Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 03, 2014 | Jun. 28, 2013 |
Document Information | ' | ' | ' |
Entity Registrant Name | 'CST Brands, Inc. | ' | ' |
Entity Central Index Key | '0001562039 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $2.30 |
Entity Common Stock, Shares Outstanding | ' | 75,599,684 | ' |
Consolidated_and_Combined_Bala
Consolidated and Combined Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash | $378 | $61 | $132 | $102 |
Receivables, net | 153 | 134 | ' | ' |
Inventories | 217 | 200 | ' | ' |
Deferred income taxes | 7 | 4 | ' | ' |
Prepaid expenses and other | 11 | 8 | ' | ' |
Total current assets | 766 | 407 | ' | ' |
Property and equipment, at cost | 1,981 | 1,863 | ' | ' |
Accumulated depreciation | -655 | -587 | ' | ' |
Property and equipment, net | 1,326 | 1,276 | ' | ' |
Goodwill and intangible assets, net | 49 | 41 | ' | ' |
Deferred tax assets, net of valuation allowance, noncurrent | 93 | 0 | ' | ' |
Other assets, net | 69 | 8 | ' | ' |
Total assets | 2,303 | 1,732 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | 36 | 1 | ' | ' |
Accounts payable | 99 | 95 | ' | ' |
Accounts payable to Valero | 253 | 0 | ' | ' |
Dividends payable | 5 | 0 | ' | ' |
Accrued expenses | 43 | 40 | ' | ' |
Taxes other than income taxes | 17 | 92 | ' | ' |
Income taxes payable | 10 | 0 | ' | ' |
Total current liabilities | 463 | 228 | ' | ' |
Debt and capital lease obligations, less current portion | 1,006 | 4 | ' | ' |
Deferred income taxes | 94 | 123 | ' | ' |
Asset retirement obligations | 79 | 77 | 74 | ' |
Other long-term liabilities | 34 | 30 | ' | ' |
Total liabilities | 1,676 | 462 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders’ equity / net investment: | ' | ' | ' | ' |
Common stock (250,000,000 shares authorized at $0.01 par value and 75,397,241 issued and outstanding at June 30, 2013) | 1 | 0 | ' | ' |
Additional paid-in capital (APIC) | 406 | 0 | ' | ' |
Net parent investment | 0 | 1,100 | 1,114 | ' |
Retained earnings | 87 | 0 | ' | ' |
Accumulated other comprehensive income (AOCI) | 133 | 170 | ' | ' |
Total stockholders' equity | 627 | 1,270 | 1,274 | 1,194 |
Total liabilities and stockholders’ equity / net investment | $2,303 | $1,732 | ' | ' |
Consolidated_and_Combined_Bala1
Consolidated and Combined Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $1 | $2 |
Common stock, shares authorized | 250,000,000 | ' |
Common stock, par or stated value per share | $0.01 | ' |
Common stock shares issued | 75,397,241 | ' |
Common stock shares outstanding | 75,397,241 | ' |
Consolidated_and_Combined_Stat
Consolidated and Combined Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gross Profit [Abstract] | ' | ' | ' |
Operating revenues (a) | $12,777 | $13,135 | $12,863 |
Cost of sales | 11,680 | 12,002 | 11,730 |
Gross margin | 1,097 | 1,133 | 1,133 |
Operating expenses: | ' | ' | ' |
Operating expenses | 657 | 644 | 636 |
General and administrative expenses | 78 | 61 | 59 |
Depreciation, amortization and accretion expense | 118 | 115 | 113 |
Asset impairments | 6 | 0 | 3 |
Operating expenses | 859 | 820 | 811 |
Operating income | 238 | 313 | 322 |
Other income, net | 4 | 1 | 1 |
Interest expense | -27 | -1 | -1 |
Income before income tax expense | 215 | 313 | 322 |
Income tax expense | 76 | 105 | 104 |
Net income | 139 | 208 | 218 |
Earnings per common share | ' | ' | ' |
Basic earnings per common share | $1.84 | $2.76 | $2.89 |
Weighted-average common shares outstanding (in thousands) | 75,397 | 75,397 | 75,397 |
Earnings per common share – assuming dilution | ' | ' | ' |
Diluted earnings per common share | $1.84 | $2.76 | $2.89 |
Weighted-average common shares outstanding – assuming dilution (in thousands) | 75,425 | 75,397 | 75,397 |
Supplemental information: | ' | ' | ' |
(a) Includes excise taxes of: | $2,027 | $2,077 | $2,037 |
Dividends per common share | $0.13 | $0 | $0 |
Consoldiated_and_Combined_Stat
Consoldiated and Combined Statements of Comprehensive Income Statement (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $139 | $208 | $218 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustment | -37 | 10 | -7 |
Other comprehensive income (loss) before income taxes | -37 | 10 | -7 |
Income taxes related to items of other comprehensive income | 0 | 0 | 0 |
Other comprehensive income (loss) | -37 | 10 | -7 |
Comprehensive income | $102 | $218 | $211 |
Consolidated_and_Combined_Stat1
Consolidated and Combined Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $139 | $208 | $218 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Stock-based compensation expense | 4 | 2 | 3 |
Depreciation, amortization and accretion expense | 118 | 115 | 113 |
Asset impairments | 6 | 0 | 3 |
Non-cash interest expense | 0 | 0 | 1 |
Deferred income tax expense (benefit) | 16 | -1 | 12 |
Changes in current assets and current liabilities | 157 | 43 | -44 |
Other operating activities, net | 0 | -3 | 2 |
Net cash provided by operating activities | 440 | 364 | 308 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -200 | -156 | -130 |
Acquisitions | -7 | -61 | 0 |
Proceeds from dispositions of property and equipment | 1 | 2 | 5 |
Other investing activities, net | 0 | 0 | -2 |
Net cash used in investing activities | -206 | -215 | -127 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of long-term debt | 500 | 0 | 0 |
Payments on long-term debt | -12 | 0 | 0 |
Payments of debt issuance costs | -19 | 0 | 0 |
Payments of capital lease obligations | -1 | -1 | -1 |
Dividends | -5 | 0 | 0 |
Net transfers to Valero | -378 | -219 | -150 |
Net cash provided by (used in) financing activities | 85 | -220 | -151 |
Effect of foreign exchange rate changes on cash | -2 | 0 | 0 |
Net increase (decrease) in cash | 317 | -71 | 30 |
Cash at beginning of year | 61 | 132 | 102 |
Cash at end of year | $378 | $61 | $132 |
Consolidated_and_Combined_Stat2
Consolidated and Combined Statement of Stockholders' Equity Statement (USD $) | Total | Common stock shares | Common stock par | APIC | Net parent investment | Retained earnings | AOCI |
In Millions, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Stockholders' equity at Dec. 31, 2010 | $1,194 | ' | $0 | $0 | $1,031 | $0 | $163 |
Shares, outstanding | ' | 0 | ' | ' | ' | ' | ' |
Net income | 218 | ' | ' | ' | 218 | ' | 0 |
Net transfers to Valero | -151 | ' | ' | ' | -151 | ' | 0 |
Other comprehensive income (loss) | -7 | ' | ' | ' | 0 | ' | -7 |
Stockholders' equity at Dec. 31, 2011 | 1,274 | ' | 0 | 0 | 1,114 | 0 | 160 |
Shares, outstanding | ' | 0 | ' | ' | ' | ' | ' |
Net income | 208 | ' | ' | ' | 208 | ' | 0 |
Net transfers to Valero | -222 | ' | ' | ' | -222 | ' | 0 |
Other comprehensive income (loss) | 10 | ' | ' | ' | 0 | ' | 10 |
Stockholders' equity at Dec. 31, 2012 | 1,270 | ' | 0 | 0 | 1,100 | 0 | 170 |
Shares, outstanding | ' | 75,397,241 | ' | ' | ' | ' | ' |
Issuance of stock at the separation and distribution, shares | ' | 75,397,241 | ' | ' | ' | ' | ' |
Net income | 139 | ' | ' | ' | 43 | 96 | ' |
Net transfers to Valero | -739 | ' | ' | ' | -739 | ' | ' |
Issuance of stock at the separation and distribution, value | ' | ' | 1 | -1 | ' | ' | ' |
Reclassification of net parent investment to APIC | 0 | ' | ' | 404 | -404 | ' | 0 |
Stock-based compensation expense | 3 | ' | ' | 3 | ' | ' | ' |
Dividends | -9 | ' | ' | ' | ' | -9 | ' |
Other comprehensive income (loss) | -37 | ' | ' | 0 | ' | ' | -37 |
Stockholders' equity at Dec. 31, 2013 | $627 | ' | $1 | $406 | $0 | $87 | $133 |
The_Separation_and_the_Distrib
The Separation and the Distribution, Basis of Presentation and Description of Business | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Business Description and Basis of Presentation | ' | |
THE SEPARATION AND THE DISTRIBITION, BASIS OF PRESENTATION, AND DESCRIPTION OF BUSINESS | ||
The Separation and the Distribution | ||
On April 4, 2013, the Valero Energy Corporation (“Valero” or “Parent”) Board of Directors approved the separation and distribution (the “separation and distribution”) of its retail business resulting in a separate, publicly-traded company named CST Brands, Inc. (“CST”). In accordance with a separation and distribution agreement, the two companies were separated by Valero’s distributing to its stockholders 80% of the common stock of CST on May 1, 2013. Each Valero stockholder received one share of CST common stock for every nine shares of Valero common stock held at the close of business on the record date of April 19, 2013. Fractional shares of CST common stock were not distributed and any fractional shares of CST common stock otherwise issuable to a Valero stockholder were sold in the open market on such stockholder’s behalf, and such stockholder received a cash payment with respect to that fractional share. The remaining 20% of the common stock of CST was retained by Valero until November 14, 2013, as described below. A registration statement on Form 10, as amended through the time of its effectiveness, describing the separation and the distribution was filed by CST with the Securities and Exchange Commission (“SEC”) and was declared effective on April 11, 2013 (the “Form 10”). On May 2, 2013, CST stock began trading on the New York Stock Exchange (“NYSE”) under the “CST” stock symbol. In conjunction with the separation and distribution, Valero received a private letter ruling from the Internal Revenue Service (“IRS”) to the effect that the distribution will not result in any taxable income, gain or loss to Valero, except for taxable income or gain arising as a result of certain intercompany transactions, and no gain or loss was recognized by (and no amount will be included in the income of) United States (“U.S.”) holders of Valero common stock upon their receipt of shares of CST common stock in the distribution, except with respect to cash received in lieu of fractional shares. However, the transfer of assets and liabilities associated with Valero’s retail business in Canada was taxable for Canadian income tax purposes. We are not responsible for any tax payments related to the separation and distribution in the U.S. and Canada. | ||
On November 14, 2013, the underwritten public offering of our common stock owned by Valero was completed. The offering of 15,079,448 shares of our common stock included 1,966,884 shares of common stock that were sold pursuant to the underwriters’ option to purchase additional shares, which was exercised in full prior to closing. Due to the exercise of the over-allotment option in full, Valero has no remaining ownership in our common stock. The total number of shares of our common stock outstanding did not change as a result of the offering. We did not sell any shares in this offering and did not receive any proceeds from the sale of the shares of common stock in this offering. | ||
In connection with the separation and distribution, we incurred an aggregate of $1.05 billion in new debt, consisting of: (i) $550 million aggregate principal amount of senior unsecured notes (the “notes”); and (ii) $800 million in senior secured credit facilities (the “credit facilities”), comprised of a $500 million term loan facility (the “term loan”) and a $300 million revolving credit facility (the “revolving credit facility”). We have no borrowings outstanding under the revolving credit facility as of the date of this filing; however, approximately $3 million of letters of credit have been issued under this facility. For more information on our indebtedness, see Note 12 of these notes to the consolidated and combined financial statements. | ||
We transferred the cash proceeds of the term loan to Valero and issued the notes to Valero in connection with the separation and distribution. Valero transferred our notes to a third-party lender to satisfy certain of Valero’s then-outstanding debt obligations. As a result of these financing transactions, we incurred total indebtedness of $1.05 billion for which we did not retain any cash following the separation and distribution. | ||
As a result of the separation and distribution, the tax basis of certain of our U.S. segment assets related to certain historical intercompany transactions between Valero and us were stepped-up, but the historical book basis of these assets was not stepped-up because the distribution represented a transaction with Valero’s stockholders. Therefore, we realized an $18 million adjustment to a portion of our U.S. deferred income tax liabilities. | ||
The separation and distribution was a taxable event in Canada and, as a result, the tax basis of certain assets and liabilities of our Canada segment were stepped up to their fair values. The historical book basis of those assets and liabilities, however, were not stepped-up because they were wholly owned by Valero and were transferred within the Valero consolidated group. As a result, we recognized a deferred tax asset of $115 million in our opening balance sheet from the step-up in the tax basis of those assets and liabilities. Certain adjustments were subsequently made to true-up the differences between the book basis and the tax basis of certain assets and liabilities, which resulted in a $9 million reduction in this deferred tax asset and an offsetting reduction to APIC. This deferred tax asset is translated at each balance sheet date, resulting in changes to the historical amounts presented. See Note 18 for further discussion of this deferred tax asset. | ||
Also, we recorded $7 million of deferred tax expense related to the loss of certain state tax credits that were no longer eligible for use in our consolidated tax return as a result of the separation and distribution. | ||
Basis of Presentation | ||
We were incorporated in November 2012. In connection with our incorporation, we issued 1,000 shares of common stock, par value $0.01 per share, to Valero for $10. We were formed solely in contemplation of the separation and distribution and, prior to May 1, 2013, had not commenced operations and had no material assets, liabilities or commitments. | ||
Prior to the separation and distribution, these financial statements reflect the combined historical financial position, results of operations and cash flows of Valero’s retail business in the U.S. and Canada that were owned by direct and indirect wholly owned subsidiaries of Valero, including an allocable portion of Valero’s corporate costs. The transfer of the assets (including the equity interests of certain Valero subsidiaries), liabilities and operations of Valero’s retail business into CST occurred on May 1, 2013. However, for ease of reference, these consolidated and combined financial statements are referred to as those of CST. Unless otherwise stated or the context otherwise indicates, all references in these consolidated and combined financial statements to “we,” “us,” “our,” or “Company” mean CST. | ||
We operate in two segments: U.S. and Canada. The consolidated and combined financial statements are presented as if Valero’s retail businesses in the U.S. and Canada were combined for all periods prior to the separation and distribution. The assets and liabilities in the combined balance sheet have been reflected on a historical cost basis, as immediately prior to the separation and distribution. All of the assets and liabilities presented were wholly owned by Valero and were transferred within the Valero consolidated group. The combined statements of income prior to the separation and distribution also include expense allocations for certain corporate functions historically performed by Valero and not allocated to its operating segments, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, procurement, human resources and information technology (“IT”). These allocations were based primarily on specific identification of time and/or activities associated with CST’s operations, employee headcount or capital expenditures. We believe the assumptions underlying the combined financial statements, including the assumptions regarding allocating general corporate expenses from Valero, are reasonable. Subsequent to the separation and distribution, Valero continues to perform certain of these corporate functions on our behalf, for which we are charged a fee, in accordance with the Transition Services Agreements. Nevertheless, the combined financial statements may not include all of the actual expenses that would have been incurred had we operated as a stand-alone, publicly-traded company during the combined periods presented and may not reflect our combined financial position, results of operations and cash flows had we operated as a stand-alone, publicly-traded company during the combined periods presented. Actual costs that would have been incurred if we had operated as a stand-alone, publicly-traded company during the combined periods presented would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including IT and related infrastructure. | ||
Prior to the separation and distribution, we transferred cash to Valero daily and Valero funded our operating and investing activities as needed. Accordingly, cash held by Valero at the corporate level was not allocated to us. Cash presented on our combined balance sheet prior to the separation and distribution represented cash on hand at our convenience stores, cash that had not yet been transferred to Valero and cash held by us in automated teller machines (“ATMs”) in our Canada segment. We reflected transfers of cash to and from Valero’s cash management system as a component of net investment on our combined balance sheet, and these net transfers of cash were reflected as a financing activity in our combined statements of cash flows. We did not include any interest income on the net cash transfers to Valero. | ||
The consolidated financial statements reflect our financial results for all periods subsequent to the separation and distribution while the combined financial statements reflect our financial results for all periods prior to the separation and distribution. Accordingly: | ||
• | Our consolidated and combined statements of income and comprehensive income for the year ended December 31, 2013, consist of the consolidated results of CST for the eight months ended December 31, 2013, and of the combined results of Valero’s retail business for the four months ended April 30, 2013. Our combined statements of income and comprehensive income for the twelve months ended December 31, 2012 and 2011 consist entirely of the combined results of Valero’s retail business. | |
• | Our consolidated balance sheet at December 31, 2013, consists of the consolidated balances of CST, while our combined balance sheet at December 31, 2012, consists of the combined balances of Valero’s retail business. | |
• | Our consolidated and combined statement of cash flows for the year ended December 31, 2013, consists of the consolidated results of CST for the eight months ended December 31, 2013 and the combined results of Valero’s retail business for the four months ended April 30, 2013. Our combined statements of cash flows for the years ended December 31, 2012 and 2011 consist entirely of the combined results of Valero’s retail business. | |
• | Our consolidated and combined statement of changes in stockholders’ equity for the year ended December 31, 2013, consists of the consolidated results of CST for the eight months ended December 31, 2013 and the combined results of Valero’s retail business for the four months ended April 30, 2013. | |
Description of Business | ||
We are one of the largest independent retailers of motor fuel and convenience merchandise items in the U.S. and eastern Canada. Our operations include (i) the sale of motor fuel at convenience stores, dealers/agents and cardlocks (which is an unattended self-service fueling station that provides motor fuel to fleet customers, such as trucking and other commercial customers), (ii) the sale of convenience merchandise items and services in convenience stores, and (iii) the sale of heating oil to residential customers and the sale of heating oil and motor fuel to small commercial customers. We generally refer to a convenience store, dealers/agents or cardlock as a “retail site.” |
Change_in_Accounting_Principle
Change in Accounting Principle (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Changes [Abstract] | ' | ||||||||||||
Change in Accounting Principle Disclosure | ' | ||||||||||||
CHANGE IN ACCOUNTING PRINCIPLE | |||||||||||||
During the fourth quarter of 2013, we changed our method of accounting for motor fuel inventories in our Canada segment from the last-in, first-out (“LIFO”) method to the weighted-average cost method. We believe the newly adopted accounting principle is preferable under our circumstances because the weighted-average cost method of valuing inventories more closely matches actual costs to revenues. Wholesale motor fuel prices are extremely volatile and significant changes can occur daily. Our cost of sales under the LIFO method as compared to the weighted-average cost method is more volatile as LIFO captures the effects of rapid price changes on inventory and results in old inventory cost layers remaining in ending inventory that are not reflective of the actual cost of this inventory. We have made the decision that we will not transition away from the LIFO method for financial or tax reporting in our U.S. segment. Under the IRS conformity requirements, companies are required to use the LIFO method for financial reporting purposes if they use the LIFO method for tax reporting in the U.S. Therefore we will remain on the LIFO method for financial reporting purposes for our U.S. segment. | |||||||||||||
Comparative financial statements of prior years have been adjusted to apply the weighted-average cost method retrospectively. The following financial statement line items for fiscal years 2013, 2012 and 2011 were affected by the change in accounting principle (in millions): | |||||||||||||
Income Statements | |||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Operating revenues | $ | 12,777 | $ | 12,777 | $ | — | |||||||
Cost of sales | 11,681 | 11,680 | (1 | ) | |||||||||
Gross margin | 1,096 | 1,097 | 1 | ||||||||||
Total operating expenses | 859 | 859 | — | ||||||||||
Operating income | 237 | 238 | 1 | ||||||||||
Other income, net | 4 | 4 | — | ||||||||||
Interest expense | (27 | ) | (27 | ) | — | ||||||||
Income before income tax expense | 214 | 215 | 1 | ||||||||||
Income tax expense | 76 | 76 | — | ||||||||||
Net income | $ | 138 | $ | 139 | $ | 1 | |||||||
For the Year Ended December 31, 2012 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Operating revenues | $ | 13,135 | $ | 13,135 | $ | — | |||||||
Cost of sales | 12,000 | 12,002 | 2 | ||||||||||
Gross margin | 1,135 | 1,133 | (2 | ) | |||||||||
Total operating expenses | 820 | 820 | — | ||||||||||
Operating income | 315 | 313 | (2 | ) | |||||||||
Other income, net | 1 | 1 | — | ||||||||||
Interest expense | (1 | ) | (1 | ) | — | ||||||||
Income before income tax expense | 315 | 313 | (2 | ) | |||||||||
Income tax expense | 105 | 105 | — | ||||||||||
Net income | $ | 210 | $ | 208 | $ | (2 | ) | ||||||
For the Year Ended December 31, 2011 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Operating revenues | $ | 12,863 | $ | 12,863 | $ | — | |||||||
Cost of sales | 11,735 | 11,730 | (5 | ) | |||||||||
Gross margin | 1,128 | 1,133 | 5 | ||||||||||
Total operating expenses | 811 | 811 | — | ||||||||||
Operating income | 317 | 322 | 5 | ||||||||||
Other income, net | 1 | 1 | — | ||||||||||
Interest expense | (1 | ) | (1 | ) | — | ||||||||
Income before income tax expense | 317 | 322 | 5 | ||||||||||
Income tax expense | 103 | 104 | (1 | ) | |||||||||
Net income | $ | 214 | $ | 218 | $ | 4 | |||||||
Balance Sheets | |||||||||||||
31-Dec-13 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Inventories | $ | 186 | $ | 217 | $ | 31 | |||||||
Current deferred income tax asset | 16 | 7 | (9 | ) | |||||||||
Total assets | 2,281 | 2,303 | 22 | ||||||||||
Stockholders’ equity: | |||||||||||||
Common stock | 1 | 1 | — | ||||||||||
APIC | 387 | 406 | 19 | ||||||||||
Retained earnings | 86 | 87 | 1 | ||||||||||
AOCI | 131 | 133 | 2 | ||||||||||
Total stockholders’ equity | $ | 605 | $ | 627 | $ | 22 | |||||||
31-Dec-12 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Inventories | $ | 168 | $ | 200 | $ | 32 | |||||||
Current deferred income tax asset | 13 | 4 | (9 | ) | |||||||||
Total assets | 1,709 | 1,732 | 23 | ||||||||||
Net investment: | |||||||||||||
Net investment | 1,082 | 1,100 | 18 | ||||||||||
AOCI | 165 | 170 | 5 | ||||||||||
Total net investment | $ | 1,247 | $ | 1,270 | $ | 23 | |||||||
As a result of the accounting change, net investment as of January 1, 2012 increased from $1,094 million, as originally reported using the LIFO method, to $1,114 million using the weighted-average cost method. There was no material change to other comprehensive income for any of the years ended December 31, 2013, 2012 or 2011. | |||||||||||||
Statements of Cash Flows | |||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 138 | $ | 139 | $ | 1 | |||||||
Adjustments to reconcile net income to net cash provided | |||||||||||||
by operating activities: | |||||||||||||
Changes in current assets and current liabilities | 157 | 157 | — | ||||||||||
Deferred income tax expense | 17 | 16 | (1 | ) | |||||||||
Operating activities, net | 128 | 128 | — | ||||||||||
Net cash provided by operating activities | 440 | 440 | — | ||||||||||
Cash flows from investing activities: | |||||||||||||
Net cash used in investing activities | (206 | ) | (206 | ) | — | ||||||||
Cash flows from financing activities: | |||||||||||||
Net cash provided by financing activities | 85 | 85 | — | ||||||||||
Effect of foreign exchange rate changes on cash | (2 | ) | (2 | ) | — | ||||||||
Net increase in cash | 317 | 317 | — | ||||||||||
Cash at beginning of year | 61 | 61 | — | ||||||||||
Cash at end of year | $ | 378 | $ | 378 | $ | — | |||||||
For the Year Ended December 31, 2012 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 210 | $ | 208 | $ | (2 | ) | ||||||
Adjustments to reconcile net income to net cash provided | |||||||||||||
by operating activities: | |||||||||||||
Changes in current assets and current liabilities | 42 | 43 | 1 | ||||||||||
Deferred income tax (benefit) | (2 | ) | (1 | ) | 1 | ||||||||
Operating activities, net | 114 | 114 | — | ||||||||||
Net cash provided by operating activities | 364 | 364 | — | ||||||||||
Cash flows from investing activities: | |||||||||||||
Net cash used in investing activities | (215 | ) | (215 | ) | — | ||||||||
Cash flows from financing activities: | |||||||||||||
Net cash used in financing activities | (220 | ) | (220 | ) | — | ||||||||
Effect of foreign exchange rate changes on cash | — | — | — | ||||||||||
Net (decrease) in cash | (71 | ) | (71 | ) | — | ||||||||
Cash at beginning of year | 132 | 132 | — | ||||||||||
Cash at end of year | $ | 61 | $ | 61 | $ | — | |||||||
For the Year Ended December 31, 2011 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 214 | $ | 218 | $ | 4 | |||||||
Adjustments to reconcile net income to net cash provided | |||||||||||||
by operating activities: | |||||||||||||
Changes in current assets and current liabilities | (40 | ) | (44 | ) | (4 | ) | |||||||
Deferred income tax expense | 12 | 12 | — | ||||||||||
Operating activities, net | 122 | 122 | — | ||||||||||
Net cash provided by operating activities | 308 | 308 | — | ||||||||||
Cash flows from investing activities: | |||||||||||||
Net cash used in investing activities | (127 | ) | (127 | ) | — | ||||||||
Cash flows from financing activities: | |||||||||||||
Net cash used in financing activities | (151 | ) | (151 | ) | — | ||||||||
Effect of foreign exchange rate changes on cash | — | — | — | ||||||||||
Net increase in cash | 30 | 30 | — | ||||||||||
Cash at beginning of year | 102 | 102 | — | ||||||||||
Cash at end of year | $ | 132 | $ | 132 | $ | — | |||||||
Significant_Accounting_Policie
Significant Accounting Policies (Notes) | 12 Months Ended | |
Dec. 31, 2013 | ||
Significant Accounting Policies [Abstract] | ' | |
Basis of Presentation and Significant Accounting Policies | ' | |
SIGNIFICANT ACCOUNTING POLICIES | ||
Principles of Consolidation and Combination | ||
These consolidated and combined financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These financial statements include the consolidated accounts of CST Brands, Inc. and subsidiaries for all periods after the separation and distribution. All intercompany accounts and transactions have been eliminated in consolidation. | ||
For all periods prior to the separation and distribution, these financial statements include the combined accounts of direct and indirect wholly owned subsidiaries of Valero that hold the assets and liabilities and reflect the operations of Valero’s retail business in the U.S. and Canada. Prior to the separation and distribution, these subsidiaries did not carry out any transactions with each other during the years presented; therefore, there were no transactions or accounts to be eliminated in connection with the combination. | ||
Net Investment | ||
The net investment represents Valero’s historical investment in CST, CST’s accumulated net earnings after taxes and the net effect of transactions with, and allocations from, Valero. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated and combined 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. | ||
Receivables | ||
Receivables represent amounts due from credit card companies, from our cardlock customers and from our heating oil customers (“trade receivables”). Trade receivables are carried at original invoice amount. Other receivables consist primarily of amounts due from vendors related to vendor rebates (see “Vendor Allowances and Rebates” for our policy regarding the accounting for vendor rebates). We maintain an allowance for doubtful accounts, which is adjusted based on management’s assessment of our customers’ historical collection experience, known credit risks and industry and economic conditions. | ||
Inventories | ||
Inventories are carried at the lower of cost or market. The cost of supplies and convenience store merchandise is determined principally under the weighted-average cost method. The cost of motor fuel inventories in our U.S. segment is determined under the LIFO method using the dollar-value LIFO method, with any increments valued based on average purchase prices for the year. The cost of motor fuel inventories in our Canada segment is determined under the weighted-average cost method as further discussed in Note 2. | ||
Property and Equipment | ||
The cost of property and equipment purchased or constructed, including betterments of property assets, is capitalized. The cost of repairs and normal maintenance of property and equipment is expensed as incurred. Betterments of property and equipment are those which extend the useful lives of the property and equipment or improve the safety of our operations. Betterments also include additions to and enlargements of our retail sites. The cost of property and equipment constructed includes interest and certain overhead costs allocable to the construction activities. | ||
When property and equipment are retired or replaced, the cost and related accumulated depreciation are eliminated, with any gain or loss reflected in depreciation, amortization and accretion expense, unless such amounts are reported separately due to materiality. | ||
Depreciation of property and equipment is recorded on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements and assets acquired under capital leases are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the related asset. | ||
Impairment of Assets | ||
Long-lived assets, which include property and equipment and finite-lived intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on discounted estimated net cash flows or other appropriate methods. See Note 5 for our impairment analysis of our long-lived assets. | ||
Goodwill | ||
Goodwill represents the excess of cost over fair value of assets of businesses acquired. Goodwill and intangible assets acquired in a purchase business combination are recorded at fair value as of the date acquired. Acquired intangibles determined to have an indefinite useful life are not amortized, but are instead tested for impairment at least annually, and are tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. The annual impairment test of goodwill is performed as of the first day of the fourth quarter of the fiscal year. | ||
In our annual impairment analysis, we used qualitative factors to determine whether it is more likely than not (likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount, including goodwill. | ||
If after assessing the totality of events or circumstances an entity determines that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount then performing the two-step test is unnecessary. However, if we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we perform the first step of the two-step goodwill impairment test. | ||
In the first step of the goodwill impairment test, the reporting unit’s carrying amount (including goodwill) and its fair value are compared. If the estimated fair value of a reporting unit is less than the carrying value, a second step is performed to compute the amount of the impairment by determining an “implied fair value” of goodwill. The determination of our “implied fair value” requires us to allocate the estimated fair value of the reporting unit to the assets and liabilities of the reporting unit. Any unallocated fair value represents the “implied fair value” of goodwill, which is compared to the corresponding carrying value. If the “implied fair value” is less than the carrying value, an impairment charge would be recorded. | ||
The impairment analysis performed in the fourth quarter of 2013 indicated that goodwill was not impaired. We did not have any goodwill recorded prior to 2013. | ||
Environmental Matters | ||
Liabilities for future remediation costs are recorded when environmental assessments from governmental regulatory agencies and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Environmental liabilities are based on best estimates of probable undiscounted future costs using currently available technology and applying current regulations, as well as our own internal environmental policies, without establishing a range of loss for these liabilities. Environmental liabilities are difficult to assess and estimate due to uncertainties related to the magnitude of possible remediation, the timing of such remediation and the determination of our obligation in proportion to other parties. Such estimates are subject to change due to many factors, including the identification of new sites requiring remediation, changes in environmental laws and regulations and their interpretation, additional information related to the extent and nature of remediation efforts and potential improvements in remediation technologies. Amounts recorded for environmental liabilities have not been reduced by possible recoveries from third parties. | ||
Asset Retirement Obligations | ||
