Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'WESTLAKE CHEMICAL CORP | ' | ' |
Entity Central Index Key | '0001262823 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 66,666,697 | ' |
Entity Public Float | ' | ' | $2 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $461,301 | $790,078 |
Marketable securities | 239,388 | 124,873 |
Accounts receivable, net | 428,457 | 400,159 |
Inventories | 471,879 | 399,298 |
Prepaid expenses and other current assets | 13,888 | 14,700 |
Deferred income taxes | 34,169 | 22,305 |
Total current assets | 1,649,082 | 1,751,413 |
Property, plant and equipment, net | 2,088,014 | 1,510,048 |
Equity investments | 66,875 | 43,736 |
Other assets, net | ' | ' |
Intangible assets, net | 159,046 | 48,292 |
Deferred charges and other assets, net | 97,892 | 58,707 |
Total other assets, net | 256,938 | 106,999 |
Total assets | 4,060,909 | 3,412,196 |
Current liabilities | ' | ' |
Accounts payable, current | 249,613 | 217,050 |
Accrued liabilities | 155,245 | 181,460 |
Total current liabilities | 404,858 | 398,510 |
Long-term debt | 763,879 | 763,761 |
Deferred income taxes | 437,976 | 326,290 |
Other liabilities | 35,593 | 51,379 |
Total liabilities | 1,642,306 | 1,539,940 |
Commitments and contingencies (Notes 7 and 18) | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, 150,000,000 shares authorized; 67,187,224 and 66,601,909 shares issued at December 31, 2012 and 2011, respectively | 673 | 672 |
Common stock, held in treasury, at cost; 284,493 and 69,816 shares at December 31, 2012 and 2011, respectively | -46,220 | -13,302 |
Additional paid-in capital | 512,105 | 496,254 |
Retained earnings | 1,954,661 | 1,399,472 |
Accumulated other comprehensive loss | -2,616 | -10,840 |
Total stockholders' equity | 2,418,603 | 1,872,256 |
Total liabilities and stockholders' equity | $4,060,909 | $3,412,196 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 67,290,104 | 67,187,224 |
Common stock, held in treasury | 626,461 | 284,493 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | $951,625 | $1,004,165 | $939,047 | $864,647 | $801,041 | $821,175 | $913,958 | $1,034,867 | $3,759,484 | [1] | $3,571,041 | [1] | $3,619,848 | [1] | ||||||||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,658,046 | 2,834,081 | 3,060,842 | |||||||||||
Gross profit | 295,671 | 304,471 | 273,487 | 227,809 | 190,248 | 172,179 | 201,896 | 172,637 | 1,101,438 | 736,960 | 559,006 | |||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 147,974 | 121,609 | 112,210 | |||||||||||
Income from operations | 257,580 | 266,602 | 235,227 | 194,055 | 156,231 | 142,517 | 170,978 | 145,625 | 953,464 | 615,351 | 446,796 | |||||||||||
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -18,082 | -43,049 | -50,992 | |||||||||||
Debt retirement costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -7,082 | 0 | |||||||||||
Gain from sales of equity securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 16,429 | 0 | |||||||||||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 6,790 | 3,520 | 5,628 | |||||||||||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 942,172 | 585,169 | 401,432 | |||||||||||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 331,747 | 199,614 | 142,466 | |||||||||||
Net income | $170,972 | $170,290 | $145,816 | $123,347 | $95,277 | $86,964 | $115,501 | $87,813 | $610,425 | $385,555 | $258,966 | |||||||||||
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic | $2.56 | [2] | $2.55 | [2] | $2.18 | [2] | $1.84 | [2] | $1.43 | [2] | $1.30 | [2] | $1.73 | [2] | $1.32 | [2] | $9.13 | $5.78 | $3.89 | |||
Diluted | $2.54 | [2] | $2.54 | [2] | $2.17 | [2] | $1.84 | [2] | $1.42 | [2] | $1.30 | [2] | $1.72 | [2] | $1.31 | [2] | $9.09 | $5.75 | $3.87 | |||
Weighted average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic | ' | ' | ' | ' | ' | ' | ' | ' | 66,612,128 | 66,289,429 | 65,927,421 | |||||||||||
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 66,889,625 | 66,641,495 | 66,300,158 | |||||||||||
Dividends per common share | ' | ' | ' | ' | ' | ' | ' | ' | $0.83 | $4.27 | $0.27 | |||||||||||
[1] | Revenues are attributed to countries based on location of customer. | |||||||||||||||||||||
[2] | Basic and diluted earnings per common share ("EPS") for each quarter is computed using the weighted average shares outstanding during that quarter, while EPS for the year is computed using the weighted average shares outstanding for the year. As a result, the sum of the EPS for each of the four quarters may not equal the EPS for the year. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $610,425 | $385,555 | $258,966 |
Pension and other post-retirement benefits liability | ' | ' | ' |
Pension and other post-retirement reserves adjustment (excluding amortization) | 12,969 | -4,301 | -6,620 |
Amortization of benefits liability | 2,712 | 2,340 | 1,985 |
Income tax provision on available-for-sale investments | -6,026 | 753 | 1,820 |
Foreign currency translation adjustments | -1,607 | 623 | -407 |
Available-for-sale investments | ' | ' | ' |
Unrealized holding gains on investments | 256 | 14,582 | 1,848 |
Reclassification of net realized gain to net income | 19 | -16,429 | 0 |
Income tax (provision) benefit on available-for-sale investment | 99 | -662 | 663 |
Other comprehensive income (loss) | 8,224 | -1,770 | -2,037 |
Comprehensive income | $618,649 | $383,785 | $256,929 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Total | Common Stock [Member] | Common Stock, Held In Treasury, At Cost [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Benefits Liability Net Of Tax [Member] | Cumulative Foreign Currency Exchange [Member] | Net Unrealized Holding Gains On Investments, Net Of Tax [Member] |
In Thousands, except Share data | ||||||||
Balances at Dec. 31, 2010 | $1,505,070 | $663 | ' | $452,703 | $1,058,737 | ($12,328) | $5,295 | $0 |
Balances, shares at Dec. 31, 2010 | ' | 66,256,144 | ' | ' | ' | ' | ' | ' |
Net income | 258,966 | ' | ' | ' | 258,966 | ' | ' | ' |
Other comprehensive (loss) income | -2,037 | ' | ' | ' | ' | -2,815 | -407 | 1,185 |
Common stock repurchased | -2,518 | ' | -2,518 | ' | ' | ' | ' | ' |
Common stock repurchased, shares | ' | ' | 69,816 | ' | ' | ' | ' | ' |
Stock options exercised | 5,344 | 3 | ' | 5,341 | ' | ' | ' | ' |
Stock options exercised, shares | ' | 274,872 | ' | ' | ' | ' | ' | ' |
Stock-based compensation, net of tax on stock options exercised | 9,752 | 0 | ' | 9,752 | ' | ' | ' | ' |
Stock-based compensation, net of tax on stock options exercised, shares | ' | 70,893 | ' | ' | ' | ' | ' | ' |
Dividends paid | -18,265 | ' | ' | ' | -18,265 | ' | ' | ' |
Balances at Dec. 31, 2011 | 1,756,312 | 666 | -2,518 | 467,796 | 1,299,438 | -15,143 | 4,888 | 1,185 |
Balances, shares at Dec. 31, 2011 | ' | 66,601,909 | ' | ' | ' | ' | ' | ' |
Common stock, held in treasury at Dec. 31, 2011 | ' | ' | 69,816 | ' | ' | ' | ' | ' |
Net income | 385,555 | ' | ' | ' | 385,555 | ' | ' | ' |
Other comprehensive (loss) income | -1,770 | ' | ' | ' | ' | -1,208 | 623 | -1,185 |
Common stock repurchased | -10,784 | ' | -10,784 | ' | ' | ' | ' | ' |
Common stock repurchased, shares | ' | ' | 214,677 | ' | ' | ' | ' | ' |
Stock options exercised | 10,369 | 5 | ' | 10,364 | ' | ' | ' | ' |
Stock options exercised, shares | ' | 522,425 | ' | ' | ' | ' | ' | ' |
Stock-based compensation, net of tax on stock options exercised | 18,095 | 1 | ' | 18,094 | ' | ' | ' | ' |
Stock-based compensation, net of tax on stock options exercised, shares | ' | 62,890 | ' | ' | ' | ' | ' | ' |
Dividends paid | -285,521 | ' | ' | ' | -285,521 | ' | ' | ' |
Balances at Dec. 31, 2012 | 1,872,256 | 672 | -13,302 | 496,254 | 1,399,472 | -16,351 | 5,511 | 0 |
Balances, shares at Dec. 31, 2012 | ' | 67,187,224 | ' | ' | ' | ' | ' | ' |
Common stock, held in treasury at Dec. 31, 2012 | 284,493 | ' | 284,493 | ' | ' | ' | ' | ' |
Net income | 610,425 | ' | ' | ' | 610,425 | ' | ' | ' |
Other comprehensive (loss) income | 8,224 | ' | ' | ' | ' | 9,655 | -1,607 | 176 |
Common stock repurchased | -32,918 | ' | -32,918 | ' | ' | ' | ' | ' |
Common stock repurchased, shares | ' | ' | 341,968 | ' | ' | ' | ' | ' |
Stock options exercised | 3,437 | 1 | ' | 3,436 | ' | ' | ' | ' |
Stock options exercised, shares | 112,962 | 112,962 | ' | ' | ' | ' | ' | ' |
Stock-based compensation, net of tax on stock options exercised | 12,415 | 0 | ' | 12,415 | ' | ' | ' | ' |
Stock-based compensation, net of tax on stock options exercised, shares | ' | -10,082 | ' | ' | ' | ' | ' | ' |
Dividends paid | -55,236 | ' | ' | ' | -55,236 | ' | ' | ' |
Balances at Dec. 31, 2013 | $2,418,603 | $673 | ($46,220) | $512,105 | $1,954,661 | ($6,696) | $3,904 | $176 |
Balances, shares at Dec. 31, 2013 | ' | 67,290,104 | ' | ' | ' | ' | ' | ' |
Common stock, held in treasury at Dec. 31, 2013 | 626,461 | ' | 626,461 | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $610,425 | $385,555 | $258,966 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 157,808 | 144,541 | 131,397 |
Provision for doubtful accounts | 5,514 | 229 | 1,321 |
Amortization of debt issue costs | 1,459 | 1,514 | 1,683 |
Stock-based compensation expense | 6,966 | 6,127 | 6,391 |
Loss from disposition of fixed assets | 5,039 | 3,886 | 1,375 |
Gain from sales of equity securities | 0 | -16,429 | 0 |
Impairment of long-lived assets | 0 | 0 | 1,975 |
Write-off of debt issuance costs | 0 | 1,277 | 0 |
Deferred income taxes | 93,732 | -5,793 | 14,114 |
Windfall tax benefits from share-based payment arrangements | -5,449 | -11,967 | -3,361 |
Loss (income) from equity method investments, net of dividends | 199 | 3,005 | -427 |
Other loss, net | 391 | 0 | 0 |
Changes in operating assets and liabilities | ' | ' | ' |
Accounts receivable | -14,830 | 6,450 | -45,766 |
Inventories | -46,633 | 91,479 | -40,749 |
Prepaid expenses and other current assets | -475 | -2,205 | 2,987 |
Accounts payable | 13,820 | -12,725 | 20,311 |
Accrued liabilities | -15,147 | 32,381 | 18,785 |
Other, net | -60,090 | -15,238 | -10,067 |
Net cash provided by operating activities | 752,729 | 612,087 | 358,935 |
Cash flows from investing activities | ' | ' | ' |
Acquisition of business | -178,309 | 0 | 0 |
Additions to equity investments | -23,338 | 0 | 0 |
Additions to property, plant and equipment | -679,222 | -386,882 | -176,843 |
Construction of assets pending sale-leaseback | -136 | -4,308 | 0 |
Proceeds from disposition of assets | 151 | 471 | 2,880 |
Proceeds from repayment of loan to affiliate | 167 | 1,192 | 1,192 |
Proceeds from sale-leaseback of assets | 0 | 2,304 | 0 |
Proceeds from sales and maturities of equity securities | 252,519 | 47,655 | 0 |
Purchase of securities and other investments | -367,150 | -127,834 | -30,265 |
Payments for (Proceeds from) Derivative Instrument, Investing Activities | 6,920 | -431 | -251 |
Net cash used for investing activities | -1,002,238 | -466,971 | -202,785 |
Cash flows from financing activities | ' | ' | ' |
Capitalized debt issuance costs | 0 | -2,221 | -2,697 |
Dividends paid | -55,236 | -285,521 | -18,265 |
Proceeds from debt issuance | 0 | 248,818 | 0 |
Proceeds from exercise of stock options | 3,437 | 10,369 | 5,344 |
Repayment of debt | 0 | -250,000 | 0 |
Repurchase of common stock for treasury | -32,918 | -10,784 | -2,518 |
Utilization of restricted cash | 0 | 96,433 | 54,227 |
Windfall tax benefits from share-based payment arrangements | 5,449 | 11,967 | 3,361 |
Net cash (used for) provided by financing activities | -79,268 | -180,939 | 39,452 |
Net (decrease) increase in cash and cash equivalents | -328,777 | -35,823 | 195,602 |
Cash and cash equivalents at beginning of the year | 790,078 | 825,901 | 630,299 |
Cash and cash equivalents at end of the year | $461,301 | $790,078 | $825,901 |
Description_Of_Business_And_Si
Description Of Business And Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
Description Of Business And Significant Accounting Policies | ' | ||
Description of Business and Significant Accounting Policies | |||
Description of Business | |||
Westlake Chemical Corporation (the "Company") operates as an integrated manufacturer and marketer of basic chemicals, vinyls, polymers and fabricated building products. These products include some of the most widely used chemicals in the world, which are fundamental to many diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction as well as other durable and non-durable goods. The Company's customers range from large chemical processors and plastics fabricators to small construction contractors, municipalities and supply warehouses primarily throughout North America. The petrochemical industry is subject to price fluctuations and volatile feedstock pricing typical of a commodity-based industry, the effects of which may not be immediately passed along to customers. | |||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Company and subsidiaries in which the Company directly or indirectly owns more than a 50% voting interest and exercises control and, when applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in majority-owned companies where the Company does not exercise control and investments in nonconsolidated affiliates (20%-50% owned companies, joint ventures and partnerships) are accounted for using the equity method of accounting. Undistributed earnings from equity investments included in retained earnings were $10,827 as of December 31, 2013. | |||
Cash and Cash Equivalents | |||
Cash equivalents consist of highly liquid investments that are readily convertible into cash and have a maturity of three months or less at the date of acquisition. | |||
Investments | |||
Investments in debt and equity securities are classified as trading, available-for-sale or held-to-maturity. Investments classified as trading are carried at estimated fair value with changes in fair value currently recognized in earnings. Investments classified as available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income. Investments classified as held-to-maturity are carried at amortized cost. The Company periodically reviews its available-for-sale and held-to-maturity securities for other-than-temporary declines in fair value below the cost basis, and when events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the investment is written down to fair value, establishing a new cost basis. | |||
Allowance for Doubtful Accounts | |||
The determination of the allowance for doubtful accounts is based on estimation of the amount of accounts receivable that the Company believes are unlikely to be collected. Estimating this amount requires analysis of the financial strength of the Company's customers, the use of historical experience, the Company's accounts receivable aged trial balance, and specific collectibility analysis. The allowance for doubtful accounts is reviewed quarterly. Past due balances over 90 days and high risk accounts as determined by the analysis of financial strength of customers are reviewed individually for collectibility. | |||
Inventories | |||
Inventories primarily include product, material and supplies. Inventories are stated at lower of cost or market. Cost is determined using the first-in, first-out ("FIFO") or average method. | |||
Property, Plant and Equipment | |||
Property, plant and equipment are carried at cost, net of accumulated depreciation. Cost includes expenditures for improvements and betterments that extend the useful lives of the assets and interest capitalized on significant capital projects. Capitalized interest was $25,932, $7,706 and $693 for the years ended December 31, 2013, 2012 and 2011, respectively. Repair and maintenance costs are charged to operations as incurred. | |||
The accounting guidance for asset retirement obligations requires the recording of liabilities equal to the fair value of asset retirement obligations and corresponding additional asset costs, when there is a legal asset retirement obligation as a result of existing or enacted law, statute or contract. The Company has conditional asset retirement obligations for the removal and disposal of hazardous materials from certain of the Company's manufacturing facilities. However, no asset retirement obligations have been recognized because the fair value of the conditional legal obligation cannot be measured due to the indeterminate settlement date of the obligation. Settlement of these conditional asset retirement obligations is not expected to have a material adverse effect on the Company's financial condition, results of operations or cash flows in any individual reporting period. | |||
Depreciation is provided by utilizing the straight-line method over the estimated useful lives of the assets as follows: | |||
Classification | Years | ||
Buildings and improvements | 25 | ||
Plant and equipment | 25 | ||
Ethylene pipeline | 35 | ||
Other | 10-Mar | ||
Fair Value Estimates | |||
The Company develops estimates of fair value to allocate the purchase price paid to acquire a business to the assets acquired and liabilities assumed in an acquisition, to assess impairment of long-lived assets, goodwill and intangible assets and to record marketable securities, derivative instruments and pension plan assets. The Company uses all available information to make these fair value determinations, including the engagement of third-party consultants. | |||
Impairment of Long-Lived Assets | |||
The accounting guidance for the impairment or disposal of long-lived assets requires that the Company review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets assessed for impairment are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. Assets are considered to be impaired if the carrying amount of an asset exceeds the future undiscounted cash flows. The impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or estimated fair value less costs to sell. | |||
Impairment of Intangible Assets | |||
The accounting guidance for goodwill and intangible assets requires that goodwill and indefinite-lived intangible assets are tested for impairment at least annually. Other intangible assets with finite lives are amortized over their estimated useful life and reviewed for impairment in accordance with the provisions of the accounting guidance. As of December 31, 2013, the Company's recorded goodwill was $62,016. The annual impairment test for the Olefins segment's goodwill was performed as of October 31, 2013. See Note 6 for more information on the Company's annual goodwill impairment test. | |||
Turnaround Costs | |||
The Company accounts for turnaround costs under the deferral method. Turnarounds are the scheduled and required shutdowns of specific operating units in order to perform planned major maintenance activities. The costs related to the significant overhaul and refurbishment activities include maintenance materials, parts and direct labor costs. The costs of the turnaround are deferred when incurred at the time of the turnaround and amortized (within depreciation and amortization) on a straight-line basis until the next planned turnaround, which ranges from three to six years. Deferred turnaround costs are presented as a component of other assets, net. The cash outflows related to these costs are included in operating activities in the consolidated statement of cash flows. | |||
Exchanges | |||
The Company enters into inventory exchange transactions with third parties, which involve fungible commodities. These exchanges are settled in like-kind quantities and are valued at lower of cost or market. Cost is determined using the FIFO method. | |||
Income Taxes | |||
The Company utilizes the liability method of accounting for deferred income taxes. Under the liability method, deferred tax assets or liabilities are recorded based upon temporary differences between the tax basis of assets and liabilities and their carrying values for financial reporting purposes. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities during the period. Valuation allowances are recorded against deferred tax assets when it is considered more likely than not that the deferred tax assets will not be realized. | |||
Foreign Currency Translation | |||
Assets and liabilities of foreign subsidiaries are translated to U.S. dollars at the exchange rate as of the end of the year. Statement of operations items are translated at the average exchange rate for the year. The resulting translation adjustment is recorded as a separate component of stockholders' equity. | |||
Concentration of Credit Risk | |||
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. | |||
Revenue Recognition | |||
Revenue is recognized when persuasive evidence of an arrangement exists, products are shipped to the customer, the sales price is fixed or determinable and collectability is reasonably assured. For domestic contracts, title and risk of loss passes to the customer upon delivery under executed customer purchase orders or contracts. For export contracts, the title and risk of loss passes to customers at the time specified by each contract. Provisions for discounts, rebates and returns are provided for in the same period as the related sales are recorded. | |||
Earnings per Share | |||
The accounting guidance for earnings per share requires the Company to present basic earnings per share and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock. | |||
Price Risk Management | |||
The accounting guidance for derivative instruments and hedging activities requires that the Company recognize all derivative instruments on the balance sheet at fair value, and changes in the derivative's fair value must be currently recognized in earnings or comprehensive income, depending on the designation of the derivative. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in comprehensive income and is recognized in the statement of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings currently. | |||
The Company utilizes commodity price swaps to reduce price risks by entering into price swaps with counterparties and by purchasing or selling futures on established exchanges. The Company takes both fixed and variable positions, depending upon anticipated future physical purchases and sales of these commodities. The fair value of derivative financial instruments is estimated using quoted market prices in active markets and observable market-based inputs or unobservable inputs that are corroborated by market data when active markets are not available. The Company assesses both counterparty as well as its own nonperformance risk when measuring the fair value of derivative liabilities. The Company does not consider its nonperformance risk to be significant. See Note 13 for a summary of the fair value of derivative instruments. | |||
Environmental Costs | |||
Environmental costs relating to current operations are expensed or capitalized, as appropriate, depending on whether such costs provide future economic benefits. Remediation liabilities are recognized when the costs are considered probable and can be reasonably estimated. Measurement of liabilities is based on currently enacted laws and regulations, existing technology and undiscounted site-specific costs. Environmental liabilities in connection with properties that are sold or closed are realized upon such sale or closure, to the extent they are probable and estimable and not previously reserved. Recognition of any joint and several liabilities is based upon the Company's best estimate of its final pro rata share of the liability. | |||
Fair Value of Financial Instruments | |||
The amounts reported in the balance sheet for cash and cash equivalents, accounts receivable, net and accounts payable approximate their fair value due to the short maturities of these instruments. The fair value of the Company's debt at December 31, 2013 differs from the carrying value due to the Company's fixed rate senior notes. The fair value of financial instruments is estimated using quoted market prices in active markets and observable market-based inputs or unobservable inputs that are corroborated by market data when active markets are not available. See Note 13 for more information on the fair value of financial instruments. | |||
Use of Estimates | |||
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. | |||
Other | |||
Amortization of debt issuance costs is computed on a basis which approximates the interest method over the term of the related debt. Certain other assets (see Note 6) are amortized over periods ranging from one to 20 years using the straight-line method. | |||
Revisions | |||
The consolidated statements of cash flows for the years ended December 31, 2012 and 2011 have been revised to correct the presentation of windfall tax benefits from share-based compensation of $11,967 and $3,361, respectively, in financing activities, instead of operating activities. The Company has determined that these revisions were immaterial to the Company's previously issued financial statements. | |||
Recent Accounting Pronouncements | |||
Disclosures about Offsetting Assets and Liabilities | |||
In December 2011, the Financial Accounting Standards Board ("FASB") issued an accounting standards update on disclosures for offsetting assets and liabilities. The new accounting guidance requires companies to disclose both gross and net information about (1) instruments and transactions eligible for offset in the statement of financial position, and (2) instruments and transactions subject to an agreement similar to a master netting arrangement. The FASB issued another accounting standards update clarifying the scope of the assets and liabilities offset disclosure requirements in January 2013. The effective date of the disclosure requirements remains unchanged. The Company adopted the new guidance as of January 1, 2013, and the adoption did not have an impact on the Company's consolidated financial position, results of operations or cash flows. | |||
Testing Indefinite-Lived Intangible Assets for Impairment | |||
In July 2012, the FASB issued an accounting standards update to simplify how entities test indefinite-lived intangible assets for impairment and to improve consistency in impairment testing guidance among long-lived asset categories. The new accounting guidance provides an entity with an option to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test under current accounting guidance. If an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with current accounting guidance. Also under this new accounting guidance, an entity has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test, but may resume performing the qualitative assessment in any subsequent period. The Company adopted the new indefinite-lived intangible assets test guidance as of January 1, 2013, and the adoption did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |||
Reclassifications Out of Accumulated Other Comprehensive Income | |||
In February 2013, the FASB issued an accounting standards update on reporting items reclassified out of accumulated other comprehensive income. The new accounting guidance requires companies to present, either parenthetically on the face of the financial statements or in the notes, significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification, with certain exceptions. The Company adopted the new guidance as of January 1, 2013, and the adoption did not have an impact on the Company's consolidated financial position, results of operations or cash flows. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Financial Instruments | ' | ||||||||||||||||
Cash Equivalents | |||||||||||||||||
The Company had $263,967 and $695,612 of held-to-maturity securities with original maturities of three months or less, primarily consisting of corporate debt securities, classified as cash equivalents at December 31, 2013 and 2012, respectively. The Company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. | |||||||||||||||||
Current Marketable Securities | |||||||||||||||||
Investments in current marketable securities at December 31 were classified as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Available-for-sale securities | $ | 239,388 | $ | — | |||||||||||||
Held-to-maturity securities | — | 124,873 | |||||||||||||||
Marketable securities | $ | 239,388 | $ | 124,873 | |||||||||||||
Available-for-Sale Securities | |||||||||||||||||
The cost, gross unrealized gains, gross unrealized losses and fair value of the Company’s available-for-sale securities were as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Gains | Losses (1) | ||||||||||||||||
Debt securities | |||||||||||||||||
Corporate bonds | $ | 108,300 | $ | 340 | $ | (69 | ) | $ | 108,571 | ||||||||
U.S. government debt (2) | 106,335 | 60 | (79 | ) | 106,316 | ||||||||||||
Asset-backed securities | 24,478 | 34 | (11 | ) | 24,501 | ||||||||||||
Total available-for-sale securities | $ | 239,113 | $ | 434 | $ | (159 | ) | $ | 239,388 | ||||||||
_____________ | |||||||||||||||||
-1 | All unrealized loss positions were held at a loss for less than 12 months. | ||||||||||||||||
-2 | U.S. Treasury obligations, U.S. government agency obligations and U.S government agency mortgage-backed securities. | ||||||||||||||||
As of December 31, 2013, net unrealized gains on the Company's available-for-sale securities of $176, net of income tax expense of $99, were recorded in accumulated other comprehensive income. See Note 13 for the fair value hierarchy of the Company’s available-for-sale securities. | |||||||||||||||||
As of December 31, 2013, the corporate bond securities held by the Company had maturities between one month to five years, U.S. government debt securities, excluding U.S. government agency mortgage-backed securities, had maturities between three months to three years, U.S. government agency mortgage-backed securities had maturities between four to 29 years and asset-backed securities had maturities between two to seven years. | |||||||||||||||||
The proceeds from sales and maturities of available-for-sale securities and the gross realized gains and losses included in the consolidated statement of operations is reflected in the table below. The cost of securities sold was determined using the specific identification method. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | |||||||||||||||||
Proceeds from sales and maturities of securities | $ | 7,770 | |||||||||||||||
Gross realized gains | 20 | ||||||||||||||||
Gross realized losses | (39 | ) | |||||||||||||||
Held-to-Maturity Securities | |||||||||||||||||
The Company owned held-to-maturity securities of $124,873 at December 31, 2012, consisting of short-term corporate debt securities with maturities exceeding three months at the date of acquisition. These debt securities are carried at amortized cost, which approximates their fair value. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Receivable, Net [Abstract] | ' | ||||||||
Accounts Receivable | ' | ||||||||
Accounts Receivable | |||||||||
Accounts receivable consist of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Trade customers | $ | 410,302 | $ | 388,949 | |||||
Affiliates | 315 | 258 | |||||||
Allowance for doubtful accounts | (11,741 | ) | (11,172 | ) | |||||
398,876 | 378,035 | ||||||||
Federal and state taxes | 20,820 | 4,011 | |||||||
Other | 8,761 | 18,113 | |||||||
Accounts receivable, net | $ | 428,457 | $ | 400,159 | |||||
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory, Net [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consist of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Finished products | $ | 232,658 | $ | 200,940 | |||||
Feedstock, additives and chemicals | 180,646 | 143,912 | |||||||
Materials and supplies | 58,575 | 54,446 | |||||||
Inventories | $ | 471,879 | $ | 399,298 | |||||
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment, Net [Abstract] | ' | ||||||||
Property, Plant And Equipment | ' | ||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment consist of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 18,576 | $ | 13,963 | |||||
Building and improvements | 173,933 | 137,658 | |||||||
Plant and equipment | 2,829,049 | 2,131,933 | |||||||
Other | 180,452 | 161,761 | |||||||
3,202,010 | 2,445,315 | ||||||||
Less: Accumulated depreciation | (1,379,255 | ) | (1,287,050 | ) | |||||
1,822,755 | 1,158,265 | ||||||||
Construction in progress | 265,259 | 351,783 | |||||||
Property, plant and equipment, net | $ | 2,088,014 | $ | 1,510,048 | |||||
Depreciation expense on property, plant and equipment of $129,222, $120,924 and $110,268 is included in cost of sales in the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
In June 2011, as a result of excess capacity in the PVC pipe market and in an effort to reduce costs and optimize operations, the Company closed its Springfield, Kentucky PVC pipe facility. Asset impairment charges and severance and other costs related to the PVC pipe facility closure recorded in 2011 were $1,975 and $1,389, respectively. The fair value of the impaired assets were determined using internally developed, unobservable inputs (Level 3 inputs in the fair value hierarchy of fair value accounting) based on the projected cash flows of the pipe facility. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
Long-term debt consists of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
3.60% senior notes due 2022 | $ | 248,990 | $ | 248,872 | |||||
6 ½% senior notes due 2029 | 100,000 | 100,000 | |||||||
6 ¾% senior notes due 2032 | 250,000 | 250,000 | |||||||
6 ½% senior notes due 2035 (the "6 ½% GO Zone Senior Notes Due 2035") | 89,000 | 89,000 | |||||||
6 ½% senior notes due 2035 (the "6 ½% IKE Zone Senior Notes Due 2035") | 65,000 | 65,000 | |||||||
Loan related to tax-exempt waste disposal revenue bonds due 2027 | 10,889 | 10,889 | |||||||
Long-term debt, net | $ | 763,879 | $ | 763,761 | |||||
Revolving Credit Facility | |||||||||
The Company has a $400,000 senior secured revolving credit facility. The facility includes a provision permitting the Company to increase the size of the facility, up to four times, in increments of at least $25,000 each (up to a maximum of $150,000) under certain circumstances if certain lenders agree to commit to such an increase. | |||||||||
The facility allows the Company to borrow up to (1) 85% of the net amount of eligible accounts receivable, plus (2) the lesser of (a) 70% of the value of the lower of cost or market of eligible inventory, or (b) 85% of the appraised net orderly liquidation value of all eligible inventory, plus (3) 100% of cash held in an account with the agent under the credit facility and subject to a control agreement with the agent, minus (4) such reserves as the agent may establish. Advances on inventory are limited to $325,000. The facility includes a $400,000 sub-limit for letters of credit, and any outstanding letters of credit will be deducted from availability under the facility. | |||||||||
At December 31, 2013, the Company had no borrowings outstanding under the revolving credit facility. Any borrowings under the facility will bear interest at either LIBOR plus a spread ranging from 1.75% to 2.25% or a base rate plus a spread ranging from 0.25% to 0.75%. The revolving credit facility also requires an unused commitment fee of 0.375% per annum. All interest rates under the facility are subject to monthly grid pricing adjustments based on prior month average daily loan availability. The revolving credit facility matures on September 16, 2016. As of December 31, 2013, the Company had outstanding letters of credit totaling $16,921 and borrowing availability of $383,079 under the revolving credit facility. | |||||||||
The Company's revolving credit facility requires the Company to maintain a minimum fixed charge coverage ratio of 1.0:1 for successive 30-day periods after any date on which the borrowing availability under the facility is less than the greater of (1) 12.5% of the commitments under the facility and (2) $50,000, until the borrowing availability exceeds the greater of the amount in clause (1) and the amount in clause (2) for a 30-day period. | |||||||||
