10-Q Filing

VALERO ENERGY CORP/TX CIK: 1035002 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001035002-18-000015`
Period End Date	20180331
Filing Date	20180507
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	vlo-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 44 Cash Flow Statement 56 Comprehensive Income 18

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
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
Cash and temporary cash investments	`CashAndCashEquivalentsAtCarryingValue`	$4.66B	USD	Point-in-time
Cash and temporary cash investments	`CashAndCashEquivalentsAtCarryingValue`	$4.82B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.20B	shares	Point-in-time
Cash and temporary cash investments	`CashAndCashEquivalentsAtCarryingValue`	$5.85B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.20B	shares	Point-in-time
Cash and temporary cash investments	`CashAndCashEquivalentsAtCarryingValue`	$4.46B	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	673.50M	shares	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$6.81B	USD	Point-in-time
Receivables, net	`ReceivablesNetCurrent`	$6.92B	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	673.50M	shares	Point-in-time
Treasury stock, common shares	`TreasuryStockShares`	239.60M	shares	Point-in-time
Treasury stock, common shares	`TreasuryStockShares`	242.57M	shares	Point-in-time
Inventories	`InventoryNet`	$6.55B	USD	Point-in-time
Inventories	`InventoryNet`	$6.38B	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$156.00M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$233.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.26B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.31B	USD	Point-in-time
Property, plant, and equipment, at cost	`PropertyPlantAndEquipmentGross`	$40.01B	USD	Point-in-time
Property, plant, and equipment, at cost	`PropertyPlantAndEquipmentGross`	$40.54B	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$12.53B	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$12.81B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$27.48B	USD	Point-in-time
Property, plant, and equipment, net	`PropertyPlantAndEquipmentNet`	$27.73B	USD	Point-in-time
Deferred charges and other assets, net	`OtherAssetsNoncurrent`	$3.38B	USD	Point-in-time
Deferred charges and other assets, net	`OtherAssetsNoncurrent`	$3.37B	USD	Point-in-time
Total assets	`Assets`	$50.16B	USD	Point-in-time
Total assets	`Assets`	$49.38B	USD	Point-in-time
Current portion of debt and capital lease obligations	`DebtCurrent`	$122.00M	USD	Point-in-time
Current portion of debt and capital lease obligations	`DebtCurrent`	$871.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.35B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$7.97B	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$590.00M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$712.00M	USD	Point-in-time
Taxes other than income taxes payable	`SalesAndExciseTaxPayableCurrent`	$1.32B	USD	Point-in-time
Taxes other than income taxes payable	`SalesAndExciseTaxPayableCurrent`	$1.23B	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$99.00M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$568.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.75B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.07B	USD	Point-in-time
Debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$8.09B	USD	Point-in-time
Debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$8.75B	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$4.71B	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$4.71B	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.73B	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.90B	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`	$7.03B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$7.04B	USD	Point-in-time
Treasury stock, at cost; 242,573,833 and 239,603,534 common shares	`TreasuryStockValue`	$13.59B	USD	Point-in-time
Treasury stock, at cost; 242,573,833 and 239,603,534 common shares	`TreasuryStockValue`	$13.31B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$29.20B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$29.41B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-983.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-940.00M	USD	Point-in-time
Total Valero Energy Corporation stockholders equity	`StockholdersEquity`	$21.99B	USD	Point-in-time
Total Valero Energy Corporation stockholders equity	`StockholdersEquity`	$21.88B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$909.00M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$1.05B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$20.85B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$20.65B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$22.90B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$22.93B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$50.16B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$49.38B	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Includes excise taxes on sales by certain of our international operations	`ExciseAndSalesTaxes`	$1.27B	USD	1 Quarter
Includes excise taxes on sales by certain of our international operations	`ExciseAndSalesTaxes`	$1.46B	USD	1 Quarter
Revenues	`RefiningAndMarketingRevenue`	$26.44B	USD	1 Quarter
