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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended September 30, 2012
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the Transition Period from to
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Delaware
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76-0346924
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification Number)
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Large accelerated filer
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Item
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Page
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|
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|
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September 30, 2012
|
|
December 31, 2011
|
||||
|
|
(in thousands of dollars, except
par values and share amounts)
|
||||||
ASSETS
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
1,198,468
|
|
|
$
|
825,901
|
|
Accounts receivable, net
|
|
393,592
|
|
|
407,372
|
|
||
Inventories
|
|
371,537
|
|
|
490,777
|
|
||
Prepaid expenses and other current assets
|
|
14,472
|
|
|
12,495
|
|
||
Deferred income taxes
|
|
19,736
|
|
|
19,611
|
|
||
Total current assets
|
|
1,997,805
|
|
|
1,756,156
|
|
||
Property, plant and equipment, net
|
|
1,394,198
|
|
|
1,232,066
|
|
||
Equity investments
|
|
44,174
|
|
|
46,741
|
|
||
Restricted cash
|
|
—
|
|
|
96,283
|
|
||
Other assets, net
|
|
107,997
|
|
|
135,575
|
|
||
Total assets
|
|
$
|
3,544,174
|
|
|
$
|
3,266,821
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
199,438
|
|
|
$
|
227,034
|
|
Accrued liabilities
|
|
163,369
|
|
|
137,561
|
|
||
Total current liabilities
|
|
362,807
|
|
|
364,595
|
|
||
Long-term debt
|
|
763,731
|
|
|
764,563
|
|
||
Deferred income taxes
|
|
335,394
|
|
|
330,791
|
|
||
Other liabilities
|
|
48,814
|
|
|
50,560
|
|
||
Total liabilities
|
|
1,510,746
|
|
|
1,510,509
|
|
||
Commitments and contingencies (Notes 6 and 13)
|
|
|
|
|
|
|
||
Stockholders’ equity
|
|
|
|
|
||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized;
no shares issued and outstanding
|
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 150,000,000 shares authorized;
66,981,077 and 66,601,909 shares issued at September 30, 2012
and December 31, 2011, respectively
|
|
670
|
|
|
666
|
|
||
Common stock, held in treasury, at cost; 284,493 and 69,816 shares
at September 30, 2012 and December 31, 2011, respectively
|
|
(13,302
|
)
|
|
(2,518
|
)
|
||
Additional paid-in capital
|
|
486,852
|
|
|
467,796
|
|
||
Retained earnings
|
|
1,567,371
|
|
|
1,299,438
|
|
||
Accumulated other comprehensive loss
|
|
(8,163
|
)
|
|
(9,070
|
)
|
||
Total stockholders’ equity
|
|
2,033,428
|
|
|
1,756,312
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
3,544,174
|
|
|
$
|
3,266,821
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(in thousands of dollars, except per share data and share amounts)
|
||||||||||||||
Net sales
|
|
$
|
821,175
|
|
|
$
|
968,372
|
|
|
$
|
2,770,000
|
|
|
$
|
2,760,673
|
|
Cost of sales
|
|
648,996
|
|
|
821,305
|
|
|
2,223,288
|
|
|
2,278,927
|
|
||||
Gross profit
|
|
172,179
|
|
|
147,067
|
|
|
546,712
|
|
|
481,746
|
|
||||
Selling, general and administrative expenses
|
|
29,662
|
|
|
29,736
|
|
|
87,592
|
|
|
85,409
|
|
||||
Income from operations
|
|
142,517
|
|
|
117,331
|
|
|
459,120
|
|
|
396,337
|
|
||||
Other income (expense)
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
(11,934
|
)
|
|
(12,727
|
)
|
|
(35,682
|
)
|
|
(38,449
|
)
|
||||
Debt retirement costs
|
|
(7,082
|
)
|
|
—
|
|
|
(7,082
|
)
|
|
—
|
|
||||
Gain from sales of equity securities
|
|
477
|
|
|
—
|
|
|
16,429
|
|
|
—
|
|
||||
Other income, net
|
|
1,222
|
|
|
1,457
|
|
|
3,676
|
|
|
4,296
|
|
||||
Income before income taxes
|
|
125,200
|
|
|
106,061
|
|
|
436,461
|
|
|
362,184
|
|
||||
Provision for income taxes
|
|
38,236
|
|
|
38,131
|
|
|
146,183
|
|
|
129,661
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|
||||
Net income
|
|
$
|
86,964
|
|
|
$
|
67,930
|
|
|
$
|
290,278
|
|
|
$
|
232,523
|
|
Earnings per share:
|
|
|
|
|
|
|
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|
||||||||
Basic
|
|
$
|
1.30
|
|
|
$
|
1.02
|
|
|
$
|
4.36
|
|
|
$
|
3.50
|
|
Diluted
|
|
$
|
1.30
|
|
|
$
|
1.01
|
|
|
$
|
4.33
|
|
|
$
|
3.48
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
66,311,958
|
|
|
66,012,102
|
|
|
66,240,225
|
|
|
65,919,892
|
|
||||
Diluted
|
|
66,656,760
|
|
|
66,381,932
|
|
|
66,621,520
|
|
|
66,307,604
|
|
||||
Dividends per common share
|
|
$
|
0.1875
|
|
|
$
|
0.0738
|
|
|
$
|
0.3350
|
|
|
$
|
0.2008
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(in thousands of dollars)
|
||||||||||||||
Net income
|
|
$
|
86,964
|
|
|
$
|
67,930
|
|
|
$
|
290,278
|
|
|
$
|
232,523
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
||||||||
Pension and other post-retirement benefits liability
|
|
|
|
|
|
|
|
|
||||||||
Pension and other post-retirement reserves
adjustment (excluding amortization)
|
|
72
|
|
|
—
|
|
|
142
|
|
|
—
|
|
||||
Amortization of benefits liability
|
|
584
|
|
|
471
|
|
|
1,747
|
|
|
1,395
|
|
||||
Income tax provision on pension and other
post-retirement benefits liability
|
|
(252
|
)
|
|
(185
|
)
|
|
(725
|
)
|
|
(548
|
)
|
||||
Foreign currency translation adjustments
|
|
865
|
|
|
(1,054
|
)
|
|
928
|
|
|
(730
|
)
|
||||
Reclassification of net cash flow hedge losses
to net income
|
|
521
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Available-for-sale investments
|
|
|
|
|
|
|
|
|
||||||||
Unrealized holding gains (losses) on
investments
|
|
339
|
|
|
(6,659
|
)
|
|
14,582
|
|
|
(6,659
|
)
|
||||
Income tax provision on unrealized
holding gains
|
|
(121
|
)
|
|
—
|
|
|
(5,229
|
)
|
|
—
|
|
||||
Reclassification of net realized gain to
net income
|
|
(306
|
)
|
|
—
|
|
|
(10,538
|
)
|
|
—
|
|
||||
Other comprehensive income (loss)
|
|
1,702
|
|
|
(7,427
|
)
|
|
907
|
|
|
(6,542
|
)
|
||||
Comprehensive income
|
|
$
|
88,666
|
|
|
$
|
60,503
|
|
|
$
|
291,185
|
|
|
$
|
225,981
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2012
|
|
2011
|
||||
|
|
(in thousands of dollars)
|
||||||
Cash flows from operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
290,278
|
|
|
$
|
232,523
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
109,601
|
|
|
98,244
|
|
||
(Recovery of) provision for doubtful accounts
|
|
(536
|
)
|
|
917
|
|
||
Amortization of debt issuance costs
|
|
1,149
|
|
|
1,289
|
|
||
Stock-based compensation expense
|
|
4,640
|
|
|
4,762
|
|
||
Loss from disposition of fixed assets
|
|
1,945
|
|
|
1,022
|
|
||
Gain from sales of equity securities
|
|
(16,429
|
)
|
|
—
|
|
||
Impairment of long-lived assets
|
|
—
|
|
|
1,975
|
|
||
Write-off of debt issuance costs
|
|
1,277
|
|
|
—
|
|
||
Deferred income taxes
|
|
4,385
|
|
|
19,435
|
|
||
Equity in loss (income) of joint ventures
|
|
2,567
|
|
|
(2,443
|
)
|
||
Changes in operating assets and liabilities
|
|
|
|
|
||||
Accounts receivable
|
|
13,732
|
|
|
(100,524
|
)
|
||
Inventories
|
|
119,240
|
|
|
(16,220
|
)
|
||
Prepaid expenses and other current assets
|
|
(1,977
|
)
|
|
4,039
|
|
||
Accounts payable
|
|
(35,651
|
)
|
|
(9,558
|
)
|
||
Accrued liabilities
|
|
20,077
|
|
|
14,330
|
|
||
Other, net
|
|
(13,675
|
)
|
|
(5,438
|
)
|
||
Net cash provided by operating activities
|
|
500,623
|
|
|
244,353
|
|
||
Cash flows from investing activities
|
|
|
|
|
||||
Additions to property, plant and equipment
|
|
(235,463
|
)
|
|
(111,823
|
)
|
||
Construction of assets pending sale-leaseback
|
|
(5,484
|
)
|
|
—
|
|
||
Proceeds from disposition of assets
|
|
435
|
|
|
2,456
|
|
||
Proceeds from repayment of loan to affiliate
|
|
763
|
|
|
763
|
|
||
Proceeds from sales of equity securities
|
|
47,655
|
|
|
—
|
|
||
Purchase of investments
|
|
(2,961
|
)
|
|
(29,877
|
)
|
||
Settlements of derivative instruments
|
|
471
|
|
|
(331
|
)
|
||
Net cash used for investing activities
|
|
(194,584
|
)
|
|
(138,812
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
||||
Capitalized debt issuance costs
|
|
(2,221
|
)
|
|
(2,540
|
)
|
||
Dividends paid
|
|
(22,345
|
)
|
|
(13,359
|
)
|
||
Proceeds from borrowings
|
|
248,818
|
|
|
—
|
|
||
Proceeds from exercise of stock options
|
|
6,627
|
|
|
5,323
|
|
||
Repayment of borrowings
|
|
(250,000
|
)
|
|
—
|
|
||
Repurchase of common stock for treasury
|
|
(10,784
|
)
|
|
(19
|
)
|
||
Utilization of restricted cash
|
|
96,433
|
|
|
33,694
|
|
||
Net cash provided by financing activities
|
|
66,528
|
|
|
23,099
|
|
||
Net increase in cash and cash equivalents
|
|
372,567
|
|
|
128,640
|
|
||
Cash and cash equivalents at beginning of period
|
|
825,901
|
|
|
630,299
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
1,198,468
|
|
|
$
|
758,939
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||
Trade customers
|
|
$
|
375,389
|
|
|
$
|
391,401
|
|
Affiliates
|
|
226
|
|
|
122
|
|
||
Allowance for doubtful accounts
|
|
(10,487
|
)
|
|
(10,969
|
)
|
||
|
|
365,128
|
|
|
380,554
|
|
||
Federal and state taxes
|
|
13,151
|
|
|
16,113
|
|
||
Other
|
|
15,313
|
|
|
10,705
|
|
||
Accounts receivable, net
|
|
$
|
393,592
|
|
|
$
|
407,372
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||
Finished products
|
|
$
|
174,724
|
|
|
$
|
234,830
|
|
Feedstock, additives and chemicals
|
|
144,140
|
|
|
207,899
|
|
||
Materials and supplies
|
|
52,673
|
|
|
48,048
|
|
||
Inventories
|
|
$
|
371,537
|
|
|
$
|
490,777
|
|
|
|
December 31, 2011
|
||||||||||||||
|
|
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
(1)
|
|
Fair
Value
|
||||||||
Available-for-sale equity securities
|
|
$
|
28,265
|
|
|
$
|
1,981
|
|
|
$
|
(133
|
)
|
|
$
|
30,113
|
|
(1)
|
All unrealized loss positions were held at a loss for less than 12 months.
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Proceeds from sales of available-for-sale equity securities
|
|
$
|
1,628
|
|
|
$
|
—
|
|
|
$
|
47,655
|
|
|
$
|
—
|
|
Gross realized gains
|
|
$
|
477
|
|
|
$
|
—
|
|
|
$
|
16,429
|
|
|
$
|
—
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||
6
5
/
8
% senior notes due 2016
|
|
$
|
—
|
|
|
$
|
249,674
|
|
3.60% senior notes due 2022
|
|
248,842
|
|
|
—
|
|
||
6
1
/
2
% senior notes due 2029
|
|
100,000
|
|
|
100,000
|
|
||
6
3
/
4
% senior notes due 2032
|
|
250,000
|
|
|
250,000
|
|
||
6
1
/
2
% senior notes due 2035 (the “6
1
/
2
% GO Zone Senior Notes Due 2035”)
|
|
89,000
|
|
|
89,000
|
|
||
6
1
/
2
% senior notes due 2035 (the “6
1
/
2
% 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
|
|
$
|
763,731
|
|
|
$
|
764,563
|
|
|
|
Asset Derivatives
|
||||||||
|
|
Balance Sheet Location
|
|
Fair Value as of
|
||||||
|
|
September 30, 2012
|
|
December 31, 2011
|
||||||
Designated as hedging instruments
|
|
|
|
|
|
|
||||
Commodity forward contracts
|
|
Accounts receivable, net
|
|
$
|
8,630
|
|
|
$
|
—
|
|
Not designated as hedging instruments
|
|
|
|
|
|
|
||||
Commodity forward contracts
|
|
Accounts receivable, net
|
|
1,213
|
|
|
2,437
|
|
||
Total asset derivatives
|
|
|
|
$
|
9,843
|
|
|
$
|
2,437
|
|
|
|
Liability Derivatives
|
||||||||
|
|
Balance Sheet Location
|
|
Fair Value as of
|
||||||
|
|
September 30, 2012
|
|
December 31, 2011
|
||||||
Designated as hedging instruments
|
|
|
|
|
|
|
||||
Commodity forward contracts
|
|
Accrued liabilities
|
|
$
|
1,019
|
|
|
$
|
3,262
|
|
Not designated as hedging instruments
|
|
|
|
|
|
|
||||
Commodity forward contracts
|
|
Accrued liabilities
|
|
1,873
|
|
|
973
|
|
||
Total liability derivatives
|
|
|
|
$
|
2,892
|
|
|
$
|
4,235
|
|
Derivatives in Fair Value
Hedging Relationships
|
|
Location of Gain (Loss)
Recognized in
Income on Derivative
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Commodity forward contracts
|
|
Cost of sales
|
|
$
|
(515
|
)
|
|
$
|
(1,780
|
)
|
|
$
|
12,345
|
|
|
$
|
(1,780
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hedged Items in Fair Value
Hedging Relationships
|
|
Location of Gain (Loss)
Recognized in
Income on Hedged Items
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Firm commitment designated as the
hedged item
|
|
Cost of sales
|
|
$
|
515
|
|
|
$
|
1,780
|
|
|
$
|
(13,546
|
)
|
|
$
|
1,780
|
|
Derivatives in Cash Flow
Hedging Relationships
|
|
Location of Gain (Loss)
Reclassified from
Accumulated Other Comprehensive Income
into Income
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||||||
Treasury lock agreements
|
|
Interest expense
|
|
$
|
(813
|
)
|
|
$
|
—
|
|
|
$
|
(813
|
)
|
|
$
|
—
|
|
Derivatives Not Designated as
Hedging Instruments
|
|
Location of Gain (Loss)
Recognized in
Income on Derivative
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Commodity forward contracts
|
|
Cost of sales
|
|
$
|
249
|
|
|
$
|
371
|
|
|
$
|
(783
|
)
|
|
$
|
838
|
|
|
|
September 30, 2012
|
||||||||||
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
Derivative instruments
|
|
|
|
|
|
|
||||||
Risk management assets - Commodity forward contracts
|
|
$
|
1,213
|
|
|
$
|
8,630
|
|
|
$
|
9,843
|
|
Risk management liabilities - Commodity forward contracts
|
|
—
|
|
|
(2,892
|
)
|
|
(2,892
|
)
|
|||
Firm commitments
|
|
|
|
|
|
|
||||||
Hedged portion of firm commitment
|
|
—
|
|
|
1,019
|
|
|
1,019
|
|
|||
Hedged portion of firm commitment
|
|
—
|
|
|
(8,630
|
)
|
|
(8,630
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
|
December 31, 2011
|
||||||||||
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||
Derivative instruments
|
|
|
|
|
|
|
||||||
Risk management assets - Commodity forward contracts
|
|
$
|
1,090
|
|
|
$
|
1,347
|
|
|
$
|
2,437
|
|
Risk management liabilities - Commodity forward contracts
|
|
—
|
|
|
(4,235
|
)
|
|
(4,235
|
)
|
|||
Firm commitments
|
|
|
|
|
|
|
||||||
Hedged portion of firm commitment
|
|
—
|
|
|
3,262
|
|
|
3,262
|
|
|||
Marketable securities
|
|
|
|
|
|
|
||||||
Available-for-sale equity securities
|
|
30,113
|
|
|
—
|
|
|
30,113
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||||||||||
|
|
Carrying
Value
|
|
Fair
Value
|
|
Carrying
Value
|
|
Fair
Value
|
||||||||
6
5
/
8
% senior notes due 2016
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
249,674
|
|
|
$
|
254,890
|
|
3.60% senior notes due 2022
|
|
248,842
|
|
|
253,738
|
|
|
—
|
|
|
—
|
|
||||
6
1
/
2
% senior notes due 2029
|
|
100,000
|
|
|
115,619
|
|
|
100,000
|
|
|
108,834
|
|
||||
6
3
/
4
% senior notes due 2032
|
|
250,000
|
|
|
288,515
|
|
|
250,000
|
|
|
263,988
|
|
||||
6
1
/
2
% GO Zone Senior Notes Due 2035
|
|
89,000
|
|
|
103,031
|
|
|
89,000
|
|
|
93,090
|
|
||||
6
1
/
2
% IKE Zone Senior Notes Due 2035
|
|
65,000
|
|
|
75,247
|
|
|
65,000
|
|
|
67,987
|
|
||||
Loan related to tax-exempt waste disposal revenue
bonds due 2027
|
|
10,889
|
|
|
10,889
|
|
|
10,889
|
|
|
10,889
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net income
|
|
$
|
86,964
|
|
|
$
|
67,930
|
|
|
$
|
290,278
|
|
|
$
|
232,523
|
|
Less:
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to participating securities
|
|
(452
|
)
|
|
(598
|
)
|
|
(1,682
|
)
|
|
(2,087
|
)
|
||||
Net income attributable to common shareholders
|
|
$
|
86,512
|
|
|
$
|
67,332
|
|
|
$
|
288,596
|
|
|
$
|
230,436
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Weighted average common shares—basic
|
|
66,311,958
|
|
|
66,012,102
|
|
|
66,240,225
|
|
|
65,919,892
|
|
||||
Plus incremental shares from:
|
|
|
|
|
|
|
|
|
||||||||
Assumed exercise of options
|
|
344,802
|
|
|
369,830
|
|
|
381,295
|
|
|
387,712
|
|
||||
Weighted average common shares—diluted
|
|
66,656,760
|
|
|
66,381,932
|
|
|
66,621,520
|
|
|
66,307,604
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
1.30
|
|
|
$
|
1.02
|
|
|
$
|
4.36
|
|
|
$
|
3.50
|
|
Diluted
|
|
$
|
1.30
|
|
|
$
|
1.01
|
|
|
$
|
4.33
|
|
|
$
|
3.48
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||
|
|
Pension
|
|
Post-retirement
Healthcare
|
|
Pension
|
|
Post-retirement
Healthcare
|
||||||||||||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||
Service cost
|
|
$
|
250
|
|
|
$
|
224
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
754
|
|
|
$
|
705
|
|
|
$
|
7
|
|
|
$
|
12
|
|
Interest cost
|
|
645
|
|
|
681
|
|
|
185
|
|
|
209
|
|
|
1,936
|
|
|
2,042
|
|
|
555
|
|
|
628
|
|
||||||||
Expected return on plan assets
|
|
(623
|
)
|
|
(570
|
)
|
|
—
|
|
|
—
|
|
|
(1,867
|
)
|
|
(1,709
|
)
|
|
—
|
|
|
—
|
|
||||||||
Amortization of transition
obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85
|
|
||||||||
Amortization of prior service
cost
|
|
74
|
|
|
74
|
|
|
21
|
|
|
47
|
|
|
223
|
|
|
223
|
|
|
63
