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Condensed Consolidating Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet June 30, 2019 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 246 |  |  | $ | — |  |  | $ | 1,787 |  |  | $ | — |  |  | $ | 2,033 |
Receivables, net | — |  |  | — |  |  | 9,050 |  |  | — |  |  | 9,050 |
Receivables from affiliates | 4,382 |  |  | — |  |  | 11,824 |  |  | (16,206 | ) |  | — |
Inventories | — |  |  | — |  |  | 6,281 |  |  | — |  |  | 6,281 |
Prepaid expenses and other | 63 |  |  | — |  |  | 384 |  |  | — |  |  | 447 |
Total current assets | 4,691 |  |  | — |  |  | 29,326 |  |  | (16,206 | ) |  | 17,811 |
Property, plant and equipment, at cost | — |  |  | — |  |  | 43,110 |  |  | — |  |  | 43,110 |
Accumulated depreciation | — |  |  | — |  |  | (14,326 | ) |  | — |  |  | (14,326 | )
Property, plant and equipment, net | — |  |  | — |  |  | 28,784 |  |  | — |  |  | 28,784 |
Investment in affiliates | 36,639 |  |  | 2,453 |  |  | 383 |  |  | (39,475 | ) |  | — |
Deferred charges and other assets, net | 547 |  |  | — |  |  | 4,880 |  |  | — |  |  | 5,427 |
Total assets | $ | 41,877 |  |  | $ | 2,453 |  |  | $ | 63,373 |  |  | $ | (55,681 | ) |  | $ | 52,022 |
LIABILITIES AND EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Current portion of debt and finance lease obligations | $ | — |  |  | $ | — |  |  | $ | 323 |  |  | $ | — |  |  | $ | 323 |
Accounts payable | — |  |  | — |  |  | 10,135 |  |  | — |  |  | 10,135 |
Accounts payable to affiliates | 10,753 |  |  | 1,071 |  |  | 4,382 |  |  | (16,206 | ) |  | — |
Accrued expenses | 123 |  |  | 7 |  |  | 634 |  |  | — |  |  | 764 |
Taxes other than income taxes payable | — |  |  | — |  |  | 1,144 |  |  | — |  |  | 1,144 |
Income taxes payable | 99 |  |  | — |  |  | 83 |  |  | — |  |  | 182 |
Total current liabilities | 10,975 |  |  | 1,078 |  |  | 16,701 |  |  | (16,206 | ) |  | 12,548 |
Debt and finance lease obligations, less current portion | 7,093 |  |  | 990 |  |  | 1,084 |  |  | — |  |  | 9,167 |
Deferred income tax liabilities | — |  |  | 2 |  |  | 4,897 |  |  | — |  |  | 4,899 |
Other long-term liabilities | 1,972 |  |  | — |  |  | 1,599 |  |  | — |  |  | 3,571 |
Equity: |  |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |
Common stock | 7 |  |  | — |  |  | 1 |  |  | (1 | ) |  | 7 |
Additional paid-in capital | 6,812 |  |  | — |  |  | 9,770 |  |  | (9,770 | ) |  | 6,812 |
Treasury stock, at cost | (15,170 | ) |  | — |  |  | — |  |  | — |  |  | (15,170 | )
Retained earnings | 31,046 |  |  | — |  |  | 29,824 |  |  | (29,824 | ) |  | 31,046 |
Partners’ equity | — |  |  | 383 |  |  | — |  |  | (383 | ) |  | — |
Accumulated other comprehensive loss | (1,350 | ) |  | — |  |  | (995 | ) |  | 995 |  |  | (1,350 | )
Total stockholders’ equity | 21,345 |  |  | 383 |  |  | 38,600 |  |  | (38,983 | ) |  | 21,345 |
Noncontrolling interests | 492 |  |  | — |  |  | 492 |  |  | (492 | ) |  | 492 |
Total equity | 21,837 |  |  | 383 |  |  | 39,092 |  |  | (39,475 | ) |  | 21,837 |
Total liabilities and equity | $ | 41,877 |  |  | $ | 2,453 |  |  | $ | 63,373 |  |  | $ | (55,681 | ) |  | $ | 52,022 |
