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Equity (Tables)
 6 Months Ended
Jun. 30, 2013
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 for the six months ended June 30, 2013 and 2012 (in millions):
 
 
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)
 
1,120

 
(3
)
 
1,117

 
399

 
(1
)
 
398

Dividends
 
(220
)
 
—

 
(220
)
 
(166
)
 
—

 
(166
)
Stock-based
compensation expense
 
25

 
—

 
25

 
20

 
—

 
20

Tax deduction in excess
of stock-based
compensation expense
 
27

 
—

 
27

 
3

 
—

 
3

Transactions
in connection with
stock-based
compensation plans:
 
 
 
 
 
 
 
 
 
 
 
 
Stock issuances
 
43

 
—

 
43

 
11

 
—

 
11

Stock repurchases
 
(196
)
 
—

 
(196
)
 
(136
)
 
—

 
(136
)
Stock repurchases under
buyback program
 
(364
)
 
—

 
(364
)
 
—

 
—

 
—

Separation of retail business
 
(499
)
 
—

 
(499
)
 
—

 
—

 
—

Contributions from
noncontrolling interests
 
—

 
45

 
45

 
—

 
25

 
25

Other comprehensive
income (loss)
 
(48
)
 
—

 
(48
)
 
23

 
—

 
23

Balance as of end of period
 
$
17,920

 
$
105

 
$
18,025

 
$
16,577

 
$
46

 
$
16,623
Schedule of stock by class
Activity in the number of shares of common stock and treasury stock was as follows for the six months ended June 30, 2013 and 2012 (in millions):
 
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
)
 
—

 
(6
)
Stock repurchases under buyback program
—

 
(8
)
 
—

 
—

Balance as of end of period
673

 
(131
)
 
673

 
(122
)
Schedule of accumulated other comprehensive income (loss)
Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the six months ended June 30, 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
(268
)
 
214

 
(6
)
 
(60
)
Amounts reclassified from
accumulated other comprehensive
income (loss)
—

 
9

 
3

 
12

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
)
Reclassification out of accumulated other comprehensive income (loss)
Gains (losses) reclassified out of accumulated other comprehensive income (loss) and into net income were as follows (in millions):
Details about
Accumulated Other
Comprehensive Income
 (Loss) Components
 
Three Months Ended
June 30, 2013
 
Six Months Ended
June 30, 2013
 
Affected Line
Item in the
Statement of
Income
Amortization of items related to
defined benefit pension plans:
 
 
 
 
 
 
Net actuarial loss
 
$
(15
)
 
$
(29
)
 
(a)
Prior service credit
 
9

 
15

 
(a)
 
 
(6
)
 
(14
)
 
Total before tax
 
 
2

 
5

 
Tax benefit
 
 
$
(4
)
 
$
(9
)
 
Net of tax
 
 
 
 
 
 
 
Losses on cash flow hedges:
 
 
 
 
 
 
Commodity contracts
 
$
(8
)
 
$
(5
)
 
Cost of sales
 
 
(8
)
 
(5
)
 
Total before tax
 
 
3

 
2

 
Tax benefit
 
 
$
(5
)
 
$
(3
)
 
Net of tax
 
 
 
 
 
 
 
Total reclassifications for the period
 
$
(9
)
 
$
(12
)
 
Net of tax
_________________________
(a) These accumulated other comprehensive income (loss) 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.