Valero Energy (VLO) 10-K 23 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Jan. 31, 2017	Jun. 30, 2016
Entity Information [Line Items]
Entity Registrant Name	VALERO ENERGY CORP/TX
Entity Central Index Key	1,035,002
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 23.6
Entity Common Stock, Shares Outstanding		451,049,519

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and temporary cash investments	$ 4,816	$ 4,114
Receivables, net	5,901	4,464
Inventories	5,709	5,898
Income taxes receivable	58	218
Prepaid expenses and other	316	204
Total current assets	16,800	14,898
Property, plant, and equipment, at cost	37,733	36,907
Accumulated depreciation	(11,261)	(10,204)
Property, plant, and equipment, net	26,472	26,703
Deferred charges and other assets, net	2,901	2,626
Total assets	46,173	44,227
Current liabilities:
Current portion of debt and capital lease obligations	115	127
Accounts payable	6,357	4,907
Accrued expenses	694	554
Taxes other than income taxes	1,084	1,069
Income taxes payable	78	337
Total current liabilities	8,328	6,994
Debt and capital lease obligations, less current portion	7,886	7,208
Deferred income taxes	7,361	7,060
Other long-term liabilities	1,744	1,611
Commitments and contingencies
Valero Energy Corporation stockholders’ equity:
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued	7	7
Additional paid-in capital	7,088	7,064
Treasury stock, at cost; 222,000,024 and 200,462,208 common shares	(12,027)	(10,799)
Retained earnings	26,366	25,188
Accumulated other comprehensive loss	(1,410)	(933)
Total Valero Energy Corporation stockholders’ equity	20,024	20,527
Noncontrolling interests	830	827
Total equity	20,854	21,354
Total liabilities and equity	$ 46,173	$ 44,227

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Valero Energy Corporation stockholders’ equity:
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,200,000,000	1,200,000,000
Common stock, shares issued	673,501,593	673,501,593
Treasury stock, common shares	222,000,024	200,462,208

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating revenues (a)	[1]	$ 75,659	$ 87,804	$ 130,844
Costs and expenses:
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		65,962	73,861	118,141
Lower of cost or market inventory valuation adjustment		(747)	790	0
Operating expenses		4,207	4,243	4,387
General and administrative expenses		715	710	724
Depreciation and amortization expense		1,894	1,842	1,690
Asset impairment loss		56	0	0
Total costs and expenses		72,087	81,446	124,942
Operating income		3,572	6,358	5,902
Other income, net		56	46	47
Interest and debt expense, net of capitalized interest		(446)	(433)	(397)
Income from continuing operations before income tax expense		3,182	5,971	5,552
Income tax expense		765	1,870	1,777
Income from continuing operations		2,417	4,101	3,775
Loss from discontinued operations		0	0	(64)
Net income		2,417	4,101	3,711
Less: Net income attributable to noncontrolling interests		128	111	81
Net income attributable to Valero Energy Corporation stockholders		2,289	3,990	3,630
Net income attributable to Valero Energy Corporation stockholders:
Continuing operations		2,289	3,990	3,694
Discontinued operations		0	0	(64)
Net income attributable to Valero Energy Corporation stockholders		$ 2,289	$ 3,990	$ 3,630
Earnings per common share:
Continuing operations		$ 4.94	$ 8	$ 7
Discontinued operations		0	0	(0.12)
Total		$ 4.94	$ 8	$ 6.88
Weighted-average common shares outstanding (in millions)		461	497	526
Earnings per common share – assuming dilution:
Continuing operations		$ 4.94	$ 7.99	$ 6.97
Discontinued operations		0	0	(0.12)
Total		$ 4.94	$ 7.99	$ 6.85
Weighted-average common shares outstanding – assuming dilution (in millions)		464	500	530
Dividends per common share		$ 2.40	$ 1.70	$ 1.05
[1]	Includes excise taxes on sales by certain of our international operations of $5,493 million, $5,980 million, and $5,901 million.

Consolidated Statements of Inc5

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental information:
Includes excise taxes on sales by certain of our international operations	$ 5,493	$ 5,980	$ 5,901

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 2,417	$ 4,101	$ 3,711
Other comprehensive loss:
Foreign currency translation adjustment	(415)	(606)	(407)
Net gain (loss) on pension and other postretirement benefits	(98)	57	(475)
Net gain on derivative instruments designated and qualifying as cash flow hedges	0	0	1
Other comprehensive loss before income tax expense (benefit)	(513)	(549)	(881)
Income tax expense (benefit) related to items of other comprehensive loss	(37)	17	(164)
Other comprehensive loss	(476)	(566)	(717)
Comprehensive income	1,941	3,535	2,994
Less: Comprehensive income attributable to noncontrolling interests	129	111	81
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 1,812	$ 3,424	$ 2,913

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	VIEs Other than Valero Energy Partners LP [Member]	Valero Energy Partners LP [Member]	Stock-Based Compensation Plans Repurchase Program [Member]	Common Stock Repurchase Programs [Member]	Parent [Member]	Parent [Member]Stock-Based Compensation Plans Repurchase Program [Member]	Parent [Member]Common Stock Repurchase Programs [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Treasury Stock [Member]Stock-Based Compensation Plans Repurchase Program [Member]	Treasury Stock [Member]Common Stock Repurchase Programs [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-controlling Interests [Member]	Non-controlling Interests [Member]VIEs Other than Valero Energy Partners LP [Member]	Non-controlling Interests [Member]Valero Energy Partners LP [Member]
Beginning balance at Dec. 31, 2013	$ 19,946					$ 19,460			$ 7	$ 7,187	$ (7,054)			$ 18,970	$ 350	$ 486
Increase (Decrease) in Equity Roll Forward
Net income	3,711					3,630								3,630		81
Dividends on common stock	(554)					(554)								(554)
Stock-based compensation expense	60					60				60
Tax deduction in excess of stock- based compensation expense	47					47				47
Transactions in connection with stock-based compensation plans:
Stock issuances	47					47				(178)	225
Stock purchases				$ (128)	$ (1,168)		$ (128)	$ (1,168)				$ (128)	$ (1,168)
Contributions from noncontrolling interests		$ 12															$ 12
Distributions to noncontrolling interests	(12)															(12)
Other comprehensive income (loss)	(717)					(717)									(717)	0
Ending balance at Dec. 31, 2014	21,244					20,677			7	7,116	(8,125)			22,046	(367)	567
Increase (Decrease) in Equity Roll Forward
Net income	4,101					3,990								3,990		111
Dividends on common stock	(848)					(848)								(848)
Stock-based compensation expense	59					59				59
Tax deduction in excess of stock- based compensation expense	44					44				44
Transactions in connection with stock-based compensation plans:
Stock issuances	34					34				(155)	189
Stock purchases				(196)	(2,667)		(196)	(2,667)				(196)	(2,667)
Contributions from noncontrolling interests		$ 5	$ 189														$ 5	$ 189
Distributions to noncontrolling interests	(45)															(45)
Other comprehensive income (loss)	(566)					(566)									(566)	0
Ending balance at Dec. 31, 2015	21,354					20,527			7	7,064	(10,799)			25,188	(933)	827
Increase (Decrease) in Equity Roll Forward
Net income	2,417					2,289								2,289		128
Dividends on common stock	(1,111)					(1,111)								(1,111)
Stock-based compensation expense	68					68				68
Transactions in connection with stock-based compensation plans:
Stock issuances	6					6				(89)	95
Stock purchases				$ (61)	$ (1,262)		$ (61)	$ (1,262)				$ (61)	$ (1,262)
Distributions to noncontrolling interests	(65)															(65)
Other	(16)					45				45						(61)
Other comprehensive income (loss)	(476)					(477)									(477)	1
Ending balance at Dec. 31, 2016	$ 20,854					$ 20,024			$ 7	$ 7,088	$ (12,027)			$ 26,366	$ (1,410)	$ 830

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 2,417	$ 4,101	$ 3,711
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	1,894	1,842	1,690
Lower of cost or market inventory valuation adjustment	(747)	790	0
Asset impairment loss	56	0	0
Aruba Refinery asset retirement expense and other	0	0	63
Deferred income tax expense	230	165	445
Changes in current assets and current liabilities	976	(1,306)	(1,810)
Changes in deferred charges and credits and other operating activities, net	(6)	19	142
Net cash provided by operating activities	4,820	5,611	4,241
Cash flows from investing activities:
Capital expenditures	(1,278)	(1,618)	(2,153)
Deferred turnaround and catalyst costs	(718)	(673)	(649)
Investments in joint ventures	(4)	(141)	(14)
Other investing activities, net	(6)	(55)	(28)
Net cash used in investing activities	(2,006)	(2,487)	(2,844)
Cash flows from financing activities:
Proceeds from debt issuances or borrowings	2,153	1,446	28
Repayments of debt and capital lease obligations	(1,475)	(513)	(204)
Proceeds from the exercise of stock options	6	34	47
Purchase of common stock for treasury	(1,336)	(2,838)	(1,296)
Common stock dividends	(1,111)	(848)	(554)
Proceeds from issuance of Valero Energy Partners LP common units	0	189	0
Contributions from noncontrolling interests	0	5	12
Distributions to noncontrolling interests (public unitholders) of Valero Energy Partners LP	(30)	(20)	(12)
Distributions to other noncontrolling interests	(35)	(25)	0
Other financing activities, net	(184)	25	49
Net cash used in financing activities	(2,012)	(2,545)	(1,930)
Effect of foreign exchange rate changes on cash	(100)	(154)	(70)
Net increase (decrease) in cash and temporary cash investments	702	425	(603)
Cash and temporary cash investments at beginning of year	4,114	3,689	4,292
Cash and temporary cash investments at end of year	$ 4,816	$ 4,114	$ 3,689

Description of Business, Basis

Description of Business, Basis of Presentation, and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES	1. DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES Description of Business As used in this report, the terms “Valero,” “we,” “us,” or “our” may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. We are an independent petroleum refiner and ethanol producer. We own 15 petroleum refineries located in the United States (U.S.), Canada, and the United Kingdom (U.K.) with a combined throughput capacity of approximately 3.1 million barrels per day as of December 31, 2016 . We sell our refined petroleum products in both the wholesale rack and bulk markets, and approximately 7,400 outlets carry the Valero ® , Diamond Shamrock ® , Shamrock ® , Ultramar ® , Beacon ® , and Texaco ® brand names in the U.S., Canada, the U.K., and Ireland. Most of our logistics assets support our refining operations, and some of these assets are owned by Valero Energy Partners LP (VLP). See Note 11 for further discussion about VLP. We also own 11 ethanol plants in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.4 billion gallons per year as of December 31, 2016 . We sell our ethanol in the wholesale bulk market, and some of our logistics assets support our ethanol operations. We operated under two reportable segments, refining and ethanol. See Note 16 for additional information about our segments. Basis of Presentation General These consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (GAAP) and with the rules and regulations of the Securities and Exchange Commission. Reclassifications Certain amounts reported as of December 31, 2015 have been reclassified to conform to the 2016 presentation, including the retrospective adoption of certain amendments to the Accounting Standards Codification (ASC) effective January 1, 2016. The adoption of Accounting Standards Update (ASU) No. 2015-15, “Interest–Imputation of Interest (Subtopic 835-30),” resulted in the reclassification of certain debt issuance costs from “deferred charges and other assets, net” to “debt and capital lease obligations, less current portion.” The adoption of ASU 2015-17, “Income Taxes (Topic 740)” resulted in the reclassification of current deferred income tax assets and current deferred income tax liabilities to noncurrent deferred income tax liabilities. The following table presents our previously reported balance sheet line items retrospectively adjusted for the adoption of these pronouncements (in millions): December 31, 2015 Previously Reported Reclassifications Currently Reported Assets Current deferred income taxes $ 74 $ (74 ) $ — Deferred charges and other assets, net 2,668 (42 ) 2,626 Liabilities Current deferred income taxes 366 (366 ) — Debt and capital lease obligations, less current portion 7,250 (42 ) 7,208 Deferred income taxes 6,768 292 7,060 Significant Accounting Policies Principles of Consolidation These financial statements include the accounts of Valero, our subsidiaries, and the accounts of partnerships and joint ventures that we control through an ownership interest greater than 50 percent or through a controlling financial interest with respect to our variable interest entities (VIEs). Our VIEs are described in Note 11 . The ownership interests held by others is recorded as noncontrolling interests. Intercompany balances and transactions have been eliminated in consolidation. Investments in less than wholly owned entities where we have significant influence are accounted for using the equity method. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Cash and Temporary Cash Investments Our temporary cash investments are highly liquid, low-risk debt instruments that have a maturity of three months or less when acquired. Receivables Trade receivables are carried at original invoice amount. We maintain an allowance for doubtful accounts, which is adjusted based on management’s assessment of our customers’ historical collection experience, known credit risks, and industry and economic conditions. Inventories Inventories are carried at the lower of cost or market. The cost of refinery feedstocks purchased for processing, refined petroleum products, and grain and ethanol inventories are determined under the last-in, first-out (LIFO) method using the dollar-value LIFO approach, with any increments valued based on average purchase prices during the year. The cost of feedstocks and products purchased for resale and the cost of materials and supplies are determined principally under the weighted-average cost method. Market value is determined based on the net realizable value of the inventories. We compare the market value of inventories to their cost on an aggregate basis, excluding materials and supplies. If the aggregate market value is less than cost, we record a lower of cost or market inventory valuation adjustment to reflect our inventories at market value. Property, Plant, and Equipment The cost of property, plant, and equipment (property assets) purchased or constructed, including betterments of property assets, is capitalized. However, the cost of repairs to and normal maintenance of property assets is expensed as incurred. Betterments of property assets are those that extend the useful life, increase the capacity or improve the operating efficiency of the asset, or improve the safety of our operations. The cost of property assets constructed includes interest and certain overhead costs allocable to the construction activities. Our operations, especially those of our refining segment, are highly capital intensive. Each of our refineries comprises a large base of property assets, consisting of a series of interconnected, highly integrated and interdependent crude oil processing facilities and supporting logistical infrastructure (Units), and these Units are continuously improved. Improvements consist of the addition of new Units and betterments of existing Units. We plan for these improvements by developing a multi-year capital program that is updated and revised based on changing internal and external factors. Depreciation of property assets used in our refining segment is recorded on a straight-line basis over the estimated useful lives of these assets primarily using the composite method of depreciation. We maintain a separate composite group of property assets for each of our refineries. We estimate the useful life of each group based on an evaluation of the property assets comprising the group, and such evaluations consist of, but are not limited to, the physical inspection of the assets to determine their condition, consideration of the manner in which the assets are maintained, assessment of the need to replace assets, and evaluation of the manner in which improvements impact the useful life of the group. The estimated useful lives of our composite groups range primarily from 25 to 30 years. Under the composite method of depreciation, the cost of an improvement is added to the composite group to which it relates and is depreciated over that group’s estimated useful life. We design improvements to our refineries in accordance with engineering specifications, design standards, and practices accepted in our industry, and these improvements have design lives consistent with our estimated useful lives. Therefore, we believe the use of the group life to depreciate the cost of improvements made to the group is reasonable because the estimated useful life of each improvement is consistent with that of the group. It should be noted, however, that factors such as competition, regulation, or environmental matters could cause us to change our estimates, thus impacting depreciation expense in the future. Also under the composite method of depreciation, the historical cost of a minor property asset (net of salvage value) that is retired or replaced is charged to accumulated depreciation and no gain or loss is recognized in income. However, a gain or loss is recognized in income for a major property asset that is retired, replaced, or sold and for an abnormal disposition of a property asset (primarily involuntary conversions). Gains and losses are reflected in depreciation and amortization expense, unless such amounts are reported separately due to materiality. Depreciation of property assets used in our ethanol segment is recorded on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful life of the related asset. Assets acquired under capital leases are amortized on a straight-line basis over (i) the lease term if transfer of ownership does not occur at the end of the lease term or (ii) the estimated useful life of the asset if transfer of ownership does occur at the end of the lease term. Deferred Charges and Other Assets “Deferred charges and other assets, net” primarily include the following: • turnaround costs, which are incurred in connection with planned major maintenance activities at our refineries and ethanol plants and which are deferred when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs; • fixed-bed catalyst costs, representing the cost of catalyst that is changed out at periodic intervals when the quality of the catalyst has deteriorated beyond its prescribed function, which are deferred when incurred and amortized on a straight-line basis over the estimated useful life of the specific catalyst; • income taxes receivable; • investments in joint ventures accounted for under the equity method; and • intangible assets. Impairment of Assets Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on discounted estimated net cash flows or other appropriate methods. We evaluate our equity method investments for impairment when there is evidence that we may not be able to recover the carrying amount of our investments or the investee is unable to sustain an earnings capacity that justifies the carrying amount. A loss in the value of an investment that is other than a temporary decline is recognized currently in income, and is based on the difference between the estimated current fair value of the investment and its carrying amount. Environmental Matters Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Amounts recorded for environmental liabilities have not been reduced by possible recoveries from third parties and have not been measured on a discounted basis. Asset Retirement Obligations We record a liability, which is referred to as an asset retirement obligation, at fair value for the estimated cost to retire a tangible long-lived asset at the time we incur that liability, which is generally when the asset is purchased, constructed, or leased. We record the liability when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the liability’s fair value. We have asset retirement obligations with respect to certain of our refinery assets due to various legal obligations to clean and/or dispose of various component parts of each refinery at the time they are retired. However, these component parts can be used for extended and indeterminate periods of time as long as they are properly maintained and/or upgraded. It is our practice and current intent to maintain our refinery assets and continue making improvements to those assets based on technological advances. As a result, we believe that our refineries have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire refinery assets cannot reasonably be estimated at this time. When a date or range of dates can reasonably be estimated for the retirement of any component part of a refinery, we estimate the cost of performing the retirement activities and record a liability for the fair value of that cost using established present value techniques. Foreign Currency Translation The functional currency of each of our international operations is generally the respective local currency, which includes the Canadian dollar, the pound sterling, and the euro. Balance sheet accounts are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expense accounts are translated using the weighted-average exchange rates during the year presented. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income. Revenue Recognition Revenues for products sold by our refining and ethanol segments are recorded upon delivery and transfer of title to the products to our customers and when payment has either been received or collection is reasonably assured. We present excise taxes on sales by certain of our international operations on a gross basis in revenues. The amount of such taxes is provided in supplemental information in a footnote on the statements of income. All other excise taxes are presented on a net basis. We enter into certain purchase and sale arrangements with the same counterparty that are deemed to be made in contemplation of one another. We combine these transactions and, as a result, revenues and cost of sales are not recognized in connection with these arrangements. We also enter into refined petroleum product exchange transactions to fulfill sales contracts with our customers by accessing refined petroleum products in markets where we do not operate our own refineries. These refined petroleum product exchanges are accounted for as exchanges of non-monetary assets, and no revenues are recorded on these transactions. Product Shipping and Handling Costs Costs incurred for shipping and handling of products are included in cost of sales. Environmental Compliance Program Costs We purchase credits in the open market to meet our obligations under various environmental compliance programs. We purchase biofuel credits (primarily Renewable Identification Numbers (RINs) in the U.S.) to comply with government regulations that require us to blend a certain percentage of biofuels into the products we produce. To the degree that we are unable to blend biofuels at the required percentage, we must purchase biofuel credits to meet our obligation. We purchase greenhouse gas (GHG) emission credits to comply with government regulations concerning various GHG emission programs, including cap-and-trade systems. These programs are further described in Note 19 under “Environmental Compliance Program Price Risk.” The costs of purchased biofuel credits and GHG emission credits are charged to cost of sales as such credits are needed to satisfy our obligation. To the extent we have not purchased enough credits to satisfy our obligation as of the balance sheet date, we charge cost of sales for such deficiency based on the market price of the credits as of the balance sheet date, and we record a liability for our obligation to purchase those credits. See Note 18 for disclosure of our fair value liability. Stock-Based Compensation Compensation expense for our share-based compensation plans is based on the fair value of the awards granted and is recognized in income on a straight-line basis over the shorter of (a) the requisite service period of each award or (b) the period from the grant date to the date retirement eligibility is achieved if that date is expected to occur during the vesting period established in the award. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred amounts are measured using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by unrecognized tax benefits, if such items may be available to offset the unrecognized tax benefit. We have elected to classify any interest expense and penalties related to the underpayment of income taxes in income tax expense. Earnings per Common Share Earnings per common share is computed by dividing net income attributable to Valero stockholders by the weighted-average number of common shares outstanding for the year. Participating share-based payment awards, including shares of restricted stock granted under certain of our stock-based compensation plans, are included in the computation of basic earnings per share using the two-class method. Earnings per common share – assuming dilution reflects the potential dilution arising from our outstanding stock options and nonvested shares granted to employees in connection with our stock-based compensation plans. Potentially dilutive securities are excluded from the computation of earnings per common share – assuming dilution when the effect of including such shares would be antidilutive. Financial Instruments Our financial instruments include cash and temporary cash investments, receivables, payables, debt, capital lease obligations, commodity derivative contracts, and foreign currency derivative contracts. The estimated fair values of these financial instruments approximate their carrying amounts, except for certain debt as discussed in Note 18 . Derivatives and Hedging All derivative instruments, not designated as normal purchases or sales, are recorded in the balance sheet as either assets or liabilities measured at their fair values with changes in fair value recognized currently in income. To manage commodity price risk, we use economic hedges, which are not designated as fair value or cash flow hedges, and we use fair value and cash flow hedges from time to time. We also enter into certain commodity derivative instruments for trading purposes. The cash flow effects of all of our derivative instruments are reflected in operating activities in the statements of cash flows. Accounting Pronouncements Not Yet Adopted In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” to clarify the principles for recognizing revenue. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual periods. We recently completed our evaluation of the provisions of this ASU and concluded that our adoption of the ASU will not materially change the amount or timing of revenues recognized by us, nor will it materially affect our financial position. The majority of our revenues are generated from the sale of refined petroleum products and ethanol. These revenues are largely based on the current spot (market) prices of the products sold, which represents consideration specifically allocable to the products being sold on a given day, and we recognize those revenues upon delivery and transfer of title to the products to our customers. The time at which delivery and transfer of title occurs is the point when our control of the products is transferred to our customers and when our performance obligation to our customers is fulfilled. We will adopt this ASU effective January 1, 2018, and we expect to use the modified retrospective method of adoption as permitted by the ASU. Under that method, the cumulative effect of initially applying the standard is recognized as an adjustment to the opening balance of retained earnings, and revenues reported in the periods prior to the date of adoption are not changed. During 2017, we will develop our revenue disclosures and enhance our accounting systems. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330),” to simplify the measurement of inventory measured using the first-in, first-out or average cost methods. The provisions of this ASU require the inventory to be measured at the lower of cost and net realizable value rather than the lower of cost or market. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predicable costs of completion, disposal, and transportation. The provisions of this ASU are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within those annual periods, with early adoption permitted. The adoption of this ASU effective January 1, 2017 will not affect our financial position or results of operations since the majority of our inventory is stated at LIFO. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments–Overall (Subtopic 825-10),” to enhance the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. These provisions are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods. This ASU is to be applied using a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The adoption of this ASU effective January 1, 2018 will not affect our financial position or results of operations, but will result in revised disclosures. In February 2016, the FASB issued a new accounting standard under ASU No. 2016-02, “Leases (Topic 842),” to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new standard is effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. We anticipate adopting the new standard on January 1, 2019. We recently completed our evaluation of the provisions of this standard, and a multi-disciplined implementation team has gained an understanding of the standard’s accounting and disclosure provisions. This team is developing enhanced contracting and lease evaluation processes and information systems to support such processes, as well as new and enhanced accounting systems to account for our leases and support the required disclosures. We continue to evaluate the effect that adopting this standard will have on our financial statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740),” to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The provisions of this ASU require an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory immediately when the transfer occurs. These provisions are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods, with early adoption permitted. The provisions should be applied on a modified retrospective basis with a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the period of adoption to recognize the income tax consequences of intra-entity transfers of assets that occurred before the adoption date. We adopted this ASU effective January 1, 2017 and it did not materially affect our financial position or results of operations; however, certain deferred charges associated with intra-entity transfers of assets other than inventory will be reported in our balance sheet primarily as a reduction to our deferred income tax liabilities. In October 2016, the FASB issued ASU No. 2016-17, “Consolidation (Topic 810),” to provide guidance on how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within those annual periods, with early adoption permitted. The provisions should be applied on a retrospective basis to all relevant prior periods beginning with the fiscal year in which the VIE guidance was adopted with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this ASU effective January 1, 2017 will not affect our financial position or results of operations. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805),” to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The provisions of this ASU provide a more robust framework to use in determining when a set of assets and activities is a business by clarifying the requirements related to inputs, processes, and outputs. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods. Due to its application to future acquisitions and disposals, the adoption of this ASU effective January 1, 2018 will not have any immediate effect on our financial position or results of operations.

Aruba Disposition

Aruba Disposition	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
ARUBA DISPOSITION	2. ARUBA DISPOSITION Effective October 1, 2016, we (i) transferred ownership of all of our assets in Aruba, other than certain hydrocarbon inventories and working capital, to Refineria di Aruba N.V., an entity wholly-owned by the Government of Aruba (GOA), (ii) settled our obligations under various agreements with the GOA, including agreements that required us to dismantle our leasehold improvements under certain conditions, and (iii) sold the working capital of our Aruba operations, including hydrocarbon inventories, to the GOA, CITGO Aruba Refining N.V. (CAR), and CITGO Petroleum Corporation (together with CAR and certain other affiliates, collectively, CITGO). We refer to this transaction as the “Aruba Disposition.” The agreements associated with the Aruba Disposition were finalized in September 2016, including approval of such agreements by the Aruba Parliament. We no longer own any assets or have any operations in Aruba. The following narrative describes the events that occurred prior to or in connection with the Aruba Disposition. • In May 2014, we abandoned our Aruba Refinery, except for the associated crude oil and refined petroleum products terminal assets that we continued to operate. As a result, the refinery’s results of operations have been presented in this report as discontinued operations for the year ended December 31, 2014. The Aruba Refinery resided on land leased from the GOA and our agreements with the GOA required us to dismantle our leasehold improvements under certain conditions. Because of our May 2014 decision to abandon the refining assets, we believed the GOA would require us to dismantle those assets. As a result, we recognized an asset retirement obligation of $59 million , which was charged to expense during the second quarter of 2014 and was reflected in discontinued operations. We had not recognized an asset retirement obligation previously due to our belief that we would not be required to dismantle the assets as long as we intended to operate them. During the second quarter of 2014, we also recognized liabilities of $4 million relating to obligations under certain contracts, including a liability for the remaining lease payments for the land on which the refining assets reside. The Aruba Refinery had no operating revenues and a $64 million loss before income taxes for the year ended December 31, 2014. There was no tax benefit recognized for the loss from discontinued operations for the year ended December 31, 2014 as we did not expect to realize this tax benefit. • In June 2016, we recognized an asset impairment loss of $56 million representing all of the remaining carrying value of our long-lived assets in Aruba. These assets were primarily related to our crude oil and refined petroleum products terminal and transshipment facility in Aruba (collectively, the Aruba Terminal), which were included in our refining segment. We recognized the impairment loss at that time because we concluded that it was more likely than not that we would ultimately transfer ownership of these assets to the GOA as a result of agreements entered into in June 2016 between the GOA and CITGO providing for, among other things, the GOA’s lease of those assets to CITGO. (See Note 18 for disclosure related to the method to determine fair value.) We had previously written off all of the carrying value of the long-lived assets of the refining operations (the Aruba Refinery) and recognized an asset retirement obligation upon the suspension of operations of those assets in 2012. Therefore, there was no other significant effect to our results of operations from the Aruba Disposition during the year ended December 31, 2016, except with respect to income taxes, which are discussed below. In addition, the net cash impact to us upon effectiveness of the Aruba Disposition on October 1, 2016, was not significant. • In September 2016 and in connection with the Aruba Disposition, our U.S. subsidiaries were unable to collect outstanding debt obligations owed to them by our Aruba subsidiaries, which resulted in the recognition by us of an income tax benefit in the U.S. of $42 million during the year ended December 31, 2016 . We had no income tax effect in Aruba from the cancellation of debt or other effects of the Aruba Disposition because of net operating loss carryforwards associated with our operations in Aruba against which we had previously recorded a full valuation allowance.

Receivables

Receivables	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
RECEIVABLES	3. RECEIVABLES Receivables consisted of the following (in millions): December 31, 2016 2015 Accounts receivable $ 5,687 $ 4,105 Commodity derivative and foreign currency contract receivables 129 147 Other receivables 117 247 5,933 4,499 Allowance for doubtful accounts (32 ) (35 ) Receivables, net $ 5,901 $ 4,464 There were no significant changes in our allowance for doubtful accounts during the years ended December 31, 2016 , 2015 , and 2014 .

Inventories

Inventories	12 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
INVENTORIES	4. INVENTORIES Inventories consisted of the following (in millions): December 31, 2016 2015 Refinery feedstocks $ 2,068 $ 2,404 Refined petroleum products and blendstocks 3,153 3,774 Ethanol feedstocks and products 238 242 Materials and supplies 250 244 Inventories, before lower of cost or market inventory valuation reserve 5,709 6,664 Lower of cost or market inventory valuation reserve — (766 ) Inventories $ 5,709 $ 5,898 Inventories are valued at the lower of cost or market. As of December 31, 2015 , we had a valuation reserve of $766 million in order to state our inventories at market. As of December 31, 2016 , we reevaluated our inventories and determined that our cost was lower than market. As a result, we recorded a change in our lower of cost or market inventory valuation reserve that resulted in a net benefit to our results of operations of $747 million for the year ended December 31, 2016 . The income statement change for the years ended December 31, 2016 and 2015 differs from the change in the balance sheet reserve due to the foreign currency effect of inventories held by our international operations. During the year ended December 31, 2016 , we had a liquidation of LIFO inventory layers that increased cost of sales by $120 million . As of December 31, 2016 , the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $1.9 billion . As of December 31, 2016 and 2015 , our non-LIFO inventories accounted for $641 million and $668 million , respectively, of our total inventories.

