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Equity | 3 Months Ended
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Mar. 31, 2013
Equity [Abstract] |
EQUITY |
7. | EQUITY
The following is a reconciliation of the beginning and ending balances (in millions) of equity attributable to our stockholders, equity attributable to the noncontrolling interests, and total equity for the three months ended March 31, 2013 and 2012:
|  | 2013 |  | 2012
|  | Valero Stockholders’ Equity |  | Non- controlling Interests |  | Total Equity |  | Valero Stockholders’ Equity |  | Non- controlling Interest |  | Total Equity
Balance as of beginning of period |  | $ | 18,032 |  |  | $ | 63 |  |  | $ | 18,095 |  |  | $ | 16,423 |  |  | $ | 22 |  |  | $ | 16,445 |
Net income (loss) |  | 654 |  |  | (2 | ) |  | 652 |  |  | (432 | ) |  | — |  |  | (432 | )
Dividends |  | (111 | ) |  | — |  |  | (111 | ) |  | (83 | ) |  | — |  |  | (83 | )
Stock-based compensation expense |  | 11 |  |  | — |  |  | 11 |  |  | 10 |  |  | — |  |  | 10 |
Tax deduction in excess of stock-based compensation expense |  | 24 |  |  | — |  |  | 24 |  |  | 2 |  |  | — |  |  | 2 |
Transactions in connection with stock-based compensation plans |  |  |  |  |  |  |  |  |  |  |  |
Stock issuances |  | 38 |  |  | — |  |  | 38 |  |  | 9 |  |  | — |  |  | 9 |
Stock repurchases |  | (24 | ) |  | — |  |  | (24 | ) |  | (95 | ) |  | — |  |  | (95 | )
Stock repurchases under buyback program |  | (294 | ) |  | — |  |  | (294 | ) |  | — |  |  | — |  |  | — |
Contributions from noncontrolling interests |  | — |  |  | 14 |  |  | 14 |  |  | — |  |  | 11 |  |  | 11 |
Other comprehensive income |  | 13 |  |  | — |  |  | 13 |  |  | 125 |  |  | — |  |  | 125 |
Balance as of end of period |  | $ | 18,343 |  |  | $ | 75 |  |  | $ | 18,418 |  |  | $ | 15,959 |  |  | $ | 33 |  |  | $ | 15,992 |
The noncontrolling interests relate to third-party ownership interests in two joint venture companies, whose financial statements we consolidate due to our controlling interests. Share Activity Activity in the number of shares of common stock and treasury stock was as follows (in millions) for the three months ended March 31, 2013 and 2012:
| 2013 |  | 2012
| Common Stock |  | Treasury Stock |  | Common Stock |  | Treasury Stock
Balance as of beginning of period | 673 |  |  | (121 | ) |  | 673 |  |  | (117 | )
Transactions in connection with stock-based compensation plans: |  |  |  |  |  |  |
Stock issuances | — |  |  | 3 |  |  | — |  |  | 1 |
Stock purchases | — |  |  | — |  |  | — |  |  | (5 | )
Stock repurchases under buyback program | — |  |  | (7 | ) |  | — |  |  | — |
Balance as of end of period | 673 |  |  | (125 | ) |  | 673 |  |  | (121 | )
Common Stock Dividends On May 1, 2013, our board of directors declared a quarterly cash dividend of $0.20 per common share payable on June 19, 2013 to holders of record at the close of business on May 22, 2013. Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income by component, net of tax, were as follows for the three months ended March 31, 2013 (in millions):
| Foreign Currency Translation Adjustment |  | Defined Benefit Pension 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 | (204 | ) |  | 213 |  |  | 1 |  |  | 10 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | 5 |  |  | (2 | ) |  | 3 |
Net other comprehensive income (loss) | (204 | ) |  | 218 |  |  | (1 | ) |  | 13 |
Balance as of March 31, 2013 | $ | 461 |  |  | $ | (340 | ) |  | $ | — |  |  | $ | 121 |
Reclassifications into income out of accumulated other comprehensive income were as follows for the three months ended March 31, 2013 (in millions):
Details about Accumulated Other Comprehensive Income Components |  | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income |  | Affected Line Item in the Statement of Income
Amortization of items related to defined benefit pension plans: |  |  |  |
Net actuarial loss |  | $ | (14 | ) |  | (a)
Prior service credit |  | 6 |  |  | (a)
|  | (8 | ) |  | Total before tax
|  | 3 |  |  | Tax benefit
|  | $ | (5 | ) |  | Net of tax
Gains on cash flow hedges: |  |  |  |
Commodity contracts |  | $ | 3 |  |  | Cost of sales
|  | 3 |  |  | Total before tax
|  | (1 | ) |  | Tax expense
|  | $ | 2 |  |  | Net of tax
Total reclassifications for the period |  | $ | (3 | ) |  | Net of tax
_________________________ (a) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost, as further discussed in Note 8. Net periodic benefit cost is reflected in operating expenses and general and administrative expenses.

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section B -Paragraph 7, 11A -Chapter 1 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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