Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

December 31, 2019

(in millions)



	Valero Energy Corporation			Valero Energy Partners LP		Other Non- Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	912		$	—	$	1,671		$	—		$	2,583
Receivables, net	—			—		8,904			—			8,904
Receivables from affiliates	4,336			—		13,806			(18,142		)	—
Inventories	—			—		7,013			—			7,013
Prepaid expenses and other	63			—		406			—			469
Total current assets	5,311			—		31,800			(18,142		)	18,969
Property, plant and equipment, at cost	—			—		44,294			—			44,294
Accumulated depreciation	—			—		(15,030		)	—			(15,030		)
Property, plant and equipment, net	—			—		29,264			—			29,264
Investment in affiliates	37,902			2,673		382			(40,957		)	—
Deferred charges and other assets, net	771			—		4,860			—			5,631
Total assets	$	43,984		$	2,673	$	66,306		$	(59,099	)	$	53,864
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt and finance lease obligations	$	—		$	—	$	494		$	—		$	494
Accounts payable	—			—		10,205			—			10,205
Accounts payable to affiliates	12,515			1,291		4,336			(18,142		)	—
Accrued expenses	120			7		822			—			949
Taxes other than income taxes payable	—			—		1,304			—			1,304
Income taxes payable	108			—		100			—			208
Total current liabilities	12,743			1,298		17,261			(18,142		)	13,160
Debt and finance lease obligations, less current portion	7,095			991		1,092			—			9,178
Deferred income tax liabilities	—			2		5,101			—			5,103
Other long-term liabilities	2,343			—		1,544			—			3,887
Equity:
Stockholders’ equity:
Common stock	7			—		1			(1		)	7
Additional paid-in capital	6,821			—		9,771			(9,771		)	6,821
Treasury stock, at cost	(15,648		)	—		—			—			(15,648		)
Retained earnings	31,974			—		31,636			(31,636		)	31,974
Partners’ equity	—			382		—			(382		)	—
Accumulated other comprehensive loss	(1,351		)	—		(833		)	833			(1,351		)
Total stockholders’ equity	21,803			382		40,575			(40,957		)	21,803
Noncontrolling interests	—			—		733			—			733
Total equity	21,803			382		41,308			(40,957		)	22,536
Total liabilities and equity	$	43,984		$	2,673	$	66,306		$	(59,099	)	$	53,864

Condensed Consolidating Balance Sheet

December 31, 2018

(in millions)



	Valero Energy Corporation			Valero Energy Partners LP		Other Non- Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	291		$	152	$	2,539		$	—		$	2,982
Receivables, net	—			—		7,345			—			7,345
Receivables from affiliates	4,369			2		10,684			(15,055		)	—
Inventories	—			—		6,532			—			6,532
Prepaid expenses and other	466			—		355			(5		)	816
Total current assets	5,126			154		27,455			(15,060		)	17,675
Property, plant and equipment, at cost	—			—		42,473			—			42,473
Accumulated depreciation	—			—		(13,625		)	—			(13,625		)
Property, plant and equipment, net	—			—		28,848			—			28,848
Investment in affiliates	34,696			2,267		(321		)	(36,642		)	—
Long-term notes receivable from affiliates	285			—		—			(285		)	—
Deferred charges and other assets, net	572			1		3,059			—			3,632
Total assets	$	40,679		$	2,422	$	59,041		$	(51,987	)	$	50,155
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt and finance lease obligations	$	—		$	—	$	238		$	—		$	238
Accounts payable	14			—		8,580			—			8,594
Accounts payable to affiliates	9,847			837		4,370			(15,054		)	—
Accrued expenses	155			7		468			—			630
Accrued expenses to affiliates	—			1		—			(1		)	—
Taxes other than income taxes payable	—			—		1,213			—			1,213
Income taxes payable	53			1		—			(5		)	49
Total current liabilities	10,069			846		14,869			(15,060		)	10,724
Debt and finance lease obligations, less current portion	6,955			990		926			—			8,871
Long-term notes payable to affiliates	—			285		—			(285		)	—
Deferred income tax liabilities	—			2		4,960			—			4,962
Other long-term liabilities	1,988			—		879			—			2,867
Equity:
Stockholders’ equity:
Common stock	7			—		1			(1		)	7
Additional paid-in capital	7,048			—		9,754			(9,754		)	7,048
Treasury stock, at cost	(14,925		)	—		—			—			(14,925		)
Retained earnings	31,044			—		28,305			(28,305		)	31,044
Partners’ equity	—			299		—			(299		)	—
Accumulated other comprehensive loss	(1,507		)	—		(1,097		)	1,097			(1,507		)
Total stockholders’ equity	21,667			299		36,963			(37,262		)	21,667
Noncontrolling interests	—			—		444			620			1,064
Total equity	21,667			299		37,407			(36,642		)	22,731
Total liabilities and equity	$	40,679		$	2,422	$	59,041		$	(51,987	)	$	50,155

