normal Retirement, and the denominator of which is the total number of days in the period from the Grant Date to the date this Award is scheduled to vest. For purposes of this Award, (i) “Normal Retirement” shall mean your termination from employment with the Company and its Subsidiaries for any reason after you have (a) attained at least 65 years of age, and (b) been employed by the Company or a Subsidiary for a continuous period of 10 years or more ending on the date of your termination. |
3. | Forfeiture of Award. If your employment terminates other than by reason of death or Normal Retirement, all unvested Restricted Stock Units as of the termination date shall be forfeited. |
4. | Distribution Following Termination of Restrictions. Subject to the other provisions of this Award and the Plan, the Restricted Stock Units shall vest as set forth in Paragraph 2, and shares of Common Stock shall be distributed to you (or your beneficiary) as soon as practicable after the Restricted Stock Units vest, but in no event later than March 15th of the year following the year in which the Restricted Stock Units vest. Distribution of Common Stock will be subject to withholding taxes as described in Paragraph 5, and may be in a form selected by the Company, in its discretion, including deposit into a custodial account or delivery of a stock certificate. |
5. | Withholding. Upon the settlement of the Restricted Stock Units, you are authorized to surrender to the Company, or have withheld by the Company from the Common Stock that otherwise would have been delivered to you, an appropriate number of shares of Common Stock, having a Fair Market Value determined in accordance with the Plan, equal to the amount necessary to satisfy any tax withholding obligation arising with respect to your Restricted Stock Units. The Company has no discretion to refuse to accept or withhold the shares of Common Stock. The authorization provided pursuant to this Section is intended to make the transaction exempt under Rule 16b-3 under the Exchange Act. |
6. | Assignment of Award. Your rights under the Plan and this Restricted Stock Unit Award are personal; no assignment or transfer of your rights under and interest in this Award may be made by you other than by will or by the laws of descent and distribution. |
7. | Dividend Equivalents. You are entitled to receive Dividend Equivalents paid in cash with respect to the Restricted Stock Units from the Grant Date until the earlier of the date that Common Stock is delivered to you in satisfaction of this Award or the date this Award is forfeited. |
8. | Voting Rights. You do not have voting rights with respect to the Restricted Stock Units. You will be entitled to vote shares of Common Stock you retain that are issued to you in settlement of this Award. |
9. | No Employment Guaranteed. No provision of this Restricted Stock Unit Award shall give you any right to continued employment with the Company or any Subsidiary. |
10. | Requirements of Law and Stock Exchanges. Your rights to the Restricted Stock Units and the issuance and delivery of the Common Stock to which such Restricted Stock Units relate are subject to compliance with all applicable requirements of law. In addition, the Company shall not be obligated to deliver any shares of Common Stock if counsel to the Company determines that such delivery would violate any applicable law or any rule or regulations of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities exchange or association upon which the Common Stock is listed or quoted. |
11. | Governing Law. This Restricted Stock Unit Award shall be governed by, construed, and enforced in accordance with the laws of the State of Texas. |
12. | Clawback or Recoupment. This Restricted Stock Unit Award, any shares of Common Stock distributed hereunder and any profits realized on the sale of such shares are subject to clawback or recoupment as required by applicable law or Company policy. |
13. | Section 409A of the Code. This Award is intended to be exempt from or to comply with the provisions of Section 409A of the Code (“Section 409A”) and the provisions of this Award shall be administered, interpreted and construed accordingly. Specifically, (i) if you are not Normal Retirement Eligible, the distribution of the Common Stock upon the time of payment specified in Paragraph 4 is exempt from Section 409A as a short-term deferral in compliance with Treasury Regulation Section 1.409A-1(b)(4), and (ii) if you are Normal Retirement Eligible, the time of payment specified with respect to Paragraph 4 is compliant with Treasury Regulation Section 1.409A-3(c)(2) and is compliant with Section 409A as |
1. | Relationship to Plan. This Performance Award is subject to all of the terms, conditions and provisions of the Westlake Chemical Corporation 2013 Omnibus Incentive Plan (the “Plan”) and administrative interpretations thereunder, if any, which have been adopted by the Administrator and are in effect on the date hereof. Except as defined herein, capitalized terms shall have the same meanings ascribed to them under the Plan. |
2. | Payment Schedule. |
(a) | The amount of the Performance Award shall be calculated based on the Company’s achievement of certain performance conditions, as set forth on Exhibit A (the “Performance Condition”) during the 2018-2020 performance cycle, which is the period from January 1, 2018 through December 31, 2020 (the “Performance Cycle”). The Performance Award shall be paid to you in cash as soon as practicable following the date the Administrator determines to what extent the Performance Conditions were satisfied, provided, however, that you are employed by the Company or any of its Subsidiaries on such payment date. |
(b) | The Performance Award shall be paid to you at the target level, irrespective of the limitations set forth in subparagraph (a) above, in the event of your termination of employment with the Company or any of its Subsidiaries due to death, with such amount multiplied by a fraction, the numerator of which is the number of days of employment with the Company or any of its Subsidiaries you completed during the Performance Cycle and prior to your death, and the denominator of which is the |
(c) | The Performance Award shall be paid to you, irrespective of the limitations set forth in subparagraph (a) above, in the event of your termination of employment with the Company or any of its Subsidiaries due to Normal Retirement, with such amount multiplied by a fraction, the numerator of which is the number of days of employment with the Company or any of its Subsidiaries you completed during the Performance Cycle and prior to your Normal Retirement, and the denominator of which is the total number of days in the Performance Cycle. To the extent earned based on the Performance Condition, such Performance Award shall be paid to you on March 15th of the year immediately following the end of the Performance Cycle. For purposes of this Performance Award, “Normal Retirement” shall mean your termination from employment with the Company and its Subsidiaries for any reason after you have (a) attained at least 65 years of age, and (b) been employed by the Company or a Subsidiary for a continuous period of 10 years or more ending on the date of your termination. |
3. | Forfeiture of Performance Award. If your employment with the Company or any of its Subsidiaries terminates other than by reason of death or your Normal Retirement, your Performance Award shall be forfeited. |
4. | Withholding. At the time of the payment of the Performance Award, the Company shall withhold an amount of cash equal to the amount necessary to satisfy the minimum federal, state and local tax withholding obligation with respect to this Performance Award. |
5. | Assignment of Performance Award. Your rights under the Plan and this Performance Award are personal; no assignment or transfer of your rights under and interest in this Performance Award may be made by you other than by will or by the laws of descent and distribution. |
6. | No Employment Guaranteed. No provision of this Performance Award shall give you any right to continued employment with the Company or any Subsidiary. |
7. | Governing Law. This Performance Award shall be governed by, construed, and enforced in accordance with the laws of the State of Texas. |
8. | Clawback or Recoupment. This Performance Award and any cash delivered hereunder are subject to clawback or recoupment as required by applicable law or Company policy. |
9. | Section 409A. Any payments under Paragraph 2(a) or 2(b) of this Performance Award are intended to be exempt from Section 409A of the Code, by compliance with the short-term deferral exemption as specified in Treas. Reg. § 1.409A-1(b)(4). Any payment under Paragraph 2(c) of this Performance Award is intended to be compliant with Code Section 409A as being paid pursuant to a specified time or fixed schedule under Treas. Reg. § 1.409A-3(i). The provisions of this Performance Award shall be administered, interpreted and construed accordingly. |
1. | Definition of Performance Condition. The Performance Condition for the 2018-2020 performance cycle shall be based on the greater of the average annual economic value added (“EVA”) results for Westlake Chemical Corporation and relative total shareholder return (“TSR”) as compared to a peer group of companies. EVA is equal to net operating profit after tax (“NOPAT”) less a capital charge based upon the weighted average cost of capital. TSR means stock price growth for a defined measurement period, with any dividends paid. |
2. | Calculation of Performance Award. The amount of the Performance Award shall be determined as set forth on the following chart: |
Threshold Performance | Target Performance | Maximum Performance | |
Payment Rate | 25% of target value | 100% of target value | 200% of target value |
Performance Rate (relative TSR) | 33.3% ile | 50% ile | 75% ile |
Performance Rate (Westlake EVA) * “1X” equals returns equivalent to the cost of capital | .5X | 1X* | >2X |
3. | Adjustments. If a change in control of the Company occurs, and as a result the Administrator determines that the relative TSR calculation would no longer be fairly representative of the Company's performance, the Administrator may make such adjustments to the Performance Condition as it deems necessary in the calculation of the Company’s TSR. |
1. | Relationship to Plan. This Award is subject to all of the terms, conditions and provisions of the Westlake Chemical Corporation 2013 Omnibus Incentive Plan (the “Plan”) and administrative interpretations thereunder, if any, which have been adopted by the Administrator and are in effect on the date hereof. Except as defined herein, capitalized terms shall have the same meanings ascribed to them under the Plan. |
2. | Vesting Schedule. |
(a) | This Award shall vest in accordance with the following schedule: |
Vesting Date | Percentage of Shares Vested |
[_______________], 2021 | 100% |
(b) | All Restricted Stock Units subject to this Award shall vest, irrespective of the limitations set forth in subparagraph(a) above, in the event of your termination of employment with the Company or any of its Subsidiaries due to death. |
(c) | Irrespective of the limitations set forth in subparagraph(a) above, in the event of your termination of employment with the Company or any of its Subsidiaries due |
3. | Forfeiture of Award. If your employment terminates other than by reason of death or Normal Retirement, all unvested Restricted Stock Units as of the termination date shall be forfeited. |
4. | Distribution Following Termination of Restrictions. Subject to the other provisions of this Award and the Plan, the Restricted Stock Units shall vest as set forth in Paragraph 2, and shares of Common Stock shall be distributed to you (or your beneficiary) as soon as practicable after the Restricted Stock Units vest, but in no event later than March 15th of the year following the year in which the Restricted Stock Units vest. Distribution of Common Stock will be subject to withholding taxes as described in Paragraph 5, and may be in a form selected by the Company, in its discretion, including deposit into a custodial account or delivery of a stock certificate. |
5. | Withholding. Upon the settlement of the Restricted Stock Units, you are authorized to surrender to the Company, or have withheld by the Company from the Common Stock that otherwise would have been delivered to you, an appropriate number of shares of Common Stock, having a Fair Market Value determined in accordance with the Plan, equal to the amount necessary to satisfy any tax withholding obligation arising with respect to your Restricted Stock Units. The Company has no discretion to refuse to accept or withhold the shares of Common Stock. The authorization provided pursuant to this Section is intended to make the transaction exempt under Rule 16b-3 under the Exchange Act. |
6. | Assignment of Award. Your rights under the Plan and this Restricted Stock Unit Award are personal; no assignment or transfer of your rights under and interest in this Award may be made by you other than by will or by the laws of descent and distribution. |
7. | No Dividend Equivalents. You are not entitled to receive Dividend Equivalents with respect to the Restricted Stock Units under this Award. |
8. | Voting Rights. You do not have voting rights with respect to the Restricted Stock Units. You will be entitled to vote shares of Common Stock you retain that are issued to you in settlement of this Award. |
9. | No Employment Guaranteed. No provision of this Restricted Stock Unit Award shall give you any right to continued employment with the Company or any Subsidiary. |
10. | Requirements of Law and Stock Exchanges. Your rights to the Restricted Stock Units and the issuance and delivery of the Common Stock to which such Restricted Stock Units relate are subject to compliance with all applicable requirements of law. In addition, the Company shall not be obligated to deliver any shares of Common Stock if counsel to the Company determines that such delivery would violate any applicable law or any rule or regulations of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities exchange or association upon which the Common Stock is listed or quoted. |
11. | Governing Law. This Restricted Stock Unit Award shall be governed by, construed, and enforced in accordance with the laws of the State of Texas. |
12. | Clawback or Recoupment. This Restricted Stock Unit Award, any shares of Common Stock distributed hereunder and any profits realized on the sale of such shares are subject to clawback or recoupment as required by applicable law or Company policy. |
13. | Section 409A of the Code. This Award is intended to be exempt from or to comply with the provisions of Section 409A of the Code (“Section 409A”) and the provisions of this Award shall be administered, interpreted and construed accordingly. Specifically, (i) if you are not Normal Retirement Eligible, the distribution of the Common Stock upon the time of payment specified in Paragraph 4 is exempt from Section 409A as a short-term deferral in compliance with Treasury Regulation Section 1.409A-1(b)(4), and (ii) if you are Normal Retirement Eligible, the time of payment specified with respect to Paragraph 4 is compliant with Treasury Regulation Section 1.409A-3(c)(2) and is compliant with Section 409A as being paid pursuant to a specified time or fixed schedule under Treasury Regulation Section 1.409A-3(i). You will not be considered to have a termination from employment unless |
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income before Income Taxes | $ | 1,081 | $ | 558 | $ | 963 | $ | 1,084 | $ | 942 | ||||||||||
Fixed Charges | 207 | 119 | 68 | 63 | 59 | |||||||||||||||
Equity Investee Distributions | 6 | 5 | 6 | 5 | 5 | |||||||||||||||
Capitalized Interest | (4 | ) | (10 | ) | (10 | ) | (7 | ) | (26 | ) | ||||||||||
Noncontrolling interest | (10 | ) | (1 | ) | — | — | — | |||||||||||||
Equity Investment (Income) Loss | (6 | ) | (4 | ) | (22 | ) | 1 | (5 | ) | |||||||||||
Total Earnings Available for Fixed Charges | $ | 1,274 | $ | 667 | $ | 1,005 | $ | 1,146 | $ | 975 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest Expense | $ | 159 | $ | 79 | $ | 35 | $ | 37 | $ | 18 | ||||||||||
Capitalized Interest | 4 | 10 | 10 | 7 | 26 | |||||||||||||||
Portion of Rentals | 44 | 30 | 23 | 19 | 15 | |||||||||||||||
Total Fixed Charges | $ | 207 | $ | 119 | $ | 68 | $ | 63 | $ | 59 | ||||||||||
Ratio of Earnings to Fixed Charges | 6.2 | 5.6 | 14.8 | 18.2 | 16.5 |
Name of Subsidiary | State or Other Jurisdiction of Incorporation or Organization | Names Doing Business | ||
Axiall Canada, Inc. | Canada | Axiall Canada, Inc. | ||
Axiall Corporation | Delaware | Axiall Corporation | ||
Axiall Holdco, Inc. | Delaware | Axiall Holdco, Inc. | ||
Axiall Noteco, Inc. | Delaware | Axiall Noteco, Inc. | ||
Axiall Taiwan Ltd. | Taiwan | Axiall Taiwan Ltd. | ||
Axiall, LLC | Delaware | Axiall, LLC | ||
Eagle Natrium LLC | Delaware | Eagle Natrium LLC | ||
Eagle Spinco Inc. | Delaware | Eagle Spinco Inc. | ||
Eagle US 2 LLC | Delaware | Eagle US 2 LLC | ||
Lagoon LLC | Delaware | Lagoon LLC | ||
North American Pipe Corporation | Delaware | North American Pipe Corporation and NAPCO | ||
North American Specialty Products LLC | Delaware | North American Specialty Products LLC | ||
Plastic Trends, Inc. | Michigan | Plastic Trends, Inc. | ||
Rome Acquisition Holding Corp. | Nova Scotia | Rome Acquisition Holding Corp. | ||
Rome Delaware Corp. | Delaware | Rome Delaware Corp. | ||
Royal Building Products (USA) Inc. | Delaware | Royal Building Products (USA) Inc. | ||
Royal Group, Inc. | Canada | Royal Group, Inc. | ||
Taiwan Chlorine Industries Ltd. | Taiwan | Taiwan Chlorine Industries Ltd. | ||
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 Limited | United Kingdom | Vinnolit Limited | ||
Vinnolit Schkopau GmbH | Ismaning, Germany | Vinnolit Schkopau GmbH | ||
Westlake Building Products, Inc. | Delaware | Westlake Building Products, Inc. | ||
Westlake Chemical Finance Corporation | Delaware | Westlake Chemical Finance Corporation | ||
Westlake Chemical Investments, Inc. | Delaware | Westlake Chemical Investments, Inc. | ||
Westlake Chemical OpCo LP | Delaware | Westlake Chemical OpCo LP | ||
Westlake Chemical Partners GP LLC | Delaware | Westlake Chemical Partners GP LLC | ||
Westlake Chemical Partners LP | Delaware | Westlake Chemical Partners LP | ||
Westlake Development Corporation | Delaware | Westlake Development Corporation | ||
Westlake International Holdings Cooperatief U.A. | The Netherlands | Westlake International Holdings Cooperatief U.A. | ||
Westlake International Holdings C.V. | The Netherlands | Westlake International Holdings C.V. | ||
Westlake International Holdings II C.V. | The Netherlands | Westlake International Holdings II C.V. |
Westlake Longview Corporation | Delaware | Westlake Longview Corporation | ||
Westlake Management Services, Inc. | Delaware | Westlake Management Services, Inc. | ||
Westlake Olefins Corporation | Delaware | Westlake Olefins Corporation | ||
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 Styrene LLC | Delaware | Westlake Styrene LLC | ||
Westlake Vinyls Company LP | Delaware | Westlake Vinyls Company LP | ||
Westlake Vinyl Corporation | Delaware | Westlake Vinyl Corporation | ||
Westlake Vinyls, Inc. | Delaware | Westlake Vinyls, Inc. | ||
WPT LLC | Delaware | WPT LLC and WPT LP | ||
* | 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 21, 2018 | /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 21, 2018 | /s/ M. STEVEN BENDER | |
M. Steven Bender Executive Vice President and Chief Financial Officer (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 21, 2018 | /s/ ALBERT CHAO | |
Albert Chao President and Chief Executive Officer (Principal Executive Officer) | |||
