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Equity | 9 Months Ended
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Sep. 30, 2014
Equity [Abstract] |
EQUITY |
8. | 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 (in millions):
| Nine Months Ended September 30,
| 2014 |  | 2013
| Valero Stockholders’ Equity |  | Non- controlling Interests |  | Total Equity |  | Valero Stockholders’ Equity |  | Non- controlling Interests |  | Total Equity
Balance as of beginning of period | $ | 19,460 |  |  | $ | 486 |  |  | $ | 19,946 |  |  | $ | 18,032 |  |  | $ | 63 |  |  | $ | 18,095 |
Net income | 2,475 |  |  | 16 |  |  | 2,491 |  |  | 1,432 |  |  | 9 |  |  | 1,441 |
Dividends | (411 | ) |  | — |  |  | (411 | ) |  | (342 | ) |  | — |  |  | (342 | )
Stock-based compensation expense | 30 |  |  | — |  |  | 30 |  |  | 31 |  |  | — |  |  | 31 |
Tax deduction in excess of stock-based compensation expense | 33 |  |  | — |  |  | 33 |  |  | 31 |  |  | — |  |  | 31 |
Transactions in connection with stock-based compensation plans: |  |  |  |  |  |  |  |  |  |  |
Stock issuances | 37 |  |  | — |  |  | 37 |  |  | 47 |  |  | — |  |  | 47 |
Stock repurchases | (177 | ) |  | — |  |  | (177 | ) |  | (220 | ) |  | — |  |  | (220 | )
Stock repurchases under buyback program | (692 | ) |  | — |  |  | (692 | ) |  | (396 | ) |  | — |  |  | (396 | )
Separation of retail business | — |  |  | — |  |  | — |  |  | (479 | ) |  | — |  |  | (479 | )
Contributions from noncontrolling interests | — |  |  | 14 |  |  | 14 |  |  | — |  |  | 45 |  |  | 45 |
Distributions to public unitholders of Valero Energy Partners LP | — |  |  | (8 | ) |  | (8 | ) |  | — |  |  | — |  |  | — |
Other comprehensive income (loss) | (201 | ) |  | — |  |  | (201 | ) |  | 134 |  |  | — |  |  | 134 |
Balance as of end of period | $ | 20,554 |  |  | $ | 508 |  |  | $ | 21,062 |  |  | $ | 18,270 |  |  | $ | 117 |  |  | $ | 18,387 |
The noncontrolling interests relate to third-party ownership interests in VLP and 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):
| Nine Months Ended September 30,
| 2014 |  | 2013
| Common Stock |  | Treasury Stock |  | Common Stock |  | Treasury Stock
Balance as of beginning of period | 673 |  |  | (138 | ) |  | 673 |  |  | (121 | )
Transactions in connection with stock-based compensation plans: |  |  |  |  |  |  |
Stock issuances | — |  |  | 3 |  |  | — |  |  | 3 |
Stock repurchases | — |  |  | (2 | ) |  | — |  |  | (5 | )
Stock repurchases under buyback program | — |  |  | (13 | ) |  | — |  |  | (9 | )
Balance as of end of period | 673 |  |  | (150 | ) |  | 673 |  |  | (132 | )
Common Stock Dividends On October 23, 2014, our board of directors declared a quarterly cash dividend of $0.275 per common share payable on December 17, 2014 to holders of record at the close of business on November 19, 2014. Income Tax Effects Related to Components of Other Comprehensive Income The tax effects allocated to each component of other comprehensive income (loss) were as follows (in millions):
| Three Months Ended September 30,
| 2014 |  | 2013
| Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount |  | Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Foreign currency translation adjustment | $ | (274 | ) |  | $ | — |  |  | $ | (274 | ) |  | $ | 181 |  |  | $ | — |  |  | $ | 181 |
Pension and other postretirement benefits: |  |  |  |  |  |  |  |  |  |  |
Amounts reclassified into income related to: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | 8 |  |  | 3 |  |  | 5 |  |  | 14 |  |  | 5 |  |  | 9 |
Prior service credit | (11 | ) |  | (3 | ) |  | (8 | ) |  | (9 | ) |  | (3 | ) |  | (6 | )
Net gain (loss) on pension and other postretirement benefits | (3 | ) |  | — |  |  | (3 | ) |  | 5 |  |  | 2 |  |  | 3 |
Derivative instruments designated and qualifying as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Net gain (loss) arising during the period | (5 | ) |  | (2 | ) |  | (3 | ) |  | 3 |  |  | 1 |  |  | 2 |
Net (gain) loss reclassified into income | 5 |  |  | 2 |  |  | 3 |  |  | (6 | ) |  | (2 | ) |  | (4 | )
Net loss on cash flow hedges | — |  |  | — |  |  | — |  |  | (3 | ) |  | (1 | ) |  | (2 | )
Other comprehensive income (loss) | $ | (277 | ) |  | $ | — |  |  | $ | (277 | ) |  | $ | 183 |  |  | $ | 1 |  |  | $ | 182 |
| Nine Months Ended September 30,
| 2014 |  | 2013
| Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount |  | Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Foreign currency translation adjustment | $ | (198 | ) |  | $ | — |  |  | $ | (198 | ) |  | $ | (87 | ) |  | $ | — |  |  | $ | (87 | )
Pension and other postretirement benefits: |  |  |  |  |  |  |  |  |  |  |
Gain arising during the period related to plan amendments | — |  |  | — |  |  | — |  |  | 328 |  |  | 115 |  |  | 213 |
Amounts reclassified into income related to: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | 25 |  |  | 9 |  |  | 16 |  |  | 43 |  |  | 15 |  |  | 28 |
Prior service credit | (30 | ) |  | (11 | ) |  | (19 | ) |  | (24 | ) |  | (9 | ) |  | (15 | )
Net gain (loss) on pension and other postretirement benefits | (5 | ) |  | (2 | ) |  | (3 | ) |  | 347 |  |  | 121 |  |  | 226 |
Derivative instruments designated and qualifying as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Net loss arising during the period | (1 | ) |  | — |  |  | (1 | ) |  | (6 | ) |  | (2 | ) |  | (4 | )
Net (gain) loss reclassified into income | 2 |  |  | 1 |  |  | 1 |  |  | (1 | ) |  | — |  |  | (1 | )
Net gain (loss) on cash flow hedges | 1 |  |  | 1 |  |  | — |  |  | (7 | ) |  | (2 | ) |  | (5 | )
Other comprehensive income (loss) | $ | (202 | ) |  | $ | (1 | ) |  | $ | (201 | ) |  | $ | 253 |  |  | $ | 119 |  |  | $ | 134 |
Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income 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, 2013 | $ | 408 |  |  | $ | (58 | ) |  | $ | — |  |  | $ | 350 |
Other comprehensive loss before reclassifications | (198 | ) |  | — |  |  | (1 | ) |  | (199 | )
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | (3 | ) |  | 1 |  |  | (2 | )
Net other comprehensive loss | (198 | ) |  | (3 | ) |  | — |  |  | (201 | )
Balance as of September 30, 2014 | $ | 210 |  |  | $ | (61 | ) |  | $ | — |  |  | $ | 149 |
| Foreign Currency Translation Adjustment |  | Defined Benefit Plans 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 | ) |  | 213 |  |  | (4 | ) |  | 122 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | 13 |  |  | (1 | ) |  | 12 |
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 |

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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 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 2: 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 3: 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 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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 8: 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 9: 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 10: 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 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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