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Equity (Tables) | 9 Months Ended
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Sep. 30, 2014
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 (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 |
Schedule of stock by class | 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 | )
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 |
Schedule of changes in 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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