|
|
|
140
|
|
||||||||
Amortization of net loss
|
|
445
|
|
|
322
|
|
|
44
|
|
|
28
|
|
|
1,329
|
|
|
948
|
|
|
132
|
|
|
84
|
|
||||||||
Net periodic benefit cost
|
|
$
|
791
|
|
|
$
|
731
|
|
|
$
|
252
|
|
|
$
|
316
|
|
|
$
|
2,375
|
|
|
$
|
2,209
|
|
|
$
|
757
|
|
|
$
|
949
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net external sales
|
|
|
|
|
|
|
|
|
||||||||
Olefins
|
|
|
|
|
|
|
|
|
||||||||
Polyethylene
|
|
$
|
431,614
|
|
|
$
|
444,077
|
|
|
$
|
1,275,057
|
|
|
$
|
1,358,631
|
|
Ethylene, styrene and other
|
|
108,171
|
|
|
251,597
|
|
|
669,718
|
|
|
587,438
|
|
||||
Total Olefins
|
|
539,785
|
|
|
695,674
|
|
|
1,944,775
|
|
|
1,946,069
|
|
||||
Vinyls
|
|
|
|
|
|
|
|
|
||||||||
PVC, caustic soda and other
|
|
191,310
|
|
|
198,046
|
|
|
569,316
|
|
|
583,214
|
|
||||
Building products
|
|
90,080
|
|
|
74,652
|
|
|
255,909
|
|
|
231,390
|
|
||||
Total Vinyls
|
|
281,390
|
|
|
272,698
|
|
|
825,225
|
|
|
814,604
|
|
||||
|
|
$
|
821,175
|
|
|
$
|
968,372
|
|
|
$
|
2,770,000
|
|
|
$
|
2,760,673
|
|
|
|
|
|
|
|
|
|
|
||||||||
Intersegment sales
|
|
|
|
|
|
|
|
|
||||||||
Olefins
|
|
$
|
76,771
|
|
|
$
|
109,140
|
|
|
$
|
247,671
|
|
|
$
|
327,584
|
|
Vinyls
|
|
391
|
|
|
376
|
|
|
1,167
|
|
|
1,100
|
|
||||
|
|
$
|
77,162
|
|
|
$
|
109,516
|
|
|
$
|
248,838
|
|
|
$
|
328,684
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from operations
|
|
|
|
|
|
|
|
|
||||||||
Olefins
|
|
$
|
124,452
|
|
|
$
|
105,353
|
|
|
$
|
409,550
|
|
|
$
|
383,376
|
|
Vinyls
|
|
24,059
|
|
|
16,123
|
|
|
67,724
|
|
|
23,565
|
|
||||
Corporate and other
|
|
(5,994
|
)
|
|
(4,145
|
)
|
|
(18,154
|
)
|
|
(10,604
|
)
|
||||
|
|
$
|
142,517
|
|
|
$
|
117,331
|
|
|
$
|
459,120
|
|
|
$
|
396,337
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
|
|
|
|
|
|
|
|
||||||||
Olefins
|
|
$
|
27,070
|
|
|
$
|
21,746
|
|
|
$
|
74,903
|
|
|
$
|
64,998
|
|
Vinyls
|
|
11,232
|
|
|
10,967
|
|
|
34,330
|
|
|
32,782
|
|
||||
Corporate and other
|
|
122
|
|
|
148
|
|
|
368
|
|
|
464
|
|
||||
|
|
$
|
38,424
|
|
|
$
|
32,861
|
|
|
$
|
109,601
|
|
|
$
|
98,244
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Other income (expense), net
|
|
|
|
|
|
|
|
|
||||||||
Olefins
|
|
$
|
806
|
|
|
$
|
949
|
|
|
$
|
2,764
|
|
|
$
|
2,033
|
|
Vinyls
|
|
146
|
|
|
(303
|
)
|
|
115
|
|
|
179
|
|
||||
Corporate and other
|
|
270
|
|
|
811
|
|
|
797
|
|
|
2,084
|
|
||||
|
|
$
|
1,222
|
|
|
$
|
1,457
|
|
|
$
|
3,676
|
|
|
$
|
4,296
|
|
|
|
|
|
|
|
|
|
|
||||||||
Provision for (benefit from) income taxes
|
|
|
|
|
|
|
|
|
||||||||
Olefins
|
|
$
|
36,092
|
|
|
$
|
34,867
|
|
|
$
|
130,612
|
|
|
$
|
128,405
|
|
Vinyls
|
|
6,556
|
|
|
5,277
|
|
|
18,989
|
|
|
5,847
|
|
||||
Corporate and other
|
|
(4,412
|
)
|
|
(2,013
|
)
|
|
(3,418
|
)
|
|
(4,591
|
)
|
||||
|
|
$
|
38,236
|
|
|
$
|
38,131
|
|
|
$
|
146,183
|
|
|
$
|
129,661
|
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
|
|
|
|
|
|
|
|
||||||||
Olefins
|
|
$
|
46,867
|
|
|
$
|
26,570
|
|
|
$
|
92,168
|
|
|
$
|
59,969
|
|
Vinyls
|
|
47,001
|
|
|
15,447
|
|
|
139,836
|
|
|
50,454
|
|
||||
Corporate and other
|
|
1,027
|
|
|
628
|
|
|
3,459
|
|
|
1,400
|
|
||||
|
|
$
|
94,895
|
|
|
$
|
42,645
|
|
|
$
|
235,463
|
|
|
$
|
111,823
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Income from operations
|
|
$
|
142,517
|
|
|
$
|
117,331
|
|
|
$
|
459,120
|
|
|
$
|
396,337
|
|
Interest expense
|
|
(11,934
|
)
|
|
(12,727
|
)
|
|
(35,682
|
)
|
|
(38,449
|
)
|
||||
Debt retirement costs
|
|
(7,082
|
)
|
|
—
|
|
|
(7,082
|
)
|
|
—
|
|
||||
Gain from sales of equity securities
|
|
477
|
|
|
—
|
|
|
16,429
|
|
|
—
|
|
||||
Other income, net
|
|
1,222
|
|
|
1,457
|
|
|
3,676
|
|
|
4,296
|
|
||||
Income before income taxes
|
|
$
|
125,200
|
|
|
$
|
106,061
|
|
|
$
|
436,461
|
|
|
$
|
362,184
|
|
|
|
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||
Total assets
|
|
|
|
|
|
|
|
|
||||
Olefins
|
|
|
|
|
|
$
|
1,355,157
|
|
|
$
|
1,441,752
|
|
Vinyls
|
|
|
|
|
|
956,665
|
|
|
824,825
|
|
||
Corporate and other
|
|
|
|
|
|
1,232,352
|
|
|
1,000,244
|
|
||
|
|
|
|
|
|
$
|
3,544,174
|
|
|
$
|
3,266,821
|
|
|
|
Westlake
Chemical
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
1,168,124
|
|
|
$
|
5,693
|
|
|
$
|
24,651
|
|
|
$
|
—
|
|
|
$
|
1,198,468
|
|
Accounts receivable, net
|
|
19,803
|
|
|
1,685,259
|
|
|
5,480
|
|
|
(1,316,950
|
)
|
|
393,592
|
|
|||||
Inventories
|
|
—
|
|
|
357,780
|
|
|
13,757
|
|
|
—
|
|
|
371,537
|
|
|||||
Prepaid expenses and other
current assets
|
|
292
|
|
|
11,253
|
|
|
2,927
|
|
|
—
|
|
|
14,472
|
|
|||||
Deferred income taxes
|
|
430
|
|
|
19,085
|
|
|
221
|
|
|
—
|
|
|
19,736
|
|
|||||
Total current assets
|
|
1,188,649
|
|
|
2,079,070
|
|
|
47,036
|
|
|
(1,316,950
|
)
|
|
1,997,805
|
|
|||||
Property, plant and equipment, net
|
|
—
|
|
|
1,386,453
|
|
|
7,745
|
|
|
—
|
|
|
1,394,198
|
|
|||||
Equity investments
|
|
2,910,021
|
|
|
53,908
|
|
|
33,244
|
|
|
(2,952,999
|
)
|
|
44,174
|
|
|||||
Other assets, net
|
|
17,622
|
|
|
106,350
|
|
|
1,714
|
|
|
(17,689
|
)
|
|
107,997
|
|
|||||
Total assets
|
|
$
|
4,116,292
|
|
|
$
|
3,625,781
|
|
|
$
|
89,739
|
|
|
$
|
(4,287,638
|
)
|
|
$
|
3,544,174
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
|
$
|
1,314,329
|
|
|
$
|
179,772
|
|
|
$
|
11,073
|
|
|
$
|
(1,305,736
|
)
|
|
$
|
199,438
|
|
Accrued liabilities
|
|
15,640
|
|
|
157,906
|
|
|
1,037
|
|
|
(11,214
|
)
|
|
163,369
|
|
|||||
Total current liabilities
|
|
1,329,969
|
|
|
337,678
|
|
|
12,110
|
|
|
(1,316,950
|
)
|
|
362,807
|
|
|||||
Long-term debt