Date: | February 21, 2018 | /s/ M. STEVEN BENDER | |
M. Steven Bender Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Document And Entity Information - USD ($) $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Feb. 14, 2018 |
Jun. 30, 2017 |
|
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2017 | ||
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 | 129,419,805 | ||
Entity Public Float | $ 2.4 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 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 (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 134,651,380 | 134,651,380 |
Common stock, held in treasury | 5,232,875 | 5,726,377 |
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | |||
Comprehensive income (loss) including portion attributable to noncontrolling interest, tax | $ 1 | $ 0 | $ 0 |
Description Of Business And Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||
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. Acquisition of Axiall Corporation On August 31, 2016, the Company completed the acquisition of Axiall Corporation ("Axiall") for $33.00 per share in an all-cash transaction (the "Merger"), pursuant to the terms of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of June 10, 2016, by and among Westlake, Axiall and Lagoon Merger Sub, Inc., a wholly-owned subsidiary of Westlake (the "Merger Sub"). During the third quarter of 2016, in order to finance a portion of the consideration and related fees and expenses, and for other general corporate purposes, the Company issued $1,450 aggregate principal amount of senior notes. In addition, the Company entered into a $1,000 unsecured revolving credit facility (the "Credit Agreement"). Westlake Chemical Partners LP In 2014, the Company formed Westlake Chemical Partners LP ("Westlake Partners") to operate, acquire and develop ethylene production facilities and related assets. Westlake Partners' assets consist of a limited partner interest in Westlake Chemical OpCo LP ("OpCo"), as well as the general partner interest in OpCo. OpCo's assets include two ethylene production facilities at the Company's Lake Charles, Louisiana site, one ethylene production 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, 2017, the Company held an 81.7% limited partner interest in OpCo and a controlling 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. Undistributed earnings from joint ventures included in retained earnings were immaterial as of December 31, 2017. All intercompany transactions and balances are eliminated in consolidation. Noncontrolling interests represent the direct equity interests held by investors in the Company's consolidated subsidiaries, Westlake Partners and Taiwan Chlorine Industries, Ltd. 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. 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. 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 net realizable value. 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 $4, $10 and $10 for the years ended December 31, 2017, 2016 and 2015, 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. Depreciation is provided by utilizing the straight-line method over the estimated useful lives of the assets as follows:
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 Goodwill and Intangible Assets The accounting guidance requires that 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 2017 and April 2017, 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. Other intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment in accordance with the provisions of the accounting guidance. See Note 7 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. Business Combinations The Company records business combinations using the acquisition method of accounting. Under the acquisition method of accounting, identifiable assets acquired and liabilities assumed are recorded at their acquisition date fair values. The excess of the purchase price over the estimated fair value is recorded as goodwill. Changes in the estimated fair values of net assets recorded for acquisitions prior to the finalization of more detailed analysis, but not to exceed one year from the date of acquisition, will adjust the amount of the purchase price allocable to goodwill. Measurement period adjustments are reflected in the period in which they occur. 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. On December 22, 2017, the United States ("U.S.") Tax Cuts and Jobs Act (the "Tax Act") was signed into law. The Tax Act, among other changes, reduces the U.S. corporate income tax rate from 35% to 21%, effective January 1, 2018, and also requires a one-time deemed repatriation of foreign earnings at specified rates. The Company made a provisional adjustment of $591 of income tax benefit in the 2017 consolidated financial statements for items that the Company could reasonably estimate such as revaluation of deferred tax assets and liabilities and a one-time U.S. tax on the mandatory deemed repatriation of the Company's post-1986 foreign earnings. For additional information, see Note 15. 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. 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. Transportation and Freight Amounts billed to customers for freight and handling costs on outbound shipments are included in net sales in the consolidated statements of operations. Transportation and freight costs incurred by the Company on outbound shipments are included in cost of sales in the consolidated statements of operations. 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. Asset Retirement Obligations The Company has conditional asset retirement obligations for the removal and disposal of hazardous materials from certain of the Company's manufacturing facilities. The Company recognizes asset retirement obligations in the period in which the liability becomes probable and reasonably estimable. Recognized asset retirement obligations are initially recorded at fair value and capitalized as a component of the carrying value of the long-lived asset to which the obligation relates. The liability is accreted to its future value each period, and the capitalized cost is depreciated over the estimated useful life of the related asset. Upon settlement of the liability, a gain or loss is recorded. As of December 31, 2017, the Company had $3 and $18 of asset retirement obligations recorded as accrued liabilities and other liabilities, respectively. As of December 31, 2016, the Company had $4 and $17 of asset retirement obligations recorded as accrued liabilities and other liabilities, respectively. The Company also has conditional asset retirement obligations that have not been recognized because the fair values of the conditional legal obligations cannot be measured due to the indeterminate settlement date of the obligations. Settlements of the unrecognized conditional asset retirement obligations are not expected to have a material adverse effects on the Company's financial condition, results of operations or cash flows in any individual reporting period. 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. 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. Recent Accounting Pronouncements Revenue from Contracts with Customers (ASU No. 2014-09) 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 and December 2016, the FASB issued various additional authoritative guidance for the new revenue recognition standard. The accounting standard will be effective for reporting periods beginning after December 15, 2017 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. The Company has elected the modified retrospective method of adoption. Recognition and Measurement of Financial Assets and Financial Liabilities (ASU No. 2016-01) 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 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Leases (ASU No. 2016-02) In February 2016, the FASB issued an accounting standards update on a new lease standard that will supersede the existing lease guidance. The standard requires a lessee to recognize assets and liabilities related to long-term leases that are classified as operating leases under current guidance on its balance sheet. An asset would be recognized related to the right to use the underlying asset and a liability would be recognized related to the obligation to make lease payments over the term of the lease. The standard also requires expanded disclosures related to leases. The accounting standard will be effective for reporting periods beginning after December 15, 2018. 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. Credit Losses (ASU No. 2016-13) In June 2016, the FASB issued an accounting standards update providing new guidance for the accounting for credit losses on loans and other financial instruments. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. The standard also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The accounting standard will be effective for reporting periods beginning after December 15, 2019 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Cash Flows (ASU No. 2016-15) In August 2016, the FASB issued an accounting standards update providing new guidance on the classification of certain cash receipts and payments including debt extinguishment costs, debt prepayment costs, settlement of zero-coupon debt instruments, contingent consideration payments, proceeds from the settlement of insurance claims and life insurance policies and distributions received from equity method investees in the statement of cash flows. This update is required to be applied using the retrospective transition method to each period presented unless it is impracticable to be applied retrospectively. In such situation, this guidance is to be applied prospectively. The accounting standard will be effective for reporting periods beginning after December 15, 2017 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Cash Flows (ASU No. 2016-18) In November 2016, the FASB issued an accounting standards update to clarify certain existing principles in Accounting Standards Codification ("ASC") 230, Cash flows, including providing additional guidance related to transfers between cash and restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. The accounting standard will be effective for reporting periods beginning after December 15, 2017. Upon adoption, the Company will retrospectively adjust its financial statements to reflect restricted cash in the beginning and ending cash and restricted cash balances within the statements of cash flows. Transfers between cash and restricted cash will be excluded from net changes in cash and cash equivalents within the statements of cash flows. Business Combinations (ASU No. 2017-01) In January 2017, the FASB issued an accounting standards update to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in ASC 606. The accounting standard will be effective for reporting periods beginning after December 15, 2017 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Intangibles-Goodwill and Other (ASU No. 2017-04) In January 2017, the FASB issued an accounting standards update to simplify the subsequent measurement of goodwill. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The accounting standard will be effective for reporting periods beginning after December 15, 2019 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (ASU No. 2017-05) In February 2017, the FASB issued an accounting standards update to clarify the scope of guidance related to other income—gains and losses from the derecognition of nonfinancial assets, and to add guidance for partial sales of nonfinancial assets. The new guidance clarifies that an in substance nonfinancial asset is an asset or group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. The guidance also outlines that when an entity transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling interest, it will measure the retained interest at fair value resulting in full gain or loss recognition upon sale of the controlling interest. The accounting standard will be effective for reporting periods beginning after December 15, 2017 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Compensation - Retirement Benefits (ASU No. 2017-07) In March 2017, the FASB issued an accounting standards update to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance requires employers to disaggregate the service cost component from the other components of net periodic benefit cost and report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The amendments also allow only the service cost component to be eligible for capitalization when applicable. The accounting standard will be effective for reporting periods beginning after December 15, 2017 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Compensation - Stock Compensation (ASU No. 2017-09) In May 2017, the FASB issued the accounting standards update to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require the application of modification accounting in Topic 718. Essentially, an entity will not have to account for the effects of a modification if: (1) the fair value of the modified award is the same immediately before and after the modification; (2) the vesting conditions of the modified award are the same immediately before and after the modification; and (3) the classification of the modified award as either an equity instrument or liability instrument is the same immediately before and after the modification. This update is to be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted. The accounting standard will be effective for reporting periods beginning after December 15, 2017 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (ASU No. 2017-12) In August 2017, the FASB issued an accounting standards update to improve financial reporting of hedging relationships, to better portray the economic results of an entity's risk management activities in the financial statements and to simplify application of hedge accounting guidance. The accounting standard eliminates certain hedge effectiveness measurement and reporting requirements and expands the types of permissible hedging strategies. The accounting standard will be effective for reporting periods beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted in any interim period after issuance, to be applied retrospectively to the beginning of the fiscal year. 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. Recently Adopted Accounting Standards Investments-Equity Method and Joint Ventures (ASU No. 2016-07) In March 2016, the FASB issued an accounting standards update providing new guidance for the accounting for equity method investments. The new guidance eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. In addition, the guidance requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The accounting standard is effective for reporting periods beginning after December 15, 2016. The Company adopted this accounting standard effective January 1, 2017 and the adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. Stock Compensation (ASU No. 2016-09) In March 2016, the FASB issued an accounting standards update to simplify several aspects of the accounting for share-based payment transactions, including income tax consequences, classifications of awards as either equity or liabilities and certain related classifications on the statement of cash flows. In addition, the new guidance permits entities to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards. Forfeitures can be estimated, as required today, or recognized when they occur. The accounting standard is effective for reporting periods beginning after December 15, 2016. The Company adopted this accounting standard effective January 1, 2017 and elected to continue estimating forfeitures as required prior to adoption of the accounting standards update. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. Amendments to the Consolidation Analysis (ASU No. 2016-17) In October 2016, the FASB issued an accounting standards update making certain changes to the current consolidation guidance. The amendments affect reporting entities that are required to evaluate whether they should consolidate a variable interest entity in certain situations involving entities under common control. Specifically, the amendments change the evaluation of whether a reporting entity is the primary beneficiary of a variable interest entity by changing how a reporting entity that is a single decision maker of a variable interest entity treats indirect interests in the entity held through related parties that are under common control with the reporting entity. The amendments will be effective for annual periods beginning after December 15, 2016. The Company adopted this accounting standard, applied prospectively, effective January 1, 2017, and the adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. |
Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions Axiall Corporation On August 31, 2016, the Company completed its acquisition of, and acquired all the remaining equity interest in, Axiall, a Delaware corporation. Prior to the acquisition, the Company held 3.1 million shares in Axiall. Pursuant to the terms of the Merger Agreement, dated as of June 10, 2016, by and among Westlake, Axiall and the Merger Sub, the Company acquired all of the remaining issued and outstanding shares of common stock of Axiall for $33.00 per share in cash. Pursuant to the Merger Agreement, Merger Sub was merged with and into Axiall, and Axiall survived the Merger as a wholly-owned subsidiary of the Company. The combined company is the third-largest global chlor-alkali producer and the third-largest global PVC producer. The Company's management believes that this strategic acquisition will enhance its strategy of integration and will further strengthen its role in the North American markets. Axiall produces a highly integrated chain of chlor-alkali and derivative products, including chlorine, caustic soda, vinyl chloride monomer ("VCM"), PVC resin, PVC compounds and chlorinated derivative products. Axiall also manufactures and sells building products, including siding, trim, mouldings, pipe and pipe fittings. Total consideration transferred for the Merger was $2,540. The Merger was accounted for under the acquisition method of accounting. The assets acquired and liabilities assumed and the results of operations of the acquired business are included in the Company's Vinyls segment. For the year ended December 31, 2016, the Company recognized $104 of transaction and integration-related costs. This included acquisition-related costs of $49 for advisory, consulting and professional fees and other expenses during the year ended December 31, 2016. Transaction and integration-related costs also included $55 during the year ended December 31, 2016 related to the settlement of Axiall share-based awards, retention agreement costs and severance benefits provided to former Axiall employees in connection with the Merger. 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 allocation of the consideration transferred is based on management's estimates, judgments and assumptions. When determining the fair values of assets acquired, liabilities assumed and noncontrolling interests of the acquiree, management made significant estimates, judgments and assumptions. Management estimated that consideration paid exceeded the fair value of the net assets acquired. Therefore, goodwill of $942 was recorded. The goodwill recognized is primarily attributable to synergies related to the Company's vinyls integration strategy that are expected to arise from the Merger. All of the goodwill is assigned to the Company's Vinyls segment. As a portion of the goodwill arising from the Merger is attributable to foreign operations, there will be a continuing foreign currency impact to goodwill in the consolidated financial statements.
