Westlake Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Westlake Corp has filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

WESTLAKE CORP (WLK) filed a Annual Report (10-K) with the SEC on February 22, 2024. Westlake Corp filed its 2023 Form 10-K on February 22, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 2801 Post Oak Blvd, Suite 600, Houston, TX 77056. Westlake Corp was formerly known as Westlake Chemical Corp, with a name change effective September 8, 2003. The filing includes references to various accounting standards and financial statement members, such as AssetImpairmentCharges and AccruedLiabilitiesCurrent.

Why It Matters

For investors and stakeholders tracking WESTLAKE CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Westlake Corp's financial health, operational performance, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess the company's value and future prospects. The detailed financial data and risk factors disclosed in the 10-K are essential for understanding the company's compliance with regulatory requirements and its ability to navigate market challenges.

Risk Assessment

Risk Level: medium — WESTLAKE CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not immediately highlight any significant new risks or positive developments beyond the typical scope of such a filing.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Westlake Corp's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-22 — Filing Date (Date the 10-K was filed)
• 001-32260 — SEC File Number (SEC filing identifier)
• 760346924 — IRS Number (Company's IRS identification number)

Key Players & Entities

• WESTLAKE CORP (company) — Filer name
• 2801 POST OAK BLVD (location) — Business and mailing address street
• HOUSTON (location) — Business and mailing address city
• TX (location) — Business and mailing address state
• 77056 (location) — Business and mailing address zip
• WESTLAKE CHEMICAL CORP (company) — Former company name
• 20030908 (date) — Date of name change
• 20231231 (date) — Fiscal year end

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date Westlake Corp filed its 10-K with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, containing detailed financial and operational information.)

AssetImpairmentCharges

Charges recognized when the carrying amount of an asset exceeds its recoverable amount. (Indicates potential write-downs of assets, impacting profitability.)

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value WLK The New York Stock Exchan
• $119.47 — on a closing price on June 30, 2023 of $119.47 on the New York Stock Exchange was appr
• $0.10 — to generate a fixed margin per pound of $0.10. We use this ethylene in the production
• $817 million — orporation ("Lotte"), for approximately $817 million (the "Transaction"). Prior to the Trans
• $89 million — st in LACC from Lotte for approximately $89 million. As of December 31, 2023, we owned an a
• $2,140 million — Companies. The total consideration was $2,140 million in an all-cash transaction. The assets
• $277 million — uisition"). The total consideration was $277 million. The assets acquired and liabilities as
• $172 million — nt controls The total consideration was $172 million. The assets acquired and liabilities as
• $1,207 million — ke Epoxy") for a total consideration of $1,207 million. The assets acquired and liabilities as
• $128 million — ssment, a goodwill impairment charge of $128 million and a non-cash long-lived asset impairm
• $347 million — nds base epoxy resin business assets of $347 million were recognized in the fourth quarter o

Filing Documents

• wlk-20231231.htm (10-K) — 2687KB
• exhibit3112312310-k.htm (EX-3.1) — 59KB
• exhibit4112312310-k.htm (EX-4.1) — 200KB
• exhibit101912312310-k.htm (EX-10.19) — 55KB
• exhibit102012312310-k.htm (EX-10.20) — 44KB
• exhibit2112312310-k.htm (EX-21) — 47KB
• exhibit23112312310-k.htm (EX-23.1) — 3KB
• exhibit31112312310-k.htm (EX-31.1) — 9KB
• exhibit31212312310-k.htm (EX-31.2) — 9KB
• exhibit32112312310-k.htm (EX-32.1) — 7KB
• exhibit9712312310-k.htm (EX-97) — 26KB
• 0001262823-24-000014.txt (&nbsp;) — 15854KB
• wlk-20231231.xsd (EX-101.SCH) — 93KB
• wlk-20231231_cal.xml (EX-101.CAL) — 137KB
• wlk-20231231_def.xml (EX-101.DEF) — 656KB
• wlk-20231231_lab.xml (EX-101.LAB) — 1231KB
• wlk-20231231_pre.xml (EX-101.PRE) — 950KB
• wlk-20231231_htm.xml (XML) — 2565KB

Risk Factors

Risk Factors 13 1B) Unresolved Staff Comments 29 1C) Cybersecurity 29 2 )

Properties

Properties 30 3 )

Legal Proceedings

Legal Proceedings 30 4 ) Mine Safety Disclosure 30 Information about our Executive Officers 31 PART II 5 ) Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 6 ) [Reserved] 34 7 )

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 7A)

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 55 8 )

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 9 ) Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 105 9A)

Controls and Procedures

Controls and Procedures 105 9B) Other Information 105 9C ) Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III 10 ) Directors, Executive Officers and Corporate Governance 106 11 )

Executive Compensation

Executive Compensation 106 12 )

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106 13 ) Certain Relationships and Related Transactions, and Director Independence 106 14 ) Principal Accountant Fees and Services 106 PART IV 15 ) Exhibits and Financial Statement Schedules 107 16) Form 10-K Summary 109 Table of Contents Explanatory Note References in this Annual Report on Form 10-K (this "report") to "we," "our," "us" or like terms refer to Westlake Corporation ("Westlake" or the "Company"). Cautionary Statements about Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. Certain of the statements contained in this Form 10-K are forward-looking statements. All statements, other than statements of historical facts, included in this Form 10-K that address activities, events or developments that we expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements can be identified by the use of words such as "believes," "intends," "may," "should," "could," "anticipates," "expected" or comparable terminology, or by discussions of strategies or trends. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Forward-looking statements relate to matters such as: the ultimate timing, outcome and results of integrating the operations of acquisitions and the ultimate outcome of our operating efficiencies applied to the products and services; the effects of the acquisition, including the combined company's future financial condition, results of operations, strategy and plans; and expected synergies and other benefits from the acquisition and our ability to realize such synergies and other benefits; future operating rates, margins, cash flows and demand for our

Business

Item 1. Business General We are a vertically integrated global manufacturer and marketer of performance and essential materials and housing and infrastructure products that enhance the lives of people every day. Our products include some of the most widely used materials in the world, which are fundamental to many diverse consumer and industrial markets, including residential construction, flexible and rigid packaging, automotive products, healthcare products, water treatment, wind turbines, coatings as well as other durable and non-durable goods. We operate in two principal operating segments, Performance and Essential Materials and Housing and Infrastructure Products. Performance and Essential Materials includes Westlake North American Vinyls, Westlake North American Chlor-alkali & Derivatives, Westlake European & Asian Chlorovinyls, Westlake Olefins, Westlake Polyethylene and Westlake Epoxy. Housing and Infrastructure Products includes Westlake Royal Building Products, Westlake Pipe & Fittings, Westlake Global Compounds and Westlake Dimex. We are highly integrated along our materials chain with significant downstream integration from ethylene and chlor-alkali (chlorine and caustic soda) into vinyls, polyethylene and styrene monomer. We also have substantial downstream integration from polyvinyl chloride (" PVC") into our building products, PVC pipes and fittings and PVC compounds in our Housing and Infrastructure Products segment. We began operations in 1986. Since 1986, we have grown rapidly into an integrated global producer of chemicals and building products. We achieved this growth by acquiring existing plants or constructing new plants and completing numerous capacity or production line expansions. We regularly consider acquisitions and other internal and external growth opportunities that would be consistent with, or complementary to, our overall business strategy. In 2014, we formed Westlake Chemical Partners LP ("Westlake Partners") to operate, acquir

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View this 10-K filing on SEC EDGAR