We record a liability, which is referred to as an asset retirement obligation, at fair value for the estimated cost to remove underground storage tanks (“USTs”) for motor fuel at owned and leased retail sites at the time we incur that liability, which is generally when the UST is installed. We record a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of the related long-lived asset. We depreciate the amount added to property and equipment and recognize accretion expense in connection with the discounted liability over the remaining life of the UST. Accretion expense is reflected in depreciation, amortization and accretion expense. We base our estimates of the anticipated future costs for removal of a UST on our prior experience with removal. Removal costs include the cost to remove and destroy the USTs, soil remediation costs resulting from the spillage of small quantities of motor fuel in the normal operations of our business and other miscellaneous costs. We review our assumptions for computing the estimated liability for the removal of USTs on an annual basis. Any change in estimated cash flows is reflected as an adjustment to the liability and the associated asset. | ||
Foreign Currency Translation | ||
The functional currency of our Canadian operations is the Canadian dollar. Balance sheet accounts are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expense accounts are translated using the weighted-average exchange rates during the year presented. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income. | ||
Revenue Recognition | ||
Revenues are recorded upon delivery of the products to our customers, which is the point at which title to the products is transferred, and when payment has either been received or collection is reasonably assured. | ||
We present motor fuel excise taxes on sales on a gross basis with supplemental information regarding the amount of such taxes included in revenues provided in a footnote on the face of the statements of income. | ||
Shipping and Handling Costs | ||
Costs incurred for the shipping and handling of motor fuel and convenience store merchandise are included in inventories, and therefore, reflected in cost of sales when the related item is sold. | ||
Lease Accounting | ||
The Company leases a portion of its properties under non-cancelable operating leases, whose initial terms are typically 10 to 20 years, along with options that permit renewals for additional periods. Minimum rent is expensed on a straight-line basis over the term of the lease including renewal periods that are reasonably assured at the inception of the lease. In addition to minimum rental payments, certain leases require additional payments based on our sales volumes. The Company is typically responsible for payment of real estate taxes, maintenance expenses and insurance. | ||
Income Taxes | ||
Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred amounts are measured using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. Income taxes prior to the separation and distribution were accounted for and presented as if we were a separate taxpayer rather than a member of Valero’s consolidated income tax return. | ||
We classify any interest expense and penalties related to the underpayment of income taxes in income tax expense. | ||
Vendor Allowances and Rebates | ||
We receive payments for vendor allowances and volume rebates from various suppliers of convenience store merchandise. Our accounting practices are as follows: | ||
• | Vendor allowances for price markdowns are credited to cost of sales during the period the related markdown is realized. | |
• | Volume rebates of merchandise are recorded as reductions to cost of sales when the merchandise qualifying for the rebate is sold. | |
• | Slotting and stocking allowances received from a vendor are recorded as a reduction to cost of sales over the period covered by the agreement. | |
The aggregate amounts recorded as a reduction to cost of sales for vendor allowances and rebates for the years ended December 31, 2013, 2012 and 2011 were $71 million, $70 million, and $62 million, respectively. The recording of vendor allowances and rebates does not require us to make any significant estimates. | ||
Stock-Based Compensation | ||
The Company has granted non-qualified stock options and restricted stock awards to certain employees. Stock-based compensation expense is based on the estimated grant-date fair value. We recognize this compensation expense net of an estimated forfeiture rate over the requisite service period of the award. | ||
Concentration Risk | ||
Valero supplied substantially all of the motor fuel purchased by us for resale during all years presented. No customers are individually material to our operations. | ||
Cost of Sales | ||
We include in our cost of sales all costs we incur to acquire motor fuel and merchandise, including the costs of purchasing, storing and transporting inventory prior to delivery to our customers. Cost of sales does not include any depreciation of our property and equipment, as any amounts attributed to cost of sales would not be significant. Depreciation is separately classified in our consolidated and combined statements of income. | ||
Earnings per Common Share | ||
Earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding for the year. Participating share-based payment awards, including shares of restricted stock granted under certain of our stock-based compensation plans, are included in the computation of basic earnings per share using the two-class method. Diluted earnings per common share reflects the potential dilution arising from our outstanding stock options and unvested restricted shares granted in connection with our stock-based compensation plans. Potentially dilutive securities are excluded from the computation of diluted earnings per common share when the effect of including such shares would be anti-dilutive. | ||
Financial Instruments | ||
Our financial instruments include cash, accounts receivable, payables, our credit facilities, capital lease obligations, and trade payables. The estimated fair values of these financial instruments approximate their carrying amounts, except for certain debt as discussed in Note 12. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions Disclosures | ' | ||||
ACQUISITIONS | |||||
In July 2012, we completed the acquisition of The Crackerbox, LLC (“Crackerbox”) for total cash consideration of $61 million. No contingent assets or liabilities were acquired or assumed. In the first quarter of 2013, an independent appraisal of the assets acquired through the acquisition of Crackerbox was completed. The purchase price of Crackerbox was allocated based on the fair values of the assets acquired at the date of acquisition resulting from this appraisal. The primary changes to the preliminary purchase price allocation disclosed in the Form 10 consisted of an $18 million adjustment to goodwill resulting from a change in the estimated fair value of property and equipment. | |||||
The purchase price allocation of the acquisition of Crackerbox was determined based on the acquisition-date fair values of the assets acquired and is as follows (in millions): | |||||
Inventories | $ | 3 | |||
Property and equipment | 38 | ||||
Other assets | 2 | ||||
Goodwill | 18 | ||||
Total consideration | $ | 61 | |||
The adjustment to property and equipment discussed above did not result in a material adjustment to depreciation expense. | |||||
We have not presented pro forma results of operations for the year ended December 31, 2012 because this acquisition was not material to our results of operations. | |||||
During 2013, we acquired one new company operated site and purchased four dealers/agents, converting them to company operated sites, in our Canada segment for $7 million. |
Asset_Impairments
Asset Impairments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
impairment of assets [Abstract] | ' | ||||||||||||
Asset Impairments Disclosure | ' | ||||||||||||
ASSET IMPAIRMENTS | |||||||||||||
Our retail sites are the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of long-lived assets. Cash flows from each retail site vary from year to year and as a result, we identified and recorded asset impairments in 2013 and 2011 as changes in market demographics, traffic patterns, competition and other factors impacted the overall operations of certain of our individual retail sites. We did not record any asset impairments during 2012. | |||||||||||||
For each retail site where events or changes in circumstances indicated that the carrying amount of the assets might not be recoverable, we compared the retail site’s carrying amount to its estimated future undiscounted cash flows to determine recoverability. If the sum of the estimated undiscounted cash flows did not exceed the carrying value, we then estimated the fair value of these retail sites to measure the impairment. To estimate the fair value of our retail sites, we used a discounted cash flow method that reflected internally developed cash flows that included, among other things, our expectations of future cash flows based on sales volume, gross margins, operating expenses, discount rates and an estimated fair value of the land. | |||||||||||||
As a result of our impairment evaluation process, we concluded that some retail sites were impaired. The aggregate carrying values, estimated fair values and asset impairments for each segment were as follows (in millions): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S.: | |||||||||||||
Carrying values | $ | 9 | $ | — | $ | 3 | |||||||
Less: Estimated fair values | 4 | — | 1 | ||||||||||
Asset impairments | $ | 5 | $ | — | $ | 2 | |||||||
Canada: | |||||||||||||
Carrying values | $ | 1 | $ | — | $ | 1 | |||||||
Less: Estimated fair values | — | — | — | ||||||||||
Asset impairments | $ | 1 | $ | — | $ | 1 | |||||||
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements Disclosure | ' | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||
General | |||||||||||||||||||||
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP requires the disclosure of the fair values of all financial instruments, regardless of whether they are recognized at their fair values or carrying amounts in our balance sheets. | |||||||||||||||||||||
GAAP provides a framework for measuring fair value and establishes a three-level fair value hierarchy that prioritizes inputs to valuation techniques based on the degree to which objective prices in external active markets are available to measure fair value. Following is a description of each of the levels of the fair value hierarchy. | |||||||||||||||||||||
• | Level 1–Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
• | Level 2–Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | ||||||||||||||||||||
• | Level 3–Unobservable inputs for the asset or liability for which there is little, if any, market activity at the measurement date. Unobservable inputs reflect our own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include occasional market quotes or sales of similar instruments or our own financial data such as internally developed pricing models, discounted cash flow methodologies, as well as instruments for which the fair value determination requires significant judgment. | ||||||||||||||||||||
During the twelve months ended December 31, 2013, there were no transfers between the fair value hierarchy levels. | |||||||||||||||||||||
We do not have any financial instruments measured at fair value on our balance sheets for any of the years presented. Because of their maturities and/or variable interest rates, certain financial instruments have fair values approximating their carrying values (Level 1). These instruments include cash, accounts receivable, our credit facilities and trade payables. The fair value disclosure related to our debt is located in Note 12. | |||||||||||||||||||||
Nonfinancial assets, such as property and equipment, and nonfinancial liabilities are recognized at their carrying amounts in our balance sheets. GAAP does not permit nonfinancial assets and liabilities to be remeasured at their fair values on a recurring basis. However, GAAP requires the remeasurement of such assets and liabilities to their fair values upon the occurrence of certain events, such as the impairment of property and equipment or goodwill. In addition, if such an event occurs, GAAP requires the disclosure of the fair value of the asset or liability along with other information, including the gain or loss recognized in income in the period the remeasurement occurred. | |||||||||||||||||||||
Nonrecurring Fair Value Measurements | |||||||||||||||||||||
As discussed in Note 5, we concluded that certain of our retail sites were impaired during the years ended December 31, 2013 and 2011. There were no retail sites impaired for the year ended of December 31, 2012. To estimate the fair value of our retail sites, we used a discounted cash flow method that reflected internally developed cash flows that included, among other things, our expectations of future cash flows based on sales volume, gross margins, operating expenses, discount rates and an estimated fair value of the land. | |||||||||||||||||||||
The table below presents the fair value (in millions) of our nonfinancial assets measured on a nonrecurring basis during the years ended December 31, 2013, 2012 and 2011, and categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Quoted | Significant | Significant | Total | Total Loss | |||||||||||||||||
Prices in | Other | Unobservable | Fair Value | Recognized | |||||||||||||||||
Active | Observable | Inputs | as of | During the | |||||||||||||||||
Markets | Inputs | (Level 3) | December 31 | Year Ended | |||||||||||||||||
(Level 1) | (Level 2) | December 31 | |||||||||||||||||||
2013:00:00 | |||||||||||||||||||||
Property and equipment | $ | — | $ | — | $ | 4 | $ | 4 | $ | 6 | |||||||||||
2012:00:00 | |||||||||||||||||||||
Property and equipment | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
2011:00:00 | |||||||||||||||||||||
Property and equipment | $ | — | $ | — | $ | 1 | $ | 1 | $ | 3 | |||||||||||
The fair value disclosure related to our 2012 acquisition of Crackerbox is located in Note 4. | |||||||||||||||||||||
There were no liabilities that were measured at fair value on a nonrecurring basis during the years ended December 31, 2013, 2012 and 2011. |
Receivables
Receivables | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Receivables Disclosure | ' | ||||||||||||
RECEIVABLES | |||||||||||||
Receivables consisted of the following (in millions): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Trade receivables | $ | 123 | $ | 115 | |||||||||
Other | 31 | 21 | |||||||||||
Total receivables | 154 | 136 | |||||||||||
Allowance for doubtful accounts | (1 | ) | (2 | ) | |||||||||
Receivables, net | $ | 153 | $ | 134 | |||||||||
Changes in the allowance for doubtful accounts consisted of the following (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance as of beginning of year | $ | 2 | $ | 2 | $ | 2 | |||||||
Increase in allowance charged to expense | — | — | 1 | ||||||||||
Accounts charged against the allowance, net of recoveries | (1 | ) | — | (1 | ) | ||||||||
Balance as of end of year | $ | 1 | $ | 2 | $ | 2 | |||||||
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories Disclosure | ' | ||||||||
INVENTORIES | |||||||||
Inventories consisted of the following (in millions): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Convenience store merchandise | $ | 115 | $ | 111 | |||||
Motor fuel | 101 | 88 | |||||||
Supplies | 1 | 1 | |||||||
Inventories | $ | 217 | $ | 200 | |||||
The cost of supplies and convenience store merchandise is determined principally under the weighted-average cost method. We account for our motor fuel inventory in our U.S. segment on the LIFO basis. As of December 31, 2013 and 2012, the replacement cost (market value) of our U.S. motor fuel inventories exceeded their LIFO carrying amounts by approximately $24 million and $24 million, respectively. We account for our motor fuel inventory in our Canada segment under the weighted-average cost method. See Note 2 for further discussion on our change in accounting policy for our motor fuel inventory in our Canada segment. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment Disclosure | ' | ||||||||
PROPERTY AND EQUIPMENT | |||||||||
Major classes of property and equipment consisted of the following (in millions): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land | $ | 403 | $ | 387 | |||||
Retail site buildings | 436 | 426 | |||||||
Equipment | 625 | 599 | |||||||
Leasehold improvements | 255 | 237 | |||||||
Other | 213 | 185 | |||||||
Construction in progress | 49 | 29 | |||||||
Property and equipment, at cost | 1,981 | 1,863 | |||||||
Accumulated depreciation | (655 | ) | (587 | ) | |||||
Property and equipment, net | $ | 1,326 | $ | 1,276 | |||||
Depreciation expense for the years ended December 31, 2013, 2012 and 2011 was $106 million, $103 million, and $101 million, respectively. | |||||||||
We had certain retail sites under capital leases totaling $9 million and $9 million as of December 31, 2013 and 2012, respectively. Accumulated depreciation on assets under capital leases was $6 million and $5 million as of December 31, 2013 and 2012, respectively. See Note 14 for future minimum rental payments on capital lease obligations. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Intangible Assets Disclosure | ' | |||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||
Goodwill and intangible assets consisted of the following (in millions): | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Goodwill | $ | 18 | $ | — | ||||||||||||
Intangible assets | 119 | 127 | $ | (88 | ) | $ | (86 | ) | ||||||||
Total | $ | 137 | $ | 127 | $ | (88 | ) | $ | (86 | ) | ||||||
Intangible assets primarily relate to customer lists in our Canada segment, which are amortized on a straight-line basis over 15 years. As these assets are recorded in the local currency, Canadian dollars, historical gross carrying amounts are translated at each balance sheet date, resulting in changes to historical amounts presented. | ||||||||||||||||
Amortization expense for intangible assets was $8 million, $8 million and $8 million for the years ended December 31, 2013, 2012 and 2011, respectively. Aggregate amortization expense is expected to be $8 million per year for the years ending December 31, 2014 through December 31, 2016, and $1 million for each of the years ending December 31, 2017 and 2018. | ||||||||||||||||
Goodwill is not amortized, but instead is tested for impairment at the reporting unit level at least annually, and tested for impairment more frequently if events and circumstances indicate that the goodwill might be impaired. The annual impairment test of goodwill is performed as of the first day of the fourth quarter of our fiscal year. | ||||||||||||||||
In performing our annual impairment analysis, ASC 350–20, Intangibles–Goodwill and Other, allows us to use qualitative factors to determine whether it is more likely than not (likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount, including goodwill. | ||||||||||||||||
At December 31, 2013, we had $18 million of goodwill recorded in our U.S. segment as a result of the acquisition of Crackerbox. In accordance with ASC 350 Intangibles—Goodwill and Other, we have assessed the reporting unit definitions and determined that goodwill in our U.S. segment is tested for impairment by three geographic regions based primarily on how our U.S. segment is organized and managed. All of the goodwill in our U.S. segment is assigned to one of these three geographic regions. After assessing the totality of events and circumstances (primarily that our capital structure as an independent, publicly traded company was based on current market conditions and estimated fair values as of the separation and distribution while our net assets retained the historical book basis of Valero’s retail business prior to the separation and distribution), we determined that it is more likely than not that the fair value of our reporting unit exceeds its carrying amount and therefore goodwill is not impaired at December 31, 2013. |
Accrued_Expenses_and_Other_Lon
Accrued Expenses and Other Long-Term Liabilities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Payables and Accruals [Abstract] | ' | ||||||||||||
Accrued Expenses and Other Long-Term Liabilities Disclosure | ' | ||||||||||||
ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | |||||||||||||
Accrued expenses and other long-term liabilities consisted of the following (in millions): | |||||||||||||
Accrued Expenses | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Wage and other employee-related liabilities | $ | 25 | $ | 22 | |||||||||
Environmental liabilities | 2 | 2 | |||||||||||
Self-insurance accruals (see Note 14) | 1 | 6 | |||||||||||
Asset retirement obligations | 3 | 2 | |||||||||||
Accrued Interest | 5 | — | |||||||||||
Other | 7 | 8 | |||||||||||
Total accrued expenses and other current liabilities | $ | 43 | $ | 40 | |||||||||
Other Long-Term | |||||||||||||
Liabilities | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Environmental liabilities | $ | 3 | $ | 3 | |||||||||
Self-insurance accruals (see Note 14) | 16 | 11 | |||||||||||
Other | 15 | 16 | |||||||||||
Total other long-term liabilities | $ | 34 | $ | 30 | |||||||||
Other | |||||||||||||
Other accrued expenses include contingent lease accruals, unearned revenue related to our heating oil operations and various other items, none of which are material. Other long-term liabilities include security deposits, contingent liabilities related to legal matters that are both probable and reasonably estimable and various other items, none of which are material. | |||||||||||||
Asset Retirement Obligations | |||||||||||||
We have asset retirement obligations for the removal of USTs at owned and leased retail sites. There is no legal obligation to remove USTs while they remain in service. However, environmental laws in the U.S. and Canada require that USTs be removed within one to two years after the USTs are no longer in service, depending on the jurisdiction in which the USTs are located. We have estimated that USTs at our owned retail sites will remain in service approximately 20 years and that we will have an obligation to remove those USTs at that time. For our leased retail sites, our lease agreements generally require that we remove certain improvements, primarily USTs and signage, upon termination of the lease. There are no assets that are legally restricted for purposes of settling our asset retirement obligations. | |||||||||||||
Changes in our asset retirement obligations were as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Asset retirement obligations as of beginning of year | $ | 79 | $ | 76 | $ | 72 | |||||||
Additions to accrual | 1 | 2 | 2 | ||||||||||
Accretion expense | 4 | 4 | 4 | ||||||||||
Settlements | (1 | ) | (4 | ) | (2 | ) | |||||||
Foreign currency translation | (1 | ) | 1 | — | |||||||||
Asset retirement obligations as of end of year | $ | 82 | $ | 79 | $ | 76 | |||||||
Less current portion (included in accrued expenses) | (3 | ) | (2 | ) | (2 | ) | |||||||
Asset retirement obligations, less current portion | $ | 79 | $ | 77 | $ | 74 | |||||||
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure | ' | ||||||||
DEBT | |||||||||
Our balances for long-term debt and capital leases are as follows (in millions): | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
5.00% senior notes due 2023 | $ | 550 | $ | — | |||||
Term loan due 2018 (effective interest rate of 1.92% at December 31, 2013) | 488 | — | |||||||
Capital leases | 4 | 5 | |||||||
Total debt and capital lease obligations outstanding | 1,042 | 5 | |||||||
Less current portion | (36 | ) | (1 | ) | |||||
Debt and capital lease obligations, less current portion | $ | 1,006 | $ | 4 | |||||
Availability under revolving credit facility (expires 2018): | |||||||||
Total available credit facility limit | $ | 300 | $ | — | |||||
Letters of credit outstanding | (3 | ) | — | ||||||
Maximum leverage ratio constraint(a) | (84 | ) | — | ||||||
Total available and undrawn | $ | 213 | $ | — | |||||
(a) | Our credit facility contains a maximum lease adjusted leverage ratio of 3.75 to 1.00. As a result, we were limited to the amount we could borrow under our revolving credit facility at December 31, 2013. | ||||||||
In connection with the issuance of our new long-term debt, we incurred debt issuance and credit facility origination costs of $19 million, which are amortized into interest expense using the effective interest method over the terms of the associated notes and credit facilities. | |||||||||
Notes | |||||||||
Our $550 million notes are guaranteed, jointly and severally, on a senior unsecured basis by certain of our domestic subsidiaries. The notes and the guarantees are unsecured senior obligations of CST and the guarantor subsidiaries, respectively. Accordingly, they are: equal in right of payment with all of our and the guarantors’ existing and future senior unsecured indebtedness; senior in right of payment to any of our and the guarantors’ future subordinated indebtedness; effectively subordinated to all of our and the guarantors’ existing and future secured indebtedness, including indebtedness under our new credit facilities; and effectively subordinated to all future indebtedness and other liabilities, including trade payables, of our non-guarantor subsidiaries (other than indebtedness and other liabilities owed to us). | |||||||||
If we sell certain assets and do not repay certain debt or reinvest the proceeds of such sales within certain periods of time, we will be required to use such proceeds to offer to repurchase the notes at 100% of their principal amount, plus accrued and unpaid interest, if any, to the date of repurchase. Upon the occurrence of certain specific change of control events, we will be required to offer to repurchase all outstanding notes at 101% of the aggregate principal amount of notes repurchased, plus accrued and unpaid interest, if any, to the date of repurchase. | |||||||||
The indenture governing the notes, among other things, imposes limitations on our ability to: borrow money or guarantee debt; create liens; pay dividends on or redeem or repurchase stock; make specified types of investments and acquisitions; enter into new lines of business; enter into transactions with affiliates; and sell assets or merge with other companies. | |||||||||
The notes were issued in a private transaction that was not subject to the registration requirements of the Securities Act of 1933, as amended. In connection with the offering of the notes, we entered into a registration rights agreement pursuant to which we and the guarantors of the notes would register substantially identical exchange notes under the Securities Act of 1933 and permit holders to exchange the notes for the registered exchange notes. On November 8, 2013, we commenced such an exchange offer pursuant to an effective registration statement. In the exchange offer, we exchanged all outstanding notes that were validly tendered with new notes with substantially identical terms. The exchange offer expired on December 11, 2013. | |||||||||
Credit Facilities | |||||||||
Our credit facilities provide for an aggregate amount of $800 million in financing, with a final maturity date on May 1, 2018, consisting of the following: | |||||||||
• | a term loan facility in an aggregate principal amount of $500 million; and | ||||||||
• | a revolving credit facility in an aggregate principal amount of up to $300 million. | ||||||||
The credit facilities are guaranteed by our domestic subsidiaries and secured by security interests and liens on substantially all of our domestic subsidiaries’ assets, including 100% of the capital stock of our domestic subsidiaries and 65% of the voting equity interests and 100% of the non-voting equity interests of material, first-tier, foreign subsidiaries, subject to certain customary exceptions. The credit facilities have, among others, the following terms: | |||||||||
• | subject to exclusions, mandatory prepayments with the net cash proceeds of certain asset sales, insurance proceeds or condemnation awards, the incurrence of certain indebtedness and our excess cash flow (as defined in the credit agreement); | ||||||||
• | customary affirmative and negative covenants for credit agreements of this type, including limitations on us and our guarantor subsidiaries with respect to indebtedness, liens, fundamental changes, restrictive agreements, prepayments and amendments of certain indebtedness, dispositions of assets, acquisitions and other investments, sale leaseback transactions, conduct of business, transactions with affiliates and dividends and redemptions or repurchases of stock; and | ||||||||
• | financial covenants (as defined in the credit agreement) consisting of (a) a maximum total lease adjusted leverage ratio initially set at 3.75 to 1.00, (b) a minimum fixed charge coverage ratio set at 1.30 to 1.00, and (c) limitations on expansion capital expenditures. As of December 31, 2013, our lease adjusted leverage ratio and fixed charge coverage ratio were 3.21 to 1.00 and 4.39 to 1.00, respectively. | ||||||||
Borrowings under our credit facilities bear interest at the London Interbank Offered Rate (“LIBOR”) plus a margin, or an alternate base rate as defined under the agreement, plus a margin. Initially, all LIBOR loans have an applicable interest rate margin of 1.75%, and all alternate base rate loans have an applicable interest rate margin of 0.75%. Future interest rate margins will increase or decrease based on our leverage ratio as prescribed under the credit agreement governing the credit facilities. The revolving credit facility provides for customary fees, including commitment fees and other fees. | |||||||||
Outstanding borrowings under our term loan facility are LIBOR loans bearing interest at 1.92% (LIBOR plus 1.75%) as of December 31, 2013. | |||||||||
We are required to make principal payments on the term loan in accordance with an amortization schedule as follows (in millions): | |||||||||
Years Ending December 31, | Total Principal to be Repaid | ||||||||
2014 | $ | 35 | |||||||
2015 | 47 | ||||||||
2016 | 69 | ||||||||
2017 | 75 | ||||||||
2018 | 262 | ||||||||
Total | $ | 488 | |||||||
The aggregate fair value and carrying amount of the notes and term loan at December 31, 2013 were $1.02 billion and $1.04 billion, respectively. The fair value of our debt is determined primarily using the market approach based on quoted prices provided by third-party brokers and vendor pricing services, but are not exchange-traded. These quoted prices are considered Level 2 inputs under the fair value hierarchy established by ASC 820, Fair Value Measurements and Disclosures. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related-Party Transactions Disclosure | ' | ||||||||||||
RELATED-PARTY TRANSACTIONS | |||||||||||||
As discussed in Note 1, Valero retained a 20% ownership interest of our common stock through November 14, 2013. We considered transactions with Valero to be with a related-party through this date. As discussed in Note 3, Valero supplied substantially all of the motor fuel purchased by us for resale during all years presented. For purposes of these financial statements, payables and receivables related to transactions between us and Valero were included as a component of the net investment prior to the separation and distribution and as “Accounts payable to Valero” subsequent to the separation and distribution. | |||||||||||||
Purchased Motor Fuel | |||||||||||||
Motor fuel purchased by us from Valero is recorded as a component of cost of sales based on price formulas that vary from terminal to terminal. The actual prices we pay typically change daily, based on market fluctuations of wholesale motor fuel in the geographic locations where we purchase our motor fuel for resale. | |||||||||||||
Under the U.S. Fuel Supply Agreements and the Petroleum Product Supply Agreement in Canada, we purchase a substantial portion of our motor fuel from Valero at “per-terminal,” market-based prices. The pricing formulas under our supply agreements changed effective January 1, 2013, and our cost of sales increased as a result of differences in price formulas from those historically charged prior to the separation and distribution. These differences in price formulas increased our cost of sales by $9 million and $8 million in U.S. and Canada, respectively, during 2013. In addition, the U.S. Fuel Supply Agreements and the Petroleum Product Supply Agreement in Canada differ from our arrangements prior to the separation and distribution by providing for payment terms of “net 10” days after taking title to the motor fuel versus “on delivered” payment. These new payment terms became effective at the time of the separation and distribution. Primarily as a result of this change in payment terms, our cash increased by $253 million during 2013 related to our “Accounts payable to Valero.” | |||||||||||||
Medical insurance, life insurance, and employee benefit plan expenses | |||||||||||||
Valero allocated these costs to us based on Valero’s determination of actual costs attributable to our employees, which we recorded as components of operating expenses and general and administrative expenses for all periods presented. In connection with the separation and distribution, we entered into an Employee Matters Agreement between us and Valero. The Employee Matters Agreement governs Valero’s and our compensation and employee benefit obligations with respect to the current and former employees of each company, and generally allocates liabilities and responsibilities relating to employee compensation and benefit plans and programs. In connection with the separation and distribution, we recognized a $15 million receivable from Valero in connection with Valero’s agreement to indemnify us for self-insurance obligations that we incurred up to and including the distribution date. | |||||||||||||
Certain corporate functions | |||||||||||||
As discussed in Note 1, certain corporate functions performed by Valero on our behalf prior to the separation and distribution were charged to us based primarily on specific identification of time and/or activities associated with CST, employee headcount or capital expenditures. We recorded these corporate allocations as a component of general and administrative expenses in the combined statements of income. | |||||||||||||
Transition services agreements | |||||||||||||
In connection with the separation and distribution, we entered into two Transition Services Agreements: one between CST and Valero and one between our Canadian subsidiary and Valero. The Transition Services Agreements set forth the terms on which Valero provides to us, and we provide to Valero, on a temporary basis, certain services or functions that the companies historically have shared. Transition services include administrative, payroll, human resources, data processing, environmental health and safety, financial audit support, financial transaction support, legal support services, IT and network infrastructure systems and various other support and corporate services. The Transition Services Agreements provide for the provision of specified transition services generally for a period of up to eighteen months, on a cost or a cost-plus basis. We record the fee Valero charges us for these services as a component of general and administrative expenses. | |||||||||||||
