Equity (Tables)

3 Months Ended

Mar. 31, 2016

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):

	Three Months Ended March 31,
	2016									2015
	Valero Stockholders’ Equity			Non- controlling Interests			Total Equity			Valero Stockholders’ Equity			Non- controlling Interests			Total Equity
Balance as of beginning of period	$	20,527		$	827		$	21,354		$	20,677		$	567		$	21,244
Net income	495			18			513			964			4			968
Dividends	(282		)	—			(282		)	(206		)	—			(206		)
Stock-based compensation expense	12			—			12			9			—			9
Tax deduction in excess of stock-based compensation expense	10			—			10			15			—			15
Transactions in connection with stock-based compensation plans:
Stock issuances	3			—			3			15			—			15
Stock purchases	(42		)	—			(42		)	(50		)	—			(50		)
Stock purchases under purchase program	(198		)	—			(198		)	(287		)	—			(287		)
Contributions from noncontrolling interests	—			—			—			—			2			2
Distributions to noncontrolling interests	—			(7		)	(7		)	—			(5		)	(5		)
Other comprehensive income (loss)	131			1			132			(363		)	—			(363		)
Balance as of end of period	$	20,656		$	839		$	21,495		$	20,774		$	568		$	21,342

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,
	2016			2015
	Common Stock	Treasury Stock		Common Stock	Treasury Stock
Balance as of beginning of period	673	(200	)	673	(159	)
Transactions in connection with stock-based compensation plans:
Stock issuances	—	1		—	2
Stock purchases	—	(1	)	—	(1	)
Stock purchases under purchase program	—	(4	)	—	(5	)
Balance as of end of period	673	(204	)	673	(163	)

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 March 31,
	2016									2015
	Before- Tax Amount			Tax Expense (Benefit)			Net Amount			Before- Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	122		$	—		$	122		$	(366	)	$	—		$	(366	)
Pension and other postretirement benefits:
Miscellaneous gain arising during the period	—			(8		)	8			—			—			—
Amounts reclassified into income related to:
Net actuarial loss	12			4			8			15			5			10
Prior service credit	(9		)	(3		)	(6		)	(10		)	(3		)	(7		)
Net gain on pension and other postretirement benefits	3			(7		)	10			5			2			3
Other comprehensive income (loss)	$	125		$	(7	)	$	132		$	(361	)	$	2		$	(363	)

Schedule of changes in accumulated other comprehensive income (loss)

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

	Foreign Currency Translation Adjustment			Defined Benefit Plans Items			Total
Balance as of December 31, 2015	$	(605	)	$	(328	)	$	(933	)
Other comprehensive income before reclassifications	121			8			129
Amounts reclassified from accumulated other comprehensive loss	—			2			2
Net other comprehensive income	121			10			131
Balance as of March 31, 2016	$	(484	)	$	(318	)	$	(802	)

	Foreign Currency Translation Adjustment			Defined Benefit Plans Items			Total
Balance as of December 31, 2014	$	1		$	(368	)	$	(367	)
Other comprehensive loss before reclassifications	(366		)	—			(366		)
Amounts reclassified from accumulated other comprehensive loss	—			3			3
Net other comprehensive income (loss)	(366		)	3			(363		)
Balance as of March 31, 2015	$	(365	)	$	(365	)	$	(730	)