SEC Filings

10-Q
WESTLAKE CHEMICAL CORP filed this Form 10-Q on 05/03/2018
Entire Document
 

WESTLAKE CHEMICAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—Continued
(Unaudited)
(in millions of dollars, except share amounts and per share data)

Condensed Consolidating Financial Information for the Three Months Ended March 31, 2017
 
 
Westlake
Chemical
Corporation
 
100% Owned
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
Net income
 
$
138

 
$
22

 
$
120

 
$
(135
)
 
$
145

Adjustments to reconcile net income to
   net cash provided by (used for) operating
   activities
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 

 
98

 
52

 

 
150

Deferred income taxes
 

 
(3
)
 
(3
)
 

 
(6
)
Net changes in working capital and other
 
(213
)
 
(29
)
 
(25
)
 
135

 
(132
)
Net cash provided by (used for)
   operating activities
 
(75
)
 
88

 
144

 

 
157

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
 

 
(121
)
 
(13
)
 

 
(134
)
Additions to investments in
   unconsolidated subsidiaries
 

 
(15
)
 

 

 
(15
)
Other
 

 
1

 

 

 
1

Net cash used for investing activities
 

 
(135
)
 
(13
)
 

 
(148
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
Intercompany financing
 
78

 
(96
)
 
18

 

 

Dividends paid
 
(24
)
 

 

 

 
(24
)
Distributions to noncontrolling interests
 

 
95

 
(99
)
 

 
(4
)
Proceeds from debt issuance and drawdown of
   revolver
 
50

 

 
2

 

 
52

Repayment of term loan
 

 

 
(150
)
 

 
(150
)
Repayment of revolver
 
(125
)
 

 

 

 
(125
)
Repayment of notes payable
 

 

 
(2
)
 

 
(2
)
Net cash used for financing activities
 
(21
)
 
(1
)
 
(231
)
 

 
(253
)
Effect of exchange rate changes on cash,
   cash equivalents and restricted cash
 

 

 
3

 

 
3

Net decrease in cash, cash equivalents
    and restricted cash
 
(96
)
 
(48
)
 
(97
)
 

 
(241
)
Cash, cash equivalents and restricted cash at
   beginning of period
 
147

 
78

 
421

 

 
646

Cash, cash equivalents and restricted cash at
   end of period
 
$
51

 
$
30

 
$
324

 
$

 
$
405


26