Condensed Consolidating Balance Sheet December 31, 2018 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 291 |  |  | $ | 152 |  |  | $ | 2,539 |  |  | $ | — |  |  | $ | 2,982 |
Receivables, net | — |  |  | — |  |  | 7,345 |  |  | — |  |  | 7,345 |
Receivables from affiliates | 4,369 |  |  | 2 |  |  | 11,010 |  |  | (15,381 | ) |  | — |
Inventories | — |  |  | — |  |  | 6,532 |  |  | — |  |  | 6,532 |
Prepaid expenses and other | 466 |  |  | — |  |  | 355 |  |  | (5 | ) |  | 816 |
Total current assets | 5,126 |  |  | 154 |  |  | 27,781 |  |  | (15,386 | ) |  | 17,675 |
Property, plant and equipment, at cost | — |  |  | — |  |  | 42,473 |  |  | — |  |  | 42,473 |
Accumulated depreciation | — |  |  | — |  |  | (13,625 | ) |  | — |  |  | (13,625 | )
Property, plant and equipment, net | — |  |  | — |  |  | 28,848 |  |  | — |  |  | 28,848 |
Investment in affiliates | 36,086 |  |  | 2,267 |  |  | 299 |  |  | (38,652 | ) |  | — |
Long-term notes receivable from affiliates | 285 |  |  | — |  |  | — |  |  | (285 | ) |  | — |
Deferred charges and other assets, net | 572 |  |  | 1 |  |  | 3,059 |  |  | — |  |  | 3,632 |
Total assets | $ | 42,069 |  |  | $ | 2,422 |  |  | $ | 59,987 |  |  | $ | (54,323 | ) |  | $ | 50,155 |
LIABILITIES AND EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Current portion of debt and finance lease obligations | $ | — |  |  | $ | — |  |  | $ | 238 |  |  | $ | — |  |  | $ | 238 |
Accounts payable | 14 |  |  | — |  |  | 8,580 |  |  | — |  |  | 8,594 |
Accounts payable to affiliates | 10,173 |  |  | 837 |  |  | 4,370 |  |  | (15,380 | ) |  | — |
Accrued expenses | 155 |  |  | 7 |  |  | 468 |  |  | — |  |  | 630 |
Accrued expenses to affiliates | — |  |  | 1 |  |  | — |  |  | (1 | ) |  | — |
Taxes other than income taxes payable | — |  |  | — |  |  | 1,213 |  |  | — |  |  | 1,213 |
Income taxes payable | 53 |  |  | 1 |  |  | — |  |  | (5 | ) |  | 49 |
Total current liabilities | 10,395 |  |  | 846 |  |  | 14,869 |  |  | (15,386 | ) |  | 10,724 |
Debt and finance lease obligations, less current portion | 6,955 |  |  | 990 |  |  | 926 |  |  | — |  |  | 8,871 |
Long-term notes payable to affiliates | — |  |  | 285 |  |  | — |  |  | (285 | ) |  | — |
Deferred income taxes | — |  |  | 2 |  |  | 4,960 |  |  | — |  |  | 4,962 |
Other long-term liabilities | 1,988 |  |  | — |  |  | 879 |  |  | — |  |  | 2,867 |
Equity: |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |
Common stock | 7 |  |  | — |  |  | 1 |  |  | (1 | ) |  | 7 |
Additional paid-in capital | 7,048 |  |  | — |  |  | 9,754 |  |  | (9,754 | ) |  | 7,048 |
Treasury stock, at cost | (14,925 | ) |  | — |  |  | — |  |  | — |  |  | (14,925 | )
Retained earnings | 31,044 |  |  | — |  |  | 28,631 |  |  | (28,631 | ) |  | 31,044 |
Partners’ equity | — |  |  | 299 |  |  | — |  |  | (299 | ) |  | — |
Accumulated other comprehensive loss | (1,507 | ) |  | — |  |  | (1,097 | ) |  | 1,097 |  |  | (1,507 | )
Total stockholders’ equity | 21,667 |  |  | 299 |  |  | 37,289 |  |  | (37,588 | ) |  | 21,667 |
Noncontrolling interests | 1,064 |  |  | — |  |  | 1,064 |  |  | (1,064 | ) |  | 1,064 |
Total equity | 22,731 |  |  | 299 |  |  | 38,353 |  |  | (38,652 | ) |  | 22,731 |
Total liabilities and equity | $ | 42,069 |  |  | $ | 2,422 |  |  | $ | 59,987 |  |  | $ | (54,323 | ) |  | $ | 50,155 |