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The following table summarizes the purchase price allocation:
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The acquired business contributed net sales and net loss of $976 and $96, respectively, to the Company for the period from August 31, 2016 to December 31, 2016. The net loss for the period from August 31, 2016 to December 31, 2016 included integration-related costs and the negative impact of selling higher cost Axiall inventory recorded at fair value. The following unaudited consolidated pro forma information presents consolidated pro forma information as if the Merger had occurred on January 1, 2015:
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The pro forma amounts above have been calculated after applying the Company's accounting policies and adjusting the Axiall results to reflect (1) the increase to 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, 2015; (2) the elimination of net sales and cost of sales between the Company and Axiall; (3) additional pension service costs; (4) amortization of debt premium and accretion of asset retirement obligations and environmental liabilities as part of the Company's adjustments to fair value; (5) incremental interest expense that would have been incurred assuming the financing arrangements entered into by the Company and the repayment of a portion of Axiall's outstanding debt had occurred on January 1, 2015; (6) the elimination of transaction-related costs; (7) the elimination of Axiall's goodwill impairment charges during 2015; and (8) 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 Merger, are presented for illustrative purposes only and are not necessarily indicative of results that would have been achieved if the Merger had occurred as of January 1, 2015 or of future operating performance. 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%. Huasu is a PVC joint venture based near Shanghai, in the People's Republic of China and has a combined annual capacity of approximately 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 $2, which is included in other income, net in the consolidated statement of operations for the year ended December 31, 2015. The closing date purchase price of $6 was paid with available cash on hand. The acquisition was accounted for under the acquisition method of accounting. The transaction resulted in a bargain purchase acquisition-date gain of $23 and is recognized in other income, net in the consolidated statement of operations for the year ended December 31, 2015. 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. |
Financial Instruments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments Cash Equivalents The Company had $644 and $0 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, 2017 and 2016, respectively. The Company's investments in held-to-maturity securities were held at amortized cost, which approximates fair value. Restricted Cash and Cash Equivalents The Company had restricted cash and cash equivalents of $23 at December 31, 2017, which was primarily related to balances that are restricted for payment of distributions to certain of the Company's current and former employees. The Company had restricted cash and cash equivalents of $186 at December 31, 2016, which was primarily related to the balances deposited with and held as security by the lender under the Company's prior term loan facility and for distributions to certain of the Company's current and former employees. The current portion of restricted cash and cash equivalents was $1 and $161 at December 31, 2017 and 2016, respectively. The non-current portion of restricted cash and cash equivalents was $22 and $25 at December 31, 2017 and 2016, respectively, and is reflected under other assets, net in the consolidated balance sheets. Available-for-Sale Marketable Securities The Company had no available-for-sale securities at December 31, 2017 and 2016. The proceeds from sales and maturities of available-for-sale securities included in the consolidated statements of cash flows and the gross realized gains included in the consolidated statements of operations are reflected in the table below. No gross realized losses were realized during these periods. The cost of securities sold was determined using the specific identification method.
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Accounts Receivable |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable Accounts receivable consist of the following at December 31:
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Inventories |
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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 | Property, Plant and Equipment Property, plant and equipment consist of the following at December 31:
Depreciation expense on property, plant and equipment of $449, $305 and $209 is included in cost of sales in the consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015, respectively. |
Goodwill, Intangibles and Other Assets |
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Goodwill, Intangibles and Other Assets | Other Assets Goodwill The gross carrying amounts of goodwill for the years ended December 31, 2017 and 2016 are as follows:
Olefins Segment Goodwill The fair value of the Olefins segment, the reporting unit assessed during October 2017, 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 2018 to 2026, to reflect the cyclicality of the Company's Olefins business. The forecast was based on prices and spreads projected by IHS Markit ("IHS"), a chemical industry organization offering market and business advisory services for the chemical market, historical results and estimates by management, including its strategic and operational plans. Other significant assumptions used in the discounted cash flow projection included sales volumes based on production capacities. The future cash flows were discounted to present value using a discount rate of 8%. The significant assumptions used in determining the fair values of the reporting units using the market value methodology included the determination of appropriate market comparables and the estimated multiples of EBITDA a willing buyer was likely to pay. Vinyls Segment Goodwill Due to the Merger, the Company reorganized the reporting units of the Vinyls segment during 2017. Goodwill was reassigned based on a relative fair value approach. The fair values of the North America, Europe, Taiwan and China reporting units assessed during the April 2017 impairment test were 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 2018 to 2026 to reflect the cyclicality of the housing and construction markets as the Company's Vinyls businesses are significantly influenced by those markets. The forecast was based on prices and spreads projected by IHS, historical results and estimates by management, including its strategic and operational plans. Other significant assumptions used in the discounted cash flow projection included sales volumes based on production capacities. The future cash flows were discounted to present value using a discount rate ranging from 9% to 12%. The significant assumptions used in determining the fair values of the reporting units 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. Intangible Assets Intangible assets consisted of the following at December 31:
Scheduled amortization of intangible assets for the next five years is as follows: $107, $106, $105, $103 and $81 in 2018, 2019, 2020, 2021 and 2022, respectively. Other Assets, net Other assets, net include net turnaround costs, cost-method investments, equity-method investments, restricted cash and deferred charges. |
Term Loan |
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Debt Disclosure [Abstract] | |
Term Loan | Term Loan On August 10, 2016, an indirect subsidiary of the Company, Westlake International Holdings II C.V., a limited partnership organized under the laws of the Netherlands (the "CV Borrower"), entered into a credit agreement with Bank of America, N.A., as agent and lender, providing the CV Borrower with a $150 term loan facility. The term loan facility had a scheduled maturity date of March 31, 2017. The term loan was fully repaid in January 2017. The loans thereunder bore interest at a floating interest rate equal to LIBOR plus 2% per annum, payable in arrears on the last day of each three-month period following the date of funding and at maturity. |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following at December 31:
Credit Agreement The Company has a $1,000 revolving credit facility that matures on August 23, 2021. The Credit Agreement bears interest at either (a) LIBOR plus a spread ranging from 1.00% to 1.75% or (b) Alternate Base Rate plus a spread ranging from 0.00% to 0.75%, in each case depending on the credit rating of the Company. As of December 31, 2017, the Company had no borrowings outstanding under the Credit Agreement. As of December 31, 2017, the Company had outstanding letters of credit totaling $6 and borrowing availability of $994 under the Credit Agreement. The obligations of the Company under the Credit Agreement are guaranteed by current and future material domestic subsidiaries of the Company, subject to certain exceptions. The Credit Agreement contains certain affirmative and negative covenants, including a quarterly total leverage ratio financial maintenance covenant. The Credit Agreement also contains certain events of default and if and for so long as an event of default has occurred and is continuing, any amounts outstanding under the Credit Agreement will accrue interest at an increased rate, the Lenders can terminate their commitments thereunder and payments of any outstanding amounts could be accelerated by the Lenders. As of December 31, 2017, the Company is in compliance with the total leverage ratio financial maintenance covenant. 3.60% Senior Notes due 2026 and 5.0% Senior Notes due 2046 In August 2016, the Company issued $750 aggregate principal amount of the 3.60% 2026 Senior Notes and $700 aggregate principal amount of the 5.0% 2046 Senior Notes. In March 2017 the Company commenced registered exchange offers to exchange the 3.60% 2026 Senior Notes and the 5.0% 2046 Senior Notes for new notes that are identical in all material respects to the 3.60% 2026 Senior Notes and the 5.0% 2046 Senior Notes, except that the offer and issuance of the new Securities and Exchange Commission ("SEC")-registered notes have been registered under the Securities Act of 1933, as amended (the "Securities Act"). The exchange offers expired on April 24, 2017, and approximately 99.97% of the 3.60% 2026 Senior Notes and 100% of the 5.0% 2046 Senior Notes were exchanged. The 3.60% 2026 Senior Notes that were not exchanged in the 3.60% 2026 Senior Notes exchange offer have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state securities law. 4.625% Senior Notes due 2021 and 4.875% Senior Notes due 2023 In September 2016, the Company issued $625 aggregate principal amount of the 4.625% Westlake 2021 Senior Notes and $434 aggregate principal amount of the 4.875% Westlake 2023 Senior Notes upon the closing of the Company's offers to exchange any and all of the $688 aggregate principal amount of the outstanding 4.625% senior notes due 2021 issued by Eagle Spinco Inc., a wholly-owned subsidiary of Axiall ("Eagle Spinco"), and the $450 aggregate principal amount of the outstanding 4.875% senior notes due 2023 issued by Axiall. In the exchange offers, $625 aggregate principal amount of the 4.625% Westlake 2021 Senior Notes and $434 aggregate principal amount of the 4.875% Westlake 2023 Senior Notes were issued by the Company, leaving outstanding $63 aggregate principal amount of the 4.625% Subsidiary 2021 Senior Notes and $16 aggregate principal amount of the 4.875% Subsidiary 2023 Senior Notes. In March 2017, the Company commenced registered exchange offers to exchange the 4.625% Westlake 2021 Senior Notes and the 4.875% Westlake 2023 Senior Notes for new SEC-registered notes that are identical in all material respects to the 4.625% Westlake 2021 Senior Notes and the 4.875% Westlake 2023 Senior Notes, except that the offer and issuance of the new notes have been registered under the Securities Act. The exchange offers expired on April 24, 2017, and 100% of both the 4.625% Westlake 2021 Senior Notes and the 4.875% Westlake 2023 Senior Notes were exchanged. In December 2017, the Company delivered irrevocable notices for the optional redemption of all of the outstanding 4.625% Westlake 2021 Senior Notes and 4.625% Subsidiary 2021 Senior Notes (collectively, the "2021 Notes"). The 2021 Notes were redeemed on February 15, 2018 at a redemption price equal to 102.313% of the principal amount of the 2021 Notes plus accrued and unpaid interest on the 2021 Notes to the redemption date. The 2021 Notes were classified as a component of current liabilities in the consolidated balance sheet at December 31, 2017, based on the terms of the redemption. 3.60% Senior Notes due 2022 In July 2012, the Company issued $250 aggregate principal amount of the 3.60% 2022 Senior Notes. The 3.60% 2022 Senior Notes are unsecured and were issued with an original issue discount of $1. There is no sinking fund and no scheduled amortization of the 3.60% 2022 Senior Notes prior to maturity. The Company may optionally redeem the 3.60% 2022 Senior Notes in accordance with the terms of the 3.60% 2022 Senior Notes. All of the Company's domestic subsidiaries that guarantee other indebtedness of the Company or of another guarantor of the 3.60% 2022 Senior Notes in excess of $5 are guarantors of the 3.60% 2022 Senior Notes. 