Equity (Tables)

6 Months Ended

Jun. 30, 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):

	Six Months Ended June 30,
	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)	1,416			13			1,429			1,120			(3		)	1,117
Dividends	(266		)	—			(266		)	(220		)	—			(220		)
Stock-based compensation expense	21			—			21			25			—			25
Tax deduction in excess of stock-based compensation expense	31			—			31			27			—			27
Transactions in connection with stock-based compensation plans:
Stock issuances	32			—			32			43			—			43
Stock repurchases	(76		)	—			(76		)	(196		)	—			(196		)
Stock repurchases under buyback program	(483		)	—			(483		)	(364		)	—			(364		)
Separation of retail business	—			—			—			(499		)	—			(499		)
Contributions from noncontrolling interests	—			14			14			—			45			45
Distributions to public unitholders of Valero Energy Partners LP	—			(4		)	(4		)	—			—			—
Other comprehensive income (loss)	76			—			76			(48		)	—			(48		)
Balance as of end of period	$	20,211		$	509		$	20,720		$	17,920		$	105		$	18,025

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,
	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	—	(1	)	—	(5	)
Stock repurchases under buyback program	—	(7	)	—	(8	)
Balance as of end of period	673	(144	)	673	(131	)

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 June 30,
	2014									2013
	Before-Tax Amount			Tax Expense (Benefit)			Net Amount			Before-Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	150		$	—		$	150		$	(64	)	$	—		$	(64	)
Pension and other postretirement benefits:
Amounts reclassified into income related to:
Net actuarial loss	9			3			6			15			5			10
Prior service credit	(9		)	(5		)	(4		)	(9		)	(4		)	(5		)
Net gain on pension and other postretirement benefits	—			(2		)	2			6			1			5
Derivative instruments designated and qualifying as cash flow hedges:
Net loss arising during the period	(3		)	—			(3		)	(10		)	(3		)	(7		)
Net loss reclassified into income	—			—			—			8			3			5
Net loss on cash flow hedges	(3		)	—			(3		)	(2		)	—			(2		)
Other comprehensive income (loss)	$	147		$	(2	)	$	149		$	(60	)	$	1		$	(61	)

	Six Months Ended June 30,
	2014									2013
	Before-Tax Amount			Tax Expense (Benefit)			Net Amount			Before-Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	76		$	—		$	76		$	(268	)	$	—		$	(268	)
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	17			6			11			29			10			19
Prior service credit	(19		)	(8		)	(11		)	(15		)	(6		)	(9		)
Net gain (loss) on pension and other postretirement benefits	(2		)	(2		)	—			342			119			223
Derivative instruments designated and qualifying as cash flow hedges:
Net gain (loss) arising during the period	4			2			2			(9		)	(3		)	(6		)
Net (gain) loss reclassified into income	(3		)	(1		)	(2		)	5			2			3
Net gain (loss) on cash flow hedges	1			1			—			(4		)	(1		)	(3		)
Other comprehensive income (loss)	$	75		$	(1	)	$	76		$	70		$	118		$	(48	)

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 Plans Items			Gains and (Losses) on Cash Flow Hedges			Total
Balance as of December 31, 2013	$	408	$	(58	)	$	—		$	350
Other comprehensive income before reclassifications	76		—			2			78
Amounts reclassified from accumulated other comprehensive income (loss)	—		—			(2		)	(2		)
Net other comprehensive income	76		—			—			76
Balance as of June 30, 2014	$	484	$	(58	)	$	—		$	426

	Foreign Currency Translation Adjustment			Defined Benefit Plans 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	(268		)	213			(6		)	(61		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			10			3			13
Net other comprehensive income (loss)	(268		)	223			(3		)	(48		)
Separation of retail business	(159		)	—			—			(159		)
Balance as of June 30, 2013	$	238		$	(335	)	$	(2	)	$	(99	)