2018 Q4 Form 10-K Financial Statement

#000126282319000012 Filed on February 20, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2017 Q3
Revenue $1.995B $2.010B $2.109B
YoY Change -0.75% 15.85% 64.77%
Cost Of Revenue $1.641B $1.512B $1.613B
YoY Change 8.5% 4.04% 49.78%
Gross Profit $354.0M $496.0M $496.0M
YoY Change -28.63% 75.89% 144.33%
Gross Profit Margin 17.74% 24.68% 23.52%
Selling, General & Admin $108.0M $19.10M $98.00M
YoY Change 465.45% -83.49% 34.75%
% of Gross Profit 30.51% 3.85% 19.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $168.0M $152.0M $154.0M
YoY Change 10.53% 1.0% 63.43%
% of Gross Profit 47.46% 30.65% 31.05%
Operating Expenses $134.0M $127.0M $98.00M
YoY Change 5.51% 9.77% 34.75%
Operating Profit $207.0M $363.0M $364.0M
YoY Change -42.98% 137.25% 691.3%
Interest Expense -$30.00M -$40.20M $40.00M
YoY Change -25.37% -5.41% 64.16%
% of Operating Profit -14.49% -11.07% 10.99%
Other Income/Expense, Net -$1.000M $400.0K $4.000M
YoY Change -350.0% -90.7% -90.31%
Pretax Income $176.0M $325.0M $328.0M
YoY Change -45.85% 183.84% 416.84%
Income Tax $45.00M $100.3M $109.0M
% Of Pretax Income 25.57% 30.86% 33.23%
Net Earnings $123.0M $802.0M $211.0M
YoY Change -84.66% 710.1% 219.7%
Net Earnings / Revenue 6.17% 39.9% 10.0%
Basic Earnings Per Share $0.95 $6.18 $1.62
Diluted Earnings Per Share $0.95 $6.15 $1.61
COMMON SHARES
Basic Shares Outstanding 129.2M shares 129.1M shares 129.1M shares
Diluted Shares Outstanding 129.9M shares

Balance Sheet

Concept 2018 Q4 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $753.0M $1.531B $678.0M
YoY Change -50.82% 233.55% 77.95%
Cash & Equivalents $753.0M $1.531B $678.2M
Short-Term Investments
Other Short-Term Assets $38.00M $31.00M $49.00M
YoY Change 22.58% -85.65% -78.41%
Inventory $1.014B $900.0M $834.8M
Prepaid Expenses
Receivables $952.0M $961.0M $1.097B
Other Receivables $28.00M $33.00M $29.12M
Total Short-Term Assets $2.842B $3.463B $2.700B
YoY Change -17.93% 43.81% 11.56%
LONG-TERM ASSETS
Property, Plant & Equipment $6.595B $6.412B $6.344B
YoY Change 2.85% -0.12% -1.66%
Goodwill $1.002B $1.012B $1.011B
YoY Change -0.99% 6.86% 9.25%
Intangibles
YoY Change
Long-Term Investments $253.0M
YoY Change
Other Assets $504.0M $412.0M $2.201B
YoY Change 22.33% -80.02% 8.62%
Total Long-Term Assets $8.760B $8.613B $8.545B
YoY Change 1.71% 1.54% 0.79%
TOTAL ASSETS
Total Short-Term Assets $2.842B $3.463B $2.700B
Total Long-Term Assets $8.760B $8.613B $8.545B
Total Assets $11.60B $12.08B $11.24B
YoY Change -3.93% 10.89% 3.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $507.0M $600.0M $560.8M
YoY Change -15.5% 20.97% 11.71%
Accrued Expenses $676.0M $657.0M $609.5M
YoY Change 2.89% 22.12% 10.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $0.00 $710.0M
YoY Change -100.0%
Total Short-Term Liabilities $1.183B $1.967B $1.170B
YoY Change -39.86% 66.27% -2.85%
LONG-TERM LIABILITIES
Long-Term Debt $2.668B $3.127B $3.349B
YoY Change -14.68% -15.0% -9.02%
Other Long-Term Liabilities $179.0M $158.0M $144.3M
YoY Change 13.29% 30.58% -1.5%
Total Long-Term Liabilities $2.847B $3.285B $144.3M
YoY Change -13.33% -13.55% -1.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.183B $1.967B $1.170B
Total Long-Term Liabilities $2.847B $3.285B $144.3M
Total Liabilities $5.526B $6.707B $6.693B
YoY Change -17.61% -4.16% -5.38%
SHAREHOLDERS EQUITY
Retained Earnings $5.477B $4.613B $3.838B
YoY Change 18.73% 35.2% 14.97%
Common Stock $557.0M $556.0M $559.8M
YoY Change 0.18% 0.72% 2.17%
Preferred Stock
YoY Change
Treasury Stock (at cost) $382.0M $302.0M $314.7M
YoY Change 26.49% -5.33% -1.65%
Treasury Stock Shares 6.183M shares 5.233M shares 5.552M shares
Shareholders Equity $5.590B $4.874B $4.069B
YoY Change
Total Liabilities & Shareholders Equity $11.60B $12.08B $11.24B
YoY Change -3.93% 10.89% 3.19%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $123.0M $802.0M $211.0M
YoY Change -84.66% 710.1% 219.7%
Depreciation, Depletion And Amortization $168.0M $152.0M $154.0M
YoY Change 10.53% 1.0% 63.43%
Cash From Operating Activities $254.0M $566.0M $482.0M
YoY Change -55.12% 95.37% 176.53%
INVESTING ACTIVITIES
Capital Expenditures -$195.0M -$163.0M $133.0M
YoY Change 19.63% 1.12% -26.18%
Acquisitions
YoY Change
Other Investing Activities $2.000M -$29.00M -$17.00M
YoY Change -106.9% 132.0% -99.18%
Cash From Investing Activities -$193.0M -$192.0M -$150.0M
YoY Change 0.52% 10.54% -93.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -96.00M 466.0M -59.00M
YoY Change -120.6% -1806.96% -103.48%
NET CHANGE
Cash From Operating Activities 254.0M 566.0M 482.0M
Cash From Investing Activities -193.0M -192.0M -150.0M
Cash From Financing Activities -96.00M 466.0M -59.00M
Net Change In Cash -35.00M 840.0M 273.0M
YoY Change -104.17% 847.01% -169.75%
FREE CASH FLOW
Cash From Operating Activities $254.0M $566.0M $482.0M
Capital Expenditures -$195.0M -$163.0M $133.0M
Free Cash Flow $449.0M $729.0M $349.0M
YoY Change -38.41% 61.68% -6045.49%

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CY2017 us-gaap Earnings Per Share Diluted
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195000000 USD
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378000000 USD
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280000000 USD
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124000000 USD
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68000000 USD
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54000000 USD
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363000000 USD
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CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
404000000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
396000000 USD
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
207000000 USD
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
1408000000 USD
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OperatingLeasesFutureMinimumPaymentsDue
503000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
94000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
42000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
56000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
70000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
