$WLK
WESTLAKE CORP

2021 Q4 Form 10-K Financial Statement

#000126282322000014 Filed on February 23, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $3.507B $11.78B $1.965B
YoY Change 78.47% 56.96% 4.35%
Cost Of Revenue $2.411B $8.283B $1.642B
YoY Change 46.83% 27.8% 0.55%
Gross Profit $1.096B $3.495B $323.0M
YoY Change 239.32% 241.64% 29.2%
Gross Profit Margin 31.25% 29.67% 16.44%
Selling, General & Admin $168.0M $551.0M $117.0M
YoY Change 43.59% 22.72% 1.74%
% of Gross Profit 15.33% 15.77% 36.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $240.0M $840.0M $196.0M
YoY Change 22.45% 8.67% 4.26%
% of Gross Profit 21.9% 24.03% 60.68%
Operating Expenses $208.0M $551.0M $145.0M
YoY Change 43.45% 22.72% 1.4%
Operating Profit $888.0M $2.800B $178.0M
YoY Change 398.88% 552.68% 74.51%
Interest Expense -$46.00M $176.0M -$34.00M
YoY Change 35.29% 23.94% -2.86%
% of Operating Profit -5.18% 6.29% -19.1%
Other Income/Expense, Net $18.00M $53.00M $12.00M
YoY Change 50.0% 20.45% 100.0%
Pretax Income $845.0M $2.677B $156.0M
YoY Change 441.67% 708.76% 113.7%
Income Tax $184.0M $607.0M $33.00M
% Of Pretax Income 21.78% 22.67% 21.15%
Net Earnings $644.0M $2.015B $113.0M
YoY Change 469.91% 510.61% 56.94%
Net Earnings / Revenue 18.36% 17.11% 5.75%
Basic Earnings Per Share $15.66 $0.87
Diluted Earnings Per Share $5.005M $15.58 $0.87
COMMON SHARES
Basic Shares Outstanding 127.8M shares 128.0M shares 127.7M shares
Diluted Shares Outstanding 128.7M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.908B $1.908B $1.313B
YoY Change 45.32% 45.32% 80.36%
Cash & Equivalents $1.908B $1.908B $1.313B
Short-Term Investments
Other Short-Term Assets $80.00M $80.00M $32.00M
YoY Change 150.0% 150.0% -23.81%
Inventory $1.407B $1.407B $918.0M
Prepaid Expenses
Receivables $1.741B $1.741B $1.078B
Other Receivables $65.00M $127.0M $44.00M
Total Short-Term Assets $5.263B $5.263B $3.477B
YoY Change 51.37% 51.37% 26.81%
LONG-TERM ASSETS
Property, Plant & Equipment $7.606B $8.168B $6.920B
YoY Change 9.91% 10.66% 0.12%
Goodwill $2.024B $1.083B
YoY Change 86.89% 0.84%
Intangibles
YoY Change
Long-Term Investments $1.007B $1.007B $1.059B
YoY Change -4.91% -4.91% -4.77%
Other Assets $417.0M $417.0M $223.0M
YoY Change 87.0% 87.0% -16.79%
Total Long-Term Assets $13.20B $13.20B $10.36B
YoY Change 27.4% 27.4% -1.53%
TOTAL ASSETS
Total Short-Term Assets $5.263B $5.263B $3.477B
Total Long-Term Assets $13.20B $13.20B $10.36B
Total Assets $18.46B $18.46B $13.84B
YoY Change 33.42% 33.42% 4.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $879.0M $864.0M $536.0M
YoY Change 63.99% 61.19% 13.32%
Accrued Expenses $1.196B $1.196B $821.0M
YoY Change 45.68% 45.68% 6.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $269.0M $284.0M $0.00
YoY Change
Total Short-Term Liabilities $2.344B $2.344B $1.357B
YoY Change 72.73% 72.73% 9.35%
LONG-TERM LIABILITIES
Long-Term Debt $4.911B $4.911B $3.566B
YoY Change 37.72% 37.72% 3.51%
Other Long-Term Liabilities $243.0M $995.0M $199.0M
YoY Change 22.11% 3.0% -1.49%
Total Long-Term Liabilities $5.154B $5.906B $3.765B
YoY Change 36.89% 30.32% 3.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.344B $2.344B $1.357B
Total Long-Term Liabilities $5.154B $5.906B $3.765B
Total Liabilities $9.931B $10.50B $7.257B
YoY Change 36.85% 34.8% 5.82%
SHAREHOLDERS EQUITY
Retained Earnings $7.808B $5.938B
YoY Change 31.49% 3.14%
Common Stock $582.0M $570.0M
YoY Change 2.11% 2.89%
Preferred Stock
YoY Change
Treasury Stock (at cost) $399.0M $401.0M
YoY Change -0.5% 6.37%
Treasury Stock Shares 6.736M shares 6.821M shares
Shareholders Equity $7.955B $7.955B $6.043B
YoY Change
Total Liabilities & Shareholders Equity $18.46B $18.46B $13.84B
YoY Change 33.42% 33.42% 4.33%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $644.0M $2.015B $113.0M
YoY Change 469.91% 510.61% 56.94%
Depreciation, Depletion And Amortization $240.0M $840.0M $196.0M
YoY Change 22.45% 8.67% 4.26%
Cash From Operating Activities $757.0M $2.394B $431.0M
YoY Change 75.64% 84.58% 29.43%
INVESTING ACTIVITIES
Capital Expenditures -$244.0M $658.0M -$122.0M
YoY Change 100.0% 25.33% -33.33%
Acquisitions $2.554B
YoY Change
Other Investing Activities -$2.127B -$23.00M -$21.00M
YoY Change 10028.57% -330.0% -97.45%
Cash From Investing Activities -$2.371B -$3.213B -$143.0M
YoY Change 1558.04% 531.24% -85.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $30.00M
YoY Change -44.44%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -50.00M $1.437B -202.0M
YoY Change -75.25% -765.28% 417.95%
NET CHANGE
Cash From Operating Activities 757.0M $2.394B 431.0M
Cash From Investing Activities -2.371B -$3.213B -143.0M
Cash From Financing Activities -50.00M $1.437B -202.0M
Net Change In Cash -1.664B $604.0M 86.00M
YoY Change -2034.88% 2.9% -112.08%
FREE CASH FLOW
Cash From Operating Activities $757.0M $2.394B $431.0M
Capital Expenditures -$244.0M $658.0M -$122.0M
Free Cash Flow $1.001B $1.736B $553.0M
YoY Change 81.01% 124.87% 7.17%

