$VLO
VALERO ENERGY CORP/TX

2015 Q4 Form 10-Q Financial Statement

#000103500215000063 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $18.78B $22.58B $34.41B
YoY Change -32.6% -34.38% -4.78%
Cost Of Revenue $17.69B $18.99B $31.45B
YoY Change -28.53% -39.61% -8.46%
Gross Profit $1.092B $3.586B $2.957B
YoY Change -64.92% 21.27% 66.31%
Gross Profit Margin 5.82% 15.88% 8.59%
Selling, General & Admin $206.0M $179.0M $180.0M
YoY Change -3.74% -0.56% 5.88%
% of Gross Profit 18.86% 4.99% 6.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $494.0M $482.0M $430.0M
YoY Change 16.24% 12.09% -4.02%
% of Gross Profit 45.24% 13.44% 14.54%
Operating Expenses $206.0M $1.281B $180.0M
YoY Change -84.36% 611.67% 5.88%
Operating Profit $646.0M $2.139B $1.670B
YoY Change -64.03% 28.08% 213.91%
Interest Expense -$347.0M $112.0M $98.00M
YoY Change 243.56% 14.29% -3.92%
% of Operating Profit -53.72% 5.24% 5.87%
Other Income/Expense, Net $11.00M $3.000M $11.00M
YoY Change 22.22% -72.73% -35.29%
Pretax Income $550.0M $2.030B $1.583B
YoY Change -67.72% 28.24% 254.14%
Income Tax $155.0M $657.0M $521.0M
% Of Pretax Income 28.18% 32.36% 32.91%
Net Earnings $298.0M $1.377B $1.059B
YoY Change -74.2% 30.03% 239.42%
Net Earnings / Revenue 1.59% 6.1% 3.08%
Basic Earnings Per Share $0.62 $2.79 $2.01
Diluted Earnings Per Share $0.62 $2.79 $2.00
COMMON SHARES
Basic Shares Outstanding 481.5M shares 491.0M shares 526.0M shares
Diluted Shares Outstanding 494.0M shares 530.0M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.114B $5.301B $4.191B
YoY Change 11.52% 26.49% 119.65%
Cash & Equivalents $4.114B $5.301B $4.191B
Short-Term Investments
Other Short-Term Assets $204.0M $271.0M $1.744B
YoY Change -37.42% -84.46% 349.48%
Inventory $5.898B $6.557B $6.860B
Prepaid Expenses
Receivables $4.464B $4.691B $6.792B
Other Receivables $218.0M $7.000M $79.00M
Total Short-Term Assets $14.90B $16.83B $19.67B
YoY Change -10.33% -14.44% 5.77%
LONG-TERM ASSETS
Property, Plant & Equipment $26.70B $26.69B $26.45B
YoY Change -0.12% 0.9% 3.15%
Goodwill
YoY Change
Intangibles $156.0M
YoY Change 1.3%
Long-Term Investments $201.0M
YoY Change 157.69%
Other Assets $2.626B $2.310B $2.340B
YoY Change 19.31% -1.28% 23.29%
Total Long-Term Assets $29.33B $29.00B $28.79B
YoY Change 1.36% 0.73% 3.93%
TOTAL ASSETS
Total Short-Term Assets $14.90B $16.83B $19.67B
Total Long-Term Assets $29.33B $29.00B $28.79B
Total Assets $44.23B $45.83B $48.46B
