XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Fair Value Measurements | 3 Months Ended
--- | ---
Mar. 31, 2017
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The Company reports certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). 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 following tables summarize, by level within the fair value hierarchy, the Company's assets and liabilities that were accounted for at fair value on a recurring basis:
|  | March 31, 2017
|  | Level 1 |  | Level 2 |  | Total
Derivative instruments |  |  |  |  |  |
Risk management assets—Commodity forward contracts |  | $ | 406 |  |  | $ | 6,471 |  |  | $ | 6,877 |
Risk management liabilities—Commodity forward contracts |  | (6,710 | ) |  | (960 | ) |  | (7,670 | )
|  | December 31, 2016
|  | Level 1 |  | Level 2 |  | Total
Derivative instruments |  |  |  |  |  |
Risk management assets—Commodity forward contracts |  | $ | 878 |  |  | $ | 14,108 |  |  | $ | 14,986 |
Risk management liabilities—Commodity forward contracts |  | (6,854 | ) |  | (367 | ) |  | (7,221 | )
The Level 2 measurements for the Company's commodity contracts are derived using forward curves supplied by industry-recognized and unrelated third-party services. There were no transfers in or out of Levels 1 and 2 of the fair value hierarchy for the three months ended March 31, 2017 and 2016. In addition to the financial assets and liabilities above, the Company has other 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 current 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, accounts payable and current term loan approximate their fair values due to the short maturities of these instruments. The carrying and fair values of the Company's long-term debt are summarized in the table below. The fair value of the Company's long-term debt instruments is determined using a market approach, based upon quotes from financial reporting services. 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.
|  | March 31, 2017 |  | December 31, 2016
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Revolving credit facility |  | $ | 250,000 |  |  | $ | 250,000 |  |  | $ | 325,000 |  |  | $ | 325,000 |
4.625% Westlake 2021 Senior Notes |  | 624,793 |  |  | 649,354 |  |  | 651,630 |  |  | 650,847 |
4.625% Subsidiary 2021 Senior Notes |  | 63,207 |  |  | 65,639 |  |  | 66,069 |  |  | 65,775 |
3.60% senior notes due 2022 |  | 250,000 |  |  | 254,443 |  |  | 248,109 |  |  | 251,725 |
4.875% Westlake 2023 Senior Notes |  | 433,793 |  |  | 451,761 |  |  | 447,224 |  |  | 451,301 |
4.875% Subsidiary 2023 Senior Notes |  | 16,207 |  |  | 16,873 |  |  | 16,747 |  |  | 16,501 |
3.60% 2026 Senior Notes |  | 750,000 |  |  | 735,870 |  |  | 739,243 |  |  | 722,055 |
Loan related to tax-exempt waste disposal revenue bonds due 2027 |  | 10,889 |  |  | 10,889 |  |  | 10,889 |  |  | 10,889 |
6 ½% senior notes due 2029 |  | 100,000 |  |  | 110,000 |  |  | 99,084 |  |  | 112,433 |
6 ¾% senior notes due 2032 |  | 250,000 |  |  | 258,760 |  |  | 248,117 |  |  | 258,818 |
6 ½% 2035 GO Zone Senior Notes |  | 89,000 |  |  | 101,760 |  |  | 88,161 |  |  | 100,323 |
6 ½% 2035 IKE Zone Senior Notes |  | 65,000 |  |  | 74,298 |  |  | 64,398 |  |  | 73,270 |
5.0% 2046 Senior Notes |  | 700,000 |  |  | 717,864 |  |  | 673,983 |  |  | 691,712 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration