Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Valero Energy Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	9,149)	11,879)	1,288)	(1,107)	2,784)
Depreciation and amortization expense	2,701)	2,473)	2,405)	2,351)	2,255)
(Gain) loss on early redemption and retirement of debt, net	(11)	(14)	193)	—)	—)
LCM inventory valuation adjustment	—)	—)	—)	(19)	—)
Asset impairment loss	—)	61)	—)	—)	—)
Gain on sale of assets	—)	—)	(62)	—)	—)
Deferred income tax expense (benefit)	103)	50)	(126)	158)	234)
Receivables, net	(387)	(1,619)	(4,382)	2,773)	(1,468)
Inventories	(684)	(672)	(253)	1,007)	(385)
Prepaid expenses and other	(34)	(180)	(22)	101)	427)
(Increase) decrease in current assets	(1,105)	(2,471)	(4,657)	3,881)	(1,426)
Accounts payable	(169)	521)	6,301)	(4,068)	1,534)
Accrued expenses	(50)	(5)	253)	48)	(27)
Taxes other than income taxes payable	(226)	98)	104)	37)	60)
Income taxes payable	(776)	231)	224)	(243)	153)
Increase (decrease) in current liabilities	(1,221)	845)	6,882)	(4,226)	1,720)
Changes in current assets and current liabilities	(2,326)	(1,626)	2,225)	(345)	294)
Changes in deferred charges and credits and other operating activities, net	(387)	(249)	(64)	(90)	(36)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	80)	695)	4,571)	2,055)	2,747)
Net cash provided by operating activities	9,229)	12,574)	5,859)	948)	5,531)
Capital expenditures, excluding variable interest entities (VIEs)	(665)	(788)	(513)	(1,014)	(1,627)
Diamond Green Diesel Holdings LLC (DGD)	(235)	(853)	(1,042)	(523)	(142)
Other VIEs	(11)	(40)	(110)	(251)	(225)
Capital expenditures of VIEs	(246)	(893)	(1,152)	(774)	(367)
Deferred turnaround and catalyst cost expenditures, excluding VIEs	(946)	(1,030)	(787)	(623)	(762)
Deferred turnaround and catalyst cost expenditures of DGD	(59)	(26)	(6)	(25)	(18)
Purchases of available-for-sale (AFS) debt securities	(276)	(100)	—)	—)	—)
Proceeds from sales and maturities of AFS debt securities	314)	5)	—)	—)	—)
Proceeds from sale of assets	—)	32)	270)	—)	—)
Investments in nonconsolidated joint ventures	—)	(1)	(9)	(54)	(164)
Other investing activities, net	13)	(4)	38)	65)	(63)
Net cash used in investing activities	(1,865)	(2,805)	(2,159)	(2,425)	(3,001)
Proceeds from debt issuances and borrowings, excluding VIEs	1,750)	2,239)	1,446)	4,320)	1,892)
DGD	550)	809)	301)	—)	—)
Other VIEs	120)	105)	81)	250)	239)
Proceeds from borrowings of VIEs	670)	914)	382)	250)	239)
Repayments of debt and finance lease obligations, excluding VIEs	(2,125)	(5,067)	(2,849)	(490)	(1,805)
DGD	(480)	(823)	(180)	—)	—)
Other VIEs	(77)	(73)	(6)	(5)	(6)
Repayments of debt and finance lease obligations of VIEs	(557)	(896)	(186)	(5)	(6)
Premiums on early redemption and retirement of debt	(5)	(56)	(179)	—)	—)
Purchases of common stock for treasury	(5,136)	(4,577)	(27)	(156)	(777)
Common stock dividend payments	(1,452)	(1,562)	(1,602)	(1,600)	(1,492)
Acquisition of VLP publicly held common units	—)	—)	—)	—)	(950)
Contributions from noncontrolling interests	75)	265)	189)	—)	—)
Distributions to noncontrolling interests	(164)	(93)	(2)	(208)	(70)
Other financing activities, net	3)	(16)	(18)	(34)	(28)
Net cash provided by (used in) financing activities	(6,941)	(8,849)	(2,846)	2,077)	(2,997)
Effect of foreign exchange rate changes on cash	139)	(180)	(45)	130)	68)
Net increase (decrease) in cash and cash equivalents	562)	740)	809)	730)	(399)
Cash and cash equivalents at beginning of year	4,862)	4,122)	3,313)	2,583)	2,982)
Cash and cash equivalents at end of year	5,424)	4,862)	4,122)	3,313)	2,583)

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).

Download chart

Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Valero Energy Corp. net cash provided by operating activities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Valero Energy Corp. net cash used in investing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Valero Energy Corp. net cash provided by (used in) financing activities decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Valero Energy Corp. (NYSE:VLO)

Cash Flow Statement