$VLO
VALERO ENERGY CORP/TX

2016 Q2 Form 10-Q Financial Statement

#000103500216000113 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $19.58B $25.12B
YoY Change -22.03% -28.06%
Cost Of Revenue $18.25B $21.86B
YoY Change -16.51% -32.9%
Gross Profit $1.457B $3.258B
YoY Change -55.28% 39.47%
Gross Profit Margin 7.44% 12.97%
Selling, General & Admin $159.0M $178.0M
YoY Change -10.67% 4.71%
% of Gross Profit 10.91% 5.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $471.0M $425.0M
YoY Change 10.82% 2.66%
% of Gross Profit 32.33% 13.04%
Operating Expenses $159.0M $1.221B
YoY Change -86.98% 618.24%
Operating Profit $1.231B $2.078B
YoY Change -40.76% 91.52%
Interest Expense $111.0M $113.0M
YoY Change -1.77% 15.31%
% of Operating Profit 9.02% 5.44%
Other Income/Expense, Net $14.00M $8.000M
YoY Change 75.0% -33.33%
Pretax Income $1.134B $1.973B
YoY Change -42.52% 97.5%
Income Tax $291.0M $608.0M
% Of Pretax Income 25.66% 30.82%
Net Earnings $814.0M $1.351B
YoY Change -39.75% 129.76%
Net Earnings / Revenue 4.16% 5.38%
Basic Earnings Per Share $1.74 $2.67
Diluted Earnings Per Share $1.73 $2.66
COMMON SHARES
Basic Shares Outstanding 467.0M shares 505.0M shares
Diluted Shares Outstanding 470.0M shares 508.0M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.925B $5.764B
YoY Change -14.56% 65.63%
Cash & Equivalents $4.925B $5.764B
Short-Term Investments
Other Short-Term Assets $190.0M $298.0M
YoY Change -36.24% -25.31%
Inventory $6.137B $6.618B
Prepaid Expenses
Receivables $4.880B $5.799B
Other Receivables $48.00M $13.00M
Total Short-Term Assets $16.18B $18.49B
YoY Change -12.5% 0.23%
LONG-TERM ASSETS
Property, Plant & Equipment $26.59B $26.73B
YoY Change -0.54% 2.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.683B $2.373B
YoY Change 13.06% -2.79%
Total Long-Term Assets $29.27B $29.11B
YoY Change 0.57% 1.9%
TOTAL ASSETS
Total Short-Term Assets $16.18B $18.49B
Total Long-Term Assets $29.27B $29.11B
Total Assets $45.45B $47.60B
YoY Change -4.51% 1.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.943B $7.315B
YoY Change -18.76% -21.81%
Accrued Expenses $439.0M $529.0M
YoY Change -17.01% -9.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $864.0M $150.0M
YoY Change 476.0% -75.04%
Total Short-Term Liabilities $8.652B $9.865B
YoY Change -12.3% -21.22%
LONG-TERM LIABILITIES
Long-Term Debt $6.646B $7.199B
YoY Change -7.68% 24.46%
Other Long-Term Liabilities $1.471B $1.889B
YoY Change -22.13% 42.35%
Total Long-Term Liabilities $1.471B $1.889B
YoY Change -22.13% 42.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.652B $9.865B
Total Long-Term Liabilities $1.471B $1.889B
Total Liabilities $10.12B $11.75B
YoY Change -13.88% -15.13%
SHAREHOLDERS EQUITY
Retained Earnings $25.93B $23.95B
YoY Change 8.27% 19.05%
Common Stock $7.062B $7.083B
YoY Change -0.3% -0.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.42B $9.054B
YoY Change 26.1% 21.14%
Treasury Stock Shares 211.2M shares 173.8M shares
Shareholders Equity $20.58B $21.45B
YoY Change
Total Liabilities & Shareholders Equity $45.45B $47.60B
YoY Change -4.51% 1.25%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $814.0M $1.351B
YoY Change -39.75% 129.76%
Depreciation, Depletion And Amortization $471.0M $425.0M
YoY Change 10.82% 2.66%
Cash From Operating Activities $2.319B $2.329B
YoY Change -0.43% 105.38%
INVESTING ACTIVITIES
Capital Expenditures -$294.0M -$370.0M
YoY Change -20.54% -34.63%
Acquisitions
YoY Change
Other Investing Activities -$156.0M -$131.0M
YoY Change 19.08% -45.87%
Cash From Investing Activities -$450.0M -$501.0M
YoY Change -10.18% -38.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -693.0M -958.0M
YoY Change -27.66% 86.02%
NET CHANGE
Cash From Operating Activities 2.319B 2.329B
Cash From Investing Activities -450.0M -501.0M
Cash From Financing Activities -693.0M -958.0M
Net Change In Cash 1.176B 870.0M
YoY Change 35.17% -560.32%
FREE CASH FLOW
Cash From Operating Activities $2.319B $2.329B
Capital Expenditures -$294.0M -$370.0M
Free Cash Flow $2.613B $2.699B
YoY Change -3.19% 58.76%

