2023 Q1 Form 10-K Financial Statement

#000103500223000027 Filed on February 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $36.44B $41.75B $176.4B
YoY Change -5.46% 16.27% 54.75%
Cost Of Revenue $32.13B $37.07B $159.6B
YoY Change -12.98% 9.05% 43.97%
Gross Profit $4.307B $4.675B $16.80B
YoY Change 166.03% 144.76% 436.78%
Gross Profit Margin 11.82% 11.2% 9.52%
Selling, General & Admin $244.0M $282.0M $914.0M
YoY Change 19.02% -1.4% 5.66%
% of Gross Profit 5.67% 6.03% 5.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $660.0M $633.0M $1.700B
YoY Change 8.91% 5.85% 0.0%
% of Gross Profit 15.32% 13.54% 10.12%
Operating Expenses $264.0M $319.0M $1.025B
YoY Change 12.34% 0.95% 2.6%
Operating Profit $4.043B $4.356B $15.69B
YoY Change 192.12% 173.27% 636.62%
Interest Expense $146.0M -$137.0M $562.0M
YoY Change 0.69% -9.87% -6.8%
% of Operating Profit 3.61% -3.15% 3.58%
Other Income/Expense, Net $129.0M $235.0M $179.0M
YoY Change -745.0% -244.17% 1018.75%
Pretax Income $4.026B $4.250B $15.31B
YoY Change 230.27% 232.29% 892.03%
Income Tax $880.0M $1.018B $3.428B
% Of Pretax Income 21.86% 23.95% 22.39%
Net Earnings $3.067B $3.101B $11.53B
YoY Change 238.9% 207.33% 1139.57%
Net Earnings / Revenue 8.42% 7.43% 6.54%
Basic Earnings Per Share $8.30 $29.05
Diluted Earnings Per Share $8.29 $8.14 $29.04
COMMON SHARES
Basic Shares Outstanding 371.2M shares 385.5M shares 395.0M shares
Diluted Shares Outstanding 369.0M shares 396.0M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.521B $4.862B $4.862B
YoY Change 109.29% 17.95% 17.95%
Cash & Equivalents $5.521B $4.862B $4.862B
Short-Term Investments
Other Short-Term Assets $671.0M $600.0M $600.0M
YoY Change 59.38% 50.0% 50.0%
Inventory $7.455B $6.752B $6.752B
Prepaid Expenses
Receivables $9.688B $10.76B $11.92B
Other Receivables $0.00 $1.016B $0.00
Total Short-Term Assets $23.34B $24.13B $24.13B
YoY Change 0.09% 14.02% 14.02%
LONG-TERM ASSETS
Property, Plant & Equipment $30.78B $32.09B $32.09B
YoY Change -0.31% -0.12% -0.12%
Goodwill $260.0M
YoY Change 0.0%
Intangibles $202.0M
YoY Change -7.34%
Long-Term Investments $724.0M $724.0M
YoY Change -1.36% -1.36%
Other Assets $6.062B $5.871B $3.747B
YoY Change -2.43% -0.09% 34.11%
Total Long-Term Assets $36.84B $36.85B $36.85B
YoY Change -0.67% 0.34% 0.34%
TOTAL ASSETS
Total Short-Term Assets $23.34B $24.13B $24.13B
Total Long-Term Assets $36.84B $36.85B $36.85B
Total Assets $60.18B $60.98B $60.98B
YoY Change -0.37% 5.34% 5.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.50B $12.73B $12.73B
YoY Change -31.1% 1.86% 1.86%
Accrued Expenses $1.168B $1.215B $2.525B
YoY Change 2.46% -3.03% -1.29%
Deferred Revenue $129.0M
YoY Change 65.38%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.258B $1.109B $1.109B
YoY Change -2.86% -12.26% -12.26%
Total Short-Term Liabilities $15.37B $17.46B $17.46B
YoY Change -22.34% 3.62% 3.62%
LONG-TERM LIABILITIES
Long-Term Debt $10.17B $10.53B $10.53B
YoY Change -14.27% -16.5% -16.5%
Other Long-Term Liabilities $2.292B $2.310B $2.310B
YoY Change -31.99% -32.14% -32.14%
Total Long-Term Liabilities $2.292B $2.310B $12.84B
YoY Change -31.99% -32.14% -19.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.37B $17.46B $17.46B
Total Long-Term Liabilities $2.292B $2.310B $12.84B
Total Liabilities $17.66B $19.77B $37.42B
YoY Change -23.74% -2.39% -5.16%
SHAREHOLDERS EQUITY
Retained Earnings $40.94B $38.25B
YoY Change 42.21% 35.24%
Common Stock $6.884B $6.870B
YoY Change 0.66% 0.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $21.64B $20.20B
YoY Change 37.0% 28.83%
Treasury Stock Shares 312.0M shares 301.4M shares
Shareholders Equity $24.98B $23.56B $23.56B
YoY Change
Total Liabilities & Shareholders Equity $60.18B $60.98B $60.98B
YoY Change -0.37% 5.34% 5.34%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $3.067B $3.101B $11.53B
YoY Change 238.9% 207.33% 1139.57%
Depreciation, Depletion And Amortization $660.0M $633.0M $1.700B
YoY Change 8.91% 5.85% 0.0%
Cash From Operating Activities $3.170B $4.096B $12.57B
YoY Change 439.12% 66.91% 114.61%
INVESTING ACTIVITIES
Capital Expenditures $265.0M $417.0M $1.681B
YoY Change -169.01% -182.09% -200.96%
Acquisitions
YoY Change
Other Investing Activities -$4.000M -$318.0M $99.00M
YoY Change 100.0% 33.05% -360.53%
Cash From Investing Activities -$549.0M -$735.0M -$2.805B
YoY Change -34.72% -1.61% 29.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.577B
YoY Change 16851.85%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.998B -2.580B -$8.849B
YoY Change 62.7% 133.06% 210.93%
NET CHANGE
Cash From Operating Activities $3.170B 4.096B $12.57B
Cash From Investing Activities -$549.0M -735.0M -$2.805B
Cash From Financing Activities -$1.998B -2.580B -$8.849B
Net Change In Cash $659.0M 781.0M $740.0M
YoY Change -144.41% 30.17% -8.53%
FREE CASH FLOW
Cash From Operating Activities $3.170B $4.096B $12.57B
Capital Expenditures $265.0M $417.0M $1.681B
Free Cash Flow $2.905B $3.679B $10.89B
YoY Change 198.87% 24.21% 44.78%

