Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Reported Income

Valero Energy Corp., adjusted current assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current assets	26,221)	24,133)	21,165)	15,844)	18,969)
Adjustments
Add: Allowance for credit losses	28)	30)	28)	47)	36)
Add: LIFO reserve¹	4,400)	6,300)	5,200)	1,300)	2,500)
After Adjustment
Adjusted current assets	30,649)	30,463)	26,393)	17,191)	21,505)

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).

¹ LIFO reserve. See details »

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Valero Energy Corp., adjusted total assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total assets	63,056)	60,982)	57,888)	51,774)	53,864)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance for credit losses	28)	30)	28)	47)	36)
Add: LIFO reserve²	4,400)	6,300)	5,200)	1,300)	2,500)
After Adjustment
Adjusted total assets	67,484)	67,312)	63,116)	53,121)	56,400)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² LIFO reserve. See details »

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Valero Energy Corp., adjusted total liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total liabilities	34,532)	35,514)	38,071)	32,132)	31,328)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred income tax liabilities²	5,349)	5,217)	5,210)	5,275)	5,103)
After Adjustment
Adjusted total liabilities	29,183)	30,297)	32,861)	26,857)	26,225)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred income tax liabilities. See details »

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Valero Energy Corp., adjusted total Valero Energy Corporation stockholders’ equity

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total Valero Energy Corporation stockholders’ equity	26,346)	23,561)	18,430)	18,801)	21,803)
Adjustments
Less: Net deferred income tax assets (liabilities)¹	(5,349)	(5,217)	(5,210)	(5,275)	(5,103)
Add: Allowance for credit losses	28)	30)	28)	47)	36)
Add: LIFO reserve²	4,400)	6,300)	5,200)	1,300)	2,500)
Add: Noncontrolling interests	2,178)	1,907)	1,387)	841)	733)
After Adjustment
Adjusted total equity	38,301)	37,015)	30,255)	26,264)	30,175)

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).

¹ Net deferred income tax assets (liabilities). See details »

² LIFO reserve. See details »

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Valero Energy Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current portion of debt and finance lease obligations	1,406)	1,109)	1,264)	723)	494)
Debt and finance lease obligations, less current portion	10,118)	10,526)	12,606)	13,954)	9,178)
Total reported debt	11,524)	11,635)	13,870)	14,677)	9,672)
Total Valero Energy Corporation stockholders’ equity	26,346)	23,561)	18,430)	18,801)	21,803)
Total reported capital	37,870)	35,196)	32,300)	33,478)	31,475)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current operating lease liabilities²	360)	311)	315)	285)	331)
Add: Noncurrent operating lease liabilities³	753)	776)	940)	885)	959)
Adjusted total debt	12,637)	12,722)	15,125)	15,847)	10,962)
Adjustments to Equity
Less: Net deferred income tax assets (liabilities)⁴	(5,349)	(5,217)	(5,210)	(5,275)	(5,103)
Add: Allowance for credit losses	28)	30)	28)	47)	36)
Add: LIFO reserve⁵	4,400)	6,300)	5,200)	1,300)	2,500)
Add: Noncontrolling interests	2,178)	1,907)	1,387)	841)	733)
Adjusted total equity	38,301)	37,015)	30,255)	26,264)	30,175)
After Adjustment
Adjusted total capital	50,938)	49,737)	45,380)	42,111)	41,137)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities. See details »

³ Noncurrent operating lease liabilities. See details »

⁴ Net deferred income tax assets (liabilities). See details »

⁵ LIFO reserve. See details »

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Valero Energy Corp., adjusted net income (loss) attributable to Valero Energy Corporation stockholders

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net income (loss) attributable to Valero Energy Corporation stockholders	8,835)	11,528)	930)	(1,421)	2,422)
Adjustments
Add: Deferred income tax expense (benefit)¹	103)	50)	(126)	158)	234)
Add: Increase (decrease) in allowance for credit losses	(2)	2)	(19)	11)	2)
Add: Increase (decrease) in LIFO reserve²	(1,900)	1,100)	3,900)	(1,200)	1,000)
Add: Other comprehensive income (loss)	535)	(354)	247)	99)	155)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	360)	348)	359)	316)	361)
After Adjustment
Adjusted net income (loss)	7,931)	12,674)	5,291)	(2,037)	4,174)

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).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

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Valero Energy Corp. (NYSE:VLO)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Reported Income