Property, Plant, and Equipment

Property, Plant, and Equipment	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT, AND EQUIPMENT	5. PROPERTY, PLANT, AND EQUIPMENT Major classes of property, plant, and equipment, which include capital lease assets, consisted of the following (in millions): December 31, 2016 2015 Land $ 400 $ 400 Crude oil processing facilities 29,754 28,688 Transportation and terminaling facilities 3,692 3,642 Grain processing equipment 855 792 Administrative buildings 838 789 Other 1,464 1,423 Construction in progress 730 1,173 Property, plant, and equipment, at cost 37,733 36,907 Accumulated depreciation (11,261 ) (10,204 ) Property, plant, and equipment, net $ 26,472 $ 26,703 We have various assets under capital leases that primarily support our refining operations totaling $118 million and $134 million as of December 31, 2016 and 2015 , respectively. Accumulated amortization on assets under capital leases was $45 million and $50 million as of December 31, 2016 and 2015 , respectively. Depreciation expense for the years ended December 31, 2016 , 2015 , and 2014 was $1.3 billion , $1.3 billion , and $1.2 billion , respectively.

Deferred Charges and Other Asse

Deferred Charges and Other Assets	12 Months Ended
	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
DEFERRED CHARGES AND OTHER ASSETS	6. DEFERRED CHARGES AND OTHER ASSETS “Deferred charges and other assets, net” consisted of the following (in millions): December 31, 2016 2015 Deferred turnaround and catalyst costs, net $ 1,614 $ 1,484 Income taxes receivable 447 266 Investments in joint ventures 201 201 Intangible assets, net 148 156 Other 491 519 Deferred charges and other assets, net $ 2,901 $ 2,626 Amortization expense for the deferred charges and other assets shown above was $575 million , $542 million , and $489 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively.

Accrued Expenses and Other Long

Accrued Expenses and Other Long-Term Liabilities	12 Months Ended
	Dec. 31, 2016
Accrued Expenses and Other Long-Term Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES	7. ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES Accrued expenses and other long-term liabilities consisted of the following (in millions): Accrued Expenses Other Long- Term Liabilities December 31, 2016 2015 2016 2015 Defined benefit plan liabilities (see Note 12) $ 32 $ 40 $ 742 $ 719 Wage and other employee-related liabilities 225 292 103 100 Uncertain income tax position liabilities (see Note 14) — — 465 148 Environmental liabilities 29 27 223 231 Environmental credit obligations (see Note 18) 214 8 — — Accrued interest expense 104 96 — — Other accrued liabilities 90 91 211 413 Accrued expenses and other long-term liabilities $ 694 $ 554 $ 1,744 $ 1,611 During the years ended December 31, 2016 , 2015 , and 2014 , there were no significant changes in our environmental liabilities.

Debt and Capital Lease Obligati

Debt and Capital Lease Obligations	12 Months Ended
	Dec. 31, 2016
Debt and Capital Lease Obligations [Abstract]
DEBT AND CAPITAL LEASE OBLIGATIONS	8. DEBT AND CAPITAL LEASE OBLIGATIONS Debt, at stated values, and capital lease obligations consisted of the following (in millions): Final Maturity December 31, 2016 2015 Bank credit facilities: Valero Revolver 2020 $ — $ — VLP Revolver 2020 30 175 Canadian Revolver 2017 — — Accounts receivable sales facility 2017 100 100 Non-bank debt: Valero Senior Notes 6.625% 2037 1,500 1,500 3.4% 2026 1,250 — 6.125% 2020 850 850 9.375% 2019 750 750 7.5% 2032 750 750 4.9% 2045 650 650 3.65% 2025 600 600 10.5% 2039 250 250 8.75% 2030 200 200 7.45% 2097 100 100 6.75% 2037 24 24 7.2% 2017 — 200 6.125% 2017 — 750 VLP Senior Notes, 4.375% 2026 500 — Gulf Opportunity Zone Revenue Bonds, Series 2010, 4.0% 2040 300 300 Debenture, 7.65% 2026 100 100 Other debt 2023 51 17 Net unamortized debt issuance costs and other (79 ) (66 ) Total debt 7,926 7,250 Capital lease obligations 75 85 Total debt and capital lease obligations 8,001 7,335 Less current portion (115 ) (127 ) Debt and capital lease obligations, less current portion $ 7,886 $ 7,208 Bank Credit Facilities Valero Revolver We have a $3 billion revolving credit facility (the Valero Revolver) with a group of financial institution lenders that matures in November 2020 . We have the option to increase the aggregate commitments under the Valero Revolver to $4.5 billion and we may request two additional one -year extensions, subject to certain conditions. The Valero Revolver also provides for the issuance of letters of credit of up to $2.0 billion . Outstanding borrowings under the Valero Revolver bear interest, at our option, at either (a) the adjusted LIBO rate (as defined in the Valero Revolver) for the applicable interest period in effect from time to time plus the applicable margin or (b) the alternate base rate (as defined in the Valero Revolver) plus the applicable margin. The Valero Revolver also requires payments for customary fees, including facility fees, letter of credit participation fees, and administrative agent fees. The interest rate and facility fees under the Valero Revolver are subject to adjustment based upon the credit ratings assigned to our senior unsecured debt. We had no borrowings or repayments under the Valero Revolver during the years ended December 31, 2016 , 2015 , and 2014 . VLP Revolver VLP has a $750 million senior unsecured revolving credit facility agreement (the VLP Revolver) with a group of lenders that matures in November 2020 . The VLP Revolver is available only to the operations of VLP, and creditors of VLP do not have recourse against Valero. VLP has the option to increase the aggregate commitments under the VLP Revolver to $1.0 billion and we may request two additional one -year extensions, subject to certain conditions. VLP may terminate the VLP Revolver with notice to the lenders of at least three business days prior to termination. The VLP Revolver also provides for the issuance of letters of credit of up to $100 million . As a result of VLP obtaining an investment grade rating with respect to its issuance of senior notes in December 2016 , VLP’s directly owned subsidiary, Valero Partners Operating Co. LLC, was released of its guarantee under the VLP Revolver. Outstanding borrowings under the VLP Revolver bear interest, at VLP’s option, at either (a) the adjusted LIBO rate (as defined in the VLP Revolver) for the applicable interest period in effect from time to time plus the applicable margin or (b) the alternate base rate (as defined in the VLP Revolver) plus the applicable margin. As of December 31, 2016 , the variable rate was 2.3125 percent. The VLP Revolver requires payments for customary fees, including commitment fees, letter of credit participation fees, and administrative agent fees. The VLP Revolver contains certain restrictive covenants, including a ratio of total debt to EBITDA (as defined in the VLP Revolver) for the prior four fiscal quarters of not greater than 5.0 to 1.0 as of the last day of each fiscal quarter, and limitations on VLP’s ability to pay distributions to its unitholders. During the year ended December 31, 2016 , VLP borrowed $139 million and $210 million under the VLP Revolver in connection with VLP’s acquisition from us of the McKee Terminal Services Business in April 2016 and the Meraux and Three Rivers Terminal Services Business in September 2016, respectively, and repaid $494 million on the VLP Revolver in December 2016 . During the year ended December 31, 2015 , VLP borrowed $200 million under the VLP Revolver in connection with VLP’s acquisition from us of the Houston and St. Charles Terminal Services Business and repaid $25 million on the VLP Revolver. During the year ended December 31, 2014 , VLP had no borrowings or repayments under the VLP Revolver. Canadian Revolver In November 2016 , one of our Canadian subsidiaries amended its committed revolving credit facility (the Canadian Revolver) to reduce the borrowing capacity from C$50 million to C$25 million under which it may borrow and obtain letters of credit and to extend the maturity date from November 2016 to November 2017 . We had no borrowings or repayments under the Canadian Revolver during the years ended December 31, 2016 , 2015 , and 2014 . Accounts Receivable Sales Facility We have an accounts receivable sales facility with a group of third-party entities and financial institutions to sell eligible trade receivables on a revolving basis. In July 2016, we amended our agreement to decrease the facility from $1.4 billion to $1.3 billion and extended the maturity date to July 2017 . Proceeds from the sale of receivables under this facility are reflected as debt. Under this program, one of our marketing subsidiaries (Valero Marketing) sells eligible receivables, without recourse, to another of our subsidiaries (Valero Capital), whereupon the receivables are no longer owned by Valero Marketing. Valero Capital, in turn, sells an undivided percentage ownership interest in the eligible receivables, without recourse, to the third-party entities and financial institutions. To the extent that Valero Capital retains an ownership interest in the receivables it has purchased from Valero Marketing, such interest is included in our financial statements solely as a result of the consolidation of the financial statements of Valero Capital with those of Valero Energy Corporation; the receivables are not available to satisfy the claims of the creditors of Valero Marketing or Valero Energy Corporation. As of December 31, 2016 and 2015 , $2.0 billion and $1.3 billion , respectively, of our accounts receivable composed the designated pool of accounts receivable included in the program. All amounts outstanding under the accounts receivable sales facility are reflected as debt on our balance sheets and proceeds and repayments are reflected as cash flows from financing activities on the statements of cash flows. During the years ended December 31, 2016 , 2015 , and 2014 , we had no proceeds from or repayments under the accounts receivable sales facility. Summary of Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our revolving credit facilities as follows (in millions): December 31, 2016 Facility Amount Maturity Date Outstanding Borrowings Letters of Credit Issued Availability Committed facilities: Valero Revolver $ 3,000 November 2020 $ — $ 53 $ 2,947 VLP Revolver $ 750 November 2020 $ 30 $ — $ 720 Canadian Revolver C$ 25 November 2017 C$ — C$ 10 C$ 15 Accounts receivable sales facility $ 1,300 July 2017 $ 100 $ — $ 1,200 Letter of credit facilities $ 225 June 2017 and November 2017 $ — $ — $ 225 Uncommitted facilities: Letter of credit facilities $ 670 N/A $ — $ 202 $ 468 In July 2016, we amended one of our committed letter of credit facilities to extend the maturity date from June 2016 to June 2017 . In November 2016, the remaining committed letter of credit facility was amended to reduce the borrowing capacity from $150 million to $100 million and to extend the maturity date from November 2016 to November 2017 . We also have various other uncommitted short-term bank credit facilities for which we are charged letter of credit issuance fees. These uncommitted credit facilities have no commitment fees or compensating balance requirements. Non-Bank Debt During the year ended December 31, 2016 , the following activity occurred: • We issued $1.25 billion of 3.4 percent Senior Notes due September 15, 2026 . Proceeds from this debt issuance totaled $1.246 billion . We also incurred $10 million of debt issuance costs. • We redeemed our 6.125 percent Senior Notes with a maturity date of June 15, 2017 for $778 million , or 103.70 percent of stated value. • We redeemed our 7.2 percent Senior Notes with a maturity date of October 15, 2017 for $213 million , or 106.27 percent of stated value. • VLP issued $500 million of 4.375 percent Senior Notes due December 15, 2026 . Proceeds from this debt issuance totaled $500 million . Debt issuance costs totaled $4 million . During the year ended December 31, 2015 , the following activity occurred: • We issued $600 million of 3.65 percent Senior Notes due March 15, 2025 and $650 million of 4.9 percent Senior Notes due March 15, 2045 . Proceeds from these debt issuances totaled $1.246 billion . We also incurred $12 million of debt issuance costs. • We made scheduled debt repayments of $400 million related to our 4.5 percent Senior Notes and $75 million related to our 8.75 percent debentures. During the year ended December 31, 2014 , we made a scheduled debt repayment of $200 million related to our 4.75 percent Senior Notes. Other Debt In June 2016, one of our consolidated joint ventures entered into a C$72 million senior secured credit facility. This non-revolving credit facility bears interest at a fixed rate (as defined by the lender) plus the applicable margin and matures in June 2023 . During the year ended December 31, 2016 , borrowings under this facility totaled C$72 million and debt repayments totaled C$4 million . As of December 31, 2016, the effective interest rate of this facility was 3.85 percent. Other Disclosures Interest and debt expense, net of capitalized interest is comprised as follows (in millions): Year Ended December 31, 2016 2015 2014 Interest and debt expense incurred $ 511 $ 504 $ 467 Less capitalized interest 65 71 70 Interest and debt expense, net of capitalized interest $ 446 $ 433 $ 397 Our credit facilities and other debt arrangements contain various customary restrictive covenants, including cross-default and cross-acceleration clauses. Principal maturities for our debt obligations and future minimum rentals on capital lease obligations as of December 31, 2016 were as follows (in millions): Debt Capital Lease Obligations 2017 $ 105 $ 17 2018 5 16 2019 755 16 2020 885 13 2021 5 12 Thereafter 6,250 31 Net unamortized debt issuance costs and other (79 ) — Less interest expense — (30 ) Total $ 7,926 $ 75 In October 2016, we entered into agreements to lease storage tanks located at three of our refineries. The leases commenced in January 2017 . The lease agreements will be accounted for as capital leases and we expect to recognize capital lease assets and related obligations of approximately $490 million . These capital lease agreements have initial terms of 10 years each and each agreement has successive 10 -year automatic renewal terms.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Operating Leases We have long-term operating lease commitments for land, office facilities and equipment, transportation equipment, time charters for ocean-going tankers and coastal vessels, dock facilities, and various facilities and equipment used in the storage, transportation, production, and sale of refinery feedstock, refined petroleum product and corn inventories. Certain leases for processing equipment and feedstock and refined petroleum product storage facilities provide for various contingent payments based on, among other things, throughput volumes in excess of a base amount. Certain leases for vessels contain renewal options and escalation clauses, which vary by charter, and provisions for the payment of chartering fees, which either vary based on usage or provide for payments, in addition to established minimums, that are contingent on usage. In most cases, we expect that in the normal course of business, our leases will be renewed or replaced by other leases. As of December 31, 2016 , our future minimum rentals for leases having initial or remaining noncancelable lease terms in excess of one year were as follows (in millions): 2017 $ 479 2018 321 2019 221 2020 162 2021 106 Thereafter 362 Total minimum rental payments $ 1,651 Minimum rentals to be received under subleases $ 26 Rental expense was as follows (in millions): Year Ended December 31, 2016 2015 2014 Minimum rental expense $ 739 $ 732 $ 618 Contingent rental expense 70 105 43 Total rental expense 809 837 661 Less sublease rental income (31 ) (46 ) (28 ) Net rental expense $ 778 $ 791 $ 633 Purchase Obligations We have various purchase obligations under certain industrial gas and chemical supply arrangements (such as hydrogen supply arrangements), crude oil and other feedstock supply arrangements, and various throughput and terminalling agreements. We enter into these contracts to ensure an adequate supply of utilities and feedstock and adequate storage capacity to operate our refineries. Substantially all of our purchase obligations are based on market prices or adjustments based on market indices. Certain of these purchase obligations include fixed or minimum volume requirements, while others are based on our usage requirements. None of these obligations are associated with suppliers’ financing arrangements. These purchase obligations are not reflected as liabilities. Environmental Matters We are involved, together with several other companies, in an environmental cleanup in the Village of Hartford, Illinois (the Village) and during 2015, one of these companies assumed the ongoing remediation in the Village pursuant to a federal court order. We had previously conducted an initial response in the Village, along with other companies, pursuant to an administrative order issued by the U.S. Environmental Protection Agency (EPA). The parties involved in the initial response may have further claims among themselves for costs already incurred. We also continue to be engaged in site assessment and interim measures at the adjacent shutdown refinery site, which we acquired as part of an acquisition in 2005, and we are in litigation with other potentially responsible parties and the Illinois EPA relating to the remediation of the site. In each of these matters, we have various defenses, limitations, and potential rights for contribution from the other responsible parties. We have recorded a liability for our expected contribution obligations. However, because of the unpredictable nature of these cleanups, the methodology for allocation of liabilities, and the State of Illinois’ failure to directly sue third parties responsible for historic contamination at the site, it is reasonably possible that we could incur a loss in a range of $0 to $200 million in excess of the amount of our accrual to ultimately resolve these matters. Factors underlying this estimated range are expected to change from time to time, and actual results may vary significantly from this estimate. Litigation Matters We are party to claims and legal proceedings arising in the ordinary course of business. We have not recorded a loss contingency liability with respect to some of these matters because we have determined that it is remote that a loss has been incurred. For other matters, we have recorded a loss contingency liability where we have determined that it is probable that a loss has been incurred and that the loss is reasonably estimable. These loss contingency liabilities are not material to our financial position. We re-evaluate and update our loss contingency liabilities as matters progress over time, and we believe that any changes to the recorded liabilities will not be material to our financial position, results of operations, or liquidity. Self-Insurance We are self-insured for certain medical and dental, workers’ compensation, automobile liability, general liability, and property liability claims up to applicable retention limits. Liabilities are accrued for self-insured claims, or when estimated losses exceed coverage limits, and when sufficient information is available to reasonably estimate the amount of the loss. These liabilities are included in accrued expenses and other long-term liabilities.

Equity

Equity	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
EQUITY	10. EQUITY Share Activity Activity in the number of shares of common stock and treasury stock was as follows (in millions): Common Stock Treasury Stock Balance as of December 31, 2013 673 (138 ) Transactions in connection with stock-based compensation plans: Stock issuances — 4 Stock purchases — (2 ) Stock purchases under purchase program — (23 ) Balance as of December 31, 2014 673 (159 ) Transactions in connection with stock-based compensation plans: Stock issuances — 4 Stock purchases — (3 ) Stock purchases under purchase program — (42 ) Balance as of December 31, 2015 673 (200 ) Transactions in connection with stock-based compensation plans: Stock issuances — 2 Stock purchases — (1 ) Stock purchases under purchase program — (23 ) Balance as of December 31, 2016 673 (222 ) Preferred Stock We have 20 million shares of preferred stock authorized with a par value of $0.01 per share. No shares of preferred stock were outstanding as of December 31, 2016 or 2015 . Treasury Stock We purchase shares of our common stock as authorized under our common stock purchase program (described below) and to meet our obligations under employee stock-based compensation plans. On February 28, 2008 , our board of directors approved a $3 billion common stock purchase program with no expiration date, and we completed that program during 2015. On July 13, 2015 , our board of directors authorized us to purchase an additional $2.5 billion of our outstanding common stock (the 2015 program) with no expiration date. On September 21, 2016, our board of directors authorized our purchase of up to an additional $2.5 billion (the 2016 program) with no expiration date. During the years ended December 31, 2016 , 2015 , and 2014 , we purchased $1.3 billion , $2.7 billion , and $1.2 billion , respectively, of our common stock under our programs. As of December 31, 2016 , we have approvals under the 2015 program and the 2016 program to purchase approximately $2.5 billion of our common stock. Common Stock Dividends On January 26, 2017 , our board of directors declared a quarterly cash dividend of $0.70 per common share payable March 7, 2017 to holders of record at the close of business on February 15, 2017 . Valero Energy Partners LP Units Effective November 24, 2015, VLP completed a public offering of 4,250,000 common units at a price of $46.25 per unit and received net proceeds from the offering of $189 million after deducting the underwriting discount and other offering costs. 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): Before-Tax Amount Tax Expense (Benefit) Net Amount Year Ended December 31, 2016: Foreign currency translation adjustment $ (415 ) $ — $ (415 ) Pension and other postretirement benefits: Gain (loss) arising during the year related to: Net actuarial loss (110 ) (34 ) (76 ) Miscellaneous gain — (8 ) 8 Amounts reclassified into income related to: Net actuarial loss 48 18 30 Prior service credit (36 ) (13 ) (23 ) Net loss on pension and other postretirement benefits (98 ) (37 ) (61 ) Other comprehensive loss $ (513 ) $ (37 ) $ (476 ) Year Ended December 31, 2015: Foreign currency translation adjustment $ (606 ) $ — $ (606 ) Pension and other postretirement benefits: Gain (loss) arising during the year related to: Net actuarial gain 50 15 35 Prior service cost (22 ) (8 ) (14 ) Amounts reclassified into income related to: Net actuarial loss 62 22 40 Prior service credit (40 ) (14 ) (26 ) Curtailment and settlement 7 2 5 Net gain on pension and other postretirement benefits 57 17 40 Other comprehensive loss $ (549 ) $ 17 $ (566 ) Before-Tax Amount Tax Expense (Benefit) Net Amount Year Ended December 31, 2014: Foreign currency translation adjustment $ (407 ) $ — $ (407 ) Pension and other postretirement benefits: Loss arising during the year related to: Net actuarial loss (471 ) (162 ) (309 ) Prior service cost (1 ) (1 ) — Amounts reclassified into income related to: Net actuarial loss 34 12 22 Prior service credit (40 ) (14 ) (26 ) Curtailment and settlement 3 — 3 Net loss on pension and other postretirement benefits (475 ) (165 ) (310 ) Derivative instruments designated and qualifying as cash flow hedges: Net loss arising during the year (1 ) — (1 ) Net loss reclassified into income 2 1 1 Net gain on cash flow hedges 1 1 — Other comprehensive loss $ (881 ) $ (164 ) $ (717 ) Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows (in millions): Foreign Currency Translation Adjustment Defined Benefit Plan Items Gains and (Losses) on Cash Flow Hedges Total Balance as of December 31, 2013 $ 408 $ (58 ) $ — $ 350 Other comprehensive loss before reclassifications (407 ) (309 ) (1 ) (717 ) Amounts reclassified from accumulated other comprehensive income (loss) — (1 ) 1 — Net other comprehensive loss (407 ) (310 ) — (717 ) Balance as of December 31, 2014 1 (368 ) — (367 ) Other comprehensive income (loss) before reclassifications (606 ) 21 — (585 ) Amounts reclassified from accumulated other comprehensive income (loss) — 19 — 19 Net other comprehensive income (loss) (606 ) 40 — (566 ) Balance as of December 31, 2015 (605 ) (328 ) — (933 ) Other comprehensive loss before reclassifications (416 ) (68 ) — (484 ) Amounts reclassified from accumulated other comprehensive loss — 7 — 7 Net other comprehensive loss (416 ) (61 ) — (477 ) Balance as of December 31, 2016 $ (1,021 ) $ (389 ) $ — $ (1,410 ) Gains (losses) reclassified out of accumulated other comprehensive loss and into net income were as follows (in millions): Details about Accumulated Other Comprehensive Loss Components Affected Line Item in the Statement of Income Year Ended December 31, 2016 2015 2014 Amortization of items related to defined benefit pension plans: Net actuarial loss $ (48 ) $ (62 ) $ (34 ) (a) Prior service credit 36 40 40 (a) Curtailment and settlement — (7 ) (3 ) (a) (12 ) (29 ) 3 Total before tax 5 10 (2 ) Tax (expense) benefit $ (7 ) $ (19 ) $ 1 Net of tax Losses on cash flow hedges: Commodity contracts $ — $ — $ (2 ) Cost of sales — — (2 ) Total before tax — — 1 Tax benefit $ — $ — $ (1 ) Net of tax Total reclassifications for the year $ (7 ) $ (19 ) $ — Net of tax _________________________ (a) These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as further discussed in Note 12 . Net periodic benefit cost is reflected in operating expenses and general and administrative expenses.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	11. VARIABLE INTEREST ENTITIES Overview In the normal course of business, we have financial interests in certain entities that have been determined to be VIEs. We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary such that we have (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to make this determination, we evaluated our contractual arrangements with the VIEs, including arrangements for the use of assets, purchases of products and services, debt, equity, or management of operating activities. The following discussion summarizes our involvement with our VIEs: • VLP is a publicly traded master limited partnership whose common limited partner units are traded on the New York Stock Exchange under “VLP.” We formed VLP in July 2013 to own, operate, develop, and acquire crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets. VLP’s assets include crude oil and refined petroleum products pipeline and terminal systems in the U.S. Gulf Coast and U.S. Mid-Continent regions that are integral to the operations of ten of our refineries. As of December 31, 2016 , we owned a 66.4 percent limited partner interest and a 2.0 percent general partner interest in VLP, and public unitholders owned a 31.6 percent limited partner interest. See “ Valero Energy Partners LP ” below for additional information regarding VLP’s equity offering. VLP was determined to be a VIE because the public limited partners of VLP ( i.e. , parties other than entities under common control with the general partner) lack the power to direct the activities of VLP that most significantly impact its economic performance because they do not have substantive kick-out rights over the general partner or substantive participating rights in VLP. Furthermore, we determined that we are the primary beneficiary of VLP because (a) we are the single decision maker and because our general partner interest provides us with the sole power to direct the activities that most significantly impact VLP’s economic performance and (b) our 66.4 percent limited partner interest and 2.0 percent general partner interest provide us with significant economic rights and obligations. All of VLP’s revenues are derived from us; therefore, there is limited risk to us associated with VLP’s operations. • Diamond Green Diesel Holdings LLC (DGD) is a joint venture with Darling Green Energy LLC, a subsidiary of Darling Ingredients Inc., that was formed to construct and operate a biodiesel plant that processes animal fats, used cooking oils, and other vegetable oils into renewable green diesel. The plant is located next to our St. Charles Refinery and began operations in June 2013. Our significant agreements with DGD include an operations agreement that outlines our responsibilities as operator of the plant, a debt agreement whereby we financed approximately 60 percent of the construction costs of the plant, and a marketing agreement. As operator, we operate the plant and perform certain day-to-day operating and management functions for DGD as an independent contractor. The operations agreement provides us (as operator) and, in the event of certain conditions, the debt agreement provides us (as lender) with certain power to direct the activities that most significantly impact DGD’s economic performance. Because the operations agreement and the debt agreement convey such power to us and are separate from our ownership rights, DGD was determined to be a VIE. For this reason and because we hold a 50 percent ownership interest that provides us with significant economic rights and obligations, we determined that we are the primary beneficiary of DGD. DGD has risk associated with its operations because it generates revenues from third-party customers. • We also have financial interests in other entities in which we hold a 50 percent ownership interest, which is a significant variable interest. These entities were determined to be VIEs because the entities’ contractual arrangements transfer the power to direct the activities that most significantly impact their economic performance or reduce the exposure to operational variability and risk of loss created by the entity that otherwise would be held exclusively by the equity owners. Furthermore, we determined that we are the primary beneficiary of these VIEs because (a) certain contractual arrangements (exclusive of our ownership rights) provide us with the power to direct the activities that most significantly impact the economic performance of these entities and (b) our 50 percent ownership interests provide us with significant economic rights and obligations. The financial position, results of operations, and cash flows of these VIEs are not material to us. The VIEs’ assets can only be used to settle their own obligations and the VIEs’ creditors have no recourse to our assets. We do not provide financial guarantees to our VIEs. Although we have provided credit facilities to the VIEs in support of their construction or acquisition activities, these transactions are eliminated in consolidation. Our financial position, results of operations, and cash flows are impacted by our consolidated VIEs’ performance, net of intercompany eliminations, to the extent of our ownership interest in each VIE. The following tables present summarized balance sheet information for the significant assets and liabilities of our VIEs, which are included in our balance sheets (in millions). December 31, 2016 VLP DGD Other Total Assets Cash and temporary cash investments $ 71 $ 167 $ 15 $ 253 Other current assets 3 87 — 90 Property, plant, and equipment, net 865 355 133 1,353 Liabilities Current liabilities $ 15 $ 17 $ 7 $ 39 Debt and capital lease obligations, less current portion 525 — 46 571 December 31, 2015 VLP DGD Other Total Assets Cash and temporary cash investments $ 81 $ 44 $ 7 $ 132 Other current assets — 211 — 211 Property, plant, and equipment, net 747 356 140 1,243 Liabilities Current liabilities $ 13 $ 12 $ 18 $ 43 Debt and capital lease obligations, less current portion 175 — — 175

