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Quarterly Financial Data (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Millions
1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Mar. 31, 2020
Dec. 31, 2020
[1]
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
[2]
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Quarterly Financial Data                            
Revenues       $ 16,604 $ 15,809 [1],[2] $ 10,397 [2] $ 22,102 $ 27,879 $ 27,249 $ 28,933 $ 24,263 $ 64,912 [3] $ 108,324 [3] $ 117,033 [3]
Gross profit (loss) [4]       (230) (398) [1],[2] 1,973 [2] (2,085) 2,003 1,119 1,123 533      
Operating income (loss)       (470) (621) [1],[2] 1,789 [2] (2,277) 1,739 881 908 308 (1,579) 3,836 4,572
Net income (loss)       (309) (379) [1],[2] 1,335 [2] (1,754) 1,330 639 648 167 (1,107) 2,784 3,353
Net income (loss) attributable to Valero Energy Corporation stockholders       $ (359) $ (464) [1],[2] $ 1,253 [2] $ (1,851) $ 1,060 $ 609 $ 612 $ 141 $ (1,421) $ 2,422 $ 3,122
Earnings (loss) per common share (in usd per share)       $ (0.88) $ (1.14) [1],[2] $ 3.07 [2] $ (4.54) $ 2.58 $ 1.48 $ 1.47 $ 0.34 $ (3.50) $ 5.84 $ 7.30
Earnings (loss) per common share – assuming dilution (in usd per share)       $ (0.88) $ (1.14) [1],[2] $ 3.07 [2] $ (4.54) $ 2.58 $ 1.48 $ 1.47 $ 0.34 $ (3.50) $ 5.84 $ 7.29
Quarterly Financial Data (Textual):                            
Lower of cost or market (LCM) inventory valuation adjustment     $ 2,500   $ (300) $ (2,200)           $ (19) $ 0 $ 0
Effect of LIFO Inventory Liquidation on Income $ 102 $ (326)                   $ (224)    
[1] We recorded a charge of $326 million in September 2020 due to the expected liquidation of LIFO inventory layers as described in Note 5. We recognized a benefit of $102 million in December 2020 to adjust the $326 million estimate to the $224 million actual charge for the year ended December 31, 2020.
[2] The market value of our inventories accounted for under the LIFO method fell below their historical cost on an aggregate basis as of March 31, 2020. As a result, we recorded an LCM inventory valuation adjustment of $2.5 billion in March 2020 as described in Note 5. The market value of our LIFO inventories improved due to the subsequent recovery in market prices, which resulted in a reversal of $2.2 billion in the quarter ended June 30, 2020 and the remaining amount in the quarter ended September 30, 2020.
[3] Includes excise taxes on sales by certain of our international operations of $4,797 million, $5,595 million, and $5,626 million for the years ended December 31, 2020, 2019, and 2018.
[4] Gross profit is calculated as revenues less total cost of sales.