SEC Filings

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

WESTLAKE CHEMICAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
Three Months Ended March 31,
 
 
2018
 
2017
 
 
 
 
 
 
 
(in millions of dollars)
Cash flows from operating activities
 
 
 
 
Net income
 
$
297

 
$
145

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
 
Depreciation and amortization
 
156

 
150

Stock-based compensation expense
 
6

 
6

Loss from disposition of property, plant and equipment
 
6

 
3

Deferred income taxes
 
16

 
(6
)
Other gains, net
 
(7
)
 

Changes in operating assets and liabilities
 
 
 
 
Accounts receivable
 
(133
)
 
(65
)
Inventories
 
(41
)
 
(19
)
Prepaid expenses and other current assets
 
2

 
6

Accounts payable
 
(13
)
 
49

Accrued liabilities
 
(48
)
 
(122
)
Other, net
 
(16
)
 
10

Net cash provided by operating activities
 
225

 
157

Cash flows from investing activities
 
 
 
 
Additions to property, plant and equipment
 
(154
)
 
(134
)
Additions to investments in unconsolidated subsidiaries
 
(26
)
 
(15
)
Other
 
2

 
1

Net cash used for investing activities
 
(178
)
 
(148
)
Cash flows from financing activities
 
 
 
 
Dividends paid
 
(27
)
 
(24
)
Distributions to noncontrolling interests
 
(7
)
 
(4
)
Proceeds from debt issuance and drawdown of revolver
 
4

 
52

Repayment of term loan
 

 
(150
)
Repayment of revolver
 

 
(125
)
Repayment of notes payable
 
(706
)
 
(2
)
Other
 
5

 

Net cash used for financing activities
 
(731
)
 
(253
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
 
4

 
3

Net decrease in cash, cash equivalents and restricted cash
 
(680
)
 
(241
)
Cash, cash equivalents and restricted cash at beginning of period
 
1,554

 
646

Cash, cash equivalents and restricted cash at end of period
 
$
874

 
$
405

The accompanying notes are an integral part of these consolidated financial statements.

5