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
EMPLOYEE BENEFIT PLANS	12. EMPLOYEE BENEFIT PLANS Defined Benefit Plans We have defined benefit pension plans, some of which are subject to collective bargaining agreements, that cover most of our employees. These plans provide eligible employees with retirement income based primarily on years of service and compensation during specific periods under final average pay and cash balance formulas. We fund our pension plans as required by local regulations. In the U.S., all qualified pension plans are subject to the Employee Retirement Income Security Act minimum funding standard. We typically do not fund or fully fund U.S. nonqualified and certain international pension plans that are not subject to funding requirements because contributions to these pension plans may be less economic and investment returns may be less attractive than our other investment alternatives. In February 2013, benefits under our primary pension plan changed from a final average pay formula to a cash balance formula with staged effective dates that commenced either on July 1, 2013 or January 1, 2015 depending on the age and service of the affected employees. All final average pay benefits were frozen as of December 31, 2014, with all future benefits to be earned under the new cash balance formula. We also provide health care and life insurance benefits for certain retired employees through our postretirement benefit plans. Most of our employees become eligible for these benefits if, while still working for us, they reach normal retirement age or take early retirement. These plans are unfunded, and retired employees share the cost with us. Individuals who became our employees as a result of an acquisition became eligible for other postretirement benefits under our plans as determined by the terms of the relevant acquisition agreement. The changes in benefit obligation related to all of our defined benefit plans, the changes in fair value of plan assets (a) , and the funded status of our defined benefit plans as of and for the years ended were as follows (in millions): Pension Plans Other Postretirement Benefit Plans December 31, December 31, 2016 2015 2016 2015 Changes in benefit obligation: Benefit obligation as of beginning of year $ 2,365 $ 2,450 $ 336 $ 361 Service cost 111 109 7 8 Interest cost 84 98 12 14 Participant contributions — — 8 8 Plan amendments — 22 — — Benefits paid (130 ) (169 ) (27 ) (27 ) Actuarial (gain) loss 171 (138 ) (35 ) (26 ) Other (34 ) (7 ) 1 (2 ) Benefit obligation as of end of year $ 2,567 $ 2,365 $ 302 $ 336 Changes in plan assets (a) : Fair value of plan assets as of beginning of year $ 1,947 $ 1,978 $ — $ — Actual return on plan assets 165 19 — — Valero contributions 141 126 18 18 Participant contributions — — 8 8 Benefits paid (130 ) (169 ) (27 ) (27 ) Other (26 ) (7 ) 1 1 Fair value of plan assets as of end of year $ 2,097 $ 1,947 $ — $ — Reconciliation of funded status (a) : Fair value of plan assets as of end of year $ 2,097 $ 1,947 $ — $ — Less benefit obligation as of end of year 2,567 2,365 302 336 Funded status as of end of year $ (470 ) $ (418 ) $ (302 ) $ (336 ) Accumulated benefit obligation $ 2,419 $ 2,240 n/a n/a ___________________________ (a) Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 18 for the assets associated with certain U.S. nonqualified pension plans. Amounts recognized in our balance sheet for our pension and other postretirement benefits plans as of December 31, 2016 and 2015 include (in millions): Pension Plans Other Postretirement Benefit Plans 2016 2015 2016 2015 Deferred charges and other assets, net $ 2 $ 5 $ — $ — Accrued expenses (13 ) (20 ) (19 ) (20 ) Other long-term liabilities (459 ) (403 ) (283 ) (316 ) $ (470 ) $ (418 ) $ (302 ) $ (336 ) The accumulated benefit obligations for certain of our pension plans exceed the fair values of the assets of those plans. For those plans, the table below presents the total projected benefit obligation, accumulated benefit obligation, and fair value of the plan assets (in millions). December 31, 2016 2015 Projected benefit obligation $ 2,322 $ 2,169 Accumulated benefit obligation 2,210 2,070 Fair value of plan assets 1,870 1,747 Benefit payments that we expect to pay, including amounts related to expected future services that we expect to receive are as follows for the years ending December 31 (in millions): Pension Benefits Other Postretirement Benefits 2017 $ 144 $ 19 2018 151 20 2019 205 20 2020 175 20 2021 172 20 2022-2026 985 99 We plan to contribute approximately $28 million to our pension plans and $19 million to our other postretirement benefit plans during 2017 . The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, Year Ended December 31, 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 111 $ 109 $ 120 $ 7 $ 8 $ 7 Interest cost 84 98 91 12 14 15 Expected return on plan assets (139 ) (133 ) (133 ) — — — Amortization of: Net actuarial (gain) loss 49 62 35 (1 ) — (1 ) Prior service credit (20 ) (22 ) (22 ) (16 ) (18 ) (18 ) Special charges (credits) (7 ) 7 3 — — — Net periodic benefit cost $ 78 $ 121 $ 94 $ 2 $ 4 $ 3 Amortization of prior service credit shown in the above table was based on a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under each respective plan. Amortization of the net actuarial (gain) loss shown in the above table was based on the straight-line amortization of the excess of the unrecognized (gain) loss over 10 percent of the greater of the projected benefit obligation or market-related value of plan assets (smoothed asset value) over the average remaining service period of active employees expected to receive benefits under each respective plan. Pre-tax amounts recognized in other comprehensive income were as follows (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, Year Ended December 31, 2016 2015 2014 2016 2015 2014 Net gain (loss) arising during the year: Net actuarial gain (loss) $ (145 ) $ 24 $ (434 ) $ 35 $ 26 $ (37 ) Prior service cost — (22 ) (1 ) — — — Net (gain) loss reclassified into income: Net actuarial (gain) loss 49 62 35 (1 ) — (1 ) Prior service credit (20 ) (22 ) (22 ) (16 ) (18 ) (18 ) Curtailment and settlement loss — 7 3 — — — Total changes in other comprehensive income (loss) $ (116 ) $ 49 $ (419 ) $ 18 $ 8 $ (56 ) The pre-tax amounts in accumulated other comprehensive (income) loss as of December 31, 2016 and 2015 that have not yet been recognized as components of net periodic benefit cost were as follows (in millions): Pension Plans Other Postretirement Benefit Plans 2016 2015 2016 2015 Net actuarial (gain) loss $ 878 $ 783 $ (66 ) $ (31 ) Prior service credit (145 ) (166 ) (58 ) (75 ) Total $ 733 $ 617 $ (124 ) $ (106 ) The following pre-tax amounts included in accumulated other comprehensive (income) loss as of December 31, 2016 are expected to be recognized as components of net periodic benefit cost during the year ending December 31, 2017 (in millions): Pension Plans Other Postretirement Benefit Plans Amortization of net actuarial (gain) loss $ 53 $ (3 ) Amortization of prior service credit (20 ) (16 ) Total $ 33 $ (19 ) The weighted-average assumptions used to determine the benefit obligations as of December 31, 2016 and 2015 were as follows: Pension Plans Other Postretirement Benefit Plans 2016 2015 2016 2015 Discount rate 4.08 % 4.45 % 4.26 % 4.53 % Rate of compensation increase 3.81 % 3.79 % n/a n/a The discount rate assumption used to determine the benefit obligations as of December 31, 2016 and 2015 for the majority of our pension plans and other postretirement benefit plans was based on the Aon Hewitt AA Only Above Median yield curve and considered the timing of the projected cash outflows under our plans. This curve was designed by Aon Hewitt to provide a means for plan sponsors to value the liabilities of their pension plans or postretirement benefit plans. It is a hypothetical double-A yield curve represented by a series of annualized individual discount rates with maturities from one-half year to 99 years . Each bond issue underlying the curve is required to have an average rating of double-A when averaging all available ratings by Moody’s Investor Services, Standard and Poor’s Ratings Service, and Fitch Ratings. Only the bonds representing the 50 percent highest yielding issuances among those with average ratings of double-A are included in this yield curve. We based our December 31, 2016 , 2015 , and 2014 discount rate assumption on the Aon Hewitt AA Only Above Median yield curve because we believe it is representative of the types of bonds we would use to settle our pension and other postretirement benefit plan liabilities as of those dates. We believe that the yields associated with the bonds used to develop this yield curve reflect the current level of interest rates. The weighted-average assumptions used to determine the net periodic benefit cost for the years ended December 31, 2016 , 2015 , and 2014 were as follows: Pension Plans Other Postretirement Benefit Plans 2016 2015 2014 2016 2015 2014 Discount rate 4.45 % 4.10 % 4.92 % 4.53 % 4.13 % 4.88 % Expected long-term rate of return on plan assets 7.28 % 7.29 % 7.61 % n/a n/a n/a Rate of compensation increase 3.79 % 3.78 % 3.81 % n/a n/a n/a The assumed health care cost trend rates as of December 31, 2016 and 2015 were as follows: 2016 2015 Health care cost trend rate assumed for the next year 7.28 % 7.29 % Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2026 2026 Assumed health care cost trend rates impact the amounts reported for retiree health care plans. A one percentage-point increase or decrease in assumed health care cost trend rates would have an immaterial effect on the total of service and interest cost components and on the accumulated postretirement benefit obligation on our postretirement benefits. The tables below present the fair values of the assets of our pension plans (in millions) as of December 31, 2016 and 2015 by level of the fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on quotations from national securities exchanges. Assets categorized in Level 2 of the hierarchy are measured at net asset value in a market that is not active. As previously noted, we do not fund or fully fund U.S. nonqualified and certain international pension plans that are not subject to funding requirements, and we do not fund our other postretirement benefit plans. Fair Value Measurements Using Total as of Level 1 Level 2 Level 3 Equity securities: U.S. companies (a) $ 562 $ — $ — $ 562 International companies 164 — — 164 Preferred stock 3 — — 3 Mutual funds: International growth 90 — — 90 Index funds (b) 230 — — 230 Corporate debt instruments — 280 — 280 Government securities: U.S. Treasury securities 52 — — 52 Other government securities — 158 — 158 Common collective trusts — 434 — 434 Private funds — 76 — 76 Insurance contract — 18 — 18 Interest and dividends receivable 5 — — 5 Cash and cash equivalents 56 16 — 72 Securities transactions payable, net (47 ) — — (47 ) Total pension assets $ 1,115 $ 982 $ — $ 2,097 ______________________ See notes on page 108 . Fair Value Measurements Using Total as of Level 1 Level 2 Level 3 Equity securities: U.S. companies (a) $ 503 $ — $ — $ 503 International companies 158 — — 158 Preferred stock 2 — — 2 Mutual funds: International growth 89 — — 89 Index funds (b) 202 — — 202 Corporate debt instruments — 279 — 279 Government securities: U.S. Treasury securities 57 — — 57 Other government securities — 141 — 141 Common collective trusts — 375 — 375 Private funds — 65 — 65 Insurance contract — 19 — 19 Interest and dividends receivable 5 — — 5 Cash and cash equivalents 49 43 — 92 Securities transactions payable, net (40 ) — — (40 ) Total pension assets $ 1,025 $ 922 $ — $ 1,947 __________________________________ (a) Equity securities are held in a wide range of industrial sectors, including consumer goods, information technology, healthcare, industrials, and financial services. (b) This class includes primarily investments in approximately 50 percent equities and 50 percent bonds as of December 31, 2016 . As of December 31, 2015 , the class included primarily investments in approximately 60 percent equities and 40 percent bonds. The investment policies and strategies for the assets of our pension plans incorporate a well-diversified approach that is expected to earn long-term returns from capital appreciation and a growing stream of current income. This approach recognizes that assets are exposed to risk and the market value of the pension plans’ assets may fluctuate from year to year. Risk tolerance is determined based on our financial ability to withstand risk within the investment program and the willingness to accept return volatility. In line with the investment return objective and risk parameters, the pension plans’ mix of assets includes a diversified portfolio of equity and fixed-income investments. Equity securities include international stocks and a blend of U.S. growth and value stocks of various sizes of capitalization. Fixed income securities include bonds and notes issued by the U.S. government and its agencies, corporate bonds, and mortgage-backed securities. The aggregate asset allocation is reviewed on an annual basis. As of December 31, 2016 , the target allocations for plan assets under our primary pension plan are 70 percent equity securities and 30 percent fixed income investments. The expected long-term rate of return on plan assets is based on a forward-looking expected asset return model. This model derives an expected rate of return based on the target asset allocation of a plan’s assets. The underlying assumptions regarding expected rates of return for each asset class reflect Aon Hewitt’s best expectations for these asset classes. The model reflects the positive effect of periodic rebalancing among diversified asset classes. We select an expected asset return that is supported by this model. Defined Contribution Plans We have defined contribution plans that cover most of our employees. Our contributions to these plans are based on employees’ compensation and/or a partial match of employee contributions to the plans. Our contributions to these defined contribution plans were $67 million , $65 million , and $61 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	13. STOCK-BASED COMPENSATION Overview Under our 2011 Omnibus Stock Incentive Plan (the OSIP), various stock and stock-based awards may be granted to employees and non-employee directors. Awards available under the OSIP include options to purchase shares of common stock, performance awards that vest upon the achievement of an objective performance goal, stock appreciation rights, restricted stock that vests over a period determined by our compensation committee, and dividend equivalent rights (DERs). The OSIP was approved by our stockholders on April 28, 2011 and re-approved by our stockholders on May 12, 2016. As of December 31, 2016 , 10,581,274 shares of our common stock remained available to be awarded under the OSIP. We also maintain other stock-based compensation plans under which previously granted equity awards remain outstanding. No additional grants may be awarded under these plans. The following table reflects activity related to our stock-based compensation arrangements (in millions): Year Ended December 31, 2016 2015 2014 Stock-based compensation expense: Restricted stock $ 52 $ 47 $ 43 Performance awards 15 11 15 Stock options 1 1 2 Total stock-based compensation expense $ 68 $ 59 $ 60 Tax benefit recognized on stock-based compensation expense $ 24 $ 21 $ 21 Tax benefit realized for tax deductions resulting from exercises and vestings 33 66 64 Effect of tax deductions in excess of recognized stock-based compensation expense (a) 22 44 47 _______________________________ (a) Effective January 1, 2016, the effect of tax deductions in excess of recognized stock-based compensation expense is reported as an operating cash flow. These amounts were previously reported as financing cash flows. Each of our significant stock-based compensation arrangements is discussed below. Restricted Stock Restricted stock is granted to employees and non-employee directors. Restricted stock granted to employees vests in accordance with individual written agreements between the participants and us, usually in equal annual installments over a period of three years beginning one year after the date of grant. Restricted stock granted to our non-employee directors vests in equal annual installments over a period of three years beginning one year after the date of grant. The fair value of each restricted stock per share is equal to the market price of our common stock. A summary of the status of our restricted stock awards is presented in the table below. Number of Shares Weighted- Average Grant-Date Fair Value Per Share Nonvested shares as of January 1, 2016 1,551,440 $ 57.15 Granted 1,004,935 59.00 Vested (978,845 ) 53.40 Forfeited (10,580 ) 57.37 Nonvested shares as of December 31, 2016 1,566,950 60.68 As of December 31, 2016 , there was $61 million of unrecognized compensation cost related to outstanding unvested restricted stock awards, which is expected to be recognized over a weighted-average period of approximately two years. The following table reflects activity related to our restricted stock (in millions, except per share data): Year Ended December 31, 2016 2015 2014 Weighted-average grant-date fair value per share of restricted stock granted $ 59.00 $ 70.07 $ 49.40 Fair value of restricted stock vested 46 69 60 Performance Awards Performance awards are issued to certain of our key employees and represent rights to receive shares of our common stock upon the achievement by us of an objective performance measure. The objective performance measure is our total shareholder return, which is ranked among the total shareholder returns of a defined peer group of companies. Our ranking determines the rate at which the performance awards convert into our common shares. Conversion rates can range from zero to 200 percent. Performance awards vest in equal one-third increments (tranches) on an annual basis. Our compensation committee establishes the peer group of companies for each tranche of awards at the beginning of the one -year vesting period for that tranche. Therefore, performance awards are not considered to be granted for accounting purposes until our compensation committee establishes the peer group of companies for each tranche of awards. The fair value of each tranche of awards is determined at the grant date principally using a Monte Carlo simulation model. A summary of the status of our performance awards is presented below. Nonvested Weighted- Awards outstanding as of January 1, 2016 408,425 $ 66.23 Granted 170,327 88.79 Vested (225,126 ) 47.71 Forfeited (15,237 ) 91.88 Awards outstanding as of December 31, 2016 338,389 88.75 As of December 31, 2016 , there was $15 million of unrecognized compensation cost related to outstanding unvested performance awards, which will be recognized during 2017. Performance awards converted during the year ended December 31, 2016 were as follows: Vested Awards Converted Actual Conversion Rate Number of Shares Issued 2012 awards 96,844 200% 193,688 2013 awards 78,411 200% 156,822 2014 awards 49,871 200% 99,742 Total 225,126 450,252

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	14. INCOME TAXES Income Statement Components Income from continuing operations before income tax expense was as follows (in millions): Year Ended December 31, 2016 2015 2014 U.S. operations $ 1,733 $ 5,327 $ 4,677 International operations 1,449 644 875 Income from continuing operations before income tax expense $ 3,182 $ 5,971 $ 5,552 Statutory income tax rates applicable to the countries in which we operate were as follows: Year Ended December 31, 2016 2015 2014 U.S. 35 % 35 % 35 % Canada 15 % 15 % 15 % U.K. 20 % 20 % 21 % Ireland 13 % 13 % 13 % Aruba (a) 7 % 7 % 7 % ___________________________ (a) Statutory income tax rate applicable through the date of the Aruba Disposition as described in Note 2 . The following is a reconciliation of income tax expense computed by applying statutory income tax rates as reflected in the table above to actual income tax expense related to continuing operations (in millions): Year Ended December 31, 2016 U.S. International Total Income tax expense at statutory rates $ 606 $ 256 $ 862 U.S. state and Canadian provincial tax expense, net of federal income tax effect 5 31 36 Permanent differences: Manufacturing deduction (22 ) — (22 ) Other (3 ) (10 ) (13 ) Change in tax law — (7 ) (7 ) Tax effects of income associated with noncontrolling interests (44 ) — (44 ) Other, net (37 ) (10 ) (47 ) Income tax expense $ 505 $ 260 $ 765 Year Ended December 31, 2015 U.S. International Total Income tax expense at statutory rates $ 1,864 $ 92 $ 1,956 U.S. state and Canadian provincial tax expense, net of federal income tax effect 45 73 118 Permanent differences: Manufacturing deduction (102 ) — (102 ) Other (18 ) (5 ) (23 ) Change in tax law — (17 ) (17 ) Tax effects of income associated with noncontrolling interests (39 ) — (39 ) Other, net (25 ) 2 (23 ) Income tax expense $ 1,725 $ 145 $ 1,870 Year Ended December 31, 2014 U.S. International Total Income tax expense at statutory rates $ 1,637 $ 145 $ 1,782 U.S. state and Canadian provincial tax expense, net of federal income tax effect 62 71 133 Permanent differences: Manufacturing deduction (74 ) — (74 ) Other (16 ) 1 (15 ) Tax effects of income associated with noncontrolling interests (28 ) — (28 ) Other, net (22 ) 1 (21 ) Income tax expense $ 1,559 $ 218 $ 1,777 There was no income tax expense or benefit related to discontinued operations for the year ended December 31, 2014 . Components of income tax expense related to continuing operations were as follows (in millions): Year Ended December 31, 2016 U.S. International Total Current: Country $ 294 $ 194 $ 488 U.S. state / Canadian provincial 12 35 47 Total current 306 229 535 Deferred: Country 203 35 238 U.S. state / Canadian provincial (4 ) (4 ) (8 ) Total deferred 199 31 230 Income tax expense $ 505 $ 260 $ 765 Year Ended December 31, 2015 U.S. International Total Current: Country $ 1,513 $ 64 $ 1,577 U.S. state / Canadian provincial 85 43 128 Total current 1,598 107 1,705 Deferred: Country 143 8 151 U.S. state / Canadian provincial (16 ) 30 14 Total deferred 127 38 165 Income tax expense $ 1,725 $ 145 $ 1,870 Year Ended December 31, 2014 U.S. International Total Current: Country $ 1,196 $ 53 $ 1,249 U.S. state / Canadian provincial 59 24 83 Total current 1,255 77 1,332 Deferred: Country 268 94 362 U.S. state / Canadian provincial 36 47 83 Total deferred 304 141 445 Income tax expense $ 1,559 $ 218 $ 1,777 Income Taxes Paid Income taxes paid to U.S. and international taxing authorities were as follows (in millions): Year Ended December 31, 2016 2015 2014 Income taxes paid, net: U.S. $ 241 $ 2,092 $ 1,455 International 203 1 169 Total $ 444 $ 2,093 $ 1,624 Deferred Income Tax Assets and Liabilities The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows (in millions): December 31, 2016 2015 Deferred income tax assets: Tax credit carryforwards $ 65 $ 33 Net operating losses (NOLs) 374 423 Inventories 93 72 Compensation and employee benefit liabilities 344 331 Environmental liabilities 69 80 Other 100 139 Total deferred income tax assets 1,045 1,078 Less: Valuation allowance (374 ) (435 ) Net deferred income tax assets 671 643 Deferred income tax liabilities: Property, plant, and equipment 6,900 6,725 Deferred turnaround costs 450 394 Inventories 356 287 Investments 253 226 Other 73 71 Total deferred income tax liabilities 8,032 7,703 Net deferred income tax liabilities $ 7,361 $ 7,060 We had the following income tax credit and loss carryforwards as of December 31, 2016 (in millions): Amount Expiration U.S. state income tax credits $ 71 2017 through 2026 U.S. state income tax credits 2 Unlimited U.S. state NOLs (gross amount) 9,018 2017 through 2036 U.S. alternative minimum tax credit 18 Unlimited We have recorded a valuation allowance as of December 31, 2016 and 2015 due to uncertainties related to our ability to utilize some of our deferred income tax assets, primarily consisting of certain U.S. state income tax credits and NOLs, before they expire. The valuation allowance is based on our estimates of taxable income in the various jurisdictions in which we operate and the period over which deferred income tax assets will be recoverable. During 2016 , the valuation allowance decreased by $61 million , primarily due to the write off of NOLs in Aruba, offset by increases in State NOLs. The realization of net deferred income tax assets recorded as of December 31, 2016 is primarily dependent upon our ability to generate future taxable income in certain U.S. states. Deferred income taxes have not been provided on the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases of our international subsidiaries based on the determination that such differences are essentially permanent in duration in that the earnings of these subsidiaries are expected to be indefinitely reinvested in the international operations. As of December 31, 2016 , the cumulative undistributed earnings of these subsidiaries were approximately $3.9 billion . If those earnings were not considered indefinitely reinvested, deferred income taxes would have been recorded after consideration of U.S. foreign tax credits. It is not practicable to estimate the amount of additional tax that might be payable on those earnings, if distributed. As of December 31, 2016 , $2.2 billion of our cash and temporary cash investments was held by our international subsidiaries. Unrecognized Tax Benefits The following is a reconciliation of the change in unrecognized tax benefits, excluding related penalties, interest (net of the U.S. federal and state income tax effects), and the U.S. federal income tax effect of state unrecognized tax benefits (in millions): Year Ended December 31, 2016 2015 2014 Balance as of beginning of year $ 964 $ 989 $ 950 Additions based on tax positions related to the current year 36 36 35 Additions for tax positions related to prior years 11 83 118 Reductions for tax positions related to prior years (46 ) (82 ) (67 ) Reductions for tax positions related to the lapse of applicable statute of limitations (3 ) (3 ) (1 ) Settlements (237 ) (59 ) (46 ) Reclassification of uncertain tax receivable to long-term receivable from IRS 211 — — Balance as of end of year $ 936 $ 964 $ 989 As of December 31, 2016 , the balance in unrecognized tax benefits included $433 million of tax refunds that we intend to claim by amending various of our income tax returns for 2008 through 2016. We intend to propose that incentive payments received from the U.S. federal government for blending biofuels into refined petroleum products be excluded from taxable income during these periods. However, due to the complexity of this matter and uncertainties with respect to the interpretation of the Internal Revenue Code, we concluded that the refund claims included in the table below cannot be recognized in our financial statements. As a result, these amounts are not included in our uncertain tax position liabilities as of December 31, 2016 , 2015 , and 2014 even though they are reflected in the table above. The following is a reconciliation of unrecognized tax benefits reflected in the table above to our uncertain tax position liabilities that are presented in our balance sheets (in million). December 31, 2016 2015 Unrecognized tax benefits $ 936 $ 964 Tax refund claim not presented in our balance sheets (433 ) (570 ) Other (5 ) 25 Uncertain tax position liabilities presented in our balance sheets $ 498 $ 419 Amounts recognized in our balance sheets for uncertain tax positions include (in millions): December 31, 2016 2015 Deferred charges and other assets, net $ — $ 195 Income taxes payable (7 ) (438 ) Other long-term liabilities (465 ) (148 ) Deferred tax liabilities (26 ) (28 ) Uncertain tax position liabilities presented in our balance sheets $ (498 ) $ (419 ) As of December 31, 2016 and 2015 , there were $756 million and $757 million , respectively, of unrecognized tax benefits that if recognized would affect our annual effective tax rate. Penalties and interest during the years ended December 31, 2016 , 2015 , and 2014 were immaterial. Accrued penalties and interest totaled $70 million and $117 million as of December 31, 2016 and 2015 , respectively, excluding the U.S. federal and state income tax effects related to interest. During the next 12 months, it is reasonably possible that tax audit resolutions could reduce unrecognized tax benefits, excluding interest, by approximately $4 million , either because the tax positions are sustained on audit or because we agree to their disallowance. We do not expect these reductions to have a significant impact on our financial statements because such reductions would not significantly affect our annual effective tax rate. U.S. Tax Returns Under Audit Federal As of December 31, 2016 , our tax years for 2010 through 2014 were under audit by the Internal Revenue Service (IRS). The IRS has proposed adjustments to our taxable income for certain open years. We are currently contesting the proposed adjustments with the Office of Appeals of the IRS for certain open years and do not expect that the ultimate disposition of these adjustments will result in a material change to our financial position, results of operations, or liquidity. We are continuing to work with the IRS to resolve these matters and we believe that they will be resolved for amounts consistent with recorded amounts of unrecognized tax benefits associated with these matters. During the year ended December 31, 2016 , we settled the audit with the IRS related to our 2008 and 2009 tax years. State As of December 31, 2016 , our tax years for 2004 through 2007 and 2011 through 2013 were under audit by the state of California for certain tax issues. We do not expect the ultimate disposition of these issues will result in a material change to our financial position, results of operations, or liquidity. We believe these matters will be resolved for amounts consistent with our recorded amounts of unrecognized tax benefits associated with these matters.

Earnings Per Common Share

Earnings Per Common Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	15. EARNINGS PER COMMON SHARE Earnings per common share from continuing operations were computed as follows (dollars and shares in millions, except per share amounts): Year Ended December 31, 2016 2015 2014 Participating Common Stock Participating Common Stock Participating Common Stock Earnings per common share from continuing operations: Net income attributable to Valero stockholders from continuing operations $ 2,289 $ 3,990 $ 3,694 Less dividends paid: Common stock 1,108 845 552 Participating securities 3 3 2 Undistributed earnings $ 1,178 $ 3,142 $ 3,140 Weighted-average common shares outstanding 1 461 2 497 2 526 Earnings per common share from continuing operations: Distributed earnings $ 2.40 $ 2.40 $ 1.70 $ 1.70 $ 1.05 $ 1.05 Undistributed earnings 2.54 2.54 6.30 6.30 5.95 5.95 Total earnings per common share from continuing operations $ 4.94 $ 4.94 $ 8.00 $ 8.00 $ 7.00 $ 7.00 Earnings per common share from continuing operations – assuming dilution: Net income attributable to Valero stockholders from continuing operations $ 2,289 $ 3,990 $ 3,694 Weighted-average common shares outstanding 461 497 526 Common equivalent shares: Stock options 2 2 2 Performance awards and nonvested restricted stock 1 1 2 Weighted-average common shares outstanding – assuming dilution 464 500 530 Earnings per common share from continuing operations – assuming dilution $ 4.94 $ 7.99 $ 6.97

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	16. SEGMENT INFORMATION As of December 31, 2016 , we had two reportable segments — refining and ethanol. The refining segment includes our refining operations, the associated marketing activities, and logistics assets that support our refining operations. The ethanol segment includes our ethanol operations, the associated marketing activities, and logistics assets that support our ethanol operations. Activities that are not included in any of the reportable segments are included in the corporate category. Our reportable segments are strategic business units that offer different products and services. They are managed separately as each business requires unique technology and marketing strategies. Performance is evaluated based on operating income. Intersegment sales are generally derived from transactions made at prevailing market rates. The following table reflects activity related to continuing operations (in millions): Refining Ethanol Corporate and Eliminations Total Year ended December 31, 2016: Operating revenues from external customers $ 71,968 $ 3,691 $ — $ 75,659 Intersegment revenues — 210 (210 ) — Total segment revenues $ 71,968 $ 3,901 $ (210 ) $ 75,659 Lower of cost or market inventory valuation adjustment $ (697 ) $ (50 ) $ — $ (747 ) Depreciation and amortization expense 1,780 66 48 1,894 Asset impairment loss 56 — — 56 Operating income (loss) 3,995 340 (763 ) 3,572 Total expenditures for long-lived assets 1,890 68 38 1,996 Year ended December 31, 2015: Operating revenues from external customers $ 84,521 $ 3,283 $ — $ 87,804 Intersegment revenues — 151 (151 ) — Total segment revenues $ 84,521 $ 3,434 $ (151 ) $ 87,804 Lower of cost or market inventory $ 740 $ 50 $ — $ 790 Depreciation and amortization expense 1,745 50 47 1,842 Operating income (loss) 6,973 142 (757 ) 6,358 Total expenditures for long-lived assets 2,254 67 29 2,350 Refining Ethanol Corporate and Eliminations Total Year ended December 31, 2014: Operating revenues from external customers $ 126,004 $ 4,840 $ — $ 130,844 Intersegment revenues — 100 (100 ) — Total segment revenues $ 126,004 $ 4,940 $ (100 ) $ 130,844 Depreciation and amortization expense $ 1,597 $ 49 $ 44 $ 1,690 Operating income (loss) 5,884 786 (768 ) 5,902 Total expenditures for long-lived assets 2,730 42 30 2,802 Our principal products include conventional and California Air Resources Board gasolines, RBOB (reformulated gasoline blendstock for oxygenate blending), gasoline blendstocks, ultra-low-sulfur diesel, middle distillates, and jet fuel. Other product revenues primarily include petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt. Operating revenues from external customers for our principal products were as follows (in millions): Year Ended December 31, 2016 2015 2014 Refining: Gasolines and blendstocks $ 33,450 $ 38,983 $ 56,846 Distillates 32,576 38,093 57,521 Other product revenues 5,942 7,445 11,637 Total refining revenues 71,968 84,521 126,004 Ethanol: Ethanol 3,105 2,628 4,192 Distillers grains 586 655 648 Total ethanol revenues 3,691 3,283 4,840 Total revenues from external customers $ 75,659 $ 87,804 $ 130,844 Operating revenues by geographic area are shown in the table below (in millions). The geographic area is based on location of customer and no customer accounted for 10 percent or more of our operating revenues. Year Ended December 31, 2016 2015 2014 U.S. $ 51,479 $ 60,319 $ 91,499 Canada 6,115 6,841 10,410 U.K. and Ireland 10,797 11,232 14,182 Other countries 7,268 9,412 14,753 Total operating revenues $ 75,659 $ 87,804 $ 130,844 Long-lived assets include property, plant, and equipment and certain long-lived assets included in “deferred charges and other assets, net.” Geographic information by country for long-lived assets consisted of the following (in millions): December 31, 2016 2015 U.S. $ 25,359 $ 25,210 Canada 1,816 1,824 U.K. 947 1,131 Aruba — 57 Ireland 20 20 Total long-lived assets $ 28,142 $ 28,242 Total assets by reportable segment were as follows (in millions): December 31, 2016 2015 Refining $ 39,034 $ 38,068 Ethanol 1,316 1,016 Corporate 5,823 5,143 Total assets $ 46,173 $ 44,227 Effective January 1, 2017, we revised our reportable segments to align with certain changes in how our chief operating decision maker manages and allocates resources to our business and created a new reportable segment — VLP. The results of VLP, which are those of our majority-owned master limited partnership referred to by the same name, were transferred from the refining segment.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	17. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Year Ended December 31, 2016 2015 2014 Decrease (increase) in current assets: Receivables, net $ (1,531 ) $ 1,294 $ 2,753 Inventories 771 (222 ) (1,014 ) Income taxes receivable 156 (104 ) (23 ) Prepaid expenses and other (109 ) (45 ) (32 ) Increase (decrease) in current liabilities: Accounts payable 1,556 (1,787 ) (3,149 ) Accrued expenses 117 (40 ) 38 Taxes other than income taxes 82 (74 ) (64 ) Income taxes payable (66 ) (328 ) (319 ) Changes in current assets and current liabilities $ 976 $ (1,306 ) $ (1,810 ) There were no significant noncash investing or financing activities for the year ended December 31, 2016 . Noncash investing and financing activities for the year ended December 31, 2015 included the recognition of a capital lease asset and related obligation associated with an agreement for storage tanks near one of our refineries and an accrual for the purchase of 347,438 shares of our common stock, which was settled in early January 2016. There were no significant noncash investing or financing activities for the year ended December 31, 2014. Cash flows reflected as “other financing activities, net” for the year ended December 31, 2016 included the payment of a long-term liability of $137 million owed to a joint venture partner associated with an owner-method joint venture investment. Cash flows related to interest and income taxes were as follows (in millions): Year Ended December 31, 2016 2015 2014 Interest paid in excess of amount capitalized $ 427 $ 416 $ 392 Income taxes paid, net 444 2,093 1,624

