Valero Energy (VLO) 10-Q 6 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Cover page.
Document type	10-Q
Document quarterly report	true
Document period end date	Jun. 30, 2019
Document transition report	false
Entity file number	001-13175
Entity registrant name	VALERO ENERGY CORP/TX
Entity incorporation, state or country code	DE
Entity tax identification number	74-1828067
Entity address, address line one	One Valero Way
Entity address, city or town	San Antonio
Entity address, state or province	TX
Entity address, postal zip code	78249
City area code	210
Local phone number	345-2000
Title of 12(b) security	Common stock
Trading symbol	VLO
Security exchange name	NYSE
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding		414,403,440
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2019
Document fiscal period focus	Q2
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 2,033	$ 2,982
Receivables, net	9,050	7,345
Inventories	6,281	6,532
Prepaid expenses and other	447	816
Total current assets	17,811	17,675
Property, plant, and equipment, at cost	43,110	42,473
Accumulated depreciation	(14,326)	(13,625)
Property, plant, and equipment, net	28,784	28,848
Deferred charges and other assets, net	5,427	3,632
Total assets	52,022	50,155
Current liabilities:
Current portion of debt and finance lease obligations	323	238
Accounts payable	10,135	8,594
Accrued expenses	764	630
Taxes other than income taxes payable	1,144	1,213
Income taxes payable	182	49
Total current liabilities	12,548	10,724
Debt and finance lease obligations, less current portion	9,167	8,871
Deferred income tax liabilities	4,899	4,962
Other long-term liabilities	3,571	2,867
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	6,812	7,048
Treasury stock, at cost; 258,893,655 and 255,905,051 common shares	(15,170)	(14,925)
Retained earnings	31,046	31,044
Accumulated other comprehensive loss	(1,350)	(1,507)
Total Valero Energy Corporation stockholders’ equity	21,345	21,667
Noncontrolling interests	492	1,064
Total equity	21,837	22,731
Total liabilities and equity	$ 52,022	$ 50,155

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Valero Energy Corporation stockholders’ equity:
Common stock, par value (in dollars 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	258,893,655	255,905,051

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues	[1]	$ 28,933	$ 31,015	$ 53,196	$ 57,454
Cost of sales:
Cost of materials and other		26,083	27,860	48,061	51,616
Operating expenses (excluding depreciation and amortization expense reflected below)		1,175	1,110	2,390	2,246
Depreciation and amortization expense		552	510	1,089	995
Total cost of sales		27,810	29,480	51,540	54,857
Other operating expenses		2	21	4	31
General and administrative expenses (excluding depreciation and amortization expense reflected below)		199	248	408	486
Depreciation and amortization expense		14	13	28	26
Operating income (loss)		908	1,253	1,216	2,054
Other income (expense), net		12	(5)	34	46
Interest and debt expense, net of capitalized interest		(112)	(124)	(224)	(245)
Income before income tax expense		808	1,124	1,026	1,855
Income tax expense		160	249	211	398
Net income		648	875	815	1,457
Less: Net income attributable to noncontrolling interests		36	30	62	143
Net income attributable to Valero Energy Corporation stockholders		$ 612	$ 845	$ 753	$ 1,314
Earnings per common share (in dollars per share)		$ 1.47	$ 1.96	$ 1.80	$ 3.05
Weighted-average common shares outstanding (in shares)		415	429	416	430
Earnings per common share – assuming dilution (in dollars per share)		$ 1.47	$ 1.96	$ 1.80	$ 3.04
Weighted-average common shares outstanding – assuming dilution (in shares)		417	431	417	432
Supplemental information:
Includes excise taxes on sales by certain of our international operations		$ 1,410	$ 1,470	$ 2,740	$ 2,934
[1]	Includes excise taxes on sales by certain of our international operations of $1,410 million and $1,470 million for the three months ended June 30, 2019 and 2018, respectively, and $2,740 million and $2,934 million for the six months ended June 30, 2019 and 2018, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Net income	$ 875	$ 1,457
Other comprehensive income (loss):
Foreign currency translation adjustment	(291)	(246)
Net gain on pension and other postretirement benefits	9	17
Net gain on cash flow hedges	0	0
Other comprehensive income (loss) before income tax expense	(282)	(229)
Income tax expense related to items of other comprehensive income (loss)	2	4
Other comprehensive income (loss)	(284)	(233)
Comprehensive income	591	1,224
Less: Comprehensive income attributable to noncontrolling interests	25	141
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 566	$ 1,083

Consolidated Statements of Equi

Consolidated Statements of Equity (unaudited) - USD ($) $ in Millions	Total	Valero Energy Corporation Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Non-controlling Interests [Member]
Balance as of beginning of period at Dec. 31, 2017	$ 22,900	$ 21,991	$ 7	$ 7,039	$ (13,315)	$ 29,200	$ (940)	$ 909
Increase (Decrease) in Stockholders' Equity Roll Forward
Reclassification of stranded income tax effects of Tax Reform	0	0				91	(91)
Net income	1,457	1,314				1,314		143
Dividends on common stock	(690)	(690)				(690)
Stock-based compensation expense	29	29		29
Transactions in connection with stock-based compensation plans	(134)	(134)		(34)	(100)
Stock purchases under purchase program	(508)	(508)			(508)
Contributions from noncontrolling interests	32							32
Distributions to noncontrolling interests	(50)							(50)
Other	1	(2)		(2)	0	0	0	3
Other comprehensive income (loss)	(233)	(231)					(231)	(2)
Balance as of end of period at Jun. 30, 2018	22,804	21,769	7	7,032	(13,923)	29,915	(1,262)	1,035
Balance as of beginning of period at Mar. 31, 2018	22,925	21,877	7	7,026	(13,588)	29,415	(983)	1,048
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	875	845				845		30
Dividends on common stock	(345)	(345)				(345)
Stock-based compensation expense	15	15		15
Transactions in connection with stock-based compensation plans	(93)	(93)		(10)	(83)
Stock purchases under purchase program	(252)	(252)			(252)
Contributions from noncontrolling interests	2							2
Distributions to noncontrolling interests	(39)							(39)
Other	0	1		1	0	0	0	(1)
Other comprehensive income (loss)	(284)	(279)					(279)	(5)
Balance as of end of period at Jun. 30, 2018	22,804	21,769	7	7,032	(13,923)	29,915	(1,262)	1,035
Balance as of beginning of period at Dec. 31, 2018	22,731	21,667	7	7,048	(14,925)	31,044	(1,507)	1,064
Increase (Decrease) in Stockholders' Equity Roll Forward
Reclassification of stranded income tax effects of Tax Reform							0
Net income	815	753				753		62
Dividends on common stock	(751)	(751)				(751)
Stock-based compensation expense	21	21		21
Transactions in connection with stock-based compensation plans	(2)	(2)		(3)	1
Stock purchases under purchase program	(246)	(246)			(246)
Acquisition of Valero Energy Partners LP publicly held common units	(950)	(328)		(328)				(622)
Distributions to noncontrolling interests	(18)							(18)
Other	74	74		74	0	0	0	0
Other comprehensive income (loss)	163	157					157	6
Balance as of end of period at Jun. 30, 2019	21,837	21,345	7	6,812	(15,170)	31,046	(1,350)	492
Balance as of beginning of period at Mar. 31, 2019	21,779	21,309	7	6,802	(14,958)	30,810	(1,352)	470
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	648	612				612		36
Dividends on common stock	(376)	(376)				(376)
Stock-based compensation expense	11	11		11
Transactions in connection with stock-based compensation plans	(1)	(1)		(1)	0
Stock purchases under purchase program	(212)	(212)			(212)
Distributions to noncontrolling interests	(18)							(18)
Other comprehensive income (loss)	6	2					2	4
Balance as of end of period at Jun. 30, 2019	$ 21,837	$ 21,345	$ 7	$ 6,812	$ (15,170)	$ 31,046	$ (1,350)	$ 492

Consolidated Statements of Eq_2

Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Common stock dividends:
Dividends on common stock (in dollars per share)	$ 0.9	$ 0.8	$ 1.8	$ 1.6

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 815	$ 1,457
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	1,117	1,021
Deferred income tax benefit	(12)	(24)
Changes in current assets and current liabilities	413	(445)
Changes in deferred charges and credits and other operating activities, net	61	188
Net cash provided by operating activities	2,394	2,197
Cash flows from investing activities:
Deferred turnaround and catalyst costs	(471)	(490)
Investments in joint ventures	(90)	(119)
Peru Acquisition, net of cash acquired	0	(471)
Acquisitions of undivided interests	(29)	(145)
Minor acquisitions		(91)
Other investing activities, net	9	2
Net cash provided by (used in) investing activities	(1,555)	(2,132)
Cash flows from financing activities:
Repayments of debt and finance lease obligations	(1,789)	(1,345)
Purchases of common stock for treasury	(248)	(647)
Common stock dividends	(751)	(690)
Acquisition of Valero Energy Partners LP publicly held common units	(950)	0
Contributions from noncontrolling interests	0	32
Distributions to noncontrolling interests	(18)	(50)
Other financing activities, net	(31)	(16)
Net cash used in financing activities	(1,825)	(1,402)
Effect of foreign exchange rate changes on cash	37	(62)
Net increase (decrease) in cash and cash equivalents	(949)	(1,399)
Cash and cash equivalents at beginning of period	2,982	5,850
Cash and cash equivalents at end of period	2,033	4,451
Certain Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(69)	(78)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	70	56
Excluding Certain Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(905)	(740)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	1,892	1,258
Minor Acquisitions [Member]
Cash flows from investing activities:
Minor acquisitions	$ 0	$ (91)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation General The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. These unaudited financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The balance sheet as of December 31, 2018 has been derived from our audited financial statements as of that date. For further information, refer to our financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018 . Reclassifications Effective January 1, 2019, we revised our reportable segments to reflect a new reportable segment — renewable diesel. The renewable diesel segment includes the operations of Diamond Green Diesel Holdings LLC (DGD), our consolidated joint venture as discussed in Note 8 , which were transferred from the refining segment. Also effective January 1, 2019, we no longer have a VLP segment, and we now include the operations of Valero Energy Partners LP and its consolidated subsidiaries (VLP) in our refining segment. Our prior period segment information has been retrospectively adjusted to reflect our current segment presentation. See Note 2 regarding our merger with VLP, which occurred on January 10, 2019, and Note 11 for segment information. Significant Accounting Policies 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. Leases Background We adopted the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 842, “Leases,” (Topic 842) on January 1, 2019, as described below in “Accounting Pronouncements Adopted on January 1, 2019.” Accordingly, our lease accounting policy has been revised to reflect the adoption of this standard. Revised Policy We evaluate if a contract is or contains a lease at inception of the contract. If we determine that a contract is or contains a lease, we recognize a right-of-use (ROU) asset and lease liability at the commencement date of the lease based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit rate when readily determinable, or if not, our incremental borrowing rate for a term similar to the duration of the lease based on information available at the commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. We recognize ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Except for the marine transportation asset class, we account for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Our marine transportation contracts include non-lease components such as maintenance and crew costs. We allocate the consideration in these contracts based on pricing information provided by the third-party broker. Expense for an operating lease is recognized as a single lease cost on a straight-line basis over the lease term and reflected in the appropriate income statement line item based on the leased asset’s function. Amortization expense of a finance lease ROU asset is recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term and is reflected in “depreciation and amortization expense.” Interest expense is incurred based on the carrying value of the lease liability and is reflected in “interest and debt expense, net of capitalized interest.” Accounting Pronouncements Adopted on January 1, 2019 Topic 842 As previously noted, we adopted the provisions of Topic 842 on January 1, 2019. Topic 842 increases the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Topic 842 supersedes previous lease accounting requirements under FASB ASC Topic 840, “Leases,” (Topic 840). We adopted Topic 842 using the optional transition method that permits us to apply the new disclosure requirements beginning in 2019 and continue to present comparative period information as required under Topic 840; however, we did not have a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption. In addition, we elected the transition practical expedient package that permits us to not reassess our prior conclusions about lease identification, lease classification, and initial direct costs under the new standard, as well as the practical expedient that permits us to not assess existing land easements under the new standard. See “Leases” above for a discussion of our accounting policy affected by our adoption of Topic 842. Also see Note 4 for information on our leases. In preparation for the adoption of Topic 842, we enhanced our contracting and lease evaluation systems and related processes, and we developed a new lease accounting system to capture our leases and support the required disclosures. We integrated our lease accounting system with our general ledger and modified our related procurement and payment processes. Adoption of this standard resulted in (i) the recognition of ROU assets and lease liabilities for our operating leases of $1.3 billion , (ii) the derecognition of existing assets under construction of $539 million related to a build-to-suit lease arrangement with respect to the MVP Terminal (see Note 6 under “ Commitments— MVP Terminal”), and (iii) the presentation of new disclosures about our leasing activities beginning in the first quarter of 2019. Adoption of this standard did not impact our results of operations or liquidity, and our accounting for finance leases is substantially unchanged. Other In addition to the adoption of Topic 842 discussed above, we adopted the following Accounting Standards Update (ASU) during the six months ended June 30, 2019 . Our adoption of this ASU did not affect our financial statements or related disclosures. ASU Adoption Date Basis of Adoption 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities January 1, 2019 Cumulative effect Accounting Pronouncements Not Yet Adopted The following ASUs have not yet been adopted and are not expected to have a material impact on our financial statements or related disclosures. ASU Expected Adoption Date Basis of Adoption 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments January 1, 2020 Cumulative effect 2018-15 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract January 1, 2020 Prospectively 2018-17 Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities January 1, 2020 Cumulative effect