We believe that the operating expenses and general and administrative expenses charged to us under the Transition Services Agreements or allocated to us and included in the accompanying consolidated and combined statements of income were a reasonable approximation of the costs related to CST’s operations. However, such related-party transactions cannot be presumed to be carried out on an arm’s-length basis as the requisite conditions of competitive, free-market dealings may not exist. | |||||||||||||
The following table reflects significant transactions with Valero (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cost of sales | $ | 10,460 | $ | 10,810 | $ | 10,533 | |||||||
Operating expenses(a) | 14 | 43 | 36 | ||||||||||
General and administrative expenses(a) | 14 | 36 | 36 | ||||||||||
(a) | Includes stock-based compensation and employee benefit plan expense allocations that are more fully described in Notes 16 and 19, respectively. | ||||||||||||
Net Investment | |||||||||||||
The following is a reconciliation of the amounts presented as “Net transfers to Valero” on our statements of changes in stockholders’ equity/net investment and the amounts presented as “Net transfers to Valero” on our statements of cash flows. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net transfers to Parent per statements of changes in net investment | $ | (739 | ) | $ | (222 | ) | $ | (151 | ) | ||||
Non-cash transactions: | |||||||||||||
Net transfers of assets and liabilities with Valero | 361 | 3 | 1 | ||||||||||
Net transfers to Valero per statements of cash flows | $ | (378 | ) | $ | (219 | ) | $ | (150 | ) | ||||
Certain adjustments were made subsequent to the separation and distribution to true-up the differences between the book basis and the tax basis of certain assets and liabilities, which resulted in a $9 million reduction in our deferred income tax assets and an offsetting reduction to APIC, as discussed in Note 1. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies Disclosure | ' | ||||||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||||
Leases | |||||||||||||
We have long-term operating lease commitments for land for office facilities, our retail distribution center, retail sites, retail site buildings and related equipment that generally contain renewal options for periods ranging from five to ten years. In addition to minimum rental payments, certain leases require additional contingent payments based on motor fuel volume sold. We also have capital lease commitments for certain retail sites as described in Note 9. In most cases, we expect that in the normal course of business, our leases will be renewed or replaced by other leases. | |||||||||||||
As of December 31, 2013, our future minimum lease payments for (i) operating leases having initial or remaining noncancelable lease terms in excess of one year and (ii) capital leases were as follows (in millions): | |||||||||||||
Operating | Capital | ||||||||||||
Leases | Leases | ||||||||||||
2014 | $ | 24 | $ | 2 | |||||||||
2015 | 22 | 1 | |||||||||||
2016 | 20 | 1 | |||||||||||
2017 | 17 | 1 | |||||||||||
2018 | 13 | — | |||||||||||
Thereafter | 45 | 2 | |||||||||||
Total minimum rental payments | $ | 141 | 7 | ||||||||||
Less amount representing interest | (3 | ) | |||||||||||
Net minimum rental payments | $ | 4 | |||||||||||
Rental expense was as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Minimum rental expense | $ | 28 | $ | 25 | $ | 25 | |||||||
Contingent rental expense | 22 | 23 | 23 | ||||||||||
Total rental expense | $ | 50 | $ | 48 | $ | 48 | |||||||
Litigation Matters | |||||||||||||
We are party to claims and legal proceedings arising in the ordinary course of business. We have not recorded a loss contingency liability with respect to some of these matters because we have determined that it is remote that a loss has been incurred. For other matters, we have recorded a loss contingency liability where we have determined that it is probable that a loss has been incurred and that the loss is reasonably estimable. These loss contingency liabilities are not material to our financial position. We re-evaluate and update our loss contingency liabilities as matters progress over time, and we believe that any possible loss in excess of amounts already recorded will not be material to our results of operations, financial position or liquidity, except for the litigation matters discussed below. | |||||||||||||
MTBE Litigation | |||||||||||||
Prior to the separation and distribution, Valero was named in four cases alleging liability related to methyl-tertiary butyl ether (“MTBE”) contamination in groundwater. The plaintiffs are generally water providers, governmental authorities and private water companies alleging that refiners, marketers or retailers of MTBE and gasoline containing MTBE are liable for manufacturing or distributing a defective product. In July 2013, Valero reached an agreement in principle to settle these cases. The Separation and Distribution Agreement between Valero and CST provides that Valero will retain all third-party claims occurring prior to the separation and distribution relating to those MTBE cases, therefore we have not recorded a loss contingency related to these MTBE cases. | |||||||||||||
Temperature Adjusted Fuel Complaints | |||||||||||||
On December 13, 2006, a class action complaint was filed against Valero, Shell Oil Products Company LLC, ConocoPhillips, Chevron USA, Inc., Tesoro Refining and Marketing Company, Wal-Mart Stores, Inc., Costco Wholesale Corporation, The Kroger Company and a few other retailers in San Francisco federal court. The complaint accused the defendants of violating state consumer protection laws by failing to adjust the volume or price of fuel when the fuel temperature exceeded 60 degrees Fahrenheit. Following this filing, numerous other federal complaints were filed and consolidated in the U.S. District Court for the District of Kansas (Multi-District Litigation Docket No. 1840, In re: Motor Fuel Temperature Sales Practices Litigation). In mid-April 2012, Valero and certain of the other defendants reached a preliminary class settlement with the plaintiffs. On September 28, 2012, the court initially denied approval of this settlement concluding that the settling parties had failed to show how the settlement sufficiently benefited the class members. The settling parties, including Valero, agreed with the court and supplemented the record to demonstrate how the settlement will benefit the class. On December 10, 2012, the court approved the settlement. On September 20, 2013, the Court approved Plaintiffs’ class notice plan and acknowledged that publication for the entire class would be sufficient. The final fairness hearing is anticipated to occur in early 2014. | |||||||||||||
We previously had recorded an immaterial loss contingency liability with respect to this matter consistent with our liability under the settlement; therefore, we have no additional exposure due to the court’s approval of the settlement. | |||||||||||||
Because a portion of Valero’s alleged liability in the class action allegedly arises out of our retail operations, we have agreed to indemnify Valero for 50% of the monetary portion of the settlement (or otherwise 50% of any monetary payment that Valero ultimately may be obligated to pay in final resolution of the class action). We have also agreed to certain actions required under the settlement agreement on a prospective basis, including the posting of fuel temperatures at our U.S. retail sites. The settlement agreement includes a full release from liability for Valero and its affiliates, including us. | |||||||||||||
Canadian Price Fixing Claims | |||||||||||||
Ultramar Ltd., Valero’s principal Canadian subsidiary (“Ultramar”), was named as a defendant in four class actions alleging that Ultramar and other competitors engaged in illegal price fixing in four distinct markets in the province of Québec. The cases were filed in June 2008 following a guilty plea by Ultramar and an employee and charges laid against several alleged co-conspirators. As a result, four class actions were filed on the same day in the matters of (i) Simon Jacques vs. Ultramar et al in the Superior Court of Québec, District of Québec City, (ii) Daniel Thouin/ Marcel Lafontaine vs. Ultramar et al, Superior Court of Québec, District of Montreal, (iii) Michael Jeanson et al vs. Ultramar et al, Superior Court of Québec, District of Hull and (iv) Thibeau vs. Ultramar et al, Superior Court of Québec, District of Montreal. As required pursuant to the civil procedure rules in effect, the first filed claim is given priority, and the others are suspended pending final judgment on the first filed claim. The guilty plea followed an extensive government investigation and was confined to a limited time period and limited geographic area around Thetford Mines and Victoriaville in Québec. The plaintiffs attempted to widen the scope, alleging the existence of a conspiracy extending between 2002 and 2008 throughout Québec. The court allowed a time range of 2002 to 2006 but did not expand the geographic area beyond the four limited markets identified by the investigation. A hearing on class suitability took place in September 2009, and in November 2009, the court authorized the action to proceed on a class basis for the limited geographic area discussed above. A statement of claim was filed but the proceedings were suspended until May 5, 2011. The suspension was a result, in part, of damage proof issues for plaintiffs that developed pre-discovery. The court required the plaintiffs to file a report on damages on May 5, 2011. Ultramar intends to vigorously contest the scope of alleged liability and damages. | |||||||||||||
On June 10, 2011, Ultramar was served with a “new” amended motion to institute a class action in the matter of Daniel Thouin/Marcel Lafontaine v. Ultramar Ltd., et al., Superior Court of Québec, District of Québec. This matter had previously been put in abeyance to allow the first filed claim discussed above to proceed. The plaintiff changed the venue and the geographical scope of its recourse alleging that defendants colluded in other regions of Québec. By issuing this motion, the attorney for the plaintiff (the same as for the other price fixing matter) is trying to extend its claim outside the limited territory authorized by the court in the Jacques matter. On September 6, 2012, the Superior Court of Québec granted the plaintiff’s motion to extend the scope of the territory to be covered by the action. | |||||||||||||
Ultramar’s alleged liability in these claims arises entirely out of our retail operations in Canada. As a result, we have agreed to indemnify and hold harmless Valero fully from any liability associated with these claims pursuant to the Separation and Distribution Agreement. | |||||||||||||
During the fourth quarter of 2012, we concluded a loss was probable and reasonably estimable and as such, we recorded an immaterial loss contingency liability. Due to the inherent uncertainty of litigation, we believe it is reasonably possible that we may suffer a loss in excess of the amount recorded that could have a material adverse effect on our results of operations, financial position or liquidity with respect to one or more of the lawsuits. An estimate of the possible loss or range of loss from an adverse result in all or substantially all of these cases cannot be reasonably made due to a number of factors, the most significant of which is that no amount of damages has been specified by the plaintiffs. | |||||||||||||
Colorado Petroleum Storage Tank Fund | |||||||||||||
On October 30, 2013, the State of Colorado filed a lawsuit against several Valero affiliates and several CST affiliates claiming that Valero and CST entities recovered funds from both the Colorado Underground Storage Fund and from insurance policies for the same remediation activities. The case is subject to the accelerated “CAPP” rules of procedure in Colorado and a trial date is set for March 30, 2015. We believe there is no merit to the lawsuit and intend to vigorously contest the allegations. An estimate of the possible loss or range of loss cannot be reasonably made due to a number of factors, the most significant of which is that no amount of damages has been specified by the plaintiffs. | |||||||||||||
Environmental Matters | |||||||||||||
We are subject to extensive federal, state, provincial and local environmental laws and regulations, including those relating to USTs, the release or discharge of materials into the air, water and soil, waste management, pollution prevention measures, the generation, storage, handling, use, transportation and disposal of hazardous materials, the exposure of persons to hazardous materials, greenhouse gas emissions and characteristics, composition, storage and sale of motor fuel, and the health and safety of our employees. | |||||||||||||
We are required to make financial expenditures to comply with regulations governing USTs adopted by federal, state, provincial and local regulatory agencies. Pursuant to the Resource Conservation and Recovery Act of 1976, as amended, the U.S. Environmental Protection Agency has established a comprehensive regulatory program for the detection, prevention, investigation and cleanup of leaking USTs. State or local agencies are often delegated the responsibility for implementing the federal program or developing and implementing equivalent state or local regulations. We have a comprehensive program in place for performing routine tank testing and other compliance activities which are intended to promptly detect and investigate any potential releases. In addition, the U.S. Federal Clean Air Act and similar state laws impose requirements on emissions to the air from motor fueling activities in certain areas of the country, including those that do not meet state or national ambient air quality standards. These laws may require the installation of vapor recovery systems to control emissions of volatile organic compounds to the air during the motor fueling process. We believe we are in compliance in all material respects with applicable environmental requirements, including those applicable to our USTs. | |||||||||||||
We are in the process of investigating and remediating contamination at a number of our sites as a result of recent or historic releases of motor fuel. In addition, we make routine applications to state trust funds for the sharing, recovering and reimbursement of certain cleanup costs and liabilities as a result of releases of motor fuel from storage systems. | |||||||||||||
Because environmental laws and regulations are becoming more complex and stringent and new environmental laws and regulations are continuously being enacted or proposed, the level of future expenditures required for environmental matters could increase. In addition, any major upgrades in any of our operating facilities could require material additional expenditures to comply with environmental laws and regulations. | |||||||||||||
Environmental exposures are difficult to assess and estimate for numerous reasons including the complexity and differing interpretations of governmental regulations, the lack of reliable data, the number of potentially responsible parties and their financial capabilities, the multiplicity of possible solutions and the duration of remedial and monitoring activity required. Accruals for environmental liabilities are recorded based on our best estimate using all information that is available at the time. Loss estimates are measured and liabilities are based on currently available facts, existing technology and presently enacted laws and regulations, taking into consideration the likely effects of inflation and other societal and economic factors. Also considered when measuring environmental liabilities are our prior experience in remediation of contaminated sites, other companies’ cleanup experience and data released by the relevant authority. | |||||||||||||
Legislative and regulatory initiatives regarding climate change and greenhouse gas emissions have accelerated recently in the U.S. and Canada. Greenhouse gases are certain gases, including carbon dioxide, that may be contributing to global warming and other climatic changes. If governmental climate change or greenhouse gas reduction initiatives are enacted, they could have a material adverse impact on our business, financial condition and results of operations by increasing our regulatory compliance expenses, increasing our motor fuel costs and/or decreasing customer demand for motor fuel sold at our locations. For example, the California Global Warming Solutions Act, also known as AB 32, directs the California Air Resources Board (“CARB”) to develop and issue regulations to reduce greenhouse gas emissions in California to 1990 levels by 2020. CARB has issued a variety of regulations aimed at reaching this goal, including a Low Carbon Fuel Standard, a statewide cap-and-trade program and electricity renewable standards. AB 32 went into effect in 2013 for greenhouse gas emission from refineries, and in 2015 the law will cover greenhouse gas emissions from the refineries’ mobile sources, i.e. our convenience stores. This will mean that the price we pay to purchase motor fuel for resale will increase in California as refiners charge distributors more to cover the credits and we have to pass that cost on the to our customers. In addition, the Canadian province of Québec enacted a regulation creating a cap-and-trade system that will apply to us starting on January 1, 2015. To the degree these programs or greenhouse gas regulations increase cost that we are unable to recover or otherwise adversely impact consumer demand, these matters could have a material adverse effect on our financial position, results of operations and liquidity. | |||||||||||||
Self-Insurance Matters | |||||||||||||
We are partially self-insured for our general liability insurance. We maintain insurance coverage at levels that are customary and consistent with industry standards for companies of similar size. All of our liability and property insurance policies contain retention and deductible clauses that limit our loss exposure. We are a nonsubscriber under the Texas Workers’ Compensation Act and maintain an employee injury plan in compliance with the Employee Retirement Income Security Act of 1974 in the U.S., which is self-insured. For our U.S. operations outside of Texas, we maintain statutory workers’ compensation insurance, which is partially self-insured. In Canada, we are a subscriber under the public system workers’ compensation of the provinces where we operate. As of December 31, 2013, there are a number of outstanding claims that are of a routine nature. The estimated incurred but unpaid liabilities relating to these claims are included in other accrued expenses. Additionally, there are open claims under previous policies that have not been resolved as of December 31, 2013. While the ultimate outcome of these claims cannot presently be determined, management believes that the accrued liability of $17 million will be sufficient to cover the related liability and that the ultimate disposition of these claims will have no material effect on our financial position, results of operations and cash flows. Valero has fully indemnified us for the portion of the liability relating to claims incurred up to the date of the separation and the distribution, which is discussed in Note 13. | |||||||||||||
Tax Matters | |||||||||||||
We are subject to extensive tax liabilities imposed by multiple jurisdictions, including income taxes, indirect taxes (excise/duty, sales/use and gross receipts taxes), payroll taxes, franchise taxes, withholding taxes and ad valorem taxes. New tax laws and regulations and changes in existing tax laws and regulations are continuously being enacted or proposed that could result in increased expenditures for tax liabilities in the future. Many of these liabilities are subject to periodic audits by the respective taxing authority. Subsequent changes to our tax liabilities as a result of these audits may subject us to interest and penalties. | |||||||||||||
Health Care Reform | |||||||||||||
In March 2010, a comprehensive health care reform package composed of the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (“Health Care Reform”) was enacted into law in the U.S. Provisions of the Health Care Reform are expected to affect the future costs of the U.S. health care plans. We currently estimate that our annual health care costs will increase by approximately $8 million in 2014 as a result of changes in insurance programs due to Health Care Reform. |
Equity
Equity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Equity Disclosure | ' | ||||||||
EQUITY | |||||||||
Share Activity | |||||||||
As of December 31, 2013, a total of 250 million shares of common stock, $0.01 par value, were authorized, of which 75,397,241 were issued and outstanding. | |||||||||
Dividends | |||||||||
We paid quarterly cash dividends as follows: | |||||||||
Quarter Ended | Record Date | Payment Date | Cash Distribution (per share) | ||||||
30-Sep-13 | September 30, 2013 | October 15, 2013 | $ | 0.0625 | |||||
31-Dec-13 | December 31, 2013 | January 15, 2014 | $ | 0.0625 | |||||
On March 4, 2014, our Board of Directors declared a regular quarterly cash dividend of $0.0625 per share, payable on April 15, 2014, to shareholders of record as of March 31, 2014. | |||||||||
The Company expects to continue the practice of paying quarterly cash dividends, though the timing, declaration, amount and payment of future dividends to stockholders will fall within the discretion of our Board of Directors. Our indebtedness also restricts our ability to pay dividends. As such, there can be no assurance we will continue to pay dividends in the future. | |||||||||
Comprehensive Income | |||||||||
Comprehensive income for a period encompasses net income and all other changes in equity other than from transactions with our stockholders. Foreign currency translation adjustments are the only component of our accumulated other comprehensive income. Our other comprehensive income or loss before reclassifications results from changes in the value of foreign currencies (the Canadian dollar) in relation to the U.S. dollar. Changes in foreign currency translation adjustments were as follows for the years ended December 31, 2013 and 2012 (in millions): | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at the beginning of the period | $ | 170 | $ | 160 | |||||
Other comprehensive (loss) income before reclassifications | (37 | ) | 10 | ||||||
Amounts reclassified from other comprehensive income | — | — | |||||||
Net other comprehensive (loss) income | (37 | ) | 10 | ||||||
Balance at the end of the period | $ | 133 | $ | 170 | |||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Stock-Based Compensation Disclosure | ' | |||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||
Overview | ||||||||||||||
Prior to the separation and distribution, our employees participated in Valero’s stock-based compensation plans, and Valero allocated stock-based compensation costs to us based on Valero’s determination of actual costs attributable to our employees. No stock-based awards of CST were issued in exchange for either vested or non-vested Valero stock-based awards held by our employees prior to the separation and distribution. | ||||||||||||||
Valero accelerated the vesting of all of its non-vested restricted stock awards held by CST employees, including its named executive officers, in connection with the separation and distribution. As a result, we were charged for the remaining unrecognized stock-based compensation related to those awards at that time, which was $1 million. Performance shares held by CST employees were forfeited pursuant to the provisions in the performance share agreements between Valero and the affected employees. With respect to stock options to purchase Valero stock held by CST employees, Valero has adjusted the exercise prices and the number of shares subject thereto to reflect the impact of the distribution, as more particularly set forth in the Employee Matters Agreement. | ||||||||||||||
In anticipation of the distribution, Valero, as sole stockholder of CST, and the CST Board of Directors approved the 2013 CST Brands, Inc. Omnibus Stock Incentive Plan (the “Plan”). The Plan permits us to grant stock options, stock appreciation rights, restricted stock, restricted stock shares, other stock-based awards and cash awards to CST officers, directors and certain other employees. The Plan provided a pool of shares representing 10% of CST common stock issued and outstanding immediately following the separation and the distribution, or approximately 7.5 million shares of our common stock. As of December 31, 2013, we had granted stock options and restricted stock under the Plan, and there were approximately 7.1 million shares available for grant under the Plan. | ||||||||||||||
Compensation expense for stock-based awards is based on the fair values of the awards on the date of grant and is recognized on a straight-line basis over the vesting period of each vesting tranche. We record stock-based compensation as components of operating expenses and administrative expenses in the consolidated and combined statements of income. | ||||||||||||||
We recorded stock-based compensation expense as follows (in millions): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Stock-based compensation expense | $ | 4 | $ | 2 | $ | 3 | ||||||||
Stock Options | ||||||||||||||
Stock options granted under the Plan become exercisable in equal increments on the first, second and third anniversaries of their date of grant, and expire on the tenth anniversary of their date of grant. Exercise prices of these stock options are equal to the market value of the common stock on the date of grant. Market value is defined by the Plan as the mean of the highest and lowest prices per share of our stock on the NYSE on the date of grant. As of December 31, 2013, options to purchase 0.2 million shares were outstanding with exercise prices ranging from $29.53 to $33.79 per share. | ||||||||||||||
The following summarizes all stock option activity during the year ended December 31, 2013: | ||||||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (Millions) | |||||||||||
Options outstanding at May 1, 2013 | — | n/a | ||||||||||||
Granted | 239,985 | $ | 29.87 | |||||||||||
Exercised | — | n/a | n/a | |||||||||||
Unvested options forfeited | (2,775 | ) | $ | 29.53 | ||||||||||
Options outstanding at December 31, 2013 | 237,210 | $ | 29.87 | 1.6 | $ | 2 | ||||||||
Options exercisable at December 31, 2013 | — | n/a | n/a | n/a | ||||||||||
The aggregate intrinsic value at year end in the table above represents the total pre-tax intrinsic value that would have been received by the option holders if all of the in-the-money options were exercised on December 31, 2013. The pre-tax intrinsic value is the difference between the closing price of our common stock on December 31, 2013 and the exercise price for each in-the-money option. This value fluctuates with the changes in the price of our common stock. | ||||||||||||||
The fair value of each option was estimated on the date of grant using the Black-Scholes option-pricing model based on the following weighted-average assumptions used for grants during 2013: | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||
Expected term (years) | 6 | |||||||||||||
Expected stock price volatility | 44.39 | % | ||||||||||||
Risk-free interest rate | 1.04 | % | ||||||||||||
Expected dividend yield | 0.84 | % | ||||||||||||
Expected term was estimated using the simplified method, which takes into account vesting and contractual term. The simplified method is being used to calculate expected term due to the lack of prior grant history and a relatively small number of recent expected life assumptions available from our peers. Expected stock price volatility was based on the weighted-average of our peer group’s median implied volatility, our own mean reversion volatility, and the median of our peer group’s most recent volatilities over the expected term. The risk-free interest rate was based on the rate of a zero-coupon U.S. Treasury instrument with a remaining term approximately equal to the expected term. The risk free rate was calculated by interpolating between the published 5-year and 7-year U.S. Treasury spot rates. The expected dividend yield was based on the market value of the common stock on the date of grant (as defined by the Plan) and assumed future annual dividends of $0.25 per share. | ||||||||||||||
The weighted-average fair value of options granted under the Plan in 2013 was $11.84. As of December 31, 2013, there was $2 million of unrecognized compensation cost related to unvested stock options. This cost is expected to be recognized over a weighted-average period of approximately 1.6 years. | ||||||||||||||
Restricted Stock Awards | ||||||||||||||
Restricted stock awards granted under the Plan vest under one of the following schedules: | ||||||||||||||
• | in full on the first anniversary of their date of grant; | |||||||||||||
• | in full on the third anniversary of their date of grant; | |||||||||||||
• | in three equal increments on the first, second and third anniversaries of their date of grant; or | |||||||||||||
• | in full at retirement. | |||||||||||||
The following summarizes all restricted stock activity during the year ended December 31, 2013: | ||||||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value | |||||||||||||
Restricted shares outstanding at May 1, 2013 | — | n/a | ||||||||||||
Granted | 203,813 | $ | 29.73 | |||||||||||
Vested | — | n/a | ||||||||||||
Forfeited | (1,110 | ) | $ | 29.53 | ||||||||||
Restricted shares outstanding at December 31, 2013 | 202,703 | $ | 29.73 | |||||||||||
The fair value of each share of restricted stock is estimated on the date of grant as the mean of the highest and lowest prices per share of our stock price on the NYSE on the date of grant. As of December 31, 2013, there was $4 million of unrecognized compensation cost related to unvested restricted stock. This cost is expected to be recognized over a weighted-average period of approximately 1.9 years. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Common Share Disclosure | ' | ||||||||||||
EARNINGS PER COMMON SHARE | |||||||||||||
Basic earnings per common share is computed by dividing the net income available to common stockholders by the weighted-average of common shares outstanding during the period. Diluted earnings per common share adjusts basic earnings per common share for the effects of stock options and restricted stock in the periods in which such effect is dilutive. | |||||||||||||
On May 1, 2013, 75,397,241 shares of our common stock were distributed to Valero’s stockholders and Valero in conjunction with the separation and distribution. For comparative purposes, and to provide a more meaningful calculation of earnings per share, we have assumed this amount to be outstanding as of the beginning of each period prior to the separation and distribution presented in the calculation of weighted-average shares outstanding. | |||||||||||||
The following table provides a reconciliation of basic and diluted earnings per common share computations for the years ended December 31, 2013, 2012 and 2011 (in millions, except shares and per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Earnings per common share: | |||||||||||||
Net income attributable to stockholders | $ | 139 | $ | 208 | $ | 218 | |||||||
Weighted-average common shares outstanding (in thousands) | 75,397 | 75,397 | 75,397 | ||||||||||
Total earnings per share | $ | 1.84 | $ | 2.76 | $ | 2.89 | |||||||
Earnings per common share - assuming dilution: | |||||||||||||
Net income attributable to stockholders | $ | 139 | $ | 208 | $ | 218 | |||||||
Weighted-average common shares outstanding (in thousands) | 75,397 | 75,397 | 75,397 | ||||||||||
Common equivalent shares: | |||||||||||||
Restricted stock (in thousands) | 28 | — | — | ||||||||||
Weighted-average common shares outstanding - assuming dilution (in thousands) | 75,425 | 75,397 | 75,397 | ||||||||||
Earnings per common shares - assuming dilution | $ | 1.84 | $ | 2.76 | $ | 2.89 | |||||||
The table below presents securities that could potentially dilute earnings per share in future periods. These securities have been excluded from the computation of diluted earnings per share because they would have been anti-dilutive for the periods presented: | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2013 | |||||||||||||
Weighted-average anti-dilutive options | 151 | ||||||||||||
Weighted-average anti-dilutive restricted shares | — | ||||||||||||
No stock-based awards of CST were issued in exchange for either vested or non-vested Valero stock-based awards held by our employees prior to the separation and distribution. Therefore, there are no stock-based awards included in the calculation of shares used in the diluted earnings per share prior to the separation and distribution. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes Disclosure | ' | ||||||||||||
INCOME TAXES | |||||||||||||
Income before income tax expense from our U.S. and Canadian operations was as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. operations | $ | 111 | $ | 201 | $ | 161 | |||||||
Canadian operations | 104 | 112 | 161 | ||||||||||
Income before income tax expense | $ | 215 | $ | 313 | $ | 322 | |||||||
The following is a reconciliation of the U.S. statutory federal income tax rate (35% for all years presented) to the consolidated effective income tax rate: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income tax expense at the U.S. statutory rate | 35 | % | 35 | % | 35 | % | |||||||
U.S. state income tax expense, net of U.S. federal income tax effect | 1.1 | 1.3 | 1.2 | ||||||||||
Canadian operations | (3.8 | ) | (2.9 | ) | (3.4 | ) | |||||||
Credits | (0.4 | ) | — | (0.3 | ) | ||||||||
State credit loss | 3.4 | — | — | ||||||||||
Other | — | 0.1 | (0.2 | ) | |||||||||
Income tax expense | 35.3 | % | 33.5 | % | 32.3 | % | |||||||
Components of income tax expense related to net income were as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
U.S. federal | $ | 37 | $ | 67 | $ | 39 | |||||||
U.S. state | 5 | 6 | 5 | ||||||||||
Canada | 18 | 33 | 48 | ||||||||||
Total current | 60 | 106 | 92 | ||||||||||
Deferred: | |||||||||||||
U.S. federal | (4 | ) | 1 | 14 | |||||||||
U.S. state | 10 | — | 1 | ||||||||||
Canada | 10 | (2 | ) | (3 | ) | ||||||||
Total deferred | 16 | (1 | ) | 12 | |||||||||
Income tax expense | $ | 76 | $ | 105 | $ | 104 | |||||||
