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Share Name | Share Symbol | Market | Type |
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Valero Energy Corporation | NYSE:VLO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.50 | -0.32% | 156.84 | 158.885 | 154.785 | 157.86 | 2,356,804 | 01:00:00 |
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Page
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December 31,
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2018
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2017
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Assets
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Investments at fair value:
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Valero Energy Corporation common stock
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$
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350,992,046
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$
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474,397,365
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Common/collective trusts
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584,721,116
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608,015,033
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Mutual funds
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736,584,796
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840,788,082
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Interest-bearing cash
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46,738,208
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46,415,470
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Self-directed investments
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404,183,993
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376,684,135
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Total investments at fair value
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2,123,220,159
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2,346,300,085
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Receivables:
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Notes receivable from participants
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48,714,137
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47,580,383
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Employer contributions
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1,007,185
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1,303,534
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Due from brokers for securities sold
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14,642
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497,023
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Total receivables
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49,735,964
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49,380,940
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Cash
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218,344
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1,324,351
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Total assets
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2,173,174,467
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2,397,005,376
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Net assets available for benefits
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$
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2,173,174,467
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$
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2,397,005,376
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Year Ended December 31,
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2018
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2017
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Additions:
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Investment income (loss):
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Interest income
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$
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422,414
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$
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156,039
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Dividend income
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77,728,471
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65,780,013
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Net appreciation (depreciation) in fair value of investments
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(238,876,357
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)
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335,035,349
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Total investment income (loss)
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(160,725,472
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)
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400,971,401
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Interest income on notes receivable from participants
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2,243,041
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1,985,248
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Contributions:
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Participant
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112,955,583
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99,432,383
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Employer
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60,176,674
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57,534,358
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Total contributions
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173,132,257
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156,966,741
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Total additions
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14,649,826
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559,923,390
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Deductions:
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Benefit payments
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(238,480,735
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)
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(193,617,635
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)
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Net increase (decrease) in net assets available for benefits
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(223,830,909
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)
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366,305,755
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Net assets available for benefits:
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Beginning of year
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2,397,005,376
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2,030,699,621
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End of year
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$
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2,173,174,467
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$
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2,397,005,376
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1.
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DESCRIPTION OF THE PLAN
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•
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one withdrawal during any six-month period from a participant’s after-tax account and rollover contribution account with no suspension of future contributions;
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•
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upon becoming fully vested, one withdrawal from a participant’s employer or profit-sharing account, with a similar withdrawal allowed 36 months after the date of a previous withdrawal under this provision, with no suspension of future contributions;
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•
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upon reaching age 59½, one withdrawal during any six-month period from a participant’s account and employer account; or
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•
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upon furnishing proof of financial necessity, one withdrawal during any six-month period from a participant’s account and the vested portion of the employer account, but, for withdrawals of pre-tax amounts, not to exceed the aggregate amount of the participant’s pre-tax contributions. Individuals who receive a withdrawal for financial necessity will be suspended from making contributions to the Plan for a period of at least six months. A participant whose principal residence or place of employment was in a covered disaster area due to (i) the Louisiana storms in August 2016, (ii) Hurricane Harvey in August 2017, or (iii) the California wildfires in October 2017 was permitted to take a financial necessity withdrawal without furnishing proof of financial necessity and was not subject to the six-month suspension from making future contributions to the Plan.
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(a)
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$50,000, reduced by the excess of (i) the highest outstanding balance of the participant’s loans during a one-year period over (ii) the outstanding balance of all loans to the participant on the day any new loan is made, or
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(b)
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one-half of the current value of the participant’s vested interest in his Plan accounts.
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2.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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3.
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FAIR VALUE MEASUREMENTS
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•
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Common stock, mutual funds, and self-directed investments are measured at fair value using a market approach based on quoted prices from national securities exchanges and are categorized in Level 1 of the fair value hierarchy.
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•
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The cost of interest-bearing cash approximates its fair value and is therefore categorized in Level 1 of the fair value hierarchy.
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•
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All common/collective trusts, including the Federated Capital Preservation Fund, which primarily holds investments in fully benefit-responsive contracts, are valued at the net asset value of units of the common/collective trusts as determined by the issuer of the trust based on the fair values of the underlying net assets divided by the number of units outstanding. The net asset value per unit is a quoted price in a market that is not active; therefore, these investments are classified within Level 2 of the fair value hierarchy. There are no imposed restrictions as to the redemption of these investments.
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Fair Value Measurements Using
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Total as of
December 31,
2018
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Level 1
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Level 2
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Level 3
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|||||||||
Valero common stock
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$
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350,992,046
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|
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$
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—
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$
|
—
|
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$
|
350,992,046
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Common/collective trusts
|
—
|
|
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584,721,116
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|
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—
|
|
|
584,721,116
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||||
Mutual funds
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736,584,796
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|
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—
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|
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—
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736,584,796
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Interest-bearing cash
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46,738,208
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—
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—
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46,738,208
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Self-directed investments
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404,183,993
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—
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—
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404,183,993
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Investments at fair value
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$
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1,538,499,043
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$
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584,721,116
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$
|
—
|
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$
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2,123,220,159
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|
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Fair Value Measurements Using
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Total as of
December 31,
2017
|
||||||||||||
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Level 1
|
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Level 2
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Level 3
|
|
|||||||||
Valero common stock
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$
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474,397,365
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$
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—
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$
|
—
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$
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474,397,365
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Common/collective trusts
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—
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608,015,033
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—
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|
608,015,033
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Mutual funds
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840,788,082
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—
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—
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840,788,082
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Interest-bearing cash
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46,415,470
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—
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—
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46,415,470
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Self-directed investments
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376,684,135
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—
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—
|
|
|
376,684,135
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|
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Investments at fair value
|
$
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1,738,285,052
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$
|
608,015,033
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|
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$
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—
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$
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2,346,300,085
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4.
