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Condensed Consolidating Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet September 30, 2019 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 209 |  |  | $ | — |  |  | $ | 1,928 |  |  | $ | — |  |  | $ | 2,137 |
Receivables, net | — |  |  | — |  |  | 7,994 |  |  | — |  |  | 7,994 |
Receivables from affiliates | 4,396 |  |  | — |  |  | 12,406 |  |  | (16,802 | ) |  | — |
Inventories | — |  |  | — |  |  | 6,376 |  |  | — |  |  | 6,376 |
Prepaid expenses and other | 64 |  |  | — |  |  | 462 |  |  | — |  |  | 526 |
Total current assets | 4,669 |  |  | — |  |  | 29,166 |  |  | (16,802 | ) |  | 17,033 |
Property, plant and equipment, at cost | — |  |  | — |  |  | 43,539 |  |  | — |  |  | 43,539 |
Accumulated depreciation | — |  |  | — |  |  | (14,649 | ) |  | — |  |  | (14,649 | )
Property, plant and equipment, net | — |  |  | — |  |  | 28,890 |  |  | — |  |  | 28,890 |
Investment in affiliates | 36,327 |  |  | 2,566 |  |  | 383 |  |  | (39,276 | ) |  | — |
Deferred charges and other assets, net | 552 |  |  | — |  |  | 4,754 |  |  | — |  |  | 5,306 |
Total assets | $ | 41,548 |  |  | $ | 2,566 |  |  | $ | 63,193 |  |  | $ | (56,078 | ) |  | $ | 51,229 |
LIABILITIES AND EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Current portion of debt and finance lease obligations | $ | — |  |  | $ | — |  |  | $ | 402 |  |  | $ | — |  |  | $ | 402 |
Accounts payable | — |  |  | — |  |  | 9,504 |  |  | — |  |  | 9,504 |
Accounts payable to affiliates | 11,223 |  |  | 1,183 |  |  | 4,396 |  |  | (16,802 | ) |  | — |
Accrued expenses | 155 |  |  | 7 |  |  | 719 |  |  | — |  |  | 881 |
Taxes other than income taxes payable | — |  |  | — |  |  | 1,175 |  |  | — |  |  | 1,175 |
Income taxes payable | 83 |  |  | — |  |  | 85 |  |  | — |  |  | 168 |
Total current liabilities | 11,461 |  |  | 1,190 |  |  | 16,281 |  |  | (16,802 | ) |  | 12,130 |
Debt and finance lease obligations, less current portion | 7,094 |  |  | 991 |  |  | 1,085 |  |  | — |  |  | 9,170 |
Deferred income tax liabilities | — |  |  | 2 |  |  | 4,918 |  |  | — |  |  | 4,920 |
Other long-term liabilities | 1,886 |  |  | — |  |  | 1,535 |  |  | — |  |  | 3,421 |
Equity: |  |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |
Common stock | 7 |  |  | — |  |  | 1 |  |  | (1 | ) |  | 7 |
Additional paid-in capital | 6,818 |  |  | — |  |  | 9,765 |  |  | (9,765 | ) |  | 6,818 |
Treasury stock, at cost | (15,472 | ) |  | — |  |  | — |  |  | — |  |  | (15,472 | )
Retained earnings | 31,283 |  |  | — |  |  | 30,286 |  |  | (30,286 | ) |  | 31,283 |
Partners’ equity | — |  |  | 383 |  |  | — |  |  | (383 | ) |  | — |
Accumulated other comprehensive loss | (1,529 | ) |  | — |  |  | (1,159 | ) |  | 1,159 |  |  | (1,529 | )
Total stockholders’ equity | 21,107 |  |  | 383 |  |  | 38,893 |  |  | (39,276 | ) |  | 21,107 |
Noncontrolling interests | — |  |  | — |  |  | 481 |  |  | — |  |  | 481 |
Total equity | 21,107 |  |  | 383 |  |  | 39,374 |  |  | (39,276 | ) |  | 21,588 |
Total liabilities and equity | $ | 41,548 |  |  | $ | 2,566 |  |  | $ | 63,193 |  |  | $ | (56,078 | ) |  | $ | 51,229 |
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 |  |  | 10,684 |  |  | (15,055 | ) |  | — |
Inventories | — |  |  | — |  |  | 6,532 |  |  | — |  |  | 6,532 |
Prepaid expenses and other | 466 |  |  | — |  |  | 355 |  |  | (5 | ) |  | 816 |
Total current assets | 5,126 |  |  | 154 |  |  | 27,455 |  |  | (15,060 | ) |  | 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 | 34,696 |  |  | 2,267 |  |  | (321 | ) |  | (36,642 | ) |  | — |
Long-term notes receivable from affiliates | 285 |  |  | — |  |  | — |  |  | (285 | ) |  | — |
