Valero's Foreign Excise Taxes Hit $5.76B in 2023

Ticker: VLO · Form: 10-K · Filed: 2024-02-22T00:00:00.000Z

Sentiment: neutral

Topics: earnings, taxes, foreign-operations

TL;DR

**Valero's foreign excise taxes jumped to $5.76 billion in 2023, a key factor for their bottom line.**

AI Summary

Valero Energy Corp/TX reported excise taxes on sales from certain foreign operations of $5,765 million for the year ended December 31, 2023. This represents an increase from $5,194 million in 2022 but a decrease from $5,645 million in 2021. The company's 10-K filing was submitted on February 22, 2024, for the fiscal year ending December 31, 2023.

Why It Matters

These excise taxes impact Valero's profitability and cash flow, reflecting the regulatory and operational costs associated with its international sales.

Risk Assessment

Risk Level: medium — Fluctuations in excise taxes, especially from foreign operations, can introduce volatility to the company's financial performance.

Key Numbers

Key Players & Entities

FAQ

What was the total amount of excise taxes on sales by Valero's foreign operations for the year ended December 31, 2023?

Valero Energy Corp/TX reported excise taxes on sales by certain of its foreign operations of $5,765 million for the year ended December 31, 2023.

How did the excise taxes on sales for 2023 compare to the previous year, 2022?

The excise taxes on sales for 2023 were $5,765 million, which was an increase compared to $5,194 million for the year ended December 31, 2022.

What was the trend in excise taxes on sales from 2021 to 2023?

The excise taxes on sales were $5,645 million in 2021, decreased to $5,194 million in 2022, and then increased to $5,765 million in 2023.

When was this 10-K filing submitted to the SEC?

The 10-K filing for Valero Energy Corp/TX was filed as of February 22, 2024.

What is the fiscal year end for Valero Energy Corp/TX, as indicated in this filing?

The fiscal year end for Valero Energy Corp/TX is December 31, as indicated by the 'CONFORMED PERIOD OF REPORT: 20231231'.

From the Filing

0001035002-24-000007.txt : 20240222 0001035002-24-000007.hdr.sgml : 20240222 20240222141734 ACCESSION NUMBER: 0001035002-24-000007 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 127 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240222 DATE AS OF CHANGE: 20240222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALERO ENERGY CORP/TX CENTRAL INDEX KEY: 0001035002 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 741828067 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13175 FILM NUMBER: 24664139 BUSINESS ADDRESS: STREET 1: P.O. BOX 696000 CITY: SAN ANTONIO STATE: TX ZIP: 78269-6000 BUSINESS PHONE: 2103454524 MAIL ADDRESS: STREET 1: P.O. BOX 696000 CITY: SAN ANTONIO STATE: TX ZIP: 78269-6000 10-K 1 vlo-20231231.htm 10-K vlo-20231231 VALERO ENERGY CORP/TX 0001035002 FALSE 2023 FY Includes excise taxes on sales by certain of our foreign operations of $5,765 million, $5,194 million, and $5,645 million for the years ended December 31, 2023, 2022, and 2021. P2D http://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2023#OtherAssetsNoncurrent http://fasb.org/us-gaap/2023#OtherAssetsNoncurrent http://fasb.org/us-gaap/2023#DebtCurrent http://fasb.org/us-gaap/2023#DebtCurrent http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrent 0001035002 2023-01-01 2023-12-31 0001035002 2023-06-30 iso4217:USD 0001035002 2024-02-16 xbrli:shares 0001035002 2023-12-31 0001035002 2022-12-31 iso4217:USD xbrli:shares 0001035002 2022-01-01 2022-12-31 0001035002 2021-01-01 2021-12-31 0001035002 us-gaap:CommonStockMember 2020-12-31 0001035002 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001035002 us-gaap:TreasuryStockCommonMember 2020-12-31 0001035002 us-gaap:RetainedEarningsMember 2020-12-31 0001035002 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001035002 us-gaap:ParentMember 2020-12-31 0001035002 us-gaap:NoncontrollingInterestMember 2020-12-31 0001035002 2020-12-31 0001035002 us-gaap:RetainedEarningsMember 2021-01-01 2021-12-31 0001035002 us-gaap:ParentMember 2021-01-01 2021-12-31 0001035002 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-12-31 0001035002 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-12-31 0001035002 us-gaap:TreasuryStockCommonMember 2021-01-01 2021-12-31 0001035002 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-12-31 0001035002 us-gaap:CommonStockMember 2021-12-31 0001035002 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001035002 us-gaap:TreasuryStockCommonMember 2021-12-31 0001035002 us-gaap:RetainedEarningsMember 2021-12-31 0001035002 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001035002 us-gaap:ParentMember 2021-12-31 0001035002 us-gaap:NoncontrollingInterestMember 2021-12-31 0001035002 2021-12-31 0001035002 us-gaap:RetainedEarningsMember 2022-01-01 2022-12-31 0001035002 us-gaap:ParentMember 2022-01-01 2022-12-31 0001035002 us-gaap:NoncontrollingInterestMember 2022-01-01 2022-12-31 0001035002 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-12-31 0001035002 us-gaap:TreasuryStockCommonMember 2022-01-01 2022-12-31 0001035002 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-12-31 0001035002 us-gaap:CommonStockMember 2022-12-31 0001035002 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001035002 us-gaap:TreasuryStockCommonMember 2022-12-31 0001035002 us-gaap:Retained

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