Equity (Tables)

9 Months Ended

Sep. 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 noncontrolling interests, and total equity (in millions):

	Nine Months Ended September 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	3,692			14			3,706			2,475			16			2,491
Dividends	(608		)	—			(608		)	(411		)	—			(411		)
Stock-based compensation expense	27			—			27			30			—			30
Tax deduction in excess of stock-based compensation expense	33			—			33			33			—			33
Transactions in connection with stock-based compensation plans:
Stock issuances	29			—			29			37			—			37
Stock purchases	(136		)	—			(136		)	(177		)	—			(177		)
Stock purchases under repurchase program	(1,965		)	—			(1,965		)	(692		)	—			(692		)
Contributions from noncontrolling interests	—			5			5			—			14			14
Distributions to noncontrolling interests	—			(39		)	(39		)	—			(8		)	(8		)
Other comprehensive loss	(428		)	—			(428		)	(201		)	—			(201		)
Balance as of end of period	$	21,321		$	547		$	21,868		$	20,554		$	508		$	21,062

Schedule of stock by class

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

	Nine Months Ended September 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	—	3		—	3
Stock purchases	—	(2	)	—	(2	)
Stock purchases under repurchase program	—	(32	)	—	(13	)
Balance as of end of period	673	(190	)	673	(150	)

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 September 30,
	2015									2014
	Before- Tax Amount			Tax Expense (Benefit)			Net Amount			Before- Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	(270	)	$	—		$	(270	)	$	(274	)	$	—		$	(274	)
Pension and other postretirement benefits:
Amounts reclassified into income related to:
Net actuarial loss	16			5			11			8			3			5
Prior service credit	(10		)	(3		)	(7		)	(11		)	(3		)	(8		)
Net gain (loss) on pension and other postretirement benefits	6			2			4			(3		)	—			(3		)
Derivative instruments designated and qualifying as cash flow hedges:
Net loss arising during the period	—			—			—			(5		)	(2		)	(3		)
Net loss reclassified into income	—			—			—			5			2			3
Net loss on cash flow hedges	—			—			—			—			—			—
Other comprehensive loss	$	(264	)	$	2		$	(266	)	$	(277	)	$	—		$	(277	)

	Nine Months Ended September 30,
	2015									2014
	Before- Tax Amount			Tax Expense (Benefit)			Net Amount			Before- Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	(439	)	$	—		$	(439	)	$	(198	)	$	—		$	(198	)
Pension and other postretirement benefits:
Amounts reclassified into income related to:
Net actuarial loss	47			16			31			25			9			16
Prior service credit	(30		)	(10		)	(20		)	(30		)	(11		)	(19		)
Net gain (loss) on pension and other postretirement benefits	17			6			11			(5		)	(2		)	(3		)
Derivative instruments designated and qualifying as cash flow hedges:
Net loss arising during the period	—			—			—			(1		)	—			(1		)
Net loss reclassified into income	—			—			—			2			1			1
Net gain on cash flow hedges	—			—			—			1			1			—
Other comprehensive loss	$	(422	)	$	6		$	(428	)	$	(202	)	$	(1	)	$	(201	)

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	(439		)	—			—		(439		)
Amounts reclassified from accumulated other comprehensive loss	—			11			—		11
Net other comprehensive income (loss)	(439		)	11			—		(428		)
Balance as of September 30, 2015	$	(438	)	$	(357	)	$	—	$	(795	)

Balance as of December 31, 2013	$	408		$	(58	)	$	—		$	350
Other comprehensive loss before reclassifications	(198		)	—			(1		)	(199		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(3		)	1			(2		)
Net other comprehensive loss	(198		)	(3		)	—			(201		)
Balance as of September 30, 2014	$	210		$	(61	)	$	—		$	149