Revenues	`RefiningAndMarketingRevenue`	$21.77B	USD	1 Quarter
Cost of materials and other	`RefiningAndMarketingCosts`	$19.43B	USD	1 Quarter
Cost of materials and other	`RefiningAndMarketingCosts`	$23.76B	USD	1 Quarter
Operating expenses (excluding depreciation and amortization expense reflected below)	`CostOfGoodsAndServicesSoldOverhead`	$1.12B	USD	1 Quarter
Operating expenses (excluding depreciation and amortization expense reflected below)	`CostOfGoodsAndServicesSoldOverhead`	$1.14B	USD	1 Quarter
Depreciation and amortization expense	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$488.00M	USD	1 Quarter
Depreciation and amortization expense	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$485.00M	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$21.04B	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$25.38B	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	-	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$10.00M	USD	1 Quarter
General and administrative expenses (excluding depreciation and amortization expense reflected below)	`GeneralAndAdministrativeExpense`	$192.00M	USD	1 Quarter
General and administrative expenses (excluding depreciation and amortization expense reflected below)	`GeneralAndAdministrativeExpense`	$238.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$12.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$13.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$528.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$801.00M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$26.00M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$51.00M	USD	1 Quarter
Interest and debt expense, net of capitalized interest	`InterestExpense`	$121.00M	USD	1 Quarter
Interest and debt expense, net of capitalized interest	`InterestExpense`	$121.00M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$433.00M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$731.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$112.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$149.00M	USD	1 Quarter
Net income	`ProfitLoss`	$321.00M	USD	1 Quarter
Net income	`ProfitLoss`	$582.00M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$16.00M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$113.00M	USD	1 Quarter
Net income attributable to Valero Energy Corporation stockholders	`NetIncomeLoss`	$469.00M	USD	1 Quarter
Net income attributable to Valero Energy Corporation stockholders	`NetIncomeLoss`	$305.00M	USD	1 Quarter
Earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$1.09	USD	1 Quarter
Earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$0.68	USD	1 Quarter
Weighted-average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	448.00M	shares	1 Quarter
Weighted-average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	431.00M	shares	1 Quarter
Earnings per common share assuming dilution (in dollars per share)	`EarningsPerShareDiluted`	$0.68	USD	1 Quarter
Earnings per common share assuming dilution (in dollars per share)	`EarningsPerShareDiluted`	$1.09	USD	1 Quarter
Weighted-average common shares outstanding assuming dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	451.00M	shares	1 Quarter
Weighted-average common shares outstanding assuming dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	432.00M	shares	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.70	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.80	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$321.00M	USD	1 Quarter
Net income	`ProfitLoss`	$582.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAmortizationAndAccretionNet`	$498.00M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAmortizationAndAccretionNet`	$500.00M	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxesAndTaxCredits`	$-4.00M	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxesAndTaxCredits`	$2.00M	USD	1 Quarter
Changes in current assets and current liabilities	`IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet`	$-151.00M	USD	1 Quarter
Changes in current assets and current liabilities	`IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet`	$1.03B	USD	1 Quarter
Changes in deferred charges and credits and other operating activities, net	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-82.00M	USD	1 Quarter
Changes in deferred charges and credits and other operating activities, net	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-20.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$988.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$138.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$356.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$279.00M	USD	1 Quarter
Deferred turnaround and catalyst costs	`PaymentsForCapitalImprovements`	$220.00M	USD	1 Quarter
Deferred turnaround and catalyst costs	`PaymentsForCapitalImprovements`	$245.00M	USD	1 Quarter
Investments in joint ventures	`PaymentsToAcquireInterestInJointVenture`	$117.00M	USD	1 Quarter
Investments in joint ventures	`PaymentsToAcquireInterestInJointVenture`	$55.00M	USD	1 Quarter
Acquisition of undivided interests	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	$85.00M	USD	1 Quarter
Acquisition of undivided interests	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	$72.00M	USD	1 Quarter
