Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Valero Energy Corp., consolidated statement of comprehensive income

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)
Foreign currency translation adjustment	433)	(606)	(47)	161)	349)
Net gain (loss) on pension and other postretirement benefits	21)	258)	296)	(65)	(187)
Net gain (loss) on cash flow hedges	81)	(6)	(2)	3)	(7)
Other comprehensive income (loss)	535)	(354)	247)	99)	155)
Comprehensive income (loss)	9,684)	11,525)	1,535)	(1,008)	2,939)
Comprehensive income attributable to noncontrolling interests	(360)	(348)	(359)	(316)	(361)
Comprehensive income (loss) attributable to Valero Energy Corporation stockholders	9,324)	11,177)	1,176)	(1,324)	2,578)

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).

The financial performance of Valero Energy Corporation between 2019 and 2023 is characterized by significant volatility, marked by a severe contraction in 2020 followed by a period of substantial growth peaking in 2022.

Net Income and Comprehensive Income Trends: A sharp decline in profitability occurred in 2020, where net income dropped from 2,784 million US$ in 2019 to a loss of 1,107 million US$. A recovery began in 2021 with a return to profitability at 1,288 million US$, culminating in a dramatic increase to 11,879 million US$ in 2022. While 2023 showed a slight moderation to 9,149 million US$, the figure remains significantly higher than pre-2022 levels. Comprehensive income followed a nearly identical trajectory, reflecting the dominance of net income over other comprehensive income components.
Analysis of Other Comprehensive Income (OCI) Components: OCI exhibited inconsistent patterns across the five-year period. Foreign currency translation adjustments fluctuated significantly, shifting from a gain of 161 million US$ in 2020 to a loss of 606 million US$ in 2022, before recovering to a gain of 433 million US$ in 2023. Net gains on pension and other postretirement benefits transitioned from losses in 2019 and 2020 to gains in 2021 and 2022, though these gains narrowed significantly to 21 million US$ by 2023. Cash flow hedges remained immaterial for most of the period, with the exception of 2023, which recorded a gain of 81 million US$.
Attribution of Comprehensive Income: Comprehensive income attributable to noncontrolling interests remained remarkably stable and consistently negative, ranging from -316 million US$ to -361 million US$ annually. Consequently, the volatility of the overall comprehensive income was almost entirely borne by Valero Energy Corporation stockholders. The income attributable to stockholders mirrored the broader corporate trend, swinging from a loss of 1,324 million US$ in 2020 to a peak of 11,177 million US$ in 2022, and ending the period at 9,324 million US$ in 2023.

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Valero Energy Corp. (NYSE:VLO)

Statement of Comprehensive Income