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Equity | 6 Months Ended
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Jun. 30, 2015
Equity [Abstract] |
EQUITY |
6. | 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):
| Six Months Ended June 30,
| 2015 |  | 2014
| Valero Stockholders’ Equity |  | Non- controlling Interests |  | Total Equity |  | Valero Stockholders’ Equity |  | Non- controlling Interests |  | Total Equity
Balance as of beginning of period | $ | 20,677 |  |  | $ | 567 |  |  | $ | 21,244 |  |  | $ | 19,460 |  |  | $ | 486 |  |  | $ | 19,946 |
Net income | 2,315 |  |  | 18 |  |  | 2,333 |  |  | 1,416 |  |  | 13 |  |  | 1,429 |
Dividends | (409 | ) |  | — |  |  | (409 | ) |  | (266 | ) |  | — |  |  | (266 | )
Stock-based compensation expense | 18 |  |  | — |  |  | 18 |  |  | 21 |  |  | — |  |  | 21 |
Tax deduction in excess of stock-based compensation expense | 27 |  |  | — |  |  | 27 |  |  | 31 |  |  | — |  |  | 31 |
Transactions in connection with stock-based compensation plans: |  |  |  |  |  |  |  |  |  |  |
Stock issuances | 20 |  |  | — |  |  | 20 |  |  | 32 |  |  | — |  |  | 32 |
Stock purchases | (105 | ) |  | — |  |  | (105 | ) |  | (76 | ) |  | — |  |  | (76 | )
Stock purchases under repurchase program | (928 | ) |  | — |  |  | (928 | ) |  | (483 | ) |  | — |  |  | (483 | )
Contributions from noncontrolling interests | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 14 |  |  | 14 |
Distributions to noncontrolling interests | — |  |  | (34 | ) |  | (34 | ) |  | — |  |  | (4 | ) |  | (4 | )
Other comprehensive income (loss) | (162 | ) |  | — |  |  | (162 | ) |  | 76 |  |  | — |  |  | 76 |
Balance as of end of period | $ | 21,453 |  |  | $ | 553 |  |  | $ | 22,006 |  |  | $ | 20,211 |  |  | $ | 509 |  |  | $ | 20,720 |
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):
| Six Months Ended June 30,
| 2015 |  | 2014
| Common Stock |  | Treasury Stock |  | Common Stock |  | Treasury Stock
Balance as of beginning of period | 673 |  |  | (159 | ) |  | 673 |  |  | (138 | )
Transactions in connection with stock-based compensation plans: |  |  |  |  |  |  |
Stock issuances | — |  |  | 2 |  |  | — |  |  | 2 |
Stock purchases | — |  |  | (2 | ) |  | — |  |  | (1 | )
Stock purchases under repurchase program | — |  |  | (15 | ) |  | — |  |  | (7 | )
Balance as of end of period | 673 |  |  | (174 | ) |  | 673 |  |  | (144 | )
Treasury Stock On July 13, 2015, our board of directors authorized our repurchase of an additional $2.5 billion of our outstanding common stock with no expiration date. Common Stock Dividends On July 13, 2015, our board of directors declared a quarterly cash dividend of $0.40 per common share payable on September 2, 2015 to holders of record at the close of business on August 4, 2015. Income Tax Effects Related to Components of Other Comprehensive Income (Loss) The tax effects allocated to each component of other comprehensive income (loss) were as follows (in millions):
| Three Months Ended June 30,
| 2015 |  | 2014
| Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount |  | Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Foreign currency translation adjustment | $ | 197 |  |  | $ | — |  |  | $ | 197 |  |  | $ | 150 |  |  | $ | — |  |  | $ | 150 |
Pension and other postretirement benefits: |  |  |  |  |  |  |  |  |  |  |
Amounts reclassified into income related to: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | 16 |  |  | 6 |  |  | 10 |  |  | 9 |  |  | 3 |  |  | 6 |
Prior service credit | (10 | ) |  | (4 | ) |  | (6 | ) |  | (9 | ) |  | (5 | ) |  | (4 | )
Net gain on pension and other postretirement benefits | 6 |  |  | 2 |  |  | 4 |  |  | — |  |  | (2 | ) |  | 2 |
Derivative instruments designated and qualifying as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Net loss arising during the period | — |  |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Net loss on cash flow hedges | — |  |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Other comprehensive income | $ | 203 |  |  | $ | 2 |  |  | $ | 201 |  |  | $ | 147 |  |  | $ | (2 | ) |  | $ | 149 |
| Six Months Ended June 30,
| 2015 |  | 2014
| Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount |  | Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Foreign currency translation adjustment | $ | (169 | ) |  | $ | — |  |  | $ | (169 | ) |  | $ | 76 |  |  | $ | — |  |  | $ | 76 |
Pension and other postretirement benefits: |  |  |  |  |  |  |  |  |  |  |
Amounts reclassified into income related to: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | 31 |  |  | 11 |  |  | 20 |  |  | 17 |  |  | 6 |  |  | 11 |
Prior service credit | (20 | ) |  | (7 | ) |  | (13 | ) |  | (19 | ) |  | (8 | ) |  | (11 | )
Net gain (loss) on pension and other postretirement benefits | 11 |  |  | 4 |  |  | 7 |  |  | (2 | ) |  | (2 | ) |  | — |
Derivative instruments designated and qualifying as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Net gain arising during the period | — |  |  | — |  |  | — |  |  | 4 |  |  | 2 |  |  | 2 |
Net gain reclassified into income | — |  |  | — |  |  | — |  |  | (3 | ) |  | (1 | ) |  | (2 | )
Net gain on cash flow hedges | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |
Other comprehensive income (loss) | $ | (158 | ) |  | $ | 4 |  |  | $ | (162 | ) |  | $ | 75 |  |  | $ | (1 | ) |  | $ | 76 |
Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) 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, 2014 | $ | 1 |  |  | $ | (368 | ) |  | $ | — |  |  | $ | (367 | )
Other comprehensive loss before reclassifications | (169 | ) |  | — |  |  | — |  |  | (169 | )
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 7 |  |  | — |  |  | 7 |
Net other comprehensive income (loss) | (169 | ) |  | 7 |  |  | — |  |  | (162 | )
Balance as of June 30, 2015 | $ | (168 | ) |  | $ | (361 | ) |  | $ | — |  |  | $ | (529 | )
Balance as of December 31, 2013 | $ | 408 |  |  | $ | (58 | ) |  | $ | — |  |  | $ | 350 |
Other comprehensive income before reclassifications | 76 |  |  | — |  |  | 2 |  |  | 78 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | — |  |  | (2 | ) |  | (2 | )
Net other comprehensive income | 76 |  |  | — |  |  | — |  |  | 76 |
Balance as of June 30, 2014 | $ | 484 |  |  | $ | (58 | ) |  | $ | — |  |  | $ | 426 |

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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 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 Reference 10: 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 11: 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 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 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
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