In order to make acquisitions or investments, the Company's revolving credit facility provides that (1) the Company must maintain a minimum borrowing availability of at least the greater of $100,000 or 25% of the total bank commitments under its revolving credit facility or (2) the Company must maintain a minimum borrowing availability of at least the greater of $70,000 or 17.5% of the total bank commitments under its revolving credit facility and meet a minimum fixed charge coverage ratio of 1.0:1 under its revolving credit facility. However, the Company may make specified distributions up to an aggregate of $25,000 and specified acquisitions up to an aggregate of $25,000 if either the Company maintains a minimum borrowing availability of at least the greater of $70,000 or 17.5% of the total bank commitments under its revolving credit facility or the Company meet the minimum fixed charge coverage ratio of 1.0:1 under its revolving credit facility. Notwithstanding the foregoing, the Company may make (1) investments up to $200,000 in one or more joint ventures that own feedstock, raw material and ethylene pipeline, storage and fractionating facilities and (2) additional investments up to $55,000 in Suzhou Huasu Plastics Co., Ltd. The revolving credit facility contains other customary covenants and events of default that impose significant operating and financial restrictions on the Company. These restrictions, among other things, provide limitations on the occurrence of additional indebtedness and the Company's ability to create liens, to engage in certain affiliate transactions and to engage in sale-leaseback transactions. | |||||||||
3.60% Senior Notes due 2022 | |||||||||
In July 2012, the Company issued $250,000 aggregate principal amount of its 3.60% senior notes due 2022 (the "3.60% Notes Due 2022"). The 3.60% Notes Due 2022 are unsecured and were issued with an original issue discount of $1,183. There is no sinking fund and no scheduled amortization of the 3.60% Notes Due 2022 prior to maturity. The Company may optionally redeem the 3.60% Notes Due 2022 at any time and from time to time prior to April 15, 2022 (three months prior to the maturity date) for 100% of the principal plus accrued interest and a discounted "make whole" payment. On or after April 15, 2022, the Company may optionally redeem the 3.60% Notes Due 2022 for 100% of the principal plus accrued interest. The holders of the 3.60% Notes Due 2022 may require the Company to repurchase the 3.60% Notes Due 2022 at a price of 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase, upon the occurrence of both a "change of control" and, within 60 days of such change of control, a "below investment grade rating event" (as such terms are defined in the indenture governing the 3.60% Notes Due 2022). All domestic subsidiaries of the Company that guarantee other indebtedness of the Company or of another guarantor of the 3.60% Notes Due 2022 in excess of $5,000 are guarantors of the 3.60% Notes Due 2022. | |||||||||
The indenture governing the 3.60% Notes Due 2022 contains customary events of default and covenants that will restrict the Company's and certain of its subsidiaries' ability to (1) incur certain secured indebtedness, (2) engage in certain sale-leaseback transactions and (3) consolidate, merge or transfer all or substantially all of the Company's assets. | |||||||||
GO Zone Bonds | |||||||||
In December 2010, the Louisiana Local Government Environmental Facility and Development Authority (the "Authority"), a political subdivision of the State of Louisiana, completed the offering of $89,000 of 6 ½% tax-exempt revenue bonds due November 1, 2035 under the Gulf Opportunity Zone Act of 2005 (the "GO Zone Act"). The bonds are subject to optional redemption by the Authority upon the direction of the Company at any time prior to November 1, 2020 for 100% of the principal plus accrued interest and a discounted "make whole" payment. On or after November 1, 2020, the bonds are subject to optional redemption by the Authority upon the direction of the Company for 100% of the principal plus accrued interest. | |||||||||
In July 2010, the Authority completed the reoffering of $100,000 of 6 ½% tax-exempt revenue bonds due August 1, 2029 under the GO Zone Act. The bonds are subject to optional redemption by the Authority upon the direction of the Company at any time prior to August 1, 2020 for 100% of the principal plus accrued interest and a discounted "make whole" payment. On or after August 1, 2020, the bonds are subject to optional redemption by the Authority upon the direction of the Company for 100% of the principal plus accrued interest. | |||||||||
In December 2007, the Authority issued $250,000 of 6 ¾% tax-exempt revenue bonds due November 1, 2032 under the GO Zone Act. The bonds are subject to optional redemption by the Authority upon the direction of the Company at any time prior to November 1, 2017 for 100% of the principal plus accrued interest and a discounted "make whole" payment. On or after November 1, 2017, the bonds are subject to optional redemption by the Authority upon the direction of the Company for 100% of the principal plus accrued interest. | |||||||||
Each series of the bonds is subject to redemption and the holders may require the bonds to be repurchased upon a change of control or a change in or loss of the current tax status of the bonds. In addition, the bonds are subject to optional redemption by the Authority upon the direction of the Company if certain events have occurred in connection with the operation of the projects for which the bond proceeds may be used, including if the Company has determined that the continued operation of any material portion of the projects would be impracticable, uneconomical or undesirable for any reason. | |||||||||
In connection with each offering of the bonds, the Company entered into a loan agreement with the Authority pursuant to which the Company agreed to pay all of the principal, premium, if any, and interest on the bonds and certain other amounts to the Authority. The net proceeds from the offerings were loaned by the Authority to the Company. The Company used the proceeds to expand, refurbish and maintain certain of its facilities in the Louisiana Parishes of Calcasieu and Ascension. The bonds are unsecured and rank equally in right of payment with other existing and future unsecured senior indebtedness. All domestic restricted subsidiaries that guarantee other debt of the Company or of another guarantor of the 6 ½% senior notes due 2029, the 6 ¾% senior notes due 2032 and the 6 ½% GO Zone Senior Notes Due 2035 (collectively, and including the 6 ½% IKE Zone Senior Notes Due 2035, the "Senior Notes") in excess of $5,000 are guarantors of the bonds. As of December 31, 2013, the Company had drawn all the proceeds from the 6 ½% bonds due 2029, 6 ¾% bonds due 2032 and 6 ½% bonds due 2035. | |||||||||
IKE Zone Bonds | |||||||||
In December 2010, the Authority completed the offering of $65,000 of 6 ½% tax-exempt revenue bonds due November 1, 2035 under Section 704 of the Emergency Economic Stabilization Act of 2008. The bonds are subject to optional redemption by the Authority upon the direction of the Company at any time prior to November 1, 2020 for 100% of the principal plus accrued interest and a discounted "make whole" payment. On or after November 1, 2020, the bonds are subject to optional redemption by the Authority upon the direction of the Company for 100% of the principal plus accrued interest. The bonds are subject to redemption, repurchase by the holders upon a change of control or a change in or loss of the current tax status of the bonds and optional redemption by the Authority under terms substantially similar to the terms for the GO Zone Bonds. | |||||||||
In connection with the offering of the bonds, the Company entered into a loan agreement with the Authority pursuant to which the Company agreed to pay all of the principal, premium, if any, and interest on the bonds and certain other amounts to the Authority. The net proceeds from the offering were loaned by the Authority to the Company. The Company used the proceeds to expand, refurbish and maintain certain of its facilities in the Louisiana Parish of Calcasieu. The 6 ½% IKE Zone Senior Notes Due 2035 are unsecured and rank equally in right of payment with other existing and future unsecured senior indebtedness. All domestic restricted subsidiaries that guarantee other debt of the Company or of another guarantor of the Senior Notes in excess of $5,000 are guarantors of the 6 ½% IKE Zone Senior Notes Due 2035. As of December 31, 2013, the Company had drawn all the proceeds from the 6 ½% IKE Zone Senior Notes Due 2035. | |||||||||
The indentures governing the Senior Notes contain customary covenants and events of default. Accordingly, these agreements generally impose significant operating and financial restrictions on the Company. These restrictions, among other things, provide limitations on incurrence of additional indebtedness, the payment of dividends, certain investments and acquisitions and sales of assets. However, the effectiveness of certain of these restrictions is currently suspended because the Senior Notes are currently rated investment grade by at least two nationally recognized credit rating agencies. The most significant of these provisions, if it were currently effective, would restrict the Company from incurring additional debt, except specified permitted debt (including borrowings under its credit facility), when the Company's fixed charge coverage ratio is below 2.0:1. These limitations are subject to a number of important qualifications and exceptions, including, without limitation, an exception for the payment of the Company's regular quarterly dividend of up to $0.20 per share. If the restrictions were currently effective, distributions in excess of $100,000 would not be allowed unless, after giving pro forma effect to the distribution, the Company's fixed charge coverage ratio is at least 2.0:1 and such payment, together with the aggregate amount of all other distributions after January 13, 2006, is less than the sum of 50% of the Company's consolidated net income for the period from October 1, 2003 to the end of the most recent quarter for which financial statements have been filed, plus 100% of net cash proceeds received after October 1, 2003 as a contribution to the Company's common equity capital or from the issuance or sale of certain securities, plus several other adjustments. | |||||||||
Revenue Bonds | |||||||||
In December 1997, the Company entered into a loan agreement with a public trust established for public purposes for the benefit of the Parish of Calcasieu, Louisiana. The public trust issued $10,889 principal amount of tax-exempt waste disposal revenue bonds in order to finance the Company's construction of waste disposal facilities for an ethylene plant. The waste disposal revenue bonds expire in December 2027 and are subject to redemption and mandatory tender for purchase prior to maturity under certain conditions. Interest on the waste disposal revenue bonds accrues at a rate determined by a remarketing agent and is payable quarterly. The interest rate on the waste disposal revenue bonds at December 31, 2013 and 2012 was 0.09% and 0.30%, respectively. | |||||||||
As of December 31, 2013, the Company was in compliance with all of the covenants with respect to the 3.60% Notes Due 2022, the Senior Notes, the waste disposal revenue bonds and its revolving credit facility. | |||||||||
The weighted average interest rate on all long-term debt was 5.5% and 5.6% at December 31, 2013 and 2012, respectively. | |||||||||
As of December 31, 2013, the Company had no maturities of long-term debt until 2022. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders' Equity | |
The Company's board of directors has declared regular quarterly dividends to holders of its common stock aggregating $55,236, $34,877 and $18,265 for the years ended December 31, 2013, 2012 and 2011, respectively. On November 16, 2012, in addition to a regular quarterly dividend of $0.1875 per share, the Company's board of directors declared a special dividend of $3.75 per share to shareholders of record as of November 29, 2012. This special dividend, totaling $250,644 in aggregate, was paid on December 12, 2012. | |
Common Stock | |
Each share of common stock entitles the holder to one vote on all matters on which holders are permitted to vote, including the election of directors. There are no cumulative voting rights. Accordingly, holders of a majority of the total votes entitled to vote in an election of directors will be able to elect all of the directors standing for election. Subject to preferences that may be applicable to any outstanding preferred stock, the holders of the common stock will share equally on a per share basis any dividends when, as and if declared by the board of directors out of funds legally available for that purpose. If the Company is liquidated, dissolved or wound up, the holders of the Company's common stock will be entitled to a ratable share of any distribution to stockholders, after satisfaction of all the Company's liabilities and of the prior rights of any outstanding class of the Company's preferred stock. The Company’s common stock has no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the Company's common stock. | |
Preferred Stock | |
The Company's charter authorizes the issuance of shares of preferred stock. The Company's board of directors has the authority, without shareholder approval, to issue preferred shares from time to time in one or more series, and to fix the number of shares and terms of each such series. The board may determine the designations and other terms of each series including dividend rates, whether dividends will be cumulative or non-cumulative, redemption rights, liquidation rights, sinking fund provisions, conversion or exchange rights and voting rights. | |
Stock Repurchase Program | |
In August 2011, the Company's Board of Directors authorized a stock repurchase program of the Company’s common stock totaling $100,000 (the "2011 Program"). Purchases under the 2011 Program began in September 2011. As of December 31, 2013, the Company had repurchased 626,461 shares of its common stock under this program. The total number of shares repurchased by the Company was 341,968, 214,677 and 69,816 for the years ended December 31, 2013, 2012 and 2011, respectively. Shares repurchased under the 2011 Program are held by the Company as treasury stock. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
Changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2013 were as follows: | |||||||||||||||||
Benefits | Cumulative | Net Unrealized | Total | ||||||||||||||
Liability, | Foreign | Holding Gains | |||||||||||||||
Net of Tax | Currency | on Investments, | |||||||||||||||
Exchange | Net of Tax | ||||||||||||||||
Balances at December 31, 2012 | $ | (16,351 | ) | $ | 5,511 | $ | — | $ | (10,840 | ) | |||||||
Other comprehensive income (loss) before | 7,986 | (1,607 | ) | 164 | 6,543 | ||||||||||||
reclassifications | |||||||||||||||||
Amounts reclassified from accumulated other | 1,669 | — | 12 | 1,681 | |||||||||||||
comprehensive loss | |||||||||||||||||
Net other comprehensive income (loss) for the year | 9,655 | (1,607 | ) | 176 | 8,224 | ||||||||||||
Balances at December 31, 2013 | $ | (6,696 | ) | $ | 3,904 | $ | 176 | $ | (2,616 | ) | |||||||
The following table provides the details of the amounts reclassified from accumulated other comprehensive income (loss) into net income in the consolidated statement of operations for the year ended December 31, 2013: | |||||||||||||||||
Details about Accumulated Other Comprehensive | Location of Reclassification | Year Ended December 31, | |||||||||||||||
Income (Loss) Components | (Income (Expense)) in | ||||||||||||||||
Consolidated Statements | |||||||||||||||||
of Operations | 2013 | ||||||||||||||||
Amortization of pension and other post-retirement items | |||||||||||||||||
Prior service costs | -1 | $ | (381 | ) | |||||||||||||
Net loss | -1 | (2,331 | ) | ||||||||||||||
(2,712 | ) | ||||||||||||||||
Provision for income taxes | 1,043 | ||||||||||||||||
$ | (1,669 | ) | |||||||||||||||
Net unrealized gains on available-for-sale investments | |||||||||||||||||
Realized loss on available-for-sale investments | Other income, net | $ | (19 | ) | |||||||||||||
Provision for income taxes | 7 | ||||||||||||||||
$ | (12 | ) | |||||||||||||||
Total reclassifications for the period | $ | (1,681 | ) | ||||||||||||||
______________________________ | |||||||||||||||||
-1 | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. For additional information, see Note 10. |
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefits | ' | ||||||||||||||||||||||||
Employee Benefits | |||||||||||||||||||||||||
The Company has a defined contribution savings plan covering all regular full-time and part-time employees whereby eligible employees may elect to contribute up to 100% of their annual compensation, subject to an annual plan limit in line with the annual elective contribution limit as determined by the Internal Revenue Service. The Company matches 100% of an employee's contribution up to the first 4% of such employee's compensation. The Company may, at its discretion, make an additional non-matching contribution in an amount as the board of directors may determine. For the years ended December 31, 2013, 2012 and 2011, the Company charged approximately $6,022, $5,180 and $4,801, respectively, to expense for these contributions. | |||||||||||||||||||||||||
Further, within the defined contribution savings plan, the Company also makes an annual retirement contribution to substantially all employees of one subsidiary and certain employees of another subsidiary who have completed one year of service. The Company's contributions to the plan are determined as a percentage of employees' base and overtime pay. For the years ended December 31, 2013, 2012 and 2011, the Company charged approximately $6,227, $6,310 and $5,234, respectively, to expense for these contributions. | |||||||||||||||||||||||||
The Company has noncontributory defined benefit pension plans that cover certain eligible salaried and wage employees of one subsidiary. However, eligibility for both plans has been frozen. Benefits for salaried employees under these plans are based primarily on years of service and employees' pay near retirement. Benefits for wage employees are based upon years of service and a fixed amount as periodically adjusted. The Company recognizes the years of service prior to the Company's acquisition of the subsidiary's facilities for purposes of determining vesting, eligibility and benefit levels for certain employees of the subsidiary and for determining vesting and eligibility for certain other employees of the subsidiary. The measurement date for these plans is December 31. | |||||||||||||||||||||||||
In 2012, the Company announced a plan amendment to one of the Company's defined benefit pension plans. Under the plan amendment, no additional benefits may be earned by participants after December 31, 2013 and participants' accrued benefit will freeze at the level earned as of December 31, 2013. In addition, the amendment added a lump sum payment option effective January 1, 2014. In conjunction with the defined benefit pension plan amendment, the Company amended its defined contribution savings plan to allow participants impacted by the plan amendment to participate in the Company's annual retirement contribution. | |||||||||||||||||||||||||
The Company also provides post-retirement healthcare benefits to the employees of two subsidiaries who meet certain minimum age and service requirements. The Company has the right to modify or terminate some of these benefits. | |||||||||||||||||||||||||
Details of the changes in benefit obligations, plan assets and funded status of the Company's pension and post-retirement healthcare plans are as follows: | |||||||||||||||||||||||||
Pension Benefits | Post-retirement | ||||||||||||||||||||||||
Healthcare | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 65,313 | $ | 59,876 | $ | 21,383 | $ | 20,212 | |||||||||||||||||
Service cost | 1,091 | 1,005 | 30 | 9 | |||||||||||||||||||||
Interest cost | 2,047 | 2,580 | 623 | 745 | |||||||||||||||||||||
Actuarial (gain) loss | (8,163 | ) | 9,481 | (501 | ) | 2,021 | |||||||||||||||||||
Benefits paid | (2,342 | ) | (2,145 | ) | (1,577 | ) | (1,604 | ) | |||||||||||||||||
Curtailment | — | (5,484 | ) | — | — | ||||||||||||||||||||
Benefit obligation, end of year | $ | 57,946 | $ | 65,313 | $ | 19,958 | $ | 21,383 | |||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 42,325 | $ | 35,478 | $ | — | $ | — | |||||||||||||||||
Actual return | 7,159 | 4,207 | — | — | |||||||||||||||||||||
Employer contribution | 2,094 | 4,785 | 1,577 | 1,604 | |||||||||||||||||||||
Benefits paid | (2,342 | ) | (2,145 | ) | (1,577 | ) | (1,604 | ) | |||||||||||||||||
Fair value of plan assets, end of year | $ | 49,236 | $ | 42,325 | $ | — | $ | — | |||||||||||||||||
Funded status, end of year | $ | (8,710 | ) | $ | (22,988 | ) | $ | (19,958 | ) | $ | (21,383 | ) | |||||||||||||
Pension Benefits | Post-retirement | ||||||||||||||||||||||||
Healthcare | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Amounts recognized in the consolidated | |||||||||||||||||||||||||
balance sheet at December 31 | |||||||||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | (1,835 | ) | $ | (1,753 | ) | |||||||||||||||
Noncurrent liabilities | (8,710 | ) | (22,988 | ) | (18,123 | ) | (19,630 | ) | |||||||||||||||||
Net amount recognized | $ | (8,710 | ) | $ | (22,988 | ) | $ | (19,958 | ) | $ | (21,383 | ) | |||||||||||||
Pension Benefits | Post-retirement | ||||||||||||||||||||||||
Healthcare | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Amounts recognized in accumulated other | |||||||||||||||||||||||||
comprehensive income | |||||||||||||||||||||||||
Net loss | $ | 6,404 | $ | 20,831 | $ | 4,484 | $ | 5,358 | |||||||||||||||||
Prior service cost | 297 | 594 | 50 | 134 | |||||||||||||||||||||
Total before tax (1) | $ | 6,701 | $ | 21,425 | $ | 4,534 | $ | 5,492 | |||||||||||||||||
______________________________ | |||||||||||||||||||||||||
-1 | For 2013, after-tax totals for pension benefits and post-retirement healthcare benefits were $3,994 and $2,702, respectively. The sum of these amounts ($6,696) is reflected in stockholders' equity as accumulated other comprehensive loss. For 2012, after-tax totals for pension benefits and post-retirement healthcare benefits were $13,015 and $3,336, respectively. The sum of these amounts ($16,351) is reflected in stockholders' equity as accumulated other comprehensive loss. | ||||||||||||||||||||||||
The Pension Protection Act of 2006 (the "Pension Protection Act") established a relationship between a qualified pension plan's funded status and the actual benefits that can be provided. Restrictions on plan benefits and additional funding and notice requirements are imposed when a plan's funded status is less than certain threshold levels. For the 2013 plan year, the funded status for the Company's pension plans are in the 80% to 100% range. Accordingly, the Company's pension plans are exempt from the Pension Protection Act's benefit restrictions. | |||||||||||||||||||||||||
Pension plans with an accumulated benefit obligation in excess of plan assets at December 31 are as follows: | |||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Information for pension plans with an accumulated benefit obligation | |||||||||||||||||||||||||
in excess of plan assets | |||||||||||||||||||||||||
Projected benefit obligation | $ | (57,946 | ) | $ | (65,313 | ) | |||||||||||||||||||
Accumulated benefit obligation | (57,946 | ) | (65,074 | ) | |||||||||||||||||||||
Fair value of plan assets | 49,236 | 42,325 | |||||||||||||||||||||||
Pension Benefits | Post-retirement Healthcare | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | 1,091 | $ | 1,005 | $ | 930 | $ | 30 | $ | 9 | $ | 16 | |||||||||||||
Interest cost | 2,047 | 2,580 | 2,723 | 623 | 745 | 840 | |||||||||||||||||||
Expected return on plan assets | (2,854 | ) | (2,490 | ) | (2,279 | ) | — | — | — | ||||||||||||||||
Net amortization | 2,255 | 2,071 | 1,567 | 457 | 269 | 418 | |||||||||||||||||||
Net periodic benefit cost | $ | 2,539 | $ | 3,166 | $ | 2,941 | $ | 1,110 | $ | 1,023 | $ | 1,274 | |||||||||||||
Other changes in plan assets and | |||||||||||||||||||||||||
benefit obligation recognized in | |||||||||||||||||||||||||
other comprehensive income (OCI) | |||||||||||||||||||||||||
Net (gain) loss emerging | $ | (12,468 | ) | $ | 7,765 | $ | 5,804 | $ | (501 | ) | $ | 2,021 | $ | 816 | |||||||||||
Curtailment | — | (5,484 | ) | — | — | — | — | ||||||||||||||||||
Amortization of net loss | (1,958 | ) | (1,774 | ) | (1,271 | ) | (373 | ) | (185 | ) | (118 | ) | |||||||||||||
Amortization of transition obligation | — | — | — | — | — | (114 | ) | ||||||||||||||||||
Amortization of prior service cost | (297 | ) | (297 | ) | (296 | ) | (84 | ) | (84 | ) | (186 | ) | |||||||||||||
Total recognized in OCI | $ | (14,723 | ) | $ | 210 | $ | 4,237 | $ | (958 | ) | $ | 1,752 | $ | 398 | |||||||||||
Total net periodic benefit cost and OCI | $ | (12,184 | ) | $ | 3,376 | $ | 7,178 | $ | 152 | $ | 2,775 | $ | 1,672 | ||||||||||||
The estimated prior service cost and net loss for the defined benefit plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2014 are expected to be $297 and $253, respectively. The estimated prior service cost and net loss for the post-retirement healthcare benefit plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2014 are expected to be $50 and $276, respectively. | |||||||||||||||||||||||||
The weighted-average assumptions used to determine pension and post-retirement healthcare plan obligations and net periodic benefit costs for the plans are as follows: | |||||||||||||||||||||||||
Pension Benefits | Post-retirement Healthcare | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Weighted average assumptions used to | |||||||||||||||||||||||||
determine benefit obligations at | |||||||||||||||||||||||||
December 31 | |||||||||||||||||||||||||
Discount rate | 4.5 | % | 3.3 | % | 4.5 | % | 4 | % | 3 | % | 4 | % | |||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | — | — | — | ||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | — | — | — | ||||||||||||||||
Weighted average assumptions used to | |||||||||||||||||||||||||
determine net periodic benefit costs for | |||||||||||||||||||||||||
years ended December 31 | |||||||||||||||||||||||||
Discount rate | 3.3 | % | 4.5 | % | 5.3 | % | 3 | % | 4 | % | 4.5 | % | |||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | — | — | — | ||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | — | — | — | ||||||||||||||||
The Company's return on asset assumption of 7% is based on historical asset returns, anticipated future performance of the investments and financial markets and input from the Company's third-party independent actuary and the pension fund trustee. The discount rate is determined using a benchmark pension discount curve and applying spot rates from the curve to each year of expected benefit payments to determine the appropriate discount rate for the Company. | |||||||||||||||||||||||||
Assumed healthcare trend rates do not have a significant effect on the amounts reported for the healthcare plans because benefits for participants are capped at a fixed amount. | |||||||||||||||||||||||||
The Company's overall investment strategy is to achieve a balance between moderate income generation and capital appreciation. The investment strategy includes a mix of approximately 55% of investments for long-term growth and 45% for near-term benefit payments with a diversification of asset types. The Company does not believe that there are significant concentrations of risk in the pension plan assets due to its strategy of asset diversification. The pension fund investment policy allows the pension fund trustee a 10% discretionary range in the asset allocation model, with a target of approximately 55% equity securities and 45% fixed income. The Company expects to maintain the 55/45 investment policy for the near future. Equity securities primarily include investments in large-cap and small-cap companies located in the United States and international developed market stocks. Fixed income securities are comprised of investment grade bonds, including U.S. Treasuries and corporate bonds of companies from diversified industries. | |||||||||||||||||||||||||
Under the accounting guidance for fair value measurements, inputs used to measure fair value are classified in one of three levels: | |||||||||||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. | |||||||||||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | |||||||||||||||||||||||||
The investments in the bank collective trust funds are valued using a market approach based on the net asset value of units held. The fair values of the Company's pension plans assets at December 31, by asset category, are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Level 2 | Total | Level 2 | Level 3 | Total | |||||||||||||||||||||
Bank collective trust funds—Equity securities: | |||||||||||||||||||||||||
Large-cap index funds (1) | $ | 17,079 | $ | 17,079 | $ | 20,822 | $ | — | $ | 20,822 | |||||||||||||||
Small-cap index funds (2) | 3,091 | 3,091 | 2,817 | — | 2,817 | ||||||||||||||||||||
International index funds (3) | 7,482 | 7,482 | 4,077 | — | 4,077 | ||||||||||||||||||||
Bank collective trust funds—Fixed income: | |||||||||||||||||||||||||
Bond index funds (4) | 21,333 | 21,333 | 14,106 | — | 14,106 | ||||||||||||||||||||
Short term investment funds | 251 | 251 | — | 503 | 503 | ||||||||||||||||||||
$ | 49,236 | $ | 49,236 | $ | 41,822 | $ | 503 | $ | 42,325 | ||||||||||||||||
______________________________ | |||||||||||||||||||||||||
-1 | Substantially all of the assets of these funds are invested in large-cap U.S. companies. The remainder of the assets of these funds is invested in cash reserves. | ||||||||||||||||||||||||
-2 | Substantially all of the assets of these funds are invested in small-cap U.S. companies. The remainder of the assets of these funds is invested in cash reserves. | ||||||||||||||||||||||||
-3 | Substantially all of the assets of these funds are invested in international companies in developed markets (excluding the U.S. and Canada). The remainder of the assets of these funds is invested in cash reserves. | ||||||||||||||||||||||||
-4 | This category represents investment grade bonds of U.S. issuers, including U.S. Treasury notes. | ||||||||||||||||||||||||
Because of the immaterial amount of the Company's Level 3 pension plans assets in 2012, no summary of changes in the fair value of Level 3 pension plans assets is presented. | |||||||||||||||||||||||||
The Company's funding policy is consistent with the minimum funding requirements of federal law and regulations, and based on preliminary estimates, the Company expects to make contributions of approximately $2,777 for the salaried pension plan and approximately $1,206 for the wage pension plan in 2014. | |||||||||||||||||||||||||
The following benefit payments are expected to be paid: | |||||||||||||||||||||||||
Pension | Post- | ||||||||||||||||||||||||
Benefits | retirement | ||||||||||||||||||||||||
Healthcare | |||||||||||||||||||||||||
Estimated future benefit payments: | |||||||||||||||||||||||||
Year 1 | $ | 2,851 | $ | 1,835 | |||||||||||||||||||||
Year 2 | 3,127 | 2,018 | |||||||||||||||||||||||
Year 3 | 3,298 | 2,180 | |||||||||||||||||||||||
Year 4 | 3,424 | 2,146 | |||||||||||||||||||||||
Year 5 | 3,560 | 1,888 | |||||||||||||||||||||||
Years 6 to 10 | 19,157 | 6,050 | |||||||||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
Under the Westlake Chemical Corporation 2013 Omnibus Incentive Plan (as amended and restated, the "2013 Plan"), all employees and non-employee directors of the Company, as well as certain individuals who have agreed to become the Company's employees, are eligible for awards. Shares of common stock may be issued as authorized in the 2013 Plan. At the discretion of the administrator of the 2013 Plan, employees and non-employee directors may be granted awards in the form of stock options, stock appreciation rights, stock awards, restricted stock units or cash awards (any of which may be a performance award). Outstanding stock option awards have a 10-year term and vest either (1) ratably on an annual basis over a one to three-year period or (2) in one-half increments on the five-year and 9.5-year anniversaries of the award date. Current outstanding restricted stock awards also vest either (1) ratably on an annual basis over a three-year period, (2) at the end of a two or three-year period or (3) in one-half increments on the five-year and 9.5-year anniversaries of the award date. Outstanding restricted stock units vest either (1) ratably on an annual basis over a three-year period or (2) at the end of a one to six-year period. In accordance with accounting guidance related to share-based payments, stock-based compensation expense for all stock-based compensation awards is based on estimated grant-date fair value. The Company recognizes these stock-based compensation costs net of a forfeiture rate and on a straight-line basis over the requisite service period of the award for only those shares expected to vest. For the years ended December 31, 2013, 2012 and 2011, the total recognized stock-based compensation expense related to the 2013 Plan was $6,966, $6,127 and $6,391, respectively. | ||||||||||||||
Option activity and changes during the year ended December 31, 2013 were as follows: | ||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Term | |||||||||||||
(Years) | ||||||||||||||
Outstanding at December 31, 2012 | 712,320 | $ | 31.4 | |||||||||||
Granted | 76,084 | 90.83 | ||||||||||||
Exercised | (112,962 | ) | 29.94 | |||||||||||
Cancelled | (16,827 | ) | 52.56 | |||||||||||
Outstanding at December 31, 2013 | 658,615 | $ | 37.98 | 5.8 | $ | 55,386 | ||||||||
Exercisable at December 31, 2013 | 392,200 | $ | 25.23 | 5.3 | $ | 37,980 | ||||||||
For options outstanding at December 31, 2013, the options had the following range of exercise prices: | ||||||||||||||
Range of Prices | Options | Weighted | ||||||||||||
Outstanding | Average | |||||||||||||
Remaining | ||||||||||||||
Contractual | ||||||||||||||
Life (Years) | ||||||||||||||
$14.24 - $19.29 | 170,553 | 4.5 | ||||||||||||
$20.53 - $27.24 | 114,411 | 5.9 | ||||||||||||
$30.07 - $36.10 | 135,119 | 3.1 | ||||||||||||
$45.83 - $60.11 | 166,163 | 7.7 | ||||||||||||
$80.77 - $91.40 | 72,369 | 9.1 | ||||||||||||
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company's closing stock price on the last trading day of the year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2013. This amount changes based on the fair market value of the Company's common stock. For the years ended December 31, 2013, 2012 and 2011, the total intrinsic value of options exercised was $7,656, $23,991 and $8,185, respectively. | ||||||||||||||
As of December 31, 2013, $3,092 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1.5 years. Income tax benefits of $2,224, $7,009 and $2,160 were realized from the exercise of stock options during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
The Company used the Black-Scholes option pricing model to value its options. The table below presents the weighted average value and assumptions used in determining each option's fair value. Volatility was calculated using historical trends of the Company's common stock price. | ||||||||||||||
Stock Option Grants | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Weighted average fair value | $ | 34.06 | $ | 23.39 | $ | 19.22 | ||||||||
Risk-free interest rate | 0.9 | % | 1 | % | 2.8 | % | ||||||||
Expected life in years | 5 | 5 | 6 | |||||||||||
Expected volatility | 44.5 | % | 45.7 | % | 41.9 | % | ||||||||
Expected dividend yield | 0.6 | % | 0.5 | % | 0.5 | % | ||||||||
Non-vested restricted stock awards as of December 31, 2013 and changes during the year ended December 31, 2013 were as follows: | ||||||||||||||
Number of | Weighted | |||||||||||||
Shares | Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2012 | 336,330 | $ | 36.53 | |||||||||||
Granted | 304 | 82.36 | ||||||||||||
Vested | (144,586 | ) | 22.27 | |||||||||||