4.375% Senior Notes due 2047 In November 2017, the Company completed the registered public offering of $500 aggregate principal amount of the 4.375% 2047 Senior Notes. The 4.375% 2047 Senior Notes are unsecured and mature on November 15, 2047. There is no sinking fund and no scheduled amortization of the 4.375% 2047 Senior Notes prior to maturity. The Company may optionally redeem the 4.375% 2047 Senior Notes in accordance with the terms of the 4.375% 2047 Senior Notes. All of the Company's domestic subsidiaries that guarantee other indebtedness of the Company or another guarantor or the 4.375% 2047 Senior Notes in excess of $40 are guarantors of the 4.375% 2047 Senior Notes. The indenture governing the 3.60% 2026 Senior Notes, the 5.0% 2046 Senior Notes, the 4.625% Westlake 2021 Senior Notes, the 4.875% Westlake 2023 Senior Notes, 3.60% 2022 Senior Notes and 4.375% 2047 Senior Notes contains customary events of default and covenants that will restrict the Company and certain of the Company's 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 its assets. IKE Zone Bonds In December 2010, the Louisiana Local Government Authority Environmental Facilities and Community Development Authority (the "Authority"), a political subdivision of the State of Louisiana, completed the offering of $65 of 6 ½% tax-exempt revenue bonds due November 1, 2035 (the "6 ½% 2035 IKE Zone Senior Notes") under Section 704 of the Emergency Economic Stabilization Act of 2008 (the "IKE Zone Act"). GO Zone Bonds In December 2010, the Authority issued $89 of 6 ½% tax-exempt revenue bonds due November 1, 2035 under the Gulf Opportunity Zone Act of 2005 (the "GO Zone Act") (the "6 ½% 2035 GO Zone Bonds"). In connection with the issuance of the 6 ½% 2035 GO Zone Bonds, the Company issued $89 of the 6 ½% 2035 GO Zone Senior Notes. In July 2010, the Authority completed the reoffering of $100 of 6 ½% tax-exempt revenue bonds due August 1, 2029 under the GO Zone Act (the "6 ½% 2029 GO Zone Bonds"). In connection with the reoffering of the 6 ½% 2029 GO Zone Bonds, the Company issued $100 of the 6 ½% 2029 GO Zone Senior Notes. In December 2007, the Authority issued $250 of 6 ¾% tax-exempt revenue bonds due November 1, 2032 under the GO Zone Act (the "6 ¾% 2032 GO Zone Bonds"). In connection with the issuance of the 6 ¾% 2032 GO Zone Bonds, the Company issued $250 of the 6 ¾% 2032 GO Zone Senior Notes. Each series of the tax-exempt 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 September 2017, the Company directed the Authority to optionally redeem in full the $250 aggregate principal amount of the 6 ¾% 2032 GO Zone Bonds on November 1, 2017. In connection with the redemption of the 6 ¾% 2032 GO Zone Bonds, the Authority was required to cause the GO Zone Bonds trustee to surrender the 6 ¾% 2032 GO Zone Senior Notes to the Senior Notes trustee for cancellation. The 6 ¾% 2032 GO Zone Bonds were redeemed and the 6 ¾% 2032 GO Zone Senior Notes were cancelled on November 1, 2017. In November 2017, the Authority completed the remarketing of $250 aggregate principal amount of 3.50% tax-exempt revenue refunding bonds due November 1, 2032 (the "3.50% 2032 GO Zone Bonds"). In connection with the remarketing of the 3.50% 2032 GO Zone Bonds, the Company issued $250 of the 3.50% 2032 Senior Notes. The 3.50% 2032 GO Zone Bonds are subject to optional redemption by the Authority upon the direction of the Company at any time on or after November 1, 2027, for 100% of the principal amount plus accrued interest. The indenture governing the 3.50% 2032 Senior Notes contains customary events of default and covenants that will restrict the Company and certain of the Company's subsidiaries' ability to (1) incur certain secured indebtedness, (2) engage in certain sale-leaseback transactions and (3) consolidate, merge or transfer all of substantially all of its assets. In connection with each offering of the tax-exempt 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% 2029 GO Zone Senior Notes, the 3.50% 2032 Senior Notes and the 6 ½% 2035 GO Zone Senior Notes (collectively, the "GO Zone Senior Notes") and the 6 ½% 2035 IKE Zone Senior Notes (together with the Go Zone Senior Notes, the "Tax-Exempt Bond Related Senior Notes") in excess of $5 ($40 in the case of the 3.50% 2032 Senior Notes) are guarantors of the Tax-Exempt Bond Related Senior Notes. As of December 31, 2017, the Company had drawn all proceeds from the tax-exempt bonds. The indentures governing the Tax-Exempt Bond Related Senior Notes, excluding the 3.50% 2032 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 Tax-Exempt Bond Related 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 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 $11 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. The interest rate on the waste disposal revenue bonds at December 31, 2017 and 2016 was 1.73% and 0.79%, respectively. As of December 31, 2017, the Company was in compliance with all of the covenants with respect to the Tax-Exempt Bond Related Senior Notes, 4.625% Westlake 2021 Senior Notes, 4.625% Subsidiary 2021 Senior Notes, 3.60% 2022 Senior Notes, 4.875% Westlake 2023 Senior Notes, 4.875% Subsidiary 2023 Senior Notes, 3.60% 2026 Senior Notes, 5.0% 2046 Senior Notes, 4.375% 2047 Senior Notes, Credit Agreement and the waste disposal revenue bonds. The weighted average interest rate on all long-term debt was 4.5% and 4.4% at December 31, 2017 and 2016, respectively. Unamortized debt issuance costs on long-term debt were $26 and $24 at December 31, 2017 and 2016, respectively. Aggregate scheduled maturities of long-term debt during the next five years consist of $250 in 2022. There are no scheduled maturities of debt in 2019 through 2021. The Westlake 4.625% Senior Notes due 2021 and the Eagle Spinco Inc. 4.625% Senior Notes due 2021 were optionally redeemed on February 15, 2018. |
Stockholders' Equity |
12 Months Ended |
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Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity The Company's Board of Directors has declared regular quarterly dividends to holders of its common stock aggregating $103, $97 and $92 for the years ended December 31, 2017, 2016 and 2015, 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. 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 (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 under the 2011 Program, the full amount of the 2011 Program. In November 2014, the Company's Board of Directors approved a new $250 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. The total number of shares repurchased by the Company under the 2014 Program was none and 1,511,109 for the years ended December 31, 2017 and 2016, respectively. 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 non-employee 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 (Loss) |
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Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (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 Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits | Employee Benefits Defined Contribution Plans U.S. Plans The Company has defined contribution savings plans covering the eligible U.S. regular full-time and part-time employees, whereby eligible employees may elect to contribute up to 100% of their annual eligible 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 its employee's contribution up to a certain percentage of such employee's compensation, per the terms of the respective plans. The Company may, at its discretion and per the terms of the respective plans, make an additional non-matching contribution in an amount as the Board of Directors may determine. For the years ended December 31, 2017, 2016 and 2015, the Company recorded approximately $23, $11 and $8, respectively, to expense for these contributions. Further, within a 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, 2017, 2016 and 2015, the Company charged approximately $29, $17 and $12, respectively, to expense for these contributions. Non-U.S. Plans The Company has various defined contribution plans in Germany, United Kingdom, Italy and Belgium covering eligible employees of the Company's 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, 2017, 2016 and 2015, the Company charged approximately $5, $2 and $2, 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 certain subsidiaries. However, eligibility for the Company's 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 benefits will freeze at the levels 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 another of its defined benefit pension plans 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. In connection with the Merger, the Company assumed certain U.S. pension plans and other post-retirement benefit plans covering Axiall employees. The Axiall pension plans were closed to new participants and provide benefits to certain employees and retirees. The Axiall pension plans' assets and obligations merged into the Company's defined benefit pension plan for salaried employees during 2017. The other post-retirement benefit plans are unfunded and provide medical and life insurance benefits for certain employees and their dependents. Non-U.S. Plans The Company has defined benefit pension plans covering current and former employees associated with the Company's 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. These pension plans are unfunded and have no plan assets. In connection with the Merger, the Company assumed certain defined benefit pension plans. These pension plans are for employees outside of the U.S., namely in Canada and Taiwan. The measurement date for the non-U.S. 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 U.S., 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 2017 plan year, the funded status for the Company's U.S. pension plans are above 80% and, as such, 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 2018 are expected to be $0 and $1, respectively. The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs for the plans are as follows:
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 pension plans' investments are held in the Westlake U.S. Salaried Plan and the Westlake U.S. Wage Plan. The Company's overall investment strategy for its pension plan assets is to achieve a balance between moderate income generation and capital appreciation. The investment strategy includes a mix of approximately 60% of investments for long-term growth, and 40% for near-term benefit payments with a diversification of asset types. These pension funds' investment policies target asset allocations from approximately 60% equity securities and 40% fixed income securities in order to pursue a balance between moderate income generation and capital appreciation. Equity securities primarily include investments in large-cap and small-cap companies located in the U.S. and international developed and emerging markets stocks. Fixed income securities are comprised of investment and non-investment grade bonds, including U.S. Treasuries and U.S. and non-U.S. corporate bonds of companies from diversified industries. Each pension fund investment policy allows a discretionary range in various asset classes within the asset allocation model of up to 10%. The Company does not believe that there are significant concentrations of risk in the pension plan assets due to its strategy of asset diversification. At December 31, 2017, 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 collective trust and mutual 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 $3 for the pension plans in 2018. 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 In the U.S., 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. In conjunction with the Axiall acquisition, the Company assumed post-retirement plans in the U.S. and Canada which are unfunded and provide medical and life insurance benefits for certain employees and their dependents. 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 2018 are both expected to be zero. 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. A one percentage-point increase or decrease in assumed healthcare trend rates would not have a significant effect on the amounts reported for the healthcare plans. 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. 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, 2017, 2016 and 2015, the total recognized stock-based compensation expense related to equity awards issued under the 2013 Plan was $14, $14 and $10, respectively. Option activity and changes during the year ended December 31, 2017 were as follows:
For options outstanding at December 31, 2017, 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, 2017. This amount changes based on the fair market value of the Company's common stock. For the years ended December 31, 2017, 2016 and 2015, the total intrinsic value of options exercised was $24, $4 and $1, respectively. As of December 31, 2017, $4 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1.4 years. Income tax benefits of $8, $1 and $0 were realized from the exercise of stock options during the years ended December 31, 2017, 2016 and 2015, 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.
The Company had no non-vested restricted stock awards as of December 31, 2017 and 2016. As of December 31, 2017, there was no unrecognized stock-based compensation expense related to non-vested restricted stock awards. The total fair value of restricted stock awards that vested during the years ended December 31, 2017, 2016 and 2015 was $0, $4 and $8, respectively. Non-vested restricted stock units as of December 31, 2017 and changes during the year ended December 31, 2017 were as follows:
As of December 31, 2017, there was $17 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 1.6 years. The total fair value of restricted stock units that vested during the years ended December 31, 2017, 2016 and 2015 was $6, $4 and $1, respectively. Axiall Awards Assumed in the Merger In the Merger, all outstanding Axiall restricted stock units were assumed by the Company and converted into restricted stock units in respect of the Company's common stock, with the same terms and conditions except that upon settlement the award holders will receive the greater of (1) the value of $33.00 per Axiall restricted stock unit that was converted into a restricted stock unit in respect of the Company's common stock and (2) the value of the Company's common stock. The awards are classified as liability awards for accounting purposes and are re-measured at each reporting date until they vest. The portion of the replacement award that is attributable to pre-combination service by the employee was included in the measure of consideration transferred to acquire Axiall. The remaining fair value of the replacement awards will be recognized as stock-based compensation expense over the remaining vesting period. Total stock-based compensation expense recognized related to Axiall restricted stock units that were assumed by the Company and converted into restricted stock units during the years ended December 31, 2017 and 2016 was $9 and $38, respectively, of which $33 was included in transaction and integration-related costs in the consolidated statement of operations during the year ended December 31, 2016. The Company estimates the fair value of these awards using the Company's common stock price and a pricing model to estimate the value attributable to the $33.00 minimum price per Axiall restricted stock unit converted into a restricted stock unit in respect of the Company's common stock. The table below presents the assumptions used in determining each liability classified restricted stock unit's fair value. Volatility was calculated using historical trends of the Company's common stock price.
