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Table of Contents
VALERO ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
9. ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES
Accrued expenses and other long-term liabilities consisted of the following (in millions):
Accrued
Expenses
Other Long-
Term Liabilities
December 31,
2015
2014
2015
2014
Defined benefit plan liabilities (see Note 13) $ 40
$ 48
$ 719
$ 792
Wage and other employee-related liabilities 292
294
100
104
Uncertain income tax position liabilities (see Note 15) (a) —
—
148
316
Environmental liabilities 27
26
231
269
Accrued interest expense 96
88
—
—
Asset retirement obligations 19
20
64
71
Other accrued liabilities 80
120
349
387
Accrued expenses and other long-term liabilities $ 554
$ 596
$ 1,611
$ 1,939
___________________________
(a) As of December 31, 2015, our net liability for uncertain tax positions, including related penalties and interest, was $391 million. Of this amount, $438 million was classified as a
current liability and reflected in income taxes payable, and $148 million was classified as a long-term liability and reflected in other long-term liabilities as detailed in this table.
These liabilities were reduced by a $195 million receivable classified as a long-term asset and reflected in “deferred charges and other assets, net.” As of December 31, 2014, our
total liability for uncertain tax positions, including related penalties and interest, was $484 million, with $168 million classified as a current liability and reflected in income taxes
payable and the remaining $316 million classified as a long-term liability and reflected in other long-term liabilities as detailed in this table.
During the years ended December 31, 2015, 2014, and 2013, there were no significant changes in our environmental liabilities or asset
retirement obligations. See Note 2 for further information regarding the 2014 addition to our asset retirement obligations related to our
Aruba Refinery. There are no assets that are legally restricted for purposes of settling our asset retirement obligations.
78