Forfeited | (10,542 | ) | 44.95 | |||||||||||
Non-vested at December 31, 2013 | 181,506 | $ | 47.47 | |||||||||||
As of December 31, 2013, there was $2,347 of unrecognized stock-based compensation expense related to non-vested restricted stock awards. This cost is expected to be recognized over a weighted-average period of 1.2 years. The total fair value of shares of restricted stock that vested during the years ended December 31, 2013, 2012 and 2011 was $12,480, $18,408 and $6,214, respectively. | ||||||||||||||
Non-vested restricted stock unit activity during the year ended December 31, 2013 was as follows: | ||||||||||||||
Number of | Weighted | |||||||||||||
Units | Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Granted | 170,807 | $ | 102.62 | |||||||||||
Vested | (156 | ) | 91.4 | |||||||||||
Forfeited | (2,200 | ) | 91.4 | |||||||||||
Non-vested at December 31, 2013 | 168,451 | $ | 102.78 | |||||||||||
As of December 31, 2013, there was $14,388 of unrecognized stock-based compensation expense related to non-vested restricted stock units. This cost is expected to be recognized over a weighted-average period of 4.6 years. The total fair value of restricted stock units that vested during the year ended December 31, 2013 was $14. |
Derivative_Commodity_Instrumen
Derivative Commodity Instruments | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | ||||||||||||||
Derivative Commodity Instruments | ' | ||||||||||||||
Derivative Commodity Instruments | |||||||||||||||
The Company uses derivative instruments to reduce price volatility risk on commodities, primarily natural gas and ethane, from time to time. The Company does not use derivative instruments to engage in speculative activities. | |||||||||||||||
For derivative instruments that are designated and qualify as fair value hedges, the gains or losses on the derivative instruments, as well as the offsetting losses or gains on the hedged items attributable to the hedged risk, were included in cost of sales in the consolidated statements of operations in 2013, 2012 and 2011. As of December 31, 2013, the Company had no feedstock forward contracts designated as fair value hedges. The Company had 46,620,000 gallons of feedstock forward contracts designated as fair value hedges at December 31, 2012. | |||||||||||||||
Gains and losses from changes in the fair value of derivative instruments that are not designated as hedging instruments were included in cost of sales in the consolidated statements of operations in 2013, 2012 and 2011. | |||||||||||||||
The exposure on commodity derivatives used for price risk management includes the risk that the counterparty will not pay if the market declines below the established fixed price. In such case, the Company would lose the benefit of the derivative differential on the volume of the commodities covered. In any event, the Company would continue to receive the market price on the actual volume hedged. The Company also bears the risk that it could lose the benefit of market improvements over the fixed derivative price for the term and volume of the derivative instruments (as such improvements would accrue to the benefit of the counterparty). | |||||||||||||||
Disclosures related to the Company's derivative assets and derivative liabilities subject to enforceable master netting arrangements have not been presented as they were not material to the Company's consolidated balance sheets at December 31, 2013 and 2012. | |||||||||||||||
The fair values of derivative instruments in the Company's consolidated balance sheets were as follows: | |||||||||||||||
Asset Derivatives | |||||||||||||||
Balance Sheet Location | Fair Value as of December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Designated as hedging instruments | |||||||||||||||
Commodity forward contracts | Accounts receivable, net | $ | — | $ | 13,032 | ||||||||||
Not designated as hedging instruments | |||||||||||||||
Commodity forward contracts | Accounts receivable, net | 296 | 1,395 | ||||||||||||
Total asset derivatives | $ | 296 | $ | 14,427 | |||||||||||
Liability Derivatives | |||||||||||||||
Balance Sheet Location | Fair Value as of December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Designated as hedging instruments | |||||||||||||||
Commodity forward contracts | Accrued liabilities | $ | — | $ | 399 | ||||||||||
Not designated as hedging instruments | |||||||||||||||
Commodity forward contracts | Accrued liabilities | 176 | 13,295 | ||||||||||||
Total liability derivatives | $ | 176 | $ | 13,694 | |||||||||||
The following tables reflect the impact of derivative instruments designated as fair value hedges and the related hedged item on the Company's consolidated statements of operations. There was no material ineffectiveness with regard to the Company's qualifying hedges in 2013, 2012 and 2011. | |||||||||||||||
Derivatives in Fair Value | Location of Gain (Loss) | Year Ended December 31, | |||||||||||||
Hedging Relationships | Recognized in Income on Derivative | 2013 | 2012 | 2011 | |||||||||||
Commodity forward contracts | Cost of sales | $ | (303 | ) | $ | 17,163 | $ | (4,895 | ) | ||||||
Hedged Items in Fair Value | Location of Gain (Loss) | Year Ended December 31, | |||||||||||||
Hedging Relationships | Recognized in Income on | ||||||||||||||
Hedged Items | 2013 | 2012 | 2011 | ||||||||||||
Firm commitment designated as the | Cost of sales | $ | 143 | $ | (18,394 | ) | $ | 5,092 | |||||||
hedged item | |||||||||||||||
The impact of derivative instruments that have not been designated as hedges on the Company's consolidated statements of operations were as follows: | |||||||||||||||
Derivatives Not Designated as | Location of Gain (Loss) | Year Ended December 31, | |||||||||||||
Hedging Instruments | Recognized in Income on Derivative | 2013 | 2012 | 2011 | |||||||||||
Commodity forward contracts | Gross profit | $ | 5,438 | $ | (11,626 | ) | $ | 2,043 | |||||||
See Note 13 for the fair value of the Company's derivative instruments. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The Company reports certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The following tables summarize, by level within the fair value hierarchy, the Company's assets and liabilities at December 31 that were accounted for at fair value on a recurring basis: | |||||||||||||||||
2013 | |||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||
Derivative instruments | |||||||||||||||||
Risk management assets - Commodity forward contracts | $ | 48 | $ | 248 | $ | 296 | |||||||||||
Risk management liabilities - Commodity forward contracts | — | (176 | ) | (176 | ) | ||||||||||||
Marketable securities | |||||||||||||||||
Available-for-sale securities | 91,595 | 147,793 | 239,388 | ||||||||||||||
2012 | |||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||
Derivative instruments | |||||||||||||||||
Risk management assets - Commodity forward contracts | $ | 1,395 | $ | 13,032 | $ | 14,427 | |||||||||||
Risk management liabilities - Commodity forward contracts | — | (13,694 | ) | (13,694 | ) | ||||||||||||
Firm commitments | |||||||||||||||||
Hedged portion of firm commitment | — | 399 | 399 | ||||||||||||||
Hedged portion of firm commitment | — | (13,032 | ) | (13,032 | ) | ||||||||||||
The Level 2 measurements for the Company's commodity contracts are derived using forward curves supplied by industry recognized and unrelated third-party services. The Level 2 measurements for the Company's available-for-sale securities are derived using market-based pricing provided by unrelated third-party services. | |||||||||||||||||
There were no transfers in and out of Levels 1 and 2 of the fair value hierarchy in 2013 and 2012. | |||||||||||||||||
See Note 5 for the measurement of certain assets at fair value on a nonrecurring basis. | |||||||||||||||||
In addition to the assets and liabilities above, the Company has other financial assets and liabilities subject to fair value measures. These financial assets and liabilities include cash and cash equivalents, accounts receivable, net, accounts payable and long-term debt, all of which are recorded at carrying value. The amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, net and accounts payable approximate their fair value due to the short maturities of these instruments. The carrying and fair values of the Company's long-term debt at December 31, 2013 and 2012 are summarized in the table below. The Company's long-term debt instruments are publicly-traded. A market approach, based upon quotes from financial reporting services, is used to measure the fair value of the Company's long-term debt. Because the Company's long-term debt instruments may not be actively traded, the inputs used to measure the fair value of the Company's long-term debt are classified as Level 2 inputs within the fair value hierarchy. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
3.60% senior notes due 2022 | $ | 248,990 | $ | 236,905 | $ | 248,872 | $ | 251,125 | |||||||||
6 ½% senior notes due 2029 | 100,000 | 109,490 | 100,000 | 119,738 | |||||||||||||
6 ¾% senior notes due 2032 | 250,000 | 265,148 | 250,000 | 283,168 | |||||||||||||
6 ½% GO Zone Senior Notes Due 2035 | 89,000 | 94,606 | 89,000 | 102,095 | |||||||||||||
6 ½% IKE Zone Senior Notes Due 2035 | 65,000 | 69,094 | 65,000 | 74,564 | |||||||||||||
Loan related to tax-exempt waste disposal revenue | 10,889 | 10,889 | 10,889 | 10,889 | |||||||||||||
bonds due 2027 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The components of income (loss) before income taxes are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 944,378 | $ | 586,631 | $ | 404,422 | |||||||
Foreign | (2,206 | ) | (1,462 | ) | (2,990 | ) | |||||||
$ | 942,172 | $ | 585,169 | $ | 401,432 | ||||||||
The Company's provision for (benefit from) income taxes consists of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | 215,903 | $ | 190,917 | $ | 120,018 | |||||||
State | 22,249 | 15,327 | 8,729 | ||||||||||
Foreign | (137 | ) | (837 | ) | (395 | ) | |||||||
238,015 | 205,407 | 128,352 | |||||||||||
Deferred | |||||||||||||
Federal | 94,471 | (5,398 | ) | 6,732 | |||||||||
State | (556 | ) | (519 | ) | 7,682 | ||||||||
Foreign | (183 | ) | 124 | (300 | ) | ||||||||
93,732 | (5,793 | ) | 14,114 | ||||||||||
Total provision | $ | 331,747 | $ | 199,614 | $ | 142,466 | |||||||
A reconciliation of taxes computed at the statutory rate to the Company's income tax expense is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Provision for federal income tax, at statutory rate | $ | 329,760 | $ | 204,809 | $ | 140,501 | |||||||
State income tax provision, net of federal income tax effect | 14,364 | 9,625 | 10,745 | ||||||||||
Foreign tax | (253 | ) | (713 | ) | (695 | ) | |||||||
Foreign losses | 772 | 512 | 1,047 | ||||||||||
Manufacturing deduction | (16,275 | ) | (14,560 | ) | (9,905 | ) | |||||||
Contingent tax liability | (404 | ) | — | (20 | ) | ||||||||
Other, net | 3,783 | (59 | ) | 793 | |||||||||
$ | 331,747 | $ | 199,614 | $ | 142,466 | ||||||||
The tax effects of the principal temporary differences between financial reporting and income tax reporting at December 31 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Net operating loss carryforward | $ | 11,324 | $ | 11,922 | |||||||||
Credit carryforward | 708 | 782 | |||||||||||
Accruals | 32,352 | 32,486 | |||||||||||
Allowance for doubtful accounts | 2,068 | 1,540 | |||||||||||
Inventories | 15,440 | 7,831 | |||||||||||
Other | 6,666 | 4,704 | |||||||||||
Deferred taxes assets—total | 68,558 | 59,265 | |||||||||||
Property, plant and equipment | (434,561 | ) | (340,237 | ) | |||||||||
Turnaround costs | (26,002 | ) | (10,858 | ) | |||||||||
Other | (478 | ) | (228 | ) | |||||||||
Deferred tax liabilities—total | (461,041 | ) | (351,323 | ) | |||||||||
Valuation allowance | (11,324 | ) | (11,927 | ) | |||||||||
Total net deferred tax liabilities | $ | (403,807 | ) | $ | (303,985 | ) | |||||||
Balance sheet classifications | |||||||||||||
Current deferred tax asset | $ | 34,169 | $ | 22,305 | |||||||||
Noncurrent deferred tax liability | (437,976 | ) | (326,290 | ) | |||||||||
Total net deferred tax liabilities | $ | (403,807 | ) | $ | (303,985 | ) | |||||||
At December 31, 2013, the Company had foreign and state net operating loss carryforwards of approximately $261,091, which will expire in varying amounts between 2014 and 2032 and are subject to certain limitations on an annual basis. Management believes the Company will realize the benefit of the net operating loss carryforwards before they expire, but to the extent that the full benefit may not be realized, a net operating loss valuation allowance has been recorded. The valuation allowance decreased by $603 in 2013 due to the utilization of state net operating loss carryforwards. | |||||||||||||
Undistributed income of the Company's foreign corporate joint venture and foreign subsidiaries at December 31, 2013 amounted to $14,889, for which no U.S. deferred income tax provision has been recorded because the Company intends to permanently reinvest such income in those foreign operations. If such income was not permanently reinvested, income tax expense of approximately $5,509 would be recorded, not including potential utilization of foreign tax credits. | |||||||||||||
The gross unrecognized tax benefits at December 31 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | 3,122 | $ | 3,122 | $ | 3,141 | |||||||
Reductions due to statutes of limitations expiring | (621 | ) | — | (19 | ) | ||||||||
Ending balance | $ | 2,501 | $ | 3,122 | $ | 3,122 | |||||||
Management anticipates that all of the gross unrecognized tax benefits will be recognized within the next twelve months and the effective tax rate impact is expected to be immaterial. | |||||||||||||
The Company recognizes penalties and interest accrued related to unrecognized tax benefits in income tax expense. As of December 31, 2013, the Company had no material accrued interest and penalties related to uncertain tax positions. | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. The Company is no longer subject to examinations by tax authorities before the year 2007. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings per Share | |||||||||||||
The Company has unvested shares of restricted stock and restricted stock units outstanding that are considered participating securities and, therefore, computes basic and diluted earnings per share under the two-class method. Basic earnings per share for the periods are based upon the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share include the effect of certain stock options. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income | $ | 610,425 | $ | 385,555 | $ | 258,966 | |||||||
Less: | |||||||||||||
Net income attributable to participating securities | (2,562 | ) | (2,160 | ) | (2,310 | ) | |||||||
Net income attributable to common shareholders | $ | 607,863 | $ | 383,395 | $ | 256,656 | |||||||
The following table reconciles the denominator for the basic and diluted earnings per share computations shown in the consolidated statements of operations: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average common shares—basic | 66,612,128 | 66,289,429 | 65,927,421 | ||||||||||
Plus incremental shares from: | |||||||||||||
Assumed exercise of options | 277,497 | 352,066 | 372,737 | ||||||||||
Weighted average common shares—diluted | 66,889,625 | 66,641,495 | 66,300,158 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 9.13 | $ | 5.78 | $ | 3.89 | |||||||
Diluted | $ | 9.09 | $ | 5.75 | $ | 3.87 | |||||||
Excluded from the computation of diluted earnings per share for the years ended December 31, 2013, 2012 and 2011 are options to purchase 59,726, 99,012 and 141,335 shares of common stock, respectively. These options were outstanding during the periods reported but were excluded because the effect of including them would have been antidilutive. |
Supplemental_Information
Supplemental Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Supplemental Information | ' | ||||||||||||
Supplemental Information | |||||||||||||
Accrued Liabilities | |||||||||||||
Accrued liabilities were $155,245 and $181,460 at December 31, 2013 and 2012, respectively. Accrued rebates and accrued incentive compensation, which are components of accrued liabilities, were $26,399 and $32,374 at December 31, 2013, respectively, and $28,312 and $16,371 at December 31, 2012, respectively. No other component of accrued liabilities was more than five percent of total current liabilities. | |||||||||||||
Other Income, Net | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Management services | $ | 433 | $ | 400 | $ | 400 | |||||||
Interest income | 3,086 | 4,010 | 2,865 | ||||||||||
Franchise taxes | (888 | ) | (664 | ) | (893 | ) | |||||||
Income from equity method investments | 4,914 | 1,444 | 2,890 | ||||||||||
Other | (755 | ) | (1,670 | ) | 366 | ||||||||
Other income, net | $ | 6,790 | $ | 3,520 | $ | 5,628 | |||||||
Cash Flow Information | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash paid for: | |||||||||||||
Interest paid, net of interest capitalized | $ | 16,426 | $ | 42,266 | $ | 48,431 | |||||||
Income taxes paid | 251,599 | 179,882 | 126,283 | ||||||||||
Supplemental Noncash Investing Activities | |||||||||||||
In conjunction with the acquisition discussed in Note 18, liabilities assumed consist of the following: | |||||||||||||
Fair value of assets acquired | $ | 188,930 | |||||||||||
Cash paid | (178,309 | ) | |||||||||||
Liabilities assumed | $ | 10,621 | |||||||||||
Related_Party_And_Affiliate_Tr
Related Party And Affiliate Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party And Affiliate Transactions | ' |
Related Party and Affiliate Transactions | |
The Company leases office space for management and administrative services from an affiliate of the Company's principal stockholder. For the years ended December 31, 2013, 2012 and 2011, the Company incurred lease payments of approximately $1,614, $1,550 and $1,556, respectively. | |
Cypress Interstate Pipeline L.L.C., a natural gas liquids pipeline joint venture company in which the Company owns a 50% equity stake, transports natural gas liquid feedstocks to the Company's Lake Charles, Louisiana complex through its pipeline. For the years ended December 31, 2013, 2012 and 2011, the Company incurred pipeline fees of approximately $13,328, $11,957 and $9,474, respectively, payable to this joint venture for usage of its pipeline. | |
In March 2000, the Company loaned $2,000 to Suzhou Huasu Plastics Company, Ltd., a Chinese joint venture company in which the Company owns a 59% equity stake. The Company accounts for the investment using the equity method of accounting because the entity does not meet the definition of a variable interest entity and because contractual arrangements allowing certain substantive participatory rights to minority shareholders prevent the Company from exercising a controlling financial interest over this entity. Interest on the debt accrues at LIBOR plus 2%. Previously, the Company loaned this same affiliate $5,150. Principal payments of $167, $1,192 and $1,192 were received from the affiliate in 2013, 2012 and 2011, respectively. Interest payments of $8, $74 and $441 were received in 2013, 2012 and 2011, respectively, and included in other income, net in the consolidated statements of operations. As of December 31, 2013, the notes receivable balances of $1,192 and $1,025 are included in prepaid expenses and other current assets and other assets, net, respectively, in the accompanying consolidated balance sheet. | |
One of our directors serves as Chairman and Chief Executive Officer of American Air Liquide Holdings, Inc. and as a Senior Vice President of the Air Liquide Group. The Company purchased and paid for oxygen, nitrogen and utilities and leased cylinders from various affiliates of American Air Liquide Holdings, Inc. aggregating $16,407 for the year ended December 31, 2013. |
Acquisitions
Acquisitions | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions | ' | |||
Acquisitions | ||||
On May 1, 2013, the Company acquired assets comprising CertainTeed Corporation's Pipe and Foundation Group ("PFG") business and accounted for the asset acquisition as a business combination. The PFG acquisition includes the PVC pipe, fittings, profiles and foundation business and associated facilities in Lodi, California and McPherson, Kansas with production capacity of approximately 150 million pounds per year. The Company also acquired technologies and intellectual property for the production of a number of specialized products, including Certa-Lok® restrained joint pipe and Yelomine™ branded products for a variety of end-market applications. The Company's management believes that this acquisition will enhance the Company's building products portfolio by adding new specialty product lines and supporting technology. | ||||
The closing date purchase price of $178,309 was paid with available cash on hand. There were no further adjustments to the purchase price. The acquisition is being accounted for under the acquisition method of accounting. The assets acquired and liabilities assumed and the results of operations of this acquired business are included in the Vinyls segment. The revenue and earnings of the PFG business included in the consolidated statement of operations since the acquisition date have not been presented separately as they are not material to the Company's consolidated statement of operations for the year ended December 31, 2013. The pro forma impact of this business combination has not been presented as it is not material to the Company's consolidated statements of operations for the years ended December 31, 2013 and 2012. | ||||
For the year ended December 31, 2013, the Company recognized $1,124 of acquisition-related costs. These costs are included in selling, general and administrative expenses in the consolidated statement of operations for the year ended December 31, 2013. | ||||
The following table summarizes the consideration transferred and the fair value of identified assets acquired and liabilities assumed at the date of acquisition. | ||||
Fair value of consideration transferred: | ||||
Cash | $ | 178,309 | ||
Allocation of consideration transferred to net assets acquired: | ||||
Accounts receivable (1) | $ | 17,695 | ||
Inventories | 25,948 | |||
Property, plant and equipment | 31,261 | |||
Intangible assets: | ||||
Customer relationships (weighted average life of 15 years) | 57,600 | |||
Trademarks | 5,200 | |||
Developed technology (weighted average life of 15 years) | 18,900 | |||
Other intangibles (weighted average life of two years) | 300 | |||
Current liabilities | (10,595 | ) | ||
Other liabilities | (26 | ) | ||
Total identifiable net assets | 146,283 | |||
Goodwill (2) | 32,026 | |||
Consideration transferred | $ | 178,309 | ||
_____________ | ||||
-1 | The fair value of accounts receivable acquired is $17,695, with the gross contractual amount being $17,772. The Company expects $77 to be uncollectible. | |||
-2 | The goodwill recognized is primarily attributable to synergies from the Company's vinyls integration strategy expected to arise from the Company's PFG acquisition, as well as intangible assets that do not qualify for separate recognition. The goodwill is expected to be deductible for income tax purposes. All of the goodwill is assigned to the Company's Vinyls segment. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments And Contingencies | ' | |||
Commitments and Contingencies | ||||
The Company is subject to environmental laws and regulations that can impose civil and criminal sanctions and that may require it to mitigate the effects of contamination caused by the release or disposal of hazardous substances into the environment. Under one law, the U.S. Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), an owner or operator of property may be held strictly liable for remediating contamination without regard to whether that person caused the contamination, and without regard to whether the practices that resulted in the contamination were legal at the time they occurred. Because several of the Company's production sites have a history of industrial use, it is impossible to predict precisely what effect these legal requirements will have on the Company. | ||||
Contract Disputes with Goodrich and PolyOne. In connection with the 1990 and 1997 acquisitions of the Goodrich Corporation ("Goodrich") chemical manufacturing complex in Calvert City, Kentucky, Goodrich agreed to indemnify the Company for any liabilities related to preexisting contamination at the complex. For its part, the Company agreed to indemnify Goodrich for post-closing contamination caused by the Company's operations. The soil and groundwater at the complex, which does not include the Company's nearby PVC facility, had been extensively contaminated under Goodrich's operations. In 1993, Goodrich spun off the predecessor of PolyOne Corporation ("PolyOne"), and that predecessor assumed Goodrich's indemnification obligations relating to preexisting contamination. | ||||
In 2003, litigation arose among the Company, Goodrich and PolyOne with respect to the allocation of the cost of remediating contamination at the site. The parties settled this litigation in December 2007 and the case was dismissed. In the settlement the parties agreed that, among other things: (1) PolyOne would pay 100% of the costs (with specified exceptions), net of recoveries or credits from third parties, incurred with respect to environmental issues at the Calvert City site from August 1, 2007 forward; (2) either the Company or PolyOne might, from time to time in the future (but not more than once every five years), institute an arbitration proceeding to adjust that percentage; and (3) the Company and PolyOne would negotiate a new environmental remediation utilities and services agreement to cover the Company's provision to, or on behalf of, PolyOne of certain environmental remediation services at the site. The current environmental remediation activities at the Calvert City complex do not have a specified termination date but are expected to last for the foreseeable future. The costs incurred by the Company that have been invoiced to PolyOne to provide the environmental remediation services were $3,284 and $2,687 in 2013 and 2012, respectively. By letter dated March 16, 2010, PolyOne notified the Company that it was initiating an arbitration proceeding under the settlement agreement. In this proceeding, PolyOne seeks to readjust the percentage allocation of costs and to recover approximately $1,400 from the Company in reimbursement of previously paid remediation costs. The arbitration is currently stayed. | ||||
State Administrative Proceedings. There are several administrative proceedings in Kentucky involving the Company, Goodrich and PolyOne related to the same manufacturing complex in Calvert City. In 2003, the Kentucky Environmental and Public Protection Cabinet (the "Cabinet") re-issued Goodrich's Resource Conservation and Recovery Act ("RCRA") permit which requires Goodrich to remediate contamination at the Calvert City manufacturing complex. Both Goodrich and PolyOne challenged various terms of the permit in an attempt to shift Goodrich's clean-up obligations under the permit to the Company. The Company intervened in the proceedings. The Cabinet has suspended all corrective action under the RCRA permit in deference to a remedial investigation and feasibility study ("RIFS") being conducted, under the auspices of the U.S. Environmental Protection Agency ("EPA"), pursuant to an Administrative Settlement Agreement ("AOC"), which became effective on December 9, 2009. See "Federal Administrative Proceedings" below. The proceedings have been postponed. Periodic status conferences will be held to evaluate whether additional proceedings will be required. | ||||
Federal Administrative Proceedings. In May 2009, the Cabinet sent a letter to the EPA requesting the EPA's assistance in addressing contamination at the Calvert City site under CERCLA. In its response to the Cabinet also in May 2009, the EPA stated that it concurred with the Cabinet's request and would incorporate work previously conducted under the Cabinet's RCRA authority into the EPA's cleanup efforts under CERCLA. Since 1983, the EPA has been addressing contamination at an abandoned landfill adjacent to the Company's plant which had been operated by Goodrich and which was being remediated pursuant to CERCLA. During the past three years, the EPA has directed Goodrich and PolyOne to conduct additional investigation activities at the landfill and at the Company's plant. In June 2009, the EPA notified the Company that the Company may have potential liability under section 107(a) of CERCLA at its plant site. Liability under section 107(a) of CERCLA is strict and joint and several. The EPA also identified Goodrich and PolyOne, among others, as potentially responsible parties at the plant site. The Company negotiated, in conjunction with the other potentially responsible parties, the AOC and an order to conduct the RIFS. On July 12, 2013, the parties submitted separate draft RIFS reports to the EPA. The EPA has hired a contractor to complete the remedial investigation report. | ||||
Monetary Relief. Except as noted above with respect to the settlement of the contract litigation among the Company, Goodrich and PolyOne, none of the court, the Cabinet nor the EPA has established any allocation of the costs of remediation among the various parties that are involved in the judicial and administrative proceedings discussed above. At this time, the Company is not able to estimate the loss or reasonable possible loss, if any, on the Company's financial statements that could result from the resolution of these proceedings. Any cash expenditures that the Company might incur in the future with respect to the remediation of contamination at the complex would likely be spread out over an extended period. As a result, the Company believes it is unlikely that any remediation costs allocable to it will be material in terms of expenditures made in any individual reporting period. | ||||
In addition to the matters described above, the Company is involved in various routine legal proceedings incidental to the conduct of its business. The Company does not believe that any of these routine legal proceedings will have a material adverse effect on its financial condition, results of operations or cash flows. | ||||
Other Commitments | ||||
The Company is obligated under various long-term and short-term noncancelable operating leases, primarily related to rail car leases and land. Several of the leases provide for renewal terms. At December 31, 2013, future minimum lease commitments were as follows: | ||||
2014 | $ | 26,216 | ||
2015 | 24,348 | |||
2016 | 21,904 | |||
2017 | 20,258 | |||
2018 | 17,601 | |||
Thereafter | 558,822 | |||
$ | 669,149 | |||
Rental expense was approximately $45,361, $38,199 and $36,644 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
The Company has various purchase commitments for its capital projects and for materials, supplies and services incident to the ordinary conduct of business. Such commitments are at prices not in excess of market prices. Certain feedstock purchase commitments require taking delivery of minimum volumes at market-determined prices. |
Segment_And_Geographic_Informa
Segment And Geographic Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment and Geographic Information | ' | ||||||||||||
Segment and Geographic Information | |||||||||||||
Segment Information | |||||||||||||
The Company operates in two principal operating segments: Olefins and Vinyls. These segments are strategic business units that offer a variety of different products. The Company manages each segment separately as each business requires different technology and marketing strategies. | |||||||||||||
The Company's Olefins segment manufactures and markets polyethylene, styrene monomer and various ethylene co-products. The Company's ethylene production is used in the Company's polyethylene, styrene and vinyl chloride monomer ("VCM") operations. In addition, the Company sells ethylene and ethylene co-products, primarily propylene, crude butadiene, pyrolysis gasoline and hydrogen, to external customers. | |||||||||||||
The majority of sales in the Company's Olefins business are made under long-term agreements where contract volumes are established within a range (typically, more than one year). Earlier terminations may occur if the parties fail to agree on price and deliveries are suspended for a period of several months. In most cases, these contracts also contemplate extension of the term unless specifically terminated by one of the parties. No single customer accounted for more than 10% of sales in the Olefins segment for the years ended December 31, 2013, 2012 or 2011. | |||||||||||||
The Company's Vinyls segment manufactures and markets PVC, VCM, EDC, chlorine, caustic soda and ethylene. The Company also manufactures and sells products fabricated from PVC that the Company produces, including pipe, fittings, profiles, foundation building products, window and door profiles and fence. The Company's main manufacturing complex is located in Calvert City. It includes an ethylene plant, a chlor-alkali plant, a VCM plant and a PVC plant. The Company also operates a PVC and VCM manufacturing facility in Geismar, Louisiana. In addition, on December 27, 2013, the Company announced the start-up of its new chlor-alkali plant at the Geismar complex. Further, the Company owns a 59% interest in a PVC joint venture in China. | |||||||||||||
The Company uses its chlorine, VCM and PVC production to manufacture building products at the Company's 12 regional plants. No single customer accounted for more than 10% of sales in the Vinyls segment for the years ended December 31, 2013, 2012 or 2011. | |||||||||||||
The accounting policies of the individual segments are the same as those described in Note 1. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net external sales | |||||||||||||
Olefins | |||||||||||||
Polyethylene | $ | 1,750,292 | $ | 1,658,551 | $ | 1,772,144 | |||||||
Styrene, feedstock and other | 803,377 | 841,427 | 795,698 | ||||||||||
Total olefins | 2,553,669 | 2,499,978 | 2,567,842 | ||||||||||
Vinyls | |||||||||||||
PVC, caustic soda and other | 800,658 | 743,275 | 757,314 | ||||||||||
Building products | 405,157 | 327,788 | 294,692 | ||||||||||
Total vinyls | 1,205,815 | 1,071,063 | 1,052,006 | ||||||||||
$ | 3,759,484 | $ | 3,571,041 | $ | 3,619,848 | ||||||||
Intersegment sales | |||||||||||||
Olefins | $ | 320,909 | $ | 318,322 | $ | 444,889 | |||||||
Vinyls | 1,502 | 1,603 | 1,474 | ||||||||||
$ | 322,411 | $ | 319,925 | $ | 446,363 | ||||||||
Income (loss) from operations | |||||||||||||
Olefins | $ | 833,249 | $ | 552,762 | $ | 459,266 | |||||||
Vinyls | 154,684 | 85,942 | 4,012 | ||||||||||
Corporate and other | (34,469 | ) | (23,353 | ) | (16,482 | ) | |||||||
$ | 953,464 | $ | 615,351 | $ | 446,796 | ||||||||
Depreciation and amortization | |||||||||||||
Olefins | $ | 102,938 | $ | 97,906 | $ | 86,915 | |||||||
Vinyls | 54,371 | 46,146 | 43,877 | ||||||||||
Corporate and other | 499 | 489 | 605 | ||||||||||
$ | 157,808 | $ | 144,541 | $ | 131,397 | ||||||||
Other income (expense), net | |||||||||||||
Olefins | $ | 7,410 | $ | 3,899 | $ | 2,813 | |||||||
Vinyls | (1,858 | ) | (965 | ) | 194 | ||||||||
Corporate and other | 1,238 | 586 | 2,621 | ||||||||||
$ | 6,790 | $ | 3,520 | $ | 5,628 | ||||||||
Provision for (benefit from) income taxes | |||||||||||||
Olefins | $ | 288,214 | $ | 177,176 | $ | 149,033 | |||||||
Vinyls | 48,296 | 22,389 | (2,193 | ) | |||||||||
Corporate and other | (4,763 | ) | 49 | (4,374 | ) | ||||||||
$ | 331,747 | $ | 199,614 | $ | 142,466 | ||||||||
Capital expenditures | |||||||||||||
Olefins | $ | 145,542 | $ | 135,886 | $ | 90,641 | |||||||
Vinyls | 531,939 | 246,827 | 84,192 | ||||||||||
Corporate and other | 1,741 | 4,169 | 2,010 | ||||||||||
$ | 679,222 | $ | 386,882 | $ | 176,843 | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||
Total assets | |||||||||||||
Olefins | $ | 1,557,510 | $ | 1,439,308 | |||||||||
Vinyls | 1,740,595 | 1,030,912 | |||||||||||
