v2.4.0.6

Guarantor Disclosures

12 Months Ended

Dec. 31, 2011

Guarantor Disclosures [Abstract]

Guarantor Disclosures

21. Guarantor Disclosures

The Company's payment obligations under the Company's 6 ⁵/8% senior notes due 2016 is fully and unconditionally guaranteed by each of its current and future domestic restricted subsidiaries that guarantee other debt of the Company or of another guarantor of the senior notes in excess of $5,000 (the "Guarantor Subsidiaries"). Each Guarantor Subsidiary is 100% owned by Westlake Chemical Corporation. 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 Guarantor Subsidiaries and the remaining subsidiaries that do not guarantee the notes (the "Non-Guarantor Subsidiaries"), together with consolidating adjustments necessary to present the Company's results on a consolidated basis.

Condensed Consolidating Financial Information as of December 31, 2011

		Westlake Chemical Corporation				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations				Consolidated
Balance Sheet
Current assets
Cash and cash equivalents		$	803,320			$	2,517			$	20,064			$	—			$	825,901
Accounts receivable, net			—				1,384,705				949				(978,282	)			407,372
Inventories			—				478,229				12,548				—				490,777
Prepaid expenses and other current assets			363				10,332				1,800				—				12,495
Deferred income taxes			430				19,049				132				—				19,611
Total current assets			804,113				1,894,832				35,493				(978,282	)			1,756,156
Property, plant and equipment, net			—				1,223,073				8,993				—				1,232,066
Equity investments			2,597,598				53,912				35,650				(2,640,419	)			46,741
Restricted cash			96,283				—				—				—				96,283
Other assets, net			17,650				132,968				2,467				(17,510	)			135,575
Total assets		$	3,515,644			$	3,304,785			$	82,603			$	(3,636,211	)		$	3,266,821
Current liabilities
Accounts payable		$	1,005,529			$	210,476			$	3,748			$	(992,719	)		$	227,034
Accrued liabilities			76				120,656				2,392				14,437				137,561
Total current liabilities			1,005,605				331,132				6,140				(978,282	)			364,595
Long-term debt			753,674				10,889				11,500				(11,500	)			764,563
Deferred income taxes			—				336,165				636				(6,010	)			330,791
Other liabilities			53				50,458				49				—				50,560
Stockholders' equity			1,756,312				2,576,141				64,278				(2,640,419	)			1,756,312
Total liabilities and stockholders' equity		$	3,515,644			$	3,304,785			$	82,603			$	(3,636,211	)		$	3,266,821

Condensed Consolidating Financial Information as of December 31, 2010

		Westlake Chemical Corporation				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations				Consolidated
Balance Sheet
Current assets
Cash and cash equivalents		$	611,158			$	53			$	19,088			$	—			$	630,299
Accounts receivable, net			128,628				1,302,314				2,086				(1,070,165	)			362,863
Inventories			—				437,130				12,898				—				450,028
Prepaid expenses and other current assets			162				13,763				1,557				—				15,482
Deferred income taxes			357				16,771				160				—				17,288
Total current assets			740,305				1,770,031				35,789				(1,070,165	)			1,475,960
Property, plant and equipment, net			—				1,159,051				11,283				—				1,170,334
Equity investments			2,320,094				53,274				35,588				(2,362,642	)			46,314
Restricted cash			150,288				—				—				—				150,288
Other assets, net			16,897				108,352				3,769				(17,770	)			111,248
Total assets		$	3,227,584			$	3,090,708			$	86,429			$	(3,450,577	)		$	2,954,144
Current liabilities
Accounts payable		$	952,000			$	189,852			$	4,541			$	(941,619	)		$	204,774
Accrued liabilities			16,868				228,364				2,121				(128,549	)			118,804
Total current liabilities			968,868				418,216				6,662				(1,070,168	)			323,578
Long-term debt			753,593				10,889				11,500				(11,500	)			764,482
Deferred income taxes			—				320,813				972				(6,267	)			315,518
Other liabilities			53				45,435				8				—				45,496
Stockholders' equity			1,505,070				2,295,355				67,287				(2,362,642	)			1,505,070
Total liabilities and stockholders' equity		$	3,227,584			$	3,090,708			$	86,429			$	(3,450,577	)		$	2,954,144

Condensed Consolidating Financial Information for the Year Ended December 31, 2011