Condensed Consolidating Statement of Income | Condensed Consolidating Statement of Income Three Months Ended June 30, 2019 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | — |  |  | $ | — |  |  | $ | 28,933 |  |  | $ | — |  |  | $ | 28,933 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | — |  |  | — |  |  | 26,083 |  |  | — |  |  | 26,083 |
Operating expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | 1,175 |  |  | — |  |  | 1,175 |
Depreciation and amortization expense | — |  |  | — |  |  | 552 |  |  | — |  |  | 552 |
Total cost of sales | — |  |  | — |  |  | 27,810 |  |  | — |  |  | 27,810 |
Other operating expenses | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | 199 |  |  | — |  |  | 199 |
Depreciation and amortization expense | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Operating income | — |  |  | — |  |  | 908 |  |  | — |  |  | 908 |
Equity in earnings of subsidiaries | 821 |  |  | 105 |  |  | 132 |  |  | (1,058 | ) |  | — |
Other income, net | 30 |  |  | — |  |  | 157 |  |  | (175 | ) |  | 12 |
Interest and debt expense, net of capitalized interest | (231 | ) |  | (9 | ) |  | (47 | ) |  | 175 |  |  | (112 | )
Income before income tax expense | 620 |  |  | 96 |  |  | 1,150 |  |  | (1,058 | ) |  | 808 |
Income tax expense (benefit) | (28 | ) |  | — |  |  | 188 |  |  | — |  |  | 160 |
Net income | 648 |  |  | 96 |  |  | 962 |  |  | (1,058 | ) |  | 648 |
Less: Net income attributable to noncontrolling interests | 36 |  |  | — |  |  | 36 |  |  | (36 | ) |  | 36 |
Net income attributable to stockholders | $ | 612 |  |  | $ | 96 |  |  | $ | 926 |  |  | $ | (1,022 | ) |  | $ | 612 |
Condensed Consolidating Statement of Income Three Months Ended June 30, 2018 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | — |  |  | $ | — |  |  | $ | 31,015 |  |  | $ | — |  |  | $ | 31,015 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | — |  |  | — |  |  | 27,860 |  |  | — |  |  | 27,860 |
Operating expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | 1,110 |  |  | — |  |  | 1,110 |
Depreciation and amortization expense | — |  |  | — |  |  | 510 |  |  | — |  |  | 510 |
Total cost of sales | — |  |  | — |  |  | 29,480 |  |  | — |  |  | 29,480 |
Other operating expenses | — |  |  | — |  |  | 21 |  |  | — |  |  | 21 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | 248 |  |  | — |  |  | 248 |
Depreciation and amortization expense | — |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
Operating income | — |  |  | — |  |  | 1,253 |  |  | — |  |  | 1,253 |
Equity in earnings of subsidiaries | 1,052 |  |  | 78 |  |  | 94 |  |  | (1,224 | ) |  | — |
Other income (expense), net | 29 |  |  | 1 |  |  | 143 |  |  | (178 | ) |  | (5 | )
Interest and debt expense, net of capitalized interest | (233 | ) |  | (14 | ) |  | (55 | ) |  | 178 |  |  | (124 | )
Income before income tax expense | 848 |  |  | 65 |  |  | 1,435 |  |  | (1,224 | ) |  | 1,124 |
Income tax expense (benefit) | (27 | ) |  | 1 |  |  | 275 |  |  | — |  |  | 249 |
Net income | 875 |  |  | 64 |  |  | 1,160 |  |  | (1,224 | ) |  | 875 |
Less: Net income attributable to noncontrolling interests | 30 |  |  | — |  |  | 30 |  |  | (30 | ) |  | 30 |