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	18. FAIR VALUE MEASUREMENTS General U.S. GAAP requires or permits certain assets and liabilities to be measured at fair value on a recurring or nonrecurring basis in our balance sheets, and those assets and liabilities are presented below under “Recurring Fair Value Measurements” and “Nonrecurring Fair Value Measurements.” Assets and liabilities measured at fair value on a recurring basis, such as derivative financial instruments, are measured at fair value at the end of each reporting period. Assets and liabilities measured at fair value on a nonrecurring basis, such as the impairment of property, plant and equipment, are measured at fair value in particular circumstances. U.S. GAAP also requires the disclosure of the fair values of financial instruments when an option to elect fair value accounting has been provided, but such election has not been made. A debt obligation is an example of such a financial instrument. The disclosure of the fair values of financial instruments not recognized at fair value in our balance sheet is presented below under “Other Financial Instruments.” U.S. GAAP provides a framework for measuring fair value and establishes a three-level fair value hierarchy that prioritizes inputs to valuation techniques based on the degree to which objective prices in external active markets are available to measure fair value. Following is a description of each of the levels of the fair value hierarchy. • Level 1 - Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3 - Unobservable inputs for the asset or liability. Unobservable inputs reflect our own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include occasional market quotes or sales of similar instruments or our own financial data such as internally developed pricing models, discounted cash flow methodologies, as well as instruments for which the fair value determination requires significant judgment. Recurring Fair Value Measurements The tables below present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of December 31, 2016 and 2015 . We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the tables below on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. December 31, 2016 Total Gross Fair Value Effect of Counter- party Netting Effect of Cash Collateral Netting Net Carrying Value on Balance Sheet Cash Collateral Paid or Received Not Offset Fair Value Hierarchy Level 1 Level 2 Level 3 Assets: Commodity derivative contracts $ 874 $ 38 $ — $ 912 $ (875 ) $ — $ 37 $ — Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Investments of certain benefit plans 58 — 11 69 n/a n/a 69 n/a Total $ 935 $ 38 $ 11 $ 984 $ (875 ) $ — $ 109 Liabilities: Commodity derivative contracts $ 872 $ 23 $ — $ 895 $ (875 ) $ (20 ) $ — $ (88 ) Environmental credit obligations — 188 — 188 n/a n/a 188 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Total $ 872 $ 216 $ — $ 1,088 $ (875 ) $ (20 ) $ 193 December 31, 2015 Total Gross Fair Value Effect of Counter- party Netting Effect of Cash Collateral Netting Net Carrying Value on Balance Sheet Cash Collateral Paid or Received Not Offset Fair Value Hierarchy Level 1 Level 2 Level 3 Assets: Commodity derivative contracts $ 649 $ 33 $ — $ 682 $ (557 ) $ (12 ) $ 113 $ — Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Investments of certain benefit plans 64 — 11 75 n/a n/a 75 n/a Total $ 716 $ 33 $ 11 $ 760 $ (557 ) $ (12 ) $ 191 Liabilities: Commodity derivative contracts $ 522 $ 35 $ — $ 557 $ (557 ) $ — $ — $ (31 ) Environmental credit obligations — 2 — 2 n/a n/a 2 n/a Physical purchase contracts — 6 — 6 n/a n/a 6 n/a Total $ 522 $ 43 $ — $ 565 $ (557 ) $ — $ 8 A description of our assets and liabilities recognized at fair value along with the valuation methods and inputs we used to develop their fair value measurements are as follows: • Commodity derivative contracts consist primarily of exchange-traded futures and swaps, and as disclosed in Note 19 , some of these contracts are designated as hedging instruments. These contracts are measured at fair value using the market approach. Exchange-traded futures are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Swaps are priced using third-party broker quotes, industry pricing services, and exchange-traded curves, with appropriate consideration of counterparty credit risk, but because they have contractual terms that are not identical to exchange-traded futures instruments with a comparable market price, these financial instruments are categorized in Level 2 of the fair value hierarchy. • Physical purchase contracts represent the fair value of fixed-price corn purchase contracts. The fair values of these purchase contracts are measured using a market approach based on quoted prices from the commodity exchange or an independent pricing service and are categorized in Level 2 of the fair value hierarchy. • Investments of certain benefit plans consist of investment securities held by trusts for the purpose of satisfying a portion of our obligations under certain U.S. nonqualified benefit plans. The assets categorized in Level 1 of the fair value hierarchy are measured at fair value using a market approach based on quoted prices from national securities exchanges. The assets categorized in Level 3 of the fair value hierarchy represent insurance contracts, the fair value of which is provided by the insurer. • Foreign currency contracts consist of foreign currency exchange and purchase contracts entered into for our international operations to manage our exposure to exchange rate fluctuations on transactions denominated in currencies other than the local (functional) currencies of those operations. These contracts are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. • Environmental credit obligations represent our liability for the purchase of (i) biofuel credits (primarily RINs in the U.S.) needed to satisfy our obligation to blend biofuels into the products we produce and (ii) emission credits under the California Global Warming Solutions Act (the California cap-and-trade system, also known as AB 32) and Quebec’s Regulation respecting the cap-and-trade system for greenhouse gas emission allowances (the Quebec cap-and-trade system), (collectively, the cap-and-trade systems). To the degree we are unable to blend biofuels (such as ethanol and biodiesel) at percentages required under the biofuel programs, we must purchase biofuel credits to comply with these programs. Under the cap-and-trade systems, we must purchase emission credits to comply with these systems. These programs are further described in Note 19 under “Environmental Compliance Program Price Risk.” The liability for environmental credits is based on our deficit for such credits as of the balance sheet date, if any, after considering any credits acquired or under contract, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using the market approach based on quoted prices from an independent pricing service. There were no transfers between levels for assets and liabilities held as of December 31, 2016 and 2015 that were measured at fair value on a recurring basis. There was no activity during the years ended December 31, 2016 , 2015 , and 2014 related to the fair value amounts categorized in Level 3 as of December 31, 2016 , 2015 , and 2014 . Nonrecurring Fair Value Measurements As discussed in Note 2 , we concluded that the Aruba Terminal was impaired as of June 30, 2016, which resulted in an asset impairment loss of $56 million that was recorded in June 2016. The fair value of the Aruba Terminal was determined using an income approach and was classified in Level 3. We employed a probability-weighted approach to possible future cash flow scenarios, including transferring ownership of the business to the GOA or continuing to operate. There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of December 31, 2016 and 2015 . Other Financial Instruments Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the table below along with their associated fair values (in millions): December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 4,816 $ 4,816 $ 4,114 $ 4,114 Financial liabilities: Debt (excluding capital leases) 7,926 8,882 7,250 7,759 The methods and significant assumptions used to estimate the fair value of these financial instruments are as follows: • The fair value of cash and temporary cash investments approximates the carrying value due to the low level of credit risk of these assets combined with their short maturities and market interest rates (Level 1). • The fair value of debt is determined primarily using the market approach based on quoted prices provided by third-party brokers and vendor pricing services (Level 2).

Price Risk Management Activitie

Price Risk Management Activities	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	19. PRICE RISK MANAGEMENT ACTIVITIES We are exposed to market risks primarily related to the volatility in the price of commodities, and foreign currency exchange rates, and the price of credits needed to comply with various government and regulatory programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “Risk Management Activities by Type of Risk.” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 18 ), as summarized below under “Fair Values of Derivative Instruments,” with changes in fair value recognized currently in income. The effect of these derivative instruments on our income is summarized below under “Effect of Derivative Instruments on Income and Other Comprehensive Income.” Risk Management Activities by Type of Risk Commodity Price Risk We are exposed to market risks related to the volatility in the price of crude oil, refined petroleum products (primarily gasoline and distillate), grain (primarily corn), soybean oil, and natural gas used in our operations. To reduce the impact of price volatility on our results of operations and cash flows, we use commodity derivative instruments, including futures, swaps, and options. We use the futures markets for the available liquidity, which provides greater flexibility in transacting our hedging and trading operations. We use swaps primarily to manage our price exposure. Our positions in commodity derivative instruments are monitored and managed on a daily basis by our risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors. To manage commodity price risk, we use economic hedges, which are not designated as fair value or cash flow hedges, and we use fair value and cash flow hedges from time to time. We also enter into certain commodity derivative instruments for trading purposes. Our objectives for entering into hedges or trading derivatives are described below. • Economic Hedges – Economic hedges represent commodity derivative instruments that are used to manage price volatility in certain (i) feedstock and refined petroleum product inventories, (ii) fixed-price purchase contracts, and (iii) forecasted feedstock, refined petroleum product or natural gas purchases and refined petroleum product sales. The objectives of our economic hedges are to hedge price volatility in certain feedstock and refined petroleum product inventories and to lock in the price of forecasted feedstock, refined petroleum product, or natural gas purchases or refined petroleum product sales at existing market prices that we deem favorable. Economic hedges are not designated as fair value or cash flow hedges for accounting purposes, usually due to the difficulty of establishing the required documentation at the date the derivative instrument is entered into for them to qualify as hedging instruments for accounting purposes. As of December 31, 2016 , we had the following outstanding commodity derivative instruments that were used as economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes represent thousands of barrels, except those identified as corn contracts that are presented in thousands of bushels and soybean oil contracts that are presented in thousands of pounds). Notional Contract Volumes by Year of Maturity Derivative Instrument 2017 2018 Crude oil and refined petroleum products: Swaps – long 6,372 — Swaps – short 6,144 — Futures – long 109,372 — Futures – short 99,125 — Corn: Futures – long 15,285 — Futures – short 38,325 540 Physical contracts – long 18,994 543 Soybean oil: Futures – long 88,859 — Futures – short 147,598 — • Trading Derivatives – Our objective for entering into commodity derivative instruments for trading purposes is to take advantage of existing market conditions for crude oil and refined petroleum products. As of December 31, 2016 , we had the following outstanding commodity derivative instruments that were entered into for trading purposes. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes represent thousands of barrels, except those identified as natural gas contracts that are presented in billions of British thermal units and corn contracts that are presented in thousands of bushels). Notional Contract Volumes by Year of Maturity Derivative Instrument 2017 Crude oil and refined petroleum products: Swaps – long 4,801 Swaps – short 4,801 Futures – long 22,577 Futures – short 24,429 Options – long 139,340 Options – short 140,690 Natural gas: Futures – long 750 Futures – short 250 Corn: Futures – long 1,000 Futures – short 1,000 We had no commodity derivative contracts outstanding as of December 31, 2016 and 2015 that were designated as fair value or cash flow hedges. Foreign Currency Risk We are exposed to exchange rate fluctuations on transactions entered into by our international operations that are denominated in currencies other than the local (functional) currencies of these operations. To manage our exposure to these exchange rate fluctuations, we use foreign currency exchange and purchase contracts. These contracts are not designated as hedging instruments for accounting purposes and therefore are classified as economic hedges. As of December 31, 2016 , we had forward contracts to purchase $374 million of U.S. dollars. These commitments matured on or before February 1, 2017 . Environmental Compliance Program Price Risk We are exposed to market risk related to the volatility in the price of credits needed to comply with various governmental and regulatory environmental compliance programs. To manage this risk, we enter into contracts to purchase these credits when prices are deemed favorable. Some of these contracts are derivative instruments; however, we elect the normal purchase exception and do not record these contracts at their fair values. Certain of these programs require us to blend biofuels into the products we produce, and we are subject to such programs in most of the countries in which we operate. These countries set annual quotas for the percentage of biofuels that must be blended into the motor fuels consumed in these countries. As a producer of motor fuels from petroleum, we are obligated to blend biofuels into the products we produce at a rate that is at least equal to the applicable quota. To the degree we are unable to blend at the applicable rate, we must purchase biofuel credits (primarily RINs in the U.S.). We are exposed to the volatility in the market price of these credits, and we manage that risk by purchasing biofuel credits when prices are deemed favorable. For the years ended December 31, 2016 , 2015 , and 2014 , the cost of meeting our obligations under these compliance programs was $749 million , $440 million , and $372 million , respectively. These amounts are reflected in cost of sales. Effective January 1, 2015, we became subject to additional requirements under GHG emission programs, including the cap-and-trade systems, as discussed in Note 18 . Under these cap-and-trade systems, we purchase various GHG emission credits available on the open market. Therefore, we are exposed to the volatility in the market price of these credits. The cost to implement certain provisions of the cap-and-trade systems are significant; however, we recovered the majority of these costs from our customers for the years ended December 31, 2016 and 2015 and expect to continue to recover the majority of these costs in the future. For the years ended December 31, 2016 , 2015 , and 2014 , the net cost of meeting our obligations under these compliance programs was immaterial. Fair Values of Derivative Instruments The following tables provide information about the fair values of our derivative instruments as of December 31, 2016 and 2015 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 18 for additional information related to the fair values of our derivative instruments. As indicated in Note 18 , we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The tables below, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. Balance Sheet Location December 31, 2016 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 874 $ 872 Swaps Receivables, net 32 21 Options Receivables, net 6 2 Physical purchase contracts Inventories — 5 Foreign currency contracts Receivables, net 3 — Total $ 915 $ 900 Balance Sheet Location December 31, 2015 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 648 $ 522 Swaps Receivables, net 30 33 Options Receivables, net 4 2 Physical purchase contracts Inventories — 6 Foreign currency contracts Receivables, net 3 — Total $ 685 $ 563 Market Risk Our price risk management activities involve the receipt or payment of fixed price commitments into the future. These transactions give rise to market risk, which is the risk that future changes in market conditions may make an instrument less valuable. We closely monitor and manage our exposure to market risk on a daily basis in accordance with policies approved by our board of directors. Market risks are monitored by our risk control group to ensure compliance with our stated risk management policy. We do not require any collateral or other security to support derivative instruments into which we enter. We also do not have any derivative instruments that require us to maintain a minimum investment-grade credit rating. Effect of Derivative Instruments on Income and Other Comprehensive Income The following tables provide information about the gain or loss recognized in income on our derivative instruments and the line items in the financial statements in which such gains and losses are reflected (in millions). There were no gains or losses recognized in income or other comprehensive income related to fair value hedges and cash flow hedges for the years ended December 31, 2016 and 2015 and amounts recognized for the year ended December 31, 2014 were immaterial. Derivatives Designated as Economic Hedges and Other Derivative Instruments Location of Gain (Loss) Recognized in Income on Derivatives Year Ended December 31, 2016 2015 2014 Commodity contracts Cost of sales $ (132 ) $ 377 $ 693 Foreign currency contracts Cost of sales 16 49 40 Trading Derivatives Location of Gain Recognized in Income on Derivatives Year Ended December 31, 2016 2015 2014 Commodity contracts Cost of sales $ 46 $ 45 $ 38

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (Unaudited)	20. QUARTERLY FINANCIAL DATA (Unaudited) The following table summarizes quarterly financial data for the years ended December 31, 2016 and 2015 (in millions, except per share amounts). 2016 Quarter Ended March 31 (a) June 30 (b) September 30 December 31 Operating revenues $ 15,714 $ 19,584 $ 19,649 $ 20,712 Operating income 829 1,231 892 620 Net income 513 843 645 416 Net income attributable to Valero Energy Corporation stockholders 495 814 613 367 Earnings per common share 1.05 1.74 1.33 0.81 Earnings per common share – assuming dilution 1.05 1.73 1.33 0.81 2015 Quarter Ended March 31 June 30 September 30 December 31 (c) Operating revenues $ 21,330 $ 25,118 $ 22,579 $ 18,777 Operating income 1,495 2,078 2,139 646 Net income 968 1,365 1,373 395 Net income attributable to Valero Energy Corporation stockholders 964 1,351 1,377 298 Earnings per common share 1.87 2.67 2.79 0.62 Earnings per common share – assuming dilution 1.87 2.66 2.79 0.62 ___________________________ (a) Operating income for the quarter ended March 31, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $293 million as described in Note 4 . (b) Operating income for the quarter ended June 30, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $454 million as described in Note 4 and an asset impairment loss of $56 million related to the Aruba Disposition as described in Note 2 . (c) Operating income for the quarter ended December 31, 2015 reflects an unfavorable noncash lower of cost or market inventory valuation adjustment of $790 million as described in Note 4 .

Description of Business, Basi29

Description of Business, Basis of Presentation, and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Business Description and Basis of Presentation	Description of Business As used in this report, the terms “Valero,” “we,” “us,” or “our” may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. We are an independent petroleum refiner and ethanol producer. We own 15 petroleum refineries located in the United States (U.S.), Canada, and the United Kingdom (U.K.) with a combined throughput capacity of approximately 3.1 million barrels per day as of December 31, 2016 . We sell our refined petroleum products in both the wholesale rack and bulk markets, and approximately 7,400 outlets carry the Valero ® , Diamond Shamrock ® , Shamrock ® , Ultramar ® , Beacon ® , and Texaco ® brand names in the U.S., Canada, the U.K., and Ireland. Most of our logistics assets support our refining operations, and some of these assets are owned by Valero Energy Partners LP (VLP). See Note 11 for further discussion about VLP. We also own 11 ethanol plants in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.4 billion gallons per year as of December 31, 2016 . We sell our ethanol in the wholesale bulk market, and some of our logistics assets support our ethanol operations. We operated under two reportable segments, refining and ethanol. See Note 16 for additional information about our segments. Basis of Presentation General These consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (GAAP) and with the rules and regulations of the Securities and Exchange Commission.
Reclassifications	Reclassifications Certain amounts reported as of December 31, 2015 have been reclassified to conform to the 2016 presentation, including the retrospective adoption of certain amendments to the Accounting Standards Codification (ASC) effective January 1, 2016. The adoption of Accounting Standards Update (ASU) No. 2015-15, “Interest–Imputation of Interest (Subtopic 835-30),” resulted in the reclassification of certain debt issuance costs from “deferred charges and other assets, net” to “debt and capital lease obligations, less current portion.” The adoption of ASU 2015-17, “Income Taxes (Topic 740)” resulted in the reclassification of current deferred income tax assets and current deferred income tax liabilities to noncurrent deferred income tax liabilities. The following table presents our previously reported balance sheet line items retrospectively adjusted for the adoption of these pronouncements (in millions): December 31, 2015 Previously Reported Reclassifications Currently Reported Assets Current deferred income taxes $ 74 $ (74 ) $ — Deferred charges and other assets, net 2,668 (42 ) 2,626 Liabilities Current deferred income taxes 366 (366 ) — Debt and capital lease obligations, less current portion 7,250 (42 ) 7,208 Deferred income taxes 6,768 292 7,060
Principles of Consolidation	Principles of Consolidation These financial statements include the accounts of Valero, our subsidiaries, and the accounts of partnerships and joint ventures that we control through an ownership interest greater than 50 percent or through a controlling financial interest with respect to our variable interest entities (VIEs). Our VIEs are described in Note 11 . The ownership interests held by others is recorded as noncontrolling interests. Intercompany balances and transactions have been eliminated in consolidation. Investments in less than wholly owned entities where we have significant influence are accounted for using the equity method.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Cash and Temporary Cash Investments	Cash and Temporary Cash Investments Our temporary cash investments are highly liquid, low-risk debt instruments that have a maturity of three months or less when acquired.
Receivables	Receivables Trade receivables are carried at original invoice amount. We maintain an allowance for doubtful accounts, which is adjusted based on management’s assessment of our customers’ historical collection experience, known credit risks, and industry and economic conditions.
Inventories	Inventories Inventories are carried at the lower of cost or market. The cost of refinery feedstocks purchased for processing, refined petroleum products, and grain and ethanol inventories are determined under the last-in, first-out (LIFO) method using the dollar-value LIFO approach, with any increments valued based on average purchase prices during the year. The cost of feedstocks and products purchased for resale and the cost of materials and supplies are determined principally under the weighted-average cost method. Market value is determined based on the net realizable value of the inventories. We compare the market value of inventories to their cost on an aggregate basis, excluding materials and supplies. If the aggregate market value is less than cost, we record a lower of cost or market inventory valuation adjustment to reflect our inventories at market value.
Property, Plant, and Equipment	Property, Plant, and Equipment The cost of property, plant, and equipment (property assets) purchased or constructed, including betterments of property assets, is capitalized. However, the cost of repairs to and normal maintenance of property assets is expensed as incurred. Betterments of property assets are those that extend the useful life, increase the capacity or improve the operating efficiency of the asset, or improve the safety of our operations. The cost of property assets constructed includes interest and certain overhead costs allocable to the construction activities. Our operations, especially those of our refining segment, are highly capital intensive. Each of our refineries comprises a large base of property assets, consisting of a series of interconnected, highly integrated and interdependent crude oil processing facilities and supporting logistical infrastructure (Units), and these Units are continuously improved. Improvements consist of the addition of new Units and betterments of existing Units. We plan for these improvements by developing a multi-year capital program that is updated and revised based on changing internal and external factors. Depreciation of property assets used in our refining segment is recorded on a straight-line basis over the estimated useful lives of these assets primarily using the composite method of depreciation. We maintain a separate composite group of property assets for each of our refineries. We estimate the useful life of each group based on an evaluation of the property assets comprising the group, and such evaluations consist of, but are not limited to, the physical inspection of the assets to determine their condition, consideration of the manner in which the assets are maintained, assessment of the need to replace assets, and evaluation of the manner in which improvements impact the useful life of the group. The estimated useful lives of our composite groups range primarily from 25 to 30 years. Under the composite method of depreciation, the cost of an improvement is added to the composite group to which it relates and is depreciated over that group’s estimated useful life. We design improvements to our refineries in accordance with engineering specifications, design standards, and practices accepted in our industry, and these improvements have design lives consistent with our estimated useful lives. Therefore, we believe the use of the group life to depreciate the cost of improvements made to the group is reasonable because the estimated useful life of each improvement is consistent with that of the group. It should be noted, however, that factors such as competition, regulation, or environmental matters could cause us to change our estimates, thus impacting depreciation expense in the future. Also under the composite method of depreciation, the historical cost of a minor property asset (net of salvage value) that is retired or replaced is charged to accumulated depreciation and no gain or loss is recognized in income. However, a gain or loss is recognized in income for a major property asset that is retired, replaced, or sold and for an abnormal disposition of a property asset (primarily involuntary conversions). Gains and losses are reflected in depreciation and amortization expense, unless such amounts are reported separately due to materiality. Depreciation of property assets used in our ethanol segment is recorded on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful life of the related asset. Assets acquired under capital leases are amortized on a straight-line basis over (i) the lease term if transfer of ownership does not occur at the end of the lease term or (ii) the estimated useful life of the asset if transfer of ownership does occur at the end of the lease term.
Deferred Charges and Other Assets	Deferred Charges and Other Assets “Deferred charges and other assets, net” primarily include the following: • turnaround costs, which are incurred in connection with planned major maintenance activities at our refineries and ethanol plants and which are deferred when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs; • fixed-bed catalyst costs, representing the cost of catalyst that is changed out at periodic intervals when the quality of the catalyst has deteriorated beyond its prescribed function, which are deferred when incurred and amortized on a straight-line basis over the estimated useful life of the specific catalyst; • income taxes receivable; • investments in joint ventures accounted for under the equity method; and • intangible assets.
Impairment of Assets	Impairment of Assets Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on discounted estimated net cash flows or other appropriate methods.
Investments	We evaluate our equity method investments for impairment when there is evidence that we may not be able to recover the carrying amount of our investments or the investee is unable to sustain an earnings capacity that justifies the carrying amount. A loss in the value of an investment that is other than a temporary decline is recognized currently in income, and is based on the difference between the estimated current fair value of the investment and its carrying amount.
Environmental Matters	Environmental Matters Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Amounts recorded for environmental liabilities have not been reduced by possible recoveries from third parties and have not been measured on a discounted basis.
Asset Retirement Obligations	Asset Retirement Obligations We record a liability, which is referred to as an asset retirement obligation, at fair value for the estimated cost to retire a tangible long-lived asset at the time we incur that liability, which is generally when the asset is purchased, constructed, or leased. We record the liability when we have a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, we record the liability when sufficient information is available to estimate the liability’s fair value. We have asset retirement obligations with respect to certain of our refinery assets due to various legal obligations to clean and/or dispose of various component parts of each refinery at the time they are retired. However, these component parts can be used for extended and indeterminate periods of time as long as they are properly maintained and/or upgraded. It is our practice and current intent to maintain our refinery assets and continue making improvements to those assets based on technological advances. As a result, we believe that our refineries have indeterminate lives for purposes of estimating asset retirement obligations because dates or ranges of dates upon which we would retire refinery assets cannot reasonably be estimated at this time. When a date or range of dates can reasonably be estimated for the retirement of any component part of a refinery, we estimate the cost of performing the retirement activities and record a liability for the fair value of that cost using established present value techniques.
Foreign Currency Translation	Foreign Currency Translation The functional currency of each of our international operations is generally the respective local currency, which includes the Canadian dollar, the pound sterling, and the euro. Balance sheet accounts are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expense accounts are translated using the weighted-average exchange rates during the year presented. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income.
Revenue Recognition	Revenue Recognition Revenues for products sold by our refining and ethanol segments are recorded upon delivery and transfer of title to the products to our customers and when payment has either been received or collection is reasonably assured. We present excise taxes on sales by certain of our international operations on a gross basis in revenues. The amount of such taxes is provided in supplemental information in a footnote on the statements of income. All other excise taxes are presented on a net basis. We enter into certain purchase and sale arrangements with the same counterparty that are deemed to be made in contemplation of one another. We combine these transactions and, as a result, revenues and cost of sales are not recognized in connection with these arrangements. We also enter into refined petroleum product exchange transactions to fulfill sales contracts with our customers by accessing refined petroleum products in markets where we do not operate our own refineries. These refined petroleum product exchanges are accounted for as exchanges of non-monetary assets, and no revenues are recorded on these transactions.
Product Shipping and Handling Costs	Product Shipping and Handling Costs Costs incurred for shipping and handling of products are included in cost of sales.
Environmental Compliance Program Costs	Environmental Compliance Program Costs We purchase credits in the open market to meet our obligations under various environmental compliance programs. We purchase biofuel credits (primarily Renewable Identification Numbers (RINs) in the U.S.) to comply with government regulations that require us to blend a certain percentage of biofuels into the products we produce. To the degree that we are unable to blend biofuels at the required percentage, we must purchase biofuel credits to meet our obligation. We purchase greenhouse gas (GHG) emission credits to comply with government regulations concerning various GHG emission programs, including cap-and-trade systems. These programs are further described in Note 19 under “Environmental Compliance Program Price Risk.” The costs of purchased biofuel credits and GHG emission credits are charged to cost of sales as such credits are needed to satisfy our obligation. To the extent we have not purchased enough credits to satisfy our obligation as of the balance sheet date, we charge cost of sales for such deficiency based on the market price of the credits as of the balance sheet date, and we record a liability for our obligation to purchase those credits. See Note 18 for disclosure of our fair value liability.
Stock-Based Compensation	Stock-Based Compensation Compensation expense for our share-based compensation plans is based on the fair value of the awards granted and is recognized in income on a straight-line basis over the shorter of (a) the requisite service period of each award or (b) the period from the grant date to the date retirement eligibility is achieved if that date is expected to occur during the vesting period established in the award.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred amounts are measured using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by unrecognized tax benefits, if such items may be available to offset the unrecognized tax benefit. We have elected to classify any interest expense and penalties related to the underpayment of income taxes in income tax expense.
Earnings Per Common Share	Earnings per Common Share Earnings per common share is computed by dividing net income attributable to Valero stockholders by the weighted-average number of common shares outstanding for the year. Participating share-based payment awards, including shares of restricted stock granted under certain of our stock-based compensation plans, are included in the computation of basic earnings per share using the two-class method. Earnings per common share – assuming dilution reflects the potential dilution arising from our outstanding stock options and nonvested shares granted to employees in connection with our stock-based compensation plans. Potentially dilutive securities are excluded from the computation of earnings per common share – assuming dilution when the effect of including such shares would be antidilutive.
Financial Instruments	Financial Instruments Our financial instruments include cash and temporary cash investments, receivables, payables, debt, capital lease obligations, commodity derivative contracts, and foreign currency derivative contracts. The estimated fair values of these financial instruments approximate their carrying amounts, except for certain debt as discussed in Note 18 .
Derivatives and Hedging	Derivatives and Hedging All derivative instruments, not designated as normal purchases or sales, are recorded in the balance sheet as either assets or liabilities measured at their fair values with changes in fair value recognized currently in income. To manage commodity price risk, we use economic hedges, which are not designated as fair value or cash flow hedges, and we use fair value and cash flow hedges from time to time. We also enter into certain commodity derivative instruments for trading purposes. The cash flow effects of all of our derivative instruments are reflected in operating activities in the statements of cash flows.
New Accounting Pronouncements	Accounting Pronouncements Not Yet Adopted In May 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” to clarify the principles for recognizing revenue. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual periods. We recently completed our evaluation of the provisions of this ASU and concluded that our adoption of the ASU will not materially change the amount or timing of revenues recognized by us, nor will it materially affect our financial position. The majority of our revenues are generated from the sale of refined petroleum products and ethanol. These revenues are largely based on the current spot (market) prices of the products sold, which represents consideration specifically allocable to the products being sold on a given day, and we recognize those revenues upon delivery and transfer of title to the products to our customers. The time at which delivery and transfer of title occurs is the point when our control of the products is transferred to our customers and when our performance obligation to our customers is fulfilled. We will adopt this ASU effective January 1, 2018, and we expect to use the modified retrospective method of adoption as permitted by the ASU. Under that method, the cumulative effect of initially applying the standard is recognized as an adjustment to the opening balance of retained earnings, and revenues reported in the periods prior to the date of adoption are not changed. During 2017, we will develop our revenue disclosures and enhance our accounting systems. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330),” to simplify the measurement of inventory measured using the first-in, first-out or average cost methods. The provisions of this ASU require the inventory to be measured at the lower of cost and net realizable value rather than the lower of cost or market. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predicable costs of completion, disposal, and transportation. The provisions of this ASU are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within those annual periods, with early adoption permitted. The adoption of this ASU effective January 1, 2017 will not affect our financial position or results of operations since the majority of our inventory is stated at LIFO. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments–Overall (Subtopic 825-10),” to enhance the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. These provisions are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods. This ASU is to be applied using a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The adoption of this ASU effective January 1, 2018 will not affect our financial position or results of operations, but will result in revised disclosures. In February 2016, the FASB issued a new accounting standard under ASU No. 2016-02, “Leases (Topic 842),” to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new standard is effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. We anticipate adopting the new standard on January 1, 2019. We recently completed our evaluation of the provisions of this standard, and a multi-disciplined implementation team has gained an understanding of the standard’s accounting and disclosure provisions. This team is developing enhanced contracting and lease evaluation processes and information systems to support such processes, as well as new and enhanced accounting systems to account for our leases and support the required disclosures. We continue to evaluate the effect that adopting this standard will have on our financial statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740),” to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The provisions of this ASU require an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory immediately when the transfer occurs. These provisions are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods, with early adoption permitted. The provisions should be applied on a modified retrospective basis with a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the period of adoption to recognize the income tax consequences of intra-entity transfers of assets that occurred before the adoption date. We adopted this ASU effective January 1, 2017 and it did not materially affect our financial position or results of operations; however, certain deferred charges associated with intra-entity transfers of assets other than inventory will be reported in our balance sheet primarily as a reduction to our deferred income tax liabilities. In October 2016, the FASB issued ASU No. 2016-17, “Consolidation (Topic 810),” to provide guidance on how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within those annual periods, with early adoption permitted. The provisions should be applied on a retrospective basis to all relevant prior periods beginning with the fiscal year in which the VIE guidance was adopted with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this ASU effective January 1, 2017 will not affect our financial position or results of operations. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805),” to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The provisions of this ASU provide a more robust framework to use in determining when a set of assets and activities is a business by clarifying the requirements related to inputs, processes, and outputs. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods. Due to its application to future acquisitions and disposals, the adoption of this ASU effective January 1, 2018 will not have any immediate effect on our financial position or results of operations.
Variable interest entities	We also have financial interests in other entities in which we hold a 50 percent ownership interest, which is a significant variable interest. These entities were determined to be VIEs because the entities’ contractual arrangements transfer the power to direct the activities that most significantly impact their economic performance or reduce the exposure to operational variability and risk of loss created by the entity that otherwise would be held exclusively by the equity owners. Furthermore, we determined that we are the primary beneficiary of these VIEs because (a) certain contractual arrangements (exclusive of our ownership rights) provide us with the power to direct the activities that most significantly impact the economic performance of these entities and (b) our 50 percent ownership interests provide us with significant economic rights and obligations. As operator, we operate the plant and perform certain day-to-day operating and management functions for DGD as an independent contractor. The operations agreement provides us (as operator) and, in the event of certain conditions, the debt agreement provides us (as lender) with certain power to direct the activities that most significantly impact DGD’s economic performance. Because the operations agreement and the debt agreement convey such power to us and are separate from our ownership rights, DGD was determined to be a VIE. For this reason and because we hold a 50 percent ownership interest that provides us with significant economic rights and obligations, we determined that we are the primary beneficiary of DGD. VLP was determined to be a VIE because the public limited partners of VLP ( i.e. , parties other than entities under common control with the general partner) lack the power to direct the activities of VLP that most significantly impact its economic performance because they do not have substantive kick-out rights over the general partner or substantive participating rights in VLP. Furthermore, we determined that we are the primary beneficiary of VLP because (a) we are the single decision maker and because our general partner interest provides us with the sole power to direct the activities that most significantly impact VLP’s economic performance and (b) our 66.4 percent limited partner interest and 2.0 percent general partner interest provide us with significant economic rights and obligations. In the normal course of business, we have financial interests in certain entities that have been determined to be VIEs. We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary such that we have (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to make this determination, we evaluated our contractual arrangements with the VIEs, including arrangements for the use of assets, purchases of products and services, debt, equity, or management of operating activities.
Offsetting fair value amounts of commodity derivative contracts	We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the tables below on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
Derivative instruments collateral requirements	We do not require any collateral or other security to support derivative instruments into which we enter.

