Balance Sheet: Liabilities and Stockholders’ Equity
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Valero Energy Corp., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
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).
The financial data reveals notable fluctuations and trends in the liabilities and equity structure over the five-year period.
- Current Liabilities
- The current portion of debt and finance lease obligations showed a marked increase, rising from $494 million in 2019 to $1,406 million in 2023, indicating greater short-term debt commitments.
- Accounts payable exhibited volatility, declining sharply in 2020 but rising again in subsequent years to peak around $12.7 billion in 2022 before a slight decrease in 2023.
- Current operating lease liabilities remained relatively stable, fluctuating moderately around the $300 million mark.
- Wage and other employee-related liabilities increased steadily from $292 million in 2019 to $392 million in 2023, reflecting growing obligations to employees.
- Income taxes payable showed substantial variability, initially decreasing in 2020 but then escalating sharply to $841 million in 2022 before falling again in 2023.
- Overall current liabilities increased significantly from $13.16 billion in 2019 to approximately $16.8 billion in 2023, with notable peaks and troughs over the period.
- Noncurrent Liabilities
- Debt and finance lease obligations excluding the current portion peaked in 2020 at nearly $14 billion, followed by a gradual decrease to just above $10 billion by 2023, suggesting efforts to reduce long-term debt levels.
- Deferred income tax liabilities remained relatively stable, maintaining figures slightly above $5 billion throughout the timeframe.
- Defined benefit plan liabilities diminished markedly from $834 million in 2019 to $476 million in 2023, indicating reduced pension-related obligations.
- Other long-term liabilities decreased substantially from $3.9 billion in 2019 to $2.3 billion in 2023, pointing to lower ancillary long-term obligations.
- Long-term liabilities overall decreased from $18.17 billion in 2019 to $17.73 billion in 2023 after peaking in 2020, reflecting a general downward trend in long-term debts and obligations.
- Total Liabilities
- Total liabilities showed an increase from $31.3 billion in 2019 to a peak of $38.1 billion in 2021, then gradually declined to $34.5 billion in 2023. This pattern suggests an expansion in total obligations during the middle of the period, followed by moderate deleveraging.
- Equity and Related Components
- Retained earnings displayed considerable growth, moving from $31.97 billion in 2019 to $45.63 billion in 2023, indicating sustained profitability and/or retained profits over time.
- Accumulated other comprehensive loss variably decreased and increased, with a high of negative $1.35 billion in 2022 improving to negative $870 million in 2023, suggesting some recovery in unrealized losses or other comprehensive income items.
- Treasury stock at cost rose significantly in magnitude (more negative), from around -$15.6 billion in 2019 to -$25.3 billion in 2023, indicating increased repurchase of shares and a greater reduction of outstanding equity.
- Total stockholders’ equity increased from $21.8 billion in 2019 to $26.3 billion in 2023, following a dip around 2020 and 2021, highlighting stronger shareholder value in recent years.
- Noncontrolling interests increased steadily, suggesting rising minority interests in consolidated subsidiaries.
- Total equity grew by approximately 27% over the period, from $22.5 billion to $28.5 billion, aligning with increases in retained earnings and other shareholder contributions.
- Total Liabilities and Equity
- The aggregate of liabilities and equity increased from $53.9 billion in 2019 to $63.1 billion in 2023. This growth reflects an overall expansion in the balance sheet size, with both liabilities and equity contributing to the increase.
In summary, the data portrays a company managing its leverage by increasing current debt obligations while gradually reducing long-term debts. The equity base strengthened mainly due to enhanced retained earnings, despite sizable share repurchases. Volatility in certain liabilities such as accounts payable and income taxes payable suggests variable operational cash flow requirements and tax position changes. Overall, the balance sheet expanded consistently, driven by rising total assets financed through a combination of liabilities and equity growth.