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Equity | 9 Months Ended
--- | ---
Sep. 30, 2013
Equity [Abstract] |
EQUITY |
7. | EQUITY
Reconciliation of Balances 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 nine months ended September 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) |  | 1,432 |  |  | 9 |  |  | 1,441 |  |  | 1,073 |  |  | (2 | ) |  | 1,071 |
Dividends |  | (342 | ) |  | — |  |  | (342 | ) |  | (263 | ) |  | — |  |  | (263 | )
Stock-based compensation expense |  | 31 |  |  | — |  |  | 31 |  |  | 29 |  |  | — |  |  | 29 |
Tax deduction in excess of stock-based compensation expense |  | 31 |  |  | — |  |  | 31 |  |  | 16 |  |  | — |  |  | 16 |
Transactions in connection with stock-based compensation plans: |  |  |  |  |  |  |  |  |  |  |  |
Stock issuances |  | 47 |  |  | — |  |  | 47 |  |  | 36 |  |  | — |  |  | 36 |
Stock repurchases |  | (220 | ) |  | — |  |  | (220 | ) |  | (138 | ) |  | — |  |  | (138 | )
Stock repurchases under buyback program |  | (396 | ) |  | — |  |  | (396 | ) |  | — |  |  | — |  |  | — |
Separation of retail business |  | (479 | ) |  | — |  |  | (479 | ) |  | — |  |  | — |  |  | — |
Contributions from noncontrolling interests |  | — |  |  | 45 |  |  | 45 |  |  | — |  |  | 34 |  |  | 34 |
Other comprehensive income |  | 134 |  |  | — |  |  | 134 |  |  | 156 |  |  | — |  |  | 156 |
Balance as of end of period |  | $ | 18,270 |  |  | $ | 117 |  |  | $ | 18,387 |  |  | $ | 17,332 |  |  | $ | 54 |  |  | $ | 17,386 |
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 for the nine months ended September 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 |  |  | — |  |  | 3 |
Stock repurchases | — |  |  | (5 | ) |  | — |  |  | (6 | )
Stock repurchases under buyback program | — |  |  | (9 | ) |  | — |  |  | — |
Balance as of end of period | 673 |  |  | (132 | ) |  | 673 |  |  | (120 | )
Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income by component, net of tax, were as follows for the nine months ended September 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 | (87 | ) |  | 214 |  |  | (4 | ) |  | 123 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | 12 |  |  | (1 | ) |  | 11 |
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 |
Gains (losses) reclassified out of accumulated other comprehensive income and into net income were as follows (in millions):
Details about Accumulated Other Comprehensive Income Components |  | Three Months Ended September 30, 2013 |  | Nine Months Ended September 30, 2013 |  | Affected Line Item in the Statement of Income
Amortization of items related to defined benefit pension plans: |  |  |  |  |  |
Net actuarial loss |  | $ | (14 | ) |  | $ | (43 | ) |  | (a)
Prior service credit |  | 9 |  |  | 24 |  |  | (a)
|  | (5 | ) |  | (19 | ) |  | Total before tax
|  | 2 |  |  | 7 |  |  | Tax benefit
|  | $ | (3 | ) |  | $ | (12 | ) |  | Net of tax
Gains on cash flow hedges: |  |  |  |  |  |
Commodity contracts |  | $ | 6 |  |  | $ | 1 |  |  | Cost of sales
|  | 6 |  |  | 1 |  |  | Total before tax
|  | (2 | ) |  | — |  |  | Tax expense
|  | $ | 4 |  |  | $ | 1 |  |  | Net of tax
Total reclassifications for the period |  | $ | 1 |  |  | $ | (11 | ) |  | 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.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: 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 2: 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 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 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=27010918&loc=d3e74512-122707 Reference 5: 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=27012166&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: 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 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: 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 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: 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 15: 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 16: 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 17: 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 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: 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 + Details
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