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Equity (Tables)
 3 Months Ended
Mar. 31, 2013
Equity [Abstract]  
Schedule of changes in 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
Schedule of stock by class
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
)
Schedule of accumulated other comprehensive income (loss)
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
Reclassification out of accumulated other comprehensive income
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.