|
|
752,842
|
|
|
10,889
|
|
|
11,500
|
|
|
(11,500
|
)
|
|
763,731
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
340,197
|
|
|
1,386
|
|
|
(6,189
|
)
|
|
335,394
|
|
|||||
Other liabilities
|
|
53
|
|
|
48,704
|
|
|
57
|
|
|
—
|
|
|
48,814
|
|
|||||
Stockholders’ equity
|
|
2,033,428
|
|
|
2,888,313
|
|
|
64,686
|
|
|
(2,952,999
|
)
|
|
2,033,428
|
|
|||||
Total liabilities and
stockholders’ equity
|
|
$
|
4,116,292
|
|
|
$
|
3,625,781
|
|
|
$
|
89,739
|
|
|
$
|
(4,287,638
|
)
|
|
$
|
3,544,174
|
|
|
|
Westlake
Chemical
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
803,320
|
|
|
$
|
2,517
|
|
|
$
|
20,064
|
|
|
$
|
—
|
|
|
$
|
825,901
|
|
Accounts receivable, net
|
|
—
|
|
|
1,384,705
|
|
|
949
|
|
|
(978,282
|
)
|
|
407,372
|
|
|||||
Inventories
|
|
—
|
|
|
478,229
|
|
|
12,548
|
|
|
—
|
|
|
490,777
|
|
|||||
Prepaid expenses and other
current assets
|
|
363
|
|
|
10,332
|
|
|
1,800
|
|
|
—
|
|
|
12,495
|
|
|||||
Deferred income taxes
|
|
430
|
|
|
19,049
|
|
|
132
|
|
|
—
|
|
|
19,611
|
|
|||||
Total current assets
|
|
804,113
|
|
|
1,894,832
|
|
|
35,493
|
|
|
(978,282
|
)
|
|
1,756,156
|
|
|||||
Property, plant and equipment, net
|
|
—
|
|
|
1,223,073
|
|
|
8,993
|
|
|
—
|
|
|
1,232,066
|
|
|||||
Equity investments
|
|
2,597,598
|
|
|
53,912
|
|
|
35,650
|
|
|
(2,640,419
|
)
|
|
46,741
|
|
|||||
Restricted cash
|
|
96,283
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96,283
|
|
|||||
Other assets, net
|
|
17,650
|
|
|
132,968
|
|
|
2,467
|
|
|
(17,510
|
)
|
|
135,575
|
|
|||||
Total assets
|
|
$
|
3,515,644
|
|
|
$
|
3,304,785
|
|
|
$
|
82,603
|
|
|
$
|
(3,636,211
|
)
|
|
$
|
3,266,821
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
|
$
|
1,005,529
|
|
|
$
|
210,476
|
|
|
$
|
3,748
|
|
|
$
|
(992,719
|
)
|
|
$
|
227,034
|
|
Accrued liabilities
|
|
76
|
|
|
120,656
|
|
|
2,392
|
|
|
14,437
|
|
|
137,561
|
|
|||||
Total current liabilities
|
|
1,005,605
|
|
|
331,132
|
|
|
6,140
|
|
|
(978,282
|
)
|
|
364,595
|
|
|||||
Long-term debt
|
|
753,674
|
|
|
10,889
|
|
|
11,500
|
|
|
(11,500
|
)
|
|
764,563
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
336,165
|
|
|
636
|
|
|
(6,010
|
)
|
|
330,791
|
|
|||||
Other liabilities
|
|
53
|
|
|
50,458
|
|
|
49
|
|
|
—
|
|
|
50,560
|
|
|||||
Stockholders’ equity
|
|
1,756,312
|
|
|
2,576,141
|
|
|
64,278
|
|
|
(2,640,419
|
)
|
|
1,756,312
|
|
|||||
Total liabilities and
stockholders’ equity
|
|
$
|
3,515,644
|
|
|
$
|
3,304,785
|
|
|
$
|
82,603
|
|
|
$
|
(3,636,211
|
)
|
|
$
|
3,266,821
|
|
|
|
Westlake
Chemical
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
809,164
|
|
|
$
|
13,876
|
|
|
$
|
(1,865
|
)
|
|
$
|
821,175
|
|
Cost of sales
|
|
—
|
|
|
638,892
|
|
|
11,969
|
|
|
(1,865
|
)
|
|
648,996
|
|
|||||
Gross profit
|
|
—
|
|
|
170,272
|
|
|
1,907
|
|
|
—
|
|
|
172,179
|
|
|||||
Selling, general and administrative
expenses
|
|
498
|
|
|
27,601
|
|
|
1,563
|
|
|
—
|
|
|
29,662
|
|
|||||
(Loss) income from operations
|
|
(498
|
)
|
|
142,671
|
|
|
344
|
|
|
—
|
|
|
142,517
|
|
|||||
Interest expense
|
|
(11,919
|
)
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
(11,934
|
)
|
|||||
Debt retirement costs
|
|
(7,082
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,082
|
)
|
|||||
Gain from sales of equity securities
|
|
—
|
|
|
477
|
|
|
—
|
|
|
—
|
|
|
477
|
|
|||||
Other income (expense), net
|
|
4,556
|
|
|
(2,744
|
)
|
|
(590
|
)
|
|
—
|
|
|
1,222
|
|
|||||
(Loss) income before income taxes
|
|
(14,943
|
)
|
|
140,389
|
|
|
(246
|
)
|
|
—
|
|
|
125,200
|
|
|||||
(Benefit from) provision for income taxes
|
|
(4,498
|
)
|
|
42,596
|
|
|
138
|
|
|
—
|
|
|
38,236
|
|
|||||
Equity in net income of subsidiaries
|
|
97,409
|
|
|
—
|
|
|
—
|
|
|
(97,409
|
)
|
|
—
|
|
|||||
Net income (loss)
|
|
$
|
86,964
|
|
|
$
|
97,793
|
|
|
$
|
(384
|
)
|
|
$
|
(97,409
|
)
|
|
$
|
86,964
|
|
Comprehensive income
|
|
$
|
88,666
|
|
|
$
|
98,109
|
|
|
$
|
481
|
|
|
$
|
(98,590
|
)
|
|
$
|
88,666
|
|
|
|
Westlake
Chemical
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
956,390
|
|
|
$
|
12,708
|
|
|
$
|
(726
|
)
|
|
$
|
968,372
|
|
Cost of sales
|
|
—
|
|
|
810,516
|
|
|
11,515
|
|
|
(726
|
)
|
|
821,305
|
|
|||||
Gross profit
|
|
—
|
|
|
145,874
|
|
|
1,193
|
|
|
—
|
|
|
147,067
|
|
|||||
Selling, general and administrative
expenses
|
|
1,125
|
|
|
27,242
|
|
|
1,369
|
|
|
—
|
|
|
29,736
|
|
|||||
(Loss) income from operations
|
|
(1,125
|
)
|
|
118,632
|
|
|
(176
|
)
|
|
—
|
|
|
117,331
|
|
|||||
Interest expense
|
|
(12,727
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,727
|
)
|
|||||
Other income (expense), net
|
|
1,396
|
|
|
950
|
|
|
(889
|
)
|
|
—
|
|
|
1,457
|
|
|||||
(Loss) income before income taxes
|
|
(12,456
|
)
|
|
119,582
|
|
|
(1,065
|
)
|
|
—
|
|
|
106,061
|
|
|||||
(Benefit from) provision for income taxes
|
|
(4,510
|
)
|
|
43,190
|
|
|
(549
|
)
|
|
—
|
|
|
38,131
|
|
|||||
Equity in net income of subsidiaries
|
|
75,876
|
|
|
—
|
|
|
—
|
|
|
(75,876
|
)
|
|
—
|
|
|||||
Net income (loss)
|
|
$
|
67,930
|
|
|
$
|
76,392
|
|
|
$
|
(516
|
)
|
|
$
|
(75,876
|
)
|
|
$
|
67,930
|
|
Comprehensive income (loss)
|
|
$
|
60,503
|
|
|
$
|
70,019
|
|
|
$
|
(1,570
|
)
|
|
$
|
(68,449
|
)
|
|
$
|
60,503
|
|
|
|
Westlake
Chemical
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
2,738,180
|
|
|
$
|
37,154
|
|
|
$
|
(5,334
|
)
|
|
$
|
2,770,000
|
|
Cost of sales
|
|
—
|
|
|
2,197,300
|
|
|
31,322
|
|
|
(5,334
|
)
|
|
2,223,288
|
|
|||||
Gross profit
|
|
—
|
|
|
540,880
|
|
|
5,832
|
|
|
—
|
|
|
546,712
|
|