Description of Business, Basi30

Description of Business, Basis of Presentation, and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Balance sheet line items retrospectively adjusted for the adoption of new accounting pronouncements	The following table presents our previously reported balance sheet line items retrospectively adjusted for the adoption of these pronouncements (in millions): December 31, 2015 Previously Reported Reclassifications Currently Reported Assets Current deferred income taxes $ 74 $ (74 ) $ — Deferred charges and other assets, net 2,668 (42 ) 2,626 Liabilities Current deferred income taxes 366 (366 ) — Debt and capital lease obligations, less current portion 7,250 (42 ) 7,208 Deferred income taxes 6,768 292 7,060

Receivables (Tables)

Receivables (Tables)	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Receivables, net	Receivables consisted of the following (in millions): December 31, 2016 2015 Accounts receivable $ 5,687 $ 4,105 Commodity derivative and foreign currency contract receivables 129 147 Other receivables 117 247 5,933 4,499 Allowance for doubtful accounts (32 ) (35 ) Receivables, net $ 5,901 $ 4,464

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): December 31, 2016 2015 Refinery feedstocks $ 2,068 $ 2,404 Refined petroleum products and blendstocks 3,153 3,774 Ethanol feedstocks and products 238 242 Materials and supplies 250 244 Inventories, before lower of cost or market inventory valuation reserve 5,709 6,664 Lower of cost or market inventory valuation reserve — (766 ) Inventories $ 5,709 $ 5,898

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Major classes of property, plant, and equipment	Major classes of property, plant, and equipment, which include capital lease assets, consisted of the following (in millions): December 31, 2016 2015 Land $ 400 $ 400 Crude oil processing facilities 29,754 28,688 Transportation and terminaling facilities 3,692 3,642 Grain processing equipment 855 792 Administrative buildings 838 789 Other 1,464 1,423 Construction in progress 730 1,173 Property, plant, and equipment, at cost 37,733 36,907 Accumulated depreciation (11,261 ) (10,204 ) Property, plant, and equipment, net $ 26,472 $ 26,703

Deferred Charges and Other As34

Deferred Charges and Other Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of deferred charges and other assets, net	“Deferred charges and other assets, net” consisted of the following (in millions): December 31, 2016 2015 Deferred turnaround and catalyst costs, net $ 1,614 $ 1,484 Income taxes receivable 447 266 Investments in joint ventures 201 201 Intangible assets, net 148 156 Other 491 519 Deferred charges and other assets, net $ 2,901 $ 2,626

Accrued Expenses and Other Lo35

Accrued Expenses and Other Long-Term Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Accrued Expenses and Other Long-Term Liabilities [Abstract]
Accrued expenses and other long-term liabilities	Accrued expenses and other long-term liabilities consisted of the following (in millions): Accrued Expenses Other Long- Term Liabilities December 31, 2016 2015 2016 2015 Defined benefit plan liabilities (see Note 12) $ 32 $ 40 $ 742 $ 719 Wage and other employee-related liabilities 225 292 103 100 Uncertain income tax position liabilities (see Note 14) — — 465 148 Environmental liabilities 29 27 223 231 Environmental credit obligations (see Note 18) 214 8 — — Accrued interest expense 104 96 — — Other accrued liabilities 90 91 211 413 Accrued expenses and other long-term liabilities $ 694 $ 554 $ 1,744 $ 1,611

Debt and Capital Lease Obliga36

Debt and Capital Lease Obligations (Tables)	12 Months Ended
	Dec. 31, 2016
Debt and Capital Lease Obligations [Abstract]
Debt and capital lease obligations	Debt, at stated values, and capital lease obligations consisted of the following (in millions): Final Maturity December 31, 2016 2015 Bank credit facilities: Valero Revolver 2020 $ — $ — VLP Revolver 2020 30 175 Canadian Revolver 2017 — — Accounts receivable sales facility 2017 100 100 Non-bank debt: Valero Senior Notes 6.625% 2037 1,500 1,500 3.4% 2026 1,250 — 6.125% 2020 850 850 9.375% 2019 750 750 7.5% 2032 750 750 4.9% 2045 650 650 3.65% 2025 600 600 10.5% 2039 250 250 8.75% 2030 200 200 7.45% 2097 100 100 6.75% 2037 24 24 7.2% 2017 — 200 6.125% 2017 — 750 VLP Senior Notes, 4.375% 2026 500 — Gulf Opportunity Zone Revenue Bonds, Series 2010, 4.0% 2040 300 300 Debenture, 7.65% 2026 100 100 Other debt 2023 51 17 Net unamortized debt issuance costs and other (79 ) (66 ) Total debt 7,926 7,250 Capital lease obligations 75 85 Total debt and capital lease obligations 8,001 7,335 Less current portion (115 ) (127 ) Debt and capital lease obligations, less current portion $ 7,886 $ 7,208
Summary of credit facilities	Summary of Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our revolving credit facilities as follows (in millions): December 31, 2016 Facility Amount Maturity Date Outstanding Borrowings Letters of Credit Issued Availability Committed facilities: Valero Revolver $ 3,000 November 2020 $ — $ 53 $ 2,947 VLP Revolver $ 750 November 2020 $ 30 $ — $ 720 Canadian Revolver C$ 25 November 2017 C$ — C$ 10 C$ 15 Accounts receivable sales facility $ 1,300 July 2017 $ 100 $ — $ 1,200 Letter of credit facilities $ 225 June 2017 and November 2017 $ — $ — $ 225 Uncommitted facilities: Letter of credit facilities $ 670 N/A $ — $ 202 $ 468
Interest and debt expense, net of capitalized interest	Interest and debt expense, net of capitalized interest is comprised as follows (in millions): Year Ended December 31, 2016 2015 2014 Interest and debt expense incurred $ 511 $ 504 $ 467 Less capitalized interest 65 71 70 Interest and debt expense, net of capitalized interest $ 446 $ 433 $ 397
Principal payments on debt and future minimum rentals on capital lease obligations	Principal maturities for our debt obligations and future minimum rentals on capital lease obligations as of December 31, 2016 were as follows (in millions): Debt Capital Lease Obligations 2017 $ 105 $ 17 2018 5 16 2019 755 16 2020 885 13 2021 5 12 Thereafter 6,250 31 Net unamortized debt issuance costs and other (79 ) — Less interest expense — (30 ) Total $ 7,926 $ 75

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Future minimum rentals for leases having initial or remaining noncancelable lease terms in excess of one year	As of December 31, 2016 , our future minimum rentals for leases having initial or remaining noncancelable lease terms in excess of one year were as follows (in millions): 2017 $ 479 2018 321 2019 221 2020 162 2021 106 Thereafter 362 Total minimum rental payments $ 1,651 Minimum rentals to be received under subleases $ 26
Rental expense for all operating leases	Rental expense was as follows (in millions): Year Ended December 31, 2016 2015 2014 Minimum rental expense $ 739 $ 732 $ 618 Contingent rental expense 70 105 43 Total rental expense 809 837 661 Less sublease rental income (31 ) (46 ) (28 ) Net rental expense $ 778 $ 791 $ 633

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Share activity	Activity in the number of shares of common stock and treasury stock was as follows (in millions): Common Stock Treasury Stock Balance as of December 31, 2013 673 (138 ) Transactions in connection with stock-based compensation plans: Stock issuances — 4 Stock purchases — (2 ) Stock purchases under purchase program — (23 ) Balance as of December 31, 2014 673 (159 ) Transactions in connection with stock-based compensation plans: Stock issuances — 4 Stock purchases — (3 ) Stock purchases under purchase program — (42 ) Balance as of December 31, 2015 673 (200 ) Transactions in connection with stock-based compensation plans: Stock issuances — 2 Stock purchases — (1 ) Stock purchases under purchase program — (23 ) Balance as of December 31, 2016 673 (222 )
Income tax effects related to components of other comprehensive income (loss)	The tax effects allocated to each component of other comprehensive loss were as follows (in millions): Before-Tax Amount Tax Expense (Benefit) Net Amount Year Ended December 31, 2016: Foreign currency translation adjustment $ (415 ) $ — $ (415 ) Pension and other postretirement benefits: Gain (loss) arising during the year related to: Net actuarial loss (110 ) (34 ) (76 ) Miscellaneous gain — (8 ) 8 Amounts reclassified into income related to: Net actuarial loss 48 18 30 Prior service credit (36 ) (13 ) (23 ) Net loss on pension and other postretirement benefits (98 ) (37 ) (61 ) Other comprehensive loss $ (513 ) $ (37 ) $ (476 ) Year Ended December 31, 2015: Foreign currency translation adjustment $ (606 ) $ — $ (606 ) Pension and other postretirement benefits: Gain (loss) arising during the year related to: Net actuarial gain 50 15 35 Prior service cost (22 ) (8 ) (14 ) Amounts reclassified into income related to: Net actuarial loss 62 22 40 Prior service credit (40 ) (14 ) (26 ) Curtailment and settlement 7 2 5 Net gain on pension and other postretirement benefits 57 17 40 Other comprehensive loss $ (549 ) $ 17 $ (566 ) Before-Tax Amount Tax Expense (Benefit) Net Amount Year Ended December 31, 2014: Foreign currency translation adjustment $ (407 ) $ — $ (407 ) Pension and other postretirement benefits: Loss arising during the year related to: Net actuarial loss (471 ) (162 ) (309 ) Prior service cost (1 ) (1 ) — Amounts reclassified into income related to: Net actuarial loss 34 12 22 Prior service credit (40 ) (14 ) (26 ) Curtailment and settlement 3 — 3 Net loss on pension and other postretirement benefits (475 ) (165 ) (310 ) Derivative instruments designated and qualifying as cash flow hedges: Net loss arising during the year (1 ) — (1 ) Net loss reclassified into income 2 1 1 Net gain on cash flow hedges 1 1 — Other comprehensive loss $ (881 ) $ (164 ) $ (717 )
Changes in components of accumulated other comprehensive income (loss)	Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows (in millions): Foreign Currency Translation Adjustment Defined Benefit Plan Items Gains and (Losses) on Cash Flow Hedges Total Balance as of December 31, 2013 $ 408 $ (58 ) $ — $ 350 Other comprehensive loss before reclassifications (407 ) (309 ) (1 ) (717 ) Amounts reclassified from accumulated other comprehensive income (loss) — (1 ) 1 — Net other comprehensive loss (407 ) (310 ) — (717 ) Balance as of December 31, 2014 1 (368 ) — (367 ) Other comprehensive income (loss) before reclassifications (606 ) 21 — (585 ) Amounts reclassified from accumulated other comprehensive income (loss) — 19 — 19 Net other comprehensive income (loss) (606 ) 40 — (566 ) Balance as of December 31, 2015 (605 ) (328 ) — (933 ) Other comprehensive loss before reclassifications (416 ) (68 ) — (484 ) Amounts reclassified from accumulated other comprehensive loss — 7 — 7 Net other comprehensive loss (416 ) (61 ) — (477 ) Balance as of December 31, 2016 $ (1,021 ) $ (389 ) $ — $ (1,410 )
Gains (losses) reclassified out of accumulated other comprehensive income (loss)	Gains (losses) reclassified out of accumulated other comprehensive loss and into net income were as follows (in millions): Details about Accumulated Other Comprehensive Loss Components Affected Line Item in the Statement of Income Year Ended December 31, 2016 2015 2014 Amortization of items related to defined benefit pension plans: Net actuarial loss $ (48 ) $ (62 ) $ (34 ) (a) Prior service credit 36 40 40 (a) Curtailment and settlement — (7 ) (3 ) (a) (12 ) (29 ) 3 Total before tax 5 10 (2 ) Tax (expense) benefit $ (7 ) $ (19 ) $ 1 Net of tax Losses on cash flow hedges: Commodity contracts $ — $ — $ (2 ) Cost of sales — — (2 ) Total before tax — — 1 Tax benefit $ — $ — $ (1 ) Net of tax Total reclassifications for the year $ (7 ) $ (19 ) $ — Net of tax _________________________ (a) These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as further discussed in Note 12 . Net periodic benefit cost is reflected in operating expenses and general and administrative expenses.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summarized balance sheet information of VIEs	The following tables present summarized balance sheet information for the significant assets and liabilities of our VIEs, which are included in our balance sheets (in millions). December 31, 2016 VLP DGD Other Total Assets Cash and temporary cash investments $ 71 $ 167 $ 15 $ 253 Other current assets 3 87 — 90 Property, plant, and equipment, net 865 355 133 1,353 Liabilities Current liabilities $ 15 $ 17 $ 7 $ 39 Debt and capital lease obligations, less current portion 525 — 46 571 December 31, 2015 VLP DGD Other Total Assets Cash and temporary cash investments $ 81 $ 44 $ 7 $ 132 Other current assets — 211 — 211 Property, plant, and equipment, net 747 356 140 1,243 Liabilities Current liabilities $ 13 $ 12 $ 18 $ 43 Debt and capital lease obligations, less current portion 175 — — 175

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
The changes in benefit obligation, the changes in fair value of plan assets, and the funded status of our pension plans and other postretirement benefit plans	The changes in benefit obligation related to all of our defined benefit plans, the changes in fair value of plan assets (a) , and the funded status of our defined benefit plans as of and for the years ended were as follows (in millions): Pension Plans Other Postretirement Benefit Plans December 31, December 31, 2016 2015 2016 2015 Changes in benefit obligation: Benefit obligation as of beginning of year $ 2,365 $ 2,450 $ 336 $ 361 Service cost 111 109 7 8 Interest cost 84 98 12 14 Participant contributions — — 8 8 Plan amendments — 22 — — Benefits paid (130 ) (169 ) (27 ) (27 ) Actuarial (gain) loss 171 (138 ) (35 ) (26 ) Other (34 ) (7 ) 1 (2 ) Benefit obligation as of end of year $ 2,567 $ 2,365 $ 302 $ 336 Changes in plan assets (a) : Fair value of plan assets as of beginning of year $ 1,947 $ 1,978 $ — $ — Actual return on plan assets 165 19 — — Valero contributions 141 126 18 18 Participant contributions — — 8 8 Benefits paid (130 ) (169 ) (27 ) (27 ) Other (26 ) (7 ) 1 1 Fair value of plan assets as of end of year $ 2,097 $ 1,947 $ — $ — Reconciliation of funded status (a) : Fair value of plan assets as of end of year $ 2,097 $ 1,947 $ — $ — Less benefit obligation as of end of year 2,567 2,365 302 336 Funded status as of end of year $ (470 ) $ (418 ) $ (302 ) $ (336 ) Accumulated benefit obligation $ 2,419 $ 2,240 n/a n/a ___________________________ (a) Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 18 for the assets associated with certain U.S. nonqualified pension plans.
Schedule of amounts recognized in balance sheet	Amounts recognized in our balance sheet for our pension and other postretirement benefits plans as of December 31, 2016 and 2015 include (in millions): Pension Plans Other Postretirement Benefit Plans 2016 2015 2016 2015 Deferred charges and other assets, net $ 2 $ 5 $ — $ — Accrued expenses (13 ) (20 ) (19 ) (20 ) Other long-term liabilities (459 ) (403 ) (283 ) (316 ) $ (470 ) $ (418 ) $ (302 ) $ (336 )
Benefit obligations in excess of fair value of plan assets	The accumulated benefit obligations for certain of our pension plans exceed the fair values of the assets of those plans. For those plans, the table below presents the total projected benefit obligation, accumulated benefit obligation, and fair value of the plan assets (in millions). December 31, 2016 2015 Projected benefit obligation $ 2,322 $ 2,169 Accumulated benefit obligation 2,210 2,070 Fair value of plan assets 1,870 1,747
Expected benefit payments	Benefit payments that we expect to pay, including amounts related to expected future services that we expect to receive are as follows for the years ending December 31 (in millions): Pension Benefits Other Postretirement Benefits 2017 $ 144 $ 19 2018 151 20 2019 205 20 2020 175 20 2021 172 20 2022-2026 985 99
Components of net periodic benefit costs	The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, Year Ended December 31, 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost: Service cost $ 111 $ 109 $ 120 $ 7 $ 8 $ 7 Interest cost 84 98 91 12 14 15 Expected return on plan assets (139 ) (133 ) (133 ) — — — Amortization of: Net actuarial (gain) loss 49 62 35 (1 ) — (1 ) Prior service credit (20 ) (22 ) (22 ) (16 ) (18 ) (18 ) Special charges (credits) (7 ) 7 3 — — — Net periodic benefit cost $ 78 $ 121 $ 94 $ 2 $ 4 $ 3
Pre-tax amounts recognized in other comprehensive income	Pre-tax amounts recognized in other comprehensive income were as follows (in millions): Pension Plans Other Postretirement Benefit Plans Year Ended December 31, Year Ended December 31, 2016 2015 2014 2016 2015 2014 Net gain (loss) arising during the year: Net actuarial gain (loss) $ (145 ) $ 24 $ (434 ) $ 35 $ 26 $ (37 ) Prior service cost — (22 ) (1 ) — — — Net (gain) loss reclassified into income: Net actuarial (gain) loss 49 62 35 (1 ) — (1 ) Prior service credit (20 ) (22 ) (22 ) (16 ) (18 ) (18 ) Curtailment and settlement loss — 7 3 — — — Total changes in other comprehensive income (loss) $ (116 ) $ 49 $ (419 ) $ 18 $ 8 $ (56 )
Pre-tax amounts in accumulated other comprehensive income not yet recognized	The pre-tax amounts in accumulated other comprehensive (income) loss as of December 31, 2016 and 2015 that have not yet been recognized as components of net periodic benefit cost were as follows (in millions): Pension Plans Other Postretirement Benefit Plans 2016 2015 2016 2015 Net actuarial (gain) loss $ 878 $ 783 $ (66 ) $ (31 ) Prior service credit (145 ) (166 ) (58 ) (75 ) Total $ 733 $ 617 $ (124 ) $ (106 )
Pre-tax amounts in accumulated other comprehensive income to be recognized in the next fiscal year	The following pre-tax amounts included in accumulated other comprehensive (income) loss as of December 31, 2016 are expected to be recognized as components of net periodic benefit cost during the year ending December 31, 2017 (in millions): Pension Plans Other Postretirement Benefit Plans Amortization of net actuarial (gain) loss $ 53 $ (3 ) Amortization of prior service credit (20 ) (16 ) Total $ 33 $ (19 )
Weighted-average assumptions used to determine the benefit obligations and net periodic benefit cost	The weighted-average assumptions used to determine the benefit obligations as of December 31, 2016 and 2015 were as follows: Pension Plans Other Postretirement Benefit Plans 2016 2015 2016 2015 Discount rate 4.08 % 4.45 % 4.26 % 4.53 % Rate of compensation increase 3.81 % 3.79 % n/a n/a The weighted-average assumptions used to determine the net periodic benefit cost for the years ended December 31, 2016 , 2015 , and 2014 were as follows: Pension Plans Other Postretirement Benefit Plans 2016 2015 2014 2016 2015 2014 Discount rate 4.45 % 4.10 % 4.92 % 4.53 % 4.13 % 4.88 % Expected long-term rate of return on plan assets 7.28 % 7.29 % 7.61 % n/a n/a n/a Rate of compensation increase 3.79 % 3.78 % 3.81 % n/a n/a n/a
Assumed health care cost trend rates	The assumed health care cost trend rates as of December 31, 2016 and 2015 were as follows: 2016 2015 Health care cost trend rate assumed for the next year 7.28 % 7.29 % Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2026 2026
Fair value of pension plan assets by level of fair value hierarchy	The tables below present the fair values of the assets of our pension plans (in millions) as of December 31, 2016 and 2015 by level of the fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on quotations from national securities exchanges. Assets categorized in Level 2 of the hierarchy are measured at net asset value in a market that is not active. As previously noted, we do not fund or fully fund U.S. nonqualified and certain international pension plans that are not subject to funding requirements, and we do not fund our other postretirement benefit plans. Fair Value Measurements Using Total as of Level 1 Level 2 Level 3 Equity securities: U.S. companies (a) $ 562 $ — $ — $ 562 International companies 164 — — 164 Preferred stock 3 — — 3 Mutual funds: International growth 90 — — 90 Index funds (b) 230 — — 230 Corporate debt instruments — 280 — 280 Government securities: U.S. Treasury securities 52 — — 52 Other government securities — 158 — 158 Common collective trusts — 434 — 434 Private funds — 76 — 76 Insurance contract — 18 — 18 Interest and dividends receivable 5 — — 5 Cash and cash equivalents 56 16 — 72 Securities transactions payable, net (47 ) — — (47 ) Total pension assets $ 1,115 $ 982 $ — $ 2,097 ______________________ See notes on page 108 . Fair Value Measurements Using Total as of Level 1 Level 2 Level 3 Equity securities: U.S. companies (a) $ 503 $ — $ — $ 503 International companies 158 — — 158 Preferred stock 2 — — 2 Mutual funds: International growth 89 — — 89 Index funds (b) 202 — — 202 Corporate debt instruments — 279 — 279 Government securities: U.S. Treasury securities 57 — — 57 Other government securities — 141 — 141 Common collective trusts — 375 — 375 Private funds — 65 — 65 Insurance contract — 19 — 19 Interest and dividends receivable 5 — — 5 Cash and cash equivalents 49 43 — 92 Securities transactions payable, net (40 ) — — (40 ) Total pension assets $ 1,025 $ 922 $ — $ 1,947 __________________________________ (a) Equity securities are held in a wide range of industrial sectors, including consumer goods, information technology, healthcare, industrials, and financial services. (b) This class includes primarily investments in approximately 50 percent equities and 50 percent bonds as of December 31, 2016 . As of December 31, 2015 , the class included primarily investments in approximately 60 percent equities and 40 percent bonds.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock-based compensation expense and tax benefits	The following table reflects activity related to our stock-based compensation arrangements (in millions): Year Ended December 31, 2016 2015 2014 Stock-based compensation expense: Restricted stock $ 52 $ 47 $ 43 Performance awards 15 11 15 Stock options 1 1 2 Total stock-based compensation expense $ 68 $ 59 $ 60 Tax benefit recognized on stock-based compensation expense $ 24 $ 21 $ 21 Tax benefit realized for tax deductions resulting from exercises and vestings 33 66 64 Effect of tax deductions in excess of recognized stock-based compensation expense (a) 22 44 47 _______________________________ (a) Effective January 1, 2016, the effect of tax deductions in excess of recognized stock-based compensation expense is reported as an operating cash flow. These amounts were previously reported as financing cash flows.
Summary of restricted stock awards	The following table reflects activity related to our restricted stock (in millions, except per share data): Year Ended December 31, 2016 2015 2014 Weighted-average grant-date fair value per share of restricted stock granted $ 59.00 $ 70.07 $ 49.40 Fair value of restricted stock vested 46 69 60 The fair value of each restricted stock per share is equal to the market price of our common stock. A summary of the status of our restricted stock awards is presented in the table below. Number of Shares Weighted- Average Grant-Date Fair Value Per Share Nonvested shares as of January 1, 2016 1,551,440 $ 57.15 Granted 1,004,935 59.00 Vested (978,845 ) 53.40 Forfeited (10,580 ) 57.37 Nonvested shares as of December 31, 2016 1,566,950 60.68
Summary of performance awards	Performance awards converted during the year ended December 31, 2016 were as follows: Vested Awards Converted Actual Conversion Rate Number of Shares Issued 2012 awards 96,844 200% 193,688 2013 awards 78,411 200% 156,822 2014 awards 49,871 200% 99,742 Total 225,126 450,252 A summary of the status of our performance awards is presented below. Nonvested Weighted- Awards outstanding as of January 1, 2016 408,425 $ 66.23 Granted 170,327 88.79 Vested (225,126 ) 47.71 Forfeited (15,237 ) 91.88 Awards outstanding as of December 31, 2016 338,389 88.75

