Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | WESTLAKE CORPORATION |
Entity Central Index Key | 0001262823 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure Unit_pure in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | 2022 Pay-Versus-Performance Summary Compensation (1) Avg. Compensation Non-CEO Avg. Non-CEO (2) Value of Initial Fixed $100 Net Income Economic Value Added (4) Year Total Peer Group (3) 2022 12,242,340 15,909,208 5,431,437 6,802,834 152.53 124.22 2,247 1,545 2021 10,401,407 12,052,367 4,029,807 4,755,672 142.78 142.79 2,015 1,594 2020 10,927,684 13,992,911 4,405,384 5,541,162 118.48 115.44 330 (329 ) (1) The summary compensation table totals for the CEO, Mr. Albert Chao, are adjusted, as indicated in the table below, to arrive at the “compensation actually paid to the CEO” each year. With respect to equity award adjustments for each applicable year as disclosed in the table below, the valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. Performance stock units were valued using Monte Carlo simulations, and stock options were valued using Black-Scholes valuations, both following the same method as reported in our 10-K. Adjustments to Determine Compensation Actually Paid for CEO 2022($) 2021($) 2020($) Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table (4,610,575 ) (3,942,425 ) (3,924,557 ) Deduction for amounts reported under the “Option Awards” column in the Summary Compensation Table (1,943,071 ) (1,714,275 ) (1,714,282 ) Increase for fair value of awards granted during year that remain unvested as of year-end 4,658,727 3,993,822 8,042,295 Increase for fair value of awards granted during year that vest during year — — — Increase/deduction for change in fair value from prior year-end year-end year-end 4,727,267 3,032,940 905,082 Increase/deduction for change in fair value from prior year-end 834,520 280,899 (243,312 ) Deduction of fair value of awards granted prior to year that were f orf — — — Increase based on dividends or other earnings paid during year prior to vesting date of aw ar — — — Total Adjustments 3,666,868 1,650,960 3,065,227 (2) The individuals that were non-CEO Non-CEO Non-CEO 10-K. Adjustments to Determine Average Compensation Actually Paid for Non-CEO 2022($) 2021($) 2020($) Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table (2,205,533 ) (1,510,334 ) (1,758,932 ) Deduction for amounts reported under the “Option Awards” column in the Summary Compensation Table (613,436 ) (564,340 ) (628,492 ) Increase for fair value of awards granted during year that remain unvested as of year-end 2,182,045 1,557,317 3,345,372 Increase for fair value of awards granted during year that vest during year — — — Increase/deduction for change in fair value from prior year-end year-end year-end 1,711,046 1,142,322 317,739 Increase/deduction for change in fair value from prior year-end 297,275 100,900 (139,909 ) Deduction of fair value of awards granted prior to year that were forfeited during year — — — Increase based on dividends or other earnings paid during year prior to vesting date of award — — — Total Adjustments 1,371,397 725,865 1,135,778 (3) Peer group is the Chicago Board Options Exchange S&P Chemicals Index, also known as the Standard & Poor’s Chemicals Index, or CEX. (4) Economic Value Added (“EVA”) generated by the Company, is the net operating profit of the Company after taxes in relation to capital employed by the Company using the Weighted Average Cost of Capital, adjusted as appropriate to reflect nonoperating impacts including, but not limited to, certain amortization expenses, impairment and restructuring costs, acquisition-related integration and transaction costs, non-controlling | ||
Company Selected Measure Name | Economic Value Added (“EVA”) | ||
Named Executive Officers, Footnote [Text Block] | The individuals that were non-CEO | ||
Peer Group Issuers, Footnote [Text Block] | Peer group is the Chicago Board Options Exchange S&P Chemicals Index, also known as the Standard & Poor’s Chemicals Index, or CEX. | ||
PEO Total Compensation Amount | $ 12,242,340 | $ 10,401,407 | $ 10,927,684 |
PEO Actually Paid Compensation Amount | $ 15,909,208 | 12,052,367 | 13,992,911 |
Adjustment To PEO Compensation, Footnote [Text Block] | Adjustments to Determine Compensation Actually Paid for CEO 2022($) 2021($) 2020($) Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table (4,610,575 ) (3,942,425 ) (3,924,557 ) Deduction for amounts reported under the “Option Awards” column in the Summary Compensation Table (1,943,071 ) (1,714,275 ) (1,714,282 ) Increase for fair value of awards granted during year that remain unvested as of year-end 4,658,727 3,993,822 8,042,295 Increase for fair value of awards granted during year that vest during year — — — Increase/deduction for change in fair value from prior year-end year-end year-end 4,727,267 3,032,940 905,082 Increase/deduction for change in fair value from prior year-end 834,520 280,899 (243,312 ) Deduction of fair value of awards granted prior to year that were f orf — — — Increase based on dividends or other earnings paid during year prior to vesting date of aw ar — — — Total Adjustments 3,666,868 1,650,960 3,065,227 | ||