Merger and Acquisition

Merger and Acquisition	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
MERGER AND ACQUISITION	2. MERGER AND ACQUISITION Merger with VLP On January 10, 2019, we completed our acquisition of all of the outstanding publicly held common units of VLP pursuant to a definitive Agreement and Plan of Merger (Merger Agreement, and together with the transactions contemplated thereby, the Merger Transaction) with VLP. Upon completion of the Merger Transaction, each outstanding publicly held common unit was converted into the right to receive $42.25 per common unit in cash without any interest thereon, and all such publicly traded common units were automatically canceled and ceased to exist. Upon completion of the Merger Transaction, we paid aggregate merger consideration of $950 million , which was funded with available cash on hand. Prior to the completion of the Merger Transaction, we consolidated the financial statements of VLP (see Note 8 ) and reflected noncontrolling interests on our balance sheet for the portion of VLP’s partners’ capital held by VLP’s public common unitholders. Upon completion of the Merger Transaction, VLP became our indirect wholly owned subsidiary and, as a result, we no longer reflect noncontrolling interests on our balance sheet with respect to VLP. In addition, we no longer attribute a portion of VLP’s net income to noncontrolling interests. Because we had a controlling financial interest in VLP before the Merger Transaction and retained our controlling financial interest in VLP after the Merger Transaction, the change in our ownership interest in VLP as a result of the merger was accounted for as an equity transaction. Accordingly, we did not recognize a gain or loss on the Merger Transaction. Peru Acquisition On May 14, 2018 , we acquired 100 percent of the issued and outstanding equity interests in Pure Biofuels del Peru S.A.C. (Pure Biofuels) from Pegasus Capital Advisors L.P. and various minority equity holders. Pure Biofuels markets refined petroleum products through its logistics assets in Peru. This acquisition, which is referred to as the Peru Acquisition, was accounted for as a business acquisition. We paid $471 million from available cash on hand, of which $122 million was for working capital. During the third and fourth quarters of 2018, we recognized immaterial adjustments to the preliminary amounts recorded for the Peru Acquisition with a corresponding adjustment to goodwill due to the completion of an independent appraisal in the fourth quarter of 2018. The assets acquired and the liabilities assumed were recognized at their acquisition-date fair values, as disclosed in Note 2 of Notes to Consolidated Financial Statements included in our annual report on Form 10-K for the year ended December 31, 2018.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 2,092 $ 2,265 Refined petroleum products and blendstocks 3,564 3,653 Ethanol feedstocks and products 300 298 Renewable diesel feedstocks and products 56 52 Materials and supplies 269 264 Inventories $ 6,281 $ 6,532 As of June 30, 2019 and December 31, 2018 , the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $2.8 billion and $1.5 billion , respectively. Our non-LIFO inventories accounted for $1.2 billion and $1.1 billion of our total inventories as of June 30, 2019 and December 31, 2018 , respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
LEASES	4. LEASES General We have entered into long-term leasing arrangements for the right to use various classes of underlying assets as follows: • Pipelines, Terminals, and Tanks includes facilities and equipment used in the storage, transportation, production, and sale of refinery feedstock, refined petroleum product, and corn inventories; • Marine Transportation includes time charters for ocean-going tankers and coastal vessels; • Rail Transportation includes railcars and related storage facilities; • Feedstock Processing Equipment includes machinery, equipment, and various facilities used in our refining, ethanol, and renewable diesel operations; • Energy and Gases includes facilities and equipment related to industrial gases and power used in our operations; • Real Estate includes land and rights-of-way associated with our refineries and pipelines, as well as office facilities; and • Other includes equipment primarily used at our corporate offices, such as printers and copiers. In addition to fixed lease payments, some arrangements contain provisions for variable lease payments. Certain leases for pipelines, terminals, and tanks provide for variable lease payments based on, among other things, throughput volumes in excess of a base amount. Certain marine transportation leases contain provisions for payments that are contingent on usage. Additionally, if the rental increases are not scheduled in the lease, such as an increase based on subsequent changes in the index or rate, those rents are considered variable lease payments. In all instances, variable lease payments are recognized in the period in which the obligation for those payments is incurred. Lease Costs and Other Supplemental Information In accordance with Topic 842, our total lease cost comprises costs that are included in our income statement, as well as costs capitalized as part of an item of property, plant, and equipment or inventory. Total lease cost by class of underlying asset was as follows (in millions): Pipelines, Terminals, and Tanks Transportation Feedstock Processing Equipment Energy and Gases Real Estate Other Total Marine Rail Three months ended June 30, 2019: Finance lease cost: Amortization of ROU assets $ 12 $ — $ — $ 1 $ 1 $ — $ — $ 14 Interest on lease liabilities 12 — — 1 1 — — 14 Operating lease cost 47 34 13 5 2 10 2 113 Variable lease cost 15 7 — — — — — 22 Short-term lease cost 4 12 — 8 — — — 24 Sublease income — (15 ) — — — (1 ) — (16 ) Total lease cost $ 90 $ 38 $ 13 $ 15 $ 4 $ 9 $ 2 $ 171 Six months ended June 30, 2019: Finance lease cost: Amortization of ROU assets $ 20 $ — $ — $ 2 $ 2 $ — $ — $ 24 Interest on lease liabilities 22 — — 1 2 — — 25 Operating lease cost 94 68 24 12 4 14 2 218 Variable lease cost 33 17 — — — — — 50 Short-term lease cost 7 26 — 14 — — — 47 Sublease income — (16 ) — — — (2 ) — (18 ) Total lease cost $ 176 $ 95 $ 24 $ 29 $ 8 $ 12 $ 2 $ 346 In accordance with Topic 840, “rental expense, net of sublease rental income” was as follows (in millions): Three Months Ended June 30, 2018 Six Months Ended Minimum rental expense $ 122 $ 251 Contingent rental expense 3 9 Total rental expense 125 260 Less sublease rental income 6 16 Rental expense, net of sublease rental income $ 119 $ 244 The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): June 30, 2019 Operating Leases Finance Leases Supplemental balance sheet information: ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 773 Deferred charges and other assets, net 1,385 — Total ROU assets, net $ 1,385 $ 773 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 40 Accrued expenses 317 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 741 Other long-term liabilities 1,029 — Total lease liabilities $ 1,346 $ 781 Other supplemental information: Weighted-average remaining lease term 8.3 years 20.3 years Weighted-average discount rate 5.0 % 5.3 % Supplemental cash flow information related to our operating and finance leases is presented in Note 12 . Maturity Analysis The remaining minimum lease payments due under our long-term leases were as follows (in millions): June 30, 2019 December 31, 2018 Operating Leases Finance Leases Operating Leases Capital Leases 2019 (a) $ 202 $ 44 $ 359 $ 69 2020 314 86 245 65 2021 222 84 178 62 2022 180 85 146 64 2023 148 87 123 65 Thereafter 633 1,066 514 957 Total undiscounted lease payments 1,699 1,452 $ 1,565 1,282 Less amount associated with discounting 353 671 676 Total lease liabilities $ 1,346 $ 781 $ 606 ____________________ (a) The amounts as of June 30, 2019 are for the remaining six months of 2019 . Future Lease Commencement As described and defined in Note 6 , we have a terminaling agreement with MVP to utilize the MVP Terminal upon completion of phase two, which is expected to occur in late 2019 . We expect to recognize an ROU asset and lease liability of approximately $1.1 billion in 2020 in connection with this agreement.
LEASES	4. LEASES General We have entered into long-term leasing arrangements for the right to use various classes of underlying assets as follows: • Pipelines, Terminals, and Tanks includes facilities and equipment used in the storage, transportation, production, and sale of refinery feedstock, refined petroleum product, and corn inventories; • Marine Transportation includes time charters for ocean-going tankers and coastal vessels; • Rail Transportation includes railcars and related storage facilities; • Feedstock Processing Equipment includes machinery, equipment, and various facilities used in our refining, ethanol, and renewable diesel operations; • Energy and Gases includes facilities and equipment related to industrial gases and power used in our operations; • Real Estate includes land and rights-of-way associated with our refineries and pipelines, as well as office facilities; and • Other includes equipment primarily used at our corporate offices, such as printers and copiers. In addition to fixed lease payments, some arrangements contain provisions for variable lease payments. Certain leases for pipelines, terminals, and tanks provide for variable lease payments based on, among other things, throughput volumes in excess of a base amount. Certain marine transportation leases contain provisions for payments that are contingent on usage. Additionally, if the rental increases are not scheduled in the lease, such as an increase based on subsequent changes in the index or rate, those rents are considered variable lease payments. In all instances, variable lease payments are recognized in the period in which the obligation for those payments is incurred. Lease Costs and Other Supplemental Information In accordance with Topic 842, our total lease cost comprises costs that are included in our income statement, as well as costs capitalized as part of an item of property, plant, and equipment or inventory. Total lease cost by class of underlying asset was as follows (in millions): Pipelines, Terminals, and Tanks Transportation Feedstock Processing Equipment Energy and Gases Real Estate Other Total Marine Rail Three months ended June 30, 2019: Finance lease cost: Amortization of ROU assets $ 12 $ — $ — $ 1 $ 1 $ — $ — $ 14 Interest on lease liabilities 12 — — 1 1 — — 14 Operating lease cost 47 34 13 5 2 10 2 113 Variable lease cost 15 7 — — — — — 22 Short-term lease cost 4 12 — 8 — — — 24 Sublease income — (15 ) — — — (1 ) — (16 ) Total lease cost $ 90 $ 38 $ 13 $ 15 $ 4 $ 9 $ 2 $ 171 Six months ended June 30, 2019: Finance lease cost: Amortization of ROU assets $ 20 $ — $ — $ 2 $ 2 $ — $ — $ 24 Interest on lease liabilities 22 — — 1 2 — — 25 Operating lease cost 94 68 24 12 4 14 2 218 Variable lease cost 33 17 — — — — — 50 Short-term lease cost 7 26 — 14 — — — 47 Sublease income — (16 ) — — — (2 ) — (18 ) Total lease cost $ 176 $ 95 $ 24 $ 29 $ 8 $ 12 $ 2 $ 346 In accordance with Topic 840, “rental expense, net of sublease rental income” was as follows (in millions): Three Months Ended June 30, 2018 Six Months Ended Minimum rental expense $ 122 $ 251 Contingent rental expense 3 9 Total rental expense 125 260 Less sublease rental income 6 16 Rental expense, net of sublease rental income $ 119 $ 244 The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): June 30, 2019 Operating Leases Finance Leases Supplemental balance sheet information: ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 773 Deferred charges and other assets, net 1,385 — Total ROU assets, net $ 1,385 $ 773 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 40 Accrued expenses 317 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 741 Other long-term liabilities 1,029 — Total lease liabilities $ 1,346 $ 781 Other supplemental information: Weighted-average remaining lease term 8.3 years 20.3 years Weighted-average discount rate 5.0 % 5.3 % Supplemental cash flow information related to our operating and finance leases is presented in Note 12 . Maturity Analysis The remaining minimum lease payments due under our long-term leases were as follows (in millions): June 30, 2019 December 31, 2018 Operating Leases Finance Leases Operating Leases Capital Leases 2019 (a) $ 202 $ 44 $ 359 $ 69 2020 314 86 245 65 2021 222 84 178 62 2022 180 85 146 64 2023 148 87 123 65 Thereafter 633 1,066 514 957 Total undiscounted lease payments 1,699 1,452 $ 1,565 1,282 Less amount associated with discounting 353 671 676 Total lease liabilities $ 1,346 $ 781 $ 606 ____________________ (a) The amounts as of June 30, 2019 are for the remaining six months of 2019 . Future Lease Commencement As described and defined in Note 6 , we have a terminaling agreement with MVP to utilize the MVP Terminal upon completion of phase two, which is expected to occur in late 2019 . We expect to recognize an ROU asset and lease liability of approximately $1.1 billion in 2020 in connection with this agreement.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
DEBT	5. DEBT Public Debt During the six months ended June 30, 2019 , the following activity occurred: • We issued $1.0 billion of 4.00 percent Senior Notes due April 1, 2029 ( 4.00 percent Senior Notes). Proceeds from this debt issuance totaled $992 million before deducting the underwriting discount and other debt issuance costs. The proceeds were used to redeem our 6.125 percent Senior Notes due February 1, 2020 ( 6.125 percent Senior Notes) for $871 million , or 102.48 percent of stated value, which includes an early redemption fee of $21 million that is reflected in “ other income (expense), net ” in our statements of income for the three and six months ended June 30, 2019 . • In connection with the completion of the Merger Transaction as described in Note 2 , Valero entered into a guarantee agreement to fully and unconditionally guarantee the prompt payment, when due, of any amount owed to the holders of VLP’s 4.375 percent Senior Notes due December 15, 2026 and 4.5 percent Senior Notes due March 15, 2028 . See Note 15 for condensed consolidating financial statements. During the six months ended June 30, 2018 , the following activity occurred: • We issued $750 million of 4.35 percent Senior Notes due June 1, 2028 . Proceeds from this debt issuance totaled $749 million before deducting the underwriting discount and other debt issuance costs. The proceeds were used to redeem our 9.375 percent Senior Notes due March 15, 2019 ( 9.375 percent Senior Notes) for $787 million , or 104.9 percent of stated value, which included an early redemption fee of $37 million that is reflected in “ other income (expense), net ” in our statements of income for the three and six months ended June 30, 2018 . • VLP issued $500 million of 4.5 percent Senior Notes due March 15, 2028 . Proceeds from this debt issuance totaled $498 million before deducting the underwriting discount and other debt issuance costs. The proceeds were available only to the operations of VLP and were used to repay the outstanding balance of $410 million on the VLP Revolver (defined below) and $85 million of VLP’s notes payable to us, which were eliminated in consolidation. Other Debt During the six months ended June 30, 2018 , we retired $137 million of debt assumed in connection with the Peru Acquisition with available cash on hand. Credit Facilities Summary of Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): June 30, 2019 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 33 $ 3,967 Canadian Revolver C$ 150 November 2019 C$ — C$ 5 C$ 145 Accounts receivable sales facility (b) $ 1,300 July 2019 $ 100 n/a $ 1,200 Letter of credit facility $ 100 November 2019 n/a $ — $ 100 Committed facilities of VIE (c): IEnova Revolver $ 340 February 2028 $ 179 n/a $ 161 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 279 n/a ____________ (a) Letters of credit issued as of June 30, 2019 expire at various times in 2019 through 2020 . (b) In July 2019, we amended this facility to extend the maturity date from July 2019 to July 2020. (c) Creditors of our VIE do not have recourse against us. Valero Revolver In March 2019, we amended our revolving credit facility (the Valero Revolver) to increase the borrowing capacity from $3 billion to $4 billion and to extend the maturity date from November 2020 to March 2024. The Valero Revolver also provides for the issuance of letters of credit of up to $2.4 billion . VLP Revolver As of December 31, 2018 , VLP had a $750 million senior unsecured revolving credit facility (the VLP Revolver) with a group of lenders that was scheduled to mature in November 2020. However, on January 10, 2019, in connection with the completion of the Merger Transaction as described in Note 2 , the VLP Revolver was terminated. Accounts Receivable Sales Facility During the six months ended June 30, 2019 , we sold and repaid $900 million of eligible receivables under our accounts receivable sales facility. As of June 30, 2019 and December 31, 2018 , the variable interest rate on the accounts receivable sales facility was 3.1074 percent and 3.0618 percent, respectively. IEnova Revolver During the six months ended June 30, 2019 and 2018 , Central Mexico Terminals (as described in Note 8 ) borrowed $ 70 million and $56 million , respectively, and had no repayments under a combined $340 million unsecured revolving credit facility (IEnova Revolver) with IEnova (defined in Note 8 ). As of June 30, 2019 and December 31, 2018 , the variable interest rate was 6.242 percent and 6.046 percent, respectively. Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised of the following (in millions): Three Months Ended Six Months Ended 2019 2018 2019 2018 Interest and debt expense $ 136 $ 144 $ 272 $ 283 Less capitalized interest 24 20 48 38 Interest and debt expense, net of capitalized interest $ 112 $ 124 $ 224 $ 245

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	6. COMMITMENTS AND CONTINGENCIES Commitments MVP Terminal We have a 50 percent membership interest in MVP Terminalling, LLC (MVP), a Delaware limited liability company formed in September 2017 with a subsidiary of Magellan Midstream Partners LP (Magellan), to construct, own, and operate the Magellan Valero Pasadena marine terminal (MVP Terminal) located adjacent to the Houston Ship Channel in Pasadena, Texas. Construction of phases one and two of the project began in 2017 with a total estimated cost of approximately $840 million , of which we have committed to contribute 50 percent (approximately $420 million ). The project could expand up to four phases with a total project cost of approximately $1.4 billion if warranted by additional demand and agreed to by Magellan and us. Since inception, we have contributed $330 million to MVP, of which $83 million was contributed during the six months ended June 30, 2019 . Concurrent with the formation of MVP, we entered into a terminaling agreement with MVP to utilize the MVP Terminal upon completion of phase two, which is expected to occur in late 2019 . The terminaling agreement has an initial term of 12 years with two five -year automatic renewals, and year-to-year renewals thereafter. Prior to our adoption of Topic 842 as described in Note 1 , we were considered the accounting owner of the MVP Terminal during the construction period due to our membership interest in MVP and because we determined that the terminaling agreement was a capital lease. Accordingly, as of December 31, 2018, we had recorded an asset of $539 million in property, plant, and equipment representing 100 percent of the construction costs incurred by MVP, as well as capitalized interest incurred by us, and a long-term liability of $292 million payable to Magellan. The amounts recorded for the portion of the construction costs associated with the payable to Magellan were noncash investing and financing items, respectively. On January 1, 2019, as a result of our adoption of Topic 842, we derecognized the asset and liability related to MVP discussed above and recorded our equity investment in MVP of $247 million , which is included in “deferred charges and other assets, net.” The amounts derecognized are noncash investing and financing items, respectively. As of June 30, 2019 , our equity investment in MVP was $330 million . Central Texas Pipeline We have committed to a 40 percent undivided interest in a project with a subsidiary of Magellan to jointly build an estimated 130 -mile, 20 -inch refined petroleum products pipeline with a capacity of up to 150,000 barrels per day from Houston to Hearne, Texas. The pipeline is expected to be completed in the third quarter of 2019. The estimated cost of our 40 percent undivided interest in this pipeline is $170 million . Since inception, expenditures have totaled $109 million , of which $29 million was spent during the six months ended June 30, 2019 .

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
EQUITY	7. EQUITY Share Activity There was no significant share activity during the six months ended June 30, 2019 and 2018 . Common Stock Dividends On July 18, 2019 , our board of directors declared a quarterly cash dividend of $0.90 per common share payable on September 4, 2019 to holders of record at the close of business on August 6, 2019 . Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended June 30, 2019 2018 Foreign Currency Translation Adjustment Defined Benefit Plans Items Gains on Cash Flow Hedges Total Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of beginning of period $ (869 ) $ (483 ) $ — $ (1,352 ) $ (465 ) $ (518 ) $ (983 ) Other comprehensive income (loss) before reclassifications (1 ) — 1 — (286 ) — (286 ) Amounts reclassified from accumulated other comprehensive loss — 2 — 2 — 7 7 Other comprehensive income (loss) (1 ) 2 1 2 (286 ) 7 (279 ) Balance as of end of period $ (870 ) $ (481 ) $ 1 $ (1,350 ) $ (751 ) $ (511 ) $ (1,262 ) Six Months Ended June 30, 2019 2018 Foreign Currency Translation Adjustment Defined Benefit Plans Items Gains on Cash Flow Hedges Total Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of beginning of period $ (1,022 ) $ (485 ) $ — $ (1,507 ) $ (507 ) $ (433 ) $ (940 ) Other comprehensive income (loss) before reclassifications 152 — 1 153 (244 ) — (244 ) Amounts reclassified from accumulated other comprehensive loss — 4 — 4 — 13 13 Other comprehensive income (loss) 152 4 1 157 (244 ) 13 (231 ) Reclassification of stranded income tax effects of Tax Reform to retained earnings — — — — — (91 ) (91 ) Balance as of end of period $ (870 ) $ (481 ) $ 1 $ (1,350 ) $ (751 ) $ (511 ) $ (1,262 )

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	8. VARIABLE INTEREST ENTITIES Consolidated VIEs We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. As of June 30, 2019 , our significant consolidated VIEs included: • DGD, a joint venture with a subsidiary of Darling Ingredients Inc., which owns and operates a biodiesel plant that processes animal fats, used cooking oils, and other vegetable oils into renewable green diesel; and • Central Mexico Terminals, which is a collective group of three subsidiaries of Infraestructura Energetica Nova, S.A.B. de C.V. (IEnova), a Mexican company and subsidiary of Sempra Energy, a U.S. public company. We have terminaling agreements with Central Mexico Terminals that represent variable interests. We do not have an ownership interest in Central Mexico Terminals. 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 some of our 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). June 30, 2019 DGD Central Mexico Other Total Assets Cash and cash equivalents $ 139 $ — $ 28 $ 167 Other current assets 101 20 88 209 Property, plant, and equipment, net 614 201 110 925 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 44 $ 216 $ 12 $ 272 Debt and finance lease obligations, less current portion 1 — 33 34 December 31, 2018 VLP (a) DGD Central Mexico Other Total Assets Cash and cash equivalents $ 152 $ 65 $ — $ 18 $ 235 Other current assets 2 112 20 64 198 Property, plant, and equipment, net 1,409 576 156 113 2,254 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 27 $ 28 $ 118 $ 9 $ 182 Debt and finance lease obligations, less current portion 990 — — 34 1,024 ____________________ (a) Prior to the completion of the Merger Transaction with VLP on January 10, 2019 as discussed in Note 2 , VLP was a publicly traded master limited partnership that we had determined was a VIE. VLP was formed by us to own, operate, develop, and acquire crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets. As of December 31, 2018, we owned a 66.2 percent limited partner interest and a 2.0 percent general partner interest in VLP, and public unitholders owned a 31.8 percent limited partner interest. Upon completion of the Merger Transaction, VLP became our indirect wholly owned subsidiary and, as a result, was no longer a VIE. Non-Consolidated VIEs We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations and are primarily accounted for as equity investments.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2019
Defined Benefit Plan [Abstract]
EMPLOYEE BENEFIT PLANS	9. EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Benefit Plans 2019 2018 2019 2018 Three months ended June 30: Service cost $ 30 $ 33 $ 1 $ 2 Interest cost 25 23 3 3 Expected return on plan assets (41 ) (41 ) — — Amortization of: Net actuarial (gain) loss 10 17 (1 ) (1 ) Prior service credit (5 ) (4 ) (2 ) (3 ) Special charges 2 3 — — Net periodic benefit cost $ 21 $ 31 $ 1 $ 1 Six months ended June 30: Service cost $ 60 $ 67 $ 2 $ 3 Interest cost 49 46 6 5 Expected return on plan assets (83 ) (82 ) — — Amortization of: Net actuarial (gain) loss 20 33 (2 ) (1 ) Prior service credit (9 ) (9 ) (4 ) (6 ) Special charges 2 5 1 — Net periodic benefit cost $ 39 $ 60 $ 3 $ 1 The components of net periodic benefit cost other than the service cost component (i.e., the non-service cost components) are included in “ other income (expense), net ” in the statements of income. As previously disclosed in our annual report on Form 10-K for the year ended December 31, 2018 , we plan to contribute approximately $35 million to our pension plans and $21 million to our other postretirement benefit plans during 2019. During the six months ended June 30, 2019 and 2018 , we contributed $23 million and $16 million , respectively, to our pension plans and $8 million and $9 million , respectively, to our other postretirement benefit plans.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	10. EARNINGS PER COMMON SHARE Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended Six Months Ended 2019 2018 2019 2018 Earnings per common share: Net income attributable to Valero stockholders $ 612 $ 845 $ 753 $ 1,314 Less income allocated to participating securities 2 3 2 4 Net income available to common stockholders $ 610 $ 842 $ 751 $ 1,310 Weighted-average common shares outstanding 415 429 416 430 Earnings per common share $ 1.47 $ 1.96 $ 1.80 $ 3.05 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 612 $ 845 $ 753 $ 1,314 Weighted-average common shares outstanding 415 429 416 430 Effect of dilutive securities 2 2 1 2 Weighted-average common shares outstanding – assuming dilution 417 431 417 432 Earnings per common share – assuming dilution $ 1.47 $ 1.96 $ 1.80 $ 3.04 Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan. Dilutive securities include participating securities as well as outstanding stock options granted under our 2011 Omnibus Stock Incentive Plan.