89000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
152000000 USD
CY2016 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
87000000 USD
CY2017 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
147000000 USD
CY2018 us-gaap Operating Leases Rent Expense Net
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160000000 USD
CY2018Q4 us-gaap Operating Loss Carryforwards
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331000000 USD
CY2016 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
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-24000000 USD
CY2017 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent
-7000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments And Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsAndTax
62000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments And Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsAndTax
0 USD
CY2018 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments And Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsAndTax
0 USD
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
5000000 USD
CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
8000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
133000000 USD
CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2016 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsAndTax
-60000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsAndTax
-19000000 USD
CY2018 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments And Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsAndTax
33000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
54000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
0 USD
CY2018 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
0 USD
CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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-1000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-2000000 USD
CY2018 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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0 USD
CY2016 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Noncontrolling Interest
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0 USD
CY2017 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossTaxPortionAttributableToNoncontrollingInterest
1000000 USD
CY2018 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossTaxPortionAttributableToNoncontrollingInterest
4000000 USD
CY2017Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
161000000 USD
CY2018Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
134000000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
158000000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
179000000 USD
CY2016 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
5000000 USD
CY2017 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-3000000 USD
CY2018 us-gaap Other Operating Activities Cash Flow Statement
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-20000000 USD
CY2017Q4 us-gaap Other Receivables Net Current
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33000000 USD
CY2018Q4 us-gaap Other Receivables Net Current
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28000000 USD
CY2016 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
2000000 USD
CY2017 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
7000000 USD
CY2018 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
5000000 USD
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CY2017Q3 us-gaap Partners Capital Account Units Sold In Public Offering
PartnersCapitalAccountUnitsSoldInPublicOffering
5175000 shares
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PaymentsForProceedsFromOtherInvestingActivities
4000000 USD
CY2017 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-4000000 USD
CY2018 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
67000000 USD
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2018 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
106000000 USD
CY2016 us-gaap Payments Of Debt Issuance Costs
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36000000 USD
CY2017 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
6000000 USD
CY2018 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2016 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
97000000 USD
CY2017 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
103000000 USD
CY2018 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
120000000 USD
CY2016 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
17000000 USD
CY2017 us-gaap Payments Of Dividends Minority Interest
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28000000 USD
CY2018 us-gaap Payments Of Dividends Minority Interest
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45000000 USD
CY2014Q3 us-gaap Payments Of Stock Issuance Costs
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24000000 USD
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3000000 USD
CY2016 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
17000000 USD
CY2017 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
66000000 USD
CY2018 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
68000000 USD
CY2016 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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2438000000 USD
CY2017 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
13000000 USD
CY2018 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2016 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
138000000 USD
CY2017 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
CY2018 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
629000000 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
577000000 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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702000000 USD
CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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344000000 USD
CY2018Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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337000000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
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CY2018Q4 us-gaap Preferred Stock Value