Condensed Consolidating Statement of Income

Year Ended December 31, 2019

(in millions)



	Valero Energy Corporation			Valero Energy Partners LP			Other Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	—		$	108,324		$	—		$	108,324
Cost of sales:
Cost of materials and other	—			—			96,476			—			96,476
Operating expenses (excluding depreciation and amortization expense reflected below)	—			—			4,868			—			4,868
Depreciation and amortization expense	—			—			2,202			—			2,202
Total cost of sales	—			—			103,546			—			103,546
Other operating expenses	—			—			21			—			21
General and administrative expenses (excluding depreciation and amortization expense reflected below)	6			—			862			—			868
Depreciation and amortization expense	—			—			53			—			53
Operating income (loss)	(6		)	—			3,842			—			3,836
Equity in earnings of subsidiaries	3,006			406			357			(3,769		)	—
Other income, net	193			—			625			(714		)	104
Interest and debt expense, net of capitalized interest	(927		)	(47		)	(194		)	714			(454		)
Income before income tax expense (benefit)	2,266			359			4,630			(3,769		)	3,486
Income tax expense (benefit)	(156		)	—			858			—			702
Net income	2,422			359			3,772			(3,769		)	2,784
Less: Net income attributable to noncontrolling interests	—			—			360			2			362
Net income attributable to stockholders	$	2,422		$	359		$	3,412		$	(3,771	)	$	2,422

Condensed Consolidating Statement of Income

Year Ended December 31, 2018

(in millions)



	Valero Energy Corporation			Valero Energy Partners LP			Other Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	—		$	117,033		$	—		$	117,033
Cost of sales:
Cost of materials and other	—			—			104,732			—			104,732
Operating expenses (excluding depreciation and amortization expense reflected below)	—			—			4,690			—			4,690
Depreciation and amortization expense	—			—			2,017			—			2,017
Total cost of sales	—			—			111,439			—			111,439
Other operating expenses	—			—			45			—			45
General and administrative expenses (excluding depreciation and amortization expense reflected below)	2			—			923			—			925
Depreciation and amortization expense	—			—			52			—			52
Operating income (loss)	(2		)	—			4,574			—			4,572
Equity in earnings of subsidiaries	3,724			319			196			(4,239		)	—
Other income, net	220			2			621			(713		)	130
Interest and debt expense, net of capitalized interest	(913		)	(55		)	(215		)	713			(470		)
Income before income tax expense (benefit)	3,029			266			5,176			(4,239		)	4,232
Income tax expense (benefit)	(93		)	2			970			—			879
Net income	3,122			264			4,206			(4,239		)	3,353
Less: Net income attributable to noncontrolling interests	—			—			163			68			231
Net income attributable to stockholders	$	3,122		$	264		$	4,043		$	(4,307	)	$	3,122

Condensed Consolidating Statement of Income

Year Ended December 31, 2017

(in millions)



	Valero Energy Corporation			Valero Energy Partners LP			Other Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues	$	—		$	—		$	93,980		$	—		$	93,980
Cost of sales:
Cost of materials and other	—			—			83,037			—			83,037
Operating expenses (excluding depreciation and amortization expense reflected below)	—			—			4,504			—			4,504
Depreciation and amortization expense	—			—			1,934			—			1,934
Total cost of sales	—			—			89,475			—			89,475
Other operating expenses	—			—			61			—			61
General and administrative expenses (excluding depreciation and amortization expense reflected below)	6			—			823			—			829
Depreciation and amortization expense	—			—			52			—			52
Operating income (loss)	(6		)	—			3,569			—			3,563
Equity in earnings of subsidiaries	5,236			275			176			(5,687		)	—
Other income, net	290			1			415			(594		)	112
Interest and debt expense, net of capitalized interest	(780		)	(36		)	(246		)	594			(468		)
Income before income tax expense (benefit)	4,740			240			3,914			(5,687		)	3,207
Income tax expense (benefit)	675			2			(1,626		)	—			(949		)
Net income	4,065			238			5,540			(5,687		)	4,156
Less: Net income attributable to noncontrolling interests	—			—			29			62			91
Net income attributable to stockholders	$	4,065		$	238		$	5,511		$	(5,749	)	$	4,065

Condensed Consolidating Statement of Comprehensive Income

Year Ended December 31, 2019

(in millions)



	Valero Energy Corporation			Valero Energy Partners LP		Other Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	2,422		$	359	$	3,772		$	(3,769	)	$	2,784
Other comprehensive income:
Foreign currency translation adjustment	346			—		286			(283		)	349
Net loss on pension and other postretirement benefits	(234		)	—		(19		)	19			(234		)
Net loss on cash flow hedges	(4		)	—		(8		)	4			(8		)
Other comprehensive income before income tax benefit	108			—		259			(260		)	107
Income tax benefit related to items of other comprehensive income	(48		)	—		(4		)	4			(48		)
Other comprehensive income	156			—		263			(264		)	155
Comprehensive income	2,578			359		4,035			(4,033		)	2,939
Less: Comprehensive income attributable to noncontrolling interests	—			—		359			2			361
Comprehensive income attributable to stockholders	$	2,578		$	359	$	3,676		$	(4,035	)	$	2,578

Condensed Consolidating Statement of Comprehensive Income

Year Ended December 31, 2018

(in millions)



	Valero Energy Corporation			Valero Energy Partners LP		Other Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	3,122		$	264	$	4,206		$	(4,239	)	$	3,353
Other comprehensive loss:
Foreign currency translation adjustment	(515		)	—		(419		)	417			(517		)
Net gain on pension and other postretirement benefits	49			—		18			(18		)	49
Other comprehensive loss before income tax expense	(466		)	—		(401		)	399			(468		)
Income tax expense related to items of other comprehensive loss	10			—		3			(3		)	10
Other comprehensive loss	(476		)	—		(404		)	402			(478		)
Comprehensive income	2,646			264		3,802			(3,837		)	2,875
Less: Comprehensive income attributable to noncontrolling interests	—			—		161			68			229
Comprehensive income attributable to stockholders	$	2,646		$	264	$	3,641		$	(3,905	)	$	2,646

Condensed Consolidating Statement of Comprehensive Income

Year Ended December 31, 2017

(in millions)



	Valero Energy Corporation			Valero Energy Partners LP		Other Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net income	$	4,065		$	238	$	5,540	$	(5,687	)	$	4,156
Other comprehensive income:
Foreign currency translation adjustment	514			—		434		(434		)	514
Net gain (loss) on pension and other postretirement benefits	(65		)	—		4		(4		)	(65		)
Other comprehensive income before income tax expense (benefit)	449			—		438		(438		)	449
Income tax expense (benefit) related to items of other comprehensive income	(21		)	—		1		(1		)	(21		)
Other comprehensive income	470			—		437		(437		)	470
Comprehensive income	4,535			238		5,977		(6,124		)	4,626
Less: Comprehensive income attributable to noncontrolling interests	—			—		29		62			91
Comprehensive income attributable to stockholders	$	4,535		$	238	$	5,948	$	(6,186	)	$	4,535

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2019

(in millions)



	Valero Energy Corporation			Valero Energy Partners LP			Other Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	(131	)	$	(46	)	$	6,165		$	(457	)	$	5,531
Cash flows from investing activities:
Capital expenditures (excluding VIEs)	—			—			(1,627		)	—			(1,627		)
Capital expenditures of VIEs:
DGD	—			—			(142		)	—			(142		)
Other VIEs	—			—			(225		)	—			(225		)
Deferred turnaround and catalyst cost expenditures (excluding VIEs)	—			—			(762		)	—			(762		)
Deferred turnaround and catalyst cost expenditures of DGD	—			—			(18		)	—			(18		)
Investments in unconsolidated joint ventures	—			—			(164		)	—			(164		)
Acquisitions of ethanol plants	—			—			(3		)	—			(3		)
Acquisitions of undivided interests	—			—			(72		)	—			(72		)
Intercompany investing activities	395			2			(2,973		)	2,576			—
Other investing activities, net	—			—			12			—			12
Net cash provided by (used in) investing activities	395			2			(5,974		)	2,576			(3,001		)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings (excluding VIEs)	992			—			900			—			1,892
Proceeds from borrowings of VIEs	—			—			239			—			239
Repayments of debt and finance lease obligations (excluding VIEs)	(871		)	—			(934		)	—			(1,805		)
Repayments of debt of VIEs	—			—			(6		)	—			(6		)
Intercompany financing activities	2,520			268			(212		)	(2,576		)	—
Purchases of common stock for treasury	(777		)	—			—			—			(777		)
Common stock dividends	(1,492		)	—			(81		)	81			(1,492		)
Acquisition of VLP publicly held common units	—			—			(950		)	—			(950		)
Distributions to noncontrolling interests and unitholders of VLP	—			(376		)	(70		)	376			(70		)
Other financing activities, net	(15		)	—			(13		)	—			(28		)
Net cash provided by (used in) financing activities	357			(108		)	(1,127		)	(2,119		)	(2,997		)
Effect of foreign exchange rate changes on cash	—			—			68			—			68
Net increase (decrease) in cash and cash equivalents	621			(152		)	(868		)	—			(399		)
Cash and cash equivalents at beginning of year	291			152			2,539			—			2,982
Cash and cash equivalents at end of year	$	912		$	—		$	1,671		$	—		$	2,583