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RELATED-PARTY AND PARTY-IN-INTEREST TRANSACTIONS
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5.
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PLAN TERMINATION
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6.
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TAX STATUS
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7.
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RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
|
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December 31,
|
||||||
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2018
|
|
2017
|
||||
Net assets available for benefits per the financial statements
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$
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2,173,174,467
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$
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2,397,005,376
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Amounts allocated to withdrawing participants
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(477,191
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)
|
|
(1,530,931
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)
|
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Deemed distributions of participant loans
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(1,238,873
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)
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(1,392,661
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)
|
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Net assets available for benefits per the Form 5500
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$
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2,171,458,403
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$
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2,394,081,784
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Year Ended December 31,
|
||||||
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2018
|
|
2017
|
||||
Investment income (loss) per the financial statements
|
$
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(160,725,472
|
)
|
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$
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400,971,401
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Interest income on notes receivable from participants
per the financial statements
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2,243,041
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|
|
1,985,248
|
|
||
Investment income (loss) per the Form 5500
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$
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(158,482,431
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)
|
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$
|
402,956,649
|
|
|
Year Ended December 31,
|
||||||
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2018
|
|
2017
|
||||
Benefit payments per the financial statements
|
$
|
238,480,735
|
|
|
$
|
193,617,635
|
|
Amounts allocated to withdrawing participants:
|
|
|
|
||||
End of year
|
477,191
|
|
|
1,530,931
|
|
||
Beginning of year
|
(1,530,931
|
)
|
|
(923,773
|
)
|
||
Benefit payments per the Form 5500
|
$
|
237,426,995
|
|
|
$
|
194,224,793
|
|
|
Year Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Deemed distributions of participant loans
per the financial statements
|
$
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—
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|
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$
|
—
|
|
Deemed distributions of participant loans:
|
|
|
|
||||
End of year
|
1,238,873
|
|
|
1,392,661
|
|
||
Beginning of year
|
(1,392,661
|
)
|
|
(1,393,575
|
)
|
||
Deemed distributions of participant loans per the Form 5500
|
$
|
(153,788
|
)
|
|
$
|
(914
|
)
|
|
Identity of Issue/Description of Investment
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Current Value
|
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Common stock:
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*
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Valero Energy Corporation
|
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$
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350,992,046
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Common/collective trusts:
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Federated Capital Preservation Fund
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143,891,505
|
|
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LifePath Index 2020 Fund
|
|
20,318,020
|
|
|
|
LifePath Index 2025 Fund
|
|
41,948,843
|
|
|
|
LifePath Index 2030 Fund
|
|
48,326,947
|
|
|
|
LifePath Index 2035 Fund
|
|
45,321,307
|
|
|
|
LifePath Index 2040 Fund
|
|
36,107,665
|
|
|
|
LifePath Index 2045 Fund
|
|
29,355,580
|
|
|
|
LifePath Index 2050 Fund
|
|
23,246,376
|
|
|
|
LifePath Index 2055 Fund
|
|
14,756,417
|
|
|
|
LifePath Index 2060 Fund
|
|
5,768,390
|
|
|
|
LifePath Index Retirement Fund
|
|
13,472,113
|
|
|
|
SSgA S&P 500 Index Fund
|
|
129,716,201
|
|
|
|
Victory Small Cap Value Collective Fund
|
|
32,491,752
|
|
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Total common/collective trusts
|
|
584,721,116
|
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Mutual funds:
|
|
|
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|
American Funds EuroPacific Growth Fund
|
|
129,711,888
|
|
|
|
American Funds Growth Fund of America
|
|
150,142,044
|
|
|
|
BlackRock Liquidity Funds FedFund Cash Reserve Shares
|
|
288,337
|
|
|
|
Emerald Growth Institutional Fund
|
|
37,431,257
|
|
|
|
Invesco Diversified Dividend Fund
|
|
68,405,688
|
|
|
|
Pioneer Bond Fund
|
|
106,240,024
|
|
|
|
Vanguard Mid-Cap Index Fund Institutional Shares
|
|
95,493,980
|
|
|
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Vanguard PRIMECAP Fund Admiral Shares
|
|
148,871,578
|
|
|
|
Total mutual funds
|
|
736,584,796
|
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Interest-bearing cash:
|
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|
||
*
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Retirement Bank Account
|
|
46,738,208
|
|
|
|
Self-directed investments
|
|
404,183,993
|
|
|
*
|
Notes receivable from participants (interest rates range from 4.25% to 9.25%;
maturity dates range from January 2019 to December 2033)
|
|
48,714,137
|
|
|
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|
|
$
|
2,171,934,296
|
|
*
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Party-in-interest to the Plan.
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VALERO ENERGY CORPORATION THRIFT PLAN
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By
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/s/ Joseph M. Van Horn
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Joseph M. Van Horn
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Chairman of the Valero Energy Corporation
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Benefit Plans Administrative Committee
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Vice President Risk Management and
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Trading Support,
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Valero Energy Corporation
|
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Date: June 24, 2019
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1 Year Valero Energy Chart |
1 Month Valero Energy Chart |
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