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income from continuing operations before income tax expense from U.S. and international operations	Income from continuing operations before income tax expense was as follows (in millions): Year Ended December 31, 2016 2015 2014 U.S. operations $ 1,733 $ 5,327 $ 4,677 International operations 1,449 644 875 Income from continuing operations before income tax expense $ 3,182 $ 5,971 $ 5,552
Reconciliation of income tax expense related to continuing operations to income tax expense at statutory rate	Statutory income tax rates applicable to the countries in which we operate were as follows: Year Ended December 31, 2016 2015 2014 U.S. 35 % 35 % 35 % Canada 15 % 15 % 15 % U.K. 20 % 20 % 21 % Ireland 13 % 13 % 13 % Aruba (a) 7 % 7 % 7 % ___________________________ (a) Statutory income tax rate applicable through the date of the Aruba Disposition as described in Note 2 . The following is a reconciliation of income tax expense computed by applying statutory income tax rates as reflected in the table above to actual income tax expense related to continuing operations (in millions): Year Ended December 31, 2016 U.S. International Total Income tax expense at statutory rates $ 606 $ 256 $ 862 U.S. state and Canadian provincial tax expense, net of federal income tax effect 5 31 36 Permanent differences: Manufacturing deduction (22 ) — (22 ) Other (3 ) (10 ) (13 ) Change in tax law — (7 ) (7 ) Tax effects of income associated with noncontrolling interests (44 ) — (44 ) Other, net (37 ) (10 ) (47 ) Income tax expense $ 505 $ 260 $ 765 Year Ended December 31, 2015 U.S. International Total Income tax expense at statutory rates $ 1,864 $ 92 $ 1,956 U.S. state and Canadian provincial tax expense, net of federal income tax effect 45 73 118 Permanent differences: Manufacturing deduction (102 ) — (102 ) Other (18 ) (5 ) (23 ) Change in tax law — (17 ) (17 ) Tax effects of income associated with noncontrolling interests (39 ) — (39 ) Other, net (25 ) 2 (23 ) Income tax expense $ 1,725 $ 145 $ 1,870 Year Ended December 31, 2014 U.S. International Total Income tax expense at statutory rates $ 1,637 $ 145 $ 1,782 U.S. state and Canadian provincial tax expense, net of federal income tax effect 62 71 133 Permanent differences: Manufacturing deduction (74 ) — (74 ) Other (16 ) 1 (15 ) Tax effects of income associated with noncontrolling interests (28 ) — (28 ) Other, net (22 ) 1 (21 ) Income tax expense $ 1,559 $ 218 $ 1,777
Components of income tax expense related to continuing operations	Components of income tax expense related to continuing operations were as follows (in millions): Year Ended December 31, 2016 U.S. International Total Current: Country $ 294 $ 194 $ 488 U.S. state / Canadian provincial 12 35 47 Total current 306 229 535 Deferred: Country 203 35 238 U.S. state / Canadian provincial (4 ) (4 ) (8 ) Total deferred 199 31 230 Income tax expense $ 505 $ 260 $ 765 Year Ended December 31, 2015 U.S. International Total Current: Country $ 1,513 $ 64 $ 1,577 U.S. state / Canadian provincial 85 43 128 Total current 1,598 107 1,705 Deferred: Country 143 8 151 U.S. state / Canadian provincial (16 ) 30 14 Total deferred 127 38 165 Income tax expense $ 1,725 $ 145 $ 1,870 Year Ended December 31, 2014 U.S. International Total Current: Country $ 1,196 $ 53 $ 1,249 U.S. state / Canadian provincial 59 24 83 Total current 1,255 77 1,332 Deferred: Country 268 94 362 U.S. state / Canadian provincial 36 47 83 Total deferred 304 141 445 Income tax expense $ 1,559 $ 218 $ 1,777
Schedule of income taxes paid, net	Income taxes paid to U.S. and international taxing authorities were as follows (in millions): Year Ended December 31, 2016 2015 2014 Income taxes paid, net: U.S. $ 241 $ 2,092 $ 1,455 International 203 1 169 Total $ 444 $ 2,093 $ 1,624
Deferred income tax assets and liabilities	The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows (in millions): December 31, 2016 2015 Deferred income tax assets: Tax credit carryforwards $ 65 $ 33 Net operating losses (NOLs) 374 423 Inventories 93 72 Compensation and employee benefit liabilities 344 331 Environmental liabilities 69 80 Other 100 139 Total deferred income tax assets 1,045 1,078 Less: Valuation allowance (374 ) (435 ) Net deferred income tax assets 671 643 Deferred income tax liabilities: Property, plant, and equipment 6,900 6,725 Deferred turnaround costs 450 394 Inventories 356 287 Investments 253 226 Other 73 71 Total deferred income tax liabilities 8,032 7,703 Net deferred income tax liabilities $ 7,361 $ 7,060
Income tax credit and loss carryforwards	We had the following income tax credit and loss carryforwards as of December 31, 2016 (in millions): Amount Expiration U.S. state income tax credits $ 71 2017 through 2026 U.S. state income tax credits 2 Unlimited U.S. state NOLs (gross amount) 9,018 2017 through 2036 U.S. alternative minimum tax credit 18 Unlimited
Reconciliation of the change in unrecognized tax benefits	The following is a reconciliation of the change in unrecognized tax benefits, excluding related penalties, interest (net of the U.S. federal and state income tax effects), and the U.S. federal income tax effect of state unrecognized tax benefits (in millions): Year Ended December 31, 2016 2015 2014 Balance as of beginning of year $ 964 $ 989 $ 950 Additions based on tax positions related to the current year 36 36 35 Additions for tax positions related to prior years 11 83 118 Reductions for tax positions related to prior years (46 ) (82 ) (67 ) Reductions for tax positions related to the lapse of applicable statute of limitations (3 ) (3 ) (1 ) Settlements (237 ) (59 ) (46 ) Reclassification of uncertain tax receivable to long-term receivable from IRS 211 — — Balance as of end of year $ 936 $ 964 $ 989
Summary of income tax contingencies	The following is a reconciliation of unrecognized tax benefits reflected in the table above to our uncertain tax position liabilities that are presented in our balance sheets (in million). December 31, 2016 2015 Unrecognized tax benefits $ 936 $ 964 Tax refund claim not presented in our balance sheets (433 ) (570 ) Other (5 ) 25 Uncertain tax position liabilities presented in our balance sheets $ 498 $ 419 Amounts recognized in our balance sheets for uncertain tax positions include (in millions): December 31, 2016 2015 Deferred charges and other assets, net $ — $ 195 Income taxes payable (7 ) (438 ) Other long-term liabilities (465 ) (148 ) Deferred tax liabilities (26 ) (28 ) Uncertain tax position liabilities presented in our balance sheets $ (498 ) $ (419 )

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of earnings per common share, basic and diluted	Earnings per common share from continuing operations were computed as follows (dollars and shares in millions, except per share amounts): Year Ended December 31, 2016 2015 2014 Participating Common Stock Participating Common Stock Participating Common Stock Earnings per common share from continuing operations: Net income attributable to Valero stockholders from continuing operations $ 2,289 $ 3,990 $ 3,694 Less dividends paid: Common stock 1,108 845 552 Participating securities 3 3 2 Undistributed earnings $ 1,178 $ 3,142 $ 3,140 Weighted-average common shares outstanding 1 461 2 497 2 526 Earnings per common share from continuing operations: Distributed earnings $ 2.40 $ 2.40 $ 1.70 $ 1.70 $ 1.05 $ 1.05 Undistributed earnings 2.54 2.54 6.30 6.30 5.95 5.95 Total earnings per common share from continuing operations $ 4.94 $ 4.94 $ 8.00 $ 8.00 $ 7.00 $ 7.00 Earnings per common share from continuing operations – assuming dilution: Net income attributable to Valero stockholders from continuing operations $ 2,289 $ 3,990 $ 3,694 Weighted-average common shares outstanding 461 497 526 Common equivalent shares: Stock options 2 2 2 Performance awards and nonvested restricted stock 1 1 2 Weighted-average common shares outstanding – assuming dilution 464 500 530 Earnings per common share from continuing operations – assuming dilution $ 4.94 $ 7.99 $ 6.97

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Operating revenues from external customers by product	Operating revenues from external customers for our principal products were as follows (in millions): Year Ended December 31, 2016 2015 2014 Refining: Gasolines and blendstocks $ 33,450 $ 38,983 $ 56,846 Distillates 32,576 38,093 57,521 Other product revenues 5,942 7,445 11,637 Total refining revenues 71,968 84,521 126,004 Ethanol: Ethanol 3,105 2,628 4,192 Distillers grains 586 655 648 Total ethanol revenues 3,691 3,283 4,840 Total revenues from external customers $ 75,659 $ 87,804 $ 130,844
Operating revenues by geographic area of customer	Operating revenues by geographic area are shown in the table below (in millions). The geographic area is based on location of customer and no customer accounted for 10 percent or more of our operating revenues. Year Ended December 31, 2016 2015 2014 U.S. $ 51,479 $ 60,319 $ 91,499 Canada 6,115 6,841 10,410 U.K. and Ireland 10,797 11,232 14,182 Other countries 7,268 9,412 14,753 Total operating revenues $ 75,659 $ 87,804 $ 130,844
Geographic information by country for long-lived assets	Geographic information by country for long-lived assets consisted of the following (in millions): December 31, 2016 2015 U.S. $ 25,359 $ 25,210 Canada 1,816 1,824 U.K. 947 1,131 Aruba — 57 Ireland 20 20 Total long-lived assets $ 28,142 $ 28,242
Segment activity, including total assets by reportable segment	The following table reflects activity related to continuing operations (in millions): Refining Ethanol Corporate and Eliminations Total Year ended December 31, 2016: Operating revenues from external customers $ 71,968 $ 3,691 $ — $ 75,659 Intersegment revenues — 210 (210 ) — Total segment revenues $ 71,968 $ 3,901 $ (210 ) $ 75,659 Lower of cost or market inventory valuation adjustment $ (697 ) $ (50 ) $ — $ (747 ) Depreciation and amortization expense 1,780 66 48 1,894 Asset impairment loss 56 — — 56 Operating income (loss) 3,995 340 (763 ) 3,572 Total expenditures for long-lived assets 1,890 68 38 1,996 Year ended December 31, 2015: Operating revenues from external customers $ 84,521 $ 3,283 $ — $ 87,804 Intersegment revenues — 151 (151 ) — Total segment revenues $ 84,521 $ 3,434 $ (151 ) $ 87,804 Lower of cost or market inventory $ 740 $ 50 $ — $ 790 Depreciation and amortization expense 1,745 50 47 1,842 Operating income (loss) 6,973 142 (757 ) 6,358 Total expenditures for long-lived assets 2,254 67 29 2,350 Refining Ethanol Corporate and Eliminations Total Year ended December 31, 2014: Operating revenues from external customers $ 126,004 $ 4,840 $ — $ 130,844 Intersegment revenues — 100 (100 ) — Total segment revenues $ 126,004 $ 4,940 $ (100 ) $ 130,844 Depreciation and amortization expense $ 1,597 $ 49 $ 44 $ 1,690 Operating income (loss) 5,884 786 (768 ) 5,902 Total expenditures for long-lived assets 2,730 42 30 2,802 Total assets by reportable segment were as follows (in millions): December 31, 2016 2015 Refining $ 39,034 $ 38,068 Ethanol 1,316 1,016 Corporate 5,823 5,143 Total assets $ 46,173 $ 44,227

Supplemental Cash Flow Inform45

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Year Ended December 31, 2016 2015 2014 Decrease (increase) in current assets: Receivables, net $ (1,531 ) $ 1,294 $ 2,753 Inventories 771 (222 ) (1,014 ) Income taxes receivable 156 (104 ) (23 ) Prepaid expenses and other (109 ) (45 ) (32 ) Increase (decrease) in current liabilities: Accounts payable 1,556 (1,787 ) (3,149 ) Accrued expenses 117 (40 ) 38 Taxes other than income taxes 82 (74 ) (64 ) Income taxes payable (66 ) (328 ) (319 ) Changes in current assets and current liabilities $ 976 $ (1,306 ) $ (1,810 ) Cash flows related to interest and income taxes were as follows (in millions): Year Ended December 31, 2016 2015 2014 Interest paid in excess of amount capitalized $ 427 $ 416 $ 392 Income taxes paid, net 444 2,093 1,624

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair value of financial assets and liabilities measured on recurring basis	The tables below present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of December 31, 2016 and 2015 . We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the tables below on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. December 31, 2016 Total Gross Fair Value Effect of Counter- party Netting Effect of Cash Collateral Netting Net Carrying Value on Balance Sheet Cash Collateral Paid or Received Not Offset Fair Value Hierarchy Level 1 Level 2 Level 3 Assets: Commodity derivative contracts $ 874 $ 38 $ — $ 912 $ (875 ) $ — $ 37 $ — Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Investments of certain benefit plans 58 — 11 69 n/a n/a 69 n/a Total $ 935 $ 38 $ 11 $ 984 $ (875 ) $ — $ 109 Liabilities: Commodity derivative contracts $ 872 $ 23 $ — $ 895 $ (875 ) $ (20 ) $ — $ (88 ) Environmental credit obligations — 188 — 188 n/a n/a 188 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Total $ 872 $ 216 $ — $ 1,088 $ (875 ) $ (20 ) $ 193 December 31, 2015 Total Gross Fair Value Effect of Counter- party Netting Effect of Cash Collateral Netting Net Carrying Value on Balance Sheet Cash Collateral Paid or Received Not Offset Fair Value Hierarchy Level 1 Level 2 Level 3 Assets: Commodity derivative contracts $ 649 $ 33 $ — $ 682 $ (557 ) $ (12 ) $ 113 $ — Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Investments of certain benefit plans 64 — 11 75 n/a n/a 75 n/a Total $ 716 $ 33 $ 11 $ 760 $ (557 ) $ (12 ) $ 191 Liabilities: Commodity derivative contracts $ 522 $ 35 $ — $ 557 $ (557 ) $ — $ — $ (31 ) Environmental credit obligations — 2 — 2 n/a n/a 2 n/a Physical purchase contracts — 6 — 6 n/a n/a 6 n/a Total $ 522 $ 43 $ — $ 565 $ (557 ) $ — $ 8
Carrying amounts and estimated fair value of financial instruments	Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the table below along with their associated fair values (in millions): December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 4,816 $ 4,816 $ 4,114 $ 4,114 Financial liabilities: Debt (excluding capital leases) 7,926 8,882 7,250 7,759

Price Risk Management Activit47

Price Risk Management Activities (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of December 31, 2016 , we had the following outstanding commodity derivative instruments that were entered into for trading purposes. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes represent thousands of barrels, except those identified as natural gas contracts that are presented in billions of British thermal units and corn contracts that are presented in thousands of bushels). Notional Contract Volumes by Year of Maturity Derivative Instrument 2017 Crude oil and refined petroleum products: Swaps – long 4,801 Swaps – short 4,801 Futures – long 22,577 Futures – short 24,429 Options – long 139,340 Options – short 140,690 Natural gas: Futures – long 750 Futures – short 250 Corn: Futures – long 1,000 Futures – short 1,000 As of December 31, 2016 , we had the following outstanding commodity derivative instruments that were used as economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes represent thousands of barrels, except those identified as corn contracts that are presented in thousands of bushels and soybean oil contracts that are presented in thousands of pounds). Notional Contract Volumes by Year of Maturity Derivative Instrument 2017 2018 Crude oil and refined petroleum products: Swaps – long 6,372 — Swaps – short 6,144 — Futures – long 109,372 — Futures – short 99,125 — Corn: Futures – long 15,285 — Futures – short 38,325 540 Physical contracts – long 18,994 543 Soybean oil: Futures – long 88,859 — Futures – short 147,598 —
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of December 31, 2016 and 2015 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 18 for additional information related to the fair values of our derivative instruments. As indicated in Note 18 , we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The tables below, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. Balance Sheet Location December 31, 2016 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 874 $ 872 Swaps Receivables, net 32 21 Options Receivables, net 6 2 Physical purchase contracts Inventories — 5 Foreign currency contracts Receivables, net 3 — Total $ 915 $ 900 Balance Sheet Location December 31, 2015 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 648 $ 522 Swaps Receivables, net 30 33 Options Receivables, net 4 2 Physical purchase contracts Inventories — 6 Foreign currency contracts Receivables, net 3 — Total $ 685 $ 563
Effect of derivative instruments on income and OCI	The following tables provide information about the gain or loss recognized in income on our derivative instruments and the line items in the financial statements in which such gains and losses are reflected (in millions). There were no gains or losses recognized in income or other comprehensive income related to fair value hedges and cash flow hedges for the years ended December 31, 2016 and 2015 and amounts recognized for the year ended December 31, 2014 were immaterial. Derivatives Designated as Economic Hedges and Other Derivative Instruments Location of Gain (Loss) Recognized in Income on Derivatives Year Ended December 31, 2016 2015 2014 Commodity contracts Cost of sales $ (132 ) $ 377 $ 693 Foreign currency contracts Cost of sales 16 49 40 Trading Derivatives Location of Gain Recognized in Income on Derivatives Year Ended December 31, 2016 2015 2014 Commodity contracts Cost of sales $ 46 $ 45 $ 38

Quarterly Financial Data (Una48

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial information	The following table summarizes quarterly financial data for the years ended December 31, 2016 and 2015 (in millions, except per share amounts). 2016 Quarter Ended March 31 (a) June 30 (b) September 30 December 31 Operating revenues $ 15,714 $ 19,584 $ 19,649 $ 20,712 Operating income 829 1,231 892 620 Net income 513 843 645 416 Net income attributable to Valero Energy Corporation stockholders 495 814 613 367 Earnings per common share 1.05 1.74 1.33 0.81 Earnings per common share – assuming dilution 1.05 1.73 1.33 0.81 2015 Quarter Ended March 31 June 30 September 30 December 31 (c) Operating revenues $ 21,330 $ 25,118 $ 22,579 $ 18,777 Operating income 1,495 2,078 2,139 646 Net income 968 1,365 1,373 395 Net income attributable to Valero Energy Corporation stockholders 964 1,351 1,377 298 Earnings per common share 1.87 2.67 2.79 0.62 Earnings per common share – assuming dilution 1.87 2.66 2.79 0.62 ___________________________ (a) Operating income for the quarter ended March 31, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $293 million as described in Note 4 . (b) Operating income for the quarter ended June 30, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $454 million as described in Note 4 and an asset impairment loss of $56 million related to the Aruba Disposition as described in Note 2 . (c) Operating income for the quarter ended December 31, 2015 reflects an unfavorable noncash lower of cost or market inventory valuation adjustment of $790 million as described in Note 4 .

Description of Business, Basi49

Description of Business, Basis of Presentation, and Significant Accounting Policies (Details) bbl / d in Millions, $ in Millions, gal / yr in Billions	12 Months Ended
	Dec. 31, 2016USD ($)gal / yrbbl / drefineriesplantssegmentsbranded_wholesale_sites	Dec. 31, 2015USD ($)
ASSETS
Deferred charges and other assets, net	$ 2,901	$ 2,626
Liabilities
Debt and capital lease obligations, less current portion	7,886	7,208
Deferred income taxes, currently reported	$ 7,361	7,060
Basis of Presentation and Summary of Significant Accounting Policies (Textual)
Number of petroleum refineries owned | refineries	15
Combined total throughput capacity of petroleum refining (barrels per day) | bbl / d	3.1
Number of branded wholesale sites | branded_wholesale_sites	7,400
Number of ethanol plants owned | plants	11
Combined capacity of ethanol (gallons per year) | gal / yr	1.4
Number of reportable segments | segments	2
Minimum [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Textual)
Property, plant, and equipment, useful life	25 years
Maximum [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Textual)
Property, plant, and equipment, useful life	30 years
Adjustments for New Accounting Pronouncement [Member]
ASSETS
Deferred charges and other assets, net		2,626
Liabilities
Debt and capital lease obligations, less current portion		7,208
Deferred income taxes, currently reported		7,060
Adjustments for New Accounting Pronouncement [Member] | Previously Reported [Member]
ASSETS
Current deferred income tax assets		74
Deferred charges and other assets, net		2,668
Liabilities
Current deferred income tax		366
Debt and capital lease obligations, less current portion		7,250
Deferred income taxes		6,768
Adjustments for New Accounting Pronouncement [Member] | Reclassifications [Member]
ASSETS
Current deferred income tax assets		(74)
Deferred charges and other assets, net		(42)
Liabilities
Current deferred income tax		(366)
Debt and capital lease obligations, less current portion		(42)
Deferred income taxes		$ 292

Aruba Disposition (Details)

Aruba Disposition (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Aruba Disposition (Textual)
Asset impairment loss		$ 56		$ 56	$ 0	$ 0
Tax benefit on disposition				(765)	$ (1,870)	(1,777)
Aruba Terminal [Member]
Aruba Disposition (Textual)
Asset impairment loss	$ 56
Aruba Terminal [Member] | Refining [Member]
Aruba Disposition (Textual)
Asset impairment loss	$ 56
Aruba Refinery [Member]
Aruba Disposition (Textual)
Asset retirement obligation recognized			$ 59
Asset retirement obligation charged to expense			59
Liabilities recognized for obligations under certain contracts			$ 4
Aruba refinery operating revenues						0
Aruba refinery loss before income taxes						$ 64
Aruba Disposition [Member] | Refining [Member]
Aruba Disposition (Textual)
Tax benefit on disposition				$ 42

Receivables (Details)

Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Receivables
Accounts receivable	$ 5,687	$ 4,105
Commodity derivative and foreign currency contract receivables	129	147
Other receivables	117	247
Receivables, gross	5,933	4,499
Allowance for doubtful accounts	(32)	(35)
Receivables, net	$ 5,901	$ 4,464

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Inventories
Refinery feedstocks			$ 2,404	$ 2,068	$ 2,404
Refined petroleum products and blendstocks			3,774	3,153	3,774
Ethanol feedstocks and products			242	238	242
Materials and supplies			244	250	244
Inventories, before lower of cost or market inventory valuation reserve			6,664	5,709	6,664
Lower of cost or market inventory valuation reserve			(766)	0	(766)
Inventories			5,898	5,709	5,898
Inventories (Textual)
Lower of cost or market inventory valuation reserve			766	0	766
Lower of cost or market inventory valuation adjustment	$ 454	$ 293	(790)	747	(790)	$ 0
Effect of LIFO inventory liquidation on income				120
Excess of market value over carrying amount of LIFO inventories				1,900
Inventory not valued at LIFO			$ 668	$ 641	$ 668

Property, Plant, and Equipmen53

Property, Plant, and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost	$ 37,733	$ 36,907
Accumulated depreciation	(11,261)	(10,204)
Property, plant, and equipment, net	26,472	26,703
Property, Plant, and Equipment (Textual)
Property, plant, and equipment, assets under capital leases	118	134
Accumulated amortization on assets under capital leases	45	50
Depreciation expense related to continuing operations	1,300	1,300	$ 1,200
Land [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost	400	400
Crude Oil Processing Facilities [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost	29,754	28,688
Transportation and Terminaling Facilities [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost	3,692	3,642
Grain Processing Equipment [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost	855	792
Administrative Buildings [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost	838	789
Other [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost	1,464	1,423
Construction in Progress [Member]
Property, Plant, and Equipment, Net
Property, plant, and equipment, at cost	$ 730	$ 1,173

Deferred Charges and Other As54

Deferred Charges and Other Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Charges and Other Assets
Deferred turnaround and catalyst costs, net	$ 1,614	$ 1,484
Income taxes receivable	447	266
Investments in joint ventures	201	201
Intangible assets, net	148	156
Other	491	519
Deferred charges and other assets, net	2,901	2,626
Deferred Charges and Other Assets (Textual)
Amortization expense, deferred refinery turnaround and catalyst costs and other assets	$ 575	$ 542	$ 489

Accrued Expenses and Other Lo55

Accrued Expenses and Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Accrued Expenses
Defined benefit plan liabilities, current	$ 32	$ 40
Wage and other employee-related liabilities, current	225	292
Environmental liabilities, current	29	27
Environmental credit obligations, current	214	8
Accrued interest expense, current	104	96
Other accrued liabilities, current	90	91
Accrued expenses	694	554
Other Long-Term Liabilities
Defined benefit plan liabilities, noncurrent	742	719
Wage and other employee-related liabilities, noncurrent	103	100
Uncertain tax position liabilities, noncurrent	465	148
Environmental liabilities, noncurrent	223	231
Other accrued liabilities, noncurrent	211	413
Other long-term liabilities	$ 1,744	$ 1,611

Debt and Capital Lease Obliga56

Debt and Capital Lease Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Debt Instruments [Abstract]
Net unamortized debt issuance costs and other	$ 79	$ 66
Total debt	7,926	7,250
Capital lease obligations	75	85
Total debt and capital lease obligations	8,001	7,335
Less current portion	(115)	(127)
Debt and capital lease obligations, less current portion	7,886	7,208
Credit Facilities [Member] | Valero Revolver [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	0	0
Credit Facilities [Member] | VLP Revolver [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	30	175
Credit Facilities [Member] | Canadian Revolver [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	0	0
Credit Facilities [Member] | A/R Sales Facility [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	100	100
Secured Debt [Member] | Senior Secured Credit Agreement Due in 2023 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	51
Senior Notes [Member] | Senior Notes Due In June 2037 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 1,500	1,500
Interest rate of notes in percentage	6.625%
Senior Notes [Member] | Senior Notes Due in 2026 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 1,250	0
Interest rate of notes in percentage	3.40%
Senior Notes [Member] | Senior Notes Due In 2020 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 850	850
Interest rate of notes in percentage	6.125%
Senior Notes [Member] | Senior Notes Due In 2019 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 750	750
Interest rate of notes in percentage	9.375%
Senior Notes [Member] | Senior Notes Due In 2032 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 750	750
Interest rate of notes in percentage	7.50%
Senior Notes [Member] | Senior Notes Due in 2045 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 650	$ 650
Interest rate of notes in percentage	4.90%	4.90%
Senior Notes [Member] | Senior Notes Due in 2025 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 600	$ 600
Interest rate of notes in percentage	3.65%	3.65%
Senior Notes [Member] | Senior Notes Due In 2039 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 250	$ 250
Interest rate of notes in percentage	10.50%
Senior Notes [Member] | Senior Notes Due In 2030 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 200	200
Interest rate of notes in percentage	8.75%
Senior Notes [Member] | Senior Notes Due In 2097 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 100	100
Interest rate of notes in percentage	7.45%
Senior Notes [Member] | Senior Notes Due In October 2037 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 24	24
Interest rate of notes in percentage	6.75%
Senior Notes [Member] | Senior Notes Due In October 2017 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 0	200
Interest rate of notes in percentage	7.20%
Senior Notes [Member] | Senior Notes Due in June 2017 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 0	750
Interest rate of notes in percentage	6.125%
Senior Notes [Member] | VLP Senior Notes Due in 2026 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 500	0
Interest rate of notes in percentage	4.375%
Revenue Bonds [Member] | Gulf Opportunity Zone Revenue Bonds Series 2010 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 300	300
Interest rate of notes in percentage	4.00%
Debentures [Member] | Debenture Due In 2026 [Member]
Debt Instruments [Abstract]
Long-term debt at stated values	$ 100	100
Interest rate of notes in percentage	7.65%
Debentures [Member] | Other Debt [Member]
Debt Instruments [Abstract]
Long-term debt at stated values		$ 17

Debt, Bank Credit Facilities (D

Debt, Bank Credit Facilities (Details) CAD in Millions	1 Months Ended	6 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2016CADrenewal	Jun. 30, 2016USD ($)	Nov. 30, 2016CAD	Dec. 31, 2016USD ($)quarter	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)renewal	Nov. 30, 2016USD ($)
Valero Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity							$ 3,000,000,000
Line of credit facility, expiration date				Nov. 30, 2020
Amount outstanding							0
Line of credit facility, remaining borrowing capacity							2,947,000,000
Credit Facilities (Textual)
Line of credit facility, accordion feature, higher borrowing capacity option							$ 4,500,000,000
Line of credit facility, number of renewal options | renewal	2						2
Line of credit facility, duration of renewal option (in years)				1 year
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity							$ 2,000,000,000
Amount outstanding							53,000,000
VLP Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity							$ 750,000,000
Line of credit facility, expiration date				Nov. 30, 2020
Line of credit facility, interest rate at period end	2.3125%						2.3125%
Amount outstanding							$ 30,000,000
Line of credit facility, remaining borrowing capacity							720,000,000
Credit Facilities (Textual)
Line of credit facility, accordion feature, higher borrowing capacity option							$ 1,000,000,000
Line of credit facility, number of renewal options | renewal	2						2
Line of credit facility, duration of renewal option (in years)				1 year
Number of prior quarterly reporting periods used for debt to EBITDA ratio | quarter				4
Borrowings from long-term lines of credit						$ 0
Repayments of long-term lines of credit				$ 494,000,000	$ 25,000,000	0
VLP Revolver [Member] | Credit Facilities [Member] | McKee Terminal Services Business [Member]
Credit Facilities (Textual)
Borrowings from long-term lines of credit				139,000,000
VLP Revolver [Member] | Credit Facilities [Member] | Meraux and Three Rivers Terminal Services Business [Member]
Credit Facilities (Textual)
Borrowings from long-term lines of credit				$ 210,000,000
VLP Revolver [Member] | Credit Facilities [Member] | Houston and St. Charles Terminal Services Business [Member]
Credit Facilities (Textual)
Borrowings from long-term lines of credit					200,000,000
VLP Revolver [Member] | Credit Facilities [Member] | Maximum [Member]
Credit Facilities (Textual)
Debt to EBITDA ratio as per terms of revolver	5						5
VLP Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity							$ 100,000,000
Amount outstanding							0
Canadian Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity | CAD	CAD 25		CAD 50
Line of credit facility, expiration date	Nov. 30, 2017		Nov. 30, 2016
Amount outstanding | CAD	CAD 0
Line of credit facility, remaining borrowing capacity | CAD	15
Canadian Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Amount outstanding | CAD	CAD 10
A/R Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity		$ 1,400,000,000					1,300,000,000
Line of credit facility, expiration date				Jul. 31, 2017
Amount outstanding							100,000,000
Line of credit facility, remaining borrowing capacity							1,200,000,000
Credit Facilities (Textual)
Borrowings from long-term lines of credit				$ 0	0	0
Repayments of long-term lines of credit				$ 0	0	$ 0
Designated pool of accounts receivable					$ 1,300,000,000		2,000,000,000
Committed Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity							225,000,000
Amount outstanding							0
Line of credit facility, remaining borrowing capacity							225,000,000
Committed Letter of Credit Facility Expires June 2017 [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, expiration date		Jun. 30, 2016		Jun. 30, 2017
Committed Letter of Credit Facility Expires November 2017 [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity							100,000,000	$ 150,000,000
Line of credit facility, expiration date	Nov. 30, 2017		Nov. 30, 2016
Uncommitted Letter of Credit Facility [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity							670,000,000
Amount outstanding							202,000,000
Line of credit facility, remaining borrowing capacity							$ 468,000,000

Debt, Non-Bank Debt (Details)