Non-PEO NEO Average Total Compensation Amount | $ 5,431,437 | 4,029,807 | 4,405,384 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 6,802,834 | 4,755,672 | 5,541,162 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Adjustments to Determine Average Compensation Actually Paid for Non-CEO 2022($) 2021($) 2020($) Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table (2,205,533 ) (1,510,334 ) (1,758,932 ) Deduction for amounts reported under the “Option Awards” column in the Summary Compensation Table (613,436 ) (564,340 ) (628,492 ) Increase for fair value of awards granted during year that remain unvested as of year-end 2,182,045 1,557,317 3,345,372 Increase for fair value of awards granted during year that vest during year — — — Increase/deduction for change in fair value from prior year-end year-end year-end 1,711,046 1,142,322 317,739 Increase/deduction for change in fair value from prior year-end 297,275 100,900 (139,909 ) Deduction of fair value of awards granted prior to year that were forfeited during year — — — Increase based on dividends or other earnings paid during year prior to vesting date of award — — — Total Adjustments 1,371,397 725,865 1,135,778 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | |||
Compensation Actually Paid vs. Net Income [Text Block] | |||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | |||
Total Shareholder Return Vs Peer Group [Text Block] | |||
Tabular List [Table Text Block] | The table below contains an unranked list of the most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s fiscal year 2022 performance. Key Performance Measures Total Shareholder Return (“TSR”) Return on Capital Budgeted SG&A Relative TSR | ||
Total Shareholder Return Amount | $ 152.53 | 142.78 | 118.48 |
Peer Group Total Shareholder Return Amount | 124.22 | 142.79 | 115.44 |
Net Income (Loss) | $ 2,247,000,000 | $ 2,015,000,000 | $ 330,000,000 |
Company Selected Measure Amount | 1,545 | 1,594 | (329) |
PEO Name | Mr. Albert Chao | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Economic Value Added (“EVA”) | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Total Shareholder Return (“TSR”) | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Return on Capital | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Budgeted SG&A | ||
Measure [Axis]: 5 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Relative TSR | ||
Median annual total compensation of all employees excluding Chief Executive Officer B [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 76,856 | ||
Ratio of A to B [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 159.3 | ||
PEO [Member] | Stock Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (4,610,575) | $ (3,942,425) | $ (3,924,557) |
PEO [Member] | Option Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,943,071) | (1,714,275) | (1,714,282) |
PEO [Member] | Fair Value Of Awards Granted During Year That Remain Unvested As Of YearEnd [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 4,658,727 | 3,993,822 | 8,042,295 |
PEO [Member] | Fair Value Of Awards Granted During Year That Vest During Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Change In Fair Value From Prior YearEnd To Current YearEnd Of Awards Granted Prior To Year That Were Outstanding And Unvested As Of YearEnd [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 4,727,267 | 3,032,940 | 905,082 |
PEO [Member] | Change In Fair Value From Prior YearEnd To Vesting Date Of Awards Granted Prior To Year That Vested During Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 834,520 | 280,899 | (243,312) |
PEO [Member] | Fair Value Of Awards Granted Prior To Year That Were Forfeited During Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Based On Dividends Or Other Earnings Paid During Year Prior To Vesting Date Of Award [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Total Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 3,666,868 | 1,650,960 | 3,065,227 |
Non-PEO NEO [Member] | Stock Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (2,205,533) | (1,510,334) | (1,758,932) |
Non-PEO NEO [Member] | Option Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (613,436) | (564,340) | (628,492) |
Non-PEO NEO [Member] | Fair Value Of Awards Granted During Year That Remain Unvested As Of YearEnd [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 2,182,045 | 1,557,317 | 3,345,372 |
Non-PEO NEO [Member] | Fair Value Of Awards Granted During Year That Vest During Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Change In Fair Value From Prior YearEnd To Current YearEnd Of Awards Granted Prior To Year That Were Outstanding And Unvested As Of YearEnd [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,711,046 | 1,142,322 | 317,739 |
Non-PEO NEO [Member] | Change In Fair Value From Prior YearEnd To Vesting Date Of Awards Granted Prior To Year That Vested During Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 297,275 | 100,900 | (139,909) |
Non-PEO NEO [Member] | Fair Value Of Awards Granted Prior To Year That Were Forfeited During Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Based On Dividends Or Other Earnings Paid During Year Prior To Vesting Date Of Award [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Total Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 1,371,397 | $ 725,865 | $ 1,135,778 |