Equity (Tables)

9 Months Ended

Sep. 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):

	Nine Months Ended September 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	2,475			16			2,491			1,432			9		1,441
Dividends	(411		)	—			(411		)	(342		)	—		(342		)
Stock-based compensation expense	30			—			30			31			—		31
Tax deduction in excess of stock-based compensation expense	33			—			33			31			—		31
Transactions in connection with stock-based compensation plans:
Stock issuances	37			—			37			47			—		47
Stock repurchases	(177		)	—			(177		)	(220		)	—		(220		)
Stock repurchases under buyback program	(692		)	—			(692		)	(396		)	—		(396		)
Separation of retail business	—			—			—			(479		)	—		(479		)
Contributions from noncontrolling interests	—			14			14			—			45		45
Distributions to public unitholders of Valero Energy Partners LP	—			(8		)	(8		)	—			—		—
Other comprehensive income (loss)	(201		)	—			(201		)	134			—		134
Balance as of end of period	$	20,554		$	508		$	21,062		$	18,270		$	117	$	18,387

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,
	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	—	3		—	3
Stock repurchases	—	(2	)	—	(5	)
Stock repurchases under buyback program	—	(13	)	—	(9	)
Balance as of end of period	673	(150	)	673	(132	)

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 September 30,
	2014									2013
	Before- Tax Amount			Tax Expense (Benefit)			Net Amount			Before- Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	(274	)	$	—		$	(274	)	$	181		$	—		$	181
Pension and other postretirement benefits:
Amounts reclassified into income related to:
Net actuarial loss	8			3			5			14			5			9
Prior service credit	(11		)	(3		)	(8		)	(9		)	(3		)	(6		)
Net gain (loss) on pension and other postretirement benefits	(3		)	—			(3		)	5			2			3
Derivative instruments designated and qualifying as cash flow hedges:
Net gain (loss) arising during the period	(5		)	(2		)	(3		)	3			1			2
Net (gain) loss reclassified into income	5			2			3			(6		)	(2		)	(4		)
Net loss on cash flow hedges	—			—			—			(3		)	(1		)	(2		)
Other comprehensive income (loss)	$	(277	)	$	—		$	(277	)	$	183		$	1		$	182

	Nine Months Ended September 30,
	2014									2013
	Before- Tax Amount			Tax Expense (Benefit)			Net Amount			Before- Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	(198	)	$	—		$	(198	)	$	(87	)	$	—		$	(87	)
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	25			9			16			43			15			28
Prior service credit	(30		)	(11		)	(19		)	(24		)	(9		)	(15		)
Net gain (loss) on pension and other postretirement benefits	(5		)	(2		)	(3		)	347			121			226
Derivative instruments designated and qualifying as cash flow hedges:
Net loss arising during the period	(1		)	—			(1		)	(6		)	(2		)	(4		)
Net (gain) loss reclassified into income	2			1			1			(1		)	—			(1		)
Net gain (loss) on cash flow hedges	1			1			—			(7		)	(2		)	(5		)
Other comprehensive income (loss)	$	(202	)	$	(1	)	$	(201	)	$	253		$	119		$	134

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 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

	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	(87		)	213			(4		)	122
Amounts reclassified from accumulated other comprehensive income (loss)	—			13			(1		)	12
Net other comprehensive income (loss)	(87		)	226			(5		)	134
Separation of retail business	(159		)	—			—			(159		)
Balance as of September 30, 2013	$	419		$	(332	)	$	(4	)	$	83