Revenues and Segment Informatio

Revenues and Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
REVENUES AND SEGMENT INFORMATION	11. REVENUES AND SEGMENT INFORMATION Revenue from Contracts with Customers Disaggregation of Revenue Revenue is presented in the table below under “Segment Information” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements. Receivables from Contracts with Customers Our receivables from contracts with customers are included in “receivables, net” and totaled $5.6 billion and $4.7 billion as of June 30, 2019 and December 31, 2018 , respectively. Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of June 30, 2019 , we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations. Segment Information Effective January 1, 2019, we revised our reportable segments to align with certain changes in how our chief operating decision maker manages and allocates resources to our business. Accordingly, we created a new reportable segment — renewable diesel — because of the growing importance of renewable fuels in the market and the growth of our investments in renewable fuels production. The renewable diesel segment includes the operations of DGD, which were transferred from the refining segment on January 1, 2019. Also effective January 1, 2019, we no longer have a VLP segment, and we include the operations of VLP in our refining segment. This change was made because of the Merger Transaction with VLP, as described in Note 2 , and the resulting change in how we manage VLP’s operations. We no longer manage VLP as a business but as logistics assets that support the operations of our refining segment. Our prior period segment information has been retrospectively adjusted to reflect our current segment presentation. We have three reportable segments — refining, ethanol, and renewable diesel. Each segment is a strategic business unit that offers different products and services by employing unique technologies and marketing strategies and whose operations and operating performance are managed and evaluated separately. Operating performance is measured based on the operating income generated by the segment, which includes revenues and expenses that are directly attributable to the management of the respective segment. Intersegment sales are generally derived from transactions made at prevailing market rates. The following is a description of each segment’s business operations. • The refining segment includes the operations of our 15 petroleum refineries, the associated marketing activities, and logistics assets that support our refining operations. The principal products manufactured by our refineries and sold by this segment include gasolines and blendstocks, distillates, and other products. • The ethanol segment includes the operations of our 14 ethanol plants, the associated marketing activities, and logistics assets that support our ethanol operations. The principal products manufactured by our ethanol plants are ethanol and distillers grains. This segment sells some ethanol to the refining segment for blending into gasoline, which is sold to that segment’s customers as a finished gasoline product. • The renewable diesel segment includes the operations of DGD, our consolidated joint venture as discussed in Note 8 . The principal product manufactured by DGD and sold by this segment is renewable diesel. This segment sells some renewable diesel to the refining segment, which is then sold to that segment’s customers. Operations that are not included in any of the reportable segments are included in the corporate category. The following tables reflect information about our operating income by reportable segment (in millions): Refining Ethanol Renewable Diesel Corporate and Eliminations Total Three months ended June 30, 2019: Revenues: Revenues from external customers $ 27,746 $ 964 $ 222 $ 1 $ 28,933 Intersegment revenues 8 53 73 (134 ) — Total revenues 27,754 1,017 295 (133 ) 28,933 Cost of sales: Cost of materials and other 25,172 855 189 (133 ) 26,083 Operating expenses (excluding depreciation and amortization expense reflected below) 1,026 132 17 — 1,175 Depreciation and amortization expense 518 22 12 — 552 Total cost of sales 26,716 1,009 218 (133 ) 27,810 Other operating expenses 1 1 — — 2 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 199 199 Depreciation and amortization expense — — — 14 14 Operating income by segment $ 1,037 $ 7 $ 77 $ (213 ) $ 908 Three months ended June 30, 2018: Revenues: Revenues from external customers $ 30,024 $ 884 $ 106 $ 1 $ 31,015 Intersegment revenues 11 42 46 (99 ) — Total revenues 30,035 926 152 (98 ) 31,015 Cost of sales: Cost of materials and other 27,103 754 102 (99 ) 27,860 Operating expenses (excluding depreciation and amortization expense reflected below) 988 109 13 — 1,110 Depreciation and amortization expense 483 20 7 — 510 Total cost of sales 28,574 883 122 (99 ) 29,480 Other operating expenses 21 — — — 21 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 248 248 Depreciation and amortization expense — — — 13 13 Operating income by segment $ 1,440 $ 43 $ 30 $ (260 ) $ 1,253 Refining Ethanol Renewable Diesel Corporate and Eliminations Total Six months ended June 30, 2019: Revenues: Revenues from external customers $ 50,964 $ 1,757 $ 474 $ 1 $ 53,196 Intersegment revenues 10 105 124 (239 ) — Total revenues 50,974 1,862 598 (238 ) 53,196 Cost of sales: Cost of materials and other 46,337 1,549 413 (238 ) 48,061 Operating expenses (excluding depreciation and amortization expense reflected below) 2,097 257 36 — 2,390 Depreciation and amortization expense 1,021 45 23 — 1,089 Total cost of sales 49,455 1,851 472 (238 ) 51,540 Other operating expenses 3 1 — — 4 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 408 408 Depreciation and amortization expense — — — 28 28 Operating income by segment $ 1,516 $ 10 $ 126 $ (436 ) $ 1,216 Six months ended June 30, 2018: Revenues: Revenues from external customers $ 55,477 $ 1,761 $ 214 $ 2 $ 57,454 Intersegment revenues 15 88 88 (191 ) — Total revenues 55,492 1,849 302 (189 ) 57,454 Cost of sales: Cost of materials and other 50,267 1,503 37 (191 ) 51,616 Operating expenses (excluding depreciation and amortization expense reflected below) 1,999 220 27 — 2,246 Depreciation and amortization expense 944 38 13 — 995 Total cost of sales 53,210 1,761 77 (191 ) 54,857 Other operating expenses 31 — — — 31 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 486 486 Depreciation and amortization expense — — — 26 26 Operating income by segment $ 2,251 $ 88 $ 225 $ (510 ) $ 2,054 The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions). Three Months Ended Six Months Ended 2019 2018 2019 2018 Refining: Gasolines and blendstocks $ 11,530 $ 12,514 $ 20,904 $ 23,143 Distillates 13,476 14,353 25,393 26,903 Other product revenues 2,740 3,157 4,667 5,431 Total refining revenues 27,746 30,024 50,964 55,477 Ethanol: Ethanol 774 696 1,394 1,397 Distillers grains 190 188 363 364 Total ethanol revenues 964 884 1,757 1,761 Renewable diesel: Renewable diesel 222 106 474 214 Corporate – other revenues 1 1 1 2 Revenues $ 28,933 $ 31,015 $ 53,196 $ 57,454 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 46,524 $ 43,488 Ethanol 1,676 1,691 Renewable diesel 898 787 Corporate and eliminations 2,924 4,189 Total assets $ 52,022 $ 50,155

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	12. 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): Six Months Ended 2019 2018 Decrease (increase) in current assets: Receivables, net $ (1,664 ) $ (595 ) Inventories 278 (46 ) Prepaid expenses and other 406 (35 ) Increase (decrease) in current liabilities: Accounts payable 1,555 661 Accrued expenses (195 ) (83 ) Taxes other than income taxes payable (75 ) 28 Income taxes payable 108 (375 ) Changes in current assets and current liabilities $ 413 $ (445 ) Cash flows related to interest and income taxes were as follows (in millions): Six Months Ended 2019 2018 Interest paid in excess of amount capitalized, including interest on finance leases $ 227 $ 248 Income taxes paid (received), net (331 ) 817 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Six Months Ended June 30, 2019 Operating Leases Finance Leases Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 216 $ 25 Financing cash flows — 15 Changes in lease balances resulting from new and modified leases (a) 1,592 192 ___________________ (a) Includes noncash activity of $1.3 billion for ROU assets for operating leases recorded on January 1, 2019 upon adoption of Topic 842. Noncash investing and financing activities during the six months ended June 30, 2019 also included the derecognition of the property, plant, and equipment and long-term liability related to previous owner accounting and the recognition of our investment in joint venture associated with a build-to-suit lease arrangement as described in Note 6 . There were no significant noncash investing and financing activities during the six months ended June 30, 2018 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	13. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables 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 June 30, 2019 and December 31, 2018 . 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 following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. June 30, 2019 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 $ 863 $ — $ — $ 863 $ (803 ) $ (7 ) $ 53 $ — Physical purchase contracts — 9 — 9 n/a n/a 9 n/a Foreign currency contracts 33 — — 33 n/a n/a 33 n/a Investments of certain benefit plans 60 — 9 69 n/a n/a 69 n/a Total $ 956 $ 9 $ 9 $ 974 $ (803 ) $ (7 ) $ 164 Liabilities: Commodity derivative contracts $ 815 $ — $ — $ 815 $ (803 ) $ (12 ) $ — $ (80 ) Environmental credit obligations — 6 — 6 n/a n/a 6 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Foreign currency contracts 11 — — 11 n/a n/a 11 n/a Total $ 826 $ 11 $ — $ 837 $ (803 ) $ (12 ) $ 22 December 31, 2018 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 $ 2,792 $ — $ — $ 2,792 $ (2,669 ) $ (34 ) $ 89 $ — Foreign currency contracts 4 — — 4 n/a n/a 4 n/a Investments of certain benefit plans 60 — 9 69 n/a n/a 69 n/a Total $ 2,856 $ — $ 9 $ 2,865 $ (2,669 ) $ (34 ) $ 162 Liabilities: Commodity derivative contracts $ 2,681 $ — $ — $ 2,681 $ (2,669 ) $ (12 ) $ — $ (136 ) Environmental credit obligations — 13 — 13 n/a n/a 13 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Total $ 2,682 $ 18 $ — $ 2,700 $ (2,669 ) $ (12 ) $ 19 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, which are used to reduce the impact of price volatility on our results of operations and cash flows as discussed in Note 14 . These contracts are measured at fair value using the market approach. Exchange-traded futures are valued based on quoted prices from the commodity exchange and are categorized in Level 1 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 plan 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 plan 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 and foreign currency swap agreements related to our international operations to manage our exposure to exchange rate fluctuations on transactions denominated in currencies other than the local (functional) currencies of our 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 Renewable Identification Numbers (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 similar programs (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. 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 into or out of Level 3 for assets and liabilities held as of June 30, 2019 and December 31, 2018 that were measured at fair value on a recurring basis. There was no significant activity during the three and six months ended June 30, 2019 and 2018 related to the fair value amounts categorized in Level 3 as of June 30, 2019 and December 31, 2018 . Nonrecurring Fair Value Measurements There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of June 30, 2019 and December 31, 2018 . Other Financial Instruments Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the following table along with their associated fair values (in millions): June 30, 2019 December 31, 2018 Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents Level 1 $ 2,033 $ 2,033 $ 2,982 $ 2,982 Financial liabilities: Debt (excluding finance leases) Level 2 8,710 10,123 8,503 8,986

Price Risk Management Activitie

Price Risk Management Activities	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	14. PRICE RISK MANAGEMENT ACTIVITIES General We are exposed to market risks primarily related to the volatility in the price of commodities, 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 13 ), as summarized below under “Fair Values of Derivative Instruments.” The effect of these derivative instruments on our income is summarized below under “Effect of Derivative Instruments on 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), renewable diesel, 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, such as futures and options. 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. We primarily use commodity derivative instruments as cash flow hedges and economic hedges. Our objective for entering into each type of hedge is described below. • Cash flow hedges – The objective of our cash flow hedges is to lock in the price of forecasted (i) feedstock, refined petroleum product, or natural gas purchases, or (ii) refined petroleum product or renewable diesel sales at existing market prices that we deem favorable. • Economic hedges – Our objectives for holding economic hedges are to (i) manage price volatility in certain feedstock and refined petroleum product inventories and fixed-price purchase contracts, and (ii) lock in the price of forecasted feedstock, refined petroleum product, or natural gas purchases, or refined petroleum product or renewable diesel sales at existing market prices that we deem favorable. As of June 30, 2019 , we had the following outstanding commodity derivative instruments that were used as cash flow hedges and 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 in thousands of barrels, except corn contracts that are presented in thousands of bushels). Notional Contract Volumes by Year of Maturity 2019 2020 Derivatives designated as cash flow hedges: Renewable diesel: Futures – long 805 — Futures – short 2,348 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 134,826 847 Futures – short 130,343 1,106 Options – long 24,162 — Options – short 23,687 — Corn: Futures – long 54,870 1,465 Futures – short 94,705 9,500 Physical contracts – long 41,285 8,174 Foreign Currency Risk We are exposed to exchange rate fluctuations on transactions related to our international operations that are denominated in currencies other than the local (functional) currencies of our operations. To manage our exposure to these exchange rate fluctuations, we use foreign currency contracts. These contracts are not designated as hedging instruments for accounting purposes and therefore are classified as economic hedges. As of June 30, 2019 , we had foreign currency contracts to purchase $456 million of U.S. dollars and $1.9 billion of U.S. dollar equivalent Canadian dollars. The majority of these commitments matured on or before July 31, 2019 . 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. The cost of meeting our obligations under these compliance programs was $67 million and $131 million for the three months ended June 30, 2019 and 2018 , respectively, and $158 million and $337 million for the six months ended June 30, 2019 and 2018 , respectively. These amounts are reflected in cost of materials and other. Fair Values of Derivative Instruments The following tables provide information about the fair values of our derivative instruments as of June 30, 2019 and December 31, 2018 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 13 for additional information related to the fair values of our derivative instruments. As indicated in Note 13 , 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 following tables, 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 June 30, 2019 December 31, 2018 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 12 $ 4 $ — $ — Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 851 $ 811 $ 2,792 $ 2,681 Physical purchase contracts Inventories 9 5 — 5 Foreign currency contracts Receivables, net 33 — 4 — Foreign currency contracts Accrued expenses — 11 — 1 Total $ 893 $ 827 $ 2,796 $ 2,687 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 The following table provides information about the gain or loss recognized in income on our derivative instruments and the line items in the statements of income in which such gains and losses are reflected (in millions). Derivatives Not Designated Location of Gain (Loss) Three Months Ended Six Months Ended 2019 2018 2019 2018 Commodity contracts Revenues $ 5 $ — $ 5 $ — Commodity contracts Cost of materials and other 72 (15 ) 1 (27 ) Foreign currency contracts Cost of materials and other 2 17 (7 ) 14 Foreign currency contracts Other income, net 48 (17 ) 55 (17 )