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31000000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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38000000 USD
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286000000 USD
CY2017Q3 us-gaap Proceeds From Issuance Of Common Limited Partners Units
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111000000 USD
CY2016 us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
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CY2017 us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
111000000 USD
CY2018 us-gaap Proceeds From Issuance Of Common Limited Partners Units
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CY2016 us-gaap Proceeds From Long Term Lines Of Credit
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2037000000 USD
CY2017 us-gaap Proceeds From Long Term Lines Of Credit
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978000000 USD
CY2018 us-gaap Proceeds From Long Term Lines Of Credit
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14000000 USD
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5000000 USD
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11000000 USD
CY2018 us-gaap Proceeds From Payments For Other Financing Activities
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CY2016 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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663000000 USD
CY2016 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
663000000 USD
CY2017 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
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CY2018 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2016 us-gaap Profit Loss
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420000000 USD
CY2017Q1 us-gaap Profit Loss
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145000000 USD
CY2017Q2 us-gaap Profit Loss
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159000000 USD
CY2017Q3 us-gaap Profit Loss
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219000000 USD
CY2017Q4 us-gaap Profit Loss
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CY2017 us-gaap Profit Loss
ProfitLoss
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CY2018Q1 us-gaap Profit Loss
ProfitLoss
297000000 USD
CY2018Q2 us-gaap Profit Loss
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288000000 USD
CY2018Q3 us-gaap Profit Loss
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318000000 USD
CY2018Q4 us-gaap Profit Loss
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CY2018 us-gaap Profit Loss
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CY2018Q4 us-gaap Property Plant And Equipment Gross
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CY2018Q4 us-gaap Property Plant And Equipment Net
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CY2017Q4 us-gaap Property Plant And Equipment Other
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388000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Other
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437000000 USD
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1001000000 USD
CY2018Q4 us-gaap Receivables Net Current
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125000000 USD
CY2017 us-gaap Repayments Of Lines Of Credit
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550000000 USD
CY2018 us-gaap Repayments Of Lines Of Credit
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13000000 USD
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257000000 USD
CY2018 us-gaap Repayments Of Notes Payable
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1179000000 USD
CY2016 us-gaap Repayments Of Short Term Debt
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CY2017 us-gaap Repayments Of Short Term Debt
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150000000 USD
CY2018 us-gaap Repayments Of Short Term Debt
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0 USD
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23000000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
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22000000 USD
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4613000000 USD
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5477000000 USD
CY2016 us-gaap Revenues
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5076000000 USD
CY2017Q1 us-gaap Revenues
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1943000000 USD
CY2017Q2 us-gaap Revenues
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1979000000 USD
CY2017Q3 us-gaap Revenues
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2109000000 USD
CY2017Q4 us-gaap Revenues
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2010000000 USD
CY2017 us-gaap Revenues
Revenues
8041000000 USD
CY2018Q1 us-gaap Revenues
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2150000000 USD
CY2018Q2 us-gaap Revenues
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2235000000 USD
CY2018Q3 us-gaap Revenues
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2255000000 USD
CY2018Q4 us-gaap Revenues
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1995000000 USD
CY2018 us-gaap Revenues
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8635000000 USD
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258000000 USD
CY2017 us-gaap Selling General And Administrative Expense
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399000000 USD
CY2018 us-gaap Selling General And Administrative Expense
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445000000 USD
CY2016 us-gaap Share Based Compensation
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14000000 USD
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
23000000 USD
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
22000000 USD
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0.016
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.012
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.007
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.329
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.292
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.276
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.014
