$VLO
VALERO ENERGY CORP/TX

2019 Q4 Form 10-Q Financial Statement

#000103500219000047 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $27.88B $27.25B $30.85B
YoY Change -2.96% -11.67% 30.93%
Cost Of Revenue $25.94B $26.13B $29.40B
YoY Change -4.74% -11.12% 33.94%
Gross Profit $2.003B $1.119B $1.451B
YoY Change 29.56% -22.88% -10.1%
Gross Profit Margin 7.18% 4.11% 4.7%
Selling, General & Admin $243.0M $217.0M $209.0M
YoY Change 5.65% 3.83% -7.11%
% of Gross Profit 12.13% 19.39% 14.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $571.0M $567.0M $517.0M
YoY Change 7.53% 9.67% 4.02%
% of Gross Profit 28.51% 50.67% 35.63%
Operating Expenses $264.0M $238.0M $232.0M
YoY Change 6.88% 2.59% -17.73%
Operating Profit $1.739B $881.0M $1.219B
YoY Change 33.87% -27.73% -8.48%
Interest Expense -$14.00M $111.0M $111.0M
YoY Change -78.13% 0.0% -2.63%
% of Operating Profit -0.81% 12.6% 9.11%
Other Income/Expense, Net -$3.000M $34.00M $42.00M
YoY Change -107.14% -19.05% 82.61%
Pretax Income $1.656B $804.0M $1.150B
YoY Change 34.96% -30.09% -7.33%
Income Tax $326.0M $165.0M $276.0M
% Of Pretax Income 19.69% 20.52% 24.0%
Net Earnings $1.060B $609.0M $856.0M
YoY Change 11.34% -28.86% 1.78%
Net Earnings / Revenue 3.8% 2.23% 2.77%
Basic Earnings Per Share $2.58 $1.48 $2.01
Diluted Earnings Per Share $2.58 $1.48 $2.01
COMMON SHARES
Basic Shares Outstanding 410.7M shares 412.0M shares 425.0M shares
Diluted Shares Outstanding 413.0M shares 427.0M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.583B $2.137B $3.551B
YoY Change -13.38% -39.82% -31.39%
Cash & Equivalents $2.583B $2.137B $3.551B
Short-Term Investments
Other Short-Term Assets $1.113B $1.162B $2.674B
YoY Change -69.19% -56.54% 150.37%
Inventory $7.013B $6.376B $7.501B
Prepaid Expenses
Receivables $8.058B $7.358B $6.165B
Other Receivables $846.0M $0.00 $0.00
Total Short-Term Assets $18.97B $17.03B $19.89B
YoY Change 7.32% -14.37% 14.04%
LONG-TERM ASSETS
Property, Plant & Equipment $29.26B $28.89B $28.43B
YoY Change 1.44% 1.63% 4.23%
Goodwill $260.0M
YoY Change 0.0%
Intangibles $283.0M
YoY Change -7.82%
Long-Term Investments $942.0M
YoY Change 73.8%
Other Assets $5.631B $5.306B $3.575B
YoY Change 55.04% 48.42% 9.26%
Total Long-Term Assets $34.90B $34.20B $32.00B
YoY Change 7.44% 6.85% 4.77%
TOTAL ASSETS
Total Short-Term Assets $18.97B $17.03B $19.89B
Total Long-Term Assets $34.90B $34.20B $32.00B
Total Assets $53.86B $51.23B $51.89B
YoY Change 7.4% -1.28% 8.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.21B $9.504B $10.22B
YoY Change 18.75% -7.04% 53.12%
Accrued Expenses $949.0M $881.0M $553.0M
YoY Change 50.63% 59.31% -32.31%
Deferred Revenue $55.00M
YoY Change 77.42%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $494.0M $402.0M $199.0M
YoY Change 107.56% 102.01% 64.46%
Total Short-Term Liabilities $13.16B $12.13B $12.48B
YoY Change 22.72% -2.82% 36.71%
LONG-TERM LIABILITIES
Long-Term Debt $9.178B $9.170B $8.877B
YoY Change 3.46% 3.3% 6.13%
Other Long-Term Liabilities $3.887B $3.421B $2.850B
YoY Change 35.58% 20.04% 49.37%
Total Long-Term Liabilities $3.887B $3.421B $2.850B
YoY Change 35.58% 20.04% 49.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.16B $12.13B $12.48B
Total Long-Term Liabilities $3.887B $3.421B $2.850B
Total Liabilities $17.05B $15.55B $15.33B
YoY Change 25.43% 1.43% 38.9%
SHAREHOLDERS EQUITY
Retained Earnings $31.97B $31.28B $30.43B
YoY Change 3.0% 2.8% 12.14%
Common Stock $6.828B $6.825B $7.049B
YoY Change -3.22% -3.18% -0.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.65B $15.47B $14.33B