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	15. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS In connection with the completion of the Merger Transaction as described in Note 2 , Valero Energy Corporation, the parent company, entered into a guarantee agreement to fully and unconditionally guarantee the prompt payment, when due, of the following debt issued by Valero Energy Partners LP, an indirect wholly owned subsidiary of Valero Energy Corporation, that was outstanding as of June 30, 2019 : • 4.375 percent Senior Notes due December 15, 2026 ; and • 4.5 percent Senior Notes due March 15, 2028 . The following condensed consolidating financial information is provided as an alternative to providing separate financial statements for Valero Energy Partners LP, which has no independent assets or operations. The financial position, results of operations, and cash flows of Valero Energy Partners LP’s wholly owned subsidiaries are included in “Other Non-Guarantor Subsidiaries.” The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries. Condensed Consolidating Balance Sheet June 30, 2019 (in millions) Valero Valero Other Non- Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 246 $ — $ 1,787 $ — $ 2,033 Receivables, net — — 9,050 — 9,050 Receivables from affiliates 4,382 — 11,824 (16,206 ) — Inventories — — 6,281 — 6,281 Prepaid expenses and other 63 — 384 — 447 Total current assets 4,691 — 29,326 (16,206 ) 17,811 Property, plant and equipment, at cost — — 43,110 — 43,110 Accumulated depreciation — — (14,326 ) — (14,326 ) Property, plant and equipment, net — — 28,784 — 28,784 Investment in affiliates 36,639 2,453 383 (39,475 ) — Deferred charges and other assets, net 547 — 4,880 — 5,427 Total assets $ 41,877 $ 2,453 $ 63,373 $ (55,681 ) $ 52,022 LIABILITIES AND EQUITY Current liabilities: Current portion of debt and finance lease obligations $ — $ — $ 323 $ — $ 323 Accounts payable — — 10,135 — 10,135 Accounts payable to affiliates 10,753 1,071 4,382 (16,206 ) — Accrued expenses 123 7 634 — 764 Taxes other than income taxes payable — — 1,144 — 1,144 Income taxes payable 99 — 83 — 182 Total current liabilities 10,975 1,078 16,701 (16,206 ) 12,548 Debt and finance lease obligations, less current portion 7,093 990 1,084 — 9,167 Deferred income tax liabilities — 2 4,897 — 4,899 Other long-term liabilities 1,972 — 1,599 — 3,571 Equity: Stockholders’ equity: Common stock 7 — 1 (1 ) 7 Additional paid-in capital 6,812 — 9,770 (9,770 ) 6,812 Treasury stock, at cost (15,170 ) — — — (15,170 ) Retained earnings 31,046 — 29,824 (29,824 ) 31,046 Partners’ equity — 383 — (383 ) — Accumulated other comprehensive loss (1,350 ) — (995 ) 995 (1,350 ) Total stockholders’ equity 21,345 383 38,600 (38,983 ) 21,345 Noncontrolling interests 492 — 492 (492 ) 492 Total equity 21,837 383 39,092 (39,475 ) 21,837 Total liabilities and equity $ 41,877 $ 2,453 $ 63,373 $ (55,681 ) $ 52,022 Condensed Consolidating Balance Sheet December 31, 2018 (in millions) Valero Valero Other Non- Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 291 $ 152 $ 2,539 $ — $ 2,982 Receivables, net — — 7,345 — 7,345 Receivables from affiliates 4,369 2 11,010 (15,381 ) — Inventories — — 6,532 — 6,532 Prepaid expenses and other 466 — 355 (5 ) 816 Total current assets 5,126 154 27,781 (15,386 ) 17,675 Property, plant and equipment, at cost — — 42,473 — 42,473 Accumulated depreciation — — (13,625 ) — (13,625 ) Property, plant and equipment, net — — 28,848 — 28,848 Investment in affiliates 36,086 2,267 299 (38,652 ) — Long-term notes receivable from affiliates 285 — — (285 ) — Deferred charges and other assets, net 572 1 3,059 — 3,632 Total assets $ 42,069 $ 2,422 $ 59,987 $ (54,323 ) $ 50,155 LIABILITIES AND EQUITY Current liabilities: Current portion of debt and finance lease obligations $ — $ — $ 238 $ — $ 238 Accounts payable 14 — 8,580 — 8,594 Accounts payable to affiliates 10,173 837 4,370 (15,380 ) — Accrued expenses 155 7 468 — 630 Accrued expenses to affiliates — 1 — (1 ) — Taxes other than income taxes payable — — 1,213 — 1,213 Income taxes payable 53 1 — (5 ) 49 Total current liabilities 10,395 846 14,869 (15,386 ) 10,724 Debt and finance lease obligations, less current portion 6,955 990 926 — 8,871 Long-term notes payable to affiliates — 285 — (285 ) — Deferred income taxes — 2 4,960 — 4,962 Other long-term liabilities 1,988 — 879 — 2,867 Equity: Stockholders’ equity: Common stock 7 — 1 (1 ) 7 Additional paid-in capital 7,048 — 9,754 (9,754 ) 7,048 Treasury stock, at cost (14,925 ) — — — (14,925 ) Retained earnings 31,044 — 28,631 (28,631 ) 31,044 Partners’ equity — 299 — (299 ) — Accumulated other comprehensive loss (1,507 ) — (1,097 ) 1,097 (1,507 ) Total stockholders’ equity 21,667 299 37,289 (37,588 ) 21,667 Noncontrolling interests 1,064 — 1,064 (1,064 ) 1,064 Total equity 22,731 299 38,353 (38,652 ) 22,731 Total liabilities and equity $ 42,069 $ 2,422 $ 59,987 $ (54,323 ) $ 50,155 Condensed Consolidating Statement of Income Three Months Ended June 30, 2019 (in millions) Valero Valero Other Non- Eliminations Consolidated Revenues $ — $ — $ 28,933 $ — $ 28,933 Cost of sales: Cost of materials and other — — 26,083 — 26,083 Operating expenses (excluding depreciation and amortization expense reflected below) — — 1,175 — 1,175 Depreciation and amortization expense — — 552 — 552 Total cost of sales — — 27,810 — 27,810 Other operating expenses — — 2 — 2 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — 199 — 199 Depreciation and amortization expense — — 14 — 14 Operating income — — 908 — 908 Equity in earnings of subsidiaries 821 105 132 (1,058 ) — Other income, net 30 — 157 (175 ) 12 Interest and debt expense, net of capitalized interest (231 ) (9 ) (47 ) 175 (112 ) Income before income tax expense 620 96 1,150 (1,058 ) 808 Income tax expense (benefit) (28 ) — 188 — 160 Net income 648 96 962 (1,058 ) 648 Less: Net income attributable to noncontrolling interests 36 — 36 (36 ) 36 Net income attributable to stockholders $ 612 $ 96 $ 926 $ (1,022 ) $ 612 Condensed Consolidating Statement of Income Three Months Ended June 30, 2018 (in millions) Valero Valero Other Non- Eliminations Consolidated Revenues $ — $ — $ 31,015 $ — $ 31,015 Cost of sales: Cost of materials and other — — 27,860 — 27,860 Operating expenses (excluding depreciation and amortization expense reflected below) — — 1,110 — 1,110 Depreciation and amortization expense — — 510 — 510 Total cost of sales — — 29,480 — 29,480 Other operating expenses — — 21 — 21 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — 248 — 248 Depreciation and amortization expense — — 13 — 13 Operating income — — 1,253 — 1,253 Equity in earnings of subsidiaries 1,052 78 94 (1,224 ) — Other income (expense), net 29 1 143 (178 ) (5 ) Interest and debt expense, net of capitalized interest (233 ) (14 ) (55 ) 178 (124 ) Income before income tax expense 848 65 1,435 (1,224 ) 1,124 Income tax expense (benefit) (27 ) 1 275 — 249 Net income 875 64 1,160 (1,224 ) 875 Less: Net income attributable to noncontrolling interests 30 — 30 (30 ) 30 Net income attributable to stockholders $ 845 $ 64 $ 1,130 $ (1,194 ) $ 845 Condensed Consolidating Statement of Income Six Months Ended June 30, 2019 (in millions) Valero Valero Other Non- Eliminations Consolidated Revenues $ — $ — $ 53,196 $ — $ 53,196 Cost of sales: Cost of materials and other — — 48,061 — 48,061 Operating expenses (excluding depreciation and amortization expense reflected below) — — 2,390 — 2,390 Depreciation and amortization expense — — 1,089 — 1,089 Total cost of sales — — 51,540 — 51,540 Other operating expenses — — 4 — 4 General and administrative expenses (excluding depreciation and amortization expense reflected below) 1 — 407 — 408 Depreciation and amortization expense — — 28 — 28 Operating income (loss) (1 ) — 1,217 — 1,216 Equity in earnings of subsidiaries 1,085 187 225 (1,497 ) — Other income, net 84 — 304 (354 ) 34 Interest and debt expense, net of capitalized interest (463 ) (24 ) (91 ) 354 (224 ) Income before income tax expense 705 163 1,655 (1,497 ) 1,026 Income tax expense (benefit) (110 ) — 321 — 211 Net income 815 163 1,334 (1,497 ) 815 Less: Net income attributable to noncontrolling interests 62 — 62 (62 ) 62 Net income attributable to stockholders $ 753 $ 163 $ 1,272 $ (1,435 ) $ 753 Condensed Consolidating Statement of Income Six Months Ended June 30, 2018 (in millions) Valero Valero Other Non- Eliminations Consolidated Revenues $ — $ — $ 57,454 $ — $ 57,454 Cost of sales: Cost of materials and other — — 51,616 — 51,616 Operating expenses (excluding depreciation and amortization expense reflected below) — — 2,246 — 2,246 Depreciation and amortization expense — — 995 — 995 Total cost of sales — — 54,857 — 54,857 Other operating expenses — — 31 — 31 General and administrative expenses (excluding depreciation and amortization expense reflected below) 1 — 485 — 486 Depreciation and amortization expense — — 26 — 26 Operating income (loss) (1 ) — 2,055 — 2,054 Equity in earnings of subsidiaries 1,772 156 273 (2,201 ) — Other income, net 98 1 294 (347 ) 46 Interest and debt expense, net of capitalized interest (451 ) (26 ) (115 ) 347 (245 ) Income before income tax expense 1,418 131 2,507 (2,201 ) 1,855 Income tax expense (benefit) (39 ) 1 436 — 398 Net income 1,457 130 2,071 (2,201 ) 1,457 Less: Net income attributable to noncontrolling interests 143 — 143 (143 ) 143 Net income attributable to stockholders $ 1,314 $ 130 $ 1,928 $ (2,058 ) $ 1,314 Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2019 (in millions) Valero Valero Other Non- Eliminations Consolidated Net income $ 648 $ 96 $ 962 $ (1,058 ) $ 648 Other comprehensive income (loss): Foreign currency translation adjustment — — (27 ) 27 — Net gain on pension and other postretirement benefits 2 — — — 2 Net gain on cash flow hedges 5 — 5 (5 ) 5 Other comprehensive income (loss) before income tax expense 7 — (22 ) 22 7 Income tax expense related to items of other comprehensive income (loss) 1 — 1 (1 ) 1 Other comprehensive income (loss) 6 — (23 ) 23 6 Comprehensive income 654 96 939 (1,035 ) 654 Less: Comprehensive income attributable to noncontrolling interests 40 — 40 (40 ) 40 Comprehensive income attributable to stockholders $ 614 $ 96 $ 899 $ (995 ) $ 614 Condensed Consolidating Statement of Comprehensive Income Three Months Ended June 30, 2018 (in millions) Valero Valero Other Non- Eliminations Consolidated Net income $ 875 $ 64 $ 1,160 $ (1,224 ) $ 875 Other comprehensive loss: Foreign currency translation adjustment (291 ) — (268 ) 268 (291 ) Net gain on pension and other postretirement benefits 9 — 1 (1 ) 9 Other comprehensive loss before income tax expense (282 ) — (267 ) 267 (282 ) Income tax expense related to items of other comprehensive loss 2 — — — 2 Other comprehensive loss (284 ) — (267 ) 267 (284 ) Comprehensive income 591 64 893 (957 ) 591 Less: Comprehensive income attributable to noncontrolling interests 25 — 25 (25 ) 25 Comprehensive income attributable to stockholders $ 566 $ 64 $ 868 $ (932 ) $ 566 Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2019 (in millions) Valero Valero Other Non- Eliminations Consolidated Net income $ 815 $ 163 $ 1,334 $ (1,497 ) $ 815 Other comprehensive income: Foreign currency translation adjustment 155 — 104 (104 ) 155 Net gain on pension and other postretirement benefits 5 — — — 5 Net gain on cash flow hedges 5 — 5 (5 ) 5 Other comprehensive income before income tax expense 165 — 109 (109 ) 165 Income tax expense related to items of other comprehensive income 2 — 1 (1 ) 2 Other comprehensive income 163 — 108 (108 ) 163 Comprehensive income 978 163 1,442 (1,605 ) 978 Less: Comprehensive income attributable to noncontrolling interests 68 — 68 (68 ) 68 Comprehensive income attributable to stockholders $ 910 $ 163 $ 1,374 $ (1,537 ) $ 910 Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 30, 2018 (in millions) Valero Valero Other Non- Eliminations Consolidated Net income $ 1,457 $ 130 $ 2,071 $ (2,201 ) $ 1,457 Other comprehensive loss: Foreign currency translation adjustment (246 ) — (192 ) 192 (246 ) Net gain on pension and other postretirement benefits 17 — 1 (1 ) 17 Other comprehensive loss before income tax expense (229 ) — (191 ) 191 (229 ) Income tax expense related to items of other comprehensive loss 4 — — — 4 Other comprehensive loss (233 ) — (191 ) 191 (233 ) Comprehensive income 1,224 130 1,880 (2,010 ) 1,224 Less: Comprehensive income attributable to noncontrolling interests 141 — 141 (141 ) 141 Comprehensive income attributable to stockholders $ 1,083 $ 130 $ 1,739 $ (1,869 ) $ 1,083 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2019 (in millions) Valero Valero Other Non- Eliminations Consolidated Net cash provided by (used in) operating activities $ 244 $ (25 ) $ 2,435 $ (260 ) $ 2,394 Cash flows from investing activities: Capital expenditures — — (905 ) — (905 ) Deferred turnaround and catalyst costs — — (471 ) — (471 ) Investments in joint ventures — — (90 ) — (90 ) Capital expenditures of certain VIEs — — (69 ) — (69 ) Acquisitions of undivided interests — — (29 ) — (29 ) Intercompany investing activities 212 2 (630 ) 416 — Other investing activities, net — — 9 — 9 Net cash provided by (used in) investing activities 212 2 (2,185 ) 416 (1,555 ) Cash flows from financing activities: Proceeds from debt issuances and borrowings (excluding borrowings of certain VIEs) 992 — 900 — 1,892 Proceeds from borrowings of certain VIEs — — 70 — 70 Repayments of debt and finance lease obligations (871 ) — (918 ) — (1,789 ) Intercompany financing activities 395 50 (29 ) (416 ) — Purchases of common stock for treasury (248 ) — — — (248 ) Common stock dividends (751 ) — (81 ) 81 (751 ) Acquisition of VLP publicly held common units — — (950 ) — (950 ) Distributions to noncontrolling interests and unitholders of VLP — (179 ) (18 ) 179 (18 ) Other financing activities, net (18 ) — (13 ) — (31 ) Net cash used in financing activities (501 ) (129 ) (1,039 ) (156 ) (1,825 ) Effect of foreign exchange rate changes on cash — — 37 — 37 Net decrease in cash and cash equivalents (45 ) (152 ) (752 ) — (949 ) Cash and cash equivalents at beginning of period 291 152 2,539 — 2,982 Cash and cash equivalents at end of period $ 246 $ — $ 1,787 $ — $ 2,033 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2018 (in millions) Valero Valero Other Non- Eliminations Consolidated Net cash provided by (used in) operating activities $ (558 ) $ (22 ) $ 2,874 $ (97 ) $ 2,197 Cash flows from investing activities: Capital expenditures — — (740 ) — (740 ) Deferred turnaround and catalyst costs — — (490 ) — (490 ) Investments in joint ventures — — (119 ) — (119 ) Capital expenditures of certain VIEs — — (78 ) — (78 ) Peru Acquisition, net of cash acquired — — (471 ) — (471 ) Acquisitions of undivided interests — — (145 ) — (145 ) Minor acquisitions — — (91 ) — (91 ) Intercompany investing activities 408 186 (1,339 ) 745 — Other investing activities, net — — 2 — 2 Net cash provided by (used in) investing activities 408 186 (3,471 ) 745 (2,132 ) Cash flows from financing activities: Proceeds from debt issuances and borrowings (excluding borrowings of certain VIEs) 750 498 10 — 1,258 Proceeds from borrowings of certain VIEs — — 56 — 56 Repayments of debt and finance lease obligations (787 ) (410 ) (148 ) — (1,345 ) Intercompany financing activities 1,341 (87 ) (509 ) (745 ) — Purchases of common stock for treasury (647 ) — — — (647 ) Common stock dividends (690 ) — (17 ) 17 (690 ) Contributions from noncontrolling interests — — 32 — 32 Distributions to noncontrolling interests and unitholders of VLP — (103 ) (27 ) 80 (50 ) Other financing activities, net 1 (4 ) (13 ) — (16 ) Net cash used in financing activities (32 ) (106 ) (616 ) (648 ) (1,402 ) Effect of foreign exchange rate changes on cash — — (62 ) — (62 ) Net increase (decrease) in cash and cash equivalents (182 ) 58 (1,275 ) — (1,399 ) Cash and cash equivalents at beginning of period 1,746 42 4,062 — 5,850 Cash and cash equivalents at end of period $ 1,564 $ 100 $ 2,787 $ — $ 4,451

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation General The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. These unaudited financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The balance sheet as of December 31, 2018 has been derived from our audited financial statements as of that date. For further information, refer to our financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018 .
Reclassifications	Reclassifications Effective January 1, 2019, we revised our reportable segments to reflect a new reportable segment — renewable diesel. The renewable diesel segment includes the operations of Diamond Green Diesel Holdings LLC (DGD), our consolidated joint venture as discussed in Note 8 , which were transferred from the refining segment. Also effective January 1, 2019, we no longer have a VLP segment, and we now include the operations of Valero Energy Partners LP and its consolidated subsidiaries (VLP) in our refining segment. Our prior period segment information has been retrospectively adjusted to reflect our current segment presentation. See Note 2 regarding our merger with VLP, which occurred on January 10, 2019, and Note 11 for segment information.
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.
Leases	Leases Background We adopted the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 842, “Leases,” (Topic 842) on January 1, 2019, as described below in “Accounting Pronouncements Adopted on January 1, 2019.” Accordingly, our lease accounting policy has been revised to reflect the adoption of this standard. Revised Policy We evaluate if a contract is or contains a lease at inception of the contract. If we determine that a contract is or contains a lease, we recognize a right-of-use (ROU) asset and lease liability at the commencement date of the lease based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit rate when readily determinable, or if not, our incremental borrowing rate for a term similar to the duration of the lease based on information available at the commencement date. Lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. We recognize ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Except for the marine transportation asset class, we account for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Our marine transportation contracts include non-lease components such as maintenance and crew costs. We allocate the consideration in these contracts based on pricing information provided by the third-party broker. Expense for an operating lease is recognized as a single lease cost on a straight-line basis over the lease term and reflected in the appropriate income statement line item based on the leased asset’s function. Amortization expense of a finance lease ROU asset is recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term and is reflected in “depreciation and amortization expense.” Interest expense is incurred based on the carrying value of the lease liability and is reflected in “interest and debt expense, net of capitalized interest.”
New Accounting Pronouncements	Accounting Pronouncements Adopted on January 1, 2019 Topic 842 As previously noted, we adopted the provisions of Topic 842 on January 1, 2019. Topic 842 increases the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Topic 842 supersedes previous lease accounting requirements under FASB ASC Topic 840, “Leases,” (Topic 840). We adopted Topic 842 using the optional transition method that permits us to apply the new disclosure requirements beginning in 2019 and continue to present comparative period information as required under Topic 840; however, we did not have a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption. In addition, we elected the transition practical expedient package that permits us to not reassess our prior conclusions about lease identification, lease classification, and initial direct costs under the new standard, as well as the practical expedient that permits us to not assess existing land easements under the new standard. See “Leases” above for a discussion of our accounting policy affected by our adoption of Topic 842. Also see Note 4 for information on our leases. In preparation for the adoption of Topic 842, we enhanced our contracting and lease evaluation systems and related processes, and we developed a new lease accounting system to capture our leases and support the required disclosures. We integrated our lease accounting system with our general ledger and modified our related procurement and payment processes. Adoption of this standard resulted in (i) the recognition of ROU assets and lease liabilities for our operating leases of $1.3 billion , (ii) the derecognition of existing assets under construction of $539 million related to a build-to-suit lease arrangement with respect to the MVP Terminal (see Note 6 under “ Commitments— MVP Terminal”), and (iii) the presentation of new disclosures about our leasing activities beginning in the first quarter of 2019. Adoption of this standard did not impact our results of operations or liquidity, and our accounting for finance leases is substantially unchanged. Other In addition to the adoption of Topic 842 discussed above, we adopted the following Accounting Standards Update (ASU) during the six months ended June 30, 2019 . Our adoption of this ASU did not affect our financial statements or related disclosures. ASU Adoption Date Basis of Adoption 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities January 1, 2019 Cumulative effect Accounting Pronouncements Not Yet Adopted The following ASUs have not yet been adopted and are not expected to have a material impact on our financial statements or related disclosures. ASU Expected Adoption Date Basis of Adoption 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments January 1, 2020 Cumulative effect 2018-15 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract January 1, 2020 Prospectively 2018-17 Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities January 1, 2020 Cumulative effect
Variable interest entities	We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations and are primarily accounted for as equity investments.
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 following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
Derivatives	We are exposed to market risks primarily related to the volatility in the price of commodities, 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 13 ), as summarized below under “Fair Values of Derivative Instruments.” The effect of these derivative instruments on our income is summarized below under “Effect of Derivative Instruments on Income.”
Derivative instruments collateral requirements	We do not require any collateral or other security to support derivative instruments into which we enter.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements	In addition to the adoption of Topic 842 discussed above, we adopted the following Accounting Standards Update (ASU) during the six months ended June 30, 2019 . Our adoption of this ASU did not affect our financial statements or related disclosures. ASU Adoption Date Basis of Adoption 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities January 1, 2019 Cumulative effect The following ASUs have not yet been adopted and are not expected to have a material impact on our financial statements or related disclosures. ASU Expected Adoption Date Basis of Adoption 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments January 1, 2020 Cumulative effect 2018-15 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract January 1, 2020 Prospectively 2018-17 Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities January 1, 2020 Cumulative effect