Corporate and other | 762,804 | 941,976 | |||||||||||
$ | 4,060,909 | $ | 3,412,196 | ||||||||||
A reconciliation of total segment income from operations to consolidated income before income taxes is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from operations for reportable segments | $ | 953,464 | $ | 615,351 | $ | 446,796 | |||||||
Interest expense | (18,082 | ) | (43,049 | ) | (50,992 | ) | |||||||
Debt retirement costs | — | (7,082 | ) | — | |||||||||
Gain from sales of equity securities | — | 16,429 | — | ||||||||||
Other income, net | 6,790 | 3,520 | 5,628 | ||||||||||
Income before income taxes | $ | 942,172 | $ | 585,169 | $ | 401,432 | |||||||
Geographic Information | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Sales to external customers (1) | |||||||||||||
United States | $ | 3,404,378 | $ | 3,176,202 | $ | 3,221,562 | |||||||
Foreign | |||||||||||||
Canada | 214,162 | 294,643 | 247,357 | ||||||||||
Switzerland | 54,637 | 32,927 | 19,922 | ||||||||||
Singapore | 24,028 | 15,308 | 29,210 | ||||||||||
Other | 62,279 | 51,961 | 101,797 | ||||||||||
$ | 3,759,484 | $ | 3,571,041 | $ | 3,619,848 | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||
Long-lived assets | |||||||||||||
United States | $ | 2,081,091 | $ | 1,502,902 | |||||||||
Foreign | 6,923 | 7,146 | |||||||||||
$ | 2,088,014 | $ | 1,510,048 | ||||||||||
______________________________ | |||||||||||||
-1 | Revenues are attributed to countries based on location of customer. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||
Subsequent Events | ' | ||||||||||||
Subsequent Events | |||||||||||||
On February 14, 2014, the Company's Board of Directors authorized a two-for-one split of the Company's common stock. The two-for-one common stock split will be accomplished by means of a stock dividend, to be distributed March 18, 2014 to stockholders of record as of February 28, 2014. The common stock split will require retroactive revision of all historical per share data beginning in the first quarter ending March 31, 2014. All references to the number of shares outstanding and per share data in these Consolidated Financial Statements are presented on a pre-split basis. Unaudited pro forma basic and diluted earnings per share, after giving retroactive effect to the stock split, are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(unaudited) | |||||||||||||
Earnings per common share: | |||||||||||||
Basic, pro forma | $ | 4.56 | $ | 2.89 | $ | 1.95 | |||||||
Diluted, pro forma | $ | 4.54 | $ | 2.88 | $ | 1.94 | |||||||
Subsequent events were evaluated through the date on which the financial statements were issued. |
Guarantor_Disclosures
Guarantor Disclosures | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Guarantor Disclosures [Abstract] | ' | ||||||||||||||||||||
Guarantor Disclosures | ' | ||||||||||||||||||||
Guarantor Disclosures | |||||||||||||||||||||
The Company's payment obligations under the 3.60% Notes Due 2022 are fully and unconditionally guaranteed by each of its current and future domestic subsidiaries that guarantee other debt of the Company or of another guarantor of the 3.60% Notes Due 2022 in excess of $5,000 (the "Guarantor Subsidiaries"). Each Guarantor Subsidiary is 100% owned by Westlake Chemical Corporation. These guarantees are the joint and several obligations of the Guarantor Subsidiaries. The following condensed consolidating financial information presents the financial condition, results of operations and cash flows of Westlake Chemical Corporation, the Guarantor Subsidiaries and the remaining subsidiaries that do not guarantee the 3.60% Notes Due 2022 (the "Non-Guarantor Subsidiaries"), together with consolidating adjustments necessary to present the Company's results on a consolidated basis. | |||||||||||||||||||||
Condensed Consolidating Financial Information as of December 31, 2013 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 420,948 | $ | 6,227 | $ | 34,126 | $ | — | $ | 461,301 | |||||||||||
Marketable securities | 239,388 | — | — | — | 239,388 | ||||||||||||||||
Accounts receivable, net | 3,879 | 738,156 | 2,755 | (316,333 | ) | 428,457 | |||||||||||||||
Inventories | — | 456,306 | 15,573 | — | 471,879 | ||||||||||||||||
Prepaid expenses and other current assets | 778 | 11,312 | 1,798 | — | 13,888 | ||||||||||||||||
Deferred income taxes | 441 | 33,422 | 306 | — | 34,169 | ||||||||||||||||
Total current assets | 665,434 | 1,245,423 | 54,558 | (316,333 | ) | 1,649,082 | |||||||||||||||
Property, plant and equipment, net | — | 2,081,091 | 6,923 | — | 2,088,014 | ||||||||||||||||
Equity investments | 2,815,752 | 100,326 | 31,518 | (2,880,721 | ) | 66,875 | |||||||||||||||
Other assets, net | 15,393 | 246,125 | 1,199 | (5,779 | ) | 256,938 | |||||||||||||||
Total assets | $ | 3,496,579 | $ | 3,672,965 | $ | 94,198 | $ | (3,202,833 | ) | $ | 4,060,909 | ||||||||||
Current liabilities | |||||||||||||||||||||
Accounts payable | $ | 316,652 | $ | 223,134 | $ | 10,649 | $ | (300,822 | ) | $ | 249,613 | ||||||||||
Accrued liabilities | 8,334 | 161,140 | 1,282 | (15,511 | ) | 155,245 | |||||||||||||||
Total current liabilities | 324,986 | 384,274 | 11,931 | (316,333 | ) | 404,858 | |||||||||||||||
Long-term debt | 752,990 | 10,889 | — | — | 763,879 | ||||||||||||||||
Deferred income taxes | — | 443,026 | 729 | (5,779 | ) | 437,976 | |||||||||||||||
Other liabilities | — | 35,533 | 60 | — | 35,593 | ||||||||||||||||
Stockholders' equity | 2,418,603 | 2,799,243 | 81,478 | (2,880,721 | ) | 2,418,603 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 3,496,579 | $ | 3,672,965 | $ | 94,198 | $ | (3,202,833 | ) | $ | 4,060,909 | ||||||||||
Condensed Consolidating Financial Information as of December 31, 2012 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 753,881 | $ | 6,973 | $ | 29,224 | $ | — | $ | 790,078 | |||||||||||
Marketable securities | 124,873 | — | — | — | $ | 124,873 | |||||||||||||||
Accounts receivable, net | 7,933 | 1,675,274 | 2,959 | (1,286,007 | ) | 400,159 | |||||||||||||||
Inventories | — | 385,140 | 14,158 | — | 399,298 | ||||||||||||||||
Prepaid expenses and other current assets | 389 | 11,386 | 2,925 | — | 14,700 | ||||||||||||||||
Deferred income taxes | 431 | 21,581 | 293 | — | 22,305 | ||||||||||||||||
Total current assets | 887,507 | 2,100,354 | 49,559 | (1,286,007 | ) | 1,751,413 | |||||||||||||||
Property, plant and equipment, net | — | 1,502,902 | 7,146 | — | 1,510,048 | ||||||||||||||||
Equity investments | 3,018,926 | 65,448 | 32,923 | (3,073,561 | ) | 43,736 | |||||||||||||||
Other assets, net | 17,033 | 94,678 | 1,252 | (5,964 | ) | 106,999 | |||||||||||||||
Total assets | $ | 3,923,466 | $ | 3,763,382 | $ | 90,880 | $ | (4,365,532 | ) | $ | 3,412,196 | ||||||||||
Current liabilities | |||||||||||||||||||||
Accounts payable | $ | 1,285,530 | $ | 192,443 | $ | 13,969 | $ | (1,274,892 | ) | $ | 217,050 | ||||||||||
Accrued liabilities | 12,808 | 178,915 | 852 | (11,115 | ) | 181,460 | |||||||||||||||
Total current liabilities | 1,298,338 | 371,358 | 14,821 | (1,286,007 | ) | 398,510 | |||||||||||||||
Long-term debt | 752,872 | 10,889 | — | — | 763,761 | ||||||||||||||||
Deferred income taxes | — | 331,320 | 934 | (5,964 | ) | 326,290 | |||||||||||||||
Other liabilities | — | 51,312 | 67 | — | 51,379 | ||||||||||||||||
Stockholders' equity | 1,872,256 | 2,998,503 | 75,058 | (3,073,561 | ) | 1,872,256 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 3,923,466 | $ | 3,763,382 | $ | 90,880 | $ | (4,365,532 | ) | $ | 3,412,196 | ||||||||||
Condensed Consolidating Financial Information for the Year Ended December 31, 2013 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Statement of Operations | |||||||||||||||||||||
Net sales | $ | — | $ | 3,720,110 | $ | 48,016 | $ | (8,642 | ) | $ | 3,759,484 | ||||||||||
Cost of sales | — | 2,623,355 | 43,333 | (8,642 | ) | 2,658,046 | |||||||||||||||
Gross profit | — | 1,096,755 | 4,683 | — | 1,101,438 | ||||||||||||||||
Selling, general and administrative expenses | 2,128 | 139,662 | 6,184 | — | 147,974 | ||||||||||||||||
(Loss) income from operations | (2,128 | ) | 957,093 | (1,501 | ) | — | 953,464 | ||||||||||||||
Interest expense | (18,030 | ) | (52 | ) | — | — | (18,082 | ) | |||||||||||||
Other income (expense), net | 11,798 | (2,769 | ) | (2,239 | ) | — | 6,790 | ||||||||||||||
(Loss) income before income taxes | (8,360 | ) | 954,272 | (3,740 | ) | — | 942,172 | ||||||||||||||
(Benefit from) provision for income taxes | (2,031 | ) | 334,619 | (841 | ) | — | 331,747 | ||||||||||||||
Equity in net income of subsidiaries | 616,754 | — | — | (616,754 | ) | — | |||||||||||||||
Net income (loss) | $ | 610,425 | $ | 619,653 | $ | (2,899 | ) | $ | (616,754 | ) | $ | 610,425 | |||||||||
Comprehensive income (loss) | $ | 618,649 | $ | 629,308 | $ | (4,506 | ) | $ | (624,802 | ) | $ | 618,649 | |||||||||
Condensed Consolidating Financial Information for the Year Ended December 31, 2012 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Statement of Operations | |||||||||||||||||||||
Net sales | $ | — | $ | 3,529,685 | $ | 48,205 | $ | (6,849 | ) | $ | 3,571,041 | ||||||||||
Cost of sales | — | 2,799,537 | 41,393 | (6,849 | ) | 2,834,081 | |||||||||||||||
Gross profit | — | 730,148 | 6,812 | — | 736,960 | ||||||||||||||||
Selling, general and administrative expenses | 2,004 | 113,133 | 6,472 | — | 121,609 | ||||||||||||||||
(Loss) income from operations | (2,004 | ) | 617,015 | 340 | — | 615,351 | |||||||||||||||
Interest expense | (42,989 | ) | (60 | ) | — | — | (43,049 | ) | |||||||||||||
Debt retirement costs | (7,082 | ) | — | — | — | (7,082 | ) | ||||||||||||||
Gain from sales of equity securities | 1 | 16,428 | — | — | 16,429 | ||||||||||||||||
Other income (expense), net | 28,171 | (21,384 | ) | (3,267 | ) | — | 3,520 | ||||||||||||||
(Loss) income before income taxes | (23,903 | ) | 611,999 | (2,927 | ) | — | 585,169 | ||||||||||||||
Provision for (benefit from) income taxes | 1,825 | 199,057 | (1,268 | ) | — | 199,614 | |||||||||||||||
Equity in net income of subsidiaries | 411,283 | — | — | (411,283 | ) | — | |||||||||||||||
Net income (loss) | $ | 385,555 | $ | 412,942 | $ | (1,659 | ) | $ | (411,283 | ) | $ | 385,555 | |||||||||
Comprehensive income (loss) | $ | 383,785 | $ | 410,549 | $ | (1,036 | ) | $ | (409,513 | ) | $ | 383,785 | |||||||||
Condensed Consolidating Financial Information for the Year Ended December 31, 2011 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Statement of Operations | |||||||||||||||||||||
Net sales | $ | — | $ | 3,581,470 | $ | 42,202 | $ | (3,824 | ) | $ | 3,619,848 | ||||||||||
Cost of sales | — | 3,024,419 | 40,247 | (3,824 | ) | 3,060,842 | |||||||||||||||
Gross profit | — | 557,051 | 1,955 | — | 559,006 | ||||||||||||||||
Selling, general and administrative expenses | 3,762 | 102,989 | 5,459 | — | 112,210 | ||||||||||||||||
(Loss) income from operations | (3,762 | ) | 454,062 | (3,504 | ) | — | 446,796 | ||||||||||||||
Interest expense | (50,919 | ) | (73 | ) | — | — | (50,992 | ) | |||||||||||||
Other income (expense), net | 10,217 | (4,212 | ) | (377 | ) | — | 5,628 | ||||||||||||||
(Loss) income before income taxes | (44,464 | ) | 449,777 | (3,881 | ) | — | 401,432 | ||||||||||||||
(Benefit from) provision for income taxes | (11,835 | ) | 155,313 | (1,012 | ) | — | 142,466 | ||||||||||||||
Equity in net income of subsidiaries | 291,595 | — | — | (291,595 | ) | — | |||||||||||||||
Net income (loss) | $ | 258,966 | $ | 294,464 | $ | (2,869 | ) | $ | (291,595 | ) | $ | 258,966 | |||||||||
Comprehensive income (loss) | $ | 256,929 | $ | 292,834 | $ | (3,276 | ) | $ | (289,558 | ) | $ | 256,929 | |||||||||
Condensed Consolidating Financial Information for the Year Ended December 31, 2013 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Statement of Cash Flows | |||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net income (loss) | $ | 610,425 | $ | 619,653 | $ | (2,899 | ) | $ | (616,754 | ) | $ | 610,425 | |||||||||
Adjustments to reconcile net income (loss) | |||||||||||||||||||||
to net cash (used for) provided by | |||||||||||||||||||||
operating activities | |||||||||||||||||||||
Depreciation and amortization | 1,459 | 155,360 | 2,448 | — | 159,267 | ||||||||||||||||
Deferred income taxes | 74 | 93,841 | (183 | ) | — | 93,732 | |||||||||||||||
Net changes in working capital and other | (622,194 | ) | (115,041 | ) | 9,786 | 616,754 | (110,695 | ) | |||||||||||||
Net cash (used for) provided by | (10,236 | ) | 753,813 | 9,152 | — | 752,729 | |||||||||||||||
operating activities | |||||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Acquisition of business | — | (178,309 | ) | — | — | (178,309 | ) | ||||||||||||||
Additions to equity investments | — | (23,338 | ) | — | — | (23,338 | ) | ||||||||||||||
Additions to property, plant and equipment | — | (676,668 | ) | (2,554 | ) | — | (679,222 | ) | |||||||||||||
Construction of assets pending sale-leaseback | — | (136 | ) | — | — | (136 | ) | ||||||||||||||
Proceeds from disposition of assets | — | 75 | 76 | — | 151 | ||||||||||||||||
Proceeds from repayment of loan to affiliate | — | — | 167 | — | 167 | ||||||||||||||||
Proceeds from sales and maturities of | 252,519 | — | — | — | 252,519 | ||||||||||||||||
securities | |||||||||||||||||||||
Purchase of securities | (367,150 | ) | — | — | — | (367,150 | ) | ||||||||||||||
Settlements of derivative instruments | — | (6,920 | ) | — | — | (6,920 | ) | ||||||||||||||
Net cash used for investing activities | (114,631 | ) | (885,296 | ) | (2,311 | ) | — | (1,002,238 | ) | ||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Intercompany financing | (128,798 | ) | 130,737 | (1,939 | ) | — | — | ||||||||||||||
Dividends paid | (55,236 | ) | — | — | — | (55,236 | ) | ||||||||||||||
Proceeds from exercise of stock options | 3,437 | — | — | — | 3,437 | ||||||||||||||||
Repurchase of common stock for treasury | (32,918 | ) | — | — | — | (32,918 | ) | ||||||||||||||
Windfall tax benefits from share-based | 5,449 | — | — | — | 5,449 | ||||||||||||||||
payment arrangements | |||||||||||||||||||||
Net cash (used for) provided by | (208,066 | ) | 130,737 | (1,939 | ) | — | (79,268 | ) | |||||||||||||
financing activities | |||||||||||||||||||||
Net (decrease) increase in cash and | (332,933 | ) | (746 | ) | 4,902 | — | (328,777 | ) | |||||||||||||
cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at beginning | 753,881 | 6,973 | 29,224 | — | 790,078 | ||||||||||||||||
of the year | |||||||||||||||||||||
Cash and cash equivalents at end of the year | $ | 420,948 | $ | 6,227 | $ | 34,126 | $ | — | $ | 461,301 | |||||||||||
Condensed Consolidating Financial Information for the Year Ended December 31, 2012 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Statement of Cash Flows | |||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net income (loss) | $ | 385,555 | $ | 412,942 | $ | (1,659 | ) | $ | (411,283 | ) | $ | 385,555 | |||||||||
Adjustments to reconcile net income (loss) | |||||||||||||||||||||
to net cash (used for) provided by | |||||||||||||||||||||
operating activities | |||||||||||||||||||||
Depreciation and amortization | 1,514 | 141,388 | 3,153 | — | 146,055 | ||||||||||||||||
Deferred income taxes | 45 | (5,962 | ) | 124 | — | (5,793 | ) | ||||||||||||||
Net changes in working capital and other | (422,199 | ) | 94,930 | 2,256 | 411,283 | 86,270 | |||||||||||||||
Net cash (used for) provided by operating activities | (35,085 | ) | 643,298 | 3,874 | — | 612,087 | |||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Additions to property, plant and equipment | — | (385,919 | ) | (963 | ) | — | (386,882 | ) | |||||||||||||
Construction of assets pending sale-leaseback | — | (4,308 | ) | — | — | (4,308 | ) | ||||||||||||||
Proceeds from disposition of assets | — | 449 | 22 | — | 471 | ||||||||||||||||
Proceeds from repayment of loan to affiliate | — | — | 1,192 | — | 1,192 | ||||||||||||||||
Proceeds from sale-leaseback of assets | — | 2,304 | — | — | 2,304 | ||||||||||||||||
Proceeds from sales of equity securities | 3 | 47,652 | — | — | 47,655 | ||||||||||||||||
Purchase of securities | (124,873 | ) | (2,961 | ) | — | — | (127,834 | ) | |||||||||||||
Settlements of derivative instruments | — | 431 | — | — | 431 | ||||||||||||||||
Net cash (used for) provided by | (124,870 | ) | (342,352 | ) | 251 | — | (466,971 | ) | |||||||||||||
investing activities | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Intercompany financing | 291,455 | (296,490 | ) | 5,035 | — | — | |||||||||||||||
Capitalized debt issuance costs | (2,221 | ) | — | — | — | (2,221 | ) | ||||||||||||||
Dividends paid | (285,521 | ) | — | — | — | (285,521 | ) | ||||||||||||||
Proceeds from debt issuance | 248,818 | — | — | — | 248,818 | ||||||||||||||||
Proceeds from exercise of stock options | 10,369 | — | — | — | 10,369 | ||||||||||||||||
Repayment of debt | (250,000 | ) | — | — | — | (250,000 | ) | ||||||||||||||
Repurchase of common stock for treasury | (10,784 | ) | — | — | — | (10,784 | ) | ||||||||||||||
Utilization of restricted cash | 96,433 | — | — | — | 96,433 | ||||||||||||||||
Windfall tax benefits from share-based | 11,967 | — | — | — | 11,967 | ||||||||||||||||
payment arrangements | |||||||||||||||||||||
Net cash provided by (used for) | 110,516 | (296,490 | ) | 5,035 | — | (180,939 | ) | ||||||||||||||
financing activities | |||||||||||||||||||||
Net (decrease) increase in cash and | (49,439 | ) | 4,456 | 9,160 | — | (35,823 | ) | ||||||||||||||
cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at beginning | 803,320 | 2,517 | 20,064 | — | 825,901 | ||||||||||||||||
of the year | |||||||||||||||||||||
Cash and cash equivalents at end of the year | $ | 753,881 | $ | 6,973 | $ | 29,224 | $ | — | $ | 790,078 | |||||||||||
Condensed Consolidating Financial Information for the Year Ended December 31, 2011 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Statement of Cash Flows | |||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net income (loss) | $ | 258,966 | $ | 294,464 | $ | (2,869 | ) | $ | (291,595 | ) | $ | 258,966 | |||||||||
Adjustments to reconcile net income (loss) | |||||||||||||||||||||
to net cash (used for) provided by | |||||||||||||||||||||
operating activities | |||||||||||||||||||||
Depreciation and amortization | 1,683 | 127,807 | 3,590 | — | 133,080 | ||||||||||||||||
Deferred income taxes | 190 | 14,225 | (301 | ) | — | 14,114 | |||||||||||||||
Net changes in working capital and other | (295,027 | ) | (45,667 | ) | 1,874 | 291,595 | (47,225 | ) | |||||||||||||
Net cash (used for) provided by | (34,188 | ) | 390,829 | 2,294 | — | 358,935 | |||||||||||||||
operating activities | |||||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Additions to property, plant and equipment | — | (175,706 | ) | (1,137 | ) | — | (176,843 | ) | |||||||||||||
Proceeds from disposition of assets | — | 2,877 | 3 | — | 2,880 | ||||||||||||||||
Proceeds from repayment of loan to affiliate | — | — | 1,192 | — | 1,192 | ||||||||||||||||
Purchase of securities and other investments | — | (30,265 | ) | — | — | (30,265 | ) | ||||||||||||||
Settlements of derivative instruments | — | 251 | — | — | 251 | ||||||||||||||||
Net cash (used for) provided by | — | (202,843 | ) | 58 | — | (202,785 | ) | ||||||||||||||
investing activities | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Intercompany financing | 186,898 | (185,522 | ) | (1,376 | ) | — | — | ||||||||||||||
Capitalized debt issuance costs | (2,697 | ) | — | — | — | (2,697 | ) | ||||||||||||||
Dividends paid | (18,265 | ) | — | — | — | (18,265 | ) | ||||||||||||||
Proceeds from exercise of stock options | 5,344 | — | — | — | 5,344 | ||||||||||||||||
Repurchase of common stock for treasury | (2,518 | ) | — | — | — | (2,518 | ) | ||||||||||||||
Utilization of restricted cash | 54,227 | — | — | — | 54,227 | ||||||||||||||||
Windfall tax benefits from share-based | 3,361 | — | — | — | 3,361 | ||||||||||||||||
payment arrangements | |||||||||||||||||||||
Net cash provided by (used for) financing activities | 226,350 | (185,522 | ) | (1,376 | ) | — | 39,452 | ||||||||||||||
Net increase in cash and cash equivalents | 192,162 | 2,464 | 976 | — | 195,602 | ||||||||||||||||
Cash and cash equivalents at beginning | 611,158 | 53 | 19,088 | — | 630,299 | ||||||||||||||||
of the year | |||||||||||||||||||||
Cash and cash equivalents at end of the year | $ | 803,320 | $ | 2,517 | $ | 20,064 | $ | — | $ | 825,901 | |||||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||
Quarterly Financial Information (Unaudited) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Net sales | $ | 864,647 | $ | 939,047 | $ | 1,004,165 | $ | 951,625 | |||||||||
Gross profit | 227,809 | 273,487 | 304,471 | 295,671 | |||||||||||||
Income from operations | 194,055 | 235,227 | 266,602 | 257,580 | |||||||||||||
Net income | 123,347 | 145,816 | 170,290 | 170,972 | |||||||||||||
Basic earnings per common share (1) | $ | 1.84 | $ | 2.18 | $ | 2.55 | $ | 2.56 | |||||||||
Diluted earnings per common share (1) | $ | 1.84 | $ | 2.17 | $ | 2.54 | $ | 2.54 | |||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Net sales | $ | 1,034,867 | $ | 913,958 | $ | 821,175 | $ | 801,041 | |||||||||
Gross profit | 172,637 | 201,896 | 172,179 | 190,248 | |||||||||||||
Income from operations | 145,625 | 170,978 | 142,517 | 156,231 | |||||||||||||
Net income | 87,813 | 115,501 | 86,964 | 95,277 | |||||||||||||
Basic earnings per common share (1) | $ | 1.32 | $ | 1.73 | $ | 1.3 | $ | 1.43 | |||||||||
Diluted earnings per common share (1) | $ | 1.31 | $ | 1.72 | $ | 1.3 | $ | 1.42 | |||||||||
______________________________ | |||||||||||||||||
-1 | Basic and diluted earnings per common share ("EPS") for each quarter is computed using the weighted average shares outstanding during that quarter, while EPS for the year is computed using the weighted average shares outstanding for the year. As a result, the sum of the EPS for each of the four quarters may not equal the EPS for the year. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||
SCHEDULE II | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Accounts Receivable Allowance for Doubtful Accounts | Balance at | Charged to | Additions/ | Balance at | |||||||||||||
Beginning | Expense | (Deductions) (1) | End of | ||||||||||||||
of Year | Year | ||||||||||||||||
2013 | $ | 11,172 | $ | 5,514 | $ | (4,945 | ) | $ | 11,741 | ||||||||
2012 | 10,969 | 229 | (26 | ) | 11,172 | ||||||||||||
2011 | 9,710 | 1,321 | (62 | ) | 10,969 | ||||||||||||
______________________________ | |||||||||||||||||
-1 | Primarily accounts receivable written off during the period. |
Description_Of_Business_And_Si1
Description Of Business And Significant Accounting Policies (Policy) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
Description Of Business | ' | ||
Description of Business | |||
Westlake Chemical Corporation (the "Company") operates as an integrated manufacturer and marketer of basic chemicals, vinyls, polymers and fabricated building products. These products include some of the most widely used chemicals in the world, which are fundamental to many diverse consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction as well as other durable and non-durable goods. The Company's customers range from large chemical processors and plastics fabricators to small construction contractors, municipalities and supply warehouses primarily throughout North America. The petrochemical industry is subject to price fluctuations and volatile feedstock pricing typical of a commodity-based industry, the effects of which may not be immediately passed along to customers. | |||
Principles Of Consolidation | ' | ||
Principles of Consolidation | |||
The consolidated financial statements include the accounts of the Company and subsidiaries in which the Company directly or indirectly owns more than a 50% voting interest and exercises control and, when applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in majority-owned companies where the Company does not exercise control and investments in nonconsolidated affiliates (20%-50% owned companies, joint ventures and partnerships) are accounted for using the equity method of accounting. Undistributed earnings from equity investments included in retained earnings were $10,827 as of December 31, 2013. | |||
Cash And Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
Cash equivalents consist of highly liquid investments that are readily convertible into cash and have a maturity of three months or less at the date of acquisition. | |||
Investments | ' | ||
Investments | |||
Investments in debt and equity securities are classified as trading, available-for-sale or held-to-maturity. Investments classified as trading are carried at estimated fair value with changes in fair value currently recognized in earnings. Investments classified as available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income. Investments classified as held-to-maturity are carried at amortized cost. The Company periodically reviews its available-for-sale and held-to-maturity securities for other-than-temporary declines in fair value below the cost basis, and when events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the investment is written down to fair value, establishing a new cost basis. | |||
Allowance For Doubtful Accounts | ' | ||
Allowance for Doubtful Accounts | |||
The determination of the allowance for doubtful accounts is based on estimation of the amount of accounts receivable that the Company believes are unlikely to be collected. Estimating this amount requires analysis of the financial strength of the Company's customers, the use of historical experience, the Company's accounts receivable aged trial balance, and specific collectibility analysis. The allowance for doubtful accounts is reviewed quarterly. Past due balances over 90 days and high risk accounts as determined by the analysis of financial strength of customers are reviewed individually for collectibility. | |||
Inventories | ' | ||
Inventories | |||
Inventories primarily include product, material and supplies. Inventories are stated at lower of cost or market. Cost is determined using the first-in, first-out ("FIFO") or average method. | |||
Property, Plant and Equipment | ' | ||
Property, Plant and Equipment | |||
Property, plant and equipment are carried at cost, net of accumulated depreciation. Cost includes expenditures for improvements and betterments that extend the useful lives of the assets and interest capitalized on significant capital projects. Capitalized interest was $25,932, $7,706 and $693 for the years ended December 31, 2013, 2012 and 2011, respectively. Repair and maintenance costs are charged to operations as incurred. | |||
The accounting guidance for asset retirement obligations requires the recording of liabilities equal to the fair value of asset retirement obligations and corresponding additional asset costs, when there is a legal asset retirement obligation as a result of existing or enacted law, statute or contract. The Company has conditional asset retirement obligations for the removal and disposal of hazardous materials from certain of the Company's manufacturing facilities. However, no asset retirement obligations have been recognized because the fair value of the conditional legal obligation cannot be measured due to the indeterminate settlement date of the obligation. Settlement of these conditional asset retirement obligations is not expected to have a material adverse effect on the Company's financial condition, results of operations or cash flows in any individual reporting period. | |||
Depreciation is provided by utilizing the straight-line method over the estimated useful lives of the assets as follows: | |||
Classification | Years | ||
Buildings and improvements | 25 | ||
Plant and equipment | 25 | ||
Ethylene pipeline | 35 | ||
Other | 10-Mar | ||
Fair Value Estimates | ' | ||
Fair Value Estimates | |||
The Company develops estimates of fair value to allocate the purchase price paid to acquire a business to the assets acquired and liabilities assumed in an acquisition, to assess impairment of long-lived assets, goodwill and intangible assets and to record marketable securities, derivative instruments and pension plan assets. The Company uses all available information to make these fair value determinations, including the engagement of third-party consultants. | |||
Impairment Of Long-Lived Assets and Intangible Assets | ' | ||
Impairment of Long-Lived Assets | |||
The accounting guidance for the impairment or disposal of long-lived assets requires that the Company review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets assessed for impairment are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. Assets are considered to be impaired if the carrying amount of an asset exceeds the future undiscounted cash flows. The impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or estimated fair value less costs to sell. | |||
Impairment of Intangible Assets | |||
The accounting guidance for goodwill and intangible assets requires that goodwill and indefinite-lived intangible assets are tested for impairment at least annually. Other intangible assets with finite lives are amortized over their estimated useful life and reviewed for impairment in accordance with the provisions of the accounting guidance. As of December 31, 2013, the Company's recorded goodwill was $62,016. The annual impairment test for the Olefins segment's goodwill was performed as of October 31, 2013. | |||
Turnaround Costs | ' | ||
Turnaround Costs | |||
The Company accounts for turnaround costs under the deferral method. Turnarounds are the scheduled and required shutdowns of specific operating units in order to perform planned major maintenance activities. The costs related to the significant overhaul and refurbishment activities include maintenance materials, parts and direct labor costs. The costs of the turnaround are deferred when incurred at the time of the turnaround and amortized (within depreciation and amortization) on a straight-line basis until the next planned turnaround, which ranges from three to six years. Deferred turnaround costs are presented as a component of other assets, net. The cash outflows related to these costs are included in operating activities in the consolidated statement of cash flows. | |||
Exchanges | ' | ||
Exchanges | |||
The Company enters into inventory exchange transactions with third parties, which involve fungible commodities. These exchanges are settled in like-kind quantities and are valued at lower of cost or market. Cost is determined using the FIFO method. | |||
Income Taxes | ' | ||
Income Taxes | |||
The Company utilizes the liability method of accounting for deferred income taxes. Under the liability method, deferred tax assets or liabilities are recorded based upon temporary differences between the tax basis of assets and liabilities and their carrying values for financial reporting purposes. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities during the period. Valuation allowances are recorded against deferred tax assets when it is considered more likely than not that the deferred tax assets will not be realized. | |||
Foreign Currency Translation | ' | ||
Foreign Currency Translation | |||
Assets and liabilities of foreign subsidiaries are translated to U.S. dollars at the exchange rate as of the end of the year. Statement of operations items are translated at the average exchange rate for the year. The resulting translation adjustment is recorded as a separate component of stockholders' equity. | |||
Concentration Of Credit Risk | ' | ||
Concentration of Credit Risk | |||
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. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
Revenue is recognized when persuasive evidence of an arrangement exists, products are shipped to the customer, the sales price is fixed or determinable and collectability is reasonably assured. For domestic contracts, title and risk of loss passes to the customer upon delivery under executed customer purchase orders or contracts. For export contracts, the title and risk of loss passes to customers at the time specified by each contract. Provisions for discounts, rebates and returns are provided for in the same period as the related sales are recorded. | |||
Earnings Per Share | ' | ||
Earnings per Share | |||
The accounting guidance for earnings per share requires the Company to present basic earnings per share and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock. | |||
Price Risk Management | ' | ||
Price Risk Management | |||
The accounting guidance for derivative instruments and hedging activities requires that the Company recognize all derivative instruments on the balance sheet at fair value, and changes in the derivative's fair value must be currently recognized in earnings or comprehensive income, depending on the designation of the derivative. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in comprehensive income and is recognized in the statement of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings currently. | |||
The Company utilizes commodity price swaps to reduce price risks by entering into price swaps with counterparties and by purchasing or selling futures on established exchanges. The Company takes both fixed and variable positions, depending upon anticipated future physical purchases and sales of these commodities. The fair value of derivative financial instruments is estimated using quoted market prices in active markets and observable market-based inputs or unobservable inputs that are corroborated by market data when active markets are not available. The Company assesses both counterparty as well as its own nonperformance risk when measuring the fair value of derivative liabilities. The Company does not consider its nonperformance risk to be significant. See Note 13 for a summary of the fair value of derivative instruments. | |||
Environmental Costs | ' | ||
Environmental Costs | |||
Environmental costs relating to current operations are expensed or capitalized, as appropriate, depending on whether such costs provide future economic benefits. Remediation liabilities are recognized when the costs are considered probable and can be reasonably estimated. Measurement of liabilities is based on currently enacted laws and regulations, existing technology and undiscounted site-specific costs. Environmental liabilities in connection with properties that are sold or closed are realized upon such sale or closure, to the extent they are probable and estimable and not previously reserved. Recognition of any joint and several liabilities is based upon the Company's best estimate of its final pro rata share of the liability. | |||
Fair Value Of Financial Instruments | ' | ||
Fair Value of Financial Instruments | |||
The amounts reported in the balance sheet for cash and cash equivalents, accounts receivable, net and accounts payable approximate their fair value due to the short maturities of these instruments. The fair value of the Company's debt at December 31, 2013 differs from the carrying value due to the Company's fixed rate senior notes. The fair value of financial instruments is estimated using quoted market prices in active markets and observable market-based inputs or unobservable inputs that are corroborated by market data when active markets are not available. See Note 13 for more information on the fair value of financial instruments. | |||
Use Of Estimates | ' | ||
Use of Estimates | |||
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. | |||
Other | ' | ||
Other | |||
Amortization of debt issuance costs is computed on a basis which approximates the interest method over the term of the related debt. Certain other assets (see Note 6) are amortized over periods ranging from one to 20 years using the straight-line method. | |||
New Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements |
Description_Of_Business_And_Si2
Description Of Business And Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
Schedule Of Estimated Useful Lives Of Assets | ' | ||
Depreciation is provided by utilizing the straight-line method over the estimated useful lives of the assets as follows: | |||
Classification | Years | ||
Buildings and improvements | 25 | ||
