Free signup for more
- Track your favorite companies
- Receive email alerts for new filings
- Personalized dashboard of news and more
- Access all data and search results
Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. freshman Avg
|
New words:
abnormal, Agent, Ambient, analyzed, Bernard, Brent, CFO, Clause, Commerce, Compulsory, configuration, CSO, Darling, decree, deficiency, delineated, DGD, driven, engineering, ERISA, EU, EURIBOR, euro, European, fault, fill, grandfathered, green, Haven, HollyFrontier, inability, inception, incremental, infrastructure, inland, inspection, interdependent, involuntary, Ireland, IRS, Kingdom, larger, lend, lessened, LLS, logistical, lump, Mainline, member, Meraux, merged, metric, migrated, Milford, MLP, nameplate, negligence, nitrogen, notably, occasional, Outlet, outlier, outlined, overhead, ozone, Pembroke, Pembrokeshire, pound, prolonged, promulgate, quota, rationalization, reliance, repatriate, repatriated, repatriating, repatriation, reserve, resumption, retrospectively, safety, Scheme, statewide, sterling, strategy, subsided, Texaco, unadjusted, uninterrupted, unrest, vegetable, vehicle, VEL, Waterway
Removed:
abandoned, accelerated, adjust, administration, Albertson, amendment, annually, aware, candy, Cdn, certification, certified, certify, chain, code, commence, commenced, compelling, condensed, consolidating, contest, continuation, correction, covering, credited, cycle, deducting, department, discovered, docket, domestic, earlier, earned, El, escalate, Fahrenheit, failing, fountain, frequently, guaranteed, Ike, imported, incident, indemnified, installation, internet, involving, Jersey, listed, mark, merger, moving, municipal, netted, NJDEP, offtake, oxygen, Paso, Phoenix, posted, PRG, pursuing, qualitative, quantitative, recently, recession, redemption, referenced, reliable, relief, servicing, solid, strong, submitted, suffer, temperature, transition, trial, Tucson, UDS, unamortized, unconditionally, unit, violated
Filing tables
Filing exhibits
- 10-K Annual report
- 10.05 Exhibit 10.05
- 10.06 Exhibit 10.06
- 10.07 Exhibit 10.07
- 10.09 Exhibit 10.09
- 10.10 Exhibit 10.10
- 10.14 Exhibit 10.14
- 10.15 Exhibit 10.15
- 10.16 Exhibit 10.16
- 10.17 Exhibit 10.17
- 10.19 Exhibit 10.19
- 10.21 Exhibit 10.21
- 10.24 Exhibit 10.24
- 10.26 Exhibit 10.26
- 12.01 Exhibit 12.01
- 21.01 Exhibit 21.01
- 23.01 Exhibit 23.01
- 31.01 Exhibit 31.01
- 31.02 Exhibit 31.02
- 32.01 Exhibit 32.01
- 99.01 Exhibit 99.01
Related press release
VLO similar filings
Filing view
External links
Exhibit 12.01
VALERO ENERGY CORPORATION AND SUBSIDIARIES
STATEMENTS OF COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
Year Ended December 31, | |||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense (benefit), excluding income from equity investee | $ | 3,322 | $ | 1,481 | $ | (334 | ) | $ | 268 | $ | 6,202 | ||||||||||||||
Add: | |||||||||||||||||||||||||
Fixed charges | 735 | 743 | 701 | 626 | 631 | ||||||||||||||||||||
Amortization of capitalized interest | 23 | 20 | 18 | 17 | 13 | ||||||||||||||||||||
Distributions from equity investee | — | 10 | — | — | — | ||||||||||||||||||||
Less: | |||||||||||||||||||||||||
Interest capitalized | (152 | ) | (90 | ) | (105 | ) | (92 | ) | (101 | ) | |||||||||||||||
Total earnings | $ | 3,928 | $ | 2,164 | $ | 280 | $ | 819 | $ | 6,745 | |||||||||||||||
Fixed charges: | |||||||||||||||||||||||||
Interest expense, net | $ | 401 | $ | 484 | $ | 416 | $ | 360 | $ | 357 | |||||||||||||||
Interest capitalized | 152 | 90 | 105 | 92 | 101 | ||||||||||||||||||||
Rental expense interest factor (a) | 182 | 169 | 180 | 174 | 173 | ||||||||||||||||||||
Total fixed charges | $ | 735 | $ | 743 | $ | 701 | $ | 626 | $ | 631 | |||||||||||||||
Ratio of earnings to fixed charges | 5.3 | x | 2.9 | x | (b) | 1.3 | x | 10.7 | x |
(a) | The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense. |
(b) | For the year ended December 31, 2009, earnings were insufficient to cover fixed charges by $421 million. The deficiency included the effect of a $222 million pre-tax impairment loss resulting from the permanent cancellation of certain capital projects classified as “construction in progress” as a result of the unfavorable impact of the economic slowdown on refining industry fundamentals during the year. The deficiency was also partially attributable to a $120 million loss contingency accrual related to our dispute of a turnover tax on export sales in Aruba. |