Deferred charges and other assets, net | 572 |  |  | 1 |  |  | 3,059 |  |  | — |  |  | 3,632 |
Total assets | $ | 40,679 |  |  | $ | 2,422 |  |  | $ | 59,041 |  |  | $ | (51,987 | ) |  | $ | 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 | 9,847 |  |  | 837 |  |  | 4,370 |  |  | (15,054 | ) |  | — |
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 | 10,069 |  |  | 846 |  |  | 14,869 |  |  | (15,060 | ) |  | 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 tax liabilities | — |  |  | 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 |  |  | — |  |  | 28,305 |  |  | (28,305 | ) |  | 31,044 |
Partners’ equity | — |  |  | 299 |  |  | — |  |  | (299 | ) |  | — |
Accumulated other comprehensive loss | (1,507 | ) |  | — |  |  | (1,097 | ) |  | 1,097 |  |  | (1,507 | )
Total stockholders’ equity | 21,667 |  |  | 299 |  |  | 36,963 |  |  | (37,262 | ) |  | 21,667 |
Noncontrolling interests | — |  |  | — |  |  | 444 |  |  | 620 |  |  | 1,064 |
Total equity | 21,667 |  |  | 299 |  |  | 37,407 |  |  | (36,642 | ) |  | 22,731 |
Total liabilities and equity | $ | 40,679 |  |  | $ | 2,422 |  |  | $ | 59,041 |  |  | $ | (51,987 | ) |  | $ | 50,155 |
Condensed Consolidating Statement of Income | Condensed Consolidating Statement of Income Three Months Ended September 30, 2019 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | — |  |  | $ | — |  |  | $ | 27,249 |  |  | $ | — |  |  | $ | 27,249 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | — |  |  | — |  |  | 24,335 |  |  | — |  |  | 24,335 |
Operating expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | 1,239 |  |  | — |  |  | 1,239 |
Depreciation and amortization expense | — |  |  | — |  |  | 556 |  |  | — |  |  | 556 |
Total cost of sales | — |  |  | — |  |  | 26,130 |  |  | — |  |  | 26,130 |
Other operating expenses | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | 2 |  |  | — |  |  | 215 |  |  | — |  |  | 217 |
Depreciation and amortization expense | — |  |  | — |  |  | 11 |  |  | — |  |  | 11 |
Operating income (loss) | (2 | ) |  | — |  |  | 883 |  |  | — |  |  | 881 |
Equity in earnings of subsidiaries | 740 |  |  | 112 |  |  | 100 |  |  | (952 | ) |  | — |
Other income, net | 54 |  |  | — |  |  | 158 |  |  | (178 | ) |  | 34 |
Interest and debt expense, net of capitalized interest | (230 | ) |  | (12 | ) |  | (47 | ) |  | 178 |  |  | (111 | )
Income before income tax expense (benefit) | 562 |  |  | 100 |  |  | 1,094 |  |  | (952 | ) |  | 804 |
Income tax expense (benefit) | (47 | ) |  | — |  |  | 212 |  |  | — |  |  | 165 |
Net income | 609 |  |  | 100 |  |  | 882 |  |  | (952 | ) |  | 639 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 30 |  |  | — |  |  | 30 |
Net income attributable to stockholders | $ | 609 |  |  | $ | 100 |  |  | $ | 852 |  |  | $ | (952 | ) |  | $ | 609 |
Condensed Consolidating Statement of Income Three Months Ended September 30, 2018 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | — |  |  | $ | — |  |  | $ | 30,849 |  |  | $ | — |  |  | $ | 30,849 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | — |  |  | — |  |  | 27,701 |  |  | — |  |  | 27,701 |
Operating expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | 1,193 |  |  | — |  |  | 1,193 |
Depreciation and amortization expense | — |  |  | — |  |  | 504 |  |  | — |  |  | 504 |
Total cost of sales | — |  |  | — |  |  | 29,398 |  |  | — |  |  | 29,398 |
Other operating expenses | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | 3 |  |  | — |  |  | 206 |  |  | — |  |  | 209 |
Depreciation and amortization expense | — |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