Plant and equipment | 25 | ||
Ethylene pipeline | 35 | ||
Other | 10-Mar |
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
nvestments in current marketable securities at December 31 were classified as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Available-for-sale securities | $ | 239,388 | $ | — | |||||||||||||
Held-to-maturity securities | — | 124,873 | |||||||||||||||
Marketable securities | $ | 239,388 | $ | 124,873 | |||||||||||||
Available-for-sale Securities | ' | ||||||||||||||||
The cost, gross unrealized gains, gross unrealized losses and fair value of the Company’s available-for-sale securities were as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Cost | Gross | Gross | Fair Value | ||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Gains | Losses (1) | ||||||||||||||||
Debt securities | |||||||||||||||||
Corporate bonds | $ | 108,300 | $ | 340 | $ | (69 | ) | $ | 108,571 | ||||||||
U.S. government debt (2) | 106,335 | 60 | (79 | ) | 106,316 | ||||||||||||
Asset-backed securities | 24,478 | 34 | (11 | ) | 24,501 | ||||||||||||
Total available-for-sale securities | $ | 239,113 | $ | 434 | $ | (159 | ) | $ | 239,388 | ||||||||
_____________ | |||||||||||||||||
-1 | All unrealized loss positions were held at a loss for less than 12 months. | ||||||||||||||||
-2 | U.S. Treasury obligations, U.S. government agency obligations and U.S government agency mortgage-backed securities. | ||||||||||||||||
Held-to-maturity Securities | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | |||||||||||||||||
Proceeds from sales and maturities of securities | $ | 7,770 | |||||||||||||||
Gross realized gains | 20 | ||||||||||||||||
Gross realized losses | (39 | ) |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Receivable, Net [Abstract] | ' | ||||||||
Schedule Of Accounts Receivable | ' | ||||||||
Accounts receivable consist of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Trade customers | $ | 410,302 | $ | 388,949 | |||||
Affiliates | 315 | 258 | |||||||
Allowance for doubtful accounts | (11,741 | ) | (11,172 | ) | |||||
398,876 | 378,035 | ||||||||
Federal and state taxes | 20,820 | 4,011 | |||||||
Other | 8,761 | 18,113 | |||||||
Accounts receivable, net | $ | 428,457 | $ | 400,159 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory, Net [Abstract] | ' | ||||||||
Schedule Of Inventory | ' | ||||||||
Inventories consist of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Finished products | $ | 232,658 | $ | 200,940 | |||||
Feedstock, additives and chemicals | 180,646 | 143,912 | |||||||
Materials and supplies | 58,575 | 54,446 | |||||||
Inventories | $ | 471,879 | $ | 399,298 | |||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment, Net [Abstract] | ' | ||||||||
Schedule Of Property, Plant And Equipment | ' | ||||||||
Property, plant and equipment consist of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 18,576 | $ | 13,963 | |||||
Building and improvements | 173,933 | 137,658 | |||||||
Plant and equipment | 2,829,049 | 2,131,933 | |||||||
Other | 180,452 | 161,761 | |||||||
3,202,010 | 2,445,315 | ||||||||
Less: Accumulated depreciation | (1,379,255 | ) | (1,287,050 | ) | |||||
1,822,755 | 1,158,265 | ||||||||
Construction in progress | 265,259 | 351,783 | |||||||
Property, plant and equipment, net | $ | 2,088,014 | $ | 1,510,048 | |||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Other Assets [Abstract] | ' | ||||||||||||||||||||||||||
Schedule Of Other Assets | ' | ||||||||||||||||||||||||||
Other assets consist of the following at December 31: | |||||||||||||||||||||||||||
2013 | 2012 | Weighted | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||
Cost | Accumulated | Net | Cost | Accumulated | Net | Life | |||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||||||||
Technology | $ | 63,765 | $ | (43,190 | ) | $ | 20,575 | $ | 44,548 | $ | (41,413 | ) | $ | 3,135 | 13 | ||||||||||||
Patents | 6,503 | (4,837 | ) | 1,666 | 6,503 | (3,956 | ) | 2,547 | 10 | ||||||||||||||||||
Customer relationships | 75,249 | (12,176 | ) | 63,073 | 17,649 | (8,259 | ) | 9,390 | 15 | ||||||||||||||||||
Goodwill | 62,016 | — | 62,016 | 29,990 | — | 29,990 | |||||||||||||||||||||
Other | 11,716 | — | 11,716 | 3,230 | — | 3,230 | |||||||||||||||||||||
Total intangible assets | 219,249 | (60,203 | ) | 159,046 | 101,920 | (53,628 | ) | 48,292 | |||||||||||||||||||
Notes receivable from affiliate | 1,025 | — | 1,025 | 1,192 | — | 1,192 | |||||||||||||||||||||
Turnaround costs | 107,732 | (37,276 | ) | 70,456 | 83,726 | (54,666 | ) | 29,060 | 5 | ||||||||||||||||||
Debt issuance costs | 19,220 | (9,608 | ) | 9,612 | 19,219 | (8,149 | ) | 11,070 | 13 | ||||||||||||||||||
Other | 31,288 | (14,489 | ) | 16,799 | 27,736 | (10,351 | ) | 17,385 | 3 | ||||||||||||||||||
Total deferred charges and | 159,265 | (61,373 | ) | 97,892 | 131,873 | (73,166 | ) | 58,707 | |||||||||||||||||||
other assets | |||||||||||||||||||||||||||
Other assets, net | $ | 378,514 | $ | (121,576 | ) | $ | 256,938 | $ | 233,793 | $ | (126,794 | ) | $ | 106,999 | |||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the year ended December 31, 2013 were as follows: | |||||||||||||||||||||||||||
Olefins Segment | Vinyls Segment | Total | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 29,990 | $ | — | $ | 29,990 | |||||||||||||||||||||
Goodwill acquired during the year | — | 32,026 | 32,026 | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 29,990 | $ | 32,026 | $ | 62,016 | |||||||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||||
Schedule Of Long-Term Debt | ' | ||||||||
Long-term debt consists of the following at December 31: | |||||||||
2013 | 2012 | ||||||||
3.60% senior notes due 2022 | $ | 248,990 | $ | 248,872 | |||||
6 ½% senior notes due 2029 | 100,000 | 100,000 | |||||||
6 ¾% senior notes due 2032 | 250,000 | 250,000 | |||||||
6 ½% senior notes due 2035 (the "6 ½% GO Zone Senior Notes Due 2035") | 89,000 | 89,000 | |||||||
6 ½% senior notes due 2035 (the "6 ½% IKE Zone Senior Notes Due 2035") | 65,000 | 65,000 | |||||||
Loan related to tax-exempt waste disposal revenue bonds due 2027 | 10,889 | 10,889 | |||||||
Long-term debt, net | $ | 763,879 | $ | 763,761 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
Changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2013 were as follows: | |||||||||||||||||
Benefits | Cumulative | Net Unrealized | Total | ||||||||||||||
Liability, | Foreign | Holding Gains | |||||||||||||||
Net of Tax | Currency | on Investments, | |||||||||||||||
Exchange | Net of Tax | ||||||||||||||||
Balances at December 31, 2012 | $ | (16,351 | ) | $ | 5,511 | $ | — | $ | (10,840 | ) | |||||||
Other comprehensive income (loss) before | 7,986 | (1,607 | ) | 164 | 6,543 | ||||||||||||
reclassifications | |||||||||||||||||
Amounts reclassified from accumulated other | 1,669 | — | 12 | 1,681 | |||||||||||||
comprehensive loss | |||||||||||||||||
Net other comprehensive income (loss) for the year | 9,655 | (1,607 | ) | 176 | 8,224 | ||||||||||||
Balances at December 31, 2013 | $ | (6,696 | ) | $ | 3,904 | $ | 176 | $ | (2,616 | ) | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||
The following table provides the details of the amounts reclassified from accumulated other comprehensive income (loss) into net income in the consolidated statement of operations for the year ended December 31, 2013: | |||||||||||||||||
Details about Accumulated Other Comprehensive | Location of Reclassification | Year Ended December 31, | |||||||||||||||
Income (Loss) Components | (Income (Expense)) in | ||||||||||||||||
Consolidated Statements | |||||||||||||||||
of Operations | 2013 | ||||||||||||||||
Amortization of pension and other post-retirement items | |||||||||||||||||
Prior service costs | -1 | $ | (381 | ) | |||||||||||||
Net loss | -1 | (2,331 | ) | ||||||||||||||
(2,712 | ) | ||||||||||||||||
Provision for income taxes | 1,043 | ||||||||||||||||
$ | (1,669 | ) | |||||||||||||||
Net unrealized gains on available-for-sale investments | |||||||||||||||||
Realized loss on available-for-sale investments | Other income, net | $ | (19 | ) | |||||||||||||
Provision for income taxes | 7 | ||||||||||||||||
$ | (12 | ) | |||||||||||||||
Total reclassifications for the period | $ | (1,681 | ) | ||||||||||||||
______________________________ | |||||||||||||||||
-1 | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. For additional information, see Note 10. |
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | ' | ||||||||||||||||||||||||
Details of the changes in benefit obligations, plan assets and funded status of the Company's pension and post-retirement healthcare plans are as follows: | |||||||||||||||||||||||||
Pension Benefits | Post-retirement | ||||||||||||||||||||||||
Healthcare | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 65,313 | $ | 59,876 | $ | 21,383 | $ | 20,212 | |||||||||||||||||
Service cost | 1,091 | 1,005 | 30 | 9 | |||||||||||||||||||||
Interest cost | 2,047 | 2,580 | 623 | 745 | |||||||||||||||||||||
Actuarial (gain) loss | (8,163 | ) | 9,481 | (501 | ) | 2,021 | |||||||||||||||||||
Benefits paid | (2,342 | ) | (2,145 | ) | (1,577 | ) | (1,604 | ) | |||||||||||||||||
Curtailment | — | (5,484 | ) | — | — | ||||||||||||||||||||
Benefit obligation, end of year | $ | 57,946 | $ | 65,313 | $ | 19,958 | $ | 21,383 | |||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets, beginning of year | $ | 42,325 | $ | 35,478 | $ | — | $ | — | |||||||||||||||||
Actual return | 7,159 | 4,207 | — | — | |||||||||||||||||||||
Employer contribution | 2,094 | 4,785 | 1,577 | 1,604 | |||||||||||||||||||||
Benefits paid | (2,342 | ) | (2,145 | ) | (1,577 | ) | (1,604 | ) | |||||||||||||||||
Fair value of plan assets, end of year | $ | 49,236 | $ | 42,325 | $ | — | $ | — | |||||||||||||||||
Funded status, end of year | $ | (8,710 | ) | $ | (22,988 | ) | $ | (19,958 | ) | $ | (21,383 | ) | |||||||||||||
Schedule of Amounts Recognized in Balance Sheet | ' | ||||||||||||||||||||||||
Pension Benefits | Post-retirement | ||||||||||||||||||||||||
Healthcare | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Amounts recognized in the consolidated | |||||||||||||||||||||||||
balance sheet at December 31 | |||||||||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | (1,835 | ) | $ | (1,753 | ) | |||||||||||||||
Noncurrent liabilities | (8,710 | ) | (22,988 | ) | (18,123 | ) | (19,630 | ) | |||||||||||||||||
Net amount recognized | $ | (8,710 | ) | $ | (22,988 | ) | $ | (19,958 | ) | $ | (21,383 | ) | |||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Pension Benefits | Post-retirement | ||||||||||||||||||||||||
Healthcare | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Amounts recognized in accumulated other | |||||||||||||||||||||||||
comprehensive income | |||||||||||||||||||||||||
Net loss | $ | 6,404 | $ | 20,831 | $ | 4,484 | $ | 5,358 | |||||||||||||||||
Prior service cost | 297 | 594 | 50 | 134 | |||||||||||||||||||||
Total before tax (1) | $ | 6,701 | $ | 21,425 | $ | 4,534 | $ | 5,492 | |||||||||||||||||
Schedule Of Accumulated Benefit Obligations In Excess Of Plan Assets | ' | ||||||||||||||||||||||||
Pension plans with an accumulated benefit obligation in excess of plan assets at December 31 are as follows: | |||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Information for pension plans with an accumulated benefit obligation | |||||||||||||||||||||||||
in excess of plan assets | |||||||||||||||||||||||||
Projected benefit obligation | $ | (57,946 | ) | $ | (65,313 | ) | |||||||||||||||||||
Accumulated benefit obligation | (57,946 | ) | (65,074 | ) | |||||||||||||||||||||
Fair value of plan assets | 49,236 | 42,325 | |||||||||||||||||||||||
Schedule Of Net Benefit Costs And Amounts Recognized In Other Comprehensive Income | ' | ||||||||||||||||||||||||
Pension Benefits | Post-retirement Healthcare | ||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | 1,091 | $ | 1,005 | $ | 930 | $ | 30 | $ | 9 | $ | 16 | |||||||||||||
Interest cost | 2,047 | 2,580 | 2,723 | 623 | 745 | 840 | |||||||||||||||||||
Expected return on plan assets | (2,854 | ) | (2,490 | ) | (2,279 | ) | — | — | — | ||||||||||||||||
Net amortization | 2,255 | 2,071 | 1,567 | 457 | 269 | 418 | |||||||||||||||||||
Net periodic benefit cost | $ | 2,539 | $ | 3,166 | $ | 2,941 | $ | 1,110 | $ | 1,023 | $ | 1,274 | |||||||||||||
Other changes in plan assets and | |||||||||||||||||||||||||
benefit obligation recognized in | |||||||||||||||||||||||||
other comprehensive income (OCI) | |||||||||||||||||||||||||
Net (gain) loss emerging | $ | (12,468 | ) | $ | 7,765 | $ | 5,804 | $ | (501 | ) | $ | 2,021 | $ | 816 | |||||||||||
Curtailment | — | (5,484 | ) | — | — | — | — | ||||||||||||||||||
Amortization of net loss | (1,958 | ) | (1,774 | ) | (1,271 | ) | (373 | ) | (185 | ) | (118 | ) | |||||||||||||
Amortization of transition obligation | — | — | — | — | — | (114 | ) | ||||||||||||||||||
Amortization of prior service cost | (297 | ) | (297 | ) | (296 | ) | (84 | ) | (84 | ) | (186 | ) | |||||||||||||
Total recognized in OCI | $ | (14,723 | ) | $ | 210 | $ | 4,237 | $ | (958 | ) | $ | 1,752 | $ | 398 | |||||||||||
Total net periodic benefit cost and OCI | $ | (12,184 | ) | $ | 3,376 | $ | 7,178 | $ | 152 | $ | 2,775 | $ | 1,672 | ||||||||||||
Schedule Of Weighted Average Assumptions Used | ' | ||||||||||||||||||||||||
The weighted-average assumptions used to determine pension and post-retirement healthcare plan obligations and net periodic benefit costs for the plans are as follows: | |||||||||||||||||||||||||
Pension Benefits | Post-retirement Healthcare | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Weighted average assumptions used to | |||||||||||||||||||||||||
determine benefit obligations at | |||||||||||||||||||||||||
December 31 | |||||||||||||||||||||||||
Discount rate | 4.5 | % | 3.3 | % | 4.5 | % | 4 | % | 3 | % | 4 | % | |||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | — | — | — | ||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | — | — | — | ||||||||||||||||
Weighted average assumptions used to | |||||||||||||||||||||||||
determine net periodic benefit costs for | |||||||||||||||||||||||||
years ended December 31 | |||||||||||||||||||||||||
Discount rate | 3.3 | % | 4.5 | % | 5.3 | % | 3 | % | 4 | % | 4.5 | % | |||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | — | — | — | ||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | — | — | — | ||||||||||||||||
Schedule Of Fair Value Of Pension Plan Assets | ' | ||||||||||||||||||||||||
The investments in the bank collective trust funds are valued using a market approach based on the net asset value of units held. The fair values of the Company's pension plans assets at December 31, by asset category, are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Level 2 | Total | Level 2 | Level 3 | Total | |||||||||||||||||||||
Bank collective trust funds—Equity securities: | |||||||||||||||||||||||||
Large-cap index funds (1) | $ | 17,079 | $ | 17,079 | $ | 20,822 | $ | — | $ | 20,822 | |||||||||||||||
Small-cap index funds (2) | 3,091 | 3,091 | 2,817 | — | 2,817 | ||||||||||||||||||||
International index funds (3) | 7,482 | 7,482 | 4,077 | — | 4,077 | ||||||||||||||||||||
Bank collective trust funds—Fixed income: | |||||||||||||||||||||||||
Bond index funds (4) | 21,333 | 21,333 | 14,106 | — | 14,106 | ||||||||||||||||||||
Short term investment funds | 251 | 251 | — | 503 | 503 | ||||||||||||||||||||
$ | 49,236 | $ | 49,236 | $ | 41,822 | $ | 503 | $ | 42,325 | ||||||||||||||||
______________________________ | |||||||||||||||||||||||||
-1 | Substantially all of the assets of these funds are invested in large-cap U.S. companies. The remainder of the assets of these funds is invested in cash reserves. | ||||||||||||||||||||||||
-2 | Substantially all of the assets of these funds are invested in small-cap U.S. companies. The remainder of the assets of these funds is invested in cash reserves. | ||||||||||||||||||||||||
-3 | Substantially all of the assets of these funds are invested in international companies in developed markets (excluding the U.S. and Canada). The remainder of the assets of these funds is invested in cash reserves. | ||||||||||||||||||||||||
-4 | This category represents investment grade bonds of U.S. issuers, including U.S. Treasury notes. | ||||||||||||||||||||||||
Schedule Of Estimated Future Benefit Payments | ' | ||||||||||||||||||||||||
The following benefit payments are expected to be paid: | |||||||||||||||||||||||||
Pension | Post- | ||||||||||||||||||||||||
Benefits | retirement | ||||||||||||||||||||||||
Healthcare | |||||||||||||||||||||||||
Estimated future benefit payments: | |||||||||||||||||||||||||
Year 1 | $ | 2,851 | $ | 1,835 | |||||||||||||||||||||
Year 2 | 3,127 | 2,018 | |||||||||||||||||||||||
Year 3 | 3,298 | 2,180 | |||||||||||||||||||||||
Year 4 | 3,424 | 2,146 | |||||||||||||||||||||||
Year 5 | 3,560 | 1,888 | |||||||||||||||||||||||
Years 6 to 10 | 19,157 | 6,050 | |||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||
Schedule Of Option Activity And Changes | ' | |||||||||||||
Option activity and changes during the year ended December 31, 2013 were as follows: | ||||||||||||||
Options | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Term | |||||||||||||
(Years) | ||||||||||||||
Outstanding at December 31, 2012 | 712,320 | $ | 31.4 | |||||||||||
Granted | 76,084 | 90.83 | ||||||||||||
Exercised | (112,962 | ) | 29.94 | |||||||||||
Cancelled | (16,827 | ) | 52.56 | |||||||||||
Outstanding at December 31, 2013 | 658,615 | $ | 37.98 | 5.8 | $ | 55,386 | ||||||||
Exercisable at December 31, 2013 | 392,200 | $ | 25.23 | 5.3 | $ | 37,980 | ||||||||
Schedule Of Range Of Exercise Prices For Outstanding Options | ' | |||||||||||||
For options outstanding at December 31, 2013, the options had the following range of exercise prices: | ||||||||||||||
Range of Prices | Options | Weighted | ||||||||||||
Outstanding | Average | |||||||||||||
Remaining | ||||||||||||||
Contractual | ||||||||||||||
Life (Years) | ||||||||||||||
$14.24 - $19.29 | 170,553 | 4.5 | ||||||||||||
$20.53 - $27.24 | 114,411 | 5.9 | ||||||||||||
$30.07 - $36.10 | 135,119 | 3.1 | ||||||||||||
$45.83 - $60.11 | 166,163 | 7.7 | ||||||||||||
$80.77 - $91.40 | 72,369 | 9.1 | ||||||||||||
Schedule Of Weighted Average Value And Assumptions For Fair Value Of Options | ' | |||||||||||||
The table below presents the weighted average value and assumptions used in determining each option's fair value. Volatility was calculated using historical trends of the Company's common stock price. | ||||||||||||||
Stock Option Grants | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Weighted average fair value | $ | 34.06 | $ | 23.39 | $ | 19.22 | ||||||||
Risk-free interest rate | 0.9 | % | 1 | % | 2.8 | % | ||||||||
Expected life in years | 5 | 5 | 6 | |||||||||||
Expected volatility | 44.5 | % | 45.7 | % | 41.9 | % | ||||||||
Expected dividend yield | 0.6 | % | 0.5 | % | 0.5 | % | ||||||||
Schedule Of Non-Vested Restricted Stock Award Activity And Changes | ' | |||||||||||||
Non-vested restricted stock awards as of December 31, 2013 and changes during the year ended December 31, 2013 were as follows: | ||||||||||||||
Number of | Weighted | |||||||||||||
Shares | Average | |||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2012 | 336,330 | $ | 36.53 | |||||||||||
Granted | 304 | 82.36 | ||||||||||||
Vested | (144,586 | ) | 22.27 | |||||||||||
Forfeited | (10,542 | ) | 44.95 | |||||||||||
Non-vested at December 31, 2013 | 181,506 | $ | 47.47 | |||||||||||
Derivative_Commodity_Instrumen1
Derivative Commodity Instruments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | ||||||||||||||
Fair Values Of Derivative Instruments In Consolidated Balance Sheets | ' | ||||||||||||||
The fair values of derivative instruments in the Company's consolidated balance sheets were as follows: | |||||||||||||||
Asset Derivatives | |||||||||||||||
Balance Sheet Location | Fair Value as of December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Designated as hedging instruments | |||||||||||||||
Commodity forward contracts | Accounts receivable, net | $ | — | $ | 13,032 | ||||||||||
Not designated as hedging instruments | |||||||||||||||
Commodity forward contracts | Accounts receivable, net | 296 | 1,395 | ||||||||||||
Total asset derivatives | $ | 296 | $ | 14,427 | |||||||||||
Liability Derivatives | |||||||||||||||
Balance Sheet Location | Fair Value as of December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Designated as hedging instruments | |||||||||||||||
Commodity forward contracts | Accrued liabilities | $ | — | $ | 399 | ||||||||||
Not designated as hedging instruments | |||||||||||||||
Commodity forward contracts | Accrued liabilities | 176 | 13,295 | ||||||||||||
Total liability derivatives | $ | 176 | $ | 13,694 | |||||||||||
Impact Of Derivative Instruments Designated As Fair Value Hedges | ' | ||||||||||||||
Derivatives in Fair Value | Location of Gain (Loss) | Year Ended December 31, | |||||||||||||
Hedging Relationships | Recognized in Income on Derivative | 2013 | 2012 | 2011 | |||||||||||
Commodity forward contracts | Cost of sales | $ | (303 | ) | $ | 17,163 | $ | (4,895 | ) | ||||||
Hedged Items in Fair Value | Location of Gain (Loss) | Year Ended December 31, | |||||||||||||
Hedging Relationships | Recognized in Income on | ||||||||||||||
Hedged Items | 2013 | 2012 | 2011 | ||||||||||||
Firm commitment designated as the | Cost of sales | $ | 143 | $ | (18,394 | ) | $ | 5,092 | |||||||
hedged item | |||||||||||||||
Impact Of Derivative Instruments Not Designated As Fair Value Hedges | ' | ||||||||||||||
The impact of derivative instruments that have not been designated as hedges on the Company's consolidated statements of operations were as follows: | |||||||||||||||
Derivatives Not Designated as | Location of Gain (Loss) | Year Ended December 31, | |||||||||||||
Hedging Instruments | Recognized in Income on Derivative | 2013 | 2012 | 2011 | |||||||||||
Commodity forward contracts | Gross profit | $ | 5,438 | $ | (11,626 | ) | $ | 2,043 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule Of Assets And Liabilities On A Recurring Basis | ' | ||||||||||||||||
The following tables summarize, by level within the fair value hierarchy, the Company's assets and liabilities at December 31 that were accounted for at fair value on a recurring basis: | |||||||||||||||||
2013 | |||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||
Derivative instruments | |||||||||||||||||
Risk management assets - Commodity forward contracts | $ | 48 | $ | 248 | $ | 296 | |||||||||||
Risk management liabilities - Commodity forward contracts | — | (176 | ) | (176 | ) | ||||||||||||
Marketable securities | |||||||||||||||||
Available-for-sale securities | 91,595 | 147,793 | 239,388 | ||||||||||||||
2012 | |||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||
Derivative instruments | |||||||||||||||||
Risk management assets - Commodity forward contracts | $ | 1,395 | $ | 13,032 | $ | 14,427 | |||||||||||
Risk management liabilities - Commodity forward contracts | — | (13,694 | ) | (13,694 | ) | ||||||||||||
Firm commitments | |||||||||||||||||
Hedged portion of firm commitment | — | 399 | 399 | ||||||||||||||
Hedged portion of firm commitment | — | (13,032 | ) | (13,032 | ) | ||||||||||||
Schedule Of Carrying And Fair Values Of Long-Term Debt | ' | ||||||||||||||||
The carrying and fair values of the Company's long-term debt at December 31, 2013 and 2012 are summarized in the table below. The Company's long-term debt instruments are publicly-traded. A market approach, based upon quotes from financial reporting services, is used to measure the fair value of the Company's long-term debt. Because the Company's long-term debt instruments may not be actively traded, the inputs used to measure the fair value of the Company's long-term debt are classified as Level 2 inputs within the fair value hierarchy. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
3.60% senior notes due 2022 | $ | 248,990 | $ | 236,905 | $ | 248,872 | $ | 251,125 | |||||||||
6 ½% senior notes due 2029 | 100,000 | 109,490 | 100,000 | 119,738 | |||||||||||||
6 ¾% senior notes due 2032 | 250,000 | 265,148 | 250,000 | 283,168 | |||||||||||||
6 ½% GO Zone Senior Notes Due 2035 | 89,000 | 94,606 | 89,000 | 102,095 | |||||||||||||
6 ½% IKE Zone Senior Notes Due 2035 | 65,000 | 69,094 | 65,000 | 74,564 | |||||||||||||
Loan related to tax-exempt waste disposal revenue | 10,889 | 10,889 | 10,889 | 10,889 | |||||||||||||
bonds due 2027 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components Of Income (Loss) Before Income Taxes | ' | ||||||||||||
The components of income (loss) before income taxes are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 944,378 | $ | 586,631 | $ | 404,422 | |||||||
Foreign | (2,206 | ) | (1,462 | ) | (2,990 | ) | |||||||
$ | 942,172 | $ | 585,169 | $ | 401,432 | ||||||||
Schedule Of The Provision For (Benefit From) Income Taxes | ' | ||||||||||||
The Company's provision for (benefit from) income taxes consists of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | 215,903 | $ | 190,917 | $ | 120,018 | |||||||
State | 22,249 | 15,327 | 8,729 | ||||||||||
Foreign | (137 | ) | (837 | ) | (395 | ) | |||||||
238,015 | 205,407 | 128,352 | |||||||||||
Deferred | |||||||||||||
Federal | 94,471 | (5,398 | ) | 6,732 | |||||||||
State | (556 | ) | (519 | ) | 7,682 | ||||||||
Foreign | (183 | ) | 124 | (300 | ) | ||||||||
93,732 | (5,793 | ) | 14,114 | ||||||||||
Total provision | $ | 331,747 | $ | 199,614 | $ | 142,466 | |||||||
Reconciliation Of Taxes Computed At The Statutory Rate To Income Tax Expense | ' | ||||||||||||
A reconciliation of taxes computed at the statutory rate to the Company's income tax expense is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Provision for federal income tax, at statutory rate | $ | 329,760 | $ | 204,809 | $ | 140,501 | |||||||
State income tax provision, net of federal income tax effect | 14,364 | 9,625 | 10,745 | ||||||||||
Foreign tax | (253 | ) | (713 | ) | (695 | ) | |||||||
Foreign losses | 772 | 512 | 1,047 | ||||||||||
Manufacturing deduction | (16,275 | ) | (14,560 | ) | (9,905 | ) | |||||||
Contingent tax liability | (404 | ) | — | (20 | ) | ||||||||
Other, net | 3,783 | (59 | ) | 793 | |||||||||
$ | 331,747 | $ | 199,614 | $ | 142,466 | ||||||||
Schedule Of Deferred Tax Assets And Liabilities | ' | ||||||||||||
The tax effects of the principal temporary differences between financial reporting and income tax reporting at December 31 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Net operating loss carryforward | $ | 11,324 | $ | 11,922 | |||||||||
Credit carryforward | 708 | 782 | |||||||||||
Accruals | 32,352 | 32,486 | |||||||||||
Allowance for doubtful accounts | 2,068 | 1,540 | |||||||||||
Inventories | 15,440 | 7,831 | |||||||||||
Other | 6,666 | 4,704 | |||||||||||
Deferred taxes assets—total | 68,558 | 59,265 | |||||||||||
Property, plant and equipment | (434,561 | ) | (340,237 | ) | |||||||||
Turnaround costs | (26,002 | ) | (10,858 | ) | |||||||||
Other | (478 | ) | (228 | ) | |||||||||
Deferred tax liabilities—total | (461,041 | ) | (351,323 | ) | |||||||||
Valuation allowance | (11,324 | ) | (11,927 | ) | |||||||||
Total net deferred tax liabilities | $ | (403,807 | ) | $ | (303,985 | ) | |||||||
Balance sheet classifications | |||||||||||||
Current deferred tax asset | $ | 34,169 | $ | 22,305 | |||||||||
Noncurrent deferred tax liability | (437,976 | ) | (326,290 | ) | |||||||||
Total net deferred tax liabilities | $ | (403,807 | ) | $ | (303,985 | ) | |||||||
Schedule Of Changes In Gross Unrecognized Tax Benefits | ' | ||||||||||||
The gross unrecognized tax benefits at December 31 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Beginning balance | $ | 3,122 | $ | 3,122 | $ | 3,141 | |||||||
Reductions due to statutes of limitations expiring | (621 | ) | — | (19 | ) | ||||||||
Ending balance | $ | 2,501 | $ | 3,122 | $ | 3,122 | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule Of Net Income Attributable To Common Stockholders | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income | $ | 610,425 | $ | 385,555 | $ | 258,966 | |||||||
Less: | |||||||||||||
Net income attributable to participating securities | (2,562 | ) | (2,160 | ) | (2,310 | ) | |||||||
Net income attributable to common shareholders | $ | 607,863 | $ | 383,395 | $ | 256,656 | |||||||
Reconciliation Of Denominator For Basic And Diluted Earnings (Loss) Per Share | ' | ||||||||||||
The following table reconciles the denominator for the basic and diluted earnings per share computations shown in the consolidated statements of operations: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average common shares—basic | 66,612,128 | 66,289,429 | 65,927,421 | ||||||||||
Plus incremental shares from: | |||||||||||||
Assumed exercise of options | 277,497 | 352,066 | 372,737 | ||||||||||
Weighted average common shares—diluted | 66,889,625 | 66,641,495 | 66,300,158 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 9.13 | $ | 5.78 | $ | 3.89 | |||||||
Diluted | $ | 9.09 | $ | 5.75 | $ | 3.87 | |||||||
Supplemental_Information_Table
Supplemental Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Schedule Of Other Income, Net | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Management services | $ | 433 | $ | 400 | $ | 400 | |||||||
Interest income | 3,086 | 4,010 | 2,865 | ||||||||||
Franchise taxes | (888 | ) | (664 | ) | (893 | ) | |||||||
Income from equity method investments | 4,914 | 1,444 | 2,890 | ||||||||||
Other | (755 | ) | (1,670 | ) | 366 | ||||||||
Other income, net | $ | 6,790 | $ | 3,520 | $ | 5,628 | |||||||
Schedule of Cash Flow Information | ' | ||||||||||||
Cash Flow Information | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash paid for: | |||||||||||||
Interest paid, net of interest capitalized | $ | 16,426 | $ | 42,266 | $ | 48,431 | |||||||
Income taxes paid | 251,599 | 179,882 | 126,283 | ||||||||||
Supplemental Noncash Investing Activities | |||||||||||||
In conjunction with the acquisition discussed in Note 18, liabilities assumed consist of the following: | |||||||||||||
Fair value of assets acquired | $ | 188,930 | |||||||||||
Cash paid | (178,309 | ) | |||||||||||
Liabilities assumed | $ | 10,621 | |||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||
The following table summarizes the consideration transferred and the fair value of identified assets acquired and liabilities assumed at the date of acquisition. | ||||
Fair value of consideration transferred: | ||||
Cash | $ | 178,309 | ||
Allocation of consideration transferred to net assets acquired: | ||||
Accounts receivable (1) | $ | 17,695 | ||
Inventories | 25,948 | |||
Property, plant and equipment | 31,261 | |||
Intangible assets: | ||||
Customer relationships (weighted average life of 15 years) | 57,600 | |||
Trademarks | 5,200 | |||
Developed technology (weighted average life of 15 years) | 18,900 | |||
Other intangibles (weighted average life of two years) | 300 | |||
Current liabilities | (10,595 | ) | ||
Other liabilities | (26 | ) | ||
Total identifiable net assets | 146,283 | |||
Goodwill (2) | 32,026 | |||
Consideration transferred | $ | 178,309 | ||
_____________ | ||||
-1 | The fair value of accounts receivable acquired is $17,695, with the gross contractual amount being $17,772. The Company expects $77 to be uncollectible. | |||
-2 | The goodwill recognized is primarily attributable to synergies from the Company's vinyls integration strategy expected to arise from the Company's PFG acquisition, as well as intangible assets that do not qualify for separate recognition. The goodwill is expected to be deductible for income tax purposes. All of the goodwill is assigned to the Company's Vinyls segment. |
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future Minimum Lease Commitments | ' | |||
Several of the leases provide for renewal terms. At December 31, 2013, future minimum lease commitments were as follows: | ||||
2014 | $ | 26,216 | ||
2015 | 24,348 | |||
2016 | 21,904 | |||
2017 | 20,258 | |||
2018 | 17,601 | |||
Thereafter | 558,822 | |||
$ | 669,149 | |||
Segment_And_Geographic_Informa1
Segment And Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Information | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net external sales | |||||||||||||
Olefins | |||||||||||||
Polyethylene | $ | 1,750,292 | $ | 1,658,551 | $ | 1,772,144 | |||||||
Styrene, feedstock and other | 803,377 | 841,427 | 795,698 | ||||||||||
Total olefins | 2,553,669 | 2,499,978 | 2,567,842 | ||||||||||
Vinyls | |||||||||||||
PVC, caustic soda and other | 800,658 | 743,275 | 757,314 | ||||||||||
Building products | 405,157 | 327,788 | 294,692 | ||||||||||
Total vinyls | 1,205,815 | 1,071,063 | 1,052,006 | ||||||||||
$ | 3,759,484 | $ | 3,571,041 | $ | 3,619,848 | ||||||||
Intersegment sales | |||||||||||||
Olefins | $ | 320,909 | $ | 318,322 | $ | 444,889 | |||||||
Vinyls | 1,502 | 1,603 | 1,474 | ||||||||||
$ | 322,411 | $ | 319,925 | $ | 446,363 | ||||||||
Income (loss) from operations | |||||||||||||
Olefins | $ | 833,249 | $ | 552,762 | $ | 459,266 | |||||||
Vinyls | 154,684 | 85,942 | 4,012 | ||||||||||
Corporate and other | (34,469 | ) | (23,353 | ) | (16,482 | ) | |||||||
$ | 953,464 | $ | 615,351 | $ | 446,796 | ||||||||
Depreciation and amortization | |||||||||||||
Olefins | $ | 102,938 | $ | 97,906 | $ | 86,915 | |||||||
Vinyls | 54,371 | 46,146 | 43,877 | ||||||||||
Corporate and other | 499 | 489 | 605 | ||||||||||
$ | 157,808 | $ | 144,541 | $ | 131,397 | ||||||||
Other income (expense), net | |||||||||||||
Olefins | $ | 7,410 | $ | 3,899 | $ | 2,813 | |||||||
Vinyls | (1,858 | ) | (965 | ) | 194 | ||||||||
Corporate and other | 1,238 | 586 | 2,621 | ||||||||||
$ | 6,790 | $ | 3,520 | $ | 5,628 | ||||||||
Provision for (benefit from) income taxes | |||||||||||||
Olefins | $ | 288,214 | $ | 177,176 | $ | 149,033 | |||||||
Vinyls | 48,296 | 22,389 | (2,193 | ) | |||||||||
Corporate and other | (4,763 | ) | 49 | (4,374 | ) | ||||||||
$ | 331,747 | $ | 199,614 | $ | 142,466 | ||||||||
Capital expenditures | |||||||||||||
Olefins | $ | 145,542 | $ | 135,886 | $ | 90,641 | |||||||
Vinyls | 531,939 | 246,827 | 84,192 | ||||||||||
Corporate and other | 1,741 | 4,169 | 2,010 | ||||||||||
$ | 679,222 | $ | 386,882 | $ | 176,843 | ||||||||
Total Assets | ' | ||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||
Total assets | |||||||||||||
Olefins | $ | 1,557,510 | $ | 1,439,308 | |||||||||
Vinyls | 1,740,595 | 1,030,912 | |||||||||||
Corporate and other | 762,804 | 941,976 | |||||||||||
$ | 4,060,909 | $ | 3,412,196 | ||||||||||
Reconciliation Of Total Segment Income From Operations To Consolidated Income Before Income Taxes | ' | ||||||||||||
A reconciliation of total segment income from operations to consolidated income before income taxes is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income from operations for reportable segments | $ | 953,464 | $ | 615,351 | $ | 446,796 | |||||||
Interest expense | (18,082 | ) | (43,049 | ) | (50,992 | ) | |||||||
Debt retirement costs | — | (7,082 | ) | — | |||||||||
Gain from sales of equity securities | — | 16,429 | — | ||||||||||
Other income, net | 6,790 | 3,520 | 5,628 | ||||||||||
Income before income taxes | $ | 942,172 | $ | 585,169 | $ | 401,432 | |||||||
Geographic Information For Sales To External Customers And Long-Lived Assets | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Sales to external customers (1) | |||||||||||||
United States | $ | 3,404,378 | $ | 3,176,202 | $ | 3,221,562 | |||||||
Foreign | |||||||||||||
Canada | 214,162 | 294,643 | 247,357 | ||||||||||
Switzerland | 54,637 | 32,927 | 19,922 | ||||||||||
Singapore | 24,028 | 15,308 | 29,210 | ||||||||||
Other | 62,279 | 51,961 | 101,797 | ||||||||||
$ | 3,759,484 | $ | 3,571,041 | $ | 3,619,848 | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||
Long-lived assets | |||||||||||||
United States | $ | 2,081,091 | $ | 1,502,902 | |||||||||
Foreign | 6,923 | 7,146 | |||||||||||
$ | 2,088,014 | $ | 1,510,048 | ||||||||||
______________________________ | |||||||||||||
-1 | Revenues are attributed to countries based on location of customer. |
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic And Diluted, Pro Forma | ' | ||||||||||||
