Stock Analysis on Net
Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

This company has been moved to the archive! The financial data has not been updated since October 30, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Valero Energy Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Current portion of debt and finance lease obligations 2.23 1.82 2.18 1.40 0.92
Accounts payable 19.93 20.87 21.58 11.75 18.95
Current operating lease liabilities 0.57 0.51 0.54 0.55 0.61
Defined benefit plan liabilities 0.09 0.06 0.07 0.09 0.07
Environmental liabilities 0.04 0.03 0.06 0.11 0.05
Wage and other employee-related liabilities 0.62 0.64 0.60 0.41 0.54
Accrued interest expense 0.13 0.11 0.15 0.19 0.15
Contract liabilities from contracts with customers 0.06 0.21 0.13 0.11 0.10
Blending program obligations 0.13 0.31 0.46 0.31 0.06
Other accrued liabilities 0.32 0.12 0.14 0.16 0.17
Accrued expenses 1.97% 1.99% 2.16% 1.92% 1.76%
Taxes other than income taxes payable 2.30 2.57 2.52 2.65 2.42
Income taxes payable 0.22 1.38 0.65 0.22 0.39
Current liabilities 26.65% 28.63% 29.11% 17.93% 24.43%
Debt and finance lease obligations, less current portion 16.05 17.26 21.78 26.95 17.04
Deferred income tax liabilities 8.48 8.55 9.00 10.19 9.47
Noncurrent operating lease liabilities 1.19 1.27 1.62 1.71 1.78
Liability for unrecognized tax benefits 0.38 0.39 1.49 1.66 1.77
Defined benefit plan liabilities 0.75 0.73 1.04 1.70 1.55
Repatriation tax liability 0.26 0.49 0.63 0.82 0.94
Environmental liabilities 0.47 0.49 0.46 0.53 0.59
Wage and other employee-related liabilities 0.14 0.14 0.23 0.24 0.22
Other accrued liabilities 0.39 0.27 0.40 0.35 0.36
Other long-term liabilities 3.59% 3.79% 5.88% 6.99% 7.22%
Long-term liabilities 28.12% 29.60% 36.66% 44.13% 33.73%
Total liabilities 54.76% 58.24% 65.77% 62.06% 58.16%
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 10.94 11.25 11.79 13.16 12.66
Treasury stock, at cost -40.16 -33.12 -27.08 -30.36 -29.05
Retained earnings 72.36 62.72 48.85 55.92 59.36
Accumulated other comprehensive loss -1.38 -2.23 -1.74 -2.42 -2.51
Total Valero Energy Corporation stockholders’ equity 41.78% 38.64% 31.84% 36.31% 40.48%
Noncontrolling interests 3.45 3.13 2.40 1.62 1.36
Total equity 45.24% 41.76% 34.23% 37.94% 41.84%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Current Portion of Debt and Finance Lease Obligations
This liability showed an overall increase from 0.92% in 2019 to 2.23% in 2023 of total liabilities and equity, with a peak in 2021 at 2.18%. This suggests a gradual growth in short-term debt obligations relative to the company's capital structure.
Accounts Payable
Accounts payable fluctuated significantly, decreasing sharply from 18.95% in 2019 to 11.75% in 2020, then rising to a high of 21.58% in 2021, followed by a gradual decline to 19.93% in 2023. This volatility indicates varying payment cycles or supplier financing strategies during the period.
Operating Lease Liabilities
Both current and noncurrent operating lease liabilities steadily declined in proportion to total liabilities and equity, with current operating lease liabilities decreasing from 0.61% in 2019 to 0.57% in 2023 and noncurrent from 1.78% to 1.19%. This trend points to reduced reliance on operating leases over the five-year period.
Defined Benefit Plan Liabilities
Current defined benefit plan liabilities remained low and stable, while noncurrent liabilities declined notably from 1.55% in 2019 to 0.75% in 2023, reflecting a possible trend toward de-risking or changes in employee benefit structures.
Environmental Liabilities
Current environmental liabilities showed a peak of 0.11% in 2020 but generally remained low, ending at 0.04% in 2023. Noncurrent environmental liabilities remained relatively stable, around 0.46% to 0.59%. This stability suggests consistent recognition of environmental obligations.
