Equity (Tables)

6 Months Ended

Jun. 30, 2015

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):

	Six Months Ended June 30,
	2015									2014
	Valero Stockholders’ Equity			Non- controlling Interests			Total Equity			Valero Stockholders’ Equity			Non- controlling Interests			Total Equity
Balance as of beginning of period	$	20,677		$	567		$	21,244		$	19,460		$	486		$	19,946
Net income	2,315			18			2,333			1,416			13			1,429
Dividends	(409		)	—			(409		)	(266		)	—			(266		)
Stock-based compensation expense	18			—			18			21			—			21
Tax deduction in excess of stock-based compensation expense	27			—			27			31			—			31
Transactions in connection with stock-based compensation plans:
Stock issuances	20			—			20			32			—			32
Stock purchases	(105		)	—			(105		)	(76		)	—			(76		)
Stock purchases under repurchase program	(928		)	—			(928		)	(483		)	—			(483		)
Contributions from noncontrolling interests	—			2			2			—			14			14
Distributions to noncontrolling interests	—			(34		)	(34		)	—			(4		)	(4		)
Other comprehensive income (loss)	(162		)	—			(162		)	76			—			76
Balance as of end of period	$	21,453		$	553		$	22,006		$	20,211		$	509		$	20,720

Schedule of stock by class

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

	Six Months Ended June 30,
	2015			2014
	Common Stock	Treasury Stock		Common Stock	Treasury Stock
Balance as of beginning of period	673	(159	)	673	(138	)
Transactions in connection with stock-based compensation plans:
Stock issuances	—	2		—	2
Stock purchases	—	(2	)	—	(1	)
Stock purchases under repurchase program	—	(15	)	—	(7	)
Balance as of end of period	673	(174	)	673	(144	)

Income tax effects related to components of other comprehensive income (loss)

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

	Three Months Ended June 30,
	2015									2014
	Before- Tax Amount			Tax Expense (Benefit)			Net Amount			Before- Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	197		$	—		$	197		$	150		$	—		$	150
Pension and other postretirement benefits:
Amounts reclassified into income related to:
Net actuarial loss	16			6			10			9			3			6
Prior service credit	(10		)	(4		)	(6		)	(9		)	(5		)	(4		)
Net gain on pension and other postretirement benefits	6			2			4			—			(2		)	2
Derivative instruments designated and qualifying as cash flow hedges:
Net loss arising during the period	—			—			—			(3		)	—			(3		)
Net loss on cash flow hedges	—			—			—			(3		)	—			(3		)
Other comprehensive income	$	203		$	2		$	201		$	147		$	(2	)	$	149

	Six Months Ended June 30,
	2015									2014
	Before- Tax Amount			Tax Expense (Benefit)			Net Amount			Before- Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	(169	)	$	—		$	(169	)	$	76		$	—		$	76
Pension and other postretirement benefits:
Amounts reclassified into income related to:
Net actuarial loss	31			11			20			17			6			11
Prior service credit	(20		)	(7		)	(13		)	(19		)	(8		)	(11		)
Net gain (loss) on pension and other postretirement benefits	11			4			7			(2		)	(2		)	—
Derivative instruments designated and qualifying as cash flow hedges:
Net gain arising during the period	—			—			—			4			2			2
Net gain reclassified into income	—			—			—			(3		)	(1		)	(2		)
Net gain on cash flow hedges	—			—			—			1			1			—
Other comprehensive income (loss)	$	(158	)	$	4		$	(162	)	$	75		$	(1	)	$	76

Schedule of changes in accumulated other comprehensive income (loss)

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

	Foreign Currency Translation Adjustment			Defined Benefit Plans Items			Gains and (Losses) on Cash Flow Hedges		Total
Balance as of December 31, 2014	$	1		$	(368	)	$	—	$	(367	)
Other comprehensive loss before reclassifications	(169		)	—			—		(169		)
Amounts reclassified from accumulated other comprehensive loss	—			7			—		7
Net other comprehensive income (loss)	(169		)	7			—		(162		)
Balance as of June 30, 2015	$	(168	)	$	(361	)	$	—	$	(529	)

Balance as of December 31, 2013	$	408	$	(58	)	$	—		$	350
Other comprehensive income before reclassifications	76		—			2			78
Amounts reclassified from accumulated other comprehensive income	—		—			(2		)	(2		)
Net other comprehensive income	76		—			—			76
Balance as of June 30, 2014	$	484	$	(58	)	$	—		$	426