Debt, Non-Bank Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Senior Notes [Member]
Non-Bank Debt (Textual)
Proceeds from issuance of senior long-term debt		$ 1,246,000,000
Debt issuance costs		12,000,000
Senior Notes [Member] | Senior Notes Due in 2026 [Member]
Non-Bank Debt (Textual)
Face amount of long-term debt issuance	$ 1,250,000,000
Interest rate of notes in percentage	3.40%
Maturity date of long-term debt issuance	Sep. 15, 2026
Proceeds from issuance of senior long-term debt	$ 1,246,000,000
Debt issuance costs	$ 10,000,000
Senior Notes [Member] | Senior Notes Due in June 2017 [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage	6.125%
Maturity date of long-term debt issuance	Jun. 15, 2017
Early repayment of senior debt	$ 778,000,000
Debt instrument, redemption price, percentage of principal amount redeemed	103.70%
Senior Notes [Member] | Senior Notes Due in October 2017 [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage	7.20%
Maturity date of long-term debt issuance	Oct. 15, 2017
Early repayment of senior debt	$ 213,000,000
Debt instrument, redemption price, percentage of principal amount redeemed	106.27%
Senior Notes [Member] | VLP Senior Notes Due in 2026 [Member]
Non-Bank Debt (Textual)
Face amount of long-term debt issuance	$ 500,000,000
Interest rate of notes in percentage	4.375%
Maturity date of long-term debt issuance	Dec. 15, 2026
Proceeds from issuance of senior long-term debt	$ 500,000,000
Debt issuance costs	$ 4,000,000
Senior Notes [Member] | Senior Notes Due in 2025 [Member]
Non-Bank Debt (Textual)
Face amount of long-term debt issuance		$ 600,000,000
Interest rate of notes in percentage	3.65%	3.65%
Maturity date of long-term debt issuance		Mar. 15, 2025
Senior Notes [Member] | Senior Notes Due in 2045 [Member]
Non-Bank Debt (Textual)
Face amount of long-term debt issuance		$ 650,000,000
Interest rate of notes in percentage	4.90%	4.90%
Maturity date of long-term debt issuance		Mar. 15, 2045
Senior Notes [Member] | Senior Notes Due In 2015 [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage		4.50%
Debt repayments		$ 400,000,000
Senior Notes [Member] | Senior Notes Due In 2014 [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage			4.75%
Debt repayments			$ 200,000,000
Debentures [Member] | Debenture Due In 2015 [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage		8.75%
Debt repayments		$ 75,000,000

Debt, Other Debt (Details)

Debt, Other Debt (Details) - Secured Debt [Member] - Senior Secured Credit Agreement Due in 2023 [Member] CAD in Millions	12 Months Ended
	Dec. 31, 2016CAD
Debt Instruments [Abstract]
Face amount of long-term debt issuance	CAD 72
Maturity date of long-term debt issuance	Jun. 30, 2023
Proceeds from issuance of secured debt	CAD 72
Repayments of debt	CAD 4
Debt instrument, interest rate, effective percentage	3.85%

Debt, Interest Incurred (Detail

Debt, Interest Incurred (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense incurred	$ 511	$ 504	$ 467
Less capitalized interest	65	71	70
Interest and debt expense, net of capitalized interest	$ 446	$ 433	$ 397

Debt, Other Disclosures (Detail

Debt, Other Disclosures (Details) - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Principal Payments Due on Debt
2,017		$ 105
2,018		5
2,019		755
2,020		885
2,021		5
Thereafter		6,250
Net unamortized debt issuance costs and other		(79)	$ (66)
Total debt		7,926	7,250
Future Minimum Rentals on Capital Lease Obligations
2,017		17
2,018		16
2,019		16
2,020		13
2,021		12
Thereafter		31
Less interest expense		(30)
Total capital lease obligations		$ 75	$ 85
Subsequent Event [Member] | Capital Lease Obligations [Member]
Capital Lease Obligations (Textual)
Capital lease obligations incurred	$ 490
Debt instrument, term	10 years
Duration of renewal option	10 years
Subsequent Event [Member] | Assets Held under Capital Leases [Member]
Capital Lease Obligations (Textual)
Property, plant and equipment, additions	$ 490

Commitments and Contingencies62

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Future Minimum Rental Payments
2,017	$ 479
2,018	321
2,019	221
2,020	162
2,021	106
Thereafter	362
Total minimum rental payments	1,651
Minimum rentals to be received under subleases	26
Rental Expense
Minimum rental expense	739	$ 732	$ 618
Contingent rental expense	70	105	43
Total rental expense	809	837	661
Less sublease rental income	(31)	(46)	(28)
Net rental expense	778	$ 791	$ 633
Minimum [Member]
Commitments and Contingencies (Textual)
Range of possible loss contingency	0
Maximum [Member]
Commitments and Contingencies (Textual)
Range of possible loss contingency	$ 200

Equity, Stock Related Disclosur

Equity, Stock Related Disclosures (Details) - USD ($)	Jan. 26, 2017	Nov. 24, 2015	Jan. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share Activity Rollforward
Treasury stock, beginning balance			(200,462,208)	(200,462,208)
Transactions in connection with stock-based compensation plans:
Stock purchases			(347,438)
Treasury stock, ending balance				(222,000,024)	(200,462,208)
Equity (Textual)
Preferred stock, shares authorized				20,000,000
Preferred stock, par value per share				$ 0.01
Remaining amount authorized under stock purchase programs				$ 2,500,000,000
Proceeds from issuance of Valero Energy Partners LP common units				0	$ 189,000,000	$ 0
Valero Energy Partners LP [Member] | Public Offering [Member]
Equity (Textual)
Units sold in the offering		4,250,000
Price per unit		$ 46.25
Proceeds from issuance of Valero Energy Partners LP common units		$ 189,000,000
Dividend Declared [Member] | Subsequent Event [Member]
Equity (Textual)
Dividends payable, date declared	Jan. 26, 2017
Dividends payable, amount per share	$ 0.70
Dividends payable, date to be paid	Mar. 7, 2017
Dividends payable, date of record	Feb. 15, 2017
Stock-Based Compensation Plans Repurchase Program [Member]
Equity (Textual)
Stock repurchases under buyback program				61,000,000	196,000,000	128,000,000
Common Stock Repurchase Programs [Member]
Equity (Textual)
Stock repurchases under buyback program				1,262,000,000	$ 2,667,000,000	$ 1,168,000,000
$3 Billion Program Approved February 2008 [Member]
Equity (Textual)
Authorized amount under stock purchase program				3,000,000,000
Stock Repurchase Program Approved July 2015 [Member]
Equity (Textual)
Authorized amount under stock purchase program				2,500,000,000
Stock Repurchase Program Approved September 2016 [Member]
Equity (Textual)
Authorized amount under stock purchase program				$ 2,500,000,000
Common Stock [Member]
Share Activity Rollforward
Common stock, beginning balance			673,000,000	673,000,000	673,000,000	673,000,000
Transactions in connection with stock-based compensation plans:
Stock issuances				0	0	0
Common stock, ending balance				673,000,000	673,000,000	673,000,000
Treasury Stock [Member]
Share Activity Rollforward
Treasury stock, beginning balance			(200,000,000)	(200,000,000)	(159,000,000)	(138,000,000)
Transactions in connection with stock-based compensation plans:
Stock issuances				2,000,000	4,000,000	4,000,000
Treasury stock, ending balance				(222,000,000)	(200,000,000)	(159,000,000)
Treasury Stock [Member] | Stock-Based Compensation Plans Repurchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases				(1,000,000)	(3,000,000)	(2,000,000)
Equity (Textual)
Stock repurchases under buyback program				$ 61,000,000	$ 196,000,000	$ 128,000,000
Treasury Stock [Member] | Common Stock Repurchase Programs [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases				(23,000,000)	(42,000,000)	(23,000,000)
Equity (Textual)
Stock repurchases under buyback program				$ 1,262,000,000	$ 2,667,000,000	$ 1,168,000,000

Equity, Income Tax Effects on O

Equity, Income Tax Effects on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Comprehensive Income (Loss), before Tax
Other comprehensive loss before income tax expense (benefit)		$ (513)	$ (549)	$ (881)
Other Comprehensive Income (Loss), Tax
Income tax expense (benefit) related to items of other comprehensive loss		(37)	17	(164)
Other Comprehensive Income (Loss), Net of Tax
Reclassification from accumulated other comprehensive income (loss), current period, net of tax		7	19	0
Other comprehensive loss		(476)	(566)	(717)
Accumulated Foreign Currency Translation Adjustment [Member]
Other Comprehensive Income (Loss), before Tax
Other comprehensive income (loss), before reclassifications, before tax		(415)	(606)	(407)
Other Comprehensive Income (Loss), Tax
Other comprehensive income (loss), before reclassifications, tax expense (benefit)		0	0	0
Other Comprehensive Income (Loss), Net of Tax
Other comprehensive income (loss), before reclassifications, net of tax		(415)	(606)	(407)
Accumulated Defined Benefit Plans Adjustment, Net Actuarial (Gain) Loss Component [Member]
Other Comprehensive Income (Loss), before Tax
Other comprehensive income (loss), before reclassifications, before tax		(110)	50	(471)
Reclassification from accumulated other comprehensive income (loss), current period, before tax	[1]	48	62	34
Other Comprehensive Income (Loss), Tax
Other comprehensive income (loss), before reclassifications, tax expense (benefit)		(34)	15	(162)
Reclassification from accumulated other comprehensive income (loss), current period, tax expense (benefit)		18	22	12
Other Comprehensive Income (Loss), Net of Tax
Other comprehensive income (loss), before reclassifications, net of tax		(76)	35	(309)
Reclassification from accumulated other comprehensive income (loss), current period, net of tax		30	40	22
Accumulated Defined Benefit Plans Adjustment, Miscellaneous Gain [Member]
Other Comprehensive Income (Loss), before Tax
Other comprehensive income (loss), before reclassifications, before tax		0
Other Comprehensive Income (Loss), Tax
Other comprehensive income (loss), before reclassifications, tax expense (benefit)		(8)
Other Comprehensive Income (Loss), Net of Tax
Other comprehensive income (loss), before reclassifications, net of tax		8
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) Component [Member]
Other Comprehensive Income (Loss), before Tax
Other comprehensive income (loss), before reclassifications, before tax			(22)	(1)
Reclassification from accumulated other comprehensive income (loss), current period, before tax	[1]	(36)	(40)	(40)
Other Comprehensive Income (Loss), Tax
Other comprehensive income (loss), before reclassifications, tax expense (benefit)			(8)	(1)
Reclassification from accumulated other comprehensive income (loss), current period, tax expense (benefit)		(13)	(14)	(14)
Other Comprehensive Income (Loss), Net of Tax
Other comprehensive income (loss), before reclassifications, net of tax			(14)	0
Reclassification from accumulated other comprehensive income (loss), current period, net of tax		(23)	(26)	(26)
Accumulated Defined Benefit Plans Adjustment, Curtailment and Settlement Component [Member]
Other Comprehensive Income (Loss), before Tax
Reclassification from accumulated other comprehensive income (loss), current period, before tax	[1]	0	7	3
Other Comprehensive Income (Loss), Tax
Reclassification from accumulated other comprehensive income (loss), current period, tax expense (benefit)			2	0
Other Comprehensive Income (Loss), Net of Tax
Reclassification from accumulated other comprehensive income (loss), current period, net of tax			5	3
Accumulated Defined Benefit Plans Adjustment [Member]
Other Comprehensive Income (Loss), before Tax
Reclassification from accumulated other comprehensive income (loss), current period, before tax		12	29	(3)
Other comprehensive loss before income tax expense (benefit)		(98)	57	(475)
Other Comprehensive Income (Loss), Tax
Reclassification from accumulated other comprehensive income (loss), current period, tax expense (benefit)		5	10	(2)
Income tax expense (benefit) related to items of other comprehensive loss		(37)	17	(165)
Other Comprehensive Income (Loss), Net of Tax
Reclassification from accumulated other comprehensive income (loss), current period, net of tax		7	19	(1)
Other comprehensive loss		$ (61)	$ 40	(310)
Accumulated Net Gain (Loss) from Cash Flow Hedges [Member]
Other Comprehensive Income (Loss), before Tax
Other comprehensive income (loss), before reclassifications, before tax				(1)
Reclassification from accumulated other comprehensive income (loss), current period, before tax				2
Other comprehensive loss before income tax expense (benefit)				1
Other Comprehensive Income (Loss), Tax
Other comprehensive income (loss), before reclassifications, tax expense (benefit)				0
Reclassification from accumulated other comprehensive income (loss), current period, tax expense (benefit)				1
Income tax expense (benefit) related to items of other comprehensive loss				1
Other Comprehensive Income (Loss), Net of Tax
Other comprehensive income (loss), before reclassifications, net of tax				(1)
Reclassification from accumulated other comprehensive income (loss), current period, net of tax				1
Other comprehensive loss				$ 0
[1]	These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as further discussed in Note 12. Net periodic benefit cost is reflected in operating expenses and general and administrative expenses.

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax
Beginning balance, accumulated other comprehensive income (loss), net of tax	$ 20,527
Ending balance, accumulated other comprehensive income (loss), net of tax	20,024	$ 20,527
Accumulated Other Comprehensive Income (Loss) [Member]
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax
Beginning balance, accumulated other comprehensive income (loss), net of tax	(933)	(367)	$ 350
Other comprehensive income (loss) before reclassifications	(484)	(585)	(717)
Amounts reclassified from accumulated other comprehensive income (loss)	7	19	0
Net other comprehensive income (loss)	(477)	(566)	(717)
Ending balance, accumulated other comprehensive income (loss), net of tax	(1,410)	(933)	(367)
Accumulated Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax
Beginning balance, accumulated other comprehensive income (loss), net of tax	(605)	1	408
Other comprehensive income (loss) before reclassifications	(416)	(606)	(407)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0
Net other comprehensive income (loss)	(416)	(606)	(407)
Ending balance, accumulated other comprehensive income (loss), net of tax	(1,021)	(605)	1
Accumulated Defined Benefit Plan Items Adjustment [Member]
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax
Beginning balance, accumulated other comprehensive income (loss), net of tax	(328)	(368)	(58)
Other comprehensive income (loss) before reclassifications	(68)	21	(309)
Amounts reclassified from accumulated other comprehensive income (loss)	7	19	(1)
Net other comprehensive income (loss)	(61)	40	(310)
Ending balance, accumulated other comprehensive income (loss), net of tax	(389)	(328)	(368)
Accumulated Gains and (Losses) on Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax
Beginning balance, accumulated other comprehensive income (loss), net of tax	0	0	0
Other comprehensive income (loss) before reclassifications	0	0	(1)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	1
Net other comprehensive income (loss)	0	0	0
Ending balance, accumulated other comprehensive income (loss), net of tax	$ 0	$ 0	$ 0

Equity, Reclassification Out of

Equity, Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Gains (losses) reclassified out of accumulated other comprehensive income (loss)
Net of tax		$ (7)	$ (19)	$ 0
Losses on cash flow hedges:
Cost of sales		(65,962)	(73,861)	(118,141)
Total before tax		3,182	5,971	5,552
Tax benefit		(765)	(1,870)	(1,777)
Income from continuing operations		2,417	4,101	3,775
Accumulated Defined Benefit Plans Adjustment, Net Actuarial (Gain) Loss Component [Member]
Amortization of items related to defined benefit pension plans:
Reclassification from accumulated other comprehensive income (loss), current period, before tax	[1]	(48)	(62)	(34)
Tax (expense) benefit		18	22	12
Gains (losses) reclassified out of accumulated other comprehensive income (loss)
Net of tax		(30)	(40)	(22)
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) Component [Member]
Amortization of items related to defined benefit pension plans:
Reclassification from accumulated other comprehensive income (loss), current period, before tax	[1]	36	40	40
Tax (expense) benefit		(13)	(14)	(14)
Gains (losses) reclassified out of accumulated other comprehensive income (loss)
Net of tax		23	26	26
Accumulated Defined Benefit Plans Adjustment, Curtailment and Settlement Component [Member]
Amortization of items related to defined benefit pension plans:
Reclassification from accumulated other comprehensive income (loss), current period, before tax	[1]	0	(7)	(3)
Tax (expense) benefit			2	0
Gains (losses) reclassified out of accumulated other comprehensive income (loss)
Net of tax			(5)	(3)
Accumulated Defined Benefit Plans Adjustment [Member]
Amortization of items related to defined benefit pension plans:
Reclassification from accumulated other comprehensive income (loss), current period, before tax		(12)	(29)	3
Tax (expense) benefit		5	10	(2)
Gains (losses) reclassified out of accumulated other comprehensive income (loss)
Net of tax		(7)	(19)	1
Accumulated Net Gain (Loss) from Cash Flow Hedges [Member]
Amortization of items related to defined benefit pension plans:
Reclassification from accumulated other comprehensive income (loss), current period, before tax				(2)
Tax (expense) benefit				1
Gains (losses) reclassified out of accumulated other comprehensive income (loss)
Net of tax				(1)
Accumulated Net Gain (Loss) from Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]
Losses on cash flow hedges:
Total before tax		0	0	(2)
Tax benefit		0	0	1
Income from continuing operations		0	0	(1)
Accumulated Net Gain (Loss) from Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Commodity Contracts [Member]
Losses on cash flow hedges:
Cost of sales		$ 0	$ 0	$ (2)
[1]	These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as further discussed in Note 12. Net periodic benefit cost is reflected in operating expenses and general and administrative expenses.

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)refineries	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Assets
Cash and temporary cash investments	$ 4,816	$ 4,114	$ 3,689	$ 4,292
Property, plant, and equipment, net	26,472	26,703
Liabilities
Current liabilities	8,328	6,994
Debt and capital lease obligations, less current portion	$ 7,886	7,208
Variable Interest Entity (Textual)
Number of refineries impacted by VLP operations | refineries	10
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	$ 253	132
Other current assets	90	211
Property, plant, and equipment, net	1,353	1,243
Liabilities
Current liabilities	39	43
Debt and capital lease obligations, less current portion	571	175
Valero Energy Partners LP [Member]
Assets
Cash and temporary cash investments	71	81
Other current assets	3	0
Property, plant, and equipment, net	865	747
Liabilities
Current liabilities	15	13
Debt and capital lease obligations, less current portion	$ 525	175
Valero Energy Partners LP [Member] | Limited Partner [Member]
Variable Interest Entity (Textual)
Ownership percentage	66.40%
Valero Energy Partners LP [Member] | General Partner [Member]
Variable Interest Entity (Textual)
Ownership percentage	2.00%
Diamond Green Diesel Holdings LLC [Member]
Assets
Cash and temporary cash investments	$ 167	44
Other current assets	87	211
Property, plant, and equipment, net	355	356
Liabilities
Current liabilities	17	12
Debt and capital lease obligations, less current portion	$ 0	0
Variable Interest Entity (Textual)
Ownership percentage	50.00%
Maximum percentage of joint venture construction costs financed	60.00%
Other Variable Interest Entities [Member]
Assets
Cash and temporary cash investments	$ 15	7
Other current assets	0	0
Property, plant, and equipment, net	133	140
Liabilities
Current liabilities	7	18
Debt and capital lease obligations, less current portion	$ 46	$ 0
Variable Interest Entity (Textual)
Ownership percentage	50.00%
Valero Energy Partners LP - Public Unitholders [Member] | Limited Partner [Member]
Variable Interest Entity (Textual)
Ownership percentage	31.60%

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Changes in plan assets(a):
Fair value of plan assets at beginning of year		$ 1,947
Fair value of plan assets at end of year		2,097		$ 1,947
Defined Benefit Plan, Amounts Recognized in Balance Sheet
Accrued expenses		(32)		(40)
Other long-term liabilities		(742)		(719)
Employee Benefit Plans (Textual)
Contributions to defined contribution plans		67		65		$ 61
Pension Plans [Member]
Changes in benefit obligation:
Benefit obligation at beginning of year		2,365	[1]	2,450
Service cost		111		109		120
Interest cost		84		98		91
Participant contributions	[1]	0		0
Plan amendments		0		22
Benefits paid	[1]	(130)		(169)
Actuarial (gain) loss		171		(138)
Other		(34)		(7)
Benefit obligation at end of year		2,567	[1]	2,365	[1]	2,450
Changes in plan assets(a):
Fair value of plan assets at beginning of year	[1]	1,947		1,978
Actual return on plan assets	[1]	165		19
Valero contributions	[1]	141		126
Participant contributions	[1]	0		0
Benefits paid	[1]	(130)		(169)
Other	[1]	(26)		(7)
Fair value of plan assets at end of year	[1]	2,097		1,947		1,978
Reconciliation of funded status (a):
Funded status as of end of year	[1]	(470)		(418)
Accumulated benefit obligation		2,419		2,240
Defined Benefit Plan, Amounts Recognized in Balance Sheet
Deferred charges and other assets, net		2		5
Accrued expenses		(13)		(20)
Other long-term liabilities		(459)		(403)
Amounts recognized in balance sheet for defined benefit plans		(470)		(418)
Other Postretirement Benefit Plans [Member]
Changes in benefit obligation:
Benefit obligation at beginning of year		336	[1]	361
Service cost		7		8		7
Interest cost		12		14		15
Participant contributions	[1]	8		8
Plan amendments		0		0
Benefits paid	[1]	(27)		(27)
Actuarial (gain) loss		(35)		(26)
Other		1		(2)
Benefit obligation at end of year		302	[1]	336	[1]	361
Changes in plan assets(a):
Fair value of plan assets at beginning of year	[1]	0		0
Actual return on plan assets	[1]	0		0
Valero contributions	[1]	18		18
Participant contributions	[1]	8		8
Benefits paid	[1]	(27)		(27)
Other	[1]	1		1
Fair value of plan assets at end of year	[1]	0		0		$ 0
Reconciliation of funded status (a):
Funded status as of end of year	[1]	(302)		(336)
Defined Benefit Plan, Amounts Recognized in Balance Sheet
Deferred charges and other assets, net		0		0
Accrued expenses		(19)		(20)
Other long-term liabilities		(283)		(316)
Amounts recognized in balance sheet for defined benefit plans		$ (302)		$ (336)
[1]	Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 18 for the assets associated with certain U.S. nonqualified pension plans.

Employee Benefit Plans, Aggrega

Employee Benefit Plans, Aggregate Projected Benefit Obligation (Details) - Pension Plans [Member] - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Information About Pension Plans in which the Accumulated Benefit Obligation Exceeded the Fair Value of Plan Assets
Projected benefit obligation	$ 2,322	$ 2,169
Accumulated benefit obligation	2,210	2,070
Fair value of plan assets	$ 1,870	$ 1,747

Employee Benefit Plans, Benefit

Employee Benefit Plans, Benefit Payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Pension Plans [Member]
Estimated Future Benefit Payments
2,017	$ 144
2,018	151
2,019	205
2,020	175
2,021	172
Years 2022-2026	985
Employee Benefit Plans (Textual)
Future employer contributions to pension and other postretirement plans	28
Other Postretirement Benefit Plans [Member]
Estimated Future Benefit Payments
2,017	19
2,018	20
2,019	20
2,020	20
2,021	20
Years 2022-2026	99
Employee Benefit Plans (Textual)
Future employer contributions to pension and other postretirement plans	$ 19

Employee Benefit Plans, Compone

Employee Benefit Plans, Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Employee Benefit Plans (Textual)
The percentage of the higher of the projected benefit obligation or market-related value of plan assets in excess of which net actuarial losses are amortized	10.00%
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 111	$ 109	$ 120
Interest cost	84	98	91
Expected return on plan assets	(139)	(133)	(133)
Amortization of:
Net actuarial (gain) loss	49	62	35
Prior service cost (credit)	(20)	(22)	(22)
Special charges (credits)	(7)	7	3
Net periodic benefit cost	78	121	94
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	7	8	7
Interest cost	12	14	15
Expected return on plan assets	0	0	0
Amortization of:
Net actuarial (gain) loss	(1)	0	(1)
Prior service cost (credit)	(16)	(18)	(18)
Special charges (credits)	0	0	0
Net periodic benefit cost	$ 2	$ 4	$ 3

Employee Benefit Plans, Amounts

Employee Benefit Plans, Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net (gain) loss reclassified into income:
Net gain (loss) on pension and other postretirement benefits, before-tax amount	$ (98)	$ 57	$ (475)
Pension Plans [Member]
Net gain (loss) arising during the year:
Net actuarial gain (loss) arising during the year	(145)	24	(434)
Prior service cost arising during the year	0	(22)	(1)
Net (gain) loss reclassified into income:
Net actuarial (gain) loss	49	62	35
Prior service credit	(20)	(22)	(22)
Curtailment and settlement loss	0	7	3
Net gain (loss) on pension and other postretirement benefits, before-tax amount	(116)	49	(419)
Other Postretirement Benefit Plans [Member]
Net gain (loss) arising during the year:
Net actuarial gain (loss) arising during the year	35	26	(37)
Prior service cost arising during the year	0	0	0
Net (gain) loss reclassified into income:
Net actuarial (gain) loss	(1)	0	(1)
Prior service credit	(16)	(18)	(18)
Curtailment and settlement loss	0	0	0
Net gain (loss) on pension and other postretirement benefits, before-tax amount	$ 18	$ 8	$ (56)

Employee Benefit Plans, Pre-Tax

Employee Benefit Plans, Pre-Tax Amounts in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Pension Plans [Member]
Pension and Other Postretirement Benefit Plans Accumulated Other Comprehensive Income (Loss), before Tax
Net actuarial (gain) loss	$ 878	$ 783
Prior service credit	(145)	(166)
Total	733	617
Other Postretirement Benefit Plans [Member]
Pension and Other Postretirement Benefit Plans Accumulated Other Comprehensive Income (Loss), before Tax
Net actuarial (gain) loss	(66)	(31)
Prior service credit	(58)	(75)
Total	$ (124)	$ (106)

Employee Benefit Plans, Net Per

Employee Benefit Plans, Net Periodic Benefit Costs Amortized from Accumulated Other Comprehensive Income (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Pension Plans [Member]
Pension and Other Postretirement Benefit Plans Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year
Amortization of net actuarial (gain) loss	$ 53
Amortization of prior service credit	(20)
Total	33
Other Postretirement Benefit Plans [Member]
Pension and Other Postretirement Benefit Plans Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year
Amortization of net actuarial (gain) loss	(3)
Amortization of prior service credit	(16)
Total	$ (19)

Employee Benefit Plans, Weighte

Employee Benefit Plans, Weighted-Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Minimum [Member]
Employee Benefit Plans (Textual)
Yield curve maturities	6 months
Maximum [Member]
Employee Benefit Plans (Textual)
Yield curve maturities	99 years
Pension Plans [Member]
Weighted Average Assumptions Used to Determine Benefit Obligation
Discount rate	4.08%	4.45%
Rate of compensation increase	3.81%	3.79%
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	4.45%	4.10%	4.92%
Expected long-term rate of return on plan assets	7.28%	7.29%	7.61%
Rate of compensation increase	3.79%	3.78%	3.81%
Other Postretirement Benefit Plans [Member]
Weighted Average Assumptions Used to Determine Benefit Obligation
Discount rate	4.26%	4.53%
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	4.53%	4.13%	4.88%

Employee Benefit Plans, Health

Employee Benefit Plans, Health Care Cost Trend Rate (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Assumed Health Care Cost Trend Rates
Health care cost trend rate assumed for the next year	7.28%	7.29%
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate)	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2,026	2,026

Employee Benefit Plans, Fair Va

Employee Benefit Plans, Fair Value of Assets Qualified Plans (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		$ 2,097	$ 1,947
Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		1,115	1,025
Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		982	922
Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
US Companies [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[1]	562	503
US Companies [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[1]	562	503
US Companies [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[1]	0	0
US Companies [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[1]	0	0
International Companies [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		164	158
International Companies [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		164	158
International Companies [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
International Companies [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Preferred Stock [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		3	2
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		3	2
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
International Growth [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		90	89
International Growth [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		90	89
International Growth [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
International Growth [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Index Funds [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[2]	230	202
Index Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[2]	230	202
Index Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[2]	0	0
Index Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets	[2]	0	0
Corporate Debt Instruments [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		280	279
Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		280	279
Corporate Debt Instruments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
US Treasury Securities [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		52	57
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		52	57
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Other Government Securities [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		158	141
Other Government Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Other Government Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		158	141
Other Government Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Common Collective Trusts [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		434	375
Common Collective Trusts [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Common Collective Trusts [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		434	375
Common Collective Trusts [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Private Funds [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		76	65
Private Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Private Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		76	65
Private Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Insurance Contract [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		18	19
Insurance Contract [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Insurance Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		18	19
Insurance Contract [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Interest and Dividends Receivable [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		5	5
Interest and Dividends Receivable [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		5	5
Interest and Dividends Receivable [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Interest and Dividends Receivable [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Cash and Cash Equivalents [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		72	92
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		56	49
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		16	43
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Securities Transactions Receivable (Payable), Net [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		(47)	(40)
Securities Transactions Receivable (Payable), Net [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		(47)	(40)
Securities Transactions Receivable (Payable), Net [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		0	0
Securities Transactions Receivable (Payable), Net [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Values of Qualified Pension Plan Assets
Fair value of qualified pension plan assets		$ 0	$ 0
Equity Securities [Member]
Employee Benefit Plans (Textual)
Defined benefit plan, actual plan asset allocations		50.00%	60.00%
Percentage of equity securities in target allocations for plan assets		70.00%
Debt Securities [Member]
Employee Benefit Plans (Textual)
Defined benefit plan, actual plan asset allocations		50.00%	40.00%
Percentage of equity securities in target allocations for plan assets		30.00%
[1]	Equity securities are held in a wide range of industrial sectors, including consumer goods, information technology, healthcare, industrials, and financial services.
[2]	This class includes primarily investments in approximately 50 percent equities and 50 percent bonds as of December 31, 2016. As of December 31, 2015, the class included primarily investments in approximately 60 percent equities and 40 percent bonds.

