2018 Q2 Form 10-Q Financial Statement

#000103500218000041 Filed on August 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $31.02B $22.25B
YoY Change 39.37% 13.63%
Cost Of Revenue $29.48B $21.21B
YoY Change 39.02% 16.19%
Gross Profit $1.535B $1.049B
YoY Change 46.33% -28.0%
Gross Profit Margin 4.95% 4.71%
Selling, General & Admin $248.0M $175.0M
YoY Change 41.71% 10.06%
% of Gross Profit 16.16% 16.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $523.0M $499.0M
YoY Change 4.81% 5.94%
% of Gross Profit 34.07% 47.57%
Operating Expenses $282.0M $189.0M
YoY Change 49.21% 18.87%
Operating Profit $1.253B $860.0M
YoY Change 45.7% -30.14%
Interest Expense $124.0M $119.0M
YoY Change 4.2% 7.21%
% of Operating Profit 9.9% 13.84%
Other Income/Expense, Net -$5.000M $27.00M
YoY Change -118.52% 92.86%
Pretax Income $1.124B $768.0M
YoY Change 46.35% -32.28%
Income Tax $249.0M $196.0M
% Of Pretax Income 22.15% 25.52%
Net Earnings $845.0M $548.0M
YoY Change 54.2% -32.68%
Net Earnings / Revenue 2.72% 2.46%
Basic Earnings Per Share $1.96 $1.23
Diluted Earnings Per Share $1.96 $1.23
COMMON SHARES
Basic Shares Outstanding 429.0M shares 444.0M shares
Diluted Shares Outstanding 431.0M shares 446.0M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.451B $5.207B
YoY Change -14.52% 5.73%
Cash & Equivalents $4.451B $5.207B
Short-Term Investments
Other Short-Term Assets $1.980B $939.0M
YoY Change 110.86% 394.21%
Inventory $6.420B $5.674B
Prepaid Expenses
Receivables $6.097B $3.911B
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.95B $15.73B
YoY Change 20.45% -2.78%
LONG-TERM ASSETS
Property, Plant & Equipment $28.18B $27.05B
YoY Change 4.16% 1.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.550B $3.189B
YoY Change 11.32% 18.86%
Total Long-Term Assets $31.73B $30.24B
YoY Change 4.92% 3.32%
TOTAL ASSETS
Total Short-Term Assets $18.95B $15.73B
Total Long-Term Assets $31.73B $30.24B
Total Assets $50.68B $45.97B
YoY Change 10.23% 1.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.963B $5.456B
YoY Change 64.28% -8.19%
Accrued Expenses $641.0M $955.0M
YoY Change -32.88% 117.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $183.0M $121.0M
YoY Change 51.24% -86.0%
Total Short-Term Liabilities $11.34B $7.683B
YoY Change 47.61% -11.2%
LONG-TERM LIABILITIES
Long-Term Debt $8.876B $8.366B
YoY Change 6.1% 25.88%
Other Long-Term Liabilities $2.897B $1.906B
YoY Change 51.99% 29.57%
Total Long-Term Liabilities $2.897B $1.906B
YoY Change 51.99% 29.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.34B $7.683B
Total Long-Term Liabilities $2.897B $1.906B
Total Liabilities $14.24B $9.589B
YoY Change 48.48% -5.28%
SHAREHOLDERS EQUITY
Retained Earnings $29.92B $26.60B
YoY Change 12.45% 2.58%
Common Stock $7.039B $7.103B
YoY Change -0.9% 0.58%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.92B $12.66B
YoY Change 9.98% 10.89%
Treasury Stock Shares 245.1M shares 231.5M shares
Shareholders Equity $21.77B $19.92B
YoY Change
Total Liabilities & Shareholders Equity $50.68B $45.97B
YoY Change 10.23% 1.15%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $845.0M $548.0M
YoY Change 54.2% -32.68%
Depreciation, Depletion And Amortization $523.0M $499.0M
YoY Change 4.81% 5.94%
Cash From Operating Activities $2.059B $1.797B
YoY Change 14.58% -22.51%
INVESTING ACTIVITIES
Capital Expenditures -$434.0M -$293.0M
YoY Change 48.12% -0.34%
Acquisitions
YoY Change
Other Investing Activities -$946.0M -$167.0M
YoY Change 466.47% 7.05%
Cash From Investing Activities -$1.380B -$460.0M
YoY Change 200.0% 2.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -829.0M -676.0M
YoY Change 22.63% -2.45%
NET CHANGE
Cash From Operating Activities 2.059B 1.797B
Cash From Investing Activities -1.380B -460.0M
Cash From Financing Activities -829.0M -676.0M
Net Change In Cash -150.0M 661.0M
YoY Change -122.69% -43.79%
FREE CASH FLOW
Cash From Operating Activities $2.059B $1.797B
Capital Expenditures -$434.0M -$293.0M
Free Cash Flow $2.493B $2.090B
YoY Change 19.28% -20.02%

