2024 Q1 Form 10-K Financial Statement

#000160466524000010 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $284.7M $297.3M $1.191B
YoY Change -7.48% -18.96% -25.26%
Cost Of Revenue $182.5M $196.6M $803.3M
YoY Change -9.48% -26.84% -33.92%
Gross Profit $102.2M $100.7M $387.5M
YoY Change -3.67% 2.6% 2.67%
Gross Profit Margin 35.89% 33.87% 32.54%
Selling, General & Admin $7.077M $7.867M $29.75M
YoY Change -10.58% 175.65% 0.25%
% of Gross Profit 6.93% 7.81% 7.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.99M $28.30M $110.2M
YoY Change 5.1% -3.71% -8.98%
% of Gross Profit 27.4% 28.11% 28.44%
Operating Expenses $7.077M $7.867M $29.75M
YoY Change -10.58% 175.65% 0.25%
Operating Profit $95.10M $92.82M $357.7M
YoY Change -3.11% -2.58% 2.88%
Interest Expense -$6.581M -$6.632M -$26.50M
YoY Change -10.03% 40.99% 97.67%
% of Operating Profit -6.92% -7.15% -7.41%
Other Income/Expense, Net $1.334M $1.079M $4.232M
YoY Change 62.68% 22.2% 170.24%
Pretax Income $89.86M $87.26M $335.4M
YoY Change -1.97% -4.58% -0.12%
Income Tax $210.0K $206.0K $813.0K
% Of Pretax Income 0.23% 0.24% 0.24%
Net Earnings $14.83M $14.30M $54.28M
YoY Change -0.4% -14.81% -15.41%
Net Earnings / Revenue 5.21% 4.81% 4.56%
Basic Earnings Per Share
Diluted Earnings Per Share $0.42 $0.41 $1.54
COMMON SHARES
Basic Shares Outstanding 35.23M shares 35.23M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.76M $58.62M $58.62M
YoY Change -46.69% -9.51% -9.51%
Cash & Equivalents $55.76M $58.62M $58.62M
Short-Term Investments
Other Short-Term Assets $257.0K $442.0K $442.0K
YoY Change 67.97% 44.92% 44.92%
Inventory $4.860M $4.432M $4.432M
Prepaid Expenses
Receivables $163.5M $162.7M $162.7M
Other Receivables $3.357M $0.00 $0.00
Total Short-Term Assets $224.3M $226.2M $226.2M
YoY Change -3.48% -7.97% -7.97%
LONG-TERM ASSETS
Property, Plant & Equipment $926.8M $943.8M $943.8M
YoY Change -5.18% -4.68% -4.68%
Goodwill $5.814M $5.814M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $143.9M $146.8M $146.8M
YoY Change 13.35% 12.78% 12.78%
Total Long-Term Assets $1.071B $1.091B $1.091B
YoY Change -3.56% -3.16% -3.16%
TOTAL ASSETS
Total Short-Term Assets $224.3M $226.2M $226.2M
Total Long-Term Assets $1.071B $1.091B $1.091B
Total Assets $1.295B $1.317B $1.317B
YoY Change -3.55% -4.02% -4.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.08M $56.34M $56.34M
YoY Change 173.2% 267.79% 14.03%
Accrued Expenses $19.80M $24.98M $24.98M
YoY Change -5.98% 42.44% 42.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $43.08M $56.34M $56.34M
YoY Change -16.31% -15.84% -15.84%
LONG-TERM LIABILITIES
Long-Term Debt $399.7M $399.7M $399.7M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $2.410M $2.951M $4.583M
YoY Change
Total Long-Term Liabilities $2.410M $2.951M $404.3M
YoY Change -99.4% -99.26% 1.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.08M $56.34M $56.34M
Total Long-Term Liabilities $2.410M $2.951M $404.3M
Total Liabilities $446.8M $460.6M $1.037B
YoY Change -1.32% -1.64% -3.99%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $278.2M $279.9M $279.9M
YoY Change
Total Liabilities & Shareholders Equity $1.295B $1.317B $1.317B
YoY Change -3.55% -4.02% -4.02%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $14.83M $14.30M $54.28M
YoY Change -0.4% -14.81% -15.41%
Depreciation, Depletion And Amortization $27.99M $28.30M $110.2M
YoY Change 5.1% -3.71% -8.98%
Cash From Operating Activities $104.6M $107.7M $452.0M
YoY Change -27.82% -12.14% -2.53%
INVESTING ACTIVITIES
Capital Expenditures $9.773M $12.82M $46.82M
YoY Change -22.78% 48.05% -13.48%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$10.02M $0.00
YoY Change -100.0% -114.08%
Cash From Investing Activities -$9.773M -$22.84M -$75.94M
YoY Change -4386.4% -136.56% 532.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$97.65M -92.13M -$382.2M
YoY Change -7.25% -34.06% -5.39%
NET CHANGE
Cash From Operating Activities $104.6M 107.7M $452.0M
Cash From Investing Activities -$9.773M -22.84M -$75.94M
Cash From Financing Activities -$97.65M -92.13M -$382.2M
Net Change In Cash -$2.859M -7.263M -$6.163M
YoY Change -107.18% -116.03% -112.91%
FREE CASH FLOW
Cash From Operating Activities $104.6M $107.7M $452.0M
Capital Expenditures $9.773M $12.82M $46.82M
Free Cash Flow $94.79M $94.88M $405.2M
YoY Change -28.3% -16.71% -1.08%

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CY2021 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
47725000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-97000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
64782000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17057000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17154000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58619000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
64782000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17057000 usd
CY2023 wlkp Threshold Period Past Due Accounts Receivable Reviewed
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CY2023 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
164000 usd
CY2022 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
80000 usd
CY2021 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
0 usd
CY2023Q4 us-gaap Goodwill
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5814000 usd
CY2023 wlkp Plant And Equipment Planned Major Maintenance Activities Amortization Period Maximum
