Equity (Tables)

6 Months Ended

Jun. 30, 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):

	Six Months Ended June 30,
	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	1,309			47			1,356			2,315			18			2,333
Dividends	(564		)	—			(564		)	(409		)	—			(409		)
Stock-based compensation expense	23			—			23			18			—			18
Tax deduction in excess of stock-based compensation expense	—			—			—			27			—			27
Transactions in connection with stock-based compensation plans:
Stock issuances	3			—			3			20			—			20
Stock purchases	(43		)	—			(43		)	(105		)	—			(105		)
Stock purchases under purchase program	(610		)	—			(610		)	(928		)	—			(928		)
Contributions from noncontrolling interests	—			—			—			—			2			2
Distributions to noncontrolling interests	—			(47		)	(47		)	—			(34		)	(34		)
Other comprehensive income (loss)	(69		)	1			(68		)	(162		)	—			(162		)
Balance as of end of period	$	20,576		$	828		$	21,404		$	21,453		$	553		$	22,006

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,
	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	)	—	(2	)
Stock purchases under purchase program	—	(11	)	—	(15	)
Balance as of end of period	673	(211	)	673	(174	)

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,
	2016									2015
	Before- Tax Amount			Tax Expense (Benefit)			Net Amount			Before- Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	(202	)	$	—		$	(202	)	$	197		$	—		$	197
Pension and other postretirement benefits:
Amounts reclassified into income related to:
Net actuarial loss	12			5			7			16			6			10
Prior service credit	(9		)	(4		)	(5		)	(10		)	(4		)	(6		)
Net gain on pension and other postretirement benefits	3			1			2			6			2			4
Other comprehensive income (loss)	$	(199	)	$	1		$	(200	)	$	203		$	2		$	201

	Six Months Ended June 30,
	2016									2015
	Before- Tax Amount			Tax Expense (Benefit)			Net Amount			Before- Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	(80	)	$	—		$	(80	)	$	(169	)	$	—		$	(169	)
Pension and other postretirement benefits:
Miscellaneous gain arising during the period	—			(8		)	8			—			—			—
Amounts reclassified into income related to:
Net actuarial loss	24			9			15			31			11			20
Prior service credit	(18		)	(7		)	(11		)	(20		)	(7		)	(13		)
Net gain on pension and other postretirement benefits	6			(6		)	12			11			4			7
Other comprehensive income (loss)	$	(74	)	$	(6	)	$	(68	)	$	(158	)	$	4		$	(162	)

Schedule of changes in accumulated other comprehensive 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 (loss) before reclassifications	(81		)	8			(73		)
Amounts reclassified from accumulated other comprehensive loss	—			4			4
Net other comprehensive income (loss)	(81		)	12			(69		)
Balance as of June 30, 2016	$	(686	)	$	(316	)	$	(1,002	)

	Foreign Currency Translation Adjustment			Defined Benefit Plans Items			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	)