1 unchanged sentence
Our Partnership Interests
−Removed: Our common units are listed and traded on the New York Stock Exchange ("NYSE") under the symbol "WLKP." As of the close of business on February 21, 2020 , based upon information received from our transfer agent, there were three holders of record of our common units.
+Added: Our common units are listed and traded on the New York Stock Exchange ("NYSE") under the symbol "WLKP." As of the close of business on February 23, 2021, based upon information received from our transfer agent, there were four holders of record of our common units.
We are a publicly-traded partnership and are not subject to federal income tax.
1 unchanged sentence
Following the Partnership's cash distribution for the second quarter of 2017, the requirement under the Partnership's partnership agreement for the conversion of all subordinated units was satisfied.
−Removed: As a result, effective August 30, 2017, the 12,686,115 subordinated units owned by Westlake were converted into common units on a one-for-one basis and thereafter participate on terms equal with all other common units in distributions of available cash.
+Added: As a result, effective August 30, 2017, all of the subordinated units owned by Westlake were converted into common units on a one-for-one basis and thereafter participate on terms equal with all other common units in distributions of available cash.
Selected Information from our Partnership Agreement
27 unchanged sentences
Year Ended December 31,
+Added: 2020 2019 2018 2017 2016
(in thousands of dollars, except unit amounts and per unit data)
Statement of Operations Data:
+Added: Net sales $ 966,670 $ 1,091,871 $ 1,285,622 $ 1,172,981 $ 986,736
+Added: Gross profit 378,883 379,428 377,159 403,667 391,331
Selling, general and administrative expenses 25,895 29,278 27,590 29,260 24,887
4 unchanged sentences
Provision for income taxes 564 728 22 1,280 1,035
+Added: Net income $ 341,119 $ 332,895 $ 330,571 $ 353,058 $ 353,403
Net income attributable to
2 unchanged sentences
Partners LP and limited partners' interest in
+Added: net income $ 66,167 $ 60,981 $ 49,347 $ 48,670 $ 40,940
Net income attributable to Westlake
−Removed: Chemical Partners LP per limited partner
−Removed: unit (basic and diluted)
+Added: Chemical Partners LP per limited
+Added: partner unit (basic and diluted)
+Added: Common units $ 1.88 $ 1.77 $ 1.51 $ 1.72 $ 1.50
Subordinated units $ — $ — $ — $ 1.43 $ 1.50
2 unchanged sentences
Working capital (1)
+Added: 223,551 199,562 198,370 191,149 194,388
+Added: Total assets 1,356,488 1,393,456 1,462,125 1,515,276 1,555,228
+Added: Total debt 399,674 399,674 477,608 473,960 594,629
Partners' equity 915,137 952,135 934,081 998,749 920,963
Distributions per unit (2)
+Added: $ 1.89 $ 1.84 $ 1.66 $ 1.48 $ 1.32
Other Operating Data:
7 unchanged sentences
71,983 73,181 60,024 54,700 32,405
+Added: $ 456,875 $ 460,566 $ 460,868 $ 490,184 $ 465,255
+Added: ______________________________
(1) Working capital equals current assets less current liabilities.
1 unchanged sentence
(3) We use MLP distributable cash flow (a non-GAAP financial measure) to analyze our performance.
−Removed: The body of accounting principles generally accepted in the United States is commonly referred to as "GAAP." For this purpose, a
−Removed: non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows ( or equivalent statements) of the registrant;
+Added: The body of accounting principles generally accepted in the United States is commonly referred to as "GAAP." For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows ( or equivalent statements) of the registrant;
or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
12 unchanged sentences
Year Ended December 31,
+Added: 2020 2019 2018 2017 2016
(dollars in thousands)
2 unchanged sentences
Changes in operating assets and liabilities
+Added: and other (31,278) $ (117,397) (103,731) (181,266) 68,698
+Added: Net Income 341,119 332,895 330,571 353,058 353,403
Depreciation, amortization and
disposition of property, plant and
−Removed: equipment (1)
+Added: 104,154 107,835 110,691 117,128 98,210
Mark-to-market adjustment loss on
6 unchanged sentences
MLP distributable cash flow $ 71,983 $ 73,181 $ 60,024 $ 54,700 $ 32,405
−Removed: ______________________________
−Removed: Higher depreciation, amortization and disposition of property, plant and equipment in 2019, 2018 and 2017, as compared to 2016, are primarily related to the increase in the property, plant and equipment and the turnaround deferred costs associated with the Lake Charles Petro 1 facility upgrade and expansion project that was completed in July 2016 and the Calvert City Olefins facility upgrade and capacity expansion project that was completed in April 2017.
−Removed: Contribution to turnaround reserves is primarily driven by the turnaround cycle.
−Removed: Lower maintenance capital expenditures in 2019, 2018 and 2017, as compared to 2016, are primarily related to the Lake Charles Petro 1 facility maintenance capital expenditures incurred in 2016.
(4) EBITDA (a non-GAAP financial measure) is calculated as net income before interest expense, income taxes, depreciation and amortization.
12 unchanged sentences
Year Ended December 31,
+Added: 2020 2019 2018 2017 2016
(dollars in thousands)
2 unchanged sentences
Changes in operating assets and liabilities
+Added: and other (31,278) (117,397) (103,731) (181,266) 68,698
+Added: Net income 341,119 332,895 330,571 353,058 353,403
Other income, net 733 3,096 2,457 1,792 601
4 unchanged sentences
Other income, net 733 3,096 2,457 1,792 601
+Added: EBITDA $ 456,875 $ 460,566 $ 460,868 $ 490,184 $ 465,255
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.