|||||
Selling, general and administrative
expenses
|
|
1,500
|
|
|
81,288
|
|
|
4,804
|
|
|
—
|
|
|
87,592
|
|
|||||
(Loss) income from operations
|
|
(1,500
|
)
|
|
459,592
|
|
|
1,028
|
|
|
—
|
|
|
459,120
|
|
|||||
Interest expense
|
|
(35,652
|
)
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
(35,682
|
)
|
|||||
Debt retirement costs
|
|
(7,082
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,082
|
)
|
|||||
Gain from sales of equity securities
|
|
1
|
|
|
16,428
|
|
|
—
|
|
|
—
|
|
|
16,429
|
|
|||||
Other income (expense), net
|
|
12,044
|
|
|
(5,724
|
)
|
|
(2,644
|
)
|
|
—
|
|
|
3,676
|
|
|||||
(Loss) income before income taxes
|
|
(32,189
|
)
|
|
470,266
|
|
|
(1,616
|
)
|
|
—
|
|
|
436,461
|
|
|||||
(Benefit from) provision for income taxes
|
|
(11,105
|
)
|
|
158,228
|
|
|
(940
|
)
|
|
—
|
|
|
146,183
|
|
|||||
Equity in net income of subsidiaries
|
|
311,362
|
|
|
—
|
|
|
—
|
|
|
(311,362
|
)
|
|
—
|
|
|||||
Net income (loss)
|
|
$
|
290,278
|
|
|
$
|
312,038
|
|
|
$
|
(676
|
)
|
|
$
|
(311,362
|
)
|
|
$
|
290,278
|
|
Comprehensive income
|
|
$
|
291,185
|
|
|
$
|
312,017
|
|
|
$
|
252
|
|
|
$
|
(312,269
|
)
|
|
$
|
291,185
|
|
|
|
Westlake
Chemical
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
2,731,248
|
|
|
$
|
32,331
|
|
|
$
|
(2,906
|
)
|
|
$
|
2,760,673
|
|
Cost of sales
|
|
—
|
|
|
2,251,296
|
|
|
30,537
|
|
|
(2,906
|
)
|
|
2,278,927
|
|
|||||
Gross profit
|
|
—
|
|
|
479,952
|
|
|
1,794
|
|
|
—
|
|
|
481,746
|
|
|||||
Selling, general and administrative
expenses
|
|
3,149
|
|
|
78,283
|
|
|
3,977
|
|
|
—
|
|
|
85,409
|
|
|||||
(Loss) income from operations
|
|
(3,149
|
)
|
|
401,669
|
|
|
(2,183
|
)
|
|
—
|
|
|
396,337
|
|
|||||
Interest expense
|
|
(38,403
|
)
|
|
(46
|
)
|
|
—
|
|
|
—
|
|
|
(38,449
|
)
|
|||||
Other income (expense), net
|
|
6,410
|
|
|
(2,090
|
)
|
|
(24
|
)
|
|
—
|
|
|
4,296
|
|
|||||
(Loss) income before income taxes
|
|
(35,142
|
)
|
|
399,533
|
|
|
(2,207
|
)
|
|
—
|
|
|
362,184
|
|
|||||
(Benefit from) provision for income taxes
|
|
(11,858
|
)
|
|
142,247
|
|
|
(728
|
)
|
|
—
|
|
|
129,661
|
|
|||||
Equity in net income of subsidiaries
|
|
255,807
|
|
|
—
|
|
|
—
|
|
|
(255,807
|
)
|
|
—
|
|
|||||
Net income (loss)
|
|
$
|
232,523
|
|
|
$
|
257,286
|
|
|
$
|
(1,479
|
)
|
|
$
|
(255,807
|
)
|
|
$
|
232,523
|
|
Comprehensive income (loss)
|
|
$
|
225,981
|
|
|
$
|
251,474
|
|
|
$
|
(2,209
|
)
|
|
$
|
(249,265
|
)
|
|
$
|
225,981
|
|
|
|
Westlake
Chemical
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
|
$
|
290,278
|
|
|
$
|
312,038
|
|
|
$
|
(676
|
)
|
|
$
|
(311,362
|
)
|
|
$
|
290,278
|
|
Adjustments to reconcile net income
(loss) to net cash (used for) provided
by operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
|
1,149
|
|
|
107,191
|
|
|
2,410
|
|
|
—
|
|
|
110,750
|
|
|||||
Deferred income taxes
|
|
(176
|
)
|
|
3,932
|
|
|
629
|
|
|
—
|
|
|
4,385
|
|
|||||
Net changes in working capital
and other
|
|
(310,163
|
)
|
|
95,909
|
|
|
(1,898
|
)
|
|
311,362
|
|
|
95,210
|
|
|||||
Net cash (used for) provided by
operating activities
|
|
(18,912
|
)
|
|
519,070
|
|
|
465
|
|
|
—
|
|
|
500,623
|
|
|||||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Additions to property, plant and
equipment
|
|
—
|
|
|
(234,713
|
)
|
|
(750
|
)
|
|
—
|
|
|
(235,463
|
)
|
|||||
Construction of assets pending
sale-leaseback
|
|
—
|
|
|
(5,484
|
)
|
|
—
|
|
|
—
|
|
|
(5,484
|
)
|
|||||
Proceeds from disposition of assets
|
|
—
|
|
|
414
|
|
|
21
|
|
|
—
|
|
|
435
|
|
|||||
Proceeds from repayment of loan
to affiliate
|
|
—
|
|
|
—
|
|
|
763
|
|
|
—
|
|
|
763
|
|
|||||
Proceeds from sales of equity securities
|
|
3
|
|
|
47,652
|
|
|
—
|
|
|
—
|
|
|
47,655
|
|
|||||
Purchase of investments
|
|
—
|
|
|
(2,961
|
)
|
|
—
|
|
|
—
|
|
|
(2,961
|
)
|
|||||
Settlements of derivative instruments
|
|
—
|
|
|
471
|
|
|
—
|
|
|
—
|
|
|
471
|
|
|||||
Net cash provided by (used for)
investing activities
|
|
3
|
|
|
(194,621
|
)
|
|
34
|
|
|
—
|
|
|
(194,584
|
)
|
|||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Intercompany financing
|
|
317,185
|
|
|
(321,273
|
)
|
|
4,088
|
|
|
—
|
|
|
—
|
|
|||||
Capitalized debt issuance costs
|
|
(2,221
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,221
|
)
|
|||||
Dividends paid
|
|
(22,345
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,345
|
)
|
|||||
Proceeds from borrowings
|
|
248,818
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
248,818
|
|
|||||
Proceeds from exercise of stock options
|
|
6,627
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,627
|
|
|||||
Repayment of borrowings
|
|
(250,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(250,000
|
)
|
|||||
Repurchase of common stock for treasury
|
|
(10,784
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,784
|
)
|
|||||
Utilization of restricted cash
|
|
96,433
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96,433
|
|
|||||
Net cash provided by (used for)
financing activities
|
|
383,713
|
|
|
(321,273
|
)
|
|
4,088
|
|
|
—
|
|
|
66,528
|
|
|||||
Net increase in cash and cash equivalents
|
|
364,804
|
|
|
3,176
|
|
|
4,587
|
|
|
—
|
|
|
372,567
|
|
|||||
Cash and cash equivalents at beginning
of period
|
|
803,320
|
|
|
2,517
|
|
|
20,064
|
|
|
—
|
|
|
825,901
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
1,168,124
|
|
|
$
|
5,693
|
|
|
$
|
24,651
|
|
|
$
|
—
|
|
|
$
|
1,198,468
|
|
|
|
Westlake
Chemical
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
|
$
|
232,523
|
|
|
$
|
257,286
|
|
|
$
|