Operating income (loss) | (3 | ) |  | — |  |  | 1,222 |  |  | — |  |  | 1,219 |
Equity in earnings of subsidiaries | 1,005 |  |  | 85 |  |  | 53 |  |  | (1,143 | ) |  | — |
Other income, net | 65 |  |  | — |  |  | 161 |  |  | (184 | ) |  | 42 |
Interest and debt expense, net of capitalized interest | (230 | ) |  | (15 | ) |  | (50 | ) |  | 184 |  |  | (111 | )
Income before income tax expense (benefit) | 837 |  |  | 70 |  |  | 1,386 |  |  | (1,143 | ) |  | 1,150 |
Income tax expense (benefit) | (19 | ) |  | — |  |  | 295 |  |  | — |  |  | 276 |
Net income | 856 |  |  | 70 |  |  | 1,091 |  |  | (1,143 | ) |  | 874 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 1 |  |  | 17 |  |  | 18 |
Net income attributable to stockholders | $ | 856 |  |  | $ | 70 |  |  | $ | 1,090 |  |  | $ | (1,160 | ) |  | $ | 856 |
Condensed Consolidating Statement of Income Nine Months Ended September 30, 2019 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | — |  |  | $ | — |  |  | $ | 80,445 |  |  | $ | — |  |  | $ | 80,445 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | — |  |  | — |  |  | 72,396 |  |  | — |  |  | 72,396 |
Operating expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | 3,629 |  |  | — |  |  | 3,629 |
Depreciation and amortization expense | — |  |  | — |  |  | 1,645 |  |  | — |  |  | 1,645 |
Total cost of sales | — |  |  | — |  |  | 77,670 |  |  | — |  |  | 77,670 |
Other operating expenses | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | 3 |  |  | — |  |  | 622 |  |  | — |  |  | 625 |
Depreciation and amortization expense | — |  |  | — |  |  | 39 |  |  | — |  |  | 39 |
Operating income (loss) | (3 | ) |  | — |  |  | 2,100 |  |  | — |  |  | 2,097 |
Equity in earnings of subsidiaries | 1,763 |  |  | 299 |  |  | 261 |  |  | (2,323 | ) |  | — |
Other income, net | 138 |  |  | — |  |  | 462 |  |  | (532 | ) |  | 68 |
Interest and debt expense, net of capitalized interest | (693 | ) |  | (36 | ) |  | (138 | ) |  | 532 |  |  | (335 | )
Income before income tax expense (benefit) | 1,205 |  |  | 263 |  |  | 2,685 |  |  | (2,323 | ) |  | 1,830 |
Income tax expense (benefit) | (157 | ) |  | — |  |  | 533 |  |  | — |  |  | 376 |
Net income | 1,362 |  |  | 263 |  |  | 2,152 |  |  | (2,323 | ) |  | 1,454 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 90 |  |  | 2 |  |  | 92 |
Net income attributable to stockholders | $ | 1,362 |  |  | $ | 263 |  |  | $ | 2,062 |  |  | $ | (2,325 | ) |  | $ | 1,362 |
Condensed Consolidating Statement of Income Nine Months Ended September 30, 2018 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | — |  |  | $ | — |  |  | $ | 88,303 |  |  | $ | — |  |  | $ | 88,303 |
Cost of sales: |  |  |  |  |  |  |  |  |
Cost of materials and other | — |  |  | — |  |  | 79,317 |  |  | — |  |  | 79,317 |
Operating expenses (excluding depreciation and amortization expense reflected below) | — |  |  | — |  |  | 3,439 |  |  | — |  |  | 3,439 |
Depreciation and amortization expense | — |  |  | — |  |  | 1,499 |  |  | — |  |  | 1,499 |
Total cost of sales | — |  |  | — |  |  | 84,255 |  |  | — |  |  | 84,255 |
Other operating expenses | — |  |  | — |  |  | 41 |  |  | — |  |  | 41 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) | 4 |  |  | — |  |  | 691 |  |  | — |  |  | 695 |
Depreciation and amortization expense | — |  |  | — |  |  | 39 |  |  | — |  |  | 39 |
Operating income (loss) | (4 | ) |  | — |  |  | 3,277 |  |  | — |  |  | 3,273 |
Equity in earnings of subsidiaries | 2,634 |  |  | 241 |  |  | 152 |  |  | (3,027 | ) |  | — |
Other income, net | 163 |  |  | 1 |  |  | 455 |  |  | (531 | ) |  | 88 |