YoY Change -2.9% -5.43% 4.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.907B $5.679B $9.939B
YoY Change -27.41% -42.86% -9.63%
Accrued Expenses $554.0M $595.0M $630.0M
YoY Change -7.05% -5.56% 5.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $127.0M $129.0M $600.0M
YoY Change -79.04% -78.5% 98.02%
Total Short-Term Liabilities $6.994B $8.289B $13.46B
YoY Change -29.92% -38.42% -1.52%
LONG-TERM LIABILITIES
Long-Term Debt $7.208B $7.252B $5.783B
YoY Change 24.71% 25.4% -7.63%
Other Long-Term Liabilities $1.611B $1.760B $1.549B
YoY Change -16.92% 13.62% -6.97%
Total Long-Term Liabilities $1.611B $1.760B $1.549B
YoY Change -16.92% 13.62% -6.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.994B $8.289B $13.46B
Total Long-Term Liabilities $1.611B $1.760B $1.549B
Total Liabilities $8.605B $10.05B $15.01B
YoY Change -27.8% -33.05% -2.11%
SHAREHOLDERS EQUITY
Retained Earnings $25.19B $25.13B $21.03B
YoY Change 14.25% 19.47% 18.14%
Common Stock $7.071B $7.081B $7.144B
YoY Change -0.73% -0.88% -1.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.80B $10.10B $7.773B
YoY Change 32.91% 29.87% 13.38%
Treasury Stock Shares 200.5M shares 190.5M shares 150.4M shares
Shareholders Equity $20.53B $21.32B $20.55B
YoY Change
Total Liabilities & Shareholders Equity $44.23B $45.83B $48.46B
YoY Change -2.9% -5.43% 4.67%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $298.0M $1.377B $1.059B
YoY Change -74.2% 30.03% 239.42%
Depreciation, Depletion And Amortization $494.0M $482.0M $430.0M
YoY Change 16.24% 12.09% -4.02%
Cash From Operating Activities $487.0M $1.362B $1.866B
YoY Change -51.15% -27.01% 744.34%
INVESTING ACTIVITIES
Capital Expenditures -$432.0M -$358.0M -$499.0M
YoY Change -38.29% -28.26% 4.18%
Acquisitions
YoY Change
Other Investing Activities -$376.0M -$107.0M -$121.0M
YoY Change 137.97% -11.57% 9.01%
Cash From Investing Activities -$808.0M -$465.0M -$620.0M
YoY Change -5.83% -25.0% 5.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -818.0M -1.295B -489.0M
YoY Change 33.22% 164.83% 237.24%
NET CHANGE
Cash From Operating Activities 487.0M 1.362B 1.866B
Cash From Investing Activities -808.0M -465.0M -620.0M
Cash From Financing Activities -818.0M -1.295B -489.0M
Net Change In Cash -1.139B -398.0M 757.0M
YoY Change 139.79% -152.58% -247.28%
FREE CASH FLOW
Cash From Operating Activities $487.0M $1.362B $1.866B
Capital Expenditures -$432.0M -$358.0M -$499.0M
Free Cash Flow $919.0M $1.720B $2.365B
YoY Change -45.85% -27.27% 237.86%