Non-vested liability classified restricted stock awards as of December 31, 2017 and changes during the year ended December 31, 2017 were as follows:
As of December 31, 2017, there was $5 of unrecognized stock-based compensation expense related to non-vested liability classified restricted stock awards. The total fair value of liability classified restricted stock awards that vested during the years ended December 31, 2017 and 2016 was $11 and $3, respectively. The total fair value of liability classified restricted stock awards cancelled during the year ended December 31, 2017 was $2. Westlake Chemical Partners LP Awards The Company's wholly-owned subsidiary and the general partner of Westlake Partners, Westlake Chemical Partners GP LLC ("WLKP GP"), maintains a unit-based compensation plan for directors and employees of WLKP GP 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 the Company's consolidated financial statements for the years ended December 31, 2017, 2016 and 2015. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company has 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 (including the current portion of long-term debt) at December 31, 2017 and 2016 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 On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the "Tax Act") was signed into law. The Tax Act, among other changes, reduces U.S. corporate income tax rate from 35% to 21%, effective January 1, 2018, and also requires a one-time deemed repatriation of foreign earnings at specified rates. The corporate income tax rate change resulted in a revaluation of the Company's deferred tax assets and liabilities. The accounting guidance on income taxes requires that the effect on deferred tax assets and liabilities of a change in tax rates be recognized in the period the tax rate change was enacted. The SEC staff guidance allows registrants to record provisional amounts during a measurement period when it does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the change in tax law. The measurement period ends when a company has obtained, prepared and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. Under the above guidance, the Company made a provisional adjustment of $591 of income tax benefit in the 2017 consolidated financial statements for items that the Company could reasonably estimate such as revaluation of deferred tax assets and liabilities and a one-time U.S. tax on the mandatory deemed repatriation of the Company's post-1986 foreign earnings. The Company will continue to assess the income tax effects of the Tax Act based on further standard setting activities, any transition provisions, and changes in the facts and circumstances of the Company's tax position, during the measurement period. The components of income 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, 2017, the Company had foreign and state net operating loss carryforwards of approximately $405, which will expire in varying amounts between 2018 and 2037 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 valuation allowance has been recorded. The valuation allowance increased by $3 in 2017 mostly as a result of the revaluation of the Company's deferred tax assets. The Tax Act requires a one-time U.S. tax at a specified rate for a mandatory deemed repatriation of post-1986 foreign earnings. For the quarter ended December 31, 2017, the Company recorded, on a provisional basis, approximately $5 of U.S. tax expense related to this one-time repatriation tax and elected to pay the tax over eight years as allowed by the Tax Act. For the year ended December 31, 2017, the Company accrued $7 of foreign tax as it is no longer permanently reinvested with respect to the outside basis difference for all of its foreign subsidiaries. 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 2011. |
Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The Company has unvested 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:
There are no antidilutive options to purchase shares of common stock for the year ended December 31, 2017. Excluded from the computation of diluted earnings per share for the years ended December 31, 2016 and 2015 are options to purchase 318,259 and 301,969 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 $657 and $538 at December 31, 2017 and 2016, respectively. Accrued rebates and accrued income taxes, which are components of accrued liabilities, were $108 and $130, respectively, at December 31, 2017 and $78 and $11 at December 31, 2016, respectively. No other component of accrued liabilities was more than five percent of total current liabilities. Non-cash Investing Activity The change in capital expenditure accruals reducing additions to property, plant and equipment was $9 and $7 for the years ended December 31, 2017 and 2015, respectively. The change in capital expenditure accruals increasing additions to property, plant and equipment was $7 for the year ended December 31, 2016. Other Income, Net Other income, net included a $49 gain realized on previously held shares of Axiall common stock for the year ended December 31, 2016 and a $21 gain on acquisition and related expenses, net on the acquisition of Huasu for the year ended December 31, 2015. No other components of other income, net were material to the statements of operations for the years ended December 31, 2017, 2016 and 2015. Cash Flow Information
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Related Party And Affiliate Transactions |
12 Months Ended |
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Dec. 31, 2017 | |
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, 2017, 2016 and 2015, the Company incurred lease payments of approximately $3, $3 and $2, 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. The Company accounts for its investments in Cypress Interstate Pipeline L.L.C. under the equity method of accounting. The investment in Cypress Interstate Pipeline L.L.C. at December 31, 2017 and 2016 was $9 and $9, respectively. For the years ended December 31, 2017, 2016 and 2015, the Company incurred pipeline fees of approximately $15, $14 and $14, respectively, payable to this joint venture for usage of the pipeline. The amounts due to this joint venture were $1 and $1 at December 31, 2017 and 2016, respectively. 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, 2017, 2016 and 2015, the Company incurred pipeline fees of approximately $0, $1 and $1, respectively, for usage of the pipeline. There were no outstanding amounts due to this related party at December 31, 2017 and 2016. 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. The investment in Infraserv was $56 and $50 at December 31, 2017 and 2016, respectively. For the years ended December 31, 2017, 2016 and 2015, the Company incurred charges aggregating approximately $133, $131 and $116, respectively, for these services. The amounts accrued for these related parties were approximately $33 and $25 at December 31, 2017 and 2016, respectively. The Company owns a 50% interest in Shriram Axiall Private Limited ("SAPL"), which the Company acquired as a result of the Merger. SAPL is a joint venture formed in April 2014 to facilitate the manufacture and sale of certain compound products in India. The Company accounts for its investments in SAPL under the equity method of accounting. The investment in SAPL at December 31, 2017 and 2016 was $0 and $2, respectively. The Company owns a 50% interest in RS Cogen LLC ("RS Cogen"), which the Company acquired as a result of the Merger. RS Cogen operates a process steam, natural gas-fired cogeneration facility adjacent to the Lake Charles South Facility. The Company accounts for its investment in RS Cogen under the equity method of accounting. The investment in RS Cogen at December 31, 2017 and 2016 was $10 and $10, respectively. For the year ended December 31, 2017 and for the period from August 31, 2016 to December 31, 2016, the Company recorded purchases of approximately $26 and $9 from RS Cogen, respectively. The amount payable to this related party was approximately $2 and $1 at December 31, 2017 and 2016, respectively. The Company owns a 50% interest in Vinyl Solutions, LLC ("Vinyl Solutions"), which the Company acquired as a result of the Merger. The Company accounts for its investments in Vinyl Solutions under the equity method of accounting. Vinyl Solutions is a compounding manufacturer of specialty compounds. For the year ended December 31, 2017 and for the period from August 31, 2016 to December 31, 2016, the Company recorded sales of $17 and $6, respectively, to Vinyl Solutions. The amount receivable from this related party was $7 and $5 at December 31, 2017 and 2016, respectively. On June 17, 2015, Eagle US 2 LLC ("Eagle"), a wholly-owned subsidiary of Axiall, entered into an amended and restated limited liability company agreement with Lotte Chemical USA Corporation ("Lotte") related to the formation of LACC, LLC ("LACC"), which was formed by Eagle and Lotte to design, build and operate a 1 billion ton per year ethylene plant. Pursuant to a contribution and subscription agreement, dated as of June 17, 2015, between Eagle and LACC, Eagle has agreed to make a maximum capital commitment to LACC of up to $225 to fund the construction costs of the plant, representing a 10% interest in LACC. Eagle and Lotte also entered into a call option agreement, dated as of June 17, 2015, pursuant to which Eagle has the right, but not the obligation, until the third anniversary of the substantial completion of the plant, to acquire up to a 50% ownership interest in LACC from Lotte. The construction of the plant commenced in January 2016. The plant is being built adjacent to the Company's largest chlor-alkali chemical facility, located in Lake Charles, to take advantage of the Company's existing infrastructure, access to competitive feedstock resources and ethylene distribution infrastructure. The anticipated start-up for the plant is expected to be in the first quarter of 2019. The Company acquired this investment as a result of the Merger. As of December 31, 2017 and 2016, the Company's investment in LACC was $125 and $59, respectively. Total funding by the Company in LACC for the year ended December 31, 2017 and for the period from August 31, 2016 to December 31, 2016 amounted to $66 and $17, respectively. The amount receivable from LACC at December 31, 2017 and 2016 was approximately $0 and $1, respectively. The Company's investment in LACC is accounted for under the cost method. Dividends received from equity method investments were $6, $5 and $6 for the years ended December 31, 2017, 2016 and 2015, respectively. One of the Company's 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 ("Air Liquide"). The Company purchased oxygen, nitrogen and utilities and leased cylinders from various affiliates of American Air Liquide Holdings, Inc. including Airgas and subsidiaries that were acquired in 2016 by Air Liquide aggregating approximately $30, $22 and $10 for the years ended December 31, 2017, 2016 and 2015, respectively. The Company also sold certain utilities to Air Liquide aggregating approximately $7 and $4 during the years ended December 31, 2017 and 2016, respectively. The amount payable to Air Liquide was $2 and $4 at December 31, 2017 and 2016, respectively, and the amount receivable from Air Liquide was $1 and $1 at December 31, 2017 and 2016, respectively. |
Westlake Chemical Partners LP |
12 Months Ended |
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Dec. 31, 2017 | |
Equity [Abstract] | |
Westlake Chemical Partners LP | Westlake Chemical Partners LP On August 4, 2014, Westlake Partners completed its initial public offering (the "IPO") of 12,937,500 common units at a price of $24.00 per unit. Net proceeds to Westlake Partners from the sale of the units was approximately $286, net of underwriting discounts, structuring fees and offering expenses of approximately $24. At the consummation of the IPO, Westlake Partners' assets consisted of a 10.6% limited partner interest in OpCo, as well as the general partner interest in OpCo. Immediately after the IPO, the Company retained an 89.4% limited partner interest in OpCo and a significant interest in Westlake Partners. The IPO represented the sale of 47.8% of the common units in Westlake Partners. Westlake Partners purchased additional 2.7% and 5.0% newly-issued limited partner interests in OpCo on April 29, 2015 and on September 29, 2017, respectively. On September 29, 2017, Westlake Partners completed a secondary offering of 5,175,000 common units at a price of $22.00 per unit. Net proceeds to Westlake Partners from the sale of the units were $111, net of underwriting discounts, structuring fees and estimated offering expenses of approximately $3. At December 31, 2017, Westlake Partners had a 18.3% limited partner interest in OpCo, and the Company retained an 81.7% limited partner interest in OpCo and a significant interest in Westlake Partners. |
Commitments And Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies | Commitments and Contingencies The Company is involved in a number of legal and regulatory matters, principally environmental in nature, that are incidental to the normal conduct of its business, including lawsuits, investigations and claims. The outcome of these matters are inherently unpredictable. The Company believes that, in the aggregate, the outcome of all known legal and regulatory matters will not have a material adverse effect on its consolidated financial statements; however, specific outcomes with respect to such matters may be material to the Company's consolidated statements of operations in any particular period in which costs, if any, are recognized. The Company's assessment of the potential impact of environmental matters, in particular, is subject to uncertainty due to the complex, ongoing and evolving process of investigation and remediation of such environmental matters, and the potential for technological and regulatory developments. In addition, the impact of evolving claims and programs, such as natural resource damage claims, industrial site reuse initiatives and state remediation programs creates further uncertainty of the ultimate resolution of these matters. The Company anticipates that the resolution of many legal and regulatory matters, and in particular environmental matters, will occur over an extended period of time. Environmental. As of December 31, 2017 and 2016, the Company had reserves for environmental contingencies totaling approximately $49 and $49, respectively, most of which was classified as noncurrent liabilities. The Company's assessment of the potential impact of these environmental contingencies is subject to considerable uncertainty due to the complex, ongoing and evolving process of investigation and remediation, if necessary, of such environmental contingencies, and the potential for technological and regulatory developments. Calvert City Proceedings. For several years, the Environmental Protection Agency (the "EPA") has been conducting remedial investigation and feasibility studies at the Company's Calvert City, Kentucky facility pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA). As the current owner of the Calvert City facility, the Company was named by the EPA as a potentially responsible party ("PRP") along with Goodrich Corporation ("Goodrich") and its successor-in-interest, PolyOne Corporation ("PolyOne"). On November 30, 2017, the EPA published a draft Proposed Plan, incorporating by reference an August 2015 draft Remedial Investigation (RI) report, an October 2017 draft Feasibility Study (FS) report and a new Technical Impracticability Waiver document dated December 19, 2017. The draft Proposed Plan describes a preferred remedy that includes a containment wall with targeted treatment and supplemental hydraulic containment, as well as active treatment of historical groundwater contamination under the Tennessee River. The EPA has estimated that the total remedy will cost $200 to $250 with an estimated $1 to $3 in annual operation and maintenance (O&M) costs. The Company's allocation of liability for remedial or O&M costs, if any, will be determined by the outcome of the contractual dispute with Goodrich/PolyOne, which is the subject of a pending arbitration proceeding as described below. In connection with the 1990 and 1997 acquisitions of the Goodrich chemical manufacturing complex in Calvert City, Goodrich agreed to indemnify the Company for any liabilities related to preexisting contamination at the complex. 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 complex, which does not include the Company's nearby PVC facility, had been extensively contaminated by Goodrich's operations. In 1993, Goodrich spun off the predecessor of 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; and (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. In May 2017, PolyOne filed a demand for arbitration. In this proceeding, PolyOne seeks to readjust the percentage allocation of costs and to recover approximately $17 from the Company in reimbursement of previously paid remediation costs. The Company filed a cross demand for arbitration seeking $6 in unreimbursed remediation costs incurred during the relevant period. On October 6, 2017, PolyOne filed suit against the Company in the U.S. District Court for the Western District of Kentucky seeking for the court — instead of the arbitration panel — to resolve claims asserted by the Company in the arbitration proceedings related to reimbursement of costs incurred by the Company at the Calvert City complex. PolyOne is seeking a declaratory judgment from the court that costs claimed by the Company in the arbitration are not covered under the 2007 settlement agreement and thus are not within the jurisdiction of the arbitration panel. In response, the Company has filed a motion to dismiss asserting that PolyOne's jurisdictional claims are unfounded and that the arbitration panel has jurisdiction over Westlake's claims for cost reimbursement under the arbitration agreement contained within the 2007 settlement agreement. At this time, since the proceedings are in an early stage, the Company is not able to estimate the impact, if any, that the arbitration proceeding could have on the Company's consolidated financial statements in 2017 and later years. Any cash expenditures that the Company might incur in the future with respect to the remediation of contamination at the Calvert City complex 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. Environmental Remediation: Reasonably Possible Matters. The Company's assessment of the potential impact of environmental contingencies is subject to considerable uncertainty due to the complex, ongoing and evolving process of investigation and remediation, if necessary, of such environmental contingencies, and the potential for technological and regulatory developments. As such, in addition to the amounts currently reserved, the Company may be subject to reasonably possible loss contingencies related to environmental matters in the range of $55 to $110. 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, 2017, future minimum lease commitments for operating lease obligations and capital lease obligations were as follows:
Operating lease rental expense was approximately $147, $87 and $69 for the years ended December 31, 2017, 2016 and 2015, 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: $430, $412, $376, $330 and $95 in 2018, 2019, 2020, 2021 and 2022, respectively. |
Segment And Geographic Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 VCM operations. In addition, the Company sells ethylene and ethylene co-products, primarily propylene, crude butadiene, pyrolysis gasoline and hydrogen, to external customers. No single customer accounted for more than 10% of sales in the Olefins segment for the years ended December 31, 2017, 2016 or 2015. The Company's Vinyl segment manufactures and markets PVC, VCM, ethylene dichloride ("EDC"), chlor-alkali (chlorine and caustic soda), chlorinated derivative products and ethylene. The Company also manufactures and sells building products fabricated from PVC, including siding, pipe, fittings, profiles, trim, mouldings, fence and decking products, window and door components and film and sheet products. The Company's primary North American chemical manufacturing facilities are located in its Calvert City, Kentucky and Lake Charles, Plaquemine and Geismar, Louisiana sites. The Company also produces chlorine, caustic soda, hydrogen and chlorinated derivative products at its facilities in Natrium, Longview, Washington and Beauharnois, Quebec and PVC resin and PVC compounds at several facilities in Mississippi. In addition, the Company has manufacturing facilities in Germany, the United Kingdom, Taiwan and the People's Republic of China. As of December 31, 2017, the Company owned 24 building products facilities. 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, 2017, 2016 or 2015. 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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Guarantor Disclosures |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor Disclosures | Guarantor Disclosures The Company's payment obligations under the Senior Notes, 4.375% 2047 Senior Notes, 3.60% 2022 Senior Notes, the 3.60% 2026 Senior Notes, the 5.0% 2046 Senior Notes and the 4.875% Westlake 2023 Senior Notes 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 those notes in excess of $5 (the "Guarantor Subsidiaries"). Each Guarantor Subsidiary is 100% owned by Westlake Chemical Corporation (the "100% Owned Guarantor Subsidiaries"). During 2016 and 2017, the Company executed a Joinder Agreement with the Administrative Agent of the Credit Agreement, whereby certain subsidiaries of the Company were added as Guarantor Subsidiaries. These guarantees are the joint and several obligations of the Guarantor Subsidiaries. The following condensed consolidating financial information presents the financial condition, results of operations and cash flows of Westlake Chemical Corporation, the 100% owned Guarantor Subsidiaries, and the remaining subsidiaries that do not guarantee the Senior Notes, the 4.375% 2047 Senior Notes, the 3.60% 2022 Senior Notes, the 3.60% 2026 Senior Notes, the 5.0% 2046 Senior Notes and the 4.875% Westlake 2023 Senior Notes (the "Non-Guarantor Subsidiaries"), together with consolidating eliminations necessary to present the Company's results on a consolidated basis. In 2016, certain of the Company's subsidiary guarantors were released from their guarantees of the Company's 3.60% 2022 Senior Notes in connection with the replacement of the Company's revolving credit facility. Westlake Chemical OpCo LP, which was previously separately presented as a less than 100% owned guarantor, and certain of the Company's other 100% owned subsidiaries that were previously presented as guarantors, are now reflected as Non-Guarantor Subsidiaries in the condensed consolidating guarantor financial information. Prior periods were retrospectively adjusted to conform to the current presentation of Guarantor Subsidiaries and Non-Guarantor Subsidiaries. ondensed Consolidating Financial Information as of December 31, 2017
Condensed Consolidating Financial Information as of December 31, 2016
Condensed Consolidating Financial Information for the Year Ended December 31, 2017
Condensed Consolidating Financial Information for the Year Ended December 31, 2016
Condensed Consolidating Financial Information for the Year Ended December 31, 2015
Condensed Consolidating Financial Information for the Year Ended December 31, 2017
Condensed Consolidating Financial Information for the Year Ended December 31, 2016
Condensed Consolidating Financial Information for the Year Ended December 31, 2015
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Quarterly Financial Information |
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information | Quarterly Financial Information (Unaudited)
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Description Of Business And Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2017 | |
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. |
Acquisition of Axiall Corporation | Acquisition of Axiall Corporation On August 31, 2016, the Company completed the acquisition of Axiall Corporation ("Axiall") for $33.00 per share in an all-cash transaction (the "Merger"), pursuant to the terms of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of June 10, 2016, by and among Westlake, Axiall and Lagoon Merger Sub, Inc., a wholly-owned subsidiary of Westlake (the "Merger Sub"). During the third quarter of 2016, in order to finance a portion of the consideration and related fees and expenses, and for other general corporate purposes, the Company issued $1,450 aggregate principal amount of senior notes. In addition, the Company entered into a $1,000 unsecured revolving credit facility (the "Credit Agreement"). |
Westlake Chemical Partners LP | Westlake Chemical Partners LP In 2014, the Company formed Westlake Chemical Partners LP ("Westlake Partners") to operate, acquire and develop ethylene production facilities and related assets. Westlake Partners' assets consist of a limited partner interest in Westlake Chemical OpCo LP ("OpCo"), as well as the general partner interest in OpCo. OpCo's assets include two ethylene production facilities at the Company's Lake Charles, Louisiana site, one ethylene production 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, 2017, the Company held an 81.7% limited partner interest in OpCo and a controlling interest in Westlake Partners. The operations of Westlake Partners are consolidated in the Company's financial statements. |
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. Undistributed earnings from joint ventures included in retained earnings were immaterial as of December 31, 2017. All intercompany transactions and balances are eliminated in consolidation. Noncontrolling interests represent the direct equity interests held by investors in the Company's consolidated subsidiaries, Westlake Partners and Taiwan Chlorine Industries, Ltd. |
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. |
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. |
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. |
Inventories | Inventories Inventories primarily include product, material and supplies. Inventories are stated at lower of cost or net realizable value. Cost is determined using the first-in, first-out ("FIFO") or average method. |
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 $4, $10 and $10 for the years ended December 31, 2017, 2016 and 2015, 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. |
Impairment of Long-Lived Assets and Impairment of Goodwill 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 Goodwill and Intangible Assets The accounting guidance requires that 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 2017 and April 2017, 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. Other intangible assets with finite lives are amortized over their estimated useful lives and reviewed for impairment in accordance with the provisions of the accounting guidance. See Note 7 for more information on the Company's annual goodwill impairment tests. |
Property, Plant and Equipment, Planned Major Maintenance Activities, Policy [Policy Text Block] | 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. |
Business Combinations | Business Combinations The Company records business combinations using the acquisition method of accounting. Under the acquisition method of accounting, identifiable assets acquired and liabilities assumed are recorded at their acquisition date fair values. The excess of the purchase price over the estimated fair value is recorded as goodwill. Changes in the estimated fair values of net assets recorded for acquisitions prior to the finalization of more detailed analysis, but not to exceed one year from the date of acquisition, will adjust the amount of the purchase price allocable to goodwill. Measurement period adjustments are reflected in the period in which they occur. |
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. On December 22, 2017, the United States ("U.S.") Tax Cuts and Jobs Act (the "Tax Act") was signed into law. The Tax Act, among other changes, reduces the U.S. corporate income tax rate from 35% to 21%, effective January 1, 2018, and also requires a one-time deemed repatriation of foreign earnings at specified rates. The Company made a provisional adjustment of $591 of income tax benefit in the 2017 consolidated financial statements for items that the Company could reasonably estimate such as revaluation of deferred tax assets and liabilities and a one-time U.S. tax on the mandatory deemed repatriation of the Company's post-1986 foreign earnings. For additional information, see Note 15. |
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. |
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. |
Transportation and Freight | Transportation and Freight Amounts billed to customers for freight and handling costs on outbound shipments are included in net sales in the consolidated statements of operations. Transportation and freight costs incurred by the Company on outbound shipments are included in cost of sales in the consolidated statements of operations. |
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. |
Asset Retirement Obligations | Asset Retirement Obligations The Company has conditional asset retirement obligations for the removal and disposal of hazardous materials from certain of the Company's manufacturing facilities. The Company recognizes asset retirement obligations in the period in which the liability becomes probable and reasonably estimable. Recognized asset retirement obligations are initially recorded at fair value and capitalized as a component of the carrying value of the long-lived asset to which the obligation relates. The liability is accreted to its future value each period, and the capitalized cost is depreciated over the estimated useful life of the related asset. Upon settlement of the liability, a gain or loss is recorded. As of December 31, 2017, the Company had $3 and $18 of asset retirement obligations recorded as accrued liabilities and other liabilities, respectively. As of December 31, 2016, the Company had $4 and $17 of asset retirement obligations recorded as accrued liabilities and other liabilities, respectively. The Company also has conditional asset retirement obligations that have not been recognized because the fair values of the conditional legal obligations cannot be measured due to the indeterminate settlement date of the obligations. Settlements of the unrecognized conditional asset retirement obligations are not expected to have a material adverse effects on the Company's financial condition, results of operations or cash flows in any individual reporting period. |
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. |
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. |
New Accounting Pronouncements | Recent Accounting Pronouncements Revenue from Contracts with Customers (ASU No. 2014-09) 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 and December 2016, the FASB issued various additional authoritative guidance for the new revenue recognition standard. The accounting standard will be effective for reporting periods beginning after December 15, 2017 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. The Company has elected the modified retrospective method of adoption. Recognition and Measurement of Financial Assets and Financial Liabilities (ASU No. 2016-01) 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 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Leases (ASU No. 2016-02) In February 2016, the FASB issued an accounting standards update on a new lease standard that will supersede the existing lease guidance. The standard requires a lessee to recognize assets and liabilities related to long-term leases that are classified as operating leases under current guidance on its balance sheet. An asset would be recognized related to the right to use the underlying asset and a liability would be recognized related to the obligation to make lease payments over the term of the lease. The standard also requires expanded disclosures related to leases. The accounting standard will be effective for reporting periods beginning after December 15, 2018. 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. Credit Losses (ASU No. 2016-13) In June 2016, the FASB issued an accounting standards update providing new guidance for the accounting for credit losses on loans and other financial instruments. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. The standard also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The accounting standard will be effective for reporting periods beginning after December 15, 2019 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Cash Flows (ASU No. 2016-15) In August 2016, the FASB issued an accounting standards update providing new guidance on the classification of certain cash receipts and payments including debt extinguishment costs, debt prepayment costs, settlement of zero-coupon debt instruments, contingent consideration payments, proceeds from the settlement of insurance claims and life insurance policies and distributions received from equity method investees in the statement of cash flows. This update is required to be applied using the retrospective transition method to each period presented unless it is impracticable to be applied retrospectively. In such situation, this guidance is to be applied prospectively. The accounting standard will be effective for reporting periods beginning after December 15, 2017 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Cash Flows (ASU No. 2016-18) In November 2016, the FASB issued an accounting standards update to clarify certain existing principles in Accounting Standards Codification ("ASC") 230, Cash flows, including providing additional guidance related to transfers between cash and restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. The accounting standard will be effective for reporting periods beginning after December 15, 2017. Upon adoption, the Company will retrospectively adjust its financial statements to reflect restricted cash in the beginning and ending cash and restricted cash balances within the statements of cash flows. Transfers between cash and restricted cash will be excluded from net changes in cash and cash equivalents within the statements of cash flows. Business Combinations (ASU No. 2017-01) In January 2017, the FASB issued an accounting standards update to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in ASC 606. The accounting standard will be effective for reporting periods beginning after December 15, 2017 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Intangibles-Goodwill and Other (ASU No. 2017-04) In January 2017, the FASB issued an accounting standards update to simplify the subsequent measurement of goodwill. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The accounting standard will be effective for reporting periods beginning after December 15, 2019 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (ASU No. 2017-05) In February 2017, the FASB issued an accounting standards update to clarify the scope of guidance related to other income—gains and losses from the derecognition of nonfinancial assets, and to add guidance for partial sales of nonfinancial assets. The new guidance clarifies that an in substance nonfinancial asset is an asset or group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. The guidance also outlines that when an entity transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling interest, it will measure the retained interest at fair value resulting in full gain or loss recognition upon sale of the controlling interest. The accounting standard will be effective for reporting periods beginning after December 15, 2017 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Compensation - Retirement Benefits (ASU No. 2017-07) In March 2017, the FASB issued an accounting standards update to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance requires employers to disaggregate the service cost component from the other components of net periodic benefit cost and report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The amendments also allow only the service cost component to be eligible for capitalization when applicable. The accounting standard will be effective for reporting periods beginning after December 15, 2017 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Compensation - Stock Compensation (ASU No. 2017-09) In May 2017, the FASB issued the accounting standards update to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require the application of modification accounting in Topic 718. Essentially, an entity will not have to account for the effects of a modification if: (1) the fair value of the modified award is the same immediately before and after the modification; (2) the vesting conditions of the modified award are the same immediately before and after the modification; and (3) the classification of the modified award as either an equity instrument or liability instrument is the same immediately before and after the modification. This update is to be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted. The accounting standard will be effective for reporting periods beginning after December 15, 2017 and is not expected to have a material impact on the Company's consolidated financial position, results of operations and cash flows. Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (ASU No. 2017-12) In August 2017, the FASB issued an accounting standards update to improve financial reporting of hedging relationships, to better portray the economic results of an entity's risk management activities in the financial statements and to simplify application of hedge accounting guidance. The accounting standard eliminates certain hedge effectiveness measurement and reporting requirements and expands the types of permissible hedging strategies. The accounting standard will be effective for reporting periods beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted in any interim period after issuance, to be applied retrospectively to the beginning of the fiscal year. 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. Recently Adopted Accounting Standards Investments-Equity Method and Joint Ventures (ASU No. 2016-07) In March 2016, the FASB issued an accounting standards update providing new guidance for the accounting for equity method investments. The new guidance eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. In addition, the guidance requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The accounting standard is effective for reporting periods beginning after December 15, 2016. The Company adopted this accounting standard effective January 1, 2017 and the adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. Stock Compensation (ASU No. 2016-09) In March 2016, the FASB issued an accounting standards update to simplify several aspects of the accounting for share-based payment transactions, including income tax consequences, classifications of awards as either equity or liabilities and certain related classifications on the statement of cash flows. In addition, the new guidance permits entities to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards. Forfeitures can be estimated, as required today, or recognized when they occur. The accounting standard is effective for reporting periods beginning after December 15, 2016. The Company adopted this accounting standard effective January 1, 2017 and elected to continue estimating forfeitures as required prior to adoption of the accounting standards update. The adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. Amendments to the Consolidation Analysis (ASU No. 2016-17) In October 2016, the FASB issued an accounting standards update making certain changes to the current consolidation guidance. The amendments affect reporting entities that are required to evaluate whether they should consolidate a variable interest entity in certain situations involving entities under common control. Specifically, the amendments change the evaluation of whether a reporting entity is the primary beneficiary of a variable interest entity by changing how a reporting entity that is a single decision maker of a variable interest entity treats indirect interests in the entity held through related parties that are under common control with the reporting entity. The amendments will be effective for annual periods beginning after December 15, 2016. The Company adopted this accounting standard, applied prospectively, effective January 1, 2017, and the adoption did not have a material impact on the Company's consolidated financial position, results of operations and cash flows. |
Description Of Business And Significant Accounting Policies (Tables) |
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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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Acquisitions (Tables) |
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Schedule of Business Acquisitions |
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price allocation:
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Pro Forma Information | The following unaudited consolidated pro forma information presents consolidated pro forma information as if the Merger had occurred on January 1, 2015:
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Financial Instruments (Tables) |
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Schedule of Realized Gain (Loss) |
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Accounts Receivable (Tables) |
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Schedule Of Accounts Receivable | Accounts receivable consist of the following at December 31:
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Inventories (Tables) |
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Schedule Of Inventory | Inventories consist of the following at December 31:
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Property, Plant And Equipment (Tables) |
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Schedule Of Property, Plant And Equipment | Property, plant and equipment consist of the following at December 31:
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Goodwill, Intangibles and Other Assets (Tables) |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The gross carrying amounts of goodwill for the years ended December 31, 2017 and 2016 are as follows:
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Finite-Lived Intangible Assets | Intangible assets consisted of the following at December 31:
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Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Long-Term Debt | Long-term debt consisted of the following at December 31:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) by component were as follows:
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Reclassification out of Accumulated Other Comprehensive Income | 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, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 collective trust and mutual 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 Multi-employer Plans | Contributions to the Company's multi-employer plans are expensed as incurred and were 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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Defined Benefit Plans [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Other Postretirement Plan Benefits [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following table provides a reconciliation of the benefit obligations of the Company's unfunded post-retirement healthcare plans.
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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 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 post-retirement healthcare plan obligations and net periodic benefit costs for the plans are as follows:
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Option Activity And Changes | Option activity and changes during the year ended December 31, 2017 were as follows:
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Schedule Of Range Of Exercise Prices For Outstanding Options | For options outstanding at December 31, 2017, 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 units as of December 31, 2017 and changes during the year ended December 31, 2017 were as follows:
on-vested restricted stock awards as of December 31, 2017 and 2016. |
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Axiall Corporation [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Weighted Average Value And Assumptions For Fair Value Of Options | 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 liability classified restricted stock awards as of December 31, 2017 and changes during the year ended December 31, 2017 were as follows:
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Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Carrying And Fair Values Of Long-Term Debt | The carrying and fair values of the Company's long-term debt (including the current portion of long-term debt) at December 31, 2017 and 2016 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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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income (Loss) Before Income Taxes | The components of income 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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Earnings per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Net Income Attributable To Common Stockholders | Diluted earnings per share include the effect of certain stock options.
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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, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow Information | Cash Flow Information
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Commitments And Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Lease Commitments | At December 31, 2017, future minimum lease commitments for operating lease obligations and capital lease obligations were as follows:
Operating lease rental expense was approximately $147, $87 and $69 for the years ended December 31, 2017, 2016 and 2015, respectively. |
Segment And Geographic Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Geographic Information
______________________________
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Guarantor Disclosures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 |
Dec. 31, 2016 |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information Balance Sheet | Condensed Consolidating Financial Information as of December 31, 2017
Condensed Consolidating Financial Information as of December 31, 2016
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Condensed Consolidating Financial Information Statement Of Operations | Condensed Consolidating Financial Information for the Year Ended December 31, 2017
Condensed Consolidating Financial Information for the Year Ended December 31, 2016
Condensed Consolidating Financial Information for the Year Ended December 31, 2015
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Condensed Consolidating Financial Information Statement Of Cash Flows | Condensed Consolidating Financial Information for the Year Ended December 31, 2017
Condensed Consolidating Financial Information for the Year Ended December 31, 2016
Condensed Consolidating Financial Information for the Year Ended December 31, 2015
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Quarterly Financial Information (Tables) |
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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, 2017 | |
Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life, minimum (in years) | 40 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) | 15 years |
Acquisitions (Allocation of Purchase Consideration) (Details) - Axiall Corporation [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Aug. 31, 2016 |
Aug. 30, 2016 |
Dec. 31, 2016 |
|
Business Acquisition [Line Items] | |||
Offer price per share (usd per share) | $ 33.00 | ||
Multiplied by number of shares outstanding at acquisition (in thousands of shares) | 67,277 | ||
Fair value of Axiall shares outstanding purchased by the Company | $ 2,220 | ||
Axiall debt repaid at acquisition | 247 | ||
Seller's transaction costs paid by the Company | 48 | ||
Total fair value of consideration transferred | 2,515 | ||
Fair value of Axiall share-based awards attributed to pre-combination service | 12 | ||
Additional settlement value of shares acquired | 13 | ||
Purchase consideration | 2,540 | ||
Fair value of previously held equity interest in Axiall | 102 | ||
Total fair value allocated to net assets acquired | $ 2,642 | ||
Equity interest in acquiree held prior to combination, shares | 3,100 | ||
Remeasurement gain (loss) | $ 49 |
Acquisitions (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Millions |
8 Months Ended | 12 Months Ended | |
---|---|---|---|
Aug. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Business Acquisition [Line Items] | |||
Net sales | $ 7,081 | $ 7,793 | |
Net income | 397 | 663 | |
Net income (loss) attributable to noncontrolling interest | 23 | (2) | |
Net income attributable to Westlake Chemical Corporation | $ 374 | $ 665 | |
Basic (in dollars per share) | $ 2.88 | $ 5.02 | |
Diluted (in dollars per share) | $ 2.86 | $ 5.00 | |
Axiall Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Divestitures | $ 27 | ||
Restructuring Costs | 23 | ||
Legal and Settlement Claims, net | $ 23 |
Financial Instruments (Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity Securities | $ 644 | $ 0 |
Restricted cash and cash equivalents | 23 | 186 |
Restricted cash and cash equivalents current | 1 | 161 |
Restricted cash and cash equivalents noncurrent | $ 22 | $ 25 |
Financial Instruments (Available-for-Sale Marketable Securities) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Total Available-for-sale Securities | $ 0 | $ 0 | |
Proceeds from sales and maturities of securities | 0 | 663 | $ 49 |
Gross realized gains | $ 0 | $ 54 | $ 4 |
Accounts Receivable (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Receivables [Abstract] | ||
Trade customers | $ 974 | $ 820 |
Affiliates | 9 | 8 |
Allowance for doubtful accounts | (22) | (18) |
Accounts Receivable from trade customers, net | 961 | 810 |
Federal and state taxes | 7 | 90 |
Other | 33 | 39 |