Unaudited pro forma basic and diluted earnings per share, after giving retroactive effect to the stock split, are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(unaudited) | |||||||||||||
Earnings per common share: | |||||||||||||
Basic, pro forma | $ | 4.56 | $ | 2.89 | $ | 1.95 | |||||||
Diluted, pro forma | $ | 4.54 | $ | 2.88 | $ | 1.94 | |||||||
Guarantor_Disclosures_Tables
Guarantor Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Guarantor Disclosures [Abstract] | ' | ||||||||||||||||||||
Condensed Consolidating Financial Information Balance Sheet | ' | ||||||||||||||||||||
Condensed Consolidating Financial Information as of December 31, 2013 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 420,948 | $ | 6,227 | $ | 34,126 | $ | — | $ | 461,301 | |||||||||||
Marketable securities | 239,388 | — | — | — | 239,388 | ||||||||||||||||
Accounts receivable, net | 3,879 | 738,156 | 2,755 | (316,333 | ) | 428,457 | |||||||||||||||
Inventories | — | 456,306 | 15,573 | — | 471,879 | ||||||||||||||||
Prepaid expenses and other current assets | 778 | 11,312 | 1,798 | — | 13,888 | ||||||||||||||||
Deferred income taxes | 441 | 33,422 | 306 | — | 34,169 | ||||||||||||||||
Total current assets | 665,434 | 1,245,423 | 54,558 | (316,333 | ) | 1,649,082 | |||||||||||||||
Property, plant and equipment, net | — | 2,081,091 | 6,923 | — | 2,088,014 | ||||||||||||||||
Equity investments | 2,815,752 | 100,326 | 31,518 | (2,880,721 | ) | 66,875 | |||||||||||||||
Other assets, net | 15,393 | 246,125 | 1,199 | (5,779 | ) | 256,938 | |||||||||||||||
Total assets | $ | 3,496,579 | $ | 3,672,965 | $ | 94,198 | $ | (3,202,833 | ) | $ | 4,060,909 | ||||||||||
Current liabilities | |||||||||||||||||||||
Accounts payable | $ | 316,652 | $ | 223,134 | $ | 10,649 | $ | (300,822 | ) | $ | 249,613 | ||||||||||
Accrued liabilities | 8,334 | 161,140 | 1,282 | (15,511 | ) | 155,245 | |||||||||||||||
Total current liabilities | 324,986 | 384,274 | 11,931 | (316,333 | ) | 404,858 | |||||||||||||||
Long-term debt | 752,990 | 10,889 | — | — | 763,879 | ||||||||||||||||
Deferred income taxes | — | 443,026 | 729 | (5,779 | ) | 437,976 | |||||||||||||||
Other liabilities | — | 35,533 | 60 | — | 35,593 | ||||||||||||||||
Stockholders' equity | 2,418,603 | 2,799,243 | 81,478 | (2,880,721 | ) | 2,418,603 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 3,496,579 | $ | 3,672,965 | $ | 94,198 | $ | (3,202,833 | ) | $ | 4,060,909 | ||||||||||
Condensed Consolidating Financial Information as of December 31, 2012 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Balance Sheet | |||||||||||||||||||||
Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 753,881 | $ | 6,973 | $ | 29,224 | $ | — | $ | 790,078 | |||||||||||
Marketable securities | 124,873 | — | — | — | $ | 124,873 | |||||||||||||||
Accounts receivable, net | 7,933 | 1,675,274 | 2,959 | (1,286,007 | ) | 400,159 | |||||||||||||||
Inventories | — | 385,140 | 14,158 | — | 399,298 | ||||||||||||||||
Prepaid expenses and other current assets | 389 | 11,386 | 2,925 | — | 14,700 | ||||||||||||||||
Deferred income taxes | 431 | 21,581 | 293 | — | 22,305 | ||||||||||||||||
Total current assets | 887,507 | 2,100,354 | 49,559 | (1,286,007 | ) | 1,751,413 | |||||||||||||||
Property, plant and equipment, net | — | 1,502,902 | 7,146 | — | 1,510,048 | ||||||||||||||||
Equity investments | 3,018,926 | 65,448 | 32,923 | (3,073,561 | ) | 43,736 | |||||||||||||||
Other assets, net | 17,033 | 94,678 | 1,252 | (5,964 | ) | 106,999 | |||||||||||||||
Total assets | $ | 3,923,466 | $ | 3,763,382 | $ | 90,880 | $ | (4,365,532 | ) | $ | 3,412,196 | ||||||||||
Current liabilities | |||||||||||||||||||||
Accounts payable | $ | 1,285,530 | $ | 192,443 | $ | 13,969 | $ | (1,274,892 | ) | $ | 217,050 | ||||||||||
Accrued liabilities | 12,808 | 178,915 | 852 | (11,115 | ) | 181,460 | |||||||||||||||
Total current liabilities | 1,298,338 | 371,358 | 14,821 | (1,286,007 | ) | 398,510 | |||||||||||||||
Long-term debt | 752,872 | 10,889 | — | — | 763,761 | ||||||||||||||||
Deferred income taxes | — | 331,320 | 934 | (5,964 | ) | 326,290 | |||||||||||||||
Other liabilities | — | 51,312 | 67 | — | 51,379 | ||||||||||||||||
Stockholders' equity | 1,872,256 | 2,998,503 | 75,058 | (3,073,561 | ) | 1,872,256 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 3,923,466 | $ | 3,763,382 | $ | 90,880 | $ | (4,365,532 | ) | $ | 3,412,196 | ||||||||||
Condensed Consolidating Financial Information Statement Of Operations | ' | ||||||||||||||||||||
Condensed Consolidating Financial Information for the Year Ended December 31, 2013 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Statement of Operations | |||||||||||||||||||||
Net sales | $ | — | $ | 3,720,110 | $ | 48,016 | $ | (8,642 | ) | $ | 3,759,484 | ||||||||||
Cost of sales | — | 2,623,355 | 43,333 | (8,642 | ) | 2,658,046 | |||||||||||||||
Gross profit | — | 1,096,755 | 4,683 | — | 1,101,438 | ||||||||||||||||
Selling, general and administrative expenses | 2,128 | 139,662 | 6,184 | — | 147,974 | ||||||||||||||||
(Loss) income from operations | (2,128 | ) | 957,093 | (1,501 | ) | — | 953,464 | ||||||||||||||
Interest expense | (18,030 | ) | (52 | ) | — | — | (18,082 | ) | |||||||||||||
Other income (expense), net | 11,798 | (2,769 | ) | (2,239 | ) | — | 6,790 | ||||||||||||||
(Loss) income before income taxes | (8,360 | ) | 954,272 | (3,740 | ) | — | 942,172 | ||||||||||||||
(Benefit from) provision for income taxes | (2,031 | ) | 334,619 | (841 | ) | — | 331,747 | ||||||||||||||
Equity in net income of subsidiaries | 616,754 | — | — | (616,754 | ) | — | |||||||||||||||
Net income (loss) | $ | 610,425 | $ | 619,653 | $ | (2,899 | ) | $ | (616,754 | ) | $ | 610,425 | |||||||||
Comprehensive income (loss) | $ | 618,649 | $ | 629,308 | $ | (4,506 | ) | $ | (624,802 | ) | $ | 618,649 | |||||||||
Condensed Consolidating Financial Information for the Year Ended December 31, 2012 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Statement of Operations | |||||||||||||||||||||
Net sales | $ | — | $ | 3,529,685 | $ | 48,205 | $ | (6,849 | ) | $ | 3,571,041 | ||||||||||
Cost of sales | — | 2,799,537 | 41,393 | (6,849 | ) | 2,834,081 | |||||||||||||||
Gross profit | — | 730,148 | 6,812 | — | 736,960 | ||||||||||||||||
Selling, general and administrative expenses | 2,004 | 113,133 | 6,472 | — | 121,609 | ||||||||||||||||
(Loss) income from operations | (2,004 | ) | 617,015 | 340 | — | 615,351 | |||||||||||||||
Interest expense | (42,989 | ) | (60 | ) | — | — | (43,049 | ) | |||||||||||||
Debt retirement costs | (7,082 | ) | — | — | — | (7,082 | ) | ||||||||||||||
Gain from sales of equity securities | 1 | 16,428 | — | — | 16,429 | ||||||||||||||||
Other income (expense), net | 28,171 | (21,384 | ) | (3,267 | ) | — | 3,520 | ||||||||||||||
(Loss) income before income taxes | (23,903 | ) | 611,999 | (2,927 | ) | — | 585,169 | ||||||||||||||
Provision for (benefit from) income taxes | 1,825 | 199,057 | (1,268 | ) | — | 199,614 | |||||||||||||||
Equity in net income of subsidiaries | 411,283 | — | — | (411,283 | ) | — | |||||||||||||||
Net income (loss) | $ | 385,555 | $ | 412,942 | $ | (1,659 | ) | $ | (411,283 | ) | $ | 385,555 | |||||||||
Comprehensive income (loss) | $ | 383,785 | $ | 410,549 | $ | (1,036 | ) | $ | (409,513 | ) | $ | 383,785 | |||||||||
Condensed Consolidating Financial Information for the Year Ended December 31, 2011 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Statement of Operations | |||||||||||||||||||||
Net sales | $ | — | $ | 3,581,470 | $ | 42,202 | $ | (3,824 | ) | $ | 3,619,848 | ||||||||||
Cost of sales | — | 3,024,419 | 40,247 | (3,824 | ) | 3,060,842 | |||||||||||||||
Gross profit | — | 557,051 | 1,955 | — | 559,006 | ||||||||||||||||
Selling, general and administrative expenses | 3,762 | 102,989 | 5,459 | — | 112,210 | ||||||||||||||||
(Loss) income from operations | (3,762 | ) | 454,062 | (3,504 | ) | — | 446,796 | ||||||||||||||
Interest expense | (50,919 | ) | (73 | ) | — | — | (50,992 | ) | |||||||||||||
Other income (expense), net | 10,217 | (4,212 | ) | (377 | ) | — | 5,628 | ||||||||||||||
(Loss) income before income taxes | (44,464 | ) | 449,777 | (3,881 | ) | — | 401,432 | ||||||||||||||
(Benefit from) provision for income taxes | (11,835 | ) | 155,313 | (1,012 | ) | — | 142,466 | ||||||||||||||
Equity in net income of subsidiaries | 291,595 | — | — | (291,595 | ) | — | |||||||||||||||
Net income (loss) | $ | 258,966 | $ | 294,464 | $ | (2,869 | ) | $ | (291,595 | ) | $ | 258,966 | |||||||||
Comprehensive income (loss) | $ | 256,929 | $ | 292,834 | $ | (3,276 | ) | $ | (289,558 | ) | $ | 256,929 | |||||||||
Condensed Consolidating Financial Information Statement Of Cash Flows | ' | ||||||||||||||||||||
Condensed Consolidating Financial Information for the Year Ended December 31, 2013 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Statement of Cash Flows | |||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net income (loss) | $ | 610,425 | $ | 619,653 | $ | (2,899 | ) | $ | (616,754 | ) | $ | 610,425 | |||||||||
Adjustments to reconcile net income (loss) | |||||||||||||||||||||
to net cash (used for) provided by | |||||||||||||||||||||
operating activities | |||||||||||||||||||||
Depreciation and amortization | 1,459 | 155,360 | 2,448 | — | 159,267 | ||||||||||||||||
Deferred income taxes | 74 | 93,841 | (183 | ) | — | 93,732 | |||||||||||||||
Net changes in working capital and other | (622,194 | ) | (115,041 | ) | 9,786 | 616,754 | (110,695 | ) | |||||||||||||
Net cash (used for) provided by | (10,236 | ) | 753,813 | 9,152 | — | 752,729 | |||||||||||||||
operating activities | |||||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Acquisition of business | — | (178,309 | ) | — | — | (178,309 | ) | ||||||||||||||
Additions to equity investments | — | (23,338 | ) | — | — | (23,338 | ) | ||||||||||||||
Additions to property, plant and equipment | — | (676,668 | ) | (2,554 | ) | — | (679,222 | ) | |||||||||||||
Construction of assets pending sale-leaseback | — | (136 | ) | — | — | (136 | ) | ||||||||||||||
Proceeds from disposition of assets | — | 75 | 76 | — | 151 | ||||||||||||||||
Proceeds from repayment of loan to affiliate | — | — | 167 | — | 167 | ||||||||||||||||
Proceeds from sales and maturities of | 252,519 | — | — | — | 252,519 | ||||||||||||||||
securities | |||||||||||||||||||||
Purchase of securities | (367,150 | ) | — | — | — | (367,150 | ) | ||||||||||||||
Settlements of derivative instruments | — | (6,920 | ) | — | — | (6,920 | ) | ||||||||||||||
Net cash used for investing activities | (114,631 | ) | (885,296 | ) | (2,311 | ) | — | (1,002,238 | ) | ||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Intercompany financing | (128,798 | ) | 130,737 | (1,939 | ) | — | — | ||||||||||||||
Dividends paid | (55,236 | ) | — | — | — | (55,236 | ) | ||||||||||||||
Proceeds from exercise of stock options | 3,437 | — | — | — | 3,437 | ||||||||||||||||
Repurchase of common stock for treasury | (32,918 | ) | — | — | — | (32,918 | ) | ||||||||||||||
Windfall tax benefits from share-based | 5,449 | — | — | — | 5,449 | ||||||||||||||||
payment arrangements | |||||||||||||||||||||
Net cash (used for) provided by | (208,066 | ) | 130,737 | (1,939 | ) | — | (79,268 | ) | |||||||||||||
financing activities | |||||||||||||||||||||
Net (decrease) increase in cash and | (332,933 | ) | (746 | ) | 4,902 | — | (328,777 | ) | |||||||||||||
cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at beginning | 753,881 | 6,973 | 29,224 | — | 790,078 | ||||||||||||||||
of the year | |||||||||||||||||||||
Cash and cash equivalents at end of the year | $ | 420,948 | $ | 6,227 | $ | 34,126 | $ | — | $ | 461,301 | |||||||||||
Condensed Consolidating Financial Information for the Year Ended December 31, 2012 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Statement of Cash Flows | |||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net income (loss) | $ | 385,555 | $ | 412,942 | $ | (1,659 | ) | $ | (411,283 | ) | $ | 385,555 | |||||||||
Adjustments to reconcile net income (loss) | |||||||||||||||||||||
to net cash (used for) provided by | |||||||||||||||||||||
operating activities | |||||||||||||||||||||
Depreciation and amortization | 1,514 | 141,388 | 3,153 | — | 146,055 | ||||||||||||||||
Deferred income taxes | 45 | (5,962 | ) | 124 | — | (5,793 | ) | ||||||||||||||
Net changes in working capital and other | (422,199 | ) | 94,930 | 2,256 | 411,283 | 86,270 | |||||||||||||||
Net cash (used for) provided by operating activities | (35,085 | ) | 643,298 | 3,874 | — | 612,087 | |||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Additions to property, plant and equipment | — | (385,919 | ) | (963 | ) | — | (386,882 | ) | |||||||||||||
Construction of assets pending sale-leaseback | — | (4,308 | ) | — | — | (4,308 | ) | ||||||||||||||
Proceeds from disposition of assets | — | 449 | 22 | — | 471 | ||||||||||||||||
Proceeds from repayment of loan to affiliate | — | — | 1,192 | — | 1,192 | ||||||||||||||||
Proceeds from sale-leaseback of assets | — | 2,304 | — | — | 2,304 | ||||||||||||||||
Proceeds from sales of equity securities | 3 | 47,652 | — | — | 47,655 | ||||||||||||||||
Purchase of securities | (124,873 | ) | (2,961 | ) | — | — | (127,834 | ) | |||||||||||||
Settlements of derivative instruments | — | 431 | — | — | 431 | ||||||||||||||||
Net cash (used for) provided by | (124,870 | ) | (342,352 | ) | 251 | — | (466,971 | ) | |||||||||||||
investing activities | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Intercompany financing | 291,455 | (296,490 | ) | 5,035 | — | — | |||||||||||||||
Capitalized debt issuance costs | (2,221 | ) | — | — | — | (2,221 | ) | ||||||||||||||
Dividends paid | (285,521 | ) | — | — | — | (285,521 | ) | ||||||||||||||
Proceeds from debt issuance | 248,818 | — | — | — | 248,818 | ||||||||||||||||
Proceeds from exercise of stock options | 10,369 | — | — | — | 10,369 | ||||||||||||||||
Repayment of debt | (250,000 | ) | — | — | — | (250,000 | ) | ||||||||||||||
Repurchase of common stock for treasury | (10,784 | ) | — | — | — | (10,784 | ) | ||||||||||||||
Utilization of restricted cash | 96,433 | — | — | — | 96,433 | ||||||||||||||||
Windfall tax benefits from share-based | 11,967 | — | — | — | 11,967 | ||||||||||||||||
payment arrangements | |||||||||||||||||||||
Net cash provided by (used for) | 110,516 | (296,490 | ) | 5,035 | — | (180,939 | ) | ||||||||||||||
financing activities | |||||||||||||||||||||
Net (decrease) increase in cash and | (49,439 | ) | 4,456 | 9,160 | — | (35,823 | ) | ||||||||||||||
cash equivalents | |||||||||||||||||||||
Cash and cash equivalents at beginning | 803,320 | 2,517 | 20,064 | — | 825,901 | ||||||||||||||||
of the year | |||||||||||||||||||||
Cash and cash equivalents at end of the year | $ | 753,881 | $ | 6,973 | $ | 29,224 | $ | — | $ | 790,078 | |||||||||||
Condensed Consolidating Financial Information for the Year Ended December 31, 2011 | |||||||||||||||||||||
Westlake | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Chemical | Subsidiaries | Subsidiaries | |||||||||||||||||||
Corporation | |||||||||||||||||||||
Statement of Cash Flows | |||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net income (loss) | $ | 258,966 | $ | 294,464 | $ | (2,869 | ) | $ | (291,595 | ) | $ | 258,966 | |||||||||
Adjustments to reconcile net income (loss) | |||||||||||||||||||||
to net cash (used for) provided by | |||||||||||||||||||||
operating activities | |||||||||||||||||||||
Depreciation and amortization | 1,683 | 127,807 | 3,590 | — | 133,080 | ||||||||||||||||
Deferred income taxes | 190 | 14,225 | (301 | ) | — | 14,114 | |||||||||||||||
Net changes in working capital and other | (295,027 | ) | (45,667 | ) | 1,874 | 291,595 | (47,225 | ) | |||||||||||||
Net cash (used for) provided by | (34,188 | ) | 390,829 | 2,294 | — | 358,935 | |||||||||||||||
operating activities | |||||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Additions to property, plant and equipment | — | (175,706 | ) | (1,137 | ) | — | (176,843 | ) | |||||||||||||
Proceeds from disposition of assets | — | 2,877 | 3 | — | 2,880 | ||||||||||||||||
Proceeds from repayment of loan to affiliate | — | — | 1,192 | — | 1,192 | ||||||||||||||||
Purchase of securities and other investments | — | (30,265 | ) | — | — | (30,265 | ) | ||||||||||||||
Settlements of derivative instruments | — | 251 | — | — | 251 | ||||||||||||||||
Net cash (used for) provided by | — | (202,843 | ) | 58 | — | (202,785 | ) | ||||||||||||||
investing activities | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Intercompany financing | 186,898 | (185,522 | ) | (1,376 | ) | — | — | ||||||||||||||
Capitalized debt issuance costs | (2,697 | ) | — | — | — | (2,697 | ) | ||||||||||||||
Dividends paid | (18,265 | ) | — | — | — | (18,265 | ) | ||||||||||||||
Proceeds from exercise of stock options | 5,344 | — | — | — | 5,344 | ||||||||||||||||
Repurchase of common stock for treasury | (2,518 | ) | — | — | — | (2,518 | ) | ||||||||||||||
Utilization of restricted cash | 54,227 | — | — | — | 54,227 | ||||||||||||||||
Windfall tax benefits from share-based | 3,361 | — | — | — | 3,361 | ||||||||||||||||
payment arrangements | |||||||||||||||||||||
Net cash provided by (used for) financing activities | 226,350 | (185,522 | ) | (1,376 | ) | — | 39,452 | ||||||||||||||
Net increase in cash and cash equivalents | 192,162 | 2,464 | 976 | — | 195,602 | ||||||||||||||||
Cash and cash equivalents at beginning | 611,158 | 53 | 19,088 | — | 630,299 | ||||||||||||||||
of the year | |||||||||||||||||||||
Cash and cash equivalents at end of the year | $ | 803,320 | $ | 2,517 | $ | 20,064 | $ | — | $ | 825,901 | |||||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary Of Quarterly Financial Information | ' | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
Net sales | $ | 864,647 | $ | 939,047 | $ | 1,004,165 | $ | 951,625 | |||||||||
Gross profit | 227,809 | 273,487 | 304,471 | 295,671 | |||||||||||||
Income from operations | 194,055 | 235,227 | 266,602 | 257,580 | |||||||||||||
Net income | 123,347 | 145,816 | 170,290 | 170,972 | |||||||||||||
Basic earnings per common share (1) | $ | 1.84 | $ | 2.18 | $ | 2.55 | $ | 2.56 | |||||||||
Diluted earnings per common share (1) | $ | 1.84 | $ | 2.17 | $ | 2.54 | $ | 2.54 | |||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
Net sales | $ | 1,034,867 | $ | 913,958 | $ | 821,175 | $ | 801,041 | |||||||||
Gross profit | 172,637 | 201,896 | 172,179 | 190,248 | |||||||||||||
Income from operations | 145,625 | 170,978 | 142,517 | 156,231 | |||||||||||||
Net income | 87,813 | 115,501 | 86,964 | 95,277 | |||||||||||||
Basic earnings per common share (1) | $ | 1.32 | $ | 1.73 | $ | 1.3 | $ | 1.43 | |||||||||
Diluted earnings per common share (1) | $ | 1.31 | $ | 1.72 | $ | 1.3 | $ | 1.42 | |||||||||
______________________________ | |||||||||||||||||
-1 | Basic and diluted earnings per common share ("EPS") for each quarter is computed using the weighted average shares outstanding during that quarter, while EPS for the year is computed using the weighted average shares outstanding for the year. As a result, the sum of the EPS for each of the four quarters may not equal the EPS for the year. |
Description_Of_Business_And_Si3
Description Of Business And Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ' | ' | ' |
Undistributed earnings included in retained earnings | $10,827 | ' | ' |
Capitalized interest | 25,932 | 7,706 | 693 |
Goodwill | 62,016 | 29,990 | ' |
Amortization period, minimum (in years) | '3 years | ' | ' |
Amortization period, maximum (in years) | '6 years | ' | ' |
Other assets amortization period, minimum (in years) | '1 year | ' | ' |
Other assets amortization period, maximum (in years) | '20 years | ' | ' |
Excess Tax Benefit from Share-based Compensation, Operating Activities | $5,449 | $11,967 | $3,361 |
Description_Of_Business_And_Si4
Description Of Business And Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings And Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life, minimum (in years) | '25 years |
Plant And Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life, minimum (in years) | '25 years |
Ethylene Pipeline [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life, minimum (in years) | '35 years |
Minimum [Member] | Other [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life, minimum (in years) | '3 years |
Maximum [Member] | Other [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, useful life, minimum (in years) | '10 years |
Financial_Instruments_Cash_Equ
Financial Instruments Cash Equivalents (Details) (Held-to-maturity Securities [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Held-to-maturity Securities [Member] | ' | ' |
Cash Equivalents [Line Items] | ' | ' |
Cash Equivalents, at Carrying Value | $263,967 | $695,612 |
Financial_Instruments_Marketab
Financial Instruments Marketable Securities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Available-for-sale securities | $239,388 | $0 |
Held-to-maturity securities | 0 | 124,873 |
Marketable securities | $239,388 | $124,873 |
Financial_Instruments_Availabl
Financial Instruments Available-for-sale Securities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | $239,113 | ' |
Gross Unrealized Gains | 434 | ' |
Gross Unrealized Losses | -159 | ' |
Fair Value | 239,388 | 0 |
Proceeds from sales and maturities of securities | 7,770 | ' |
Gross realized gains | 20 | ' |
Gross realized losses | -39 | ' |
Net unrealized gains | 176 | ' |
Income tax expense on net unrealized gains | 99 | ' |
Corporate Bond Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 108,300 | ' |
Gross Unrealized Gains | 340 | ' |
Gross Unrealized Losses | -69 | ' |
Fair Value | 108,571 | ' |
US Treasury and Government [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 106,335 | ' |
Gross Unrealized Gains | 60 | ' |
Gross Unrealized Losses | -79 | ' |
Fair Value | 106,316 | ' |
Asset-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 24,478 | ' |
Gross Unrealized Gains | 34 | ' |
Gross Unrealized Losses | -11 | ' |
Fair Value | $24,501 | ' |
Minimum [Member] | Corporate Bond Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment maturity period | '1 month | ' |
Minimum [Member] | US Government Agencies Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment maturity period | '3 months | ' |
Minimum [Member] | Asset-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment maturity period | '2 years | ' |
Minimum [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment maturity period | '4 years | ' |
Maximum [Member] | Corporate Bond Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment maturity period | '5 years | ' |
Maximum [Member] | US Government Agencies Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment maturity period | '3 years | ' |
Maximum [Member] | Asset-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment maturity period | '7 years | ' |
Maximum [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment maturity period | '29 years | ' |
Financial_Instruments_Heldtoma
Financial Instruments Held-to-maturity Securities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity securities | $0 | $124,873 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Held-to-maturity securities | ' | $124,873 |
Accounts_Receivable_Schedule_O
Accounts Receivable (Schedule Of Accounts Receivable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net [Abstract] | ' | ' |
Trade customers | $410,302 | $388,949 |
Affiliates | 315 | 258 |
Allowance for doubtful accounts | -11,741 | -11,172 |
Receivables from trade customers and affiliates, net | 398,876 | 378,035 |
Federal and state taxes | 20,820 | 4,011 |
Other | 8,761 | 18,113 |
Accounts receivable, net | $428,457 | $400,159 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventory) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Finished products | $232,658 | $200,940 |
Feedstock, additives, and chemicals | 180,646 | 143,912 |
Materials and supplies | 58,575 | 54,446 |
Inventories | $471,879 | $399,298 |
Property_Plant_And_Equipment_N
Property, Plant And Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense on property, plant and equipment | $129,222 | $120,924 | $110,268 |
Asset impairment charges | 0 | 0 | 1,975 |
Pvc Pipe Facilities [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Asset impairment charges | ' | ' | 1,975 |
Pvc Pipe Facilities [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Severance Costs | ' | ' | $1,389 |
Property_Plant_And_Equipment_S
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment, Net [Abstract] | ' | ' |
Land | $18,576 | $13,963 |
Building and improvements | 173,933 | 137,658 |
Plant and equipment | 2,829,049 | 2,131,933 |
Other | 180,452 | 161,761 |
Property, plant and equipment, gross | 3,202,010 | 2,445,315 |
Less: Accumulated depreciation | -1,379,255 | -1,287,050 |
Property, plant and equipment, net, before construction in progress | 1,822,755 | 1,158,265 |
Construction in progress | 265,259 | 351,783 |
Property, plant and equipment, net | $2,088,014 | $1,510,048 |
Other_Assets_Narrative_Details
Other Assets (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 |
Olefins [Member] | Minimum [Member] | Maximum [Member] | ||||
Other Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Amortization expense of other assets | $30,045 | $25,131 | $22,812 | ' | ' | ' |
Future amortization expense, 2013 | 8,885 | ' | ' | ' | ' | ' |
Future amortization expense, 2014 | 8,714 | ' | ' | ' | ' | ' |
Future amortization expense, 2015 | 8,585 | ' | ' | ' | ' | ' |
Future amortization expense, 2016 | 7,789 | ' | ' | ' | ' | ' |
Future amortization expense, 2017 | $7,305 | ' | ' | ' | ' | ' |
Number of years forecasted to test for impairment of goodwill | ' | ' | ' | '9 years | ' | ' |
Discounted cash flow projections period | ' | ' | ' | ' | '2014 | '2022 |
Rate used to discount future cash flows for goodwill impairment test | ' | ' | ' | 8.80% | ' | ' |
Percentage future cash flows of segment could decrease by and not be impaired | ' | ' | ' | 20.00% | ' | ' |
Other_Assets_Schedule_Of_Other
Other Assets (Schedule Of Other Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Goodwill, Cost | $62,016 | $29,990 |
Goodwill, Net | 62,016 | 29,990 |
Other intangible assets, Net | 11,716 | 3,230 |
Total intangible assets | 219,249 | 101,920 |
Intangible assets, Accumulated Amortization | -60,203 | -53,628 |
Intangible assets, net | 159,046 | 48,292 |
Notes receivable from affiliate | 1,025 | 1,192 |
Turnaround costs | 107,732 | 83,726 |
Turnaround costs, Accumulated Amortization | -37,276 | -54,666 |
Turnaround costs, Net | 70,456 | 29,060 |
Debt issuance costs, Cost | 19,220 | 19,219 |
Debt issuance costs, Accumulated Amortization | -9,608 | -8,149 |
Debt issuance costs, Net | 9,612 | 11,070 |
Other, Costs | 31,288 | 27,736 |
Other, Accumulated Amortization | -14,489 | -10,351 |
Other, Net | 16,799 | 17,385 |
Other assets, Cost | 378,514 | 233,793 |
Other assets, Accumulated Amortization | -121,576 | -126,794 |
Other assets, net | -256,938 | -106,999 |
Total Deferred Charges and Other Assets, Noncurrent, Gross | 159,265 | 131,873 |
Accumulated Amortization, Total Deferred Charges and Other Assets | -61,373 | -73,166 |
Total Deferred Charges and Other Assets, NonCurrent, Net | 97,892 | 58,707 |
Turnaround Costs [Member] | ' | ' |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Weighted Average Life | '5 years | ' |
Debt Issuance Costs [Member] | ' | ' |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Weighted Average Life | '13 years | ' |
Other, Net [Member] | ' | ' |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Weighted Average Life | '3 years | ' |
Technology Licenses [Member] | ' | ' |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Intangible assets, Cost | 63,765 | 44,548 |
Intangible assets, Accumulated Amortization | -43,190 | -41,413 |
Intangible assets, Net | 20,575 | 3,135 |
Weighted Average Life | '13 years | ' |
Patents [Member] | ' | ' |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Intangible assets, Cost | 6,503 | 6,503 |
Intangible assets, Accumulated Amortization | -4,837 | -3,956 |
Intangible assets, Net | 1,666 | 2,547 |
Weighted Average Life | '10 years | ' |
Customer Relationships [Member] | ' | ' |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Intangible assets, Cost | 75,249 | 17,649 |
Intangible assets, Accumulated Amortization | -12,176 | -8,259 |
Intangible assets, Net | $63,073 | $9,390 |
Weighted Average Life | '15 years | ' |
Other_Assets_AvailableForSale_
Other Assets (Available-For-Sale Investments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Other Assets [Abstract] | ' |
Available-for-sale Securities, Amortized Cost Basis | $239,113 |
Other_Assets_Goodwill_Details
Other Assets (Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill | $62,016 | $29,990 |
Goodwill, Acquired During Period | 32,026 | ' |
Olefins [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 29,990 | 29,990 |
Goodwill, Acquired During Period | 0 | ' |
Vinyls [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 32,026 | 0 |
Goodwill, Acquired During Period | $32,026 | ' |
LongTerm_Debt_Senior_Secured_R
Long-Term Debt (Senior Secured Revolving Credit Facility) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' |
Period a minimum fixed charge coverage is required | '30 days |
Period the borrowing availability must exceed amount in clause | '30 days |
Senior Secured Revolving Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Maximum borrowing capacity | 400,000 |
Percentage of commitment on borrowing availability | 0.38% |
Remaining borrowing capacity | 383,079 |
Letters of credit outstanding | 16,921 |
Amounts drawn under the facility limited to accounts receivable, percentage | 85.00% |
Amounts drawn under the facility limited to eligible inventory, percentage | 70.00% |
Amounts drawn under the facility limited to lesser of eligible inventory orderly liquidation, percentage | 85.00% |
Amounts drawn under the facility limited to cash held in an account with the agent | 100.00% |
Advances on inventory, maximum | 325,000 |
Sub-limit for letters of credit facility | 400,000 |
Minimum [Member] | Senior Secured Revolving Credit Facility [Member] | Plus LIBOR [Member] | ' |
Debt Instrument [Line Items] | ' |
Percentage added to basis to find interest rate | 1.75% |
Minimum [Member] | Senior Secured Revolving Credit Facility [Member] | Plus Base Rate [Member] | ' |
Debt Instrument [Line Items] | ' |
Percentage added to basis to find interest rate | 0.25% |
Minimum [Member] | Debt Covenant [Member] | Senior Secured Revolving Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Borrowing availability compliance requirements for credit facility | 12.50% |
Fixed charge coverage ratio for debt covenant | 1 |
Borrowing availability compliance requirements for credit facility | 50,000 |
Maximum [Member] | Senior Secured Revolving Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Increase in credit facility borrowings | 150,000 |
Maximum [Member] | Senior Secured Revolving Credit Facility [Member] | Plus LIBOR [Member] | ' |
Debt Instrument [Line Items] | ' |
Percentage added to basis to find interest rate | 2.25% |
Maximum [Member] | Senior Secured Revolving Credit Facility [Member] | Plus Base Rate [Member] | ' |
Debt Instrument [Line Items] | ' |
Percentage added to basis to find interest rate | 0.75% |
Minimum Increment [Member] | ' |
Debt Instrument [Line Items] | ' |
Increase in credit facility borrowings | 25,000 |
LongTerm_Debt_GO_Zone_Act_Seni
Long-Term Debt (GO Zone Act Senior Notes Due 2035) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2010 | Dec. 31, 2007 | Jul. 02, 2010 | Dec. 13, 2007 | Dec. 31, 2010 | Dec. 02, 2010 |
In Thousands, unless otherwise specified | GO Zone 6 1/2% Tax-Exempt Revenue Bonds Due 2035 [Member] | GO Zone 6 1/2% Tax-Exempt Revenue Bonds Due 2035 [Member] | GO Zone 6 1/2% Tax-Exempt Revenue Bonds Due 2035 [Member] | GO Zone 6 1/2% Tax-Exempt Revenue Bonds Due 2035 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | |
Redeemed Prior To November 1, 2020 [Member] | Redeemed On Or After November 1, 2020 [Member] | GO Zone 6 1/2% Tax-Exempt Revenue Bonds Due 2035 [Member] | GO Zone 6 1/2% Tax-Exempt Revenue Bonds Due 2035 [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, principal amount issued | ' | ' | ' | ' | ' | ' | ' | $100,000 | $250,000 | ' | $89,000 |
Stated interest rate | 6.50% | 6.50% | 6.50% | ' | ' | ' | ' | ' | ' | 6.50% | ' |
Maturity date | ' | ' | ' | ' | ' | 1-Aug-29 | 1-Nov-32 | ' | ' | 1-Nov-35 | ' |
Percentage of principal required if called | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' |
Minimum debt amount guaranteed by subsidiaries | ' | $5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_IKE_Zone_Act_Sen
Long-Term Debt (IKE Zone Act Senior Notes Due 2035) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 02, 2010 |
In Thousands, unless otherwise specified | Ike Zone Six Point Five Percent Tax Exempt Revenue Bonds Due Twenty Thirty Five [Member] | Ike Zone Six Point Five Percent Tax Exempt Revenue Bonds Due Twenty Thirty Five [Member] | Ike Zone Six Point Five Percent Tax Exempt Revenue Bonds Due Twenty Thirty Five [Member] | Ike Zone Six Point Five Percent Tax Exempt Revenue Bonds Due Twenty Thirty Five [Member] | Emergency Economic Stabilization Act Of 2008 [Member] | Emergency Economic Stabilization Act Of 2008 [Member] | |
Redeemed Prior To November 1, 2020 [Member] | Redeemed On Or After November 1, 2020 [Member] | Ike Zone Six Point Five Percent Tax Exempt Revenue Bonds Due Twenty Thirty Five [Member] | Ike Zone Six Point Five Percent Tax Exempt Revenue Bonds Due Twenty Thirty Five [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Senior notes, principal amount issued | ' | ' | ' | ' | ' | ' | $65,000 |
Stated interest rate | 6.50% | 6.50% | 6.50% | ' | ' | ' | 6.50% |
Maturity date | ' | ' | ' | ' | ' | 1-Nov-35 | ' |
Percentage of principal required if called | ' | ' | ' | 100.00% | 100.00% | ' | ' |
Minimum debt amount guaranteed by subsidiaries | ' | $5,000 | ' | ' | ' | ' | ' |
LongTerm_Debt_GO_Zone_Act_Seni1
Long-Term Debt (GO Zone Act Senior Notes Due 2029) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2010 | Dec. 31, 2007 | Jul. 02, 2010 | Dec. 13, 2007 | Jul. 02, 2010 |
In Thousands, unless otherwise specified | Redeemed Prior To August First Twenty Twenty [Member] | Redeemed On Or After August First Twenty Twenty [Member] | GO Zone 6 1/2% Senior Notes Due 2029 [Member] | GO Zone 6 1/2% Senior Notes Due 2029 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | |
GO Zone 6 1/2% Senior Notes Due 2029 [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, principal amount issued | ' | ' | ' | ' | ' | ' | ' | $100,000 | $250,000 | ' |
Stated interest rate | 6.50% | ' | ' | 6.50% | 6.50% | ' | ' | ' | ' | 6.50% |
Maturity date | ' | ' | ' | ' | ' | 1-Aug-29 | 1-Nov-32 | ' | ' | ' |
Percentage of principal required if called | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' |
Minimum debt amount guaranteed by subsidiaries | ' | ' | ' | $5,000 | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_GO_Zone_Act_Seni2
Long-Term Debt (GO Zone Act Senior Notes Due 2032) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2010 | Dec. 31, 2007 | Jul. 02, 2010 | Dec. 13, 2007 | Dec. 13, 2007 |
In Thousands, unless otherwise specified | Redeemed Prior To November 1, 2017 [Member] | Redeemed On Or After November 1, 2017 [Member] | GO Zone 6 3/4% Senior Notes Due 2032 [Member] | GO Zone 6 3/4% Senior Notes Due 2032 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | Gulf Opportunity Zone Act Of 2005 [Member] | |
GO Zone 6 3/4% Senior Notes Due 2032 [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, principal amount issued | ' | ' | ' | ' | ' | ' | ' | $100,000 | $250,000 | ' |
Stated interest rate | 6.50% | ' | ' | 6.75% | 6.75% | ' | ' | ' | ' | 6.75% |
Maturity date | ' | ' | ' | ' | ' | 1-Aug-29 | 1-Nov-32 | ' | ' | ' |
Percentage of principal required if called | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Minimum debt amount guaranteed by subsidiaries | ' | ' | ' | $5,000 | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Senior_Notes_Due
Long-Term Debt (Senior Notes Due 2022) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 17, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Stated interest rate | ' | 6.50% | ' | ' |
