Analysis: Deferred Assets and Liabilities, Net

Entity Registrant Name VALERO ENERGY CORP/TX
CIK 0001035002
Accession number 0001035002-14-000008
Link to XBRL instance http://www.sec.gov/Archives/edgar/data/1035002/000103500214000008/vlo-20131231.xml
Fiscal year end --12-31
Fiscal year focus 2013
Fiscal period focus FY
Current balance sheet date 2013-12-31
Current year-to-date income statement start date 2013-01-01
Commentary Conforms with all rules.
Level 3 Text Block concept us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
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
$
48

 
$
61

Net operating losses (NOLs)
338

 
247

Inventories
264

 
258

Property, plant, and equipment
8

 
78

Compensation and employee benefit liabilities
178

 
383

Environmental liabilities
92

 
83

Other
187

 
157

Total deferred income tax assets
1,115

 
1,267

Less: Valuation allowance
(347
)
 
(304
)
Net deferred income tax assets
768

 
963

 
 
 
 
Deferred income tax liabilities:
 
 
 
Property, plant, and equipment
6,536

 
6,143

Deferred turnaround costs
331

 
300

Inventories
310

 
381

Investments, primarily in VLP and DGD
94

 
—

Other
81

 
103

Total deferred income tax liabilities
7,352

 
6,927

Net deferred income tax liabilities
$
6,584

 
$
5,964

Level 4 Details Key Concepts: Deferred tax assets (liabilities)

Description Fact value US GAAP XBRL Concept
Deferred tax assets, gross 1,115,000,000 us-gaap:DeferredTaxAssetsGross
Valuation allowance -347,000,000 us-gaap:DeferredTaxAssetsValuationAllowance
Deferred tax assets, net 768,000,000 us-gaap:DeferredTaxAssetsNet
Deferred tax liabilities -7,352,000,000 us-gaap:DeferredIncomeTaxLiabilities
Deferred tax assets (liabilities), net -6,584,000,000
CHECK 0

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(Classified balance sheet) Deferred tax assets (liabilities), net components current/noncurrent asset/liability

Description Fact value US GAAP XBRL Concept
Deferred tax assets, net, current 266,000,000 us-gaap:DeferredTaxAssetsNetCurrent
Deferred tax assets, net, noncurrent 0
Deferred tax liabilities, net, current -249,000,000 us-gaap:DeferredTaxLiabilitiesCurrent
Deferred tax liabilities, net, noncurrent -6,601,000,000 us-gaap:DeferredIncomeTaxLiabilities
Deferred tax assets (liabilities), net -6,584,000,000
CHECK 0

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(Unclassified balance sheet) Deferred tax assets (liabilities), net components asset/liability

Description Fact value US GAAP XBRL Concept
Deferred tax assets 768,000,000 us-gaap:DeferredTaxAssetsNetCurrent
Deferred tax liabilities, net -7,352,000,000 us-gaap:DeferredIncomeTaxLiabilities
Deferred tax assets (liabilities), net -6,584,000,000
CHECK 0

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