PlantAndEquipmentPlannedMajorMaintenanceActivitiesAmortizationPeriodMaximum
P6Y
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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>Financial instruments which potentially subject the Partnership to concentration of risk consist principally of trade receivables from third-party customers who purchase ethylene and ethylene co-products. The Partnership performs periodic credit evaluations, as applicable, of the customers' financial condition and generally does not require collateral. The Partnership maintains allowances for potential losses, as applicable.
CY2023 us-gaap Number Of Operating Segments
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1 segment
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2023 wlkp Termof Investment Management Agreementwith Related Party Maximum
TermofInvestmentManagementAgreementwithRelatedPartyMaximum
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CY2023 wlkp Ima Partnership Earned Amount Added To Market Rate Basis Points
IMAPartnershipEarnedAmountAddedToMarketRateBasisPoints
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CY2023Q4 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
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CY2023Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
15622000 usd
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AccountsReceivableGrossCurrent
18813000 usd
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AllowanceForDoubtfulAccountsReceivableCurrent
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AllowanceForDoubtfulAccountsReceivableCurrent
280000 usd
CY2023Q4 us-gaap Nontrade Receivables Current
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3357000 usd
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NontradeReceivablesCurrent
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CY2022Q4 us-gaap Receivables Net Current
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CY2023Q4 us-gaap Inventory Finished Goods
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CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
4093000 usd
CY2023Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
285000 usd
CY2022Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
622000 usd
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4432000 usd
CY2022Q4 us-gaap Inventory Net
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4715000 usd
CY2023Q4 us-gaap Buildings And Improvements Gross
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18623000 usd
CY2022Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
18551000 usd
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1936295000 usd
CY2022Q4 us-gaap Machinery And Equipment Gross
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1937439000 usd
CY2023Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
112210000 usd
CY2022Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
110984000 usd
CY2023Q4 wlkp Property Plant And Equipment Gross Excluding Construction In Progress
PropertyPlantAndEquipmentGrossExcludingConstructionInProgress
2067128000 usd
CY2022Q4 wlkp Property Plant And Equipment Gross Excluding Construction In Progress
PropertyPlantAndEquipmentGrossExcludingConstructionInProgress
2066974000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1161032000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1102800000 usd
CY2023Q4 wlkp Property Plant And Equipment Net Excluding Construction In Progress
PropertyPlantAndEquipmentNetExcludingConstructionInProgress
906096000 usd
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PropertyPlantAndEquipmentNetExcludingConstructionInProgress
964174000 usd
CY2023Q4 us-gaap Construction In Progress Gross
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37747000 usd
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26039000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
943843000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
990213000 usd
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84511000 usd
CY2022 us-gaap Depreciation
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CY2021 us-gaap Depreciation
Depreciation
91852000 usd
CY2023Q4 us-gaap Goodwill Gross
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5814000 usd
CY2022Q4 us-gaap Goodwill Gross
GoodwillGross
5814000 usd
CY2023 wlkp Discounted Cash Flow Methodology Goodwill Impairment Discount Rate
DiscountedCashFlowMethodologyGoodwillImpairmentDiscountRate
0.105
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TurnaroundCostsNet
133176000 usd
CY2022Q4 wlkp Turnaround Costs Net
TurnaroundCostsNet
127647000 usd
CY2023Q4 wlkp Noncurrent Assets Other Net
NoncurrentAssetsOtherNet
7806000 usd
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NoncurrentAssetsOtherNet
2512000 usd
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140982000 usd
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CY2022Q4 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
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CY2023 us-gaap Net Income Loss
NetIncomeLoss
54283000 usd
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NetIncomeLoss
64173000 usd
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NetIncomeLoss
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CY2023 us-gaap Undistributed Earnings
UndistributedEarnings
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CY2023 us-gaap Undistributed Earnings
UndistributedEarnings
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CY2022 us-gaap Distributed Earnings
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66403000 usd
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CY2022 wlkp Buyer Deficiency Fee
BuyerDeficiencyFee
23835000 usd
CY2021 wlkp Buyer Deficiency Fee
BuyerDeficiencyFee
51395000 usd
CY2021 wlkp Shortfall Fees
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58906000 usd
CY2021 wlkp Shortfall Fees
ShortfallFees
58906000 usd
CY2022 wlkp Shortfall Fees Recovered
ShortfallFeesRecovered
51713000 usd
CY2023 wlkp Shortfall Fees Recovered
ShortfallFeesRecovered
7004000 usd
CY2023 wlkp Ima Partnership Earned Amount Added To Market Rate Basis Points
IMAPartnershipEarnedAmountAddedToMarketRateBasisPoints
five
CY2023Q4 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
94444000 usd
CY2022Q4 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
64996000 usd
CY2022 wlkp Shortfall Fees Not Yet Recovered
ShortfallFeesNotYetRecovered
7193000 usd
CY2023 wlkp Shortfall Fees Recovered
ShortfallFeesRecovered
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CY2023 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P0Y7M6D
CY2023Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
408110000 usd
CY2022Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
405879000 usd
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
837000 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
891000 usd
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
561000 usd
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-24000 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
126000 usd
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-12000 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
813000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1017000 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
549000 usd
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1017000 usd
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
70442000 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
70528000 usd
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
84406000 usd
CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
813000 usd
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
549000 usd
CY2023 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
70442000 usd
CY2022 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
70528000 usd
CY2021 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
84406000 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
813000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1017000 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
549000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1402000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1438000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Deferred Expense Other Capitalized Costs
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230000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Deferred Expense Other Capitalized Costs
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218000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
1632000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
1656000 usd
CY2023Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
1632000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
1656000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
1632000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
1656000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
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24980000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17537000 usd
CY2023Q4 wlkp Accrued Maintenance Expense Current
AccruedMaintenanceExpenseCurrent
5170000 usd
CY2023Q4 wlkp Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
4627000 usd
CY2023Q4 wlkp Accrued Taxes
AccruedTaxes
3033000 usd
CY2022Q4 wlkp Accrued Maintenance Expense Current
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3752000 usd
CY2022Q4 wlkp Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
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CY2022Q4 wlkp Accrued Taxes
AccruedTaxes
2652000 usd
CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CapitalExpendituresIncurredButNotYetPaid
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CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023 us-gaap Interest Paid Net
InterestPaidNet
24537000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
10850000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
8976000 usd
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IncomeTaxesPaid
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CY2022 us-gaap Income Taxes Paid
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CY2021 us-gaap Income Taxes Paid
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5079000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2023 ecd Rule10b51 Arr Adopted Flag
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CY2023 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2023 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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