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Westlake Corp (WLK) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Westlake Chemical Corp

HISTORY TOOLS
CIK: 1262823 Ticker: WLK

EXHIBIT 99.1
WESTLAKE CORPORATION

Contact—(713) 960-9111
Investors—Steve Bender
Media— L. Benjamin Ederington

Westlake Corporation Reports Record Fourth Quarter and Full Year 2021 Results
•Record annual net sales of $11.8 billion, an increase of 57% vs. 2020 net sales
•Record annual net income of $2.0 billion, an increase of 511% vs. 2020 net income
•Record annual EBITDA of $3.7 billion, an increase of 196% vs. 2020 EBITDA
•Transformational investments of approximately $3.8 billion in building products and Hexion's global epoxy business
•Integrated portfolio of diversified businesses under one unified brand with two segments – Housing and Infrastructure Products ("HIP") and Performance and Essential Materials ("PEM")
•Market conditions continue to look favorable
HOUSTON--(BUSINESS WIRE)-- Westlake Corporation (NYSE: WLK) (the "Company" or "Westlake") today announced record fourth quarter and record full year 2021 results.

SUMMARY FINANCIAL HIGHLIGHTS ($ in millions except per share data)
Three Months Ended December 31,Twelve Months Ended December 31,
2021202020212020
Westlake Corporation
Income from operations$873$178$2,800$429
Net income attributable to Westlake Corporation$644$113$2,015$330
Diluted earnings per common share $4.98$0.87$15.58$2.56
EBITDA$1,131$386$3,693$1,246
EBITDA margin32%20%31%17%
Performance and Essential Materials Segment
Net external sales$2,460$1,433$8,670$5,465
Income from operations$821$143$2,549$231
EBITDA$997$314$3,247$898
EBITDA margin41%22%37%16%
Housing and Infrastructure Products Segment
Net external sales$1,047$532$3,108$2,039
Income from operations$86$65$356$256
EBITDA$162$99$534$388
EBITDA margin15%19%17%19%
i
The following information was filed by Westlake Chemical Corp (WLK) on Tuesday, February 22, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Westlake Chemical Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
Accounts And Notes Payable (Details)
Accounts Payable
Accounts Payable (Tables)
Accounts Receivable
Accounts Receivable (Schedule Of Accounts Receivable) (Details)
Accounts Receivable (Tables)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisitions
Acquisitions (Narrative) (Details)
Acquisitions (Tables)
Acquisitions Business Acquisition (Details)
Commitments And Contingencies
Commitments And Contingencies (Minimum Purchase Obligations) (Details)
Commitments And Contingencies (Narrative) (Details)
Description Of Business And Significant Accounting Policies
Description Of Business And Significant Accounting Policies (Narrative) (Details)
Description Of Business And Significant Accounting Policies (Policies)
Description Of Business And Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Assets) (Details)
Description Of Business And Significant Accounting Policies (Tables)
Dimex Acquisitions (Details)
Earnings And Dividends Per Share
Earnings And Dividends Per Share (Narrative) (Details)
Earnings And Dividends Per Share (Reconciliation Of Denominator For Basic And Diluted Earnings (Loss) Per Share) (Details)
Earnings And Dividends Per Share (Schedule Of Net Income Attributable To Common Stockholders) (Details)
Earnings And Dividends Per Share (Tables)
Earnings And Dividends Per Share Dividends Per Share (Details)
Employee Benefits
Employee Benefits (Multiemployer Plans) (Details)
Employee Benefits (Narrative Defined Benefit Plan) (Details)
Employee Benefits (Narrative Defined Contribution Plans) (Details)
Employee Benefits (Schedule Of Accumulated Benefit Obligations In Excess Of Plan Assets) (Details)
Employee Benefits (Schedule Of Amounts Recognized In Accumulated Other Comprehensive Income (Loss)) (Details)
Employee Benefits (Schedule Of Amounts Recognized In The Consolidated Balance Sheet) (Details)
Employee Benefits (Schedule Of Change In Benefit Obligation And Change In Plan Assets) (Details)
Employee Benefits (Schedule Of Estimated Future Benefit Payments) (Details)
Employee Benefits (Schedule Of Fair Value Of Pension Plan Assets) (Details)