The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows (in millions): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Tax credit carryforwards | $ | — | $ | 7 | |||||||||
Net operating losses (“NOLs”) | 1 | 1 | |||||||||||
Inventories | 4 | 2 | |||||||||||
Unpaid insurance reserve | 5 | 5 | |||||||||||
Accrued expenses | 6 | 3 | |||||||||||
Property and equipment | 23 | — | |||||||||||
Intangibles | 69 | — | |||||||||||
Other assets | 5 | 10 | |||||||||||
Total deferred income tax assets | 113 | 28 | |||||||||||
Less: Valuation allowance | (1 | ) | (1 | ) | |||||||||
Net deferred income tax assets | 112 | 27 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Property and equipment | (105 | ) | (145 | ) | |||||||||
Other | (1 | ) | (1 | ) | |||||||||
Total deferred income tax liabilities | (106 | ) | (146 | ) | |||||||||
Net deferred income tax assets (liabilities) | 6 | (119 | ) | ||||||||||
Less: Current deferred income tax assets | (7 | ) | (4 | ) | |||||||||
Less: Non-current deferred income tax asset | (93 | ) | — | ||||||||||
Non-current deferred income tax liability | $ | (94 | ) | $ | (123 | ) | |||||||
The change in deferred tax items above reflects deferred income tax expense, the deferred tax impact of other comprehensive income items and adjustments related to the separation and distribution. | |||||||||||||
As of December 31, 2013 we had no income tax credit carry forward. The 2012 state income tax credit carry forward of $7 million, net of federal tax benefit, was lost as a result of the separation from Valero on May 1, 2013. As of December 31, 2013, we had $23 million of state net operating losses (“NOL”) available for carry forward. The NOLs expire within a period of five to fifteen years. As of December 31, 2013 and 2012, we recorded valuation allowances of $1 million on the NOLs due to uncertainties related to our ability to utilize them. The valuation allowance is based on our estimates of future taxable income in the various jurisdictions in which we operate and the period over which deferred income tax assets will be recoverable. We believe the remaining deferred income taxes will be realized based on future taxable income and the reversal of existing temporary differences. Accordingly, we believe that no additional valuation allowances are necessary. | |||||||||||||
We provide tax reserves for federal, state, local and international uncertain tax positions. The development of these tax positions requires subjective, critical estimates and judgments about tax matters, potential outcomes and timing. Although the outcome of open tax examinations is uncertain, in management’s opinion, adequate provisions for income taxes have been made for potential liabilities resulting from these reviews. If actual outcomes differ materially from these estimates, they could have a material impact on our financial condition and results of operations. Differences between actual results and assumptions, or changes in assumptions in future periods, are recorded in the period they become known. To the extent additional information becomes available prior to resolution, such accruals are adjusted to reflect probable outcomes. | |||||||||||||
As of December 31, 2013 and 2012, we did not have any unrecognized tax benefits. Our practice is to recognize interest and penalties related to income tax matters in income tax expense. We had no interest and penalties for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
We operate in multiple tax jurisdictions, both inside and outside the U.S. and are routinely under audit by federal, state and foreign tax authorities. These reviews can involve complex matters that may require an extended period of time for resolution. Our U.S. federal income tax returns have been examined and settled through the tax year 2001. In addition, we are subject to ongoing audits in various state and local jurisdictions, as well as audits in various foreign jurisdictions. In general, the tax years January 1, 2002 through December 31, 2013, remain open in the major taxing jurisdictions, with some state and foreign jurisdictions remaining open longer, as the result of net operating losses and longer statutes of limitation periods. | |||||||||||||
The cumulative undistributed earnings of our foreign subsidiaries were approximately $892 million. These earnings are considered to be permanently reinvested in foreign operations and, accordingly, no provision for U.S. federal or state income taxes has been provided thereon. Upon distribution of those earnings in the form of dividends or otherwise, we would be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to Canada. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable because of the complexities associated with its hypothetical calculation. | |||||||||||||
Our financial results prior to May1, 2013, are included in the U.S. and Canadian consolidated tax returns of Valero. As such, with the exception of certain states, we did not make cash tax payments directly to taxing jurisdictions; rather, our share of Valero’s tax payments are reflected as changes in “net investment.” Direct cash payments for income taxes after the separation and distribution were approximately $26 million for the year ended December 31, 2013, $1 million for the year ended December 31, 2012 and less than $1 million in the year ended December 31, 2011. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||
Employee Benefit Plans Disclosure | ' | ||||||||||||
EMPLOYEE BENEFIT PLANS | |||||||||||||
Overview | |||||||||||||
Prior to the separation and distribution, our employees participated in certain defined benefit and defined contribution plans sponsored by Valero. Valero charged us for benefit costs associated with our employees and carried the obligations for employee benefit plans in its financial statements. These costs were charged to us through affiliate billings and are reflected in operating expenses and general and administrative expenses in our consolidated and combined statements of income. | |||||||||||||
Because we were not the plan sponsor of these plans, our combined balance sheet does not reflect any assets or liabilities related to these plans. | |||||||||||||
Following the completion of the separation and the distribution, our active employees no longer participate in benefit plans sponsored or maintained by Valero, and instead participate in our benefit plans. No assets and/or liabilities under Valero’s plans were transferred to us following completion of the separation and the distribution. | |||||||||||||
Summary of CST’s Defined Contribution Plans | |||||||||||||
CST sponsors defined contribution plans that cover employees in the U.S. and Canada. Employees are eligible to participate in the plans once they meet the respective plans’ eligibility requirements, which differ depending on employee level and location. Once eligible, employees participating in the plans are entitled to receive employer matching contributions. Under these plans, employees can contribute a portion of their eligible compensation and CST will match these contributions at rates of 50% to 100% up to 4% of eligible compensation depending on employee level and location. At CST’s discretion, it may also make profit-sharing contributions, which can range from 0% to 9% of eligible compensation, to the plans to be allocated to the participants. | |||||||||||||
We recorded expenses associated with benefit plans for our employees as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
CST defined contribution plans | $ | 7 | $ | — | $ | — | |||||||
Valero defined benefit and defined contribution plans | 5 | 15 | 12 | ||||||||||
Benefit plan expense | $ | 12 | $ | 15 | $ | 12 | |||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information Disclosure | ' | ||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||
Our operations include (i) the sale of motor fuel at convenience stores, dealers/agents and cardlocks, (ii) the sale of convenience merchandise items and services at convenience stores and (iii) the sale of heating oil to residential customers and heating oil and motor fuel to small commercial customers. | |||||||||||||||||
We have two reportable segments: U.S. and Canada. The U.S. segment includes convenience stores located in the United States. The Canada segment includes convenience stores, dealers/agents, cardlocks and heating oil operations located in Canada. Operating revenues from our heating oil business were less than 5% of our consolidated operating revenues for each of the years in the three-year period ended December 31, 2013 and have been included within the Canada segment information. | |||||||||||||||||
The reportable segments are strategic business units that experience different operating income margins due to geographic supply and demand attributes and specific country and local regulatory environments. Performance is evaluated based on operating income. There are no intersegment revenues. | |||||||||||||||||
The following table reflects activity related to our reportable segments (in millions): | |||||||||||||||||
U.S. | Canada | Corporate | Total | ||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||
Operating revenues from external customers | $ | 7,761 | $ | 5,016 | $ | — | $ | 12,777 | |||||||||
Gross margin | 699 | 398 | — | 1,097 | |||||||||||||
Depreciation, amortization and accretion expense | 82 | 36 | — | 118 | |||||||||||||
Operating income (loss) | 198 | 118 | (78 | ) | 238 | ||||||||||||
Total expenditures for long-lived assets | 148 | 54 | — | 202 | |||||||||||||
Year ended December 31, 2012: | |||||||||||||||||
Operating revenues from external customers | 7,907 | 5,228 | — | 13,135 | |||||||||||||
Gross margin | 722 | 411 | — | 1,133 | |||||||||||||
Depreciation, amortization and accretion expense | 78 | 37 | — | 115 | |||||||||||||
Operating income (loss) | 246 | 128 | (61 | ) | 313 | ||||||||||||
Total expenditures for long-lived assets | 181 | 42 | — | 223 | |||||||||||||
Year ended December 31, 2011: | |||||||||||||||||
Operating revenues from external customers | 7,557 | 5,306 | — | 12,863 | |||||||||||||
Gross margin | 664 | 469 | — | 1,133 | |||||||||||||
Depreciation, amortization and accretion expense | 76 | 37 | — | 113 | |||||||||||||
Operating income (loss) | 202 | 179 | (59 | ) | 322 | ||||||||||||
Total expenditures for long-lived assets | 91 | 39 | — | 130 | |||||||||||||
Operating revenues for our principal products were as follows (in millions): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Motor fuel sales (gasoline and diesel) | $ | 10,667 | $ | 11,036 | $ | 10,758 | |||||||||||
Merchandise sales | 1,538 | 1,496 | 1,484 | ||||||||||||||
Other | 572 | 603 | 621 | ||||||||||||||
Total operating revenues | $ | 12,777 | $ | 13,135 | $ | 12,863 | |||||||||||
Other operating revenues are derived from our Canadian heating oil business as well as revenues from car wash and commissions from lottery, money orders, air/water/vacuum services, video and game rentals and access to ATMs. | |||||||||||||||||
No single customer accounted for more than 10% of our operating revenues. | |||||||||||||||||
Long-lived assets include property and equipment, goodwill and intangible assets. Geographic information by country for long-lived assets consisted of the following (in millions): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
U.S. | $ | 1,003 | $ | 938 | |||||||||||||
Canada | 372 | 379 | |||||||||||||||
Total long-lived assets | $ | 1,375 | $ | 1,317 | |||||||||||||
Total assets by reportable segment were as follows (in millions): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
U.S. | $ | 1,472 | $ | 1,154 | |||||||||||||
Canada | 799 | 578 | |||||||||||||||
Total reportable segment assets | $ | 2,271 | $ | 1,732 | |||||||||||||
Corporate assets not allocated to the reportable segments include $32 million of deferred debt issue costs and the indemnification receivable from Valero discussed in Note 13. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information Disclosure | ' | ||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||||
In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Decrease (increase) in current assets: | |||||||||||||
Receivables, net | $ | (26 | ) | $ | 41 | $ | (30 | ) | |||||
Inventories | (23 | ) | (4 | ) | (9 | ) | |||||||
Prepaid expenses and other | (2 | ) | 2 | (4 | ) | ||||||||
Increase (decrease) in current liabilities: | |||||||||||||
Accounts payable | 18 | 4 | (2 | ) | |||||||||
Accounts payable to Valero | 253 | — | — | ||||||||||
Accrued expenses | 4 | (3 | ) | (4 | ) | ||||||||
Taxes other than income taxes | (77 | ) | 3 | 5 | |||||||||
Income taxes payable | 10 | — | — | ||||||||||
Changes in current assets and current liabilities | $ | 157 | $ | 43 | $ | (44 | ) | ||||||
The above changes in current assets and current liabilities may differ from changes between amounts reflected in the applicable balance sheets for the respective periods for the following reasons: | |||||||||||||
• | amounts accrued for capital expenditures are reflected in investing activities when such amounts are paid; and | ||||||||||||
• | certain differences between balance sheet changes and the changes reflected above result from translating foreign currency denominated amounts at the applicable exchange rates as of each balance sheet date. | ||||||||||||
Cash flows related to interest were as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest paid in excess of amount capitalized | $ | 21 | $ | 1 | $ | 1 | |||||||
We issued the notes to Valero in connection with the separation and distribution and Valero transferred the notes to a third-party lender to satisfy certain of Valero’s then-outstanding debt obligations. As a result, we did not receive cash proceeds related to the notes. | |||||||||||||
We issued 75,397,241 shares of our common stock to Valero, 80% of which were distributed to Valero’s stockholders and 20% of which were retained by Valero, in connection with the separation and distribution. As a result, we did not receive cash proceeds from the issuance of our common stock. In November 2013, Valero sold its remaining 20% of our common stock in an underwritten public offering and we did not receive any proceeds from the sale of the shares of common stock in this offering | |||||||||||||
There were no significant noncash investing or financing activities for the years ended December 31, 2012 and 2011. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) Disclosure | ' | ||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||
See Note 2 regarding the effect of a change in accounting principle. | |||||||||||||||||
The following table summarizes quarterly financial data for the years ended December 31, 2013 and 2012 (in millions). | |||||||||||||||||
2013 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Operating revenues | $ | 3,188 | $ | 3,211 | $ | 3,316 | $ | 3,062 | |||||||||
Gross margin | 236 | 288 | 291 | 282 | |||||||||||||
Operating income | 32 | 77 | 69 | 60 | |||||||||||||
Net income | 23 | 40 | 42 | 34 | |||||||||||||
Basic earnings per common share | $ | 0.3 | $ | 0.54 | $ | 0.56 | $ | 0.44 | |||||||||
Diluted earnings per common share | $ | 0.3 | $ | 0.54 | $ | 0.56 | $ | 0.44 | |||||||||
2012 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Operating revenues | $ | 3,212 | $ | 3,345 | $ | 3,382 | $ | 3,196 | |||||||||
Gross margin | 220 | 361 | 252 | 300 | |||||||||||||
Operating income | 23 | 157 | 42 | 91 | |||||||||||||
Net income | 18 | 102 | 28 | 60 | |||||||||||||
Basic earnings per common share | $ | 0.24 | $ | 1.37 | $ | 0.37 | $ | 0.78 | |||||||||
Diluted earnings per common share | $ | 0.24 | $ | 1.37 | $ | 0.37 | $ | 0.78 | |||||||||
Earnings per common share amounts are computed independently for each of the quarters presented. Therefore, the sum of the quarterly earnings per share amounts may not equal the annual earnings per share amounts. For comparative purposes, and to provide a more meaningful calculation of earnings per share, we have assumed that the 75,397,241 shares of our common stock that were distributed in the distribution to be outstanding as of the beginning of each period prior to the separation and distribution presented in the calculation of weighted-average shares outstanding. |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Guarantor Subsidiaries [Abstract] | ' | |||||||||||||||||||
Guarantor Subsidiaries Disclosure | ' | |||||||||||||||||||
GUARANTOR SUBSIDIARIES | ||||||||||||||||||||
CST’s 100% owned, domestic subsidiaries (the “Guarantor Subsidiaries”) fully and unconditionally guarantee, on a joint and several basis, certain of the outstanding indebtedness of CST. The following consolidating and combining schedules present financial information on a consolidated and combined basis in conformity with the SEC’s Regulation S-X Rule 3-10(f): | ||||||||||||||||||||
CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash | $ | — | $ | 231 | $ | 147 | $ | — | $ | 378 | ||||||||||
Receivables, net | — | 56 | 97 | — | 153 | |||||||||||||||
Inventories | — | 139 | 78 | — | 217 | |||||||||||||||
Deferred income taxes | — | 6 | 1 | — | 7 | |||||||||||||||
Prepaid expenses and other | — | 5 | 6 | — | 11 | |||||||||||||||
Total current assets | — | 437 | 329 | — | 766 | |||||||||||||||
Property and equipment, at cost | — | 1,477 | 504 | — | 1,981 | |||||||||||||||
Accumulated depreciation | — | (494 | ) | (161 | ) | — | (655 | ) | ||||||||||||
Property and equipment, net | — | 983 | 343 | — | 1,326 | |||||||||||||||
Goodwill and intangible assets, net | — | 20 | 29 | — | 49 | |||||||||||||||
Investment in subsidiaries | 1,714 | — | — | (1,714 | ) | — | ||||||||||||||
Deferred income taxes | — | — | 93 | — | 93 | |||||||||||||||
Other assets, net | 32 | 32 | 5 | — | 69 | |||||||||||||||
Total assets | $ | 1,746 | $ | 1,472 | $ | 799 | $ | (1,714 | ) | $ | 2,303 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of debt and capital lease obligations | $ | 35 | $ | 1 | $ | — | $ | — | $ | 36 | ||||||||||
Accounts payable | — | 52 | 47 | — | 99 | |||||||||||||||
Accounts payable to Valero | (1 | ) | 158 | 96 | — | 253 | ||||||||||||||
Dividends payable | 5 | — | — | — | 5 | |||||||||||||||
Accrued expenses | 4 | 23 | 16 | — | 43 | |||||||||||||||
Taxes other than income taxes | — | 16 | 1 | — | 17 | |||||||||||||||
Income taxes payable | — | 1 | 9 | — | 10 | |||||||||||||||
Total current liabilities | 43 | 251 | 169 | — | 463 | |||||||||||||||
Debt and capital lease obligations, less current portion | 1,003 | 3 | — | — | 1,006 | |||||||||||||||
Deferred income taxes | — | 94 | — | — | 94 | |||||||||||||||
Intercompany payables (receivables) | 58 | (58 | ) | — | — | — | ||||||||||||||
Asset retirement obligations | — | 61 | 18 | — | 79 | |||||||||||||||
Other long-term liabilities | 15 | 7 | 12 | — | 34 | |||||||||||||||
Total liabilities | 1,119 | 358 | 199 | — | 1,676 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1 | — | — | — | 1 | |||||||||||||||
APIC | 406 | 1,037 | 551 | (1,588 | ) | 406 | ||||||||||||||
Retained earnings | 87 | 77 | 49 | (126 | ) | 87 | ||||||||||||||
AOCI | 133 | — | — | — | 133 | |||||||||||||||
Total stockholders’ equity | 627 | 1,114 | 600 | (1,714 | ) | 627 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,746 | $ | 1,472 | $ | 799 | $ | (1,714 | ) | $ | 2,303 | |||||||||
COMBINING BALANCE SHEETS | ||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash | $ | — | $ | 44 | $ | 17 | $ | — | $ | 61 | ||||||||||
Receivables, net | — | 41 | 93 | — | 134 | |||||||||||||||
Inventories | — | 121 | 79 | — | 200 | |||||||||||||||
Deferred income taxes | — | 4 | — | — | 4 | |||||||||||||||
Prepaid expenses and other | — | 3 | 5 | — | 8 | |||||||||||||||
Total current assets | — | 213 | 194 | — | 407 | |||||||||||||||
Property and equipment, at cost | — | 1,371 | 492 | — | 1,863 | |||||||||||||||
Accumulated depreciation | — | (435 | ) | (152 | ) | — | (587 | ) | ||||||||||||
Property and equipment, net | — | 936 | 340 | — | 1,276 | |||||||||||||||
Intangible assets, net | — | 2 | 39 | — | 41 | |||||||||||||||
Other assets, net | — | 3 | 5 | — | 8 | |||||||||||||||
Total assets | $ | — | $ | 1,154 | $ | 578 | $ | — | $ | 1,732 | ||||||||||
LIABILITIES AND NET INVESTMENT | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of capital lease obligations | $ | — | $ | 1 | $ | — | $ | — | $ | 1 | ||||||||||
Accounts payable | — | 52 | 43 | — | 95 | |||||||||||||||
Accrued expenses | — | 22 | 18 | — | 40 | |||||||||||||||
Taxes other than income taxes | — | 22 | 70 | — | 92 | |||||||||||||||
Total current liabilities | — | 97 | 131 | — | 228 | |||||||||||||||
Capital lease obligations, less current portion | — | 4 | — | — | 4 | |||||||||||||||
Deferred income taxes | — | 110 | 13 | — | 123 | |||||||||||||||
Asset Retirement Obligation | — | 59 | 18 | — | 77 | |||||||||||||||
Other long-term liabilities | — | 18 | 12 | — | 30 | |||||||||||||||
Total liabilities | — | 288 | 174 | — | 462 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Net investment: | ||||||||||||||||||||
Net investment | — | 866 | 234 | — | 1,100 | |||||||||||||||
AOCI | — | — | 170 | — | 170 | |||||||||||||||
Total net investment | — | 866 | 404 | — | 1,270 | |||||||||||||||
Total liabilities and net investment | $ | — | $ | 1,154 | $ | 578 | $ | — | $ | 1,732 | ||||||||||
CONSOLIDATING AND COMBINING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | ||||||||||||||||
Operating revenues | $ | — | $ | 7,761 | $ | 5,016 | $ | — | $ | 12,777 | ||||||||||
Cost of sales | — | 7,062 | 4,618 | — | 11,680 | |||||||||||||||
Gross margin | — | 699 | 398 | — | 1,097 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Operating expenses | — | 414 | 243 | — | 657 | |||||||||||||||
General and administrative expenses | 4 | 57 | 17 | — | 78 | |||||||||||||||
Depreciation, amortization and accretion expense | — | 82 | 36 | — | 118 | |||||||||||||||
Asset impairments | — | 5 | 1 | — | 6 | |||||||||||||||
Total operating expenses | 4 | 558 | 297 | — | 859 | |||||||||||||||
Operating (expense) income | (4 | ) | 141 | 101 | — | 238 | ||||||||||||||
Other income, net | 1 | — | 3 | — | 4 | |||||||||||||||
Interest expense | (27 | ) | — | — | — | (27 | ) | |||||||||||||
Equity in earnings of subsidiaries | 126 | — | — | (126 | ) | — | ||||||||||||||
Income before income tax expense | 96 | 141 | 104 | (126 | ) | 215 | ||||||||||||||
Income tax expense | — | 48 | 28 | — | 76 | |||||||||||||||
Net income | 96 | 93 | 76 | (126 | ) | 139 | ||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation adjustment | (37 | ) | — | — | — | (37 | ) | |||||||||||||
Comprehensive income | $ | 59 | $ | 93 | $ | 76 | $ | (126 | ) | $ | 102 | |||||||||
COMBINING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||
(CONTINUED) | ||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | ||||||||||||||||
Operating revenues | $ | — | $ | 7,907 | $ | 5,228 | $ | — | $ | 13,135 | ||||||||||
Cost of sales | — | 7,185 | 4,817 | — | 12,002 | |||||||||||||||
Gross margin | — | 722 | 411 | — | 1,133 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Operating expenses | — | 398 | 246 | — | 644 | |||||||||||||||
General and administrative expenses | — | 44 | 17 | — | 61 | |||||||||||||||
Depreciation, amortization and accretion expense | — | 78 | 37 | — | 115 | |||||||||||||||
Asset impairments | — | — | — | — | — | |||||||||||||||
Total operating expenses | — | 520 | 300 | — | 820 | |||||||||||||||
Operating income | — | 202 | 111 | — | 313 | |||||||||||||||
Other income, net | — | — | 1 | — | 1 | |||||||||||||||
Interest expense | — | (1 | ) | — | — | (1 | ) | |||||||||||||
Income before income tax expense | — | 201 | 112 | — | 313 | |||||||||||||||
Income tax expense | — | 74 | 31 | — | 105 | |||||||||||||||
Net income | — | 127 | 81 | — | 208 | |||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation adjustment | — | — | 10 | — | 10 | |||||||||||||||
Comprehensive income | $ | — | $ | 127 | $ | 91 | $ | — | $ | 218 | ||||||||||
COMBINING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||
(CONTINUED) | ||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combined | ||||||||||||||||||
Operating revenues | $ | 7,557 | $ | 5,306 | $ | 12,863 | ||||||||||||||
Cost of sales | 6,893 | 4,837 | 11,730 | |||||||||||||||||
Gross margin | 664 | 469 | 1,133 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Operating expenses | 384 | 252 | 636 | |||||||||||||||||
General and administrative expenses | 41 | 18 | 59 | |||||||||||||||||
Depreciation, amortization and accretion expense | 76 | 37 | 113 | |||||||||||||||||
Asset impairments | 2 | 1 | 3 | |||||||||||||||||
Total operating expenses | 503 | 308 | 811 | |||||||||||||||||
Operating income | 161 | 161 | 322 | |||||||||||||||||
Other income, net | — | 1 | 1 | |||||||||||||||||
Interest expense | (1 | ) | — | (1 | ) | |||||||||||||||
Income before income tax expense | 160 | 162 | 322 | |||||||||||||||||
Income tax expense | 59 | 45 | 104 | |||||||||||||||||
Net income | 101 | 117 | 218 | |||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation adjustment | — | (7 | ) | (7 | ) | |||||||||||||||
Comprehensive income | $ | 101 | $ | 110 | $ | 211 | ||||||||||||||
CONSOLIDATING AND COMBINING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 96 | $ | 93 | $ | 76 | $ | (126 | ) | $ | 139 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Stock-based compensation expense | — | 3 | 1 | — | 4 | |||||||||||||||
Depreciation, amortization and accretion expense | — | 82 | 36 | — | 118 | |||||||||||||||
Asset impairments | — | 5 | 1 | — | 6 | |||||||||||||||
Deferred income tax expense (benefit) | — | 6 | 10 | — | 16 | |||||||||||||||
Changes in current assets and current liabilities | 9 | 122 | 26 | — | 157 | |||||||||||||||
Equity in earnings of subsidiaries | (126 | ) | — | — | 126 | — | ||||||||||||||
Other operating activities, net | — | — | — | — | — | |||||||||||||||
Net cash provided by operating activities | (21 | ) | 311 | 150 | — | 440 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (153 | ) | (47 | ) | — | (200 | ) | ||||||||||||
Acquisition | — | — | (7 | ) | — | (7 | ) | |||||||||||||
Proceeds from dispositions of property and equipment | — | — | 1 | — | 1 | |||||||||||||||
Other investing activities, net | — | — | — | — | — | |||||||||||||||
Net cash used in investing activities | — | (153 | ) | (53 | ) | — | (206 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of long-term debt | 500 | — | — | — | 500 | |||||||||||||||
Payments on long-term debt | (12 | ) | — | — | — | (12 | ) | |||||||||||||
Debt issuance and credit facility origination costs | (19 | ) | — | — | — | (19 | ) | |||||||||||||
Payments of capital lease obligations | — | (1 | ) | — | — | (1 | ) | |||||||||||||
Dividends | (5 | ) | — | — | — | (5 | ) | |||||||||||||
Intercompany funding | 57 | (57 | ) | — | — | — | ||||||||||||||
Net transfers (to)/from Valero | (500 | ) | 87 | 35 | — | (378 | ) | |||||||||||||
Net cash used in financing activities | 21 | 29 | 35 | — | 85 | |||||||||||||||
Effect of foreign exchange rate changes on cash | — | — | (2 | ) | — | (2 | ) | |||||||||||||
Net increase (decrease) in cash | — | 187 | 130 | — | 317 | |||||||||||||||
Cash at beginning of year | — | 44 | 17 | — | 61 | |||||||||||||||
Cash at end of year | $ | — | $ | 231 | $ | 147 | $ | — | $ | 378 | ||||||||||
COMBINING STATEMENTS OF CASH FLOWS (CONTINUED) | ||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combined | |||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | — | $ | 127 | $ | 81 | $ | 208 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Stock-based compensation | — | 2 | — | 2 | ||||||||||||||||
Depreciation, amortization and accretion expense | — | 78 | 37 | 115 | ||||||||||||||||
Deferred income tax expense (benefit) | — | 1 | (2 | ) | (1 | ) | ||||||||||||||
Changes in current assets and current liabilities | — | 20 | 23 | 43 | ||||||||||||||||
Other operating activities, net | — | (4 | ) | 1 | (3 | ) | ||||||||||||||
Net cash provided by operating activities | — | 224 | 140 | 364 | ||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | — | (114 | ) | (42 | ) | (156 | ) | |||||||||||||
Acquisitions | — | (61 | ) | — | (61 | ) | ||||||||||||||
Proceeds from dispositions of property and equipment | — | 2 | — | 2 | ||||||||||||||||
Other investing activities, net | — | — | — | — | ||||||||||||||||
Net cash used in investing activities | — | (173 | ) | (42 | ) | (215 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments of capital lease obligations | — | (1 | ) | — | (1 | ) | ||||||||||||||
Net transfers to Valero | — | (122 | ) | (97 | ) | (219 | ) | |||||||||||||
Net cash used in financing activities | — | (123 | ) | (97 | ) | (220 | ) | |||||||||||||
Effect of foreign exchange rate changes on cash | — | — | — | — | ||||||||||||||||
Net increase (decrease) in cash | — | (72 | ) | 1 | (71 | ) | ||||||||||||||
Cash at beginning of year | — | 116 | 16 | 132 | ||||||||||||||||
Cash at end of year | $ | — | $ | 44 | $ | 17 | $ | 61 | ||||||||||||
COMBINING STATEMENTS OF CASH FLOWS (CONTINUED) | ||||||||||||||||||||
(Millions of Dollars) | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combined | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 101 | $ | 117 | $ | 218 | ||||||||||||||
Adjustments to reconcile net income to net cash provided | ||||||||||||||||||||
by operating activities: | ||||||||||||||||||||
Stock-based compensation | 3 | — | 3 | |||||||||||||||||
Depreciation, amortization and accretion expense | 76 | 37 | 113 | |||||||||||||||||
Asset impairments | 2 | 1 | 3 | |||||||||||||||||
Non-cash interest expense | 1 | — | 1 | |||||||||||||||||
Deferred income tax expense (benefit) | 14 | (2 | ) | 12 | ||||||||||||||||
Changes in current assets and current liabilities | (35 | ) | (9 | ) | (44 | ) | ||||||||||||||
Other operating activities, net | 2 | — | 2 | |||||||||||||||||
Net cash provided by operating activities | 164 | 144 | 308 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Capital expenditures | (91 | ) | (39 | ) | (130 | ) | ||||||||||||||
Acquisitions | — | — | — | |||||||||||||||||
Proceeds from dispositions of property and equipment | 3 | 2 | 5 | |||||||||||||||||
Other investing activities, net | (1 | ) | (1 | ) | (2 | ) | ||||||||||||||
Net cash used in investing activities | (89 | ) | (38 | ) | (127 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payments of capital lease obligations | (1 | ) | — | (1 | ) | |||||||||||||||
Net transfers to Valero | (47 | ) | (103 | ) | (150 | ) | ||||||||||||||
Net cash used in financing activities | (48 | ) | (103 | ) | (151 | ) | ||||||||||||||
Effect of foreign exchange rate changes on cash | — | — | — | |||||||||||||||||
Net increase (decrease) in cash | 27 | 3 | 30 | |||||||||||||||||
Cash at beginning of year | 89 | 13 | 102 | |||||||||||||||||
Cash at end of year | $ | 116 | $ | 16 | $ | 132 | ||||||||||||||
The_Separation_and_the_Distrib1
The Separation and the Distribution, Basis of Presentation and Description of Business Basis of Presentation (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Basis of Presentation [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
We were incorporated in November 2012. In connection with our incorporation, we issued 1,000 shares of common stock, par value $0.01 per share, to Valero for $10. We were formed solely in contemplation of the separation and distribution and, prior to May 1, 2013, had not commenced operations and had no material assets, liabilities or commitments. | ||
Prior to the separation and distribution, these financial statements reflect the combined historical financial position, results of operations and cash flows of Valero’s retail business in the U.S. and Canada that were owned by direct and indirect wholly owned subsidiaries of Valero, including an allocable portion of Valero’s corporate costs. The transfer of the assets (including the equity interests of certain Valero subsidiaries), liabilities and operations of Valero’s retail business into CST occurred on May 1, 2013. However, for ease of reference, these consolidated and combined financial statements are referred to as those of CST. Unless otherwise stated or the context otherwise indicates, all references in these consolidated and combined financial statements to “we,” “us,” “our,” or “Company” mean CST. | ||
We operate in two segments: U.S. and Canada. The consolidated and combined financial statements are presented as if Valero’s retail businesses in the U.S. and Canada were combined for all periods prior to the separation and distribution. The assets and liabilities in the combined balance sheet have been reflected on a historical cost basis, as immediately prior to the separation and distribution. All of the assets and liabilities presented were wholly owned by Valero and were transferred within the Valero consolidated group. The combined statements of income prior to the separation and distribution also include expense allocations for certain corporate functions historically performed by Valero and not allocated to its operating segments, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, procurement, human resources and information technology (“IT”). These allocations were based primarily on specific identification of time and/or activities associated with CST’s operations, employee headcount or capital expenditures. We believe the assumptions underlying the combined financial statements, including the assumptions regarding allocating general corporate expenses from Valero, are reasonable. Subsequent to the separation and distribution, Valero continues to perform certain of these corporate functions on our behalf, for which we are charged a fee, in accordance with the Transition Services Agreements. Nevertheless, the combined financial statements may not include all of the actual expenses that would have been incurred had we operated as a stand-alone, publicly-traded company during the combined periods presented and may not reflect our combined financial position, results of operations and cash flows had we operated as a stand-alone, publicly-traded company during the combined periods presented. Actual costs that would have been incurred if we had operated as a stand-alone, publicly-traded company during the combined periods presented would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including IT and related infrastructure. | ||
Prior to the separation and distribution, we transferred cash to Valero daily and Valero funded our operating and investing activities as needed. Accordingly, cash held by Valero at the corporate level was not allocated to us. Cash presented on our combined balance sheet prior to the separation and distribution represented cash on hand at our convenience stores, cash that had not yet been transferred to Valero and cash held by us in automated teller machines (“ATMs”) in our Canada segment. We reflected transfers of cash to and from Valero’s cash management system as a component of net investment on our combined balance sheet, and these net transfers of cash were reflected as a financing activity in our combined statements of cash flows. We did not include any interest income on the net cash transfers to Valero. | ||