Accounts receivable, net | $ 1,001 | $ 939 |
Inventories (Schedule Of Inventory) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Inventory, Net [Abstract] | ||
Finished products | $ 549 | $ 501 |
Feedstock, additives and chemicals | 221 | 217 |
Materials and supplies | 130 | 83 |
Inventories | $ 900 | $ 801 |
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Property, Plant and Equipment, Net [Abstract] | ||
Land | $ 198 | $ 194 |
Buildings and improvements | 495 | 465 |
Plant and equipment | 7,281 | 6,914 |
Other | 388 | 377 |
Property, Plant and Equipment, Gross | 8,362 | 7,950 |
Less: Accumulated depreciation | (2,338) | (1,919) |
Property, plant and equipment, net, before construction in progress | 6,024 | 6,031 |
Construction in progress | 388 | 389 |
Property, plant and equipment, net | $ 6,412 | $ 6,420 |
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Property, Plant and Equipment, Net [Abstract] | |||
Depreciation expense on property, plant and equipment | $ 449 | $ 305 | $ 209 |
Goodwill, Intangibles and Other Assets (Goodwill) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill [Roll Forward] | ||
Balance at beginning of year | $ 947 | $ 62 |
Goodwill acquired during the year | 888 | |
Effects of changes in foreign exchange rates | 10 | (3) |
Goodwill, Purchase Accounting Adjustments | 55 | |
Balance at end of year | 1,012 | 947 |
Olefins [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of year | 30 | 30 |
Goodwill acquired during the year | 0 | |
Effects of changes in foreign exchange rates | 0 | 0 |
Goodwill, Purchase Accounting Adjustments | 0 | |
Balance at end of year | 30 | 30 |
Vinyls [Member] | ||
Goodwill [Roll Forward] | ||
Balance at beginning of year | 917 | 32 |
Goodwill acquired during the year | 888 | |
Effects of changes in foreign exchange rates | 10 | (3) |
Goodwill, Purchase Accounting Adjustments | 55 | |
Balance at end of year | $ 982 | $ 917 |
Goodwill, Intangibles and Other Assets (Amortization) (Details) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2018 | $ 107 |
2019 | 106 |
2020 | 105 |
2021 | 103 |
2022 | $ 81 |
Term Loan (Narrative) (Details) - Term Loan Facility Maturing March 31, 2017 [Member] $ in Millions |
Aug. 10, 2016
USD ($)
|
---|---|
Term Loan [Line Items] | |
Note Payable to Bank Borrowing | $ 150 |
LIBOR [Member] | |
Term Loan [Line Items] | |
Basis spread on variable rate | 2.00% |
Long-Term Debt (Credit Agreement (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Aug. 31, 2016 |
|
Senior Secured Revolving Credit Facility [Member] | ||
Term Loan [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | $ 1,000 |
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | |
Letters of Credit Outstanding, Amount | 6 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 994 | |
Minimum [Member] | LIBOR [Member] | ||
Term Loan [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Minimum [Member] | Alternate Base Rate [Domain] | ||
Term Loan [Line Items] | ||
Basis spread on variable rate | 0.00% | |
Maximum [Member] | LIBOR [Member] | ||
Term Loan [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Maximum [Member] | Alternate Base Rate [Domain] | ||
Term Loan [Line Items] | ||
Basis spread on variable rate | 0.75% |
Long-Term Debt (Senior Notes Due 2026 and 2046) (Details) - USD ($) $ in Millions |
Apr. 24, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Aug. 10, 2016 |
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Principal amount | $ 3,853 | $ 3,678 | |||
3.60% Senior Notes Due 2026 [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount | 750 | 750 | $ 750 | ||
Exchange Offer Percentage | 99.97% | ||||
5.0% Senior Notes Due 2046 [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 700 | ||||
4.875% Westlake Senior 2023 Notes [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 434 | $ 434 | $ 434 | ||
Exchange Offer Percentage | 100.00% |
Long-Term Debt (3.60% Senior Notes due 2022) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Jul. 31, 2012 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Principal amount | $ 3,853 | $ 3,678 | |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Minimum Debt Amount Guaranteed By Subsidiaries | 5 | ||
Senior Notes [Member] | 3.60% Senior Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 250 | $ 250 | $ 250 |
Debt Instrument, Unamortized Discount | 1 | ||
Minimum Debt Amount Guaranteed By Subsidiaries | $ 5 |
Long-Term Debt (4.375% Senior Notes due 2047) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Nov. 30, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 3,853 | $ 3,678 | |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Minimum debt amount guaranteed by subsidiaries | 5 | ||
Senior Notes [Member] | 4.375% Senior Notes Due 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 500 | $ 500 | $ 0 |
Minimum debt amount guaranteed by subsidiaries | $ 40 |
Long-Term Debt (IKE Zone Bonds) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2010 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 3,853 | $ 3,678 | |
Senior Notes [Member] | 6.5% 2035 IKE Zone Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 65 | $ 65 | $ 65 |
Long-Term Debt (Revenue Bonds) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 3,853 | $ 3,678 |
Weighted average interest rate on all long-term debt | 4.50% | 4.40% |
Unamortized Debt Issuance Cost | $ 26 | $ 24 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 250 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Waste Disposal Revenue Bonds Due 2027 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 11 | $ 11 |
Debt Instrument, Interest Rate, Effective Percentage | 1.73% | 0.79% |
Stockholders' Equity (Details) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017
USD ($)
vote
shares
|
Dec. 31, 2016
USD ($)
shares
|
Dec. 31, 2015
USD ($)
|
Nov. 20, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
shares
|
Nov. 30, 2014
USD ($)
|
Aug. 31, 2011
USD ($)
|
|
Class of Stock [Line Items] | |||||||
Dividends, Common Stock, Cash | $ 103 | $ 97 | $ 92 | ||||
Common Stock, Voting Rights, Number of Votes Per Share | vote | 1 | ||||||
Common stock, sinking fund | $ 0 | ||||||
2011 Program [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 100 | ||||||
Stock repurchased 2011 program, shares repurchased | shares | 1,944,161 | ||||||
Aggregate purchase price of common stock repurchased | $ 100 | ||||||
2014 Program [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 150 | $ 250 | |||||
Stock repurchased 2014 program, shares repurchase | shares | 0 | 1,511,109 | |||||
Ordinary Dividend [Member] | |||||||
Class of Stock [Line Items] | |||||||
Dividends, Common Stock, Cash | $ 103 | $ 97 | $ 92 |
Employee Benefits (Narrative Defined Contribution Plans) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Domestic Plan [Member] | |||
Defined Contribution Plan [Line Items] | |||
Maximum employee contribution as a percentage of annual compensation | 100.00% | ||
Employer contributions to plans | $ 23 | $ 11 | $ 8 |
Foreign Plan [Member] | |||
Defined Contribution Plan [Line Items] | |||
Employer Contributions to Plan | $ 5 | 2 | 2 |
Defined Contribution Retirement Plan [Member] | Domestic Plan [Member] | |||
Defined Contribution Plan [Line Items] | |||
Number of subsidiaries company provides a defined contribution plan | 1 | ||
Length of service required to be eligible for annual retirement contributions (in years) | 1 year | ||
Employer Contributions to Plan | $ 29 | $ 17 | $ 12 |
Employee Benefits (Narrative Defined Benefit Plans) (Details) - Domestic Plan [Member] $ in Millions |
1 Months Ended | |
---|---|---|
Dec. 31, 2014
plan
|
Dec. 31, 2017
USD ($)
|
|
Defined Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Number of defined benefit plans amended | plan | 1 | |
Pension Plan Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected future contributions in the next fiscal year | $ | $ 3 |
Employee Benefits (Multiemployer Plans) (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
plan
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Multiemployer Plans [Line Items] | |||
Number of multiemployer plans | plan | 2 | ||
Foreign Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Contributions to multi-employer plans | $ | $ 8 | $ 5 | $ 4 |
Employee Benefits (Schedule Of Estimated Future Benefit Payments) (Details) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Pension Plan Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Year 1 | $ 51 |
Year 2 | 53 |
Year 3 | 52 |
Year 4 | 52 |
Year 5 | 53 |
Years 6 to 10 | 265 |
Other Postretirement Plan Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Year 1 | 8 |
Year 2 | 8 |
Year 3 | 8 |
Year 4 | 8 |
Year 5 | 8 |
Years 6 to 10 | $ 30 |
Stock-Based Compensation (Schedule Of Weighted Average Value And Assumptions For Fair Value Of Options) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value (in dollars per share) | $ 15.84 | $ 11.67 | $ 20.21 |
Risk-free interest rate | 2.10% | 1.40% | 1.70% |
Expected life in years | 5 years | 5 years | 5 years |
Expected volatility | 29.20% | 32.90% | 34.20% |
Expected dividend yield | 1.20% | 1.60% | 0.90% |
Restricted Stock [Member] | Axiall Corporation [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average vesting period (in years) | 9 months 18 days | ||
Risk-free interest rate | 1.60% | ||
Expected volatility | 23.10% | ||
Expected dividend yield | 0.80% |
Income Taxes (Narrative) (Details) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Income Tax Disclosure [Abstract] | ||
Provisional adjustment of income tax benefit | $ 591 | |
Foreign and state net operating loss carryforwards | $ 405 | 405 |
Change in valuation allowance | 3 | |
Provisional tax expense related to one-time repatriation | $ 5 | |
Foreign tax | $ 7 |
Income Taxes (Components Of Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ 917 | $ 476 | $ 880 |
Foreign | 164 | 82 | 83 |
Income before income taxes | $ 1,081 | $ 558 | $ 963 |
Income Taxes (Schedule Of The Provision For (Benefit From) Income Taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Current | |||
Federal | $ 231 | $ 8 | $ 225 |
State | 18 | 9 | 24 |
Foreign | 27 | 20 | 9 |
Total Current | 276 | 37 | 258 |
Deferred | |||
Federal | (557) | 136 | 30 |
State | 25 | (33) | 3 |
Foreign | (2) | (2) | 7 |
Total Deferred | (534) | 101 | 40 |
Provision for (benefit from) income taxes | $ (258) | $ 138 | $ 298 |
Income Taxes (Reconciliation Of Taxes Computed At The Statutory Rate To Income Tax Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||
Provision for federal income tax, at statutory rate | $ 378 | $ 195 | $ 337 |
State income tax provision, net of federal income tax effect | 26 | 1 | 17 |
Foreign income tax rate differential | (33) | (8) | (13) |
Manufacturing deduction | (23) | (2) | (24) |
Depletion | (7) | (2) | 0 |
Noncontrolling interests | (9) | (7) | (7) |
Tax on previously held shares of Axiall Corporation and certain other acquisition related items | 0 | (13) | 0 |
Tax Act related adjustment | (591) | 0 | 0 |
Changes in state apportionment and other state adjustments | 2 | (17) | 0 |
Research and development expenditures and adjustments related to prior years' tax returns | (1) | (8) | 0 |
Other, net | 0 | (1) | (12) |
Provision for (benefit from) income taxes | $ (258) | $ 138 | $ 298 |
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ 64 | $ 70 |
Credit carryforward | 26 | 24 |
Accruals | 53 | 67 |
Pension | 79 | 114 |
Allowance for doubtful accounts | 5 | 12 |
Inventories | 11 | 13 |
Other | 15 | 36 |
Deferred taxes assets—total | 253 | 336 |
Property, plant and equipment | (906) | (1,374) |
Intangibles | (154) | (221) |
Turnaround costs | (8) | (1) |
Basis difference—consolidated partnerships | (209) | (308) |
Other | (18) | (17) |
Deferred tax liabilities—total | (1,295) | (1,921) |
Valuation allowance | (56) | (53) |
Total net deferred tax liabilities | (1,098) | (1,638) |
Balance sheet classifications | ||
Noncurrent deferred tax asset | 13 | 12 |
Noncurrent deferred tax liability | $ (1,111) | $ (1,650) |
Earnings per Share (Narrative) (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Earnings Per Share [Abstract] | |||
Options excluded from computation of earnings per share, shares | 0 | 318,259 | 301,969 |
Earnings per Share (Schedule Of Net Income Attributable To Common Stockholders) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Westlake Chemical Corporation | $ 802 | $ 211 | $ 153 | $ 138 | $ 99 | $ 66 | $ 111 | $ 123 | $ 1,304 | $ 399 | $ 646 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Diluted | (7) | (2) | (3) | ||||||||
Net income attributable to common shareholders | $ 1,297 | $ 397 | $ 643 |
Earnings per Share (Reconciliation Of Denominator For Basic And Diluted Earnings (Loss) Per Share) (Details) - $ / shares |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Earnings Per Share [Abstract] | |||||||||||
Weighted average common shares—basic | 129,087,043 | 129,367,712 | 131,823,707 | ||||||||
Plus incremental shares from: Assumed exercise of options | 452,970 | 607,110 | 478,105 | ||||||||
Weighted average common shares—diluted | 129,540,013 | 129,974,822 | 132,301,812 | ||||||||
Basic (in dollars per share) | $ 6.18 | $ 1.62 | $ 1.18 | $ 1.07 | $ 0.76 | $ 0.51 | $ 0.85 | $ 0.94 | $ 10.05 | $ 3.07 | $ 4.88 |
Diluted (in dollars per share) | $ 6.15 | $ 1.61 | $ 1.17 | $ 1.06 | $ 0.76 | $ 0.51 | $ 0.85 | $ 0.94 | $ 10.00 | $ 3.06 | $ 4.86 |
Supplemental Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Business Combination Bargain Purchase Gain Net Of Related Expenses | $ 21 | ||
Accrued Liabilities | |||
Accrued liabilities | $ 657 | $ 538 | |
Accrued rebates | 108 | 78 | |
Accrued Income Taxes, Current | 130 | 11 | |
Non-Cash Investing Activity [Abstract] | |||
Increase (Decrease) in Capital Expenditure Accrual | (9) | 7 | (7) |
Cash Flow Information | |||
Interest paid, net of interest capitalized | 154 | 46 | 32 |
Income taxes paid | $ 84 | 3 | $ 314 |
Axiall Corporation [Member] | |||
Non-Cash Investing Activity [Abstract] | |||
Remeasurement gain (loss) | $ (49) |
Commitments And Contingencies (Future Minimum Lease Commitments) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense | $ 147 | $ 87 | $ 69 |
Operating Leases | |||
2018 | 108 | ||
2019 | 97 | ||
2020 | 73 | ||
2021 | 56 | ||
2022 | 44 | ||
Thereafter | 651 | ||
Total minimum lease payments | 1,029 | ||
Capital Leases | |||
2018 | 3 | ||
2019 | 3 | ||
2020 | 3 | ||
2021 | 2 | ||
2022 | 2 | ||
Thereafter | 9 | ||
Total minimum lease payments | 22 | ||
Less: Imputed interest costs | (12) | ||
Present value of net minimum lease payments | $ 10 |
Commitments And Contingencies (Minimum Purchase Obligations) (Details) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Unconditional purchase obligations | |
2018 | $ 430 |
2019 | 412 |
2020 | 376 |
2021 | 330 |
2022 | $ 95 |
Segment And Geographic Information (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
plant
Segment
customer
|
Dec. 31, 2016
customer
|
Dec. 31, 2015
customer
|
|
Segment Reporting Information [Line Items] | |||
Number of segments | Segment | 2 | ||
Number of Building Product Facilities | plant | 24 | ||
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 (Total Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 12,076 | $ 10,890 |
Operating Segments [Member] | Olefins [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,006 | 2,093 |
Operating Segments [Member] | Vinyls [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 8,853 | 8,287 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,217 | $ 510 |
Segment And Geographic Information (Reconciliation Of Total Segment Income From Operations To Consolidated Income Before Income Taxes) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Segment Reporting [Abstract] | |||||||||||
Income from operations for reportable segments | $ 365 | $ 366 | $ 266 | $ 236 | $ 153 | $ 46 | $ 180 | $ 202 | $ 1,233 | $ 581 | $ 960 |
Interest expense | (159) | (79) | (35) | ||||||||
Other income, net | 7 | 56 | 38 | ||||||||
Income before income taxes | $ 1,081 | $ 558 | $ 963 |
Quarterly Financial Information (Summary Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 2,010 | $ 2,109 | $ 1,979 | $ 1,943 | $ 1,735 | $ 1,280 | $ 1,086 | $ 975 | $ 8,041 | $ 5,076 | $ 4,463 |
Gross profit | 498 | 498 | 405 | 368 | 282 | 203 | 241 | 255 | 1,769 | 981 | 1,185 |
Income from operations | 365 | 366 | 266 | 236 | 153 | 46 | 180 | 202 | 1,233 | 581 | 960 |
Net income | 816 | 219 | 159 | 145 | 105 | 70 | 116 | 129 | 1,339 | 420 | 665 |
Net income attributable to Westlake Chemical Corporation | $ 802 | $ 211 | $ 153 | $ 138 | $ 99 | $ 66 | $ 111 | $ 123 | $ 1,304 | $ 399 | $ 646 |
Basic (in dollars per share) | $ 6.18 | $ 1.62 | $ 1.18 | $ 1.07 | $ 0.76 | $ 0.51 | $ 0.85 | $ 0.94 | $ 10.05 | $ 3.07 | $ 4.88 |
Diluted (in dollars per share) | $ 6.15 | $ 1.61 | $ 1.17 | $ 1.06 | $ 0.76 | $ 0.51 | $ 0.85 | $ 0.94 | $ 10.00 | $ 3.06 | $ 4.86 |
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