Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

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Analysis of Debt

Microsoft Excel LibreOffice Calc

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Total Debt (Carrying Amount)

Valero Energy Corp., balance sheet: debt

US$ in millions

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Current portion of debt and finance lease obligations
Debt and finance lease obligations, less current portion
Total debt and finance lease obligations, including current portion (carrying amount)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Debt item Description The company
Total debt and finance lease obligations, including current portion (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. Valero Energy Corp. total debt increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Dec 31, 2021
Selected Financial Data (US$ in millions)
Debt, excluding finance leases
Finance lease obligations
Total debt and finance lease obligations, including current portion (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (reporting date: 2021-12-31).


Weighted-average Interest Rate on Debt

Weighted-average interest rate on debt and finance lease obligations:

Interest rate Debt amount1 Interest rate × Debt amount Weighted-average interest rate2
Total

Based on: 10-K (reporting date: 2021-12-31).

1 US$ in millions

2 Weighted-average interest rate = 100 × ÷ =


Interest Costs Incurred

Valero Energy Corp., interest costs incurred

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Interest and debt expense, net of capitalized interest
Capitalized interest
Interest and debt expense

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Debt item Description The company
Interest and debt expense, net of capitalized interest Amount of the cost of borrowed funds accounted for as interest expense for debt. Valero Energy Corp. interest and debt expense, net of capitalized interest increased from 2019 to 2020 and from 2020 to 2021.
Capitalized interest Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Valero Energy Corp. capitalized interest decreased from 2019 to 2020 and from 2020 to 2021.
Interest and debt expense Total interest costs incurred during the period and either capitalized or charged against earnings. Valero Energy Corp. interest and debt expense increased from 2019 to 2020 and from 2020 to 2021.

Adjusted Interest Coverage Ratio

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Valero Energy Corporation stockholders
Add: Net income attributable to noncontrolling interest
Add: Income tax expense
Add: Interest and debt expense, net of capitalized interest
Earnings before interest and tax (EBIT)
 
Interest and debt expense
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1
Adjusted interest coverage ratio (with capitalized interest)2

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest and debt expense, net of capitalized interest
= ÷ =

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest and debt expense
= ÷ =


Solvency ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). Valero Energy Corp. adjusted interest coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.