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2018

(in millions)



	Valero Energy Corporation			Valero Energy Partners LP			Other Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	(1,207	)	$	(51	)	$	5,828		$	(199	)	$	4,371
Cash flows from investing activities:
Capital expenditures (excluding VIEs)	—			—			(1,463		)	—			(1,463		)
Capital expenditures of VIEs:
DGD	—			—			(165		)	—			(165		)
Other VIEs	—			—			(124		)	—			(124		)
Deferred turnaround and catalyst cost expenditures (excluding VIEs)	—			—			(888		)	—			(888		)
Deferred turnaround and catalyst cost expenditures of DGD	—			—			(27		)	—			(27		)
Investments in unconsolidated joint ventures	—			—			(181		)	—			(181		)
Peru Acquisition, net of cash acquired	—			—			(468		)	—			(468		)
Acquisitions of ethanol plants	—			—			(320		)	—			(320		)
Acquisitions of undivided interests	—			—			(212		)	—			(212		)
Minor acquisitions	—			—			(88		)	—			(88		)
Intercompany investing activities	758			102			(2,381		)	1,521			—
Other investing activities, net	—			—			8			—			8
Net cash provided by (used in) investing activities	758			102			(6,309		)	1,521			(3,928		)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings (excluding VIEs)	750			498			10			—			1,258
Proceeds from borrowings of VIEs	—			—			109			—			109
Repayments of debt and finance lease obligations (excluding VIEs)	(787		)	(410		)	(156		)	—			(1,353		)
Repayments of debt of VIEs	—			—			(6		)	—			(6		)
Intercompany financing activities	2,106			190			(775		)	(1,521		)	—
Purchases of common stock for treasury	(1,708		)	—			—			—			(1,708		)
Common stock dividends	(1,369		)	—			(32		)	32			(1,369		)
Contributions to noncontrolling interests	—			—			32			—			32
Distributions to noncontrolling interests and unitholders of VLP	—			(215		)	(68		)	167			(116		)
Other financing activities, net	2			(4		)	(13		)	—			(15		)
Net cash provided by (used in) financing activities	(1,006		)	59			(899		)	(1,322		)	(3,168		)
Effect of foreign exchange rate changes on cash	—			—			(143		)	—			(143		)
Net increase (decrease) in cash and cash equivalents	(1,455		)	110			(1,523		)	—			(2,868		)
Cash and cash equivalents at beginning of year	1,746			42			4,062			—			5,850
Cash and cash equivalents at end of year	$	291		$	152		$	2,539		$	—		$	2,982

Condensed Consolidating Statement of Cash Flows

Year Ended December 31, 2017

(in millions)



	Valero Energy Corporation			Valero Energy Partners LP			Other Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	(73	)	$	(34	)	$	5,720		$	(131	)	$	5,482
Cash flows from investing activities:
Capital expenditures (excluding VIEs)	—			—			(1,269		)	—			(1,269		)
Capital expenditures of VIEs:
DGD	—			—			(84		)	—			(84		)
Other VIEs	—			—			(26		)	—			(26		)
Deferred turnaround and catalyst cost expenditures (excluding VIEs)	—			—			(519		)	—			(519		)
Deferred turnaround and catalyst cost expenditures of DGD	—			—			(4		)	—			(4		)
Investments in unconsolidated joint ventures	—			—			(406		)	—			(406		)
Acquisitions of undivided interests	—			—			(72		)	—			(72		)
Intercompany investing activities	(4,002		)	(187		)	(6,696		)	10,885			—
Other investing activities, net	—			—			(2		)	—			(2		)
Net cash used in investing activities	(4,002		)	(187		)	(9,078		)	10,885			(2,382		)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings (excluding VIEs)	—			380			—			—			380
Repayments of debt and finance lease obligations (excluding VIEs)	—			—			(15		)	—			(15		)
Repayments of debt of VIEs	—			—			(6		)	—			(6		)
Intercompany financing activities	6,704			(63		)	4,244			(10,885		)	—
Purchases of common stock for treasury	(1,372		)	—			—			—			(1,372		)
Common stock dividends	(1,242		)	—			(10		)	10			(1,242		)
Contributions from noncontrolling interests	—			—			30			—			30
Distributions to noncontrolling interests and unitholders of VLP	—			(161		)	(27		)	121			(67		)
Other financing activities, net	10			36			(26		)	—			20
Net cash provided by financing activities	4,100			192			4,190			(10,754		)	(2,272		)
Effect of foreign exchange rate changes on cash	—			—			206			—			206
Net increase (decrease) in cash and cash equivalents	25			(29		)	1,038			—			1,034
Cash and cash equivalents at beginning of year	1,721			71			3,024			—			4,816
Cash and cash equivalents at end of year	$	1,746		$	42		$	4,062		$	—		$	5,850