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Equity | 6 Months Ended
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Jun. 30, 2016
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 noncontrolling interests, and total equity (in millions):
| Six Months Ended June 30,
| 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 | 1,309 |  |  | 47 |  |  | 1,356 |  |  | 2,315 |  |  | 18 |  |  | 2,333 |
Dividends | (564 | ) |  | — |  |  | (564 | ) |  | (409 | ) |  | — |  |  | (409 | )
Stock-based compensation expense | 23 |  |  | — |  |  | 23 |  |  | 18 |  |  | — |  |  | 18 |
Tax deduction in excess of stock-based compensation expense | — |  |  | — |  |  | — |  |  | 27 |  |  | — |  |  | 27 |
Transactions in connection with stock-based compensation plans: |  |  |  |  |  |  |  |  |  |  |
Stock issuances | 3 |  |  | — |  |  | 3 |  |  | 20 |  |  | — |  |  | 20 |
Stock purchases | (43 | ) |  | — |  |  | (43 | ) |  | (105 | ) |  | — |  |  | (105 | )
Stock purchases under purchase program | (610 | ) |  | — |  |  | (610 | ) |  | (928 | ) |  | — |  |  | (928 | )
Contributions from noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Distributions to noncontrolling interests | — |  |  | (47 | ) |  | (47 | ) |  | — |  |  | (34 | ) |  | (34 | )
Other comprehensive income (loss) | (69 | ) |  | 1 |  |  | (68 | ) |  | (162 | ) |  | — |  |  | (162 | )
Balance as of end of period | $ | 20,576 |  |  | $ | 828 |  |  | $ | 21,404 |  |  | $ | 21,453 |  |  | $ | 553 |  |  | $ | 22,006 |
The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 9 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):
| Six Months Ended June 30,
| 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 | ) |  | — |  |  | (2 | )
Stock purchases under purchase program | — |  |  | (11 | ) |  | — |  |  | (15 | )
Balance as of end of period | 673 |  |  | (211 | ) |  | 673 |  |  | (174 | )
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. Common Stock Dividends On July 28, 2016, our board of directors declared a quarterly cash dividend of $0.60 per common share payable on September 8, 2016 to holders of record at the close of business on August 11, 2016. 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,
| 2016 |  | 2015
| Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount |  | Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Foreign currency translation adjustment | $ | (202 | ) |  | $ | — |  |  | $ | (202 | ) |  | $ | 197 |  |  | $ | — |  |  | $ | 197 |
Pension and other postretirement benefits: |  |  |  |  |  |  |  |  |  |  |
Amounts reclassified into income related to: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | 12 |  |  | 5 |  |  | 7 |  |  | 16 |  |  | 6 |  |  | 10 |
Prior service credit | (9 | ) |  | (4 | ) |  | (5 | ) |  | (10 | ) |  | (4 | ) |  | (6 | )
Net gain on pension and other postretirement benefits | 3 |  |  | 1 |  |  | 2 |  |  | 6 |  |  | 2 |  |  | 4 |
Other comprehensive income (loss) | $ | (199 | ) |  | $ | 1 |  |  | $ | (200 | ) |  | $ | 203 |  |  | $ | 2 |  |  | $ | 201 |
| Six Months Ended June 30,
| 2016 |  | 2015
| Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount |  | Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Foreign currency translation adjustment | $ | (80 | ) |  | $ | — |  |  | $ | (80 | ) |  | $ | (169 | ) |  | $ | — |  |  | $ | (169 | )
Pension and other postretirement benefits: |  |  |  |  |  |  |  |  |  |  |
Miscellaneous gain arising during the period | — |  |  | (8 | ) |  | 8 |  |  | — |  |  | — |  |  | — |
Amounts reclassified into income related to: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | 24 |  |  | 9 |  |  | 15 |  |  | 31 |  |  | 11 |  |  | 20 |
Prior service credit | (18 | ) |  | (7 | ) |  | (11 | ) |  | (20 | ) |  | (7 | ) |  | (13 | )
Net gain on pension and other postretirement benefits | 6 |  |  | (6 | ) |  | 12 |  |  | 11 |  |  | 4 |  |  | 7 |
Other comprehensive income (loss) | $ | (74 | ) |  | $ | (6 | ) |  | $ | (68 | ) |  | $ | (158 | ) |  | $ | 4 |  |  | $ | (162 | )
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 (loss) before reclassifications | (81 | ) |  | 8 |  |  | (73 | )
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 4 |  |  | 4 |
Net other comprehensive income (loss) | (81 | ) |  | 12 |  |  | (69 | )
Balance as of June 30, 2016 | $ | (686 | ) |  | $ | (316 | ) |  | $ | (1,002 | )
| Foreign Currency Translation Adjustment |  | Defined Benefit Plans Items |  | 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 | )

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