10-Q Filing

VALERO ENERGY CORP/TX CIK: 1035002 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001035002-14-000036`
Period End Date	20140331
Filing Date	20140508
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	vlo-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 42 Cash Flow Statement 48 Comprehensive Income 20

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Cash and temporary cash investments	`CashAndCashEquivalentsAtCarryingValue`	$4.29B	USD	Point-in-time
Cash and temporary cash investments	`CashAndCashEquivalentsAtCarryingValue`	$1.72B	USD	Point-in-time
Cash and temporary cash investments	`CashAndCashEquivalentsAtCarryingValue`	$3.65B	USD	Point-in-time
Cash and temporary cash investments	`CashAndCashEquivalentsAtCarryingValue`	$1.86B	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$8.75B	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$7.78B	USD	Point-in-time
Inventories	`InventoryNet`	$7.11B	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in usd per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories	`InventoryNet`	$5.76B	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$72.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.20B	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$104.00M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.20B	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	673.50M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$256.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	673.50M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$266.00M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$134.00M	USD	Point-in-time
Treasury stock, common shares	`TreasuryStockShares`	140.08M	shares	Point-in-time
Treasury stock, common shares	`TreasuryStockShares`	137.93M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$138.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.28B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.03B	USD	Point-in-time
Property, plant, and equipment, at cost	`PropertyPlantAndEquipmentGross`	$34.23B	USD	Point-in-time
Property, plant, and equipment, at cost	`PropertyPlantAndEquipmentGross`	$33.93B	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$8.23B	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$8.47B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$25.71B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$25.77B	USD	Point-in-time
Deferred charges and other assets, net	`OtherAssetsNoncurrent`	$2.28B	USD	Point-in-time
Deferred charges and other assets, net	`OtherAssetsNoncurrent`	$2.30B	USD	Point-in-time
Total assets	`Assets`	$47.26B	USD	Point-in-time
Total assets	`Assets`	$47.10B	USD	Point-in-time
Current portion of debt and capital lease obligations	`DebtCurrent`	$303.00M	USD	Point-in-time
Current portion of debt and capital lease obligations	`DebtCurrent`	$704.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.62B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.93B	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$488.00M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$522.00M	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesIncludingAdValoremExciseSalesAndUseAndPayroll`	$1.34B	USD	Point-in-time
Taxes other than income taxes	`AccrualForTaxesOtherThanIncomeTaxesIncludingAdValoremExciseSalesAndUseAndPayroll`	$1.14B	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$773.00M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$667.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$249.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesCurrent`	$311.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.93B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.12B	USD	Point-in-time
Debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$5.86B	USD	Point-in-time
Debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$6.26B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$6.62B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$6.60B	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.33B	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.29B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued	`CommonStockValue`	$7.00M	USD	Point-in-time
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued	`CommonStockValue`	$7.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$7.13B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$7.19B	USD	Point-in-time
Treasury stock, at cost; 140,081,386 and 137,932,138 common shares	`TreasuryStockValue`	$7.17B	USD	Point-in-time
Treasury stock, at cost; 140,081,386 and 137,932,138 common shares	`TreasuryStockValue`	$7.05B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.97B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$19.66B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$350.00M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$277.00M	USD	Point-in-time
Total Valero Energy Corporation stockholders equity	`StockholdersEquity`	$19.46B	USD	Point-in-time
Total Valero Energy Corporation stockholders equity	`StockholdersEquity`	$19.91B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$493.00M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$486.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$20.41B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$19.95B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$18.42B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$18.09B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$47.10B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$47.26B	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Operating revenues	`RefiningAndMarketingRevenue`	$33.47B	USD	1 Quarter
Operating revenues	`RefiningAndMarketingRevenue`	$33.66B	USD	1 Quarter
Cost of sales	`RefiningAndMarketingCosts`	$30.63B	USD	1 Quarter
Cost of sales	`RefiningAndMarketingCosts`	$30.68B	USD	1 Quarter
Refining	`RefiningOperatingCostsAndExpenses`	$973.00M	USD	1 Quarter
Refining	`RefiningOperatingCostsAndExpenses`	$876.00M	USD	1 Quarter
Retail	`SellingExpense`	$169.00M	USD	1 Quarter
Retail	`SellingExpense`	-	USD	1 Quarter
Ethanol	`EthanolOperatingCostsAndExpenses`	$129.00M	USD	1 Quarter
Ethanol	`EthanolOperatingCostsAndExpenses`	$77.00M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$176.00M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$160.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$430.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$421.00M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$32.31B	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$32.41B	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.06B	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.35B	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$14.00M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$15.00M	USD	1 Quarter
Interest and debt expense, net of capitalized interest	`InterestExpense`	$83.00M	USD	1 Quarter
Interest and debt expense, net of capitalized interest	`InterestExpense`	$100.00M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.26B	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$992.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$340.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$429.00M	USD	1 Quarter
Net income	`ProfitLoss`	$836.00M	USD	1 Quarter
Net income	`ProfitLoss`	$652.00M	USD	1 Quarter
Less: Net income (loss) attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-2.00M	USD	1 Quarter
Less: Net income (loss) attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$8.00M	USD	1 Quarter
Net income attributable to Valero Energy Corporation stockholders	`NetIncomeLoss`	$828.00M	USD	1 Quarter
Net income attributable to Valero Energy Corporation stockholders	`NetIncomeLoss`	$654.00M	USD	1 Quarter
Earnings per common share	`EarningsPerShareBasic`	$1.55	USD	1 Quarter
Earnings per common share	`EarningsPerShareBasic`	$1.18	USD	1 Quarter
Weighted-average common shares outstanding (in millions)	`WeightedAverageNumberOfSharesOutstandingBasic`	531.00M	shares	1 Quarter
Weighted-average common shares outstanding (in millions)	`WeightedAverageNumberOfSharesOutstandingBasic`	550.00M	shares	1 Quarter
Earnings per common share assuming dilution	`EarningsPerShareDiluted`	$1.18	USD	1 Quarter
Earnings per common share assuming dilution	`EarningsPerShareDiluted`	$1.54	USD	1 Quarter
Weighted-average common shares outstanding assuming dilution (in millions)	`WeightedAverageNumberOfDilutedSharesOutstanding`	536.00M	shares	1 Quarter
Weighted-average common shares outstanding assuming dilution (in millions)	`WeightedAverageNumberOfDilutedSharesOutstanding`	556.00M	shares	1 Quarter
Dividends per common share	`CommonStockDividendsPerShareCashPaid`	$0.20	USD	1 Quarter
Dividends per common share	`CommonStockDividendsPerShareCashPaid`	$0.25	USD	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$836.00M	USD	1 Quarter
Net income	`ProfitLoss`	$652.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$430.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$421.00M	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxesAndTaxCredits`	$88.00M	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxesAndTaxCredits`	$173.00M	USD	1 Quarter
Changes in current assets and current liabilities	`IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet`	$1.09B	USD	1 Quarter
Changes in current assets and current liabilities	`IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet`	$-255.00M	USD	1 Quarter
Changes in deferred charges and credits and other operating activities, net	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-39.00M	USD	1 Quarter
Changes in deferred charges and credits and other operating activities, net	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$13.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$244.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.55B	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$577.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$388.00M	USD	1 Quarter
Deferred turnaround and catalyst costs	`PaymentsForCapitalImprovements`	$287.00M	USD	1 Quarter
Deferred turnaround and catalyst costs	`PaymentsForCapitalImprovements`	$129.00M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-4.00M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$41.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-558.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-860.00M	USD	1 Quarter
Repayment of debt	`RepaymentsOfLongTermDebt`	$180.00M	USD	1 Quarter
Repayment of debt	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$24.00M	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$38.00M	USD	1 Quarter
Purchase of common stock for treasury	`PaymentsForRepurchaseOfCommonStock`	$304.00M	USD	1 Quarter
Purchase of common stock for treasury	`PaymentsForRepurchaseOfCommonStock`	$226.00M	USD	1 Quarter
Common stock dividends	`PaymentsOfDividendsCommonStock`	$133.00M	USD	1 Quarter
Common stock dividends	`PaymentsOfDividendsCommonStock`	$111.00M	USD	1 Quarter
Contributions from noncontrolling interests	`ProceedsFromMinorityShareholders`	$13.00M	USD	1 Quarter
Contributions from noncontrolling interests	`ProceedsFromMinorityShareholders`	-	USD	1 Quarter
Distributions to public unitholders of Valero Energy Partners LP	`PaymentsOfDividendsMinorityInterest`	-	USD	1 Quarter
Distributions to public unitholders of Valero Energy Partners LP	`PaymentsOfDividendsMinorityInterest`	$1.00M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$24.00M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$22.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-522.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-312.00M	USD	1 Quarter
Effect of foreign exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-19.00M	USD	1 Quarter
Effect of foreign exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-33.00M	USD	1 Quarter
Net increase (decrease) in cash and temporary cash investments	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$134.00M	USD	1 Quarter
Net increase (decrease) in cash and temporary cash investments	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-645.00M	USD	1 Quarter
Cash and temporary cash investments at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.29B	USD	Point-in-time
Cash and temporary cash investments at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.72B	USD	Point-in-time
Cash and temporary cash investments at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.65B	USD	Point-in-time
Cash and temporary cash investments at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.86B	USD	Point-in-time
Cash and temporary cash investments at end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.29B	USD	Point-in-time
Cash and temporary cash investments at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.72B	USD	Point-in-time
Cash and temporary cash investments at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.65B	USD	Point-in-time
Cash and temporary cash investments at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.86B	USD	Point-in-time

Comprehensive Income 20 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$836.00M	USD	1 Quarter
Net income	`ProfitLoss`	$652.00M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax`	$-204.00M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax`	$-74.00M	USD	1 Quarter
Net gain (loss) on pension and other postretirement benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax`	$2.00M	USD	1 Quarter
Net gain (loss) on pension and other postretirement benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax`	$-336.00M	USD	1 Quarter
Net gain (loss) on derivative instruments designated and qualifying as cash flow hedges	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax`	$4.00M	USD	1 Quarter
Net gain (loss) on derivative instruments designated and qualifying as cash flow hedges	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax`	$-2.00M	USD	1 Quarter
Other comprehensive income (loss) before income tax expense	`OtherComprehensiveIncomeLossBeforeTax`	$-72.00M	USD	1 Quarter
Other comprehensive income (loss) before income tax expense	`OtherComprehensiveIncomeLossBeforeTax`	$130.00M	USD	1 Quarter
Income tax expense related to items of other comprehensive income (loss)	`OtherComprehensiveIncomeLossTax`	$117.00M	USD	1 Quarter
Income tax expense related to items of other comprehensive income (loss)	`OtherComprehensiveIncomeLossTax`	$1.00M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$13.00M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-73.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$665.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$763.00M	USD	1 Quarter
Less: Comprehensive income (loss) attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$8.00M	USD	1 Quarter
Less: Comprehensive income (loss) attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-2.00M	USD	1 Quarter
Comprehensive income attributable to Valero Energy Corporation stockholders	`ComprehensiveIncomeNetOfTax`	$667.00M	USD	1 Quarter
Comprehensive income attributable to Valero Energy Corporation stockholders	`ComprehensiveIncomeNetOfTax`	$755.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.