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock-based Compensation Arrangements Activity
Stock-based compensation expense		$ 68	$ 59	$ 60
Tax benefit recognized on stock-based compensation expense		24	21	21
Tax benefit realized for tax deductions resulting from exercises and vestings		33	66	64
Effect of tax deductions in excess of recognized stock-based compensation expense (a)	[1]	22	44	47
Restricted Stock [Member]
Stock-based Compensation Arrangements Activity
Stock-based compensation expense		$ 52	$ 47	$ 43
Nonvested Shares or Awards Other Than Options Rollforward
Nonvested shares or awards, beginning balance		1,551,440
Shares or awards, granted		1,004,935
Awards, vested		(978,845)
Shares or awards, forfeited		(10,580)
Nonvested shares or awards, ending balance		1,566,950	1,551,440
Nonvested Awards Other Than Options Weighted Average Grant Date Fair Value Rollforward
Weighted average grant date fair value, beginning balance		$ 57.15
Weighted average grant date fair value, granted		59	$ 70.07	$ 49.40
Weighted average grant date fair value, vested		53.40
Weighted average grant date fair value, forfeited		57.37
Weighted average grant date fair value, ending balance		$ 60.68	$ 57.15
Vested Awards Other Than Options Rollforward
Fair value of vested awards		$ 46	$ 69	$ 60
Stock Based Compensation (Textual)
Vesting period of stock-based payment awards granted		3 years
Unrecognized share-based compensation cost related to outstanding unvested awards		$ 61
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards		2 years
Restricted Stock Awards - Nonemployee [Member]
Stock Based Compensation (Textual)
Vesting period of stock-based payment awards granted		3 years
Performance Awards [Member]
Stock-based Compensation Arrangements Activity
Stock-based compensation expense		$ 15	$ 11	15
Nonvested Shares or Awards Other Than Options Rollforward
Nonvested shares or awards, beginning balance		408,425
Shares or awards, granted		170,327
Awards, vested		(225,126)
Shares or awards, forfeited		(15,237)
Nonvested shares or awards, ending balance		338,389	408,425
Nonvested Awards Other Than Options Weighted Average Grant Date Fair Value Rollforward
Weighted average grant date fair value, beginning balance		$ 66.23
Weighted average grant date fair value, granted		88.79
Weighted average grant date fair value, vested		47.71
Weighted average grant date fair value, forfeited		91.88
Weighted average grant date fair value, ending balance		$ 88.75	$ 66.23
Performance Awards Converted [Abstract]
Vested awards converted		225,126
Converted shares issued		450,252
Stock Based Compensation (Textual)
Vesting period of stock-based payment awards granted		1 year
Unrecognized share-based compensation cost related to outstanding unvested awards		$ 15
Performance award vesting rights		33.33%
Performance Awards [Member] | Award Year 2012 [Member]
Performance Awards Converted [Abstract]
Vested awards converted		96,844
Actual conversion rate of common shares		200.00%
Converted shares issued		193,688
Performance Awards [Member] | Award Year 2013 [Member]
Performance Awards Converted [Abstract]
Vested awards converted		78,411
Actual conversion rate of common shares		200.00%
Converted shares issued		156,822
Performance Awards [Member] | Award Year 2014 [Member]
Performance Awards Converted [Abstract]
Vested awards converted		49,871
Actual conversion rate of common shares		200.00%
Converted shares issued		99,742
Performance Awards [Member] | Minimum [Member]
Stock Based Compensation (Textual)
Performance awards range of conversion rates		0.00%
Performance Awards [Member] | Maximum [Member]
Stock Based Compensation (Textual)
Performance awards range of conversion rates		200.00%
Employee Stock Option [Member]
Stock-based Compensation Arrangements Activity
Stock-based compensation expense		$ 1	$ 1	$ 2
Omnibus Stock Incentive Plan [Member] | Stock Compensation Plan [Member]
Stock Based Compensation (Textual)
Number of shares of common stock available to be awarded under stock-based compensation plans		10,581,274
Formerly Maintained Plans [Member] | Stock Compensation Plan [Member]
Stock Based Compensation (Textual)
Number of shares of common stock available to be awarded under stock-based compensation plans		0
[1]	Effective January 1, 2016, the effect of tax deductions in excess of recognized stock-based compensation expense is reported as an operating cash flow. These amounts were previously reported as financing cash flows.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income from Continuing Operations Before Income Tax Expense from Domestic and Foreign Operations
U.S. operations		$ 1,733	$ 5,327	$ 4,677
International operations		1,449	644	875
Income from continuing operations before income tax expense		3,182	5,971	5,552
Reconciliation of Income Tax Expense Related to Income from Continuing Operations Before Income Tax Expense
Income tax expense at statutory rates		862	1,956	1,782
U.S. state and Canadian provincial tax expense, net of federal income tax effect		36	118	133
Permanent differences:
Manufacturing deduction		(22)	(102)	(74)
Other		(13)	(23)	(15)
Change in tax law		(7)	(17)
Tax effects of income associated with noncontrolling interests		(44)	(39)	(28)
Other, net		(47)	(23)	(21)
Income tax expense		765	1,870	1,777
Current:
Country		488	1,577	1,249
U.S. state / Canadian provincial		47	128	83
Total current		535	1,705	1,332
Deferred:
Country		238	151	362
U.S. state / Canadian provincial		(8)	14	83
Total deferred		230	165	445
Income tax expense		765	1,870	1,777
Income Taxes Paid
Income taxes paid, net		444	2,093	1,624
Deferred income tax assets:
Tax credit carryforwards					$ 65	$ 33
Net operating losses (NOLs)					374	423
Inventories					93	72
Compensation and employee benefit liabilities					344	331
Environmental liabilities					69	80
Other					100	139
Total deferred income tax assets					1,045	1,078
Less: Valuation allowance					(374)	(435)
Net deferred income tax assets					671	643
Deferred income tax liabilities:
Property, plant, and equipment					6,900	6,725
Deferred turnaround costs					450	394
Inventories					356	287
Investments					253	226
Other					73	71
Total deferred income tax liabilities					8,032	7,703
Net deferred income tax liabilities					7,361	7,060
Reconciliation of the Change in Unrecognized Tax Benefits
Balance as of beginning of year		964	989	950
Additions based on tax positions related to the current year		36	36	35
Additions for tax positions related to prior years		11	83	118
Reductions for tax positions related to prior years		(46)	(82)	(67)
Reductions for tax positions related to the lapse of applicable statute of limitations		(3)	(3)	(1)
Settlements		(237)	(59)	(46)
Reclassification of uncertain tax receivable to long-term receivable from IRS		211	0	0
Balance as of end of year		936	964	989
Reconciliation of Unrecognized Tax Benefits to Uncertain Tax Position Liabilities
Unrecognized tax benefits		964	989	950	936	964	$ 989	$ 950
Tax refund claim not presented in our balance sheets					(433)	(570)
Other					(5)	25
Uncertain tax position liabilities presented in our balance sheets					498	419
Amounts Recognized in Balance Sheets for Uncertain Tax Positions
Liability for uncertain tax positions, noncurrent					(465)	(148)
Uncertain tax position liabilities presented in our balance sheets					(498)	(419)
Income Taxes (Textual)
Income tax benefit related to discontinued operations				0
Decrease in valuation allowance		61
Cumulative undistributed earnings of foreign subsidiaries					3,900
Cash and temporary cash investments					4,816	4,114	$ 3,689	$ 4,292
Tax refund claim included in unrecognized tax benefits					433	570
Income tax benefits if recognized that would impact the effective tax rate					756	757
Interest expense and penalties accrued					70	117
Possible reduction to unrecognized tax benefit					4
Deferred Charges and Other Assets, net [Member]
Amounts Recognized in Balance Sheets for Uncertain Tax Positions
Uncertain tax receivable					0	195
Income Taxes Payable [Member]
Amounts Recognized in Balance Sheets for Uncertain Tax Positions
Liability for uncertain tax positions, current					(7)	(438)
Other Noncurrent Liabilities [Member]
Amounts Recognized in Balance Sheets for Uncertain Tax Positions
Liability for uncertain tax positions, noncurrent					(465)	(148)
Deferred Income Taxes [Member]
Amounts Recognized in Balance Sheets for Uncertain Tax Positions
Liability for uncertain tax positions, noncurrent					(26)	$ (28)
Domestic Tax Authority [Member]
Reconciliation of Income Tax Expense Related to Income from Continuing Operations Before Income Tax Expense
Income tax expense at statutory rates		606	1,864	1,637
U.S. state and Canadian provincial tax expense, net of federal income tax effect		5	45	62
Permanent differences:
Manufacturing deduction		(22)	(102)	(74)
Other		(3)	(18)	(16)
Change in tax law		0	0
Tax effects of income associated with noncontrolling interests		(44)	(39)	(28)
Other, net		(37)	(25)	(22)
Income tax expense		505	1,725	1,559
Current:
Country		294	1,513	1,196
U.S. state / Canadian provincial		12	85	59
Total current		306	1,598	1,255
Deferred:
Country		203	143	268
U.S. state / Canadian provincial		(4)	(16)	36
Total deferred		199	127	304
Income tax expense		505	1,725	1,559
Income Taxes Paid
Income taxes paid, net		241	2,092	1,455
Income Tax Credit and Loss Carryforwards
U.S. alternative minimum tax credit					18
Foreign Tax Authority [Member]
Reconciliation of Income Tax Expense Related to Income from Continuing Operations Before Income Tax Expense
Income tax expense at statutory rates		256	92	145
U.S. state and Canadian provincial tax expense, net of federal income tax effect		31	73	71
Permanent differences:
Manufacturing deduction		0	0	0
Other		(10)	(5)	1
Change in tax law		(7)	(17)
Tax effects of income associated with noncontrolling interests		0	0	0
Other, net		(10)	2	1
Income tax expense		260	145	218
Current:
Country		194	64	53
U.S. state / Canadian provincial		35	43	24
Total current		229	107	77
Deferred:
Country		35	8	94
U.S. state / Canadian provincial		(4)	30	47
Total deferred		31	38	141
Income tax expense		260	145	218
Income Taxes Paid
Income taxes paid, net		$ 203	$ 1	$ 169
State and Local Jurisdiction [Member]
Income Tax Credit and Loss Carryforwards
U.S. state NOLs (gross amount)					9,018
State and Local Jurisdiction [Member] | Minimum [Member]
Income Tax Credit and Loss Carryforwards
NOL, expiration		Dec. 31, 2017
State and Local Jurisdiction [Member] | Maximum [Member]
Income Tax Credit and Loss Carryforwards
NOL, expiration		Dec. 31, 2036
State and Local Jurisdiction [Member] | U S State Income Tax Credits Limited [Member]
Income Tax Credit and Loss Carryforwards
U.S. state income tax credits					71
State and Local Jurisdiction [Member] | U S State Income Tax Credits Limited [Member] | Minimum [Member]
Income Tax Credit and Loss Carryforwards
Income tax credits, expiration		Dec. 31, 2017
State and Local Jurisdiction [Member] | U S State Income Tax Credits Limited [Member] | Maximum [Member]
Income Tax Credit and Loss Carryforwards
Income tax credits, expiration		Dec. 31, 2026
State and Local Jurisdiction [Member] | U S State Income Tax Credits Unlimited [Member]
Income Tax Credit and Loss Carryforwards
U.S. state income tax credits					2
U.S. [Member]
Statutory Income Tax Rates Applicable to Income from Continuing Operations Before Income Tax Expense
Applicable statutory income tax rate		35.00%	35.00%	35.00%
Non-US [Member]
Income Taxes (Textual)
Cash and temporary cash investments					$ 2,200
Canada [Member]
Statutory Income Tax Rates Applicable to Income from Continuing Operations Before Income Tax Expense
Applicable statutory income tax rate		15.00%	15.00%	15.00%
U.K. [Member]
Statutory Income Tax Rates Applicable to Income from Continuing Operations Before Income Tax Expense
Applicable statutory income tax rate		20.00%	20.00%	21.00%
Ireland [Member]
Statutory Income Tax Rates Applicable to Income from Continuing Operations Before Income Tax Expense
Applicable statutory income tax rate		13.00%	13.00%	13.00%
Aruba [Member]
Statutory Income Tax Rates Applicable to Income from Continuing Operations Before Income Tax Expense
Applicable statutory income tax rate	[1]	7.00%	7.00%	7.00%
[1]	Statutory income tax rate applicable through the date of the Aruba Disposition as described in Note 2.

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations	$ 2,289	$ 3,990	$ 3,694
Less dividends paid:
Weighted-average common shares outstanding (in millions)	461	497	526
Earnings per common share from continuing operations:
Total earnings per common share from continuing operations	$ 4.94	$ 8	$ 7
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations	$ 2,289	$ 3,990	$ 3,694
Weighted-average common shares outstanding (in millions)	461	497	526
Common equivalent shares:
Weighted-average common shares outstanding – assuming dilution (in millions)	464	500	530
Earnings per common share from continuing operations – assuming dilution (in usd per share)	$ 4.94	$ 7.99	$ 6.97
Common Class A [Member]
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations	$ 2,289	$ 3,990	$ 3,694
Less dividends paid:
Common stock	1,108	845	552
Participating securities	3	3	2
Undistributed earnings	$ 1,178	$ 3,142	$ 3,140
Weighted-average common shares outstanding (in millions)	461	497	526
Earnings per common share from continuing operations:
Distributed earnings (in usd per share)	$ 2.40	$ 1.70	$ 1.05
Undistributed earnings (in usd per share)	2.54	6.30	5.95
Total earnings per common share from continuing operations	$ 4.94	$ 8	$ 7
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations	$ 2,289	$ 3,990	$ 3,694
Weighted-average common shares outstanding (in millions)	461	497	526
Common equivalent shares:
Stock options (in shares)	2	2	2
Performance awards and nonvested restricted stock (in shares)	1	1	2
Weighted-average common shares outstanding – assuming dilution (in millions)	464	500	530
Earnings per common share from continuing operations – assuming dilution (in usd per share)	$ 4.94	$ 7.99	$ 6.97
Participating Securities [Member]
Less dividends paid:
Weighted-average common shares outstanding (in millions)	1	2	2
Earnings per common share from continuing operations:
Distributed earnings (in usd per share)	$ 2.40	$ 1.70	$ 1.05
Undistributed earnings (in usd per share)	2.54	6.30	5.95
Total earnings per common share from continuing operations	$ 4.94	$ 8	$ 7
Earnings per common share from continuing operations – assuming dilution:
Weighted-average common shares outstanding (in millions)	1	2	2

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended											12 Months Ended
	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)		Mar. 31, 2016USD ($)		Dec. 31, 2015USD ($)		Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)segments		Dec. 31, 2015USD ($)		Dec. 31, 2014USD ($)
Segment Information for our Reportable Segments
Operating revenues	$ 20,712	$ 19,649	$ 19,584	[1]	$ 15,714	[2]	$ 18,777	[3]	$ 22,579	$ 25,118	$ 21,330	$ 75,659	[4]	$ 87,804	[4]	$ 130,844	[4]
Lower of cost or market inventory valuation adjustment			(454)		(293)		790					(747)		790		0
Depreciation and amortization expense												1,894		1,842		1,690
Asset impairment loss			56									56		0		0
Operating income (loss)	$ 620	$ 892	$ 1,231	[1]	$ 829	[2]	$ 646	[3]	$ 2,139	$ 2,078	$ 1,495	3,572		6,358		5,902
Total expenditures for long-lived assets												$ 1,996		2,350		2,802
Segment Information (Textual)
Number of reportable segments | segments												2
Refining [Member]
Segment Information for our Reportable Segments
Operating revenues												$ 71,968		84,521		126,004
Ethanol [Member]
Segment Information for our Reportable Segments
Operating revenues												3,691		3,283		4,840
Operating Segments [Member] | Refining [Member]
Segment Information for our Reportable Segments
Operating revenues												71,968		84,521		126,004
Lower of cost or market inventory valuation adjustment												(697)		740
Depreciation and amortization expense												1,780		1,745		1,597
Asset impairment loss												56
Operating income (loss)												3,995		6,973		5,884
Total expenditures for long-lived assets												1,890		2,254		2,730
Operating Segments [Member] | Ethanol [Member]
Segment Information for our Reportable Segments
Operating revenues												3,901		3,434		4,940
Lower of cost or market inventory valuation adjustment												(50)		50
Depreciation and amortization expense												66		50		49
Asset impairment loss												0
Operating income (loss)												340		142		786
Total expenditures for long-lived assets												68		67		42
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues												(210)		(151)		(100)
Intersegment Eliminations [Member] | Refining [Member]
Segment Information for our Reportable Segments
Operating revenues												0		0		0
Intersegment Eliminations [Member] | Ethanol [Member]
Segment Information for our Reportable Segments
Operating revenues												210		151		100
Corporate, Non-Segment [Member] | Corporate [Member]
Segment Information for our Reportable Segments
Depreciation and amortization expense												48		47		44
Asset impairment loss												0
Operating income (loss)												(763)		(757)		(768)
Total expenditures for long-lived assets												$ 38		$ 29		$ 30
[1]	Operating income for the quarter ended June 30, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $454 million as described in Note 4 and an asset impairment loss of $56 million related to the Aruba Disposition as described in Note 2.
[2]	Operating income for the quarter ended March 31, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $293 million as described in Note 4.
[3]	Operating income for the quarter ended December 31, 2015 reflects an unfavorable noncash lower of cost or market inventory valuation adjustment of $790 million as described in Note 4.
[4]	Includes excise taxes on sales by certain of our international operations of $5,493 million, $5,980 million, and $5,901 million.

Segment Information, Revenue by

Segment Information, Revenue by Product (Details) - USD ($) $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

[1]

Mar. 31, 2016

[2]

Dec. 31, 2015

[3]

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Revenue from External Customer [Line Items]

Operating revenues

$ 20,712

$ 19,649

$ 19,584

$ 15,714

$ 18,777

$ 22,579

$ 25,118

$ 21,330

$ 75,659

[4]

$ 87,804

[4]

$ 130,844

[4]

Refining [Member]

Revenue from External Customer [Line Items]

Operating revenues

71,968

84,521

126,004

Refining [Member] | Gasoline and Blendstocks [Member]

Revenue from External Customer [Line Items]

Operating revenues

33,450

38,983

56,846

Refining [Member] | Distillates [Member]

Revenue from External Customer [Line Items]

Operating revenues

32,576

38,093

57,521

Refining [Member] | Other Product Revenues [Member]

Revenue from External Customer [Line Items]

Operating revenues

5,942

7,445

11,637

Ethanol [Member]

Revenue from External Customer [Line Items]

Operating revenues

3,691

3,283

4,840

Ethanol [Member] | Ethanol [Member]

Revenue from External Customer [Line Items]

Operating revenues

3,105

2,628

4,192

Ethanol [Member] | Distillers Grains [Member]

Revenue from External Customer [Line Items]

Operating revenues

$ 586

$ 655

$ 648

[1]

Operating income for the quarter ended June 30, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $454 million as described in Note 4 and an asset impairment loss of $56 million related to the Aruba Disposition as described in Note 2.

[2]

Operating income for the quarter ended March 31, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $293 million as described in Note 4.

[3]

Operating income for the quarter ended December 31, 2015 reflects an unfavorable noncash lower of cost or market inventory valuation adjustment of $790 million as described in Note 4.

[4]

Includes excise taxes on sales by certain of our international operations of $5,493 million, $5,980 million, and $5,901 million.

Segment Information, Geographic

Segment Information, Geographic Information by Country for Revenue and Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended											12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	[1]	Mar. 31, 2016	[2]	Dec. 31, 2015		Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Operating Revenues by Geographic Area
Operating revenues	$ 20,712	$ 19,649	$ 19,584		$ 15,714		$ 18,777	[3]	$ 22,579	$ 25,118	$ 21,330	$ 75,659	[4]	$ 87,804	[4]	$ 130,844	[4]
Geographic Information by Country for Long-Lived Assets
Long-lived assets	28,142						28,242					28,142		28,242
U.S. [Member]
Operating Revenues by Geographic Area
Operating revenues												51,479		60,319		91,499
Geographic Information by Country for Long-Lived Assets
Long-lived assets	25,359						25,210					25,359		25,210
Canada [Member]
Operating Revenues by Geographic Area
Operating revenues												6,115		6,841		10,410
Geographic Information by Country for Long-Lived Assets
Long-lived assets	1,816						1,824					1,816		1,824
U.K.and Ireland [Member]
Operating Revenues by Geographic Area
Operating revenues												10,797		11,232		14,182
U.K. [Member]
Geographic Information by Country for Long-Lived Assets
Long-lived assets	947						1,131					947		1,131
Other Countries [Member]
Operating Revenues by Geographic Area
Operating revenues												7,268		9,412		$ 14,753
Aruba [Member]
Geographic Information by Country for Long-Lived Assets
Long-lived assets	0						57					0		57
Ireland [Member]
Geographic Information by Country for Long-Lived Assets
Long-lived assets	$ 20						$ 20					$ 20		$ 20
[1]	Operating income for the quarter ended June 30, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $454 million as described in Note 4 and an asset impairment loss of $56 million related to the Aruba Disposition as described in Note 2.
[2]	Operating income for the quarter ended March 31, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $293 million as described in Note 4.
[3]	Operating income for the quarter ended December 31, 2015 reflects an unfavorable noncash lower of cost or market inventory valuation adjustment of $790 million as described in Note 4.
[4]	Includes excise taxes on sales by certain of our international operations of $5,493 million, $5,980 million, and $5,901 million.

Segment Information, Total Asse

Segment Information, Total Assets by Reportable Segments (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Total Assets by Reportable Segments
Reportable segment assets	$ 46,173	$ 44,227
Refining [Member]
Total Assets by Reportable Segments
Reportable segment assets	39,034	38,068
Ethanol [Member]
Total Assets by Reportable Segments
Reportable segment assets	1,316	1,016
Corporate [Member]
Total Assets by Reportable Segments
Reportable segment assets	$ 5,823	$ 5,143

Supplemental Cash Flow Inform85

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Decrease (increase) in current assets:
Receivables, net		$ (1,531)	$ 1,294	$ 2,753
Inventories		771	(222)	(1,014)
Income taxes receivable		156	(104)	(23)
Prepaid expenses and other		(109)	(45)	(32)
Increase (decrease) in current liabilities:
Accounts payable		1,556	(1,787)	(3,149)
Accrued expenses		117	(40)	38
Taxes other than income taxes		82	(74)	(64)
Income taxes payable		(66)	(328)	(319)
Changes in current assets and current liabilities		976	(1,306)	(1,810)
Supplemental Cash Flow Elements [Textual]
Stock purchases, in shares	347,438
Payment of long-term liability to joint venture partner		184	(25)	(49)
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized		427	416	392
Income taxes paid, net		444	$ 2,093	$ 1,624
Owner-Method Joint Venture Investment [Member]
Supplemental Cash Flow Elements [Textual]
Payment of long-term liability to joint venture partner		$ 137

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets:
Investments of certain benefit plans	$ 2,097	$ 1,947
Fair Value, Inputs, Level 1 [Member]
Assets:
Investments of certain benefit plans	1,115	1,025
Fair Value, Inputs, Level 2 [Member]
Assets:
Investments of certain benefit plans	982	922
Fair Value, Inputs, Level 3 [Member]
Assets:
Investments of certain benefit plans	0	0
Fair Value, Measurements, Recurring [Member]
Assets:
Investments of certain benefit plans	69	75
Total gross fair value, assets	984	760
Effect of Counter- party Netting	(875)	(557)
Effect of Cash Collateral Netting	0	(12)
Net Carrying Value on Balance Sheet, Assets	109	191
Liabilities:
Environmental credit obligations	188	2
Total gross fair value, liabilities	1,088	565
Effect of Counter- party Netting	(875)	(557)
Effect of Cash Collateral Netting	(20)	0
Net Carrying Value on Balance Sheet, Liabilities	193	8
Fair Value, Measurements, Recurring [Member] | Commodity Derivative Contracts [Member]
Assets:
Derivative contracts	912	682
Effect of Counter- party Netting	(875)	(557)
Effect of Cash Collateral Netting	0	(12)
Derivative contracts, net assets	37	113
Cash Collateral Received Not Offset	0	0
Liabilities:
Derivative contracts	895	557
Effect of Counter- party Netting	(875)	(557)
Effect of Cash Collateral Netting	(20)	0
Derivative contracts, net liabilities	0	0
Cash Collateral Paid Not Offset	(88)	(31)
Fair Value, Measurements, Recurring [Member] | Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	5	6
Derivative contracts, net liabilities	5	6
Fair Value, Measurements, Recurring [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	3	3
Derivative contracts, net assets	3	3
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investments of certain benefit plans	58	64
Total gross fair value, assets	935	716
Liabilities:
Environmental credit obligations	0	0
Total gross fair value, liabilities	872	522
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodity Derivative Contracts [Member]
Assets:
Derivative contracts	874	649
Liabilities:
Derivative contracts	872	522
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	3	3
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Investments of certain benefit plans	0	0
Total gross fair value, assets	38	33
Liabilities:
Environmental credit obligations	188	2
Total gross fair value, liabilities	216	43
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity Derivative Contracts [Member]
Assets:
Derivative contracts	38	33
Liabilities:
Derivative contracts	23	35
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	5	6
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Investments of certain benefit plans	11	11
Total gross fair value, assets	11	11
Liabilities:
Environmental credit obligations	0	0
Total gross fair value, liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commodity Derivative Contracts [Member]
Assets:
Derivative contracts	0	0
Liabilities:
Derivative contracts	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	$ 0	$ 0

Fair Value Measurements, Level

Fair Value Measurements, Level 3 Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Measurements, Recurring [Member]
Fair Value Measurements (Textual)
Activity related to fair value amounts categorized in level 3	$ 0	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value Measurements (Textual)
Asset impairment loss		$ 56	$ 56	$ 0	$ 0
Fair Value, Measurements, Nonrecurring [Member]
Fair Value Measurements (Textual)
Assets measured at fair value, nonrecurring			0	0
Liabilities measured at fair value, nonrecurring			$ 0	$ 0
Aruba Terminal [Member]
Fair Value Measurements (Textual)
Asset impairment loss	$ 56

Fair Value Measurements, Other

Fair Value Measurements, Other Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financial assets:
Cash and temporary cash investments, at carrying amount	$ 4,816	$ 4,114	$ 3,689	$ 4,292
Financial liabilities:
Debt (excluding capital leases), at carrying amount	7,926	7,250
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and temporary cash investments, at fair value	4,816	4,114
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding capital leases), at fair value	$ 8,882	$ 7,759

Price Risk Management Activit90

Price Risk Management Activities (Details) lb in Thousands, bu in Thousands, MMBTU in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2016USD ($)MMBTUlbMBblsbu	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $		$ 749	$ 440	$ 372
Foreign Currency Contracts [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 374
Foreign Currency Contracts [Member] | Subsequent Event [Member]
Price Risk Management Activities (Textual)
Foreign currency commitments maturity date	Feb. 1, 2017
Economic Hedging [Member] | Swap, Maturity Year Two [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		6,372
Economic Hedging [Member] | Swap, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		6,144
Economic Hedging [Member] | Swap, Maturity Year Three [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		0
Economic Hedging [Member] | Swap, Maturity Year Three [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		0
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		109,372
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		15,285
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, mass | lb		88,859
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		99,125
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		38,325
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, mass | lb		147,598
Economic Hedging [Member] | Future, Maturity Year Three [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		0
Economic Hedging [Member] | Future, Maturity Year Three [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		0
Economic Hedging [Member] | Future, Maturity Year Three [Member] | Long (Purchases) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, mass | lb		0
Economic Hedging [Member] | Future, Maturity Year Three [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		0
Economic Hedging [Member] | Future, Maturity Year Three [Member] | Short (Sales) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		540
Economic Hedging [Member] | Future, Maturity Year Three [Member] | Short (Sales) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, mass | lb		0
Economic Hedging [Member] | Forward Contracts, Maturity Year Two [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		18,994
Economic Hedging [Member] | Forward Contracts, Maturity Year Three [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		543
Trading Derivatives [Member] | Swap, Maturity Year Two [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		4,801
Trading Derivatives [Member] | Swap, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		4,801
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		22,577
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Natural Gas (in millions of btus) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, millions of Btus | MMBTU		750
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		1,000
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		24,429
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Natural Gas (in millions of btus) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, millions of Btus | MMBTU		250
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		1,000
Trading Derivatives [Member] | Options Held, Maturity Year Two [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		139,340
Trading Derivatives [Member] | Options Held, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		140,690

Price Risk Management Activit91

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 915	$ 685
Derivative liability, fair value, gross liability	900	563
Commodity Future [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	874	648
Derivative asset, fair value, gross liability	872	522
Commodity Swap [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	32	30
Derivative asset, fair value, gross liability	21	33
Commodity Option [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	6	4
Derivative asset, fair value, gross liability	2	2
Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	0	0
Derivative asset, fair value, gross liability	5	6
Foreign Currency Contracts [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	3	3
Derivative asset, fair value, gross liability	$ 0	$ 0

Price Risk Management Activit92

Price Risk Management Activities, Gain (Loss) by Income Statement Location (Details) - Cost of Sales [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Economic Hedging [Member] | Commodity Contract [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ (132)	$ 377	$ 693
Economic Hedging [Member] | Foreign Currency Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	16	49	40
Trading Derivatives [Member] | Commodity Contract [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ 46	$ 45	$ 38

Quarterly Financial Data (Una93

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended											12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2015		Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2014
Quarterly Financial Data
Operating revenues	$ 20,712	$ 19,649	$ 19,584	[1]	$ 15,714	[2]	$ 18,777	[3]	$ 22,579	$ 25,118	$ 21,330	$ 75,659	[4]	$ 87,804	[4]	$ 130,844	[4]
Operating income	620	892	1,231	[1]	829	[2]	646	[3]	2,139	2,078	1,495	3,572		6,358		5,902
Net income	416	645	843	[1]	513	[2]	395	[3]	1,373	1,365	968	2,417		4,101		3,711
Net income attributable to Valero Energy Corporation stockholders	$ 367	$ 613	$ 814	[1]	$ 495	[2]	$ 298	[3]	$ 1,377	$ 1,351	$ 964	$ 2,289		$ 3,990		$ 3,630
Earnings per common share (in usd per share)	$ 0.81	$ 1.33	$ 1.74	[1]	$ 1.05	[2]	$ 0.62	[3]	$ 2.79	$ 2.67	$ 1.87	$ 4.94		$ 8		$ 6.88
Earnings per common share - assuming dilution (in usd per share)	$ 0.81	$ 1.33	$ 1.73	[1]	$ 1.05	[2]	$ 0.62	[3]	$ 2.79	$ 2.66	$ 1.87	$ 4.94		$ 7.99		$ 6.85
Quarterly Financial Data (Textual)
Lower of cost or market inventory valuation adjustment			$ (454)		$ (293)		$ 790					$ (747)		$ 790		$ 0
Asset impairment loss			$ 56									$ 56		$ 0		$ 0
[1]	Operating income for the quarter ended June 30, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $454 million as described in Note 4 and an asset impairment loss of $56 million related to the Aruba Disposition as described in Note 2.
[2]	Operating income for the quarter ended March 31, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $293 million as described in Note 4.
[3]	Operating income for the quarter ended December 31, 2015 reflects an unfavorable noncash lower of cost or market inventory valuation adjustment of $790 million as described in Note 4.
[4]	Includes excise taxes on sales by certain of our international operations of $5,493 million, $5,980 million, and $5,901 million.