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.021
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.027
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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628926 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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39.05
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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4000000 USD
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
24000000 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
21000000 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3660 shares
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
173195 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.67
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.84
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
28.94
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
20000000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1269601 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1115954 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
41.04
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
54.82
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
28.81
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
77.16
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
107.75
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
17000000 USD
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y6M
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y1M6D
CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
323182 shares
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
8000000 USD
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
11000000 USD
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
9000000 USD
CY2014Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
250000000 USD
CY2015Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000 USD
CY2018Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
4874000000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
5590000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3562000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3892000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5369000000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6076000000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
5232875 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
6183125 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
302000000 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
382000000 USD
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
67000000 USD
CY2018 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
106000000 USD
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
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26000000 USD
CY2018Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
25000000 USD
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
308000000 USD
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
555000000 USD
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
421000000 USD
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
669000000 USD
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
697000000 USD
CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
9000000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129974822 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129540013 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129985753 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129367712 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129087043 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129401823 shares
CY2017Q4 wlk Accrued Rebates Current
AccruedRebatesCurrent
108000000 USD
CY2018Q4 wlk Accrued Rebates Current
AccruedRebatesCurrent
125000000 USD
CY2016 wlk Business Acquisition Pro Forma Net Income Loss Attributableto Noncontrolling Interest
BusinessAcquisitionProFormaNetIncomeLossAttributabletoNoncontrollingInterest
-23000000 USD
CY2016 wlk Business Acquisition Pro Formanet Income Loss Attributableto Parent
BusinessAcquisitionProFormanetIncomeLossAttributabletoParent
374000000 USD
CY2018Q4 wlk Common Stock Sinking Fund Provision
CommonStockSinkingFundProvision
0 USD
CY2018 wlk Common Stock Voting Rights Numberof Votes Per Share
CommonStockVotingRightsNumberofVotesPerShare
1 vote
CY2017Q4 wlk Debt Instrument Unamortized Discountpremiumand Debt Issuance Cost Net Excluding Current Maturities
DebtInstrumentUnamortizedDiscountpremiumandDebtIssuanceCostNetExcludingCurrentMaturities
38000000 USD
CY2018Q4 wlk Debt Instrument Unamortized Discountpremiumand Debt Issuance Cost Net Excluding Current Maturities
DebtInstrumentUnamortizedDiscountpremiumandDebtIssuanceCostNetExcludingCurrentMaturities
47000000 USD
CY2017Q4 wlk Deferred Tax Liabilities Parents Basis In Consolidated Partnerships
DeferredTaxLiabilitiesParentsBasisInConsolidatedPartnerships
209000000 USD
CY2018Q4 wlk Deferred Tax Liabilities Parents Basis In Consolidated Partnerships
DeferredTaxLiabilitiesParentsBasisInConsolidatedPartnerships
202000000 USD
CY2018 wlk Defined Benefit Plan Target Allocation Percentage Of Assets Long Term
DefinedBenefitPlanTargetAllocationPercentageOfAssetsLongTerm
0.60
CY2018 wlk Defined Benefit Plan Target Allocation Percentage Of Assets Short Term
DefinedBenefitPlanTargetAllocationPercentageOfAssetsShortTerm
0.40
CY2016 wlk Effective Income Tax Rate Reconciliation Acquisitionof Business Amount
EffectiveIncomeTaxRateReconciliationAcquisitionofBusinessAmount
-13000000 USD
CY2017 wlk Effective Income Tax Rate Reconciliation Acquisitionof Business Amount
EffectiveIncomeTaxRateReconciliationAcquisitionofBusinessAmount
0 USD
CY2018 wlk Effective Income Tax Rate Reconciliation Acquisitionof Business Amount
EffectiveIncomeTaxRateReconciliationAcquisitionofBusinessAmount
0 USD
CY2016 wlk Increase Decrease In Prepaid Expenses And Other Current Assets
IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets
-11000000 USD
CY2017 wlk Increase Decrease In Prepaid Expenses And Other Current Assets
IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets
-26000000 USD
CY2018 wlk Increase Decrease In Prepaid Expenses And Other Current Assets
IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets
1000000 USD
CY2016 wlk Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
-7000000 USD
CY2017 wlk Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
9000000 USD
CY2018 wlk Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
48000000 USD
CY2017Q4 wlk Longterm Debt Gross Excluding Current Maturities
LongtermDebtGrossExcludingCurrentMaturities
3165000000 USD
CY2018Q4 wlk Longterm Debt Gross Excluding Current Maturities
LongtermDebtGrossExcludingCurrentMaturities
2715000000 USD
CY2016 wlk Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
397000000 USD
CY2017 wlk Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
1297000000 USD
CY2018 wlk Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
991000000 USD
CY2018 wlk Number Of Multiemployer Plans
NumberOfMultiemployerPlans
2 plan
CY2018Q4 wlk Number Of Plants
NumberOfPlants
24 plant
CY2018 wlk Number Of Segments
NumberOfSegments
2 Segment
CY2018 wlk Number Of Subsidiaries Company Provides Post Retirement Healthcare Benefit
NumberOfSubsidiariesCompanyProvidesPostRetirementHealthcareBenefit
2 subsidiary
CY2016 wlk Other Comprehensive Income Loss Income Tax Provision Benefit On Available For Sale Investment
OtherComprehensiveIncomeLossIncomeTaxProvisionBenefitOnAvailableForSaleInvestment
3000000 USD
CY2017 wlk Other Comprehensive Income Loss Income Tax Provision Benefit On Available For Sale Investment
OtherComprehensiveIncomeLossIncomeTaxProvisionBenefitOnAvailableForSaleInvestment
0 USD
CY2018 wlk Other Comprehensive Income Loss Income Tax Provision Benefit On Available For Sale Investment
OtherComprehensiveIncomeLossIncomeTaxProvisionBenefitOnAvailableForSaleInvestment
0 USD
CY2018Q4 wlk Partners Units Maximum Aggregate Offering Amount Atm
PartnersUnitsMaximumAggregateOfferingAmountATM
50000000 USD
CY2017Q4 wlk Property Plant And Equipment Net Excluding Construction In Progress
PropertyPlantAndEquipmentNetExcludingConstructionInProgress
6024000000 USD
CY2018Q4 wlk Property Plant And Equipment Net Excluding Construction In Progress
PropertyPlantAndEquipmentNetExcludingConstructionInProgress
6022000000 USD
CY2014Q3 wlk Saleof Unit Price Per Unit
SaleofUnitPricePerUnit
24.00
CY2017Q3 wlk Saleof Unit Price Per Unit
SaleofUnitPricePerUnit
22.00
CY2018Q4 wlk Stock Repurchase Program Shares Repurchased Gross
StockRepurchaseProgramSharesRepurchasedGross
5562479 shares
CY2018 wlk Tax Cutsand Jobs Actof2017 Foreign Taxon Accumulated Earningsof Foreign Subsidiary No Longer Permanently Reinvested
TaxCutsandJobsActof2017ForeignTaxonAccumulatedEarningsofForeignSubsidiaryNoLongerPermanentlyReinvested
20000000 USD
CY2017 wlk Tax Cutsand Jobs Actof2017 Incomplete Accounting Changein Tax Rate Deferred Tax Asset Provisional Income Tax Expense Benefit
TaxCutsandJobsActof2017IncompleteAccountingChangeinTaxRateDeferredTaxAssetProvisionalIncomeTaxExpenseBenefit
-591000000 USD
CY2018Q4 wlk Treasury Stock Purchase Price Repurchase Program
TreasuryStockPurchasePriceRepurchaseProgram
335000000 USD
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments which potentially subject the Company to concentration of risk consist principally of trade receivables from customers engaged in manufacturing polyethylene products, polyvinyl chloride ("PVC") products and PVC pipe products. The Company performs periodic credit evaluations of the customers' financial condition and generally does not require collateral. The Company maintains allowances for potential losses.</font></div></div>
CY2018 us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenue is recognized when the Company transfers control of inventories to its customers. Amounts recognized as revenues reflect the consideration to which the Company expects to be entitled in exchange for those inventories. Provisions for discounts, rebates and returns are incorporated in the estimate of variable consideration and reflected as reduction to revenue in the same period as the related sales.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Control of inventories generally transfers upon shipment for domestic sales. The Company excludes taxes collected on behalf of customers from the estimated contract price. For export contracts, the point at which control passes to the customer varies depending on the terms specified in the customer contract. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company generally invoices customers and recognizes revenue and accounts receivable upon transferring control of inventories. In limited circumstances, the Company transfers control of inventories shortly before it has an unconditional right to receive consideration, resulting in recognition of contract assets. The Company also receives advance payments from certain customers, resulting in recognition of contract liabilities. Contract assets and liabilities are generally settled within the period and are not material to the consolidated balance sheets.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company expenses sales commissions when incurred. These costs are recorded within selling, general and administrative expenses. The Company does not disclose the value of unsatisfied performance obligations because its contracts with customers (1) have an original expected duration of one year or less or (2) have only variable consideration that is calculated based on market prices at specified dates and is allocated to wholly unsatisfied performance obligations.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior to the adoption of ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606"), on January 1, 2018, the revenue was recognized when persuasive evidence of an arrangement existed, products were delivered to the customer, the sales price was fixed or determinable and collectability was reasonably assured. For domestic contracts, title and risk of loss had passed to the customer upon delivery under executed customer purchase orders or contracts. For export contracts, the title and risk of loss had passed to customers at the time specified by each contract. </font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.</font></div></div>

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