The consolidated financial statements reflect our financial results for all periods subsequent to the separation and distribution while the combined financial statements reflect our financial results for all periods prior to the separation and distribution. Accordingly: | ||
• | Our consolidated and combined statements of income and comprehensive income for the year ended December 31, 2013, consist of the consolidated results of CST for the eight months ended December 31, 2013, and of the combined results of Valero’s retail business for the four months ended April 30, 2013. Our combined statements of income and comprehensive income for the twelve months ended December 31, 2012 and 2011 consist entirely of the combined results of Valero’s retail business. | |
• | Our consolidated balance sheet at December 31, 2013, consists of the consolidated balances of CST, while our combined balance sheet at December 31, 2012, consists of the combined balances of Valero’s retail business. | |
• | Our consolidated and combined statement of cash flows for the year ended December 31, 2013, consists of the consolidated results of CST for the eight months ended December 31, 2013 and the combined results of Valero’s retail business for the four months ended April 30, 2013. Our combined statements of cash flows for the years ended December 31, 2012 and 2011 consist entirely of the combined results of Valero’s retail business. | |
• | Our consolidated and combined statement of changes in stockholders’ equity for the year ended December 31, 2013, consists of the consolidated results of CST for the eight months ended December 31, 2013 and the combined results of Valero’s retail business for the four months ended April 30, 2013. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Significant Accounting Policies [Abstract] | ' | |
Principles of Consolidation and Combination | ' | |
Principles of Consolidation and Combination | ||
These consolidated and combined financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These financial statements include the consolidated accounts of CST Brands, Inc. and subsidiaries for all periods after the separation and distribution. All intercompany accounts and transactions have been eliminated in consolidation. | ||
For all periods prior to the separation and distribution, these financial statements include the combined accounts of direct and indirect wholly owned subsidiaries of Valero that hold the assets and liabilities and reflect the operations of Valero’s retail business in the U.S. and Canada. Prior to the separation and distribution, these subsidiaries did not carry out any transactions with each other during the years presented; therefore, there were no transactions or accounts to be eliminated in connection with the combination. | ||
Net Investment | ' | |
Net Investment | ||
The net investment represents Valero’s historical investment in CST, CST’s accumulated net earnings after taxes and the net effect of transactions with, and allocations from, Valero. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated and combined 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. | ||
Receivables | ' | |
Receivables | ||
Receivables represent amounts due from credit card companies, from our cardlock customers and from our heating oil customers (“trade receivables”). Trade receivables are carried at original invoice amount. Other receivables consist primarily of amounts due from vendors related to vendor rebates (see “Vendor Allowances and Rebates” for our policy regarding the accounting for vendor rebates). We maintain an allowance for doubtful accounts, which is adjusted based on management’s assessment of our customers’ historical collection experience, known credit risks and industry and economic conditions. | ||
Inventories | ' | |
Inventories | ||
Inventories are carried at the lower of cost or market. The cost of supplies and convenience store merchandise is determined principally under the weighted-average cost method. The cost of motor fuel inventories in our U.S. segment is determined under the LIFO method using the dollar-value LIFO method, with any increments valued based on average purchase prices for the year. The cost of motor fuel inventories in our Canada segment is determined under the weighted-average cost method as further discussed in Note 2. | ||
Property and Equipment | ' | |
Property and Equipment | ||
The cost of property and equipment purchased or constructed, including betterments of property assets, is capitalized. The cost of repairs and normal maintenance of property and equipment is expensed as incurred. Betterments of property and equipment are those which extend the useful lives of the property and equipment or improve the safety of our operations. Betterments also include additions to and enlargements of our retail sites. The cost of property and equipment constructed includes interest and certain overhead costs allocable to the construction activities. | ||
When property and equipment are retired or replaced, the cost and related accumulated depreciation are eliminated, with any gain or loss reflected in depreciation, amortization and accretion expense, unless such amounts are reported separately due to materiality. | ||
Depreciation of property and equipment is recorded on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements and assets acquired under capital leases are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the related asset. | ||
Impairment of Assets | ' | |
Impairment of Assets | ||
Long-lived assets, which include property and equipment and finite-lived intangible assets, are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If a long-lived asset is not recoverable, an impairment loss is recognized for the amount by which the carrying amount of the long-lived asset exceeds its fair value, with fair value determined based on discounted estimated net cash flows or other appropriate methods. See Note 5 for our impairment analysis of our long-lived assets. | ||
Goodwill | ' | |
Goodwill | ||
Goodwill represents the excess of cost over fair value of assets of businesses acquired. Goodwill and intangible assets acquired in a purchase business combination are recorded at fair value as of the date acquired. Acquired intangibles determined to have an indefinite useful life are not amortized, but are instead tested for impairment at least annually, and are tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. The annual impairment test of goodwill is performed as of the first day of the fourth quarter of the fiscal year. | ||
In our annual impairment analysis, we used qualitative factors to determine whether it is more likely than not (likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount, including goodwill. | ||
If after assessing the totality of events or circumstances an entity determines that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount then performing the two-step test is unnecessary. However, if we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we perform the first step of the two-step goodwill impairment test. | ||
In the first step of the goodwill impairment test, the reporting unit’s carrying amount (including goodwill) and its fair value are compared. If the estimated fair value of a reporting unit is less than the carrying value, a second step is performed to compute the amount of the impairment by determining an “implied fair value” of goodwill. The determination of our “implied fair value” requires us to allocate the estimated fair value of the reporting unit to the assets and liabilities of the reporting unit. Any unallocated fair value represents the “implied fair value” of goodwill, which is compared to the corresponding carrying value. If the “implied fair value” is less than the carrying value, an impairment charge would be recorded. | ||
The impairment analysis performed in the fourth quarter of 2013 indicated that goodwill was not impaired. We did not have any goodwill recorded prior to 2013. | ||
Goodwill is not amortized, but instead is tested for impairment at the reporting unit level at least annually, and tested for impairment more frequently if events and circumstances indicate that the goodwill might be impaired. The annual impairment test of goodwill is performed as of the first day of the fourth quarter of our fiscal year. | ||
In performing our annual impairment analysis, ASC 350–20, Intangibles–Goodwill and Other, allows us to use qualitative factors to determine whether it is more likely than not (likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount, including goodwill. | ||
At December 31, 2013, we had $18 million of goodwill recorded in our U.S. segment as a result of the acquisition of Crackerbox. In accordance with ASC 350 Intangibles—Goodwill and Other, we have assessed the reporting unit definitions and determined that goodwill in our U.S. segment is tested for impairment by three geographic regions based primarily on how our U.S. segment is organized and managed. All of the goodwill in our U.S. segment is assigned to one of these three geographic regions. After assessing the totality of events and circumstances (primarily that our capital structure as an independent, publicly traded company was based on current market conditions and estimated fair values as of the separation and distribution while our net assets retained the historical book basis of Valero’s retail business prior to the separation and distribution), we determined that it is more likely than not that the fair value of our reporting unit exceeds its carrying amount and therefore goodwill is not impaired at December 31, 2013. | ||
Environmental Matters | ' | |
Environmental Matters | ||
Liabilities for future remediation costs are recorded when environmental assessments from governmental regulatory agencies and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Environmental liabilities are based on best estimates of probable undiscounted future costs using currently available technology and applying current regulations, as well as our own internal environmental policies, without establishing a range of loss for these liabilities. Environmental liabilities are difficult to assess and estimate due to uncertainties related to the magnitude of possible remediation, the timing of such remediation and the determination of our obligation in proportion to other parties. Such estimates are subject to change due to many factors, including the identification of new sites requiring remediation, changes in environmental laws and regulations and their interpretation, additional information related to the extent and nature of remediation efforts and potential improvements in remediation technologies. Amounts recorded for environmental liabilities have not been reduced by possible recoveries from third parties. | ||
Asset Retirement Obligations | ' | |
Asset Retirement Obligations | ||
We record a liability, which is referred to as an asset retirement obligation, at fair value for the estimated cost to remove underground storage tanks (“USTs”) for motor fuel at owned and leased retail sites at the time we incur that liability, which is generally when the UST is installed. We record a discounted liability for the fair value of an asset retirement obligation with a corresponding increase to the carrying value of the related long-lived asset. We depreciate the amount added to property and equipment and recognize accretion expense in connection with the discounted liability over the remaining life of the UST. Accretion expense is reflected in depreciation, amortization and accretion expense. We base our estimates of the anticipated future costs for removal of a UST on our prior experience with removal. Removal costs include the cost to remove and destroy the USTs, soil remediation costs resulting from the spillage of small quantities of motor fuel in the normal operations of our business and other miscellaneous costs. We review our assumptions for computing the estimated liability for the removal of USTs on an annual basis. Any change in estimated cash flows is reflected as an adjustment to the liability and the associated asset. | ||
Foreign Currency Translation | ' | |
Foreign Currency Translation | ||
The functional currency of our Canadian operations is the Canadian dollar. Balance sheet accounts are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expense accounts are translated using the weighted-average exchange rates during the year presented. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income. | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
Revenues are recorded upon delivery of the products to our customers, which is the point at which title to the products is transferred, and when payment has either been received or collection is reasonably assured. | ||
We present motor fuel excise taxes on sales on a gross basis with supplemental information regarding the amount of such taxes included in revenues provided in a footnote on the face of the statements of income. | ||
Shipping and Handling Costs | ' | |
Shipping and Handling Costs | ||
Costs incurred for the shipping and handling of motor fuel and convenience store merchandise are included in inventories, and therefore, reflected in cost of sales when the related item is sold. | ||
Lease Accounting | ' | |
Lease Accounting | ||
The Company leases a portion of its properties under non-cancelable operating leases, whose initial terms are typically 10 to 20 years, along with options that permit renewals for additional periods. Minimum rent is expensed on a straight-line basis over the term of the lease including renewal periods that are reasonably assured at the inception of the lease. In addition to minimum rental payments, certain leases require additional payments based on our sales volumes. The Company is typically responsible for payment of real estate taxes, maintenance expenses and insurance. | ||
Income Taxes | ' | |
Income Taxes | ||
Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred amounts are measured using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. Income taxes prior to the separation and distribution were accounted for and presented as if we were a separate taxpayer rather than a member of Valero’s consolidated income tax return. | ||
We classify any interest expense and penalties related to the underpayment of income taxes in income tax expense. | ||
Vendor Allowances and Rebates | ' | |
Vendor Allowances and Rebates | ||
We receive payments for vendor allowances and volume rebates from various suppliers of convenience store merchandise. Our accounting practices are as follows: | ||
• | Vendor allowances for price markdowns are credited to cost of sales during the period the related markdown is realized. | |
• | Volume rebates of merchandise are recorded as reductions to cost of sales when the merchandise qualifying for the rebate is sold. | |
• | Slotting and stocking allowances received from a vendor are recorded as a reduction to cost of sales over the period covered by the agreement. | |
The aggregate amounts recorded as a reduction to cost of sales for vendor allowances and rebates for the years ended December 31, 2013, 2012 and 2011 were $71 million, $70 million, and $62 million, respectively. The recording of vendor allowances and rebates does not require us to make any significant estimates. | ||
Stock-Based Compensation | ' | |
Stock-Based Compensation | ||
The Company has granted non-qualified stock options and restricted stock awards to certain employees. Stock-based compensation expense is based on the estimated grant-date fair value. We recognize this compensation expense net of an estimated forfeiture rate over the requisite service period of the award. | ||
Concentration Risk | ' | |
Concentration Risk | ||
Valero supplied substantially all of the motor fuel purchased by us for resale during all years presented. No customers are individually material to our operations. | ||
Cost of Sales | ' | |
Cost of Sales | ||
We include in our cost of sales all costs we incur to acquire motor fuel and merchandise, including the costs of purchasing, storing and transporting inventory prior to delivery to our customers. Cost of sales does not include any depreciation of our property and equipment, as any amounts attributed to cost of sales would not be significant. Depreciation is separately classified in our consolidated and combined statements of income. | ||
Earnings per Common Share | ' | |
Earnings per Common Share | ||
Earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding for the year. Participating share-based payment awards, including shares of restricted stock granted under certain of our stock-based compensation plans, are included in the computation of basic earnings per share using the two-class method. Diluted earnings per common share reflects the potential dilution arising from our outstanding stock options and unvested restricted shares granted in connection with our stock-based compensation plans. Potentially dilutive securities are excluded from the computation of diluted earnings per common share when the effect of including such shares would be anti-dilutive. | ||
Financial Instruments | ' | |
Financial Instruments | ||
Our financial instruments include cash, accounts receivable, payables, our credit facilities, capital lease obligations, and trade payables. The estimated fair values of these financial instruments approximate their carrying amounts, except for certain debt as discussed in Note 12. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill and intangibles [Abstract] | ' |
Goodwill | ' |
Goodwill | |
Goodwill represents the excess of cost over fair value of assets of businesses acquired. Goodwill and intangible assets acquired in a purchase business combination are recorded at fair value as of the date acquired. Acquired intangibles determined to have an indefinite useful life are not amortized, but are instead tested for impairment at least annually, and are tested for impairment more frequently if events and circumstances indicate that the asset might be impaired. The annual impairment test of goodwill is performed as of the first day of the fourth quarter of the fiscal year. | |
In our annual impairment analysis, we used qualitative factors to determine whether it is more likely than not (likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount, including goodwill. | |
If after assessing the totality of events or circumstances an entity determines that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount then performing the two-step test is unnecessary. However, if we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we perform the first step of the two-step goodwill impairment test. | |
In the first step of the goodwill impairment test, the reporting unit’s carrying amount (including goodwill) and its fair value are compared. If the estimated fair value of a reporting unit is less than the carrying value, a second step is performed to compute the amount of the impairment by determining an “implied fair value” of goodwill. The determination of our “implied fair value” requires us to allocate the estimated fair value of the reporting unit to the assets and liabilities of the reporting unit. Any unallocated fair value represents the “implied fair value” of goodwill, which is compared to the corresponding carrying value. If the “implied fair value” is less than the carrying value, an impairment charge would be recorded. | |
The impairment analysis performed in the fourth quarter of 2013 indicated that goodwill was not impaired. We did not have any goodwill recorded prior to 2013. | |
Goodwill is not amortized, but instead is tested for impairment at the reporting unit level at least annually, and tested for impairment more frequently if events and circumstances indicate that the goodwill might be impaired. The annual impairment test of goodwill is performed as of the first day of the fourth quarter of our fiscal year. | |
In performing our annual impairment analysis, ASC 350–20, Intangibles–Goodwill and Other, allows us to use qualitative factors to determine whether it is more likely than not (likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount, including goodwill. | |
At December 31, 2013, we had $18 million of goodwill recorded in our U.S. segment as a result of the acquisition of Crackerbox. In accordance with ASC 350 Intangibles—Goodwill and Other, we have assessed the reporting unit definitions and determined that goodwill in our U.S. segment is tested for impairment by three geographic regions based primarily on how our U.S. segment is organized and managed. All of the goodwill in our U.S. segment is assigned to one of these three geographic regions. After assessing the totality of events and circumstances (primarily that our capital structure as an independent, publicly traded company was based on current market conditions and estimated fair values as of the separation and distribution while our net assets retained the historical book basis of Valero’s retail business prior to the separation and distribution), we determined that it is more likely than not that the fair value of our reporting unit exceeds its carrying amount and therefore goodwill is not impaired at December 31, 2013. |
Change_in_Accounting_Principle1
Change in Accounting Principle (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Adjustments for Change in Accounting Principle, Income Statement | ' | ||||||||||||
Change in Accounting Principle | ' | ||||||||||||
Schedule of Changes in Accounting Principle | ' | ||||||||||||
The following financial statement line items for fiscal years 2013, 2012 and 2011 were affected by the change in accounting principle (in millions): | |||||||||||||
Income Statements | |||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Operating revenues | $ | 12,777 | $ | 12,777 | $ | — | |||||||
Cost of sales | 11,681 | 11,680 | (1 | ) | |||||||||
Gross margin | 1,096 | 1,097 | 1 | ||||||||||
Total operating expenses | 859 | 859 | — | ||||||||||
Operating income | 237 | 238 | 1 | ||||||||||
Other income, net | 4 | 4 | — | ||||||||||
Interest expense | (27 | ) | (27 | ) | — | ||||||||
Income before income tax expense | 214 | 215 | 1 | ||||||||||
Income tax expense | 76 | 76 | — | ||||||||||
Net income | $ | 138 | $ | 139 | $ | 1 | |||||||
For the Year Ended December 31, 2012 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Operating revenues | $ | 13,135 | $ | 13,135 | $ | — | |||||||
Cost of sales | 12,000 | 12,002 | 2 | ||||||||||
Gross margin | 1,135 | 1,133 | (2 | ) | |||||||||
Total operating expenses | 820 | 820 | — | ||||||||||
Operating income | 315 | 313 | (2 | ) | |||||||||
Other income, net | 1 | 1 | — | ||||||||||
Interest expense | (1 | ) | (1 | ) | — | ||||||||
Income before income tax expense | 315 | 313 | (2 | ) | |||||||||
Income tax expense | 105 | 105 | — | ||||||||||
Net income | $ | 210 | $ | 208 | $ | (2 | ) | ||||||
For the Year Ended December 31, 2011 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Operating revenues | $ | 12,863 | $ | 12,863 | $ | — | |||||||
Cost of sales | 11,735 | 11,730 | (5 | ) | |||||||||
Gross margin | 1,128 | 1,133 | 5 | ||||||||||
Total operating expenses | 811 | 811 | — | ||||||||||
Operating income | 317 | 322 | 5 | ||||||||||
Other income, net | 1 | 1 | — | ||||||||||
Interest expense | (1 | ) | (1 | ) | — | ||||||||
Income before income tax expense | 317 | 322 | 5 | ||||||||||
Income tax expense | 103 | 104 | (1 | ) | |||||||||
Net income | $ | 214 | $ | 218 | $ | 4 | |||||||
Adjustments for Change in Accounting Principle, Balance Sheet | ' | ||||||||||||
Change in Accounting Principle | ' | ||||||||||||
Schedule of Changes in Accounting Principle | ' | ||||||||||||
Balance Sheets | |||||||||||||
31-Dec-13 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Inventories | $ | 186 | $ | 217 | $ | 31 | |||||||
Current deferred income tax asset | 16 | 7 | (9 | ) | |||||||||
Total assets | 2,281 | 2,303 | 22 | ||||||||||
Stockholders’ equity: | |||||||||||||
Common stock | 1 | 1 | — | ||||||||||
APIC | 387 | 406 | 19 | ||||||||||
Retained earnings | 86 | 87 | 1 | ||||||||||
AOCI | 131 | 133 | 2 | ||||||||||
Total stockholders’ equity | $ | 605 | $ | 627 | $ | 22 | |||||||
31-Dec-12 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Inventories | $ | 168 | $ | 200 | $ | 32 | |||||||
Current deferred income tax asset | 13 | 4 | (9 | ) | |||||||||
Total assets | 1,709 | 1,732 | 23 | ||||||||||
Net investment: | |||||||||||||
Net investment | 1,082 | 1,100 | 18 | ||||||||||
AOCI | 165 | 170 | 5 | ||||||||||
Total net investment | $ | 1,247 | $ | 1,270 | $ | 23 | |||||||
Adjustments for Change in Accounting Principle, Statement of Cash Flows | ' | ||||||||||||
Change in Accounting Principle | ' | ||||||||||||
Schedule of Changes in Accounting Principle | ' | ||||||||||||
Statements of Cash Flows | |||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 138 | $ | 139 | $ | 1 | |||||||
Adjustments to reconcile net income to net cash provided | |||||||||||||
by operating activities: | |||||||||||||
Changes in current assets and current liabilities | 157 | 157 | — | ||||||||||
Deferred income tax expense | 17 | 16 | (1 | ) | |||||||||
Operating activities, net | 128 | 128 | — | ||||||||||
Net cash provided by operating activities | 440 | 440 | — | ||||||||||
Cash flows from investing activities: | |||||||||||||
Net cash used in investing activities | (206 | ) | (206 | ) | — | ||||||||
Cash flows from financing activities: | |||||||||||||
Net cash provided by financing activities | 85 | 85 | — | ||||||||||
Effect of foreign exchange rate changes on cash | (2 | ) | (2 | ) | — | ||||||||
Net increase in cash | 317 | 317 | — | ||||||||||
Cash at beginning of year | 61 | 61 | — | ||||||||||
Cash at end of year | $ | 378 | $ | 378 | $ | — | |||||||
For the Year Ended December 31, 2012 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 210 | $ | 208 | $ | (2 | ) | ||||||
Adjustments to reconcile net income to net cash provided | |||||||||||||
by operating activities: | |||||||||||||
Changes in current assets and current liabilities | 42 | 43 | 1 | ||||||||||
Deferred income tax (benefit) | (2 | ) | (1 | ) | 1 | ||||||||
Operating activities, net | 114 | 114 | — | ||||||||||
Net cash provided by operating activities | 364 | 364 | — | ||||||||||
Cash flows from investing activities: | |||||||||||||
Net cash used in investing activities | (215 | ) | (215 | ) | — | ||||||||
Cash flows from financing activities: | |||||||||||||
Net cash used in financing activities | (220 | ) | (220 | ) | — | ||||||||
Effect of foreign exchange rate changes on cash | — | — | — | ||||||||||
Net (decrease) in cash | (71 | ) | (71 | ) | — | ||||||||
Cash at beginning of year | 132 | 132 | — | ||||||||||
Cash at end of year | $ | 61 | $ | 61 | $ | — | |||||||
For the Year Ended December 31, 2011 | |||||||||||||
As Computed under LIFO | As Adjusted | Effect of Change | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 214 | $ | 218 | $ | 4 | |||||||
Adjustments to reconcile net income to net cash provided | |||||||||||||
by operating activities: | |||||||||||||
Changes in current assets and current liabilities | (40 | ) | (44 | ) | (4 | ) | |||||||
Deferred income tax expense | 12 | 12 | — | ||||||||||
Operating activities, net | 122 | 122 | — | ||||||||||
Net cash provided by operating activities | 308 | 308 | — | ||||||||||
Cash flows from investing activities: | |||||||||||||
Net cash used in investing activities | (127 | ) | (127 | ) | — | ||||||||
Cash flows from financing activities: | |||||||||||||
Net cash used in financing activities | (151 | ) | (151 | ) | — | ||||||||
Effect of foreign exchange rate changes on cash | — | — | — | ||||||||||
Net increase in cash | 30 | 30 | — | ||||||||||
Cash at beginning of year | 102 | 102 | — | ||||||||||
Cash at end of year | $ | 132 | $ | 132 | $ | — | |||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Business Acquisitions | ' | ||||
The purchase price allocation of the acquisition of Crackerbox was determined based on the acquisition-date fair values of the assets acquired and is as follows (in millions): | |||||
Inventories | $ | 3 | |||
Property and equipment | 38 | ||||
Other assets | 2 | ||||
Goodwill | 18 | ||||
Total consideration | $ | 61 | |||
Asset_Impairments_Tables
Asset Impairments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair value impairments [Abstract] | ' | ||||||||||||
Schedule of Long-Lived Asset Fair Values and Impairments | ' | ||||||||||||
The aggregate carrying values, estimated fair values and asset impairments for each segment were as follows (in millions): | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S.: | |||||||||||||
Carrying values | $ | 9 | $ | — | $ | 3 | |||||||
Less: Estimated fair values | 4 | — | 1 | ||||||||||
Asset impairments | $ | 5 | $ | — | $ | 2 | |||||||
Canada: | |||||||||||||
Carrying values | $ | 1 | $ | — | $ | 1 | |||||||
Less: Estimated fair values | — | — | — | ||||||||||
Asset impairments | $ | 1 | $ | — | $ | 1 | |||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of Fair Value Measurements | ' | ||||||||||||||||||||
The table below presents the fair value (in millions) of our nonfinancial assets measured on a nonrecurring basis during the years ended December 31, 2013, 2012 and 2011, and categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Quoted | Significant | Significant | Total | Total Loss | |||||||||||||||||
Prices in | Other | Unobservable | Fair Value | Recognized | |||||||||||||||||
Active | Observable | Inputs | as of | During the | |||||||||||||||||
Markets | Inputs | (Level 3) | December 31 | Year Ended | |||||||||||||||||
(Level 1) | (Level 2) | December 31 | |||||||||||||||||||
2013:00:00 | |||||||||||||||||||||
Property and equipment | $ | — | $ | — | $ | 4 | $ | 4 | $ | 6 | |||||||||||
2012:00:00 | |||||||||||||||||||||
Property and equipment | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
2011:00:00 | |||||||||||||||||||||
Property and equipment | $ | — | $ | — | $ | 1 | $ | 1 | $ | 3 | |||||||||||
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Schedule of Accounts Receivable | ' | ||||||||||||
Receivables consisted of the following (in millions): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Trade receivables | $ | 123 | $ | 115 | |||||||||
Other | 31 | 21 | |||||||||||
Total receivables | 154 | 136 | |||||||||||
Allowance for doubtful accounts | (1 | ) | (2 | ) | |||||||||
Receivables, net | $ | 153 | $ | 134 | |||||||||
Schedule of Allowance for Doubtful Accounts | ' | ||||||||||||
Changes in the allowance for doubtful accounts consisted of the following (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance as of beginning of year | $ | 2 | $ | 2 | $ | 2 | |||||||
Increase in allowance charged to expense | — | — | 1 | ||||||||||
Accounts charged against the allowance, net of recoveries | (1 | ) | — | (1 | ) | ||||||||
Balance as of end of year | $ | 1 | $ | 2 | $ | 2 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
Inventories consisted of the following (in millions): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Convenience store merchandise | $ | 115 | $ | 111 | |||||
Motor fuel | 101 | 88 | |||||||
Supplies | 1 | 1 | |||||||
Inventories | $ | 217 | $ | 200 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of Property and Equipment | ' | ||||||||
Major classes of property and equipment consisted of the following (in millions): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Land | $ | 403 | $ | 387 | |||||
Retail site buildings | 436 | 426 | |||||||
Equipment | 625 | 599 | |||||||
Leasehold improvements | 255 | 237 | |||||||
Other | 213 | 185 | |||||||
Construction in progress | 49 | 29 | |||||||
Property and equipment, at cost | 1,981 | 1,863 | |||||||
Accumulated depreciation | (655 | ) | (587 | ) | |||||
Property and equipment, net | $ | 1,326 | $ | 1,276 | |||||
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Goodwill and Intangible Assets | ' | |||||||||||||||
Goodwill and intangible assets consisted of the following (in millions): | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Goodwill | $ | 18 | $ | — | ||||||||||||
Intangible assets | 119 | 127 | $ | (88 | ) | $ | (86 | ) | ||||||||
Total | $ | 137 | $ | 127 | $ | (88 | ) | $ | (86 | ) | ||||||
Accrued_Expenses_and_Other_Lon1
Accrued Expenses and Other Long-Term Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Retirement Obligations [Abstract] | ' | ||||||||||||
Schedule of Accrued Expenses and Other Long-Term Liabilities | ' | ||||||||||||
Accrued expenses and other long-term liabilities consisted of the following (in millions): | |||||||||||||
Accrued Expenses | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Wage and other employee-related liabilities | $ | 25 | $ | 22 | |||||||||
Environmental liabilities | 2 | 2 | |||||||||||
Self-insurance accruals (see Note 14) | 1 | 6 | |||||||||||
Asset retirement obligations | 3 | 2 | |||||||||||
Accrued Interest | 5 | — | |||||||||||
Other | 7 | 8 | |||||||||||
Total accrued expenses and other current liabilities | $ | 43 | $ | 40 | |||||||||
Other Long-Term | |||||||||||||
Liabilities | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Environmental liabilities | $ | 3 | $ | 3 | |||||||||
Self-insurance accruals (see Note 14) | 16 | 11 | |||||||||||
Other | 15 | 16 | |||||||||||
Total other long-term liabilities | $ | 34 | $ | 30 | |||||||||
Schedule of Asset Retirement Obligations | ' | ||||||||||||
Changes in our asset retirement obligations were as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Asset retirement obligations as of beginning of year | $ | 79 | $ | 76 | $ | 72 | |||||||
Additions to accrual | 1 | 2 | 2 | ||||||||||
Accretion expense | 4 | 4 | 4 | ||||||||||
Settlements | (1 | ) | (4 | ) | (2 | ) | |||||||
Foreign currency translation | (1 | ) | 1 | — | |||||||||
Asset retirement obligations as of end of year | $ | 82 | $ | 79 | $ | 76 | |||||||
Less current portion (included in accrued expenses) | (3 | ) | (2 | ) | (2 | ) | |||||||
Asset retirement obligations, less current portion | $ | 79 | $ | 77 | $ | 74 | |||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||
Our balances for long-term debt and capital leases are as follows (in millions): | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
5.00% senior notes due 2023 | $ | 550 | $ | — | |||||
Term loan due 2018 (effective interest rate of 1.92% at December 31, 2013) | 488 | — | |||||||
Capital leases | 4 | 5 | |||||||
Total debt and capital lease obligations outstanding | 1,042 | 5 | |||||||
Less current portion | (36 | ) | (1 | ) | |||||
Debt and capital lease obligations, less current portion | $ | 1,006 | $ | 4 | |||||
Availability under revolving credit facility (expires 2018): | |||||||||
Total available credit facility limit | $ | 300 | $ | — | |||||
Letters of credit outstanding | (3 | ) | — | ||||||
Maximum leverage ratio constraint(a) | (84 | ) | — | ||||||
Total available and undrawn | $ | 213 | $ | — | |||||
(a) | Our credit facility contains a maximum lease adjusted leverage ratio of 3.75 to 1.00. As a result, we were limited to the amount we could borrow under our revolving credit facility at December 31, 2013. | ||||||||