YoY Change 4.84% 7.94% 10.78%
Treasury Stock Shares 264.2M shares 262.7M shares 248.9M shares
Shareholders Equity $21.80B $21.11B $21.91B
YoY Change
Total Liabilities & Shareholders Equity $53.86B $51.23B $51.89B
YoY Change 7.4% -1.28% 8.14%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $1.060B $609.0M $856.0M
YoY Change 11.34% -28.86% 1.78%
Depreciation, Depletion And Amortization $571.0M $567.0M $517.0M
YoY Change 7.53% 9.67% 4.02%
Cash From Operating Activities $1.708B $1.429B $496.0M
YoY Change 1.79% 188.1% -52.17%
INVESTING ACTIVITIES
Capital Expenditures -$585.0M -$435.0M -$439.0M
YoY Change 18.18% -0.91% 28.74%
Acquisitions
YoY Change
Other Investing Activities -$226.0M -$200.0M -$197.0M
YoY Change -66.02% 1.52% -12.44%
Cash From Investing Activities -$811.0M -$635.0M -$636.0M
YoY Change -30.09% -0.16% 12.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -523.0M -649.0M -779.0M
YoY Change -47.01% -16.69% 26.67%
NET CHANGE
Cash From Operating Activities 1.708B 1.429B 496.0M
Cash From Investing Activities -811.0M -635.0M -636.0M
Cash From Financing Activities -523.0M -649.0M -779.0M
Net Change In Cash 374.0M 145.0M -919.0M
YoY Change -179.74% -115.78% 538.19%
FREE CASH FLOW
Cash From Operating Activities $1.708B $1.429B $496.0M
Capital Expenditures -$585.0M -$435.0M -$439.0M
Free Cash Flow $2.293B $1.864B $935.0M
YoY Change 5.52% 99.36% -32.15%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
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<div style="line-height:120%;text-indent:24px;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;font-weight:bold;">Reclassifications</span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;">Effective January 1, 2019, we revised our reportable segments to reflect a new reportable segment — renewable diesel. The renewable diesel segment includes the operations of Diamond Green Diesel Holdings LLC (DGD), our consolidated joint venture as discussed in </span><span style="font-family:inherit;font-size:11pt;">Note 8</span><span style="font-family:inherit;font-size:11pt;">, which were transferred from the refining segment. Also effective January 1, 2019, we no longer have a VLP segment, and we now include the operations of Valero Energy Partners LP and its consolidated subsidiaries (VLP) in our refining segment. Our prior period segment information has been retrospectively adjusted to reflect our current segment presentation. See </span><span style="font-family:inherit;font-size:11pt;">Note 2</span><span style="font-family:inherit;font-size:11pt;"> regarding our merger with VLP, which occurred on January 10, 2019, and </span><span style="font-family:inherit;font-size:11pt;">Note 11</span><span style="font-family:inherit;font-size:11pt;"> for segment information.</span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;">Certain prior year amounts in the consolidated statement of cash flows have been reclassified to conform to the 2019 presentation.</span></div>
us-gaap Use Of Estimates
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<div style="line-height:120%;text-indent:24px;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;">The preparation of financial statements in conformity with U.S.</span><span style="font-family:inherit;font-size:11pt;font-style:italic;"> </span><span 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.</span></div>
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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