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Equity | 3 Months Ended
--- | ---
Mar. 31, 2016
Equity [Abstract] |
EQUITY |
5. | EQUITY
Reconciliation of Balances The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to noncontrolling interests, and total equity (in millions):
| Three Months Ended March 31,
| 2016 |  | 2015
| Valero Stockholders’ Equity |  | Non- controlling Interests |  | Total Equity |  | Valero Stockholders’ Equity |  | Non- controlling Interests |  | Total Equity
Balance as of beginning of period | $ | 20,527 |  |  | $ | 827 |  |  | $ | 21,354 |  |  | $ | 20,677 |  |  | $ | 567 |  |  | $ | 21,244 |
Net income | 495 |  |  | 18 |  |  | 513 |  |  | 964 |  |  | 4 |  |  | 968 |
Dividends | (282 | ) |  | — |  |  | (282 | ) |  | (206 | ) |  | — |  |  | (206 | )
Stock-based compensation expense | 12 |  |  | — |  |  | 12 |  |  | 9 |  |  | — |  |  | 9 |
Tax deduction in excess of stock-based compensation expense | 10 |  |  | — |  |  | 10 |  |  | 15 |  |  | — |  |  | 15 |
Transactions in connection with stock-based compensation plans: |  |  |  |  |  |  |  |  |  |  |
Stock issuances | 3 |  |  | — |  |  | 3 |  |  | 15 |  |  | — |  |  | 15 |
Stock purchases | (42 | ) |  | — |  |  | (42 | ) |  | (50 | ) |  | — |  |  | (50 | )
Stock purchases under purchase program | (198 | ) |  | — |  |  | (198 | ) |  | (287 | ) |  | — |  |  | (287 | )
Contributions from noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Distributions to noncontrolling interests | — |  |  | (7 | ) |  | (7 | ) |  | — |  |  | (5 | ) |  | (5 | )
Other comprehensive income (loss) | 131 |  |  | 1 |  |  | 132 |  |  | (363 | ) |  | — |  |  | (363 | )
Balance as of end of period | $ | 20,656 |  |  | $ | 839 |  |  | $ | 21,495 |  |  | $ | 20,774 |  |  | $ | 568 |  |  | $ | 21,342 |
The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 8 for information about our consolidated VIEs. Share Activity Activity in the number of shares of common stock and treasury stock was as follows (in millions):
| Three Months Ended March 31,
| 2016 |  | 2015
| Common Stock |  | Treasury Stock |  | Common Stock |  | Treasury Stock
Balance as of beginning of period | 673 |  |  | (200 | ) |  | 673 |  |  | (159 | )
Transactions in connection with stock-based compensation plans: |  |  |  |  |  |  |
Stock issuances | — |  |  | 1 |  |  | — |  |  | 2 |
Stock purchases | — |  |  | (1 | ) |  | — |  |  | (1 | )
Stock purchases under purchase program | — |  |  | (4 | ) |  | — |  |  | (5 | )
Balance as of end of period | 673 |  |  | (204 | ) |  | 673 |  |  | (163 | )
Treasury Stock We purchase shares of our common stock as authorized under our common stock purchase program and to meet our obligations under employee stock-based compensation plans.
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 March 31,
| 2016 |  | 2015
| Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount |  | Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Foreign currency translation adjustment | $ | 122 |  |  | $ | — |  |  | $ | 122 |  |  | $ | (366 | ) |  | $ | — |  |  | $ | (366 | )
Pension and other postretirement benefits: |  |  |  |  |  |  |  |  |  |  |
Miscellaneous gain arising during the period | — |  |  | (8 | ) |  | 8 |  |  | — |  |  | — |  |  | — |
Amounts reclassified into income related to: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | 12 |  |  | 4 |  |  | 8 |  |  | 15 |  |  | 5 |  |  | 10 |
Prior service credit | (9 | ) |  | (3 | ) |  | (6 | ) |  | (10 | ) |  | (3 | ) |  | (7 | )
Net gain on pension and other postretirement benefits | 3 |  |  | (7 | ) |  | 10 |  |  | 5 |  |  | 2 |  |  | 3 |
Other comprehensive income (loss) | $ | 125 |  |  | $ | (7 | ) |  | $ | 132 |  |  | $ | (361 | ) |  | $ | 2 |  |  | $ | (363 | )
Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):
| Foreign Currency Translation Adjustment |  | Defined Benefit Plans Items |  | Total
Balance as of December 31, 2015 | $ | (605 | ) |  | $ | (328 | ) |  | $ | (933 | )
Other comprehensive income before reclassifications | 121 |  |  | 8 |  |  | 129 |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 2 |  |  | 2 |
Net other comprehensive income | 121 |  |  | 10 |  |  | 131 |
Balance as of March 31, 2016 | $ | (484 | ) |  | $ | (318 | ) |  | $ | (802 | )
| Foreign Currency Translation Adjustment |  | Defined Benefit Plans Items |  | Total
Balance as of December 31, 2014 | $ | 1 |  |  | $ | (368 | ) |  | $ | (367 | )
Other comprehensive loss before reclassifications | (366 | ) |  | — |  |  | (366 | )
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 3 |  |  | 3 |
Net other comprehensive income (loss) | (366 | ) |  | 3 |  |  | (363 | )
Balance as of March 31, 2015 | $ | (365 | ) |  | $ | (365 | ) |  | $ | (730 | )

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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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