Facts In Submission

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<div style="padding-left:18pt"><span style="color:#0070ab;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with 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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-101000000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
521000000 usd
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
6301000000 usd
CY2020 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-4068000000 usd
CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-5000000 usd
CY2021 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
253000000 usd
CY2020 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
48000000 usd
CY2022 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
98000000 usd
CY2021 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
104000000 usd
CY2020 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
37000000 usd
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
231000000 usd
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
224000000 usd
CY2020 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-243000000 usd
CY2022 vlo Increase Decrease In Operating Capital Current
IncreaseDecreaseInOperatingCapitalCurrent
1626000000 usd
CY2021 vlo Increase Decrease In Operating Capital Current
IncreaseDecreaseInOperatingCapitalCurrent
-2225000000 usd
CY2021 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
1000000 usd
CY2020 vlo Increase Decrease In Operating Capital Current
IncreaseDecreaseInOperatingCapitalCurrent
345000000 usd
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3300000000 usd
CY2020 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
1000000000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
570000000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
598000000 usd
CY2020 us-gaap Interest Paid Net
InterestPaidNet
526000000 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3288000000 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-842000000 usd
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
203000000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
395000000 usd
CY2022 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
83000000 usd
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
397000000 usd
CY2021 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
72000000 usd
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
444000000 usd
CY2020 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
97000000 usd
CY2022 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
0 usd
CY2020 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
1000000 usd
CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
180000000 usd
CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
135000000 usd
CY2020 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
80000000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
178000000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
660000000 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
451000000 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
378000000 usd
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
263000000 usd
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
950000000 usd
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
0 usd
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
61000000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4862000000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4122000000 usd
CY2022Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
9241000000 usd
CY2021Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
11950000000 usd
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
We do not require any collateral or other security to support derivative instruments into which we enter.
CY2022 dei Auditor Firm
AuditorFirmId
185

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