		Westlake Chemical Corporation				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations				Consolidated
Statement of Operations
Net sales		$	—			$	3,581,470			$	42,202			$	(3,824	)		$	3,619,848
Cost of sales			—				3,024,419				40,247				(3,824	)			3,060,842
Gross profit			—				557,051				1,955				—				559,006
Selling, general and administrative expenses			3,762				102,989				5,459				—				112,210
(Loss) income from operations			(3,762	)			454,062				(3,504	)			—				446,796
Interest expense			(50,919	)			(73	)			—				—				(50,992	)
Other income (expense), net			10,217				(4,212	)			(377	)			—				5,628
(Loss) income before income taxes			(44,464	)			449,777				(3,881	)			—				401,432
(Benefit from) provision for income taxes			(11,835	)			155,313				(1,012	)			—				142,466
Equity in net income of subsidiaries			291,595				—				—				(291,595	)			—
Net income (loss)		$	258,966			$	294,464			$	(2,869	)		$	(291,595	)		$	258,966

Condensed Consolidating Financial Information for the Year Ended December 31, 2010

		Westlake Chemical Corporation				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations				Consolidated
Statement of Operations
Net sales		$	—			$	3,130,513			$	44,006			$	(2,732	)		$	3,171,787
Cost of sales			—				2,653,234				38,602				(2,732	)			2,689,104
Gross profit			—				477,279				5,404				—				482,683
Selling, general and administrative expenses			4,257				95,441				4,621				—				104,319
(Loss) income from operations			(4,257	)			381,838				783				—				378,364
Interest expense			(39,829	)			(46	)			—				—				(39,875	)
Other income (expense), net			15,045				(12,715	)			2,141				—				4,471
(Loss) income before income taxes			(29,041	)			369,077				2,924				—				342,960
(Benefit from) provision for income taxes			(2,471	)			122,541				1,497				—				121,567
Equity in net income of subsidiaries			247,963				—				—				(247,963	)			—
Net income		$	221,393			$	246,536			$	1,427			$	(247,963	)		$	221,393

Condensed Consolidating Financial Information for the Year Ended December 31, 2009

		Westlake Chemical Corporation				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations				Consolidated
Statement of Operations
Net sales		$	—			$	2,289,953			$	38,980			$	(3,210	)		$	2,325,723
Cost of sales			—				2,099,795				34,010				(3,210	)			2,130,595
Gross profit			—				190,158				4,970				—				195,128
Selling, general and administrative expenses			4,185				80,213				3,473				—				87,871
(Loss) income from operations			(4,185	)			109,945				1,497				—				107,257
Interest expense			(34,864	)			(93	)			—				—				(34,957	)
Other income (expense), net			14,843				(12,981	)			4,591				—				6,453
(Loss) income before income taxes			(24,206	)			96,871				6,088				—				78,753
(Benefit from) provision for income taxes			(6,314	)			31,620				452				—				25,758
Equity in net income of subsidiaries			70,887				—				—				(70,887	)			—
Net income		$	52,995			$	65,251			$	5,636			$	(70,887	)		$	52,995

Condensed Consolidating Financial Information for the Year Ended December 31, 2011

		Westlake Chemical Corporation				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations				Consolidated
Statement of Cash Flows
Cash flows from operating activities
Net income (loss)		$	258,966			$	294,464			$	(2,869	)		$	(291,595	)		$	258,966
Adjustments to reconcile net income (loss) to net cash (used for) provided by operating activities
Depreciation and amortization			1,683				127,807				3,590				—				133,080
Deferred income taxes			190				14,225				(301	)			—				14,114
Net changes in working capital and other			(291,666	)			(45,667	)			1,874				291,595				(43,864	)
Net cash (used for) provided by operating activities			(30,827	)			390,829				2,294				—				362,296
Cash flows from investing activities
Additions to property, plant and equipment			—				(175,706	)			(1,137	)			—				(176,843	)
Proceeds from disposition of assets			—				2,877				3				—				2,880
Proceeds from repayment of loan to affiliate			—				—				1,192				—				1,192
Purchase of securities and other investments			—				(30,265	)			—				—				(30,265	)
Settlements of derivative instruments			—				251				—				—				251
Net cash (used for) provided by investing activities			—				(202,843	)			58				—				(202,785	)
Cash flows from financing activities
Intercompany financing			186,898				(185,522	)			(1,376	)			—				—
Capitalized debt issuance costs			(2,697	)			—				—				—				(2,697	)
Dividends paid			(18,265	)			—				—				—				(18,265	)
Proceeds from exercise of stock options			5,344				—				—				—				5,344
Repurchase of common stock for treasury			(2,518	)			—				—				—				(2,518	)
Utilization of restricted cash			54,227				—				—				—				54,227
Net cash provided by (used for) financing activities			222,989				(185,522	)			(1,376	)			—				36,091
Net increase in cash and cash equivalents			192,162				2,464				976				—				195,602
Cash and cash equivalents at beginning of the year			611,158				53				19,088				—				630,299
Cash and cash equivalents at end of the year		$	803,320			$	2,517			$	20,064			$	—			$	825,901