(1,479
|
)
|
|
$
|
(255,807
|
)
|
|
$
|
232,523
|
|
Adjustments to reconcile net income
(loss) to net cash (used for) provided
by operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
|
1,290
|
|
|
95,486
|
|
|
2,757
|
|
|
—
|
|
|
99,533
|
|
|||||
Deferred income taxes
|
|
(1,430
|
)
|
|
21,010
|
|
|
(145
|
)
|
|
—
|
|
|
19,435
|
|
|||||
Net changes in working capital
and other
|
|
(255,859
|
)
|
|
(104,494
|
)
|
|
(2,592
|
)
|
|
255,807
|
|
|
(107,138
|
)
|
|||||
Net cash (used for) provided by
operating activities
|
|
(23,476
|
)
|
|
269,288
|
|
|
(1,459
|
)
|
|
—
|
|
|
244,353
|
|
|||||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Additions to property, plant and equipment
|
|
—
|
|
|
(110,887
|
)
|
|
(936
|
)
|
|
—
|
|
|
(111,823
|
)
|
|||||
Proceeds from disposition of assets
|
|
—
|
|
|
2,453
|
|
|
3
|
|
|
—
|
|
|
2,456
|
|
|||||
Proceeds from repayment of loan
to affiliate
|
|
—
|
|
|
—
|
|
|
763
|
|
|
—
|
|
|
763
|
|
|||||
Purchase of investments
|
|
—
|
|
|
(29,877
|
)
|
|
—
|
|
|
—
|
|
|
(29,877
|
)
|
|||||
Settlements of derivative instruments
|
|
—
|
|
|
(331
|
)
|
|
—
|
|
|
—
|
|
|
(331
|
)
|
|||||
Net cash used for investing
activities
|
|
—
|
|
|
(138,642
|
)
|
|
(170
|
)
|
|
—
|
|
|
(138,812
|
)
|
|||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Intercompany financing
|
|
129,251
|
|
|
(129,158
|
)
|
|
(93
|
)
|
|
—
|
|
|
—
|
|
|||||
Capitalized debt issuance costs
|
|
(2,540
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,540
|
)
|
|||||
Dividends paid
|
|
(13,359
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,359
|
)
|
|||||
Proceeds from exercise of stock options
|
|
5,323
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,323
|
|
|||||
Repurchase of common stock for treasury
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|||||
Utilization of restricted cash
|
|
33,694
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,694
|
|
|||||
Net cash provided by (used for)
financing activities
|
|
152,350
|
|
|
(129,158
|
)
|
|
(93
|
)
|
|
—
|
|
|
23,099
|
|
|||||
Net increase (decrease) in cash and
cash equivalents
|
|
128,874
|
|
|
1,488
|
|
|
(1,722
|
)
|
|
—
|
|
|
128,640
|
|
|||||
Cash and cash equivalents at beginning
of period
|
|
611,158
|
|
|
53
|
|
|
19,088
|
|
|
—
|
|
|
630,299
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
740,032
|
|
|
$
|
1,541
|
|
|
$
|
17,366
|
|
|
$
|
—
|
|
|
$
|
758,939
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Net external sales
|
|
|
|
|
|
|
|
|
||||||||
Olefins
|
|
|
|
|
|
|
|
|
||||||||
Polyethylene
|
|
$
|
431,614
|
|
|
$
|
444,077
|
|
|
$
|
1,275,057
|
|
|
$
|
1,358,631
|
|
Ethylene, styrene and other
|
|
108,171
|
|
|
251,597
|
|
|
669,718
|
|
|
587,438
|
|
||||
Total Olefins
|
|
539,785
|
|
|
695,674
|
|
|
1,944,775
|
|
|
1,946,069
|
|
||||
Vinyls
|
|
|
|
|
|
|
|
|
||||||||
PVC, caustic soda and other
|
|
191,310
|
|
|
198,046
|
|
|
569,316
|
|
|
583,214
|
|
||||
Building products
|
|
90,080
|
|
|
74,652
|
|
|
255,909
|
|
|
231,390
|
|
||||
Total Vinyls
|
|
281,390
|
|
|
272,698
|
|
|
825,225
|
|
|
814,604
|
|
||||
Total
|
|
$
|
821,175
|
|
|
$
|
968,372
|
|
|
$
|
2,770,000
|
|
|
$
|
2,760,673
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Income (loss) from operations
|
|
|
|
|
|
|
|
|
||||||||
Olefins
|
|
$
|
124,452
|
|
|
$
|
105,353
|
|
|
$
|
409,550
|
|
|
$
|
383,376
|
|
Vinyls
|
|
24,059
|
|
|
16,123
|
|
|
67,724
|
|
|
23,565
|
|
||||
Corporate and other
|
|
(5,994
|
)
|
|
(4,145
|
)
|
|
(18,154
|
)
|
|
(10,604
|
)
|
||||
Total income from operations
|
|
142,517
|
|
|
117,331
|
|
|
459,120
|
|
|
396,337
|
|
||||
Interest expense
|
|
(11,934
|
)
|
|
(12,727
|
)
|
|
(35,682
|
)
|
|
(38,449
|
)
|
||||
Debt retirement costs
|
|
(7,082
|
)
|
|
—
|
|
|
(7,082
|
)
|
|
—
|
|
||||
Gain from sales of equity securities
|
|
477
|
|
|
—
|
|
|
16,429
|
|
|
—
|
|
||||
Other income, net
|
|
1,222
|
|
|
1,457
|
|
|
3,676
|
|
|
4,296
|
|
||||
Provision for income taxes
|
|
38,236
|
|
|
38,131
|
|
|
146,183
|
|
|
129,661
|
|
||||
Net income
|
|
$
|
86,964
|
|
|
$
|
67,930
|
|
|
$
|
290,278
|
|
|
$
|
232,523
|
|
Diluted earnings per share
|
|
$
|
1.30
|
|
|
$
|
1.01
|
|
|
$
|
4.33
|
|
|
$
|
3.48
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended September 30, 2012
|
|
Nine Months Ended September 30, 2012
|
||||||||||||
|
|
Average
Sales Price
|
|
Volume
|
|
Average
Sales Price
|
|
Volume
|
||||||||
Product sales price and volume percentage change
from prior year period
|
|
|
|
|
|
|
|
|
||||||||
Olefins
|
|
(14.4
|
)%
|
|
(8.1
|
)%
|
|
(9.8
|
)%
|
|
9.8
|
%
|
||||
Vinyls
|
|
(19.4
|
)%
|
|
22.6
|
%
|
|
(4.5
|
)%
|
|
5.8
|
%
|
||||
Company average
|
|
(15.8
|
)%
|
|
0.6
|
%
|
|
(8.3
|
)%
|
|
8.6
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Average industry prices
(1)
|
|
|
|
|
|
|
|
|
||||||||
Ethane (cents/lb)
|
|
11.4
|
|
|
26.3
|
|
|
14.6
|
|
|
24.8
|
|
||||
Propane (cents/lb)
|
|
21.2
|
|
|
36.4
|
|
|
24.7
|
|
|
34.7
|
|
||||
Ethylene (cents/lb)
(2)
|
|
52.1
|
|
|
60.4
|
|
|
57.8
|
|
|
57.5
|
|
||||
Polyethylene (cents/lb)
(3)
|
|
91.3
|
|
|
96.0
|
|
|
95.1
|
|
|
98.8
|
|
||||
Styrene (cents/lb)
(4)
|
|
77.7
|
|
|
73.3
|
|
|
75.3
|
|
|
74.5
|
|
||||
Caustic soda ($/short ton)
(5)
|
|
611.7
|
|
|
570.0
|
|
|
598.3
|
|
|
525.6
|
|
||||
Chlorine ($/short ton)
(6)
|
|
262.5
|
|
|
348.3
|
|
|
268.1
|
|
|
338.3
|
|
||||
PVC (cents/lb)
(7)
|
|
52.5
|
|
|
55.0
|
|
|
54.8
|
|
|
52.1
|
|
(1)
|
Industry pricing data was obtained through IHS Chemical. We have not independently verified the data.
