Analysis of Debt
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Valero Energy Corp. pages available for free this week:
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Total Debt (Carrying Amount)
Valero Energy Corp., balance sheet: debt
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).
| Debt item | Description | The company |
|---|---|---|
| Total debt and finance lease obligations, including current portion (carrying amount) | Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. | Valero Energy Corp. total debt decreased from 2021 to 2022 and from 2022 to 2023. |
Total Debt (Fair Value)
| Dec 31, 2023 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Debt, excluding finance lease obligations | |
| Finance lease obligations | |
| Total debt and finance lease obligations, including current portion (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2023-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt and finance lease obligations:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2023-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
Valero Energy Corp., interest costs incurred
US$ in millions
| 12 months ended: | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest and debt expense, net of capitalized interest | |||||||||||
| Capitalized interest | |||||||||||
| Interest and debt expense |
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).
| Debt item | Description | The company |
|---|---|---|
| Interest and debt expense, net of capitalized interest | Amount of the cost of borrowed funds accounted for as interest expense for debt. | Valero Energy Corp. interest and debt expense, net of capitalized interest decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level. |
| Capitalized interest | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | Valero Energy Corp. capitalized interest increased from 2021 to 2022 but then decreased significantly from 2022 to 2023. |
| Interest and debt expense | Total interest costs incurred during the period and either capitalized or charged against earnings. | Valero Energy Corp. interest and debt expense decreased from 2021 to 2022 and from 2022 to 2023. |
Adjusted Interest Coverage Ratio
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).
2023 Calculations
1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest and debt expense, net of capitalized interest
= ÷ =
2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest and debt expense
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | Valero Energy Corp. adjusted interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |