Name: Valero Energy Corp. (NYSE:VLO) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Valero Energy Corp., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash and cash equivalents	5,424)	4,862)	4,122)	3,313)	2,583)
Receivables after allowance for credit losses	11,038)	10,761)	9,968)	4,807)	8,058)
Income taxes receivable	409)	142)	21)	1,024)	84)
Other receivables	1,078)	1,016)	389)	278)	846)
Receivables, net	12,525)	11,919)	10,378)	6,109)	8,988)
Inventories	7,583)	6,752)	6,265)	6,038)	7,013)
Prepaid expenses and other	689)	600)	400)	384)	385)
Current assets	26,221)	24,133)	21,165)	15,844)	18,969)
Property, plant, and equipment, net	30,209)	30,978)	30,847)	30,389)	29,264)
Deferred turnaround and catalyst costs, net	2,382)	2,139)	1,853)	1,703)	1,778)
Operating lease ROU assets, net	1,136)	1,114)	1,284)	1,204)	1,329)
Investments in nonconsolidated joint ventures	713)	724)	734)	972)	942)
Purchased compliance credits	612)	543)	222)	—)	—)
Goodwill	260)	260)	260)	260)	260)
Intangible assets, net	183)	202)	218)	248)	283)
Income taxes receivable	56)	26)	586)	589)	525)
Other	1,284)	863)	719)	565)	514)
Deferred charges and other assets, net	6,626)	5,871)	5,876)	5,541)	5,631)
Noncurrent assets	36,835)	36,849)	36,723)	35,930)	34,895)
Total assets	63,056)	60,982)	57,888)	51,774)	53,864)

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).

Total assets exhibited a consistent upward trajectory from 2019 to 2023, increasing from US$ 53,864 million to US$ 63,056 million. This growth was primarily driven by a substantial expansion in current assets, which rose from US$ 18,969 million to US$ 26,221 million over the five-year period, while noncurrent assets remained relatively stable.

Liquidity and Cash Position: Cash and cash equivalents demonstrated steady and significant growth, increasing from US$ 2,583 million in 2019 to US$ 5,424 million in 2023. This more than twofold increase indicates a strengthening of the company's immediate liquidity position over the analyzed period.
Working Capital Components: Receivables, net experienced volatility, with a sharp decline to US$ 6,109 million in 2020 followed by a sustained recovery to US$ 12,525 million by 2023. Inventories remained comparatively stable, ending the period at US$ 7,583 million, which is slightly higher than the 2019 level of US$ 7,013 million.
Fixed and Long-term Asset Trends: Property, plant, and equipment, net grew moderately from 2019 to 2022, peaking at US$ 30,978 million before experiencing a slight contraction to US$ 30,209 million in 2023. Simultaneously, deferred turnaround and catalyst costs, net showed a consistent upward trend, rising from US$ 1,778 million to US$ 2,382 million, suggesting increased investment or capitalization of maintenance expenditures.
Other Noncurrent Assets and Intangibles: A new asset category, purchased compliance credits, appeared in 2021 and grew steadily to US$ 612 million by 2023. In contrast, intangible assets, net declined progressively from US$ 283 million in 2019 to US$ 183 million in 2023, while goodwill remained stagnant at US$ 260 million throughout the period.

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