Employee Benefits (Schedule Of Net Benefit Costs, Other Changes In Plan Assets And Benefit Obligation Recognized In Other Comprehensive Income) (Details)
Employee Benefits (Schedule Of Weighted Average Assumptions Used) (Details)
Employee Benefits (Tables)
Equity Method Investements
Equity Method Investements (Details)
Equity Method Investements (Tables)
Fair Value Measurements
Fair Value Measurements (Schedule Of Carrying And Fair Values Of Long-Term Debt) (Details)
Fair Value Measurements (Tables)
Financial Instruments
Financial Instruments (Cash Equivalents And Restricted Cash) (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Amortization) (Details)
Goodwill And Other Intangible Assets (Narrative) (Details)
Goodwill And Other Intangible Assets (Schedule Of Finite-Lived Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Schedule Of Goodwill) (Details)
Goodwill And Other Intangible Assets (Tables)
Income Taxes
Income Taxes (Components Of Income (Loss) Before Income Taxes) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Reconciliation Of Taxes Computed At The Statutory Rate To Income Tax Expense) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of The Provision For (Benefit From) Income Taxes) (Details)
Income Taxes (Tables)
Inventories
Inventories (Schedule Of Inventory) (Details)
Inventories (Tables)
Lasco Acquisitions (Details)
Leases
Leases (Details)
Leases (Tables)
Long-Term Debt
Long-Term Debt (0.875% Senior Notes Due 2024) (Details)
Long-Term Debt (1.625% Senior Notes Due 2029) (Details)
Long-Term Debt (2.875% Senior Notes Due 2041) (Details)
Long-Term Debt (2026 Term Loans) (Details)
Long-Term Debt (3.375 Senior Notes Due 2030) (Details)
Long-Term Debt (3.375% Senior Notes Due 2061) (Details)
Long-Term Debt (3.50% 2032 Go Zone Refunding Bonds) (Details)
Long-Term Debt (3.60% Senior Notes Due 2022) (Details)
Long-Term Debt (4.375% Senior Notes Due 2047) (Details)
Long-Term Debt (8.73% 2022 Rs Cogen) (Details)
Long-Term Debt (Credit Agreement (Details)
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Revenue Bonds) (Details)
Long-Term Debt (Schedule Of Long-Term Debt) (Details)
Long-Term Debt (Senior Notes Due 2026 And 2046) (Details)
Long-Term Debt (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Narrative) (Details)
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details)
Property, Plant And Equipment (Tables)
Related Party And Affiliate Transactions
Related Party And Affiliate Transactions (Details)
Segment And Geographic Information
Segment And Geographic Information (Geographic Information For Sales To External Customers And Long-Lived Assets) (Details)
Segment And Geographic Information (Narrative) (Details)
Segment And Geographic Information (Reconciliation Of Total Segment Income From Operations To Consolidated Income Before Income Taxes) (Details)
Segment And Geographic Information (Segment Reporting Information) (Details)
Segment And Geographic Information (Tables)
Segment And Geographic Information (Total Assets) (Details)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Performance Stock Units Assumptions) (Details)
Stock-Based Compensation (Schedule Of Non-Vested Performance Stock Award) (Details)
Stock-Based Compensation (Schedule Of Non-Vested Restricted Stock Award And Rsu Activity And Changes) (Details)
Stock-Based Compensation (Schedule Of Option Activity And Changes) (Details)
Stock-Based Compensation (Schedule Of Range Of Exercise Prices For Outstanding Options) (Details)
Stock-Based Compensation (Schedule Of Weighted Average Value And Assumptions For Fair Value Of Options) (Details)
Stock-Based Compensation (Tables)
Stockholders' Equity
Stockholders' Equity (Details)
Supplemental Information
Supplemental Information (Details)
Supplemental Information (Tables)
Westlake Chemical Partners Lp
Westlake Chemical Partners Lp (Details)
Ticker: WLK
CIK: 1262823
Form Type: 10-K Annual Report
Accession Number: 0001262823-22-000014
Submitted to the SEC: Wed Feb 23 2022 1:18:40 PM EST
Accepted by the SEC: Wed Feb 23 2022
Period: Friday, December 31, 2021
Industry: Industrial Organic Chemicals

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