Facts In Submission

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us-gaap Operating Income Loss
OperatingIncomeLoss
2054000000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
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CY2018Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3550000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
208000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
282000000 USD
CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-291000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-246000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
212000000 USD
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
289000000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-282000000 USD
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-229000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
211000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
287000000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-284000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-233000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
287000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-231000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-4000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-7000000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-9000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-17000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
1000000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
2000000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
2000000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
4000000 USD
CY2017Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
0 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
0 USD
CY2018Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
21000000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
31000000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2729000000 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2897000000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
27000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
53000000 USD
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
46000000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
308000000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
490000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-2000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
660000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
647000000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
45000000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
50000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
627000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
690000000 USD
us-gaap Payments To Acquire Business Two Net Of Cash Acquired
PaymentsToAcquireBusinessTwoNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Business Two Net Of Cash Acquired
PaymentsToAcquireBusinessTwoNetOfCashAcquired
91000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
471000000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
222000000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
119000000 USD
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
72000000 USD
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
145000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
572000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
740000000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
156000000 USD
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
542000000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
36000000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1314000000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
32000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-21000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-16000000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
572000000 USD
us-gaap Profit Loss
ProfitLoss
893000000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
875000000 USD
us-gaap Profit Loss
ProfitLoss
1457000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
40010000000 USD
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
41266000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27480000000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28180000000 USD
CY2017Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
6922000000 USD
CY2018Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
7535000000 USD
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-5000000 USD
us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
-13000000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
11000000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
1345000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
29200000000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
29915000000 USD
CY2017Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
22254000000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
44026000000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
31015000000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
57454000000 USD
CY2017Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1321000000 USD
CY2018Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1334000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-13000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-134000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
21991000000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
21769000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20854000000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20765000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
22900000000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
22804000000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
-40000000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
-1000000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
239603534 shares
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
245078683 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
13315000000 USD
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
13923000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
649000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
508000000 USD
CY2017Q4 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
1000000000 USD
CY2018Q2 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
1100000000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
446000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
448000000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
431000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
432000000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
444000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
446000000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
429000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
430000000 shares
CY2017Q4 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
242000000 USD
CY2018Q2 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
231000000 USD
CY2018Q2 vlo Number Of Ethanol Plants Owned By Company
NumberOfEthanolPlantsOwnedByCompany
11 ethanol_plant
CY2018Q2 vlo Number Of Refineries Owned By Company
NumberOfRefineriesOwnedByCompany
15 refinery
vlo Tax Cutsand Jobs Act Reclassificationfrom Aoc Ito Retained Earnings Tax Effect Attributableto Parent
TaxCutsandJobsActReclassificationfromAOCItoRetainedEarningsTaxEffectAttributabletoParent
0 USD
vlo Tax Cutsand Jobs Act Reclassificationfrom Aoc Ito Retained Earnings Tax Effect Attributableto Parent
TaxCutsandJobsActReclassificationfromAOCItoRetainedEarningsTaxEffectAttributabletoParent
-91000000 USD
vlo Variable Interest Entity Consolidated Paymentsfor Capital Expenditures
VariableInterestEntityConsolidatedPaymentsforCapitalExpenditures
0 USD
vlo Variable Interest Entity Consolidated Paymentsfor Capital Expenditures
VariableInterestEntityConsolidatedPaymentsforCapitalExpenditures
78000000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Certain prior period amounts have been reclassified to conform to the 2018 presentation.</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>
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.</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">&#160;</font><font style="font-family:inherit;font-size:11pt;">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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