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 2,092 $ 2,265 Refined petroleum products and blendstocks 3,564 3,653 Ethanol feedstocks and products 300 298 Renewable diesel feedstocks and products 56 52 Materials and supplies 269 264 Inventories $ 6,281 $ 6,532

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Total lease cost by class of underlying asset	Total lease cost by class of underlying asset was as follows (in millions): Pipelines, Terminals, and Tanks Transportation Feedstock Processing Equipment Energy and Gases Real Estate Other Total Marine Rail Three months ended June 30, 2019: Finance lease cost: Amortization of ROU assets $ 12 $ — $ — $ 1 $ 1 $ — $ — $ 14 Interest on lease liabilities 12 — — 1 1 — — 14 Operating lease cost 47 34 13 5 2 10 2 113 Variable lease cost 15 7 — — — — — 22 Short-term lease cost 4 12 — 8 — — — 24 Sublease income — (15 ) — — — (1 ) — (16 ) Total lease cost $ 90 $ 38 $ 13 $ 15 $ 4 $ 9 $ 2 $ 171 Six months ended June 30, 2019: Finance lease cost: Amortization of ROU assets $ 20 $ — $ — $ 2 $ 2 $ — $ — $ 24 Interest on lease liabilities 22 — — 1 2 — — 25 Operating lease cost 94 68 24 12 4 14 2 218 Variable lease cost 33 17 — — — — — 50 Short-term lease cost 7 26 — 14 — — — 47 Sublease income — (16 ) — — — (2 ) — (18 ) Total lease cost $ 176 $ 95 $ 24 $ 29 $ 8 $ 12 $ 2 $ 346
Rental expense, net of sublease rental income	In accordance with Topic 840, “rental expense, net of sublease rental income” was as follows (in millions): Three Months Ended June 30, 2018 Six Months Ended Minimum rental expense $ 122 $ 251 Contingent rental expense 3 9 Total rental expense 125 260 Less sublease rental income 6 16 Rental expense, net of sublease rental income $ 119 $ 244
Additional information related to operating and finance leases	The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): June 30, 2019 Operating Leases Finance Leases Supplemental balance sheet information: ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 773 Deferred charges and other assets, net 1,385 — Total ROU assets, net $ 1,385 $ 773 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 40 Accrued expenses 317 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 741 Other long-term liabilities 1,029 — Total lease liabilities $ 1,346 $ 781 Other supplemental information: Weighted-average remaining lease term 8.3 years 20.3 years Weighted-average discount rate 5.0 % 5.3 %
Remaining minimum lease payments due under long-term operating leases	The remaining minimum lease payments due under our long-term leases were as follows (in millions): June 30, 2019 December 31, 2018 Operating Leases Finance Leases Operating Leases Capital Leases 2019 (a) $ 202 $ 44 $ 359 $ 69 2020 314 86 245 65 2021 222 84 178 62 2022 180 85 146 64 2023 148 87 123 65 Thereafter 633 1,066 514 957 Total undiscounted lease payments 1,699 1,452 $ 1,565 1,282 Less amount associated with discounting 353 671 676 Total lease liabilities $ 1,346 $ 781 $ 606 ____________________ (a) The amounts as of June 30, 2019 are for the remaining six months of 2019 .
Remaining minimum lease payments due under long-term finance leases	The remaining minimum lease payments due under our long-term leases were as follows (in millions): June 30, 2019 December 31, 2018 Operating Leases Finance Leases Operating Leases Capital Leases 2019 (a) $ 202 $ 44 $ 359 $ 69 2020 314 86 245 65 2021 222 84 178 62 2022 180 85 146 64 2023 148 87 123 65 Thereafter 633 1,066 514 957 Total undiscounted lease payments 1,699 1,452 $ 1,565 1,282 Less amount associated with discounting 353 671 676 Total lease liabilities $ 1,346 $ 781 $ 606 ____________________ (a) The amounts as of June 30, 2019 are for the remaining six months of 2019 .

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of credit facilities	We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): June 30, 2019 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 33 $ 3,967 Canadian Revolver C$ 150 November 2019 C$ — C$ 5 C$ 145 Accounts receivable sales facility (b) $ 1,300 July 2019 $ 100 n/a $ 1,200 Letter of credit facility $ 100 November 2019 n/a $ — $ 100 Committed facilities of VIE (c): IEnova Revolver $ 340 February 2028 $ 179 n/a $ 161 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 279 n/a ____________ (a) Letters of credit issued as of June 30, 2019 expire at various times in 2019 through 2020 . (b) In July 2019, we amended this facility to extend the maturity date from July 2019 to July 2020. (c) Creditors of our VIE do not have recourse against us.
Interest and debt expense, net of capitalized interest	“Interest and debt expense, net of capitalized interest” is comprised of the following (in millions): Three Months Ended Six Months Ended 2019 2018 2019 2018 Interest and debt expense $ 136 $ 144 $ 272 $ 283 Less capitalized interest 24 20 48 38 Interest and debt expense, net of capitalized interest $ 112 $ 124 $ 224 $ 245

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of changes in accumulated other comprehensive loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended June 30, 2019 2018 Foreign Currency Translation Adjustment Defined Benefit Plans Items Gains on Cash Flow Hedges Total Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of beginning of period $ (869 ) $ (483 ) $ — $ (1,352 ) $ (465 ) $ (518 ) $ (983 ) Other comprehensive income (loss) before reclassifications (1 ) — 1 — (286 ) — (286 ) Amounts reclassified from accumulated other comprehensive loss — 2 — 2 — 7 7 Other comprehensive income (loss) (1 ) 2 1 2 (286 ) 7 (279 ) Balance as of end of period $ (870 ) $ (481 ) $ 1 $ (1,350 ) $ (751 ) $ (511 ) $ (1,262 ) Six Months Ended June 30, 2019 2018 Foreign Currency Translation Adjustment Defined Benefit Plans Items Gains on Cash Flow Hedges Total Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of beginning of period $ (1,022 ) $ (485 ) $ — $ (1,507 ) $ (507 ) $ (433 ) $ (940 ) Other comprehensive income (loss) before reclassifications 152 — 1 153 (244 ) — (244 ) Amounts reclassified from accumulated other comprehensive loss — 4 — 4 — 13 13 Other comprehensive income (loss) 152 4 1 157 (244 ) 13 (231 ) Reclassification of stranded income tax effects of Tax Reform to retained earnings — — — — — (91 ) (91 ) Balance as of end of period $ (870 ) $ (481 ) $ 1 $ (1,350 ) $ (751 ) $ (511 ) $ (1,262 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2019
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). June 30, 2019 DGD Central Mexico Other Total Assets Cash and cash equivalents $ 139 $ — $ 28 $ 167 Other current assets 101 20 88 209 Property, plant, and equipment, net 614 201 110 925 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 44 $ 216 $ 12 $ 272 Debt and finance lease obligations, less current portion 1 — 33 34 December 31, 2018 VLP (a) DGD Central Mexico Other Total Assets Cash and cash equivalents $ 152 $ 65 $ — $ 18 $ 235 Other current assets 2 112 20 64 198 Property, plant, and equipment, net 1,409 576 156 113 2,254 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 27 $ 28 $ 118 $ 9 $ 182 Debt and finance lease obligations, less current portion 990 — — 34 1,024 ____________________ (a) Prior to the completion of the Merger Transaction with VLP on January 10, 2019 as discussed in Note 2 , VLP was a publicly traded master limited partnership that we had determined was a VIE. VLP was formed by us to own, operate, develop, and acquire crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets. As of December 31, 2018, we owned a 66.2 percent limited partner interest and a 2.0 percent general partner interest in VLP, and public unitholders owned a 31.8 percent limited partner interest. Upon completion of the Merger Transaction, VLP became our indirect wholly owned subsidiary and, as a result, was no longer a VIE.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2019
Defined Benefit Plan [Abstract]
Periodic benefit cost related to our defined benefit plans, net	The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Benefit Plans 2019 2018 2019 2018 Three months ended June 30: Service cost $ 30 $ 33 $ 1 $ 2 Interest cost 25 23 3 3 Expected return on plan assets (41 ) (41 ) — — Amortization of: Net actuarial (gain) loss 10 17 (1 ) (1 ) Prior service credit (5 ) (4 ) (2 ) (3 ) Special charges 2 3 — — Net periodic benefit cost $ 21 $ 31 $ 1 $ 1 Six months ended June 30: Service cost $ 60 $ 67 $ 2 $ 3 Interest cost 49 46 6 5 Expected return on plan assets (83 ) (82 ) — — Amortization of: Net actuarial (gain) loss 20 33 (2 ) (1 ) Prior service credit (9 ) (9 ) (4 ) (6 ) Special charges 2 5 1 — Net periodic benefit cost $ 39 $ 60 $ 3 $ 1

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of earnings per common share, basic and diluted	Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended Six Months Ended 2019 2018 2019 2018 Earnings per common share: Net income attributable to Valero stockholders $ 612 $ 845 $ 753 $ 1,314 Less income allocated to participating securities 2 3 2 4 Net income available to common stockholders $ 610 $ 842 $ 751 $ 1,310 Weighted-average common shares outstanding 415 429 416 430 Earnings per common share $ 1.47 $ 1.96 $ 1.80 $ 3.05 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 612 $ 845 $ 753 $ 1,314 Weighted-average common shares outstanding 415 429 416 430 Effect of dilutive securities 2 2 1 2 Weighted-average common shares outstanding – assuming dilution 417 431 417 432 Earnings per common share – assuming dilution $ 1.47 $ 1.96 $ 1.80 $ 3.04

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment information for our reportable segments	The following tables reflect information about our operating income by reportable segment (in millions): Refining Ethanol Renewable Diesel Corporate and Eliminations Total Three months ended June 30, 2019: Revenues: Revenues from external customers $ 27,746 $ 964 $ 222 $ 1 $ 28,933 Intersegment revenues 8 53 73 (134 ) — Total revenues 27,754 1,017 295 (133 ) 28,933 Cost of sales: Cost of materials and other 25,172 855 189 (133 ) 26,083 Operating expenses (excluding depreciation and amortization expense reflected below) 1,026 132 17 — 1,175 Depreciation and amortization expense 518 22 12 — 552 Total cost of sales 26,716 1,009 218 (133 ) 27,810 Other operating expenses 1 1 — — 2 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 199 199 Depreciation and amortization expense — — — 14 14 Operating income by segment $ 1,037 $ 7 $ 77 $ (213 ) $ 908 Three months ended June 30, 2018: Revenues: Revenues from external customers $ 30,024 $ 884 $ 106 $ 1 $ 31,015 Intersegment revenues 11 42 46 (99 ) — Total revenues 30,035 926 152 (98 ) 31,015 Cost of sales: Cost of materials and other 27,103 754 102 (99 ) 27,860 Operating expenses (excluding depreciation and amortization expense reflected below) 988 109 13 — 1,110 Depreciation and amortization expense 483 20 7 — 510 Total cost of sales 28,574 883 122 (99 ) 29,480 Other operating expenses 21 — — — 21 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 248 248 Depreciation and amortization expense — — — 13 13 Operating income by segment $ 1,440 $ 43 $ 30 $ (260 ) $ 1,253 Refining Ethanol Renewable Diesel Corporate and Eliminations Total Six months ended June 30, 2019: Revenues: Revenues from external customers $ 50,964 $ 1,757 $ 474 $ 1 $ 53,196 Intersegment revenues 10 105 124 (239 ) — Total revenues 50,974 1,862 598 (238 ) 53,196 Cost of sales: Cost of materials and other 46,337 1,549 413 (238 ) 48,061 Operating expenses (excluding depreciation and amortization expense reflected below) 2,097 257 36 — 2,390 Depreciation and amortization expense 1,021 45 23 — 1,089 Total cost of sales 49,455 1,851 472 (238 ) 51,540 Other operating expenses 3 1 — — 4 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 408 408 Depreciation and amortization expense — — — 28 28 Operating income by segment $ 1,516 $ 10 $ 126 $ (436 ) $ 1,216 Six months ended June 30, 2018: Revenues: Revenues from external customers $ 55,477 $ 1,761 $ 214 $ 2 $ 57,454 Intersegment revenues 15 88 88 (191 ) — Total revenues 55,492 1,849 302 (189 ) 57,454 Cost of sales: Cost of materials and other 50,267 1,503 37 (191 ) 51,616 Operating expenses (excluding depreciation and amortization expense reflected below) 1,999 220 27 — 2,246 Depreciation and amortization expense 944 38 13 — 995 Total cost of sales 53,210 1,761 77 (191 ) 54,857 Other operating expenses 31 — — — 31 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 486 486 Depreciation and amortization expense — — — 26 26 Operating income by segment $ 2,251 $ 88 $ 225 $ (510 ) $ 2,054 The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions). Three Months Ended Six Months Ended 2019 2018 2019 2018 Refining: Gasolines and blendstocks $ 11,530 $ 12,514 $ 20,904 $ 23,143 Distillates 13,476 14,353 25,393 26,903 Other product revenues 2,740 3,157 4,667 5,431 Total refining revenues 27,746 30,024 50,964 55,477 Ethanol: Ethanol 774 696 1,394 1,397 Distillers grains 190 188 363 364 Total ethanol revenues 964 884 1,757 1,761 Renewable diesel: Renewable diesel 222 106 474 214 Corporate – other revenues 1 1 1 2 Revenues $ 28,933 $ 31,015 $ 53,196 $ 57,454 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 46,524 $ 43,488 Ethanol 1,676 1,691 Renewable diesel 898 787 Corporate and eliminations 2,924 4,189 Total assets $ 52,022 $ 50,155

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2019
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): Six Months Ended 2019 2018 Decrease (increase) in current assets: Receivables, net $ (1,664 ) $ (595 ) Inventories 278 (46 ) Prepaid expenses and other 406 (35 ) Increase (decrease) in current liabilities: Accounts payable 1,555 661 Accrued expenses (195 ) (83 ) Taxes other than income taxes payable (75 ) 28 Income taxes payable 108 (375 ) Changes in current assets and current liabilities $ 413 $ (445 ) Cash flows related to interest and income taxes were as follows (in millions): Six Months Ended 2019 2018 Interest paid in excess of amount capitalized, including interest on finance leases $ 227 $ 248 Income taxes paid (received), net (331 ) 817 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Six Months Ended June 30, 2019 Operating Leases Finance Leases Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 216 $ 25 Financing cash flows — 15 Changes in lease balances resulting from new and modified leases (a) 1,592 192 ___________________ (a) Includes noncash activity of $1.3 billion for ROU assets for operating leases recorded on January 1, 2019 upon adoption of Topic 842.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair value of assets and liabilities measured on recurring basis	The following tables 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 June 30, 2019 and December 31, 2018 . 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 following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. June 30, 2019 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 $ 863 $ — $ — $ 863 $ (803 ) $ (7 ) $ 53 $ — Physical purchase contracts — 9 — 9 n/a n/a 9 n/a Foreign currency contracts 33 — — 33 n/a n/a 33 n/a Investments of certain benefit plans 60 — 9 69 n/a n/a 69 n/a Total $ 956 $ 9 $ 9 $ 974 $ (803 ) $ (7 ) $ 164 Liabilities: Commodity derivative contracts $ 815 $ — $ — $ 815 $ (803 ) $ (12 ) $ — $ (80 ) Environmental credit obligations — 6 — 6 n/a n/a 6 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Foreign currency contracts 11 — — 11 n/a n/a 11 n/a Total $ 826 $ 11 $ — $ 837 $ (803 ) $ (12 ) $ 22 December 31, 2018 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 $ 2,792 $ — $ — $ 2,792 $ (2,669 ) $ (34 ) $ 89 $ — Foreign currency contracts 4 — — 4 n/a n/a 4 n/a Investments of certain benefit plans 60 — 9 69 n/a n/a 69 n/a Total $ 2,856 $ — $ 9 $ 2,865 $ (2,669 ) $ (34 ) $ 162 Liabilities: Commodity derivative contracts $ 2,681 $ — $ — $ 2,681 $ (2,669 ) $ (12 ) $ — $ (136 ) Environmental credit obligations — 13 — 13 n/a n/a 13 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Total $ 2,682 $ 18 $ — $ 2,700 $ (2,669 ) $ (12 ) $ 19
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 following table along with their associated fair values (in millions): June 30, 2019 December 31, 2018 Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents Level 1 $ 2,033 $ 2,033 $ 2,982 $ 2,982 Financial liabilities: Debt (excluding finance leases) Level 2 8,710 10,123 8,503 8,986

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of June 30, 2019 , we had the following outstanding commodity derivative instruments that were used as cash flow hedges and 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 in thousands of barrels, except corn contracts that are presented in thousands of bushels). Notional Contract Volumes by Year of Maturity 2019 2020 Derivatives designated as cash flow hedges: Renewable diesel: Futures – long 805 — Futures – short 2,348 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 134,826 847 Futures – short 130,343 1,106 Options – long 24,162 — Options – short 23,687 — Corn: Futures – long 54,870 1,465 Futures – short 94,705 9,500 Physical contracts – long 41,285 8,174
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of June 30, 2019 and December 31, 2018 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 13 for additional information related to the fair values of our derivative instruments. As indicated in Note 13 , 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 following tables, 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 June 30, 2019 December 31, 2018 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 12 $ 4 $ — $ — Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 851 $ 811 $ 2,792 $ 2,681 Physical purchase contracts Inventories 9 5 — 5 Foreign currency contracts Receivables, net 33 — 4 — Foreign currency contracts Accrued expenses — 11 — 1 Total $ 893 $ 827 $ 2,796 $ 2,687
Effect of derivative instruments on income	The following table provides information about the gain or loss recognized in income on our derivative instruments and the line items in the statements of income in which such gains and losses are reflected (in millions). Derivatives Not Designated Location of Gain (Loss) Three Months Ended Six Months Ended 2019 2018 2019 2018 Commodity contracts Revenues $ 5 $ — $ 5 $ — Commodity contracts Cost of materials and other 72 (15 ) 1 (27 ) Foreign currency contracts Cost of materials and other 2 17 (7 ) 14 Foreign currency contracts Other income, net 48 (17 ) 55 (17 )

Condensed Consolidating Finan_2

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

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions		Jan. 01, 2019	Jun. 30, 2019
Basis of Presentation and Significant Accounting Policies (Textual)
ROU assets for operating leases	[1]		$ 1,592
Topic 842 [Member]
Basis of Presentation and Significant Accounting Policies (Textual)
ROU assets for operating leases		$ 1,300
Topic 842 [Member] | MVP Terminal [Member]
Basis of Presentation and Significant Accounting Policies (Textual)
Derecognition of existing assets under construction related to build-to-suit lease arrangement		$ 539
[1]	Includes noncash activity of $1.3 billion for ROU assets for operating leases recorded on January 1, 2019 upon adoption of Topic 842.

Merger and Acquisition (Details

Merger and Acquisition (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 10, 2019	May 14, 2018	Jun. 30, 2019	Jun. 30, 2018
Merger and Acquisition (Textual)
Merger transaction, aggregate merger consideration funded with available cash on hand			$ 950	$ 0
Amount paid from available cash on hand			$ 0	$ 471
VLP [Member]
Merger and Acquisition (Textual)
Merger transaction, price per common unit (in usd per unit)	$ 42.25
Merger transaction, aggregate merger consideration funded with available cash on hand	$ 950
Pure Biofuels [Member]
Merger and Acquisition (Textual)
Percent equity interests acquired		100.00%
Amount paid from available cash on hand		$ 471
Working capital		$ 122

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Schedule of Inventories
Refinery feedstocks	$ 2,092	$ 2,265
Refined petroleum products and blendstocks	3,564	3,653
Ethanol feedstocks and products	300	298
Renewable diesel feedstocks and products	56	52
Materials and supplies	269	264
Inventories	6,281	6,532
Inventories (Textual)
Excess of market value over carrying amount of LIFO inventories	2,800	1,500
Amount of non-LIFO inventory	$ 1,200	$ 1,100

Leases, Total Lease Cost by Cla

Leases, Total Lease Cost by Class of Underlying Asset (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Finance lease cost:
Amortization of ROU assets	$ 14	$ 24
Interest on lease liabilities	14	25
Lease cost:
Operating lease cost	113	218
Variable lease cost	22	50
Short-term lease cost	24	47
Sublease income	(16)	(18)
Total lease cost	171	346
Pipelines, Terminals, and Tanks [Member]
Finance lease cost:
Amortization of ROU assets	12	20
Interest on lease liabilities	12	22
Lease cost:
Operating lease cost	47	94
Variable lease cost	15	33
Short-term lease cost	4	7
Sublease income	0	0
Total lease cost	90	176
Transportation, Marine [Member]
Finance lease cost:
Amortization of ROU assets	0	0
Interest on lease liabilities	0	0
Lease cost:
Operating lease cost	34	68
Variable lease cost	7	17
Short-term lease cost	12	26
Sublease income	(15)	(16)
Total lease cost	38	95
Transportation, Rail [Member]
Finance lease cost:
Amortization of ROU assets	0	0
Interest on lease liabilities	0	0
Lease cost:
Operating lease cost	13	24
Variable lease cost	0	0
Short-term lease cost	0	0
Sublease income	0	0
Total lease cost	13	24
Feedstock Processing Equipment [Member]
Finance lease cost:
Amortization of ROU assets	1	2
Interest on lease liabilities	1	1
Lease cost:
Operating lease cost	5	12
Variable lease cost	0	0
Short-term lease cost	8	14
Sublease income	0	0
Total lease cost	15	29
Energy and Gases [Member]
Finance lease cost:
Amortization of ROU assets	1	2
Interest on lease liabilities	1	2
Lease cost:
Operating lease cost	2	4
Variable lease cost	0	0
Short-term lease cost	0	0
Sublease income	0	0
Total lease cost	4	8
Real Estate [Member]
Finance lease cost:
Amortization of ROU assets	0	0
Interest on lease liabilities	0	0
Lease cost:
Operating lease cost	10	14
Variable lease cost	0	0
Short-term lease cost	0	0
Sublease income	(1)	(2)
Total lease cost	9	12
Other [Member]
Finance lease cost:
Amortization of ROU assets	0	0
Interest on lease liabilities	0	0
Lease cost:
Operating lease cost	2	2
Variable lease cost	0	0
Short-term lease cost	0	0
Sublease income	0	0
Total lease cost	$ 2	$ 2

Leases, Rental Expense, Net of

Leases, Rental Expense, Net of Sublease Rental Income (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Rental Expense, Net of Sublease Income
Minimum rental expense	$ 122	$ 251
Contingent rental expense	3	9
Total rental expense	125	260
Less sublease rental income	6	16
Rental expense, net of sublease rental income	$ 119	$ 244

Leases, Additional Information

Leases, Additional Information (Details) $ in Millions	Jun. 30, 2019USD ($)
ROU assets, net reflected in the following balance sheet line items:
Operating lease ROU assets, net, balance sheet line item	us-gaap:OtherAssetsNoncurrent
Operating leases - deferred charges and other assets, net	$ 1,385
Current lease liabilities reflected in the following balance sheet line items:
Current operating lease liabilities, balance sheet line item	us-gaap:AccruedLiabilitiesCurrent
Operating leases - accrued expenses	$ 317
Noncurrent lease liabilities reflected in the following balance sheet line items:
Noncurrent operating lease liabilities, balance sheet line item	us-gaap:OtherLiabilitiesNoncurrent
Operating leases - other long-term liabilities	$ 1,029
Operating leases - total lease liabilities	$ 1,346
ROU assets, net reflected in the following balance sheet line items:
Finance lease ROU assets, net, balance sheet line item	us-gaap:PropertyPlantAndEquipmentNet
Finance leases - property, plant, and equipment, net	$ 773
Current lease liabilities reflected in the following balance sheet line items:
Current finance lease liabilities, balance sheet line item	us-gaap:DebtCurrent
Finance leases - current portion of debt and finance lease obligations	$ 40
Noncurrent lease liabilities reflected in the following balance sheet line items:
Noncurrent finance lease liabilities, balance sheet line item	us-gaap:LongTermDebtAndCapitalLeaseObligations
Finance leases - debt and finance lease obligations, less current portion	$ 741
Finance leases - total lease liabilities	$ 781
Operating Leases
Weighted-average remaining lease term	8 years 3 months 18 days
Weighted-average discount rate	5.00%
Finance Leases
Weighted-average remaining lease term	20 years 3 months 18 days
Weighted-average discount rate	5.30%

Leases, Remaining Minimum Lease

Leases, Remaining Minimum Lease Payments (Details) - USD ($) $ in Millions		Jun. 30, 2019	Dec. 31, 2018
Operating Leases
2019	[1]	$ 202
2020		314
2021		222
2022		180
2023		148
Thereafter		633
Total undiscounted lease payments		1,699
Less amount associated with discounting		353
Total lease liabilities		1,346
Finance Leases
2019	[1]	44
2020		86
2021		84
2022		85
2023		87
Thereafter		1,066
Total undiscounted lease payments		1,452
Less amount associated with discounting		671
Total lease liabilities		$ 781
Operating Leases
2019			$ 359
2020			245
2021			178
2022			146
2023			123
Thereafter			514
Total undiscounted lease payments			1,565
Capital Leases
2019			69
2020			65
2021			62
2022			64
2023			65
Thereafter			957
Total undiscounted lease payments			1,282
Less amount associated with discounting			676
Total lease liabilities			$ 606
[1]	The amounts as of June 30, 2019 are for the remaining six months of 2019 .

Leases, Future Lease Commenceme

Leases, Future Lease Commencement (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jun. 30, 2019
Future Lease Commencement (Textual)
ROU asset		$ 1,385
Lease liability		$ 1,346
MVP Terminal [Member] | Expected [Member]
Future Lease Commencement (Textual)
ROU asset	$ 1,100
Lease liability	$ 1,100

Debt, Narrative (Details)

Debt, Narrative (Details) - USD ($)		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018
Pure Biofuels [Member]
Debt Instrument [Line Items]
Amount of debt retired			$ 137,000,000
Senior Notes [Member] | Senior Notes Due April 1, 2029 [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance		$ 1,000,000,000
Stated rate on debt instrument (percent)		4.00%
Proceeds from issuance of senior long-term debt		$ 992,000,000
Senior Notes [Member] | Senior Notes Due February 1, 2020 [Member]
Debt Instrument [Line Items]
Stated rate on debt instrument (percent)		6.125%
Early repayment of senior debt		$ 871,000,000
Debt instrument, redemption price, percentage of principal amount redeemed (percent)		102.48%
Early redemption fee		$ 21,000,000
Senior Notes [Member] | VLP Senior Notes Due December 15, 2026 [Member] | Valero Energy Partners LP [Member]
Debt Instrument [Line Items]
Stated rate on debt instrument (percent)		4.375%
Senior Notes [Member] | VLP Senior Notes Due March 15, 2028 [Member] | Valero Energy Partners LP [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance			$ 500,000,000
Stated rate on debt instrument (percent)		4.50%	4.50%
Proceeds from issuance of senior long-term debt			$ 498,000,000
Senior Notes [Member] | Senior Notes Due June 1, 2028 [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance			$ 750,000,000
Stated rate on debt instrument (percent)			4.35%
Proceeds from issuance of senior long-term debt			$ 749,000,000
Senior Notes [Member] | Senior Notes Due March 15, 2019 [Member]
Debt Instrument [Line Items]
Stated rate on debt instrument (percent)			9.375%
Early repayment of senior debt			$ 787,000,000
Debt instrument, redemption price, percentage of principal amount redeemed (percent)			104.90%
Early redemption fee			$ 37,000,000
Credit Facilities [Member] | Valero Revolver [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 4,000,000,000		$ 4,000,000,000	$ 3,000,000,000
Credit Facilities [Member] | Valero Revolver Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		2,400,000,000
Credit Facilities [Member] | Accounts Receivable Sales Facility [Member]
Debt Instrument [Line Items]
Repayments of outstanding amounts		900,000,000
Line of credit facility, maximum borrowing capacity	[1]	1,300,000,000
Amount of eligible receivables sold under accounts receivable sales facility		$ 900,000,000
Variable interest rate (percent)		3.1074%			3.0618%
Credit Facilities [Member] | Valero Energy Partners LP [Member] | VLP Revolver [Member]
Debt Instrument [Line Items]
Repayments of outstanding amounts			410,000,000
Line of credit facility, maximum borrowing capacity					$ 750,000,000
Credit Facilities [Member] | Central Mexico Terminals [Member] | IEnova Revolver [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	[2]	$ 340,000,000
Variable interest rate (percent)		6.242%			6.046%
Amount borrowed on lines of credit		$ 70,000,000	56,000,000
Repayments on lines of credit		$ 0
Subordinated Debt [Member] | VLP Subordinated Notes [Member] | Valero Energy Partners LP [Member]
Debt Instrument [Line Items]
Repayments of notes payable-related party			$ 85,000,000
[1]	In July 2019, we amended this facility to extend the maturity date from July 2019 to July 2020.
[2]	Creditors of our VIE do not have recourse against us.

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details)		Jun. 30, 2019CAD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Valero Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			$ 4,000,000,000	$ 4,000,000,000	$ 3,000,000,000
Outstanding borrowings or letters of credit issued			0
Availability			3,967,000,000
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			2,400,000,000
Outstanding borrowings or letters of credit issued	[1]		33,000,000
Canadian Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings, short-term		$ 0
Canadian Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		150,000,000
Availability		145,000,000
Canadian Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued	[1]	$ 5,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings, short-term	[2]		100,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount	[2]		1,300,000,000
Availability	[2]		1,200,000,000
Committed Letter of Credit Facility Expires November 2019 [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			100,000,000
Outstanding borrowings or letters of credit issued	[1]		0
Availability			100,000,000
IEnova Revolver [Member] | Central Mexico Terminals [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount	[3]		340,000,000
Outstanding borrowings or letters of credit issued	[3]		179,000,000
Availability	[3]		161,000,000
Uncommitted Letter of Credit Facility [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued	[1]		$ 279,000,000
[1]	Letters of credit issued as of June 30, 2019 expire at various times in 2019 through 2020 .
[2]	In July 2019, we amended this facility to extend the maturity date from July 2019 to July 2020.
[3]	Creditors of our VIE do not have recourse against us.

Debt, Interest Incurred (Detail

Debt, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 136	$ 144	$ 272	$ 283
Less capitalized interest	24	20	48	38
Interest and debt expense, net of capitalized interest	$ 112	$ 124	$ 224	$ 245

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jan. 01, 2019USD ($)	Jun. 30, 2019USD ($)bbl / drenewal	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)bbl / drenewal	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Commitments and Contingencies (Textual)
MVP Terminal construction costs		$ 43,110		$ 43,110			$ 42,473
Contributions to MVP		90	$ 119
Cost of undivided interest in pipeline		$ 29	$ 145
MVP Terminalling, LLC (MVP) [Member]
Commitments and Contingencies (Textual)
Initial term of terminal agreement		12 years
Number of available automatic renewals | renewal		2		2
Automatic renewal term of terminalling agreement		5 years
MVP Terminal [Member]
Commitments and Contingencies (Textual)
Contributions to MVP		$ 83		$ 330
Equity investment in MVP		$ 330		$ 330
MVP Terminal [Member] | Topic 842 [Member]
Commitments and Contingencies (Textual)
Derecognized assets related to MVP	$ 539
Derecognized liability related to MVP	292
Equity investment in MVP recorded due to derecognition of assets and liabilities	$ 247
MVP Terminal [Member] | Magellan Midstream Partners LP (Magellan) [Member]
Commitments and Contingencies (Textual)
Long-term liability recorded							292
MVP Terminal [Member] | Expected [Member]
Commitments and Contingencies (Textual)
Contributions to MVP						$ 420
MVP Terminal [Member] | Construction in Progress [Member]
Commitments and Contingencies (Textual)
MVP Terminal construction costs							$ 539
MVP Terminal [Member] | Minimum [Member] | Construction in Progress [Member] | Expected [Member]
Commitments and Contingencies (Textual)
MVP Terminal construction costs						840
MVP Terminal [Member] | Maximum [Member] | Construction in Progress [Member] | Expected [Member]
Commitments and Contingencies (Textual)
MVP Terminal construction costs						$ 1,400
Central Texas Pipeline [Member]
Commitments and Contingencies (Textual)
Undivided interest in project (percent)		40.00%		40.00%
Pipeline capacity (in barrels per day) | bbl / d		150,000		150,000
Cost of undivided interest in pipeline		$ 29		$ 109
Central Texas Pipeline [Member] | Expected [Member]
Commitments and Contingencies (Textual)
Cost of undivided interest in pipeline					$ 170
Variable Interest Entity, Not Primary Beneficiary [Member] | MVP Terminalling, LLC (MVP) [Member]
Commitments and Contingencies (Textual)
Membership percentage in VIE (percent)		50.00%
Variable Interest Entity, Not Primary Beneficiary [Member] | MVP Terminalling, LLC (MVP) [Member] | Expected [Member]
Commitments and Contingencies (Textual)
Membership percentage in VIE (percent)						50.00%

Equity, Narrative (Details)

Equity, Narrative (Details)	Jul. 18, 2019$ / shares
Dividend Declared [Member] | Subsequent Event [Member]
Equity (Textual)
Dividends payable, amount per share (in dollars per share)	$ 0.90

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax			$ 21,667
Other comprehensive income (loss) before reclassifications	$ 0	$ (286)	153	$ (244)
Amounts reclassified from accumulated other comprehensive loss	2	7	4	13
Other comprehensive income (loss)	2	(279)	157	(231)
Reclassification of stranded income tax effects of Tax Reform to retained earnings				0
Ending balance, accumulated other comprehensive loss, net of tax	21,345		21,345
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	(1,352)	(983)	(1,507)	(940)
Reclassification of stranded income tax effects of Tax Reform to retained earnings			0	(91)
Ending balance, accumulated other comprehensive loss, net of tax	(1,350)	(1,262)	(1,350)	(1,262)
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	(869)	(465)	(1,022)	(507)
Other comprehensive income (loss) before reclassifications	(1)	(286)	152	(244)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Other comprehensive income (loss)	(1)	(286)	152	(244)
Reclassification of stranded income tax effects of Tax Reform to retained earnings			0	0
Ending balance, accumulated other comprehensive loss, net of tax	(870)	(751)	(870)	(751)
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	(483)	(518)	(485)	(433)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss	2	7	4	13
Other comprehensive income (loss)	2	7	4	13
Reclassification of stranded income tax effects of Tax Reform to retained earnings			0	(91)
Ending balance, accumulated other comprehensive loss, net of tax	(481)	$ (511)	(481)	$ (511)
Gains on Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	0		0
Other comprehensive income (loss) before reclassifications	1		1
Amounts reclassified from accumulated other comprehensive loss	0		0
Other comprehensive income (loss)	1		1
Reclassification of stranded income tax effects of Tax Reform to retained earnings			0
Ending balance, accumulated other comprehensive loss, net of tax	$ 1		$ 1

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2018	Jun. 30, 2019
Assets
Cash and cash equivalents		$ 2,982	$ 2,033
Property, plant, and equipment, net		28,848	28,784
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		10,724	12,548
Debt and finance lease obligations, less current portion		8,871	9,167
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents		235	167
Other current assets		198	209
Property, plant, and equipment, net		2,254	925
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		182	272
Debt and finance lease obligations, less current portion		1,024	34
Valero Energy Partners LP [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	[1]	152
Other current assets	[1]	2
Property, plant, and equipment, net	[1]	1,409
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	[1]	27
Debt and finance lease obligations, less current portion	[1]	990
Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents		65	139
Other current assets		112	101
Property, plant, and equipment, net		576	614
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		28	44
Debt and finance lease obligations, less current portion		0	1
Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents		0	0
Other current assets		20	20
Property, plant, and equipment, net		156	201
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		118	216
Debt and finance lease obligations, less current portion		0	0
Other Variable Interest Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents		18	28
Other current assets		64	88
Property, plant, and equipment, net		113	110
Liabilities
Current liabilities, including current portion of debt and finance lease obligations		9	12
Debt and finance lease obligations, less current portion		$ 34	$ 33
Limited Partner [Member] | Valero Energy Partners LP [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity (Textual)
Ownership percentage (percent)		66.20%
Limited Partner [Member] | Valero Energy Partners LP [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity (Textual)
Ownership percentage (percent)		31.80%
General Partner [Member] | Valero Energy Partners LP [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity (Textual)
Ownership percentage (percent)		2.00%
[1]	Prior to the completion of the Merger Transaction with VLP on January 10, 2019 as discussed in Note 2 , VLP was a publicly traded master limited partnership that we had determined was a VIE. VLP was formed by us to own, operate, develop, and acquire crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets. As of December 31, 2018, we owned a 66.2 percent limited partner interest and a 2.0 percent general partner interest in VLP, and public unitholders owned a 31.8 percent limited partner interest. Upon completion of the Merger Transaction, VLP became our indirect wholly owned subsidiary and, as a result, was no longer a VIE.

