Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Valero Energy Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Current liabilities
- The proportion of current liabilities to total liabilities and equity experienced a decline from early 2019 through mid-2020, reaching a low in June 2020. Subsequently, the ratio increased significantly, peaking in late 2021, before undergoing moderate fluctuations through 2023 and early 2024. This pattern indicates a heightened level of short-term obligations starting mid-2020, with some volatility afterward.
- Debt and finance lease obligations
- The current portion of debt and finance lease obligations exhibited relatively low values in the first half of 2019, decreased further by mid-2019, then rose in early 2020. A notable increase occurred in late 2023, followed by a drop in the first two quarters of 2024. Conversely, the long-term portion of debt and finance leases rose sharply in 2020, peaking in late 2020, before steadily declining across 2021 through mid-2024. Overall, long-term debt obligations decreased while current portions showed more variability.
- Accounts payable
- This ratio presented a pronounced decline from the first quarter of 2019 to mid-2020, hitting the lowest point in June 2020. After mid-2020, accounts payable increased markedly, reaching a peak in mid-2022, followed by some fluctuation and a slight downward trend into 2024. This trajectory reflects a contraction and subsequent expansion in trade payables relative to overall funding structure.
- Accrued expenses and taxes payable
- Accrued expenses relative to total liabilities and equity remained within a narrow band throughout the period, with modest upward trends toward late 2021 and early 2024. Taxes other than income taxes payable stayed comparatively stable with minor fluctuations, whereas income taxes payable showed periodic spikes, especially notable between late 2021 and mid-2022, indicating episodic tax liabilities influencing short-term obligations.
- Deferred income tax liabilities and other long-term liabilities
- Deferred income tax liabilities held steady near 9-10% in the early periods, then eased downward from late 2019 through mid-2022, stabilizing around 8-9% thereafter. Other long-term liabilities declined gradually from 6-7% in 2019 to around 3-4% by 2024, indicating a reduction in additional long-term obligations.
- Total liabilities
- Total liabilities as a share of total liabilities and equity hovered around 58-62% in 2019 and 2020, peaked near 66% in 2021, then showed a downward trend to around 54-56% through 2023 and 2024. This suggests a reduction in overall leverage starting post-2021.
- Stockholders’ equity components
- Common stock remained a negligible and stable proportion throughout. Additional paid-in capital saw minor fluctuations but generally decreased from early 2020 to mid-2022, with a modest recovery thereafter. Treasury stock at cost, reflecting repurchased shares, consistently increased its negative value markedly from approximately -29% in early 2019 to over -46% by late 2024, indicating sustained share repurchase activity. Retained earnings increased progressively from about 59% of total liabilities and equity in 2019 to nearly 78% by late 2024, showing accumulation of earnings over time. Accumulated other comprehensive loss fluctuated moderately but remained a small negative component.
- Total equity and overall capital structure
- Total stockholders’ equity varied inversely with liabilities, moving from around 41% in 2019 down to about 33% in early 2021, then recovering steadily to approximately 42-46% by 2024. Noncontrolling interests more than quadrupled from under 1% in 2019 to over 4% by 2024, reflecting growing minority ownership stakes. The total equity proportion aligned accordingly, confirming a shift toward a more balanced capital structure after 2021 with reduced reliance on debt.
- Summary insight
- Overall, the data show that the company experienced a build-up in long-term debt and a compression of current liabilities and accounts payable through mid-2020. Following that period, there was a strategic deleveraging indicated by declining long-term liabilities and total liabilities, accompanied by a rising equity base boosted by growing retained earnings and increased noncontrolling interests. Simultaneously, consistent share repurchases are evident from the expanding negative treasury stock position. These trends suggest active capital management aimed at strengthening the equity position and optimizing the debt profile over the five-year span.