Wage and Other Employee-Related Liabilities
Current liabilities of this category fluctuated modestly, increasing from 0.54% to 0.62%, while noncurrent liabilities decreased from 0.22% to 0.14%, indicating slight shifts in short-term versus long-term employee obligations.
Accrued Interest Expense
This liability remained relatively low and stable, peaking at 0.19% in 2020 and declining to 0.13% by 2023.
Contract Liabilities from Customers
These liabilities increased slightly until 2022, reaching 0.21%, before dropping sharply to 0.06% in 2023, suggesting changes in contract structures or billing practices.
Blending Program Obligations
After rising notably to 0.46% in 2021, these obligations declined to 0.13% by 2023, reflecting a reduction in program-related liabilities.
Other Accrued Liabilities and Accrued Expenses
Other accrued liabilities doubled from 0.17% in 2019 to 0.32% in 2023, whereas accrued expenses showed a moderate increase from 1.76% to 1.97%, indicating growth in various short-term obligations.
Taxes Payable
Taxes other than income taxes remained relatively consistent around 2.3%, while income taxes payable fluctuated widely, peaking at 1.38% in 2022 before falling back to 0.22% in 2023, highlighting variability in tax liabilities.
Current Liabilities
This category dropped sharply from 24.43% in 2019 to 17.93% in 2020, then increased to around 29% in 2021 and 2022 but declined again to 26.65% by 2023, indicating variability in short-term financial obligations.
Debt and Finance Lease Obligations, Less Current Portion
Long-term debt obligations surged from 17.04% in 2019 to 26.95% in 2020, then steadily decreased to 16.05% by 2023, reflecting a reduction in long-term debt relative to the total capital base.
Deferred Income Tax Liabilities
These liabilities remained fairly stable, fluctuating modestly between 8.48% and 10.19% across the period, suggesting consistent deferred tax positions.
Liability for Unrecognized Tax Benefits
This liability diminished markedly from 1.77% in 2019 to 0.38% in 2023, indicating a decline in potential tax exposures.
Repatriation Tax Liability
The repatriation tax liability showed a steady decrease from 0.94% in 2019 to 0.26% in 2023, reflecting reduced outstanding repatriation tax obligations.
Other Long-Term Liabilities
These liabilities contracted significantly from 7.22% in 2019 to 3.59% in 2023, suggesting a reduction in miscellaneous long-term obligations.
Total Long-Term Liabilities
The total long-term liabilities peaked at 44.13% in 2020 before declining steadily to 28.12% in 2023, indicating an overall deleveraging or restructuring of long-term obligations.
Total Liabilities
Total liabilities as a percentage of the capital base increased from 58.16% in 2019 to a high of 65.77% in 2021, then decreased to 54.76% in 2023, signaling a reduction in total leverage in the most recent years.
Stockholders’ Equity Components
Common stock remained negligible at 0.01%. Additional paid-in capital gradually decreased from 12.66% to 10.94%. Treasury stock increased significantly in absolute value, from -29.05% to -40.16%, indicating increased repurchases or reductions in outstanding shares. Retained earnings showed a marked increase from 59.36% in 2019 to 72.36% in 2023, reflecting accumulation of profits over time. Accumulated other comprehensive loss declined in absolute value, indicating an improvement from -2.51% to -1.38%.
Total Stockholders’ Equity and Equity Changes
Total equity decreased from 41.84% in 2019 to a trough of 34.23% in 2021, then rebounded to 45.24% by 2023. This trend mirrors the reduction of liabilities post-2021 and suggests strengthening capitalization.
Noncontrolling Interests
Noncontrolling interest steadily increased from 1.36% in 2019 to 3.45% in 2023, indicating growing minority ownership stakes.
Overall Capital Structure
The data indicate an initial increase in leverage up to 2021, with a subsequent decline through 2023. This shift corresponds with a rebound in equity levels driven by higher retained earnings and intensified treasury stock holdings. The reduction in long-term liabilities and total liabilities reinforces a trend toward deleveraging in the latest years. The gradual decline in certain long-term liabilities and improved tax-related metrics further suggest enhanced financial stability.