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 30	$ 33	$ 60	$ 67
Interest cost	25	23	49	46
Expected return on plan assets	(41)	(41)	(83)	(82)
Amortization of:
Net actuarial (gain) loss	10	17	20	33
Prior service credit	(5)	(4)	(9)	(9)
Special charges	2	3	2	5
Net periodic benefit cost	21	31	39	60
Employee Benefit Plans (Textual)
Future employer contributions to pension and other postretirement plans					$ 35
Contributions to benefit plans			23	16
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	2	2	3
Interest cost	3	3	6	5
Expected return on plan assets	0	0	0	0
Amortization of:
Net actuarial (gain) loss	(1)	(1)	(2)	(1)
Prior service credit	(2)	(3)	(4)	(6)
Special charges	0	0	1	0
Net periodic benefit cost	$ 1	$ 1	3	1
Employee Benefit Plans (Textual)
Future employer contributions to pension and other postretirement plans					$ 21
Contributions to benefit plans			$ 8	$ 9

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings per common share:
Net income attributable to Valero stockholders	$ 612	$ 845	$ 753	$ 1,314
Less income allocated to participating securities	2	3	2	4
Net income available to common stockholders	$ 610	$ 842	$ 751	$ 1,310
Weighted-average common shares outstanding (in shares)	415	429	416	430
Earnings per common share (in dollars per share)	$ 1.47	$ 1.96	$ 1.80	$ 3.05
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 612	$ 845	$ 753	$ 1,314
Weighted-average common shares outstanding (in shares)	415	429	416	430
Effect of dilutive securities (in shares)	2	2	1	2
Weighted-average common shares outstanding – assuming dilution (in shares)	417	431	417	432
Earnings per common share – assuming dilution (in dollars per share)	$ 1.47	$ 1.96	$ 1.80	$ 3.04

Revenues and Segment Informat_3

Revenues and Segment Information, Receivables from Contracts with Customers (Details) - USD ($) $ in Billions	Jun. 30, 2019	Dec. 31, 2018
Receivables from Contracts with Customers [Member]
Receivables from Contracts with Customers
Receivables from contracts with customers	$ 5.6	$ 4.7

Revenues and Segment Informat_4

Revenues and Segment Information, Components of Operating Income (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019USD ($)refineryethanol_plant	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)refineryethanol_plantsegment	Jun. 30, 2018USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 28,933	$ 31,015	$ 53,196	$ 57,454
Cost of materials and other		26,083	27,860	48,061	51,616
Operating expenses (excluding depreciation and amortization expense reflected below)		1,175	1,110	2,390	2,246
Depreciation and amortization expense		552	510	1,089	995
Total cost of sales		27,810	29,480	51,540	54,857
Other operating expenses		2	21	4	31
General and administrative expenses (excluding depreciation and amortization expense reflected below)		199	248	408	486
Depreciation and amortization expense		14	13	28	26
Operating income (loss)		$ 908	1,253	$ 1,216	2,054
Disclosure of Entity's Reportable Segments (Textual)
Number of reportable segments | segment				3
Number of petroleum refineries | refinery		15		15
Number of ethanol plants | ethanol_plant		14		14
Corporate, Reconciling Items And Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ (133)	(98)	$ (238)	(189)
Operating income (loss)		(213)	(260)	(436)	(510)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		1	1	1	2
General and administrative expenses (excluding depreciation and amortization expense reflected below)		199	248	408	486
Depreciation and amortization expense		14	13	28	26
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(134)	(99)	(239)	(191)
Cost of materials and other		(133)	(99)	(238)	(191)
Operating expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Total cost of sales		(133)	(99)	(238)	(191)
Other operating expenses		0	0	0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		27,746	30,024	50,964	55,477
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		27,754	30,035	50,974	55,492
Cost of materials and other		25,172	27,103	46,337	50,267
Operating expenses (excluding depreciation and amortization expense reflected below)		1,026	988	2,097	1,999
Depreciation and amortization expense		518	483	1,021	944
Total cost of sales		26,716	28,574	49,455	53,210
Other operating expenses		1	21	3	31
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		1,037	1,440	1,516	2,251
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		8	11	10	15
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		964	884	1,757	1,761
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,017	926	1,862	1,849
Cost of materials and other		855	754	1,549	1,503
Operating expenses (excluding depreciation and amortization expense reflected below)		132	109	257	220
Depreciation and amortization expense		22	20	45	38
Total cost of sales		1,009	883	1,851	1,761
Other operating expenses		1	0	1	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		7	43	10	88
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		53	42	105	88
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		222	106	474	214
Renewable Diesel [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		295	152	598	302
Cost of materials and other		189	102	413	37
Operating expenses (excluding depreciation and amortization expense reflected below)		17	13	36	27
Depreciation and amortization expense		12	7	23	13
Total cost of sales		218	122	472	77
Other operating expenses		0	0	0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		77	30	126	225
Renewable Diesel [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 73	$ 46	$ 124	$ 88
[1]	Includes excise taxes on sales by certain of our international operations of $1,410 million and $1,470 million for the three months ended June 30, 2019 and 2018, respectively, and $2,740 million and $2,934 million for the six months ended June 30, 2019 and 2018, respectively.

Revenues and Segment Informat_5

Revenues and Segment Information, Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue by Segment
Revenues	[1]	$ 28,933	$ 31,015	$ 53,196	$ 57,454
Corporate [Member]
Revenue by Segment
Revenues		1	1	1	2
Corporate [Member] | Corporate - Other Revenues [Member]
Revenue by Segment
Revenues		1	1	1	2
Refining [Member]
Revenue by Segment
Revenues		27,746	30,024	50,964	55,477
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		11,530	12,514	20,904	23,143
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		13,476	14,353	25,393	26,903
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		2,740	3,157	4,667	5,431
Ethanol [Member]
Revenue by Segment
Revenues		964	884	1,757	1,761
Ethanol [Member] | Ethanol [Member]
Revenue by Segment
Revenues		774	696	1,394	1,397
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		190	188	363	364
Renewable Diesel [Member]
Revenue by Segment
Revenues		222	106	474	214
Renewable Diesel [Member] | Renewable Diesel [Member]
Revenue by Segment
Revenues		$ 222	$ 106	$ 474	$ 214
[1]	Includes excise taxes on sales by certain of our international operations of $1,410 million and $1,470 million for the three months ended June 30, 2019 and 2018, respectively, and $2,740 million and $2,934 million for the six months ended June 30, 2019 and 2018, respectively.

Revenues and Segment Informat_6

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Total Assets by Reportable Segment
Reportable segment assets	$ 52,022	$ 50,155
Corporate and Eliminations [Member]
Total Assets by Reportable Segment
Reportable segment assets	2,924	4,189
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	46,524	43,488
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	1,676	1,691
Renewable Diesel [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 898	$ 787

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		Jan. 01, 2019	Jun. 30, 2019	Jun. 30, 2018
Decrease (increase) in current assets:
Receivables, net			$ (1,664)	$ (595)
Inventories			278	(46)
Prepaid expenses and other			406	(35)
Increase (decrease) in current liabilities:
Accounts payable			1,555	661
Accrued expenses			(195)	(83)
Taxes other than income taxes payable			(75)	28
Income taxes payable			108	(375)
Changes in current assets and current liabilities			413	(445)
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized, including interest on finance leases			227	248
Income taxes paid (received), net			(331)	$ 817
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases - operating cash flows			216
Changes in lease balances resulting from new and modified leases
Operating leases - changes in lease balances resulting from new and modified leases	[1]		1,592
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases - operating cash flows			25
Finance leases - financing cash flows			15
Change in lease balances resulting from new and modified leases
Finance leases - changes in lease balances resulting from new and modified leases			$ 192
Topic 842 [Member]
Changes in lease balances resulting from new and modified leases
Operating leases - changes in lease balances resulting from new and modified leases		$ 1,300
[1]	Includes noncash activity of $1.3 billion for ROU assets for operating leases recorded on January 1, 2019 upon adoption of Topic 842.

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets:
Total gross fair value, assets	$ 974	$ 2,865
Effect of counterparty netting	(803)	(2,669)
Effect of cash collateral netting	(7)	(34)
Net carrying value on Balance Sheet, assets	164	162
Liabilities:
Environmental credit obligations	6	13
Total gross fair value, liabilities	837	2,700
Effect of counterparty netting	(803)	(2,669)
Effect of cash collateral netting	(12)	(12)
Net carrying value on Balance Sheet, liabilities	22	19
Assets Held in Trust [Member]
Assets:
Investments of certain benefit plans	69	69
Commodity Contracts [Member]
Assets:
Derivative contracts	863	2,792
Effect of counterparty netting	(803)	(2,669)
Effect of cash collateral netting	(7)	(34)
Derivative contracts, net assets	53	89
Cash collateral received not offset	0	0
Liabilities:
Derivative contracts	815	2,681
Effect of counterparty netting	(803)	(2,669)
Effect of cash collateral netting	(12)	(12)
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(80)	(136)
Physical Purchase Contracts [Member]
Assets:
Derivative contracts	9
Derivative contracts, net assets	9
Liabilities:
Derivative contracts	5	5
Derivative contracts, net liabilities	5	5
Foreign Currency Contracts [Member]
Assets:
Derivative contracts	33	4
Derivative contracts, net assets	33	4
Liabilities:
Derivative contracts	11	1
Derivative contracts, net liabilities	11	1
Fair Value, Inputs, Level 1 [Member]
Assets:
Total gross fair value, assets	956	2,856
Liabilities:
Environmental credit obligations	0	0
Total gross fair value, liabilities	826	2,682
Fair Value, Inputs, Level 1 [Member] | Assets Held in Trust [Member]
Assets:
Investments of certain benefit plans	60	60
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	863	2,792
Liabilities:
Derivative contracts	815	2,681
Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]
Assets:
Derivative contracts	0
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	33	4
Liabilities:
Derivative contracts	11	1
Fair Value, Inputs, Level 2 [Member]
Assets:
Total gross fair value, assets	9	0
Liabilities:
Environmental credit obligations	6	13
Total gross fair value, liabilities	11	18
Fair Value, Inputs, Level 2 [Member] | Assets Held in Trust [Member]
Assets:
Investments of certain benefit plans	0	0
Fair Value, Inputs, Level 2 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	0	0
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 2 [Member] | Physical Purchase Contracts [Member]
Assets:
Derivative contracts	9
Liabilities:
Derivative contracts	5	5
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	0	0
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member]
Assets:
Total gross fair value, assets	9	9
Liabilities:
Environmental credit obligations	0	0
Total gross fair value, liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Assets Held in Trust [Member]
Assets:
Investments of certain benefit plans	9	9
Fair Value, Inputs, Level 3 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	0	0
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member] | Physical Purchase Contracts [Member]
Assets:
Derivative contracts	0
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	0	0
Liabilities:
Derivative contracts	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - Fair Value, Nonrecurring [Member] - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Fair Value Measurements (Textual)
Assets measured at fair value, nonrecurring	$ 0	$ 0
Liabilities measured at fair value, nonrecurring	$ 0	$ 0

Fair Value Measurements, Other

Fair Value Measurements, Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Financial assets:
Cash and cash equivalents, at carrying amount	$ 2,033	$ 2,982
Financial liabilities:
Debt (excluding finance leases), at carrying amount	8,710	8,503
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and cash equivalents, at fair value	2,033	2,982
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding finance leases), at fair value	$ 10,123	$ 8,986

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)MBblsbu	Jun. 30, 2018USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	$ 26,083	$ 27,860	$ 48,061	$ 51,616
Environmental Compliance Program Price Risk [Member]
Price Risk Management Activities (Textual)
Compliance program costs | $	67	$ 131	$ 158	$ 337
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2019 Maturity [Member] | Long (Purchases) [Member] | Renewable Diesel (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			805
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2019 Maturity [Member] | Short (Sales) [Member] | Renewable Diesel (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			2,348
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2020 Maturity [Member] | Long (Purchases) [Member] | Renewable Diesel (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			0
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2020 Maturity [Member] | Short (Sales) [Member] | Renewable Diesel (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			0
Derivatives Designated as Economic Hedges [Member] | Future, 2019 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			134,826
Derivatives Designated as Economic Hedges [Member] | Future, 2019 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			54,870
Derivatives Designated as Economic Hedges [Member] | Future, 2019 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			130,343
Derivatives Designated as Economic Hedges [Member] | Future, 2019 Maturity [Member] | Short (Sales) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			94,705
Derivatives Designated as Economic Hedges [Member] | Future, 2020 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			847
Derivatives Designated as Economic Hedges [Member] | Future, 2020 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			1,465
Derivatives Designated as Economic Hedges [Member] | Future, 2020 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			1,106
Derivatives Designated as Economic Hedges [Member] | Future, 2020 Maturity [Member] | Short (Sales) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			9,500
Derivatives Designated as Economic Hedges [Member] | Options, 2019 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			24,162
Derivatives Designated as Economic Hedges [Member] | Options, 2019 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			23,687
Derivatives Designated as Economic Hedges [Member] | Options, 2020 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			0
Derivatives Designated as Economic Hedges [Member] | Options, 2020 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			0
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2019 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			41,285
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2020 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			8,174
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	456		$ 456
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollar Equivalent Canadian Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	$ 1,900		$ 1,900

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 12	$ 0
Derivative asset, fair value, gross liability	4	0
Derivatives Not Designated as Hedging Instruments [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	893	2,796
Derivative liability, fair value, gross liability	827	2,687
Derivatives Not Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	851	2,792
Derivative asset, fair value, gross liability	811	2,681
Derivatives Not Designated as Hedging Instruments [Member] | Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	9	0
Derivative asset, fair value, gross liability	5	5
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	33	4
Derivative asset, fair value, gross liability	0	0
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Accrued Expenses [Member]
Fair Values of Derivative Instruments
Derivative liability, fair value, gross asset	0	0
Derivative liability, fair value, gross liability	$ 11	$ 1

Price Risk Management Activit_5

Price Risk Management Activities, Effect of Derivative Instruments on Income (Details) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Commodity Contracts [Member] | Revenues [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ 5	$ 0	$ 5	$ 0
Commodity Contracts [Member] | Cost of Materials and Other [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	72	(15)	1	(27)
Foreign Currency Contracts [Member] | Cost of Materials and Other [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	2	17	(7)	14
Foreign Currency Contracts [Member] | Other Income, Net [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ 48	$ (17)	$ 55	$ (17)

Condensed Consolidating Finan_3

Condensed Consolidating Financial Statements (Details) - Valero Energy Partners LP [Member] - Senior Notes [Member]	Jun. 30, 2019	Jun. 30, 2018
VLP Senior Notes Due December 15, 2026 [Member]
Debt Instrument [Line Items]
Stated rate on debt instrument (percent)	4.375%
VLP Senior Notes Due March 15, 2028 [Member]
Debt Instrument [Line Items]
Stated rate on debt instrument (percent)	4.50%	4.50%