Net income attributable to stockholders | $ | 845 |  |  | $ | 64 |  |  | $ | 1,130 |  |  | $ | (1,194 | ) |  | $ | 845 |
Condensed Consolidating Statement of Income Six Months Ended June 30, 2019 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | — |  |  | $ | — |  |  | $ | 53,196 |  |  | $ | — |  |  | $ | 53,196 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | — |  |  | — |  |  | 48,061 |  |  | — |  |  | 48,061 |
Operating expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | 2,390 |  |  | — |  |  | 2,390 |
Depreciation and amortization expense | — |  |  | — |  |  | 1,089 |  |  | — |  |  | 1,089 |
Total cost of sales | — |  |  | — |  |  | 51,540 |  |  | — |  |  | 51,540 |
Other operating expenses | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | 1 |  |  | — |  |  | 407 |  |  | — |  |  | 408 |
Depreciation and amortization expense | — |  |  | — |  |  | 28 |  |  | — |  |  | 28 |
Operating income (loss) | (1 | ) |  | — |  |  | 1,217 |  |  | — |  |  | 1,216 |
Equity in earnings of subsidiaries | 1,085 |  |  | 187 |  |  | 225 |  |  | (1,497 | ) |  | — |
Other income, net | 84 |  |  | — |  |  | 304 |  |  | (354 | ) |  | 34 |
Interest and debt expense, net of capitalized interest | (463 | ) |  | (24 | ) |  | (91 | ) |  | 354 |  |  | (224 | )
Income before income tax expense | 705 |  |  | 163 |  |  | 1,655 |  |  | (1,497 | ) |  | 1,026 |
Income tax expense (benefit) | (110 | ) |  | — |  |  | 321 |  |  | — |  |  | 211 |
Net income | 815 |  |  | 163 |  |  | 1,334 |  |  | (1,497 | ) |  | 815 |
Less: Net income attributable to noncontrolling interests | 62 |  |  | — |  |  | 62 |  |  | (62 | ) |  | 62 |
Net income attributable to stockholders | $ | 753 |  |  | $ | 163 |  |  | $ | 1,272 |  |  | $ | (1,435 | ) |  | $ | 753 |
Condensed Consolidating Statement of Income Six Months Ended June 30, 2018 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | — |  |  | $ | — |  |  | $ | 57,454 |  |  | $ | — |  |  | $ | 57,454 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | — |  |  | — |  |  | 51,616 |  |  | — |  |  | 51,616 |
Operating expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | 2,246 |  |  | — |  |  | 2,246 |
Depreciation and amortization expense | — |  |  | — |  |  | 995 |  |  | — |  |  | 995 |
Total cost of sales | — |  |  | — |  |  | 54,857 |  |  | — |  |  | 54,857 |
Other operating expenses | — |  |  | — |  |  | 31 |  |  | — |  |  | 31 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | 1 |  |  | — |  |  | 485 |  |  | — |  |  | 486 |
Depreciation and amortization expense | — |  |  | — |  |  | 26 |  |  | — |  |  | 26 |
Operating income (loss) | (1 | ) |  | — |  |  | 2,055 |  |  | — |  |  | 2,054 |
Equity in earnings of subsidiaries | 1,772 |  |  | 156 |  |  | 273 |  |  | (2,201 | ) |  | — |
Other income, net | 98 |  |  | 1 |  |  | 294 |  |  | (347 | ) |  | 46 |
Interest and debt expense, net of capitalized interest | (451 | ) |  | (26 | ) |  | (115 | ) |  | 347 |  |  | (245 | )
Income before income tax expense | 1,418 |  |  | 131 |  |  | 2,507 |  |  | (2,201 | ) |  | 1,855 |
Income tax expense (benefit) | (39 | ) |  | 1 |  |  | 436 |  |  | — |  |  | 398 |
Net income | 1,457 |  |  | 130 |  |  | 2,071 |  |  | (2,201 | ) |  | 1,457 |
Less: Net income attributable to noncontrolling interests | 143 |  |  | — |  |  | 143 |  |  | (143 | ) |  | 143 |
Net income attributable to stockholders | $ | 1,314 |  |  | $ | 130 |  |  | $ | 1,928 |  |  | $ | (2,058 | ) |  | $ | 1,314 |
Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2019 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income | $ | 648 |  |  | $ | 96 |  |  | $ | 962 |  |  | $ | (1,058 | ) |  | $ | 648 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | — |  |  | — |  |  | (27 | ) |  | 27 |  |  | — |
Net gain on pension and other postretirement benefits | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Net gain on cash flow hedges | 5 |  |  | — |  |  | 5 |  |  | (5 | ) |  | 5 |
Other comprehensive income (loss) before income tax expense | 7 |  |  | — |  |  | (22 | ) |  | 22 |  |  | 7 |
Income tax expense related to items of other comprehensive income (loss) | 1 |  |  | — |  |  | 1 |  |  | (1 | ) |  | 1 |
Other comprehensive income (loss) | 6 |  |  | — |  |  | (23 | ) |  | 23 |  |  | 6 |
Comprehensive income | 654 |  |  | 96 |  |  | 939 |  |  | (1,035 | ) |  | 654 |
Less: Comprehensive income attributable to noncontrolling interests | 40 |  |  | — |  |  | 40 |  |  | (40 | ) |  | 40 |
Comprehensive income attributable to stockholders | $ | 614 |  |  | $ | 96 |  |  | $ | 899 |  |  | $ | (995 | ) |  | $ | 614 |
Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2018 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income | $ | 875 |  |  | $ | 64 |  |  | $ | 1,160 |  |  | $ | (1,224 | ) |  | $ | 875 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (291 | ) |  | — |  |  | (268 | ) |  | 268 |  |  | (291 | )
Net gain on pension and other postretirement benefits | 9 |  |  | — |  |  | 1 |  |  | (1 | ) |  | 9 |
Other comprehensive loss before income tax expense | (282 | ) |  | — |  |  | (267 | ) |  | 267 |  |  | (282 | )
Income tax expense related to items of other comprehensive loss | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Other comprehensive loss | (284 | ) |  | — |  |  | (267 | ) |  | 267 |  |  | (284 | )
Comprehensive income | 591 |  |  | 64 |  |  | 893 |  |  | (957 | ) |  | 591 |
Less: Comprehensive income attributable to noncontrolling interests | 25 |  |  | — |  |  | 25 |  |  | (25 | ) |  | 25 |
Comprehensive income attributable to stockholders | $ | 566 |  |  | $ | 64 |  |  | $ | 868 |  |  | $ | (932 | ) |  | $ | 566 |
Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2019 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income | $ | 815 |  |  | $ | 163 |  |  | $ | 1,334 |  |  | $ | (1,497 | ) |  | $ | 815 |
Other comprehensive income: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 155 |  |  | — |  |  | 104 |  |  | (104 | ) |  | 155 |
Net gain on pension and other postretirement benefits | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Net gain on cash flow hedges | 5 |  |  | — |  |  | 5 |  |  | (5 | ) |  | 5 |
Other comprehensive income before income tax expense | 165 |  |  | — |  |  | 109 |  |  | (109 | ) |  | 165 |
Income tax expense related to items of other comprehensive income | 2 |  |  | — |  |  | 1 |  |  | (1 | ) |  | 2 |
Other comprehensive income | 163 |  |  | — |  |  | 108 |  |  | (108 | ) |  | 163 |
Comprehensive income | 978 |  |  | 163 |  |  | 1,442 |  |  | (1,605 | ) |  | 978 |