Interest and debt expense, net of capitalized interest | (681 | ) |  | (41 | ) |  | (165 | ) |  | 531 |  |  | (356 | )
Income before income tax expense (benefit) | 2,112 |  |  | 201 |  |  | 3,719 |  |  | (3,027 | ) |  | 3,005 |
Income tax expense (benefit) | (58 | ) |  | 1 |  |  | 731 |  |  | — |  |  | 674 |
Net income | 2,170 |  |  | 200 |  |  | 2,988 |  |  | (3,027 | ) |  | 2,331 |
Less: Net income attributable to noncontrolling interests | — |  |  | — |  |  | 113 |  |  | 48 |  |  | 161 |
Net income attributable to stockholders | $ | 2,170 |  |  | $ | 200 |  |  | $ | 2,875 |  |  | $ | (3,075 | ) |  | $ | 2,170 |
Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income Three Months Ended September 30, 2019 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income | $ | 609 |  |  | $ | 100 |  |  | $ | 882 |  |  | $ | (952 | ) |  | $ | 639 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (180 | ) |  | — |  |  | (163 | ) |  | 163 |  |  | (180 | )
Net gain on pension and other postretirement benefits | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
Net loss on cash flow hedges | (2 | ) |  | — |  |  | (4 | ) |  | 2 |  |  | (4 | )
Other comprehensive loss before income tax benefit | (179 | ) |  | — |  |  | (167 | ) |  | 165 |  |  | (181 | )
Income tax benefit related to items of other comprehensive loss | — |  |  | — |  |  | (1 | ) |  | 1 |  |  | — |
Other comprehensive loss | (179 | ) |  | — |  |  | (166 | ) |  | 164 |  |  | (181 | )
Comprehensive income | 430 |  |  | 100 |  |  | 716 |  |  | (788 | ) |  | 458 |
Less: Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 28 |  |  | — |  |  | 28 |
Comprehensive income attributable to stockholders | $ | 430 |  |  | $ | 100 |  |  | $ | 688 |  |  | $ | (788 | ) |  | $ | 430 |
Condensed Consolidating Statement of Comprehensive Income Three Months Ended September 30, 2018 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income | $ | 856 |  |  | $ | 70 |  |  | $ | 1,091 |  |  | $ | (1,143 | ) |  | $ | 874 |
Other comprehensive income: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 20 |  |  | — |  |  | 2 |  |  | 1 |  |  | 23 |
Net gain on pension and other postretirement benefits | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |
Other comprehensive income before income tax expense | 28 |  |  | — |  |  | 2 |  |  | 1 |  |  | 31 |
Income tax expense related to items of other comprehensive income | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Other comprehensive income | 27 |  |  | — |  |  | 2 |  |  | 1 |  |  | 30 |
Comprehensive income | 883 |  |  | 70 |  |  | 1,093 |  |  | (1,142 | ) |  | 904 |
Less: Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 4 |  |  | 17 |  |  | 21 |
Comprehensive income attributable to stockholders | $ | 883 |  |  | $ | 70 |  |  | $ | 1,089 |  |  | $ | (1,159 | ) |  | $ | 883 |
Condensed Consolidating Statement of Comprehensive Income Nine Months Ended September 30, 2019 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income | $ | 1,362 |  |  | $ | 263 |  |  | $ | 2,152 |  |  | $ | (2,323 | ) |  | $ | 1,454 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (28 | ) |  | — |  |  | (59 | ) |  | 62 |  |  | (25 | )
Net gain on pension and other postretirement benefits | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |
Net gain on cash flow hedges | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Other comprehensive loss before income tax expense | (20 | ) |  | — |  |  | (58 | ) |  | 62 |  |  | (16 | )
Income tax expense related to items of other comprehensive loss | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Other comprehensive loss | (22 | ) |  | — |  |  | (58 | ) |  | 62 |  |  | (18 | )
