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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net income $ 250 $ 377
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 577 525
Stock-based compensation expense 21 19
Loss from disposition and write-off of property, plant and equipment 26 32
Deferred income taxes 154 34
Other losses, net 23 4
Changes in operating assets and liabilities, net of effect of business acquisitions    
Accounts receivable (251) (5)
Inventories 108 136
Prepaid expenses and other current assets (8) (7)
Accounts payable 17 (49)
Accrued and other liabilities 14 (34)
Other, net (65) (64)
Net cash provided by operating activities 866 968
Cash flows from investing activities    
Acquisition of businesses, net of cash acquired 0 (314)
Additions to property, plant and equipment (403) (604)
Additions to investments in unconsolidated subsidiaries 0 (45)
Return of investment from an equity investee 44 0
Other, net (7) 15
Net cash used for investing activities (366) (948)
Cash flows from financing activities    
Dividends paid (102) (98)
Distributions to noncontrolling interests (39) (40)
Net proceeds from issuance of Westlake Chemical Partners LP common units 0 63
Net proceeds from debt issuance and drawdown of revolver 1,299 784
Net proceeds from (repayment of) short-term notes payable (17) (4)
Repayment of revolver and senior notes (1,100) 0
Repurchase of common stock for treasury (54) (30)
Other, net (1) (6)
Net cash provided by (used for) financing activities (14) 669
Effect of exchange rate changes on cash, cash equivalents and restricted cash 4 (5)
Net increase (decrease) in cash, cash equivalents and restricted cash 490 684
Cash, cash equivalents and restricted cash at beginning of period 750 775
Cash, cash equivalents and restricted cash at end of period $ 1,240 $ 1,459