Facts In Submission

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1043000000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
2127000000 USD
CY2016Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1001000000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
2031000000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2078000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
3573000000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1231000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
2060000000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2626000000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2683000000 USD
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
197000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-169000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-202000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-80000000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
203000000 USD
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-158000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-199000000 USD
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-74000000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
201000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-162000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-200000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-68000000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-6000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-11000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-3000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-6000000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
2000000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
4000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
1000000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-6000000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1611000000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1471000000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
32000000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
14000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
23000000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
400000000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
325000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-14000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-4000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
992000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
665000000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
25000000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
33000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
409000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
564000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
9000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
14000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
828000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
610000000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
204000000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
190000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1446000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
197000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
20000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
16000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-137000000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
1365000000 USD
us-gaap Profit Loss
ProfitLoss
2333000000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
843000000 USD
us-gaap Profit Loss
ProfitLoss
1356000000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36907000000 USD
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37363000000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26703000000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26589000000 USD
CY2015Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
4464000000 USD
CY2016Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
4880000000 USD
CY2015Q2 us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
21394000000 USD
us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
39557000000 USD
CY2016Q2 us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
17120000000 USD
us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
30627000000 USD
CY2015Q2 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
25118000000 USD
us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
46448000000 USD
CY2016Q2 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
19584000000 USD
us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
35298000000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
479000000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
24000000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
25188000000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
25933000000 USD
CY2015Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1069000000 USD
CY2016Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1050000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
20000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
3000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
20527000000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
20576000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21244000000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
22006000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21354000000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21404000000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
200462208 shares
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
211195867 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
10799000000 USD
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
11417000000 USD
CY2015Q4 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
668000000 USD
CY2016Q2 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
681000000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
508000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
512000000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
470000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
471000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
505000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
509000000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
467000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
468000000 shares
CY2015Q4 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
242000000 USD
CY2016Q2 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
226000000 USD
CY2015Q4 vlo Inventory Before Valuation Reserve
InventoryBeforeValuationReserve
6664000000 USD
CY2016Q2 vlo Inventory Before Valuation Reserve
InventoryBeforeValuationReserve
6137000000 USD
CY2016Q2 vlo Numberof Refineries Impactedby Vlp Operations
NumberofRefineriesImpactedbyVLPOperations
9 refineries
us-gaap Basis Of Accounting
BasisOfAccounting
<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&#160;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&#160;States (U.S.) generally accepted accounting principles (GAAP) 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;">six</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;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:11pt;"> and </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">2015</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;">six</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;">June&#160;30, 2016</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, 2016.</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, 2015</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, 2015</font><font style="font-family:inherit;font-size:11pt;">.</font></div></div>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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;">Accounting Pronouncements Not Yet Adopted</font></div><div style="line-height:120%;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 standard is effective for annual reporting periods beginning after December&#160;15, 2017, including interim reporting periods within those annual 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%;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 measured using the first-in, first-out or average cost methods. 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%;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 January&#160;2016, the provisions of ASC Subtopic&#160;825-10, &#8220;Financial Instruments&#8211;Overall,&#8221; were amended to enhance the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. These provisions are effective for annual reporting periods beginning after December&#160;15, 2017, and interim periods within those annual 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;"><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 February&#160;2016, the ASC was amended and a new accounting standard, ASC Topic&#160;842, &#8220;Leases,&#8221; was issued to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new standard is effective for public companies for annual reporting periods beginning after December&#160;15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.</font></div></div>
us-gaap Reclassifications
Reclassifications
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Certain amounts reported as of </font><font style="font-family:inherit;font-size:11pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:11pt;"> have been reclassified in order to conform to the 2016 presentation, including the retrospective adoption of certain amendments to the Accounting Standards Codification (ASC) effective January&#160;1, 2016. The adoption of the amendments to ASC Subtopic&#160;835-30, &#8220;Interest&#8211;Imputation of Interest,&#8221; resulted in the reclassification of certain debt issuance costs from &#8220;deferred charges and other assets, net&#8221; to &#8220;debt and capital lease obligations, less current portion.&#8221; The adoption of the amendments to ASC Topic&#160;740, &#8220;Income Taxes&#8221; resulted in the reclassification of current deferred income tax assets and current deferred income tax liabilities to noncurrent deferred income tax liabilities. The following table presents our previously reported balance sheet line items retrospectively adjusted for the adoption of these pronouncements (in&#160;millions):</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:88.88888888888889%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:52%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">December 31, 2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Previously</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Reported</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Reclassifications</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Currently<br clear="none"/>Reported</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Assets</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Current deferred income taxes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">74</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(74</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deferred charges and other assets, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2,668</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2,626</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Liabilities</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Current deferred income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">366</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(366</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Debt and capital lease obligations,</font></div><div style="text-align:justify;padding-left:12px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">less current portion</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7,250</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(42</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7,208</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deferred income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">6,768</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">292</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7,060</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;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;font-style:italic;font-weight:bold;"></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>

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