Capital expenditures of certain variable interest entities	`VariableInterestEntityConsolidatedPaymentsforCapitalExpenditures`	-	USD	1 Quarter
Capital expenditures of certain variable interest entities	`VariableInterestEntityConsolidatedPaymentsforCapitalExpenditures`	$28.00M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$8.00M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$1.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-752.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-714.00M	USD	1 Quarter
Proceeds from issuance of Valero Energy Partners LP debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Proceeds from issuance of Valero Energy Partners LP debt	`ProceedsFromIssuanceOfLongTermDebt`	$498.00M	USD	1 Quarter
Repayments of debt and capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$415.00M	USD	1 Quarter
Repayments of debt and capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$5.00M	USD	1 Quarter
Purchase of common stock for treasury	`PaymentsForRepurchaseOfCommonStock`	$320.00M	USD	1 Quarter
Purchase of common stock for treasury	`PaymentsForRepurchaseOfCommonStock`	$314.00M	USD	1 Quarter
Common stock dividends	`PaymentsOfDividendsCommonStock`	$315.00M	USD	1 Quarter
Common stock dividends	`PaymentsOfDividendsCommonStock`	$345.00M	USD	1 Quarter
Proceeds from issuance of Valero Energy Partners LP common units	`ProceedsFromIssuanceOfCommonLimitedPartnersUnits`	-	USD	1 Quarter
Proceeds from issuance of Valero Energy Partners LP common units	`ProceedsFromIssuanceOfCommonLimitedPartnersUnits`	$35.00M	USD	1 Quarter
Contribution from noncontrolling interest	`ProceedsFromMinorityShareholders`	-	USD	1 Quarter
Contribution from noncontrolling interest	`ProceedsFromMinorityShareholders`	$32.00M	USD	1 Quarter
Distributions to noncontrolling interests	`PaymentsOfDistributionsToAffiliates`	$34.00M	USD	1 Quarter
Distributions to noncontrolling interests	`PaymentsOfDistributionsToAffiliates`	$11.00M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-12.00M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-19.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-652.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-573.00M	USD	1 Quarter
Effect of foreign exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-5.00M	USD	1 Quarter
Effect of foreign exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$25.00M	USD	1 Quarter
Net decrease in cash and temporary cash investments	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-353.00M	USD	1 Quarter
Net decrease in cash and temporary cash investments	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.19B	USD	1 Quarter
Cash and temporary cash investments at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.66B	USD	Point-in-time
Cash and temporary cash investments at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.82B	USD	Point-in-time
Cash and temporary cash investments at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.85B	USD	Point-in-time
Cash and temporary cash investments at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.46B	USD	Point-in-time
Cash and temporary cash investments at end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.66B	USD	Point-in-time
Cash and temporary cash investments at end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.82B	USD	Point-in-time
Cash and temporary cash investments at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.85B	USD	Point-in-time
Cash and temporary cash investments at end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.46B	USD	Point-in-time

Comprehensive Income 18 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$321.00M	USD	1 Quarter
Net income	`ProfitLoss`	$582.00M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax`	$45.00M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax`	$74.00M	USD	1 Quarter
Net gain on pension and other postretirement benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax`	$-3.00M	USD	1 Quarter
Net gain on pension and other postretirement benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax`	$-8.00M	USD	1 Quarter
Other comprehensive income before income tax expense	`OtherComprehensiveIncomeLossBeforeTax`	$77.00M	USD	1 Quarter
Other comprehensive income before income tax expense	`OtherComprehensiveIncomeLossBeforeTax`	$53.00M	USD	1 Quarter
Income tax expense related to items of other comprehensive income	`OtherComprehensiveIncomeLossTax`	$1.00M	USD	1 Quarter
Income tax expense related to items of other comprehensive income	`OtherComprehensiveIncomeLossTax`	$2.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$76.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$51.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$633.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$397.00M	USD	1 Quarter
Less: Comprehensive income attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$16.00M	USD	1 Quarter
Less: Comprehensive income attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$116.00M	USD	1 Quarter
Comprehensive income attributable to Valero Energy Corporation stockholders	`ComprehensiveIncomeNetOfTax`	$381.00M	USD	1 Quarter
Comprehensive income attributable to Valero Energy Corporation stockholders	`ComprehensiveIncomeNetOfTax`	$517.00M	USD	1 Quarter

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