Equity (Tables)

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Schedule of changes in equity

The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to the noncontrolling interests, and total equity (in millions):

	Three Months Ended March 31,
	2014									2013
	Valero Stockholders’ Equity			Non- controlling Interests			Total Equity			Valero Stockholders’ Equity			Non- controlling Interests			Total Equity
Balance as of beginning of period	$	19,460		$	486		$	19,946		$	18,032		$	63		$	18,095
Net income (loss)	828			8			836			654			(2		)	652
Dividends	(133		)	—			(133		)	(111		)	—			(111		)
Stock-based compensation expense	10			—			10			11			—			11
Tax deduction in excess of stock-based compensation expense	25			—			25			24			—			24
Transactions in connection with stock-based compensation plans:
Stock issuances	24			—			24			38			—			38
Stock repurchases	(17		)	—			(17		)	(24		)	—			(24		)
Stock repurchases under buyback program	(209		)	—			(209		)	(294		)	—			(294		)
Contributions from noncontrolling interests	—			—			—			—			14			14
Distributions to public unitholders of Valero Energy Partners LP	—			(1		)	(1		)	—			—			—
Other comprehensive income (loss)	(73		)	—			(73		)	13			—			13
Balance as of end of period	$	19,915		$	493		$	20,408		$	18,343		$	75		$	18,418

Schedule of stock by class

Activity in the number of shares of common stock and treasury stock was as follows (in millions):

	Three Months Ended March 31,
	2014			2013
	Common Stock	Treasury Stock		Common Stock	Treasury Stock
Balance as of beginning of period	673	(138	)	673	(121	)
Transactions in connection with stock-based compensation plans:
Stock issuances	—	2		—	3
Stock repurchases	—	—		—	—
Stock repurchases under buyback program	—	(4	)	—	(7	)
Balance as of end of period	673	(140	)	673	(125	)

Income tax effects related to components of other comprehensive income

The tax effects allocated to each component of other comprehensive income (loss) were as follows (in millions):

	Three Months Ended March 31,
	2014									2013
	Before-Tax Amount			Tax Expense (Benefit)			Net Amount			Before-Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	(74	)	$	—		$	(74	)	$	(204	)	$	—		$	(204	)
Pension and other postretirement benefits:
Gain arising during the period related to plan amendments	—			—			—			328			115			213
Amounts reclassified into income related to:
Net actuarial loss	8			3			5			14			5			9
Prior service credit	(10		)	(3		)	(7		)	(6		)	(2		)	(4		)
Net gain (loss) on pension and other postretirement benefits	(2		)	—			(2		)	336			118			218
Derivative instruments designated and qualifying as cash flow hedges:
Net gain arising during the period	7			2			5			1			—			1
Net gain reclassified into income	(3		)	(1		)	(2		)	(3		)	(1		)	(2		)
Net gain (loss) on cash flow hedges	4			1			3			(2		)	(1		)	(1		)
Other comprehensive income (loss)	$	(72	)	$	1		$	(73	)	$	130		$	117		$	13

Schedule of changes in accumulated other comprehensive income

Changes in accumulated other comprehensive income by component, net of tax, were as follows (in millions):

	Foreign Currency Translation Adjustment			Defined Benefit Pension Items			Gains and (Losses) on Cash Flow Hedges			Total
Balance as of December 31, 2013	$	408		$	(58	)	$	—		$	350
Other comprehensive income (loss) before reclassifications	(74		)	—			5			(69		)
Amounts reclassified from accumulated other comprehensive income	—			(2		)	(2		)	(4		)
Net other comprehensive income (loss)	(74		)	(2		)	3			(73		)
Balance as of March 31, 2014	$	334		$	(60	)	$	3		$	277

	Foreign Currency Translation Adjustment			Defined Benefit Pension Items			Gains and (Losses) on Cash Flow Hedges			Total
Balance as of December 31, 2012	$	665		$	(558	)	$	1		$	108
Other comprehensive income (loss) before reclassifications	(204		)	213			1			10
Amounts reclassified from accumulated other comprehensive income	—			5			(2		)	3
Net other comprehensive income (loss)	(204		)	218			(1		)	13
Balance as of March 31, 2013	$	461		$	(340	)	$	—		$	121

Reclassification out of accumulated other comprehensive income (loss)

Amounts reclassified out of accumulated other comprehensive income (loss) and into net income were as follows (in millions):

Details about Accumulated Other Comprehensive Income Components							Affected Line Item in the Statement of Income
	Three Months Ended March 31,
	2014			2013
Amortization of items related to defined benefit pension plans:
Net actuarial loss	$	(8	)	$	(14	)	(a)
Prior service credit	10			6			(a)
	2			(8		)	Total before tax
	—			3			Tax benefit
	$	2		$	(5	)	Net of tax
Gains on cash flow hedges:
Commodity contracts	$	3		$	3		Cost of sales
	3			3			Total before tax
	(1		)	(1		)	Tax expense
	$	2		$	2		Net of tax
Total reclassifications for the period	$	4		$	(3	)	Net of tax

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(a) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost, as further discussed in Note 7. Net periodic benefit cost is reflected in operating expenses and general and administrative expenses.