Equity (Tables)

3 Months Ended

Mar. 31, 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 the noncontrolling interests, and total equity (in millions):

	Three Months Ended March 31,
	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	964			4			968			828			8			836
Dividends	(206		)	—			(206		)	(133		)	—			(133		)
Stock-based compensation expense	9			—			9			10			—			10
Tax deduction in excess of stock-based compensation expense	15			—			15			25			—			25
Transactions in connection with stock-based compensation plans:
Stock issuances	15			—			15			24			—			24
Stock repurchases	(50		)	—			(50		)	(17		)	—			(17		)
Stock repurchases under buyback program	(287		)	—			(287		)	(209		)	—			(209		)
Contributions from noncontrolling interests	—			2			2			—			—			—
Distributions to public unitholders of Valero Energy Partners LP	—			(5		)	(5		)	—			(1		)	(1		)
Other comprehensive loss	(363		)	—			(363		)	(73		)	—			(73		)
Balance as of end of period	$	20,774		$	568		$	21,342		$	19,915		$	493		$	20,408

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,
	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	—	2		—	2
Stock repurchases	—	(1	)	—	—
Stock repurchases under buyback program	—	(5	)	—	(4	)
Balance as of end of period	673	(163	)	673	(140	)

Income tax effects related to components of other comprehensive loss

The tax effects allocated to each component of other comprehensive loss were as follows (in millions):

	Three Months Ended March 31,
	2015									2014
	Before- Tax Amount			Tax Expense (Benefit)			Net Amount			Before- Tax Amount			Tax Expense (Benefit)			Net Amount
Foreign currency translation adjustment	$	(366	)	$	—		$	(366	)	$	(74	)	$	—		$	(74	)
Pension and other postretirement benefits:
Amounts reclassified into income related to:
Net actuarial loss	15			5			10			8			3			5
Prior service credit	(10		)	(3		)	(7		)	(10		)	(3		)	(7		)
Net gain (loss) on pension and other postretirement benefits	5			2			3			(2		)	—			(2		)
Derivative instruments designated and qualifying as cash flow hedges:
Net gain arising during the period	—			—			—			7			2			5
Net gain reclassified into income	—			—			—			(3		)	(1		)	(2		)
Net gain on cash flow hedges	—			—			—			4			1			3
Other comprehensive loss	$	(361	)	$	2		$	(363	)	$	(72	)	$	1		$	(73	)

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	(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	)

	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 (loss) before reclassifications	(74		)	—			5			(69		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			(2		)	(2		)	(4		)
Net other comprehensive income (loss)	(74		)	(2		)	3			(73		)
Balance as of March 31, 2014	$	334		$	(60	)	$	3		$	277