Renewable Diesel Driving Low Carbon Results
Non-GAAP Disclosures:
Return on Invested Capital (ROIC)
RETURN ON INVESTED CAPITAL (ROIC)
(unaudited, in millions)
Numerator:
Net income attributable to VLO stockholders
Total effect of special items after-tax
Adjusted net income attributable to VLO
Plus: adjusted net interest expense after-tax
Adjusted net income attributable to VLO before adjusted net interest expense after-tax (A)
Denominator:
Current portion of debt
Debt and finance leases, less current portion
Less: debt issue costs - non-bank debt (ASU 2015-15)
Less: debt attributable to non-controlling interests
Debt attributable to VLO
VLO stockholders' equity
Less: cash and cash equivalents
Total invested capital
Average invested capital (B)
ROIC (A/B)
ROIC (5-year average)
INVESTOR PRESENTATION | JUNE 2021
2014
2015
Year Ended December 31,
2016
2017
2018
2019
$3,990
624
$4,614
$2,289
$4,065
$3,122
$2,422
(565)
(1,783)
113
(61)
$1,724
$2,282
$3,235
$2,361
281
288
299
362
357
$4,895
$2,012
$2,581
$3,597
$2,718
$606
$127
$115
$122
$238
$494
5,780
7,208
7,886
8,750
8,871
9,178
(33)
(14)
(58)
(176)
(260)
(384)
(366)
$6,339
$7,277
$7,825
$8,612
$8,725
$9,306
20,677
20,527
20,024
21,991
21,667
21,803
(3,689)
(4,114)
(4,816)
(5,850)
(2,982)
(2,583)
$23,327
$23,690
$23,033
$24,753
$27,410
$28,526
$23,509
$23,362
$23,893
$26,082
$27,968
21%
9%
11%
14%
10%
13%
Valero 46View entire presentation