Name: Valero Energy Corp. (NYSE:VLO) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

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

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current portion of debt and finance lease obligations	1,406)	1,109)	1,264)	723)	494)
Accounts payable	12,567)	12,728)	12,495)	6,082)	10,205)
Current operating lease liabilities	360)	311)	315)	285)	331)
Defined benefit plan liabilities	55)	35)	41)	45)	37)
Environmental liabilities	23)	21)	35)	59)	27)
Wage and other employee-related liabilities	392)	388)	349)	210)	292)
Accrued interest expense	83)	67)	88)	99)	83)
Contract liabilities from contracts with customers	40)	129)	78)	56)	55)
Blending program obligations	83)	189)	268)	159)	31)
Other accrued liabilities	204)	75)	79)	81)	93)
Accrued expenses	1,240)	1,215)	1,253)	994)	949)
Taxes other than income taxes payable	1,452)	1,568)	1,461)	1,372)	1,304)
Income taxes payable	137)	841)	378)	112)	208)
Current liabilities	16,802)	17,461)	16,851)	9,283)	13,160)
Debt and finance lease obligations, less current portion	10,118)	10,526)	12,606)	13,954)	9,178)
Deferred income tax liabilities	5,349)	5,217)	5,210)	5,275)	5,103)
Noncurrent operating lease liabilities	753)	776)	940)	885)	959)
Liability for unrecognized tax benefits	238)	239)	863)	859)	954)
Defined benefit plan liabilities	476)	448)	601)	878)	834)
Repatriation tax liability	167)	301)	367)	422)	508)
Environmental liabilities	294)	296)	269)	272)	319)
Wage and other employee-related liabilities	90)	87)	133)	124)	121)
Other accrued liabilities	245)	163)	231)	180)	192)
Other long-term liabilities	2,263)	2,310)	3,404)	3,620)	3,887)
Long-term liabilities	17,730)	18,053)	21,220)	22,849)	18,168)
Total liabilities	34,532)	35,514)	38,071)	32,132)	31,328)
Common stock, $0.01 par value	7)	7)	7)	7)	7)
Additional paid-in capital	6,901)	6,863)	6,827)	6,814)	6,821)
Treasury stock, at cost	(25,322)	(20,197)	(15,677)	(15,719)	(15,648)
Retained earnings	45,630)	38,247)	28,281)	28,953)	31,974)
Accumulated other comprehensive loss	(870)	(1,359)	(1,008)	(1,254)	(1,351)
Total Valero Energy Corporation stockholders’ equity	26,346)	23,561)	18,430)	18,801)	21,803)
Noncontrolling interests	2,178)	1,907)	1,387)	841)	733)
Total equity	28,524)	25,468)	19,817)	19,642)	22,536)
Total liabilities and equity	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).

Analysis of the liabilities and equity structure from 2019 to 2023 reveals a strategic transition toward deleveraging and substantial equity expansion. Total liabilities peaked in 2021 at 38,071 million USD before trending downward to 34,532 million USD by the end of 2023. Simultaneously, total equity demonstrated a strong recovery and growth trajectory, increasing from a low of 19,642 million USD in 2020 to 28,524 million USD in 2023.

Long-Term Debt and Liability Trends: Debt and finance lease obligations, excluding the current portion, exhibited a significant spike in 2020, reaching 13,954 million USD, followed by a consistent decline to 10,118 million USD by 2023. This indicates a period of increased borrowing followed by a sustained deleveraging phase. Total long-term liabilities followed a similar pattern, peaking at 22,849 million USD in 2020 and reducing to 17,730 million USD by 2023.
Current Liability Dynamics: Current liabilities experienced notable volatility, rising from 9,283 million USD in 2020 to 16,802 million USD in 2023. This growth was primarily driven by accounts payable, which surged from 6,082 million USD in 2020 to approximately 12.5 billion USD between 2021 and 2023. Additionally, the current portion of debt and finance lease obligations increased from 494 million USD in 2019 to 1,406 million USD in 2023, reflecting higher short-term repayment requirements.
Equity and Capital Allocation: A marked increase in retained earnings is observed, growing from 28,281 million USD in 2021 to 45,630 million USD in 2023, which suggests strong internal profit generation. This accumulation of wealth was accompanied by an aggressive share repurchase strategy; the cost of treasury stock increased from 15,648 million USD in 2019 to 25,322 million USD in 2023, signifying a substantial return of capital to shareholders.
Overall Capital Structure: The balance sheet reflects a shift toward a more robust solvency position. While total liabilities and equity grew from 53,864 million USD in 2019 to 63,056 million USD in 2023, the composition of the balance sheet evolved to favor equity over long-term debt. The increase in noncontrolling interests, which rose from 733 million USD in 2019 to 2,178 million USD in 2023, also contributed to the total equity growth.

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