Comprehensive income | 1,340 |  |  | 263 |  |  | 2,094 |  |  | (2,261 | ) |  | 1,436 |
Less: Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 94 |  |  | 2 |  |  | 96 |
Comprehensive income attributable to stockholders | $ | 1,340 |  |  | $ | 263 |  |  | $ | 2,000 |  |  | $ | (2,263 | ) |  | $ | 1,340 |
Condensed Consolidating Statement of Comprehensive Income Nine Months Ended September 30, 2018 (in millions)
| Valero Energy Corporation |  | Valero Energy Partners LP |  | Other Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income | $ | 2,170 |  |  | $ | 200 |  |  | $ | 2,988 |  |  | $ | (3,027 | ) |  | $ | 2,331 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (224 | ) |  | — |  |  | (190 | ) |  | 191 |  |  | (223 | )
Net gain on pension and other postretirement benefits | 25 |  |  | — |  |  | 1 |  |  | (1 | ) |  | 25 |
Other comprehensive loss before income tax expense | (199 | ) |  | — |  |  | (189 | ) |  | 190 |  |  | (198 | )
Income tax expense related to items of other comprehensive loss | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Other comprehensive loss | (204 | ) |  | — |  |  | (189 | ) |  | 190 |  |  | (203 | )
Comprehensive income | 1,966 |  |  | 200 |  |  | 2,799 |  |  | (2,837 | ) |  | 2,128 |
Less: Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 114 |  |  | 48 |  |  | 162 |
Comprehensive income attributable to stockholders | $ | 1,966 |  |  | $ | 200 |  |  | $ | 2,685 |  |  | $ | (2,885 | ) |  | $ | 1,966 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Nine Months Ended September 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 | $ | 15 |  |  | $ | (35 | ) |  | $ | 4,203 |  |  | $ | (360 | ) |  | $ | 3,823 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures (excluding VIEs) | — |  |  | — |  |  | (1,179 | ) |  | — |  |  | (1,179 | )
Capital expenditures of VIEs: |  |  |  |  |  |  |  |  |
DGD | — |  |  | — |  |  | (91 | ) |  | — |  |  | (91 | )
Other VIEs | — |  |  | — |  |  | (139 | ) |  | — |  |  | (139 | )
Deferred turnaround and catalyst cost expenditures (excluding VIEs) | — |  |  | — |  |  | (583 | ) |  | — |  |  | (583 | )
Deferred turnaround and catalyst cost expenditures of DGD | — |  |  | — |  |  | (16 | ) |  | — |  |  | (16 | )
Investments in unconsolidated joint ventures | — |  |  | — |  |  | (122 | ) |  | — |  |  | (122 | )
Acquisitions of undivided interests | — |  |  | — |  |  | (65 | ) |  | — |  |  | (65 | )
Intercompany investing activities | 289 |  |  | 2 |  |  | (1,533 | ) |  | 1,242 |  |  | — |
Other investing activities, net | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Net cash provided by (used in) investing activities | 289 |  |  | 2 |  |  | (3,723 | ) |  | 1,242 |  |  | (2,190 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt issuances and borrowings (excluding VIEs) | 992 |  |  | — |  |  | 900 |  |  | — |  |  | 1,892 |
Proceeds from borrowings of VIEs | — |  |  | — |  |  | 148 |  |  | — |  |  | 148 |
Repayments of debt and finance lease obligations (excluding VIEs) | (871 | ) |  | — |  |  | (925 | ) |  | — |  |  | (1,796 | )
Repayments of debt of VIEs | — |  |  | — |  |  | (4 | ) |  | — |  |  | (4 | )
Intercompany financing activities | 1,187 |  |  | 160 |  |  | (105 | ) |  | (1,242 | ) |  | — |
Purchases of common stock for treasury | (555 | ) |  | — |  |  | — |  |  | — |  |  | (555 | )
Common stock dividends | (1,123 | ) |  | — |  |  | (81 | ) |  | 81 |  |  | (1,123 | )
Acquisition of VLP publicly held common units | — |  |  | — |  |  | (950 | ) |  | — |  |  | (950 | )
Distributions to noncontrolling interests and unitholders of VLP | — |  |  | (279 | ) |  | (57 | ) |  | 279 |  |  | (57 | )