Senior notes, minimum debt amount guaranteed by subsidiaries | ' | $5,000 | ' | ' |
3.60% Senior Notes Due 2022 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Senior notes, principal amount issued | 250,000 | ' | ' | ' |
Stated interest rate | 3.60% | 3.60% | 3.60% | 3.60% |
Maturity | '2022 | '2022 | ' | ' |
Senior notes, original discount issue | 1,183 | ' | ' | ' |
Senior notes, repurchase price as percentage of principal amount upon change of control and below investment grade rating event | 101.00% | ' | ' | ' |
Senior notes, maximum number of days from change of control for below investment grade rating event | '60 days | ' | ' | ' |
Senior notes, minimum debt amount guaranteed by subsidiaries | ' | $5,000 | ' | $5,000 |
Prior to April Fifteenth Twenty Twenty Two | 3.60% Senior Notes Due 2022 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Senior notes, redemption price as percentage of principal amount | ' | 100.00% | ' | ' |
On or After April Fifteenth Twenty Twenty Two | 3.60% Senior Notes Due 2022 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Senior notes, redemption price as percentage of principal amount | ' | 100.00% | ' | ' |
LongTerm_Debt_Debt_Covenants_A
Long-Term Debt (Debt Covenants And Credit Facility) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Number of credit rating agencies | 2 | ' | ' |
Quarterly dividend, per share | $0.83 | $4.27 | $0.27 |
Investment in joint ventures | $200,000 | ' | ' |
Suzhou Huasu Plastics Co. Ltd. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Investment in joint ventures | 55,000 | ' | ' |
Debt Covenant [Member] | Senior Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maximum percentage of income distribution | 50.00% | ' | ' |
Maximum distribution percentage of specified net cash proceeds | 100.00% | ' | ' |
Minimum [Member] | Debt Covenant [Member] | Senior Secured Revolving Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Fixed charge coverage ratio for debt covenant | 1 | ' | ' |
Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maximum unrestricted distributions allowable | 100,000 | ' | ' |
Maximum [Member] | Debt Covenant [Member] | Senior Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Fixed charge coverage ratio for debt covenant | 2 | ' | ' |
Maximum unrestricted quarterly dividends allowable under debt covenants | $0.20 | ' | ' |
25% Of Total Bank Commitments [Member] | Minimum [Member] | Senior Secured Revolving Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Borrowing availability of bank commitments, minimum | 100,000 | ' | ' |
Percentage of borrowing availability of bank commitments | 25.00% | ' | ' |
17.5% Of Total Bank Commitments [Member] | Senior Secured Revolving Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maximum distributions allowable | 25,000 | ' | ' |
17.5% Of Total Bank Commitments [Member] | Minimum [Member] | Senior Secured Revolving Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Borrowing availability of bank commitments, minimum | $70,000 | ' | ' |
Percentage of borrowing availability of bank commitments | 17.50% | ' | ' |
LongTerm_Debt_Additional_Discl
Long-Term Debt (Additional Disclosures) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 1997 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Weighted average interest rate on all long-term debt | ' | 5.50% | 5.60% |
Waste Disposal Revenue Bonds Due 2027 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes, principal amount issued | $10,889 | ' | ' |
Maturity | 'December 2027 | '2027 | ' |
Effective interest rate | ' | 0.09% | 0.30% |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 17, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1997 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | 3.60% Senior Notes Due 2022 [Member] | 3.60% Senior Notes Due 2022 [Member] | 3.60% Senior Notes Due 2022 [Member] | 3.60% Senior Notes Due 2022 [Member] | GO Zone 6 1/2% Senior Notes Due 2029 [Member] | GO Zone 6 1/2% Senior Notes Due 2029 [Member] | GO Zone 6 3/4% Senior Notes Due 2032 [Member] | GO Zone 6 3/4% Senior Notes Due 2032 [Member] | GO Zone 6 1/2% Tax-Exempt Revenue Bonds Due 2035 [Member] | GO Zone 6 1/2% Tax-Exempt Revenue Bonds Due 2035 [Member] | Ike Zone Six Point Five Percent Tax Exempt Revenue Bonds Due Twenty Thirty Five [Member] | Ike Zone Six Point Five Percent Tax Exempt Revenue Bonds Due Twenty Thirty Five [Member] | Waste Disposal Revenue Bonds Due 2027 [Member] | Waste Disposal Revenue Bonds Due 2027 [Member] | Waste Disposal Revenue Bonds Due 2027 [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | $248,990 | $248,872 | ' | $100,000 | $100,000 | $250,000 | $250,000 | $89,000 | $89,000 | $65,000 | $65,000 | ' | ' | ' |
Non-current loan payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,889 | 10,889 |
Long-term debt | $763,879 | $763,761 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | 6.50% | ' | 3.60% | 3.60% | 3.60% | 3.60% | 6.50% | 6.50% | 6.75% | 6.75% | 6.50% | 6.50% | 6.50% | 6.50% | ' | ' | ' |
Maturity | ' | ' | '2022 | '2022 | ' | ' | '2029 | ' | '2032 | ' | '2035 | ' | '2035 | ' | 'December 2027 | '2027 | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||
Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 12, 2012 | Dec. 31, 2012 | |
vote | Ordinary Dividend [Member] | Ordinary Dividend [Member] | Ordinary Dividend [Member] | Ordinary Dividend [Member] | Special Dividend [Member] | Special Dividend [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregated regular quarterly dividends on common stock | ' | $55,236,000 | $285,521,000 | $18,265,000 | ' | $55,236,000 | $34,877,000 | $18,265,000 | $250,644,000 | ' |
Common stock dividends paid | ' | ' | ' | ' | $0.19 | ' | ' | ' | ' | $3.75 |
Description of common stock voting rights | ' | 'Each share of common stock entitles the holder to one vote on all matters on which holders are permitted to vote, including the election of directors. There are no cumulative voting rights. | ' | ' | ' | ' | ' | ' | ' | ' |
Description of common stock subscription rights | ' | 'The Companybs common stock has no preemptive or conversion rights or other subscription rights. | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, redemption provision | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares | ' | 626,461 | 284,493 | ' | ' | ' | ' | ' | ' | ' |
Common stock, sinking fund | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Voting rights per share | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Changes in AOCI (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | ($10,840) | ' | ' |
Other comprehensive income (loss) before reclassifications | 6,543 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 1,681 | ' | ' |
Net other comprehensive income (loss) for the year | 8,224 | -1,770 | -2,037 |
Accumulated other comprehensive income (loss), ending balance | -2,616 | -10,840 | ' |
Benefits Liability, Net of Tax | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | -16,351 | ' | ' |
Other comprehensive income (loss) before reclassifications | 7,986 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 1,669 | ' | ' |
Net other comprehensive income (loss) for the year | 9,655 | ' | ' |
Accumulated other comprehensive income (loss), ending balance | -6,696 | ' | ' |
Cumulative Foreign Currency Exchange | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | 5,511 | ' | ' |
Other comprehensive income (loss) before reclassifications | -1,607 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 0 | ' | ' |
Net other comprehensive income (loss) for the year | -1,607 | ' | ' |
Accumulated other comprehensive income (loss), ending balance | 3,904 | ' | ' |
Net Unrealized Holding Gains on Investments, Net of Tax | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss), beginning balance | 0 | ' | ' |
Other comprehensive income (loss) before reclassifications | 164 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 12 | ' | ' |
Net other comprehensive income (loss) for the year | 176 | ' | ' |
Accumulated other comprehensive income (loss), ending balance | $176 | ' | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income Reclassifications in AOCI (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | $942,172 | $585,169 | $401,432 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -331,747 | -199,614 | -142,466 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 6,790 | 3,520 | 5,628 |
Net income | 170,972 | 170,290 | 145,816 | 123,347 | 95,277 | 86,964 | 115,501 | 87,813 | 610,425 | 385,555 | 258,966 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -1,681 | ' | ' |
Amortization of pension and other post-retirement items | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service costs | ' | ' | ' | ' | ' | ' | ' | ' | -381 | ' | ' |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | -2,331 | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,712 | ' | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,043 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -1,669 | ' | ' |
Net unrealized gains on available-for-sale investments | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | -19 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ($12) | ' | ' |
Employee_Benefits_Narrative_De
Employee Benefits (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum employee contribution as a percentage of annual compensation | 100.00% | ' | ' |
Matching percentage by company of first 4% of employee contribution | 100.00% | ' | ' |
Percentage of employee contribution fully matched by company | 4.00% | ' | ' |
Length of service required to be eligible for annual retirement contributions (in years) | '1 year | ' | ' |
Number of subsidiaries company provides post-retirement healthcare benefits to | 2 | ' | ' |
Expected return on plan assets | 7.00% | ' | ' |
Percentage of investments for long-term growth included in investment strategy | 55.00% | ' | ' |
Percentage of investments for short-term growth included in investment strategy | 45.00% | ' | ' |
Discretionary range for pension fund trustee included in investment policy | 10.00% | ' | ' |
Matching Of Employee Contribution [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution savings plan expense | $6,022 | $5,180 | $4,801 |
Annual Retirement Contribution [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution savings plan expense | 6,227 | 6,310 | 5,234 |
Salaried Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected 2011 contributions | 2,777 | ' | ' |
Wage Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected 2011 contributions | 1,206 | ' | ' |
Benefits Liability, Net of Tax | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated prior service cost to be amortized from other comprehensive income into net periodic benefit cost during 2012 | 297 | ' | ' |
Estimated net loss to be amortized from other comprehensive income into net periodic benefit cost during 2012 | 253 | ' | ' |
Post-Retirement Healthcare Benefit Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated prior service cost to be amortized from other comprehensive income into net periodic benefit cost during 2012 | 50 | ' | ' |
Estimated net loss to be amortized from other comprehensive income into net periodic benefit cost during 2012 | $276 | ' | ' |
Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Funded status of pension plans | 80.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Funded status of pension plans | 100.00% | ' | ' |
Equity securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fixed income, target allocation percentage | 55.00% | ' | ' |
Fixed income securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fixed income, target allocation percentage | 45.00% | ' | ' |
Employee_Benefits_Schedule_Of_
Employee Benefits (Schedule Of Change In Benefit Obligation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation, beginning of year | $65,313 | $59,876 | ' |
Service cost | 1,091 | 1,005 | 930 |
Interest cost | 2,047 | 2,580 | 2,723 |
Actuarial loss (gain) | -8,163 | 9,481 | ' |
Benefits paid | -2,342 | -2,145 | ' |
Curtailment | 0 | -5,484 | ' |
Benefit obligation, end of year | 57,946 | 65,313 | 59,876 |
Post-Retirement Healthcare Benefit Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation, beginning of year | 21,383 | 20,212 | ' |
Service cost | 30 | 9 | 16 |
Interest cost | 623 | 745 | 840 |
Actuarial loss (gain) | -501 | 2,021 | ' |
Benefits paid | -1,577 | -1,604 | ' |
Curtailment | 0 | 0 | ' |
Benefit obligation, end of year | $19,958 | $21,383 | $20,212 |
Employee_Benefits_Schedule_Of_1
Employee Benefits (Schedule Of Change In Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets, end of year | $49,236 | $42,325 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets, beginning of year | 42,325 | 35,478 |
Actual return | 7,159 | 4,207 |
Employer contribution | 2,094 | 4,785 |
Benefits paid | -2,342 | -2,145 |
Fair value of plan assets, end of year | 49,236 | 42,325 |
Funded status, end of year | -8,710 | -22,988 |
Post-Retirement Healthcare Benefit Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets, beginning of year | 0 | 0 |
Actual return | 0 | 0 |
Employer contribution | 1,577 | 1,604 |
Benefits paid | -1,577 | -1,604 |
Fair value of plan assets, end of year | 0 | 0 |
Funded status, end of year | ($19,958) | ($21,383) |
Employee_Benefits_Schedule_Of_2
Employee Benefits (Schedule Of Amounts Recognized In The Consolidated Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Current liabilities | $0 | $0 |
Noncurrent liabilities | -8,710 | -22,988 |
Net amount recognized | -8,710 | -22,988 |
Post-Retirement Healthcare Benefit Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Current liabilities | -1,835 | -1,753 |
Noncurrent liabilities | -18,123 | -19,630 |
Net amount recognized | ($19,958) | ($21,383) |
Employee_Benefits_Schedule_Of_3
Employee Benefits (Schedule Of Amounts Recognized In Accumulated Other Comprehensive Income) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Accumulated other comprehensive income, benefits, net of tax | $6,696 | $16,351 | ||
Pension Benefits [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Net loss | 6,404 | 20,831 | ||
Prior service cost | 297 | 594 | ||
Total before tax | 6,701 | [1] | 21,425 | [1] |
Accumulated other comprehensive income, benefits, net of tax | 3,994 | 13,015 | ||
Post-Retirement Healthcare Benefit Plans [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Net loss | 4,484 | 5,358 | ||
Prior service cost | 50 | 134 | ||
Total before tax | 4,534 | [1] | 5,492 | [1] |
Accumulated other comprehensive income, benefits, net of tax | $2,702 | $3,336 | ||
[1] | (1)For 2013, after-tax totals for pension benefits and post-retirement healthcare benefits were $3,994 and $2,702, respectively. The sum of these amounts ($6,696) is reflected in stockholders' equity as accumulated other comprehensive loss. For 2012, after-tax totals for pension benefits and post-retirement healthcare benefits were $13,015 and $3,336, respectively. The sum of these amounts ($16,351) is reflected in stockholders' equity as accumulated other comprehensive loss. |
Employee_Benefits_Schedule_Of_4
Employee Benefits (Schedule Of Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligation | ($57,946) | ($65,074) | ' |
Fair value of plan assets | 49,236 | 42,325 | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation | -57,946 | -65,313 | -59,876 |
Fair value of plan assets | $49,236 | $42,325 | $35,478 |
Employee_Benefits_Schedule_Of_5
Employee Benefits (Schedule Of Net Benefit Costs And Amounts Recognized In Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $1,091 | $1,005 | $930 |
Interest cost | 2,047 | 2,580 | 2,723 |
Expected return on plan assets | -2,854 | -2,490 | -2,279 |
Net amortization | 2,255 | 2,071 | 1,567 |
Net periodic benefit cost | 2,539 | 3,166 | 2,941 |
Net loss (gain) emerging | -12,468 | 7,765 | 5,804 |
Curtailment | 0 | -5,484 | 0 |
Net loss | -1,958 | -1,774 | -1,271 |
Amortization of transition obligations | 0 | 0 | 0 |
Amortization of prior service cost | -297 | -297 | -296 |
Total recognized in OCI | -14,723 | 210 | 4,237 |
Total net periodic benefit cost and OCI | -12,184 | 3,376 | 7,178 |
Post-Retirement Healthcare Benefit Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 30 | 9 | 16 |
Interest cost | 623 | 745 | 840 |
Expected return on plan assets | 0 | 0 | 0 |
Net amortization | 457 | 269 | 418 |
Net periodic benefit cost | 1,110 | 1,023 | 1,274 |
Net loss (gain) emerging | -501 | 2,021 | 816 |
Net loss | -373 | -185 | -118 |
Amortization of transition obligations | 0 | 0 | -114 |
Amortization of prior service cost | -84 | -84 | -186 |
Total recognized in OCI | -958 | 1,752 | 398 |
Total net periodic benefit cost and OCI | $152 | $2,775 | $1,672 |
Employee_Benefits_Schedule_Of_6
Employee Benefits (Schedule Of Weighted Average Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected return on plan assets | 7.00% | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.50% | 3.30% | 4.50% |
Expected return on plan assets | 7.00% | 7.00% | 7.00% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Discount rate | 3.30% | 4.50% | 5.30% |
Expected return on plan assets | 7.00% | 7.00% | 7.00% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Post-Retirement Healthcare Benefit Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.00% | 3.00% | 4.00% |
Discount rate | 3.00% | 4.00% | 4.50% |
Employee_Benefits_Schedule_Of_7
Employee Benefits (Schedule Of Fair Value Of Pension Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | $49,236 | $42,325 | ||
Level 2 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 49,236 | 41,822 | ||
Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | ' | 503 | ||
Bank Collective Trust Funds - Equity Securities [Member] | Large-Cap Index Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 17,079 | [1] | 20,822 | [1] |
Bank Collective Trust Funds - Equity Securities [Member] | Small-Cap Index Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3,091 | [2] | 2,817 | [2] |
Bank Collective Trust Funds - Equity Securities [Member] | International Index Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 7,482 | [3] | 4,077 | [3] |
Bank Collective Trust Funds - Equity Securities [Member] | Level 2 [Member] | Large-Cap Index Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 17,079 | [1] | 20,822 | [1] |
Bank Collective Trust Funds - Equity Securities [Member] | Level 2 [Member] | Small-Cap Index Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3,091 | [2] | 2,817 | [2] |
Bank Collective Trust Funds - Equity Securities [Member] | Level 2 [Member] | International Index Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 7,482 | [3] | 4,077 | [3] |
Bank Collective Trust Funds - Fixed Income [Member] | Bond Index Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 21,333 | [4] | 14,106 | [4] |
Bank Collective Trust Funds - Fixed Income [Member] | Short Term Investment Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 251 | 503 | ||
Bank Collective Trust Funds - Fixed Income [Member] | Level 2 [Member] | Bond Index Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | 21,333 | [4] | 14,106 | [4] |
Bank Collective Trust Funds - Fixed Income [Member] | Level 3 [Member] | Short Term Investment Funds [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Defined Benefit Plan, Fair Value of Plan Assets | ' | $503 | ||
[1] | (1)Substantially all of the assets of these funds are invested in large-cap U.S. companies. The remainder of the assets of these funds is invested in cash reserves. | |||
[2] | (2)Substantially all of the assets of these funds are invested in small-cap U.S. companies. The remainder of the assets of these funds is invested in cash reserves. | |||
[3] | (3)Substantially all of the assets of these funds are invested in international companies in developed markets (excluding the U.S. and Canada). The remainder of the assets of these funds is invested in cash reserves. | |||
[4] | (4)This category represents investment grade bonds of U.S. issuers, including U.S. Treasury notes. |
Employee_Benefits_Schedule_Of_8
Employee Benefits (Schedule Of Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Year one | $2,851 |
Year two | 3,127 |
Year three | 3,298 |
Year four | 3,424 |
Year five | 3,560 |
Years 6 to 10 | 19,157 |
Post-Retirement Healthcare Benefit Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Year one | 1,835 |
Year two | 2,018 |
Year three | 2,180 |
Year four | 2,146 |
Year five | 1,888 |
Years 6 to 10 | $6,050 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock option awards, term (in years) | '10 years | ' | ' |
Stock-based compensation expense | $6,966 | $6,127 | $6,391 |
Total intrinsic value of options exercised | 7,656 | 23,991 | 8,185 |
Income tax benefit from the exercise of stock options | 2,224 | 7,009 | 2,160 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation expense | 3,092 | ' | ' |
Unrecognized compensation expense, weighted-average period of recognition (in years) | '1 year 6 months 15 days | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation expense | 2,347 | ' | ' |
Unrecognized compensation expense, weighted-average period of recognition (in years) | '1 year 2 months 8 days | ' | ' |
Total fair value of shares of restricted stock that vested | 12,480 | 18,408 | 6,214 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation expense | 14,388 | ' | ' |
Unrecognized compensation expense, weighted-average period of recognition (in years) | '4 years 7 months 14 days | ' | ' |
Total fair value of shares of restricted stock that vested | $14 | ' | ' |
Ratably On An Annual Basis [Member] | Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period (in years) | '3 years | ' | ' |
Ratably On An Annual Basis [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period (in years) | '3 years | ' | ' |
Ratably On An Annual Basis [Member] | Minimum [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period (in years) | '1 year | ' | ' |
Ratably On An Annual Basis [Member] | Maximum [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period (in years) | '3 years | ' | ' |
Cliff Vest [Member] | Minimum [Member] | Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period (in years) | '2 years | ' | ' |
Cliff Vest [Member] | Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period (in years) | '1 year | ' | ' |
Cliff Vest [Member] | Maximum [Member] | Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period (in years) | '3 years | ' | ' |
Cliff Vest [Member] | Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period (in years) | '6 years | ' | ' |
First One-Half Increment On Anniversary Of The Award Date [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period (in years) | '5 years | ' | ' |
First One-Half Increment On Anniversary Of The Award Date [Member] | Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period (in years) | '5 years | ' | ' |
Second One-Half Increment On Anniversary Of The Award Date [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period (in years) | '9 years 6 months | ' | ' |
Second One-Half Increment On Anniversary Of The Award Date [Member] | Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period (in years) | '9 years 6 months | ' | ' |
Range One [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '54 months 2 days | ' | ' |
Range Two [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '71 months 11 days | ' | ' |
Range Three [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '37 months 19 days | ' | ' |
Range Four [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '92 months 17 days | ' | ' |
Range Five [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | '109 months 21 days | ' | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Option Activity And Changes) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation [Abstract] | ' |
Options, Outstanding, beginning balance | 712,320 |
Options, Granted | 76,084 |
Options, Exercised | -112,962 |
Options, Cancelled | -16,827 |
Options, Outstanding, ending balance | 658,615 |
Options, Exercisable, ending balance | 392,200 |
Weighted Average Exercise Price, Outstanding, beginning balance | $31.40 |
Weighted Average Exercise Price, Granted | $90.83 |
Weighted Average Exercise Price, Exercised | $29.94 |
Weighted Average Exercise Price, Cancelled | $52.56 |
Weighted Average Exercise Price, Outstanding, ending balance | $37.98 |
Weighted Average Exercise Price, Exercisable, ending balance | $25.23 |
Weighted Average Remaining Term (Years), Outstanding | '5 years 9 months 16 days |
Weighted Average Remaining Term (Years), Exercisable | '5 years 3 months 18 days |
Aggregate Intrinsic Value, Outstanding | $55,386 |
Aggregate Intrinsic Value, Exercisable | $37,980 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Range Of Exercise Prices For Outstanding Options) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Range One [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Prices, Lower Limit | $14.24 |
Range of Prices, Upper Limit | $19.29 |
Options Outstanding | 170,553 |
Weighted Average Remaining Contractual Life (Years) | '54 months 2 days |
Range Two [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Prices, Lower Limit | $20.53 |
Range of Prices, Upper Limit | $27.24 |
Options Outstanding | 114,411 |
Weighted Average Remaining Contractual Life (Years) | '71 months 11 days |
Range Three [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Prices, Lower Limit | $30.07 |
Range of Prices, Upper Limit | $36.10 |
Options Outstanding | 135,119 |
Weighted Average Remaining Contractual Life (Years) | '37 months 19 days |
Range Four [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Prices, Lower Limit | $45.83 |
Range of Prices, Upper Limit | $60.11 |
Options Outstanding | 166,163 |
Weighted Average Remaining Contractual Life (Years) | '92 months 17 days |
Range Five [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Prices, Lower Limit | $80.77 |
Range of Prices, Upper Limit | $91.40 |
Options Outstanding | 72,369 |
Weighted Average Remaining Contractual Life (Years) | '109 months 21 days |
StockBased_Compensation_Schedu2
Stock-Based Compensation (Schedule Of Weighted Average Value And Assumptions For Fair Value Of Options) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average fair value | $34.06 | $23.39 | $19.22 |
Risk-free interest rate | 0.90% | 1.00% | 2.80% |
Expected life in years | '5 years | '5 years | '6 years |
Expected volatility | 44.50% | 45.70% | 41.90% |
Expected dividend yield | 0.60% | 0.50% | 0.50% |
StockBased_Compensation_Schedu3
Stock-Based Compensation (Schedule Of Non-Vested Restricted Stock Award and RSU Activity and Changes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares, Non-vested, beginning balance | 336,330 | ' | ' |
Number of Shares, Granted | 304 | ' | ' |
Number of Shares, Vested | -144,586 | ' | ' |
Number of Shares, Forfeited | -10,542 | ' | ' |
Number of Shares, Non-vested, ending balance | 181,506 | 336,330 | ' |
Weighted Average Grant Date Fair Value, Non-vested, beginning balance | $36.53 | ' | ' |
Weighted Average Grant Date Fair Value, Granted | $82.36 | ' | ' |
Weighted Average Grant Date Fair Value, Vested | $22.27 | ' | ' |
Weighted Average Grant Date Fair Value, Forfeited | $44.95 | ' | ' |
Weighted Average Grant Date Fair Value, Non-vested, ending balance | $47.47 | $36.53 | ' |
Unrecognized Stock-based Compensation Expense Related to Non-Vested RSU | $2,347 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 2 months 8 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 12,480 | 18,408 | 6,214 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares, Granted | 170,807 | ' | ' |
Number of Shares, Vested | -156 | ' | ' |
Number of Shares, Forfeited | -2,200 | ' | ' |
Number of Shares, Non-vested, ending balance | 168,451 | ' | ' |
Weighted Average Grant Date Fair Value, Granted | $102.62 | ' | ' |
Weighted Average Grant Date Fair Value, Vested | $91.40 | ' | ' |
Weighted Average Grant Date Fair Value, Forfeited | $91.40 | ' | ' |
Weighted Average Grant Date Fair Value, Non-vested, ending balance | $102.78 | ' | ' |
Unrecognized Stock-based Compensation Expense Related to Non-Vested RSU | 14,388 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '4 years 7 months 14 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $14 | ' | ' |
Derivative_Commodity_Instrumen2
Derivative Commodity Instruments (Narrative) (Details) (Commodity Forward Contracts [Member], Designated As Fair Value Hedges [Member]) | Dec. 31, 2013 | Dec. 31, 2012 |
customer | gal | |
Commodity Forward Contracts [Member] | Designated As Fair Value Hedges [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Number of contracts | 0 | ' |
Number of derivative instruments, in gallons | ' | 46,620,000 |
Derivative_Commodity_Instrumen3
Derivative Commodity Instruments (Fair Values Of Derivative Instruments In Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Total asset derivatives | $296 | $14,427 |
Total liability derivatives | 176 | 13,694 |
Accounts Receivable, Net [Member] | Commodity Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Commodity forward contracts | 0 | 13,032 |
Derivatives Not Designated as Hedging Instruments, Asset Derivatives | 296 | 1,395 |
Accrued Liabilities [Member] | Commodity Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivatives Designated as Hedging Instruments, Liability Derivatives | 0 | 399 |
Derivatives Not Designated as Hedging Instruments, Liability Derivatives | $176 | $13,295 |
Derivative_Commodity_Instrumen4
Derivative Commodity Instruments (Impact Of Derivative Instruments Designated As Fair Value Hedges) (Details) (Designated As Fair Value Hedges [Member], Cost of Sales [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commodity Forward Contracts [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivative | ($303) | $17,163 | ($4,895) |
Firm Commitment Hedged Items [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivative | $143 | ($18,394) | $5,092 |
Derivative_Commodity_Instrumen5
Derivative Commodity Instruments (Impact Of Derivative Instruments Not Designated As Fair Value Hedges) (Details) (Commodity Forward Contracts [Member], Derivatives Not Designated As Hedging Instrument [Member], Cost of Sales [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commodity Forward Contracts [Member] | Derivatives Not Designated As Hedging Instrument [Member] | Cost of Sales [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivative | $5,438 | ($11,626) | $2,043 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Risk management assets | $296 | $14,427 |
Risk management liabilities | -176 | -13,694 |
Available-for-sale securities | 239,388 | 0 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale securities | 239,388 | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Hedged portion of firm commitment | ' | 0 |
Available-for-sale securities | 91,595 | ' |
Hedged portion of firm commitment | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Hedged portion of firm commitment | ' | -13,032 |
Available-for-sale securities | 147,793 | ' |
Hedged portion of firm commitment | ' | 399 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Hedged portion of firm commitment | ' | -13,032 |
Hedged portion of firm commitment | ' | 399 |
Commodity Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Risk management assets | 296 | 14,427 |
Risk management liabilities | -176 | -13,694 |
Commodity Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Risk management assets | 48 | 1,395 |
Risk management liabilities | 0 | 0 |
Commodity Forward Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Risk management assets | 248 | 13,032 |
Risk management liabilities | ($176) | ($13,694) |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule Of Carrying And Fair Values Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2013 | Jul. 17, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1997 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | 3.60% Senior Notes Due 2022 [Member] | 3.60% Senior Notes Due 2022 [Member] | 3.60% Senior Notes Due 2022 [Member] | 3.60% Senior Notes Due 2022 [Member] | GO Zone 6 1/2% Senior Notes Due 2029 [Member] | GO Zone 6 1/2% Senior Notes Due 2029 [Member] | GO Zone 6 3/4% Senior Notes Due 2032 [Member] | GO Zone 6 3/4% Senior Notes Due 2032 [Member] | GO Zone 6 1/2% Tax-Exempt Revenue Bonds Due 2035 [Member] | GO Zone 6 1/2% Tax-Exempt Revenue Bonds Due 2035 [Member] | Ike Zone Six Point Five Percent Tax Exempt Revenue Bonds Due Twenty Thirty Five [Member] | Ike Zone Six Point Five Percent Tax Exempt Revenue Bonds Due Twenty Thirty Five [Member] | Waste Disposal Revenue Bonds Due 2027 [Member] | Waste Disposal Revenue Bonds Due 2027 [Member] | Waste Disposal Revenue Bonds Due 2027 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes, Carrying Value | ' | ' | $248,990 | $248,872 | ' | $100,000 | $100,000 | $250,000 | $250,000 | $89,000 | $89,000 | $65,000 | $65,000 | ' | ' | ' |
Senior Notes, Fair Value | ' | ' | 236,905 | 251,125 | ' | 109,490 | 119,738 | 265,148 | 283,168 | 94,606 | 102,095 | 69,094 | 74,564 | ' | ' | ' |
Loans, Carrying Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,889 | 10,889 |
Loans, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,889 | $10,889 |
Stated interest rate | 6.50% | 3.60% | 3.60% | 3.60% | 3.60% | 6.50% | 6.50% | 6.75% | 6.75% | 6.50% | 6.50% | 6.50% | 6.50% | ' | ' | ' |
Maturity date | ' | '2022 | '2022 | ' | ' | '2029 | ' | '2032 | ' | '2035 | ' | '2035 | ' | 'December 2027 | '2027 | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' |
Foreign and state net operating loss carryforwards | $261,091 |
Net operating loss carryforwards, change in valuation allowance | 603 |
Deferred tax liability not recognized from foreign corporate joint venture | $5,509 |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income (Loss) Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $944,378 | $586,631 | $404,422 |
Foreign | -2,206 | -1,462 | -2,990 |
Income before income taxes | $942,172 | $585,169 | $401,432 |
Income_Taxes_Schedule_Of_The_P
Income Taxes (Schedule Of The Provision For (Benefit From) Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal, Current | $215,903 | $190,917 | $120,018 |
State | 22,249 | 15,327 | 8,729 |
Foreign, Current | -137 | -837 | -395 |
Total Current | 238,015 | 205,407 | 128,352 |
Federal, Deferred | 94,471 | -5,398 | 6,732 |
State, Deferred | -556 | -519 | 7,682 |
Foreign, Deferred | -183 | 124 | -300 |
Total Deferred | 93,732 | -5,793 | 14,114 |
Total provision | $331,747 | $199,614 | $142,466 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Taxes Computed At The Statutory Rate To Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Provision for federal income tax at statutory rate | $329,760 | $204,809 | $140,501 |
State income tax provision net of federal income tax effect | 14,364 | 9,625 | 10,745 |
Foreign tax | -253 | -713 | -695 |
Foreign losses (earnings) | 772 | 512 | 1,047 |
Manufacturing deduction | -16,275 | -14,560 | -9,905 |
Contingent tax liability | -404 | 0 | -20 |
Other, net | 3,783 | -59 | 793 |
Provision for income taxes | $331,747 | $199,614 | $142,466 |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Net operating loss carryforward | $11,324 | $11,922 |
Credit carryforward | 708 | 782 |
Accruals | 32,352 | 32,486 |
Allowance for doubtful accounts | 2,068 | 1,540 |
Inventories | 15,440 | 7,831 |
Other | 6,666 | 4,704 |
Deferred taxes assets, total | 68,558 | 59,265 |
Property, plant and equipment | -434,561 | -340,237 |
Turnaround costs | -26,002 | -10,858 |
Other | -478 | -228 |
Deferred tax liabilities-total | -461,041 | -351,323 |
Valuation allowance | -11,324 | -11,927 |
Total net deferred tax liabilities | -403,807 | -303,985 |
Balance sheet classifications | ' | ' |
Current deferred tax asset | 34,169 | 22,305 |
Deferred tax liability | -437,976 | -326,290 |
Total net deferred tax liabilities | ($403,807) | ($303,985) |
Income_Taxes_Schedule_Of_Chang
Income Taxes (Schedule Of Changes In Gross Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Beginning balance | $3,122 | $3,122 | $3,141 |
Reductions due to statutes of limitations expiring | -621 | 0 | -19 |