Less: Comprehensive income attributable to noncontrolling interests | 68 |  |  | — |  |  | 68 |  |  | (68 | ) |  | 68 |
Comprehensive income attributable to stockholders | $ | 910 |  |  | $ | 163 |  |  | $ | 1,374 |  |  | $ | (1,537 | ) |  | $ | 910 |
Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2018 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income | $ | 1,457 |  |  | $ | 130 |  |  | $ | 2,071 |  |  | $ | (2,201 | ) |  | $ | 1,457 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (246 | ) |  | — |  |  | (192 | ) |  | 192 |  |  | (246 | )
Net gain on pension and other postretirement benefits | 17 |  |  | — |  |  | 1 |  |  | (1 | ) |  | 17 |
Other comprehensive loss before income tax expense | (229 | ) |  | — |  |  | (191 | ) |  | 191 |  |  | (229 | )
Income tax expense related to items of other comprehensive loss | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Other comprehensive loss | (233 | ) |  | — |  |  | (191 | ) |  | 191 |  |  | (233 | )
Comprehensive income | 1,224 |  |  | 130 |  |  | 1,880 |  |  | (2,010 | ) |  | 1,224 |
Less: Comprehensive income attributable to noncontrolling interests | 141 |  |  | — |  |  | 141 |  |  | (141 | ) |  | 141 |
Comprehensive income attributable to stockholders | $ | 1,083 |  |  | $ | 130 |  |  | $ | 1,739 |  |  | $ | (1,869 | ) |  | $ | 1,083 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2019 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities | $ | 244 |  |  | $ | (25 | ) |  | $ | 2,435 |  |  | $ | (260 | ) |  | $ | 2,394 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | — |  |  | (905 | ) |  | — |  |  | (905 | )
Deferred turnaround and catalyst costs | — |  |  | — |  |  | (471 | ) |  | — |  |  | (471 | )
Investments in joint ventures | — |  |  | — |  |  | (90 | ) |  | — |  |  | (90 | )
Capital expenditures of certain VIEs | — |  |  | — |  |  | (69 | ) |  | — |  |  | (69 | )
Acquisitions of undivided interests | — |  |  | — |  |  | (29 | ) |  | — |  |  | (29 | )
Intercompany investing activities | 212 |  |  | 2 |  |  | (630 | ) |  | 416 |  |  | — |
Other investing activities, net | — |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Net cash provided by (used in) investing activities | 212 |  |  | 2 |  |  | (2,185 | ) |  | 416 |  |  | (1,555 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt issuances and borrowings (excluding borrowings of certain VIEs) | 992 |  |  | — |  |  | 900 |  |  | — |  |  | 1,892 |
Proceeds from borrowings of certain VIEs | — |  |  | — |  |  | 70 |  |  | — |  |  | 70 |
Repayments of debt and finance lease obligations | (871 | ) |  | — |  |  | (918 | ) |  | — |  |  | (1,789 | )
Intercompany financing activities | 395 |  |  | 50 |  |  | (29 | ) |  | (416 | ) |  | — |
Purchases of common stock for treasury | (248 | ) |  | — |  |  | — |  |  | — |  |  | (248 | )
Common stock dividends | (751 | ) |  | — |  |  | (81 | ) |  | 81 |  |  | (751 | )
Acquisition of VLP publicly held common units | — |  |  | — |  |  | (950 | ) |  | — |  |  | (950 | )
Distributions to noncontrolling interests and unitholders of VLP | — |  |  | (179 | ) |  | (18 | ) |  | 179 |  |  | (18 | )
Other financing activities, net | (18 | ) |  | — |  |  | (13 | ) |  | — |  |  | (31 | )
