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.
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Valero Energy Corp., consolidated statement of comprehensive income
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).
- Net Income (Loss)
- Net income exhibited significant volatility during the period analyzed. It started with a positive value of 2,784 million USD in 2019, sharply declined to a loss of 1,107 million USD in 2020, before recovering to 1,288 million USD in 2021. A substantial increase occurred in 2022, reaching 11,879 million USD, followed by a decrease to 9,149 million USD in 2023. Overall, the data shows high variability but a strong positive rebound after 2020.
- Foreign Currency Translation Adjustment
- This item fluctuated over the years without a clear upward or downward trend. Starting at 349 million USD in 2019, it decreased to 161 million USD in 2020, then turned negative at -47 million USD in 2021 and further declined to -606 million USD in 2022 before rebounding to 433 million USD in 2023. The pattern suggests exposure to currency exchange volatility.
- Net Gain (Loss) on Pension and Other Postretirement Benefits
- The values displayed high variability. Beginning with a loss of 187 million USD in 2019 and 65 million USD in 2020, the company recorded gains of 296 million USD in 2021 and 258 million USD in 2022, then decreased sharply to a smaller gain of 21 million USD in 2023. This indicates fluctuating pension-related financial impacts with an overall positive direction after 2020 except in the last year where the gain was minimal.
- Net Gain (Loss) on Cash Flow Hedges
- The net gains/losses in this category were generally small relative to other line items, oscillating between slight losses and gains. The amounts were negative in 2019 (-7 million USD), slightly positive in 2020 (3 million USD), negative again in 2021 (-2 million USD) and 2022 (-6 million USD), before rising notably to a positive 81 million USD in 2023. This suggests some improvement in hedging effectiveness or market conditions during the last year.
- Other Comprehensive Income (Loss)
- This component showed variability without a consistent trend, beginning with 155 million USD in 2019, declining to 99 million USD in 2020, increasing to 247 million USD in 2021, dropping sharply to -354 million USD in 2022, and rebounding to 535 million USD in 2023. The fluctuations correspond with changes in currency translations and pension gains/losses, indicating sensitivity to these areas.
- Comprehensive Income (Loss)
- Overall comprehensive income mirrored net income trends, shifting from 2,939 million USD in 2019 to a loss of 1,008 million USD in 2020, then recovering to 1,535 million USD in 2021. A marked increase occurred in 2022, reaching 11,525 million USD, followed by a decrease to 9,684 million USD in 2023. This reinforces the observation of strong recovery and growth after a loss year in 2020.
- Comprehensive Income Attributable to Noncontrolling Interests
- This item remained negative and relatively stable, ranging narrowly from -316 million USD in 2020 to -360 million USD in 2023. The stability indicates consistent impacts from noncontrolling interests without significant volatility.
- Comprehensive Income (Loss) Attributable to Valero Energy Corporation Stockholders
- Similar to overall comprehensive income, this measure had a negative dip in 2020 (-1,324 million USD) but otherwise showed positive values: 2,578 million USD in 2019, 1,176 million USD in 2021, a strong increase to 11,177 million USD in 2022, and a subsequent decrease to 9,324 million USD in 2023. This confirms that the primary equity holders experienced significant earnings variability with strong recovery post-2020.