Schedule of Maturities of Long-term Debt | ' | ||||||||
We are required to make principal payments on the term loan in accordance with an amortization schedule as follows (in millions): | |||||||||
Years Ending December 31, | Total Principal to be Repaid | ||||||||
2014 | $ | 35 | |||||||
2015 | 47 | ||||||||
2016 | 69 | ||||||||
2017 | 75 | ||||||||
2018 | 262 | ||||||||
Total | $ | 488 | |||||||
RelatedParty_Transactions_Tabl
Related-Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Schedule of Related Party Transactions | ' | ||||||||||||
The following table reflects significant transactions with Valero (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cost of sales | $ | 10,460 | $ | 10,810 | $ | 10,533 | |||||||
Operating expenses(a) | 14 | 43 | 36 | ||||||||||
General and administrative expenses(a) | 14 | 36 | 36 | ||||||||||
(a) | Includes stock-based compensation and employee benefit plan expense allocations that are more fully described in Notes 16 and 19, respectively. | ||||||||||||
Reconciliation of Net Change in Net Parent Investment | ' | ||||||||||||
The following is a reconciliation of the amounts presented as “Net transfers to Valero” on our statements of changes in stockholders’ equity/net investment and the amounts presented as “Net transfers to Valero” on our statements of cash flows. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net transfers to Parent per statements of changes in net investment | $ | (739 | ) | $ | (222 | ) | $ | (151 | ) | ||||
Non-cash transactions: | |||||||||||||
Net transfers of assets and liabilities with Valero | 361 | 3 | 1 | ||||||||||
Net transfers to Valero per statements of cash flows | $ | (378 | ) | $ | (219 | ) | $ | (150 | ) | ||||
Certain adjustments were made subsequent to the separation and distribution to true-up the differences between the book basis and the tax basis of certain assets and liabilities, which resulted in a $9 million reduction in our deferred income tax assets and an offsetting reduction to APIC, as discussed in Note 1. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Schedule of Future Minimum Lease Payments | ' | ||||||||||||
As of December 31, 2013, our future minimum lease payments for (i) operating leases having initial or remaining noncancelable lease terms in excess of one year and (ii) capital leases were as follows (in millions): | |||||||||||||
Operating | Capital | ||||||||||||
Leases | Leases | ||||||||||||
2014 | $ | 24 | $ | 2 | |||||||||
2015 | 22 | 1 | |||||||||||
2016 | 20 | 1 | |||||||||||
2017 | 17 | 1 | |||||||||||
2018 | 13 | — | |||||||||||
Thereafter | 45 | 2 | |||||||||||
Total minimum rental payments | $ | 141 | 7 | ||||||||||
Less amount representing interest | (3 | ) | |||||||||||
Net minimum rental payments | $ | 4 | |||||||||||
Schedule of Rent Expense | ' | ||||||||||||
Rental expense was as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Minimum rental expense | $ | 28 | $ | 25 | $ | 25 | |||||||
Contingent rental expense | 22 | 23 | 23 | ||||||||||
Total rental expense | $ | 50 | $ | 48 | $ | 48 | |||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Schedule of Dividends | ' | ||||||||
We paid quarterly cash dividends as follows: | |||||||||
Quarter Ended | Record Date | Payment Date | Cash Distribution (per share) | ||||||
30-Sep-13 | September 30, 2013 | October 15, 2013 | $ | 0.0625 | |||||
31-Dec-13 | December 31, 2013 | January 15, 2014 | $ | 0.0625 | |||||
Schedule of Foreign Currency Translation Adjustments | ' | ||||||||
Changes in foreign currency translation adjustments were as follows for the years ended December 31, 2013 and 2012 (in millions): | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at the beginning of the period | $ | 170 | $ | 160 | |||||
Other comprehensive (loss) income before reclassifications | (37 | ) | 10 | ||||||
Amounts reclassified from other comprehensive income | — | — | |||||||
Net other comprehensive (loss) income | (37 | ) | 10 | ||||||
Balance at the end of the period | $ | 133 | $ | 170 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Stock-Based Compensation Expense | ' | |||||||||||||
We recorded stock-based compensation expense as follows (in millions): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Stock-based compensation expense | $ | 4 | $ | 2 | $ | 3 | ||||||||
Summary of Stock Option Activity | ' | |||||||||||||
The following summarizes all stock option activity during the year ended December 31, 2013: | ||||||||||||||
Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (Millions) | |||||||||||
Options outstanding at May 1, 2013 | — | n/a | ||||||||||||
Granted | 239,985 | $ | 29.87 | |||||||||||
Exercised | — | n/a | n/a | |||||||||||
Unvested options forfeited | (2,775 | ) | $ | 29.53 | ||||||||||
Options outstanding at December 31, 2013 | 237,210 | $ | 29.87 | 1.6 | $ | 2 | ||||||||
Options exercisable at December 31, 2013 | — | n/a | n/a | n/a | ||||||||||
Summary of Weighted-Average Assumptions Used in Fair Value Measurements | ' | |||||||||||||
The fair value of each option was estimated on the date of grant using the Black-Scholes option-pricing model based on the following weighted-average assumptions used for grants during 2013: | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||
Expected term (years) | 6 | |||||||||||||
Expected stock price volatility | 44.39 | % | ||||||||||||
Risk-free interest rate | 1.04 | % | ||||||||||||
Expected dividend yield | 0.84 | % | ||||||||||||
Summary of Restricted Stock Activity | ' | |||||||||||||
The following summarizes all restricted stock activity during the year ended December 31, 2013: | ||||||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value | |||||||||||||
Restricted shares outstanding at May 1, 2013 | — | n/a | ||||||||||||
Granted | 203,813 | $ | 29.73 | |||||||||||
Vested | — | n/a | ||||||||||||
Forfeited | (1,110 | ) | $ | 29.53 | ||||||||||
Restricted shares outstanding at December 31, 2013 | 202,703 | $ | 29.73 | |||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||
The following table provides a reconciliation of basic and diluted earnings per common share computations for the years ended December 31, 2013, 2012 and 2011 (in millions, except shares and per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Earnings per common share: | |||||||||||||
Net income attributable to stockholders | $ | 139 | $ | 208 | $ | 218 | |||||||
Weighted-average common shares outstanding (in thousands) | 75,397 | 75,397 | 75,397 | ||||||||||
Total earnings per share | $ | 1.84 | $ | 2.76 | $ | 2.89 | |||||||
Earnings per common share - assuming dilution: | |||||||||||||
Net income attributable to stockholders | $ | 139 | $ | 208 | $ | 218 | |||||||
Weighted-average common shares outstanding (in thousands) | 75,397 | 75,397 | 75,397 | ||||||||||
Common equivalent shares: | |||||||||||||
Restricted stock (in thousands) | 28 | — | — | ||||||||||
Weighted-average common shares outstanding - assuming dilution (in thousands) | 75,425 | 75,397 | 75,397 | ||||||||||
Earnings per common shares - assuming dilution | $ | 1.84 | $ | 2.76 | $ | 2.89 | |||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||||||
These securities have been excluded from the computation of diluted earnings per share because they would have been anti-dilutive for the periods presented: | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2013 | |||||||||||||
Weighted-average anti-dilutive options | 151 | ||||||||||||
Weighted-average anti-dilutive restricted shares | — | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income before Income Tax Expense from U.S. and Canada Operations | ' | ||||||||||||
Income before income tax expense from our U.S. and Canadian operations was as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. operations | $ | 111 | $ | 201 | $ | 161 | |||||||
Canadian operations | 104 | 112 | 161 | ||||||||||
Income before income tax expense | $ | 215 | $ | 313 | $ | 322 | |||||||
Reconciliation of Consolidated Effective Income Tax Rate | ' | ||||||||||||
The following is a reconciliation of the U.S. statutory federal income tax rate (35% for all years presented) to the consolidated effective income tax rate: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal income tax expense at the U.S. statutory rate | 35 | % | 35 | % | 35 | % | |||||||
U.S. state income tax expense, net of U.S. federal income tax effect | 1.1 | 1.3 | 1.2 | ||||||||||
Canadian operations | (3.8 | ) | (2.9 | ) | (3.4 | ) | |||||||
Credits | (0.4 | ) | — | (0.3 | ) | ||||||||
State credit loss | 3.4 | — | — | ||||||||||
Other | — | 0.1 | (0.2 | ) | |||||||||
Income tax expense | 35.3 | % | 33.5 | % | 32.3 | % | |||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
Components of income tax expense related to net income were as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
U.S. federal | $ | 37 | $ | 67 | $ | 39 | |||||||
U.S. state | 5 | 6 | 5 | ||||||||||
Canada | 18 | 33 | 48 | ||||||||||
Total current | 60 | 106 | 92 | ||||||||||
Deferred: | |||||||||||||
U.S. federal | (4 | ) | 1 | 14 | |||||||||
U.S. state | 10 | — | 1 | ||||||||||
Canada | 10 | (2 | ) | (3 | ) | ||||||||
Total deferred | 16 | (1 | ) | 12 | |||||||||
Income tax expense | $ | 76 | $ | 105 | $ | 104 | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows (in millions): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Tax credit carryforwards | $ | — | $ | 7 | |||||||||
Net operating losses (“NOLs”) | 1 | 1 | |||||||||||
Inventories | 4 | 2 | |||||||||||
Unpaid insurance reserve | 5 | 5 | |||||||||||
Accrued expenses | 6 | 3 | |||||||||||
Property and equipment | 23 | — | |||||||||||
Intangibles | 69 | — | |||||||||||
Other assets | 5 | 10 | |||||||||||
Total deferred income tax assets | 113 | 28 | |||||||||||
Less: Valuation allowance | (1 | ) | (1 | ) | |||||||||
Net deferred income tax assets | 112 | 27 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Property and equipment | (105 | ) | (145 | ) | |||||||||
Other | (1 | ) | (1 | ) | |||||||||
Total deferred income tax liabilities | (106 | ) | (146 | ) | |||||||||
Net deferred income tax assets (liabilities) | 6 | (119 | ) | ||||||||||
Less: Current deferred income tax assets | (7 | ) | (4 | ) | |||||||||
Less: Non-current deferred income tax asset | (93 | ) | — | ||||||||||
Non-current deferred income tax liability | $ | (94 | ) | $ | (123 | ) |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Employee Benefit Expense [Abstract] | ' | ||||||||||||
Schedule of Benefit Plan Costs | ' | ||||||||||||
We recorded expenses associated with benefit plans for our employees as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
CST defined contribution plans | $ | 7 | $ | — | $ | — | |||||||
Valero defined benefit and defined contribution plans | 5 | 15 | 12 | ||||||||||
Benefit plan expense | $ | 12 | $ | 15 | $ | 12 | |||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||
The following table reflects activity related to our reportable segments (in millions): | |||||||||||||||||
U.S. | Canada | Corporate | Total | ||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||
Operating revenues from external customers | $ | 7,761 | $ | 5,016 | $ | — | $ | 12,777 | |||||||||
Gross margin | 699 | 398 | — | 1,097 | |||||||||||||
Depreciation, amortization and accretion expense | 82 | 36 | — | 118 | |||||||||||||
Operating income (loss) | 198 | 118 | (78 | ) | 238 | ||||||||||||
Total expenditures for long-lived assets | 148 | 54 | — | 202 | |||||||||||||
Year ended December 31, 2012: | |||||||||||||||||
Operating revenues from external customers | 7,907 | 5,228 | — | 13,135 | |||||||||||||
Gross margin | 722 | 411 | — | 1,133 | |||||||||||||
Depreciation, amortization and accretion expense | 78 | 37 | — | 115 | |||||||||||||
Operating income (loss) | 246 | 128 | (61 | ) | 313 | ||||||||||||
Total expenditures for long-lived assets | 181 | 42 | — | 223 | |||||||||||||
Year ended December 31, 2011: | |||||||||||||||||
Operating revenues from external customers | 7,557 | 5,306 | — | 12,863 | |||||||||||||
Gross margin | 664 | 469 | — | 1,133 | |||||||||||||
Depreciation, amortization and accretion expense | 76 | 37 | — | 113 | |||||||||||||
Operating income (loss) | 202 | 179 | (59 | ) | 322 | ||||||||||||
Total expenditures for long-lived assets | 91 | 39 | — | 130 | |||||||||||||
Schedule of Revenue from External Customers by Products | ' | ||||||||||||||||
Operating revenues for our principal products were as follows (in millions): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Motor fuel sales (gasoline and diesel) | $ | 10,667 | $ | 11,036 | $ | 10,758 | |||||||||||
Merchandise sales | 1,538 | 1,496 | 1,484 | ||||||||||||||
Other | 572 | 603 | 621 | ||||||||||||||
Total operating revenues | $ | 12,777 | $ | 13,135 | $ | 12,863 | |||||||||||
Schedule of Long-Lived Assets by Geographic Areas | ' | ||||||||||||||||
Long-lived assets include property and equipment, goodwill and intangible assets. Geographic information by country for long-lived assets consisted of the following (in millions): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
U.S. | $ | 1,003 | $ | 938 | |||||||||||||
Canada | 372 | 379 | |||||||||||||||
Total long-lived assets | $ | 1,375 | $ | 1,317 | |||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | ||||||||||||||||
Total assets by reportable segment were as follows (in millions): | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
U.S. | $ | 1,472 | $ | 1,154 | |||||||||||||
Canada | 799 | 578 | |||||||||||||||
Total reportable segment assets | $ | 2,271 | $ | 1,732 | |||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Schedule of Changes in Current Assets and Current Liabilities | ' | ||||||||||||
In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Decrease (increase) in current assets: | |||||||||||||
Receivables, net | $ | (26 | ) | $ | 41 | $ | (30 | ) | |||||
Inventories | (23 | ) | (4 | ) | (9 | ) | |||||||
Prepaid expenses and other | (2 | ) | 2 | (4 | ) | ||||||||
Increase (decrease) in current liabilities: | |||||||||||||
Accounts payable | 18 | 4 | (2 | ) | |||||||||
Accounts payable to Valero | 253 | — | — | ||||||||||
Accrued expenses | 4 | (3 | ) | (4 | ) | ||||||||
Taxes other than income taxes | (77 | ) | 3 | 5 | |||||||||
Income taxes payable | 10 | — | — | ||||||||||
Changes in current assets and current liabilities | $ | 157 | $ | 43 | $ | (44 | ) | ||||||
Summary of Cash Flows Related To Interest And Income Taxes | ' | ||||||||||||
Cash flows related to interest were as follows (in millions): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest paid in excess of amount capitalized | $ | 21 | $ | 1 | $ | 1 | |||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
The following table summarizes quarterly financial data for the years ended December 31, 2013 and 2012 (in millions). | |||||||||||||||||
2013 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Operating revenues | $ | 3,188 | $ | 3,211 | $ | 3,316 | $ | 3,062 | |||||||||
Gross margin | 236 | 288 | 291 | 282 | |||||||||||||
Operating income | 32 | 77 | 69 | 60 | |||||||||||||
Net income | 23 | 40 | 42 | 34 | |||||||||||||
Basic earnings per common share | $ | 0.3 | $ | 0.54 | $ | 0.56 | $ | 0.44 | |||||||||
Diluted earnings per common share | $ | 0.3 | $ | 0.54 | $ | 0.56 | $ | 0.44 | |||||||||
2012 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Operating revenues | $ | 3,212 | $ | 3,345 | $ | 3,382 | $ | 3,196 | |||||||||
Gross margin | 220 | 361 | 252 | 300 | |||||||||||||
Operating income | 23 | 157 | 42 | 91 | |||||||||||||
Net income | 18 | 102 | 28 | 60 | |||||||||||||
Basic earnings per common share | $ | 0.24 | $ | 1.37 | $ | 0.37 | $ | 0.78 | |||||||||
Diluted earnings per common share | $ | 0.24 | $ | 1.37 | $ | 0.37 | $ | 0.78 | |||||||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Guarantor Subsidiaries [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||
Cash | $ | — | $ | 231 | $ | 147 | $ | — | $ | 378 | |||||||||||||||||||||||
Receivables, net | — | 56 | 97 | — | 153 | ||||||||||||||||||||||||||||
Inventories | — | 139 | 78 | — | 217 | ||||||||||||||||||||||||||||
Deferred income taxes | — | 6 | 1 | — | 7 | ||||||||||||||||||||||||||||
Prepaid expenses and other | — | 5 | 6 | — | 11 | ||||||||||||||||||||||||||||
Total current assets | — | 437 | 329 | — | 766 | ||||||||||||||||||||||||||||
Property and equipment, at cost | — | 1,477 | 504 | — | 1,981 | ||||||||||||||||||||||||||||
Accumulated depreciation | — | (494 | ) | (161 | ) | — | (655 | ) | |||||||||||||||||||||||||
Property and equipment, net | — | 983 | 343 | — | 1,326 | ||||||||||||||||||||||||||||
Goodwill and intangible assets, net | — | 20 | 29 | — | 49 | ||||||||||||||||||||||||||||
Investment in subsidiaries | 1,714 | — | — | (1,714 | ) | — | |||||||||||||||||||||||||||
Deferred income taxes | — | — | 93 | — | 93 | ||||||||||||||||||||||||||||
Other assets, net | 32 | 32 | 5 | — | 69 | ||||||||||||||||||||||||||||
Total assets | $ | 1,746 | $ | 1,472 | $ | 799 | $ | (1,714 | ) | $ | 2,303 | ||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||
Current portion of debt and capital lease obligations | $ | 35 | $ | 1 | $ | — | $ | — | $ | 36 | |||||||||||||||||||||||
Accounts payable | — | 52 | 47 | — | 99 | ||||||||||||||||||||||||||||
Accounts payable to Valero | (1 | ) | 158 | 96 | — | 253 | |||||||||||||||||||||||||||
Dividends payable | 5 | — | — | — | 5 | ||||||||||||||||||||||||||||
Accrued expenses | 4 | 23 | 16 | — | 43 | ||||||||||||||||||||||||||||
Taxes other than income taxes | — | 16 | 1 | — | 17 | ||||||||||||||||||||||||||||
Income taxes payable | — | 1 | 9 | — | 10 | ||||||||||||||||||||||||||||
Total current liabilities | 43 | 251 | 169 | — | 463 | ||||||||||||||||||||||||||||
Debt and capital lease obligations, less current portion | 1,003 | 3 | — | — | 1,006 | ||||||||||||||||||||||||||||
Deferred income taxes | — | 94 | — | — | 94 | ||||||||||||||||||||||||||||
Intercompany payables (receivables) | 58 | (58 | ) | — | — | — | |||||||||||||||||||||||||||
Asset retirement obligations | — | 61 | 18 | — | 79 | ||||||||||||||||||||||||||||
Other long-term liabilities | 15 | 7 | 12 | — | 34 | ||||||||||||||||||||||||||||
Total liabilities | 1,119 | 358 | 199 | — | 1,676 | ||||||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||||||||||
Common stock | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||
APIC | 406 | 1,037 | 551 | (1,588 | ) | 406 | |||||||||||||||||||||||||||
Retained earnings | 87 | 77 | 49 | (126 | ) | 87 | |||||||||||||||||||||||||||
AOCI | 133 | — | — | — | 133 | ||||||||||||||||||||||||||||
Total stockholders’ equity | 627 | 1,114 | 600 | (1,714 | ) | 627 | |||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,746 | $ | 1,472 | $ | 799 | $ | (1,714 | ) | $ | 2,303 | ||||||||||||||||||||||
CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||
Cash | $ | — | $ | 231 | $ | 147 | $ | — | $ | 378 | |||||||||||||||||||||||
Receivables, net | — | 56 | 97 | — | 153 | ||||||||||||||||||||||||||||
Inventories | — | 139 | 78 | — | 217 | ||||||||||||||||||||||||||||
Deferred income taxes | — | 6 | 1 | — | 7 | ||||||||||||||||||||||||||||
Prepaid expenses and other | — | 5 | 6 | — | 11 | ||||||||||||||||||||||||||||
Total current assets | — | 437 | 329 | — | 766 | ||||||||||||||||||||||||||||
Property and equipment, at cost | — | 1,477 | 504 | — | 1,981 | ||||||||||||||||||||||||||||
Accumulated depreciation | — | (494 | ) | (161 | ) | — | (655 | ) | |||||||||||||||||||||||||
Property and equipment, net | — | 983 | 343 | — | 1,326 | ||||||||||||||||||||||||||||
Goodwill and intangible assets, net | — | 20 | 29 | — | 49 | ||||||||||||||||||||||||||||
Investment in subsidiaries | 1,714 | — | — | (1,714 | ) | — | |||||||||||||||||||||||||||
Deferred income taxes | — | — | 93 | — | 93 | ||||||||||||||||||||||||||||
Other assets, net | 32 | 32 | 5 | — | 69 | ||||||||||||||||||||||||||||
Total assets | $ | 1,746 | $ | 1,472 | $ | 799 | $ | (1,714 | ) | $ | 2,303 | ||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||
Current portion of debt and capital lease obligations | $ | 35 | $ | 1 | $ | — | $ | — | $ | 36 | |||||||||||||||||||||||
Accounts payable | — | 52 | 47 | — | 99 | ||||||||||||||||||||||||||||
Accounts payable to Valero | (1 | ) | 158 | 96 | — | 253 | |||||||||||||||||||||||||||
Dividends payable | 5 | — | — | — | 5 | ||||||||||||||||||||||||||||
Accrued expenses | 4 | 23 | 16 | — | 43 | ||||||||||||||||||||||||||||
Taxes other than income taxes | — | 16 | 1 | — | 17 | ||||||||||||||||||||||||||||
Income taxes payable | — | 1 | 9 | — | 10 | ||||||||||||||||||||||||||||
Total current liabilities | 43 | 251 | 169 | — | 463 | ||||||||||||||||||||||||||||
Debt and capital lease obligations, less current portion | 1,003 | 3 | — | — | 1,006 | ||||||||||||||||||||||||||||
Deferred income taxes | — | 94 | — | — | 94 | ||||||||||||||||||||||||||||
Intercompany payables (receivables) | 58 | (58 | ) | — | — | — | |||||||||||||||||||||||||||
Asset retirement obligations | — | 61 | 18 | — | 79 | ||||||||||||||||||||||||||||
Other long-term liabilities | 15 | 7 | 12 | — | 34 | ||||||||||||||||||||||||||||
Total liabilities | 1,119 | 358 | 199 | — | 1,676 | ||||||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||||||||||
Common stock | 1 | — | — | — | 1 | ||||||||||||||||||||||||||||
APIC | 406 | 1,037 | 551 | (1,588 | ) | 406 | |||||||||||||||||||||||||||
Retained earnings | 87 | 77 | 49 | (126 | ) | 87 | |||||||||||||||||||||||||||
AOCI | 133 | — | — | — | 133 | ||||||||||||||||||||||||||||
Total stockholders’ equity | 627 | 1,114 | 600 | (1,714 | ) | 627 | |||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,746 | $ | 1,472 | $ | 799 | $ | (1,714 | ) | $ | 2,303 | ||||||||||||||||||||||
COMBINING BALANCE SHEETS | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | |||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||||||
Cash | $ | — | $ | 44 | $ | 17 | $ | — | $ | 61 | |||||||||||||||||||||||
Receivables, net | — | 41 | 93 | — | 134 | ||||||||||||||||||||||||||||
Inventories | — | 121 | 79 | — | 200 | ||||||||||||||||||||||||||||
Deferred income taxes | — | 4 | — | — | 4 | ||||||||||||||||||||||||||||
Prepaid expenses and other | — | 3 | 5 | — | 8 | ||||||||||||||||||||||||||||
Total current assets | — | 213 | 194 | — | 407 | ||||||||||||||||||||||||||||
Property and equipment, at cost | — | 1,371 | 492 | — | 1,863 | ||||||||||||||||||||||||||||
Accumulated depreciation | — | (435 | ) | (152 | ) | — | (587 | ) | |||||||||||||||||||||||||
Property and equipment, net | — | 936 | 340 | — | 1,276 | ||||||||||||||||||||||||||||
Intangible assets, net | — | 2 | 39 | — | 41 | ||||||||||||||||||||||||||||
Other assets, net | — | 3 | 5 | — | 8 | ||||||||||||||||||||||||||||
Total assets | $ | — | $ | 1,154 | $ | 578 | $ | — | $ | 1,732 | |||||||||||||||||||||||
LIABILITIES AND NET INVESTMENT | |||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||
Current portion of capital lease obligations | $ | — | $ | 1 | $ | — | $ | — | $ | 1 | |||||||||||||||||||||||
Accounts payable | — | 52 | 43 | — | 95 | ||||||||||||||||||||||||||||
Accrued expenses | — | 22 | 18 | — | 40 | ||||||||||||||||||||||||||||
Taxes other than income taxes | — | 22 | 70 | — | 92 | ||||||||||||||||||||||||||||
Total current liabilities | — | 97 | 131 | — | 228 | ||||||||||||||||||||||||||||
Capital lease obligations, less current portion | — | 4 | — | — | 4 | ||||||||||||||||||||||||||||
Deferred income taxes | — | 110 | 13 | — | 123 | ||||||||||||||||||||||||||||
Asset Retirement Obligation | — | 59 | 18 | — | 77 | ||||||||||||||||||||||||||||
Other long-term liabilities | — | 18 | 12 | — | 30 | ||||||||||||||||||||||||||||
Total liabilities | — | 288 | 174 | — | 462 | ||||||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Net investment: | |||||||||||||||||||||||||||||||||
Net investment | — | 866 | 234 | — | 1,100 | ||||||||||||||||||||||||||||
AOCI | — | — | 170 | — | 170 | ||||||||||||||||||||||||||||
Total net investment | — | 866 | 404 | — | 1,270 | ||||||||||||||||||||||||||||
Total liabilities and net investment | $ | — | $ | 1,154 | $ | 578 | $ | — | $ | 1,732 | |||||||||||||||||||||||
Schedule of Condensed Income and Comprehensive Income Statement | ' | ||||||||||||||||||||||||||||||||
COMBINING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||||
(CONTINUED) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combined | |||||||||||||||||||||||||||||||
Operating revenues | $ | 7,557 | $ | 5,306 | $ | 12,863 | |||||||||||||||||||||||||||
Cost of sales | 6,893 | 4,837 | 11,730 | ||||||||||||||||||||||||||||||
Gross margin | 664 | 469 | 1,133 | ||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||
Operating expenses | 384 | 252 | 636 | ||||||||||||||||||||||||||||||
General and administrative expenses | 41 | 18 | 59 | ||||||||||||||||||||||||||||||
Depreciation, amortization and accretion expense | 76 | 37 | 113 | ||||||||||||||||||||||||||||||
Asset impairments | 2 | 1 | 3 | ||||||||||||||||||||||||||||||
Total operating expenses | 503 | 308 | 811 | ||||||||||||||||||||||||||||||
Operating income | 161 | 161 | 322 | ||||||||||||||||||||||||||||||
Other income, net | — | 1 | 1 | ||||||||||||||||||||||||||||||
Interest expense | (1 | ) | — | (1 | ) | ||||||||||||||||||||||||||||
Income before income tax expense | 160 | 162 | 322 | ||||||||||||||||||||||||||||||
Income tax expense | 59 | 45 | 104 | ||||||||||||||||||||||||||||||
Net income | 101 | 117 | 218 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | (7 | ) | (7 | ) | ||||||||||||||||||||||||||||
Comprehensive income | $ | 101 | $ | 110 | $ | 211 | |||||||||||||||||||||||||||
CONSOLIDATING AND COMBINING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | |||||||||||||||||||||||||||||
Operating revenues | $ | — | $ | 7,761 | $ | 5,016 | $ | — | $ | 12,777 | |||||||||||||||||||||||
Cost of sales | — | 7,062 | 4,618 | — | 11,680 | ||||||||||||||||||||||||||||
Gross margin | — | 699 | 398 | — | 1,097 | ||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||
Operating expenses | — | 414 | 243 | — | 657 | ||||||||||||||||||||||||||||
General and administrative expenses | 4 | 57 | 17 | — | 78 | ||||||||||||||||||||||||||||
Depreciation, amortization and accretion expense | — | 82 | 36 | — | 118 | ||||||||||||||||||||||||||||
Asset impairments | — | 5 | 1 | — | 6 | ||||||||||||||||||||||||||||
Total operating expenses | 4 | 558 | 297 | — | 859 | ||||||||||||||||||||||||||||
Operating (expense) income | (4 | ) | 141 | 101 | — | 238 | |||||||||||||||||||||||||||
Other income, net | 1 | — | 3 | — | 4 | ||||||||||||||||||||||||||||
Interest expense | (27 | ) | — | — | — | (27 | ) | ||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 126 | — | — | (126 | ) | — | |||||||||||||||||||||||||||
Income before income tax expense | 96 | 141 | 104 | (126 | ) | 215 | |||||||||||||||||||||||||||
Income tax expense | — | 48 | 28 | — | 76 | ||||||||||||||||||||||||||||
Net income | 96 | 93 | 76 | (126 | ) | 139 | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (37 | ) | — | — | — | (37 | ) | ||||||||||||||||||||||||||
Comprehensive income | $ | 59 | $ | 93 | $ | 76 | $ | (126 | ) | $ | 102 | ||||||||||||||||||||||
COMBINING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||||||
(CONTINUED) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Combined | |||||||||||||||||||||||||||||
Operating revenues | $ | — | $ | 7,907 | $ | 5,228 | $ | — | $ | 13,135 | |||||||||||||||||||||||
Cost of sales | — | 7,185 | 4,817 | — | 12,002 | ||||||||||||||||||||||||||||
Gross margin | — | 722 | 411 | — | 1,133 | ||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||
Operating expenses | — | 398 | 246 | — | 644 | ||||||||||||||||||||||||||||
General and administrative expenses | — | 44 | 17 | — | 61 | ||||||||||||||||||||||||||||
Depreciation, amortization and accretion expense | — | 78 | 37 | — | 115 | ||||||||||||||||||||||||||||
Asset impairments | — | — | — | — | — | ||||||||||||||||||||||||||||
Total operating expenses | — | 520 | 300 | — | 820 | ||||||||||||||||||||||||||||
Operating income | — | 202 | 111 | — | 313 | ||||||||||||||||||||||||||||
Other income, net | — | — | 1 | — | 1 | ||||||||||||||||||||||||||||
Interest expense | — | (1 | ) | — | — | (1 | ) | ||||||||||||||||||||||||||
Income before income tax expense | — | 201 | 112 | — | 313 | ||||||||||||||||||||||||||||
Income tax expense | — | 74 | 31 | — | 105 | ||||||||||||||||||||||||||||
Net income | — | 127 | 81 | — | 208 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | 10 | — | 10 | ||||||||||||||||||||||||||||
Comprehensive income | $ | — | $ | 127 | $ | 91 | $ | — | $ | 218 | |||||||||||||||||||||||
Schedule of Condensed Cash Flow Statement | ' | ||||||||||||||||||||||||||||||||
CONSOLIDATING AND COMBINING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated and Combined | |||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||
Net income | $ | 96 | $ | 93 | $ | 76 | $ | (126 | ) | $ | 139 | ||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 3 | 1 | — | 4 | ||||||||||||||||||||||||||||
Depreciation, amortization and accretion expense | — | 82 | 36 | — | 118 | ||||||||||||||||||||||||||||
Asset impairments | — | 5 | 1 | — | 6 | ||||||||||||||||||||||||||||
Deferred income tax expense (benefit) | — | 6 | 10 | — | 16 | ||||||||||||||||||||||||||||
Changes in current assets and current liabilities | 9 | 122 | 26 | — | 157 | ||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | (126 | ) | — | — | 126 | — | |||||||||||||||||||||||||||
Other operating activities, net | — | — | — | — | — | ||||||||||||||||||||||||||||
Net cash provided by operating activities | (21 | ) | 311 | 150 | — | 440 | |||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||
Capital expenditures | — | (153 | ) | (47 | ) | — | (200 | ) | |||||||||||||||||||||||||
Acquisition | — | — | (7 | ) | — | (7 | ) | ||||||||||||||||||||||||||
Proceeds from dispositions of property and equipment | — | — | 1 | — | 1 | ||||||||||||||||||||||||||||
Other investing activities, net | — | — | — | — | — | ||||||||||||||||||||||||||||
Net cash used in investing activities | — | (153 | ) | (53 | ) | — | (206 | ) | |||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 500 | — | — | — | 500 | ||||||||||||||||||||||||||||
Payments on long-term debt | (12 | ) | — | — | — | (12 | ) | ||||||||||||||||||||||||||
Debt issuance and credit facility origination costs | (19 | ) | — | — | — | (19 | ) | ||||||||||||||||||||||||||
Payments of capital lease obligations | — | (1 | ) | — | — | (1 | ) | ||||||||||||||||||||||||||
Dividends | (5 | ) | — | — | — | (5 | ) | ||||||||||||||||||||||||||
Intercompany funding | 57 | (57 | ) | — | — | — | |||||||||||||||||||||||||||
Net transfers (to)/from Valero | (500 | ) | 87 | 35 | — | (378 | ) | ||||||||||||||||||||||||||
Net cash used in financing activities | 21 | 29 | 35 | — | 85 | ||||||||||||||||||||||||||||
Effect of foreign exchange rate changes on cash | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in cash | — | 187 | 130 | — | 317 | ||||||||||||||||||||||||||||
Cash at beginning of year | — | 44 | 17 | — | 61 | ||||||||||||||||||||||||||||
Cash at end of year | $ | — | $ | 231 | $ | 147 | $ | — | $ | 378 | |||||||||||||||||||||||
COMBINING STATEMENTS OF CASH FLOWS (CONTINUED) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combined | ||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||
Net income | $ | — | $ | 127 | $ | 81 | $ | 208 | |||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | 2 | — | 2 | |||||||||||||||||||||||||||||
Depreciation, amortization and accretion expense | — | 78 | 37 | 115 | |||||||||||||||||||||||||||||
Deferred income tax expense (benefit) | — | 1 | (2 | ) | (1 | ) | |||||||||||||||||||||||||||
Changes in current assets and current liabilities | — | 20 | 23 | 43 | |||||||||||||||||||||||||||||
Other operating activities, net | — | (4 | ) | 1 | (3 | ) | |||||||||||||||||||||||||||
Net cash provided by operating activities | — | 224 | 140 | 364 | |||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||
Capital expenditures | — | (114 | ) | (42 | ) | (156 | ) | ||||||||||||||||||||||||||
Acquisitions | — | (61 | ) | — | (61 | ) | |||||||||||||||||||||||||||
Proceeds from dispositions of property and equipment | — | 2 | — | 2 | |||||||||||||||||||||||||||||
Other investing activities, net | — | — | — | — | |||||||||||||||||||||||||||||
Net cash used in investing activities | — | (173 | ) | (42 | ) | (215 | ) | ||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||
Payments of capital lease obligations | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||||
Net transfers to Valero | — | (122 | ) | (97 | ) | (219 | ) | ||||||||||||||||||||||||||
Net cash used in financing activities | — | (123 | ) | (97 | ) | (220 | ) | ||||||||||||||||||||||||||
Effect of foreign exchange rate changes on cash | — | — | — | — | |||||||||||||||||||||||||||||
Net increase (decrease) in cash | — | (72 | ) | 1 | (71 | ) | |||||||||||||||||||||||||||
Cash at beginning of year | — | 116 | 16 | 132 | |||||||||||||||||||||||||||||
Cash at end of year | $ | — | $ | 44 | $ | 17 | $ | 61 | |||||||||||||||||||||||||
COMBINING STATEMENTS OF CASH FLOWS (CONTINUED) | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combined | |||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||
Net income | $ | 101 | $ | 117 | $ | 218 | |||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided | |||||||||||||||||||||||||||||||||
by operating activities: | |||||||||||||||||||||||||||||||||
Stock-based compensation | 3 | — | 3 | ||||||||||||||||||||||||||||||
Depreciation, amortization and accretion expense | 76 | 37 | 113 | ||||||||||||||||||||||||||||||
Asset impairments | 2 | 1 | 3 | ||||||||||||||||||||||||||||||
Non-cash interest expense | 1 | — | 1 | ||||||||||||||||||||||||||||||
Deferred income tax expense (benefit) | 14 | (2 | ) | 12 | |||||||||||||||||||||||||||||
Changes in current assets and current liabilities | (35 | ) | (9 | ) | (44 | ) | |||||||||||||||||||||||||||
Other operating activities, net | 2 | — | 2 | ||||||||||||||||||||||||||||||
Net cash provided by operating activities | 164 | 144 | 308 | ||||||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||
Capital expenditures | (91 | ) | (39 | ) | (130 | ) | |||||||||||||||||||||||||||
Acquisitions | — | — | — | ||||||||||||||||||||||||||||||
Proceeds from dispositions of property and equipment | 3 | 2 | 5 | ||||||||||||||||||||||||||||||
Other investing activities, net | (1 | ) | (1 | ) | (2 | ) | |||||||||||||||||||||||||||
Net cash used in investing activities | (89 | ) | (38 | ) | (127 | ) | |||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||||
Payments of capital lease obligations | (1 | ) | — | (1 | ) | ||||||||||||||||||||||||||||
Net transfers to Valero | (47 | ) | (103 | ) | (150 | ) | |||||||||||||||||||||||||||
Net cash used in financing activities | (48 | ) | (103 | ) | (151 | ) | |||||||||||||||||||||||||||
Effect of foreign exchange rate changes on cash | — | — | — | ||||||||||||||||||||||||||||||
Net increase (decrease) in cash | 27 | 3 | 30 | ||||||||||||||||||||||||||||||
Cash at beginning of year | 89 | 13 | 102 | ||||||||||||||||||||||||||||||
Cash at end of year | $ | 116 | $ | 16 | $ | 132 | |||||||||||||||||||||||||||
Schedule of Stockholders' Equity | ' | ||||||||||||||||||||||||||||||||
CONSOLIDATING AND COMBINING STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||
Common Stock | APIC | ||||||||||||||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Net income | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net transfers to Valero | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Issuance of stock at the separation and distribution | 1 | — | — | — | 1 | (1 | ) | — | — | (1 | ) | ||||||||||||||||||||||
Reclassification of net investment to APIC | — | — | — | — | — | 404 | 1,037 | 581 | (1,618 | ) | 404 | ||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | 3 | — | — | — | 3 | |||||||||||||||||||||||
Dividends | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (30 | ) | 30 | — | ||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | $ | 406 | $ | 1,037 | $ | 551 | $ | (1,588 | ) | $ | 406 | ||||||||||||
Net Investment | Retained Earnings | ||||||||||||||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | — | $ | 866 | $ | 234 | $ | — | $ | 1,100 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Net income | — | 16 | 27 | — | 43 | 96 | 77 | 49 | (126 | ) | 96 | ||||||||||||||||||||||
Net transfers to Valero | 404 | 155 | 320 | (1,618 | ) | (739 | ) | — | — | — | — | — | |||||||||||||||||||||
Issuance of stock at the separation and distribution | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reclassification of net investment to APIC | (404 | ) | (1,037 | ) | (581 | ) | 1,618 | (404 | ) | — | — | — | — | — | |||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Dividends | — | — | — | — | — | (9 | ) | — | — | — | (9 | ) | |||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 87 | $ | 77 | $ | 49 | $ | (126 | ) | $ | 87 | ||||||||||||
AOCI | Total | ||||||||||||||||||||||||||||||||
Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent Company | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | — | $ | — | $ | 170 | $ | — | $ | 170 | $ | — | $ | 866 | $ | 404 | $ | — | $ | 1,270 | |||||||||||||
Net income | — | — | — | — | — | 96 | 93 | 76 | (126 | ) | 139 | ||||||||||||||||||||||
Net transfers to Valero | — | — | — | — | — | 404 | 155 | 320 | (1,618 | ) | (739 | ) | |||||||||||||||||||||
Issuance of stock at the separation and distribution | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Reclassification of net investment to APIC | 170 | — | (170 | ) | — | — | 170 | — | (170 | ) | — | — | |||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | 3 | — | — | — | 3 | |||||||||||||||||||||||
Dividends | — | — | — | — | — | (9 | ) | — | — | — | (9 | ) | |||||||||||||||||||||
Other comprehensive loss | (37 | ) | — | — | — | (37 | ) | (37 | ) | — | (30 | ) | 30 | (37 | ) | ||||||||||||||||||
Balance as of December 31, 2013 | $ | 133 | $ | — | $ | — | $ | — | $ | 133 | $ | 627 | $ | 1,114 | $ | 600 | $ | (1,714 | ) | $ | 627 | ||||||||||||
COMBINING STATEMENTS OF CHANGES IN NET INVESTMENT | |||||||||||||||||||||||||||||||||
(Millions of Dollars) | |||||||||||||||||||||||||||||||||
AOCI | Net Investment | Net Investment | |||||||||||||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combined | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combined | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combined | |||||||||||||||||||||||||
Balance as of December 31, 2010 | $ | — | $ | 163 | $ | 163 | $ | 807 | $ | 224 | $ | 1,031 | $ | 807 | $ | 387 | $ | 1,194 | |||||||||||||||
Cumulative effect of change in accounting | — | 4 | 4 | — | 16 | 16 | — | 20 | 20 | ||||||||||||||||||||||||
principle | |||||||||||||||||||||||||||||||||
Net income | — | — | — | 101 | 117 | 218 | 101 | 117 | 218 | ||||||||||||||||||||||||
Net transfers to Valero | — | — | — | (47 | ) | (104 | ) | (151 | ) | (47 | ) | (104 | ) | (151 | ) | ||||||||||||||||||
Other comprehensive (loss) | — | (7 | ) | (7 | ) | — | — | — | — | (7 | ) | (7 | ) | ||||||||||||||||||||
Balance as of December 31, 2011 | — | 160 | 160 | 861 | 253 | 1,114 | 861 | 413 | 1,274 | ||||||||||||||||||||||||
Net income | — | — | — | 127 | 81 | 208 | 127 | 81 | 208 | ||||||||||||||||||||||||
Net transfers to Valero | — | — | — | (122 | ) | (100 | ) | (222 | ) | (122 | ) | (100 | ) | (222 | ) | ||||||||||||||||||
Other comprehensive income | — | 10 | 10 | — | — | — | — | 10 | 10 | ||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | — | $ | 170 | $ | 170 | $ | 866 | $ | 234 | $ | 1,100 | $ | 866 | $ | 404 | $ | 1,270 | |||||||||||||||
The_Separation_and_the_Distrib2
The Separation and the Distribution, Basis of Presentation and Description of Business - Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | 1-May-13 | Dec. 31, 2012 | 1-May-13 | 1-May-13 | Dec. 31, 2013 | 1-May-13 | Nov. 30, 2012 | Dec. 31, 2013 | 1-May-13 | |
Senior Subordinated Notes | Canada | Revolving Credit Facility | Revolving Credit Facility | Valero Energy Corporation | Additional shares sold in underwritten offering | Nonrecurring Adjustment | ||||
Separation and Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spinoff transaction, ownership percentage by parent company stockholders | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Spinoff transaction shares sold by parent company | 15,079,448 | ' | ' | ' | ' | ' | ' | ' | 1,966,884 | ' |
Long-term debt | ' | $1,050,000,000 | ' | ' | ' | ' | $1,050,000,000 | ' | ' | ' |
Senior Notes | 550,000,000 | ' | 0 | 550,000,000 | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | 800,000,000 | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | 500,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | 300,000,000 | 300,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding under the revolving credit facility | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding, amount | 3,000,000 | ' | 0 | ' | ' | 3,000,000 | ' | ' | ' | ' |
Deferred tax liabilities adjustment | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets | 113,000,000 | ' | 28,000,000 | ' | 115,000,000 | ' | ' | ' | ' | 9,000,000 |
Deferred state and local income tax expense (benefit) | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis of Presentation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued | 75,397,241 | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' |
Common stock, par or stated value per share | $0.01 | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' |
Common stock | $1,000,000 | ' | $0 | ' | ' | ' | ' | $10 | ' | ' |
Change_in_Accounting_Principle2
Change in Accounting Principle - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Change in Accounting Principle | ' | ' | ' |
Net parent investment | $0 | $1,100 | $1,114 |
As computed under LIFO | ' | ' | ' |
Change in Accounting Principle | ' | ' | ' |
Net parent investment | ' | $1,082 | $1,094 |
Change_in_Accounting_Principle3
Change in Accounting Principle Adjusted for Change in Accounting Principle, Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Accounting Principle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $3,062 | $3,316 | $3,211 | $3,188 | $3,196 | $3,382 | $3,345 | $3,212 | $12,777 | $13,135 | $12,863 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 11,680 | 12,002 | 11,730 |
Gross margin | 282 | 291 | 288 | 236 | 300 | 252 | 361 | 220 | 1,097 | 1,133 | 1,133 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 859 | 820 | 811 |
Operating income (loss) | 60 | 69 | 77 | 32 | 91 | 42 | 157 | 23 | 238 | 313 | 322 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 1 | 1 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -27 | -1 | -1 |
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 215 | 313 | 322 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 76 | 105 | 104 |
Net income | 34 | 42 | 40 | 23 | 60 | 28 | 102 | 18 | 139 | 208 | 218 |
As computed under LIFO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in Accounting Principle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 12,777 | 13,135 | 12,863 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 11,681 | 12,000 | 11,735 |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 1,096 | 1,135 | 1,128 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 859 | 820 | 811 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 237 | 315 | 317 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 1 | 1 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -27 | -1 | -1 |
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 214 | 315 | 317 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 76 | 105 | 103 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 138 | 210 | 214 |
Effect of Change in Accounting Principle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in Accounting Principle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 2 | -5 |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -2 | 5 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -2 | 5 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -2 | 5 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ($2) | $4 |
Change_in_Accounting_Principle4
Change in Accounting Principle Adjusted for Change in Accounting Principle, Balance Sheet (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Change in Accounting Principle | ' | ' | ' | ' |
Inventories | $217,000,000 | $200,000,000 | ' | ' |
Deferred income taxes | 7,000,000 | 4,000,000 | ' | ' |
Total assets | 2,303,000,000 | 1,732,000,000 | ' | ' |
Common stock | 1,000,000 | 0 | ' | ' |
APIC | 406,000,000 | 0 | ' | ' |
Retained earnings | 87,000,000 | 0 | ' | ' |
AOCI | 133,000,000 | 170,000,000 | ' | ' |
Total stockholders’ equity | 627,000,000 | 1,270,000,000 | 1,274,000,000 | 1,194,000,000 |
Net parent investment | 0 | 1,100,000,000 | 1,114,000,000 | ' |
As computed under LIFO | ' | ' | ' | ' |
Change in Accounting Principle | ' | ' | ' | ' |
Inventories | 186,000,000 | 168,000,000 | ' | ' |
Deferred income taxes | 16,000,000 | 13,000,000 | ' | ' |
Total assets | 2,281,000,000 | 1,709,000,000 | ' | ' |
Common stock | 1,000,000 | ' | ' | ' |
APIC | 387,000,000 | ' | ' | ' |
Retained earnings | 86,000,000 | ' | ' | ' |
AOCI | 131,000,000 | 165,000,000 | ' | ' |
Total stockholders’ equity | 605,000,000 | 1,247,000,000 | ' | ' |
Net parent investment | ' | 1,082,000,000 | 1,094,000,000 | ' |
Effect of Change in Accounting Principle | ' | ' | ' | ' |
Change in Accounting Principle | ' | ' | ' | ' |
Inventories | 31,000,000 | 32,000,000 | ' | ' |
Deferred income taxes | -9,000,000 | -9,000,000 | ' | ' |
Total assets | 22,000,000 | 23,000,000 | ' | ' |
Common stock | 0 | ' | ' | ' |
APIC | 19,000,000 | ' | ' | ' |
Retained earnings | 1,000,000 | ' | ' | ' |
AOCI | 2,000,000 | 5,000,000 | ' | ' |
Total stockholders’ equity | 22,000,000 | 23,000,000 | ' | ' |
Net parent investment | ' | $18,000,000 | ' | ' |
Change_in_Accounting_Principle5
Change in Accounting Principle Adjusted for Change in Accounting Principle, Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $139 | $208 | $218 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Changes in current assets and current liabilities | 157 | 43 | -44 |
Deferred income tax expense (benefit) | 16 | -1 | 12 |
Operating activities, net | 128 | 114 | 122 |
Net cash provided by operating activities | 440 | 364 | 308 |
Cash flows from investing activities: | ' | ' | ' |
Net cash used in investing activities | -206 | -215 | -127 |
Cash flows from financing activities: | ' | ' | ' |
Net cash provided by (used in) financing activities | 85 | -220 | -151 |
Effect of foreign exchange rate changes on cash | -2 | 0 | 0 |
Net increase (decrease) in cash | 317 | -71 | 30 |
Cash at beginning of year | 61 | 132 | 102 |
Cash at end of year | 378 | 61 | 132 |
As computed under LIFO | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 138 | 210 | 214 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Changes in current assets and current liabilities | 157 | 42 | -40 |
Deferred income tax expense (benefit) | 17 | -2 | 12 |
Operating activities, net | 128 | 114 | 122 |
Net cash provided by operating activities | 440 | 364 | 308 |
Cash flows from investing activities: | ' | ' | ' |
Net cash used in investing activities | -206 | -215 | -127 |
Cash flows from financing activities: | ' | ' | ' |
Net cash provided by (used in) financing activities | 85 | -220 | -151 |
Effect of foreign exchange rate changes on cash | -2 | 0 | 0 |
Net increase (decrease) in cash | 317 | -71 | 30 |
Cash at beginning of year | 61 | 132 | 102 |
Cash at end of year | 378 | 61 | 132 |
Effect of Change in Accounting Principle | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 1 | -2 | 4 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Changes in current assets and current liabilities | 0 | 1 | -4 |
Deferred income tax expense (benefit) | -1 | 1 | 0 |
Operating activities, net | 0 | 0 | 0 |
Net cash provided by operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | ' | ' | ' |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Net cash provided by (used in) financing activities | 0 | 0 | 0 |
Effect of foreign exchange rate changes on cash | 0 | 0 | 0 |
Net increase (decrease) in cash | 0 | 0 | 0 |
Cash at beginning of year | 0 | 0 | 0 |
Cash at end of year | $0 | $0 | $0 |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Accounting Policies [Abstract] | ' | ' | ' |
Spinoff transaction shares sold by parent company | 15,079,448 | ' | ' |
Vendor allowances and rebates | $71 | $70 | $62 |
Additional shares sold in underwritten offering | ' | ' | ' |
Significant Accounting Policies [Abstract] | ' | ' | ' |
Spinoff transaction shares sold by parent company | 1,966,884 | ' | ' |
Acquisitions_Narrative_Details
Acquisitions - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combinations [Abstract] | ' | ' | ' |
Payments to acquire sites | $7 | $61 | $0 |
Goodwill | ($18) | $0 | ' |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocation of Crackerbox Acquisition (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Business Combination Allocation | ' | ' |
Inventories | $3 | ' |
Property and equipment | 38 | ' |
Other assets | 2 | ' |
Goodwill | 18 | 0 |
Total consideration | $61 | ' |
Asset_Impairments_Details
Asset Impairments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset Impairments | $6 | $0 | $3 |
U.S. | ' | ' | ' |
Carrying values | 9 | 0 | 3 |
Less: Estimated fair values | 4 | 0 | 1 |
Asset Impairments | 5 | ' | 2 |
Canada | ' | ' | ' |
Carrying values | 1 | 0 | 1 |
Less: Estimated fair values | 0 | 0 | 0 |
Asset Impairments | $1 | $0 | $1 |
Fair_Value_Narrative_Details
Fair Value - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | ' | ' | ' |
Liabilities measured at fair value | $0 | $0 | $0 |
Fair_Value_Details
Fair Value (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Total loss recognized during the year ended December 31 | $6 | $0 | $3 |
Fair value measurements | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value as of December 31 | 4 | 0 | 1 |
Fair value measurements | Level 1 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value as of December 31 | 0 | 0 | 0 |
Fair value measurements | Level 2 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value as of December 31 | 0 | 0 | 0 |
Fair value measurements | Level 3 | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' |
Fair value as of December 31 | $4 | $0 | $1 |
Receivables_Details
Receivables (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Account Receivables | ' | ' | ' | ' |
Trade receivables | $123 | $115 | ' | ' |
Other | 31 | 21 | ' | ' |
Total receivables | 154 | 136 | ' | ' |
Allowance for doubtful accounts | -1 | -2 | -2 | -2 |
Receivables, net | $153 | $134 | ' | ' |
Receivables_Allowance_for_Doub
Receivables - Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Balance as of beginning of year | $2 | $2 | $2 |
Increase in allowance charged to expense | 0 | 0 | 1 |
Accounts charged against the allowance, net of recoveries | -1 | 0 | -1 |
Balance as of end of year | $1 | $2 | $2 |
Inventories_Narrative_Details
Inventories - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Excess of replacement or current costs over stated LIFO value | $24 | $24 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Convenience store merchandise | $115 | $111 |
Energy Related Inventory | 101 | 88 |
Supplies | 1 | 1 |
Inventories | $217 | $200 |
Property_and_Equipment_Narrati
Property and Equipment - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation expense | $106 | $103 | $101 |
Land and certain retail sites under capital leases | 9 | 9 | ' |
Land and certain retail sites under capital leases, accumulated depreciation | $6 | $5 | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property and Equipment | ' | ' |
Land | $403 | $387 |
Retail site buildings | 436 | 426 |
Equipment | 625 | 599 |
Leasehold improvements | 255 | 237 |
Other | 213 | 185 |
Construction in progress | 49 | 29 |
Property and equipment, at cost | 1,981 | 1,863 |
Accumulated depreciation | -655 | -587 |
Property and equipment, net | $1,326 | $1,276 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization expense | $8 | $8 | $8 |
Amortization expense 2014 | 8 | ' | ' |
Amortization expense 2015 | 8 | ' | ' |
Amortization expense 2016 | 8 | ' | ' |
Amortization expense 2017 | 1 | ' | ' |
Goodwill | $18 | $0 | ' |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Goodwill and Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Gross carrying amount - goodwill | $18 | $0 |
Gross carrying amount - intangible assets | 119 | 127 |
Gross carrying amount total | 137 | 127 |
Accumulated amortization - intangible assets | ($88) | ($86) |
Accrued_Expenses_and_Other_Lon2
Accrued Expenses and Other Long-Term Liabilities - Narrative (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Accrued Expenses and Other Long-Term Liabilities [Abstract] | ' |
USTs estimated service life | '20 years |
Accrued_Expenses_and_Other_Lon3
Accrued Expenses and Other Long-Term Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Wage and other employee-related liabilities, current | $25 | $22 | ' |
Environmental liabilities, current | 2 | 2 | ' |
Self-insurance accruals, current | 1 | 6 | ' |
Asset retirement obligations, current | 3 | 2 | 2 |
Accrued interest, current | 5 | 0 | ' |
Other, current | 7 | 8 | ' |
Total accrued expenses and other current liabilities | 43 | 40 | ' |
Environmental liabilities, noncurrent | 3 | 3 | ' |
Self-insurance accruals, noncurrent | 16 | 11 | ' |
Other, noncurrent | 15 | 16 | ' |
Accrued expenses and other long-term liabilities, noncurrent | $34 | $30 | ' |
Accrued_Expenses_and_Other_Lon4
Accrued Expenses and Other Long-Term Liabilities - Asset Retirement Obligation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Balance as of beginning of year | $79 | $76 | $72 |
Additions to accrual | 1 | 2 | 2 |
Accretion expense | 4 | 4 | 4 |
Settlements | -1 | -4 | -2 |
Foreign currency translation | -1 | 1 | 0 |
Balance as of end of year | 82 | 79 | 76 |
Asset retirement obligations, current | -3 | -2 | -2 |
Asset retirement obligations, noncurrent | $79 | $77 | $74 |
Debt_NarrativeDetails
Debt - Narrative(Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | 1-May-13 | Dec. 31, 2012 | |
Debt Instrument | ' | ' | ' |
Total lease adjusted leverage ratio | 3.21 | ' | ' |
Debt issuance cost | $19,000,000 | ' | ' |
Fair value of debt | 1,020,000,000 | ' | ' |
Carrying amount of debt | 1,040,000,000 | ' | ' |
Notes Payable | ' | ' | ' |
Senior Notes | 550,000,000 | ' | 0 |
Credit Facilities | ' | ' | ' |
Total available credit facility limit | 800,000,000 | 800,000,000 | ' |
Term loan, due date | 1-May-18 | ' | ' |
Notes Payable | 500,000,000 | 500,000,000 | ' |
Revolving credit facility | $300,000,000 | $300,000,000 | $0 |
Security interests in the capital stock of domestic subsidiaries | 100.00% | ' | ' |
Security interests in the voting equity interests of foreign subsidiaries | 65.00% | ' | ' |
Security interests in the non-voting equity interests of foreign subsidiaries | 100.00% | ' | ' |
Fixed charge coverage ratio | 4.39 | ' | ' |
Maximum | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Total lease adjusted leverage ratio | 3.75 | ' | ' |
Minimum | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Fixed charge coverage ratio | 1.3 | ' | ' |
Asset sale | ' | ' | ' |
Notes Payable | ' | ' | ' |
Debt instrument, redemption price, percentage of principal amount redeemed | 100.00% | ' | ' |
Change of control | ' | ' | ' |
Notes Payable | ' | ' | ' |
Debt instrument, redemption price, percentage of principal amount redeemed | 101.00% | ' | ' |
Interest Rate Margin | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Term loan, margin on LIBOR | 1.75% | ' | ' |
Alternate Base Rate | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Term loan, margin on LIBOR | 0.75% | ' | ' |
London Interbank Offered Rate (LIBOR) | ' | ' | ' |
Credit Facilities | ' | ' | ' |
Term loan, interest rate | 1.92% | ' | ' |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2013 | 1-May-13 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Debt Instrument | ' | ' | ' |
Senior Notes | $550 | ' | $0 |
Term loan due 2018 (effective interest rate of 1.92% at December 31, 2013) | 488 | ' | 0 |
Capital leases | 4 | ' | 5 |
Total debt and capital lease obligations outstanding | 1,042 | ' | 5 |
Less current portion | -36 | ' | -1 |
Debt and capital lease obligations, less current portion | 1,006 | ' | 4 |
Revolving credit facility | 300 | 300 | 0 |
Letters of credit outstanding | -3 | ' | 0 |
Maximum leverage ratio constraint(a) | -84 | ' | 0 |
Total available and undrawn | 213 | ' | 0 |
Total lease adjusted leverage ratio | 3.21 | ' | ' |
Revolving Credit Facility | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Letters of credit outstanding | ($3) | ' | ' |
Maximum | ' | ' | ' |
Debt Instrument | ' | ' | ' |
Total lease adjusted leverage ratio | 3.75 | ' | ' |
Debt_Parenthetical_Details
Debt - Parenthetical (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Note payable, interest rate | 5.00% |
Note payable, maturity date | '2023 |
Term loan, due date | 1-May-18 |
London Interbank Offered Rate (LIBOR) | ' |
Term loan, interest rate | 1.92% |
London Interbank Offered Rate (LIBOR) | Line of Credit | ' |
Term loan, margin on LIBOR | 1.75% |
Debt_Principal_Payments_Due_De
Debt - Principal Payments Due (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
2014 | $35 |
2015 | 47 |
2016 | 69 |
2017 | 75 |
2018 | 262 |
Total | $488 |
RelatedParty_Transactions_Narr
Related-Party Transactions - Narrative (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 1-May-13 |
Related Party Transaction | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | 20.00% |
Cost of sales | $11,680 | $12,002 | $11,730 | ' |
Accounts payable to Valero | 253 | 0 | ' | ' |
Self-insurance indemnification receivable | 15 | ' | ' | ' |
Deferred tax assets | 113 | 28 | ' | ' |
U.S. | ' | ' | ' | ' |
Related Party Transaction | ' | ' | ' | ' |
Cost of sales | 9 | ' | ' | ' |
Canada | ' | ' | ' | ' |
Related Party Transaction | ' | ' | ' | ' |
Cost of sales | 8 | ' | ' | ' |
Deferred tax assets | ' | ' | ' | 115 |
RelatedParty_Transactions_Sign
Related-Party Transactions - Significant Transactions with Valero (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Cost of sales | $10,460 | $10,810 | $10,533 |
Operating expenses | 14 | 43 | 36 |
General and administrative expenses | $14 | $36 | $36 |
RelatedParty_Transactions_Tran
Related-Party Transactions - Transfers to Valero (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction | ' | ' | ' |
Net transfers to Valero per the consolidated and combined statement of stockholders' equity | ($739) | ($222) | ($151) |
Net transfers of cash to Parent per statements of cash flows | -378 | -219 | -150 |
Net parent investment | ' | ' | ' |
Related Party Transaction | ' | ' | ' |
Net transfers to Valero per the consolidated and combined statement of stockholders' equity | -739 | -222 | -151 |
Net transfer of assets to Parent | $361 | $3 | $1 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Narrative (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Percentage of payment for final resolultion of class action | 50.00% |
Self-insurance accrued liability | $17 |
Increase in health care insurance liabilities in 2014 | $8 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Minimum Lease Payments (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $24 |
2015 | 22 |
2016 | 20 |
2017 | 17 |
2018 | 13 |
Thereafter | 45 |
Total minimum rental payments | 141 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | 2 |
2015 | 1 |
2016 | 1 |
2017 | 1 |
2018 | 0 |
Thereafter | 2 |
Total minimum rental payments | 7 |
Less amount representing interest | -3 |
Net minimum rental payments | $4 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Minimum rental expense | $28 | $25 | $25 |
Contingent rental expense | 22 | 23 | 23 |
Total rental expense | $50 | $48 | $48 |
Equity_Narrative_Details
Equity - Narrative (Details) (USD $) | Dec. 31, 2013 | 1-May-13 |
Class of Stock | ' | ' |
Common stock, shares authorized | 250,000,000 | ' |
Common stock, par or stated value per share | $0.01 | ' |
Common stock shares issued | 75,397,241 | ' |
Common stock, shares outstanding | 75,397,241 | 75,397,241 |
Equity_Dividends_Details
Equity - Dividends (Details) (USD $) | 3 Months Ended | ||
Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | |
Subsequent Event | |||
Record date | 31-Dec-13 | 30-Sep-13 | 31-Mar-14 |
Payment date | 15-Jan-14 | 15-Oct-13 | 15-Apr-14 |
Cash distribution (per share) | $0.06 | $0.06 | $0.06 |
Equity_Foreign_Currency_Transl
Equity - Foreign Currency Translation Adjustment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Balance at the beginning of the period | $170 | $160 | ' |
Other comprehensive income (loss) | -37 | 10 | -7 |
Amounts reclassified from other comprehensive income | 0 | 0 | ' |
Net other comprehensive loss | -37 | 10 | ' |
Balance at the end of the period | $133 | $170 | $160 |
StockBased_Compensation_Narrat
Stock-Based Compensation - Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | 1-May-13 |
Stock-based compensation | ' | ' |
Share-based compensation subsequent to business reorganization | $1 | ' |
Common stock shares outstanding | 10,000,000 | ' |
Common stock shares issued | 75,397,241 | ' |
Number of shares available for grant | 10,000,000 | ' |
Options outstanding, shares | 237,210,000,000 | 0 |
Expected annualized dividend payments per share | $0.25 | ' |
Weighted average period of recognition for unrecognized compensation costs on nonvested awards | '1 year 7 months 6 days | ' |
Stock Options | ' | ' |
Stock-based compensation | ' | ' |
Options outstanding, shares | 200,000 | ' |
Stock options exercise price range, lower range limit | $29.53 | ' |
Stock options exercise price range, upper range limit | $33.79 | ' |
Weighted-average fair value of options granted per share | $11.84 | ' |
Unrecognized compensation cost of unvested stock options | 2 | ' |
Weighted average period of recognition for unrecognized compensation costs on nonvested awards | '1 year 7 months 6 days | ' |
Restricted Stock | ' | ' |
Stock-based compensation | ' | ' |
Weighted average period of recognition for unrecognized compensation costs on nonvested awards | '1 year 10 months 24 days | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $4 | ' |
StockBased_Compensation_Expens
Stock-Based Compensation - Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Stock-based compensation expense | $4 | $2 | $3 |
StockBased_Compensation_Stock_
Stock-Based Compensation Stock option activity (Details) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | 1-May-13 |
Stock option activity [Abstract] | ' | ' |
Options outstanding at May 1, 2013 | ' | 0 |
Granted | 239,985 | ' |
Exercised | 0 | ' |
Unvested options forfeitures | -2,775 | ' |
Options outstanding at December 31, 2013 | 237,210 | 0 |
Options exercisable | 0 | ' |
Weighted-average exercise price of options granted | ($29.87) | ' |
Weighted-average exercise price of unvested options forfeited | $29.53 | ' |
Weighted-average exercise price of outstanding options | $29.87 | ' |
Weighted-average remaining contractual term of options outstanding | '1 year 7 months 6 days | ' |
Aggregate intrinsic value of options outstanding | $2 | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation Schedule of weighted-average assumptions used to estimate fair value (Details) (Stock Options) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Options | ' |
Stock-based compensation | ' |
Expected term (years) | '6 years |
Expected stock price volatility | 44.40% |
Risk-free interest rate | 1.00% |
Expected dividend yield | 0.80% |
StockBased_Compensation_Restri
Stock-Based Compensation Restricted shares activity (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | 1-May-13 |
Restricted shares activity [Abstract] | ' | ' |
Restricted shares outstanding at May 1, 2013 | ' | 0 |
Number of shares granted | 203,813 | ' |
Number of shares vested | 0 | ' |
Number of shares forfeited | -1,110 | ' |
Restricted shares outstanding at December 31, 2013 | 202,703 | 0 |
Weighted-average grant date fair value of shares granted | $29.73 | ' |
Weighted-average grant date fair value of shares forfeited | $29.53 | ' |
Weighted-average grant date fair value of shares outstanding | $29.73 | ' |
Earnings_Per_Common_Share_Narr
Earnings Per Common Share - Narrative (Details) | Dec. 31, 2013 | 1-May-13 |
Earnings Per Share [Abstract] | ' | ' |
Common stock shares outstanding | 75,397,241 | 75,397,241 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to stockholders | $34 | $42 | $40 | $23 | $60 | $28 | $102 | $18 | $139 | $208 | $218 |
Weighted-average common shares outstanding (in thousands) | ' | ' | ' | ' | ' | ' | ' | ' | 75,397 | 75,397 | 75,397 |
Total earnings per common share | $0.44 | $0.56 | $0.54 | $0.30 | $0.78 | $0.37 | $1.37 | $0.24 | $1.84 | $2.76 | $2.89 |
Restricted stock (in thousands) | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 0 | 0 |
Weighted-average common shares outstanding – assuming dilution (in thousands) | ' | ' | ' | ' | ' | ' | ' | ' | 75,425 | 75,397 | 75,397 |
Earnings per common shares - assuming dilution | $0.44 | $0.56 | $0.54 | $0.30 | $0.78 | $0.37 | $1.37 | $0.24 | $1.84 | $2.76 | $2.89 |
Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 151 | ' | ' |
Restricted Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
U.S. Federal statutory tax rate | 35.00% | 35.00% | 35.00% | ' |
Tax credit carryforward | $0 | ' | ' | ' |
Deferred state and local income tax expense (benefit) | 7 | ' | ' | ' |
State NOLs available for carryforward | 23 | ' | ' | ' |
Operating loss carryforwards valuation allowance | 1 | ' | ' | ' |
Penalties and interest | 0 | ' | ' | ' |
Undistributed earnings of foreign subsidiaries | 892 | ' | ' | ' |
Income taxes paid | $26 | $1 | $0 | $0 |
Income_Taxes_Income_Before_Inc
Income Taxes - Income Before Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income before income tax expense | $215 | $313 | $322 |
U.S. | ' | ' | ' |
Income before income tax expense | 111 | 201 | 161 |
Canada | ' | ' | ' |
Income before income tax expense | $104 | $112 | $161 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Net Income Expense (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
U.S. state income tax expense, net of U.S. federal income tax effect | 1.10% | 1.30% | 1.20% |
ERROR in label resolution. | -3.80% | -2.90% | -3.40% |
State credit loss | -0.40% | 0.00% | -0.30% |
State credit loss | 3.40% | 0.00% | 0.00% |
Other | 0.00% | 0.10% | -0.20% |
Income tax expense | 35.30% | 33.50% | 32.30% |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense Related to Net Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Total current | $60 | $106 | $92 |
Deferred: | ' | ' | ' |
U.S. state | 7 | ' | ' |
Deferred income tax expense (benefit) | 16 | -1 | 12 |
Income tax expense | 76 | 105 | 104 |
U.S. | ' | ' | ' |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
U.S. federal | 37 | 67 | 39 |
U.S. state | 5 | 6 | 5 |
Deferred: | ' | ' | ' |
U.S. federal | -4 | 1 | 14 |
U.S. state | 10 | 0 | 1 |
Canada | ' | ' | ' |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Canada | 18 | 33 | 48 |
Deferred: | ' | ' | ' |
Canada | $10 | ($2) | ($3) |
Income_Taxes_Deferred_Income_T
Income Taxes - Deferred Income Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred income tax assets: | ' | ' |
Tax credit carryforwards | $0 | $7 |
Net operating losses (“NOLsâ€) | 1 | 1 |
Inventories | 4 | 2 |
Unpaid insurance reserve | 5 | 5 |
Accrued expenses | 6 | 3 |
Property and equipment | 23 | 0 |
Intangibles | 69 | 0 |
Other assets | 5 | 10 |
Total deferred income tax assets | 113 | 28 |
Less: Valuation allowance | -1 | -1 |
Net deferred income tax assets | 112 | 27 |
Deferred income tax liabilities: | ' | ' |
Property and equipment | -105 | -145 |
Other | -1 | -1 |
Total deferred income tax liabilities | 106 | 146 |
Net deferred income tax assets | 6 | ' |
Net deferred income tax liabilities | ' | -119 |
Less: Current deferred income tax assets | -7 | -4 |
Less: Non-current deferred income tax asset | -93 | 0 |
Non-current deferred income tax liability | $94 | $123 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans - Narrative (Details) (CST Defined Contribution Plans) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum | ' |
Defined contribution plan, employer matching contribution, percent of match | 50.00% |
Defined contribution plan, employer discretionary contribution amount | 0.00% |
Maximum | ' |
Defined contribution plan, employer matching contribution, percent of match | 100.00% |
Defined benefit plan, contributions by employer | 4.00% |
Defined contribution plan, employer discretionary contribution amount | 9.00% |
Employee_Benefit_Plans_Deferre
Employee Benefit Plans - Deferred Contribution Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CST defined contribution plans | $7 | $0 | $0 |
Benefit plan expense | 12 | 15 | 12 |
Valero Defined Benefit and Defined Contribution Plans | ' | ' | ' |
Valero defined benefit and defined contribution plans | $5 | $15 | $12 |
Segment_Information_Narrative_
Segment Information - Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
segments | ||
Number of reportable segments | 2 | ' |
Corporate assets not allocated to reportable segments | $69 | $8 |
Parent Company | ' | ' |
Corporate assets not allocated to reportable segments | $32 | $0 |
Segment_Information_Reportable
Segment Information - Reportable Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $3,062 | $3,316 | $3,211 | $3,188 | $3,196 | $3,382 | $3,345 | $3,212 | $12,777 | $13,135 | $12,863 |
Gross margin | 282 | 291 | 288 | 236 | 300 | 252 | 361 | 220 | 1,097 | 1,133 | 1,133 |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 118 | 115 | 113 |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 118 | 115 | 113 |
Operating income (loss) | 60 | 69 | 77 | 32 | 91 | 42 | 157 | 23 | 238 | 313 | 322 |
Total expenditures for long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 202 | 223 | 130 |
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,761 | ' | ' |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 699 | 722 | 664 |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 82 | 78 | 76 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 198 | 246 | 202 |