Net cash used in financing activities | (501 | ) |  | (129 | ) |  | (1,039 | ) |  | (156 | ) |  | (1,825 | )
Effect of foreign exchange rate changes on cash | — |  |  | — |  |  | 37 |  |  | — |  |  | 37 |
Net decrease in cash and cash equivalents | (45 | ) |  | (152 | ) |  | (752 | ) |  | — |  |  | (949 | )
Cash and cash equivalents at beginning of period | 291 |  |  | 152 |  |  | 2,539 |  |  | — |  |  | 2,982 |
Cash and cash equivalents at end of period | $ | 246 |  |  | $ | — |  |  | $ | 1,787 |  |  | $ | — |  |  | $ | 2,033 |
Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2018 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities | $ | (558 | ) |  | $ | (22 | ) |  | $ | 2,874 |  |  | $ | (97 | ) |  | $ | 2,197 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | — |  |  | (740 | ) |  | — |  |  | (740 | )
Deferred turnaround and catalyst costs | — |  |  | — |  |  | (490 | ) |  | — |  |  | (490 | )
Investments in joint ventures | — |  |  | — |  |  | (119 | ) |  | — |  |  | (119 | )
Capital expenditures of certain VIEs | — |  |  | — |  |  | (78 | ) |  | — |  |  | (78 | )
Peru Acquisition, net of cash acquired | — |  |  | — |  |  | (471 | ) |  | — |  |  | (471 | )
Acquisitions of undivided interests | — |  |  | — |  |  | (145 | ) |  | — |  |  | (145 | )
Minor acquisitions | — |  |  | — |  |  | (91 | ) |  | — |  |  | (91 | )
Intercompany investing activities | 408 |  |  | 186 |  |  | (1,339 | ) |  | 745 |  |  | — |
Other investing activities, net | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Net cash provided by (used in) investing activities | 408 |  |  | 186 |  |  | (3,471 | ) |  | 745 |  |  | (2,132 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt issuances and borrowings (excluding borrowings of certain VIEs) | 750 |  |  | 498 |  |  | 10 |  |  | — |  |  | 1,258 |
Proceeds from borrowings of certain VIEs | — |  |  | — |  |  | 56 |  |  | — |  |  | 56 |
Repayments of debt and finance lease obligations | (787 | ) |  | (410 | ) |  | (148 | ) |  | — |  |  | (1,345 | )
Intercompany financing activities | 1,341 |  |  | (87 | ) |  | (509 | ) |  | (745 | ) |  | — |
Purchases of common stock for treasury | (647 | ) |  | — |  |  | — |  |  | — |  |  | (647 | )
Common stock dividends | (690 | ) |  | — |  |  | (17 | ) |  | 17 |  |  | (690 | )
Contributions from noncontrolling interests | — |  |  | — |  |  | 32 |  |  | — |  |  | 32 |
Distributions to noncontrolling interests and unitholders of VLP | — |  |  | (103 | ) |  | (27 | ) |  | 80 |  |  | (50 | )
Other financing activities, net | 1 |  |  | (4 | ) |  | (13 | ) |  | — |  |  | (16 | )
Net cash used in financing activities | (32 | ) |  | (106 | ) |  | (616 | ) |  | (648 | ) |  | (1,402 | )
Effect of foreign exchange rate changes on cash | — |  |  | — |  |  | (62 | ) |  | — |  |  | (62 | )
Net increase (decrease) in cash and cash equivalents | (182 | ) |  | 58 |  |  | (1,275 | ) |  | — |  |  | (1,399 | )
Cash and cash equivalents at beginning of period | 1,746 |  |  | 42 |  |  | 4,062 |  |  | — |  |  | 5,850 |
Cash and cash equivalents at end of period | $ | 1,564 |  |  | $ | 100 |  |  | $ | 2,787 |  |  | $ | — |  |  | $ | 4,451 |

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