Facts In Submission

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us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As used in this report, the terms &#8220;Valero,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221; may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">These unaudited financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP)&#160;for interim financial information and with the instructions to Form&#160;10-Q and Article&#160;10 of Regulation&#160;S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three and </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">nine</font><font style="font-family:inherit;font-size:11pt;"> months ended </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:11pt;"> and </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:11pt;"> included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited financial statements. Operating results for the three and </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">nine</font><font style="font-family:inherit;font-size:11pt;"> months ended </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:11pt;"> are not necessarily indicative of the results that may be expected for the year ending December&#160;31, 2015.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The balance sheet as of </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:11pt;"> has been derived from our audited financial statements as of that date. For further information, refer to our financial statements and notes thereto included in our annual report on Form&#160;10-K for the year ended </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:11pt;">.</font></div></div>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">New Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:14px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In May&#160;2014, the ASC was amended and a new accounting standard, ASC Topic&#160;606, &#8220;Revenue from Contracts with Customers,&#8221; was issued to clarify the principles for recognizing revenue. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires improved interim and annual disclosures that enable the users of financial statements to better understand the nature, amount, timing, and uncertainty of revenues and cash flows arising from contracts with customers. In July&#160;2015, the effective date of the new standard was deferred by one year. As a result, the standard is effective for annual reporting periods beginning after December&#160;15, 2017, including interim reporting periods within those reporting periods, and can be adopted either retrospectively to each prior reporting period presented using a practical expedient, as allowed by the standard, or retrospectively with a cumulative-effect adjustment to retained earnings as of the date of initial application. Early adoption is permitted, but not before the original effective date, which was for annual reporting periods beginning after December&#160;15, 2016, including interim reporting periods within those reporting periods. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In February&#160;2015, the provisions of ASC Topic&#160;810, &#8220;Consolidation,&#8221; were amended to improve consolidation guidance for certain types of legal entities. The guidance modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for certain money market funds. These provisions are effective for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, with early adoption permitted. These provisions may also be adopted retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The adoption of this guidance effective January&#160;1, 2016 will not affect our financial position or results of operations, but will result in additional disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In April&#160;2015, the provisions of ASC Subtopic&#160;835-30, &#8220;Interest&#8211;Imputation of Interest,&#8221; were amended to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a note be reported in the balance sheet as a direct deduction from the face amount of that note, consistent with debt discounts, and that amortization of debt issuance costs be reported as interest expense. In August&#160;2015, these provisions were further amended with guidance from the Securities and Exchange Commission staff that they would not object to an entity deferring and presenting debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. These provisions are to be applied retrospectively and are effective for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January&#160;1, 2016 will not materially affect our financial position or results of operations; however, our debt issuance costs associated with issued debt (other than borrowings on our line-of-credit arrangements) will be reported in the balance sheet as a direct deduction from &#8220;debt and capital lease obligations, less current portion&#8221; and excluded from &#8220;deferred charges and other assets, net.&#8221; Debt issuance costs associated with borrowings on our line-of-credit arrangements will continue to be reported in the balance sheet as &#8220;deferred charges and other assets, net,&#8221; and the related amortization will continue to be reported as interest expense.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Also in April&#160;2015, the provisions of ASC Topic&#160;715, &#8220;Compensation&#8211;Retirement Benefits,&#8221; were amended to provide a practical expedient for the measurement date of an entity&#8217;s defined benefit pension or other postretirement plans. For an entity with a fiscal year-end that does not coincide with a month-end, the guidance provides a practical expedient that allows the entity to measure the defined benefit plan assets and obligations using the month-end that is closest to the entity&#8217;s fiscal year-end. For an entity that has a significant event in an interim period that calls for a remeasurement, the guidance allows an entity to remeasure the defined benefit plan assets and obligations using the month-end that is closest to the date of the significant event. These provisions are effective retrospectively for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January&#160;1, 2016 will not affect our financial position or results of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In May&#160;2015, the provisions of ASC Topic&#160;820, &#8220;Fair Value Measurements,&#8221; were amended to remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured using the net asset value per share practical expedient and limits those disclosures to investments for which the entity has elected to measure the fair value using that practical expedient. These provisions are to be applied retrospectively and are effective for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January&#160;1, 2016 will not affect our financial position or results of operations, but will result in revised disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In July&#160;2015, the provisions of ASC Topic&#160;330, &#8220;Inventory,&#8221; were amended to simplify the measurement of inventory. The guidance does not apply to inventory where the cost of such inventory is measured using the last-in, first-out (LIFO) or the retail inventory methods. The guidance applies to inventory where the cost of such inventory is measured using the first-in, first-out (FIFO) or average cost methods, and it requires the inventory to be measured at the lower of cost and net realizable value rather than the lower of cost or market. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predicable costs of completion, disposal, and transportation. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December&#160;15, 2016, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January&#160;1, 2017 will not affect our financial position or results of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In September&#160;2015, the provisions of ASC Topic&#160;805, &#8220;Business Combinations,&#8221; were amended to simplify the accounting and reporting of adjustments made to provisional amounts recognized in a business combination. The amendment requires that an acquirer (i)&#160;record, in the same period&#8217;s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and (ii)&#160;present separately on the statement of income or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. These provisions are effective for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, and should be applied prospectively to adjustments made to provisional amounts that occur after the effective date. Earlier application is permitted for financial statements that have not yet been issued. The adoption of this guidance effective January&#160;1, 2016 will not affect our financial position or results of operations; however, it may result in changes to the manner in which adjustments to provisional amounts recognized in a future business combination, if any, are presented in our financial statements.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div></div>

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