Condensed Consolidating Finan_4

Condensed Consolidating Financial Statements, Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 2,033		$ 2,982
Receivables, net	9,050		7,345
Receivables from affiliates	0		0
Inventories	6,281		6,532
Prepaid expenses and other	447		816
Total current assets	17,811		17,675
Property, plant, and equipment, at cost	43,110		42,473
Accumulated depreciation	(14,326)		(13,625)
Property, plant, and equipment, net	28,784		28,848
Investment in affiliates	0		0
Long-term notes receivable from affiliates			0
Deferred charges and other assets, net	5,427		3,632
Total assets	52,022		50,155
Current liabilities:
Current portion of debt and finance lease obligations	323		238
Accounts payable	10,135		8,594
Accounts payable to affiliates	0		0
Accrued expenses	764		630
Accrued expenses to affiliates			0
Taxes other than income taxes payable	1,144		1,213
Income taxes payable	182		49
Total current liabilities	12,548		10,724
Debt and finance lease obligations, less current portion	9,167		8,871
Long-term notes payable to affiliates			0
Deferred income tax liabilities	4,899		4,962
Other long-term liabilities	3,571		2,867
Stockholders’ equity:
Common stock	7		7
Additional paid-in capital	6,812		7,048
Treasury stock, at cost	(15,170)		(14,925)
Retained earnings	31,046		31,044
Partners’ equity	0		0
Accumulated other comprehensive loss	(1,350)		(1,507)
Total Valero Energy Corporation stockholders’ equity	21,345		21,667
Noncontrolling interests	492		1,064
Total equity	21,837	$ 21,779	22,731	$ 22,804	$ 22,925	$ 22,900
Total liabilities and equity	52,022		50,155
Eliminations [Member]
Current assets:
Cash and cash equivalents	0		0
Receivables, net	0		0
Receivables from affiliates	(16,206)		(15,381)
Inventories	0		0
Prepaid expenses and other	0		(5)
Total current assets	(16,206)		(15,386)
Property, plant, and equipment, at cost	0		0
Accumulated depreciation	0		0
Property, plant, and equipment, net	0		0
Investment in affiliates	(39,475)		(38,652)
Long-term notes receivable from affiliates			(285)
Deferred charges and other assets, net	0		0
Total assets	(55,681)		(54,323)
Current liabilities:
Current portion of debt and finance lease obligations	0		0
Accounts payable	0		0
Accounts payable to affiliates	(16,206)		(15,380)
Accrued expenses	0		0
Accrued expenses to affiliates			(1)
Taxes other than income taxes payable	0		0
Income taxes payable	0		(5)
Total current liabilities	(16,206)		(15,386)
Debt and finance lease obligations, less current portion	0		0
Long-term notes payable to affiliates			(285)
Deferred income tax liabilities	0		0
Other long-term liabilities	0		0
Stockholders’ equity:
Common stock	(1)		(1)
Additional paid-in capital	(9,770)		(9,754)
Treasury stock, at cost	0		0
Retained earnings	(29,824)		(28,631)
Partners’ equity	(383)		(299)
Accumulated other comprehensive loss	995		1,097
Total Valero Energy Corporation stockholders’ equity	(38,983)		(37,588)
Noncontrolling interests	(492)		(1,064)
Total equity	(39,475)		(38,652)
Total liabilities and equity	(55,681)		(54,323)
Valero Energy Corporation [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents	246		291
Receivables, net	0		0
Receivables from affiliates	4,382		4,369
Inventories	0		0
Prepaid expenses and other	63		466
Total current assets	4,691		5,126
Property, plant, and equipment, at cost	0		0
Accumulated depreciation	0		0
Property, plant, and equipment, net	0		0
Investment in affiliates	36,639		36,086
Long-term notes receivable from affiliates			285
Deferred charges and other assets, net	547		572
Total assets	41,877		42,069
Current liabilities:
Current portion of debt and finance lease obligations	0		0
Accounts payable	0		14
Accounts payable to affiliates	10,753		10,173
Accrued expenses	123		155
Accrued expenses to affiliates			0
Taxes other than income taxes payable	0		0
Income taxes payable	99		53
Total current liabilities	10,975		10,395
Debt and finance lease obligations, less current portion	7,093		6,955
Long-term notes payable to affiliates			0
Deferred income tax liabilities	0		0
Other long-term liabilities	1,972		1,988
Stockholders’ equity:
Common stock	7		7
Additional paid-in capital	6,812		7,048
Treasury stock, at cost	(15,170)		(14,925)
Retained earnings	31,046		31,044
Partners’ equity	0		0
Accumulated other comprehensive loss	(1,350)		(1,507)
Total Valero Energy Corporation stockholders’ equity	21,345		21,667
Noncontrolling interests	492		1,064
Total equity	21,837		22,731
Total liabilities and equity	41,877		42,069
Valero Energy Partners LP [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents	0		152
Receivables, net	0		0
Receivables from affiliates	0		2
Inventories	0		0
Prepaid expenses and other	0		0
Total current assets	0		154
Property, plant, and equipment, at cost	0		0
Accumulated depreciation	0		0
Property, plant, and equipment, net	0		0
Investment in affiliates	2,453		2,267
Long-term notes receivable from affiliates			0
Deferred charges and other assets, net	0		1
Total assets	2,453		2,422
Current liabilities:
Current portion of debt and finance lease obligations	0		0
Accounts payable	0		0
Accounts payable to affiliates	1,071		837
Accrued expenses	7		7
Accrued expenses to affiliates			1
Taxes other than income taxes payable	0		0
Income taxes payable	0		1
Total current liabilities	1,078		846
Debt and finance lease obligations, less current portion	990		990
Long-term notes payable to affiliates			285
Deferred income tax liabilities	2		2
Other long-term liabilities	0		0
Stockholders’ equity:
Common stock	0		0
Additional paid-in capital	0		0
Treasury stock, at cost	0		0
Retained earnings	0		0
Partners’ equity	383		299
Accumulated other comprehensive loss	0		0
Total Valero Energy Corporation stockholders’ equity	383		299
Noncontrolling interests	0		0
Total equity	383		299
Total liabilities and equity	2,453		2,422
Other Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents	1,787		2,539
Receivables, net	9,050		7,345
Receivables from affiliates	11,824		11,010
Inventories	6,281		6,532
Prepaid expenses and other	384		355
Total current assets	29,326		27,781
Property, plant, and equipment, at cost	43,110		42,473
Accumulated depreciation	(14,326)		(13,625)
Property, plant, and equipment, net	28,784		28,848
Investment in affiliates	383		299
Long-term notes receivable from affiliates			0
Deferred charges and other assets, net	4,880		3,059
Total assets	63,373		59,987
Current liabilities:
Current portion of debt and finance lease obligations	323		238
Accounts payable	10,135		8,580
Accounts payable to affiliates	4,382		4,370
Accrued expenses	634		468
Accrued expenses to affiliates			0
Taxes other than income taxes payable	1,144		1,213
Income taxes payable	83		0
Total current liabilities	16,701		14,869
Debt and finance lease obligations, less current portion	1,084		926
Long-term notes payable to affiliates			0
Deferred income tax liabilities	4,897		4,960
Other long-term liabilities	1,599		879
Stockholders’ equity:
Common stock	1		1
Additional paid-in capital	9,770		9,754
Treasury stock, at cost	0		0
Retained earnings	29,824		28,631
Partners’ equity	0		0
Accumulated other comprehensive loss	(995)		(1,097)
Total Valero Energy Corporation stockholders’ equity	38,600		37,289
Noncontrolling interests	492		1,064
Total equity	39,092		38,353
Total liabilities and equity	$ 63,373		$ 59,987

Condensed Consolidating Finan_5

Condensed Consolidating Financial Statements, Statement of Income (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Income Statements, Captions [Line Items]
Revenues	[1]	$ 28,933	$ 31,015	$ 53,196	$ 57,454
Cost of sales:
Cost of materials and other		26,083	27,860	48,061	51,616
Operating expenses (excluding depreciation and amortization expense reflected below)		1,175	1,110	2,390	2,246
Depreciation and amortization expense		552	510	1,089	995
Total cost of sales		27,810	29,480	51,540	54,857
Other operating expenses		2	21	4	31
General and administrative expenses (excluding depreciation and amortization expense reflected below)		199	248	408	486
Depreciation and amortization expense		14	13	28	26
Operating income (loss)		908	1,253	1,216	2,054
Equity in earnings of subsidiaries		0	0	0	0
Other income (expense), net		12	(5)	34	46
Interest and debt expense, net of capitalized interest		(112)	(124)	(224)	(245)
Income before income tax expense		808	1,124	1,026	1,855
Income tax expense (benefit)		160	249	211	398
Net income		648	875	815	1,457
Less: Net income attributable to noncontrolling interests		36	30	62	143
Net income attributable to Valero Energy Corporation stockholders		612	845	753	1,314
Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Revenues		0	0	0	0
Cost of sales:
Cost of materials and other		0	0	0	0
Operating expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Total cost of sales		0	0	0	0
Other operating expenses		0	0	0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		0	0	0	0
Equity in earnings of subsidiaries		(1,058)	(1,224)	(1,497)	(2,201)
Other income (expense), net		(175)	(178)	(354)	(347)
Interest and debt expense, net of capitalized interest		175	178	354	347
Income before income tax expense		(1,058)	(1,224)	(1,497)	(2,201)
Income tax expense (benefit)		0	0	0	0
Net income		(1,058)	(1,224)	(1,497)	(2,201)
Less: Net income attributable to noncontrolling interests		(36)	(30)	(62)	(143)
Net income attributable to Valero Energy Corporation stockholders		(1,022)	(1,194)	(1,435)	(2,058)
Valero Energy Corporation [Member] | Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Revenues		0	0	0	0
Cost of sales:
Cost of materials and other		0	0	0	0
Operating expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Total cost of sales		0	0	0	0
Other operating expenses		0	0	0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	1	1
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		0	0	(1)	(1)
Equity in earnings of subsidiaries		821	1,052	1,085	1,772
Other income (expense), net		30	29	84	98
Interest and debt expense, net of capitalized interest		(231)	(233)	(463)	(451)
Income before income tax expense		620	848	705	1,418
Income tax expense (benefit)		(28)	(27)	(110)	(39)
Net income		648	875	815	1,457
Less: Net income attributable to noncontrolling interests		36	30	62	143
Net income attributable to Valero Energy Corporation stockholders		612	845	753	1,314
Valero Energy Partners LP [Member] | Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Revenues		0	0	0	0
Cost of sales:
Cost of materials and other		0	0	0	0
Operating expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Total cost of sales		0	0	0	0
Other operating expenses		0	0	0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		0	0	0	0
Equity in earnings of subsidiaries		105	78	187	156
Other income (expense), net		0	1	0	1
Interest and debt expense, net of capitalized interest		(9)	(14)	(24)	(26)
Income before income tax expense		96	65	163	131
Income tax expense (benefit)		0	1	0	1
Net income		96	64	163	130
Less: Net income attributable to noncontrolling interests		0	0	0	0
Net income attributable to Valero Energy Corporation stockholders		96	64	163	130
Other Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Revenues		28,933	31,015	53,196	57,454
Cost of sales:
Cost of materials and other		26,083	27,860	48,061	51,616
Operating expenses (excluding depreciation and amortization expense reflected below)		1,175	1,110	2,390	2,246
Depreciation and amortization expense		552	510	1,089	995
Total cost of sales		27,810	29,480	51,540	54,857
Other operating expenses		2	21	4	31
General and administrative expenses (excluding depreciation and amortization expense reflected below)		199	248	407	485
Depreciation and amortization expense		14	13	28	26
Operating income (loss)		908	1,253	1,217	2,055
Equity in earnings of subsidiaries		132	94	225	273
Other income (expense), net		157	143	304	294
Interest and debt expense, net of capitalized interest		(47)	(55)	(91)	(115)
Income before income tax expense		1,150	1,435	1,655	2,507
Income tax expense (benefit)		188	275	321	436
Net income		962	1,160	1,334	2,071
Less: Net income attributable to noncontrolling interests		36	30	62	143
Net income attributable to Valero Energy Corporation stockholders		$ 926	$ 1,130	$ 1,272	$ 1,928
[1]	Includes excise taxes on sales by certain of our international operations of $1,410 million and $1,470 million for the three months ended June 30, 2019 and 2018, respectively, and $2,740 million and $2,934 million for the six months ended June 30, 2019 and 2018, respectively.

Condensed Consolidating Finan_6

Condensed Consolidating Financial Statements, Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Statement of Income Captions [Line Items]
Net income	$ 648	$ 875	$ 815	$ 1,457
Other comprehensive income (loss):
Foreign currency translation adjustment	0	(291)	155	(246)
Net gain on pension and other postretirement benefits	2	9	5	17
Net gain on cash flow hedges	5		5
Other comprehensive income (loss) before income tax expense	7	(282)	165	(229)
Income tax expense related to items of other comprehensive income (loss)	1	2	2	4
Other comprehensive income (loss)	6	(284)	163	(233)
Comprehensive income	654	591	978	1,224
Less: Comprehensive income attributable to noncontrolling interests	40	25	68	141
Comprehensive income attributable to Valero Energy Corporation stockholders	614	566	910	1,083
Eliminations [Member]
Condensed Statement of Income Captions [Line Items]
Net income	(1,058)	(1,224)	(1,497)	(2,201)
Other comprehensive income (loss):
Foreign currency translation adjustment	27	268	(104)	192
Net gain on pension and other postretirement benefits	0	(1)	0	(1)
Net gain on cash flow hedges	(5)		(5)
Other comprehensive income (loss) before income tax expense	22	267	(109)	191
Income tax expense related to items of other comprehensive income (loss)	(1)	0	(1)	0
Other comprehensive income (loss)	23	267	(108)	191
Comprehensive income	(1,035)	(957)	(1,605)	(2,010)
Less: Comprehensive income attributable to noncontrolling interests	(40)	(25)	(68)	(141)
Comprehensive income attributable to Valero Energy Corporation stockholders	(995)	(932)	(1,537)	(1,869)
Valero Energy Corporation [Member] | Reportable Legal Entities [Member]
Condensed Statement of Income Captions [Line Items]
Net income	648	875	815	1,457
Other comprehensive income (loss):
Foreign currency translation adjustment	0	(291)	155	(246)
Net gain on pension and other postretirement benefits	2	9	5	17
Net gain on cash flow hedges	5		5
Other comprehensive income (loss) before income tax expense	7	(282)	165	(229)
Income tax expense related to items of other comprehensive income (loss)	1	2	2	4
Other comprehensive income (loss)	6	(284)	163	(233)
Comprehensive income	654	591	978	1,224
Less: Comprehensive income attributable to noncontrolling interests	40	25	68	141
Comprehensive income attributable to Valero Energy Corporation stockholders	614	566	910	1,083
Valero Energy Partners LP [Member] | Reportable Legal Entities [Member]
Condensed Statement of Income Captions [Line Items]
Net income	96	64	163	130
Other comprehensive income (loss):
Foreign currency translation adjustment	0	0	0	0
Net gain on pension and other postretirement benefits	0	0	0	0
Net gain on cash flow hedges	0		0
Other comprehensive income (loss) before income tax expense	0	0	0	0
Income tax expense related to items of other comprehensive income (loss)	0	0	0	0
Other comprehensive income (loss)	0	0	0	0
Comprehensive income	96	64	163	130
Less: Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to Valero Energy Corporation stockholders	96	64	163	130
Other Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Statement of Income Captions [Line Items]
Net income	962	1,160	1,334	2,071
Other comprehensive income (loss):
Foreign currency translation adjustment	(27)	(268)	104	(192)
Net gain on pension and other postretirement benefits	0	1	0	1
Net gain on cash flow hedges	5		5
Other comprehensive income (loss) before income tax expense	(22)	(267)	109	(191)
Income tax expense related to items of other comprehensive income (loss)	1	0	1	0
Other comprehensive income (loss)	(23)	(267)	108	(191)
Comprehensive income	939	893	1,442	1,880
Less: Comprehensive income attributable to noncontrolling interests	40	25	68	141
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 899	$ 868	$ 1,374	$ 1,739

Condensed Consolidating Finan_7

Condensed Consolidating Financial Statements, Statement of Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ 2,394	$ 2,197
Cash flows from investing activities:
Capital expenditures	(905)	(740)
Deferred turnaround and catalyst costs	(471)	(490)
Investments in joint ventures	(90)	(119)
Capital expenditures of certain VIEs	(69)	(78)
Peru Acquisition, net of cash acquired	0	(471)
Acquisitions of undivided interests	(29)	(145)
Minor acquisitions		(91)
Intercompany investing activities	0	0
Other investing activities, net	9	2
Net cash provided by (used in) investing activities	(1,555)	(2,132)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings (excluding borrowings of certain VIEs)	1,892	1,258
Proceeds from borrowings of certain VIEs	70	56
Repayments of debt and finance lease obligations	(1,789)	(1,345)
Intercompany financing activities	0	0
Purchases of common stock for treasury	(248)	(647)
Common stock dividends	(751)	(690)
Acquisition of Valero Energy Partners LP publicly held common units	(950)	0
Contributions from noncontrolling interests	0	32
Distributions to noncontrolling interests and unitholders of VLP	(18)	(50)
Other financing activities, net	(31)	(16)
Net cash used in financing activities	(1,825)	(1,402)
Effect of foreign exchange rate changes on cash	37	(62)
Net increase (decrease) in cash and cash equivalents	(949)	(1,399)
Cash and cash equivalents at beginning of period	2,982	5,850
Cash and cash equivalents at end of period	2,033	4,451
Eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(260)	(97)
Cash flows from investing activities:
Capital expenditures	0	0
Deferred turnaround and catalyst costs	0	0
Investments in joint ventures	0	0
Capital expenditures of certain VIEs	0	0
Peru Acquisition, net of cash acquired		0
Acquisitions of undivided interests	0	0
Minor acquisitions		0
Intercompany investing activities	416	745
Other investing activities, net	0	0
Net cash provided by (used in) investing activities	416	745
Cash flows from financing activities:
Proceeds from debt issuances and borrowings (excluding borrowings of certain VIEs)	0	0
Proceeds from borrowings of certain VIEs	0	0
Repayments of debt and finance lease obligations	0	0
Intercompany financing activities	(416)	(745)
Purchases of common stock for treasury	0	0
Common stock dividends	81	17
Acquisition of Valero Energy Partners LP publicly held common units	0
Contributions from noncontrolling interests		0
Distributions to noncontrolling interests and unitholders of VLP	179	80
Other financing activities, net	0	0
Net cash used in financing activities	(156)	(648)
Effect of foreign exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Valero Energy Corporation [Member] | Reportable Legal Entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	244	(558)
Cash flows from investing activities:
Capital expenditures	0	0
Deferred turnaround and catalyst costs	0	0
Investments in joint ventures	0	0
Capital expenditures of certain VIEs	0	0
Peru Acquisition, net of cash acquired		0
Acquisitions of undivided interests	0	0
Minor acquisitions		0
Intercompany investing activities	212	408
Other investing activities, net	0	0
Net cash provided by (used in) investing activities	212	408
Cash flows from financing activities:
Proceeds from debt issuances and borrowings (excluding borrowings of certain VIEs)	992	750
Proceeds from borrowings of certain VIEs	0	0
Repayments of debt and finance lease obligations	(871)	(787)
Intercompany financing activities	395	1,341
Purchases of common stock for treasury	(248)	(647)
Common stock dividends	(751)	(690)
Acquisition of Valero Energy Partners LP publicly held common units	0
Contributions from noncontrolling interests		0
Distributions to noncontrolling interests and unitholders of VLP	0	0
Other financing activities, net	(18)	1
Net cash used in financing activities	(501)	(32)
Effect of foreign exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	(45)	(182)
Cash and cash equivalents at beginning of period	291	1,746
Cash and cash equivalents at end of period	246	1,564
Valero Energy Partners LP [Member] | Reportable Legal Entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(25)	(22)
Cash flows from investing activities:
Capital expenditures	0	0
Deferred turnaround and catalyst costs	0	0
Investments in joint ventures	0	0
Capital expenditures of certain VIEs	0	0
Peru Acquisition, net of cash acquired		0
Acquisitions of undivided interests	0	0
Minor acquisitions		0
Intercompany investing activities	2	186
Other investing activities, net	0	0
Net cash provided by (used in) investing activities	2	186
Cash flows from financing activities:
Proceeds from debt issuances and borrowings (excluding borrowings of certain VIEs)	0	498
Proceeds from borrowings of certain VIEs	0	0
Repayments of debt and finance lease obligations	0	(410)
Intercompany financing activities	50	(87)
Purchases of common stock for treasury	0	0
Common stock dividends	0	0
Acquisition of Valero Energy Partners LP publicly held common units	0
Contributions from noncontrolling interests		0
Distributions to noncontrolling interests and unitholders of VLP	(179)	(103)
Other financing activities, net	0	(4)
Net cash used in financing activities	(129)	(106)
Effect of foreign exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	(152)	58
Cash and cash equivalents at beginning of period	152	42
Cash and cash equivalents at end of period	0	100
Other Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	2,435	2,874
Cash flows from investing activities:
Capital expenditures	(905)	(740)
Deferred turnaround and catalyst costs	(471)	(490)
Investments in joint ventures	(90)	(119)
Capital expenditures of certain VIEs	(69)	(78)
Peru Acquisition, net of cash acquired		(471)
Acquisitions of undivided interests	(29)	(145)
Minor acquisitions		(91)
Intercompany investing activities	(630)	(1,339)
Other investing activities, net	9	2
Net cash provided by (used in) investing activities	(2,185)	(3,471)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings (excluding borrowings of certain VIEs)	900	10
Proceeds from borrowings of certain VIEs	70	56
Repayments of debt and finance lease obligations	(918)	(148)
Intercompany financing activities	(29)	(509)
Purchases of common stock for treasury	0	0
Common stock dividends	(81)	(17)
Acquisition of Valero Energy Partners LP publicly held common units	(950)
Contributions from noncontrolling interests		32
Distributions to noncontrolling interests and unitholders of VLP	(18)	(27)
Other financing activities, net	(13)	(13)
Net cash used in financing activities	(1,039)	(616)
Effect of foreign exchange rate changes on cash	37	(62)
Net increase (decrease) in cash and cash equivalents	(752)	(1,275)
Cash and cash equivalents at beginning of period	2,539	4,062
Cash and cash equivalents at end of period	$ 1,787	$ 2,787