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Equity | 9 Months Ended
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Sep. 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):
| Nine Months Ended September 30,
| 2016 |  | 2015
| Valero Stockholders’ Equity |  | Non- controlling Interests (a) |  | Total Equity |  | Valero Stockholders’ Equity |  | Non- controlling Interests (a) |  | Total Equity
Balance as of beginning of period | $ | 20,527 |  |  | $ | 827 |  |  | $ | 21,354 |  |  | $ | 20,677 |  |  | $ | 567 |  |  | $ | 21,244 |
Net income | 1,922 |  |  | 79 |  |  | 2,001 |  |  | 3,692 |  |  | 14 |  |  | 3,706 |
Dividends | (840 | ) |  | — |  |  | (840 | ) |  | (608 | ) |  | — |  |  | (608 | )
Stock-based compensation expense | 33 |  |  | — |  |  | 33 |  |  | 27 |  |  | — |  |  | 27 |
Tax deduction in excess of stock-based compensation expense | — |  |  | — |  |  | — |  |  | 33 |  |  | — |  |  | 33 |
Transactions in connection with stock-based compensation plans: |  |  |  |  |  |  |  |  |  |  |
Stock issuances | 4 |  |  | — |  |  | 4 |  |  | 29 |  |  | — |  |  | 29 |
Stock purchases | (43 | ) |  | — |  |  | (43 | ) |  | (136 | ) |  | — |  |  | (136 | )
Stock purchases under purchase program | (1,120 | ) |  | — |  |  | (1,120 | ) |  | (1,965 | ) |  | — |  |  | (1,965 | )
Issuance of Valero Energy Partners LP common units | — |  |  | 6 |  |  | 6 |  |  | — |  |  | — |  |  | — |
Contributions from noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 5 |
Distributions to noncontrolling interests | — |  |  | (54 | ) |  | (54 | ) |  | — |  |  | (39 | ) |  | (39 | )
Transfers from noncontrolling interests, net of tax (b) | 43 |  |  | (68 | ) |  | (25 | ) |  | — |  |  | — |  |  | — |
Other comprehensive income (loss) | (187 | ) |  | 1 |  |  | (186 | ) |  | (428 | ) |  | — |  |  | (428 | )
Balance as of end of period | $ | 20,339 |  |  | $ | 791 |  |  | $ | 21,130 |  |  | $ | 21,321 |  |  | $ | 547 |  |  | $ | 21,868 |
___________________________
(a) | 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.
(b) | “Transfers from noncontrolling interests, net of tax” reflects an adjustment to reallocate VLP equity activity between our ownership interest in VLP and that of the noncontrolling interests. This reallocation occurred due to the expiration of the subordination period on August 10, 2016 and as a result of a change in ownership interest resulting from VLP’s issuances of equity following that date. During the subordination period, we held certain common units in VLP that were subordinate to other common units held by us and VLP’s public unitholders. Upon expiration of the subordination period, all unitholders have equal ownership rights.
Share Activity Activity in the number of shares of common stock and treasury stock was as follows (in millions):
| Nine Months Ended September 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 |  |  | — |  |  | 3 |
Stock purchases | — |  |  | (1 | ) |  | — |  |  | (2 | )
Stock purchases under purchase program | — |  |  | (20 | ) |  | — |  |  | (32 | )
Balance as of end of period | 673 |  |  | (220 | ) |  | 673 |  |  | (190 | )
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. On September 21, 2016, our board of directors authorized our purchase of up to an additional $2.5 billion of our outstanding common stock with no expiration date. Common Stock Dividends On November 2, 2016, our board of directors declared a quarterly cash dividend of $0.60 per common share payable on December 15, 2016 to holders of record at the close of business on November 22, 2016. Income Tax Effects Related to Components of Other Comprehensive Loss The tax effects allocated to each component of other comprehensive loss were as follows (in millions):
| Three Months Ended September 30,
| 2016 |  | 2015
| Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount |  | Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Foreign currency translation adjustment | $ | (117 | ) |  | $ | — |  |  | $ | (117 | ) |  | $ | (270 | ) |  | $ | — |  |  | $ | (270 | )
Pension and other postretirement benefits: |  |  |  |  |  |  |  |  |  |  |
Amounts reclassified into income related to: |  |  |  |  |  |  |  |  |  |  |
Prior service credit | (9 | ) |  | (3 | ) |  | (6 | ) |  | (10 | ) |  | (3 | ) |  | (7 | )
Net actuarial loss | 12 |  |  | 4 |  |  | 8 |  |  | 16 |  |  | 5 |  |  | 11 |
Settlement | (3 | ) |  | — |  |  | (3 | ) |  | — |  |  | — |  |  | — |
Net gain (loss) on pension and other postretirement benefits | — |  |  | 1 |  |  | (1 | ) |  | 6 |  |  | 2 |  |  | 4 |
Other comprehensive loss | $ | (117 | ) |  | $ | 1 |  |  | $ | (118 | ) |  | $ | (264 | ) |  | $ | 2 |  |  | $ | (266 | )
| Nine Months Ended September 30,
| 2016 |  | 2015
| Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount |  | Before- Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Foreign currency translation adjustment | $ | (197 | ) |  | $ | — |  |  | $ | (197 | ) |  | $ | (439 | ) |  | $ | — |  |  | $ | (439 | )
Pension and other postretirement benefits: |  |  |  |  |  |  |  |  |  |  |
Miscellaneous gain arising during the period | — |  |  | (8 | ) |  | 8 |  |  | — |  |  | — |  |  | — |
Amounts reclassified into income related to: |  |  |  |  |  |  |  |  |  |  |
Prior service credit | (27 | ) |  | (10 | ) |  | (17 | ) |  | (30 | ) |  | (10 | ) |  | (20 | )
Net actuarial loss | 36 |  |  | 13 |  |  | 23 |  |  | 47 |  |  | 16 |  |  | 31 |
Settlement | (3 | ) |  | — |  |  | (3 | ) |  | — |  |  | — |  |  | — |
Net gain on pension and other postretirement benefits | 6 |  |  | (5 | ) |  | 11 |  |  | 17 |  |  | 6 |  |  | 11 |
Other comprehensive loss | $ | (191 | ) |  | $ | (5 | ) |  | $ | (186 | ) |  | $ | (422 | ) |  | $ | 6 |  |  | $ | (428 | )
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 | (198 | ) |  | 8 |  |  | (190 | )
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 3 |  |  | 3 |
Net other comprehensive income (loss) | (198 | ) |  | 11 |  |  | (187 | )
Balance as of September 30, 2016 | $ | (803 | ) |  | $ | (317 | ) |  | $ | (1,120 | )
| Foreign Currency Translation Adjustment |  | Defined Benefit Plans Items |  | Total
Balance as of December 31, 2014 | $ | 1 |  |  | $ | (368 | ) |  | $ | (367 | )
Other comprehensive loss before reclassifications | (439 | ) |  | — |  |  | (439 | )
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 11 |  |  | 11 |
Net other comprehensive income (loss) | (439 | ) |  | 11 |  |  | (428 | )
Balance as of September 30, 2015 | $ | (438 | ) |  | $ | (357 | ) |  | $ | (795 | )

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