Balance Sheet: Assets
Quarterly Data
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.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Valero Energy Corp., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The analysis of the quarterly financial data reveals several trends and changes in the company's key asset categories from March 2019 through September 2024.
- Cash and Cash Equivalents
- There is noticeable volatility in cash holdings, with values fluctuating between approximately 1,500 million USD and 5,800 million USD. Notably, from early 2022 onwards, cash balances generally increased, peaking around mid-2023 before slightly declining by the latest quarter reported. This pattern suggests varying liquidity management possibly influenced by operational cash flows or financing activities.
- Receivables, Net
- Receivables exhibited considerable variation. Initial quarters show a downward trend in early 2020, dropping nearly 40% compared to previous periods. Following this decline, receivables steadily increased from mid-2020 through early 2022, reaching a peak at over 14,000 million USD, before showing some fluctuation but remaining elevated relative to earlier years. This might indicate increased sales or credit extended to customers during recovery periods.
- Inventories
- Inventories experienced an overall growth trend, beginning around 6,500 million USD and rising to roughly 8,000 million USD by late 2023. Some dips appear intermittently, such as mid-2020, but the general direction points to accumulation of inventory. This could reflect strategic stockpiling or changing supply chain dynamics.
- Prepaid Expenses and Other Current Assets
- Values in this category remain relatively stable with modest increases over time. Starting below 900 million USD in early 2019, the amounts increased gradually and stabilized around 600-700 million USD from 2021 onward, indicating consistent short-term prepaid asset levels.
- Current Assets
- Current assets declined substantially during the first half of 2020, reaching a low near 11,000 million USD, coinciding with reductions in receivables and inventories. Subsequently, current assets rebounded and expanded significantly until mid-2022, peaking above 27,000 million USD, before retracting slightly in the last reported quarters. This suggests a recovery phase post-2020 with improved liquidity and asset management.
- Property, Plant, and Equipment (Cost and Net)
- The cost basis of property, plant, and equipment showed a steady increase throughout the period, rising from about 42,000 million USD to over 52,000 million USD. However, accumulated depreciation also increased consistently, reaching nearly 23,000 million USD by the latest quarter. Consequently, the net property, plant, and equipment values remained relatively flat, oscillating around the 30,000 million USD mark, with slight declines after mid-2022. This stability indicates ongoing capital investment balanced by depreciation.
- Deferred Charges and Other Assets, Net
- This category remained fairly stable with minor fluctuations, mostly maintaining levels between 5,200 and 6,800 million USD. This stability reflects consistent noncurrent asset expenses or prepayments without significant one-time adjustments.
- Noncurrent Assets
- Noncurrent assets showed slight increases early on, stabilizing around 36,000 to 37,000 million USD from 2020 forward, with no substantial upward or downward trends, indicative of a balanced long-term asset base.
- Total Assets
- Total assets decreased during the first half of 2020 from about 54,000 million USD to below 48,000 million USD, reflecting the impact of the economic environment at that time. From mid-2020 onward, total assets steadily grew, reaching a peak above 64,000 million USD in mid-2022. Afterwards, a gradual decline occurred, with total assets falling back to around 60,000 million USD by the latest quarter. This trajectory mirrors the patterns seen in current and noncurrent asset categories and may indicate shifts in the company’s investment and operational scale.