Condensed Consolidating Financial Information for the Year Ended December 31, 2010

		Westlake Chemical Corporation				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations				Consolidated
Statement of Cash Flows
Cash flows from operating activities
Net income		$	221,393			$	246,536			$	1,427			$	(247,963	)		$	221,393
Adjustments to reconcile net income to net cash (used for) provided by operating activities
Depreciation and amortization			2,154				125,002				3,730				—				130,886
Deferred income taxes			7,864				6,048				241				—				14,153
Net changes in working capital and other			(245,113	)			(87,299	)			1,301				247,963				(83,148	)
Net cash (used for) provided by operating activities			(13,702	)			290,287				6,699				—				283,284
Cash flows from investing activities
Additions to equity investments			—				(10,177	)			—				—				(10,177	)
Additions to property, plant and equipment			—				(79,928	)			(1,341	)			—				(81,269	)
Proceeds from disposition of assets			—				914				—				—				914
Proceeds from repayment of loan to affiliate			—				—				763				—				763
Settlements of derivative instruments			—				9,494				—				—				9,494
Net cash used for investing activities			—				(79,697	)			(578	)			—				(80,275	)
Cash flows from financing activities
Intercompany financing			210,360				(210,614	)			254				—				—
Capitalized debt issuance costs			(3,331	)			—				—				—				(3,331	)
Dividends paid			(16,014	)			—				—				—				(16,014	)
Proceeds from exercise of stock options			3,745				—				—				—				3,745
Utilization of restricted cash			197,298				—				—				—				197,298
Net cash provided by (used for) financing activities			392,058				(210,614	)			254				—				181,698
Net increase (decrease) in cash and cash equivalents			378,356				(24	)			6,375				—				384,707
Cash and cash equivalents at beginning of the year			232,802				77				12,713				—				245,592
Cash and cash equivalents at end of the year		$	611,158			$	53			$	19,088			$	—			$	630,299

Condensed Consolidating Financial Information for the Year Ended December 31, 2009

		Westlake Chemical Corporation				Guarantor Subsidiaries				Non-Guarantor Subsidiaries				Eliminations				Consolidated
Statement of Cash Flows
Cash flows from operating activities
Net income		$	52,995			$	65,251			$	5,636			$	(70,887	)		$	52,995
Adjustments to reconcile net income to net cash (used for) provided by operating activities
Depreciation and amortization			1,461				119,296				3,903				—				124,660
Deferred income taxes			2,086				27,113				2,008				—				31,207
Net changes in working capital and other			(72,567	)			27,731				609				70,887				26,660
Net cash (used for) provided by operating activities			(16,025	)			239,391				12,156				—				235,522
Cash flows from investing activities
Acquisition of business			—				(6,297	)			—				—				(6,297	)
Additions to property, plant and equipment			—				(98,555	)			(1,214	)			—				(99,769	)
Proceeds from disposition of assets			—				3,255				—				—				3,255
Proceeds from insurance for involuntary conversion of assets			—				484				—				—				484
Settlements of derivative instruments			—				(859	)			—				—				(859	)
Net cash used for investing activities			—				(101,972	)			(1,214	)			—				(103,186	)
Cash flows from financing activities
Intercompany financing			137,442				(137,411	)			(31	)			—				—
Capitalized debt issuance costs			(2,203	)			—				—				—				(2,203	)
Dividends paid			(14,510	)			—				—				—				(14,510	)
Proceeds from exercise of stock options			879				—				—				—				879
Utilization of restricted cash			38,851				—				—				—				38,851
Net cash provided by (used for) financing activities			160,459				(137,411	)			(31	)			—				23,017
Net increase in cash and cash equivalents			144,434				8				10,911				—				155,353
Cash and cash equivalents at beginning of the year			88,368				69				1,802				—				90,239
Cash and cash equivalents at end of the year		$	232,802			$	77			$	12,713			$	—			$	245,592

X

- Definition

Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12265-110248



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 9, 10, 11, 12

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 45

-Paragraph 13, 16

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248

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