Other financing activities, net | (16 | ) |  | — |  |  | (13 | ) |  | — |  |  | (29 | )
Net cash used in financing activities | (386 | ) |  | (119 | ) |  | (1,087 | ) |  | (882 | ) |  | (2,474 | )
Effect of foreign exchange rate changes on cash | — |  |  | — |  |  | (4 | ) |  | — |  |  | (4 | )
Net decrease in cash and cash equivalents | (82 | ) |  | (152 | ) |  | (611 | ) |  | — |  |  | (845 | )
Cash and cash equivalents at beginning of period | 291 |  |  | 152 |  |  | 2,539 |  |  | — |  |  | 2,982 |
Cash and cash equivalents at end of period | $ | 209 |  |  | $ | — |  |  | $ | 1,928 |  |  | $ | — |  |  | $ | 2,137 |
Condensed Consolidating Statement of Cash Flows Nine Months Ended September 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 | $ | (824 | ) |  | $ | (37 | ) |  | $ | 3,709 |  |  | $ | (155 | ) |  | $ | 2,693 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital expenditures (excluding VIEs) | — |  |  | — |  |  | (1,025 | ) |  | — |  |  | (1,025 | )
Capital expenditures of VIEs: |  |  |  |  |  |  |  |  |  |
DGD | — |  |  | — |  |  | (143 | ) |  | — |  |  | (143 | )
Other VIEs | — |  |  | — |  |  | (89 | ) |  | — |  |  | (89 | )
Deferred turnaround and catalyst cost expenditures (excluding VIEs) | — |  |  | — |  |  | (641 | ) |  | — |  |  | (641 | )
Deferred turnaround and catalyst cost expenditures of DGD | — |  |  | — |  |  | (20 | ) |  | — |  |  | (20 | )
Investments in unconsolidated joint ventures | — |  |  | — |  |  | (124 | ) |  | — |  |  | (124 | )
Peru Acquisition, net of cash acquired | — |  |  | — |  |  | (466 | ) |  | — |  |  | (466 | )
Acquisitions of undivided interests | — |  |  | — |  |  | (181 | ) |  | — |  |  | (181 | )
Minor acquisitions | — |  |  | — |  |  | (88 | ) |  | — |  |  | (88 | )
Intercompany investing activities | 590 |  |  | 292 |  |  | (1,425 | ) |  | 543 |  |  | — |
Other investing activities, net | — |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Net cash provided by (used in) investing activities | 590 |  |  | 292 |  |  | (4,193 | ) |  | 543 |  |  | (2,768 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Proceeds from debt issuances and borrowings (excluding VIEs) | 750 |  |  | 498 |  |  | 10 |  |  | — |  |  | 1,258 |
Proceeds from borrowings of VIEs | — |  |  | — |  |  | 71 |  |  | — |  |  | 71 |
Repayments of debt and finance lease obligations (excluding VIEs) | (787 | ) |  | (410 | ) |  | (151 | ) |  | — |  |  | (1,348 | )
Repayments of debt of VIEs | — |  |  | — |  |  | (4 | ) |  | — |  |  | (4 | )
Intercompany financing activities | 1,435 |  |  | (94 | ) |  | (798 | ) |  | (543 | ) |  | — |
Purchases of common stock for treasury | (1,081 | ) |  | — |  |  | — |  |  | — |  |  | (1,081 | )
Common stock dividends | (1,031 | ) |  | — |  |  | (32 | ) |  | 32 |  |  | (1,031 | )
Contributions from noncontrolling interests | — |  |  | — |  |  | 32 |  |  | — |  |  | 32 |
Distributions to noncontrolling interests and unitholders of VLP | — |  |  | (159 | ) |  | (27 | ) |  | 123 |  |  | (63 | )
Other financing activities, net | 2 |  |  | (4 | ) |  | (13 | ) |  | — |  |  | (15 | )
Net cash used in financing activities | (712 | ) |  | (169 | ) |  | (912 | ) |  | (388 | ) |  | (2,181 | )
Effect of foreign exchange rate changes on cash | — |  |  | — |  |  | (43 | ) |  | — |  |  | (43 | )
Net increase (decrease) in cash and cash equivalents | (946 | ) |  | 86 |  |  | (1,439 | ) |  | — |  |  | (2,299 | )
Cash and cash equivalents at beginning of period | 1,746 |  |  | 42 |  |  | 4,062 |  |  | — |  |  | 5,850 |
Cash and cash equivalents at end of period | $ | 800 |  |  | $ | 128 |  |  | $ | 2,623 |  |  | $ | — |  |  | $ | 3,551 |

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