Ending balance | $2,501 | $3,122 | $3,122 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Options excluded from computation of earnings per share, shares | 59,726 | 99,012 | 141,335 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Net Income Attributable To Common Stockholders) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $170,972 | $170,290 | $145,816 | $123,347 | $95,277 | $86,964 | $115,501 | $87,813 | $610,425 | $385,555 | $258,966 |
Less: Net income attributable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -2,562 | -2,160 | -2,310 |
Net income attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $607,863 | $383,395 | $256,656 |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of Denominator For Basic And Diluted Earnings (Loss) Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Weighted average common shares - basic | ' | ' | ' | ' | ' | ' | ' | ' | 66,612,128 | 66,289,429 | 65,927,421 | ||||||||
Plus incremental shares from: Assumed exercise of options | ' | ' | ' | ' | ' | ' | ' | ' | 277,497 | 352,066 | 372,737 | ||||||||
Weighted average common shares - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 66,889,625 | 66,641,495 | 66,300,158 | ||||||||
Basic | $2.56 | [1] | $2.55 | [1] | $2.18 | [1] | $1.84 | [1] | $1.43 | [1] | $1.30 | [1] | $1.73 | [1] | $1.32 | [1] | $9.13 | $5.78 | $3.89 |
Diluted | $2.54 | [1] | $2.54 | [1] | $2.17 | [1] | $1.84 | [1] | $1.42 | [1] | $1.30 | [1] | $1.72 | [1] | $1.31 | [1] | $9.09 | $5.75 | $3.87 |
[1] | Basic and diluted earnings per common share ("EPS") for each quarter is computed using the weighted average shares outstanding during that quarter, while EPS for the year is computed using the weighted average shares outstanding for the year. As a result, the sum of the EPS for each of the four quarters may not equal the EPS for the year. |
Supplemental_Information_Detai
Supplemental Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | $14,889 | ' | ' |
Accrued Liabilities | ' | ' | ' |
Accrued liabilities | 155,245 | 181,460 | ' |
Accrued rebates | 26,399 | 28,312 | ' |
Accrued Incentive Compensation, Current | 32,374 | 16,371 | ' |
Other Income, Net | ' | ' | ' |
Management services | 433 | 400 | 400 |
Interest income | 3,086 | 4,010 | 2,865 |
Franchise taxes | -888 | -664 | -893 |
Income from equity method investees | 4,914 | 1,444 | 2,890 |
Other | -755 | -1,670 | 366 |
Other income, net | 6,790 | 3,520 | 5,628 |
Cash Flow Information | ' | ' | ' |
Interest paid, net of interest capitalized | 16,426 | 42,266 | 48,431 |
Income taxes paid | 251,599 | 179,882 | 126,283 |
Fair value of assets acquired | 188,930 | ' | ' |
Cash paid for purchase | -178,309 | 0 | 0 |
Liabilities assumed | $10,621 | ' | ' |
Related_Party_And_Affiliate_Tr1
Related Party And Affiliate Transactions (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2000 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 1997 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Due from affiliate, noncurrent | ' | $1,025 | $1,192 | ' | ' |
Affiliates [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Incurred and paid lease payments | ' | 1,614 | 1,550 | 1,556 | ' |
Cypress Interstate Pipeline L.L.C [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Ownership interest | ' | 50.00% | ' | ' | ' |
Suzhou Huasu Plastics Company, Ltd. [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Ownership interest | ' | 59.00% | ' | ' | ' |
Percentage added to LIBOR for interest rate | 2.00% | ' | ' | ' | ' |
Loan to affiliates | 2,000 | ' | ' | ' | 5,150 |
Principal payments received | ' | 167 | 1,192 | 1,192 | ' |
Interest received | ' | 8 | 74 | 441 | ' |
American Air Liquide Holdings, Inc. [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Due to Related Parties | ' | 16,407 | ' | ' | ' |
Notes Receivable From Affiliate [Member] | Prepaid Expenses And Other Current Assets [Member] | Suzhou Huasu Plastics Company, Ltd. [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Due from affiliate, current | ' | 1,192 | ' | ' | ' |
Notes Receivable From Affiliate [Member] | Other Assets, Net [Member] | Suzhou Huasu Plastics Company, Ltd. [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Due from affiliate, noncurrent | ' | 1,025 | ' | ' | ' |
Cypress Interstate Pipeline L.L.C [Member] | Corporate Joint Venture [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Pipeline fees incurred for usage | ' | $13,328 | $11,957 | $9,474 | ' |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 1-May-13 | Dec. 31, 2013 |
Pipe and Foundation Group [Member] | Pipe and Foundation Group [Member] | ||||
lb | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Business Combination, Annual Production Capacity | ' | ' | ' | 150,000,000 | ' |
Cash paid for purchase | $178,309 | $0 | $0 | $178,309 | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | $1,124 |
Assets_Acquired_and_Liabilitie
(Assets Acquired and Liabilities Assumed) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 1-May-13 | 1-May-13 | 1-May-13 | 1-May-13 | 1-May-13 |
Pipe and Foundation Group [Member] | Pipe and Foundation Group [Member] | Pipe and Foundation Group [Member] | Pipe and Foundation Group [Member] | Pipe and Foundation Group [Member] | ||||
Trademarks [Member] | Customer Relationships [Member] | Developed Technology Rights [Member] | Other Intangible Assets [Member] | |||||
Fair value of consideration transferred: | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | $178,309 | $0 | $0 | $178,309 | ' | ' | ' | ' |
Preliminary allocation of consideration transferred to net assets acquired: | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | 17,695 | ' | ' | ' | ' |
Inventories | ' | ' | ' | 25,948 | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | 31,261 | ' | ' | ' | ' |
Intangible assets: | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | 5,200 | 57,600 | 18,900 | 300 |
Current liabilities | ' | ' | ' | -10,595 | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | -26 | ' | ' | ' | ' |
Total identifiable net assets | ' | ' | ' | 146,283 | ' | ' | ' | ' |
Goodwill | 62,016 | 29,990 | ' | 32,026 | ' | ' | ' | ' |
Consideration transferred | ' | ' | ' | 178,309 | ' | ' | ' | ' |
Fair value of accounts receivable acquired | ' | ' | ' | 17,695 | ' | ' | ' | ' |
Gross contractual amount of acquired receivables | ' | ' | ' | 17,772 | ' | ' | ' | ' |
Amount of acquired receivables expected to be uncollectible | ' | ' | ' | $77 | ' | ' | ' | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loss Contingencies [Line Items] | ' | ' | ' |
Reimbursement of remediation costs sought by PolyOne | $1,400 | ' | ' |
Rental expense, net of railcar mileage credits | 45,361 | 38,199 | 36,644 |
PolyOne [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Percentage of costs related to environmental issues to be paid by PolyOne | 100.00% | ' | ' |
Costs incurred environmental remediation services | $3,284 | $2,687 | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Future Minimum Lease Commitments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2012 | $26,216 |
2013 | 24,348 |
2014 | 21,904 |
2015 | 20,258 |
2016 | 17,601 |
Thereafter | 558,822 |
Total future minimum lease commitments | $669,149 |
Segment_And_Geographic_Informa2
Segment And Geographic Information (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
customer | customer | customer | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of segments | 2 | ' | ' |
Number of plants | 12 | ' | ' |
Olefins [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of major customers | 0 | 0 | 0 |
Vinyls [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of major customers | 0 | 0 | ' |
PVC Joint Venture In China [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Ownership interest | 59.00% | ' | ' |
Segment_And_Geographic_Informa3
Segment And Geographic Information (Segment Reporting Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | $951,625 | $1,004,165 | $939,047 | $864,647 | $801,041 | $821,175 | $913,958 | $1,034,867 | $3,759,484 | [1] | $3,571,041 | [1] | $3,619,848 | [1] |
Intersegment sales | ' | ' | ' | ' | ' | ' | ' | ' | 322,411 | 319,925 | 446,363 | |||
Income (loss) from operations | 257,580 | 266,602 | 235,227 | 194,055 | 156,231 | 142,517 | 170,978 | 145,625 | 953,464 | 615,351 | 446,796 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 157,808 | 144,541 | 131,397 | |||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 6,790 | 3,520 | 5,628 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 331,747 | 199,614 | 142,466 | |||
Property, Plant and Equipment, Additions | ' | ' | ' | ' | ' | ' | ' | ' | 679,222 | 386,882 | 176,843 | |||
Olefins [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,553,669 | 2,499,978 | 2,567,842 | |||
Intersegment sales | ' | ' | ' | ' | ' | ' | ' | ' | 320,909 | 318,322 | 444,889 | |||
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 833,249 | 552,762 | 459,266 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 102,938 | 97,906 | 86,915 | |||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 7,410 | 3,899 | 2,813 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 288,214 | 177,176 | 149,033 | |||
Property, Plant and Equipment, Additions | ' | ' | ' | ' | ' | ' | ' | ' | 145,542 | 135,886 | 90,641 | |||
Vinyls [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,205,815 | 1,071,063 | 1,052,006 | |||
Intersegment sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,502 | 1,603 | 1,474 | |||
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 154,684 | 85,942 | 4,012 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 54,371 | 46,146 | 43,877 | |||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,858 | -965 | 194 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 48,296 | 22,389 | -2,193 | |||
Property, Plant and Equipment, Additions | ' | ' | ' | ' | ' | ' | ' | ' | 531,939 | 246,827 | 84,192 | |||
Corporate And Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -34,469 | -23,353 | -16,482 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 499 | 489 | 605 | |||
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,238 | 586 | 2,621 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -4,763 | 49 | -4,374 | |||
Property, Plant and Equipment, Additions | ' | ' | ' | ' | ' | ' | ' | ' | 1,741 | 4,169 | 2,010 | |||
Polyethylene [Member] | Olefins [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,750,292 | 1,658,551 | 1,772,144 | |||
Ethylene, Styrene And Other [Member] | Olefins [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | ' | ' | ' | ' | ' | ' | ' | ' | 803,377 | 841,427 | 795,698 | |||
Building Products [Member] | Vinyls [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | ' | ' | ' | ' | ' | ' | ' | ' | 405,157 | 327,788 | 294,692 | |||
PVC, Caustic Soda And Other [Member] | Vinyls [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | ' | ' | ' | ' | ' | ' | ' | ' | $800,658 | $743,275 | $757,314 | |||
[1] | Revenues are attributed to countries based on location of customer. |
Segment_And_Geographic_Informa4
Segment And Geographic Information (Capital Expenditures) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | $679,222 | $386,882 | $176,843 |
Olefins [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | 145,542 | 135,886 | 90,641 |
Vinyls [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | 531,939 | 246,827 | 84,192 |
Corporate And Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Capital expenditures | $1,741 | $4,169 | $2,010 |
Segment_And_Geographic_Informa5
Segment And Geographic Information (Total Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $4,060,909 | $3,412,196 |
Olefins [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 1,557,510 | 1,439,308 |
Vinyls [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 1,740,595 | 1,030,912 |
Corporate And Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $762,804 | $941,976 |
Segment_And_Geographic_Informa6
Segment And Geographic Information (Reconciliation Of Total Segment Income From Operations To Consolidated Income Before Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations for reportable segments | $257,580 | $266,602 | $235,227 | $194,055 | $156,231 | $142,517 | $170,978 | $145,625 | $953,464 | $615,351 | $446,796 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -18,082 | -43,049 | -50,992 |
Debt retirement costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -7,082 | 0 |
Gain from sales of equity securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 16,429 | 0 |
Other income, (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 6,790 | 3,520 | 5,628 |
Income (Loss) from Continuing Operations before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | $942,172 | $585,169 | $401,432 |
Recovered_Sheet1
Segment and Geographic Information (Geographic Information for Sales to External Customers and Long-lived Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | $951,625 | $1,004,165 | $939,047 | $864,647 | $801,041 | $821,175 | $913,958 | $1,034,867 | $3,759,484 | [1] | $3,571,041 | [1] | $3,619,848 | [1] |
Long-lived assets | 2,088,014 | ' | ' | ' | 1,510,048 | ' | ' | ' | 2,088,014 | 1,510,048 | ' | |||
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,404,378 | [1] | 3,176,202 | [1] | 3,221,562 | [1] |
Long-lived assets | 2,081,091 | ' | ' | ' | 1,502,902 | ' | ' | ' | 2,081,091 | 1,502,902 | ' | |||
Foreign [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Long-lived assets | 6,923 | ' | ' | ' | 7,146 | ' | ' | ' | 6,923 | 7,146 | ' | |||
Canada [Member] | Foreign [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | ' | ' | ' | ' | ' | ' | ' | ' | 214,162 | [1] | 294,643 | [1] | 247,357 | [1] |
Switzerland [Member] | Foreign [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | ' | ' | ' | ' | ' | ' | ' | ' | 54,637 | [1] | 32,927 | [1] | 19,922 | [1] |
Singapore [Member] | Foreign [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | ' | ' | ' | ' | ' | ' | ' | ' | 24,028 | [1] | 15,308 | [1] | 29,210 | [1] |
Other Foreign Countries [Member] | Foreign [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net external sales | ' | ' | ' | ' | ' | ' | ' | ' | $62,279 | [1] | $51,961 | [1] | $101,797 | [1] |
[1] | Revenues are attributed to countries based on location of customer. |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | 12 Months Ended | ||
Feb. 14, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Subsequent Event [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Stock split conversion ratio | 2 | ' | ' | ' |
Earnings per common share: | ' | ' | ' | ' |
Basic, pro forma | ' | $4.56 | $2.89 | $1.95 |
Diluted, pro forma | ' | $4.54 | $2.88 | $1.94 |
Guarantor_Disclosures_Narrativ
Guarantor Disclosures (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 17, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Stated interest rate | ' | 6.50% | ' | ' |
Senior notes, minimum debt amount guaranteed by subsidiaries | ' | $5,000 | ' | ' |
Ownership interest in guarantor subsidiaries | ' | 100.00% | ' | ' |
3.60% Senior Notes Due 2022 [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Stated interest rate | 3.60% | 3.60% | 3.60% | 3.60% |
Maturity | '2022 | '2022 | ' | ' |
Senior notes, minimum debt amount guaranteed by subsidiaries | ' | $5,000 | ' | $5,000 |
Guarantor_Disclosures_Condense
Guarantor Disclosures (Condensed Consolidating Financial Information Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $461,301 | $790,078 | $825,901 | $630,299 |
Marketable securities | 239,388 | 124,873 | ' | ' |
Accounts receivable, net | 428,457 | 400,159 | ' | ' |
Inventories | 471,879 | 399,298 | ' | ' |
Prepaid expenses and other current assets | 13,888 | 14,700 | ' | ' |
Deferred income taxes | 34,169 | 22,305 | ' | ' |
Total current assets | 1,649,082 | 1,751,413 | ' | ' |
Property, plant and equipment, net | 2,088,014 | 1,510,048 | ' | ' |
Equity investments | 66,875 | 43,736 | ' | ' |
Other assets, net | 256,938 | 106,999 | ' | ' |
Total assets | 4,060,909 | 3,412,196 | ' | ' |
Accounts payable, current | 249,613 | 217,050 | ' | ' |
Accrued liabilities | 155,245 | 181,460 | ' | ' |
Total current liabilities | 404,858 | 398,510 | ' | ' |
Long-term debt | 763,879 | 763,761 | ' | ' |
Deferred income taxes | 437,976 | 326,290 | ' | ' |
Other liabilities | 35,593 | 51,379 | ' | ' |
Stockholders' equity | 2,418,603 | 1,872,256 | 1,756,312 | 1,505,070 |
Total liabilities and stockholders' equity | 4,060,909 | 3,412,196 | ' | ' |
Westlake Chemical Corporation [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 420,948 | 753,881 | 803,320 | 611,158 |
Marketable securities | 239,388 | 124,873 | ' | ' |
Accounts receivable, net | 3,879 | 7,933 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 778 | 389 | ' | ' |
Deferred income taxes | 441 | 431 | ' | ' |
Total current assets | 665,434 | 887,507 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Equity investments | 2,815,752 | 3,018,926 | ' | ' |
Other assets, net | 15,393 | 17,033 | ' | ' |
Total assets | 3,496,579 | 3,923,466 | ' | ' |
Accounts payable, current | 316,652 | 1,285,530 | ' | ' |
Accrued liabilities | 8,334 | 12,808 | ' | ' |
Total current liabilities | 324,986 | 1,298,338 | ' | ' |
Long-term debt | 752,990 | 752,872 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Stockholders' equity | 2,418,603 | 1,872,256 | ' | ' |
Total liabilities and stockholders' equity | 3,496,579 | 3,923,466 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 6,227 | 6,973 | 2,517 | 53 |
Marketable securities | 0 | 0 | ' | ' |
Accounts receivable, net | 738,156 | 1,675,274 | ' | ' |
Inventories | 456,306 | 385,140 | ' | ' |
Prepaid expenses and other current assets | 11,312 | 11,386 | ' | ' |
Deferred income taxes | 33,422 | 21,581 | ' | ' |
Total current assets | 1,245,423 | 2,100,354 | ' | ' |
Property, plant and equipment, net | 2,081,091 | 1,502,902 | ' | ' |
Equity investments | 100,326 | 65,448 | ' | ' |
Other assets, net | 246,125 | 94,678 | ' | ' |
Total assets | 3,672,965 | 3,763,382 | ' | ' |
Accounts payable, current | 223,134 | 192,443 | ' | ' |
Accrued liabilities | 161,140 | 178,915 | ' | ' |
Total current liabilities | 384,274 | 371,358 | ' | ' |
Long-term debt | 10,889 | 10,889 | ' | ' |
Deferred income taxes | 443,026 | 331,320 | ' | ' |
Other liabilities | 35,533 | 51,312 | ' | ' |
Stockholders' equity | 2,799,243 | 2,998,503 | ' | ' |
Total liabilities and stockholders' equity | 3,672,965 | 3,763,382 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 34,126 | 29,224 | 20,064 | 19,088 |
Marketable securities | 0 | 0 | ' | ' |
Accounts receivable, net | 2,755 | 2,959 | ' | ' |
Inventories | 15,573 | 14,158 | ' | ' |
Prepaid expenses and other current assets | 1,798 | 2,925 | ' | ' |
Deferred income taxes | 306 | 293 | ' | ' |
Total current assets | 54,558 | 49,559 | ' | ' |
Property, plant and equipment, net | 6,923 | 7,146 | ' | ' |
Equity investments | 31,518 | 32,923 | ' | ' |
Other assets, net | 1,199 | 1,252 | ' | ' |
Total assets | 94,198 | 90,880 | ' | ' |
Accounts payable, current | 10,649 | 13,969 | ' | ' |
Accrued liabilities | 1,282 | 852 | ' | ' |
Total current liabilities | 11,931 | 14,821 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | 729 | 934 | ' | ' |
Other liabilities | 60 | 67 | ' | ' |
Stockholders' equity | 81,478 | 75,058 | ' | ' |
Total liabilities and stockholders' equity | 94,198 | 90,880 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | 0 | 0 | ' | ' |
Accounts receivable, net | -316,333 | -1,286,007 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Total current assets | -316,333 | -1,286,007 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Equity investments | -2,880,721 | -3,073,561 | ' | ' |
Other assets, net | -5,779 | -5,964 | ' | ' |
Total assets | -3,202,833 | -4,365,532 | ' | ' |
Accounts payable, current | -300,822 | -1,274,892 | ' | ' |
Accrued liabilities | -15,511 | -11,115 | ' | ' |
Total current liabilities | -316,333 | -1,286,007 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | -5,779 | -5,964 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Stockholders' equity | -2,880,721 | -3,073,561 | ' | ' |
Total liabilities and stockholders' equity | ($3,202,833) | ($4,365,532) | ' | ' |
Guarantor_Disclosures_Condense1
Guarantor Disclosures (Condensed Consolidating Financial Information Statement Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $951,625 | $1,004,165 | $939,047 | $864,647 | $801,041 | $821,175 | $913,958 | $1,034,867 | $3,759,484 | [1] | $3,571,041 | [1] | $3,619,848 | [1] |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,658,046 | 2,834,081 | 3,060,842 | |||
Gross profit | 295,671 | 304,471 | 273,487 | 227,809 | 190,248 | 172,179 | 201,896 | 172,637 | 1,101,438 | 736,960 | 559,006 | |||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 147,974 | 121,609 | 112,210 | |||
Income from operations | 257,580 | 266,602 | 235,227 | 194,055 | 156,231 | 142,517 | 170,978 | 145,625 | 953,464 | 615,351 | 446,796 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -18,082 | -43,049 | -50,992 | |||
Debt retirement costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -7,082 | 0 | |||
Gain from sales of equity securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 16,429 | 0 | |||
Other income, (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 6,790 | 3,520 | 5,628 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 942,172 | 585,169 | 401,432 | |||
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 331,747 | 199,614 | 142,466 | |||
Equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income | 170,972 | 170,290 | 145,816 | 123,347 | 95,277 | 86,964 | 115,501 | 87,813 | 610,425 | 385,555 | 258,966 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 618,649 | 383,785 | 256,929 | |||
Westlake Chemical Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,128 | 2,004 | 3,762 | |||
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | -2,128 | -2,004 | -3,762 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -18,030 | -42,989 | -50,919 | |||
Debt retirement costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,082 | ' | |||
Gain from sales of equity securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | |||
Other income, (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 11,798 | 28,171 | 10,217 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -8,360 | -23,903 | -44,464 | |||
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,031 | 1,825 | -11,835 | |||
Equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 616,754 | 411,283 | 291,595 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 610,425 | 385,555 | 258,966 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 618,649 | 383,785 | 256,929 | |||
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,720,110 | 3,529,685 | 3,581,470 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,623,355 | 2,799,537 | 3,024,419 | |||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,096,755 | 730,148 | 557,051 | |||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 139,662 | 113,133 | 102,989 | |||
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 957,093 | 617,015 | 454,062 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -52 | -60 | -73 | |||
Debt retirement costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||
Gain from sales of equity securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,428 | ' | |||
Other income, (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -2,769 | -21,384 | -4,212 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 954,272 | 611,999 | 449,777 | |||
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 334,619 | 199,057 | 155,313 | |||
Equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 619,653 | 412,942 | 294,464 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 629,308 | 410,549 | 292,834 | |||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 48,016 | 48,205 | 42,202 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 43,333 | 41,393 | 40,247 | |||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 4,683 | 6,812 | 1,955 | |||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 6,184 | 6,472 | 5,459 | |||
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | -1,501 | 340 | -3,504 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Debt retirement costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||
Gain from sales of equity securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||
Other income, (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -2,239 | -3,267 | -377 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -3,740 | -2,927 | -3,881 | |||
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -841 | -1,268 | -1,012 | |||
Equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -2,899 | -1,659 | -2,869 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -4,506 | -1,036 | -3,276 | |||
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -8,642 | -6,849 | -3,824 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -8,642 | -6,849 | -3,824 | |||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Debt retirement costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||
Gain from sales of equity securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||
Other income, (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
(Benefit from) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -616,754 | -411,283 | -291,595 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -616,754 | -411,283 | -291,595 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ($624,802) | ($409,513) | ($289,558) | |||
[1] | Revenues are attributed to countries based on location of customer. |
Guarantor_Disclosures_Condense2
Guarantor Disclosures (Condensed Consolidating Financial Information Statement Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | $610,425 | $385,555 | $258,966 |
Depreciation and amortization | 159,267 | 146,055 | 133,080 |
Deferred income taxes | 93,732 | -5,793 | 14,114 |
Net changes in working capital and other | -110,695 | 86,270 | -47,225 |
Net cash provided by operating activities | 752,729 | 612,087 | 358,935 |
Additions to property, plant and equipment | -679,222 | -386,882 | -176,843 |
Construction of assets pending sale-leaseback | -136 | -4,308 | 0 |
Acquisition of business | -178,309 | 0 | 0 |
Payments to Acquire Equity Method Investments | -23,338 | 0 | 0 |
Proceeds from disposition of assets | 151 | 471 | 2,880 |
Proceeds from repayment of loan to affiliate | 167 | 1,192 | 1,192 |
Proceeds from sale-leaseback of assets | 0 | 2,304 | 0 |
Proceeds from sales and maturities of equity securities | 252,519 | 47,655 | ' |
Purchase of securities and other investments | -367,150 | -127,834 | -30,265 |
Settlements of derivative instruments | -6,920 | 431 | 251 |
Net cash used for investing activities | -1,002,238 | -466,971 | -202,785 |
Intercompany financing | 0 | 0 | 0 |
Capitalized debt issuance costs | 0 | -2,221 | -2,697 |
Dividends paid | -55,236 | -285,521 | -18,265 |
Proceeds from debt issuance | 0 | 248,818 | 0 |
Proceeds from exercise of stock options | 3,437 | 10,369 | 5,344 |
Repayment of debt | 0 | -250,000 | 0 |
Repurchase of common stock for treasury | -32,918 | -10,784 | -2,518 |
Utilization of restricted cash | 0 | 96,433 | 54,227 |
Windfall tax benefits from share-based payment arrangements | 5,449 | 11,967 | 3,361 |
Net cash (used for) provided by financing activities | -79,268 | -180,939 | 39,452 |
Net (decrease) increase in cash and cash equivalents | -328,777 | -35,823 | 195,602 |
Cash and cash equivalents at beginning of the year | 790,078 | 825,901 | 630,299 |
Cash and cash equivalents at end of the year | 461,301 | 790,078 | 825,901 |
Westlake Chemical Corporation [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | 610,425 | 385,555 | 258,966 |
Depreciation and amortization | 1,459 | 1,514 | 1,683 |
Deferred income taxes | 74 | 45 | 190 |
Net changes in working capital and other | -622,194 | -422,199 | -295,027 |
Net cash provided by operating activities | -10,236 | -35,085 | -34,188 |
Additions to property, plant and equipment | 0 | 0 | 0 |
Construction of assets pending sale-leaseback | 0 | 0 | ' |
Acquisition of business | 0 | ' | ' |
Payments to Acquire Equity Method Investments | 0 | ' | ' |
Proceeds from disposition of assets | 0 | 0 | 0 |
Proceeds from repayment of loan to affiliate | 0 | 0 | 0 |
Proceeds from sale-leaseback of assets | ' | 0 | ' |
Proceeds from sales and maturities of equity securities | 252,519 | 3 | ' |
Purchase of securities and other investments | -367,150 | -124,873 | 0 |
Settlements of derivative instruments | 0 | 0 | 0 |
Net cash used for investing activities | -114,631 | -124,870 | 0 |
Intercompany financing | -128,798 | 291,455 | 186,898 |
Capitalized debt issuance costs | ' | -2,221 | -2,697 |
Dividends paid | -55,236 | -285,521 | -18,265 |
Proceeds from debt issuance | ' | 248,818 | ' |
Proceeds from exercise of stock options | 3,437 | 10,369 | 5,344 |
Repayment of debt | ' | -250,000 | ' |
Repurchase of common stock for treasury | -32,918 | -10,784 | -2,518 |
Utilization of restricted cash | ' | 96,433 | 54,227 |
Windfall tax benefits from share-based payment arrangements | 5,449 | 11,967 | 3,361 |
Net cash (used for) provided by financing activities | -208,066 | 110,516 | 226,350 |
Net (decrease) increase in cash and cash equivalents | -332,933 | -49,439 | 192,162 |
Cash and cash equivalents at beginning of the year | 753,881 | 803,320 | 611,158 |
Cash and cash equivalents at end of the year | 420,948 | 753,881 | 803,320 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | 619,653 | 412,942 | 294,464 |
Depreciation and amortization | 155,360 | 141,388 | 127,807 |
Deferred income taxes | 93,841 | -5,962 | 14,225 |
Net changes in working capital and other | -115,041 | 94,930 | -45,667 |
Net cash provided by operating activities | 753,813 | 643,298 | 390,829 |
Additions to property, plant and equipment | -676,668 | -385,919 | -175,706 |
Construction of assets pending sale-leaseback | -136 | -4,308 | ' |
Acquisition of business | -178,309 | ' | ' |
Payments to Acquire Equity Method Investments | -23,338 | ' | ' |
Proceeds from disposition of assets | 75 | 449 | 2,877 |
Proceeds from repayment of loan to affiliate | 0 | 0 | 0 |
Proceeds from sale-leaseback of assets | ' | 2,304 | ' |
Proceeds from sales and maturities of equity securities | 0 | 47,652 | ' |
Purchase of securities and other investments | 0 | -2,961 | -30,265 |
Settlements of derivative instruments | -6,920 | 431 | 251 |
Net cash used for investing activities | -885,296 | -342,352 | -202,843 |
Intercompany financing | 130,737 | -296,490 | -185,522 |
Capitalized debt issuance costs | ' | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Proceeds from debt issuance | ' | 0 | ' |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Repayment of debt | ' | 0 | ' |
Repurchase of common stock for treasury | 0 | 0 | 0 |
Utilization of restricted cash | ' | 0 | 0 |
Windfall tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Net cash (used for) provided by financing activities | 130,737 | -296,490 | -185,522 |
Net (decrease) increase in cash and cash equivalents | -746 | 4,456 | 2,464 |
Cash and cash equivalents at beginning of the year | 6,973 | 2,517 | 53 |
Cash and cash equivalents at end of the year | 6,227 | 6,973 | 2,517 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | -2,899 | -1,659 | -2,869 |
Depreciation and amortization | 2,448 | 3,153 | 3,590 |
Deferred income taxes | -183 | 124 | -301 |
Net changes in working capital and other | 9,786 | 2,256 | 1,874 |
Net cash provided by operating activities | 9,152 | 3,874 | 2,294 |
Additions to property, plant and equipment | -2,554 | -963 | -1,137 |
Construction of assets pending sale-leaseback | 0 | 0 | ' |
Acquisition of business | 0 | ' | ' |
Payments to Acquire Equity Method Investments | 0 | ' | ' |
Proceeds from disposition of assets | 76 | 22 | 3 |
Proceeds from repayment of loan to affiliate | 167 | 1,192 | 1,192 |
Proceeds from sale-leaseback of assets | ' | 0 | ' |
Proceeds from sales and maturities of equity securities | 0 | 0 | ' |
Purchase of securities and other investments | 0 | 0 | 0 |
Settlements of derivative instruments | 0 | 0 | 0 |
Net cash used for investing activities | -2,311 | 251 | 58 |
Intercompany financing | -1,939 | 5,035 | -1,376 |
Capitalized debt issuance costs | ' | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Proceeds from debt issuance | ' | 0 | ' |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Repayment of debt | ' | 0 | ' |
Repurchase of common stock for treasury | 0 | 0 | 0 |
Utilization of restricted cash | ' | 0 | 0 |
Windfall tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Net cash (used for) provided by financing activities | -1,939 | 5,035 | -1,376 |
Net (decrease) increase in cash and cash equivalents | 4,902 | 9,160 | 976 |
Cash and cash equivalents at beginning of the year | 29,224 | 20,064 | 19,088 |
Cash and cash equivalents at end of the year | 34,126 | 29,224 | 20,064 |
Eliminations [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | -616,754 | -411,283 | -291,595 |
Depreciation and amortization | 0 | 0 | 0 |
Deferred income taxes | 0 | 0 | 0 |
Net changes in working capital and other | 616,754 | 411,283 | 291,595 |
Net cash provided by operating activities | 0 | 0 | 0 |
Additions to property, plant and equipment | 0 | 0 | 0 |
Construction of assets pending sale-leaseback | 0 | 0 | ' |
Acquisition of business | 0 | ' | ' |
Payments to Acquire Equity Method Investments | 0 | ' | ' |
Proceeds from disposition of assets | 0 | 0 | 0 |
Proceeds from repayment of loan to affiliate | 0 | 0 | 0 |
Proceeds from sale-leaseback of assets | ' | 0 | ' |
Proceeds from sales and maturities of equity securities | 0 | 0 | ' |
Purchase of securities and other investments | 0 | 0 | 0 |
Settlements of derivative instruments | 0 | 0 | 0 |
Net cash used for investing activities | 0 | 0 | 0 |
Intercompany financing | ' | ' | 0 |
Capitalized debt issuance costs | ' | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Proceeds from debt issuance | ' | 0 | ' |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Repayment of debt | ' | 0 | ' |
Repurchase of common stock for treasury | 0 | 0 | 0 |
Utilization of restricted cash | ' | 0 | 0 |
Windfall tax benefits from share-based payment arrangements | 0 | 0 | 0 |
Net cash (used for) provided by financing activities | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of the year | 0 | 0 | 0 |
Cash and cash equivalents at end of the year | $0 | $0 | $0 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Summary Of Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net sales | $951,625 | $1,004,165 | $939,047 | $864,647 | $801,041 | $821,175 | $913,958 | $1,034,867 | $3,759,484 | [1] | $3,571,041 | [1] | $3,619,848 | [1] | ||||||||
Gross profit | 295,671 | 304,471 | 273,487 | 227,809 | 190,248 | 172,179 | 201,896 | 172,637 | 1,101,438 | 736,960 | 559,006 | |||||||||||
Income (loss) from operations | 257,580 | 266,602 | 235,227 | 194,055 | 156,231 | 142,517 | 170,978 | 145,625 | 953,464 | 615,351 | 446,796 | |||||||||||
Net income | $170,972 | $170,290 | $145,816 | $123,347 | $95,277 | $86,964 | $115,501 | $87,813 | $610,425 | $385,555 | $258,966 | |||||||||||
Basic earnings per common share | $2.56 | [2] | $2.55 | [2] | $2.18 | [2] | $1.84 | [2] | $1.43 | [2] | $1.30 | [2] | $1.73 | [2] | $1.32 | [2] | $9.13 | $5.78 | $3.89 | |||
Diluted earnings per common share | $2.54 | [2] | $2.54 | [2] | $2.17 | [2] | $1.84 | [2] | $1.42 | [2] | $1.30 | [2] | $1.72 | [2] | $1.31 | [2] | $9.09 | $5.75 | $3.87 | |||
[1] | Revenues are attributed to countries based on location of customer. | |||||||||||||||||||||
[2] | Basic and diluted earnings per common share ("EPS") for each quarter is computed using the weighted average shares outstanding during that quarter, while EPS for the year is computed using the weighted average shares outstanding for the year. As a result, the sum of the EPS for each of the four quarters may not equal the EPS for the year. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | ' | |||
Valuation Allowances and Reserves, Balance | $11,741 | $11,172 | $10,969 | $9,710 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 5,514 | 229 | 1,321 | ' | |||
Valuation Allowances and Reserves, Adjustments | ($4,945) | [1] | ($26) | [1] | ($62) | [1] | ' |
[1] | Primarily accounts receivable written off during the period. |