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CY2021 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:14pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recasting of Certain Prior Period Information</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has historically operated in two principal operating segments, Vinyls and Olefins. In the fourth quarter of 2021, the Company reorganized its business into two principal operating segments, Performance and Essential Materials and Housing and Infrastructure Products. The Olefins, PVC, VCM, chlorine, caustic soda and chlorinated derivative materials and polyethylene are included in the Performance and Essential Materials segment. Building products, pipe and fittings and PVC compounds are included in the Housing and Infrastructure Products segment. These reporting changes have been retrospectively reflected in the segment results for all periods presented.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to the prior-year financial statements to conform to the current year presentation.</span></div>
CY2021 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:14pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
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<div style="margin-top:14pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The coronavirus ("COVID-19") pandemic resulted in widespread adverse impacts on the global economy in 2020. As the COVID-19 pandemic and its impacts on the global economy continue, the Company may experience impacts on its business operations. However, the impact that COVID-19 will have on the financial condition, results of operations and cash flows of the Company cannot be estimated with certainty at this time as it will depend on future developments, including, among others, the timing and logistics with respect to the distribution of vaccines globally and the efficacy of the available vaccines (including with respect to the more recent variants of COVID-19), vaccine hesitancy and the availability of other treatments, the ultimate duration of the pandemic, geographic spread and severity of the virus, the consequences of governmental and other measures designed to prevent the spread of the virus, actions taken by customers, suppliers and other third parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume.</span></div>
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918000000 USD
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652000000 USD
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557000000 USD
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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4134000000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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3710000000 USD
CY2021Q4 wlk Property Plant And Equipment Net Excluding Construction In Progress
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CY2020Q4 wlk Property Plant And Equipment Net Excluding Construction In Progress
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CY2021Q4 us-gaap Construction In Progress Gross
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654000000 USD
CY2020Q4 us-gaap Construction In Progress Gross
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527000000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
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