Total expenditures for long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 148 | 181 | 91 |
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,016 | ' | ' |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 398 | 411 | 469 |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 37 | 37 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 118 | 128 | 179 |
Total expenditures for long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 54 | 42 | 39 |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -78 | -61 | -59 |
Total expenditures for long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Segment_Information_Revenue_by
Segment Information - Revenue by Product (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $3,062 | $3,316 | $3,211 | $3,188 | $3,196 | $3,382 | $3,345 | $3,212 | $12,777 | $13,135 | $12,863 |
Motor fuel sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 10,667 | 11,036 | 10,758 |
Merchandise sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,538 | 1,496 | 1,484 |
Other product revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | $572 | $603 | $621 |
Segment_Information_LongLived_
Segment Information - Long-Lived Assets by Reportable Segment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information | ' | ' |
Long-lived assets | $1,375 | $1,317 |
U.S. | ' | ' |
Segment Reporting Information | ' | ' |
Long-lived assets | 1,003 | 938 |
Canada | ' | ' |
Segment Reporting Information | ' | ' |
Long-lived assets | $372 | $379 |
Segment_Information_Total_Asse
Segment Information - Total Assets by Reportable Segment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information | ' | ' |
Total assets | $2,303 | $1,732 |
U.S. | ' | ' |
Segment Reporting Information | ' | ' |
Total assets | 1,472 | 1,154 |
Canada | ' | ' |
Segment Reporting Information | ' | ' |
Total assets | 799 | 578 |
Operating Segments | ' | ' |
Segment Reporting Information | ' | ' |
Total assets | 2,271 | ' |
Corporate | ' | ' |
Segment Reporting Information | ' | ' |
Total assets | $32 | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Narrative (Details) | Dec. 31, 2013 | 1-May-13 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Common stock shares outstanding | 75,397,241 | 75,397,241 |
Spinoff transaction, ownership percentage by parent company stockholders | ' | 80.00% |
Equity method investment, ownership percentage | ' | 20.00% |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information - Changes in Current Assets and Current Liabilities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Increase (decrease) in current assets: | ' | ' | ' |
Receivables, net | ($26) | $41 | ($30) |
Inventories | -23 | -4 | -9 |
Prepaid expenses and other | -2 | 2 | -4 |
Increase (decrease) in current liabilities: | ' | ' | ' |
Accounts payable | 18 | 4 | -2 |
Increase (Decrease) in Accounts Payable, Related Parties | 253 | 0 | 0 |
Accrued expenses | 4 | -3 | -4 |
Taxes other than income taxes | -77 | 3 | 5 |
Income taxes payable | 10 | 0 | 0 |
Changes in current assets and current liabilities | $157 | $43 | ($44) |
Supplemental_Cash_Flow_Informa4
Supplemental Cash Flow Information - Cash Flows Related to Interest and Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Interest paid in excess of amount capitalized | $21 | $1 | $1 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 1-May-13 |
Quarterly Financial Data (Unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $3,062 | $3,316 | $3,211 | $3,188 | $3,196 | $3,382 | $3,345 | $3,212 | $12,777 | $13,135 | $12,863 | ' |
Gross margin | 282 | 291 | 288 | 236 | 300 | 252 | 361 | 220 | 1,097 | 1,133 | 1,133 | ' |
Operating income | 60 | 69 | 77 | 32 | 91 | 42 | 157 | 23 | 238 | 313 | 322 | ' |
Net income | $34 | $42 | $40 | $23 | $60 | $28 | $102 | $18 | $139 | $208 | $218 | ' |
Basic earnings per common share | $0.44 | $0.56 | $0.54 | $0.30 | $0.78 | $0.37 | $1.37 | $0.24 | $1.84 | $2.76 | $2.89 | ' |
Diluted earnings per common share | $0.44 | $0.56 | $0.54 | $0.30 | $0.78 | $0.37 | $1.37 | $0.24 | $1.84 | $2.76 | $2.89 | ' |
Common stock shares outstanding | 75,397,241 | ' | ' | ' | ' | ' | ' | ' | 75,397,241 | ' | ' | 75,397,241 |
Guarantor_Subsidiaries_Balance
Guarantor Subsidiaries - Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Current assets: | ' | ' | ' | ' |
Cash | $378,000,000 | $61,000,000 | $132,000,000 | $102,000,000 |
Receivables, net | 153,000,000 | 134,000,000 | ' | ' |
Inventories | 217,000,000 | 200,000,000 | ' | ' |
Deferred income taxes | 7,000,000 | 4,000,000 | ' | ' |
Prepaid expenses and other | 11,000,000 | 8,000,000 | ' | ' |
Total current assets | 766,000,000 | 407,000,000 | ' | ' |
Property and equipment, at cost | 1,981,000,000 | 1,863,000,000 | ' | ' |
Accumulated depreciation | -655,000,000 | -587,000,000 | ' | ' |
Property and equipment, net | 1,326,000,000 | 1,276,000,000 | ' | ' |
Goodwill and intangible assets, net | 49,000,000 | 41,000,000 | ' | ' |
Investments in subsidiaries | 0 | ' | ' | ' |
Deferred tax assets, net of valuation allowance, noncurrent | 93,000,000 | 0 | ' | ' |
Other assets, net | 69,000,000 | 8,000,000 | ' | ' |
Total assets | 2,303,000,000 | 1,732,000,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | 36,000,000 | 1,000,000 | ' | ' |
Accounts payable | 99,000,000 | 95,000,000 | ' | ' |
Accounts payable to Valero | -253,000,000 | 0 | ' | ' |
Dividends payable | 5,000,000 | 0 | ' | ' |
Accrued expenses | 43,000,000 | 40,000,000 | ' | ' |
Taxes other than income taxes | 17,000,000 | 92,000,000 | ' | ' |
Income taxes payable | 10,000,000 | 0 | ' | ' |
Total current liabilities | 463,000,000 | 228,000,000 | ' | ' |
Debt and capital lease obligations, less current portion | 1,006,000,000 | 4,000,000 | ' | ' |
Deferred income taxes | 94,000,000 | 123,000,000 | ' | ' |
Intercompany payables (receivables) | 0 | ' | ' | ' |
Asset retirement obligations | 79,000,000 | 77,000,000 | 74,000,000 | ' |
Other long-term liabilities | 34,000,000 | 30,000,000 | ' | ' |
Total liabilities | 1,676,000,000 | 462,000,000 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders’ equity / net investment: | ' | ' | ' | ' |
Common stock | -1,000,000 | 0 | ' | ' |
APIC | 406,000,000 | 0 | ' | ' |
Retained earnings | 87,000,000 | 0 | ' | ' |
Net parent investment | 0 | 1,100,000,000 | 1,114,000,000 | ' |
Accumulated other comprehensive income (AOCI) | 133,000,000 | 170,000,000 | ' | ' |
Stockholders' equity / net investment | 627,000,000 | 1,270,000,000 | 1,274,000,000 | 1,194,000,000 |
Total liabilities and stockholders’ equity / net investment | 2,303,000,000 | 1,732,000,000 | ' | ' |
Parent Company | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash | 0 | 0 | 0 | ' |
Receivables, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property and equipment, at cost | 0 | 0 | ' | ' |
Accumulated depreciation | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill and intangible assets, net | 0 | 0 | ' | ' |
Investments in subsidiaries | 1,714,000,000 | ' | ' | ' |
Deferred tax assets, net of valuation allowance, noncurrent | 0 | ' | ' | ' |
Other assets, net | 32,000,000 | 0 | ' | ' |
Total assets | 1,746,000,000 | 0 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | 35,000,000 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accounts payable to Valero | -1,000,000 | ' | ' | ' |
Dividends payable | 5,000,000 | ' | ' | ' |
Accrued expenses | 4,000,000 | 0 | ' | ' |
Taxes other than income taxes | 0 | 0 | ' | ' |
Income taxes payable | 0 | ' | ' | ' |
Total current liabilities | 43,000,000 | 0 | ' | ' |
Debt and capital lease obligations, less current portion | 1,003,000,000 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Intercompany payables (receivables) | -58,000,000 | ' | ' | ' |
Asset retirement obligations | 0 | 0 | ' | ' |
Other long-term liabilities | 15,000,000 | 0 | ' | ' |
Total liabilities | 1,119,000,000 | 0 | ' | ' |
Stockholders’ equity / net investment: | ' | ' | ' | ' |
Common stock | -1,000,000 | ' | ' | ' |
APIC | 406,000,000 | ' | ' | ' |
Retained earnings | 87,000,000 | ' | ' | ' |
Net parent investment | ' | 0 | ' | ' |
Accumulated other comprehensive income (AOCI) | 133,000,000 | 0 | ' | ' |
Stockholders' equity / net investment | 627,000,000 | 0 | ' | ' |
Total liabilities and stockholders’ equity / net investment | 1,746,000,000 | 0 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash | 231,000,000 | 44,000,000 | 116,000,000 | 89,000,000 |
Receivables, net | 56,000,000 | 41,000,000 | ' | ' |
Inventories | 139,000,000 | 121,000,000 | ' | ' |
Deferred income taxes | 6,000,000 | 4,000,000 | ' | ' |
Prepaid expenses and other | 5,000,000 | 3,000,000 | ' | ' |
Total current assets | 437,000,000 | 213,000,000 | ' | ' |
Property and equipment, at cost | 1,477,000,000 | 1,371,000,000 | ' | ' |
Accumulated depreciation | -494,000,000 | -435,000,000 | ' | ' |
Property and equipment, net | 983,000,000 | 936,000,000 | ' | ' |
Goodwill and intangible assets, net | 20,000,000 | 2,000,000 | ' | ' |
Investments in subsidiaries | 0 | ' | ' | ' |
Deferred tax assets, net of valuation allowance, noncurrent | 0 | ' | ' | ' |
Other assets, net | 32,000,000 | 3,000,000 | ' | ' |
Total assets | 1,472,000,000 | 1,154,000,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | 1,000,000 | 1,000,000 | ' | ' |
Accounts payable | 52,000,000 | 52,000,000 | ' | ' |
Accounts payable to Valero | -158,000,000 | ' | ' | ' |
Dividends payable | 0 | ' | ' | ' |
Accrued expenses | 23,000,000 | 22,000,000 | ' | ' |
Taxes other than income taxes | 16,000,000 | 22,000,000 | ' | ' |
Income taxes payable | 1,000,000 | ' | ' | ' |
Total current liabilities | 251,000,000 | 97,000,000 | ' | ' |
Debt and capital lease obligations, less current portion | 3,000,000 | 4,000,000 | ' | ' |
Deferred income taxes | 94,000,000 | 110,000,000 | ' | ' |
Intercompany payables (receivables) | -58,000,000 | ' | ' | ' |
Asset retirement obligations | 61,000,000 | 59,000,000 | ' | ' |
Other long-term liabilities | 7,000,000 | 18,000,000 | ' | ' |
Total liabilities | 358,000,000 | 288,000,000 | ' | ' |
Stockholders’ equity / net investment: | ' | ' | ' | ' |
Common stock | 0 | ' | ' | ' |
APIC | 1,037,000,000 | ' | ' | ' |
Retained earnings | 77,000,000 | ' | ' | ' |
Net parent investment | ' | 866,000,000 | ' | ' |
Accumulated other comprehensive income (AOCI) | 0 | 0 | ' | ' |
Stockholders' equity / net investment | 1,114,000,000 | 866,000,000 | 861,000,000 | 807,000,000 |
Total liabilities and stockholders’ equity / net investment | 1,472,000,000 | 1,154,000,000 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash | 147,000,000 | 17,000,000 | 16,000,000 | 13,000,000 |
Receivables, net | 97,000,000 | 93,000,000 | ' | ' |
Inventories | 78,000,000 | 79,000,000 | ' | ' |
Deferred income taxes | 1,000,000 | 0 | ' | ' |
Prepaid expenses and other | 6,000,000 | 5,000,000 | ' | ' |
Total current assets | 329,000,000 | 194,000,000 | ' | ' |
Property and equipment, at cost | 504,000,000 | 492,000,000 | ' | ' |
Accumulated depreciation | -161,000,000 | -152,000,000 | ' | ' |
Property and equipment, net | 343,000,000 | 340,000,000 | ' | ' |
Goodwill and intangible assets, net | 29,000,000 | 39,000,000 | ' | ' |
Investments in subsidiaries | 0 | ' | ' | ' |
Deferred tax assets, net of valuation allowance, noncurrent | 93,000,000 | ' | ' | ' |
Other assets, net | 5,000,000 | 5,000,000 | ' | ' |
Total assets | 799,000,000 | 578,000,000 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | 0 | 0 | ' | ' |
Accounts payable | 47,000,000 | 43,000,000 | ' | ' |
Accounts payable to Valero | -96,000,000 | ' | ' | ' |
Dividends payable | 0 | ' | ' | ' |
Accrued expenses | 16,000,000 | 18,000,000 | ' | ' |
Taxes other than income taxes | 1,000,000 | 70,000,000 | ' | ' |
Income taxes payable | 9,000,000 | ' | ' | ' |
Total current liabilities | 169,000,000 | 131,000,000 | ' | ' |
Debt and capital lease obligations, less current portion | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 13,000,000 | ' | ' |
Intercompany payables (receivables) | 0 | ' | ' | ' |
Asset retirement obligations | 18,000,000 | 18,000,000 | ' | ' |
Other long-term liabilities | 12,000,000 | 12,000,000 | ' | ' |
Total liabilities | 199,000,000 | 174,000,000 | ' | ' |
Stockholders’ equity / net investment: | ' | ' | ' | ' |
Common stock | 0 | ' | ' | ' |
APIC | 551,000,000 | ' | ' | ' |
Retained earnings | 49,000,000 | ' | ' | ' |
Net parent investment | ' | 234,000,000 | ' | ' |
Accumulated other comprehensive income (AOCI) | 0 | 170,000,000 | ' | ' |
Stockholders' equity / net investment | 600,000,000 | 404,000,000 | 413,000,000 | 387,000,000 |
Total liabilities and stockholders’ equity / net investment | 799,000,000 | 578,000,000 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash | 0 | 0 | ' | ' |
Receivables, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses and other | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property and equipment, at cost | 0 | 0 | ' | ' |
Accumulated depreciation | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill and intangible assets, net | 0 | ' | ' | ' |
Investments in subsidiaries | -1,714,000,000 | ' | ' | ' |
Deferred tax assets, net of valuation allowance, noncurrent | 0 | ' | ' | ' |
Other assets, net | 0 | ' | ' | ' |
Total assets | -1,714,000,000 | 0 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accounts payable to Valero | 0 | ' | ' | ' |
Dividends payable | 0 | ' | ' | ' |
Accrued expenses | 0 | 0 | ' | ' |
Taxes other than income taxes | 0 | 0 | ' | ' |
Income taxes payable | 0 | ' | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Debt and capital lease obligations, less current portion | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Intercompany payables (receivables) | 0 | ' | ' | ' |
Asset retirement obligations | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total liabilities | 0 | 0 | ' | ' |
Stockholders’ equity / net investment: | ' | ' | ' | ' |
Common stock | 0 | ' | ' | ' |
APIC | -1,588,000,000 | ' | ' | ' |
Retained earnings | -126,000,000 | ' | ' | ' |
Net parent investment | ' | 0 | ' | ' |
Accumulated other comprehensive income (AOCI) | 0 | 0 | ' | ' |
Stockholders' equity / net investment | -1,714,000,000 | 0 | ' | ' |
Total liabilities and stockholders’ equity / net investment | -1,714,000,000 | 0 | ' | ' |
Corporate | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Total assets | 32,000,000 | ' | ' | ' |
U.S. | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Total assets | 1,472,000,000 | 1,154,000,000 | ' | ' |
Canada | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Total assets | $799,000,000 | $578,000,000 | ' | ' |
Guarantor_Subsidiaries_Income_
Guarantor Subsidiaries - Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating revenues | $3,062 | $3,316 | $3,211 | $3,188 | $3,196 | $3,382 | $3,345 | $3,212 | $12,777 | $13,135 | $12,863 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 11,680 | 12,002 | 11,730 |
Gross margin | 282 | 291 | 288 | 236 | 300 | 252 | 361 | 220 | 1,097 | 1,133 | 1,133 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 657 | 644 | 636 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 78 | 61 | 59 |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 118 | 115 | 113 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 0 | 3 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 859 | 820 | 811 |
Operating income | 60 | 69 | 77 | 32 | 91 | 42 | 157 | 23 | 238 | 313 | 322 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 1 | 1 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -27 | -1 | -1 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 215 | 313 | 322 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 76 | 105 | 104 |
Net income | 34 | 42 | 40 | 23 | 60 | 28 | 102 | 18 | 139 | 208 | 218 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -37 | 10 | -7 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 102 | 218 | 211 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 0 | ' |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 0 | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -4 | 0 | ' |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -27 | 0 | ' |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -126 | ' | ' |
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 96 | 0 | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 96 | 0 | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -37 | 0 | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 59 | 0 | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,761 | 7,907 | 7,557 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 7,062 | 7,185 | 6,893 |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 699 | 722 | 664 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 414 | 398 | 384 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 57 | 44 | 41 |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 82 | 78 | 76 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 0 | 2 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 558 | 520 | 503 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 141 | 202 | 161 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 | -1 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 141 | 201 | 160 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 48 | 74 | 59 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 93 | 127 | 101 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 93 | 127 | 101 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,016 | 5,228 | 5,306 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,618 | 4,817 | 4,837 |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 398 | 411 | 469 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 243 | 246 | 252 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 17 | 18 |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 37 | 37 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 1 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 297 | 300 | 308 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 101 | 111 | 161 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 1 | 1 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 104 | 112 | 162 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 31 | 45 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 76 | 81 | 117 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 10 | -7 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 76 | 91 | 110 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -126 | ' | ' |
Income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -126 | 0 | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -126 | 0 | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ($126) | $0 | ' |
Guarantor_Subsidiaries_Cash_Fl
Guarantor Subsidiaries - Cash Flows (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $34 | $42 | $40 | $23 | $60 | $28 | $102 | $18 | $139 | $208 | $218 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 2 | 3 |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 118 | 115 | 113 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 0 | 3 |
Non-cash interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 |
Deferred income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 16 | -1 | 12 |
Changes in current assets and current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -157 | -43 | 44 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Other operating activities, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3 | 2 |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 440 | 364 | 308 |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -200 | -156 | -130 |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | -7 | -61 | 0 |
Proceeds from dispositions of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | 5 |
Other investing activities, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -2 |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -206 | -215 | -127 |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 0 | 0 |
Payments on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -12 | 0 | 0 |
Payments of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | -19 | 0 | 0 |
Payments of capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -1 | -1 |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -5 | 0 | 0 |
Intercompany funding | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | -378 | -219 | -150 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 85 | -220 | -151 |
Effect of foreign exchange rate changes on cash | ' | ' | ' | ' | ' | ' | ' | ' | -2 | 0 | 0 |
Net increase (decrease) in cash | ' | ' | ' | ' | ' | ' | ' | ' | 317 | -71 | 30 |
Cash at beginning of year | ' | ' | ' | 61 | ' | ' | ' | 132 | 61 | 132 | 102 |
Cash at end of year | 378 | ' | ' | ' | 61 | ' | ' | ' | 378 | 61 | 132 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 96 | 0 | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Deferred income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Changes in current assets and current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -9 | 0 | ' |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -126 | ' | ' |
Other operating activities, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | -21 | 0 | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Proceeds from dispositions of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Other investing activities, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' |
Payments on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' |
Payments of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | ' |
Payments of capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Intercompany funding | ' | ' | ' | ' | ' | ' | ' | ' | 57 | ' | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | -500 | 0 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 21 | 0 | ' |
Effect of foreign exchange rate changes on cash | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net increase (decrease) in cash | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Cash at beginning of year | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | ' |
Cash at end of year | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 93 | 127 | 101 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | 3 |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 82 | 78 | 76 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 0 | 2 |
Non-cash interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Deferred income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 1 | 14 |
Changes in current assets and current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -122 | -20 | 35 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Other operating activities, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4 | 2 |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 311 | 224 | 164 |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 153 | -114 | -91 |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -61 | 0 |
Proceeds from dispositions of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2 | 3 |
Other investing activities, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -153 | -173 | -89 |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Payments on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Payments of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Payments of capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -1 | -1 |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Intercompany funding | ' | ' | ' | ' | ' | ' | ' | ' | -57 | ' | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | 87 | -122 | -47 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 29 | -123 | -48 |
Effect of foreign exchange rate changes on cash | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net increase (decrease) in cash | ' | ' | ' | ' | ' | ' | ' | ' | 187 | -72 | 27 |
Cash at beginning of year | ' | ' | ' | 44 | ' | ' | ' | 116 | 44 | 116 | 89 |
Cash at end of year | 231 | ' | ' | ' | 44 | ' | ' | ' | 231 | 44 | 116 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 76 | 81 | 117 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 37 | 37 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 1 |
Non-cash interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Deferred income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 10 | -2 | -2 |
Changes in current assets and current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -26 | -23 | 9 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Other operating activities, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 0 |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 150 | 140 | 144 |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 47 | -42 | -39 |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | -7 | 0 | 0 |
Proceeds from dispositions of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 2 |
Other investing activities, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -53 | -42 | -38 |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Payments on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Payments of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Payments of capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Intercompany funding | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | 35 | -97 | -103 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 35 | -97 | -103 |
Effect of foreign exchange rate changes on cash | ' | ' | ' | ' | ' | ' | ' | ' | -2 | 0 | 0 |
Net increase (decrease) in cash | ' | ' | ' | ' | ' | ' | ' | ' | 130 | 1 | 3 |
Cash at beginning of year | ' | ' | ' | 17 | ' | ' | ' | 16 | 17 | 16 | 13 |
Cash at end of year | 147 | ' | ' | ' | 17 | ' | ' | ' | 147 | 17 | 16 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -126 | 0 | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Depreciation, amortization and accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Deferred income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Changes in current assets and current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -126 | ' | ' |
Other operating activities, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Proceeds from dispositions of property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Other investing activities, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Payments on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Payments of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Payments of capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Intercompany funding | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Effect of foreign exchange rate changes on cash | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Net increase (decrease) in cash | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Cash at beginning of year | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' |
Cash at end of year | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | ' |
Guarantor_Subsidiaries_Stockho
Guarantor Subsidiaries - Stockholders' Equity / Net Parent (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Stockholders' equity | ' | ' | ' | $1,270 | ' | ' | ' | $1,274 | $1,270 | $1,274 | $1,194 | ' |
Cumulative effect of change in accounting principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 |
Net income | 34 | 42 | 40 | 23 | 60 | 28 | 102 | 18 | 139 | 208 | 218 | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | -739 | -222 | -151 | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -9 | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 37 | -10 | 7 | ' |
Stockholders' equity | 627 | ' | ' | ' | 1,270 | ' | ' | ' | 627 | 1,270 | 1,274 | ' |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 96 | 0 | ' | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | 404 | ' | ' | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | 170 | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -9 | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 37 | ' | ' | ' |
Stockholders' equity | 627 | ' | ' | ' | 0 | ' | ' | ' | 627 | 0 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 866 | ' | ' | ' | 861 | 866 | 861 | 807 | ' |
Cumulative effect of change in accounting principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 93 | 127 | 101 | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | 155 | -122 | -47 | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Stockholders' equity | 1,114 | ' | ' | ' | 866 | ' | ' | ' | 1,114 | 866 | 861 | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 404 | ' | ' | ' | 413 | 404 | 413 | 387 | ' |
Cumulative effect of change in accounting principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 76 | 81 | 117 | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | 320 | -100 | -104 | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | 170 | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | -30 | -10 | 7 | ' |
Stockholders' equity | 600 | ' | ' | ' | 404 | ' | ' | ' | 600 | 404 | 413 | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -126 | 0 | ' | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | -1,618 | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | -30 | ' | ' | ' |
Stockholders' equity | -1,714 | ' | ' | ' | 0 | ' | ' | ' | -1,714 | 0 | ' | ' |
Common stock par | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | 0 |
Issuance of stock at the separation and distribution, value | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Stockholders' equity | 1 | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 0 | 0 |
Common stock par | Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' |
Issuance of stock at the separation and distribution, value | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Stockholders' equity | 1 | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Common stock par | Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Common stock par | Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Common stock par | Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
APIC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | 0 |
Issuance of stock at the separation and distribution, value | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | 404 | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Stockholders' equity | 406 | ' | ' | ' | ' | ' | ' | ' | 406 | ' | 0 | 0 |
APIC | Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock at the separation and distribution, value | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | 404 | ' | ' | ' |
Stockholders' equity | 406 | ' | ' | ' | ' | ' | ' | ' | 406 | ' | ' | ' |
APIC | Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | 1,037 | ' | ' | ' |
Stockholders' equity | 1,037 | ' | ' | ' | ' | ' | ' | ' | 1,037 | ' | ' | ' |
APIC | Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | 581 | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' |
Stockholders' equity | 551 | ' | ' | ' | ' | ' | ' | ' | 551 | ' | ' | ' |
APIC | Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | -1,618 | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | -30 | ' | ' | ' |
Stockholders' equity | -1,588 | ' | ' | ' | ' | ' | ' | ' | -1,588 | ' | ' | ' |
AOCI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 170 | ' | ' | ' | 160 | 170 | 160 | 163 | ' |
Cumulative effect of change in accounting principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | 37 | -10 | 7 | ' |
Stockholders' equity | 133 | ' | ' | ' | 170 | ' | ' | ' | 133 | 170 | 160 | ' |
AOCI | Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | 170 | ' | ' | ' |
Stockholders' equity | 133 | ' | ' | ' | ' | ' | ' | ' | 133 | ' | ' | ' |
AOCI | Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | 0 | ' |
Cumulative effect of change in accounting principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Stockholders' equity | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | ' |
AOCI | Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 170 | ' | ' | ' | 160 | 170 | 160 | 163 | ' |
Cumulative effect of change in accounting principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | -170 | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10 | ' | ' |
Stockholders' equity | 0 | ' | ' | ' | 170 | ' | ' | ' | 0 | 170 | 160 | ' |
AOCI | Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Net parent investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 1,100 | ' | ' | ' | 1,114 | 1,100 | 1,114 | 1,031 | ' |
Cumulative effect of change in accounting principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 43 | 208 | 218 | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | -739 | -222 | -151 | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | -404 | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Stockholders' equity | 0 | ' | ' | ' | 1,100 | ' | ' | ' | 0 | 1,100 | 1,114 | ' |
Net parent investment | Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | 404 | ' | ' | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | -404 | ' | ' | ' |
Stockholders' equity | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net parent investment | Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 866 | ' | ' | ' | 861 | 866 | 861 | 807 | ' |
Cumulative effect of change in accounting principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 16 | ' | ' | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | 155 | -122 | -47 | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | -1,037 | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Stockholders' equity | 0 | ' | ' | ' | 866 | ' | ' | ' | 0 | 866 | 861 | ' |
Net parent investment | Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 234 | ' | ' | ' | 253 | 234 | 253 | 224 | ' |
Cumulative effect of change in accounting principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 27 | ' | ' | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | 320 | -100 | -104 | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | -581 | ' | ' | ' |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Stockholders' equity | 0 | ' | ' | ' | 234 | ' | ' | ' | 0 | 234 | 253 | ' |
Net parent investment | Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' |
Net transfers to Valero | ' | ' | ' | ' | ' | ' | ' | ' | -1,618 | ' | ' | ' |
Reclassification of net parent investment to APIC | ' | ' | ' | ' | ' | ' | ' | ' | 1,618 | ' | ' | ' |
Stockholders' equity | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Retained earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 96 | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -9 | ' | ' | ' |
Stockholders' equity | 87 | ' | ' | ' | ' | ' | ' | ' | 87 | ' | 0 | 0 |
Retained earnings | Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 96 | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -9 | ' | ' | ' |
Stockholders' equity | 87 | ' | ' | ' | ' | ' | ' | ' | 87 | ' | ' | ' |
Retained earnings | Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 77 | ' | ' | ' |
Stockholders' equity | 77 | ' | ' | ' | ' | ' | ' | ' | 77 | ' | ' | ' |
Retained earnings | Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ' |
Stockholders' equity | 49 | ' | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ' |
Retained earnings | Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -126 | ' | ' | ' |
Stockholders' equity | ($126) | ' | ' | ' | ' | ' | ' | ' | ($126) | ' | ' | ' |