|
(2)
|
Represents average North American spot prices of ethylene over the period as reported by IHS Chemical.
|
(3)
|
Represents average North American contract prices of polyethylene low density film over the period as reported by IHS Chemical.
|
(4)
|
Represents average North American contract prices of styrene over the period as reported by IHS Chemical.
|
(5)
|
Represents average North American acquisition prices of caustic soda (diaphragm grade) over the period as reported by IHS Chemical.
|
(6)
|
Represents average North American contract prices of chlorine (into chemicals) over the period as reported by IHS Chemical.
|
(7)
|
Represents average North American contract prices of PVC over the period as reported by IHS Chemical. During the first quarter of 2012, IHS Chemical made a 23 cents per pound non-market downward adjustment to PVC resin prices. For comparability, we adjusted both prior year periods’ PVC resin price downward by 23 cents per pound consistent with the IHS Chemical non-market adjustment.
|
•
|
future operating rates, margins, cash flow and demand for our products;
|
•
|
industry market outlook;
|
•
|
production capacities;
|
•
|
our ability to borrow additional funds under our credit facility;
|
•
|
our ability to meet our liquidity needs;
|
•
|
our intended quarterly dividends;
|
•
|
future capacity additions and expansions in the industry;
|
•
|
timing, funding and results of the expansion and feedstock conversion programs at our Lake Charles and Calvert City complexes;
|
•
|
timing, funding and results of the planned new chlor-alkali plant in Geismar;
|
•
|
health of our customer base;
|
•
|
pension plan funding requirements and investment policies;
|
•
|
compliance with present and future environmental regulations and costs associated with environmentally related penalties, capital expenditures, remedial actions and proceedings, including any new laws, regulations or treaties that may come into force to limit or control carbon dioxide and other greenhouse gases emissions or to address other issues of climate change;
|
•
|
the utilization of net operating loss carryforwards;
|
•
|
effects of pending legal proceedings; and
|
•
|
timing of and amount of capital expenditures.
|
•
|
general economic and business conditions;
|
•
|
the cyclical nature of the chemical industry;
|
•
|
the availability, cost and volatility of raw materials and energy;
|
•
|
uncertainties associated with the United States and worldwide economies, including those due to the global economic slowdown and political tensions in the Middle East and elsewhere;
|
•
|
current and potential governmental regulatory actions in the United States and regulatory actions and political unrest in other countries;
|
•
|
industry production capacity and operating rates;
|
•
|
the supply/demand balance for our products;
|
•
|
competitive products and pricing pressures;
|
•
|
instability in the credit and financial markets;
|
•
|
access to capital markets;
|
•
|
terrorist acts;
|
•
|
operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, labor difficulties, transportation interruptions, spills and releases and other environmental risks);
|
•
|
changes in laws or regulations;
|
•
|
technological developments;
|
•
|
our ability to implement our business strategies; and
|
•
|
creditworthiness of our customers.
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
|
Total Number
of Shares
Purchased
(1)
|
|
Average Price
Paid Per
Share
|
|
Total Number
of Shares
Purchased as Part
of Publicly
Announced Plans
or Programs (1) |
|
Maximum Number
(or Approximate
Dollar Value) of
Shares that
May Yet Be
Purchased Under
the Plans or
Programs
(1)
|
||||||
July 2012
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
86,698,000
|
|
August 2012
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
86,698,000
|
|
September 2012
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
86,698,000
|
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
(1)
|
On August 22, 2011, we announced the authorization by our Board of Directors of a $100.0 million stock repurchase program. As of
September 30, 2012
, 284,493 shares of common stock had been acquired at an aggregate purchase price of $13.3 million. Decisions regarding the amount and the timing of purchases under the program will be influenced by our cash on hand, our cash flow from operations, general market conditions and other factors. The program may be discontinued by our Board of Directors at any time.
|
Item 6.
|
Exhibits
|
Exhibit No.
|
|
|
|
|
|
4.1
|
|
Sixth Supplemental Indenture, dated as of July 17, 2012, among the Company, the Subsidiary Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 16, 2012, File No. 1-32260)
|
|
|
|
4.2
|
|
Form of the Company's 3.60% Senior Notes due 2022 (included in Exhibit 4.1)
|
|
|
|
31.1
|
|
Rule 13a – 14(a) / 15d – 14(a) Certification (Principal Executive Officer)
|
|
|
|
31.2
|
|
Rule 13a – 14(a) / 15d – 14(a) Certification (Principal Financial Officer)
|
|
|
|
32.1
|
|
Section 1350 Certification (Principal Executive Officer and Principal Financial Officer)
|
|
|
|
101.INS
|
|
XBRL Instance Document
(1)
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
(1)
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
(1)
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
(1)
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
(1)
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
(1)
|
(1)
|
Pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
|
|
|
|
WESTLAKE CHEMICAL CORPORATION
|
||
|
|
|
|
|||
Date:
|
November 8, 2012
|
|
|
By:
|
|
/
S
/ A
LBERT
C
HAO
|
|
|
|
|
|
|
Albert Chao
|
|
|
|
|
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|||
Date:
|
November 8, 2012
|
|
|
By:
|
|
/
S
/ M. S
TEVEN
B
ENDER
|
|
|
|
|
|
|
M. Steven Bender
|
|
|
|
|
|
|
Senior Vice President, Chief Financial Officer
and Treasurer
(Principal Financial Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|